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No. 27,511 

Thursday March 16 1978 ’**i 5 P 

1 ni 1 1 




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® price China 


. ' China yesterday exploded a 
unclear device In the atmosphere 
at its Lop Nor test site in 

' no rib-west fhina. 

The U.S. Department of Energy 
reported that the devce had an 
explosive yield of less than 20 
- ■ krtotons. The U.S. Environmental 
Protection Agency is to monitor 
radiation effects in the atraos- 

• ■ phere. * 

' China is not a signatory to 

‘ -.the Nuclear Test Ban Treaty 

- which forbids explosions to the 
. atmosphere. The last reported 

Chinese nuclear test was in 
September. In. November 1976. 
!. : U.S. monitoring agencies said 

’'Ml China had exploded a ! nuclear 

* device equivalent to 4m. tons of 
' . TNT-. ■ 

. Mrs. Gandhi may 
be prosecuted 

India's Home Ministry may 
prosecute Mrs. Indira Gandhi, 
former Prime Minister, in .11 

- cases in which she has been 
found guilty of “gross misuse of 
power." The Shah Commission 
examining; charges of ' misrule 
and corruption during her 19- 
month emergency rule, has said 
that she violated established 

• constitutional and administrative 
. practice in deciding on the 

emergency without . consulting 
-' the Cabinet Page 2 

Russia backs > 

The Eritrean People's Liberation 
Front claimed tt had pushed 
Ethiopian troops back ■ towards 
the provincial capital of Asmara. 
Russia announced it saw ideo- 
logical and political grounds for 
supporting the Ethiopian Govern* 

‘ ment against Eritrean r rebel 
-roups. ■ Pravda said western 
and Arab support for the seces- 
sionists aimed to weaken^. Ethio- 

• pia and deprive it of its Bed Sea 
outlets. Page 2. 

Hanging verdict 

Smith African security police 
were not to blame for the death 
in detention of . a dentist sus- : 
peeled of subversive activities, » 
Durhan inquest magistrate said. 
He ruled that Dr. Hoosen. Haf- 
fejee died by hanging, but did 
not return a suicide verdict 

Virgo freed 

Former Porn Squad Commander 
Wallace Virgo • was freed after 
the Court- of Appeal quashed, bis 
ennspiracy and corruption con- 
victions. The Appeal Judge said 
Mr. Virgo had been the victim 
of the “ very limit'” of judicial 

Briefly... ' 

g 00 The Scottish devolution BiH 

received an unopposed second 
reading in the Lords. Parliament, 
Page 15 

David Duke, Ku KIux Klan 

Grand Wizard, violated bail terms 
by visiting Britain and faces a 
six-month prison term on his 
return to the U.S., the Louisiana 
prosecutor's office said. ‘ 

The Independent Broadcasting 
7 -. g * t Authority has repeated its plea 

# "s“' r V for a fourth television channel. 

its annual report also calls for 
development of independent 

local radio. 

The editor of Pakistan newspaper 
Mu*sawai has been sentenced to 
a year's imprisonment for pub- 
lishing material which violated 
jbe ban on politics. 

An armed gang escaped with 
£25.000 after a raid on a hank 
security truck at Crawley. Sussex. 

Food researchers in 'the 
Philippines have recommended 
rnl sausage as a new form oF 

Bon Lyle, contender for the 
world heavyweight boxing title, 
is to be tried ip Colorado for 
the murder of his former spar- 
ring partner. 

Cellist Mstislav Rostropovich and 

Boost for 
yen ; K 

• EQUITIES interest centred 
on second line stocks. 4S Israeli 
Invasion news '--haltefl an 
attempted rally -in equity lead- 
ers. The FT Ordinary - index 

closed 6.5 down a i 453J?. 

• ' 

GILTS recorded widespread 
gains and the Government 
Securities index closed 0.14 up 
at 75.96. 

• YEN reached - a -bigh of 

Y235.10 against the:' dollar on 
news of Tokyo measures to stem 
its appreciation... The DOLLAR 
showed little change overall 
and its depredation was 5.25 
per cent. (5.26), STERLING 
fell 80 points to $L9Q70 and its 
trade-weighted index! fell to 64,3 
(64.6). i,;.: . 

• GOLD fell Sli to $!!$}. . 

• COPPER led a'general rise 
in metal prices, with cash wire- 


700 r £ per tonne- 









Israel seeks buffer zone 


ISRAELI forces Unlay occupied 
the south of Lebanon and made 
air attacks on the outskirts of 
Beirut in a bid to eliminate idle 
fighting strength of- the Pales- 
tinian guerillas in the region. 

More than 20.000 men, the 
equivalent of four brigades, 
backed by artillery, aircraft and 
naval vessels, swept into the 
Lebanon in the -largest attack 
ever mounted against the Pales- 
tinians. The official awn is to 
create a buffer zone along the 
entire border. 

Tbe move, four days after a _ 

Palestinian guerilla attack on iMggg? Lsrael 
Israel, in winch 40 people died, ' 

raises a major question mark 
over Middle East peace talks, 
and particularly over the out- 
look for the discussions which 


A I V "V 

• "l Jordan h -— 

mile 'front from the Mediter- 
ranean coast to the foothills of 
Mount' -Herm on in the east The 
villages of A] Naquoura, Bint 
jbej^.Maroun, Khyaxu and Ebel 
ri Saka were over-run. Marines 
launched an attack from tbe sea 
soat 1 -. of the port of Tyre while 
fighterbomber raids pounded 
three alleged guerilla bases, one 
of them on the fringes of Beirut. 

Hr. Weizman insisted that 
“ this Is not a reprisal operation 
in the usual sense.” It was 
designed to “uproot as far as 
possible terrorist concentrations 
in southern Lebanon.” 

He seemed to imply that 
Israeli - forces will remain, in 
some- form, inside South 
Lbanop for an indeterminate 

then remains very much open. 
As Mr. Weizman said, the 
Israeli operation would be “ con- 
tinuous, as long as it has to be 

The main danger arising from 
the Israeli action is that it could 
lead to a wider conflict in the 
area. Mr. Weizman stressed 
the limited nature' of Israeli 
aims, and hoped that the Syrian 
and Lebanese Governments 
would understand this. 


Mr. Me^ bBTS bSeS targets north of the Rive,; Litani, period, but not permanently. 
Prime Minister, will have with asking a direct dash with the “Nobody sees South Lebanon 
President Carter in Washington 30,000-strong Syrian dominated ^ pan 0 f Israel, and nobody 
next week: Arab peace-keeping force. But ever wilL After the Israeli 

Mr. Begin. Mr. Ezer Weizman, P'puqd troops held bac^ from defence force leaves, I hope 
the Defence Minister, and LL- tiiis notional “stand-off line South: Lebanon will be governed 
General Hordechai Gur. the separating Israeli and Syrian by .the.. legal government of the 
chief of staff, toured the newly. farces. country,” Mr. Weizman said, 

occupied zone to-day in a jeep The attack had been postponed. In view of Israel's superiority 
and visited Christian -villages in for more than two days because in men and equipment. Western 
the south of Lebanon. Laler they of bad weather in' the region, observers expect that Israel will 
reported to a special Cabinet but -once the clouds Lifted to- achieveJts primary objective of 
meeting on the progress of the wards noon yesterday tbe com- clearing a corridor along the 
military operation. mand was given for the action border quite quickly, perhaps 

The operation began late last to start. within a week, 

night Fighter bombers hit The Israelis moved on a 60- The. question of what happens 

Other developments, reactions and maps Page 2. • The wider 

The Syrians have no interest 
in seeking full-scale war, since 
they are no match for Israel, 
and could not count on 
Egyptian military support: Pre- 
sident Sadat has enndemned the 
Fatah raid last Saturday, and 
the Egyptian Government has 
been slow to condemn Israel's 
action to-day. 

At this stage tbe possibility 
cannot be ruled out that the 
Syrians may feel obliged to lend 
military support to the Saiqa 
Palestinian group, which is led 
by Syrian officers, nor that the 
Christian militias in the north 
may be encouraged by the Israeli 
invasion to launch their own 
parallel attack on Palestinian 

penis of Israel's invasion 

If this happened, the Syrians 
would be forced to get involved, 
in their capacity as the keepers 
of tbe peace in Lebanon, how- 
ever little it would serve their 
national interest to do so- 

To-day's action by Israel may 
well add to the problems already 
surrounding the broader Middle 
East peace initiative launched 
last November by President 
5adat of Egypt. 

Tbe Fatah attack and the 
Israeli military response are 
likely to strengthen Mr. JBegin's 
position in Israel and in bis 
Cabinet, and re-inforce tbe 
natural intransigence which he 
has hitherto shown in his . deal- 
ings with Egypt, notably over the 
settlements in the Sinai and the 
question of withdrawal from the 
West Bank of the Jordan. 

Some Western diplomats 
believe Mr. Begin will now argue 
that these events have proved 
him right in his hard-line 
attitude to UN Resolution 242 
and withdrawal from the 
occupied territories, and that he 
will now be in a stronger 
position to secure support in the 
U.S. Congress From traditional 
friends of Israel over the con- 
troversial Carter plan to link air- 
craft sales to Israel, Egypt, and 
Saudi Arabia. 

Page 20. 

Airbus hoping 


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bis wife, opera singer Galina 
Vishnevskaya, have been strip- 
ped of their Soviet citizenship. 
Fifty-five prisoners were killed 
and 73 injured in a riot at 
Devoto prison, near Buenos 
Aires. Page 4 -- - 


bars dosing . ;£l!t25^ iogfe^t 
£669.75 a tonne s tht highest for 
two montbs- Page 35^ * '% 

m WALL STREET- was. 5.37 
down at 757.19 just tjefore the 
close. t \ ■ 

• JAPAN has cut the yen mini- 
mum lending rate from 4.25 per 
; cent. -to 3.5 per cent, and imposed 
strict sanctions to stop specula 
lion. Back Page, Economic View- 
point. Page 21 

OECD says U.K. 
should reflate 

• BRITAIN is urged in an 
OECD report to cut taxes and 
give the economy a careful 
reflationary boost to reduce 
unemployment. At the same 
time, a Bank of England report 
shows that foreign money is 
continuing to flow into the U.K. 
and the growth of M3 has con- 
tinued above the official target 
rate- Back and Page 14; Editorial 
comment Page 20 

• UJv. INDUSTRIAL output 
shows no sign of upturn, in spite 
of a slight rise in consumer 
demand. Page 6 

• PAY CONTROLS are being, 
unfairly applied and will hinder 
industrial recovery.- Mr. Frank 
Chappie,' electricians union 
leader, has said. Page 7 

• CHEMICAL indutry plans to 
spend about £6bn. on U.K; expan- 
sion in the next three years, 
with £1 .07b n- invested in capital 
projects in 1978. Back Page 

• BP and its partners hope to 
extract £360m. worth of oti'-from 
the Bnchan Field in the -first 
four years of production. Page 6 

• STEEL UNIONS say they will 
“resist to the end ” any cutbacks 
which could threaten BSC’S 
future in competitive quality 
steel market This follows news 
that more than £lbn. worth of 
investment Is to be shelved. 
Page 7 

• COURT LINE final report 
from the Department of Tirade Is 
•to be published to-day. and. is 
expected to conclude that the 
1973 accounts did not give a fair 

• CHRYSLER U.K. is operating 
profitably for tbe first time since 
its Government rescue in 1975. 
Back Page- 


(Prices m pence unless otherwise 


Exeheq. lolpc 1995..J91I + i 

Advest J36 t 1 

British Printing 4»# .+ 2J 

Brown and Tawse ... 82 * 4 

Carer Ryder 58 + ® 

Cic. Bancaire too + e • 

Credent Japan + i ’ 

Graig Shipping .1?5 t H? 

Irish Distillers =-.....134* •+ 
Keyser UUmann ...... 4o. + 3 

L and P Poster 2to + 4 

X|Ft « t ® 

Matthews (B-) - .7 - 

Smurfit <J.) ........a... 18o + 7 

Stewart Plastics. + JW 

Stothert and Pitt .... JJL j; W 
United Neuspapcrs ...~32Q + 6 


Vo^ier ‘ ITS +-'9 

Woodward (H-.) • 40 + 7 


GUS A 276 -,S 

Grindlays Hldgs, 109 ^,6: 

Hay’s IVharf W3 “ 5 

Legal and General ... 159 — A. ' 

Metal Box 298 - .6. 

Samuelson Pihn Srvc- 105 —.9 

United Biscuits “rr-fi* 

Vickers ™- 9 

Walker W.) NV '' - 4 

Wigfall IH.) 220 - S - 

Woolworth (F. W.) ... Wi ~ 3i 
york shire Chemicals SO - 6 

Shell Transport « 

Ultramar 220 ™ 9- 

De Beers Dfd. 

GoW Fields SA M - I 


Western Deep ••• <34 - -46 


consortium believes it is only 
a few days from winning an 
SSOOm. order from the U.S. 
Eastern Airlines which would 
yiye Its A300 passenger aircraft 
the. much -sought-after break- 
through in tbe U.S. aincraft 

Months of sometimes tortuous 
negotiations culminated ■ last 
night in a decision by Mr. Frank 
Borman. Eastern’s chairman and 
former astronaut, to put a draft 
package to directors next 
week. Airbus Industries nego- 
tiators were confident here to- 
day that Mr. Borman would he 
given the go-ahead to order 23 
of ithe European jet aircraft to 
be delivered by the end, of 1982. 

Mr. Borman said last night 
that though some items remained 
to be settled before a “defini- 
tive” agreement could be made, 
“we have reached a sufficiently 
positive stage where we believe 
we should reviews tbe status of 
negotiations with our directors 
and lenders." 

Echoing this optimism Mr. 
George Warde. U.S: president of 
Airbus Industrie, said to-day : 
“We are in a position wbere.we 
have put together a package 

which make financial sense to 
Eastern, and permits ns to 
remain . competitive In the rest 
of the free •'world." " 
While the Airbus Ipdnstrie 
consortium, largely a Franco- 
German undertaking, will remain 
publicly, cautious untw the deal 
Is signed, officials believe that 
Eastern's decision to nlace the 
largest T3E. order for a European 
civil aircraft in more than a 
decade will unlock significant 
orders from other U.S. airlines. 

They claim that there is a real 
possibility of additional sales to 
she other U.S. operators. 

Eastern has employed four 
A300Bs on a no-cost sis-month 
lease since December. These will 
be bought under the proposed 
package with 19 more, 'to be 
delivered at a rate of three this 
year and four each year from 
1979 to 19S2. 1 

The negotiations have had to 
surmount a number of obstacles 
to reach this stage. In tbe first 
place the proposed ' financial 
package had to lake account of 
Eastern’s comparatively highly 
leveraged .balance sheet - 
It is thought that Airbus has- 
tened up a number of European 
banks prepared to advance sub- 

•'. YORK, March 15. 

Btan&al long-term money backed 
by the consortium's guarantees. 

Eastern was pressing Airbus 
for-4Mitive aid in disposing of 
a.'.tttipiber of its 34 Lockheed 
LUOllA, aircraft, some of which 
will ?be; made redundant by pur- 
chase tv- the - airbus- Hie- Euro- 
pean manufacturers resisted 
this,. "and -no commitment has 
aKarentty Keen made. • 

• - Still outstanding is the prob- 
Ienr*of reaching, agreement with 
the operators of La Guardia Air- 
port, New York. .. Fully loaded, 
the A300 imposes too great a 
weight on the sections of the 
airport's runway which stretches 
out into Flushing B$y. . 

An agreement is taid to be 
close on an operating weight 
for the aircraft, which would 
enable Eastern to run' its ser- 
vice to Miami and Houston at 
an acceptable capacity. V . 

This will involve Airbus In- 
dustrie's spending fyout 
S 500.000 strengthening runway 
support, -while at the same tone 
developing modifications to the 
aircraft's landing gear by 1980, i 
so that its weight is spread 
more broadly over the runway's 

Average earnings 
rise may be 14% 


THE INCREASE in average earn- 
ings during the present pay 
round is now clearly heading for 
less than 15 per cent, judging 
by official figures published yes- 

The index of average earnings 
rose by 6.8 per cent, in the six 
months to January, the first half 
of the pay round.. . ? 

This is equivalent to an annual 
rate of nearly 14 per cenL, com- 
pared with the Government's 10 
per cent pay rise guidelines. 

This is the first time, tbe official 
index has confirmed internal 
Whitehall estimates of a likely 
outcome of a rise of between 12 
and 14 per cenL, rather than an 
increase in excess of 15 per cent 
as projected by some City 
analysts last autumn. 

The Organisation for Eco- 
nomic Co-operation and Develop- 
ment report on the U.K. economy, 
published to-day. projects a 14 
per cenL rise, while the Bank 
of England bulletin, also out 
to-day. says a rise of 13 per cent 
or more is likely. 

Part of the difference between 
the likely outcome and the 10 
per cent, guidelines is an esti- 
mated 1-2 per cent, addition from 
productivity deals. These are 
snpposed to be self-financing. 

The latest figures are encourag- 
ing, for during the previous two 

{ ihases of pay policy, the rise 
□ earnings has been larger 
during the first half of the pay 
round than to the second half. 

Last year, for example, a rise 
of 5.7 per cent, by January com- 
pared with a full year outcome 
of 8.9. per cent 
Officials were yesterday claim- 
ing that over 95 per cent, of 
Continued on Rack Page 

put on 


THE ISRAELI invasion was 
widely condemned last night 
by Arab and other Govern- 

Syria, which has * 30,0011 
peacekeeping troops in 
Lebanon, pm her air force on 
alert and said sbe would come 
to the defence of the peace- 
keeping forces if Israeli 
artillery attacked them. 

A statement from Damascus 
said Syria viewed the situation 
with *■ extreme concern.'* 

The U.S. was working 
through diplomatic channels 
Iasi night to contain the fight- 
ing. It slopped short of con- 
demning the raid. 

Mr. Cyrus Vance, the Secre- 
tary of Slate, who conferred 
with President Carter, said the 
UJS. was watching develop- 
ments with care, but confined 
himself to saying that the 
invasion was “an impediment 
to the peace process." 

The Sovet Union denounced 
the raid as a “ rabid aggres- 
sion n against the Palestinians, 
and said it was possible only 
because of American military 
support and Egyptian political 


At the UN in New York, 
Lebanon handed Dr. Knrt 
Waldheim, the UN secretary- 
genera], a note condemning the 
attack and reserving the right 
to call an emergency meeting 
of the Security CoundL 

Dr. Waldheim said: “What- 
ever the motivations for this 
action may have been, I can 
only deplore the violation of 
the boundaries of a sovereign 
state and the massive use of 

Mr. Selim al-Hoss, the 
Lebanese Prime Minister, con- 
demned the invasion as a 
criminal attaek anti appealed 
to “nations throughout the 
world to join ns in condemn- - 
ing aggression and patting an 
end to it.” 

Mr. Yasser Arafat, the 
Palestine Liberation Organisa- 
tion leader, sent an argent 
note to Arab Heads of State 
urging them to “ face this 
miiltaiy onslaught which 
extends along tbe Lebanese 
boarder from Kaqonra to 
Mount Hermon in unprece- 
dented density.” 

Egypt condemned the attack 
and said it placed a new 
obstacle on the road to peace. 

The Arab League demanded 
immediate UN action to end 
the invasion. 

Callaghan to see Carter over 
plans for economic summit 


pursue his initiative for con- 
certed action to boost economic 
confidence with a surprise visit 
to, Washington next week for 
talks with President Carter on 
international economic co-opera- 

The British Government's hope 
is that leaders of the major 
industrial nations will be able 
to agree a ■ package, to be 
endorsed at - the economic sum- 
mit in Bonn in July, that will 
counter tbe current world 

The initiative was pressed at 
the meeting between the Prime 
Minister ami Chancellor Schmidt 
to Bonn last Sunday, and tbe 
talks with President Carter are 
seem as a natural follow-up to gain 
full U.S. backing. 

.Itte British Government's view 
Is that what <is needed ,above all 
is tile politieaJ will to boost worid 

economic confidence, and this can 
only be harnessed by earefnl pre- 
paration well ahead of tbe July 

Because there is such a wide 
divergence of view, on the best 
means of restoring confidence, 
Mr. Callaghan argues that a wide- 
ranging set of proposals wHl be 
needed, with each- country play- 
ing a different but integrated role. 

Mr. Callaghan explained his 
own views to the Finance Houses' 
Association on Tuesday, when he 
said action was needed - to 
generate higher growth, produce 
greater stability in currencies, 
generate long-term capital flows 
to developing countries, conserve 
more energy, and increase trade 
to avoid the danger of protec- 

' He will fly to Washington next 
Wednesday for talks with Presi- 
dent Garter on Thursday, “to 
review political and economic 

developments in a variety of 
areas.” He will remain for a few 
days with his- daughter and his 
son-in-law, Mr. .Peter Jay, the 
British Ambassador. 

The hope is that the visits to 
Bonn and Washington will stimu- 
late international discussion at a 
series of meetings before the 
July summit including EEC 
Finance Ministers to Brussels on 
March 20 and Luxembourg on 
April 17, the . EEC summit in 
Copenhagen on April 7 and 8, 
and the IMF Interim committee 
meeting in Mexico City on April 
29 and 30. 

£ in New York 



Ban* 1* j 


sp* .‘•siJom-LBoro ; stjaceo-isioo 

1 month I 0S , l-O.06prem flet-OJKujrem 
■3 month* ■ O,03ACG din ; -0.18-0,0? rfi* 
l? month* I ■ n.£34>,53 - MUO/TOri I- 


European news 3 

American news 4 

Overseas news 2 

Worid trade news 4 

Home news— general 5-6 

— labour 7 

—Parliament ... 15 

Technical page 16. 

Marketing 16-17 

Arts page 19 

Leader page — ................. 20 

UJL Companies 22-25 

Mining 24 

Inti- Companies 26-28 

Euromarkets . 26 

Wall Street 34 

Foreign Exchanges 34 

Farming; raw materials ... 35 

UJv. stock market 36 


The Israeli Invasion of Die Rhodesia: Tories make life EEC agriculture: The 

Lebanon 20 hard for Owen .. 15 French seek reforms ... 35 

Economic viewpoint: The . ‘ FT SURVEY 

American dollar 21 Pern’s debt burden 4 Ireland' ; 29-32 

Appal* Uncut* 3» tetter* 31 Unit 'Trust* 9 1 ' *}■ Garascs 21 

Appointment* Atfwt*. M2 lex - « Weather *> "almrtOe BM* Se', 2d 

Bittiness Apptt- H Lambert — » IKTERIM STATEMENTS P. Pray Bns. » 

Crossword M Mon and Mature _ 20 Angle Transvaal Cn- 25 Rotaflax (Gt, BHD 24 

Eeniwinle indicatin' 7 Radnu — U Victor Products 2* Enfeeble 25 

EntarulBiaent Culda 18 Saleroom U ANNUAL STATEMENTS . UBAP 2T 

FT-ActuaHec Indices 3d Shore lafarmattna 4243 Adams and Gibbons J YoijksMni Chuns. ... B 

Homo Contracts 33 To-day’s Events 2l Derek Crunch £ _ ■ • 

- Jobs Column t TV and Radio ...« U Heafre ® Uadhw Kotos 3T 

For-lotest- Share lndez ,l fiume 01-246 3036 

Enjoy the 
Good Offices 

of Mr Square Footage 

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Rent Reviews * Lease Renewals * Valuations 

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7 Birchin Lane London EC3V 9BY 
Telephone 01-283 0041 Telex 265384 






Troops capture 
five PLO 






Bant ana i Suu 

lafMrvti aiwatM« 

Sfcnwui JMEtHKHS 

* ■ . ■ i »>— . 



U.S. watches with 
concern and tries 
to contain fighting 



TSRAELr troops have captured and one at the Mediterranean 
' five major Palestinian strong- port of Tyfe. 10 miles from the 
* holds in Southern Lebanon and Israeli border.- The Israeli mill- 
' fighter-bombers have pounded tary command said Ouzai was a 
three commando bases, one on training and maintenance base 
„ the fringe' of Beirut, in the for the Palestinians, and 
biggest ever attack launched described Tyre as the main 
against the Palestinian guerillas, guerilla supply route in southern 
... Ad estimated 20,000 troops. Lebanon. > 
backed by tanks, artillery and The Israel! invasion force had 
fichter-bombers were attacking not, according to early reports 
yesterday along a SO-mile front crossed the Litoni river— the 
from the Mediterranean coast to notional “red 1 line" set down 
. the slopes of Mount Hermon. by the Syrians as a trigger-paint 
.. ' Independent sources said the activating theiT own forces into 
. . Israelis had overrun the coastal action against the Israelis. 


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A] Mails minMaa 
T5JW0 r««rm 
S W - imu Ort 

o&dlWwat ZJOOO 


TBBU.S. IBS “ rauch -'M Se 

u stop m V& vras W“ B was als „ 

*' S -Tfi SSwtaik a nd forth bertween 

r morning. t& However, be stressed that the 

.'.ft- is clear toa* U-S. had'not so far asked Israel 

i Adnamstration is watching tne n back from Lebanon. 

raws escalation of violence in the M ^ a decision they (the 
STEM laddie Bast with t^elis) have to make for them- 

..earn .and fc SIS* Mr- Vance said. . 

.diplomatic cl ? ai,n ®*L J !^» ensure “We hope there will be no 




civilian .casualties. 

| Mr. Vance conferred with week’s conference ■ be- 

- President Carter in the wtote president Carter and Mr. 

House this morning, after which Begin io Washington has now 
-Mr. Jody Powell, the Press even greater -import- 

Secretary, said that any Afl- ance y, aT! it would have carried 

. villages of Al-Nakuora. as well The major Palestinian town said the Palestinians suspect the guerillas of main- General Mordectou Gur. toe troying the Palestinian > b ases .gJ^SSjgJ & ^SSrtd «me ^it fSu? P * tt 

as Bint Jbeil and Maroura er- of Nabatiyah, about nine miles had a W tuning '» ^anne training base. Israeli Chief of Staff, was able which were being used to a ^. £L fte State Department and ps ™ J r °“ * considerable concern 

Raa and the strongholds of from the Israeli bonier and number of catties” and I that The Israeli troops, Instructed to announce by 3 a. m. yesterday Israeli positions. • .SSfcSi toePrertSeili's office. , the uS leveraM over 

FOiyiam and Ebel aa-Saqi to the north of the. Litani, has., been ■“"£* £*!*“ SSWli to avoid direct military contact 5S2S* &L& “LEE? JSP'SSfiJ SfState subse- St *?££&£ 

ana me strong no ms oi from the xsraelt border and The Israeli troops, instrucieo twyt fmm ihe Presidents Office. , h _, **,* »t e ipveraee nw, 

Khyiam and Ebel aa-Saqi to the north or the Litani. has been ^ number had been captured. avoid direct military contact morning that most of his army’s '.Statements by Mr. Ezer ; Welz- ..«¥*»“ “ e here toat toe U^. leverage oier 

- east. the scene of Palestinian mllrtary T^e Israeli forces, he said, had "itj tbeSyriw wits “a objectives had been achieved, man, Israeli Defence Minism The Secretary of State su^ Israel has been appreciably 

Meanwhile. Israeli fighter- activity during the past 24 ■!«> sustained casualties but Le bail0n , were mid to search out "Most ofthe terrorist bases have thar ius troops will stayin th<2 qneHtiy saidtoat warned 

bombers struck toe Daraour hours. The town which used far fewer than toe Fatah the guerilla bases, destroy them already been captured and. we area unto the Lebane^ G^^ to^i^ farfTbeen^S: ?? SS AnStera 

. base. 12 miles from Beirut from to have a population of 30,000, (guerillas)." and then hold the captured ^ now concluding the mopping- ment can take over, led Prudent Carter tod bnd to^t tr HMeo^Ai nenran 

. which the Palestinian guerillas Is now the main point in the Palestinian sources said the area. - The ultimate aim, as gg toe bases not yet dealt with, lation m Beirut that the Israelis, farmed pf J~. Minister Benin would be violatin» 

left to launch their raid on Tel Palestinian second line of d* Israelis suffered their heaviest spelled out by Iwaeli spokes- Then, we will fine up toj (Chris- would stay country a by Pn^ Muti^Begn „ry aeUon i \ .would be medatin 

- . Aviv last Saturday, in which 33 fence. casualties when they landed at men. is to destroy the Palestinian*** enclaves bo that there vrill long time. “ U jauSched. ^ «SS ?nder^£ch Israel bought SSe 

. Israeli civilians were killed. No casualty figures have been a beach just south of the port fighting presence, and establish be aaecuntybelt along toe entire shortened toe Lebanese border as ft was ^ “ . .. 8 

Israeli jets also bombarded a released but first reports indi- of Tyre. The battle raged a security cordon. 7-10 km. deep ^ofito of ..the border. area by 10 miles, commented M*. Van« i . snspe( ^^i before, be imnolitic for the 

suenlla naval jetty at Ouzai, cated that they were heavy. Mr. between the villages of Aziyeb .along the entire length of tbe He explained that the original one observer. ■ ■ - hand*toat Isral might make a uJ^awS^of its Current diffi* 

only two miles south of Beirut, Ezer Weizman, Israeli Defence and Hinniyeh, where the Israelis 100 km. border. . operations were aimed at des- More Middle East Page 20 ™d.tta^ cities wrtth "U S- Jewish opinion. 

* ^ f 

, 3 S 3 5 


Panic grips refugees as Israeli aircraft strike close to Beirut 



w- vance agreed that both to make much of this point in 
■ “ Issr ‘week-end's PLO raid on public when Israel is engaged 

- Israel and the Israaeli response in the sort of action that 
, « ^ impediments to the peace normally rallies public opinion 

- process — but we have to work here. 

THOUSANDS of Lebanese and lery shelling that claimed civilian Masonry was burled across the to . the centre of Beirut was people and Syrian troops who by toe roadside increased steadily 
Fales-nnian refugees streamed li v *s and air strikes which hit coastal road and was followed by struck. manned the many checkpoints. and the first trickle of people: 

. north to-day as Israeli armoured Lebanese areas. further explosions as cars tried The attack is thought to have Only at the city of Sidon did fleeing from their homes b egan. 

amis haeknri hv »ir Along the coastal road from to manoeuvre at top speed been aimed at the large the weight of refugees become South Lebanese Arab army 

na-ai bombardments continued BeIrut t0 the porr ot T J rre ln the to rough toe narrow ■ path that Palestinian camp of Sabra obvious, cramme dsometimes a units were dug in among the 

‘Rabid aggression -Tass 


MOSCOW. March 15. 

tot^r •WNh Ua 9eainM S> eamn!^ II anS lh e almost orderly flight remained dear. nearby: A Syrian army officer dozen or more into ancient heavily fruited orange . _ and r wv. SOVIET Union today spokesman that the Israeli cam- 

Yilkunm orcu^ipd hv mZhP«nf of refugees turned to near panic Many refugees had turned hack said that his men had returned Mercedes with bedding spilling lemon groves that spanned tbr denaunced tn e Israeli invasion paign will not create a serious 

occupied UJ memoers Ot .Wj . ftnmnnn Tcraal; glMnlt haanns fliA n.a..u. .aJ tha Am lha al_. ,k., ana. 4-V_ -aaf.Mab anj a Vial..-.- V..t anaa «ha Hina* Titlfll UCHOUUUCU niwhlam In Uldllla Ra.Cl M n?llv 

" jji,, paifsiin^ 1 f ih,*r-iiinn firmni this afternoon as Israeli aircraft hearing the blasts in Damour and toe fire, the first time that over from toe roof-rack and a highway but once the River Latin! . . h T*hanan n« "rabid problem in the Middle East “only 
lation i toe ^ south of 8 fhL' struck * teaclll » nearer found themselves returning in members of the Arab-peace keep- bulging boot tied down with was crossed, just north of the « thJ PdeSS encourage the aggressor." • 

coun— v ^ UUlQ ° me reached Its peak just aFter the direction of the advancing ing force had admitted to being rope. At the local headquarters port of Tyre, there were only ___ oi1 i- The policies of Egyptian Presv- 

2.30 p.m. When an Israeli jet ferae 1 is. inaction. of the PLO there did not appear Palestinians and their leftist dent Sa dat - Tass went on, have 

A lu-hf»ur rour close to the blasted the already damaged Minutes later a suburb of Travelling south soon after to- be any particular con cern. -Moslem allies to be see n. Jjruvirt FVvnHan slowed the removal of Israeli 

- pauie area revealed evidence of town of Damour 20 kilometres shacks and newly-constructed dawn there was an air or relaxed South from Sidon, the number Tyre itself, a certain Israeli “‘Y-SS mliDoaonw uirita from the Sinai to partict- 

ludiscnuiinaie or ili-auued artil- south of the capital. buildings on the seashore close cheerfulness among ordinary of armed Palestinian guerillas -target, was tightly- shuttered with\-P ouncal ( l 1,iescen, ~- - pate in the' fighting in the Leba- 

only a few shops selling medi-i The Soviet news agency Tass non. The news agency quoted a 

may end 
peace talks 

Instability of Lebanon 
may prolong occupation 


By Our Own Correspondent 
CAIRO. March 15. 

ISRAEL'S MASSIVE military frontier. 

LEBANON'S stability was cross this line, which, in theory, 
already highly questionable would bring them into- direct 
berore yesterday's massive attack conflict with the Arab peace- 
by Israel across its southern keeping force, the bulk of whose 

30.000 troops -come from Syria. 

operation against Palestinian The Lebanese cabinet y ester- Syria has been clearly reluctant 
giierilfe'- leaves President day discussed toe attack, at its to become involved in a direct 
Anuaf Sadat with little option weekly- session under President clash with Israeli forces, 
hut to freeze his peace talks Elias Sarkis. Dr. Selim el-Hoss. At the same time, Israel, in 
with Israel. It is hard to see the Prime Minister, strongly con- the absence of any form of 
how he can avoid condemning demned the feraeli'action, calling credible national Lebanese 
the hnaaiou. it umvaramred.' Mr. 'Richard security-force, will be faced with. 

There ha* been no nffleiat Parker:' tieU S.‘ ambassador, was the question o£ how to policeitoa :: 
JieUm SO Jr bui Mr summoned" to the presidential cordon ~ sanitaire it wants, to : 
■Ho hummed ihrahim Kamel the’ P a * ace - While Mr. Fuad Butros. establish in south Lebanon along 
eJvSKS ForeiS the Foreign Minister had con- toe border. This is likely to meah 
admitted ihat the feraeli attack *2 cts , wIth th e ambassadors of for some time continuing 
com olicaf ed the stiuatioiL I? e wnnanent members of occupation, with the risk that the 

-» the XJN Security Council. remaining Palestinian forces 

The peace talks have been The Lebanese Government is might feel tempted, from be- 
all hut stalled since January, faced by a number of possible yond the Litani, to provoke 
^ when Egypt walked out of serious developments. The 'first further fighting in the South. 

• political lalks in Jerusalem, concerns the Palestinians. In If Lebanon was not such a 
Israel had refused to budge on Beirut It was reckoned that the divided country, weakened by its 
basic Arab demands such as Israeli operation would definitely prolonged civil war and now 
sp'.i - drtenninal ion for the el«o the winqs of the Palestine under virtual Syrian control, toe 

* ■ oBjg 


II 4/JT 

cines or food open for business, reported from Beirut that the Western Press report that the 
Groups of armed men Lounged Israelis had crossed toe Lebanese - iggyell general staff proceeded 
at street corners. ' -"border and a report from Wash-' from, the basis that Egypt has 

However there was more con- ington said that the Israeli removed itself from the Arab 

sternation'at toe local PLO offices promise to continue operations fighting jjne. 

where two shells had just landed “ as long as necessary " meant ft j s chara’cteristic.* , Tass 
across the street Two children Israeli occupation. . sa i ( j < « that the Egyptian Presi- 

had their legs taken off in the The news agenc ysaid that - dent speaking at a Press con- 

blast and two Palestinian gan- Israel’s “ open aggression ” was ference fn Cairo, described . toe 

men Insisted on showing off the, taken with Washington's know- Pal estii nans’ actions as reckless 
large pools of Wood on toe Boor i edgc ^ direct support Tass but kept from any condemnation 
of the Toyota Landcraiser used to adde d statements by XLS. of the IsraeU aggressor." 
take them to hospital, r ~ ■' 

sp'.f-dpterrainal ion 

Palestinians and toe removal Liberation Oreanisation (PLO). options facing Israel 

of settlements from However they have faced crises Lebanon) would be considerably 

occupied Arab lemiones. before : when they were driven easier, for there would be ulti- 

Mr. aadat yesterday con- ou t „f Jordan in 1970-71. and mately a credible Government 

demned toe Palestinian raid m ore recently In toe 1975:76 for the Israelis to hand over 

north of Tel Aviv and said it Lebanese, civil war. -. The Pales- control to. 

merely pushed the Middle East tinians still have 13 refugee It may not he entirely unwel- 
Into a virions circle of violence, camps in Lebanon, and access to come to the Lebanese GoYern- 

tnto a vinous circle or violence, camps in Lebanon, and access to come to the Lebanese Goyeni- 
But at the same time, he said .training bases in Libya add Iraq, ment that Israel has for toe 
it proved again that there had - o ne e ftg c t 0 f the Israeli opera- moment seriously- weakened toe 
w "c 8 solution to the Pale- tion might be to drive toe Pales- Palestinians. But it is dear that 
stlnlan problem. timans (and their military Israel will have more difficulty 

Testerdav Mr. Kamel talked deployment) further north — in finding toe conditions for with- 
of the seriousness of any aoove-^be- Litani River. This in drawai from Lebanon than the 
retaliatory action by Israel turn might tempt toe Israelis to motives for invading. 

The PLO. men thought 7 $ie 
fighting was going well jnd 
claimed that an Israeli attempt 
to land marines just south? of 
.Tyre .during: the night had bfcen 
repulsed: Further explanation 
was cut short as four more shells 
came screaming in and everyone 
. raced for cover. - ... . * . 

Worried Syrians caught 
in serious dilemma 

; -A : 


DAMASUC, March 15. 

Fu^erprogr^ towards toe the Israeli raid poses a major is toe main target of the Israeli 
Israeli border less than zS_kuo-. dilemma for Syria which has aggression, 
metres away was thought iif 30000 peace-keeping troops in The 'Syrian Deputy Minister 

<lriioin4hlo no V)«A ' AF . . r * ^ . n _ _ » ■ te. • 

adivi sable as the /weight, of Lebanon: 

for Foreign Affairs, Nasser 

shelling increased along the road „.■«*»** Qaddour, called in the am bassa- 

Md Palestinian^ warned of 5 JjLn? y TV Syto *° xs of VJX - Security Council 

ft, ^Bc air ^feo becoming «?ovw against toe Israelis the SSp^mSn S^STtfif^new 
steadily more dense as the situation could flare into a major ^ aggression on South 
refugees headed north, .some conflirt whlch^to not itecessan^ £*JJ“ on agression . on bourn. 

h.^/ifS^on the roof-nicks of t ^L w ^fg ian D SS c ^ ^ Syrian official asked tbe 
already overladen buses, and re- oyna noes nothing, Damascus __u ssa( . a _ t t h P t r Gnvpm- 
inforcements and supplies were w enforce a 

imorcemenis ana suppues were » ments intervene immediatelv to 

5j?»lS rushed by cars with headlights JwjjttY occupation of Southern ft?*SJSS ISgreSon and 
sa?» “ d blaring to the M a great ^ 

Civilians wounded Ed air strike on outskirts of Beirut. 

«»*•,. f # , th , provlVVor toe ^i^wBj of 

Cutting across country to the Officials in toe Syrian capital Israeli troops from southern 
city of Nabatie, which once bad were tthdhy deeply conscious of Lebanon.-" 
a population of more than 40.000, the dilemma but admitted that So far Syria has come Tjut 
was to find a ghost city. -Only Syria could not stand idly by with political and "logistical" 

m toe city centre did toe first waiting-res ode source put it— support — arms and medical 

groups. oLgnenilas appear.. They “ not moving a finger to stop toe supplies — to the Palestinians 

explained that Israeli aircraft genidde of Palestinians and toe wbo are trying to oppose the 

had attacked nearby at about occupation of South Lebanon." Israeli raid on South Lebanon. 
3 aan. and tittle more than an A spokesman • to-day strongly But it is refraining from any 
hour later, toe bulk of the condemned toe .Israeli raid, call- actual military support involving 
remaining population was on the ing it a “flagrant and barbaric the Syrian army directly in the 
road - aggression." Officials claim Syria fighting. 


Gandhi prosecution considered 
over alleged abuse of power 


NEW DELHI, March 15. 

••-THE HOME MINISTRY Is In the past. Mr. Charan Singh cation. A decision an this will 
^examining toe powibiliiv of has had I»* way on such issues be taken once the full Shah 

^rosccntinfi Mrs. Indira Gnnd* SSSST ^ *T ^ 

Meeting in 
London on 
Fund soon 

USSR may back Addis Ababa 
against Eritrean secessionists 

' MOSCOW, March IS. 

groups reject 
UN decision 

By Our Own Correspondent 

l ilji'.l; { 

THE SOVIET ONION today were increasingly pinning hopes rebel movements fighting for toe nwnnwcS SAar f h 15 ‘ . 
made clear that it saw id bo- on toe Eritrean guerillas follow- independence of toe northern b “ ree domestic 

..j , , Ine tho flilnrp nf urhsl (+ nallail nMtohnu nf VHim. Tu. 03 II O Dal 1ST ETOUPS tiwlav 

of Mrs. Conans last uctooer cut consmerea. I By David Housego . - backing the' Ethiopian Govern- 'ugauen operation." pean offensive had been expected c££X3l = t CT V nty 

be _ n -..pucffi Q r h,s Ministry's bungling of toe ^be Commission ‘ will resume f v-vi raent against rebels In its Eritrean rebels said in Rome following^ Government successes internal aOTMinenw^ri, t k« lr 

-toes she has been aicused of arrest and the depth of his its open siftings on March 24 ! COMMOiYWEALTH Mimsters co: n- n0 rthem province of Eritrea. to-day that Ethiopian Govern- against.-. Somali forces in toe Smith 81 

logical and political grounds for the failure of what tt called province of Eritrea. The Ethio- shruc^J nff thI° U nli c 

backing the Ethio pi tn Govern- the “Ogaden operation." pean offimrive had been expected SSS ZLSZ-SH 

« • ^ 131 tte 

corruption during her 19- m on lb caution. 

' emergency rule. 

Mrs. Gandhi also demonstrated during a recess. 

was written in toe last fortnight pnees are expected 

I Loudon on April 13. 

ment forces had launched a major 6 r zr ' . ■ . _ was a fact of life which countries 

offensive to break out of the The -spokesman said the. Ethio- would eventually have to 
besieged provincial- capital of P®" t™ 0 ** who been recognise. 

The Shah Commission has at t j, e fj n ie that she still com- The Government also has to| ; |»i o 

submitted a 350-pape interim , nan ds considerable support at « a j5 e a decision on recommenda- j Prospects of an a^rement he* toes 

.'report. to the Government which popular level even in Slates and t j ons t hat action be taken againstjtwe 60 industrialised and diwetop- sep; 

give its findings in 21 cases. areas directly affected by her a number of officials and former jag nations over settingK'up toe gam 

• Among toe 11 in which she was cmersency rule. Ministers also found guilty by Fund have been increased by the obje 

; toplicafedf the most important Mr. Singh has nor said whether ihe Shab Commission to be successful jeondu- tion 

fiel ^“dJpriiJ Asmak But a spokesman for under , ^ ^ for A spokesman for Bishop 

l*f outleirJSthe R^d Sea "to l ha Eri ^P^ Pei P! es Liberation =“0°?“ have been. *at the UN reso- 

Deoncerned toe dcrisiou to clamp 
:|®mergency rule on Indio in June, 
1975. Mrs. Gandhi is alleged to 
have violated established con- 
stitutional and administrative 
practices in taking the decision 
herself without consulting her 

he will go ahead with toe prose- guilty of misuse of power. 


Indian investment move 

by our own correspondent 

BOMBAY. March J.5. 

The Government is now faced INDU WILL soon enter the from the Middle East, where diaiosue - 

j sdoo at toe week-end if«F toe paper said. . . - . ' . ' 

1 UNCTAD conference in [Geneva The analysis is the most 
ion debt relief for the fpoorest authoritative to bave appeared 
Sfe. C.amani Cofea, the here on the Eritrean conflict, 
j CTAD Secretary General, des- The rebels have fought a 1 4-year 
cribed toe outcome of the debt war in toe province and now 
negotiations as "a very positive control most of it outside toe 
contribution to the North/South largest towns. Eritrea includes 

The Front is .one of two major Reuter 

Somali troop withdrawal 

Ethiopia's entire coastline with 

with a difficult decision. Mrs. . d T k hond markets Indian skilled and unskilled A meeting of Commonwealth two strategic ports and the 
Gandhis political comeback ^don i»na Tokyo bond tabfflur is in demand.' have ministers on the Common Fund countrj"s only oil reflneiy. 

means that any action acainst to invest »u. surplus loreign an 9vnni0i> Rs.lhn. a I had been nrioinniit? Mboilnlarl I Wnsiam rlinlnm.-itc cairf tka 

* * reached ao average Rs.lhn. a had been originally scheduled Western diplomats said toe 

Govern- ~„-th for earlier thi< rear h„t niut. • Prarrta nommoniarv ...ic *U«pIv 


NAIROBI, March 15. 

__ j , ** * vicnuik, 

l?,Kra, a . member Of the Rev. 
Sithole s Party said that toe UN 

was not the people of Zimbabwe. 

wa P** 1 ** thought it 
wSfJS 2 !? ttat . although too 

VhT h^nSS5 erS *** 

tne noped-for veto, they had 

?S nB |i ^''POjesfflan for Mr. 
Sithole thought that this wa« a 
I^O towards recognition as it 
• B Jf lt Bln. tha U.S., 
SHI?* u C ?. na J ,a aQ d West 
Getmany had their reservations. 

»*«n« ere c^ s a0 '^mediate com- 
fnm °>e Rhodesian 
’ thou Sh a senior 

was w "viii mum j * «■ ii.uifcm ,u riiav nun j jjviiiun ui xue vjuvcnimvm • - — ,~r *—r «i sum nuuiu ne luiru io — .-wiMunj, «iu vonea cn Th® ITfWnruan i- _ 1T , 1 — . ' a senior 

prosecution by miikm; a political ie^ m iho current hud-ct holdina the view that toe spurt : muustnalised and developing I justify if the conflict were a the superpowers ro "fulfil their f «- k m,<J t* 131 resolution 
issue Of toe chares aw:n-t her. session pcrimiiinq iht* Reserve was temporary and called for no i 5 aU '^ n ? °, n J. h<f Fl i nd that. broke ; purely internal 0 ne, ihey said. promise oF seekina to brim* Somali herder in .i'J^?.K? n ?« clpated - Salisbury 

Any »n» ^..nd :n hnv.. Bank in a»k innrc nii.unerati,e. drasu. nnuon. down tan November. : Tbe commentary, which did about a joat and lamina ,«ul »uth^ ottSTtodS ”ThSe S. taSS'S'S. d i“PP»i"t«l at 

papuiar repercussions. but safe, nierwas investment An .action plan is now drawn As a result or bis recent tour no{ mention Somalia, said ment to the issue in the Hum reeained cohtwd of the U re f the We * t0 use its 

However. Mr. Charan StoRh.. outlets to-^n those presently up to put toe accumulated o! Western and Asian capitals Ethiopia’s victories in the of Africa." territory with one or two tL TTni , ' . 

the Home Minister has stated available. Eurobonds are not reserves to use. Ia the short to sound out individual govern- Ogaden desert had opened up This, the announcement «.in rJXLiJPISf 1 . ^nc^n National 

that anyone found guilty nf favoured. run. the objective is to cut the ments on the prospects for set- prospect for peace in the Horn could “only be arri 

violations nf toe constitution ' Exchanpe reserves stand at an high-cost foreign currency hor- 1 ting up the Fund. Mr. Corea wy$ o f Africa. But Pravda added granting toe people 

during the emerfipney would he pmbarraj«!jng]y hizh lf^’e! of rowings by Indian banks and | that he believes ;h at ihe ’'.'build- that imperialist • forcefr-^ppar- their rights to indpp* 

prosecuted, no matter what toe nver S5bp. The increase has term-lendinp insrituiions fori me blocks” For an aariemen* "nfly mpaniriR ihe United States freedom." The war «t 

consequences* bean dug to crowing romittance* ananring capital gooda imperil, tare begi n ning to take 'shape. (and other NATO counme>— months ago by the Vi 

— — vfj-meu. OaiXSOUi v 

disa PPQinte<l at 
^failure of the West to use its 

Sozoali 35,000 there.. 

3 agreement. — 

rewa said 
oups and 
it would 
le March 

33 » 

" an N 

:u "i to 
«*» % 




li fears 


— . FRANKFURT, March 15. 

WEST GERMANY’S mighty elec- In 1977. the industry's turn- in the escort markets the elec 
trica | industry fears that 1978 9Y£T le ®®B0.16tan. trical industry -was likely to 

win he another year of very U“.7«n.). This was an increase suffer from the same un foresee 

slow growth. Furthermore, it is ?L«i ‘^SuSS^lik.® 0 » Pf^ous able consequences of the decline 

very worried that the u award DM82.85on. Pr °d action. of the- dollar as other German 

course of Z EJSLSfS tS2£"K £ '«* ‘ ’ . 

up 10% 


By Jimmy Burn* 

French parties trade final blows! Italian 
in general election campaign 

BY DAYIp_CURRY PARIS, March 15. | 

THE FRENCH general election ins a Communist candidate »n decided on ihe basis of both! 
campaign has entered its. final the second round where there is popular vole and numbers or! 
sprint since second round no candidate of their own. If seats in Parliament. Since the! 
Dominations closed last night the . Left fails to put its vote Socialists will comfortably out- 1 
The Left is preaching the together it is certain to be distance their partners in this! 
recovery of •• the dynamic of defeated. latter respect it implies that the > 




By Dominick J. Coyi* • 

ROME. March 15 

slow growth. Furthermore, it is JL',“ p rn ^, p 1 f” i ous a J ,e consequences of the decline LISBON, March IS. - recovery of "the dynamic of defeated. latter respect it implies that the j - , ROME. March 15 

very worried that the upward Zh, troaaeUon. of the- dollar as other German TIGHTER CONTROL of pubik family ” following the patching- !o the face of this attack Communists wav have to settle ITAL\ S ARCHAIC slate pension 

KntK ^ » “■ g — 

Uvenes^at 111 *? 3 ^^ 1 timers Jf D « -S? rifl8er ' ^"over-far more than the “ jj* *• Seme^Jr^Lfl-wmg The French Bourse, which on a l n ° /Sufi bSitfraSton ISPE.^the lstfiuto*Siudl per la 

weakSinfiii KH* Production growth rate n 22.8 per cent, recorded to 1970. Portugal's 1978 budget which ^ bring a Communist Tuesday consolidated Monday’s is now romn{ , m favour " nd programmazione Ebonomica. 
mg the wavfor??-.!!? ^ e!y 10 h®, ™ T f akin « ! n s ? me 5° P? r c . ent - U* was *PPro«d by the Cabinet .dominated regime. eicepUOMl9 per cent, gain m that on lv the smear tactics of the Such a shortfall would exceed 

'in the volLJ !r ‘Kf&JEF 1 rease ,n to account the rtata of the industry's production .s exported, ute last night, as a first The battle )5 raging over the s £* re ?’ yesterday again moved -oiaeanUan coalition " stands easily the entire public sector 

SBW»*X3 ”S e %n W ^e G M h Wng j^Portant step towards soKing MOe £»«£ SS? ' TSw *«2WS “ If ti“ o(£ & 

WmoSSbSSSUU JSS J?' ^LZSSk “ ™dd be^iftributed. according Sunday's haute will be -± i 

per cent, on ordinary each partner.” 

rm» lax and estate dnties. M. Raymond Barre. the Prime 

i-aW.Sf jSKTB STfir-dT^a £ dead*.- 

da? S was hoprns Produc. companies ensured, that their This year’s tax increases- £ui,P *?E «d di£«^S 

anspa *s „ I377 when m hit by ,ncreased costs sir-rs, “™. 0, Ess "S cl b™. *. 

ha7 SSSLd h ch a year ?arli £ ? ey m ^ nxere 0.7 per cent. Wage deals should be strictly 15 per cent, on capital gains, JWjJ5J;5jJ d jjf t 

-^t re S, Set l by J* l °? s *S V w “- 1 In rea * terms th«f declined for, linked to improvements in pro- 30-30 per cent, in sales tax, and -JLmrv would lead to almost as 

cent .^0 ’ mStVjS ^ fter -£ r ductivity. he said. The rkhoSat- heavier duties <m dnema and S^cSSniff Miniver? as 

Imports. h^^enlTb/^ S iSTeSl KtS • theatre «-P- »< «■— SS?^ «»- (ic/lff Coi- 

P6 r ??;■ t0 ? M J 7 £5 n ' : ' % : "RPt- ■ R .i^U rate ££ would ffS hSSS in the " e “**«•« brU,g |D nearly vm?s as" dB? 

did^io 1 ? y?? a StiST o^Se «f's Indeed^ » M ~ 

SE^ ssKSfs jMMf-s 

»£.«•- in " e to » p -5ttPM as£§ s®* «s » a»-s« 

■with nTn ■■ flu .? 5 n cided in SO. or so of the 423 I running at just under 11 per cent, 

for seats being cuntusted where a j of gross domestic product. Pen- 

S shift of about votes will sum recipients total 13.5ra. m a 

rime ?l 0 ?„_ a /. s . r " e _?? aia dgured in CJllJse jjj e constituency to change country with an estimated labour 

If. Raymond Barre. the Prime f V. v”r s - ru> ..ic” p .u, cause the constituency to change country with an estu 

Minister, fired the opening shots hands. In 408 seats there will force of about 20m. 

i by : deducing that a Left-wing 

inuiua. IN Wd seals UJCIV Will I«IU WI auuui -UUI. 

xvL f-en p a tJL Fl ^- 145 ^ be a straight Government versus In parts ot • Italy, and par- 

Frs.l,.j5jK Panbus advanced oppo^Uon fi-hl. . ticuljrly in the depressed South, 

.u 1 ‘. t0 j “ri ■ a ,!* a The Gaullisls are carrying the disability pensions are. paid 
other strong performers in the fl a( , 0 f - Jhp Cause 0 f liberty” regularly as a kind of indirect 
financial sector were Cie j n seals, and since these are social welfare system - it is not 
eancaire and ulb. proportionately the safer ones unusual for one recipient ta he 

they are certain to stay well receiving two nr three' separate 

uian last year. bility for sensitive portfolios like leaders, the Socialists have tried ahead nf their partners in pensions. 

Dr. Victor Constando, the defence and foreign affairs, and to dispel the idea that they have National Assembly seats. Their Parliament has recently 

Minister of Finance and Plan- Communist surveillance of conceded to the Communists centrist allies and “presiden- approved limitations to the auto- 

Schmidt to appeal over strikes 

Government before Us defeat of a Communist dominated ad- M. Francois Mitterrand, the Ihe Communists in 143 — includ- for all other pensions although 
on a vote of .confidence last ministration, they will frighten Socialist leader, has managed ing all the sent* m no fewer it is unlikclv that this methud 


. BONN, March 15. 

--WTTH MOST West Germans products to the ^ptii5n country According to - sources close to hy about ID per cent. 

■ to-day deprived of newspapers could be seriously disrupted. The the Chancellor, there is no chance Stiff budgetary discipline is 
and magazines by the publishers’ employer^ representatives were that Herr- Schmidt will try to in line with the dictates of the 

national lock-out of printing and due to decide • ’this evening intervene directly in the printing Internationa] Moncary Fond 

ri 'vi I , » > Production i workers. - Chancellor whether to respond .to the selec- dispute, despite keen speculation IlMF) for .the granting of 

*•*•.*** I. n -I He mut Schmidt was expected to live strikes with lock-outs, a that the leaders of the German a S750m. . loan. In initial dis- 

<1 make a broadcast appeal to the move that would, be hardest on union movement might want him enssions with Portuguese 

December. This will mean that Socialist voters away from back- this by saytog that jobs will be than 11 departments. 

current expenditure will be' . I 1 

cat by approximately 20 per 

«s5£ri Shcharansky rejects appointed lawyer 


MOSCOW. March 15. 

can he retained into the 19SOs. 

1SPE. although a private 
research “think-tank.” docs much 
of us work fur state agencies 
and its latest examination is 
understood to he on behalf of 
the Budget Ministry. Its con- 
clusions regarding the mounting 

production _ workers. - Chancellor whether to respond Jo the selec- dispute, despite keen speculation (IMF) for .the granting of WITH HIS trial nn treason Mr. Sheharanskv a 3h-vear-old dozens of nther lawyers and all !■ de8cn , are know x 9 reflect m 

U7e a ^ kea vgij&p*- a that the leaders of the German a S750m. . loan. In initial dis- charges believed to be imminent, computer expert’ and former had declined. Mr. Roland i sencra! tcrin» ;i similar study 

make a broadcast appeal to the move that would, be- hardest on union movement might want him enssions with Portuguese Mr . An «tr,iv Shr-harancfev t hP spokesman for the dissidents Rappoport a French lawver. 1 lindtf,-lI,li f n h > i ht? Bank of Ita^ ly. 

two sides in the dispute to make the 40 per cent, of ftelr- workers to. At a meeting last night with negotiators, IMF officials have “ r ‘ . ? » ac “aransKy. uie oy has bepn refused pcrm js. ofTered to take the ease but was! A number of recommendations 

a fresh effort to settle their who^are not I G-MeialL members, the Chancellor, however, this already insisted that current imprisoned^ Jewis hdissidenL has sion 10 see his j ani jj y or friends not given a Soviet entry visa, j j irc 1 included in the I SPE report. 

differences. The Federal ... Government, opportunity was not taken up. outlays be balanced, and that rejected the lawyer appointed for S | QCe his arrest exactly one year Mr. Shcharansky has been pub- 1 indudlng raising the pensionable 

Knowledgeable officials here though naturally- deeply con- Herr Schmidt is reliably under- capital spending be reduced, him by Soviet authorities, and ago to-day. liclv defended by President i a S c f r °m 55 iu 60. revising (pre- 

firmly rule out any direct inter- cerned at the- ramifications of stood to feel that it would be Portugal would also have to requested that he be represnted Mrs. Ida Shcharansky. his Jimmy Carter who denied he sumably downwards) the much 

vention by the Chancellor or any the dispute, argues that normal wrong for him to depart in this reduce her growth rate to 3 by someone chosen by his family, mother, said to-day that she was ever a CIA agent. The case. m0 . r<f favourable pension rights 

nf Viar m atn Knr nf 4 >ia PnKtvuif hafOO inimt ont? owhltYfitinn' nrn. f ma. ... «- /fL inrrfr C C^nki. L'nii r-fM««r. nn L _n*. v i ... ■ a _ . ■ _« « . . ... _ ■_» n nint'arf ki* nmnlni-noc in flia nilK. 

Mother member of the Cabinet bargaining and arbitration' pro- extremely bitter case from the ■ per cent, (lb 1977 it was 6 per 

which, though not entirely with- cedures are not yet exhausted. Government's traditional policy cent). 

out precedent, would-be contrary so that any talk-pf intervention of neutrality in wage disputes. . The overall intention in (he 

to the -traditional autonomy of jn the engineering situation is He is, -- . however, giving his sup- budget 'is- to -cut inflation 

per cent, (fb 1977 it was 6 per - Mrs. Sophia Kalistratova. a believed ber son would be tried however, took a new turn with enjoyed by employees in the pub- 

cenL). member of the dissident group without genuine legal repre- the reported disclosure in lie sector, altering the indexation 

_ The overall intention in (he which has soughi to monitor sentation. Mrs. Sylvia Dubrov- Washington earlier this month system away from cost-of-living 

budget is- to -cut inflation Soviet observance of the He!- skaya, an experienced trial that the CIA had briefly engaged rises and gearing it instead to in- 

I • - * i J li sP l uu*. 

i ^ it.-*. t ( : soi 

West German industrial relations “appropriate at present. port to the suggestion that Herr (•emrently 27 per cent) to 20 Jsinki Agreement, said she learned lawyer and a Jew. - bas been Dr. Sanva Lip a v sky who at one creases in GNP. and raising pen- 

from Govemmens- involvement hi addition, there would be Josef StingL head of the aulo- per cpniw and reduce :the;J,of -..a Mr. Shcharansky’s views named by the Soviet authorities time rented a room with Mr. sion contributions sharply for a 

Meanwhile, in the North v ery little political . room for namous Federal Labour Office’ in "balance of- payments, deficit to If rfflu sources at the Moscow .col- to represent Mr. Shcharansky. Shcharansky and has emerged as number of heavily subsidised 

Wuerttemberg - North Baden - manoeuvre for ---any federal Nuernberg, should resume his SSOOm. f'lege of lawyers. but the family had approached his principal accuser. categories 

-region centred around Stuttgart Minister who duLtpke a direct attempt to mediate. ; : — — : ? 

some 80.000 engineering and hand in arranging gn engineering The collapse of ■ an earlier - ' 

metal-fabricating workers, went pay deal. The two. sides, have round of talks -under -Herr ■■ 
on strike., Daimler-Benz. Porsche narrowed the ranje.^of possible Stingl's chairmanship over the ■■ 
and Robert Bosch were among compromise down to 4-&pey -cent, week-end was the immediate 
the fiO-odd companies affected. . It is already likely^, 1 'theref ore, reason for the lock-out which the ^ ^ 

The engineering industry dis- that the final sejjlem«it .will ex- employers say will be. main- 
.pute showed no signs to-day of.ceed the levels implied. by the tained so long as th£ printers* 
peace moves on either side.. On Cabinet in its apnual economic union. IG-Druck, keeps up the 

the contrary, both the employers' report only two ' months ago - annihilation *• strikes against , 

and IG-lIetall. the engineering when it called for the total in- four, newspapers with which it 
union, are warning of a drawn- crease in incomes (rather than hopes to force new talks on the 
out dispute in which supplies wage rates) to be no more than introduction of electronic teeb- 
of automotive parts and other 5.5 per cent. this. year. - • oology to the industry. 

V- J.'"- 

* > 

... i-!’’ 

■ N {U 

i ; , Central banks switch from Swiss francs 

BY pHN WICKS . ' ; : 2rORICH;>areh 15. i 

CENTRAL BANKS have started they had "£een ‘esffraated at jnint V-S.-West Gernian measures 
. to change funds leaving Switzer- SwJrs^bn--' ; ‘ — ' f'.- to support the dollar. Dr. Leut- 

land into dollars, according- to,. Dr. Leutwiler said that if wiler also expressed his belief 
Dr. Fritz Lentwiter. president of depositors tried to transfer their 1 that the U.S. has changed its fun- 
the Swiss National Bank. holdings to the foreign branches damental position on the dollar 

' This movement is in response of Swiss harries, while retaining problem and is seeking ways and 
to the "Swiss decision to intro- them in. Swiss francs, this would means' to take new steps. 

duce a negative interest rate of be stopped. . : . I 

10 per cent, a quarter on foreign , • Funds leaving Swiss accounts 

holdings of Swiss francs in Swit- could also go to foreign banks $10Om. Dutch factOTV 
re r I and, effective From April I. in London or Luxembourg. How- J . I 

In an interview published to- ever, said Dr. -Leutwiler, the Fluor Nederland in Haarlem, a 
day by the Zurich weekly Welt- National Bank’s ceiling on for- subsidiary of Fluor, of Cali- 
woche, Dr. Leutwiler also said ward dealings in Swiss francs fornia, has received a letter of 
that there were various indica- contributed to limit the volume intent for a magnesium oxide 
tions that foreign central bank of Euto-Swiss franc trading. plapt worth SlOOm. to be built 
holdings which would be sub- He also stressed that there a t Veendam, the Netherlands, for 
ject to the negative interest rate would be ho foreign exchange a joint venture between Billiton 
were over Sw.Frs.3bn. Earlier, control j n Switzerland— “even at International Metals and the 

■ T.u». ^.bi(»i*d O.U* a rate, which God forbid, of Northern Development Company, 

■Ju». and hoiid>v\ u.s. wu*snptxin » 2 iw oo Sw.Frs.l.50 : to the dollar. which has a 100 per cent. Dutch 

KUW Yrtk. n N!v . Speaking before, last Monday’s state shareholding. 




Union Bank of Switzerland 

Notice to Holders of the 4W« US$ 
Convertible Notes 1977/87 of 
Union Bank of Switzerland (Luxembourg), 

The Board ofDirectors ofUbion Bank of Switzerland will propose to the Ordinary 
General Meeting pf Shareholders to be convened on April 6, 1978 - subject to 
the necessary approvals.- that the present share capital of Fr. 1050 million be 
raised to Fr. 1100 million by issuing 82570 new bearer shares with a par \ jlue of 
Fr. SB.- each and 87 150 new registered shares with a par value of Fr. 100.- each. 

It is proposed to offer for subscription the new shares to the present shareholders 
at the ratio of one new bearer share to 20'old bearer shares'atthe price of Fr. 125ft.- 
per share and of one new registered share to 20 old registered shares at the price 
ofFr. 250.- per share. 

All new shares shall be entitled to the dividend as of January 1, 1978. 

Provided tbc capital increase is carried out as proposed, the conversion price 
of the 4 VK USS Convertible Notes of Union Bank of Switzerland (Luxembourg) 
will be reduced with effect as of April 7, 197S in conforinhy with the Terms and 
Conditions of the Notes. . 

The new conversion price will be published after the Ordinary General Meeting 
of Shareholders has utken place. 

The holders of the US$ Convertible Notes 1977/8? ofUniea Bank of Switzer- 

land (Lsxembonrg) wishing to exercise thdr subscription tights are invtted to 
their Notes for bearer shares iff the Union Bank of Switzerland 

not later than Monday, Marti 20, 1978. 

No Convertible Notes win be exchanged for shares during the period from 
Tliesday, March 21, 197S fo und including Thursday, April 6, 1978 (date of the 
General Meeting). 

Convertible Notes not surrendered for the exchange by Monday, March 20,1978 
' do not entitle the bolder to subscribe lo new shares. 

Zurich, March 16,1978 

Union Bank of Switzerland 



Authentic passenger statement 

An airline is only as professional as the people 
who run it, and we go out of our way to ensure 
.that we have the very .best. 

Our schedule to Germany can’t be beaten 
either. Regular flights direct to the nine most 
important German towns: 

Bremen, Dusseldorf, Frankfurt, Hamburg, 
Hannover, Cb!ogne/Bonn, Munich, Nuremberg, 
Stuttgart - 

Consult your travel agent or your Yellow Book ■ 
for exact details of all flights. 

Then let Lufthansa go to work for you. 


German Airlines 

v • 

mA .VCXAl. rnTES THt^DAV MARCH I« . 9 ?? 



Carter tries hard to woo 
Senate on Panama treaty 


WASHINGTON'. March 15. 

OX ONE issue at least it Is Oregon, to say on the Senate Not everything hay gone so} 
'■tjuite like the old days in Wash- floor that he wag appalled by well. Senator Richard Schweiker, 
-’•ZagtOn this week. Rarely have the dealing that was going on. the Pennsylvania Republican. I 


The IMF 
refuses to 
ease the 

Congress ov 
on fasteners 

Austria to 

transit tax 

By Nicholas Adiesfiov in Unw 

•*' By David Buchan 


. the AUSTRIAN . Government 

A CONGRESSIONAL SUB COM- system of trade surraillsn'ce is by „the full House. A similar aRrec( j to scale down the 
MITTEE voted to-day to over- working' He discounted foreign process must take P lace ,n m I transit “tax that it plans :.o 
rtde’ President Carter's decision retaliation. Senate. impose from July 1 on inter- 

not to impose sharply increased On February J4, ’ President- MmRobert Strauss. .the Special na , ional lorries gniriR through 
import duties on foreign indus- .Carter decided against * recoin- Trade Representative. has EEC officials sold. 

import duties on foreign indus- .Carter decided against * recoin- Trade Representative. 

EEC officials said. 

the roads between the White which was most unbecoming of has come out against. Senator ££??? tria] fasteners (nuts, screws and raendatiou by the International spoken recently of dangers {oUowing pressure from the 

House and Capitol Kill been so the Presidency. Schweiker used to be known as £££ holts) sold in this country. ■ Trade Commission* TTC) that that Congress would Brussels Commission. . 

: Jammed with Administration senator Packwood, who a ccom- a progressive Republican until Although by -no means cohclu- tj* U.S. impose 30 per cent the president on The Austrians, had ! originally 

"^facials and senators wheeling,* pM jed his outburst with the he accepted Ronald Reagan’s w £!3f 8 i^c "heen sivtL to-day's, ruHng \s believed duties oa foreign nuts, screws faef Mr. Strauss would have ipre- proposed the tax, which would 

dealing, cajoling, and arm twist- announcement that he was con- invitation to run with the S55S« t So l »Siwc ,l 5nirtS t0 re P rMent the first time in 20 and bolts. The ITC had foiuid ferred rom** snrl of . c ^ p L that ’ affect substantial inira-EEC 
= remSatins chanriL hte mind conservative Californian in lff/6. years that a Congressional body *at foreign .competition mainly perhaps along . t»»c hn« of that . between .West Germany 

, tempiating changing his uiinri consem 

• .The reason Is simple: to- snout supporting the treaty. That ex 
- morrow afternoon the Senate seemed to have conveniently changed 

. .v- ouduuuu seem ec to nave convenient v i,ue aenaior. and nrntpew nf twi^srit ucul uw * nauc uouc i"-, — miliifc ,hC , T 

■ votes on the first of the Panama fnr-nrren that MrluM ttu» main ... L nature. It is also » potent end was mjunne domestic >n- assistance to ihe domestic ranean, should he set .-at one 

.S S&nuttS STENTS ST5 si-? - ESS - fits* SSSSL&SSL SS.'VSTJ w iKESL “ haUBS ^ ,0 " M/ 

T , h fw° nc eo r™ B Congressional criticism of Presi- Republican 
0f the dent Carter was, his inability to tor Edward 

-graMKrs - 1118 ass. 

dent Carter in countless ways. ^ ms Administration House, but 

The outcome remains a toss-up. ^as worked some persuasion »*«■»*; 
Yesterday, five of the uncom- well. It hintej at dropping its »ade ahat 
Wilted senators broke their opposition to &e S2-3bn. Emerg- 

TODSCTVati^C from North Goto* ■ * — — •***■•• I • ,v . — ~ ... . - f .. __ UOJO u Kill me picoiu^uuai ainio~ .mats auui« ■***■ " --C - - — hovcmuicm Iiaa “W* *• 

lino, glumly announced that the committal * siana. was due to address the “I?-™ 8 *g°- The TMF with the reality of high iinem- men t if his decision is .to be to . prevent tbe worst from th e total amount paid by iorei 

opposition only had 31 sure W: ^ ■•reed to release Senate later to-day. In typical SJLJfrtjjS ViSi 25? be ^? Iy i? d *^ Overturned ^and that of jtfie PTC -happening. hauliers will not exceed tl 

votes, nor mouth to block the S250ra. worth of copper from The manner he alluded this momms o«tk«rs, that Peru has failed to trial constituency. Mr. Vanik - 3ni>» \v«)cs writes trom New hv . ,hPir Auatri 

"'votes, not enough to block the 5250m. worth of copper from The manner he alluded this morning 
treaty’s passage. But manv Inde- Federal stockpile in the hope of to an “understanding” with the 
* pendent headcounts still’ show seducing Senator Deconcinl. President which he thought could 
'the Administration a critical vote from Ariznnd — a copper-pro due- determine his vote. 

I or two short of its goal, with the ing state. The Senator m tittered There is even the possibility 
“number on the fence dwindling that this was not enough and that tbe Senate might not in the 

' v worth more than S2oOm. last advice was ignored by President , European hauliers 

year. Carter. . . reckoned this would double their 

Hr. Carter, rejecting the ETC. .. .To-day's vote was not entire, > { transit costs through -Austria. 
8 finding.- said the imposition.- dr unexpected, particularly since H Now the Vienna government has 
; such duties, as low as 0.1 cents .iir Mn Vanik’s sub -committee. agr6Cl j to lower it . in 25 
5 a pound, would invite retatiation The - closeness of the outcome. ^ogc^eD, a reduction of T5 per 
' by America’s trading partners boyneyer, suggests that the full cenJ i ^ ] e t empty lorries 
: ami impede progress in tbe inter-' Ways and Means Committee may country free, 

national-trade talks in Geneva.-; -&ot go. along. Even so, it is To aTtwpr the EEC complaint 
Under the law,' both Houses, clear that the Administration, ^ at planned tax was dis- 
of Congress must act within 80 'and Mr. Strauss in particular. cr j m i na tory. Ihe Austrian 

days from the presidential state- have some hard lobbying to do Government has also said, that 
‘ ment if his decision is .to be to . -prevent tbe worst from total amount paid by foreign 
Overturned and that of jtfie ETC -happening. , hauliers will not exceed that 

reinstated.. . " 3ohn Wjlrs writes from New a>r >a jy paj^ by their Austrian 

numuer un lue jciji.t: u.wiiuiiiik (iim, >»n - nui uim inai uie migm noi in tne i u j « ■ ,, ■ “■ “ c “ lu ano weauii v.uuiumicc ww. >jo»b.^ivz 5 arc- _ ; r- tnal trie AUSiriauK rniuvt.- uio 

: "by the hour. this mo mine was closeted with end vote on the neutrality treaty ] .r** owr trading partners that, our there before being considered lhc., of Blue Bell, Pennsylvania .^ ) tem p 0rarv . and that it be even- 

- The events nf the oast week Presidonr Carter in the White to-morrow. Senator Alien of ; ri'Ty. ” n ^ — — 1 — - — — * • : ■ tually replaced by the same sort 

hare promoted one of the more House. He ‘-laimed his inierest Alabama, its leading onoonenti f°U!.Ti^ ni o 

: reverted moderate Rennhlicans. was for Additional security hinted at disrupting the Senate’s me> . ^ 

^Senator Robert Paekwnod. from guarantees in the treaty. timetable. dSrwELS P ii 1 

• year. 

-m . j a . ’ . . A meeting of the steerlne com 

Coal contract faces first test 

NEW YORK. March 15. 

arranging a loan to prop 

up* Pern’s debt * payments Lhis 

A meeting of the steerlne com- 
mittee in New York which was 
putting the loan together con- 
cluded last week that the loan 
could not proceed following the 
Fund's decision. The committee 
has in effect been disbanded. 

The two decisions are sure to 

EEC ends 

iron dispute 

— : — * tualiy replaced by the same sort 

^ . * _ ’V,," 7 ; -« of road rax. related to environ- 

Swedish miUs in danger srrsx&t; 

.Y WUUAM~DUUfO.CK '* ! COramonJWwkcjJOU^M. 

' STOCKHOLM. March 15. ^ T _ , . 

OXg SWEDISH pulp miir after scheme announced by the Gov- ^ K. OTP3 hliS 

V>«T-a tr. oIau tact rrmnth in credit ^J* A »Ol vtt Ul 

BY STEWART FUHING ' NEW YORK. March IS. ^ .^^BRU^TlS. March 15- SK^teUA.llKJdB-t^W &S*Ti peTront.^n By Our Foreign Staff 

3?.S2 A SS.r2 TE& JfSL! to OL 3?^t 

another will have to close down .ernjnent last month in credit] 11 

.unless the Government quickly : guarantees and loans was nntj T) Ar /s r TV-^ 

finds ways of compepsating-'enough. Mr. Hedlund said. DitldlH UVt.1 Jl v 

i manufacturers for losses from.-Swedish companies would have 

the fall in the U.S. and Canadian to pay about 13 per cent, on By our foreign scan 

Che longest national coal strike 
in U.S. history faces its first te«t 
this afternoon when the 39- 
member Bargaining Council * of 
the United Mine Workers’ 
(UBCW) union meets to consider 

racturers. Moreover, com- j Agremeent on Tariffs and Trade 
s could not borrow money i (GATT) in Geneva that Britain 
finance operations that j had acted unfairly In imposing 
•ateri lofses even in the | selective quotas on black and 
modern mills. ! white television set imports from 

week after that before coal *>e un rue oiner nano. «ie uw aerwis pwiiueR* prouicnia fa5t .f a u ing currency— the rate meagre • that secures the 

production resumes. welfare funds run by the union which President Carter would h been" kern stable at 130 soles obedience of the Bresciani pro- 

•«, p -. . would be dismantled, if the con- then face , In trying to enforce . < 4 nU»r Rank^r^ *>v thrv ducers to its* 'steel crisis plan 

-ELi 00 ^ 1 frBCt SOM through- Instead, the the court Injunction which be In the new agSemenuthe 

and FJroSrT’ M and th? 5nk. w?hem «- a ehm » wTi;ch H?. *9 W0 T*— * n . faction 7 ‘ to take each month 20.000 tonnes, 

'. third veSr,, “ Inm wouM n °‘ * e| - Z " ”* S bee tb, Crntr .1 B«k.h« no «» »;« 2S.OOO tonne, 

r V- .■ -- . COTIP. SO Tar. ta.- ..j and HPloiflnc 9 tnuroin ol 

Tbe Kr.900m. (8195m.) support' not help much. 

Gas agreement concluded 


STOCKHOLM. March 15. 

GATT Article J9 on portable 
black-and-white television im- 
ports from S„ Korea were not 
discriminatory since it had 
earlier imposed quotas on im- 
ports from Taiwan and F. 
Europe and had reached re- 

r n „ ' TWHIor the ,k„ tahnor T«I-,tirtnc_ in th*. 1 maeoieoness Ot COmpaRieS ncre •*&»»«*« IV INCH - u, IO Uic UVUY^IJ Ul iuu. V.U nv. UIR1R- Udit onuuen.f nuclear power pro- 

rfaTnnrahl^X thUrX’SSU the nhje^? £* V of fiA.ffl'Sli a°^nlh° Claes^ iidgJSi. dirSSr . of'^Mr.^ndgren’ said that at 

S SSHH &S51jFz ESSs 4 

gtip will Ytito. hrow. .'though ptoyor, n™ S'sciptinar. pcn..^ Mwnyon. JS3« MW SeSt i5^ w SbStii 

jss aAsrfiS ssb* ^ g* -sKrvsss-^ a,K " we!t ifeft vss^ssssi 1 

r'X JSJS SM tSLS.-’SSHE&i m fDr " h * B 0e K y m.n«.tlon of t'he* StgfS re^ed'an’.rdeXm! 

H n -.rS than did the previous un.nn has Wfld^8CCPpt3nCe of siorib and e nforced • ima* The. CnmmiKslow UVK th^T in denpnri^ hnwevpr nn a Hprisinn Panama vsliiAri tihnivi THn 

safeguards clause — is being dis- 

boom forecast 

11 it •■*11 UBi* Ml MMV -Ohhvpieiivc VI » vuftWi VI.V •»*■*«*« i ,, 1 QtiAf 

productivity agreements— is also nreiudiceg and misunderstand- Fe £“ n " ce , - e -^TL 

TOKYO, March 15. 

The Commission says that in depends, however, on a decision Panama valued at about 85m. Tbe CHINA'S trade with the outside 

The new contract proposal is well hedged In the union's favour ings. 

NY death penalty clash likely 

BY JOHN WYLES . njsw yurk, Mayen a*. a** stricter adhesion by The the northern Italian producers, nuclear power and also as with computer controL 

Government to the stabilisation . _ _ ' • 

A DIRECT confrontation be- as much support ip the state day was only one short of giving programme — more cuts in Greece and Bulgaria M ntP TOT IVInCPnW GumPC 

tween Governor Hugh Carey and Assembly where the Democrats support by two-thirds. Government spending- a further , iwl ftiujcu vr 

the New York state legislature Js haVe a majority. This will pit the As ln many other democratic devaluation, an hwjiljlj a«rre« over tratfC MOSCOW. Ha: 

iS^StSmiildhment ° f legislature against Mr. Carey, a mt ems elsewhere in the wld.i pr &^.!SSL?inSo«Jiem * y 0ur 0wn C *^ rwpo,ld * nt THE. COCA-COLA company Soviet Food Minis 

mgcaptial pumshmenv . Democrat running for re-election f L prp hfl . rr^riirfnn^llv been » i-**S ATHENS. March 15. signed agreements with the Moscow City Council. 

NEW YORK, March 15. 

The decision of the Fund to sti me 40 cases, largely concern- from the Swedish Government to orders cover the delivery of three world Is on the increase and is 
deny Peru a second draw-down ing Italian producers, it is still finance a gas network in south computer controlled exchanges ; expected to reach record heights 
under the stand-by agreement examining legal sanctions and and west Sweden and on a one system of the AXE type for I this year, according to a survey 
was almost entirely unexpected fines for past infractions of decision from the Danish Govern- local traffic,, combined national I by the' semi-official Japan 
both by the Government and by ™j£tin u r? Prices. But as one ment to boild a pipeline from the and international AXB 20 Telex j External Trade Organisation 
most independent bankers here. EEC official put ft to-day, the German border to Copenhagen, exchange, and one transit (JETRO) 

The general feeling was that Commission “does not seem to The import of gas is seen In exchange for interntional tele- La St vear its trade was 75 per 
the Fund would certainly force nave the spine" Jo act against Sweden as an alternative to phone traffic of the crossbar type ^nt more than in 1976 and is 

‘Coke’ for Moscow Gaines 

expected to reach Sl6bn. this 
year, JETRO said. . Last year’s 
figure of S14.29bn. was the 
second larg«>«t total since the 

ta ^; PlU 'vS,Tnc hn, New York DemoSS* nmnlng f m'reSSon Se^ha^traditiimSlly” *bZn*i ! ,h^SnlISJll*ttSd n j signed agreements with ^ the Moscow City Council. After thei \ aiTl shipment Curb 

staSte nravidfns ^tho death * his , K year ’ 1 ? h4 ‘V 0 P p h w J T0 the Urge number of ^eg! si atow 111 I Stare rtatplro^ou Id not meet nR J ECE A ^ D 5T ,ef i U £2H f°' day II « T,rt *W I 1 S 3 .^ .?!* ^pany's orange TOKYO. March 15 

ill,,;!. ft J ” narrow catecore of P«wJ^ «"«* has pro- York prepared to withstand S?? raraet? the preva'l- nmriu C ts worth Sr70m. the *nle official supplier «f soft drink will continue to be sold . JAPAN WILL keep expons of 

Sm mrlSmc the mindcr P° 5ed » B »> »{ e pressure from the death ihTwF dunng 197S under s new protocol drinks, at the 1980 Moscow in rhe^Smnet Union : two-pnly natural arVyhc yarn to 

of policemen and prison officers. Pnsmnnent without parole for from their constituents. However, ^ u , d ^, te over the deficirncies ' fi ®" ed ..,^ e r e . Olympic Games. ..... Coca-CnlRS main rival. Pepsi- ihe United States this year at 

was declared unconstitutional those convicted of mtan- pr^kure from electors nQW hprau*e Peru was showing move- . ^ wr double trade exchanges Coca-Gnla said it would deliver t.ola. has a long-standing agree- 'the level nf last year, the 
b? the Mate court or appeals tional .murder. wemc to have become irresistible I ™t in the right «P«ral ^' veen the two countries from «nfi drink concentrates and in«m under which its product Ls j Mi nisrry of International Trade 

las* November. Since then. In view of rhe likelihood of for many of the state legislators. I rfi«, P r( on l»s| jear. wnen Gteek exports to bottling equipment to Soviet bottled and sold in the Soviet land Industry said. The measure 

susoort has been crnvinc in the the death penalty Bill passing while one or two politically'. -.1 nractire the Fund total led 540m. (up from State import organisations. A Union in return for Russian : . is among self-restraints requested 

SatureforTbroadcr law and. through th? legislature, atten- ambitious Republicans, bent m\*$ m Jg r ffrtl.t "the pro- SJ^roun UTS £ Ti" r°^ a delft * red 10 the LA 1%'^ VS ‘ 

vraterdav. the state's Senate tion is now focusing on whether challenging Governor Carey in I rnmnie was so far off target that country fell S2m. to $4fim hi made and distributed by the Reuter ; AP ft.l , ; 

voted hr 39 to 19 in favour of support by rwn-thirds of the November, have espoused The; ft eouin not paper overt the 

capital punishment legislation mem bora in f«h charnher can ^afh penilty „ >n appropriate j cracks . . Swi« nffpr Dirt IclnmiV DonE ralnra IWalovcSan v-Sci'f 

MOSCOW. March 14. [ Sl4^hn. in 1975, the survey said. 

I THE COCA-COLA company Soviet Food Ministry and- -- 

,-BrW well AifttAi*. warep to. signed agreements wrth the Moscow City- Council. After the 

JS5 l SLriS« no? meet n *EECE AND Bulgaria will Soviet Union to-day making it Games, the "company's orange 

not paper overt the 

While the Senate is under he mustered to over-ride an ex- punishment for murder, while I Equally it was thought that the 
Republican control, the legitia- peeted use by Mr Carter of the idmwWdw its shortcoming * , banks putting the S2«hn. loan to- 

tion is expected to receive just veto The Senate vote vester- as a deterrent. Igether would not he able, to Cheaper lOSNS BY WONG SULONC ■ . 10 dOViet U 111011 

— — - — : openly and consciously pufl the r KUA^A LUMPUR. March 15. a» Our Ov/« 

- . ... I 1 1 ♦ w • » j plus on 3 country which **wes By John Wicks THE ISLAMIC Development creasing resentment, conflict and KtiAI A r itmpiir r. 

flPht reilin^ HArfl PnQirtriQn CQVC p||f«OJ*p -them so much money 7 TTRTCK Marrh is Bank ' 5 second annual meeting confrontation between them and miiavsia * W a -, r 'l Ha 

LfCUl tCUHIft I?CUi CJU all 1114.11 CJUllUalC The loan u-as requested by the ZURICH. March 15 ope ned in Kuala Lumpur to-day tbe developing world. 

ctQV . i . P • .1 Peruvians in Frtiruary and one SWITZERLAND has offered With a call by the Malaysia n AgainarTthb background. - Is- TTif vear i^ an aniaVTmVffirr 

IO Slaj rtirrhf T|^|* OPO-flOTTlIP OTfVWlh of the ^s'c condition? four loans to South-East Asian Prime Minister. Datub Hussein Iamic countries must consider to anoease the RDisfanT whn ^cp 

-«■ QHZ'JU M ilglli 1U1 ClUilUllUt giUniil that it would be ‘tied forma y countries at interest rates lower Unn. for the bank iu formuiuic ways to' help themselves and in beimLT increMinLlJ 

HI vb/dZuH, ° or informally, to the DIFr*t*bHi- j^an those obtainable from tbe an ambitious ten-year economic that the Islamic Bank could play hv their* failurp tn" MtihVilh^a 

- - U WASHINGTON. March 15. Ktjon programme. :^ nHv World Bank or the Asian De- plan for its members. its role by: formulating' a ten- diplomatic and eennnmip rSo? 

^ , a I t ^T pt -, t0 Th e Peruvians had Velopment Bank. The Malaysian Premier cnti- year* plan for its. members in the hold in ihe counirv * C f ° - 

the L.S. F«terM debt ceiling tin? FEDER AL Reserve Board and local government budgets arranged with the The rates, which Government cised the main Western powers 1980s. The decision in send i trarfp 

SSSS h^ra^io^wiMhMf Carman Mr. G. William apoear healthy. I SSTSf ‘matmftln P due oS g el ^ ate { °\ Tra ? c *^ gree ™ ent ' for their Failure to lead the world Finance ministers and Gover- team followed a meeting ^ere 

Swiss offer 
cheaper loans 

Big Islamic Bank plan 

Malaysian visit 
to Soviet Union 

Debt ceiling 
to stay 
at $752bn. 

Stymied in Us attempt to ratee 

Fed chairman says climate ^ 
right for economic growth Is? 

By John Wlcki 

ZURICH. March 15 

WASHINGTON. March 15. »tion programme. 

p^^^rtumiTjSy 31 . 1 Miller, has Mid that the Board In testimony to the Senate due 00 Professor Klaus Jacobi, aid in back to .economic recovery. nor* of central.. banks from 34 yesterday between the Soviet 

r P 5pS?» frSn Washir-ton j feels that financial conditions Committee. Mr. Miller said that "TMSiSSJJ aimed to Zurich tonday were unrivalled,- He *aid they were still trying countries, including those from Deputy Foreign Minister Mr 

r reports iron w asningion. mannart continued economic the Federal Reserve feels that I Additionally Peni aimed w a re of 4.525 per cent, for five-year to solve the worlds economic the oil-rich Middle East, are Nikolai F,rvuhin T./’ ^ 

will support continued economic the Federal Reserve feels that I Aaonionai*. ni -tuis- are of 4.525 pe _ . . 

Curncn Jl* at STSZbn.. ,Uw debt ( „ Daasi 0 „. continued expansion in gross ' 02,1 * P .^ rl f 1T , C '^ b , I^iP n fr th p credits and 5 per cent, on 10 - to woes by short-sighted, nareow attending the four-day meeting. Malaysian Foreign 'Minister Mr 

S255-« n ^iJSi SVUL on! I" testimony before the national product at a moderate “fijSSS fSil m dS?' if Si ^'>' ear loans ,* solutions based on each of their The meeting is expected to Tengku Rithauddeen ' 

D(*nttl23^ni ItVCJ of WOuDtl. on ] r ■■ ■■n'.ttnn >!■» trotA f*n/V luetVav i'n UiatllTltlCS falling due tfl PmfpCBnp .for rah i Kae Tii^t n*. nwn nn Tirana I i n fprPSTS nnncirlor qrvftinp nn fnnric for ov. >v«. t*:. .. 

to solve the world’s economic the oil-rich Middle EasL are NikoJai Friryiibin 

woes by short-sighted, narrow attending the four-day meeting. Malaysian Foreign Mi 
solutions based on each of their The meeting is expected to Tengku Rithauddeen 

prevent it from incurring new 

In an election-year protest 

I nnn -financial yectora. such »s creases, -which crnitinued to mi*-, .. , 5 *' , rep 73 ‘ Bt The loans would be made-avail- tiatnl; Hus»mn 

| household debt burdens, remain stria cains in productivity. wiTh ^ns ^ year^ inciuamg . ■ jri i e j,y a hanking consortium, indusmaliserl ro 

®raiiv- stronc un : r labour rising by almost *1”!°*! •' wholly m the case 0 f Malaysia, nod to /ignore ft 

. _ _ . . .. r- • the hone u-fi* that annrnnnaiei> . _■ f . ■ 

Against deficti spendmg thc Hou^ | ra,d that cor- fi ne ?S lV5£ 

SI P— ~ Stare Reuter 

in Thai if r^iro and Kuala Lumpur ii» The Soner Union v as nno- /if 

countries conftn sneed up appraisals and appro- Malaysia's mp ten buyers last 

ice STZbn- until March 1. 

Car sales down 

55 die in Buenos Aires jail riot 

i^ k*MTira« that Innmnkattly who,1 > l H. case of Malaysia, ued to agnore. their 5 local res vais of projects submitted by year with impons o'r nearly 

! SSf ISts. incufdinE th^J^rn ani1 ,hc Pb U^ptno. p-nsih, ..-re mlghl w m ■- (£6S,n 

| owed to the Russians wo^Id be ' - 

5tSS Australian fears on Japan’s steel cuts 

Government’s options arc..-fb ,J 

most likely is that it w^l try 

New car sales by the four main 

US. motor manufacturers were 

BUENOS AIRES. Marche 15. 


TOKYO. March 15.' 

down more than 13 per cent in FTTnf-JTVE prisoners wore injured were tnong 161 common ) tbe Fund, with new targets. But 
early March, continuing a trend killed and 73 injured in a riot criminals who set Sre to j this ia an operation which would 
begun last November, the com- 3 t the maximum security Villa mattresses and blankets at the (take at least three months to 
panics reported, Reuter ^reports , p evo tp jgtl near hear yesterday, entrance of their cell block, achieve before a further .draw- 

! to negotiate a new deal with AUSTRALIA supports Japan in incoming beef by gradual steps to Industry sources ip Tokyo said Mr. Amhonv went r.n fn 
i the Fund, with oew taraetx But attempts to forestall European 130.000 tonnes a year by 13S0 that Japanese' steelmakers would that Australian ibJLT «--- 

Australian investment waff 

w aDt ^ iSOm. tonnes, 

accounts For almost added, "your levels of 

of Japan's Iron ore no rel aticn to ybur 

over 40 per com. of ex P^‘®“ Qns oF two years ago."- 

ff IIU WVWI V» ~ m. » -J 

requirements, according _ t w,1 j nom specifying what sort 
Depuiy Prime Minister , a»rcenient he would like -to 

-poorTin" re«iftf< novn oy i , ^ per Trnnw anc nnuce. nackpfl hv comm unique s<re«en mai me iu up . tt:,” - io inp L»epuiv rnne .Minister n*e*-ui 

cert from the tame period U * . heticnptor Bunehin*. smrmeri the rim involved none of the polili- 1 Clearly the whole affaircaffts #ai iehvered to-daj by » itiD^ in u. | n hw speech, Mr. Anthony, who i* : on a nine-day visit to ??*, 5 eI ^ fl1 Japanese mills 

rtar. ' i.ii] to quo* 1 ihP noting Pennlo cal prisoners. a bis cloud ov-jr ihe standing of ll' 2 l ^ a 1 wh<> is concurrently Australia's Japan. 

I hvns in the area said >hat liirn* one woman, who was visiting: President Morales Bei*tnudc'> e Minister ai a joint meci tin : z Trade and Commerce Minister. -c... 

— h«.;r,t <hoti. b.irsis Of the prison yesterday, said that, j who wav Finance Minister for "T {a,ked hlumly 

- fri COMPANY NEWS j mpchim-eun fire. Rut the offi- as soon as the rioting broke out. [five years in the early Tlfc.and “onaMUie Japan unamuer or scri0l , s dtOicul 

jeiai communique issued hv “the police hustled all the risl-jlste 60s. Bankers think tfiitt he uommeree and indu&trj. two countries, < 

"" " _ : orison aitihorities to-day made tore nur of the prison . . hea^yiwill to put into effect an Mr. Anthony also urged Japan to reduce it« | 

Court fight likely over na'*y | nn \nention of mv prtsnnor firing, which rounded like j even fiercer austerity prnejgmine * n invert in Australia, supply a ore and cna! 

and Australian suppliers, Mr' 
Anthony repeated a request 'for 

Seme. SO per. cent, of our "special 1 * treatment. 


'Mann-* in , 1 jj” ? yvsierpay mai recession -induced 

<hipi: Texaco expects sates ! S»‘ng Vi!:^d *- mrtM h«* r’,n- machine-jiire. continued for at! than at rr»««nt and *hir' ‘•tear pirtnre of Japan's future r»d>i'**d demand abroad for haste 1 nf^what^trere recanted cnkm^ n ef\ i i ni,0rt rrf Irf>n ar,< ^ 
recovery: A Tand T profits fire. an hour." \*twx • taction tif- £"W ***** **?■ ,n , rhe ?h '? rT J*ran*«c steel .and stee.-oased ho‘ 'fi rm long-term contractual thr rase ir ™jri r tiia^hLn r S 

rise -Page 36 r It fUtod that th. dead and Reuter trade unions, . twin, to nok*« Japxn’s quote on product*. - arrangement^-’. ;. imports^ 'oS-s^nb^ ° 

other suppliers. 

-w-. .*-•• 

I !• 

V . 1? 



r r' rv' 
[iX iiS 

VOS I s * - 

“«ann«w d;* 


y, «i. ? 



home news 

says Britain 


THE ROW between US. and 
UK. air authorities over which 
tnn« 5 s ' STe01 to adopt in the 
4 , s . resumed yesterday with 
Britain's Civil Aviation Authority 
claiming that the U.S. proposal 
was nothing more than a 
theoretical system, of no .prac- 
tical use.” 

A dec ision on which system the 
world airports will buy will be 
taken by the International Civil 
Aviation Organisation in Mon- 
treal between April 4 and 21. 

Orders worth hundreds of mil- 
lions of pounds are at stake, with 
Plessey, the Civil Aviation 
Authority, and the Ministry of 
Defence involved Ln Britain. 

Mr. Tom McWlggan, director- 
general of telecommunications 
for the authority, claimed yes- 
terday that Britain was well 
ahead in the race to perfect a 
new landing guidance system. He 
severely criticised . US. pro- 
posals as virtually untried. 


*H«i hi. 

"The U.S. bas failed to demon- 
strate to the world that it has a 
safe, economic system. Instead, 
all it can offer is a theoretical 
system based on a cost-no-object 
exercise.'* A U.S. system to meet 
international requirements did 
not actually -exist, . 

Civil-. Aviation Authority 
officials said tbe U.S. system bad 
end SllOm. to develop, compared 
with the SlOra. that Britain, 
mainly Plessey. - bad. spent, 
developing the working floppier 
microwave landing system. . 

This bas been tested at seven 
airports. including- . Berne, 
Switzerland, where the mountains 
prevent the use of existing in- 

strument landing systems. Before 
the advent of the UK. system, 
pilots had to land without aids. 

Mr, McWigfan said the U.S- 
Federal Aviation Authority and 
Bendix, the main contractor for 
the rival time reference scanning 
beam system, had been, working 
for five years, yet bad no equip- 
ment that would meet all the 
international requirements. These 
included performance, reliability, 
integrity, monitoring and cost 

A vital element of ' the U.S. 
proposals .was: 'the Compact 
antenna. Yet it was not being 
made available for. testing in the 
US. /U.K. comparative trials pro- 

“ it should be Withdrawn from 
the U.S. system proposal.” There 
bad been only 60, minutes of 
Sight trials before these were 
abandoned, British ■ officials said. 

The comparative trials pro- 
gramme, agreed last'. November, 
would prove crucial - when the 
final decision is taken in- April. 

. Britain bad submitted a mass 
of data with up - to'. £1.000 being 
spent on tape recordings and 
photo-records for the U.S. 
Government. But the U.S. had 
organised only a demonstration, 
programme without full tests or 
data. - . V- 1 ' 

Mr. John Benjamin, for the 
Ministry of Defence procurement 
executive, said that there were 
fundamental ! flaws in. vital 
receivers, for the -U.S. system. 
Testing of. the. equipment had 
been u shallow ” and It would 
have to be redesigned less than 
a month before 'the International 
Civil . Aviation' -Organisation 
begins its final assessment in 

Albright spends £17m. 



spend more than £17m. on build- 
ing new plant and modernising 
existing units for phosphorus 
chemical production in the U.K. 

The expansion coincides with 
the company's growing confi- 
dence that its phosphorus plant 
at Long Harbour, Newfound- 
land, can finally offer a secure 
and stable source of supply. 

Mr. John Wills. Albright’s 
commercial director, said yes- 
terday that the 60 . 000 - 1 onnes-a- 
year plant would now produce 
most of the. company’s phos- 
phorus, allowing It to increase 
penetration of . international 

Tbe company is still invest- 

ing another Canadian $l$m. 
(£8.5m.) in the three years to 
1980 to bring the plant— first 
begun in .1969— up to satisfac- 
tory environmental standards, 
but it Is starting to reap .the 
benefits of a' long-term supply 
contract with the Newfoundland 
authorities for cheap power. 

As part of the U.K. invest- 
ment programme Albrighr is. to 
build a 20.000-ton nes-a-y ear plant 
at Wldnes. Lancs., for the pro- 
duction of sodium hexameto- 
pbospbate. a chemical used in 
water softening and condition- 

in the manufacture of yeast and 
also as a Same retardant 
ingredient for timber, textiles 
and paper. 

"At Oldbury. Birmingham, the 
company’s largest site for the 

up 24% 

AFTER NEARLY five years of 
recession, members of the 

manufacture of phosphorus- i Management Consultants As soda- 


On the same site it is also 
building plant to produce 11.000- 

tonnes-a-year of ammonium 
phosphate. This chemical is used 

based chemicals, Albright is 
-increasing by 30 per-cent, its 
production capacity for disoiium 
pyrophosphate, another baking 
chemical. It is also adding more 
phosphoric arid-storage facilities 
Last year, Albright completed 
a capital expenditure programme 
totalling £245m, but this is 
expected to show a large increase 
this year. A £19. 5m. expansion 
of phosphoric add units at 
Whitehaven, Cumbria, is already 
under way. 

Hoechst TJ.K. investment falls 

INVESTMENT in the U.K. by 
Hoechst, the West German 
chemicals group, will be down 
to about £5m. this year, as tbe 
company concentrates on build- 
ing its activities in tbe U.S., 
writes Kevin Done. 

Hoechst" is tbe largest chemi- 
cals company in the world, 
judged in terms of turnover. 
In recent years it has come dose 
tto makings a major Investment 
in Britain— : ln excess of £50 m. — 
in bjgb-debsity polyethylene, a 
sector in which It dominates the 
world market 

However. Mr. Norman Mischler, 
charm an of Hoechst UJL, 
admitted last night that tbe 
grouu was now unlikely to make 
any big investment in the U.K. 
for at least two to three years. 
The US. was taking a large part 
of tbe group's capital expendi- 
ture and could account for half 
the total in 197S-79. he said. 

Last year. Hoechst achieved 
sales in th eU.K . of £370m„ an 
increase of nearly 16 per cent, 
over 1976. Turnover of the 
Hoechst U.K. group was also up 
16 per cent— to £332 m. 

Giro up profit before tax was 
compared with £7 -2m. in 
1978. but Hoechst again made -a 
loss on Its UK textile fibres 

It Is also aiming to Increase 
direct exports from the U.K. from 
last year’s low level of £5m. But 
this is expected to rise to only 
about £7m. in 197. according to 
Mr. Dominik von Wlnterfeldt 
Hoechst U.K. managing director. 

The Berger Jenson and 
Nicholson paint subsidiary is ex- 
pected to report higher turnover 
and . profits for the last year. 

lion last year experienced a 
sharp increase in turnover, 
mainly because or an upturn in 

overseas work, which rose by 43 
per cent The association, which 
represents over 60 per cent, of 
British management consultants, 
reports an overall increase in 
turnover of 24 per cent. 

Total turnover was £38.75m. of 
which £22.5m. was earned in the 
U.K, -an increase of 13 per cent, 
on the previous year. 

Mr. C. H. Brown, of Annan 
Impey Morrisb, the association 
chairman, said ln bis annual 
review that during the last five 
years overseas income of man- 
agement consultants had risen 
by over 300 per cent, and now 
represented 42 per cent of total 

Business in the U.K. rose by 
only 23 per cent, which, accord- 
ing to Mr. Brown, is in real 
terms about the same, as busi- 
ness in 1972-73. 

Management consultants de- 
tected an improvement in the 
private sector and for the next 
year he said the association was 
“moderately optimistic rather 
than wildly optimistic." 

Building in private 
housing sector 
continues to grow 


PRIVATE house-building- con- 
tinued to grow last month, . tbe 
National House Building Council 
said yesterday. 

But the improvement was 
threatened by the cut in mort- 
gage lending. The outlook was 
! once again uncertain after 
| Government pressure on building 
societies to reduce their mort- 
gage advance quotas. 

The council said that builders 
] started work on 12.420 homes 
i last month — an increase of nearly 
.30 per cent, on the average 
| February figure for the last 
■ four years. 

j The performance reflected the 
i Industry's growing confidence 
about the private Housing market 
and caxue close to the type of 
output levels recorded during 
the “ boom " years between 
1970 and 1973. 

The spring and summer were 
traditionally the best times for 
. selling homes. Consequently, 
{restrictions on mortgage avail- 
ability would be more damaging 
titan had been widely realised, 
in spite of the fact that loans on 
new homes would have priority. 

Builders continued to report a 
growing shortage of suitable 
development land and the situa- 
tion was causing concern. 

Prices at auction had been 
rising and there was evidence 
that supplies of land arising 
from bankrupt building opera- 
tions were being quickly used. 
Last month’s improvement ln 

house-building -in the private 
sector came after the better act- 
put picture achieved in January, 
widely seen as a response to the 
strong underlying demand for 
home ownership and the ready 
availability of mortgage funds.- 
In spite of cuts in mortgage 
lending due to take effect next 
month, societies would still.. be 
lending more than last year. But 
the cuts nevertheless could dash 
any hopes of a substantial im- 
provement on last year's starts 
total of 134.000. 

£lm. grant 
for training 
in textiles 4 

Financial Times Reporter 
THE BRITISH textile industry 
is to be given a training grant 
of nearly £lm. from the Euro- 
pean Social Fund after an 
application to the European 
Communities Commission, in 
Brussels, by the Cotton and 
Allied Textiles Industry Training 

The grant, to aid training in 
companies covered by the Board, 
is for this year and next. It will 
be used to train people to be 
more versatile, or to continue 
their training as managers, super- 
visors or technicians. 

EEC n 
‘costs U.K. £3bn.’ 


BRITAIN'S gross domestic pto-' The United JKln&dcnn and the 
duct could be £2hn. a year European Communities, 
hiuhej- than at present and real . ^ authors . direct 

^^e relsed rasts to climb by 1980. 

Inn?.™!! S Even though contributions to 

nc-fn Common Market' budget- 

pran Communty. accordin g to ft allowing for Inflation 
Cambridge University IgJ*. grown -more^than 

sell. And why we 




pcnnnmiris writing in 
Economic Policy Review. 

They claim that EEC mem- 
bership will cost the U.K. 

: i 

grown . more 
expected by those who prepared 
the 1971 Whjte. Faper, the risel 
in retail food prices.. has been 

• ■ * amir win vuai. tuo u.iv . I, , r„, , 

balance of payments about Hbn. es T s 7 ® ® forecast. 

this year in simple terms of net ** ^ as f suggested the 

contributions to the Community retail price of fyod this, year 
budget and higher food costs. . would . be about .16 per.-fgnt 
Rut because the. expansion higher .than H Bntam;Vbad 
rate of the national, economy remained outside ■ the . Common 
was Ukelv to be severely con- Market, retained Its oWn agri- 

i,. .. 

. 1 was HKeiv to oe severely con- **u*uich »bo- 

\ .rid. si rained by the balance of pay- cultural . policy and continued 
menus, the true cost, of member importing fro* the low-price 

ship “ in terms of the sacrifice suppliers on, the world food 
of real national income " was market. In Abe event, the dlf- 
three times the direct eost in ferenee is estimated at only 12 
dearer food and budget pay- per cent 
m^nts. . The bulk of the Cambridge 

The .authors are Richard- report is devoted to an exsmlna- 
Ricon and _ A lister Farquhar of tion of the Common Agricul- 
the Cambridge Department, of tural Policy and comparisons 
T.and Economy and Wynne based on the differences between 
I’-ndloy from the Department of EEC prices for basic farm com- 
A'-r-Med Economics. modities and those prevailing in 

Thnv sny that the annual net the “free" World market. 

lt is estimated that in thej 
M.irhrt midget now costs Britain ncw f ann jh E * vear after this ! 

£ M ?27!2S ? h - rurther -™T- spring’s ^price fixing! ^C*wbedt 

of th thP vriI1 be f2 ° a 1 ^ nne dearer than 
j 1 «■’'*- inn grain on the world market, raw 

fllii OrnnCP IlP! W00TI r« Pi L 3nn onnor ■ .•fll )tik PCA ilonvnii n _ j 

world prices for food. This total JJKL Si!, J® ' £“ *1*" s $_ 
of El bn. is between £200m. and JfJJ" £730 a tomie more **&?• 
fC nnm. more than the forecast • • ' 
made in the 2971 White Paper. CAP reform, Page 35 



U.K. sales 


-£ million. 















&4S r 



Our Man D.K. Sales Areas. 

In 19/ /, we continued to achieve outstanding results In Rich 
important product arras us engineering, priming plutcs and 
supplies through Hon son-Alyrophy. ulTiceequ Anient 
thruugh Ronco \Tckcrs and Offshore Digi netting. 


i I 


! - - GO 

■ / 









Btporf 20 


. . 

Ortien ' 


- •' • 

MBS m J976 077 I 

Manpower planning ‘must 
have higher priority’ 


COMPANIES WILL have to give 
a higher priority to manpower 
planning If they are to cope 
successfully with a competitive 
business environment and meet 
the needs of employment legis- 
lation, says a report published 

The report by the National 
Economic Development Office and 
the Office of Manpower Services 
says that, in many eases, man- 
power planning — providing 
adequate numbers of people with 
tbe right training to meet future 
requirements — has been intro- 
duced only as a crisis measure. 

Action had often been taken 
to tackle competitive pressures 
or uncontrolled employment 
growth, but most companies, 
having introduced a manpower, 
planning system, recognised tbe 
long-term necessity to retain and. 
develop it. 

The report compiled in res- 
ponse to a suggestion by Mr. 
Denis Healey, the Chancellor, at 
a meeting of NEDO, claims 
significant costs are involved in 
failure to plan manpower 

These have to be set against 
tbe appareot financial savings! 
from short-term manpower! 

Manpower planning involved 
considerable, uncertainty .and 
mistakes were bound to be. made. 

Bot companies using man- 
power planning techniques had 
been - able to foresee changes 
and identify trends in the labour 
■force earlier than otherwise 

This meant that employment! 
policies could be adapted, in 
time to avoid major problems, j 
Manpower planning sboufd not { 
be carried out as a technical 
exercise by specialist managers; I 
and employees and union repre-| 
senta tires should be involved in 
the planning -process. 

In a foreword, Mr. Albert Booth,] 
Employment Secretary, says that 
Britain needs a well-developed I 
manpower planning system . at J 
company leveL 
Case Studies in Company "Man- 
power Planning: NEDO Books, I. 
Steel House, 21. Tathill Street, 
London, S.W.1; £2.50. 

Our Export Orders. 

Videos exports fr^ii the U.K. have risen dramatically and we 
have moved higherpnd higher-in the export league. Export 
orders taken in 1 977 a wete almost double those received in 

Our Strength. 

Our financial strength Is based on using uur technical abilities 
to develop our profitable businesses. 


World Office Equipmaat Sales. 

RtmeoiTckos setts fire thousand dfiferent office products in 
60 countries and tbe new f4J niiDluore-buiidlng at Romford 
due to be compkled this yesar wlH gh-e still greater esport 

Expansion in Printing Products. 

Increasing ivorid demand for" Hbwson-AIgrapby lithographic . 
Priotirtgptates In 90 countries has led to tbe planning ofa 

niufti-inDlion pound prejcct at hxds, with new production 
and research facilities. 

Merseyside companies 
win £9m. rail contracts 

Engineers to the World. 

to China. a [Jong 

decorating ixesses to South America. aU amhfixnec 
Vkms engjoeeriug success Ihxa^hout the wodi 

Sales Sucx^ss in Tough Markets. . 

Vickers develops advanced new products far tomorrow’s needs: 
and sells linart throughout the world. Sales successes for 
incuratav, blood analysers and microscopes, hare been 
achieved in such competitive markets as USA and Japan. 

Oflshore Engineering. 

orid leaders in undersea engkieeriD D . 

revolutionary new todmi^ics to he^j oil and 

Our Future is Building on Success. 

At every sfop of its development \~ickas have come up with 
ihe n«y techniques to meet tomorrow’s needs. BuiMJnz on 

straigtiiw 1 "" — - 



TWO Merseyside companies — 
Balfour Beatty Potver -Gonsmic- 
tion and Norwest Civil Engineer- 
ing— have been awarded con- 
tract!; tolallin^ JE9ra. bv British 
Rail for work on the. electrifica- 
tion and modernisation of the 
Bedford lo London railway line, 
due to come into uperation in 
I use. 

Balfour Beatty’s £3m. contract 
is Tor the supply and installation 
of overhead electrification equip- 
ment between Bedford and the 
London terminals of. SL Pancras 
and Moorsale. 

Norwest has been awarded a 
£3m. coniract for" phase one of 
the development of Cricklewoud 
depot, which will be the major 
Dialnienancc and ser\'icing depot 
for the new electric trains in the 
Midland suburban electrification 
scheme and Inter-City ‘traiiis 
using fit Pancras. 

British" Rail also said yesterday 
.that it was examining a possible 
extension of electrification from 
Bedford to Sheffield as part of * 
“ package ” of Inter-City . improve- 
meats on the Midi^iui line. 

The achievements of the Vickers Group 
are firinly based on- our ability to know the ' • 
things we do well arid then go out and sell 
them throughout the world. 

• As we have built our sales successes on 
- strength so we .continue to build new plant to 
meet future needs. 

* A new £44 million plant at Romford for 
Roneo Vickers. A planned multi-million 
pound expansion fpr Howson-AIgraphy.’The 

far about Vkim write tn thg 

^ ... -- .—wy JUliUVt CU Uj 

agaiust some -of the tougliest competition in 
the world. . . . 

N r dw that our shipbuilding arid aircraft: . 
interests have passed into other hands, to join 
long-nationalised sleelmaking interests, there 
is plenty to keep the Vickers Group busy. We 
are weU accustomed to standing on our own 
feet and financing our new developments 

from the success of our achievements. : j 

Indeed'Vickers is the only company in V. 
Britain which has been three times national-" • • 
ised and is still going strong. " • 


Building on strength. 

YirfcmTJmft c d \’kkOT House Millbauk LoadouSWlP4RA 







Buchan Field hope 
of £360m. oil 

No sign of upswing Midland Goodyear plans 

in first four years 

in industrial output 



partners in the Buchan Field 
■dn the North Sea hope to extract 
about 50m. barrels of oil, worth 
£360m. at present prices, in the 
first four years of production 
. Whether the consortium will 
be allowed to exploit the field 

after four years depends on its 
.reaching an agreement with the 
Department of Energy. Much 
will depend on the quantity of 
recoverable nil found in Ruchan, 
and how BP and its partners 
set about exploiting the reser- 

' BP gave details yesterday of 
the programme planned for 
Buchan, one of the most drfllciilt 
fields to assess in the North Sea. 
The scheme, estimated to cost 
about fisom., will need seven 
wells drilled and re-entry of an 
appraisal well. 

The oil will be brought up 
.through a scmi-submersible pro- 
duett on platform and an offshore 
, 'loading system. This equipment 
should be on stream in autumn 
next year. 

The Department of Energy has 
permitted the partners to pro- 
duce oil at a maximum annual 
average production rate of about 
50,000 barrels a day. This will 
mean that at times the oil will 
.flow at 70,000 barrels a day. 

The statement shows that’ BP 
and others in the 10-company 
consortium will be allowed to 
recover a substantial portion of 
reserves before their entitlement 
to further production is called 
into question. 

Recoverable reserves are 

thought to he about 150m. bar- 
rels. though industry estimates 
have ranged from 65m. to 300m- 

It is because no-one is certain 
about the level of recoverable 
reserves or the way the reservoir 
will perform in production that 
the Department has taken the un- 
precedented step of giving only 
qualified approval to the develop- 
ment programme. 

The Government has reserved 
the right lo take the field away 
from the Partners after four 

For this to happen there must 
be a fundamental disagreement 
between tbe Government and the 
partners o ver the way the field 
is exploited in future years. 

BP said that In the “unlikely" 
event of no agreement being 
reached the licensees would sur- 
render their rights in tbe parti 
of the offshore licence covering 
the Buchan Field. 

The issue should be brought to 
a head In 19SL, when the Depart- 1 
ment reviews a new development 

programme submitted by BP 
ombraclnc plans for exploiting 
the reservoir in the remaining 
lifp of the field. 

These will include drilling 
another well to learn more infor- 
mation about the reservoir. 

Besides BP the Buchan eroup 
comprises Transworld Petroleum 
(V.K.V. Traiuworld Petroleum 
Corporation; St Joe Petroleum 
fir.K.) Cornoration: City Pet- 
roleum; Can Dei Petroleum 
(U.K.l; C.CP North Sea Asso- 
ciates: Gas and Oil Acreage: 
Charterhall Oil; and Locbiei 
Exploration (U.K.). 

THERE IS still no sign of an 
upturn in the U.K-’s industrial 
production, in spite of the slight 
rise In consumer demand over 
the last three months. 

The all-industries index rose 
0.6 points to 102.9 in January 
(1970 = 100, seasonally ad- 
justed)) according to the pro- 
visional estimates released yes- 
terday. However, the index for 
manufacturing industry fell 0.4 
points to 103.0. 

Comparing the Nnvember- 
January period with tbe pre- 
vious three months, there was a 
slight decline in both sectors. 
The all-industries average index 
was down 0.1 points and tbe 
manufacturing index down 0 3 

On a longer-term comparison, 
the all-industries’ index in the 
November-January period wss 
3.5 per cent, above the trough 
of the recession in the third 
quarter of 1975. Manufacturing 
output was 2.5 per cent, higher. 

In the last three months, tbe 
all-industries’ and manufactur- 
ing industries' indices were 
about 1 per cent and 2 per 
cent respectively below their 
levels in the same period a year 

The main reason for the 
January fall in manufacturing 
output was the continuing 
decline of the iron and steel 
sector, accounting for half the 

The gain in the all-industries’ 
index more than offset tbe fall 
in manufacturing, with the 
largest gains in the mining and 

quarrying sector (including 
North Sea oil) and In gas, elec- 
tricity and water. 

Coal mining Improved by more 
than two points in January, pre- 
sumably as a result of the pro- 
ductivity deals agreed in many 
pits, but output- Tor the month 
remained below -the. level of & 
year ago. 

Oil production again reached 
a new record and satisfied more 
than 50 per cent of total U-K. 
demand for the first time. 

The biggest sector gain in the 
latest three months over the 
previous three was registered in 
food, drink and tobacco, which 
was 1.9 per cent, higher. This 
reflected the best sugar crop in 
four years and a slight increase 
in beer production. 

A quarter-on-quarter fall of 
2.6 per cent in the chemicals, 
coal and petroleum products 
sector was attributable entirely 

to chemicals, where demand con- 
tinued to dedine both at home 
and abroad. 

The biggest quarter-on-quarter 
loss was seen In metal manufac- 
ture down 65 per cent., reflect- 
ing the genera] lack or demand, 
particularly at British Steel. 

Motor vehicle production was 
up 4 per cent, over the two 
three-month periods. -Output was 
again affected by strikes, but not 
by as much as in the autumn. 

An an lysis by broad market 
sector shows that consumer eoods 
output rose by 0.5 per cent, in 
the latest three months, com- 
pared wfth the previous quarter. 
The output of investment goods 
was little changed and the oul- 


1970=100 seasonally adjusted I 
All . 1 

industries Manufacturing 

to open 

to cut jobs 
at Scots plant 


1976 1st 







100.9 -• 





1977 1st 




10T.9 • 

103.0 - 




4 th 

101,7 , 













103.0 . 

in Paris 


Source: Centro/ Statistical Office 

put of intermediate goods fell 
by about 1 per cent 

A new table which adjusts 
the figures for fluctuation In 
stock levels confirms tbe pic- 
ture of stagnant production fol- 
lowing a fall between the first 
and second quarters of last 
year. . 

Mr. Normaii Laraont. a Tory 
spokesman on industry, said 
vesterday that the index showed 
that the U.K. was producing 
fewer goods now than during 
the three-day week during Mr 
Edward Heath’s Prime Minister- 
ship. That was on economic 
miracle, but an economic dis- 

“The Government’s industrial 
strategy has totally failed. It 
has - failed hpcause no Lahonr 
Government is ever fullv com- 
mitted to a healthy, vigorous i 
and profitable private sector." 

Sullom Voe terminal 
pact is signed 

A MAJOR HURDLE has been 
overcome in development and 
commissioning of the £670m. 
crude oil terminus at Sullom Voe. 
in the Shetland Islands, writes 
Ray Dafter. 

BP Petroleum Development. 
Shell U.K. and the Shetland 
Islands Council signed an agree- 
ment yesterday covering the 
terms of marine operations at 
what is expected to become tbe 
biggest oil terminal in Western 

Tbe agreement covers building 
of the nil jetties by the council 
and payments to be made to the 

council bv the oil industry. It 
provides for exclusive use of the 
first three jetties by tbe oil 
industry, and its preferential use 
of a fourth and’any subsequent 

The deal runs for an initial 
period of 25 years, with options 
for further extensions up to the 
year 2030. It includes conditions 
under which pollution control 
and clearance at Sullom. Voe will 
be administered. 

BP is construction and opera- 
tion manager of the new oil 
terminal. Foster Wheeler is the 
leading contractor. 

Decay of platforms 
may hit profits 


MIDLAND BANK has taken an 
important, step -In the develop- 
ment of Its international activi- 
ties by registering a new 
subsidiary in Paris under the 
name Midland Bank France. 

The new French subsidiary 
has an Initial capital of Frs.2(hn. 
(about £2.2m.). Tbe bank plans 
to open an operation in Paris 
which will act effectively as its 
branch, concentrating on. the 
development of wholesale 'bank- 
ing business. t 

The move is. the banks first 
development of . this kind: In 
France and a big step towards 
tbe extension of representation 
abroad in its own name. 

Midland said yesterday that it 
was in line witb its stated policy 
of expanding its presence- in 
major financial centres-: and 
would be complementary td its 
existing relationship with Its 
partners in the European Banks 
International Company. 

Midland has tended in the past 
to . rely heavily on its relation- 
ships with other banks overseas 
in order to provide an inter- 
national sendee, particularly 
with its partners in.EBIC.' 

This is a club of European 
banks, including Sociftt£ GgnCrale 
in France, which operates several 
joint ventures in Europe, the UB. 
and the Far East 

However, two of the members 
of the group. Deutsche Bank and 
Amsterdam-Rotterdam Bank, 
have both recently opened their 
own branches in London. 

Robber company is to cut the 
workforce at Its DrumehapeL 
Glasgow, factory by between 130 
and 150 production and staff 

-The redundancies, which come 
after the announcement a 400- 

Job cut at Goodyear’s Wolver- 
hampton plant last week, are 
being made in the wake of mount- 
ing losses by the U.$. owned com- 

- Last year the company lost 
£462.000 on a turnover of 
£IS7^m, and in the previous year 
made only a minimal profit of 
£300,000 on sales of £159ra. 

Goodyear, the largest tyre com- 
pany in tbe world, has been hit 
la- tbe- U.K. by the long spell of 

.s tagn ant vehicle production, com- 
bined witb an increase in cheap 
..tyre Imports. . , . 

-. 'The industry as a whole has 
also been affected by the Improve- 
ment in tyre life which has come 
-from, product development This 
has had the effect of creating a 
lot of surplus capacity in tbe in- 
dustry, which has in turn 
[depressed the performance of 
'.many of tbe tyre companies. 

Goodyear is to discuss with 
its unions tbe possibility of find- 
ing volunteers for the bulk of 
the Dnunchapel redundancies. If 

this fails, redundancy notices 
will be issued. 

The Glasgow plant makes car 
truck and tractor tyres for the 
original equipment and -replace- 
ment markets in the U.K.. as well 
as for export. 

The company said that the 
Drum chapel redundancies, out of 
a workforce of 830, were part 
Of a company-wide programme 
of waste reductions, product 
improvement and manpower 

• Lucas Aerospace is expected 
to announce plans to its workers 
to-day for re-stTUCturing the 
company’s operations. The 
threat of redundancy has hung 
over the 12,000 employees for 
some time, as the company 
responds to the downturn In 
demand for civil and defence 

Union representatives and 
managers have been summoned 
to meetings at two Birmingham 
hotels this morning, and plant- 
level gatherings are also 

The workers last night were 
completely in the dark about the 
plans, according to Mr. Ernie 
Scarbrow,' secretary of the Shop 
Stewards’ Combine Committee. 
The committee has expressed 
fears that up to 4.000 jabs 
might be lost. 

Edwardes welcomes 
car import talks 


Fraud case 

HOPES THAT a Conservative, 
victory in the 1974 General 
Election might have changed 
the market outlook for . many 
Stoek Exchange firms, were re- 
called at the Old Bailey yester- 
day by . one of Chapman '.and 
Rowe's former partners, , «r. 
George Edward Miller, ~wpof is. 
accused- -of conspiracy >ri# -difier 

.. ... ; ; 
# M •: v- 

-offences after. the firm- was bam-:' 
'inereFvSb' April, 1974. with .a 
deficiency of almost ~£2nt. 

.'But Mr. Miller denfed-. that 
some members^ of Chapman and 
Rowe were “gambling on a turn 
round in the market” in save 
the firm’s financial position. 

Mr. Neil Denison, QC, prosecut- 
ing. asked: ” Is It right that if the 
market had turned upwards again 
all your troubles, and the firm’s 
troubles, would have been over? ” 
Mr. Miller: “If you are saying 
that now, then yes." 

Mr. Denison: “ 1 snggest that to 
your knowledge some partners of 
Chapman and Rowe, especially . 
yourself, Mr. Hannan and MrJ 
Clarke, were gambling on a turn 
round in the market.” 

Mr. Miller: "That is nonsense. 
■Your suggestion is entirely 

FEARS that some North Sea oil 
platforms and pipelines will not 
last long enough to justify the 
money spent on them are 
expressed in this week’s issue of 
New Scientist. 

The journal says the offshore 
facilities may corrode or col- 
lapse. although it is more likely 
that they will need very expen- 
sive repair. 

Concern is being expressed in 
the industry about effects of 
wind, sea and marine life oc 
platforms and pipelines. But the 
New Scientist article goes much 

“There is already sufficient 
evidence of accelerated cor- 

rosion and premature failing on 
small shallow-water structures to 
be sure that keeping the deep- 
water platforms working will be 
far more expensive and difficult 
than any public statements have 
so far indicated.” 

The magazine says that recent 
trials in Scotland have shown 
that with available equipment 
it is impossible to lest the struc- 
tures. fullv for wear. 

The urgency to establish work- 
ing platforms in the North Sea 
had led to' designs not as easily 
maintainable as they could be. 
If a fault developed cost of 
repair could be so great that 
profits on oil production were 
greatly diminished. 

Future QE 
liner ‘will 
need State 

Pension fund role 
needs study-- Wilson 



Financial Times Reporter 

Board to fund research 
in electrical engineering 


haj formed an Electrical Tech- 
nology Requirements Buard with 
an rnitial four year budget of 
nearly £10m. m fund research 
and development in the electri- 
cal cnsincering industry. It will 
be headed by Mr. T. VV B. Sallitt. 
a director of the Hawker Siddoiey 

The bnard. which will hold its 
first meeting in London on April 
4, wants applications from pri- 
vate companies as well as 
research organisation* fur 
financial support on research and 

development projects, usually on 
a co-operative basts. 

The tentative budget for the 
next four years is : 197S-79 — 
ahout £2tn. ; 1978-SQ — over £2.lm 
1980-81— £2.5m.. 19S1-82— £3m. 

These totals could > expanded 
if necessary, said the Department 
of Industry. 

The board will cover such 
products as motors and genera- 
tors. transformers, switchgear, 
cables and accessories, domestic 
appliances and electrical equip- 
ment. including lamps and j 
batteries. . j 

consider switching shipbuild- 
ing subsidies back to the UX 
to help lo construct a QJ53 
liner, Mr. Nigel Broackes, 
chairman of Trafalgar House 
said yesterday. 

lie was speaking after receiv- 
ing The Guardian newspapers 
Young Businessman of the 
Year award In Loudon from the 
Prime Minister (above right). 

The QE2, built without any 
State subsidy, bad another 15 
years life. But present profits 
of about Elm. a year did not 
justify building a replacement, 
in spite or the passenger 
cruisers strong hold on the 
north Atlantic market. 

Tbe State might need lo put 
up as mucb as £7Sm.. before 
Trafalgar House could sec 
profits in the new venture, Mr. 
Broackes said later. 

The investment would yield 
high employment and possibly 
$l00xa. a year in foreign ex- 
change earnings, the opposite 
effect of subsidising more 
foreign orders for cargo ships. 

THE ROLE of the pension funds 
in industrial iavestmetat may 
have to be studied more closely 
In the' future, said Sir Harold 
Wilson yesterday. 

Together with the insurance 
companies they would own more 
than 50 par cent of industrial 
stocks and shares witjiin' two 
years, he told the annua) 1 con- 
ference of the Institute of Credit 
Management in London. 4 

But the funds tended to follow 
the market rather than leap or 
stabilise It and their articles of 
association meant they mu^tiiake 
care of their members' pedsion 
needs rather than concelitrjting 
on their responsibilities' to 

His committee, which is look- 

rate should 
be true 
market rate 

ing into the rple. 6f the City as 
a source of finance firr industry, 
was likely to publish its~ final re- 
port late next year..* 

While no decisions had' yet 
been taken, the interim Tepart 
•bad given a dear Indication of 
the line which was emerging and 
he repeated that the problem 
was not so much tbe availability 
of industrial investment capital 
but a lack of willingness to take 
it up. 

Mr. Nicholas Goodison, chair- 
man of the Stock Exchange, also 
pointed to the growth of import- 
ance in the market of tbe pen- 
sion funds. 

He also highlighted the mar- 
ket’s rote as a lender to Govern- 
ment and asked how industry 
could he expected to cope with 
interest rates pushed up by Gov- 1 
emment, whose willingness to 
pay was not under commercial 

Mr. James Prior, Tory spokes- 
man on employment, said British 
business managers had taken -too 
long to appreciate the benefits of 
worker participation in manage- 
ment. More companies were 
introducing participation “ but 
there is much further to go.” 

THE RECENT discussions 
between the Japanese and British 
Governments on . • limiting 
.Japanese car shipments to 
Britain had been “sensible and 
moderate,” Mr. Michael 
Edwardes, British Leyland chair- 
man, said yesterday. 

Mr. Edwards, speaking at an 
American • Chamber of' Com- 
merce luncheon in ' London, 
attacked the present Japanese 
policy of laying down new 
[vehicle building capacity whictL 
[be said, would have to be used 
mainly in export markets. 

L “ I think this policy is irrespon- 
sible. 1 believe in free trade, but 
I think that fredom and dis- 
cipline go together.” 

He-fJ^o. went on to hint that 
the ..ILK;, motor manufacturers 
would have to keep a close eye on 
the growth of Eastern European 
vehicle sales. “ There is a 
Russian vehicle which sells in 
Britain one-third of the price 
Which Russians have to pay for 

j, »• . * • 

Mr. Edwardes. ■ i who bad 
attracted a record audience of 
almost 1.400 executives at the 
lunch, said that the company’s 
target was to achieve a degree 
of moderate profitability. 

Already the company had 

moved beyond to survival stage 
to a point where it could begin 
to consolidate, but morale was 
still low. and would remain so 
until the present series of 
changes was completed. 

Output, however, had already 
risen encouragingly. Since 
January, the cor division had 
produced 18 per cent, more 
vehicles with only a 1 per cent, 
change in the work force, com- 
pared with the same period last 

Mr. Edwardes made it clear 
that the main problem facing 
the group was still in the car 
division. Car operations 
.accounted for 60 per- cent of 
the company’s business, but "I 
can assure you they have 
accounted for none of our profits 
at all.” 

© Mr. Edwardes told a group of 
Merseyside Labour MPs yester- 
day that the transfer of TR7 
production from the troubled 
Speke plant was unavoidable. 

The MPs, led by Mr. Eddie 
Loyden (Liverpool Garston), 
spent an hour with .Mr. Edwardes 
at bis London headquarters. They 
have been campaigning to have 
the . closure decision reversed 
because of high unemployment 
on Merseyside. 

li i < 

Ever Ready wins further 
price increase of 5% 



■ Mr. Miller (38), Mr. Alan Har- 
mao (34), and Mr. Ralph Clarke 
(50), together with Mr. John 
Michael Goddseli (35), the former 
managing clerk, deny conspiring 
to defraud clients aod pledging 
their shares without authority as 
security for large bank loans in 

Mr. Hiller, who is alleged to 
have suffered large “ bear ” 
losses on gold share dealings, 
said: “In the first few weeks of 
1974 I was uneasy about ray posi- 1 
tion io gold shares and my gene- 
ral dealings were disastrous. 

“ But I saw nothiog wrong 
about ihe future of Chapman and 
Rowe and thought It bad ade- 
quate funds.” 

He -denied that a client’s stock 
was being knowingly pledged for 
bank loans by the firm without 
authority in the hope that in 
three or four months’ time when 
the market improved the firm 
would be back where it was. 

The hearing continues to-day. 

AN ASSURANCE was won last 
night by the Ever Ready Com- 
pany, at a meeting with Mr. Roy 
Hattersley, Prices Secretary, that 
it could - increase its prices by 
another 5 per cent, from Sep- 
tember without further investiga- 
tion by the Price Commission. 

The commission had recom- 
mended earlier this week that 
Ever Ready be restricted to a 
2 per cent price- rise now instead 
of the 7 per cenL sought 

It said then that it would 
review the position in September 
“ in the light of firm authorita- 
tive information not only as to 
current manufacturing costs, but 
also as to proposed future capital 

Ever Ready has now been told 
that, under - the Government's 
prices legislation, it will be 
allowed automatically to increase 
prices by' 5 per cent from 
September. . . 

Mr. Hattersley refused at 
yesterday's meeting to let Ever 

Ready have the full 7 per cent 
rise immediately. This followed 
criticism by Ever Ready of the 
commission’s report. 

Mr. Lawrence Orchard, chair- 
man of Ever Ready (Holdings), 
said: “ No fewer than 23 
paragraphs make statements, 
assumptions or ‘ half-hearted * 
recommendations which are 
either positively misleading or 

“The Commission is strivng 
wthout full knowledge or under- 
standing of the facts to lay down 
w * ia t Ever Ready strategies 
should be in an international 
battery business.” 

Mr. Orchard, however, was not 
present at the meeting with Mr. 

Meanwhile, the big tea 
blenders again met Department 
of Prices officials as part of 
consultations over the Govern- 
ment’s demand that tea prices 
be cut An order enforcing tea 
price cuts is expected to ha 
publicised by the Department. 


Financial Times Reporter 

THE BANK of England’s 

Minimum Lending Rate 'should 
be allowed to be a “ true market 
rate.” the London Discount 
Market Association says£ in a 
self-portrait submitted as evi- 
dence to the Wilson Committee 
studying the financial institu- 
tions. j 

The discount houses that 
they share the Bank's dislike of 
volatile markets, but that. this 
volatility is a reflection the 
political ar.a economic state of 
Ihe ceuntry v 

They allude to two;- nther 
factors that prevent British 
money market rates from moving 

First, when rales shnw prising 
tendency the market’; instinct 
is for a sudden adjustment -to a 
level where “ adverse .deputa- 
tions are realised.” V 

Second, the widespread V 1 
the money market of Renter's 
Monitor as a trading medium 
has created a market “a'_gtf aI 
deal more sensitive and volatile, 
bur generally more rilieicgt." 

Like much evidence alifcady 
submitted to the W1 Isom" Com- 
mittee, the discount house5 , ‘Sub- 
mtssion provide a concise -guide 
lo its authors’ function in. tbe 
financial system. [ . - 

It is more than Anally 
reticent in recommending 

- j 3 • 




.* *- - ■; , 


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with Private Aircraft Directory 

Competition ‘means fair prices’ 


THE PRICE Commission is act- 
ing an the belief that strong 
competition is the best way of 
ensuring fair pr'ces and maxi- 
mum industrial efficiency, accord- 
ing to its latest quarterly report, 
published yesterday. 

The report, which covers the 
three months ending on January 
31. says that evidence of com- 
petition in the market place was 
a factor which “stroncly discour- 
aged" the com mission from 
initiating an investigation into 
a company that had given notice 
of a price- increase. _ 

It was found that if competi- 
tion were restricted or absent 
altogether, there was less pres- 
sure on suppliers to reduce costs 
and secure the maximum pro- 
ductivitv of resources employed. 

Another factor considered 
when deciding whether or not 
to launch an investigation was 
the possibility that restricted 
competition might "be allowing 
ao inefficient supplier to mask 
his own inefficiency. 

There was also the question of 
ensuring that consumers had 
sufficient infrymation on which 
to base s reasoned judgment 

**In all cases we have followed 

our stated belief that the national 
interest in respect of the level 
of prices of goods and services 
is best served by effective compe- 
tition between efficient suppliers. 

“There is. however, no auto- 
matic presumption against un- 
competitive types of market 
structures. In such cases we 
attempt to assess whether the 
facts io front of us would be 
altered if there were a more 
competitive structure.” 

Testing tbe efficiency of con- 
cerns investigated had been a 
difficult task because there was 
no yardstick that could be gener- 
ally applied. 

The commission had tried to 
detect any “glaring defects in 
the management of an enter- 
prise ” and to draw up an overall 
assessment of a company's per- 
formance. The latter would be 
used as a reference point if the 
same organisation gives notice 
of a further price increase in 
the future. 

The recovery oF costs had 
“weighed heavily" in deciding 
whether or not to Investigate a 
company, hot this no longer pro- 
vided automatic justification for 
ft price increase. 

On the other hand, so raanv 
concerns had used the recovery 
of costs as an argument for put- 
ting up prices that the com- 
mission felt that organisations 
should be. allowed to take future 
costs into aecount — although only 
those for which there was a 
H definite and quantifiable com- 

One factor which the com mis- 
sion is ignoring when investi- 
gating proposed price Increases 
is pay rises which exceed the 
Government’s 10 per cent, guide- 

Mr. Charles Williams, chairman 
of the commission, said that an 
increase of. more than 10 per 
cent "does ..not in our mind 
trigger off sanctions." 

He stressed the commission’s 
independence- and said that the 

Government had not asked it “to 
look our for companies on the 

The commission, however, 
would take into account any 
breaches of tbe 12-month rule on 
pay rises and would also con- 
sider bogus productivity deals 
when making recommendations 
on proposed price increases. 

He did not see why the con- 

nh?n r shnu ] ri c ? rr J tbe cost of 
pnoney productivity, agreements. 

The report shows that the num- 
SL, 0 '.?™* rise notifications 
received by the commission rose 

, nPr mont h in .August- 
la 5t rear to 315 per 
month in November-January. 

J he same periods, the 
amounts notified have risen from 

S 1 ®: V* i mra - » Is pointed 
out that the number of price 

S1SW is still con- 

n4^ a ii y 5 e,ow rh , at of period 
n^° ^!^? usr last year when 

the Price Commission Act came 
into force. 

f T£ e f p ' enmnlaint* 
from the public durlne the thrre 

Th,V h JJ7 crea h - v the report 
This was down on the previous- 

quarter. Many were about 

nLn T oa S f0r repa,r 

's e r v,ceq ’ television rentals 
oo.tels and rotering services. 
The prices of coffee, cocoa, cboco- 
and cigarettes Were 
aao * major source or complaint 

tI _ Fr t e Report for 

me Penod November 1. 1977. to 
January 31, 1978, ; HCZ87- SO; 90p, 




Unions prepare to fight 
steel industry cutback 

emphasis upon ways of 


UN10NISTS the steel £300m. if it was to find a place lav u M u.. « ay5 

industry were preparing pester- in a highly competitive quality improving the quality of British 
refi ist t0 *be end " any market in the future, Mr. Thomas steel products, raising efficiency 
lu macks which could threaten said. And the investment was in sieeLmaking by. selective 
me British steel Corporation'* needed now to ensure survival investment, and Improving rela- 
' m a competitive quality in five years time: tions between the corporation and 

markeL The 12,500 jobs at the works British steel-using industries. 

rears that the industry could were not immediately at risk -if Port Talbot is going to be at the 
lie seriously mutilated by the such plans were shelved but they eye of the coming political storm, 
economy programme .to be would be In. the longer term. The plan to double the size oF 
announced shortly by the The action committee, which the works from 3m. tonnes a year 
Government came to a head for eight yean has fought to to Bra. tonnes a year with a 
following advance news yester- save the Shelton steelworks, is £835m. Investment is already in 
day that well over flbn. worth continuing with intensive lobby- suspense. In the view of the 
or investment is to be shelved, ing of union leaders. Government it cannot be Justified. 

- Mr. Eric Varley, . Industry Committee members said yes- Mr. Variey may find It possible 
Secretary, is expected to an- terday that any retraction on however, to give some comfort to 
nounce in the Commons next this would be a blatant breach Souih Wales by allowing a 
week the dropping of plans to of a very firm guarantee given modest new investment at Port 
invest £$35m. at Port Talbot, t° the plant Talbot — a continuous casting 

£200m. at Teesside and three pro- At national union level. Mr plant to make steelmaking more 
posed electric arc furnaces for Bnh Harrison, secretary for the efficient without increasing out- 
Shelton at Stoke-on-Trem and ***** Industry in the. Tran snort put ' • 

Ravenscraig and Hunterston in sod General Workers Union. A promise may be made to 
Scotland. said that while the unions had Wales that -a government-backed 

This would be counted' with heeD “ **a*Istic ahont the need inquiry managed by British' Steel 

a- s ::r,ss ® 

Mr. Jack Thomas, chairman of Strategy P ^rh= S ' rtm 

cerned " that, inyesfraenf should commendation of the Select Com- 

Prior hits at unions 
over restrictive 
practices problems 

•mil! which we were, promised BlSiVM'WWhiii'St ZSOfiS ‘a 55T 
1- months ago- This investment deals to cater for urgent man- same foundations, 
was proposed in isolation to the nine problems. ■ c ue >, investment would 

-whtrie expansion plan.- Roy Hudson writes: Ministers enabh? theouaStfofSrt Sit 

• The plant now stood, he said, are anxious to avoid 7 creating an Iteel to bT^tmoroved without 
.-in a state of obsolescence and impression that the Government increasine the total production 
. “ without Port Talbot, there will will be selling out;: the British SSSS of the i?ant proflucOOD 
be no South Wales." Steel Corporation by refusing to P y P - 

The plant urgently needed a . back long-promised "expansion 
new mill costed a couple, of years plans. . 

ago at between £250m. and Government strategy. will. be to 


MR. JAMES PRIOR, Opposition 
spokesman on Employment, 
urged trade union leaders yester- 
day to 44 face up to the problems 
of restrictive practices, over- 
manning and low productivity.*’ 
At a conference in London by 
the institute for Credit Manage- 
ment Mr. Prior said the path to 
Increased living standards for 
its members lay much more in 
tackling these matters "than 
taking tea at No. 10." 

He described recent activities 
by some telephonists in various 
hospitals as “utterly deplorable," 
and the ■ actions of certain 
teachers in disrupting school 
meals as “ disgracef ul.” 

Mr. Prior made a specific 
attack on certain labour rela- 
tions problems in the transport 
and rail unions. These include 
expulsion of about 40 long- 
serving workers in British Rail 
because they .objected to joining 
a particular union. 

He condemned efforts to black 
the DJdcot rail freight depot 

“None of these actions can he 
defended in a free society. 
Rather they represent practices 
and prejudices which ultimately 
are quite incompatible with 

He detected a “ more thought- 
ful and balanced approach’* by 
some trade union leaders to wbat 
he described as the daunting 
economic prospects facing the 

Expressing a hope that new 
leaders trying to establish them- 
selves in the Industrial field 
would, model themselves on 
“Jones-Scanlon Mark 11." he said 
it -Was now realised by some 
leaders that nrofits and produc- 
tivity were crucial to industrial 
survival and that “ridiculous” 
wage claims led only to less em- 
ployment and more price rises. 

. Mr. David Ennals. the Social 
Services Secretary, joined Mr. 
Prior yesterday in denouncing 
industrial action by National 
Health Serv'ce workers. 

TUC to lobby on South Africa 

MEMBERS OF the TUC Inter- 
nationa] Committee will meet 
Dr. David Owen, the Foreign 
Secretary to-day as part of tbeir 
efforts in the International 
Trade Union week on~ South 

cits welcot 
Oort Mb Mining output up by 10% 

" * t-c lf\\ COALFACE productivity broke output per shift to? t7lj> cwts 

The group will include Mr. 
Len Murray. TUC general secre- 
tary, Mr. Jack Jones, Transport 
and General Workers’ Union 
general secretary, and Mr. Ray 
Buckton. general secretary of 
ASLEF, the train drivers' union 

! Talks to end 
| docks row 
j under way 

! By Our Own Correspondent 
Hinder way to end a labour 
I dispute which has held up the 
! start of South Africa’s first fully- 
• containerised freight service 
with Britain since last 

A £10m. berth has been stand- 
ing idle for four months as ships 
were diverted to European main- 
land ports from Southampton 
with containers transshipped to 

and from Britain on cross- 
Channel ferries. 

The traffic, operated by a 
group of European companies in 
co-operation with the Soutb 
African Safmarine Line, was 
expected originally to generate 
up to 90.000 containers a year, 
with nine purpose-built ships 
due to come into operation by 

But British Transport Docks 
Board negotiators at Southamp- 
ton have been unable to agree 
on pay and working arrange- 
ments with all the five groups 
of workers involved. 

So far. the dockers (Transport 
and Genera] Workers Union), 
the crane drivers and the 
checkers (both National Union 
of Railwaymen), have agreed 
terms, but 500 maintenance staff 
(members of the Shipbuilding 
and Engineering Trades Con- 
federation) are asking for a 
complete new pay structure 
throughout Southampton Dorics. 

Foremen, also members of the 
transport union, arc still 
unhappy with conditions laid 
down in the Government’s pa)' 

Chappie criticises 
‘unfair’ pay curbs 


controls are being unfairly 
applied, will hinder industrial 
recovery and are a breach of 
the agreement with the trade 
unions. Mr. Frank Chappie, 
general secretary of the Elec- 
trical and Plumbing Trades 
Union, says in his union journal. 

The front-page article, “How 
not to run a pay policy," was 
written before pay negotiations 
for Mr. Chappie's electricity 
supply workers concluded on 
Tuesday. It begios: “By the 
time you read this editorial the 
power workers could well be 
taking industrial action ." 


Mr. -Chappie and leaders of 
the other three unions decided 
to put the offer— 10 per cent on 
earnings, but a total package of 
15-18 per cent. — out to a ballot 
of members without a recom- 
mendation. The offer, said to be 
within tbe guidelines, including 
a productivity deal, is likely id 
be accepted. 

In his article Mr. Chappie, who 
says he supported the two years 
of agreed restraint against his 
better judgment says: 

“It is only if one sees tbeir 
(tbe Government’s) desire for a 
pay policy as a cry for help from 
incompetent managers — unable 
to cope, terrified of union 
demands — that it makes sense. 

"No-one believes that pay and 
price restrictions can last long 
in a free society.” 

He warns the Government 
against being panicked fnto a 
boost for demand at home that 
resulted in increased public ex- 
penditure or higher imports. 
Companies must be provided 
with profit, and workers ami 
managers with Incentives. " But 
such incentive require a flexible 
pay policy," he writes. 

Yesterday a group of profes- 
sional people and managers in 
non-TUC associations published 
a submission to the Chancellor 
and Employment Secretary say- 
ing that the pay policy "dis- 
criminates against skill, know- 
ledge and responsibility." 

The Managerial. Professional 
and Staff Liaison Group calls for 
bigger percentage pay rises for 
the higher paid and less tax in 
the higher brackets. 

Swan Hunter 
peace bid fails 

settle the dispute which led to 
Swan Hunter closing its five 
Tyneside yards last week ended 
yesterday without a solution. 

Swan Hunter said further talks 
would be held with union 
officials. The yards were closed 
and 9,000 men laid off far 24 
hours last week after SO security 
guards were suspended for im- 
posing sanctions in protest 
against an 8.5 per cent, pay offer. 


all records in February, the compared with last year. 
National Coat Board announced "Tbe production sheeme is I 
>esterday. ascribing the improve- bitng," tbe Board said-' About 90 
men! to the new production per cent of all production faces 
incentive scheme. were now operating tire scheme. 

East miner at the. coal face and tbe industry was osing 2,300 
averaged a 10 per cent, rise in fewer men. 

Water pay ballot result soon 

TH ERESULT of a ballot among 
water worker members of the 
General and Municipal Workers’ 
Union on a 10 per cent.; pay 
offer will be known at tbe end 
or this month. 

Allbough members of the 

National Union- of Public! 
Employees, and the Transport 
and General Workers’ Union 
have indicated they are prepared 
to accept the offer. :the .result of | 
the ballot is important since, the 
GMWU is the biggest union in 
the industry. 


ECONOMIC ACTIVlfY— indices of industrial produrtion. manu-' 
faciuring output, engineering orders, retail s^Jes yolume .11970- 
toot; retail sales value 11971 =100): registered unemptbymi 
. (excluding school leavers) and unfilled vacancies (Of 
seasonally adjusted. 


). Air 

Jndl. Mfg. 

Retail Retail Jjnem- 
vol. value ..-frkiyed Vacs. | 



is la 

lsi qtr. 




1 — r- 

103.3 . 





2nd qlr. 








3rd qtr. 




: i04.3 

234 5 


- 151 

4lh qlr. 














































Feb. • • 






OUTPUT — By market sector: consumer goods, investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1970=100); 
housing starts (000s, monthly average). 

Consumer Invst. Inlmd. . Eng. Metal Textile Housg. 

goods guods goods output mnfg. etc, starts* 



lsl qlr. 




' 100.5 



2nd qlr 







3rd qir 







•tih qir. 











. 99.0 











11 5.0 











79.0 . 









. 101.0 


EXTERNAL TRADE— Indices of export and import volume 
(1975- 100); visible balance; current balance; oil balance; terms 
of trade (1975=100); exchange reserves. 

Export Import Visible Current Oil Terms Resv. 
volume volume balance balance balance trade US$bn* 

Energy Survey 



1st qtr. 








2nd qlr. 








3rd qir. 



+ 54 





4lh qlr. 



+ 45 








+ 55 

+ 198 






119.4 . 


+ .53 






+ 68 








- 76 

















+ 84 : 

+ 184 




FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rate); domestic credit expansion (£m.l; building societies' net 
inflow; HP, . new - credit; all . seasonally adjusted. Minimum 
lending rale (end period). . - 










- BS 





]X| qir. 


- 85 

55 -1,857 




2nd qlr. 







. 8 

3rd qtr. 







. 7' • 

-flh qtr. 












132 - 








. 336 . 


























. 425 




,61 : 

INFLATION— Indices or earnings (Jan. 1976=100). basic 
materials and ruels, wholesale prices of manufactured products. 
(1970=100); retail prices and food prices (1974 = 100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1671 = 100). 

Earn- .Basic Whsale- FT* 1 * mails.* mnfg.* RPI* . Foods* comdly. Stng. 

Is I qlr. 

2nd qtr. 

3rd qtr. 

4th qtr. 



































11 • 







11 j 



■ 1865 





















2795 .. 



■ 22456 



1 Not seasonally adjusted. 

How much money are you wasting right now? 

Did you realise that most'small to 
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10% and 15% of their fuel bills through 
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wastage if you don't know how. . . or where . . . 
you’re wasting it? 

Your answer is the Energy Survey Scheme. 

A scheme specially designed to help you 
save energy and money. Simply complete and 
send the coupon on this page and we’ll send 
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Most consultants charge around £80. 

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Send the coupon and 
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r — — , 

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energy survey scheme 

Please seridjne a leaflet and list of consultants. 







I I 




Latest indicators of management salary levels 

? f 


HERE once again is the Jobs 
Column's thrice-yearly table of 
managerial salary indicators. It 
is cfrawn from the latest Reward 
survey, which in turn is based 
on people registering as job can- 
didates. with .the Government- 
sponsored Professional and 
Executive Recruitment agency 
during the four months which 
ended with January. 

The figures in the table are 
solely for candidates aged 33- 
37, registering with PER all 
over the country. So the listing 
takes' no account of- salary 
variances either in different age 
groups or in different regions. 
Readers needing detailed 
figures can obtain them, for a 
price, from Reward whose 
address is 1 Mill St. Stone, Staf- 
fnrdsh're ST15 SB A— telephone 
078-583 4554. 

And even those content with 
the rough guide presented here 
had better note that adjustments 
are required for variances with 
size of employing concern, and 
for the passage of the few weeks 
since the survey figures were 

To cover the time lag, the 
Reward statisticians recommend 
the addition of 2$ per cent, to 
the figures in my table. 

Where the employer was an 
international or large national 
concern the statisticians noted 
that the salaries ranged between 
5 and 12 per cent higher than 
those indicated alongside, the 

average addition being per 
cent' "Where the employer' was 
a regional company with 80 to 
300 salaried staff, the range was 
2 to 9 per cent higher, with an 
average addition of 5} per cent 

The survey also asked candi- 
dates — who were all employed at 
the time although some were 
working notice-how much extra 
salary they were hoping for in 
their new job. Their replies 
indicated that, based on the 
median salary, a rise of U per 
cent was wanted if the nest 
job were In the same area of 
the country, and a 16 per cent, 
increase was desired if the 
change would Involve moving 

As usual, the table -gives 
salary indicators for 34 different 
job categories, both for the 
period October. 1977 to January, 
1978, and in brackets for the 
corresponding period 12 months 
earlier. If one imagines all 
the appropriately aged PER 
candidates in each category as 
being ranked by salary, the 
lower quartile figure repre- 
sents the salary of the. person a 
quarter of the way up from the 
bottom of the ranking, the 
median that of the person half 
way up. and the upper quartile 
the salary of the person a 
quarter of the way down from 
the top of the ranking. 

The first six .'columns are 
based -on all the candidates aged 
33-37 in each category in the 
respective periods, whether they 

were qualified or not The final 
six columns repeat the exercise, 
but relate only to the people 
among the candidates who held 
professional qualifications. 


JOHN EDIS — whose consult- 
ancy. Management Recruitment 
of Birmingham, is part of the 
Liberia-based Mesurado group 
— is seeking a successful day-to- 
day top manager to run the 
group’s company distributing 
mainly vehicles throughout 
Liberia and elsewhere in West 

The company is called Swiss 
African Trading Corporation, 
and its president Steve Carroll 
would prefer candidates who 
have run a similar kind of oper- 
ation, especially if it traded -in 
British Leyland vehicles. 
Experience in tropical climates: 
would be a help. Age 35 or 

Salary will be about 
U.S. $24,000, of which tax will 
take only about 20 per cent. 
Perks include housing, trans- 
port for family, and so on. In 
the first instance the contract 
will be for a year, including a ' 
month's home leave. “But we 
hope whoever comes will stay 
for yeans.” says Mr. Edis. 

He would prefer first contact 
to be by telephone to 021-454 
3691. His postal address is 
Regency House, 107 Hagley 
Road, Birmingham B16 8LA- 

Age group 33-37 

General managers 
Administration managers 
Company secretaries 
Accountants * 

Cost accountants 
Computer- managers 
Systems analysts 
Computer programed 
O&M/woric-study officers 
Personnel executives 
Training executives 
PJL executives 
Marketing manage r s - - 
Sales managers 
Sales. office managers. 

.Safes representative* - 
Technical sales representatives 

Retail management - 
Production managers — 

Production managers— 
non-engin eering “ 

Production engineers 
Mechanical engineers 
Electrical engineers 
Chemical engineers 
Quality control engineers 
: Civil engineers ••• 

Engineering technicians 
Quantity surveyor* 

Chemists • - 1 



D retribution executives 
Purchasing executives • • 



Accountancy Appointments 

Salaries US $20/25,000 Freeof tax 

pile bonus, accommodation and cat. The Gulf 

One of the largest commercial banks in the Gulf, now in a phase of dynamic expansion, 
requires the following specialists to assist an established team, in developing its 
international operations: " 

Chief A^COUtlfCUlf”lnterncktional Division m ef.fins 

A qualified accountant with inter- initial responsibility will be to review the 
national banking experience to control the financial accounting and administrative 
total accounting function of the division controls and systems, 
and a multi -nationa l staff The main 

Assistant- Investment and Corporate Finance ow.«hi 
Department Syndicated loans Section 

Aged .30/35 with a sound background of aspects of international trade fma-nri^g 
experience in putting together syndicated together with a detailed knowledge of 
loans, -performance guarantees and all documentation. ' 

Eurobond Dealer- investmem and 

Corporate Finance Department ncfcutn 

Aged about 25 with the ability to operate national Eurobond market Experience in 
a secondary market Eurobond trading investment analysis and Eurobond, new 
operation and assist in the primary place-' issue documentation would he a conaider- 
ment activities of the bank in the inter- able advantage. 

All these positions offer excellent scape for career development and capital accumulation. 
Benefits include free medical facilities and45 days holiday each year. Renewable contracts 

Applications in confidence under appropriate reference number toG. N. Brown, 
Mervyn Hughes Group, 2/3 Cursitor Street, London EC4A 1NE. Tfefc 01-404 5801 
(24 hours). 

Mefvp Hughes Group 

Management Recruitment Consultants ' , 


Financial Management □ Economics 

The Civil Service College provides a wide range 
of management and developmental training for civil 
sen-ant*: at its centres in Sunaingdalc and London. 

Economics constitutes part of the syllabus for 
Administration Trainees; other courses in the subject 
range from introductory to advanced levels, and 
' include specialist “ refresher - ’ seminars for the 
Government Economic Service. Financial management 
and accounting are taught mainly to non-specialists 
but shorter courses are provided for senior civil 
servants and professional accountants; they also 
feature in economics courses. 

' The planning and development of courses needs to 
be directed primarily towards. the communication of 
basic ideas to non-specialists, and the demonstration 
of the application to government. Lecturers will be 
-expected to use diverse teaching methods suitable 
to a variety of material, and audiences. They will . 
be encouraged to pursue research. 

Candidates, aged at least 28, should normally have 
a degree with 1st or 2nd class honours (or equivalent) 
in economics, accounting, finance, or a related subject 
Relevant teaching experience and a knowledge of 
the public sector advantageous. 

Appointments, based at Sunningdale or London, are 
pensionable and will normally be for a period of 
five years or (in appropriate cases) on secondment 
for at least two years. Starting salary (London) will 
be within the range £5,8S5-£8,435; £465 less at 

For further details and an application form (to be 
returned by 12 April 1878) write to Civil Service 
Commission, AJencon Link, Basingstoke, Hants. 

RG21 UB.or telephone Basingstoke (0258) 68551 
(answering service operates outside office hours). 
Please quote ref; G/9757/3. 

Anew approach to 
your career 

If you are an able, experienced executive or pro- 
fessional person, yet, somehow you are not 
making the most of your potential, perhaps you 
need a new approach to your career. 

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ComuilttntilnExci.ntlvi' F.c4li»boin»ililChn»rA,lvaiM-Miinnt 
London : 35 Fiteroy Street. W.l. Phono 01-637 2298 

l'lrin; 6 ftardr Btftl J5W. I'hww Sl-JI .W 

Yfcare notan Employment Agency. 
i Sunday Answer ing Service. 


An investment career opportunity with the Canada jd|e 
Assurance Company is available for a young person ai&d 
under 30. Ideally candidates will be graduates with three 
to four years' experience in fund management or will hive 
other investment experience. . - 

The successful applicant will be required to spend a period 
at the Company’s Head Office in Toronto which will precede, 
taking a position of responsibility with an equity bias fit* 
small but active team at the London Chief Office. vf v 

A competitive salary will be paid together with the normal 
fringe benefits associated with a leading Life Office. 

Please apply fn writing to: — - 

Mr. Jiff. R. Collett, Personnel Manager, 

Canada Life House, | “ 

High Street, 

Potters Bar. r - 

Herts. EN6 5BA. * 

Lower quartile 
1976-7 . 
£ £ 
5*00 (5,000) 
3,950 (3,600) 
4*50 (4,150) 
4,000 (mo). 
4,025 (3,550) 

5.200 (4*50) 

4.500 (4,000) 
3,362. (3,000) 
4,000 (3*00) 
4*62 (MOO) 
M00 (3,600) 
3,350 (3,300) 

.5,000 (4,250) 
4,625 (4000)' 
3312. (3*50) 
-3,100 (3,000) 
3,600 (3,100) 
3,537 (3,300) 

4,412 (3,800) 

4.200 (3,800) 
MM (3700) 
4725 (3,700) 
4.437 (3,800) 
4*25 (4*C0> 
4,000 (3,350) 

3.500 (3,250) 
4*00 (3,900) 
3,687 (3^00) 
4*75 (3*00) 
3*50 (3*00) 
4,475 (3*00) 
5*00 (3*00) 
4*00 (3*50) 
3,612 (3*50) 

AH in sample 

£ £ 
6*75 (6*00) 
4*00 (4*00) 
5*00 (5*00) 
5*00 (4*00) 
•5*00 (4*00) 
6*00 (5*50) 

■ 5,000 (4*50) 
3,925 (4*50) 
4*50 (4*50) 
5*00 (4*00) * 
4*00 (4,050) 
4*00 (3*00) 
6*Q0 (5,150) 
5*00 (4*00) 
4*00 (3*00) 
3*50 (3*00)- 
4*00 (3,750) 
4*50 (4*00) 

5*00 (4*50) 

4*50 (4*00) 
4*50 (4*00) 
4*00 (4*00) 
4,775 (4*00) 

6.000 (4.4SO) 
4*00 (3*00) 
4*25 (3.650) 
4*25 (4*00) 
4*50 (3*50) 
5*00 (4*00) 
4*00 (3*00) 
5*50 (4*00) 

5.000 (4*50) 
4,600 (4*00) 
4*00 (3,750) 

Professionally qualified only 

Upper quartile 
£ . £ 
8,137 (8*00) 
5*00 (4*50) 
6*00 (6*50) 
6*00 (5*00) 
S*50 (5*00) 

7.700 (7*00) 
6*00 (5*00) 
4*00 (5*00) 
5*25 (4*00). 

5.700 (5*00) 

4.700 (5*00) 
5,187 (5*00) 
7*00 (6*00) 
6,475 (5*00). 
4*00 (4*00) 

-4*25 -(4,100) 
5*00 (4*00) 
5,000 (4*00) 

5*37 (4,900) : 

5*00 (5*00) 
5*00 (4*00) ; 
5*00 (4.950) 
5,750 (5*50) 
6*S0 (5*00) 
5*00 (4*50) 
4*00 (4,400) 
5*00 (5*00) 
4.950 (4*00) 
5,600 <4*00> 
5*00 (4*00) 
5*00 (4*00) 

5.700 (5*00)' 
5*50 (4*00). 
’4*75 ; (4*00) 

Lmrer quartile 
. £ £ 

5*37 (5*00) 

4.712 (4,400) 
4,725 (4*00) 
4.400 (4*50) 
7,225 (4,700) 
5*00 — 

4*50 (4*50) 
5*00 (4*00) 

5,187 (5*00) 

' Medan 

£ £■ 

7,750 (6*00) 

5*75 (5,450) 
6*00 (5,000) 
5,425 (5*00) 
7*00 (6*50) 
5,600 — 

4*00 (4,700) 
5,700 (5,000) 

6*00 (SjB00\ 

Upper quartile 
£ £ 

9*25 . (8*50) 

WSJ (6,900) ' 
7,062 (4*50) 
6*75-' (4*00) 
7,950 (8*00) 
6*00 — ; 

5,600 (5*00), 
7*00 (5*50) : 

7*12 JWOOr 

5,112 (4,100); 

4.725 (4*50) 
3,900 (3*00) 

4,400 (4*00) 
4*00 (4*00)' 

4,437 (3*00) 
3*00 (3*00) 
4,925 (4*00) 
3*75 (3*00) 
4.150 — 

4.175 (3*00) 
4*50 — 

3.737 - (4*00) 

5,450 (4*50) 

5*50 (4.7110) 

4.400 (4*00) 
4*00 (4*00) 
4,925 (4*50) 

.5,175 (4*00) 
4,150 (3*50) 
5*50 (5,100) 
4*00 . (4*00) 
5*00 — 

5*00 (4*00) 

5.400 — 

4*25 (4*00) 

5*87 (5*00) 

6,100 (5*00) 
5*75 (4,900) 
5*00 (5*00) 
5*37 (5*00) 

6,100 (5*00) 
4*00 (4*00) 
5,962 (6*50) 
4,912 (4,700) 
6*00 — 
6*00 (4*00) 
5*75 - 

4*00 (4*50) 

fts * 

mH s 5 


c £7*00 + Benefits 

25- SO Wien -pood appreciation ' 
of the European Markets and 
relevant research, sales or 
I management ttsertance tor 
I lirnertmoet department ol 
i nwfor. irorttuHop. 

2s-ra Him at least 2 rears 

S directly relevant experience to 
O aroanttlnfl desk ~oJl- 

IH l*nn n- Mcm—^-okerS. 

£6,000-610,000 +- 
: **«n * 9000 track record 

In Analysis. Sales or Invest)- 
meet Management? You may 
be lookina lor • move now or 
bo -faterested la the market 
Benerally but you II be P*r- 
tlcolar about the Firm and 
position ' wMcti could be 01 


Since oar clients. . reputable 
-Pinos and instrtotkuw. are 
only. Interested In the right 
IndlvMu! why not let os knew, 
al voor expectations? We can 
then keep vou Informed— per- 
sonally and. ot course. In 
absolute confidence. 

Stephens Selection . 

3S Dover Street, hoodoo. Wl£ 3RA. 

01-493 0S17 jA 


3 ! II I! in 


London EC3 

c£7000 + 
major benefits 

Reporting to toe Deputy Group Chief Accountant and 
supervising one assistant; toe Accountant wfl monitor and analyse 
toe performance of companies and activities in different areas of 
toe world. Developing systems for the analysis and consolidation of 
Information, he or she must be able to adopt a group perspective. 

Our dient Is a major international commercial bank which offers 
excellent opportunities for promotion within toe UK or overseas. - 
Ideally aged 25-28, applicants should be recently qualified 
accountants in toe profession or Industry. Please telephone or write 
to Stephen Blaney B.Comm., ACA quoting reference 1/1674 

• EM A Management Personnel ltd. 

Bume House, 88/89 High Holbam, London, WC1V 6U? 
Telephone-. 01-242 7773 

The company is a major presence in the ConsuraerFinance market, 
providing a wide range of personal loan and other credit facilities direct to 
consumers. Hitherto, these facilities have been provided througlisnpplyirig 
retailer intermediaries. Current turnover is in excess of £1QQ million. To 
develop the repeat business potential that must exist in the current 
portfolio, we have been asked to find a Marketing Manager with suitable 
: experience of the marketi ng of Secured a nd Unsecured Loans and 
continuous credit plans. The successful candidate Will he under 40, WilLhave . 
‘current and substantial experience with ^leading provider of such facilities 
and will need to satisfy us that they combine thefiair and imagination that 
will undoubtedly be required with a heal thy respect for the need to generate 
only top class busi ness. Inevitably, for competitive and other reasons, an ■ ■ 

advertisement of this nature leaves a lot- unsaid. If, however, we have said- 
enough to suggest that this may be an opportunity that would, 
and you would like to discuss it further, please send full career details to 
Jack Cox, to be passed on to our client. • - - - •• - 

Applications , which may be from male or female candidates, should 
quote reference 836/-/AC Please let us know if there are any companies to 
which you do not wish your letter to be forwarded: •“ 


47 Da-.-Ica Street, London 'X’lY ILN.Tdephorw 01-49? .7331 . 

Major London Stockbrokers 

A major firm of London institutional stockbrokers is 
keen to expand its research expertise into new sectors. 

Consequently, it is seeking further analysts who 
have already established records in weD defined 

Applicants should be in their late 20% or early 30s 
and have at least 3 years intimate experience of their ‘ 
sector, either in stockbroking, an institution or with an 
industrial company. 

A high salary plus bonus and normal benefits will 
reflect the importance placed by the firm upon these ■ 

Applications, quoting reference DR17 and 
marked CONFIDENTIAL, should be sent to: 

Dewe Rogerson Limited, 

4 Broad Street Place, London EC2M 7HEL 

If there are any firms to which you do not wish your 
application to be sent, please list them in a covering 


Applications are invited for an appointment^ 

■’ : dealer in the Bahrain Office of ’ay -v-'jpS 



The requirements are for a proven ability 
perfencem all aspects of Foreign Exchange dealSI^ a senior, level with a London based or important 
Sff organisation. The major coring 

1) Free accommodation, utilities and servant 

21 leave air travel for staff member and 

3) Ohe ; month’s home leave alter completion of 

twelve months’ work - 

4) Free medical insurance for staff and immediate 

f amil y - 

5) Salary free of tax, there being no tax in Bahrain 

The contract would be initially for two years thus 
with annual leave would run to 26 months. - ’ . • - 

Applications will be treated in confidence and 
should he submitted in writing giving full details of 
present experience to: 

BOX NO. A .5989 

.. Iff CANNQN. STREET, EC4P 4RY ' ;££t*4 

THURSDAY*: 3&MICH 16 1978 



up to £10,000 

Our Client, a major-firm of stockbrokers, will shortly appoint a senior analyst. Hh main 
responsibilities will include: 

★ Analysing companies in the Insurance industry 

★ Discussing with clients ' his/her investment views based on his/her own detailed 

★ Visiting, companies In the Industry and liaising with management at a senior level. 
The ideal candidate, either an actuary, a member ot the Chartered Insurance Institute or 
possibly an AC A. now working in the insurance industry probably on the underwriting 
side, should be articulate' with the intellectual ability to produce investment research 
materia] to the high standard expected -by- our client. The position offers a first class 
career opportunity with a. firm which is a leading name In the investment world. 

Please apply:— 

J. R. Y. Couttv ■ Q ypplt 

7. Wtne Office Court, ^1 

London EC4A 3BY OKUTl. 

01-353 1858 J, • Znio 

PCrM«K< CunltMU 


1. Applications . are invited for the posts of (a) one 
Maintenance Engineer, and (bh one -Hardwood Utilization 
and Sawmill Specialist to work. In the Forestry Project in 
Upper Burma financed under A.D f .B. Loan. 

2. Period of. employment is months for the Maintenance 
•Engineer, and 18 months for the Sawmill Specialist. The , 
successful candidate should be able to join the appointment 
by June 1978. 

3. Detailed information of Terms of Reference and Conditions 
of Employment may be obtained on request from the 
Managing Director, Timber Corporation, P.O, Box 206. 
Ahlone, Rangoon, Burma, or from the Burmese Embassies 
and Consulates. 

4. Applications containing qualifications of candidates and 
indication of range of remuneration, benefits and income tax 
status should reach the Managing Director. Timber 
Corporation, Rangoon, Burma riot later than March 31, 1978. 

5. Applicants should also send biodata simultaneously to the 

Asian Development Bank <CSR), P.O. Box 789. Manila, 
Philippines. ‘ 


London WC1 


The Accountant will spend a substanRal part of the time managing the 
transition from a partly mechanised sales accounting function to a totally 
computerised system, involving supervision of the relevant accounting staff. A 
large number of ad hoc projects .will include' profitability and feasibility 
strides end the improvement of management reporting. 

A national pUMsNng organisation, our client has a turnover In excess of 
£50 million. Very much profit orientated, it con offer good industrial relations 
experience and excellent promotion opportunities. Applicants, male or 
female, should be qualified accountants aged 25-30. Please telephone or 
write to Stephen Blaney B.Comm., AGA quoting reference 1/1672. 

EMA Management Personnel Ltd. 

Bume House, 88/89 High Holbom, London, WC1V 6U? 
Telephone: 01-242 7773 


\ Vft I B L! J 1 Su ft 1 ! ft F-L 

for Procter & Gamble 

Proder& Gamble Limited is theBritishiuer^erofamajorinteroatiora] 
group which has itsheadquarters in theUnibed States and markets a wide 
range or consumer and industrial products inover 150 countries. 

In the L'JL.P&G produces soaps, detergents and toiletries fbruse in 
the home and d earring products, food products and chemicals for a wide 
variety of industrial users.The coiripanyaisobas a substantial export. 

. business and extensive trading relationships with the parent company in 
' theU-S. and its associate companies inEurope. 

\\ e seek a Taxation Manager who volliieTes^Mnsible for advising the 
. company on tlie tax ihiplicadons of esdstingand proposed policies and . 
activities. This will cover both UJK. andiretenational, corporate and 
personal tax matters. Th e Taxation M anagprwill be expected to contribute 
to tax planning and evaluating tlze effects offnture legislation and wiD also ' 
manage a departmeulhaiidling the company’s taxcomputations and other 
. routine work. ; 

The successful candidate wifthavescnipd knowledge and experience 
- in domestic and international tax matters and the ability to apply them to 
commercial situationslHe or she will also tare the personal cjualities 
required to work successfijJly with a highly professional and enesgetic 
management team operating in a challenging and competitive business 
and Lo represenf thecompaiiy externally: . ’ 

We offer attractive starting sal ary saiaryprospects and fringe benefi ts. 
Relocation expeiises will bepaid and the conpany operates a bouse 
purchase assistance scheme. • . • •• 

Applicants should write with details of age, qualifications and 
experience toe . • - " v . 

The Director of Corporate AITairss * 

Procter & Gamble Limited, 

P.O. Box 1EE» Gosfortli, 

NewcasQe upon Tyne NE991EZ - 


Makers orTide,DaiArie?,]lfor^ n Honsehol d Soxf* 

The London Office of the Royal Trust Company - Canada's leading Trust 
Company which currently has assets under administration in excess of 
$19,000 million - has an Opportunity for an experienced Credit Analyst 
in its Commercial Credit Department ( 

The selected candidate (M/F) will be aged between 25-30 and must 
have had some formal training, possibly with a North American insti- 
tution in this field, plus 2 years experience, in addition, a formal banking 
or accounting qualification would be an advantage. 

The job will involve the credit analysis of banks and commercial 
companies and the assessment of new loan proposals. There will be 
scope in the future for the person selected to develop the loan portfolio 
and deal directly with clients. 

In addition to an attractive salary, there is a comprehensive package 
of benefits. If you are interested please send a c.y. explaining how you 
meet the requirements stated a bove or phone foran application form to: - 

The Personnel Manager 


Royal Trust House, 54 Jermyri Street, 

London SW1Y6NQ 

Telephone: 01-629 8252 


An experienced Senior Valuation . 
Surveyor is required in the 
Professional Department 

The Valuer who will be directly 
responsible to a Partner should have 
over 5 years’ qualified experience of 
valuing large commercial and 
industrial properties and be capable. 

of supervising a team of valuers. 
Salary commensurate with 
experience.; v ; - . 

Write or telephone in confidence to: 

D. N. Idris Pearce FRICS 
Richard Ellis, Chartered Surveyors 
64 Cornhill. London EC3V 3PS 
Tel: 283 3090 . ' 

DP Audit Specialist 


This is an additional appointment reflecting the growing use of 
in-house computers and complex D.P. systems for commercial 
accounting. The work will involve advising audit partners and 
managers on internal controls, the technology of auditing 
computer-based systems and consultation with the firm's 
clients on new installations and systems. ' 

Candidates must have a strong and diverse background in 
accounting and auditing, coupled with experience in systems 
analysis arid programming. 


The company, Yarwood Vane & Co., is a major International 
firm of Chartered Accountants internationally associated with 
Detoitte. Haskins & Sells. The appointment, which may be 
either permanent or on a two-year contract, is based on 
Melbourne. Assistance will be given with relocation. 
Applications, which will be treated in strict confidence, should 
-contain relevant details of career and salary progression, age, 
education and qualifications. Please write to Dr P. A. W. 
Maynard quoting Ref 688/FT on both envelope and letter. 


Deloitte, Haskins & Sells ; Management Consultants, 
P.O. Box 207, 128 Queen Victoria Street, London EC4P 4JX. 





The Civil Engineering Division, Mowlem 
Group, ere seeking an additional Senior 
Estimator to work at their Head Office. 
Brentford. Middlesex. 

The successful candidate will be responsible 
for the preparation of analytical •enders- fdt 
multi-miliion pound 'project*, usually in the 
U.K. but occasional I y overseas. *•. 

Applicants, male or female, will have- /iad 
extensive contractor site experience on heavy 
civil engineering w ° r k and at least live years' 
estimating experience. 

He or she should be Capable of leading ia 
small team with imagination and enthusiasm 
and have the ability to idenrify engineering'-, 
and commercial problems within a com- • 
pecltive -environment. 

The salary will be competitive and 

Supportmg benefits include group pension/ 
life assurance schemes, company car, and 
staff restaurant facilities. 

Writren applications with summary of 
qualifications and experience to: — 

Personnel Officer 



West gate House 

Ealing Road 



Controller - Banking 

A fully-authorised merchant bank in London seeks a Controller. The 
post will be at top. management level, advising the Chief Executive on 
resources allocation, supervising the production of financial and 
management accounts, and directing the bank’s operations centre. 

The successful applicant is likely to be a chartered accountant with 
bank accounting experience.. particularly in- foreign exchange, and the 
ability to organise and lead an^ operations team. 

A starting salary of not less than £15.000 iS envisaged; and' satisfactory 
performance . in this important, position could lead to a Board 
appointment. Company car,, non-contributory pension scheme, ;• and 
normal fringe benefits. 

It is unlikely that anyone younger than the mid-thirties will have the 
experience necessary for this position and its potential. 

Applications, with full c.v. t should be sent to: — 

Alun Button, 


St. Paul’s House, 

Warwick Lane, • 

. London EC4P 4BN. 




We require an assistant with a broad . knowledge of the 
Eurobond market who k fully conversant with switches, currency 
and exchange . control requirements relating to this type of 
investment. The successful candidate should be between 25 
years and 35 years of age and have had a minimum 2 years 
experience in the Eurobond market. The applicant should be 
used to meeting and talking- to institutional clients about 'fixed 
interest investments. The ability ro speak German and French 
would be an advantage. 

Further details can be obtained from Mr. J. E. G. Lundqvist 
on 01-709 0565. V 

•An attractive rem'uneration package will be offered to the 
successful applicant. 

Applications vrith detailed C.V. should be sent, in confidence, 
to: — 

H, E. Child. MJBJE. 

Personnel Manager, ‘ 

Scandinavian Bank Ltd, 

36 Leaden hall Street, 





C on t i ne n ta l (London! Limited, International Grain Traders seek an 
ambitious young person witfi some forefen exchange back-up 
experience to train in the Treasury Department. Knowledge of 
sterling market and book-keeping would be an advantage. 

Commencing salary up to £3.500 and normal fringe benefits com- 
mensurate with ariimemationa! organisation. ... 


c. £4,500 

We have a vacancy for a male or female Loan 
Administration Clerk, in their mid 20s, to join our small but 
expanding Loan Administration Department. 

If you have previous loan experience, ideally gained with a 
Merchant ot American bank, then we would like to hear from 
you jiow. 

An attractive salary will be paid and there are excellent 
fringe benefits. 

Please write to:- Chris Taylor, Personnel Officer, Saudi 
International Bank, 99 Bishopsgate, London EC2M3TB. 

Saudi International Bank 


Jonathan Wi en • Banking Appointments 

The perst^nnelchnsultaney dealing exclusively Svith ihe banking profession 


Barbara Niqholsort. 
Continental (London) Limited, 

• ' P&OBuildinfl, . 

122-138 Leadenhell Street, London, E.C. 3 . 

Telephone 01-283 *222 



This senior vacancy occurs at the London Head Office of a welt-known 
international bank. The person appointed will manage loan administration 
(approximately 20 staff) within the Advances Department; the position calls 
for thorough technical knowledge.of the. documentation and maintenance of all 
types of loan, coupled with several years managerial experience in this field of 
banking. It is expected that the successful candidate will be a qualified banker 
aged in his/her early thirties. The bank's fringe benefits are among the City's 
best, and the salary offered fully reflects the seniority of the appointment and 
the substantia! degree of experience sought. Contact Kenneth w. Anderson (Director) 

BRANCH OFFICER £ Negotiable 

To meet the demands of increasing business, a small merchant bank in London 
wishes to engage an experienced joint stock banker. The ideal applicant will 
be aged about 28, with a number of years in a domestic banking environment, 
having worked his/her way through all aspects of branch banking to a current 
position of Grade IV Securities Clerk or a first or second appointment.- The 
position offered is Assistant Manager in the Banking Division which, initially, 
is mainly administration but will lead to lending, within the short-term. A 
generous salary is negotiable, presenting no obstacle to the engagement of 
the right person. Contact: Richard J, Meredith 


Two prominent firms of money brokers in the City each seek to recruit an 
experienced Foreign Exchange broker. Jn the first instance a person with a 
good knowledge of French is softght; and in the second case, the requirement 
is for a person with a knowledge of both French and German. Contact: Mite Pope 

; -170 Bishopsgate London ECZM 4LX 01-623 1266 ? 8/9 



for a highly successful major company in a process 
industry with international operations and a nine- 
figure turnover. The Financial Controller will be 
responsible to the Chief Executive for the financial 
and accounting functions of the company. 

Candidates, aged 35 t0 45 , must be chartered 
accountants with experience of similar responsi- 
bilities working at general management level in a 
manufacmrmg company, preferably in a process 
industry, operating internationally and employing 
computerised systems. Salary negotiable to £15,000. 
Non-contributory pension. 

Please send relevant details — in confidence — to 
P. Hook ref. B.26391. 

Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1X 6DB 



South-c £S*000 (plus profit sharing) 

Our clients KENTUCKY FRIED CHICKEN have a vacancy fora qualified acc- 
ountant to control their financial planning, cash management, system control 
an ^development. This British subsidiary, which was established In theU.K. in 
1965, has currently over 250outlets in this country, but plans substantial profit- 
able development over the next few years in an area which has considerable 
growth potential. 

The successful candidate, probably in the mid 30's, will have aprofessional quali- 
fication and subsequently have had several years commercial experience. He or 
she will codqtoI the accountancy function with a staff of 20 who have been pro- 
gressively upgraded. The small, very professional management team is young, 
and the environment is a stimulating one. 

Location is in the Famborough area in custom-built offices, currently approach- 
ing completion. Salary by negotiation will, in addition, include a significant profit 
participatory element. The fringe benefits, pension, etc., are exemplary, and the 
appointment provides an exciting antfp regressive opportunity in direct relation 
to the ability, enterprise and enthusiasm of the incumbent. 

For further details and application form telephone ( or write Briefly in complete • 
confidence): Eric Jameson or James Allen 



Personnel Sele-t ion Limited 

45 Pr.:rv Sri:ivu!l vV*t Midland; S9i .7t'( T-^pncr.^ 021-705 -7?99 ?r CZr'A 25 50 

Managing Director 

Industrial holding company 

The is a rare opportunity' to head up an increasingly 
profitable dwererfied group and to participate in its 
future success. The arm is to grow /rom the present 
£3 mtfSon turnover, both through the effective 
developrnent of existing operations and by 
acquisition of new businesses. Since the person 
appointed w* have immediate direct responsibility 
for all aspects of the accounting function and even 
when confirmed in the Chief Executive role, wffl 
need to have a pronounced financial teas, a 
chartered accountancy quattfreahon is essentia!. 
This should have been supplemented by previous 
BTwofveroent in cofflroMng finanoal and 
management accounts bn amanutactunng 
en v i ronm ent plus general man ag ement experience 
gained either n a small medium sized company or 

>n a cfcvtsion of a larger group. Candidates, of either 
sex. are expected to be aged between 35 and 45. 
Remuneration, which would inducte an mcsntrvB 
element is expected to be m five figures. A oompany 
car is provided together with re-location assistance 
to a North Cheshire base. 

PA Personnel Services Ref: GM33 6343 FT. 

T-e identity of candiaates wiH rofboreveaiedto 
our clients without prior permission given 
cunng a contidcnt-at discussion. Please serd 
dnef career deta-ts. quoting reference number 
;o me address below, or vrnte for an application 
form, and advise us if you have recendymade 
an/ other applications. 

PA Personnel Services 

Hyde Parle House, Knfehtshridge, London SWIX TIE Tel: 01-235 6060 Telex: 27874 

Financial Director 

c £12,500 p.a. plus car 

Our client a paint manufacturer, distri- 
butes a large proportion of its products 
through over 200 wholly owned retail 
outlets. Backed by an international com- 
pany it has recently made a substantial 
acquisition and turnover has increased to 
£1 Draper annum. To meetthedemands of 
rapid expansion, and future acquisitions 
the company requires a Finance Director. 

This exciting opportunity will interest 
qualified accountants aged around -Jr?, 

W, London 

who enjoy a challenge and possess the 
flail 1 required to re-organise two inade- 
quate. incompatible systems. Experience 
of a fast moving consumer retail trade 
would be an advantage. The ability to 
devise, install and develop computerised 
financial, costing and manag ement 
information, systems is essential. 
Appointment to the Board within IS 
months is envisaged. Benefits are the 
usual in a nwuor company. 

Applications quoting ref* €2X9 to B. G. Luxton. IVIervvn Hughes 
Group, 2/3 Cursitor Street, London EC4A INE. Tel: 01-404 5803* 

Mervijn Hughes Group 

M ana g ement Recruitment Consultants 

i i 


. The Northern Society wishes to appoint a Chief Executive Officer as a 
success or to the present incumbent who is leaving to take upa similar appointment 
within the Cooperative movement. • 

TheSociety's trading area.includesthe city of Aberdeen and 300 square 
miles Within the Grampian Region. 

Most of the Society’s supermarkets and other stores have been modernised: 
in recent years and a major project was completed with the opening in November ■ ■■ 
1977 of a superstore complex. 

' Budgietted turn over for the Society for the year to January 1979 is — .. 

£32million. . ........ 

The Chief Executive Officer is responsible to the Board of Directors for the 
total management of the Society 's operationsand applicants must have had senior 
management experience and be able to pointterthe successful control of 
management personnel engaged in a wide range of departments, jn retail 
I II development and in profit achievement. 

j j I Salary is negotiable and benefits include car, assistance with relocation - . 

expenses and pension scheme. 

Applications in confidence to:— 

The Chairman, 

Northern Cooperative Society Limited- 

Millbank House, " ’ ~ 

„ BerrydenRoad, •• . 


MarkecT'CjEO APPOlNTMENT".CIosingdat©fdrappiicationsis24tlvMarch 1978. 

£ 25 , 000 + car 

-Oor dterrt isa mejor international 
Companywitti an enviable record of 
-growth and profitability. As part of a 
general programme to broaden the 
base of the business a new Division 
has recently been set-up to 

manufacture a product which uniquely 

combines food and electronic/ 

electromechanical equipment This is 
nowbeing sold both in the UK and in 
several continental countries. Sales 
turnover has trebled in the last twelve 
months and is forecastto treble again 
this year. New factories have just been ' 
completed to meet this growth plan 
and availability of funds will not be a 
limiting factor. 

The Division now justifies Its own . 
General Manager and, unusually the 
i Company is considering the possibility 
' of making an external appointments 
We should therefore like to hear from 
managers, 35-40, with an engineering 
or other numerate/technlcal 
background, whose experience has . 

included the manufacturing end . 
marketing of technical industrial 
products as we already have the 
necessary consumer product skills. 
Decision making is highly decentralised 
and the position win appeal to a 
go-getter, whose present company's 
standards or environment mey 
currently constrain his/her capacity 
forachieving results. 

Generous conditions of employment 
will match the salary quoted. Location 
is Home Counties. 


Replies will be forwarded direct, 
unopened and In confidence to the 
client unless addressed to our 
Security Manager listing companies to . 
which they may not be sent They ■ 
should bcludecomprehensivB career 
defaffs not refer to previous 
correspondence with PA and quote 
the reference an the envelope. 

PA Advertising 

Hyde ftufe Home, 60a Knightobridge, London SWIX 7LL Tet 01-235 6060 Telex: 27874 

•. : * r- 

Corporate Finance and Systems 


■ cQ 0 / 00 O+ : Car. ; 

A significant and highly successful public group with activities in market: 
research, publishing and computer services wishes to appoint a Chartered - 
Accountant. The position is a new one and arises because of the expansion 
of the group both in the U.K. and overseas. 

The successful applicant will act as assistant to the Group Finance Director 
and be responsible initially for.— 

(i) Corporate planning including preparation and control 
of 5 year plans, optimum utilisation of cash resources, and 

(if) Liaison with the Group auditors to ensure the planning 
and implementation of common control systems throughout 
the group companies. 

Candidates should be Chartered Accountants aged 28-32. preferably still in 
the profession, who now wish to move. to a particulariychallengingposition 
in commerce. Career prospects are excellent The remuneration package is 
negotiable and will reflect the importance of the appointment. 

Candidates of eithersex should applyintheirown handwriting giving personal 
details and an outline career-history, quoting reference: FT/78/Fto:- 

Turquand, Youngs & Layton-Bennett, 
Management Consultants, 

11 Doughty Street, London, WC1N 2PL 


An outstanding Company Director is required to represent 
Thomas Tilling Limited on the Boards of subsidiary companies. 

This is an unu^al opportunity to join the Central Executive of this 
leading Group of companies in a demanding and stimulating, 
career appoint jnent. 

Only director level candidates, aged 35/45, with highly successful 
management and leadership records and possessing a good 
degree or professional qualification should apply. 

Full written details in strict confidence to P:M. Meaney, Group 
Managing Director, Thomas Tilling Limited, Crewe House, Curzon. 
Street, London Wl Y 8AX. 


, require 

Experienced Local Authority Dealers 

Salary commensurate with jtfperiene*. Ring or write to: A. f 
Allnght. NoUon Mop*? Broken Ltd . 74-75. Wiling Street, London 
EC4M 9BJ. Tel. 61-248 C6«L-’ ' 


awiliWe to qualified, icudant and 

cKparicnccd accounting pe-tonnei 
Coniott Alee Moure on 0 1-6 28 749 f 



Central London cS7 ,000 

the entertainment industries. s 




■ • , Ftofcrabhragtf 24-2S. 

haw a good (daunt degree and or ; 

qualification wgetlierwith expenenreof 

Srarkets, Jonagn exchange and taJwwLgjhn- v; 

, , .h ihh ■ in the Cituor In the Irensuiy Departrnqit Or 

^computer techniques to 

The aNtey to ivurk with ana respond » ihc 
needs of wp mangenient is an essential qua&flcauon - 
ferr the position. . .... 

Based in the executive office in Central Londm.- . 

conditions of employment are ewripetstive. with thee? of 
orhpr major industrial groups. ^ 

Please apply to w-7iting giving full details of re6?i ant 

qualiticatxjns and experience ta- 

oSmI sSce* Porsowic 1 Maiias^, 
< ni«RaiikOisanM>tloii. 

11 Hfll Street, London Wl. - -v^v 


A New Firm 

This is a rare opportunity to be in at the beginning 
of anew Firm to be openflish only outside Londo rt. '. 
The Parmership is smaii, highly experienced and it 
has exciting objectives. .4' 

Applications are. invited for the above important 

appointment and the preferred age bracket is • • 
30/40. Whilst this is^alvyavs a. key appointment it is 
particularly so here. Candidates, male or female, 
who have appropriate Stockbroking experience in 
London or the provinces will be of interest. They 
should be able to cclate to'a small team and bring 
lively dedication to the situation'. Remuneration is 
negotiable and there wfll tic assistance with 
Ldocatibo expensesifbee&d. • ? . .... 

. SpicerandP«^ler&Co., 

. . Management Consultants, . 
.■ London EC3A 7HL. 

Tel: 01-283 2683 

£ 8 , 000 + 

A small foreign merchant bank, with fast 
developing business covering bond issues, 
Eurobond deeding; investment management 
and some corporate. finance, needs a young, 
experienced banker to take charge of the 
whole ‘‘back office” administration and 
accountancy, currently being computerised. 

He/she r.vjst be professionally competent, ” > 
capable of managing a staff of up to 10 ‘ 
people, and with the potential to grow with 
theban’ru. .... ... 

Interested app’:can A 3 sFcu’d reply, in.conf;-, Qwir? fui: career details and Quoting 

Poff-lft AW/i;S7 • * 

Charles Barker-Coulthard 

• -30 Farrinsdon Street, London EC4A 4EA 
" . Telephone 0T-23bD>26 ■ ' : 


The Scottish Investment Trust Co.. Ltd. is seeking someone 
to join the staff now. with a view to- hisi her succeeding the 
present Company Secretary’ when he retires next year. 

Apparatus should be professionally qualified, and ideally 
should have several yean experience and a good knowledge - 
of accountings taxation and company law. - - 

- The Secretary it responsible for the normal statutory 
duties and- liaison with the Company’s Hegtstrars, *s well « - 
for the. preparation of Reports to stockholders. The work is 
varied and. interesting, calling for a certain versatility. 

Although the Company »s among the largest of U.K. investment 
trusts, with assets of £1 03m ./the staff is relatively small in 

Remuneration will depentf on qualifications and experience. 
The Company has a good contributory pension scheme. 

Applications.- which will- be treated in confidence, should 
contain relevant details of career and salary progresslon.a’c.' 
education antf qualifications, and should be sent tb;-^. b 

The Manager, 

The Scottish Investment Trust Company Ltd., 

6 Albyri Place, . ** 

Edinburgh EH2 4NL. 


43 1 

p;. mo 

i :A;i ‘.w 
' ' - i- ’-. f v 






5 JST 11 ? •* l> -* pp0l ^' t 3 ^'^alified Banker, to .the ,bev C position. A broad Banjtin: b.r.g.onn'l 

L exposure to »« aspects of the administration of Eurocurrency .pans, both corporate, 

i rJEiw . Responsib'Uty for the supervision of 20 naff mean* that personal qualities of leadership and the ability 
to co-ordinate are of paramount importance. Age range 30-3S. • \ Please telephone Brian Durham. 


c £6,500 ^ Benefits 

A wll-knowi. Overseas Bank' requires an ambitious Banker with experience in the preparation of lending propositions, 
to fuim a support role to the General Management. Specific areas of Credit include Eurocurrency corporate, syndicated 
and shipping loans, and the- successful- Candidate will also -have an appreciation of Foreign Exchange and Documentary 
Credits procedures, .Age range 28-35- . Please telephone Brian Durham 


Active and expanding Consortium Bank needs Banker with 

minimum 2 years’ experience of. Corporate Analysis. Good _ „ . ... _ - , , 

standard of eduratfon essential, and. A.I.B. preferred. Out- ! 3 ? e .. ht W tunn ? for »«" bl "®w Banker loam 

standing prospects: Aae range 26-32 " Administration experience and some exposure to Analysis, to 

* . • ■ ' , join thriving American Bank in City. Age range 23*27. 

. . Please telephone Mayk Stevens B . , l 

Please telephone Mark Stevens 

A challenging appointment. A high level of -autonomy will be vested in the successful applicant— Prospects of 
j||9fek . further increased earnings and to accrue capital ' 



the gulf 

£25,000-£30,000+(TAX FREE) 




European Bank requires Banker -with minimum 4 years' general 
experience and at least 1 year’s Audit, to join small team 
Prospects for appointment to Officer status .are good. Age 
range; 25-28. 

. Please telephone. Rod Jordan 

Young and dynamic U.S Bank seeks experienced person with 
minimum 2 years' Loan background. Personal qualities of 
drive and ambition are essential in. competitive atmosphere. 
Age range 22 : 25. 

Please telephone Richard Cooper 

We invite applications from Hoteliers, aged 35-45. with not less than 8 years* successful hotel management experience, 
at least 2 of which must have been in running a successful first-class or luxury hotel, preferably overseas. The successful 
candidate will be responsible to the Chairman for -the effective overall control af the Company's Hotel and allied operations 
encompassing the further improvement of services and will undertake total responsibility, for the scheduling of equipment 
for additional accommodation involving decor, liaison with Architects, Protect Managers, etc. to ensure a luxury hotel 
operation. The ability to plan and utilise the resources necessary to establish this hotel as the lead hotel in the luxury class 
in this attractive part of the Gulf is important. Initial salary negotiable. £25.O0Q-£3O.OQO— tax free. < although there is no 
bar to a higher salary for the right person) house. — car. generous leave, free annual leave air passages, pension, children 
allowance-., and air passages. Applications in strict confidence under reference HGM3838 / FT. ro the Managing Director: 


35 NEW BROAD STREET. LONDON EC2M TNH - TELEPHONE: 01-588 3588 or 01-588 3576 - TELEX: 887374 


41/42 London- Wall -London EC2* Telephone: 01-588 0"7Q1 

• Recruitment Consultants “ ” 



£15,000 - £20,000 


BANKrOF AMERICA invites applications for this senior appointment 
as. Head of a small team of economists at theCity headquarters of the Banks 
Europe, M iddle East ahd Africa Division. 

TheChief Ecoriomist's responsibilities include: 

— Analysing and interpreting economic and political developments with 

' . . special reference to their effect on the Banks existing and potential - - 

. — Forecastir^malor economic variables, in particular foreign exchange 
ancf interest rates; emphasising likely impact for the Sank. 

— , Advising senior management on economic strategies and lending 

— Maintaining relations with the Banks major clients ahd providing 
specialised economic intelligence and information. 

Qualified candidates will have had at least five years management - 
experience in a senior economist position supplemented by an advanced 
degree in Econdmicsand an M.B.A. Fluency in at least one major European 
language in addition to English would be an advantage. 

Remunerattonwl ! ref lect t heimportance of this appointment.and other 
fringe benefits are In line with best banking practice. 

Applications otoiningfufl career details, which wrlf be treated in 
confidence, should beaddnessed to: Assistant Vice President ■- Recruitment,. 
i - 

A solidly backed international bank with expanding and profitable operations is s<-cfciflC an experienced banker to join its highly 
motivated and_ effective team. The successful candidate will have had several years of solid Eurobanking experience, including 
substantial work and travel in Larin America and/or Europe. He/she will have established -on tact in the financial communities 
of these aieas so as to bring instant momentum to this position. He /she will be responsible for the origination, negotiation and 
completion of syndicated loans and underwritings including all organisational and administrative considerations. A very attractive 
base salary coupled with potential for a performance -related bonus and exccllenc fringe benefits make this a particularly attractive 
situation. Applications in strict confidence under reference IMB 10095/FT will be forwarded unopened to our client, unless you 
list companies to which they should not be sent in a covering letter marked for the attention of the Security Manager: 



'.25 Cannon Street, London EC4P4HN. 




We are a consortium bank headquartered in . the City of 
London with . an especially- resourceful and Jiomogeneous 
shareholder group. To support our growtj^we .wish to 
develop our project finandiig capability and/are seeking an 
individual with • thr following background:— . .* . 

7-10 years’ experience with an engineering or construction 
company actively involved in 'major international project 
planning and execution. - 

Engineering background and familiarity with a broad range 
of- projects. • . 

Good contacts among leading international engineering and 
construction companies.'- 

Direct contacts ia countries/areas 'where 'major projects arc 
being undertaken. 

Preferably some foreign language ability. 

This is a senior position which will be remunerated accord- 
ingly with good benefit package, including favourable house 
morrgage facilities. . 

Qualified individuals should send, in complete confidence, a 
hand written letter describing the reasons for applying, 
together with a Curriculum Vitae to- — 

George H. Hoffman, . 

Managing Director, 


2, Throgmorton Avenue, London, EC2N 2AP. 



Not less than £6,500 




Texas Commerce Bank Is seeking two candidates of 
exceptional capabilities to join iheir rapidly expanding Middle 
Easl Section. 

One candidate' will be based in the representative office in 
Bahrain and be responsible for business development In a 
specified group of countries in the Middle East Heavy 
travelling is required and the candidate should have a 
minimum of 2-years calling experience in the area. Ability to 
speak Arabic and/or French would be a definite advantage. 

The second position Is based in Texas Commerce Bank's head 
office in Houston. The candidate will likely have a strong credit 
background as well as business development experience. 
Responsibilities will Indude preparation ol credit pre- 
sentations and account management for Middle East clients 
operating In Houston and Southwest U S- clients operating in 
the Middle East Limited travel required- Fluency in Arabic 
and/or French an advantage: 

Excellent Saiaryand benefits commensurate with experience. 
Please submit resume with salary history in confidence to: 

Pettotmd Director 
Texas Commerce Bank NA 
44Mootgate ' 

. London, EC2R SAY 
An Affirmative Action Employer M/F/H 

Thomas Cook Bankers Limited, the Company 
within the world's largest travel organisation with a ' 
rapidly expanding share of worldwide travel-related 
banking services, require a Project Manager to 
undertake development projects in the banking field. 

The man or woman selected will be responsible 
for investigation of all technical, legal and 
commercial aspects of each new project lo ensure • 
successful implementation. - 

- Preferred candidates will have a general banking 
background including experience of international 
money transfer and foreign exchange, preferably in 
the systems sphere; O & M experience useful. 

Salary not less than £6,500 per annum, and other 
major Company fringe benefits. The position is based 
at Thomas Cook Administration Headquarters at- 

Please apply giving details of your career and 
present sal ary to: — 

Personnel Manager, Banking, 

Thomas Cook Group Limited; 

P.O.Box 36, 

Thorpe Wood, 

Peterborough PE3 6SB. 

Jonathan Wren * Banking Appointments 


ThtpoSoiwcl ctWiltHumcydMUrx exctuvvtTv n iih the t$Ti twirl's 



is required by established American Hank to join team 
of Traders in London.. 

Applicants should ideally r be aged 23-27 with minimum 
two years' experience in deposit market.- 

Salary and ‘.usual fringe benefits commensurate with 

interested people should . write with details -of experience- 


D. L Riordan, • 

California House, 

3 i/39 Essex Street. 

London. WC2R 3AS. 


TO £6,000 

Our client, a leading international investment bank 

with a substantial operation in London, wishes to 
make an appointment within its Administration and 
Accounting Department. The requirement is for a. 
person aged 25-35, who has gained experience of 
accounting and the settlement of Eurobonds in a 
-merchant bank or similar environment- The success- 
ful candidate wilt be involved in varied duties cover- 
ing most aspects of the administration of an invest- 
ment banking operation: 

We have arranged to forward applications directly 
to our client- Please, therefore, include with your 
application a covering Setter naming any companies 
you do not wish us to approach. 

Please write to. or telephone:— 



For a new Bank in London, we are looking for 
persons having banking background with special 
emphasis on- deposit mobilisation and business 

Write Box A.R2RS. Financial Times, • 

' 10. Cannon Street EC4P4BY. 



SATEC Ltd; a wholly-owned subsidiary of Air 
Products Limited, is engaged in the design and 
supply of effluent and waste water treatment plant 
and equipment The Company has achieved ah 
impressive record of growth and profitability, and 
export sales account for a high percentage of the 
current turnover. The Company's offices are 
located at Crewe. 

Heading up a team of experienced accounting and 
-administrative personnel, you will be responsible to 
the Managing Director for all aspects of financial ■ 
management, and aJso for the administration of the 
Company’s offices and associated services; Jo 
addition to the normal Controller's responsibilities 
specific tasks will include the financial 
management of export contracts and the ^ 

provision of timely and accurate reports in Sol 
both sterling and dollars. As a member 
of the executive team you will " 

also be expected to contribute to the overall 
management of the Company. 

Aged 28 or over, you must be a qualified 
accountant (male or female) with experience of 
financial control/management in an engineering 
environment Familiarity with multi-national 
company operations and computerised 
accounting systems would be advantageous. 

The salary for this position will be first-class and a 
car will be provided Financial help with relocation 
to the Cheshire area will be provided if necessary. 

If you wish to be considered for this position please' 
write for an application form to:- * ' 

Peter Scarborough, Personnel Officer, 

Air Products Limited, Coombe House, 

St George's Square, New Malden, 

Surrey, or telephone 01-942 2424 
Ext 543. 


£ 7000 -£ 8.000 

Mars ConFectionery Division is a successful company in 
. a highly competitive industry. Recent promotion has 
created an opportunity for a young, qualified accountant 
with some post-qualification experience 
Your responsibilities will indude 

— supervision and involvement with the preparation and 
interpretation of period and annual accounts and with 
the consolidation returns of the Corif ecttonery Division 
of Mare Limited. 

— dose involvement with accounting for terminal raw 
material market operations. 

— liaison with the financial planning department in order 
to assist with the preparation of monthly forecasts. 

— the management and systems development of one of 
* the two financial accounting departments. 

Future opportunities will be available to broaden your * 
experience with in the finance function and possibly other 
areas of the company. Career development can be rapid 
. and some of our accountants who are aged around 30, a re 
currently earning over ETtOOO pa. 

Candidates, men orwomenshould be qualified 
accountants, probably with a degree, who are aged 
around 25 with professional or Industrial experience. 

Ybu will be located at Slough convenient for both London 
and the pleasant residential areas of the Thames Valley. 
Assistance with house purchase and removal expenses will 
be provided where necessary. A non-contributory benefits 
scheme provides sick pay. life assurance, pension and four 
weeks annual holiday. 

Please apply in writing giving brief details of age, 
qualifications and experience to. Chris Morgan. 

Personnel Department. Mars Ltd. Dundee Road, 

Slough. Berts. SLi 46s. 


Aged 28-32 


Our client, a three-man operation, is looking for a This is a genuine, opportunity for an adventurous and 
fourth member to join their Board. , self-motivated young executive to realise her/his own 

Reporting to the chief executive, the new role will be potential as part of a compact professional learn. The 
one that requires: (a) strong sales/marketing skills 'rewards will be equal to the very real challenge* The 
in the general insurance area including life: (b) man benefits are excellent and flexible, 
management and administrative experience: (c) an 
ACI1 of graduate calibre. 

.... . Mrs. Indira Brown, Ref. I9il&4 

' ’ M*lc or female. candidates should telephone in confidence for a Personal History Form to: 

' ■- A - LONDON: 01 -734, 6852, Sutherland House, 5/6 Argyll Street, WIE6BZ. . 

Executive Selection Consultants 




Finance Drector 
& Company Secretary 

Age 30-36 ec. £ 7 , 000 and borers 

For an engineering company in 
Notonghamshire which is part of a diverse 
and wait structured Brhlsh Group. It designs, . 
fabricates and erects steel framed buildings 
and also manufactures automatic control 
barriers and security gates tor industry. 

The position will appeal to a Chartered 
Accountant with a few years' modem fir.3nc : al 
management and accounting 
experience, preferably m the ' 
construction industry, and who is 
accustomed to well "disciplined 
forecasting, control and 
reporting systems. Besides the 
CcmCdiT, Secretarial function, 

he or she. will be eouipped to undertake olner • 
broad genera! administration duties and will • 
be expected to make a strong contribution in 
the boardroom to this successful company's 
further profitable development. Other benefits 
include profit-related bonus, excellent 
pension arrangements, company car 
and removal help to pleasant rural 

Please write in confidence- 
vifti brief- relevant deads to 
H.C, Holmes. Bull, Holmes 
rManagementi Limited, 

45 Albemarle Street, 

London W1X3FE 


C. London 


■Our Clients are a substantial sub-group of a leading British Foods Group. As a 
resultdf.g.recent reorganisation it has been identified that a qualified Chartered 
Secreiaw, probably aged 30-40, is required at the head offica 
The emphasis of the position will -be upon providing full Secretarial and 
Administrative services to the company and its subsidiaries and to ensure that 
all statutbiy requirements are fulfilled. A background within a large group 
with experience in all aspects of commercial insurance and legal matters would 

Contact John P. Sfeigft, ACCA on 01-405 3499 
quoting reference JSf2(8iCSF. 

East London 

c£9000 -f Car 

Managing Director 


An engineering company employing about 300 and 
with a E3 rnflfcm turnover holding product and 
market leadership in its chosen field is seeking a 
Managing Director. The key tasks tor the new man 
or w oman are first to pull together a very competent 
team — including a skilled and co-operative work 
force — and secondly to ensure firm control d 
contract prices and costs. New products will duly 
become ^variable from fhe American parent 
company. Candidates probably m their forties 
should have an engineering background and 
several years general management experience. - 
They should have a sound understanding ot 
financial contra; and profit planning. Salary rs 

c. £15,000 

negotiable around Cl 5.000 plus car. XJ6 or 
equivalent Location. South Coast. 

PA Personnel Services fieri 1 GM34£3*5 FT. 

Initial inter* ie « s are conductec by PA 
Consultants No derails are divulged to clients 
without prior permission. Please send bne f 
career details or write for an application form. 
Quoting the reference number on both your 
letter and en veiope . and advise us if you hate 
recently made any other applications to PA 
Personnel Services. 

PA Personnel Services 

Hjde Park House, bUa knighbbridpe. London SWIX ."L£. Tel: Ul-JJj t>U60 Telex: 27874 

fl - . - iS on .-nMrsaftcpi 

Our client is a newly formed heavy 
engaged in short Term Jobbing contract. 

“^Director now requires a M arwg wnent AccouMaM 
responsible for the flow of information -to ***£** - 
-.accounting system and for theifrepaffltion trf 
. tneni reports and tb» annual budget; and deputts&ipr 

- the financial director in Ws abseKS. \ : 

; candidates will be chartered or-cost and managamenr- 

eccountants of over 30, who have had experiengof 
“ The engineering industry, with union jnvolverrranLofjob. 
costing exercises, ol -management reporting proeedims, 
and of D.P. systems. The position will require a meften- 
lous approach to ensure she thorough and accurate 
-operation of the labour and materials accounting . 

.^systems- . ‘ 

- The situation will be attractive to-aman or wqmanrof 30 
to 45, who, having acquired maiunly and. experience. 

Is prepared to implement new systems from scratch 

■ and keen to prove themselves in the establishment of a 
new department. .... :. ..T . . 

; pi 9 ase write in confidence, enclosing concise-persoml 
and career details, quoting ref. T845/FT to-J. D. 
Atcheriey. - . ' ; 

'Arthur Young' 

Management Services. ■ 

Rolls House. . 

7. Rods Buddings, Petya Lane* 
London EC4A 7NL \ *. v 

D:if io nur in rernan on a I e.\|i;m<ton. wv offer the folkmin*; pus i linn 
C Sales Manaaeis li«<n} tins* chemical:* London based 

Thy rvumremerus tor the abme positions are n proven abiiny nnd experience as traders 
in tho International chemical market life* I position* for persons capable of using iheir 
miluilive io rite full w develop their respective department*. A good chemical background 
and the know (cdur foreign bng«uue.<> would be an asse* Both positions involve some 
oteiseii» travel Prospect* of personul promotion are exrcllem in tiie group. Salary, 
.iccortluig to expend ice, id from lo.jUu to £8,(100. pltia car. plus commission on prolils and 
other fringe benefit* 

t AdmlnlMralite Manager. Rased in Sao Paulo. Brazil 

A person with knowledge of Spanish and Portuguese is required for this position with 
proven ability io deal with ail aspects of administration and finance A good background 
in vumpitier systems and the aptitude io learn duty and taxes would be most beneficial 
Preference would be given io a person with experience in the South American countries. 
A high -alary, adapted to the local cost of living, plus removal expenses and free travel 
for MaiT and family once a year. Other benefits should be discussed. 

\ General Manager. Raxed in Barcelona. Spain 

Due to the promotion of the general tnariaqer. we 'are looking for the right person to 
replace hm A dynamic person, with experience in the chemical market and management. 
«i:h fluent Spanish, with the ability to supervise a competent team.- reporting directly 
to tile Board of directors. This position is K-.rcelona based and involves some international 
travel: hence ;i knowledge of other lamruaws would be nun beneficial. Remuneration: 
an excellent live figure salary plus bonuses, accommodation and other usual benefits. 
All the above positions are open :o both male and female candidates. 

Applications will be treated m confidence and should be submitted in writing, giving brief 
farm- description io — 

The Managing Director. Intercity Chemicals Ltd- Intercity House. 35 Woodford Avenue, 
Lam* Hill. Itrord. Essex. Marked: Private and Confidential. 

Please note: If pos-ible. kindly give a telephone number. A reply will be given to all 
applicants within »eien days. 


Required by Epicure Hold- 
ings Limited, quoted Public 
Company, at its Sleaford, 
Lincolnshire, offices. 
Candidates must be profes- 
sionally qualified, preferably 

as sulidtors, and anxious *» 
become personally committed 
in developing the Croup's 

The Company also requires: 


Responsibilities . will include 
assisting the Chairman in vei- 
ling, organising and mouiror- 
tng progress of new Group 
•investments. ■ 

Post demands ' leadership 
finalities. . common' . sense, a 
knowledge or 1 accountancy 
and the. ability to. produce 
understandable '. > financial 
. appraisals. • / > 

Salaries arc -negotiable. 
Apply in confidence, enclosing 
currfeulnni vitae, to: 



Corporate Development 

Losutan based 

to £9,000 4* car 

Chloride Group Ltd is the world's largest producer of recharge- 
able baiuriev vrnth operations in more than 30 countries, in 
reevnt years the Group has extended its interests into coir-, activities including standby power, fire-alarm systems 
and security li^htin; 

The Group in.iles -Ipplic.itions for Che position of Corporate 
uondcpmei't E«.ecu:i-<c. reporting ro the G'Cup Corporate 
Planner Tlic csc<uti-e «*»U v»c't> .is a member ci .» small team, 
tn a v>ne:; q| impo-ran; projects related :o ri-e strategic 
development ot key aspect, of the Group worldwioe. This v»»ti 
mso'vf the ie*ir« of relevant markets, technofc^iss and com- 
mercial prat’icts and the exercising cf commercial ,ud;mtnt 
leading :o th,.- recommendation of appropriate develeamenr 
siratcj^'.'S The position offers excellent: opportunities fer 
ca-ee' dcvetopmi-nt posr-iblv within two years it will be London 
based and wil! m.-clvc some international irj'ei 

Applicants should be graduates, preferably with a degree in 
Business Administration, and a;cd between 2S-3S Previous 
relevant tnarlcetir^ experience in an industrial 
products company is important 

Brief, but comprehensive details of ca-eer to dee should be 
sent to — 

Miss R. B Whrre 

Assistant to the GrouD Administration £vec>itr.e 
Chloride Group ltd. 

52 Crosvenor Gardens. London. 5 WJ 


Aviation Salesman 

Middle East 

A Dubai based company 
requires energetic young man 
with initiative tu lake over 
rt.sjionsibllity for agencies Tor 
Executive .lets, nelicopters 
and Airport Ground Equip- 

Aircraft suIp.s engineering 
experience, an engineering 
degree. knuw!«idce of :he Gulf 
and smile Arabic would he 
advantace.-i Tax free salary 
tB.000 p.a minimtiiii plus free 
housing, cur. water and elec- 

Write v irh full details of 
education :<nd expenence to 

Hate .>. i»S Park Lane, 


a on ;*t c-i -4 -t ■"»!:«! ic» inr bol: 
MENT STUQIE5 m lit iTXts Ol 
BPRaoiourii sccrsri dua Markeiirg. 
5JU« Sc*lp«- 19T7 T6 Senior LCi- 
lurer ”»2S V2T-TTS JJ.OI T. ocr 
mnunt. Lftt-J-n-- TTSI0 07I- 

TIS29 799 on* 1 inrun i£l ,|prl f ng j 
rfSU 63 • UnHir-iihet: a;kC 4 nrnaa,- 
l.'- >» <««iuce *: ■ 0*:. or 

u.mjhed e r nouiiiro dtlovi. 

on«n cl IO** o' W-fAIOI'IISln v»:«cy. 
UP to n«n >ui> Konom* OASMBCi on 
icu>Oin|mpnr ,ro cn ro'm** *erm.-i*. 
:.&«■ SluOu J'-O I-,-*' Crara 
Q-U *a ac=u;a-i'ii> th,t* -3* 

r-K «»* IO Snc-«1<— L*wi S;. 
AuauCim Ir'-'ClO OlJi'l oust 
If- rtf lc 4'. JODf.rj-’.L 

Our dtenc. ui Amenc4n-owrwd 
InwrnxionaJ company with - in 
UK HQ in North London, is 
socki -| two smkiaiMt anaiysn 
tor the following doses: 

to £5,000 

Hio successful csndMfste will 
SSfnr *n Currency ; 
mavooietu. Honey r»t«s Jor csss' 
ol Funds jnd Commodity prices. ' 
whilst destine wieli ail aspects - 
of Export Sales Ledge' Credit.' 
:aniro' and finance. Some Capital 
n»esemenc appraisal. He or she 
wit Sr e.thei a pari-Rualified- 
Accountant o r wilt ha»c 3.-e>ious 
sxpe-rence m a Bankinj environ. : 
men: o- Treasury house 

neg. £4^00 

Wo-s inj clotty w,th the Finan--; 
eiaT Planning Manager res poos'- . 
oilitic* w,ll include th? prepara- 
Pon. dfveiopiren,. co-ordination 
and consolidation of th> com- " 
pany * short. -ned'uW and Tong 
cern, plant and torecascs. The 
HKCru'isI parr-a.jil.fisd cand-due 
•ill ce a fnaiure. e>t.-ovrrtJ 
Graduate »ih i Business Study i 
Decree and some commercial* 
experience. 1 ' i 

The usual larjc Company bent fin* 
apply and carer.- p'ospecn within; 
the Crimp a-e rejeiienr 

For roller deMilj, contact: V 

Elizabeth Graham—. 
Telr 01-629 7872 
■d07. Oxford Street. Wl; ‘ 

Cbailoner Executr* 

..ItsTrusuiiuit Cohyuitaois 




Barclays Merchant Bank is seeking executives for its 
expanding corporate finance department. 

A professional qualification in accountancy is essential 
and should preferably be backed by a university degree and 
some- relevant experience in investigation work or takeovers 
and mergers. 

This is an opportunity for people aged 27-30 of high 
ability -who . wish to gain all round experience of corporate 
finance- There are excellent prospects for advancement ■ 

An attractive salary, commensurate with the respon- 
sibility of the appointment, is offered. Benefits include, a 
special staff housing loan scheme, and a noorconuibutory pen-, 
sicoischetne.. ..’•■« 

. Apply, in writing, giving details of qualifications acid/ 
previous experience to>- ■* .f. 

H. Ryder, / 

" . Director • 

Barclays Merchant Bank limited, 

Dasbwood House, 

69 Old Broad Street, 

London EC2P2EE- 

Aptdkations will be treated m confidence. 

Group Financial 

c. £12,000 + car 

age 35-45 

Our client is a light engineering public company 
with a central office based in London with manu- 
facturing divisions in the Midlands and West 
Country. The post offers progressive general 
management participation to the right applicant. 
He/she will report to the Chairman. Excellent 
prospects of advancement. 

Please telephone 01-584. 6171 or forward a 
detailed c.v. to Philip Egerton, quoting reference 


Executive Selection 

197 Knightsbridge, London SW71RN 

Between £5,000and £9,000 

Dewe Roger son are looking far two public relations 
executives, AppHca nts may be currently working In 
a nother pr agency, or possibly seeking a changefrom 
financialjophaTism, stockb raking, merchant banking,' 
chartered aoountoney ora sinfilarprofession. ; 

Whoever they are, they wHJLhavean interest in . - 
. financial affairs with the abUityto write weD and the ^ . . 
capacity for original thought^ They will also need to be 
able to advise at a seruorlevei the management of ' 
financial institutions and partnerships and quoted 

Salary for both vacandesis negotiable between 
£5,000 and . £9.000, dependingon ability: Prospects for 
those showing fiairandirritiativeare good. _ 

If you befieve you possess the necessary qualities, 
pjeasewrite tous and explain why. Also enclose a 
- '.jrarK^CumcuIurt Vitae, ' : 

yaurl^ter to: Sfiffan Proton. 

; De(veRbgersbnLirnitai,4 Broad Street Plac^ 

- Londc^i EC2M THE. . • • ' . 


There is a vacancy in the City Head OiHce uf a large 
Insurance Company for a clerk, preferably with 
Stock Exchange knowledge, to supervise a section 
dealins with the administration of securities and 
dividends of a large and varied portfolio. 

T Successful applicant must be prepared in m«»vi» ty 
rr.the Colchester area in approximately -I years' time. 

■ Apply m writing to: 

The Controller. 

Personnel Administration. 


Wellinctun House. 

Butl Road. 

Colchester. Essex. 




Eurobond Brokers require 
accountant with experience in 
Euro-Bond Market for ne»ly 
established UK brokers. 
Must have extensive experience 
of UK Exchange Control 

Regulations. Salary by 
arrangement. . 

3e* J 6ZM. Ff/xncai 
. TO C8""os Street. E£4P 4tt* 



Excellens conditions of sejric«- 
Age group approximately 1*7/35 
years. Salary 5I8.QOQ per aivijaro. 

Plcoie IWrpli one. in confluent*?' 

01-481 am ^ - 


;.We afe a young progressive international company 
. yritban outstanding record ol sales growth anti 
'innovation in technically sophisticated markets. 

Our U.K. operation is the centre lor three major 
" European Divisions and the person we seek will be 
■ responsible for 

♦ Coordinating Profit Planning . 

• Analysing U.K. company Budgets 

/ • Treasury and Credit Control functions 
. Providing Taxation Expertise lor the U.K. 

i*' Liaison with European Rnance HO In Brussels and 
. all other operating groups worldwide. 

Accountancy or Business qualificalions are essential 
and the package we are offering includes a non- 
contributory pension scheme, relocation expenses 
. and interest free bridging loan, and a salary which will 
reflect the high calibre of man or woman we need. 

, Please send a detailed CV to: 


-Mike Eva ns. Personnel Manager. 

Raychem Limited. Faraday Road. 

: South Oorcan. Swindon. Wiltshire SN35HH. 

Tel Swindon (07931 2B 1 ? 1 


require a^.-i5lanl \n the 
mana^in^; director. Ke&ponsi- 
hiiiltes will include develop- 
ing and putting into effect a 
programme of expansion and 
acquisition. Phone or write 
ro the M.D.. .!. F. Mawe, 

. Poweriech. Brandos House. 

- l Brandon Road; London * 
NT 9AA ni^ftT S-144- 

REQUIRED . 3 '. 
Central London ' . 

Consul tancy jjisignment 

ally £ti00-£900 per mofith. 
Possible long term reeputr.- 
ment. Public company. Wrtie 
Btirnhead Associated 
117. Wa'.erioo poad.f"' 
London. FEl . 



(£ 6,000 - £ 8 , 000 } 

Familv Housing Association, one of London’s leading 
rehabilitation and new build Housing Associations, requires 
a Chief Accountant following an internal promotion. He/she 
will be responsible to the Head of Finance and Administration 
Tor the Association s entire financial function.' The candidate 
should be a qualified accountant and pretiuus experience of 
computerised management information systems would be a 
: distinct advantage. 

Salary range is £6.0QO-£h.OUfl, with good ’fringe conditions of 
j employment, including luncheon vouchers and : generous 
Pensiun and Life Assurance arrangements. 

For further information and an -application form, please write 
Dr phone to:— 

E. A. Bales. 

Head of Finance and Administration. 

family housing association. 

lS9a Old Brompton Road, London S\V“5 OAR. 
Telephone: 01-373.3176, 

' application (onns must be returned by 4th April. 

1 IHTfl 



c., $9,000 + car 

A OniKUl ^oocrolicr 10-4D) 
lor jnCanudoiMr hotel. Know- 
iMae of H j c or inctant cult 
»'«eiw wHtb re hj- 
vairt experience and aualjfica-- 


. c £9.000 

Chief Ale .30-aaj for nep 
SmIu jfvbtWiarv of mterna-,- 

Ctaiur-Cs. In rMra-CMmiub 
Knorrtedae of the come or 
contra HI bo IntftwMes wsee- 
«al. . 

c. £7500 

SnrcidJ praieco Accountant te 
work- with fmal I uromsionof 
(cam. Sente nreviow eem- 
•ne-clol ■ er hweMtwtcxr* -•«. 
oi'Tienfio useful Musi have 
goon unaociai 4fs eualinu- 


Nt-;v er - auannaa 

A ; te he rMeoastble ter 41} 

We managerial and hnamul 
A e s el 5 or (Ms bank 1 * tub- 
imiarr- comnaniea and advising 
senior menagenwnc. Ideal 
srowMrtS. . , • - 

Stephens Selection 

25 Dover Si ie«. LswSonWlX 2RA.yu 
_ 01-9?.; 0517 jjfT 

m lttajuiuacBtCo nauJ iani5 wr 



■ Earl) r ■ dtfrdes. ambieiouc ud . hi 
working With alght experien 

In all aipecrs of railing, leelu^po 
tioo itt Senior Managernei* or posaH 
Partnership, Yorkshire Area. W* 
financial knowtadge i n many fi«Mt lr 
export and- computer baud accourtti 
systems. ExuUeat referenon prwWi 
Wr/te Box <9.6297. FlnonoM Tlmi 
10. Curnn Street. £C<P <flf. 


Tax specialist (SI), F.LAri 
f-T-j-f- A.I.T.I.. 28 years’ pr 
ftKionat experience • <7 wi 
■nieroational lawyers), comrih 
tor British Tax Review, Ne 
Law Journal, etc., seeks di« 
torsnip with commercial orja 
isation or inremattonaJ • c 
consultancy. * ' 

Wr 'J" A«l. n.-MKW rime 
tO Cannon Street. EC4P..4BY 


. -V. 

:« '-r.r,- 

. ' • • 

1 •'* ^ - >- ' ■ - 

• v , ' ’«**■• 

- *-'2£?5S*** 

* * 

■' * v— ' , > 

,r**~ ' * , ' > 

:•• ■ . .-rW. - 

. - ,-V •' _ .• '''■ ■ 

- • *' ..- S:* 

”.i. ■■/:?■* *' v *--/*; ' • 

• .4 a ... .v * .• -* ' 


• / W, 

v-- ^ 


r> ' ^ 

t'V-' > * 

r ;\<£££. .yyw ■:•* 

. ■ •* • 1' 7.* ^ v •'". •■ - ■ 

t. *, /<-■*% c - : c v : 

:' • ?. , -> * V'ir* • ' • * -.I f*-' * -*♦ 


But being Vblvo we couldn’t just sir back and reBLx.Sc 
were introducing an even better seat. W ; d. ;: 

Its mote contoured arid wrap-around with a longer 

restraints 30 ' softer. We’ve even refined the- 
lumbar st ipnort control. 

The way we look at it is this: the more 
heart-ache we have, the less back-achc you have. 

f'WcT ■?'; 

';X v v':4^v‘v . 
K* i r‘;,' v -vy : 


f * 








Call** '* " : " ■ 5f ^ 2i ® gfe 


SOME fiscal stimulus may be required m the UJC. to keep- the growth of the 
economy in the 3 to 4 per cent, range, says a report published lo-day. But 
continued prudence in demand management is needed if farther, progress 
is to be made in reducing the rate of inflation. The survey by the Organi- 
sation for Economic Co-operation and Development also effectively calls for 
a continued incomes policy, for flexibility in the setting and. implementation 
of monetary targets and. for policies which ease'* the upwardpres- 
sure on the exchange rate.” ■ *, . : ; 

DEMAND and output 

Percentage Volume Chang* from previous year 
(December estimate* Inb racket*) 

The organisation presents its tion of the appropriate size of the The' organisation argues that 
v 'Views in the context of cautiously surplus. . - . “to reduce the .rate of inflation 

-optimistic forecasts about the " Given the inevitable . deficit to more -acceptable levels. . the 
U.K. economy over the next year, of - the ■ whole, most promising approach may be 

•? w.iv. economy over uie next year, v ' njo« promisuig approach may 

--with a distinct recovery in too a ,.iul- h surpl lus wou^ Id one which— as over the last few 

domestic demand, but contlau- !?ta? e £[lll?JSf' * JSSSS? of years— aiined .at . achieving a 
sing high unemployment and a *3 British lar E e measure of consensus on 

H 1 ™ 1 }™ £™° 3 K S X£ S i ?'™S ible wa£ .?j nd rii"; 

strategy "“ ^R'binrtdifln 

_wlU best be based on the under- -Some increases ta domestic ^®S'rable increases in -real ■ in- 
handing that domestic and demand— and the policy stance' comes- without adding- conres- 
.. external requirements, judged needed to acVevc tt+may te con-, pomdiagly to Wage costs and thus 
. both in the -short- and medium- sistent with' the. .easing' 1 of the. to price inflation. - 
;itenn contexts, call for a con- upward pressure 'on the exchange " Af'the same time, the scope 
.*• trolled expansion, which only rate.- ‘ The strength of sterling is for a fiscal stimulus is dependent 
1 seeks to absorb economic slack a favourable feature in bringing on moderation of pay settlements 

Tax reduction could be beneficial m 
achieving desirable increases in. real incomes 
without adding correspondingly to wage, 
costs and thus to price; inflation . 

Private Consutiptreri 
Government Consumption 
; Fixed. -'.Investment; 

Public Sector 
• . Private Sector:- 

■ Final Domestic -Demand - • ■ 
-Change in stockhiraitfing*.. 
Compromise adjustment* 
-Total ■Domestic-Demand 

. Exports ;- ; 


Change in. Foreign balance* 1 
Gross. Domestic Product at 

■ market prices - : 

Real disposable -income . . 




- -Z\ ■ 


— 2 " 

- n ■■ 


+« (+10f) 

: +4 (+«) 

+* t+i) 




- +3- . <+2*) 

. +h: :<+i> 

+5- C+3jj 

■'•'+8 ' ■ • ' 
'*3- (+«) 

" " (+i) 

suggests that the recession and -creases for two yeara 
the favourable prices background the level of manufactiaTiigur^si 
should moderate settlements with. -ment, this year will stm be sot® 
a rise in average eiurnlngs dose .S-per, cent below Ihe lsro.P®®^ 
to 15 per cent in the private Investment in dmtributlon «n^ 
sector and about 14 per cent in wmyices. should also. continue w 
the economy as a whole. recover, though at a nmc* lower 

Hie decline in. Import prices ™^ fte ^^ in stoda 




<+ 4 i) 


In the second half of .last year;*. V7?f «f 1077 -stocks 

and the expected small rise m^the.seoond balf j WJggg" 
during this year are expected £0 forecast , r “®. .n 

exert & strong dampening effect » corn- 
on the growth of consumer prides be 

- . . • . - ■ # - slowdown ■ in the - ann ual .rale 

The- rise -in -consumer price* ■ arowuown - 

may continue to iterate StiS 3™^ ^ t e "betwve^ toe tiSo 

- : (+!)■; 





.*+ 21 ) 

-first half- 1 - but some .pick-up h vear- 

®*& in the- second half bemuse deterfora- 

of the .acceleration in the growth compcti- 

* As percentage of Gross Domestic Product in the previous 1 period. 

-5 run. O thb^joU on EcwnroJcCe-ofortalDD and Df-dopment; . 

“This may require some fiscal 
stimulus to prevent the slowdown 
':ta demand at present forecast far 
the second half of 1978 and to 
? keep the growth of real Gross 
r Domestic Product in the 3 to 4 
: per cent, range, 
r.' “But it will also call for 

rSfflSfiL P 1 " 0 *™ 5 * . 10 ™^ uci . nR down Inflation, but it is clearly after the end of Phase Three." 

a matter of some concern -in res- But it is difficult to provide 
- J 4 cn L f ri, il pect of its pffeett aon competitye- Ruidelines for mohelary policy 
a s to mamtaln com- ness and on the resumpUon of j n a situation where high cost 
-iPeDtiveness and ensure both a self-sustained growth." Inflation is counted with laree 

‘ l U a ed H hea «lt th - y b i lanc l°J pay " The survey notes earlier'OECD margins of slack^ and where c^i- 

„-n rommenf s ab0 *t *he risk that an siderable uncertainties attach to 
' 1 appreciation would discourage exchange rate developments. 

2 mvestmeot. further diminish the In 1 view of the uncertainties : 
T expansion of activity uould be competitiveness of British goods a iso attaching - to ■ the basic 
ISSST^r^gS and ultimately ' contribute to the monetary, relationships, it wav 
nartncr5 d abou^wa"cs t and orici ! low -P™^ 85 - of de-industrialfta- desirable ■ to' be’ flexible ' about 
SStirei SiJtim Sft tte bon ,n the M0n , 0my as a whole - monetary targets, taking as a base 

simultaneous achievement *t va 7}*!! nd C ?™ l £lT D f S S***!^- '*2SJE2 q S 
crowinc livinn standards and va li°- and ln ,vte w of recent. AlsOj it may. be appropriate to 
dimin?s E hin*r inflation " ^ exchange rate changes, rather consider a move to targets of a 
01 There are severe! reasons why Passing in both the short- and roll-over kind on perhaps a half-, 
an uoEira in artivirf is now medium-term contexts." yearly basis. 

• appropriate, including'the heavy One important justification for . T^e survey suggests that the' 
- -social and economic costs of continued prudence in demand medium-term gi-owth scenario 
high unemioyment and the bene- management is' that the rate of outlined fn the March, 1977 study 
: ficial effects of a recovery on price increases is expected to ^ the U K. economy is still 
profits and the rate of produc- remain well above the OECD broadly valid. This indicated an 
"tive investment. average, and,- reflecting. the. prob- annual rate of growth of Gross: 

The organisation suggests that able, increase in labour costs Domestic Product of about 31 per. 
■’although “the external position under 1 Phase . Three, some -in- cent, fescluding North Sea oil) 
:ix still vulnerable and the main- crease in the rate. of inflation between 1977 and 1982, which 
" tenance of a current account sur- may be apparent In . the second could be consistent- -with a .ion- 
: .'j>lus is desirable, there is a ques- half of the year. tinumg large balance of payments. 

surplus and with a-^gnidual reduc- 
tion in the unemployment rate 
to almost- 3 per cent by the end 
uf the period, 

But this- rate .of growth 
assumes price competitiveness 
during the. period staying at least 
at the level -attained., in early 
2977.- Since -then,- the competi- 
tive -position! of British products 
had deteriorated — the relative 
average . -value -a£ exports of 
manufacturers -bad increased by 
about 10 per 1 cent: ... 

. . The OECD ' assessment also 
indicates a slight downgrading 
of the estimated Impact of North 
Sea -oil on the balance of pay-, 
meats. The effect do the -current , 
balance this year- is estimated' 
at $44bR.v (at- 1977 prices) this 
year,-, compared with a projected 
S4.9bn. on a nbmiax price basis 

year ago. 

-.-.The respective figures .for. -the 
next few years . are ■ S7thn.- 
f-SS.Shn.) in 1880. SSJhn. 
(S10.6bn;) In 1982. and- S9§bn. 1 
(S11.8bn.) in 1985. 

The estimated contribution of 
North Sea. oil to -the growth of 
Gross Domestic Product is now 
estimated to be closer to } per 
cent (of Gross Domestic Product 
at 1970 prices) than f per cent 

The main change in these pro- 
jections. 1 compared with those 
published- by the OECD; in its 
overall: Economic Outlook last 
December. 1 Is: the' downgrading 
of the' projected current account . 
surplus this year from S3.4bn. 

,to;S3|bn. with -less favdofahle 
export ancf import volume trends. 
Total domestic demand is pro- 
jected to tie slightly more 
buoyant than estimated pre- 
viously- — up 3 per cent rather 
’than 2% per cent 
. The OECD Secretariat says 
that while great uncertainties 
are still attached to a. number of 
elements, ^-particularly on -the 

wage-price front, this ye ar sh ould 
witness a- pick-up in activity and 
a growth rate in output ■ which, 
for the 1 . first time since 1973, 
would be close to those oF the 

potential expansion of the 

.This, is defined as close to. a 
2i to' 3 per.: .cent ■ annual rate., 
including about i per cent, from 
North Sea oil,- 

- JEhe survey r in -agreement with 
'official thinking about, a likely 
continuation of underspending of 
planned pubUc expenditure, fore- 
casts a rise jn public consumption 
of. some .1$. per cent this year, 
but no -change in. public 1 inv.est- 
raenL ... 

. Coupled, with a large increase 
in tax -receipts, this may lead to 
.a small, fall in the -budget- deficit 
and of- the' borrowing require- 
ment .as. d .percentage .of Grass 
Domestic Product, which suggests 
that the Stance of .fiscal 'policy 
will, re pain rather restrictive 
over the forecast period. . . . 

On inflation, the- Secretariat 
recognises the considerable un- 
certainty over forecasting, but 

«-«*<*, »- 'T** 

Private - consumption, which re*. • ^ 
covered somewhat^ in- the latter . ; > TU scODe TOT a fiscal 
parttof last v yearj may continue ■ ... *. , j ■ ■ i 

to do so in the first half of 'this v - s tim ulus IS depCnCrcllt 

T«e« moderation of pay 

December tax rebate^ was prob- - £Ild 01 Phase lTiFee 
ably saved. The volume of Junufc V- ; - - • 

bold savings was therefore. prob-'. ■ • 

ably. relatively high at.. the start !-tive.' position- m : the 

of this year and some rundown -By the end' of this year thia may 
may take place early in the year, at best be abouttbe sameievei 
In -the second half of this year/as ‘at- the begtimiugor » 
the- acceleration, in : tbo rise Iti little before toe pronounced _ up- 

consumer prices is expected cotf-^MKg? in .imports. ■ . ■. 

sideraWy to reduce the growth: t Largely as a . res y ^ t£r 

In real average earnings. Assum- ^iWRfi growth . or 

ing no significant further fali in eluding oil) is expeaea to 

the savings ratio — which, at decelerate dunng 

about 23} per cent, will still beT* rate somewhat below tne 

abote its longer .term trend^thc growth of markets. However, 

growth of Teal - j consumers^:, ex-'tt**. - stiH compares favouraDiy 

penditure should decelerate .with the longer-term CTena of an 

quite sharply to an annual rate annual Joss of market snares or 

close to 2* per cent some 4 to 5 per cent. 

If these trends m aterialise, ffie Hefiecti ng the. recovery to 
level of private consumption in flomestic^ ^ -demand ^ as welMS toe 
the second half of this year win ,-wqraqnrng m the competitsve 
exceed the peak level reached- to position, the volume rise or 
1973_ ^ imports (excluding oil) is ex- 

An major private investment pected to remain, substantial. -Thq 
components are expected ' to lh- rise in non-noil imports, in 
crease at a relatively rapid pace.- volume termR ove r 10 

The forecast assumes that, given pec cent., during this year. •• 
tBe large margfb of unuun^d ’ 'Thus despite- the- favourable 
capacity.' manufacturing invest-' effects of increasing North Sea 
ment will ' increase around 12 per '.Oil production, the real foreign 
cent, -much less than the 17 per balance is predicted to- exert a 
cent suggested in the first .Wto small -negative influence on- the 
vey 'made- last summer; with toe' 'growth' of Gross 1 Domestic 
bulk; as In the previous year. Product this year. However, -a; 
taking the form of replacement further relatively large Improve-' 
Investment. ment in the terms of traders 

Despite 1 relatively large ihr expected this year, 'partly b^' 

cause commodity prices are not 
likely to rise much this may 
largely, offset the deterioration Q f 
the real foreign balance and 
F :lead to a current account surplus 
of about $2|bn. : «■ 

Gross Domestic Product is 
expected to rise by about 2} 
per cent this year, but with the 
annual rate of growth decelerat- 
ing to a little over: 2 per cent 
to- the second half uf the year. 
-All these projections: are on the 
basis of unchanged polities, thus 
taking no account of any budget 
boost. 1 ^ 

- With demand larg ely, led by 

a recovery m private cqusump- 

tion and investment, inanuf&e. 
hiring production Is- expected- to 
Increase at a somewhat- faster 
rate than Gross Domestic Pro- 
duct during Ibis' year.; But by 
the end of the year, it wall still 
be - somewhat below the peak 
level of 1973. 

■. The labour force is expected 
■ to rise quite rapidly because -4f 
population effects, "but this ctrald 

be .partly offset by a . slower 
grbWth of female 1 participation 
rates. These .h»wi been on - a 
strong upward tntofl fa the last 
25 years but are llkoly to have 
been adversely affected by the 
-high level of- ucfemploymnt •• 

' Consequently, the OECD Sec- 
retariat assumes a rate of growth 
of the labbur force" of alkiut i 
per Cent; during >thia year, 
i slightly- bek»w the rate exper- 
ienced in the last few years. 

Because of difficulties in esti- 
mating productvity growth since 
the early 1970s and' because of 
the various, employment -schemes 
—estimated to have kept 205. 000 
people off the unemployment 
register in mid-January, this 
year, afte raHowfijg for displace- 
ment r , and under-regfstration — 
there'- are ‘greater margins of 
error than -in the past in fore- 
casting changes in employment 
.Owing to, the lagged response 
to falling output in the first half 
of last year and a recovery of 
'output biased -in favour of high 
productivity growth sectors, not- 
ably manufacturing, the Forecast 
assumes that emplovment will 
.falj in the year .to first half of 
this year. In the second half, 
employment is expected, to rise a 
little, but the adult unemploy- 
ment rate will probably, stabilise 
at" slightly over the current rate, 
at some 6 to 61 per cent. 


Limited scope 
for tax cuts 

as a 

• .THE IMMEDIATE scope for tax savings, which will probably be 
:.,euts as a stimulus to domestic fairly temporary. 1 Over 1 the 

demand is clearly limited by longer-term the present fiistoric- 
. . balance of payments considera- ally high rate of saving will 
". .tlons in view .of toe relatively -probably fall if consumers are 
. sluggish expansion of the world encouraged by a continuing 
. economy and . toe U.K.'s poor decline in the rate of inflation, 
record for efficiency and service. The year-on-year increase in 
This is the central conclusion retail prices should continue to 
'•of the economic assessment in the fall for some time. By the 
latest issue of the Bank of summer, the increase — fraction- 
England quarterly bulletin pub- a n y below 20 per cent in 

• lished this morning. January— should be signi&camly 

The bank argues that toe need below that figure. 

•• for caution over a fiscal stimulus The Bank says the prospects 
arises less From domestic con- f or next year are difficult to 

■ siderat ions than from the inter- estimate. With favourable 
national context Failure to pro- assumptions ahout inflation, con- 

- 1 v *“® ,or a surplus on current gurnet spending might continue 
-.account could risk unsettling f 0 increase as rapidly as this 
external confidence. yoan 

« « 1 It seems likely that exports 

■ \_.OIlIlu£I)C6 will grow less fast than world 

-- It suggests that after four trade, which itself may be grow- 
' years of stagnation and rising ing at a rate still somewhat 
: : unemployment, it is clearly desir- slower than normal, but they 


With individuals rereiving large income tax rebates at toe end of last year 
■ to ' grow quite fait despite list October’s -change in ' intervention policy. 

sterling M> continued' 

Cm. seasonally adjusted mid-month 

Oct 1976. 




Oct 1977- 

Jan. 1977 

' Apr. 1977 

July 1977 

Oct V977 . . 


Central government, borrowing 

- - - 

. . . 



- ‘ ..-MM ; 


+ 540 


Net -purchases (7*) of dmtriii-- 

• ■ '• 7 

government debt by ■- . 

-• - ' - 

! • P . ^ 

non-bank, private sector. 

' —-2JOT r- 


*- -^1,675 

—2,380 ' 


Other public sector* , . . 

+ 630 


:-t+ 155 

+•■750 : 

. ^ fas 

Bank lending in. rterling tot ‘ 

•* -•* ' ’• V. 

■ ^ ■ '* ■■ " ’• 

; -■* - - • “ -v 

a : - 7 

U.K. private sectorf . . 

•’ + '99S : 

' -r.i120-; 


+1-340 • 

- +'790 

.Overseas L 


-f X 

■ - + 160 

•+ 210- : 

■ + -225,' 

Domestic credit expansion - 

- 260 

• - * 75 

4- 755 

+ 360 ; • 

+ 760 

External and foreign' currency ' 

• -• 

" '* 

finance (increase — ). 

+•’ 255 • 

+ 675 -. 

' ' + 935' 


+ 700- 


' — 235 


- 625 

•- • 95 ' 

+ '205 

Sterling M» 

- MO 

+ -sis 

' +1,065 . 


. +1^«. 

Percentage change in sterling M>- 

- 0.6 . 

+ .13 


+ 43 

+ 3.9 


+ 235' 

+ 765 

+ 845 

+ 1380 

: +1,205 

Percentage change in M> 

+ 13 

+ « -. 

. + 4.4 

+ 7.9 " 

+ 5.6 



£ millions: in. 1977 trade values 

-Current balance' 

. -» _■ 

P Short-term " flows: 
Non-official gilt-edged 
holdings - 
Sterling holdings of: 
Central monetary - 
• institutions 


Otlw^gMe sector tsww> t| H^ihWiwt, less py rt w w of other paWlc sector debt by dir privet* MKXer (edMr 

cn nu wcW bHU held, by the tune Department of tbo Bank of England. 

Overseas inflows still 
affecting money supply 

.balance , for official financing— ©•hfer sTtfcfc-tqpn 
the -Vera in •- tha_ payments transactions 1 
. accounts . which combines.' the Balancing item - - v 
total, impact of .-nurrent and . - ... 

-capital account, movements. - “otal short-term flows 
The Bulletin says that,- while Other “ structural " flowY> 
the scale of inflows- was large 
last year, it was by no means Balance for official 
unprecedented. The Bank has financing 
carried out an exercise which - - 

adjusts movements in earlier 
years. to allow for the growth in . - 

the value of transactions, as a stronger current ; balance, influence 




. 1977 

+ 3,667 

+ 394 


+ ‘ JS 

+ ■ '.28Q 

.+ 338 

+ 139 

+ 979 

•.+ 2339'- 

+ 751 


+ 153 

+" 2^2f 

^ 285 

+ 305 

+ M71 

‘ I- '" ' 

' ' ' 

' ‘ " - 

+ 652 

: - 795 

- 325 

- 355 

.+ 300 

— 986 

— 579 

+ 121 

;+ 873 


+ 341 


+ 6345 




+ 208 



+2.43 3 

+1^740 —3,939 -4£3S +7,343 

, _ . _ - - . last year which did 

measured approximately by the Capital flows were of roughly the not exist in 1971 was the effect 
c hange in trade values. same -magnitude, bur the proper- of the exchange control restrfe- 

Tms- shows that “flows in 1971- tion of short-term. flows in 1972 tions on the sterling finance of 
7?. also a time of changing was .greater; including a much third country trade, introduced 
fortunes for sterling and the faster .build-up of official sterling to late 1976. . 

doHar. were _ comparable with balance*. .. “These were estimated fo 

those In 1977. The- smaii growth in official have brought about a once-for-all 

comparing last year with 1971 holdings - last year reflected the inflow ef about £lbn • by the 
on this basis shows, that the success o£ steps to reduce the middle of 1977 as' UJC 

able that there should now he a should still grow faster than this THE U.K. money supply has little change in the rate of .Sales of certificates of tax 
phase of expansion, at a pace year. continued to be affected by to- growth of hank lending to deposit, exceptionally high in toe 

that can be sustained. At flows from abroad in recent sterling to toe private -sector, three month* to mid-October, fell 

present, renewed expansion at a Unclear months, though on a much The underlying rate of bfl ck in the foliowing two months 

Hioderate pace should not give „ . smaller scale than in the period growth has remained at', about as tiieic rates hecame less corn- 

rise to inflationary pressures. This ^ indicates a highly before the pound was allowed to 1 pe r cent, a month during the petitive. In January, certificates 
"While a fiscal stimulus would H nc |® a ^ °*u „ l- e 7 pans,1 " n float upwards at the end of current financial year. began to he surrendered to meet 

enlarge toe public sector bor- ,n 18 l?‘ ^ T P e BanK * forecasts October. “But this disguises the fact tft x payments, and toe private 

•'rowing requirement, a moderate surest war one possibility is The Bank says that the growth that, in real terras bank lending' Mcr or also corjtinued to run 
stimulus would appear com- that expansion will prove to be 0 f sterling money stock on the has recently started to rise down its holdings of Treasury 
“ patible with maintaining control significantly more rapid than this wider definition (M3) has con- rather than fall The rate of bills. 

-, owr the growth of the monetary !W which would be an argu- tinued to run at rates above toe Nation has declined over, toe On a calendar basis. ’ the 

aggregates. official target range for the ycar f rom arount j ij.iper Builetin shows' that in’ the 

- . “Success here, however, win stimulus to the economy at this current year of D-l 3 percent- cent, a- month to soirietBihx December quarter the 1 authori- 

depend on maintaining the pre- . The decision to allow toe ar0U nd 4 per cent, bringing ties sold £2.075bn.' net of stock. MAIN causes, of toe 

seat climate of financial confi- balance is likely, pound to rise reduced the- con- -0bwri with it the growth of firm* bringing the’ tofaf“for' tfie‘ firet ■ pTesent “ recession ' are 

dence: for ihis the composition, to strengthen, mainly because of trihutinn of external finance to working capital needs" nine months of the financial vear plated in a discussion paper 

as well as the sire, of any fiscal North Sea oil and there may be sterling M3 between November the *£!£> months to mid- *6 SSn Compared wito Published to toe bulletin. They 

package would he relevant. a su nJbi*- 35 compared with a and January by about half, co% j anaary; & s i n the two Drevious £4.63bn. in the eorresoondlng are “ increase in private savings 

-in contrast to l_ In "^TS 'SX', nr PS i-tK™ period 

balance for official financing was role of. ateriing -as a reserve merchants switched to foreign 
large in 1971, mainly because of currency^.; -Another important currency financing."' ' 


keys are 
and sayings 

. . FACTORS contributing to the shortfall of GDP 

IN 1 975-77 FROM THE " HIGH EMPLOYMENT " TREND OF 1963-74 1 

Percentage contributions to the difference between actual and “ KTah 
employment ” GDP In 1975-77.- . 

From act private 



1 financial " saving: 





Government .spending. _ tax re- . There are reasons for doubt- months- The latest three-month h^win^req'ltiremenrw^Inore ^ ricc8 caused by.;. the igrarA " = ; 

figure includes toe effects of the ^ : long-dated stocks boom in world dommodi tv" n rices.' From_flscti defied 

From balance payments? _ 

• Higbek' relative import prices -45 

- _ High er vo lume/ Import penetration ^ _ — 7J 

Lower export volume due to shortfaJl of ' 

world output below trend — g 

Difference between trend output growth 
• -overteas and trend growth in UJC. +8J 

Other factors affecting exports ' +g 

ductions could be helpful, both ing whether there would neces- figure includes toe effects of toe ■ffiVn'coVered^hv «ie« rw1SniroL boom in world commodity" prices, 

in maintaining moderation in sanly be a further improvement heavy foreign exchange interven- SrornS dJb? nf SiS ? S W er was by Mr 

pay settlements and In marking next year In spue of a rise in tion id the second half of bankinv sectnr° l nwn A«»h fS" 1 , Medium-dated to Christopher Taylor of the Bank's 

5v^5 s f,'«oS s, S - ,n — ^ N - ort 5^., cn ™ h - u iL' > .".-. .. "“ST- .... S^ re T e '°„ r w JSJSffi ft— V 

Etrengtheo the prospects 
economy in the 
- longer-term 

. In a discussion 01 rne econo- p"ris «c »»■:,« iu rise mure nanits says mat “external in- fnr „ ; i t • h _ 0 h“ -^t. k;- - naoer for th» nanol ha* ho on " “b—— --«* 

mic outlook, toe Bank still fore- rapidly in volume than -exports flows have stiU--tonuEh tn a f ° ,5. I , lt ^ d ? pdl w,1 b expectations £85ra. respectively m market L a . p ^f -5?™* output. Percentages 

Effect of GDP shortfall on unemployment 


Remainder (policy changes) 

shortfall. - • ~ ! " 

' +15 



GDP below high employ. 




made public and the Bank 

tho'e of Mr. Tavlor. 

The paper identifies toe princi- 
pal components of total demand 
hi real terms and assesses how 

,-UUfc 1/uuui'B. me U«U» own mit- *■!»»« — - ......... —f-". ■“ nuns liair Kl ill- — thnugb ill a fallinn . ' 

r.aees a significant pick-up in the and the same is likely to be true much smaller extent than earlier 01 raJun ® IQ terest rates. 

! economy this year, though on in 1979. —been adding to the expan- 

..the hasis of present policies It This year, the underlying sionary pressures on sterling M3. 

.may he at first somewhat less trend will prnhably be masked - “Allhough the exchanpe rate 
rapid than thought earlier. • not only by the effect of North has no longer been held down 
The recovery in consumer de* Sea oil; but — even more impor- at a . fixed level, a degree of 

mand. now apparently under tant— by a large improvement Intervention has continued in 

.way. seems set to continue, and in the-terms of trade order to maintain toe orderliness 

;as a result real consumption by This can hardly he repeated of the. foreign exchange markets.” 

-.the second half of this ycar and there may well be a partial Thk involved buying and THE- wort n t« ri«» mom ei^i^'+h^ i.-j#- • 

: .S5“ T b e Vr earlier' bieher 2? on “ Iin S d ^ larS ff But “ *• «?}? 0f ; ^ted to continue T^Jd id rising intere^st nac. xaymr manes tne qu, 

“^^ie other 9 components of ex- to ^ 

indicates that the relevant factor was tending to depress 
”* ” heavily rounded. - The difference between the 

emphasises tta.Uie vie W s are "‘°"™ - *« «-T.*i 

economy could continue 

ceswun i 1 uui me nrner .ispvi-m j _ “■ i was 1 another depress- 

perlod in which output and un- Si” l ap*r»lattfa!y well Stoe ^“Jp^utlng 7} ptr 

employment were nearer full hihJr^ tJ t0 Terence in GDP 

employment levels. ?E2®£*5L«^ CCOU ^ t for between two periods. 

is T SM 

- oenditure are also likelv to eon- iar-e as this vear " H 1 ® ** l,ctin - prospects "ti»t housing The most' likely pros- aggregate demand he does not not , di ®. cuitl - tD find - Plausible propensities: and export rttids 

penditure are also likeb to con- be as lar.e as this year. . ^ .*£j? £* V^L**™!** , to ****.** other causes _*>een a falrly^a^S 

.^tribute modestly to demand. The- bulletin repeats the call 
-though the growth of exports for a continuing current account sales. 

will probably be less rapid than surplus since, although debt may Moreover, the external finance 
-over the last 12 months. . . . ... 

exceeded last ere not good. growth -. than last year's rate* oi of high unemployment in recent * mpact of rapid inflation on real perience amtmg ^ indusrtsliscd 

The Bank is doubtful whether ® _ year*— such as. increases in real '.V e . _ ,n P?**®?® 1 countries in toe post-war neriod. 

post-war period. 

^«SKrto£- M S& Ae' 

■Governmept wages effecting the demand for ??, c . tor on c o m Pany profita- 

But to the extent that weak .The short fall 1 of overseas on> depressing demand" by 4*i'"'per 

‘.Uncertainties ••■g * m .nd^veT B 'ffi,- *nm fth«.«ft «ni« trend j» 

The nse in demand will not _ _M es . Tn{ . n , corM -iiidiK u-ith ^* en oa f. Surpluses j n the open economies of Europe, £ u S ei * a . m °derateiy stimulatory cause of the recession, it is im- ®ost important single factor feature peculinr tn fho 

;§e fully reflected in toe higher ^ l^oMhe an y® fi « ts in *e sterling money world trade may grmj SSS bu . d set in support. 1 The bank portant to examine In some tending to depress U.K: activity, y^ra ^ t0 ** last 

domestic output, because im- V coVtinutog to ex- JVlSSLri than the depressed rate of P° ints out - however, that,- ” the detail, where the deficiencies have through its effect on exports. . . Mr. Taylor points out- “Brine 

-ports are likely to rise consider- 10 expected to have their counter- 19 77. outlook for private and particu- occurred." . However. ..toe faster ' trend a ■ relatiw 

“ably faster than last year. . ^1. part .- aImf ) st ^irely m overse^ Fikcal poIicy |n ^ ^ Ww spending Is Overall there .was a 6.75 per growth abroad compared %h must lie ma" “in the 

expected to he particularly 1. (ll „ ., . cent- shortfall in the components the U.K. was. -just sufficient to rise which occurred between 

stimulating overall, in spite of •to? h 22 s i LSSIJ2fT th ® 11 auth0T ' ip oF demand In toe recession com- offset toe shortfall, and recent 1972 and 1974 in toe ratio of 

7 ; ssa-rsa " 3 : lf S*®? vrt ■ as 

“ =?“- -sstaf"-. artis: jn* 

a ^ ?*4iS r n t c M pared W1U ‘ 

“domestic output, because ... ... 

expected \o have Their counter- 1977. 
, ^ part almost entirely in overseas 

::.The bulletin draws attention ", m^t C r^. UI tL - an 5^ sterling deposits and toe banks' 

lio toe uncertainties, notably over th *! c ?. untry f 5° net foreign currency posltion. r 

:mv, toouch it succests that after m< I ve • ,ine * . ine There were also, nuturii 

asrrf ssaa c s era - - 

war*, drift earnineis Proceed cauuousij. 

Bank of Enpland Quarterly 
Bulletin; Vnlmrme 18. Nd- 2; 

Morrh, "T978: Ermumic Intelli- 
gence Peporitn^rit. Bank of 
England, London EC2R 8AH. 

and other wage drift, earniogs 
seem likely to rire by 13 per cent, 
or more during rhe present wage 
round _ 

The first impact of higher real 
'Incomes has been a rise in 

heavy end-year 
foreign payments. “Such swaps, 
especially short-dated ones, are 

asHr»"K 5 - ■gjssj'.sjaasss sz* 

ficKil ' T7..1 1 uaujimh cuunuies 

- In spite* of last year’s tail fa fiGca J < * ra ®* 64X5 .toe Buliettp" achieve 
interest ' rates,., there Ms been T Consumptioa. is toe UJ£; Stay balance 


3 £* * 

*• %% 


SiliL ilsL i 

V. # ; 




MPs applaud Booth 
deal over jobs 

BY IVOR OWB*p paruamentary staff 

Peers differ 
on threat 
oi Scottish 

Davies gives assurance 
on trustee banks power 


By Philip Rawstome 

—and its 
cries of 

WHEN THE broadcasting of 

A ’FURTHER assurance that the always engaged in mortgage lend- they may not have had the power 

greater freedom now enjoyed by ing and became a trustee savings so to do. But the loans them- 

whtt.f. Britain „ . the M trustees savings banks will bank only on the understanding selves are valid, and, in the 

inform the EEr Chmmi«£2? small firms of this THE .Scottish Nationalist threat not result in them undertaking that its mortgage lending policy event of a default the security 

a quarterly SS£ iSSStoFbS JFJSrS* S’SEJ *“* t0 to the unity of Britain was more extensive borrowing on tS could continueT would be enforceable so that the 

up oflhe mSaS^S^Si for firture^loyment prospects Serous than the country’s money^ markets wu given by «- Davles cta te d that at the loan * * recoverable." 

Employment Subsidy, the Gov- Evans (Lab Newton) that the The schemes »nrmnnpf>r? hv Mr recurrent economic crises. Lord Mr-Denzil Davies, Treasury fjme of the conversion to the Welcoming the Bill from the Parliament h«8ins after Easter, 

?™“^eeps the right to deridfe modified scheme -was not subject Booth Suldha^EextoiSd P2 ,beU *°L Croy (C,) tol<i SfiiSitf Stat8 ' ^ Commons Birmingham Municipal Trusti* OpposiUon front bench Mr. Peter fo perforr^inLctfn"' aaa^coShier 

individual applications, Me, 'to' veto by the EEC Council of to all areas. amallfirmTwnind y wterda 5'- . • llJght ‘ - Savings Bank on April 1, 1976, Tapsell, a Conservative Treasury V.ffSHT 

Albert Booth, Employment Secier Employment Ministers. be heSd^more tta^mythina Opening the second day’s J» e Trustee Savings Banks advances secured by mortgage spokesman. .pointed out that the tJIimL'SS 

' U “ ' C ~— *^J*S*^ «" deba’SZthe ScoUan d _m tt. S SS^eST gOSS £ JSS& ^ „ , / 

speaking at a Parliamentary 

■tary, assured 

y8 SSi t ^ W* » * e ***** men t Protectio n Act “The help fiJS 

complaints. from ■■ anti- for more fundamental — - - tn **- 

w ^ - damentai action^ are Sring is-rather like id That the SNP wimtedlhe regard to investment and no* some £2Jhn. in loans secured by tags movement to have achieved 

•Marketeers about EEC. "inter- improve the employment posi- Juronfyour toot m the of BrfSta - •■«•. Ending, was given an mortgages. * B™wtb in real terms Tn the post- 

ference” with the Government's tinn Mr Booth replied that a tar whi?h _ _ . onoppo sed second reading. Because of the doubts about war inflationary years. ^ “ n 1° 

+C ii r . >-u*i 6 .aLui«uvua w icvuuuuu ui uw Tv»n ui uu- Kepiyin g to Mr rriors point ^ — - “v*** — comusion ere axe a dv me tact *" U1C uiuiigaec iu<ma tuuwiucu uum iwue m uai«uug — »»= tv 

me Munster on the success he employment of the extent desired about tfao Employment Protec- ^ United Nations and the ^ the 1976 Trustee Savings required to be validated retro- likely to extend their mortgage in history for its character m hn 
bad achieved in the negotiations by the Government. . tion Act' Mr Booth said: “I have P° weT t0 “anage its . own Banks Act left it unclear whether spectively. lending operations on a scale ihic - 

in-Bruneia. • '■ Mr. James Prior, shadow Em- never Men' a solution to the economic affairs and taxes. 1 " " 

Mr. Douglas Jay <I*ab, Batter- ployment . Setaretaty; -said that country’s unemploym eta problem declared. 

sea N-) summed op th e feelings without special Government in creating second-class workers Lord Campbell said that the Ttu , BIU .a,,. the validated but the actual granting societies. have characterised the' chamber 

of the ant>Marketeers by stress- measures, the number of people i n small firms” SNP had placed the Government ,—SL of the loans. “The trustees of If this was the aim of the ^ sr nf 

that BIr. Booth deserved out of work would be approach- The reason for extending the in a dflemma. But be suggested JhmwS i?t£ to” *** ® irr ? ineh 2? n Municipal TYus- trustee savings banks, said Mr- « n *rie? 

.v ^ I — - - -• ■■ * ro oorrow anu ai me same cme, tee Savings Bank might other- Tap sell, assurance would be 

be or not they had the 7 powers to He emphasised that it was not which .would bring them into ^Crta^of M^sb°Sd°aii-er 
borrow - S ?® Wltb 1116 bUlldinS of agreement and* disagreement! 

ing __ 

that 35 tag 2m. The Govenment was schemed only in development that the attempt to resolve it by tairodd^ed "^de^ua7e “• savings uanK nugnt outer- lupsea, assurance would De - vvhat the public must not be 

a resu 1 1 of the £300m. programme now supporting up to 40QJHK) areas and partnership areas was the devolution measures could for the exercise of this nower w * se be beba 10 ^ ave acted in needed that they possessed the tQ f Qrge t an j this is 

of new and expanded- job people. that unemployment was higher increase the daneere of ,v breach of trust In advancing necessary skills to operate in this „here 1 toUev* the Pres i ft. , 

measures mtiuduced by the Problems In the textile, cloth- in those DlawJ“We stfli think *5® Master ? tre f sed - tb . a . t loans secured by mortgages when entirely new field, iSf* 

hardly any worse 
there bad been no 

SSrSf ■“"-"Si 15 ^and fpotwe^ Maries were WTSTnt SSKS n3SE STlSC 

if Scotland, he 
the Government’s 

off than if structural, and . could not ba wMcii ^offSSfiffjSmSTS Wtt VSSL' P 2S2iL bF f»S! 

interference solved with temporaiymeasures. ence in^Sploy^L” . Sf T “gSSSIS SJii S5HS™5?ffiL 

Liberals set to oppose 

^^ ^taster stre?se d that toe loans secured by mortgages when entirely new field, 

Du Cann seeks answers 
on pensions funding 

-■ m ucimaiLa, miu mr. j/avies. uic ucuui m ujo i^uau/u iuuuo partment said the question of , 

’f 5 He described how difficulties created by inflation, he declared, funding was verv important. He t0 raise tae election deposit 
J? arising over mortgage lending At a public meeting of the ' waa tnjdns advice from Govern- from £150 to £500 was 5 iveQ a 

8 ^ Engla ™ 1 ’ by .the Birmingham Municipal committee, Mr. du Cann urged meo t actuaries. 

Trustee Savings Bank had made the Treasury to be "extremely 

first reading in the Commons 
yesterday. Voting was 15S to 60, 

introduced by the Problems In the textile, cloth- in“those“Hla^r' ““we" itn ftltak separatism. Change and adjust- trustee b^“woufd nox ,oans SBCUre<x oy ges wuc euui«» uew aciu, role t0 play __is that despite the 

" ’ ' "" ^ noise no one is ever prevented 

from getting bis view expressed” 

proposals mode of operations so that they I #11 1.51111] SCCK.S illlSWCFS Mr. Thomas said some MPs r.nt 

would require considerable revi- became wholesale banks. * often heard on the radio misht 

sion and improvement “ We ' The Treasury had reached • f 1 * still be playing a full part in sus- 

must not dash headlong into a agreement with the Trustee AT) nAtlClAllC tllTI f) ITlf) taining Parliamentary democrac>-. 

constitutional muddle,” he said Savings Banks Central Board on "JU pvUDll/UiJ lUiiUlliw - “It is a mistake, in my own judg- 

Libera] peer Lord Beaumont how its powers of control over ment. to ni.-.sure the contribti- 

abandoned his party’s federalist trustee savings banks’ borrowing BY LYNTON McLAIN, INDUSTRIAL STAFF tion made to our democracy by 

w -m « policy to support independence afcouW be exercised _— «« , n the publicity which a Member' is 

. J tar SotLni SeparetL™ wMld “It will be made clear to the THE FUTURE funding of Mr. du Cann said it was vital able to sain," he said. 

II flit* K Al*nAF EnSInd rheaTto ^ x£riho- trustee savings banks that they nationalised industry pensions to know whether tiie “ botch- 

Ttlll IV UAUd. mid ^ vtmmid will be allowed to do only a very was likely to be questioned by potch of fully funded pension 

limited amount of money market Parliament, Mr. Edward dn Cana, funds were really necessary, and T-fiahpr plppflOl 
~“ p tae movement towards a jjQjxtovyjnj an^ ^ e y would chairman of the Commons Public whether all the schemes should AX-l^UCA vlvLUUU 

BY RUPERT CORNWELL, lorry cTAix • J 0 ®, 1 “would be jjonnally be expected to borrow Accounts Committee, said yester- be index-linked to the rate of j •, i v j 

BY RUPERT CORNWELL, LOMY STAFF , • good for Scotland itsell on ^ money only to day. inflation." deDOSlt DaCKed 

' . ^ “The Scots coiudj n °t govern cover temporary liquidity crises Over £2 bn. of Treasury grants ci r p eter Baldwin. Permanent ” 

THE LIBERALS are causing and are now objecting to detailed cera to give proof of its tade-‘ . w .® brought on by sharp withdrawals were likely to be needed to meet Secretarv-to the TransDort De- ^ BILL sponsored by Mr. 

embarrassment for the Govern-, provisions setting up local boards pendence from, and influence h,,ve governed them. Britain a of deposits," said Mr. Davies. the deficit in the pension funds Dartment the auMtion of Crev i 1 Ie Janner (Lab., Leicester 

ment by threatening to vote to administer tiie. scheme. These upon, the Labour Government, economic and financial policies « «-- - -- J — • — J q * v - -» — - : - 

against a Parliamentary Order would deal with employers and In preparation for dif 0 - 1 «nmtio had invariaDiy been geared 
that would implement the pro* organise' recruitment jnf labour, from the pact and 

visions of the Dock WorkRegUla- Mr. Booth, however, is under general election. . .. . ... . „ — «««. _ . t, ^ - 

tion Bill of 1976. pressure from dock union leaders Should the Government find w a G,,*. d it necessary to Include a provi- prompt " in giving its conclusions _ “ recent years, the British a majority of 9S. 

The measure produced a Com- to speed matters iipj "Last Fri- it impossible to get amajority sdon in the Bill putting beyond on a review of the future of the Ra J 1 ta 11 ® 1 had produced no M ri j^ner said that the 

mons battle at the time, and was day he said in the Commons he for the 60-clause electricity mea- doubt the powers of the trustee grants to meet deficits in the return but as inflation fell. Sir National Front was set to put 

only carried after a Labour back- intended to go ahead “soon" sure, it will be virtually obliged 5* W?“r a savings' banks to lend long term British Rail pension fund. Peter hoped it would again give up 300 candidates in constituen- 

bench rebellion which forced the with the Order, and ..this was to come up with an abridged ver- ue a nrsr **■“ 10 on th e security of a mortgage. The fund would be worth up a positive return. Qigg where there was not the 

dockers’ exclusive “corridors” re-iterated last "night -' 1 by his sion dealing only with compensa- ™P- , bnnthpr The Birmingham Municipal to £lba in the decade to 1986. Mr. du Cann was worried that slightest chance of saving their 

around ports to be reduced from department tion for the Drax B power sta- m {b^ airti ourft tapRUl Trustee Savings Bank was the Already, “vast sums of money the Department of Transport had deposit. Bv doing this, the Front 

five miles to only half-A-mUe. This stand mirrors thenne the tion and various mfdear safe- CTr ’ the successor body to the Binning- have been needed to top it up” no ultimate control over the use would have the right to free 

After consultations between Liberals have taken— so far un- guards. rthnniu* nf \ tipw era nf ham Municipal Bank which had he stated. of the British Rail fund. radio and television time. 

Mr. Albert Booth, Employment successfully, it would seem— to Meanwhile, the Liberals are VkIii. ««*■ 

Secretary, and his Liberal stop implementation of- the still insisting on a visible shift • > ■#« auvenki a ■ nj t -ira 

onpopte number, Baroness Seear, Government’s planned Electricity from direct to indirect taxation, RHODESIA’S INTERNAL SETTLEMENT AND ITS IMPACT ON WESTMINSTER 

Mr. David Steel has made it BilL One of their., objections as the priefe for their support of tS^SnSSSi^SnnL^fthe 

clear his party’s 13 MPs will vote there is to the" unjustifiable the Chancellor’s Budget P«>- “7 “e ,bcottMb people .at u»e 

against the Order in its present increase in the Energy Secre- posals, which will be incor- Mi twA the Duke 

form. . lair's powers. .. porated in this summer’s Finance taj maiden sr>eeco^tne inu« 

The Liberals opposed the Btil, Both reflect the Liberal’s con- BUI. Seved tte Bill might provide 

short-term consolaton but long- 
term confrontation. 

• Mr. Bruce Millan, Scottish 

Secretary, refused to be drawn . 

and the Commons on the date of MRS. MARGARET THATCHER’S and has several times called it a issue on which they apparently legitimate independence, should 

‘ ! !JS “ * ’ ‘ ' “ 5 iree. be grasped wholeheartedly. 

_ fLnam .„ IJL . _ However,, the • contention of - There is a simplistic side to 

Government ^ron tracts , V *MrrJwU per cent of the value of the’main villi indemnify him against any m September. ■ the Patriotic^ Front leaders were p ?r if ampT1 f two include not Comervalfye Mini s- 01056 

Barnett, Chief Secretary to the contract, whichever, w^.tbe less, loss necessarily Incnrred. Mr. Millan saW he did not want included "in * a Rhodesia settle- onJy controversial US h ’ S party ^ 8 ’, for h -, dail R » C ^" 

TreaSry, said that since July, subject to a minimum of £10,000.' “Yu taking such action, or to see any unnecessary delay and ment may take seme of the heat Ambassador to the UN Andv Bra S? e * e Tf r ’ Mmp ete ^ “tated P f^es of Khwieria. But the 
1975, it had been the Govern- Special arrahgementa' will a bply. requiring it to be taken by a it would be held « «>on as prafr out of what- has heroine In recent vff 25* .*55 mJShA v£fZ m . .Rhodesia was not borne nub of^ the case u one which 
mentis declared policy, approved to certain very * “ ~' v " x *" “** ’’ “ -1 

by Parliament to take com-. “The clauses. 

Dliance with pay policy into contractors and suo-oomractors nave carenu regsau 10 iui reie- «r. Jim suuni 1 scot. juso.. parusan issues. Bishoo Muzorewa and Rev ^ . — = — . ~ 

account in the gating of public to provide on request such inf or- vunt factors. There will tadude Ayrshire S.l wondered what Rhodesia has often aroused Sithole. who now see some hope RhSJfa 1 ° D 5Sd ta?I?kne sSatatvnay sJ£ 

purchasing contracts, and also in nation as may at anytime be tbe rigniflemee 1 of the breach, nractical nroblems there would excitement In the past, but many of Britain recognising it ®J les,a 25 0 other ^ ge st that the Rhodesian situation 

the granting of Government needed by..\the Department of having regard to the number of be in boldine the referendum observers see the renewed pres- inside Parliament the reasons Though there are inevitably has moved so fast especially 
- to check com- employees and the wnoonts in- in wemhor if Roval Assent was sure on the Govimiment in . tte reas ? ns differences of emphasis, the - “ oved 50 fast - «P®«aiiy 

Tories make life hard for Owen 


Statement on contract changes 

Government w01 ttke no aeUon the feotti.h reTweidnm despite acceptance In the Commons last gg»« aa« SsSS' I Siiin«bv ” S ? e ' 

nwta sod f ° r * «• *• he,d sue* ? ss “ s» .taSrii^srss 5 

IN A Commons statement yester- any direct sub-contraetiw ; ; for 
day on the new pay clauses in : work- to a value of £500,000, of . 5 a 

financial assistance to industry. Employment' 

. . ,, , , . . .. in SenremW if Royal Assent was sure on the Government in . tllD Qin erences ot emphasis, the main with th<> escalatine mierifla war 

* Tbe clauses introdneed Into phance with pay policy. volved, either in rtsett or in its in July. r general, and on Dr. David Owen, - 1 Sa factor which now unites the that most of the s« principles 

new contracts, uith effect from In the event of non-com- wider repercussions. The- Govern- Wr ^ 11 ^ would not commit Foreign Secretary, in particular, £ ron li3!£?, w *HLr? s Conservatives on Rhodesia is are 0 f much less validity to-dav 

February S. subsequently ap- plianee by the main contractor jnent *nh not : tate my action himself and said it wa* important as almost unprecedented. Area- “ e^tS RtStafia leaves £e ^ th ^ y beUe 7 e lan Smit h But no U Britisb Parliamentarian 

proved by the Commons, are or any sub-contractor covered by under these clauses which would tn on t b e Bill getting sations that the Government’s {gKJJ u 8eniune m acceptance of an( j certainly not David Owen 

designed to maintain that policy the clauses, the Government will cause _ who Hj t _ disproportion te ^ 0V3] bef ore summer attitude was Intolerable, or Sn2 S of ?h| Mff?‘wodld majonty nUe - T^iey therefore despite his y real and, to an 

on* ^ m “ouia 6 u ^ g^yy mTeason t0 encourage Africa correspondent, quite 

and to ensure that it is not eroded endeavour 

seeure damage' to employment, industrial 

in circumstances where excessive re-negotiation oF the excessive production or services. 

others, the Government has action under these clauses. disallow an appropriate amount J 

authorised certain amendments “ If, however, a breach of pay in respect of the element of its «nti-devoMition policy, 

to these clauses with a view to policy by a main contractor, 

.clarifying and simplifying their .by a. direct sub-contractor 
operation, without detriment to" covered, by the clauses 
this underlying purpose. -The stared in, the Government 

Government is prepared to in- have the right to terminate, the these arrangements under review, weather. An airemft 

corporate these amendments into nialn contract or to withhold any In particular, the Government chartered to take the ballot 

In, -In.. VaKni.m .ruvmBnt, foi- innwowil IstVuvnr umlllri nppk fiirthflr CnnsilltsIlDn nnnaw tn tho ieltmrl vactanlaii 


The sudden build-up of Parlia- Government 

caution. It 
the Foreign 
pressure can 

.7-.- v 7-- 7-r- be resisted, balanced, as it is, 

embairass *tae any which would be endoraed 1 by by a small but vociferous band 
has certainly the Soviet and Cuban backed of Labour Left wingers for whom 

contracts let since February 8." payments for increased labour would seek further consultation papers to the Island yesterday mentary pressure is largely due seemed to be one element in the Patriotic Front-— a stand, above the Salisbury agreement is ideo- 
Mr. Barnett said .that the costs that may be due under with 'the CBI and others con- moraine and to make a return -t 0 ^SallOTury^ negotiations Tory baiting of Dr. Oweo, whose all, motivated by anti- logically anathema, and by the 

between Mr. Ian Smith and the brusque and schoolmasterly man- Communism. Liherals. who see themselves 

ro-called internal black leaders, ner in the House of Commons But it is what unites the wcujytag a kev ^sitionSeen 
gfboP B Mu2orewa, the Rev wins him few fnends there. middle ground of the Conserva- extremist views, 
nrndiire^an A P° Uti cal factor of a different tive Party that has made life so The coming months seem 

-f” DUt ^tao settlement from the Conserva- difficult for David Owen. In certain to produce more Parlia- 

. oc *■ tive Party's own domestic the view of most Tories, a settle- mentary battles. For as long as 

future settlements during the faith be In question. the scope of arbitration provi- Industrial tribunal hearing into Until the build-up began In problems. Given their disagree- ment which meets, or would the Salisbury agreement appears 

currency of tbe contract would - “ Where it is a sub-contractor sions. In the event pf any modi- the case of Mr. C. Gordon Tether January Dr. Owen had been meats on what might be termed meet, when put to the test of to offer recourse to democratic 

be. in accord with pay policy. who is in breach, then provided fi cations being made at that stage Is estimated so far at £5,000, Mr. noticeably sceptical about the real electoral issues, whether on Rhodesian opinion, all of those processes for all Rhodesians, for 

“The clauses also require the the main contractor takes corres- the Government would be pre- Harold Walker, Minister of State, Salisbury- talks. But his current prices, employment monetary or famous six principles, laid down sa long will Dr. Owen and the 

□iam contractor to require the pondingly apprbprite action pared for them to be incor- Employment told the Commons stance on the settlement — be has immigration policies, many Tory a decade ago as criteria for Government be under pressure 

same undertaking to be given by against the sub-contractor, the porated in contracts current at In a written reply yesterday, refused to condemn or endorse it MPs seem relieved to find an British recognition of Rhodesia’s at Westminster to recognise it 

amended clauses broadly rfr ‘variation of price arrangements, cerned “as to their operation m trip in the afternoon, 
quired that anv main contractor This right is subject to certain tbe context of any continuing 
for work to a value of £5,000 or safeguarding procedures, in- pay policy, subject to debate by 

more should give an undertaking eluding, following termination of and the authority of Parliament TrvlniT)ai POCf 

that his settlements since- a contract a right of arbitration “Such discussions would in- - 

August, 1977, had been, and his should the Government’s good dude the question of extending THE COST to public funds of the oc Mar mi 3 . 

Civil Service structure to stay, says White Paper 


NUMBER of specific changes 
the organisation of. the Civil 
•rvice are proposed by the 
ovemraent in a White Paper 
iblished yesterday. But tbe 
Dvemment does not intend to 
ake any major structural 
langes in the Civil Service in 
* immediate future. 

The White Paper was in 
sponse to the Commons Ex- 
mditure Committee’s report on 
p Civil Service published last, 
“plember. . This contained 54 
ain recommendations on how 
e bureaucracy could be 
1 proved, the most substantial 
‘ing a proposal that parts of 
e Civil Service Department 
ould be transferred back to the 

However, the White Paper does 
it give a firm decision of this 
commendation. It says: 

“ This is a question of the divi- 
m of responsibilities between 
Inistere and is therefore a 
after fOT the Prime Minister. 
» has considered this part of the 
mmittee’s report very carefully, 
bile be welcomes the emphasis 
rich the relevant section of 
air report places on efficiency, 

■ has not yet reached any view 
i . this particular recommends- 
>d and will therefore continue 
study the issues involved,”- 
The Government says \t has. 
nsidered the Expenditure 
iramittee's recommendations 

the belief that the Interests 
the. country are served best 

■ a permanent, non-political 

Civil Service working under close 
supervision of the government 
of the day. 

The While Paper makes it 
clear that the Government does 
not favour developments which 
detract- from the principle that 
advice tendered . 10 Ministers 
should he confidential and ob- 
jective. or require civil servants, 
rather than Ministers, to defend 
Government policies before 

Parliamentary committees- - • 


the committee's criticism, that 
entry to tbe Civil Service 
favoured those with public 
school and Oxbridge back- 
grounds, the Civil Service Com- 
mission is to collect and publish 
statistics to show the type and 
class of degree of applicants and 
recruits in terms of school and 
university attended. 

“But the Government do not 
accept that academic perform 
mance is the duly factor to be 
taken into account in recom- 
mending candidates for ^appoint- 
ment in administration.'’ . 

The Commission, responsible 
for recruitment, is to be. 
changed in the light of the com- 
mittee’s recommendations. Two 
part-time Commissioners from 
-outside the Civil Service arejo 
be appointed to “enlarge the 
storehouse of experience. 

The commission has also agreed 
to reassess' its selection proce^ 
<lures “both in substance and 
appearance,” but does not accept 
that it baahaaed appoiatma n la on- 

interviews rather than written 

TRAINING: The Government 
endorses -the general principle of 
mid-career training for both 
specialists and generalists 
expected to reach high-level jobs. 

Specific, proposals for mid- 
career training will be intro- 
duced but the Government rejects 
the idea of a higher manage- 
ment training course from which 
all future senior civil servants 
shulod have graduated. 

■ Tbe White Paper rejects the 
committee's recommendation 
that the present system of 
recruiting and training high 
ftiers — the Administrative 
Trainee scheme — should be 
scrapped. ' This scheme is 
currently under a separate 
review, in Whitehall, the White 
Paper says. 

Government has foreshadowed 
the committee's recommendations 
on pay by agreeing to re-intro- 
duce a modified Pay Research 
Unit from April, 1978. On top 
salaries, however, the Govern- 
ment undertakes to accept the 
Top Salaries Review Body’s 
recommendations “unless there 
are clear aod compelling 
reasons for not doing so.” 

The White Paper also signifi- 
cantly disagrees wvtb the com- 
mittee’s recommendation that 
cash limits should be fixed be- 
fore pay talks are held. 

“This recommendation does not 
correctly interpret the Govern- 

ment’s statements about the re- 
lationship between cash limits 
and pay negoiations. The Gov- 
ernment regard cash limits as a 
form of control over, the amount 
of money to be spent on a wide 
range of goods and services in 
the year ahead, and not as a sub- 
stitute for a pay policy in the 
public sector. 

However. - when a policy govern- 
ing pay is in operation, it is to be - 
expected that the cash limits will 
reflect that policy and the Gov- 
ernment -have made it clear that 
the assumptions used for setting 
the 1978-73 cash limits will be 
framed accordingly. 

“The relationship between the 
setting of cash limits and pay 
negotiations is a complex one, 
depending oh the timin g of the 
settlement and its operative date. 
Mokt cash limits are set shortly 
before the beginning of the finan- 
cial year so that account oan be 
taken of the latest available in-' 
formation about the plumed 
levels of expenditure and the 
prospects for prices in the year 

To forestall public criticisms 
of ' Civil Service pensions tbe 
Government is proposing that, us 
part of the new pay research 
machinery, the Government Ac- 
tuary should make, an annuli re- 
port, which would be published, 
setting out the advice he has 
given and the asumptions made. 
OUTSIDE JOBS: The committee 
recommended that there , should 
bo a contractual or legal re- 

quirement for a civil servant to 
obtain the Government’s per- 
mission when, after leaving tbe 
Service, he proposed to accept 
a job in a company with close 
financial Jinks with tbe Govern- 

.However, the Government has 
reservations about this sugges- 
tion. Apart from legal doubts, it 
points out that, the present rules, 
which were changed only 
recently, already require all 
officers at Under-secretary level 
or above, to obtain the Govern- 
ment's assent before accepting 
offers of employment in burin ks 
or elsewhere within two years of 
resignation or retirement. They 
will continue to. watch how these 
rules are working. 

EFFICIENCY: The Government 
says it- is In broad agreement 
with the committee’s recommen- 
dations for improving Civil 
Service efficiency. It says it has 
already been able to comply with 
the recommendation that addi- 
tional information on policies 
should be provided in tbe Public 
Expenditure White Paper dr in 
separate departmental papers. 

There is agreement with the 
committee's emphasis on 
accountability both In organisa- 
tion and 'In reporting to Parlia- 
ment so that accounts correspond 
vritb accountable units. But the 
White Paper points to the 
limited number of tasks- in the 
com plex and interrelated work 
of government to which the 

accountable unit approach can 
be applied successfully. 

Tbe White Paper also 
distinguishes between accounts 
presented to Parliament for the 
purposes of financial control and 
audit, and information gathered 
for “ other managerial purposes.” 
It says that the Supply Estimates 
could become unmanageable if 
they incorporated the latter type 
of management information. 

On the idea of charging 
departments for common ser- 
vices, as the committee proposed, 
the Government reply argues 
that there are conflicting con- 
siderations — for example, on tbe 
one hand the incentive to 
economy, if the service is costly 
and the user Is in a position to 
make choices, and on tbe other 
the advantages of the “ allied 
service system,” which - allows 
expert knowledge to be concen- 
trated in one department and 
avoids the administrative ’and 
accounting costs of repayment 

The balance of advantage In 
methods of provision and pay- 
men! varies from service 10 
service and- will be reviewed as 
required by changing circum- 
stances. For example, says the 
White Paper, there is no point 
in charging general office accom- 
modation to departments since 
the main decisions on it are 
taken centrally. 

GOVERNMENT: In a number of 
areas the "White Paper disa gre es 
with the committee’s recom- 
mendations on relations with 

local government or makes clear 
that they are a matter for 
Ministers or Parliament to 

For example, it rejects the 
idea of sotting up' a joint body 
of senior civil servants and 
senior local authority chief 
executives to keep relations 
under review on the grounds 
that ‘‘the core of the relation- 
ship ig political 1 ' 

It suggests, instead, that the 
consultative council on local 
government finance could be a 
suitable forum. - 

The Government does not 
believe it would be right for the 
Comptroller and Auditor-General 
to take over responsibility for 
the district audit from the 
Department of Environment. It 
points out that the District 
Auditor has a statutory indepen- 
dence and that- the Secretary of 
State for the Environment has 
no power to influence him in his 

There is no evidence that the 
independence of the district 
audit frum the executive is not 
secured . under the present 
system. Local authorities, more- 
over, are . statutory autonomous 
hodies responsible not to Parlia- 
ment but to their own ratepayers 
'and electors. 

A new advisory body on audit 
has been proposed in the Green 
Paper in response to the Layfield 

"Whenever new public sector, 
bodies are set up, however, the 
Government 'will consider care- 

fully whether the Comptroller 
and Auditor-General should audit 
or have access to their accounts. 

There may also be circum- 
stances, not definable in advance, 
in which the Comptroller should 
be afforded access to the books 
and records of other bodies which 
are in receipt of public funds for 
tbe purpose of a specific inquiry. 
Each case would have to be 
judged on its merits. 

VANTS: The White Paper rejects 
the argument that Civil Servants 
have as much, or greater powers 
than Ministers. “The committee’s 
report attributes to civil servants 
powers which they do not have; 
it also detracts from the role of 
the Prime Minister. 

“The Prime Minister decides 
senior appointments and mach- 
inery of government . questions 
' himself, after consultation as 
appropriate with his colleagues 
and the Head of the Home Civil 

Hie Government' agrees with 
the committee that special 
advisers brought in by Ministers 
should become an accepted 
feature oF administration. The 
working rule of the present 
Administration . that Cabinet 
Ministers should not normally 
appoint more than two special 
advisers la “not immutable.” * 

The Civil Service — Govern- 
ment obsereotiong ^ j^ e m j t 
Report front, the Expenditure 
Committee Session 2976-77. Com- 
mand 7117; SO, SOp. 


The big new 
name in 






Prints the 
hours data 

like success 

BUILDING on the 'success of its highway which makes connection 
2903 small business system, for of novel peripherals a simple 
which the installed and on order matter— among these is a 600 1pm 
figures now stand at over £2 60m., printer able to produce six copies 
representing about one-third of borrowed from ICL’s big machine 
A SMALL printer for use In con- total business. ICL Is keeping the series. 

junction with its flexible hours momentum going with the.addi-. Making, work with many ter- 
sysiem has been introduced by tion of three new central .pro- nflmjg that much easier is the 
Automatic Revenue Controls. ~ cessors. . provision of dual floppy discs and 

Weighing only three, kilo* Peter Ellis. xCL's- -worldwide gjtra communications channels, 
grams, the printer can be taken marketing' director, told the ' . , . . 

to the various wall-mounted con- Financial Times yesterday that _ This .means that larger “B Its J 11 
trol units at which staff key the new machines were definitely the senes wm be able to handle 
“ in " and “ out " and plugged not replacements for the three ® or ® ™ 100 terminals such as 
in, whereupon it wii) print out existing processors. They were displays. At the same tune, the 
four types of report on demand, complementary, would operate dual, discs also confer ability to 
On narrow gauge till-roU paper with all existing peripherals and communicate with other roami- 
will appear a list of people keyed software and offered greater com- ftctnrer s equipment such as the 
in at the time of the report, muni cations capabilities than Ti" 4G. 
those keyed out, those who in- hitherto. This means ICL users New .abilities demand new 
fringed the scheme rules that who want to move towards dis- software and this is being pro- 
day (and how they did if), and tributed processing or* increase yided through improvements to 
the full status of everyone on their involvement In this method the multiple transaction system, 
the scheme showing total hours of operation now have equipment' so that many more concurrent 
attended and by how much those specifically designed for it. programs can be handled, and 

totals vary from the month's Target for sales of the en- t0 existing transaction pro- 

»ri?et to date. banced 2903 series over the next cessing software, where the com- 

The printer operates on re- two years is £$Q0bl and judging pany has come in for some 
chargeable batteries; however, if by the way these machines have criticism in the past 

permanently mounted beside the been selling so far — 2,500 , . ,_ T " , 

key-in unit the cells can be installed or on order of which 60 with the launch, iu, nas 
trickle Charged from the unit's per cent, outside the U-K. — this answered, at least partially, one 
power supply. is achievable, especially in the question posed in the past by 

When so mounted the printer present climate of computer user °°|!f rve F s were watching the 

can also be set to print every- opinion which has sparked off the 2900 large machines series 

one’s actual time of arrival and mini revolution and the move to extend downwards, while the 
departure as they happen. local rather than tightly centra- 2903 and analogous machines 

More from ARC, Shakespeare iised operations. ‘ were stretching upwards — where 

Industrial Estate. Watford, The additions to the 2903, do the twain meet ? Borrowing 

2903/20 and 2904 have been from the recently announced 
dubbed the 2903/25, 2903/40 and 2950 the ability to connect 
2904/50 which is hardly en- peripherals with greater ease 
lightening. However, the series and borrowing some of the 
now covers the cost bracket from peripherals is, in iCL’s eyes, a 
£28.000 up to £im. The new method of giving “ a clear path 
introductions bring with them a for 2903 Range users wishing to 
facility called the peripheral grow to the more powerful 295 0.” 

Herts (Watford 44300). 


Better for 
the driver 

Advertising and.. 



17 . 5 % 

LEST ANYONE . imagined that 
UJL med^a Tates were propelling 
themselves skywards at an 
indelicate pace, the Advertising 
Association said yesterday that 
die average cost of buying adver- 
tising space or time in the U.K. 
last year was 17.5 per cent, 
higher than ' in 1976. This is 
shown in the association's latest 
combined index t/f media rates 
and compares .with year-on-year - 
percentage gains of : 22.5 per 
cent in 1976 .and .26.9 per cent 
in 1975. write* ' Michael Thomp- 

The association's TV index- 
rose marginally faster last 3 car 








122 . 












205* • 





JOHN SIMMONS reviews the 1977^78 Design-Council Poster Awards. 

Pure gold designed to sell 

SaarcBt- JWuertWwr Association 

Designed to fit 
office routines 

deliver packages to a number of 
destinations will he interested in 
a technique now in use on Tate 
and Lyle’s vans. The company 
calculated that each driver FOUR-PHASE Systems has soft- include Data IV, Vision. Fore- 
transfers 10 tons of sugar each ware and hardware to enable Word and CoboL 
day into retail outlets, going four primary office computing In a typical application, an 
through SOO movements to do activities to be performed on a operator using the word process- 
B0 - ... . . . single distributed system. ins mode to generate proposals 

. t r L ca ii nn ® a . ,he driver.'! Operating on a System IY/90 can check current product avail- 
work harder— it increased the processor with expanded memory, ability by transferring to inquiry 
size and weight of the packs. By the new multifunction executive, mode and accessing the head- 
adopting the Pengco air suspen- MFE/TV. lets users indepen- quarters database. Similarly, 
, < rane Fr euhauf d on uy perform data entry, Cobol while new.’ .orders are keyed in 
iU-jds. it has been possihle 10 processing, word processing, and through flll-in-the-blanks formats, 
lower the back of the van plat_- interactive 3270 inquiry to an the system can independently 
r°™ hv, l2 C uf I *£ § 8,V TA f£ a IBM 36G/370 mainframe. retrieve and enter customer data 

#iS,w°* ro •il* 1 k k» tf h a !* *!»* The executive provides instant from local files, price and deli- 
mnw msHv ° n?ach h gh loads selectivity of any function at any very data from central files, and 
Th n Pm.™ . of up to sixteen 1920-chararter print an invoice, 

replaces the le£r-sDrm^K S! video *»P la >» Four-Phase soft- To support the multifunction 
the Bedford TKW70 rear axle warc P acka - es for data entry and executive and Its associated pro- 

Tate and Lvle use theS m ^ieval. word processing, and gram packages, two new memory 
laie ann i-yie use. tncav vans m^oioc h.-.™ h»n .mnnnnoaH 

fitted with ‘a Bodtov “ Link- Co ™ concurrently and modules ^ been annouwed 

Ikier ” sliding donr hridv:- independently -under the- -execu^ +*> r ‘ the -System -Thd 

Trials with the* new van in tive. which allocates processor "caaaritr^'rora Sr K 

“l'X 0l «“,U e "hi°A U ta« “ d re5 " urc " “ bytes to sitter 2SSK or JMK 

A® cnvemciw nav e optimise system performance, brtes. 

SlfwmoS pmS?™™ fol (he Supporttd Four-Phase package. More detail, on 06280 71821. 

100 vehicle distribution licet will 

fSSfShn Sweda ready with 


S latform height is lowered from 
> to 42 inches in the static 

and when the air 5 StOTC deCtrOMCS 
the Pengco suspension are WAITING In the wings— like keys both, to the user and the 
deflated the platform is lowered half-a-dozen other companies drive units, 
by a further 4.5 inches. witb similar equipment — is One. of these pages could, for 

Raising and lowering, using Sweda with its 80-S point of sale example be used for weighed 
the vehicles brake air supply, is electronics system incorporating goods such as meat categories— 
controlled by a three-position volumetric laser scanning of bar- the assistant presses •** lamb 
lever between the cab and the coded products. chops." the machine looks up 

body. Levelling valves ensure The Litton company has the current price, and writes it 
that this movement is conducted already sold some 35 systems in all out on the customer's ticket, 
evenly, and micro-switches fitted the U.S.. with the laser unit, at a An electronic balance can be 
near to the bump slops on the price believed to be in the region plugged into the terminal. A 
chassis activate ao audible warn- 0 f $8,000 per checkout. In all large “ flag on a post " display 
ing in the cab if the suspension there are now probably 200 in- enables the customer to see w'hat 
is not returned to the ride posi- stalled systems of this kind in is being printed on the ticket 
Tion before the vehicle moves the U.S. The scanner uses what 

off. Basts of the equipment for amounts to four beams eraanat- 

In 5.000 operating miles it has each store is a dual processor ing from rhe sides of a rectangle 
been found that the suspension with 32b words of core and 10M and projected upwards from 
has extended body and tyre life, bytes of disc in each half: under the counter to cross over 
and reduced chassis mainten- redundancy is used for good a few inches above it. 
aoce. reliability'- Data about daily It is claimed that this device 

Details of the suspension from s tt>re prices, changes of lines on can “see" the bar code label 
Crane Fruebauf. Hayes Gate sale and other changing informs- when it is in almost any position. 
House. Uxbridge Road, Hayes, tion is keyed in on a manage- apart from on top of the pro- 

Uiddlcsex (01-SAS 0225). 

rnent terminal in the back office, duct. Certainly in a recent 
where there are also printers to London demonstration very few 
provide turnover reports. re-scans of items were necessary. 

At each check-out the “cash The principal problem with 
register ** terminal can be used bar code scanning remains: until 
alone, or with the scanner, and the majority of products have 
is driven by a minicomputer. the code printed on at source. 
The keyboard is probably the. there is little point in making 
most powerful seen to date, the investment, apart from in 
Apart from 12 direct entry small scale in-house and own 
TEXACO and Southern Cali- department keys, the usual trans- brand experiments. 

forma Edison have disclosed that action buttons (cask credit, sale, But things are stiwmg. On 
preliminary engineering is under etc.) and the numeric pad, there January 28 the U-K. Article 
way id develop a major coal is a “velocity" keyboard of Numbering Assodation - with 
gasification demonstration pro- 40 keys dedicated to faster- ™ f jhe £ u 

, moving goods. A full alpha- manufacturers as members — 

The programme is estimated to numeric description is associated agreed oi a a number tank system 
cost about mom. The integrated with each key. printed out on the so tiiat ti is now Fjswble .for 
gasification - combined cycle customert receipL them, and their counterparts In 


Coal to gas 

facility could be operational The remarkable thing however, Europe, to bar-label products 
facility couia oe operauanai fa ^ theSe ^ keys ^ effect without ambiguity or confusion. 

TheprojerSsists of a 1.000- become 200 by means of four Atoygii 
tons-a-day demonstration sjjtem 0 n ^cou^WeS&mfivelo? 

'SSL ^ e Th?Srop«efri£ C ta l °a" in fXa natert identification, five for 

east of Barstow. Calif. adjusting the meaning of the GcOFFRtr charush 

A full-scale development pro- 
gramme is contemplated, the mcjiaC 

companies say. It would allow # PlASi Iv9 

two modes of operation. The ••• , « ' w f • 

b y« Big injection moulding 

with related gas clean-up equip- TOOLING WORTH £Jm_ has further mouldings will be made 
meat, to provide fuel for an been ordered in the first stage of for fittings. Final decisions on 
existing 05knegawatt generating producing largest .injection the number of moulds and 
facility. The second mode of moulded dinghy in the world-— detailed drawings of. the tools 
operation Involves operating the j B when production com- should be completed in about six 
gasification facility with a new mences, which is expected to be weeks. *■ 
gas - turbine combined - cycle j a _te in dln«|v Krttons Machining of the two main hull 

power plant 


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tion moulded components made. Shrewsbury Tool and Die Co. 

Designed by Mr Ian Proctor. am j ^ jii take about 14 months, 
who was responsible for the „ . „ . .'. . 

Topper dinghy which currently Overall length af the dinghy 

holds the record for the largest l ~ , fe c et 6 . ,D ,? b , es ' •KJK 

injection, moulding, rhe new craft ^ 6 inches, and all-up weight 

will ala> be marketed by the remon of 160 lbs Trials 

J. V. D unbill Boat Co.. Basing- s i ,ould stan August 1979 with 
stoke. Hanti:. Ihc intention of a major launch 

With financial backing from al 1950 Boat Show, 
the Guinness group, Dunhll] has Main market for the craft is 
placed the tooling order with expected to be overseas, as the 
Rolinx, Manchester, an injection dinghy can be shipped in stacked 
moulding subsidiary of ICI. The parts allowing substantial reduc- 
latter will supply the polyprnpy- tinns in transport costs. It has 
lene row material for the dinghy, been designed for construction 
The single skin hull win be using mechanical -fastening*, so 
moulded In two halves with a that assembly ean be carried out 
centre line join, and 7 or 9 with semi-skilled labour. 

than the combined Press index. 
The former was 17B per cent, 
higher at 241.3 (1970=100). The 
AA’s Press index rose -17.4 per 
cent, to a provisional 248.4. 

The association said last night 
“When seen against die 16 per 
cent increase in retail prices, 
and the rapid rise in demand for 
advertising space, in both Press 
and TV ■ over the. same period, 
these figures .were only to be 
expected. . ' . 1 

“Looking at the indices in 
Long-term context— as one must 
to view rationally a commodity 
as volatile fn price terms as 
advertising space in theu main 
media — it is evident that over 
the past eight jears ' taken 
together. Press and . TV costs 
have risen roughly in line with 
the retail price index:: But they 
have risen at a much slower rate 
than the wholesale price index, 
with which advertising, as an 
industrial input, should more 
property' be compared.'’. 

whisky market— Bell’s and 
Teacher's, with an estimated 38 
per cent, of the market between 
them, go up in price next month, 
probably by l7p to 20p a bottle 
—Haig Whisky yesterday 
launched its 1978 campaign witb 

TB-hst — tt^caltfi -the—friggesrevEfr 

budget for a brand of Scotch: 
£lm.-plus. The campaign, through 
D’Afcy-MacManus and Mas i us 
(Masius Wynne-Wtiliams and 
D'Arcy-MacManus as was) is 
designed to reassure whisk; 
drinkers that despite recent 
market upheavals, Haig will con 
tinue to offer the “same high 
quality and the same good 
value.” • ’ 

• BIRD’S APEEL, the first brand 
assignment from General Foods 
for the U.K. arm of Ogilvy 
Benson and Mather, will be 
launched nationally on April 10 
with a £660.000 TV budget Bird’s 
Apeel, already successfully 
launched as Tang in Australia. 
Brazil, Canada and Venezuela, is 
a powdered drink in orange or 
ertpefruit. Test marketed in 
Tyne Tees. Border and York- 
shire. it became the fastest' 
growing brand in the orange- 
drink market (including juices) 
and took the leadership in the 
powdered market with a 60 per 
cent, share. Housewives spend 
£35m. on citrus fruit drinks. . 

• IN AN IMPORTANT move for 
the independent media and 
creative sectors. Braun Electric 
(UJO has said that following 
its decision to terminate its 
account with Roe Downton (part 
of Saatchi and Saatchi) it will 
use independent media and 
creative specialists for the major 
part of its £lm.-plus campaign 
this year. No appointments have 
been made- Creative briefs will 
be bandied on a competitive 

Britain's independent, media 
buyers already handle an estima- 
ted £50ra. worth of business and 
made some big gains last year. 

_ RHM FOODS is launching 
another Bisto grtvyroaker this 
week — instant " Bisto Rich Gravy 
Granules. There is a gravy, war 
in progress. Total value of the 
vegetable and meat extracts 
rector, at shelf prices, is around 

SELLOTAPE. one of a film 
package of accounts restgoec 
recently by The Kirkwood Com 
pany, has gone to J. Walter 
■Thompson. The budget"- Is 

BENSON says' it is firmly 
reestablished as a force; in 
financial -advertising and.' PR 
with the gain so far this year of 
five assignments witb a bUlings 
equivalent of 2500,000-plus.' iTbe 
accounts include work for Fitch 
Lovell. Gresham Life and th* 
Bank of Credit and Commerce 

• SIMON BARROW, tfte f 
executive of Ayer Bart** 
Hegemann, has been elected to 
the group's holding Board from 
March 3L He joined ABU from 
Colgate-Palmolive in 1972. ' 

GROUP has started a £250.000 
development project at Its Bur- 
ley Road. Leeds, headquarter 
including a conference centre 
fnr. 100. In Its last financial year 
the group's turnover was £5J3m- 
A. CL NIELSEN claims a 1 , big 
success for its Sabine padWS*' 
Launched six months ago."- .it 
offers fast access to Nielsen's 
data bank. The most frequent 
subject for studv has been brand 
distribution. • Nielsen savs - the 
average enst nf the 53 Sabin* 
analyses com missioned so fay, by 
companies like Reecham. .Cad- 
hurv, Heinz and United Biscuits- 
is £500. " i 

“RARE IS THE poster, that 
works without legend." -So 
observed this reviewer in- assay- 
ing last year’s Design Council 
Poster Awards and lo!, the best 
pastes award for 1977-78 is won 
by a wordless photograph of 
masterly H&grittery — the 
celebrated Benson and Hedges 
pack in a birdcage, designed by 
Alan Waldie for Collett 
Dickenson Pearce, 

Unexpected, innovative and 
witty, this brazen series from the 
sixth largest brand advertiser in 
Britain, - dramatically photo- 
graphed by Adrian Flowers, 
Brian Duffy and • Robert 
Montgomery; provides exciting 
proor of how inventive minds 
produce their best wort: when 
beset by warring forces, such as 
the constraints imposed by new 
laws of advertising control,' the 
copy limitations codified by the 
Advertising Standards Authority, 
and . other opposing ' "and 
bowdierising influences. 

The gold pack— now hardly 
ever needing to reveal its con- 
tents-Lis always shrewdly placed 
in a familiar, homely setting, 
replacing pet birds, pussy cats, 
electric pings and china flying 
ducks. As this- is a branding 
strategy addressing smokers, not 
an inducement to take- np 
cigarette smoking, these enig- 
matic and amusing pictures not 
only accomplish their principal 
objective of attracting attention 
as well as " admiration, but ail 
reasonable objections to cigarette 
advertising would seem to be 
overcome, though criticism could 
be directed at the copy that 
accompanies the art — the provo- 
cative health warning donated by 
H3f Government with every 
pack, a threat that may well be a 
daring challenge to nascent and 
impressionable minds. 

Copy and captions often em- 
bellish a picture unnecessarily, 
and tend to overkill a message 
not overtly apparent' from the 
visualisation. Two of this year’s 

award-winners crowd no less than 
three variations of the word 
LEVTS into the space of a 16- 
sheet, in addition to 14 jokey 
words of copy. The judges claim 
—in fact they stress — that they 
wish to make clear that the 
awards are made in recognition 
of outstanding design merit 

With Levi’s, the confident 
photographic close-ups by Jack 
Bankhead for McCann-Erickson 
of the jeans' tough texture is 
clearly merit-worthy, and a 
change from the grinning but- 
tocks that dominate most of their 
competitors’ advertising. But 
although the layout cleverly 
accommodates the verbose copy 
and logo/trade mark elements, 
the design, except in the sense 
of strategy, is not extraordinary. 
Effective advertising — yes. Out- 
standing design— siot quite,-.. 

.Apart, from the cigarette cam- 
paign noted, there is little- out- 
standing: in original or bold 
graphics lir this year’s selection 
-T-tbere is a brighter show down 
your High -Street— although- it is 
reassuring to see the continuance 
of the successful Guinness/JWT 
partnership, this -year cleverly 
coupling the immense, in-pub 
popularity of darts with the con- 
stancy of the famous stout 

Whisky advertisers provide 
interesting opportunities for 
creative development of product 
personality, an offer too often 

- . - — — — . . . * 1 *_ — . - wrrtn 

Left : Kirkwood’s VAT 6» : cottMent and award-worthy.. Eight : Benson and Hedges by Q)F ; 

brazen series, brilliant branding. . 

declined. The decision by. The 
Kirkwood Company to use posters 
to hrand their Scotch With wit 
has enlivened poster sites with 
many a merry play on VAT, set 
against crystalline graphics., _ 

- Theatre productions ' " need 
clear identification, and the' 
judges admitted to a strong 
entry. . whereas ' no advertiser, 
designer or' agency was.- coik 
fldent enough to enter a" cinema, 
poster. In view of the sizeable 
entry, the two winners should he 
extraordinary. • The familiar 
format of the RSC's Kina Lear 
poster has some strength when 

-you", actually take a look at .it 
while 1 the English National 
Opera poster for the premiere 
of Toussaint actually compels 
attention. Designers Priscilla 
McIntosh and Ken Bridges skil- 
fully resisted the temptations of 
slav^tfade symbols and L 
the ripped Tricolor with the 
‘emphasis centred upon o vivid 
portrait of the principal 
character in full dressgold-and- 
giory regalia- Unlike most 
entertainment -advertising, the 
complementary information is 
brief and readable: good art and 
good advertising. 

A total of 482 ideas and designs 
competed for this year’s awards. 
The invitation to submit, advert 
tis&s a maximum of 30 awards, 
of which the judges.gave 10— all. 
save one. photographic- ttawjr 
a justification of the published 
purpose of this creative event: 
“To-", encourage high standards 
and widespread interest in the 
poster medium .” Art directors, 
designers and judges -will have 
\o sharpen their' perception "m 
pursuit:- of the recognition of 

j din Simmons -is creative 
director oj ■ The Simmons 

. Consultancy. .. . 


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n« Scene 

Plug time for platinum 


tn entity prices will know, both 
.the producers’ aodtfie free 
. market price of platinum have 
hit record levels recently— partly 
to sympathy with the gold rtuh. 
partly because ' of continued 
" scarcity -of supplies (there .are 
signs, for example, of hoarding 
' in the USSR, where the Russians 
are producing at least 25WXW 
- on e-ounce coins and medallions 
• for the 1980' Olympics which will 
. . be sold at the unfrateraal jnarK- 
up of 80 per cent), and partly 
because of the plight, of the 
dollar. - 

and Koko 

jewellery, and this is the market | 
that Rustenburg is attacking. 

There are around 425,000 U.K, 
marriages a year, and using 18- 
carat gold as a -benchmark, a 
platinum wedding band would 
cost approximately 50 per cent PH1UP meiNMAN 
more than the gold equivalent 

Current world consumption of WHAT DOES Yehudi Menuhin 
platinum for jewellery is around have in common with Koko the 
lAm. ounces, but 91 per cent, of female gorilla? Answer: they 
that goes to Japan with less than both help to sell Rolex watches. 

2 per cent to the U-K. and 
Western Europe. 

So. The Guild operates -as 

There are, of course, differ- 
„ ences between the two. For one 

operat ® 5 , n ®® a | thing, the violinist like other 
promoter as well as ap mfonaa-lcejebritjes -featured in Rolex 

testimonial advertising. Is 
stated to have received no 
payment for allowing the 
Swiss company to publicise 
the fact that be wears one 
Koko on the 

tion service for retailers and 
consumers. Rustenburg under- 
writes similar operations in 
Germany and Japan and is look- 
ing at the US. The aim is to 

All of - which helps . set - the 
■ current crop of Platinum Guild 
ads In the colour supplements in 

-a reasonably lustrous light. The 

Platinum' Guild, run in London- . But there is a very big market educate consumers as to olat- 
ponder the aegis of J. Walter to go for. The Japanese are fond xduid’s position in the predous otte? w^heioed^o 

Thompson, fs funded by Rusten- of platinum jewellery (they metals spectrum (“It’s the most Srn SvS?k£h 000 ^or Franc Lne 

burg Platinum Mines of South admire its nnoh^riyeness) and precious precious metal in the F^monSe voung Uui^Sy 
Africa, the world’s biggest pro- m recent times Rnstenburg has world'*), which is why the folk £f CaSoraia rJS£&er whohS 
ducer . which sells and marker go to wondering If it couldn't at JWT are fond of the fact that k 5 0 tTspS S 5»? £> 

its platinum world-wide through help stimulate : a comparable to produce one ounce of £;*%“ m?ss Patterson is on eof 

Johnson Mattbey, but fek the demand in the U.S. and Northern platinum the producers have to five recipients of Roles Awards 

Guild would help star tsp con- Europe. .. . process ten tons of ore. Above for Enterprise, ail engaged- in 

sumer interest in platinum in i n Britain, platinum jewellery *U» .platinum is sold as the ideal scientific research of one kind 
the jeweUeiy sector. got -a boost on January 1. 1975. setting for gem stones: it-doemt or the other. 

Hence the current . ads, which when for the first time the metai oo^ipete with them for attention. The awards were presented. 

?53L™f received a naBmark (the plati- The Guild spent £390,000 on together with. Rolex chxono- 

different and utterly dUtin^ hallmark euanmteea 95 ner U-K. advertising in 1977— mainly meters, to the five at a cere- 
tlve . . . brilliant, beautiful and DU ~ n T~r • per in women’s mavazme whereit mony In Geneva recentlv. It was 

supremely fashionable.” It had cen t- purity). In^ Rntain last prompted some fairly lively con- the culmination of a competi- 
. .better be: it s more - ** - * 

: than gold. 

expensive year, an estimated 23 tons of suraer demand— and will spend 
fine gold were used for making about the same this year. 

Horse sense at Lloyds 


THE SIGN of the Black Horse is bank’s new Black; Horse Guides, broaden its marketing base, the 
positively swinging at the The guides were launched on guides cover family budgeting, 

moment— much to the satisfac- February 3 mid hi- two weeks taxation, new earners and ques-| ne ss 

A' 71 ?" c ?j? ieg ware bands of tions women ask -about money. I demonstrated in -the competition 

used the emblem since the 1600s. the banks customers or. potential But thev are a very soft — ” i“ culuU!,U4ie o LUC - ^ 

tion, devised, by the company] 
and its advertising agency, J. 
Walter Thompson, to enhance 
the product’s prestige as well as 
do a little good in the world. 

Unfortunately for Rolex’s 
British subsidiary, none of the 
winners is British, although this 
country provided the second 
highest number of entrants after 
the U.S. 

The mixture of higb-minded- 
and commercial acumen l 

— — . — iStrated in the competition 

. , . - potential But they are a very soft sell for j s typical of Rolex, which was 

A long footage of the Lloyds' customers; -later,- ' a " further Lloyds — possibly against its. strict bemieathed by its founder Hans 
horse thundering along the shore 129.000 were ear-marked for use commercial interests— -in that unjsdorf. tn a charitable trust in 
pear Newquay was used on TV outride the bauICs branches. they are aimed at solving prob- Geneva.^ That doesn’t prevent the 
last month to introduce the Part of the Lloyds plan to lems^ rather than selling the company making a lot of money 

f ba , 2 *’ s services. . out of its very high-priced pro- 

The black horse— there are ducfs. The cheapest Rolex costs 
three of them in real life and around £200 in Britain, though 
they are heavily insured — began the company makes watches 
working for the bank early in under the Tudor brand name 
1975 when McCann-Erickson took which go for as little as £160. 
over the account, working to a Despite the difficulties expert- 
hard nosed brief; -says Bryan enced by the Swiss watchmaking 
Wright, the bank’s advertising industry in the past few years, 
manager. Prior to that, recall of due especially to the impact of 
| Lloyds’ advertising (through electronic watches from the U.S. 

and elsewhere, Rolex claims to 
have expanded its output world- 
wide by 5 per cent to 8 per cent 
annually- What exactly that 
means is impossible to say, since 
private companies -in Geneva are 
not obliged to publish any figures. 

It is acknowledged, however, 
that the British market, unlike 
the U.S. and the Far East, has 
been stagnant in terms of units 

The achievement of Iain 
Nelson, a 52-year-old Scot who 
became managing director of 
Roles U.K. in 1971, has been to' 
keep the quantity of imports 
Steady as cash turnover multi- 
plied. This has been done 
through a policy of exclusivity— 
Nelson cut the number of retail, 
outlets down to about 200 — and 

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Finance for in novation 

Lloyds Bank 

even though there had been 
several good series. 

But the bank wanted its ads 
and its name to be recalled. With 
McCann, it was decided that the 
old horse would do the modem 
branding, so that March. 1975, 
saw the first TV use of the horse. 
Checks beforehand showed an 
ad recall of 8 per cent. After- 


ren? 8 arnunii^S mcrQaSed business efficiency, 

cent It is currently around 50 when Nelson arrived, after 

“?*■* more than 20 years of working lor 

j? e Mldla ilt ! the Borneo Company, (now part 
(lately making shadowy use of inchcape) in Singapore, he 

i? g SS lon em S Ie ? °“ ^ a j found Rolex U.K, he says, in 
wfouS? 0 ?. ^. d B ^f2f ys pretty poor shape. This was 
NaWest in the middle, says partIy dne to comirfacency 

“ 7 °*;. . .. „ . .. derived from the fact that 

Another indication that the wilsdorf, the company’s founder, 
horre is working for the bank actually started his business 75 
is that the numbers of flrst-ttine yeais ago in London,.. whither he 
«. 1 Kr! Lloyds aged emigrated from his ' native 
between 16-24 m now the highest Bavaria- 
yetiThe guides come out of the Wilsdorf moved to Switzerland 
banlrs marketing budget of ^ igig p and it was there he 
flm. a year and are relatively produced the Rolex Oyster, 
cheap. But Lloyds has just claimed to be the world’s first 
a burst of Press waterproof watch. But he kept 

and iv advertising a tidy sum 1 ^ 5 . acquired British nationality 

to put on a house. 

and the British branch of the 
firm got used to receiving most- 
favoured-nation treatment. 

To-day that treatment would 
no longer be deserved. Nelson, 
a kindly humorous man, never-, 
theless gets quite indignant when 
he recounts how all the trendy 
young businessmen- he meets 
commuting first-class from 
Surrey to London are expen- 
sively dad from top to toe, arrive 
at the station in Rovers and 
Jags but wear “ rubbish on their I 
wrists.’* And he tells them so i 
to their faces. 

How can you keep 

ground when you’ve 
gotyour nose 
to the grindstone? 

Early television campaigns on Soufhern Television had successfully 
’ promoted the Infill Construction Company's agricultural building business. 

Too successfully, perhaps. For their 1976 campaign of 15 and 30-second spots 
on Southern, Hill were keen to promote the Hillspan industrial buildings which 
now account for two-thirds of their business. The campaign, staged by 
Lonsdale Osborne, was another undoubted success. Hid were pleased at the 
contacts it gained, and the reputation it made therrv More important, they 
were delighted to receive enquiries from an influential band of businessmen - 
those who work in London but live in the South. These men watch their 
television in the South too! 


Forfurt^mfonnctfion contact Brian ^ S^es Doctor, . 

Southern Television United, Gbn House, Stag Place, London SWIE SAXTefephoro: 01-834 44Q4 

fform&ide offer* you. 
tkat extra personal 
Joseph lan&r, our 
restaurant manager, 
and askhimto&nda 
toyour l wmeor office. 
fa/niiiar mill cur 
defies when you arrive 
totally natural Style of 
cooking that is 

I Whjj&ihe dkh&ore 
mw and exciting f Ike 
• stnwfph&ris goai old- 
fashioned candlelight 
rememberat London* 
Jlso open Sundays! 


. ThcRoUniTttisora*^- 

- .M (he Rsbdsd Hotel 

taltertnsn Square. 


_ 01^4865844 

When did you mfgagrg g; 
last get time to sit 
down and wade. Kf 
through, a pile of *£ 
newspapers and 

you been able 
to spend your day 
piecing together 
snippets of news 
and informatioii in 
an attempt to get a complete and 
accurate picture of the week's events in you’re in. 

It’s called Marketing 

. And it isn’t just 
for reading on the 
train going home. 

Bfs a magazine 
to -use. 

• Ibdipintofortbe 
latest news and 
facts that can help 
give perspective to 

what you’re doing, ' 
Whichever side of the business 


Its ludicrous, of course^ that these 
questions even need to be asked in a 
business so dependent on news. That 
it can take so much trouble just to stay 

Ebod, drink and tobacca CJosmetic^ 
toiletries and pharmaceuticals. 
Consumer dumbles,i^tai]iog.InfhiRtna:| 
a-nri financial marketing 
TAfeTL be covering them alL 
WeTl be reporting too on the differ- 

But with nothing to bring you the ent aspects of marketing. 

news each weds, that's how it's been. 

Until now 

Now you'll be getting the news atifcs 

When it still is news and not last 
.month's marketing story 

. Because from today there’s a new 
and completely independent magazine* 
coining out on Thursdays. 

Etom research and pa ckaging 
through to advertising and distribution. 

In return we’d like something 
fern you. 

■ ^bur views on the business. 

Because now through Marketing 
Week; you have an audience for them. 

The only pity is that you’ve to 

wait so long to be heard. 

M ar feefiln g %feek. 60 Kingly Sig^IflDdraWffi sr.TT JHephfflfl Qt^9 6®L 




It may be M3* but 
it isn’t money 




Tttx&atirr&Sbs brorsdat makcb * «*» _ 

CAACILL *to~y anmqlt 

«W.Nrf% Goo* Frt- E»W Moo- 





WE NOW HAVE a monetary and exdude Investments which 
policy; but when are we going can only be turned into money 
to have a policy about the money by gening someone -else to part 
supply? This seemingly nit-pick- with their cash— just to take the 
tag. question is raised to-day by extremes. Interest bearing 
Morgan Qrenfell, the bank that accounts of all kinds which can 
specialises in naked emperors; be withdrawn at the expense of 
and the point raised seems to me a bank or a savings institution 

UNLESS THE heavy rain which tance as they . swing -down and Comb Chieftain has been 
has threatened Cheltenham over round into the home straight, schooling brilliantly with his 
the last three days materialises, Midnight Court has the ability to older stablemzte Prominent King 
end there is a drastic change in quicken under pressure and and he, rather than Rodman, may . TwWlt s - 
the going, it Is difficult to visualle should settle matters. be the One they ail -have to heal, 

to-day” Piper Champagne Gold Bookmakers, -who have had the At odds of about 12-1 he strikes 
Cup not being won by either Fort better of their exchanges with me as the meeting's best bet. 

Devon or his marker rival and the punters over the lasttwo days, ^ rnh® nnm v ««_* 

MiS hw, coo*, jmffl&rfcjjsass 

Both these high-class chasers 22 and 33 Applications for 

did all that was asked of them Express ^i^ariLssioxa to the enclosure 

TOumpb ttmffle. _ _ should be made to Her Mafesty* 

' I£wim?t ldn l2ii Representative. Ascot' Office. St 

Dil PIMP 1 I? U James’s Palace, London, S.W.l, 

RACING S a if«h * efore the end of next month. 

BY DOMINIC WIGAN w 5? Visitors framcrerseas- should 

BY DOMINIC WIGAN culminated in a saven-lengtbs apply t0 ltheir ambassador QP 

- has J wtrJflfit o# Intrigue-*' . 

- CM-in ,, thorough ana nfitwW. 

PT<W S _• 

(vn. £1 to £4..MatS.sE1 to **■ 


1WAW BMB V. 8X8 8508, 

joiw i»“eoi» Ofenor m 


TM tawunr 

*r q n.m. S<t> 5-00 and SiOO- 
opi*m»o M«ch 2\ 


a serious one, and possibly are pretty like money, hut less jn their final preparatory races Rut he has newr «tmr*v tup 

highly important too. On the liquid— what tte International and their form puts them several « a certainty far talc's rare 

other hand a Treasury official Monetary Fund calls quasi- pounds in front of the best of *nd as aneaeh-way aSeraative t 

on whom I tried it re f used to money. their opposition. 1 prefer the claims of the riant 

3? v sa-srsj A’s.Wi^’Sf ^ 

SsSsSEfiS tr&F&sEr*- 

who, large sum in iPYertments— bank ymper Yoang Artiiur at wo wocry hlfi debut owLr the minor 

certificates of deposit, which *}** ® me obstacles at Naas, and. then won 

D i j 11 actually have to be sold tor 3 “ bumpers * race in a style 

Baby-talK money if you want to spend ^ which “had .to .be senate *be 

J them. It excludes building wikwi I will be ptaning my hopes, beteved.'’ according to one 

The trouble with discussing society and other deposits which Should he be in. striking dis- experienced Irish rider. 

■ I i ti JfcJ L l'KNHAM 
2.30— Corrib Chieftain** 
3J)5 — Rolls Rambler 
3.40 — Midnight Court** 
4.15— T amalin 
450— Kficolnaa 


ADKLPHt TKSATRS. CC. 014« 7011. 



OF 1*76. 1977 and 1*781 



WORLD ' s jfflrasir* 

B.O 0 . -OHims P»ndHg »<?V: jwNr Rente - 



such questions is that there is are. routinely spent Its be- 
bardly any tenable middle haviour often contradicts that 
ground between highly technical of Ml. 

exposition (for a classic of blind- These oddities are familiar, 
ing science, see the new Bank What Morgan Grenfell have done 
of England Bulletin) and baby- which is new Is to make. sense 
talk. Mr own leaning is towards of them. M3 is not a measure 
baby-talk; 1 can only hope to of spending power — liquidity; 
persuade readers that what but it is a very good measure 
follows is not quite as simple as of the resources -held by the 
it seems. banks on which to expand their 

Any discussion of money starts lending book. . 
with a difficulty: we all think we ■ Monetarists often fail to notice 
know what it is. but the word is the. difference between a money 
very hard to define. Notes, coin measure and what the Americans 
and a current account at the call a bank credit proxy because 
bank are money in anyone’s boob; they tend to think in terms of a 
and are what Is contained in Ml, closed economy or a freely float- 

2.15— Jane Again 
2.45 — Charming Scot 
3-15— BQt The Roof 
4.25— Bold Warrior 




£ 84,000 




- — 7 -SO (Su. soli out) 
r« A” ENEMY . 
by NlRtl WlUUlM 

730 2SS4. 

MAY FAIR. CC. .«* *. 0 2f- 

Moo. to FH. 8.0. s«- S.SO IN 8.43. 

-cordon water ; «riWain £.N. IP 

“A eloquent 

pter^lSS^HIlTrtoSi^E. Std. "WKkvMr 
SSSswr E.NCW. ■•SOcUnhuUng/* Ofas. 


Knih ^SmwbAN. Duiele * 
ete#n £ 


•OOttwr who- 
1 M Is NiiiMB 
SHln wftti >noCw 
inponioirt iwHriv 
Barker. £». M l w . 

Oonmar Theatre. Cowart 
Garden. 836 6808. SOM now (er now 
RSC season from. 10 AofU. snuMBwtv’s 
THE DANCE Of. DEATH. John Fort - * 
*TI» PITY wrs A waofti. pan! 
In renciT o lir. Adr, Bkgh Aldwych. All 
seats £1.80. 

WHITEHALL. 01-930 6692.7763. 

Ergs. B.30. Sat. 6.45 and 9.00. 
Paul Raymond presenM the Sensational 
Sn Revue of Uie Century 
Now lire on Stage. Limited Seoaon. 
12 * week season Prior to World 7 oar. 

the- narrow definition of money, ins currency: in such an economy 

which the Bank of England the .growth of credit and the t he extraordinary price of 

reports but does not attempt to growth of money are the same £84.000. to which must be added 

control. Thereafter, there is thing. the 10 per cent, buyer’s pre- The landscape by George Lambert which sold -at Sotheby’s 

trouble. raium. was paid at Sotheby's yesterday for £84,000 to Leger Gallery and get an auction 

A banknote serves quite well _ . ■ yesterday for a landscape by -record for the artist 

lo define what is special about I JflllldllV George Lambert the 18tb- 

mnnev. \ou can exchange it for centurv artist. It is ah exten- 

an.rthing. but that is its only in the real world, however, sive view from Sandleford through Leggatt. Jt acquired a bought by the Oxford dealer, 

virtue. Anything you can buy flows across the exchanges can Priori / towards Newton Village portrait of Mr. and Mrs. Cham- Blackwell. A first edition of 

with it is cither more beautiful, add to the credit available for and the Hampshire Downs and pion. by John Seaton, for £2.«W; p ar adiSi in Sole Pttradteus Ter- 

^^^jpgsT^OO. M«fc Tup*. 3.00. - 


Tickets £3.50 and £2.50 -me. ntert- of 
wine TW* Is wttfioot doubt th* most 
extraortnlnary «ntcrialnm«it In LontflHU’* 
Ewnins Nwv Enos Martn IB. . - ; 


Twice Nightly 0.06 and 10.00 
OPEN SUNDAYS* 6.00 and 8.00. 
PAUL Raymond presents 


Takes to gnpncMcnM limits what e 
Oertnlmble on our stages." Epg. News. 
You may drinK -and smoko In u»* 

WTNDHAM'S. 636 3028. CredR Card 
booking B38- 1071 (ex. SsL>. Mon.. 
Tours, a. Frl. iM Sat. S.15 and- 1-30. 

very"%°^^ CH n^ 
Mary O'MaUey's smacn-hlt CamcOv 

Sum (Ire -comedy M vk and rsLglon, 
Dally Te l egr a ph. 

LAUGHTER'." Guardian. 

more useful, or more rewarding spending or drain it away; so was expected to sell for around a portrait of Thomas PapiUon T€Strij : vy jqv,. Parkinseii. 1629 

j"? 1 ?? ^ .... sjs'. affisjsss.i.'s ss^tT: «r uSzrxEs 

Woles, by John Ogilby, 1876, 
and Lyon £3200 for a first edi- 
tion of “Metfiode et Invention 

elate. A rational man. therefore, ing power may not control the The 'previous auction best for Quaritch for km 

‘will only hold money rather money supply In a real sense, the artist was £2.520 in 1972. Sir Anthony Browne, fbr £1.400, •“» • - 

than these desirable alternatives The spending power that floods but higher prices have been ' ; a _ "“unona, a dealer from 

cor quite strong reason*— either i n may vanish without a trace realised in private sales. Works jn ., Ham pshire, paid 

tobndge the time gap between in M3 when the banks stop bid- by this artist rarely appear at CAI PDOHM Si^SwwSL ^ 

receiving income and spending ding for funds. Company auction and three buyers were a#*l»LIWUIH rtiustratton of the ^ Kingd om of 

itjtho transactions balance) or treasurers buy Treasury Bills or after it The painting was BY ANTONY THORNCROFT 

because any commitment at all place their money with local flnallv acquired bv Leger muiwuiuri Wafa*, by Joto Ogilby 1876, 

seems too risky (the uncertainty authorities; ordinary cituens CaBcry. and Lyon 0200 for a firstedi- 

mntive). The whole of mnne- switch to the building societies. Other good prices in a sue- . , „ nr * n ,* «r ^. on "* e0lo de . ** 

tansrp is built on the notion that Liquidity piles up. but the cesaful sale of British paintings. Dr ** sr 

there 15 a conswrent relationship money supply appears to be which totalled £356.140 with a S*?!Sia S? W™.® 11 Cavendish, Duke of 

between peoples spending be- under control. Inw 7 per cent bought in. were r NewcaaU «- 

haviour and their holding of It is a very open question, of the £23.000 from Leger again „ tinT QuariWi also paid £5,800 for 

money, and on the much more course, whether all this matters, for The Rev. Charles T wWl and li £l 1 . Gabriel Naude's Bibliothecae 

questionable proposition that you An anti-monetarist would be family, by Henry Walton, an- J0 T » Cordesfenae cotalopis, pub- 

can control the former by the interested only in the exchange other auction record for- the lished in Paris in 1843. A first 

latter-wagging the dog by the rate and in interest rates, aid artist; £21.000 from Spink for J fMUly “ ome « Newstead edition j t |* Interesting for the 
tail, it is attempts to support any device to get interest rates another portrait by Walton of- ^ Doe T- _ seven and a half line note in 

or disprove these theses that down without- frightening the Rev. Tyrell; £18.000 for Christie’s continued its series Evelyn's hand at the end of the 
generate all the baffling monetarists in the City would Colonel and Mrs. Campbell by of sales from the Evelyn index explaining the marks in 
equations. be welcome. However, those Francis Wheatley: and £10.000 Library. The first session of a ink and pencil be has made in 

Now if this is the reason for who profess to see something each for a view of Musselburgh two-day sale for authors M to S the volume, 

having a monetary policy, you In monetarism — who include Paces, by William Turner “ de realised £96,256. . jjj a saIe ^ tribal art also at 

Iffai- !S eCt the a 11 ® 0 " 1165 to Mr. Healey and Mrs. Thatcher— Lond." and 'for a Bov with « A first edition of poems in Christie’s, the buyers were as.— _ . 

SSSo?* srzjsstojzs f;a . II, ?° r ° UEh -- .. «5a*y»tfA «* h***.**?. *** » a. ^ .th.resrujw^fe rfr-js vss 

YOUNG Vic (mmt Old Vie:). 928 6363. 
TonJsht at 7.45 TWELFTH NIGHT. 

ARC 1 and 2 ShaKcsbWY Aw.- 836 8861 
6«g tor*. All Cfjts hfcbic. 

1: SILVER BEARS - iAI Wk. and Sun; 
1 45. 5.00. 8.00 Oast 7 davs). 

and Sun: 2.00. S.1S. 6.15 Mast 7 dam. 

CLASSIC 1. 2. 3. 4. Oxford St. fOpu. 
Tottennam Court ftd. Tutw. 636 0310. 
1: ABBA THE MOVIE CUT^ StercopiiMi.c 
Sound. Proas. 1JO. 3 .SO, 6.10. 3.30. 
Late show 10.50 p.m. 

2r THE HIDING TLACE <A). Sw. PCrts. 
2.00. 5.00. 8.00, Lat* show H pm. Al 

PVWls. 2.30. 54)9. 7.50. Latp show 
10.45 DJD. 

4s Lost 3 d«v*! HOLOCAUST 2000 1X1. 
Proas- 1.20. 3.40. 6.05. 8.35. Law Show 
10.80 p.ra. 


CURZON. Curio n street. W-1. 49S 3737. 
-sub-tnicik- " A sparkling New praiKh 
Comedy. Directed with ftneaao he Vues 
Rofcort,** Sunday Express. Prons. at 1.50 
(not Sun.L 3.35. 6.10. 8.30. 

SATE TWO CINEMA. 837 1 177-8*07. 
(rtrmerW t.Mi. Intematiopar) Russell 

“"•v'T LiitiA. lwitvogi » nuncit 

ouare Tube. Derek Jarman's Jnbilan 
<xi. Sop Pern. i.oo. 3.oo j.oo. T-oo. 

&.10. ALICE DOESN'T L ~ 

'“J at itpai uc waiueu, uj uaiuawiuugu. Dora isngusu ana JLaon - Dy jo on global as the items under the 

ta , '"dude every hare no monetary policy^ only a The National Portrait Gallery Milton was the day's highest hammer. The sale totalled 
ready source of spending money, bank credit policy. ■. I was an active buyer, bidding priced lot at £5.800. It was £39,675 


"m» NduMt -Is atuanlng." Daflr Td. 


OOEON HAYMARKET <930 2738-27711 
Jane FontU Vanessa Redpravc In a Fred 
TJmenunn Rim JULIA LAI Sep otobs Dir 
7-30. 5-45, B.45. Feature D4». 2-45. 

6-03. 94)0. Late -show Frl and Sat Pm. 

6-03. 9.00. Late -show Frl and Sat Pm. 
Cprtm. 11. 45pm Feature 12 . 00 . All seats 

t Indicates programme in 
black and while 

BBC l 

6.40-7.55 ajn. Open University. 

9.41 For Schools, Colleges. 12J5 6J20 Nationwide 

p.m. On the Move. 12.45 News. 1.09 6-45 Tomorrow’s Wor 

Pebble Mill. L45 Trurapton. 2.00 7-10 Top of the Pop: 

You and Me. 2.45 For Schools. 7-40 The Good Life 

Colleges. 3.00 Children's Ward- 8.10 Wings 

robe. 3^5 Racing from Chelien- 9.00 News 
ham. 253 Regional News for 9-25 Cannon 
England (except London). 355 Play 1055 Breakaway Girts 
School (As BBC-2 11.00 ajn.). I*-00 Tonight 
450 Winsome WHcb. 425 Jacka- H-40 Weather Regions 
nory. 4A0 Scooby Doo. S.00 John All Regions as BBCl 

Craven's Newsround. 5.05 Blue the following times:— 

Pe i^n m" 35 Ludwi «' Wales — L4 5-2.00 pjn. Barnaby. 

5.40 News 4.40 Crj’stal Tiops and Alistair. 

555 Nationwide (London and 4.45-5.05 Tren Sgrech. 555 Wales 
South-East only) To-day. 650-6.45 Heddiw. 1L40 

6.00 Thames at 6 
655 Crossroads 
7-00 The Bionic Woman 
850 Robin's Nest 
850 Armchair Thriller 
940 News 
950 Bafta Awards 

South-East only) To-day. 650-6.45 Heddiw. 1150 8- 30 Armchair Thriller - nunas. 

650 Nationwide News and Weather for Wales. *-60 News 

«5 JSr.T’S; c ScatUod — ajn. For ’f. 

Z‘12 i£ P 2? toe Pops Schools (Living in Scotland). 555- JJ'!5.S£r*L ■»_ - • IS WstHwtlma. 6JB4JB Y Dydi 6J5- 

750 The Good Lite 650 pjn. Reporting Scotland 7 40- What the Papers Say 7 -as spam Arena. 

H £ a ssa«fis 'sa ~ 

;! ? ™ OH. „ „ A.NGU4 M _ scamSi 

!!S W« Sir Rreional Nr™,. MX 53SL. IS 

AH Regions as BBCl except at Scene Around Six. 1140 The s? ffii'oSli ^. A ^s n cSSSf' v,r v™. 

nr Trrrvr r< , ^, A (Kong BeaL 1150 News and Film: "A Cit In The «StaW“ starring «'* Clurlte'a Aa*els. 1U5 Birthday 

Only. WB Beryl’s Lot. *jo Return ts 
the Planet of the Apef. te Brcakdnie. 
559 Crosaroada. MB Report West All 
Report Wales. MS Best In the West 
3U5 Tho m a s Hardy — A Man Who Noticed 

MTV Qngrv/Wtfao— Aa HTV General 
ferric* except: XJH5S pal Penawdav 
NewyddJon j Dydd. A 28 MW Uawr. «J5- 
«.« Wstihethna. MB 6.11 Y Dydd. US- 
7-85 Sport* Arena. ' 

HTV Pfcsi— AJ HTV General Service 
except: UHJO p.m. Report West Head- 
lines. UB4JB Sport Wo«- 

- Dlv. Doors ooen 

KUIO AA) &eo erogs. Dlv. Doors o*«n 
liouo Not Sun) 1 .03. 4.15. 7.45. Ulo 
perta T ue*. Weds. Thurs. Frl* and Sau. 

Sr i" w « Ilia ». m* dita sou. 

Dows opgn.n .TS pm. AH seats may M 
booked except 10.00 am shows. 

MARBLE ARCH ' (723 2011-21 
STAR WARS'fUI. Doors open Dlv. IJO. 

»r-sr%J <U|. IFVWK wyv'ii MIT- IhJUi 

4 .jB. yj Ci.Ute showFrt and Sat 1200 
midnight. All seats MtWe except 1-30 


PRINCE CHARLES tele. So. 437 8181. 
SWEPT AWAY (XI Sep -Pert* Dlv •Inc 
SWUIZIO 2.45 6.1 S S-OO Ltq snow 
Nightly IIJS. Seats BktJW. Llt’d. Bar.' 

17 TT r , nrtCCll , nnr» TarriyiTT r \l -l r"* ***» news ana rmn: -a w in rue NlgW starring «• •.«««» Asgru, *u> siranaj 

r.I, LKUcOVtUKD PUZZLE No. 3.619 weather For Northern Ireland. gdmood Q-Briea, Xatalte wood «nd Sr. Clair and die Peaw 

England — 555-6^) p.m. Look g™"- « SSftJSTiJf ^ Can. USD 

East (Norwich); Look North AT .. c7tvr™7r»ivT 

(Leeds. Manchester. Newcastle); ATV SOUTHERN 

Midlands To-day 1 Birmingham ■ , , ;"J!f , - ATV Xmdtsl til Beryl's U8 P.m. Southern Nevs 200 Women 
Points West 1 Bristol I • Smith Tn" Howjurry, SAS Happy Days. Only. 4 2D Betty Boop. 521 Crossroads. 

' JS 2 U ii O' 6*» ATV Today. T« Emmertalt? Fann. MO D»y by Day. 630 Vidvenlty 

daj (Southampton) : Spotlight 7JB BJonic Woman. Il.u Master Coif. Challense. 730 EznnUnlalfi Farm. 738 

South West (Plymouth). RORDPR Hawaii Firc^). ins People Rule! 

RRr 7 tut P^. UXnJSr 5.15 Lassie. ^ ^ »«• 

DDL ~ tM Looks round Thorvlar, 7 M Emmer- TYNE. TEES 

a.m. Open University S^ p F * n u^ # ^ 00 ^ m2 s * J TaSw? *- m - ^ Good word followed by 
1150 Play school ilSSnd n^SrtdL iJ??/ S L.IS U « neadnnea. La B.OL 

I ..TO nay nc.nooi Edmund nocfertdw. has i„ Soarch Of CSS C'Z: 

2.1* pjn. Racing from Chelten- ... 121 s a.m. D 112.45 Border w^n ^n,v Nc ^ 



ham ^ women Only. U5 Th« Bradr Buw*. 

.. . sewa snmnwry^ . XortJ]C „ ^ lM Ercmcrdale 

45 * Open Lmverrity CHANNEL F *rm. 7 JB TUc Bionic Woman. IU5 

7.00 News on 2 Headlines Lit p.m. aiannei Luaciitimc New and WI)at FoflleI UK Ruma Damp. 

7.05 Your Move What's On Wberr. iM Channel Kews. * Jn - Epllaaue- 

750 Newsdav Link Cp. 74» The St* Million Dollar tit V ' I ' L IF 

RDS SL vemrtA 'fan- XUS Chanel Lllr .Xew<L LU .0 ULSltK 

"■2* waraeners I'orla TUo Story ctf IVlnt: Bank! TaIIl 1L45 L 2 i p.m. Lunchtime. AU Ulster Kews 

850 Living in the Past The Electric Theatre Show; RJchart Headlines, uo Bis Blue Marble. 4AS 

9.00 International Table Tennis »««<»• liiS «•"«• News and Weather lo Uuw, House on the Prairie. *.» Utaer 

950 Srrcpn *» - “TT 10 An-ml Pmoch- TpWtIsIou News. 6 . 3 S Crossroads. 639 

- A ^ ] frR 4IVTPTAM Reports. 7M Emmcrdalc Farm. 738 

lAtvme starring Zero A I vi rL4 ii The Bionic Woman. . 1U5 Coumeronm 

Mostel and Ham* Belafonte ~ nji *- m ' .. F,r?I ttudk. pal 1143 Horan’s Heroej. ills a.m. Wedding 

Union Bank of Switzerland 

ACSOSS 5 Sweet but jokingly prepared 

1 Competent to enter race for _ .... 

inscribed plate (6) ® gn deckand m the open (10) 

4 Plump boxer’s starting train- 7 £? em fr° m Virgil I admire 

mg to be a believer in the in- _ i,?'. . . # , 

evitable I.S) * Finish in attempt to be fashion- 

10 Money from duck in cage out- ^IcfB) 

side i“» 9 Bumped into a_ learner on the 

11 Supply nothing before five in £, oad 1 ^ , 

p rid el T > M Heavy burden for late west. 

12 Hunlfmen returning empty (4) £ rn „ 

13 Prohibit Oriental proceeding ' ^otoor to take part in 

Mostel and Ham* Belafonte m - m - ,. Fir?I 1 ^ Un *‘- ^ HAS Horan's Hcnjes! IZIS a.m. Weddlna 

1155 Jien of Ideas TWlar Man 1 US Rrik-rtlmu. 1X58 WESTWARD 

TONnrrV SpomcaU. U-Zt fj«. Cos Bonertun's Birthdays. 

LUJiUUn GRANADA 1J1 Wtstward Nona Headline*. 6JJ0 West- 

950 aan. Schools Programmes. *■*> *« vwr Ri^rn. ‘«as ^ 

Charlie’s Climbing Tree. £^ E S? 5 iffi s 1 * r ? 0 , S: ^SSSS- JSTwK 
J* M . p “J*5 l,b0W * Make it Zfv m «?um &£—*$£** Bnra * 03 ' 
Count. 1.00 News. 150 Help! J50 rrammv). 535 Crmwroads. 4.M Granada ^ “• m * Fall h tor l-Hh. 

Crown Court 250 Afternoon. 255 Kwrts. 838 Emm.-rdaip Farm. 7J» YORIfCHTRF 

The Crezz 350 Ouirlr nn the Tlw T^oteeiwa. 738 bi«*s This Howe. , _ 1 V. , .t. . 

J,_5 d “ir „V UICk . on J, r» , y « F Whit'l On. iso ; a.m. Gocrsc lJ0 wm - Calendar Seva. 430 Lassie. 

Draw. 3^0 The Sullivans. 450 The HaoUhoo IV. mb sobodrn How. SJ5 Survival. 8.00 

Little House on the Prairie. 5.13 inv • Calendar fEmley Moor and Belmont ; 

. wi.. , » . Ixjr anti Mrt ■ HT\ MWonsi. 730 Emmerdale Farm. 730 

a Sweet out jokingly prepared | ti» ».m. Baoon w«n Headlines. 15S The Bionic Woman- 1U5 The streets 

resting place (5-3) 1 Report Wales Headline*. XJO Women or San Francisco. 1235 Am. Drtve-In. I 

Notice to Holders of the 5% US$ 
Convertible Notes 1976/81 of 
Union Bank of Switzerland (Luxembourg), 

* • t 

The Board ofDirectors ofUnfcmBaak ofSwtzerland win propose to the Ordinary 
General Meeting of Shareholders to be convened on April 6, 1978 - subject 
to the necessary approvals - that the present share capital ofFr. 1050 million be- 
raised to Fr. 1100 million by issuing 82570 new bearer- shares with a par value of 
Fn 500.- each and 87 150 new registered shares with a par value of Fr. 100.- each. 

The u 


. ( 

It is proposed to offer for subscription the new shares to ihe present shareholders 
at the .ratio of one new bearer share to 20 old bearer shares 3t the price 'of- 
Fr. 125a- per share and of one new registered sbareTo 20 old registered share* 
at the price of Fr. 250.- per share. _ 

A - 

• S 

RADIO 1 247m v-M. Sxlzbnrg Festival 1977 . concert '5>. prosnmme news mt?) BeaHnul Hews. 

«1 m. W9 News. WS lianclwsicr Midday- Cen* M 8 News. *J9 Brain ef Brlrala l?7l 

tm 'rL^ATRadlo « rS %-oel lTn ' ** " Wflltz Dream" opetata In 730 Sows. 7.05 The ArdMrs. .738 Check- 
ftlmandt^uia llJl «»• » <!«r A™« ’S«- » ?olm. 7 AS__SH!owtw*. 83» All In. the 

, Vjlmarwl^ * 08 C.-lnn Rsim lilt P, B ! “W w wear dirausi ‘S'- A* pamj. iaitwreCK- AJI tn me 

9 Bumped Into a learner on the Mnw ncMseUai pii ^' ord *. ^ ■ ■ “a 1 *- 4 - ** Ptaw neeial Waiiln*. U5 Asalssas; The ArriiUabop 

road surface lo. S J TowfiSShk 8°« SSKi 1 c S I S d g^ ^ 

H rt-_ w knrHon fr**- N(« Tra; is includin'* ja T-fl a , ^ 1 - hWWvjfo Bound- t&05 Kaleidoscope. 9_5* Woauwr lo^QO The 

Heavy burden for laic west- % c ^ a,n s -“, u .02 »■» umubw* bou m .ctmimundC 9>M worid tooWil jw Any abswot? zua 

_ cm crew (4H,i .wto ftel !s-.^ OlSS« As RaS UfeJlMs: The wider Vni-Id. 738 -Mo- A Book at Bedtime: “Bather Waters." 

Radio 2. includitu 1J3 pjn. i;ood Listen- Jtaj-wsos ihe opera. .435 News. 

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11JS AkP Useful and 238-538 tL»n. 

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SI Enpmswd as Boy Scouts may 
be 161 


1 Signal for credit, on. the nail 


2 Newiywed »e shall follow in 
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- aiem-i). rc di Creta.” opera vr|* la thnw parr 4. t l.lS Tho Financial World 

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LibereMeadere always folhS 19 ^'s lookmg viarm ,n photo- RADIO 2 - and \-HF ^ BBC Radio London 

...161 kraph tol 630 a.m. Xrni Summary. 832 Ray News. 1138X1.B AwJ Tonichl's SctalWri 206m and 943 VHP 

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ki" j ‘ 23 Taking no measures 10 con- *JS Pause [or ThoutfiL 732 Terry Wogan Radi. 3 VHF snly— 830-7.00 ajn. and 00 ComciUor, MB London 

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S32 KnUkweav.* r4., M5 Spoils D«ak- l ®- 30 Dally Service. tlDJS Horn- Night-EFira with Adrian $CWt. 

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AH new shares shall be entitled to the dividend January £1978. . . 

incrcasc S canfed out ® PtoPos^* the conversion price 
of the 5^0 USS Convertible Notes of. Union Bank of Switzerland (LaxernboureV 
will be reduced with effect as oT April 7, 1978 in conformity with the Terms and 
Conditions of the Notes. 


■people' f4) ' 

Solution to Puzzle No. 351 R 

tj ® s q m n m u 
a f3 a m u h 
QB oacinQB asaan 
he b . n m 

Q B a D H B 
□ D E E 0 

Hsaan qhhhrbkhe 
q a e d u □ m b 
mti EDann 

194m and 955 VHF I 

■ m i^muLimLy whu me leans and 

Conditions of the Notes. . ;• 

ofSto^toldShMuk CC ^ * e Ordinary General Jwfcefing 

Tbe holders of the 5*-l L’SS Convertible Note 1976/81 oTCiriraBiidtofSwftwrtMd 

SSEr 1 ? ’ r h,ag t0 exercise ** rights are united to exchange 

ttefcNotes for bearer shares of the Saida Bank of Swhzeria ^ “ 

Dot later than Monday, Mareh 20, 1978. 

No ConverOble Notes will be exchanged for Shares during the period from 
^ “**■ il ^ lud ‘ n8 Thursda ^ A P r U 6. 1978 (date of the 

Omveitible Notes not surrendered for the exchange hv Monday, March 20 197R 
do not eniiiie the holder io subscribe to new shares. ’ 


n a nm 1 4fi4ni Stereo & VHF You jud Yours. 2237 just a Mlnme ISi. 630 xm. Graham Dcne’S BreaHas 
K.AIJIU J Tfr*m.aiereil & Ytur ra S5 Wratfavr. uroariumne wws.yHF Show rS». MO Michael Afinel (SI. 12m 

K. i U)lU J ^ tO 55 Wrafher. DiMBnunme news 9** Show rS». 430 MV»hael A£pel (SI. 1230 

t Hcdimn Wm only (cxcrpl Loodcm am SEi Regional pews. Dave Cosn (SI. 339 p4h. Roger Scott 

tkSS «.m. Weather- 738 >"cws. 735 138 T« World at Ouc. Uo The AicSses. tSi. 73Q Lori George-Brown’ s Capital 
0 *emir e .S'. 8.90 N'ews. 80S Sloraiog 135 Woman's Hour ufran 3.991 irreftaUffii Commeoarr (S). 708 LokJm Today fSi 
Concert IS 4.00 Xrirt. 438 This Week's 208232 Neva. 7245 Listen with MeOwr. 7 JO Adrian Lots'* Ones Line wtfli -a 
CouiDoser. Jnim Bull 'Si. 4JS Philo- 33 d Sews. 335 Afternoon Theatre ! 51 - legal expen. 438 Y«ty Mother Wonen’t 
miisicB nT London, part 1 <S., 1825 5J8 Jade de MarJo P recisely tndrtks I f~1 Jo ~ n w» 

In;«T-ra1 Rrriui* 1830 Cmeort. part • A88A0S N-w* < B Sion- Tim- MV PM T 1 TbH'JSSo 
UJ8 MriUtf, ptaop ndtal (8). U3S Basorta. <38 Serendipity, rug Wotf" r < 

Zurich, March i6,197S 

Union Bank of Switzerland 

V 5 AlTi 





The winter season 

The winter season at the Nevertheless. Schfinberg And Miss 
\ Teatro Com unale is necessarily yejzovic carried the day: an 
short, to allow the theatre some ™P rass i ,e performance- 
time to breathe before the Mav For his . ballet Donna (world* 
opening or the annual Maggii Premiere) Paolo Bortoluzzi used 
m ii ci poio r QC i^, i Luciano Berio s Sequefcza 3. with 

• musicale festival. But in the ^ taped V0 Icp of Cathy Ber- 

past and again this year — the herian. This mercurial bravura 
Florence bouse "has managed- to piece allowed Bortoluzzi — as both 
present a varied and interesting choreographer and w>lo dancer 
programme In the space of a few ~ ro display his admirable tech. 

■ weeks. Thp nique. The content? Slight. On 

. . . °P« riin K Tromtore. stage with Bortoluzzi there 

staged by Luca RoncOm and con- a re five fashion models (then- 
ducted by Rlccardo Muti, was names in the programme are 
. stimulating, enjoyable; the Bor- Cristina. ' Geraldine, ■ Michelle. 

. biers di sivigtio was poor (ex- Nadl ** Nenc 7>- who appear first 
cept for the lovely sets and cos- 1n sumptuous costumes, then— 
tumes of Ulisse SantiPhii* rhe aB ae y ff radua!I * disrobe— only 
wlfcJL, 7u‘ “£ in body-stockings and dizzying) y 

Verther was a triumph that will high platform-shoes. They prance 
remain long in one's memory; and preen, sometimes concealing 
then came the traditional full- themselves behind some cloth 
- length ballet. Romeo and Joliet shieJds - as Bortohuzi weaves 

fl w ‘l F T' wb,c V 

finals the equally traditional a pleasant quarter-hour, en- 
nomage to the 20ih century, this haheed by. the -designs of Beni 
' lime in the form of a triple-bill Momresor. responsible also for 
of one opera and two ballets the projected scenes (this time. 

■ well-lighted). 

E wnrtm!, eri ScWnberg-s Maurice Bfjart’s well-known 

ncartimg. The . first “perform- choreoffraDhv of Les 3Voces is 

ioah S wn I nnS ,ndu ' ted rf by Chr ?- Q?er 15 years old. More spectacle 
Dohnanyi and sung by. ^an ballet It is sifited to a 

'hv i 1 S i- Ja ' Y ho l l er j £f placed — group like The Coraunale's corps 
h> the time I reached Florence^ de ballet which, along with the 
hy Alexander Sander and Dunja orchestra. i s going through a 
Ncjzovm. Dohnanyi s conducting process of renewal. The dancers 
had been praised by. the local looked encouragingly good. 
Press, and Sanders was certainly Marga Native, Florence's prima 
equally praiseworthy, precise and ballerina, was admirable in the 
vci far ■ from inhuman. The leading role, opposite 'the guest 
Florence orchestra, an uneven. Jorge Don n. The-Florence chorus 
but often willing instrument, also seized this opportunity to 
played with unusual clarity, shine, vigorously led by its 
Previously beard in Florence regular chorus-m aster . Roberto 
only in Luigi Nono's Intol- GahbianL . . - ■ 

!?^’£ a V^Lii U f >SlaV m S ^ r “ 0 Tb* noticeable improvement. 
Dunja Vejzovic sings mostly in thls season, of orchestra, chorus. 
Gennany (she is scheduled to and-now-eorps de ballet allows 
make her Bayreuth debut this h ope for the imminent Magglo 
coming summer). She is a very (t0 be inaugurated, rumour has 
interesting and engaging artist it. with a new production of 
with admirably distinct enuncia- j . ve spri siciliard). Another 
uon (the opera w-as given in the heartening piece of news is thp 
original) and with an expressive very recent appointment of 
voice that can be icy when neces- Luciano Alberti as artistic 
sary but also warm and sensual, director. For the past .several 
Glancarlo Nannr’s staging was years Alberti Jhas been 
not incisive, but the singer moved responsible for the/ Accadetnia 
gracefully and acted convlnc- chigiana in Siena, initiating a 
ingl.v. She was not helped much number of successful proiecls 
by Mario Schifano's stark, ugly while, at the same time, main- 
set. nor was the set Itself helped taining that institution's long- 
mneb by unimaginative lighting, established prestige. • . - 


Record Review 


Dunja Yejzovic 

Berlin Opera 


Mitridate, Tito, Orlando 


" ful of these is Xiphares's “ Lungi soprano. With Arleen Augdr. steady grip on dramatic progres- 

Buzarli Mitridate. rft di Ponlo. da te " in Act 2. entwined with Aspasia. she shares an admirable sion, with the quality of impas- 

- Auger, Gruberova. Cotrubas. ornate horn obbligato; but more fluency in run. roulade, and sioned commitment In every bar. ' 

Weidinger. Baltsa. Hollweg.* remarkable still, more prophetic ornament; in addition. Miss The bloom on the orchestral tone 

KQ bier/ Salzburg ' Mozarteum or future dramatic achieve- Auger mould.-? her grigs with is or a quite different kind from 

Orchestra /Hager. DG 2740 mems. are Aspasia's introduc- such pellucid effortlessness that Vienna sweetness or Berlin 

180 (Tour records) £1*00 lory “Xcl sen mi palpita.'* in 1 regret Ending a lack of colour amplitude. Janet Baker has done 

' a breathless G minor, and the and warmth, of emotional nothing better for the grama- 

Mozart: La elemcuxa di Tito, extraordinary sequence in Act 3 “juice." in ihe timbre. Agnes phone than Vitellia, and this. 
Baser, Minton. \ on Slade. - |n u -bich. mirroring her inner Baltea. though foT an alto castrato despite the audible straining, the 

Popp. Burrows, Lloyd/ torments and resolves before part the voice musters in- vowel deformations, the passing 

-Orchestra and Chorus of Royal su^de. a noble, gravely calm sufficient weight below the stave, tonal discolourations. If a dis- 
Opera House. Covent Garden/ g flat cavatina emerges from is a darkly vibrant Pharnaces. appointingly lumpy account or 
Davis. Philips 6703 079 (three 3n d then sinks back into accom- with a smoulder in the tone that Sextus’ great rondo sends one 
records 1 £11.97; cassette; 7699 fancied recitative — this passage expresses far more than conveu- back to the serenely classical 

038 £11.97. ^ alone contradicts Dent’s asser- tional villainy. With lleana Teresa Berganza of the ten-year- 

Havden: Orlando paladino tion thal “ it is only in situations Cotrubas a fresh, charming old Deeca set (otherwise substan- 

Aucer Amelin** Killehrew depending on some quite simple Ismene (albeit wtih a quota or tially outclassed), similar praise 

Shirlev Ahntifi Tuxon’ and obvious emotion that (the) husky unsteadiness) and the can otherwise be lavished on' 
Trfrnarchi M» 77 w>ri \ niwnne music can be considered really promising Christine Weidmgcr Yvonne Minton. Stuart Burrows. 
Chamber ’ " Orchestra/Dorati, moving and expressive." Here. In the minor part of Arbales. the without (be imperiousness of 
Phlllns 6707 n°{i (four records) and elsewhere, we recognise ihe female voices have been chosen (one of Eric Tappy. manages the 
£ 12 JZ 5 „ reul ^ Mozarl _ if pre^choes can Wl| h unusual care for contrast. i ong chaste lines of the title role 

be detected of Ilia in Aspasia ._ LIn “ er Leopold Hager the (and bursts of floritura) with 
■ ■ and Eleetra in Xiphares (parti- Mozarleum Orchestra plays far greater address; Frederica 

. . . cularlv in his anxious C minor smoothly, securely, evenly, the V on Slade, a radiant Annlus, is 

Mrtrulale, re di Pmito, Mozart s ana in the third act, with its conductor often glides comfort- obviously a Sextus of the future- 
first opera seriu. was written for unsettling chromatic touches), ably over orchestral writing that anf j Lucia Popp (Servilia) and 
the -commencement or the 1770 jhat is a mark of the depths deserves a more individual, more Robert Lloyd (Publius) complete 
Carnovale season at the Teatro atlained (if less consistently specific hand ina. As m Ihe a first-rate cast. 

Eegio Ducale Milan. Most of even than in Lueio SiUa of two -Srf/ii set. acres of The arPat until a ahort while 

the usual and .some unusual years later, with its dull, compli- 

recitative are 

anxieties attended its birth, from cuted plot) in 'MUridate . " " ’ through complele in consci- r^Hnvdn’s 'oneVas ^“now^beTne 

exigent singers (the sineer of enltous. desperately undrain a tic *. ■ ,s now 

lbe S title part. the S tenor ' A Proficient cast has been fashion— the reritative Hself may colonised. Liso.a 

Guglielmo d’Ettore. demanded assembled to tackle vocal writing not bo very distinguished, hut it ____ ___ — — . ___ 

no less than five times that his of sometimes fearful difficulty, deserves more perspicacious 

first aria be re-written) to back- D’Ettore s speciality, on which delivery. more Tialianate rr,i,_ 

Mozart was compelled lo con- enunciation, and fewer verbal inc 

a consS a3 °- on !' . exp lored continent that 

stage conspiracies against an 

Offenbach's score for I^s is movable and . everything Offenbach, ensures that the. the Duke’s Tnaftrtases-en.titre. 

Brigands, first performed in moves. The Brigands’ under- musical performance matches ' * 

1869, contains no individual 8 round hide-out, furotihed wi^ th the dramatic presentation in Across the Wall, in East Berlin, 
number to nnk wi*h wv Part^o cbe c,ut W r of 1 hundred slyJe, vigour and dexterity. The the Staalsoper has recently 

=^0 tinsuccesaful raldSi -.-has a ensembles In which the score mounted, in the congenial atmo- 

song m La Belle Helene, though peri -cope, camouflaged with an abounds fizz- like champagne, sphere of the ApoUo-Saal. a 

its average level of excellence outsize daisy, for prospecting while the Spanish music asso- comic piece by Guenther Bialas. 

is unusually high: but the possible victims, while the dated with the Princess ' has Der gestiefelte Hater, which was 

libretto, of best vintage Meilhac perambulating trees: thoroughly irresistible rhythm. Donald receiving its DDR premiere in dSeo?an ^ 

and Ha lew « outstandinp »nii conFuse the carabinieri ..who Grebe plays Falsacappa. the the presence of the iO-year-old 

nresumahlv * evnlatns the make sonJe . s lhto the forest. Brigand Chief, with enormous composer. Puss in Bools h »s a {hr^h^MetasiIfian convention 

presumahls explains the reason apparently for the purpose;', of, relijhand gpod humour; hardly text by Tankred Dorst based ° n Ind ^^iS fnnnula con etlUon 

why Peter Ustinov, making, one exercising their chihuahua^ Act ever - off-stage, except when the a comedy by Ludwig Tieck, itself j ^|^^.SL ca J4P , 7Pyla, . . u 

of bis rare excursions into the Two. which takes place 'at an inn exigencies of a new disguise deriving from the fair>- tale. This the plot is interesting— 

- - - -•> — - - - ... - — e__. — ~r • ' the Alacedonian King Mithridates. 

returned from war to the 
'amorous and political intrigues 

w Books Page will 

upSart Austrian boy of only 14. venlrate. was the trick of cats- slips (Mines. Auci'T and Baltsa appear in tO-HlOITOw’q 
But the premiere was a «reat Puhing from very low to very especially culpable) than this if iu*iuuuu,vi 

success, and the work "was high — »n one aria Mithridates we are not to itch for the prun- paper and Will contain 
reoetfted- 21 times thal season touches seven high Cs. some ins shears. ... „ , 

A letter from Mozart to Nanneri approached from nearly two Even as recently as 1971. such reVieiVS Of Graham 
airootfSices; with disarming pride. { ^ ctav ^ s below. The effect— was a remark as thal found in Charles Greenp’c nett' nnvpl anH a 
Iha^vert evenin- Uie Iheatre this Mozart s habitual ability to Rosen's The Classical Style to « reene s HOVCl ana a 
is fuIL much to the astonishment transform constraint into the effect that f-a element di biography Of Edward 
of everjone. for several people dramatic virtue?— is lo suggest a Tito "is a work of exquisite Th Jl J 
say.- that since they have been 
In Milan they have never seen 
such crowds at a first opera." 

Following recent revivals in 
Germany and Austria, the publi- 
cation of a new recording makes 
senses Now thal long-held pro- 
nouncements about Mozartian 
opera seria are being challenged, 
it is good to be able to examine 
the. earliest of the species. 

According to Dent, Mozart at 
14 "was not yet temperamentally 
equal to the treatment of such 
a- subject " • as Cigna-Santi’s 
libretto for Mitridate (modelled 
on the Racine tragedy and origin- 
ally written for Gasparini three 
years, earlier). The recording 
will not utterly vanquish his 
judgment. Bulking large among 
the 25 numbers <22 arias, a duet 
to close Act 2, a short closing 
chorus) arc those that display 
not much more than the incred- 
ible! fluency of a prodigy able to 
give a throughly studied, richly 
elaborated account of any 
musical form to which he might 
turn his hand. Notable among 
these are the arias for the alto. 

Pharnaces. and for the seconda 
donna lsmcna, lengthily de- 

Ooer Franco is squashed into the he projects the dialogue acutely, at the 1975 Sch wet tin gen Festival.) re 
raM- ■*»« between tl^ two customs j^gs with unlirinl energy, is no pantomime but a work of- a? 

Karrrorc_ic & FhiwmI tfinr-rip. ri onnnc^t Vi oro \a a rrron I Haol Pirand^llisn fOIUDlCIltV that I Oi HIS OWH COUPt, tH CKS OUt - . . * f . . • . . j -i n litr o 0'SCdl0 COnC0rt0rt ffnalpq 

Various disloyalties, of his sons, fantastical ed onental potentate, grace and rarely redeemed dull- ,v, r ounh ch ana« of 

noble Xfpbares ami scheming glittenng and complicated (this ness,’ could be swallowed as an i-ol 

Pharnaces. and of h U betrothed « how I fancy the role could be extreme but not ■ indefensible varietv and ScitemmJt of 

Aspasia. with whom both princes most successfully essayed in any formulation of conventional J" 

have faRen in love. Some modem revival). Even so. the wisdom. A shift in taste now fl , u . T 

shapely contrasts an*, revela- strain on the srager is formid- allows one to hold up Tito as an 2f«antlv deriwrt 

tions of character haVp been able, and Werner Hollweg can example of a mature Mozart 2JJ" TJ 

contrived, and to the most etrik- hardly be blamed for doing more opera seria by which Mitridate ‘Vi.i 

sv. : . fhnn manPitllu ePAnuirnnHotino m nnt 1.*,^ hn c inkl.. W«v “ linOUl SUo 13 1I16Q 

operatic field, chose to produce on the Spanish-ltallap frontier— ' deuiand . a few seconds' abseqee.. v i e [^ io 7^iL°^ e ^ er '. 
the piece for the Deutsche 

lated^ with^u^Mhe^right^ amourt barriera— is a farcical lour-de- dances— there Is a "great deai Pirandellian complexity that 

of contemporary allusion, by force w ° rth >' Feydeau. of welMn legrated dancing— and Includes the Composer and 

Karl ' Dietrich Grfiwe, Die The Brigands, disguised as conducts the orchestra with the se ^f. ral Spectators in its cast list 

Bandit cn provides stylish, witty cripples and beggars, capture white stick of his blind-beggar ^ *»oe°ox sn i ipe at toe 

and absorbing entertainment first the inn personnel, then the outfit ‘ . iSJJi/SS ! LlSS 

The story concerns a resource- Italian delegation from Mantua Catherine Gayer sings Fiorella. [actimes only act as stimuli to 
ful Brigand Chief who. finding and finally the Spanish contra- FaJsacappa’s daughter, and a U C ^1 i2 U 

that his exchequer contains Only gent escorting the Princess of cross between gun-toting Annie “ a ca °y ?'* ***}** 

17 ducats, concocts a splendid Granada. Energetically donning and Miranda in The Tempert: In y* 0 * 1 (sets) and Jin bochovsxy 
scheme to make 3m. by the sub- one disguise after another — the excellent voice. Miss Gayer (costumes) he responds with 
stilurion of his daughter for the costume designers. Bemd Mailer delivers her songs bewitehingly acute sensitivity. The staging is 
Spanish Princess betrothed lo the and Jorg Neumann, are respon- and proves an excellent spectacularly simple: un pain lea 
Duke of Mantua. This plot si ble for much of the success of comedienne. Fragoletto, Fiorella's canvas covers the walls: stage- 
founders mainly because the this' act — the Brigands leave the young man. and originally a -boxes are improvisea for the 
Duke’s Treasurer, no mean rogue inn. cellars full of half-clothed travesty role — Irene Eisinger spectators; a bare platform dis- 
himself, has already spent tha and drunken captives of assorted sang the part in a 1932 Berlin P* a )' s rucks or costumes. 

3m.. but also because the Duke -nationality as they set off for production— is here taken by a three step-ladders, some trestles, 
recognises his ” bride " as the Mantua and dreams of uDtold tenor. Peter Maps, who carries off a plank or two. ano one large 
girl who saved him from the wealth. At the beginning of the his initiation into the Brigands' while sheet. That is aiL rwo 
Brigands in the first act, when he third act the. photography-loving Union with-, aplomb. Barry dozen singers play the many 
was photographing — in a con- Duke and his Court are regaled McDaniel turns the not very roles between them, providing a 
servation conscious age — the by the playing. of a bald, richly interesting figure of the Duke raa le-vm ^ [ 

forest fauna. side-whiskered - « ‘ ‘ J, '“ * 

CD other Schneider-Siemssen's ceUQ-case bears the 

Caspar Richter, 

disabitnta, broadcast last Sunday, 
will soon be published on record 
as (he fourth instance of co- 
operation between the European 
Broadcasting Union and Philips; 
meanwhile, the third. Orlando - 
puladino, the dromnia eroicomico 
of 1782, surpasses all expecta- 
tions. even those pitched high by 
La fedelia premiata and La vera 
costtmza. Who. apart from dili- 
gent score-readers of the Havdit 
Institute edition, could have 
guessed that the work held such 
a store of musical treasure? One' 
longs for some Colin Davis- 
‘ Anthony Besch team of the 
future to stage it. and. so doing, 
to refute received opinion that 
Haydn's operas are in essence 
undramatic: but until that day. 
the gramophone will have pre- 
served much marvellous music ’’ 
from neglect 

Orlando paladino. written for 
a great occasion at Esterhaza. .. 
is a grand and adventurous ' 
undertaking that treads a fas- 
cinating path between opera seria 
and opem buffa, between courtly 
romance and manifestations of 
the merveiUeux — if one wants to. 
retitle it dramma piocoxo. that 
is in those moments when the 
parallels with the as-yet-un written 
Don Giovanni loom especially 
laree. ln addition to a series of 
beautifully worked arias, each 
distinguished by extreme orches- 
tral finesse, the wotk boasts two - 

have fallen In M Seme nx"*™ re.'vau. Men 50 , vno Mom. A shift in taste nev. ^ ?„ E^uhrenS 

from Arioso, 

St strik- n army De oiamea tor aomg more opera serta by which Mitridate 

ins of these Mozart rises, in a than manfully accommodating may not unprofitably be 
manner that (temporarilk. at each Feroc ous grande jete. The measured This shift is owed, 
irv his slatey quality of the voice is also as much as anj-thing. 

. impetus is nut evoked with any 
consistency in the music. The 

least) disputes notions or\ _ . , »■ > ue ...» 

temperamental immarurity. \ In apt, though its edge sometimes the 1974 Covent Garden pro- p-rtormance s exhllaratine as a 

the second and third acts fte nags . at lyrical lines; more duction. which vanquished all K, e dis^nointin" In some of 

, i ^ ik,. lmoortiinl- Hn Iwpe’c tho /.M aih» k„ ynoie. aisappoiniin^ in some or 

emotional pulse is quickened 6y important. Hollweg s awareness the old gibes by revealing v ’ 0 „ a] contributions (raw 
an impressive sequence of of dramatic considerations is now a work of sustained dramatic enunds from Georce Shirlev and 
accompanied recitatives, each '. much deepened— alone of all the splendour— statuesque, not flaw- unfocused ones f rDm Gwendolvn ‘ 
welling dramatically out of «sL and despite an unattractive less, but above all not the Kj„ehrcw to? much itiSitSS 

-serco recitative, and then ^ m^n^u, to nf^ “h 1 * 0 ",!. 11 f of , Mozart's ha^te h , u ‘ ter f f n J, Benjamin LuVon."' 

anas for Xiphares and Aspasia something meaningful or the and wani of interest in an out- » nn ij n i P i vricnl rnmanpp from 

(both soprano parts, the first Italian words. moded form that had been so ciaes-Haken AhnsjH) but- also - 

written for the castrato Sarto- Another artist noticeably often described tn the text-books. w ^j, fie!i n hts provided bv EIlv 

w „ . . •. .. . ,rini. the second for Antonia matured (since her Glynde- Three at the principals are \melim! “and Domenirii Tri- 

celllst whose into a - positive and likeable while individual instrumentalists j Bprna; - cool earlier Gluck’s first bourne days), is the Czech new; otherwise the magnificent marchi'and with some tvuicallv 

le initials- J.O.- character. Patricia Johnson, invade the stage from time tOjAicestis in the Vienna produo- soprano Edita Gruberova. who at Philips set is essentially the accomplished singin° P from 

sets are ultra-tbeatrical. painted Caspar Richter, a conductor handsome in lace mantilla, dis- time. . jtioni. These are not only gencr- her best brings to Xiphares’ Covent Garden Tito. It Is ele- Arleen Au^er in the prima donna : 

flats with the supporting struts whose sympathies, ranging from plays true Spanish temperament The eclectic score renects the ous i y laid out but communicative music the brazen brilliance in vated to grealness above all fas rnle. And” the boundless en- 

intentionally visible: everything Mozart to Berg, evidently include and dignity as the Princess or layers of text, witn^ stra i^utor- 1 0 f emotion generated out of tbe high-lying phrases that must have were those 1974 performances) thusiasm of Dorati and hi* 

. . .. ■” - (Granada. w , ard melodies for the lairy-tale drama. been the most invincible weapon by the conducting of Colin Davis. Lausanne plovers proves irresist- 


erf - 

ouri kSiKDcess 

Friendly and eilident service in a dynamic economy is 
the winning combination that assured our growth into a - 
city bank of Japan. And now tveVe developing into an 
international financial comp/ex. 

Perhaps metre than any other Japanese bank, Saitama 
oilers its customers die lull benefits of its vigor and 
vision. The vigor that has made it ope of Japan's fastest 
growing major banks. And the vision of a bank that 
never forgets people are people. 

The Japanese hmk that helps vm grow 


• iflCTB mw tn*L waunaa aw- 1 Smaw mrt^ 1 ****”^* 


Several of the Deutstshe Oper’s element and more complex writ-] yhn moM immediately beauii- in the armoury pr the male with ii* fine-nerved, urgent. ve( i hi v infectious 

— 1 — to which , * ■ 1 — — -■ — - • ' - 

veteran singers make welcome for fbe criticisms 
appearances ’ in minor roles: the characters are prone. The 
Helmut Melchert is in command- Spectators speak, sing, boo. hiss 
lug. form as Campntasso. the and "blow whistles. Imperturbably 
Duke's chief minister: Helmut conducting an ensemble from the 
Krebs amusingly incarnates the Staatskapelle,. Woir-Dieter Haus- 
Count' of Gloria - Cassis, the child coordinates the perform- 
Princess’s chamberlain; Lisa a ace going 'on all round — and 
Ott'o 'and Sieglinde Wagner for- even above — him with immacul- 
midably employ their talents as ate timiDg. 

English Bach Festival 

The London part of the English ance (Elizabeth Hall May 7). and 
Bach Festival concentrates a his one-acl opera-ballet Terpsi • 
rich programme .into the period core will form part of the open- 
between May 2 and 10. An ing Divertissement in . the 
important exception is the first Guildhall on May 2. . 
staged performance in London There wilt, as usual, be plenty 
of Rameau's Htppolyte et of Bach. The B minor Mass will 
Aricte, which will be seen at be given on May 12 (Festival 
Covent Garden on Sunday. Halil under the disTinguiijhed 
July 2. The French baroque ex- German conductor Helmut Ru- 
pert Jean-Claude Malgoire con- ling. ■ Three of ' his eminent 
ducts.' Belinda and Michael soloists— Arleen Auger. Heincr 
Holmes are responsible for Hopfer and Philippe Hutten- 
cboreography. Michael Holmes is locher.. will be making their first 
also joinf-prodm-er with Dean appearances in this coumrv Sn 

Barnett, an- authority on gesture will the Swiss conductor Michel 
in the-baroque theatre. Costumes Corboz. in charge of another 
will he reproductions Jrom Bach programme at the Elizabeth 
designs by Boquei in the Paris Hall on May S. 

Opera Library- Contemporary music is less 

ISth century opera is the lead- strongly represented this time, 
ing theme this year. The but two works of the F.olgne- 
Vivaldi year is celebrated by a based Greek composer Terzakis 
number ‘of events including a will be included in the Byzantine 
concert performance of his and Greek folk music concert 
opera Gnselda. the first ' in in the Elizabeth Hall on May 9. 
modern times (Elizabeth Hall. The Oxford arm of the EBF. foT 
May 1L Rocer Norrinatnn enn- which fuU details are not yci 
duels). - Handel’s ffina/do will available, takes place between 
also be given a concert perform- June 23. and 30. R. C. 

... Barclays aids D'Oyly Carte 

Barclays Bank International is assistinz with local, puhlicitj-. 
to give'the D'Ovlv Carte Opera and using the opera productions 
Company £120.000 over the next of - cK « nte : 

three . vears. There are no string atwJaSSJreWSj 

atlacbed lo the money but it will provincial cities, has created a 
help the company out of its financial crisis for the D'Ovly 
current financial problems, and Carte. It hopes that the Arts 
allow it to mount more new Council will also help out and 
productions or the operettas allhounh Barclays will remain 
The. first results of ihe support the leading sponsor the eomnanv seen in ihe forthcoming- hope? (ha! other industrial 
Nnrih American timr of the concerns will rally round this 
D'Oyly Carje, - with Barclays, grand ^British ^ - institution. ' -- 

New Issue 
March 16. 1973 

This advertisement appears 
as a matter of record only. 

The Republic of Trinidad and Tobago 


6 % Deutsche Mark Bonds of 1978/1983 

Offering price: 100 B A 

Interest: 6 » ■ p. a, payable annually on April 1 

Maturity: April 1, 1983 

Listing: Frankfurt am Main 

Deutsche Bank 


Banque de Paris et des Pays-Bas 

Skandirtaviska Enskilda Banken 

Morgan Grenfell & Co. 


Union Bank of Switzerland (Securities) 




Telegrams: Flnantlmo, London PS4. Telex: 386341/2, 883S9T 
Telephone: 01-248 8000 

Thursday March 16 197S 

. financial times Thursday, march 

in common 


BY RICHARD JOHNS, Middle East Editor 


ETRIBUTION against decade that followed Israel's 
the Palestinian guerillas great triumph of arms, the com- 
in the south of Lebanon inaados concemrated their ae- 
was promised by Israel and tirities in Jordan and. launched 
anxiously expected by the operations from there. It was 
world. When it came on on the 'East Bank of the Jor- 
Tuesday night It was in the form dftn - al ' Karameh, that' Fatah 
of the most massive incursion scored its most emotive success 
Tu-nBvnrnw u and violation of Lebanon's wh ^n it resisted, -and inflicted 

*" l) RETORTS on the outlook between the social partners (highly theoretical ) sovereignty- significant losses -on an Israeli 
wr the U.K. economy appeared about wage and price objec- since Israel started to respond punitive task force. However, 
- chance together yesterday, tivcs.' 1 to the commando raids which subsequent Israeli retaliation by 

one in a survey by the Organisa- T - B k on ^ , began in the wake of the June air strikes, particularly against 

V™ Emnomc Co operation „ ™. .f " ] ear aboot fte fafl Wlr ' ° r 196T - Important irrigation Mte slid ’ 

Ujp Rn^t Q ^ tt p nL i snr t that tlie expansion of the econ- This week’s operation, involv- ^ en Jy Created the tension and 
The Uf ^ ll4!land oiny this year and next must be in § no Ie *s than four brigades. «pnft°ntati®n leading to- the 

Kimii» lll J. c ® nrlU!,,on ° F b °Jh is Jim j tcd bt . L . ause of the exteraal amounts to invasion of a zone Jordanian civil war or 1970 that 
similar—ma! there should be raIher lban t j, e j marnal sjlua „ which has been a point of high emasculated the. guerilla move- 

"nnnS .' ri ' aSe rale °I tion. It would elearLv like to see fusion for a decade and has “ ent i?' *** Hashemite King- 
wonoznie crowlh this year and SQme stlim ,i us j n tbe Bu( . eet the potential to trigger off a dom. The outcome fortified the 

Prebabivi" stimulus will wJ||ch u wouW n of find incom- "gional war or worse. As a Israeli ^ convictiew that Palestin- 
prnbahlj. In nn-ded to bring parible with TOOnetary control retaliatory strike it is also dif- ian attacks on its citizenry ulti- 
{]!'■* hl,t . ,hal «***'““- provided that the stimulus took ferent * n k 'nd—aimed at noth- “JJf can be countered only 

"Inwth 1 !* e ‘ n . 110 the form of tax cuts rather tlian in£ less than bearing out "the fe vengeful use of force or 

moderatp r:, Thnr S J mU d ‘ncreased expenditure and so ‘"^station once and for' all, a k 'F<| calculated - to make 

HU'!!?*' ^ . C totter- he i pt , d to raa i ntfl i n financial as the Israeli Defence Minister, neighbouring governments curb 

»hf> e r f however, in t . on fi dence . But the stimulus Mr - Ezcr Weizmau, put it yester- tbe guenJ la movement. 

2LS? nil' ST limuS-3«pite S2 da - v - .But in the Lebanon, the cock- 

in- a Kimiijr DrpspHnifon 11 " fact that the Bank is more In effect last week-end’s wild P*t of the Arab world, Israel, 

• * wmi,ar prescription. sanguine about U.K. “competiti- “d Woody rampage by Fatah strategy has not been so suc- 

Thn OECD is perhaps the less veness " than th e ■ OECD — be* men have given Israel what it cessful. fundamentally because 

clcar-cni of the two. It suggests cause of the “sombre" outlook Perceives to be, probably °f the weakness of the govern- 

that a Gradual revival is jusli- for growth in the industrialised erroneously, the opportunity to n} e pt there before tile 1975-76 

fled because nf the high level of world. We need, according to the eradicale for all time the move- eivii war and the absence of any 

unemployment, the need to en- Bank, to maintain at least a men .t which _ Mr. Menahem authority there since its end. 

courage profits and investment, moderate current surplus on the ® e ®’ 0, Israel's Premier, has- Fatah operations' from the 
the international undesirability balance of payments, and our described as an embodiment of south started after the 1967 war. 
C«r persisting in too large a record suggests that we cannot evil . second only to Nazism. eventually, prompting the drama- 

trade surplus, and the need to therefore afford to get far out of Certainly, he will not succeed tic. Israeli commando raid on 

maintain competitiveness by not line with what is happening * n his promise ; io cut off the Be,ru t aivport at the end of 

allowing the exchange rate to elsewhere. evil arm -of the Palestinian 1®.®® in which . 13 "aircraft of 

appreciate too far. These reasons ■ - Liberation Organisation,” either Middle East • Airlines were 

tin nnt seem to be altogether Import risk in political or military mani- blown up. MEA was back in 

consistent with one another; and ‘ . festations, even though the exer- operation with' chartered air- 

mrieed. after stating that the 0rie niggle about the cise may cripple the latter for craft within 48 hours — symbolis- 

nced to reduce inflation is now a PP are nt contradiction between a long time to come. But in * n 8- an odd way, the failure 
a greater constraint than the w ' hat the Ba " k has t0 sa - T “bout attempting such a task he will 30 f ar of the Israeli philosophy 
halanrc of payments an faster tbo pour record for effi- probably kill the peace initiative of punishment to bring to heel', 
growth, the OECD begins to get c ' enc >’ aT, d service with its state- begun so boldly last November or destroy, the Palestinian 
worried about the forecast wor- ments l hat the competitive pusi- by President Anwar Sadat of armed presence in Lebanon, 
seniny of the trade balance. Its tlon ° ver the n c^t couple of Egypt— although this may also lu Lebanon* retaliation has 

survey iva« written, of course. ¥ ears 15 1,kel - v t0 be Quite strong be a relief to the Israeli Govern- ha d mixed and confusing results 

in t!ie shadow of the January b>' w historical standards and that | raent. which is facing painful which have proved far more 

trade figures. 

Sombre outlook wa3 depressed. But it. like the) tion as a result 

_ , , . OECD, is clearly most worried 

In the field of monetary about the future of incomes and 

policy, it cues on to point out. imports. The latest earnings 

destroy Mr Sadat’s peace initia- Foreign Affairs and Security 
tive prior to Mr. Menahem Committee, went on record as 
Beam's crucial visit to Washing- saying if U.S. "leverage" was 
Wd,'- originally scheduled for applied -"war would certainly 
' next- -week but now postponed, break out— either because Israel 
It Is almost certain that Israel had no choice but to attack or 
warn'd never have been prepared because some Arab Chief of 
to-hegotiate with even a heavily- Staff would believe that Israel 
disguised PLO representative, had been weakened.” 

Afc .it is. the PLO more or less it is a scenario taken seriously 
ensured its exclusion from the is Washington. .That -is. one 
direct talks initiated by Mr. reason -why Mr. Carter, decided, 
Sadat by failing earlier last as 3n act of policy. : not- to use 
i year, to renounce violence and pressures avaUahle- to him to 
to 7 recognise Israel's right to extract Israeli concessions, 
-.exist Thus, the organisation Nevertheless^ Jast summer Mr. 

also lost any chance of winning Meir Amit. just before he joined 
■ the sympathy of the U.S. Admin- the Government as Minister of 
istration. Transport, explained how inter- 

-• At Israeli insistence Mr. vention in the Lebanon could 
- Sadat, in his “historic address” be used to illustrate ?'the need 
to the Knesset, made no refers for differentiating hetween 
.eace to the PLO and has not — political and security borders." 
publicly, anyway — taken 
account of it in exploring ways 
:bf creating a Palestinian entity 
. on -.the West Bank and. in the 
. -Gaza - Strip. 

' After Fatah’s bloody adven- 
ture on Saturday Egypt achieve from the invasion, apart 
. expressed the hope that the from destroying the PLO’s flght- 
. affair would not affect the j^g arm, its action has posed 
. already faltering negotiations an .acute predicament . for 
and pleaded for Israeli restraint, gyriat While the Syrian, media 
.Undoubtedly, Mr. Sadat, will cautiously praised the bravery 
have not option but to stall of the Fatah gang last weekend, 
them under pan-Arab pressures officials in Damascus nervously 
of which he must take account, condemn^ - the raid, charging 
That much was evident yester- plo with having plotted to 
■ day from the editorial in the Syria in an embarrassing 
Semi-official Al Ahram condemn- position. With his general pres- 
ing Mr. Begin as “the new tige and position at home- at 
-Hitler” and a "terrorist who s taJce, President Assad cannot 
speaks like a Rabbi.” Consider- easily watch the huge Israeli 
irig that talks nearly foundered intrusion into a neighbouring 
in January in the face. of rather cbontrv which Is effectively 
more temperate criticism by the ander his care. - At the same 
Cairo Press than appeared yes- time, he would genuinely fear 
terday, the initial conclusion t h a t Israel might be tempted 
must be that the chances of j^to -an all-out conflict in whk'h 
even a tentative resumption Syria’s Armed 'Forces wo uhtibc 
look, at the best, very slim devastated and he would,. gfcfhe 
indeed. most, receive only token Egypt- 

for Syria 

Whatever Israel hopes to 

U.K. exports have tended in the decisions and a looming confron- problematical to the overall t ? inous heartland and enabled area south of the Litani in ao- Mr. Begin may he very re- ian support By vesterday even- 
past in do well when world trade ration with the U.S. Adminisira- stability of the region than the “ ,a .~L .* *!£? nB foot ' ^° rda nce with the Shtoura iieved about that and others in ing Syria had made it known 

! ,,c ~ nia * v ' ,r c onfl*cling objee- figures suggest an annual rale 
t:ies and there will have to be of increase so far in Phase 
a certain flexibility about targets Three of 13-14 per cent. What 

— a finding 

- ww. nuuuuiOLLP- v Uiail I lie . I. .. rn. . _ ' _ . . - utrw nuuui uiiu uiuvio abb UdU UIQUC i L KIBIIWIft 

t of the initiative. 1968-70 raids, against Jordan. UP-!? 0I 1 5 ^ e f I 0 J? e * , i The ^ reei B k ent an . d Cai ra Accords. Israel may be cynical enough only somewhat obliquely, that 
, Israeli reprisals led indirectly to 10 P® Palestinians and their to" see in the Fatah raid some its aircraft would be available 

riftn ^ confrontation between the e ,h« ouBe . r ane a ad kee: p Lebanese left-wing allies, who diplomatic benefits. Inevitably, to protect the joint Arab poace- 

LebaneseArmy and Palestinians f ® nce . border want to maintain maximum free the Israeli Government will use keeping force from Israeli artil- 

in 1969. That ended in an un- ™ Sl t0 d ° m of action, did not want, the whole affair not only to em- lery. 

, easy compromise when, under ant i f® cess the them .enforced, anyway. ' phasise its justification for re- Knowing its hugo militerv 

”? V. m !LS e ;L y : ®J ar ™‘ Pan-Arab auspices, the Cairo d Sing tSSw L?u“wpirt In Police, the Shtoura ^ in ? t( ? recognisethe PLO but superiority and ' the vdMaioS 


— WD .® n - H! M * er water resources of fhe~*nuth Vn*. 

practice, the 

dent became a d 

“ Sonie - ---- - S^S-TaS 

effectual could snark off. a fifth , n,_ -- . ’ a fom» <trnna onnnoh nni« across the border and Israel ^ strength and probable 

fiscal policy. io keep the rale produce a sizeable increase 
of expansion this 
ihc 3-1 per cent 
he understood that 
the economy is 
only slowly. Life 
easier all round. 

consensus could be developed case for moderation. 

A partial 

Palestinian Liberation Organisa- an( j t somewhat dubiously" by ^ ut physically understood to it may have seemed barbarous. not °" 5y there but in operation started and will no 

non or Fatah, its leading group t he PLO itself The accords mea n the Litani River. It was, however, a very deliber- , do “ht be deeply -angered, as 

land fighting arm. took meaning- were t0 have been obscrye d Syria hax cut the Palestinian a *ely Planned operation under- y c « ^ncerned about the 

ful form, though they both pre- again • under an agreement guerillas down to size in its taken with the blessing of the “ * h s t I . niUative 5ovi ®t u ,nions reaction. The 

dated it — tiie PLO by many reached last July, but never abortive attempt to bring about highest leadership including, it e ' *."*2 exer 9 5e J au3chei -tn-^xtermin- 

I years. Ever since that conflict were. a political solution inside seems. Mr. Yassir Arafat, Chair- n l ? ucesCu ?! ate the Palestinian fighters thus 

th ! j? outk Df Lebanon has pro- By completely involving the Lebanon, but has been unwilling m «n of the PLO and head of “ e °“„ r a ° T nly relations with the 

vided the most obvious flash- Palestinians, the civil war left to suppress their armed pre- Fatah who, as far as appearances ?f® ISW V v presseff U.S. It will not only darken . the 

point for a spontaneous com- the border quiet— a fact appre- sence altogether. The Lebanese are concerned, was conveniently « eS l n S, 0U ?- over M L r visit to 

m East Germany at the time. adv ?"^ ir ? to Washington but — more seri- 

rph- Paipctinianc 1 Bn «•* J-hsnge .the sta ttis quo. . Indeed. Cusly— dim further the already 

In the early j-eare of the tense mg Maronite In their’ inoun- roree TcaSiVe” iT'iiidii" "ihJ purpose »Lli have bean u ArL’ U ^L.^°^"° L! f° 8 . ^ |e°o n Pr °e pe,Ce la 1116 

TUV r>m fDv«i-vn. a. i?u St,0n 0r a C0DtnTed war m ciated by Israel, which provided Government has not ben able to 

t.m hK.NMLNT has gone pay structure nf industry more l tn ® res 1 ®"- material support for the Right- reconstitute an impartial armed 

.1 long way towards meeting the rigid stili and by increasing the * 

i .on federation of British Indus- arbitrariness of the slate's deal- 
iry's objL-iiions to the new pay jugs with industry, 
policy n wauls to write 
into government contracts. It Intolerable 
was wise to have done so for Tl 

there n large measure of , fur , the ^ 

x 'rrcvr„r:s "ifinpnjs.rt'wa 

*!" Frankly ^admitted 



the other ilav The chan-es ‘ , uv ’V‘ 01,1 1015 "“PP 

<-*®usp Mlni.'tors * themselves option lessons 

the new 
Inncer cov 

identifiable models. To cater 
for corporate anxieties, more 
manufacturers and specialist car- 
body firms are rushing to bring 

procedures will no , * nrms are rusmng to b 

;er evurv sin»|i- suli- p * are d emphasis upon the JO _ . . out gangster-proof models. 

. ■ ,u .. ^ per cent, figure. This was Thc L haps on the floor of the , atJcf ^ 



, j , , where it can exercise influence ,l » start here in early April. One ? j 1 ‘. n jL , a 0 u „! _ l Jlf i, sa [Z ty 

Ui'haacd m a mure sciiMlde way. | bri) n Cb t hc distribution of «»iv big mstitutmnal investor was fi 1 ly ,he sli£ ° f 

V , , !:L , ri ' ,,U : r, ’ fI tracts ami financial aids. h?t telling mr that "it all sounds a «** production line, 

tiom hrnK hcen re-WTitien ni ,. lineshould . ul f hit cnnfu.-ing." but the baab says enquiries have been 

nn nvuv aiir ptal.le lines. American. 27-vear-old Mark numerons-especialiy from dip- 

_ The pffect this will be !*. Harman, says that in general wc , ° mat f and ba n k3 - I also hear 

Arbitrariness narrow pay differentials still are not one bit more cautious that busin ess is hectic for an 

But thc draconian nature nf r ? rlh . cr ' fr ® e/e listing pay than tho u.S. He had spent four a no°>tnou S Midlands company 

structures however unsatisfac- — - that 

old entertainer is running low 
on quips. This one was 
attributed to him 12 years ago 
in Anthony Sampson's Anatomy 
of Britain. Sir Harold also tried 
it out last year on the Italian 
newspaper La Repubblica — 
which was not especially 
amused. It found this a remark- 
able admission ffom one who 
had been an economics don 
not to mention the leader or 
a political party that alway 
sings “The Red Flag" at the 
end of its annual conference. 

some of the detailed provisions 

sn the new clauses tun only one ^ lhey n,av ht *‘ and encnur - 

years nn the Chicago Board JJ 1 ** concentrates upon 'fitting 
from tin* age of IS. and later- Uranadas with armour- 

Quite a killer 

They say that TV violence is 
not proved guilty of affecting 
juvenile attitudes — or even of 
giving the most sensitive mite 
nightmares. So what can be 
w:rong with the latest offering 
from Time-Life books? Called 
Dangerous Sea Creatures, it is 
an obviously offspring of Jaws. 

hud. then S nes on to some fair ^l e . ss , 10 th,s h »PP>' 

"Does be want to learn from 
our mistakes or us to learn 
from bis ? ” 

else is against the nU-a 

IV one » ,u l . . i iiiv im> nua in cum die uji auu 

of en- 3n . ro,a,n Pd in thpjf tir b i ra to get experience of I have not seen many British 

»*",!*" 'i- ^ ' ht - s,nrk Ewhansc ' 

Mni.ements. There is no reason nn|y , he 5llideImeS blJ , Harman mid me that 

ictus should not Jnv subsequent ones that mav Chicago Board 

the van on- ® u . m ' be approved by Parhamont. It ann ® nnder T € 
mbiic contract the 1S one lhin2 _ hov .. rv „ victims of cha 

volume is lavishly illustrated 
. . . _ . with every fearsome creature of 

•iih wLL°. dr,ve an 1. ca “ t,on lhe dpe P ever discovered. 

points about honesty. 

why govemmcnis 
vhooye From 
petiior.s for a pub 

business magnates producing with drink are naturally there, _ , . , 

li i.«v .i,u, the autohl °erephies on the rags-to- but so is the warning that on- . , tbe ke F marketing device 

firms which have r,ch « stories of their lives. But ployees who make money and ,S .I a ! tbe Pubhshers happily 

recently have been a ^' urk ‘ sb ntillionaire -Vehbi change their wives may fail ” 1 ,, of Killer 

chan-’es’tn thc com- Koc ' l 135 done 150 and haS i ust durin S times of crisis. As for ? barks - The brochure that has 

be . bad his memoirs translated into marriage, he urges this’ be JUst . reached ra e shows a happy 

5 ? SSsiES irsSzSHH 

next phase stolen. Shortly afterwards a did not live long." 

no Moo-flattering version* Of g — 

career similar to the 77-veir-old 

in the US., puhlic contracts tiations, 

as the r 

have long contained clauses re- s urelv must. The new ccnlract 
nuiring tirm< to nhserxc certain clauses make the Employment ISafe driving 
statutory mMiin.-menK; at pre- Soerrtarj' Hie <ole jttdce of what 

ji«*nt. for iwauipli.-. there is a constitutes a breach nf pay With an eerie silence still 

Matter of timing 

Kocs appeared in a 'book «?led Political rhp«stnii+ mhuSl! h 0 ? 1 ’.’ 51, ^ eturnin *> 
sur- ‘Emperor." Written by-.&’Ol • viiUCal LnSSinUX l . u h’* L^°don hotel early yester- 

S !aU! ^, .!!*!!!l!. r!,1 r... ol,so, ™ cc . of p . nll . cy Th r . st ‘. n . pp . rnr arbitrary} rounding the kidnapped Baron Toy, Turkey’s version or Harold Sir Harold Wilson won a lau^h ? a S\f o!d ,he haI1 P° rler that he 

a a :ha«. voefarHio at tKn — had been rubbed after leaving a 

thc 12-ntc»nih< rule. But what decisions by Ministers will be 
Ministers have m effect hct*n increased rn an intolerable ex- 
»1i>jng is changing the nature rent if they persist in using the 
of the present pay guidelines sanctions of Government eon- 
in a way that will ascravatt* tracts to implement their views 
the nvo main disadvantages nf on pay policy after the present 
existing practice by making the phase expires in July. 

Empain, more business leaders Robbins, this became a best yesterday at the annual confer- ■ c , . _ , - 

in Europe are seeking a com- seller. ■ ence of the Institute of Credit ??.! n ? . night club - “ After, 

bination of discretion and What I liked about Koe’s own Managers by saying that he had "" * *“ 

security for the daily round. 1 book was the concluding. never read Mara’s Das Kapital 

gather that BMW sales are non, “My advice to businessmen because he could not get beyond 
“volatile" just now because Ger- and the young." This firsUjrtell* the massive footnote on paee'2 
man bosses axe switching to leas aspirants to be modest and work However, it looks as though the 

Sir? ” the night porter said. “ I 
would nut have thought tha^ 




^>u would know the 
first international bank 
of its kind. 

. MAIBL stands for Midland and 
International Banks Limited, thc first major 
consortium bank of its kind, whose members 
Mve aggregate resources of over A j 000 

. _ ' P ur to Provide large loans for 

use throughout the world is complemented 
by an organisation geared to speed, 
efficiency and personal service. 

.. When y° u deal with M/UBL tout 
business will always be handled bv experts 
who will tailor the financial package to suit 
yourparticular need. This may be'the 
provision of working capita], project 

finandng Jeasing or restructuring debt 

T 2 ?- v 1 no f . fin 4 0ut for yourseif about 
MAIBL, the first international bank 




0 Throgmorton Sma, LflndgnECiN^Alf Tel: oi-tis dm* tvi. , 

Represented a£.j70 Bourke 5treet, Melbourne 3000. Td: 601 ioq 





. PmIi Unirtal, The i 

Stutfard Ouaei Bm k Lam** T« rnmmrr 




for all 


0®" THE most significant distribution- techniques intro- proportionate share of the names of products and lnfonria- 
ana important developments in duced by the end user. But such burden, and with all plies of tion about them on sack paper. 

, haj ? dlltI £ du " ri ? 1110 faas be l n ' tte Programme’s the sack contributing to a com- i- -1™ 5traj<Tfttf or ward to 
past decade has .been that of success that manufacturers can bined total of great flexible ad a Dt {S? 
the paper sack. now develop and produce strength. da ■ * a , t0 

Only « hundred years ago paper sacks to the customer's Current specifications for n^^Ssary ?n Protect' "the 
sacks were made of linen, jute strictest specifications— a made- sack constructions and, equally r n nt^rc,Sni h™ 

™ f a ° D - „ ECf0rc ** ba,k t0 - meiSure *”*«■ important, tie various of "Xt St roal S S 

goods such as grain, sugar, ■ To co-ordinate_the work being sack closure, have been iSs 

flour and salt, were shipped in. carried out in the dozen or so developed by scientific evalua- it % 

barrels- or wooden cases. . - individual companies making bon of the performance of ^mfo7>omoosted Jer Wo 
The first paper sack was paper sacks, the Paper Sack paper sacks over a long period. h e returned to the ctcIb of 
simply a tube which was. cut Development Association was This research has led to con- JJtui? w S 0Ut hJLul 
and tied up at the bottom, filled, created, and it quickly became tinual improvements in the effects. ^ 

and then tied up at the top In obvious to its -member com- durability of both papers and 
the same way. The next develop- panies that just - to react to closures. It is therefore most 
ment was the sewn paper sack: market demands was not in important to select the righT 
the bottom sewn during produc- itself enough. While providing sack ‘ for each job, involving 
tion and the top .tied - after the goods, it was not providing meticulous research and plan- 

interesting- variations on the 
end use of sacks can be found 
throughout the world. In 
Sweden and Denmark, for 


a service and much of the nmg. Economically, it is as instance, sacks are mainly used 

for the collection of refuse, 
while in the rest of Western 

RESEARCH industry's investment has been damaging to overpackage as it 

Even as recently as the lOfiOc channelled into developing fill- is to underpackage and it is _ 

the oaoer sack was recarded as * ng - handling and distribution important to know from the Europe 35 per cenL of the con- 

fottle more than a laree oaner c^Pment whiehoffers industry start the basic range of sacks sumption is used, for the 

bag aiS «rtaSy nSl serious the raost efBdent VCT ** tile and closures currently in every- carnage of building materials. 


The following table gives an 
interesting breakdown of sacks 
used in Western Europe. 

— er in s rr k ss day usa 

s ?^ “■ “rsafsjES - * «« — - 

manufacture and qualities in the ^ meet specific customer, pro- types-open-mouth and valve, suildins materials 

preceding 30 years. duct . ^ handling needs. ^ it5 name ** °P« 0 - Mineral products 

But today, following an although sacks can be made to mouth sack is closed at one end Flour 

mtetunve programme of re- d t - newor exist in? during manufacture and has a Sugar 

search and development, backed mv Md handling equipment fu “, Wld * opening for filling Potat0 es 

by an impressive capital invest- ^ rtiAT T WNirW wh, i e i he ^ *? ck 1S ClD r Sed Other food products 

ment, British paper sack manu- . t/JtiAIA/ISINUJ^ at both ends during manulac- ^vnimal feed 


facturers claim that they are Indeed, the need for complete ture with a corner opening, or chemicals s'l 

in a position to offer their packaging systems presented a valve, through which the sack Fertilisers "... 3 4 

customers one of the most challenge that .the paper sack is filled. R»fn B p g’p 

flexible, stable and economic industry readily. accepted and By modification to the basic Miscellaneous 7J2 

packaging units yet produced, today the AssociatiocTs member unit in the course of manufac- ■“* 

The research programme was companies can. provide expart ture, sacks can meet every con- 
largely dictated by the ever- technical advice/ cm. the filling ceivable storage and handling 
widening range of products a °d. handling of -paper sacks demand, from polyethylene 
required to be transported and an( * the warehousing and liners to hold extremely hygro- 
stored in bulk, and the increas- transporting of filled 'sacks. A scopic, oily or gaseous materials, 
in®Iv jjonh’fdi rated handling and number of member. . companies to the ubiquitous refuse sack 

produce the equipment that is widely used by local authorities, 
widely used in industry; weigh- hospitals., catering establish- 
ing and filling machines that . meats and industry. These 
s w. 0211 handle any powdered or latter sacks' are constructed of 
granular product, .that can fill wet strength, one- or two-ply 
paper sacks at. high speed, kraft paper and are designed 
ancillary equipment for sack for use outdoors.- for bio-liners 
closing, flattening,^ shaping, or vviih sack holders. 

and V.wnetlsljs. The properties offered by the 
whether the requirement is for careful]y , nd scientifically con- 
low or high output- - structed paper sack have many 

The modern paper sack pro- advantages over other forms of 
vides storage - for literally hun- container and the sack making 
dreds of different' com modi ties. j ndU stry claims the following 
ranging from chemicals to ice attributes for its products: 
cream and including cement, paper sacks provide excellent 
china day. coal, fishmeal, flour, protection in the transport and 
potatoes and sugar. handling of goods at a reason- 

. The- modern paper sack Js, able cost level, 
briefly, a. flexible container They are easy to handle, fbr * 

‘ made-froh} pne to s^v^llgX n r example, 1 to carry and empty. 

plies) ’ of paper, some treated Sacks keep their shape very 
: 4 with protective, coatings. ** Coat- well; which makes it easier to - 

ings.” in this context, include stack , them on pallets. Expen- THE UK paper sack. Industry regenerating and the great 
film, foils, laminations, impressive storage space can there- 15 mos * brghly developed in. -debate into the use of energy 
nations surface and other treat- fore be made best use of lhe world Md accounts for and natural resources which 

* • to the degree W" b “J [ tafS' 7o1 did^ati*l toleinfore? 

t *and type o^-proteetton required coefficient of friction, stacks of countries. ' the argument for packaging 

to safeguard the quality of the sacks are stable and safe. In one market alone, agricul- systems whose materials are re- 

contents. Another advantage is that it is ture, the total annual produc- placed naturally and can, if 

Sacks are made in tubular very easy to create a selling tion of one crop, potatoes, both necessary, be recovered and 

Today's kraft paper machines can produce reels of up to 50 kilometres in length at speeds of 650 metres a minute. 

The complete storage, handling 
and distribution system .... 

for everything from 
hot bitumen 
to frozen food 

filial and closed sacks are 
conveyed for flattening and 
palletisation prior to distri- 


form, with each ply bearing its package 


producers of all kinds of unbleached sack kraft 
the longest experience of extensible paper 

the world’s biggest exporter of. 
extensible paper 

owned by Norrlands Skogsagares 
Celiulosa AB, one of Sweden's biggest 
forest industries. 

represented by: 

The Northern Paper Co Ltd Lennig House, 
Masons Avenue, Croydon CRG l EH.- Tel: 01-688 3117 

Filled and psHetiscd sacks, loaded for distribution by road, can be broken down for 
•- . multiple drops if required. 

■it is easy to print the *° r distribution and retail is at recycled. 

. some stage packed into paper T^e paper making machines 

sacks, whether 56 lbs (often used j n Scandinavia today are 
packed in the field or from U p u metres wide ahd 100 
clamps) or inlo smaller carry- metres long. TTiey are eqaqipod 
home retail packs. .... , with in-line computer control for 
Larger still is the animal feed- more consistent quality. \ A 
stuffs market where over five single machine can now produce 
million tonnes of the product over 100 000 tonnes of kraft* 
are packed into paper sacks for paper a year at an average speed 
distribution to the nation's of 650 metres a minute, 
fanners every year. The technological improve- 

The UK chemical industry, merits in the manufacture of 
one of our economy’s major kraft paper have allowed UK 
growth areas and certainly one converters — toe members of tne. 
of our leading export successes, PSD A- — to upgrade their sacks 

is firmlv committed to paper a °d develop new types. Most of 

sack packaging. This is possibly the original sacks were merely benefits. Packing machines are 
the most demanding application open-mouthed hags which were now available which can l>e 
for any packaging medium. The closed by stitching, stapling or operated fully automatically and 
wide variety of chemicals, their wire tying. provide digital weight read-outs 

differing properties,. the need to . . _ _ _ _ 

comply with international health. . IMPRESSIVE 
safety and transport regulations 
— coupled with the Fact that the 
packages are sometimes man- 
handled on arrival at their desti- 
nation. perhaps in Africa or the 

mands SFlln m* ****** fiTmTfoifs. *p£iai sack packaging installations. 

eriaL coatings, laminations, impregna- 

T’ETTTninv.Tr'xr ti 0113 - s “ rfa ce and other treat- MARKETS 

ILF riL>iii<ivL<x menls designed to provide the 

The paper sack meets these right degree and type of protec- The results of these activities several times in paper sacks, 
demands because it is purpose- Uon to safeguard the contents, by sack manufacturers are re- both as bulk packages and as 
designed to fit into the industry's One of tine more impressive re- Qected in the share of the outer containers for retail packs 
packaging systems, often incor- suits of these developments can 
poratlng specialist or reinforced 


Similar * improvements in 

packaging market which they 
currently hold. 

Despite competition from 
olher sysletns, the paper sack 
has maintained its share of tra- 

on their journey to the con- 
sumer. Their inherent properties 
easily withstand the problems 
of both moisture and freezing 
during processing and storage, 
ditiunai markets and new appli- in distribution, and even in the 

The industry’s research and de- s>*toms have automated onward 
vclopnient bns concentrated on handling rmm Hi . ru*in» 

cations are now opening up in 
new areas. Over a million paper 

two main areas. The first, sack . . . . ■ . . . 

construction, has resulted in the unmsauon by stretch or shrink- 
'Ea st— pi aces severe de"- use a wide range of paper, wrapping are now common in 

idling from the closing stage 

utomatic palletisation and used we ek 

to transport merchandise to 
customers by mail order houses. 
Paper valve sacks are used to 
pack a wide range of plastic 
resins, including high and low 
density polyethylene. 

Frozen foods are often packed 

final journey as freezer centre 
checkout sacks. 

Frozen fish, cake mixes, food 
additives, cocoa and cocoa butter, 
starch and milk powder are just 
some of the olber commodities 
packed daily into paper sacks 
by the food Industry. 

All products packed into paper 
sacks have one common denomi- 
nator . . . they are all packaged 
in purpose designed sack 

be seen in the packing of hot 
outer piles to withstand the bitumen into paper sacks, 
hazards of the journey while at Equally impressive, but perhaps 
the same time protecting^ the not so . spectacular, are sacks 
contents with foils, films, \arai- specially designed to pack food- 
nates or a combina&on of all stuffs such as milk powder for 
three, , United Nations relief organisa- ■ 

Ever Increasing warehousing tions. These sacks- and their con- 
and transport costs and the fe*. tents often travel great distances 

lationship between production after being in store for a con- 

and distribution systems have siderable time. Despite rough 
now become critical in both eco- handling- . and transportation 
nomic And efficiency terms in through differing temperatures 
product packaging. Within this and climates, the contents arrive 
context, the demands placed on in perfect condition, 
packaging materials are crucial Together with changing con- 
and systems decisions, once strut-lions, the industry has 
made, are unlikely to be changed developed- new types of sack, 
quickly or modified. * pariiiularly in the area of the 

II is against this background va lve sack/ 

The open-mouth sack is closed 
at r»ne end -during manufacture 
and has- a full-width opening for 
filling. Valve sacks are closed at 
both ends during manufacture 
with a corner opening or valve 
through which the sack is filled 
using a valve 1 packing machine.-' 
Both these sacks have enabled 
PSDA members to offer their 
customers paper sacks which can 
cater for. the. widest possible 

that paper sack manufacturers 
market their products.- 
The new range of sack 
systems now used by manufac- 
turers has gradually changed 
the face of sack packaging and 
handling in the- UK. . 


Most of the kraft paper used 
in the manufacture of sacks in 

ibis country is imported for-_ . r 

conversion from Scandinavia and. ranee of .materials and meet the 
North America; Sweden, Norway requirements for automatic 
and Finland alone produce over packaging. 

LQ00.000 tonnes a year and It is The initial stages of filling and 
the technological improvements dosing are dependent upon the 
in the production of kraft which weighing of the material into ihe 
have formed the basis for sub- sack. Weight tolerances are con- 
sequent advances daring con- trolled by law and the problems 
version. UK manufacturers also of maintaining or improving 
use home produced kraft made throughput while continuing to 
from indigenous resources Inciud- meet statutory weight require- 
ina recycled fibre. ments is an area where research 

Timber, the raw material and development has already 
for paper, ia, of course, aelf- provided sack users with specific 


Polythene Coating 


Polythene coating ana lamination give 
the paper sack, and indeed any 
container made from papers or boards, 
that extra power to protecl against 
moisture and contamination vitally 
important to so many perishable 

From a simple polythene coaling on the 
innermost or'outermost piy of a 
mullivrall to complex high -per forrasrss 
laminates o: paper with polythene v-ad . 

ir.elal foils, Telcon Plastics produce 
them to order. 

Telcon Plastics are ihe largest 
cus lorn- coalers in ihe U.K.. serving all 
the big names in industry. 

When you specify Telcon Extrusion 
Coating and Lamination you ensure 
protection for the high quality and 
reputation o: your products. 

-Find out what Telcon Polvpower can do 
fer vcul 


Famborough Works, Green Street Green, Orpington, Kent. 

Telephone : Famborough (Kent) 55685 

A Member of the BICC Group. 



to the 

We are ihc U.K.'s leading supplier of open 
mouth and value sack weighing, filling,, 
closing and handling machinery. 

Our range comprises not only fully 
automatic filling and weighing equipment 
but also features semi and fully automatic 
palletisers and the most comprehensive 
range of stretchwrapping machinery ' 
available in the world. 






Northflcet. Gravesend, Kent DA11 9BZ 
Phone: Greeniiithe (0322) 843333 
Telex: 896095 



Manufacturers of Bitumen, Was:, 
Reinforced and Blond Union® 
waterproof and barrier papers. 

Collvhurst Road. Manchester 061 205 4181 

You won't come 
unstuck with Kollosac 

i?h ■ ■ ■ ii ■■ 

mg' Specially produced for paper 
sack manufacture, Kollosac adhe- 
sive powders are consistent in 
quality and dependability. 

AVEBE's consistent availab- 
ility has • been proven in recent 
years. The quality of Kollosac 
being based on the world renowned 
AVEBE Superior No.1 Farina. 

A network of United Kingdom 
stores ensures prompt deliveries 
and service, from qualified techni- 
cal staff. 

Clean working, economical in 
use, easy to prepare. We'll be 
delighted to tell you more about it. 

Telephone : 



AVEBE House, 

Otterham Quay, 

Rainham, Gillingham, 


Together with their Principals 

Oy WRosenlewAb I United Paper Mills Ltd I OyWilhSchaumanAb 

Offer a complete range of kraft papers 
to UK Sack Producers 
and maintain their support of the 


Lamco Paper Sales Ltd. Finland House Haymarfcet London SW1Y 4RS 

also in Manchester Glasgow 

reinforced with 


Sack of 
The Year 

*/\SMfiwail paper sacks reinforced with Typar^ 
^Typar is Du Ponfs registered Trade Mark for 
itsspunbonded polypropylene ' ... i 

TPvn/^ C 1 Northfleet Gravosond, 
IJKtjr OaCKS Kent DA11 9BZ. > 



All types of sack making machines, including 
in-line and reel-to-Feei. printers, flush cut and 
stepped-end tubers, open-mouth . and valve 
bottomers — all designed for highest production 
speeds with minimum down-time and wastage. 

Equipment for combination sacks, e.g., poly liners 
with or without pre -welded bottoms, liner Z-foid 
units, seam extruders, laminating units. . 

All forms of automation equipment - feeders, 
packeters, loaders, turners and conveying and 
storage systems - for pasted and sewn sacks. 

Open-mouth and valve sack winders for reel -fed 
auto placers. Sack drop testers. Paste preparation 



National Mutual House, South Park, . - 
Sevenoaks, Kent - -i - 

Telephone: 0732-58185 Telex: 9538V 



A Subsidiary pf Greenbat Ltd. 

Paper Sack Machinery 

The new tuber/print er/pre-pr inter combination from 
Convertapak has exclusive features for supreme cost 
effectiveness with minimum downtime. The 
combination of high-speed tuber with 4-colour 
pre-printer offers in-iine printing and simultaneous 
pre-printing for complete flexibinty. Convertapak’s 
range also includes conventional tubers, printers and 
pre-printers, as well as bottomers. complete sewing 
lines for both paper and polypropylene conversion and 
all multi-wall sack factory ancillary equipment. 

Greenbat Convertapak. The paper sack experts 

Enquiries to: Colin Grapes Limited 
Managers of Sales and Technical Services' 

Colin Grapes Limited 
Sussex Road, Gorfeston 
GL Yarmouth, Norfolk 
Tel: GL Yarmouth 63183 
Telex: 97249 

Works : Greenbat Limited 
Ami I ay Road, Leeds 
LS122TP. Tel: Leeds 
442933. Telex 55468 
Cables: Greenbat, Leeds 


Kent Kraft Mills 

The U.K.’s largest sack kraft manufacturer producing ‘ 
kraft and recycled papers for sacks, bags, 
laminates, wrappings and other industrial processes. v 

RHIN O recycled paper and KK KRAFT are available in substances from 50 to 150 c.s.m. - •• 

Kent Kraft Mills 

Northfleet, Gravesend, Kent D An ^BZ ? 

Phone:Greenhithe(03Z2)843i22 f 

Please write for a brochure _ . . telex 89(5395 A Dickinson Robinson Group Company * 


Next year Hoed Medway will have a Uttle 
jubilee of their own to celebrate. 

50 years in paper sacks plus 30 years 
in packaging and handling equipment and 
20 years in waste collection systems. 
The res no substitute for experience. 

Reed Medway Sachs Ltd and 
Reed Medway Packaging Systems Ltd 
will continue to scree industry and 
public authorities at home and abroad. 


Aylesford, Maidstone, Kent. 

K v 


v |\_ S 


graphics add a 
to paper sacks 

a.hafe oontrtbrtion to ^ „*,:•** tndastry , „ 

Ib/dMdb 'rZdm JSr F m rf ^^^ , ^-£ rapfu ^£!2!! red above - Whether filled and stacked 
ItafonT B mSS? r ££L, ^ & * tom lrft) or Wng. flattened and .haoeif 
PM |et Mfa°w »e paper ack can carry a printed message, company i° S o 

or contents idemffiracion which is always 'dearly vltlMe^* ' * 

•,v„ -: r v 

»•***& V, j. vv^v 

»' trlrjK -v<* 
'•>’'• •<■ ’ 


IT IS QUITE possible that the 
almost universal acceptance of 
the paper sack is due in no 
small measure to the parallel 
improvement in both graphics 
and printing techniques. 

Early sacks were printed with 
aniline inks which were made 
from soluble dyes, dissolved in 
water or alcohol. The results 
• left much to be- desired and 
most observers can recall the 
uniformly flat -and uninspired 
lettering in black ink on a brown 

Today ' we can enjoy the 
results of the rapid strides made 
In design. Inks and process, in. 
almost all wholesale and retail 
outlets, garden centres, labora- 
tories and so do. . 

It is worth noting here that 
printed sacks, and sacks incor- 
po rating coloured plies, are 
% V often used in hospitals and 
industry to identify particular 
..VI types of waste, and this same 
faulty widely -used as an 
^,1 aid to efficient stock control, 
>V’| making contents immediately 

I - I* <;v; :y r. i iw ivm e Kumcuis immeuiaieiy 
Vv \'.*V identifiable, to convey usage 
'• V^l ' Instructions to customers or 
?5-. ; "-t, A clearly to identify hazardous 

'*£*•*<’ ► ?.•: -if materials. 

tion of black and white artwork 
and. zinc master plates in the 
stefeo' pruductiun. Additionally, 
siicdi printing could reduce the 
press running speed and add 
to costs. 

. The four-colour printing of 
sacks ean be supplemented by 
the use of coloured kraft paper 
as a base and good commercial 
colour matches -can be produced 
from samples printed on a 
siipilar paper. The substrate, or 
paper, surface has a major 
influence on the " resultant 
printed colour or shade. The 
colour printed on a light, 
reflective paper, would appear 
considerably different from 
the same colour printed on 
a darker surface. Additional 
variations in shade will be pro- 
duced from papers of differing 
surface texture and porosity. 

Today, priming inks can be 
formulated to meet specific 
requirements and manufactured 
to produce high quality prints 
with acid or alkali resistance, 
rub and water resistance, fast- 
ness to light or non-toxic 

£ materials. 


Printing is an integral part 
of paper sack manufacture, 
using a flexographic process. 
Although other processes, such 
as photogravure and heat set 
are employed, the economy, 
versatility, quality and sim- 
plicity of flexography make this 
process the first choice of most 
end users. 

All paper sack manufacturers 
offer artist and studio facilities 
for originating or improving 
designs, which can range from 
the simple statement of the 
producer’s name, product and 
statutory markings to Intricate, 
detailed design incorporating 
logos, handling and storage 
instructions, hazard warnings 
and photographic reproductions. 

For the more detailed designs^ 
black and white artwork is pre- 
pared and from it photo- 
graphically etched metal print- 
ing plates can be manufactured 
in either line, tone, or a com- 
bination of both, from which 
a robber stereo is made. 

When considering .which type 
of design is required, it should 
be remembered that ? the more 
detailed the design the more 
expensive it will become. In f 
halftone printing, allowance 
has to be made for the prepara- 


. • *v K3- — - -'-s 


' . ;• li . 

«> * > ' ■ 

f 7' jVVV . 

t -S ’ '> * j 

“Give for the Red Crow* 
> the message on this paper 
sack, Throughout the world, 
'companies, local authorities 
?rtf.s£x M y’ °TP u !'s*tions are 
increasingly appreciating the 
graphic ~ advantages. „of ..the 
paper sack. 






Flour or fisfi, potatoes or cement, fertiliser or 
animal feed, the common denominator is 
Papropack packaging. 

For fast delivery of multiwall sacks designed 
specifically for the job in hand, contact any 
Papropack group company. 

Papropack Ltd 

Hedon Rd, Hull 

tel: (0482) 781171 
telex : 52273 

i James Paper Sacks Ltd 

Direct Wire Ties Ltd 

Griff Clara, Nuneaton 

tel: (0682) 67921 
telex: 31 1034 

Whatever your packaging problem, 
Papropack wilt contain it. 


Offering the widest range of custom made 
Products and Packaging Systems throughout industry. 

Northfleet, ' 
Gravesend, . 
telephone 03 22 8433 33 
telex 896095 

Please write for a brochure 

A Dickinson Robinson Group Company 

For over 25 years we have supplied a wide range of kraft paper 
sacks for industrial and agricultural packaging and distribution. 
We operate a personal service tailored to meet our customers’ 
specific packaging requirements. 

This service is based on our extensive experience in the 
manufacture of paper sacks and the packaging market and is 
available nationally. 

For further details phone or write to: 

Robert L. Fleming Limited 

Seabraes Mill, 2 Perth Road, Dundee DD1 4LW 

Telephone 0382-27801 Telex 76194 


meet the needs of the 1980 s 

Martin Buckley, chairman of the Paper Sack Development 

PSDA Chairman 
Martin Buckley 
reviews the present and 
future role of paper 
sadi manufacture— 
an industry with over 
50 years' involvement 
in packaging and 

FOR MANY years now the C TT 7 _ _ __ 

products manufactured and W Q §66 ail 
supplied by members of our 

Association have played a major • • ■# 

part in UK industry’s packag- tnCf6P^1t1ff V 
ins and distribution system, i-l-lwl 

Like many other traditional 
supply industries we bare bad 
to meet the challenges to our 
market posed by new products, 
new manufacturing techniaues 
— and alternative packaging 

The fact that our industry 
manufactures some 1,100.000,000 
sacks eaefi year demonstrates 
that these challenges have been 
effectively met. And recent new 
sack applications leave us in 
no doubt that there is still room 
for further growth for the 

for sack 
packaging ’ 


V^'-i ■ '"i 


Automatic filling and dosing equipment is widely available throughout the paper sack 


source — kraft paper — are 
already well understood by the 
During the last decade our packaging industry. The eco- 
members have developed a nomic benefits of a strong, low 
whole new range of sacks. This cost, light container, wide* is 
quiet revolution has involved non-returnable are also equally 
new construction techniques and well understood, 
new materials, providing custo- The pressures upon industry 
raers with many benefits, not t0 hold down costs are as strong 

2 a P ndTn ^ 43 ever - 11 * * fa * band- 

! 1 l to deVe t ling, storage and distribution 

^ pe J sau i accoirat for as much as 30 
^ introduced r wnt o£ totaI product cost _ 

now machinery and equipment eluding packaging. The fully 
designed to integrate sack integrated paper sack packaging 
packaging into today s sophisti- osteins offered by our mem- 
3DB ^buLon bers today will ensure that 
techniques. ihese costs are, as. far 

Even in the light of the possible, contained, 
economic setbacks of the last As an industry we welcome 
few years we see an increas- the challenge that new produc- 
ing^ bright future for sack tion, handling and storage tech- 
packaging. This is why our niques pose. The publication of 
Association is now undertaking our technical manual “Paper 
an extensive and wide-ranging Sacks in Packaging, Handling 
educational programme, to put and Distribution,” the first .of its 
the technological advances made kind in the world, demonstrated 
in sack packaging systems the need for any industry to 
before its customers and poten- provide this type of information 
tial customers. to its customers. 

This programme 'is directed 
not only at industries who are nncrrnrr 

traditional users of paper sacks: x'UollKVJj, 

agriculture, chemicals, animal Over 5.000 requests, from all 
feeds, rock products and food- over the world, were received 
stuffs, but also to areas where by the Association for copies 
new users have already utilised of the manual prior to its publi- 
tlie advantages of new construe- cation. And we believe that by 
tions and improved . j graphics, quantifying the information 
such as the manufacture of about our product and its appli- 
petfoods. frozen foods and the cation we are both preserving 
dn-ii-yourself sector. its effective life and expanding 

Looking to the next few its use. 
years when, we hope, the long As an industry we are com- 
a waited economic upturn wili mitted to working closely with 
result in an improved industrial our customers to ensure that 
performance ft is likely that the our products will continue both 
paper sack will continue to to meet their needs and to 
receive wider acceptance and make a positive contribution to 
use. The considerable benefits enhancing their profitability, 
offered by a commodity which' We look forward to the 1980-1 
is obtained fronr: a' .-renewable with confidence. . I 

.• l Bowater bring you all the advant- 
ages of dealing with a big company. 

* A product development 
prog ramme Continuous investment 
in modem plant and die latest tech- 
nology. Sacks that are made from the 
finest available materials. 

So you can be assured of a high 
quality, cost effective sack to suit the 
requirements of your product 

And, of course, you can trust 
Bowatertobe there when you need 

But being big doesn'tmean 
weVeimpersonaL Your business is 
important to us.Thafs whyweVe 
geared ourselves to satisfyyour . 
demands with a personal service: 

So if you have any sack problems, 
call izs at the number below. And 
deaL with the strength of abignam? 
you know. 


Bowater Industrial Packaging Ltd, 

North Road Industrial Estate* Ellesmere Pori; 
Wirral, Merseyside L65 1AQ. 

Telephone .051-355 1951 . . . 


specialists in custom-built’ packaging 


Paper Sacks 

Paper Sacks 

The Otford Group. Otford Road, Sevenoaks, KentTN145EH Telephone 0732 50001 










Plastic Sacks 

Moulded Expanded 

Moulded Expanded 

& Pallet Covers 



A.&S. HENRY & CO. S im 





Phone: 051-525-2203 Telex: 629147 

Apply the 3-way check 

to Flexer paper sacks 

Flexer Quality v' 

We've been making good sacks for 65 years. So it’s hardly 
surprising that our modern production lines down at Brighton 
turn out an absolutely first class, quality-controlled product 

Flexer Prices Z 

Every economy of high speed production is working to 
help keep our prices where they’ll always be-at the k c enlv 
competitive level. “ y 

Flexer service / 

Flexible enough to meet your special requirements precisely 
Reliable enough to deliver what you ‘want, when you want it ' 

F?S. Wi? make plastic sacks too. 

To: Flexer Sacks Ltd, Clarence House 

I T C ? r !?-£ treefc ' Portsiacie ' Brighton snm teh 
I . Tel. (0273) 419722 

I Rease send me further information 
aoout Flexer paper sacks. . 









£3' O* 

S w 




An all-too-familiar story 


THE AMERICAN ' . MOpbmic Despite 3- record interest rate 
scene is depressing like a re- spread in favour of the U.S.. 
'run of an old and familiar film, oil producers and international 
even ..though, .the cinema holders are worried that too 
manager insists that it really is many of their assets are in 
new and different. When a dollars and are trying to shift 
group of establishment their portfolios to other cur- 

economists. ranging from' rencies and to lag their com- 
Arthur Okun and Walter Heller inertial payments against the 
on the centre left to Henry dollar. 

Wallieh on the centre right. The adverse shift of senti- 
jnj. a joint letter to the New ment ‘ cannot he explained by 
Yoriv Times .to urge fiscal penal- any simple comparison of 
ties to support wage and ■ price, recent movements '"of costs, 
regulation after a protracted prices.. or the money supply in 
nn.hCTB strike, the feeling of- the U.S. and other countries, 
dejo vu is irresistible. It . is Tbe comparisons are, if any- 
mcreasecT when the New York thing, in favour of the U.S. As 
reneral -Reserve announces to Professor Alan Melizer of the 
an unsurprised world that it Shadow Open Market Committee 
favours an incomes policy. -(a group of economists) erapha- 
indeed the New York Fed rises, such data cannot explain 
employs writers who seem to a 20 per cent.' fall of the dollar 
have learned their - style- from in terms. of the D-mark and yen 
early issues of the. Rank of' since January lSTTT.'-The Teal 
England bulletin^- Who riser point' is that since the oil price 
outride these two Institutions increases of 1973-74, -.oil ptd- 
would write '* under such - cir- ducers have developed a desire 
eumstances the exchange mar- to diversify their short term 
fcet became increasingly one- assets, and it only takes some 
way and unresponsive, to uncertainty about . future U.S. 
economic fundamentals.” This inflation for selling pressure to 
simply means that the dollar develop. . v'~v' v ... 

fell, even though we told the Like the British Treasury in 
market that it was wrong the first half of 1976, the V&. 

The Administration sees the Administration is arguing that 
dollar problem mainly in terms large budget deficits and budget 
or the $31bn. trade deficit and expansion are not inflationary 
S19bh. current account deficit because the economy is workine 
recorded in 1977. This is attri- so far below capacity. In both 
buted to excessive energy im- countries' behind seemingly 
ports and the obstinately slow technical argument on monetary 
growth of other industrial coun- policy, there lies a. profound 
tries. In fact, countries such difference pf- opinion about the 
as Germany and Japan import working of the labour market 
a far higher proportion of their and the • interpretation of cur- 
energy needs than does the rent unemployment - 
U.S. When there are up to Washington even .suffers from 
$500bn. held overseas, the a familiar stereotyped left- 
financing of the current deficit right rift. The First Monday of 
is a mere fieabite. The root of October, a play.’ 'recently 
the problem lies in the capital running here, has afrits theme 
account a conflict between ‘ a’- newly 

appointed female Supreme 
Court judge played by Jane 
Alexander, who is interested in 
the . rights of business but 
censorious about so-called moral 
matters; and an old-time radical 
played by Henry Fonda, whose 
bias is precisely the opposite. If 
yq>u happen to believe in 
capitalism and the permissive 
society you will have to go to 
California where they expect 
you to drive a car. Alas. I 

But the U.S. is not run from 

the Germans, may prove no 
more durable than the British 
Treasury's initial opposition to 
foreign currency borrowing by 
the public corporations. . 

But even a $10bn. or $20bn. 
borrowing operation would 
still be basically cosnetic. A 
domestic soft option which 
could be tried would be to can- 
cel the -Increase of social 
security contributions at the 
risk of having smaller general 
tax reductions. As it is, public 
opinion pods show that Ameri- 



• • 

1977 * 

; ist 











21 A 















Other Countries* 





5 S 






2 JO 








3 53 

~ 33jT" 




* Including special bilateral facilities and other investments and loan to 
developing countries. - 

Source/" Bonk of England Balletln 

California, and there is no real 
mystery about what will happen 
if the pressure on the dollar 
continues. Why look at the 
crystal ball when one has seen 
the Johnson and Nixon admini- 
strations, not to speak of 
British governments in similar 
positions before. 

Any respite granted by a 
coal settlement is likely to be 
a brief one. The obvious next 
move will be some major offi- 
cial borrowing denominated in 
foreign currency on the pri- 
vate capital markets. Tbe U.S. 
Treasury’s opposition to this 
course, actively advocated by 

cans are very sceptical of these 
reductions as they see that they 
do little more than offset the 
effects of- inflation on the tax 
take. Another likely move 
would be some concessions to 
Congress to get an Energy Bill 
through quickly. But almost 
any energy policy, whether a 
tax, an import levy, or a lifting 
of price controls would add a 
point or two to the price level. 

The underlying inflation rate 
has been just over 6 per cent, 
in 1977. Monetary critics expect 
it to rise to 7. per cent, by the 
end of 1978,' and then to go 
higher. Administration- econo- 

Letters to the Editor 

T qttt onrl • - . But to proceed to question the there were no new construction institute -has, for example, Te* 

.LjavT ailU efficacy of these representations at alL house prices would still commended that local authority 

1 which arise from . consultation fluctuate in response to such direct labour organisations should 

order ‘ - with- our members ' because they factors as interest rate; and adopt commercial accounting 

• are supported • rise' by- senior confidence. practices, and for many years has 

F mm Mr. C. Radmore. managers who are in, member- Time lags in construction un- consistently taken the lead In 

Sir. — I am glad that Mr. Hay- ship with us. seems to be a doubtedly exacerbate these flue- Promoting uniformity in the 

ward (MarchS) and lean agree surprising example : pF inverted tuatiops. but perhaps of more accounts of local authorities, 

on one thing, that the greatest saobbery. On virtually .all the interest as a cause of excessive Eric Wood, 

deterrent to the criminal is the issues affecting managers with cyclicality is the behaviour of l, Buckingham Place, S.W.l. 

certainty of being caught. He whit* we have dealt op behalf building societies. When 

has. however, fallen into the of our members rjjere has been mterest rates are high they vleld 

“our figures are better than a close^identitfy or opinion t0 political pressures- to keep f„J ov KnL-ewl 

yours were*’ trap, which cuts showed by junior, middle, and their rates down; money drains Wfl0X“lIIlJv6U 

very little ice with the electorate, senior level people. Axe - those 01U an( j tending has to he cur- • 

It is true that police manning views to be considered -wwiker tailed When interest rates are DCDSlOIlS 

is greater in total. . at present, aud less valid because os. mat? j ow they keep their rates high * 

than it was in 1974. but it is. also Would they be better .regarded re i a tive to the market generally: From the Government Actuary. 

true lhat the gains made In 1975 if there were strong differences mone y comes "flooding in. and <•■ nf the Bicrncsinn in 

and 1976 were mostly among of opinion? . .. . . thev lend freely If only thev bir,— M uch of tne aiscussion m 

women officers. At a time when BIM’s council is made KP- bf Would keep their rates in line ‘n?^ 11 MJl^P^^ 0U fLn^nn^ T has 

Ihe Home Office has announced a cross section of managers of %vith tbe market there would be Df Public service ***3 

an increase of 15 per cent, in all levels, and hal f of them are ^ muc }i more even flow of funds ** _ M.nT 

crime statistics (a 12 per cent, elected by the membership.- We j 0l0 housing. This would he Jar 

increase in London) it is impor- must remember tint to-days top more e ffe^ ve than any Goy- d ^ U ? 10 f 

tant to compare the latest police managers wm* yesterday s e^^iaspired “ stabilisation 016 

'W < 
v. . : • 




1 mists agree, although for 
1. different reasons. But I fear 
1 that both groups are far too 
r optimistic about the effects of 
the . sharp fall oft the dollar on 
. domestic prices. These are 
[ underestimated by nearly all the 
i Forepasting models. Consumer 
1 prices- are, in any case, expected 
. to rise at an annual rate of 9 
! per cent in the first half of 
■ 1978 because of “ special 
1 factors.'' The doubt is about 
; whether the increase really will 
. fall, back afterwards or start 
moving up towards double 

The writing on the wall Is 
visible enough. Hie Uk is, in 
my view, going to take another 
plunge into prices and incomes 
, policy in months rather than 
years. The main uncertainly is 
, about the exact weapons to be 
used. ’ If the Administration 
wants to go in for arm twisting 
or blacklisting, it has many 
, more weapons to hand than the 
British Government. Contrary 
to popular belief, the US. is a 
highly regulated and bureaucra- 
tic country — which is quite con- 
sistent with large fortunes be- 
1 Ing made. The manager of a 
uJS. plant is probably subject 
to more rules and restrictions 
than^his opposite number io 
Hungary or Yugoslavia. Recent 
regulations on health, safety, 
environmental controls and anti- 
discrimination have been in very 
general terms and left the 
detailed formulation and inter- 
pretation to government agen- 
cies which are in a position to 
turn the beat on any corporation 
that incurs Presidential ire, as 
U.S. Steel did when it increased 
prices in Kennedy's time. The 
main weapon of self defence 
would be the almost nuclear 
threat to go out of business, 


Engineering unions and em- 
ployers meet Mr. Albert Booth, 
Employment Secretary, to seek 
Government approval for the in- 
dustry's new national pay agree- 

Civil Aviation Authority holds 
public bearing of application by 
Laker Airways for rights to run , 
cheap-fare Skytrain service be- 
tween London and Los Angeles. 
Tbe Authority also hears appli- 
cation by British Caledonian 
Airways to be re-designated the 
second British airline (to British , 
I Airways) on this route. 

European Parliament in session. 1 

Sir. John Greenborough. CBI 
president, speaks at its South 
West ’ region- ’ - annual dinner, 1 

which only works for the large 

The kind of mind that 
favours wage and price controls 
tends also to favour direct 
action against imports if the 
trade balance continues to 
cause worry. There is a prece- 
dent in the surcharge on manu- 
factured imports imposed in 
1971 by President Nixon. Such 
a measure , can be wrapped up 
in all sorts of ways and pre- 
sented as temporary and not 
protectionist Although not as 
probable as wage and price con- 
trols. I should give odds of 
more than 50-50 on something 
like it occurring. 

But despite the array of 
Federal weapons, the economic 
climate is not one in which 
wage restraints or import sur- 
charges are likely to work even 
in their normal, temporary way. 
In contrast with Britain in the 
last three years, both fiscal and 
monetary policy are highly ex- 
pansionary. The President is 
budgeting for a S60b‘n. deficit in 
the fiscal year up to end- 
Sept ember 1979. This is higher 
than the probable outturn this 
year. Even’ on the corrected 
"high employment” basis it is 
forecast to be $37bn„ compared 
with ?10bn. in 1976-77. The 
remarkable thing is that the 
budget deficit should be rising 
in this way not in a recession 
but in the midst of a powerful 
economic expansion which has 
been going on since 1975. 

Some of the old rules of 
economic management have up 
to now still worked in the U.S M 
unlike Britain. Demand boost- 
ing policies have succeeded in 
bringing about a dramatic re- 
duction of unemployment from 
a peak of nearly 9 per cent, 
three years ago to 6.1 per cent, 
this February, all on the higher 

U.S, definitions. The averages 
conceal many disparities. Black 
unemployment is still nearly 
12 per cent, and teenage unem- 
ployment over 17 per cent On 
the other hand, adult male un- 
employment is down to 4.5 per 
cent, and labour shortages are 
now appearing. Total employ- 
ment has increas'd by well over 
4 percentage points in a year, 
and a record proportion of the 
total population is now in paid 
work. Whatever may be the 
effect of wage controls when 


-tOrtoccnl of Labour few * | 

4-jl » i 

I 1975 1976 1977 *78 l 

IwugwiMmww I 

jobs are growing scarcer, they 
will not work for long when 
employers are chasing workers. 

Monetary policy has been 
pointing in a similar direction. 
Behind the smoke of Dr. Arthur 
Burns’ pipe, the narrowly 
defined U.S. money supply 
accelerated from 4i per cent, 
growth in 1975 to nearly 71 per 
cent, supply in 1977. The offi- 
rial target rate has for some 
time been 4-6 1 per cent., and 
has just been reaffirmed by Mr. 
William Miller, the new chair- 
man of the Fed. The target is 
not either dropped or achieved, 
but is simply moved forward 

each quarter on a rolling annual 

If anything, critics of the Ad- 
ministration understate the 
monetary stimulus. Since 
October there appears to have 
been a largely unintended slow- 
down of the growth of the 
money supply itself. But the 
monetary base, which deter- 
mines the lending capacity of 
the banks, when stretched, has 
continued to grow by 10-12 per 
cent, per annum. 

Monetary policy is still 
visualised in terms of a stately 
minuet with expansion first 
boosting real activity and then 
affecting prices after a one to 
two year lag, with velocity fol- 
lowing a predictable path. But 
these regularities cannot last 
much longer once inflationary 
psychology gathers pace, and l 
should expect future monetary 
expansion to feed much more 
quickly into prices, possibly 
in magnified form. This 
accelerated reaction could come 
about through the foreign ex- 
change market, or through the 
forestalling action of U.S. citi- 
zens themselves. Once that 
happens, even the temporary 
trade-off between unemploy- 
ment and inflation will vanish 
as it has in Europe, and the old 
rules will be dead. 

What all this adds up to in 
practical terms is that in addi- 
tion to any wage and price con- 
trols there is also likely to be 
a fiscal and monetary clamp- 
down, however hotly the need 
for it is denied. Economists 
argue about whether the brakes 
will be slammed on in 1979 or 
1981 (leaving out 19S0 for ob- 
vious reasons). My own sus- 
picion is that it will occur 

Samuel Brittan 

To-day’s Events 

Report of Royal Commission on 
Civil Liability and Compensation 
for Personal Injury. 

Offshore Purchasing con- 
ference, organised by Offshore- 
Centre. Connaught Rooms. W.CJZ, 
9.30 a.m. 

"All London Teacher* against* 
Racism arid Fascism” rally. Cen- 
tral Hall. Westminster.- 

Mr. Peter Simpson, director of 
commercial operations. ICL. 
addresses British Computer So- 
ciety on “Whither the Main 
Frame Business';” Cafe Royal 
WA 6 p.m. 

National Materials Handling 
Centre conference on Storage and 
Handling of Small Parts. Caven- 

dish Street Conference Centre, 
W.l. 10 a.m. 

House of Commons: Debate on 
Whlre Paper on Government Ex- 
penditure Plans 1978-79 to 1981-82, 
and second report by the expendi- 
ture committee. Motion on EEC 
documents on Economic and 
Monetary Union and National 
Economic Policies. 

House of Lords: Stale Immunity 
BUI. committee. Shipbuilding 
(Redundancy Payments 1 Bill, re- 
port stage. Import of Live Fish' 
(Scotland! Bill, second reading. 
Debate on .support for the United 
Nations University. 

U.K. banks* assets and liabili- 

ties and the money stock: and 
London dollar and sterling cer- 
tificates of deposit (mid- 
February). Cyclical indicators for 
UJv. economy. 

British Petroleum Company 
(full year). Smith and Nephew 
Associated Companies (full yearj. 
Sime Darby Holdings ( half-year v 
ACE Machinery, Westmont 
Street, S.E.. 12. BAT Inds„ SL 
John's, Smith Square. S.W„ IX 
Drayton Far Eastern Trust lit. 
Old Broad Street. E.C, 12.13. New 
.York and Gartmore Inv.. 2, St. 
Mary Axe, E.C., 3. Rank Organi- 
sation, Royal Lancaster Wr>t*»L 
W.. 12. 


English National Opera. Fins),* 
performance of Tosca, Coliseum-: 
Theatre, W.CJ2. 5 pm. • 


tantto compare tne latest ponce managen, ~ , ermnem-iasprred 

manning levels with those of the middle managt^s; . and to-days 
previous year. At December 31, middle manages are to-morrow s. n OI 4owprs cou 
1977. police manning in England top men. - -sea tost sharper 

and Wales was 108.201 compared Roy Close. hvvarrin 

with 109,476 on December 31. Management House. th , 

1976: this net loss of 1.275 Is Parker Street, W.C2. « "\if n a | c UI . 

made up of a loss of 2.275 men . S 

and a gain of 1 .000 women. The t • ' no tiSS t 

comparable net loss in the Metro- lHVeStllient ID monlhlTpaymenl 

noi'ian . area is 191 ahd .Scot- _ ^ .. . interest rate c 

land Yard says that in "tbe first MprCPVSHie - -would soon real 

60 officers. From Mr. J. Riley. ' period' that mat 

ermnent-inapired stabihsatmo of 197 5_ 74 - for purposes of 

■ n - .j, v ^ 1116 I 074 P»y settiement 

Borrowers could be protected Mr M . D Evans (M arC h 137 

tas Wed to illuminate the issue 
rates by -varying the term of testing this figure against 
their mortgage (as at present) ^ figures culled from my 
or Iw-roUi^w" intern -hen “? u " n ropo™ im 
b p^hp Ihese tetier figures are unfor- 
IS* tunately not comparable. The 
point is a technical one but 
tt^iS seems worth -explaining in view 

ianu iaru says ioai in me nrsi VlPrVf- 1 V Vrflt* . whiilri qonn rr»aIi«M» that it vi« oi/miuue '“».*.** 

few weeks” of 1978 It has lost mcl&CJMW thpav era pe Ipvel^f Stes ovJTf of lhe P ublic interest shown. 

60 officers. ' From Mr. J. Riley. £riS tiS matiere^to Sem, »■ Ev ^ s the 7 per cent 

These are tbe continuing sir— The concern expressed-nnt the rete at anv one time «**nctton allowed from national 

(rends (.'hlch coupled will, the „ , Slr ’ Mr T he r 5“" • Kllwy tShTL tolilnf wto wMld ia «™“ coHrltetio ps in re- 
rise in the enme rate and a less L a b 0Ur jjp f 0r Ormskirk, about be do worse than it has to be. spc ^* of vp nt ra ct e d ° u t employees 
than 50 per cent overall detec- 1hx , .i<«nrp »f the Birds „ . .. against a deduction of 123_ per 


lul Tillett, cent which we calculated on 

L Spring Grove, similar principles for the self- 

that ssr Srf-SSSf EsS ^ employed. The difference, how- 

you did is no answer to the i^SuSg for the cutting ever - between these two rates 

problem. Socialists never seem. S of all Govenuoeni stid5o floes not arise wholly from io- 

_ . - to learn that spending more Tjnjjever howeverbe runs the TTlP delation; the self-employed rate 

„ 'v money is not tbe panacea for all hiR nDSe to -*■ also allows for a part of widows’ 

" "as shop 

notion lhat people are afraid to r to the contracted out rate. More- 

.' • open their doors at night, but if which many other electors would prom the Chairman, 0v6r< to extent that tbe dil- 

ho and his colleagues in the no V “ . ^ Bar Association for ference is due to indexation, it 

Labour Party actually took the , c “ b Commerce. Finance and covers the difference between 

trouble to go and talk to the ***“£« 'S«f^ Bt 0 I L“2 “ Industry Law Reform one pension rereives cSt- 

vnjw- W will find out .that I Committee. - of-llrtSg increases (as do public 

and other Conservative col- „ SS?u?ta 2255s Sir. -Justinian, in his article service pensions) and another 

— ■ view of closed shop" which is certain to Twelve no 

larch 13>. is obviously using increase whatever after retire- 

n&h York 

w* * i t v pre most emolDvers will have -“Wider view or closed snop wuicn is certain 10 receive no 

problem: quite the contrary, {here, most employers inu na^e ^ nbviousJy using increase whatever after retire- 

The fear of burglary and mu^ ^ ken t J® in t 0 the” a copy of the Trade Union and menL But the li peT cent used 

mng 15 already there, and it tuts “SSSne and^SrefoS Labour' Relations Act 1974 which in 1974 quite properly took 

across groups social groups aid bj leK bas not been updated. He refers account of the extent to which 

and party loj aUies. it Is just as a ' d * be exD e C ted to put to paragraph 6(5) of Schedule I outside pension schemes were 

the h£ of Sire firti “a ' of that Art which provides that expected to pay post-retirement 

I B oonisburj as it is ]n the council - tne o m - l, an omninvsa whn ■« HismiiKAri increases: This ohviouKlv mt the 


^ mil talk about what thev S' -taken Gove^ment aid into its He goes on to quote two excep- living increases even throughout 
^ a ootential vot c loser. reckoning and if Mr. Kilroy- tions: where the employee recent yeara, and others , have 

.£ People want a better paid and Silk's suggestion is followed nf genuinely objects 00 grounds of sanatller bnt- still sub- 

^ more effective police force to withdrawing aid by discrim mat-, .religious belief to being a mem- stantial increases. Mr, Evans s 
protect them and the police wint- ing against Unilever in particu- her of any trade union whateo- P lan : 

ihe opportunity to provide that lar. this could be expected to put ever; or on any reasonable costing 16 per cent, will surely 

.«crvkc Bv its treatment of the the future investment pro- ground to being a member of a provide some measure or post- 

j, 1, lice, ' the Government has gramme of that company in particular trade union. The retirement incrMse. * 

shown a scant disregard for the jeopardy— at any rate in the UJL second exception was repealed to give some figures, the 7 per 
•desire of people to have better —and with that the jobs of other by the Trade Union and Labour cent, quoted by Mr. Evans would 
police protection, aqainst in- electors elsewhere in the U.K. Relations ■ (Amendment) Act veea to he increased by about 
Wasinqlv violent crime. To be kind to Mr. Kilroy-Silk. 1976 with the Tesult that the * Per cent to cover cost-of-livlng 

The Labour" Government has he might have suggested bis only exception now is grounds indexation, out it cannot be 

done badlv in responding to the “remedy?’ in bis haste to show of religious belief. known at present b.v how much . 

pi-ople's fears: the Conservatives concern. It would be more help - h Mitchell* ••• * 7 P® r should be in- 

will dn better. ful however, if be would look The Wellcome Foundation. ShUSL, 0th , er 

Christopher Radmnre. further into the reasons behind p.o. 1S9 fl J n ’ 

Hoi born and St. Pancras South this decision by Birds Eye to pull The Wellcome Building, SJ 1 “ t lb ® afte . r 1 

ronrervative Association. out of Merseyside and if time Eusion Road, X.W.I. * n< 2ES5t - S2i m ? er 

Cd. A rqyie Square. W.C I. permits, ask BnHsh Ley land to . Hseif. which should form- the 


J From the Director General elsewhere. 

British Institute of Management. R - lw 

, Sir.— Mr. Jason Cnsp’sarticle lg canterbury Avenue, 

{March 10) entitied la the BIM i^aster, Lancs. 

. managing to make itself heard? 

raised an important question, but 

unfortunately it then went on XT vein flnw 

to pass judgement on a different -E* T WJ 

point that seemed to be based on « 

a curious criterion. The answer IUnjl|jS 

rn the question is a clear “yes" ,, p toicK 

iThe ‘rerord of the way . it has ‘ 1 

permits, ask British Ley land to . , 

detail more fully tbe reasons : 

Tor its decision at Triumph. If T niifliArihr 

the Government aid scheme Is liULal alllllUlllj 
not seen to be attractive, and 

to work successfully on Mersey- Qf'pOllTltSITH'V 
side, there might be good reason . 
to change it; or perhaps try it From ihe Director, 
elsewhere. - Chartered Institute of Public 

Finance and Accountancy. 


will dn better. ful however, if he would look The Wellcome Foundation. * tt « er 

i:hristopher Radmore. further into the reasons behind p.o. fjor 129, SS? ti a ' 

Mol born and St. Pancras South this decision by Birds Eye to pull 7710 Wellcome Building, SI uSlSL 1 ilt* ® * fte . r 

Conservative Association. out or Merseyside and if time iSa - Eusion Road, X.XV.1. * £li r n< 2S5 -Si m ? er 

■26 Araule Sauare W.C J. permits, ask British Ley land to HseH. which should form- the 

• . detail more fully tbe reasons base line for Mr. Hall's 

f or its decision at Triumph. If T nirilinrifv comparison. 

l\/|qn9rT0mpnf ^ Government aid scheme is LUldt alllllUXliY A provisional reassessment of 

I V| aUugCillGlIl no t seen to be attractive, and the pay deduction; quoting 

to work successfully on Mersey- QppniinttniPV separate figures for the post- 

! t OICcS side, there might be good reason . «V l,vlllliauL J retirement Increase element, was 

r.- w change it; or perhaps try it From the Director, ™ ade ^ February, 1977, for the 

V rom the Director GeneraL. elsewhere. - Chartered Institute of Public Expenditure Committee, which 

British Institute of Management S nliw». ■ ■ P»WW«I « jb Appente 56 Io 

Sir.— Mr- Jason Cnsps article ig Canterbury Avenue, c . n . ... «ts report No full reassess- 

(March 10) entitled M Is the BIM ismraster, Lancs. - ^ npps , menl can be made nntil the pay 

managing to make itself heard?” • research arrangements, which 

raised an Important question, but Chartered institute of -Public were suspended to aecord with 

unfortunately it then went on |7' V pn flow ‘ lhe pay policy, are 

to pass judgement on a different JjiVcII IlUvV vested- -mte rest in maintaining restarted, as only then will we 

point that seemed to be based on f f . j fartual data ai»ut 

a curious criterion. The answer Ol I U DLLS >; the other pension schemes. Mr. 

imported the views of its mem- Sir.— The analogy drawn by public sector- The public sector ^ eoliU^ & Sw 
hers on special questions snch Anthony Harris fa las Lombard) Aitn 'i vMe and diverse range : - ^ “J 

as taxation, pay policy, inltalion. between the '.housing wcle -and of publlc-bodies, from commercial “blisb^' .. 6 

policy. Industrial tbe pig cycle i March 8) ^is not enterprises to social services. f 

riemorrart*. and a number of entirely apposite— the difference Clearly the same accounting prac-E.-A. Johnston.-— 

.vher important issuer shows this, between bouses- and pigs is that tices would not suit them all. bui Government Actuary s 
That it is also inrteashiglv io the case of the former new we would certainly not wish to Department 
likened to is also evident from output is very small in relation encourage anyone to maintain steel Rouse, ' 
tins experience, to the erirtlog stock. Even if peculiarities unnecessarily. The TathSL Street, S.WJU 

Hying any other airline to Houston 

is a waste of time. 

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

With a daily 707 service from London 

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

And miss outon all thehavoc at the over- 
crowded airports ofNew York, Washington 
and Miarm.'Ybm travel agent or British 
Caledonian Office has all the flight times. 

In fact, wherever you’re going in South 

or Wfest USA. the non-stop Houston route 
is dearly the most logical. 

Yet we’re the only airline filing it 
So this time, unless you’re prepared to 
pay over the odds to fly supersonic and make 
a connection, you really have no choice. 
However, we promise to behave as 

though you had. A 


Whoever forget you have a choice. 



Belhaveii plans to 

£I.63m. shortfall at Yorkshire Chemicals 

AFFECTED by the worldwide 
recession In the textile industry 
and lower margins, taxable profit 
of Yorkshire Chemicals fell from 
£3.1Sm. to a«in. Tor 1977. 

At midway, when the decline 
was from XUSm. to £Ll3m., the 
directors said' there was little 
possibility second half profits 
would exceed those reported For 
the first. 

They now say that in 'view of 
the Stroup's large export sales— 
up front Xll.rSm. to £12.79 d>. in 
1977 — foreign exchange rates play 
a significant part in the computa- 
tion of profits. Since some 
exchange rales, particularly of 
the dollar against the pound, were 
unfavourable to the company at 
the end oF 1977 the adverse effect 
on profits was ** considerable." . 


Arthur BelPs half-year figures, showing pre-tax profits rrf 
£7.8m. compared with £53in., just managed to clear the City’s 
highest forecasts. Bel! has managed to increase its market 
share by a couple of points to 21 per cent at a time when there 
has been a reduction in withdrawals from bond for the industry 
as a whole. The Lex column discusses the cut in the Japanese 
bank rate and its Implication for the Tokyo stock market Also 
Lex looks at the second submission from the discount houses 
to the Wilson committee. Elsewhere, Yorkshire Chemicals’ 
profits hare been hit with a dramatic drop in the second half, 
while Nordic's trading profits alsu disappuint. John L Jacobs’ 
trading profits sire lower, after stripping out the ship sale, and 
James Walker- is down after a drop in investment income, but 
Bonser produced a bright note with a good recovery in profits. 

her of 11.59 m., after. tax. Of this. 
m.Miu. has been included in capi- 
tal reserve fotlowHijar the June. 
197ft. revaluation t>f those proper- 

The company is. engaged in en- 
gineering and construction. 

Ship sale 
boosts John 



Total ' 



of , sponding 








Arthur Sp.1l 



June 1 

— • 


Bonser Eax 


April 28 



■ 129 

Britannic Assurance 


May. 4 . 


9. IS 


Rury pod fiasco 2nd int. 


May 8 

259 . 




2_ • 

April 28 




T. Clarke 


May 5 




Eleco Holdings 



May 10 




Fiolav- Packaging .... 


May 23 


-0 .39 


R. Green Props 





— ? 


John L> Jacob* 


May 17 



Ncirvle Securities .... 


May 19 




Thomas Robinson .... 


May 11 




.Samuelson Film 



April 19 




Traflord Park 



• May 15 


— - 


J. Walker Goldsmith 



April 28 




H. Woodward 


April 25 



1.7- - 

Yorkshire Chems. ... 


May 12 




cut debt load 

<r a 
V s ! 


ffi g*SSU SMS running ‘at SZJT&A " 

174 SP^^^lfSSSSiSrShS l" addition .to the share 
054* £ < S^{?lhSrjffi3H5*«‘'S placing* the : group was also 
1.34 than the net forced last year to seH Its wavel 

,flA wV^ltegroup investments in Gold -Case Travel 

and George Ewer, to reduce bank 

. BBG is proposing to make overdrafts or £1.4m. Short-term 
another share placing— its Ultra loans 0 f £Jm. have how been 

3 83 this year— which will further re- 0 ut as a result of the share 

?i dnee the groups debts to around 

dbee the groupji piacitigs. 

.... £l5m^ while shareholders tunas 1 ^ <l year the group made a 
iW -as. a result of the placing? are i D3S (after- interest 

, expected to hav* increased to ^ arses) „f £238.000. In the 

increased by rights and/or acquisition issue*. 
S Including 0.0364 p special payment 

{For six months. 

As regards prospects for the 

current year, recovery in the the £47.000 of the previous year, 
world textile industry has not yet Working capital has been con- 
bejun and the directors expect a tained around the previous year’s 
period of quiet trading in Ihc first levels, short term debt has been 
half. Meanwhile, niep-s arc being reduced from 158m. to £1.1 Um.. 
taken to continue to operate at a and the group is trimming capital' 
profitable level while the recev expenditure from £2in. to II. 3m. 
Bion lasts, and lo be ready to this year. AT S0p (down ftp) the 
ic'ice advantage of the recovery as shares yield M pec cent., with 

soon as it begin 

over one and a-half times cover. 

Careful management of working They stand M of.M On 

pilal h as enabled the group to JJJJg pros,,erta thc * are ^sh 

surges to 


control its .short-term borrowing.* 
with the result that adequate 
facilities are available. Capital 
expenditure in 1973 is expected to 
be at a lower level than ip I9u. 

The new Azo plant is now fully 
operational and is proving 
successful, the directors report. 
During 1977 Transprints lli.K.) 
traded at a loss. 

Yearly earnings per 23p share 
are stated at S5p (lop) and with 

Bury & 
tops £1.2m. 

FOLLOWING an advance from 
£S0.4QQ to £210.700 at midway, 
pre-tax earnings of Bonser Engin- 
eering finished the year to 
November 30. 1977 ahead 

£267.000 at a record £490,000. 
This represents a recovery to the 
profit levels of . 1973/74. when a 
figure of £466,000 was recorded. 

Yearly earnings per 20p share 
are given at 34Sp (l-8lp) and 
the net total divided is stepped 
up from 1.2914P to !.4423p with 

are stated ai s^Jp lion) and wire _ a R na i navmcm of i WHn 

a net final dividend of 2.40734p AS FORECAST -at the time of a hnal paymcnl of “gfc 
the total payment is lifted from the takeover offer by Scapa Group xmo 

4*H7S4p to 4.706 S4p, at a cost of last month, taxable earnings of Turnover 
£437,617 (£409,712). 

TURNOVER at John L Jacobs and 
Co., shipowner and sbipbroker, 
slumped by £0.9 6m. to £1.19m. for 
19<t, and trading profit was down 
from £500,420 to £136,437. and 
Investment income from £533.390 
down to £679.0 <4. . * 

However, including a £l.Sim. 
profit on the sale or a vessel this 
time, earnings at Ihc pre-tax level 
were ahead at £2JJam.. against 
£ 1.44m. 

At halfway (profit was £2.4.1 m„ 
against £746.000, including the 
proceeds of the- sale) the direc- 
tors said that due to a world sur- 
plus of shipping capacity freight 
levels for both tankers and dry 
cargo vessels remained depressed 
and with a large amount of 
tonnage still In lay-up. it was diffi- 
cult to see when -this situation 
was likely to change. 

After tax of £1.04m. (£551.523) 
earnings arc stated at 7.S5P 
(3.85pj. The net total dividend is 
stepped up to a maximum per- 
mitted J.S4906P (1.6555p) with a 
final of 1.2990BP. 

expected „ 

Dividends shown pence per share net except where otherwise stated: around 15m 

“Equivalent after allowing for scrip Issue. jOn eapiql Gn \ {aT1lh 3 „. the group pro- ^ifn'g a'small profit on the back 

poses to issue some S 00.000 Q f the substa n tia l ly, reduced 
Ordinary shares to the Bank of interest charge, • • • ; _ 

Bermuda. at 10 per cent.- belowr Mr> currie said that be was 
the market price of the shares on expecting a suWtandaJ improve- 
the latest practical date to the roBm j n profits «t 1978/70 while 
transaction. Last night the shares the ^oup w’asjmpm^ .to ^w an 
remained unchanged at 43p. 

Six-month drop at 


James Walker 

„ interim dividend _ 

'pk- be placed on the first dividend since 1B<4. 

ito^tobSftf ito bank. with in- Hfi said that the. affect of the 

uie oenau.oi «« «» return issue was that all future income 
tlwbaSf vS^S^^outstandlng would be available for the 
rrg totalling some development or the brewery 
loans , to BBG. wianum..*- ^ ... h - h ie fast exnanrfhiT 

. . ni«mi< . division', which is fast expanding 

TAXABLE profit for James The group carries on the bust- WBG D i a ced and should produce SO per cent. 

Walker Goldsmith and Silversmith ness of multiple retail jeweller. •: _ ^ruer tnis K , wo Jr trading profit tn the current 

sliced tram BOt.OOd to HSSM00 SutoMl in->ear. The S£up Mao has total 

£9M Efiee -vestarc through tbe Common- interests *n Berrnuaa. 

- - ve3tors STopment Finance As a result of the issue J. Lyons' 

for the half year to October 31, 

1977. on sales, excluding VAT of 

£6.S6m., against £6. 18m, 

Turnover during the -Christmas Deproriauan 
trading which is the company’s Pre-tax *r*ra 
principal period of activity shows X" 
a substantial increase over the 
previous year and some of this • comment 





Sales id VATi 


e.iTS . 

imerest and dlvs. reevd. ... 



Invest, sale profii ..._ . ... 



Dcpreriguon — . • 



Pre-tax profit 





481 ' , 

Net profit 


441 . 

g S w The shares were dYen stake in the group will be further 
2'-nSESfS'Trn reduced to 17 per cent, compared 

« talSf'plhCinB is the Bnel with the 23 Per cent, it held a 

« ® sla^ in the ^roup's programme year ago. Scottish Amicable 

« .«■ ta Wy debt burden Insurance’s stake is reduced from 

^r,.« ua •comment . -..which cost BBC £473,000 In 5 ? 4 per cent. to 4.9 ^^ernt. whilo 

improvement is probably due to , Wnitpr*« first half brOfltx ■ Interest charges In the year ended Mr. Curries sUke P 

ihe larecr seicn-iion- oF stock walkers first naif pronts * .. „ 7077 in the current year cent (• per cent.). 

tL show a shortfall of 5 per . cent. pected to Allied Breweries retains an 

Jore nr ^ TradSeSnUniil?^’ after * sharp ^° p in in u Ve ^-’ S^Sured ?o around S),00fl. option to lake. a 77 per cent. 

I limn ‘"come. The directors have ew- . Currie chairman stake in the group if Jl wishes In 

SffSSJff ,ear C inSLf convert . .oan in.o wW 


it nf. ■ 

10.S58 7DbS 

G.-'mip «ale» . 

1 ic«sea •• 
TrjCrria ;ir(.R| 
Di ri>u:inn 
I •■ai imori'-r 

l»rc-t*x prolh 

N-: p-<*rn 







1 nui 






2«I 114 

209 109 

• comment 

Bury and .Ha»cu (Holdings) rose ‘ ’• 

im by £0 36m to XUln .for 1977. teSSSTSST... ’ 

mfti bales by the group, which makes Tax 

non-wtiven textile products. Net caruJass 

w’oss reached £ 13.47m., against £lt.0Sm. • Debu. 

:< »' After tax of £391,000 (£79,000) • rnmment 
earnings per 17.5p share are 9 COmmeni 
3 slated at 12.3p ( 1 J.7pl. The net After two years of reduced profits 
(’.raT, lotal dividend is raised to 4.7346p Bonser staged a solid recovery in 
i..v.s i4.239p) with a second interim 19' ■ with pre-tax profits more 
■uo of 3.4943p. than doubled — but still only 

The 1976 figures have been £14.000 more than the £466.000 
adjusted in accordance with ED 19 earned in 1974. Margins improved 
Over 70 »wr cent of Yorkshire reIatin ? f0 deferred tax and ED 21 almost two points last year as the 
Chi!nf«.|-riteJ -o overseas So re - ardm " e«hange movements, benefits from the group's rational- 
exchange rate meovements have Tht * directors, as known, have iwition programme began to work 
played havoc with the company’s rwrommcnUed the Scapa offer for th roug h, A 30 per cent, turnover 
performance. Pre-tax profits, 

which were down over a third In . . — 

the first half to Il.lSm, dropped be usued on March 22-^ 

by nearly three-quarters in the 
second half. Currency movements Sale* 
exaggerate Ihe underlying weak- fi»rr<*st rerenrd 
ness of trading in the group’s p -*" 1 

principal market, the textile TaT 

industry. F*rofit margins col- Net prnfti .. 
lapsed in the second half, and Ex'hatice loss 
the group’s share of an associate Extraonl. crmiu 
company’s loss. Transprints £SSS| 

(U.K.). is running in excess of * Debit. 


ail the Ordinary. It is expected improvement included a volume 
the formal offer document will gain of around 8 per cent as 

demand for the group’s fork-lift 
u*76 trucks, compressors and dumper 
,{*S® trucks picked up. Fastest growth 
■ J r occurred In Bonser’s new range 
us of rough terrain vehicles. The 
M2 group has spent £lm. developing 
'c n<w Products over the past four 
_ years and in the last two years 
around an eighth of annual tum- 
J37 oxer has been generated from 
these new products — there should 
be further benefits in ihe current 











The problems facing world ship- 
ping show up dearly in John 1. 
Jacobs’ full year results — trading 
profits reveal a. 72 per cent short- 
fall, mainly because charter rates 
are so tow. And with the sale of 
its last vessel, “ Hollywood.” for 
£l.$m^ there are now no more 
ship »les to boost the pre-tax 
figures In addition, lower interest 
rales are reducing Investment in- 
come, so trading is now entirely 
dependent on ship: broking acti- 
vities where commission Is depen- 
dent on the level ot rates and 
volume or business, and the lack 
of any sign of recovery in world 
trade must suggest tough limes 
ahead for the company’. Mean- 
while. with cash resources still 
at a high level there may be some 
decision «oon whether to make a 
capital distribution to sharehold- 
ers. Excluding the ship sale the 
shares at 40 {p sell on a fully taxed 
p ’e of 16.0 while the yield, at 7.1 
per cent, is corered almost l{ 

profit was £2.64m. 

The company has acquired a liquid funds into additional stock- 
substantial busbies far cash since for the more important second six 
half lime and the Board is also months, when about two-thirds’ ’of " 
taking every other opportunity to profit is earned. With interest • 
increase the number of outlets, rates at their current low level, . 
they state. this appears to 'have been a pru- 

The net interim dividend is dent move, especially since -the;, 
held at Ip per 25p share, but the Christmas trade was buoyant At: 
directors anticipate paying a 77p. the non-voting shares yield a •• 
maximum permitted 2JI2167p, prospective 4.6 per cent., m line 
compared with 2.099p for 1976-77. with H. SamueL 

Norvic Securities 
slips by £37,000 

*' i<> - 

However,, the.. 

A decline in pre-tax profit from £81578 profit. 

— — — £220.265 is shown by groups decision to restore IW- 

Tate & Lyle warning 

£237.473 to 
Norvic Securities, 

nvrcrc JUU ,, investment dividend cut made in the previous 

holding and management com- financial year, forecast at the half ; 
party, for 1977. External sales, way stage, looks premature. On,, 
excluding sales of investments, fully taxed earnings the dividend : 
-rose by £4.71m. to £14.41m. with would be uncovered. And 

- ’ ibe export content more than although the group has paid only 

rtf .. doubled from £l-29m. t o £3.6Sm. a nominal tax charge thanks to 

III III W P i IJi ljT| r .. Profit includes a surplus on dis- stock appreciation relief, storks 

w rf Jr* posals and provisions In respect ol are now down following the com- 

. 'investraenrs held for dealing of pletion of the Russian order and 

Tate and Lyle is forecasting a year confirm tbe progress report. c«i sts compared with a deficit a more normal tax charge is 

drop in pre-tax profits in the tn the 1977 accounts statement. of £260 448 last time anticipated in Ihe current year, 

current year. Shareholders were With higher new car registra- The net total dividend Is raised At 25p the shares yield 14) eer. 

told by Mr. John Lyle, the chairs lions tn the UJv. predicted, he i Q o^ n n gp» with a maintained cent., and stand on a p/e of 17.4 

mo n of Ihe AflAT ikof thn in nma FwlJ ” . K . ' . r ' ■ ■ - - ..... . 

=: .«s»jan6 
* ‘ ’jaarv 

a •- 


, 1 j 9 *“* 

man. at the AGiF that the volume feit justified in expressing much' 0 f 1 4p 

ppDmism for the final results for. . pj 0 provision was made for de- 

fully taxed- 




Film down 

ferred tax this time. Total tax 
was lower at £648 (£103.602)' 

leaving the net balance' at £219,617 



10% Convertible Unsecured 
Loan Stock 1991/96 
Final Opportunity to Convert 
into Ordinary Shares 

Stockholders are reminded that conversion 
rights not exercised by 19th March 1978 
will lapse . 

In order to convert all or any of their hold- 
ings. stockholders should complete the 
notice of conversion on the reverse of their 
certificate and forward it to the company's 
transfer office, Barclays Bank (London and 
International) Limited, New Issues Depart- 
ment. P. O. Box 1 23. 2, London Wall 
Buildings, London EC2P 2BU, so as to 
arrive not later than 1 9th March 1 978. 

If Stockholders are in any doubt as to the 
action to be taken, they should consult 
their stockbroker, bank manager, solicitor, 
accountant or other professional adviser 

year. So far in 1978 the group 
has experienced a downturn in 
demand for agricultural products 
but this has been offset bv a 
slight imorovemenl in demand 
for con.<tnidion eoufonont The 
chares ro*=e 2p vesterday to 24p 
where tliev * ield 9.5 per ccnL and 
the p.e is 6.6. 

at £0.49m. 

at halfway 

On a £4 .7m. increase in turnover, 
i-near 50 per cent. jump. Norvic 
was hoping for trading profits to 
come out at nearer £750.000 rather 
4hpn the stated £207.000, But the AFTER 

to £0.58m. 


large £3m. boot order from Russia profit of £223,141, against £148,353. 

First half 
rise for 

IN THE half year ended Decem- 
ber 31. I9i«. Eleco Holdings in- 
creased its profits by £59.000 to 
£487.000. on turnover up from 
£4. 62m. to £6.07 m. 

WITH A slowdown in - second ’half 
taxable earnings - from £251.073 
down to £229.516. Finlay Packag- 
ing finished 1977 at £485.816. 
against £463.573. Sales were £0 .9m. 
better at £4.92m. A one-far-one 
scrip issue is proposed. 

In September the directors said 
margins were down I 5 per cent, 
because of increasing costa in 

Staled earnings per 5p share 
were 2.7lp r2.G9p adjusted for 
scrip) and the nej total dividend 
is raided to 0.5936p (equivalent 
0.53625p) with a final of 0.3436p. 

I8J7 1875 

little sign or improvement'" and the year, 
that the UJv sugar refining 
business would be- adversely 
affected by the costs of the 
rationalisation and by the surplus 
of «ugar beet in the EEC. 

He added that “1978 is proving 
to be a difficult and challenging 
year for the company.” 

Asked ' by a shareholder 
whether Tate and Lyle regretted 
the purchase of Manbre and 

Carton. Sir Ian Lyle, the retiring 

president, said: "We did it all AFTER DEPRECIATION of proved difficult to absorb within H. Woodward - and Son further 
wirh our eyes wide open — it was cy> i goo against £210 000 z>re-4ax Norvic’s existing production facHi- advanced in the second , half to 
entirely necessary to protect *>*ir ^ Q ' { sLnuelson Film' Service' -’ties. And at the same time the finish the year to September 30, 

own business. On a subsequent dropped from £463.000 to £253,000 : order locked up valuable capacity 19«< ahead from C 69.0(0 » a, 

question as to whether Manbre Pc>r the slr t0 September when the group could have been record £575.475. on turnover of 

had washed its face, Ihe Board operating more efficiently in the £9. 8m. compared with £i.26nt. 

j« hM » Eff&'JSSSSl iwognj^r to Ws ^ b/ovJJ 

ssaaiBs* ou ' ^ 

Hr John Lyle, .ho retires as trertual emthgements between p reR,s SSSf 1 r&T!. ™ m.«IS 

chairman to become president. Pai rw vision mid the group, tmght m £426 000 to '3 BOM 1 nth e^ « 

— that Tate and Lyle’s trading rjgw, » i ^6 halt. MM? Am com- 

'th^. h m rt nth ne thl year^SJfit'vvas jSlv^o'f Ji sSt p,e,ed disposal of its invest- &urai%)na» debut- 

three months and that the year pront was uxeiy to rail snort m _ n » no rtf olio, which- chinned in Available 

eas operations, rhrouch Tate &r_ the £633.000 surplus for all men* portt quo., union chipped in 


yi/i s "' 

flxed assets 

1978-77 197j-78 

£ .1 
9.59S.SI0 7=6a.5» 




and Lyle Engineering and Red 
path Consultants “ 3re showing 


The first half result does not 

further growth ater the excellent reflect an additional £51,000 profit 
performance of last year.” Look, of an exceptional nature, accruing 

ing further Forward, the outlook in relation to the company’s over 
for Tate and Lvle remained seas Interests EoUowing cessation 

encouraging, be said. 

After tax of £195,000 
(£223.000). the net profit came out 
at £292.000 (£205.000). The in- 
terim dividend is lifted from 
O.flap to 0-75p net— the final for 
the year ended June 30. 1977. was 
1.091 p and profit was £936.000. 

There is a realised profit on 
the >ale of properties last Octn- 






Trading <urpina 



!ntpnp»l . ..... 



Pre-tax orofli 





Nil or'ifii 



Redmotn. fr. Mirplu.T* 



\» allable 


Ord dividends ..... 






• Invest received 

♦ On debenture 

Henlys very 

of operations within the Nether- 




. is.vir 













439 002 

170 127 





Pcpfemtce dividends 
Ordinary dividends .. 

- Loss, t Comprises (raodirill wrirrm 
alt £38.000 i alii. Irss balance at dtsrar- 
bxnce claim. Del of UX. £3.309 (£8.236 1. 
: Credit. 

Profit included a contribution 
from subsidiaries of £93,633 
(£67.i i5 Loss) and a surplus of 
INCLUDING HIGHER interest «-071 (£18,407) on the sale or 
Interim dividend is maintained received, up from £105,647 to fired aeseds. Goodwill was written 
as 3p net per 20p share, which has £163,657 gross, taxable profit of off atnouming to £39,000 (nUl. 

Tax took £9U27 compared whb 

figures are expected by Benli’S. 

been waived by the directors and Thomas Robinson and Son rose 
their wives in respect of 215.836 from £958.141 to £998.475 in 1977. £105,002 adjusted in accordance 
shares— last year’s Anal was 4.4p Turnover for the period remained winh ED 19. Stated earnings 

stalic at £6.62m. 


The company, has close rtatus, 
The directors say that they are 

increased from 7.05p to 19.7Sp per 

At the halfway stage the profit 12jp share and a final dividend of 

i . — . v ... _ " _ _ r nox »n a . _ t OT „ Tiff .. | A ».i . i o — _ 

the chairman Mr. Gordon Chand- not yet in a position to make any advance • was one of £65,552 to L87p lifts the net total to lJ7p 

ler, told the annual meeting. further announcement concerning £368,994. 

He said the company was well the discussions, which have been Tax for the 12 months took 

fi'rt rpflemp'lin. 

(1.7p). absorbing £44BS0 V£40£00). 
. The company's aclivi tiles cover 
commercial vehicle distribution 




‘j: ■ ') 


' /J , 


Our carefully prepared sites and 
hospitable industrial climate 
can make a flourishing success 
of the smallest seed. 

For your opportunity to sel down 
roots in Cheshire contact - 

Colin Williams on 
Chester (0244) 6031 54, 
or write to him at 
Cheshire County 
Planning Department, 
Commerce House, 

Hunler Street, 

Chester. __ 

Cheshire CHI 1SN LS 

prepared to make further pro- taking place for some consider- £545.074 (£5Q7.4SG). for staled 

cress as indicated by the strong able rime, in connection with a earnings. 'of UJp (same) per 25p and bodybuilding, car desMng, 

follow-through from las) year mto possible offer on behalf of the share. The net. final dividend 18 induArial plant distribution, civil 

this. Management figures for ihe Samuelson family interest for the 2.K4465p for a 3.3S185p <3.0278p) engineering contracting and metal 

first five months of the current share capital of the company. total. 




r>i \ 


Corporation— R esults, tbr rear to 

•arrnarj »5. 1P7S. rtrwned Febrnar> 8. 
tnvfsnncnts at Book value CUJSm. 
tUi^m.i. niarki" value C74.fihn. 
•I7il.:ini i. Shon-ionn dcsosKs £3 gan. 
fiiatcu i. AmtetBated Cbai cumni 
rllvidmd Mill hr at Icaw tnaluralaeil at 
Ip net. Mreniw. Bdrlilrprttnry House. 
E C . April 3 ai p m 
ME NT TRUST— Renri's lor 1877 already 
kP'tini. Inseslnteoia £J4Uo. lOWra i 
Xcr currro' llabllltlri 033.737 103.1031. 
Liquidity drrn ased by I74CT9 ir*W5 
incntasei. Ui-l-lux. so. Cannon StreeL 
E C. ,\pr1l tl- at 7i Don. 

Kesulls ror 1977 already known. Gronp 
fixi’il assc-fi K332 3nJ. (K350.4RI. 1 . cvrrea; 
aver- Kl37.Uro.; curreut Jiatubtm 
K1 1 l.Uni. Ani'iUDiv to Papua New Caloea 
curreney. Rio Tinto-Zlnc Corporation I* 
ultimate folding company. Meeuap. 
Pongunj. Papua New Guinea. April IS. 

BESTWOOD < invescm..t« twl'(ln& \.vm- 
Bam - 1 — Surplus fur 1977 lS.354 (£33.551 1 
after tax £57.9*7 (CS.SISI. Dividend 
u903p i0>!»pi net. Eamlnss per I3*t 
>hare S imp il 44m. 

BURMA mines— B alance rtieel at 
December Jl. 1977, abows investmema at 
marfcel value El.4S7.H7 in.Da5.B43>— 

apDrcctalloP over book ' coal £354.833 
£136.3X11, CiajiD against tbe Govern- 
ment ol Burma is shown at EU1S791 
■ £.237.207 >. reduced by rour annual 
instalmenis of E7.5W in cash. N’o uicomc 
bos beta reeeiv>'d since aatlunalisaiMm 
to l9lU nor Is Interest received on 

Ok* babur ol comajiiwiion awarded- 
The Commission jppolnuti by tbe Borma 
iJuverumenr awarded to tbe companv 
L-vnpLtisjnon ol £7iu.onfl payable in 20 
insulmeiiis in ibe lorm o* non-micre«r 

heart ns p.-curity Honds Reore-^ntailous 
pu mime to Thi' inad'-qoacy o! ibe award 
hjyij la-en made but Ihcre bos been no 
furtiker develtiproem. Jfci i,n.-i value rase 
hp from S.Ro W W.iO dtinpg 1IT7. At 
S-i-bruarr 26. i«s. Davis Invesiments 
Ucrseyi bad iBvrcaard its holding tu 
25 IS per crni. in their repon tbe 
aod'iors say tbu tbry arc onahii to torni 
an Opinion ut tbe cioicn against the 
GoVL-msaent of Burma. Meeting. Win- 
vhetnrr House. EC. March 3 ai noon. 

£t .07axaa far 1977. Profit C51.S23 

nsa.xni. after tax fll'.OJ? [£85*951. add 
eurptional iTedlts ilON.lK7 ru«9.l36i 
tannngs pcr 16p share B.STp t".l9Di and 
.imtfcnrt ?n dci >[^15P' ( 

tur ■> wwW t« lanosn- 13. 1973 £471.123 
ti67AWt lav Si.B-iS ‘£Ih..TM> after tax 
credit 1 ' *4.1 P' ■tir.tejO'. Loss D*r iSP 

share i -.ip r ; iip , . 

ior Mi, already knnwn. Investments a I 
vamairan s - :; t>sm icinm.* currm .isb-is 
ris* *» ■ < l mm i. current li.ibfhtw-t 

*3 Hm. ‘if.-j rw. Liouidlty up £i .TSm 
dop-n JJH.iflfl.' CDairman savs It Is 
likely, ttiai rfiswteahic ln«mt in current 
war will be augmented bin U will fo 
diffliidi to do « to the muted extent 
ictiievcrt in 1377 Meeting, Winchester 
Houv RC Mjmh sn. noon. 

gross revenue CW.W (£233 mu for re&r 
Janoars 11. iprs Total exu-nars 
OSW ri* »,■»[ 

tumasi per 23s Hurt J osp (S-lMi, net 
Uf* XW riun te (BBS), TUUI cm - 

drnd S.ttp net. making (oral eautvalent to 
23.1 per cent srons 'IS— per cent.i. 

COMPANY— Results for >977 already 
known Fixed wu M4Em. iM'Mrii. 
net cnrroor assets £0 uSm. i£9.42ni * 
Workln j capital birroased by n Wm. 
CCD .Tim. • Auditors say Hut company. 
adoptlDR steDdanl seroandog prsert.-e. is 
now deproaaitoi! aD assets. *vltfl exception 
of fn-ehiiid land, over ttoir cxpfcted use- 
ful lives In tbe past depreciation wruM 
bate amounted to fl.Wm. and company 
has provided £9.3Sm renitnna in Jtiunlai! 
of £08801 

profit £71 577 (in.715> for year to Octo- 
ber 11 1977. IBS £47.090 £E:jmi>. Eirn- 
logs per lop share 4 940 t2.60p>. Final 
dividend tJ&lp, making lorat I71ID 
tl aS3p>. _ 

TRUST— Results ror the year end-rd 
January to. I97S. reported February ll. 
iDVeattncrrts il7.42ra (£lX7im.i — 

unrealised appreciation U38m. (£4. - Bni j. 
M.H'tlnn RoglS Rouse. King William 
Street. EC. April 6 at 12-30 p m 

PANY— Results (ot 1977 already known 
internments at matte: value, or directors 
valuation. S4.99m. i£3.99rn.*. Chairman 
says It would be unwise to a wimp 
growth trend In tneante win continue ar 
tbe same rate. Meeting, tt. Austin Friars. 
EC. April S. 2.4j p.m. 

H. T. INVESTMENTS— Resells Tor 1977 
ulrrady known Quoted V R. investments 
S.82m. (£2 94311. ouoted foreign E»r:.S94 
fsanu-i. UuuQored L’ K investments 
£72.98* irn.3421. itnauotcil faretn £121 9*9 

rnsiJin.. Her cvmm liabilities £97.233 

t £fit .22S 1 . - Uauidtty decreased by 
UDSSJfiSi at year-end R-nra 
Income ror *1973 Is likely to be less rhan 
tor 1977. but is. anticipated that increased 
Investment income should fully compcit- 
saie for this reduction. AccordlnnVy. 
should be posstMc to make further 
modest distribution increase for ]978. 
Meeting. BS. Leaden hall Street. E C. 
Slant 31. at 1339 P-tn. 

Results for 1977 reported . February 23. 
Croup investments at matter or direc- 
tor's value £15.31 m. 'nSjHm.t un- 
reaUsed surplus a Am. tDJZm.t. U and 
G Inrcsimwn Maragemeoi holds 12.3S per 
oi’m. mtoreet. Chairman says It cannot 
be expected lira - ffwth of trustee 
business will continue ar rare achieved 
*v;r aos« three years. Meidlug. Estates 
House. E.C.. April C. 11.39 ■ m. 

G. F. LOVELL tcbnlectlotiery mono- 
fov-rurert— Mo dieidcnd tsamei. Turnover 
£3. 177.000 i £2. 41 L8W i for year to October 
33. 1977. Profit £90.000 inoO.MQi after 
all charges indnding las of £53.060 

• 19.090 1. Earnings per 23p share lO.t ao 

• 10 573pi. 

PRESTWICK. PARKER • manufacturer 
o: nun and twtts>— Pre-tax profit £135.982 

• £1 r *I . 773 • for half rear to December 3;. 
1977 Tax XI0.7M i £79.3771. Imenm 

divid.-nrt 0«i23 ft rw tjamt-i. last year's 
fin.v 2 ITT* . 

REA. BROTHERS (merchant bank')— 
Results for !97f already riiown croup 
fl*Td aiieiS B96.0M (CtRA.Mui. Current 
awers 174.86m. im •- liphtti'les 
EiS.jfim »B1 SStn i. Ityrease in «t«wms 
and other accounts £JS 3Sm i£2.23m >. 
increase in loans and advances ?]9 <nm! 

t{]27 MOV.- Meeting, winchester House. 
EC., on AurU 19 at noon. 

ST. ANDREW'S TRUST— Results Tor 
19ii already known, investments at mar- 
ket value listed in U K. rULKlm. i£S.7m.> 
and overseas £5 36tn HMftm.i. and un- 
. quoted S0 3m t£A*2m.i. Seotrti* Widows' 
Pund and Life .Xasuratice Society, to- 
gether wilb Its subsidiary, bolds 5 M 
per cent of equlLy. M.'ilin*. Edinboryn. 
Apni «. ar liju am. 

nnvrs and fabricators of fused quartz, 
fused siliva and high temperarvre 
refnictortci i— Results lor the year to 
Oaober 31. 1977. reported February 14 
with chairman's observations on prospects. 
Group fixed assfl! I8.23m (£3.43m.i. Net 
curreor assets £3.6ro. (£3.37m.(. Mewirw. 
Newcastle upon Tmo. o 0 March 30. at 
2.13 p.m 

over il .415.349 111573 -239i for half year 
IB Diwmb'-r ai 1977. Profit £800. US 
iE20 0«7i after all charges including tax 
Of £163.009 >£138,4001. Amount attributable 
w wmjgre after deductiug minorities 
fr®r ; 2P° f l209.3o2 1 (merest 1 B974IP Pet 
(I -,4.31-n. 

IINIOAR5 (engineering group 1— Results 
ror the year 1977 already known. Group 
fixed assets £6 79m. (£7J!rn.i. Net 

mu-reot assets £5. 88m. (£4.43m J— cash 

and overdraft fl.SUn. 
■to 87m . > Curreut con profit berore tax 
« im.N0. Chairman says 

s, ‘ rtor must improve sub- 
■st ant tally if n jb tu hp broiiRht hito 
ES*"**? P r ? fl f- A reorganisation ban 
b«n umleKakcn Group egpok-is M 
proxp-m further ,n 197s t£u "eWbuM 
nsr and marpins Improve slightly. Mcer- 
irunahlin. April 4. at noon. 

lili (.!; 

Ulijji.: ;• 1^ t , 

Tm . , 

V >i'\!':\i. :•! 

« 1 1 I 

' :’Sl: 


\ - 

A h c& s -secret ar/ team, as in every successful 
p^tagshifineeds lobe carefuliy matched by 

don’t war* ^ «• over 
your *ina, old. nac; 

Just vn„. 1 * 7 ^ ^ That is vsiiy we, at S«iiar Secretaries, would never 

, . % . V . of sliding you an applicant without having 

9 ^ taken stock both of 

mdvidual personality and the particularneeds 
ol toe ] ob.That way we manage to keep round 
pegs well away from square holes. 

Y?* a secretary who's right for you 

were the people you need to contact " 

We also pride ourselves on having the best 
terap 3 in*jieCity.- 

Telephone Bridget O’Brien-Torohig, 

Joanna Dyson or .Elizabeth Belton on 01-606 181L 

♦ . 

£:'• V... 

j^\[ K 

A perfect match for every boss. 




the year to 30th September, 1977, Henlys Limited, 
e motor distributors, achieved the highest results in 
i history and more than, double the previous year, 
summary these were:- 


irnover etc. £160^00,000 

om before taxation ■ £4^22,000 

linings per Ordinary 





vidend per Ordinary 


5.9007 p 




the annual meeting held yesterday in London, 
lairman and Managing Director, Mr. Gordon Chandler, 
porting on trading In the current year said:- - 

Tour Company Is In very good heart and well 
epared to make further progress as Indicated by file 
rong follow-through from last year into this. Our 
anagement figures for the first five months of fills- 
tancial year confirm the progress reported in the" r ' 
77 accounts statement, and we expect highly - ' 
itisfactory interim figures. With higher new car 
gistratlons in the U.K. predicted for this year! feel 
stifled in expressing much optimism for our final 
suits for the year.** , v . 



Henly House, 365/7 Euston Road, London NW1 3AX 


(» £Hife 

F. Pratt Engineering 
Corporation Limited 


Turnover increased by \9\% from 

ter, 1977. of OSm. Ym. 


to £ 17 . 47 m and the order book at 31st October 
some 3 4% higher than the figure for the previous year. 

PROFITS: An expected improvement in the’ second h*W was het/fr 
back by difficult trading conditions in some areas so (hat; tie total 
of £706,000 for the year was disappointing. 

DIVIDENDS: The maximum dividend permitted by current’ tagislji- 
:ion will paid for the year. , 

DUTtOOK.- The difficult ending conditions experienced . In the 
eodnd half of the year have continued, into *1)9 current 
however, given industrial stability in our own group and .in those’ 
markets we serve, your Board Is confident of improving pnfiflabiljty 
k the year progresses. • ; ' 


—seeks more U.S. growth 

£U.5m. for the current year 
Arthur Bell and Sous, the Scotch 
whisky distilling group, also 
announces plans to spend over 
Sim. on advertising and promo- 
tion in the U.S. this Sear. 

In the half-year ended December 
3L 1977 group pre-tax profits 
increased from £3.2503. to £7.77m.. 
on sales up from £76-5lm. to 
S18.23ra. At the net level after 
a heavy lax charge profits showed 
a rise from £4.6m. to £5.6m. and 
earnings per SOp share are stated 
to be up from 16!fip to 15-9Sp. 

In the scotch whisky division 
profits increased from £4.S4m. to 
£6J7m. Home sales turnover at 
rro.SSin. was up by £fi.S7m. while 
tor exports the Increase was 
£1.83m. to £7.05m. 

Mr. R c. Miguel. chairman, 
reports that the sales volume of 
Bell's whisky was equal to the 

level in the same period of 1976 
while The Real Mackenzie 
achieved a 2 per cent. rise. The 
market share for both these 
brands continued to increase and 
in total stood at over 21 per cent, 
of all Scotch whiskies sold in the 
U.K., prior to the removal of 
Johnny Walker from the market 
by Distillers. 

Sales of Bell’s three malts rose 
by over 611 per cent in 1977 and 
they now Have more than a 5 per 
cent, share of the U-K. market 
for bottled malt. Sales of The 
Dufftnwn-Glenlrvet were well over 

Overseas sales volume rose by 
4 per rent, with . particularly 
encouraging rates of growth being 
shown in South Africa. Japan, 
Canada and in most European 
countries. Referring to plans to 
oaip an increased share of the 
ITS. market for Bell's the chair- 
man says that progress is being 
made but that competition from 
low priced brands is wry keen. 

The croup's four Highland malt 
distilleries increased their output 
by 17 per cent, in the period and 
rhe rtistillerips continue to work 
to full capacity. 

Mr. Miquel reports that whisky 
sales volumes so . dale for both 
home and overseas are ahead of 


The following companies hive 'notified 
dales of Board meetinss to tbe Siocfc 
Exchange. Such ■ meetings ore usually 
held for the cniroose of considering 
dividends. Official indications arc mi 
ivajuwp winner dividends concerned 
are interims or finals and the 
shown Selene are Daseti mainly on last 
year’s timetable. 


Inttrlub— BTT. Miln Mamt-rs. Sirae 
Darby Holding*. Wi>lwley-HugtK«. 

Finals — Amilo - American lijdti«irlaL, 
British Petroleum. Richard Clay. William 
Collins, Ribbons Dudley. Harmony Cold 
Mining. Johnson CrmiD Cleaners. Shame 
and Fisher. John C. Small and TMjnac. 
Smith and Nephew, G. fibencer. June* 


. I nurirns- 

B.P:V. Mar. 5* 

Martin (R. P-J Mar. M 

Newman- Ton ks Mar. Si 






United City Merchants 

Biddle ’ 

Blackwood Bodge 

Mar. S3 

Mar. 30 

April IT 

BnwrtDg <C. T.» Mar. 22 

Bruntona ) ........ Mar. 30 

Chersonese fF.M-S.) Eftates ...... Mar. *2 

Coates Brother* — Mar. 39 

Expacded Metal ., — Mar. SO 

Jamesons Chocolate* Mar. 23* 

J ms-dan (Thomas! April 4 

UBey iP. J. C.i — Mar. 30 

Rnckwva Mar. S3 

Ruaby Portland Cement _..tAprfl it 

SJongh Etrtaie* - ■ — Mar. 2« 

Son Alliance and Umdon Ins. April 3 
t Amended. 

the same period’ of 1977 and he 
considers that profit from Scotch 
whisky sales in tbe second half 
should be not less than the 
£8.14m. achieved In thosix months 
ended June SO, 1977. 

The chairman points out that 
home and export price increases 
for .Scotch in the .first half of 1977 
restored margins to a more 
acceptable level. However 
subsequent coat increases necessi- 
tated a further export price rise 
of 90p per case from February, 
1978 and an application for a 
home trade increase Is currently 
wilh the Price Commission. 

Mr. Miquel confirmed yesterday 
that the proposed price increase 
would be 0Op per case (73 n per 
bottle) If the Commission offered 
no objections. - 

Capital expenditure in 
Scotch whisky division in . 
half-year amounted to £700,000 
which £450.000 was spent 

increased warehousing capacity 

1978 work will start bn two addi- 
tional storage and maturing ware 
houses eostinc £l.8m 
For the glass container division 
(Canning Town Glass) profits 
expanded from £ 302.000 to 
£832.000. The company continued 
to increase its share of the glass 
container market and it now stood 
at 6 per cent. CTG wax hopin 
to' make a price increase c. 
roughly 5 per cent, on its glass 
containers at the beginning ~ r 
next month- 
In 1978 Canning plans to spend 
£2.7ra. on furnace rebuilds and 
qualify control equipment. The 
major torn sere rebuild St Swinton 
will have a 40 per cent higher 
rapacity when completed .in June. 
Profits of Canning in "the second 
half 07,1977-78 are expected to be 
around - the £867,000 reported for 
the six months ended June SO. 
1977. • 

On 'the transport side 
Towmaster Transnort incurred a 
loss of £30.000 (£90.000) and the 
chairman expects there to be a 
further reduction in the loss In 
the second half. 

An Interim dividend of 2.25p 
declared — in the previous six- 
month period following the chtmee 
of .vear-end a sine)? payment 
equal to 2.21 p was paid. 







. TO 

SttMrtl WbtttV ...... 

nias .1 romatnrr 

S-mcl! jrhlrty . 

Gians ' NMii«inar 

Tranwort low- \ ... 




Nat Bnjfif 







T 7 Mi 


» TV hicrMsrit t»x rharai* I* 
rtMr 10 ihf HH-rlpt hr th* Srntrh vWr=tT 
dtvtelon oT a lower *mr4r relief anowaiu-v 
ms a cvMomenrp of hiefirr profit. 

. See Lex 

Manchester Garages’ £0.46m. 

Profits of Wan Chester Garages. 
a main Ford dealer, reached 
£63,164- in December.- 1977 taking 
(he total for that year up to a 
record £464,109, compared with 

At the time of the rights Issue 
in January, when profits for the 
first 11 months were given/ the 
directors said that they hoped 
that the full results wpuld reflect 
a continuation of the profits 
growth shown. They were not 
prepared to make a forecast for 
the current year but said that 
they were aiming for a further 
increase in trading without taking 
account of any return of the 
£650.000 rights issues proceeds. 

The directqrs now report that 
the first two. months of 1978 have 
been most encouraging and show 
a profit position above the coni' 
parable period nf 1977. . 

' Industrial action at. tbe n um n- 

fabturers and delays in delivery 
make it difficult to 

forecast the 
future, -but with a strong position 

built up In parts and service the 
direerprs feel that ‘the group is 
reasonably protected against 
upsets in the motor trade. 

The strong balance sheet and 
progressive profit record puts the 
group in a good • position to 
acquire further dealerships, and 
the Board is actively Pursuing 
fhis pollrv with the support of 
the Ford Motor Company and-also 
its hankers and stockbrokers. 

A week ago the group 
announced that it wa* making an 
offer for fehnw mhhi Ford dealer, 
W. J. Reynolds. Reynolds 
resnnndod hv advising holders to 
wait until jt had fullv considered 
th“ Terms with Its advisers. 

Second interim dividend has 
already been declared for a total 
of 0.99o against 0 R5n net. Sphiect 
to a satisfactory level of nroflts ft 
is intended to nay a total of L5i> 
on the increased capital for the 
■‘current year. "= 

Group turnover for the year 
showed a jump from £9.7!m. to 
£1 1.57m. -and the profit before 
interest came through at £553,878 

■ Nfl deferred tax provision has 
been made as the directors fee! 
there will be no liability arising 
in the foreseeable future. 

(8J217p) total. The combined 
carry-forward figure was 11.17m. 

Midterm leap 
by R. Green 

Yorkshire Chemicals Limited 

The Directors -announce fee results of the 
Group for the year ended 31st December, 

1977.7 .Y. •• • - ■••. 






United Kingdom 1. 

, Overseas 



Loan Interest 

Exports ..... 


















The Group's results for 1977 reflect the effects of the world-wide 
recession in the textile industry on the dyestuffs industry. 

Although we have maintained our turnover, increased costs and lower 
selling prices have resulted in lower profit margins. ■ 

In view of the Group's large export sales, movements in foreign 
exchange rates play a significant part in the computation of profits. In 1976 
movements in foreign exchange rates favoured the Group arid increased the 
profits In 1977 movements in foreign exchange rates, operated against us 
and reduced our profits. Foreign currencies are converted for accounting 

r . 1 ! 4 l*i • nl Onnw ffinAA CAW D 

purposes at rates’ ruling at the end of. the financial year and since some 
* ticularly of the dollar against the irwere unfavourable 

..1 affonfc An : niir nrnflfc UtnrP 

exchange ratest partiL««*-v , * w **r* - ~ n , 

it. us at 31st December, 1977, the adverse effects on our profits were 


Careful management of working capital has enabled the Group to 
control its short term borrowings with the result that adequate facilities are 

available. ■ • 

The new Azo Plant is. now fully operational and is proving verv 
successful. Capital expenditure in 1978 is expected to be at a lower level 
than in 1977. 

Transprints (U.K.) limited .was severely affected by the world textile 
recession and traded at a loss; 


As regards prospects for 1978, recovery in .the world textile industry 
has not vet begun andwe expect a period of quiet trading during lie first 
half of the year Meanwhile, every possible step is berpg taken to continue to 
operate at a profitable level while the recession continues and to be ready 
to take advantage of the recovery as soon as it begins-: - • • / 


The Directors have recommended a final dividend ^ ?^?3736% to 


— ff 



For 1977 Britannic Assurance 
Company announces a ,£1.56m. 
transfer to profit and loss account 
from long term business, . com- 
pared with £1.36m. for the pre- 
vious 12 months. General business- 
amounted to £50.000 against 
£ 100 . 000 . 

The final dividend is 6.l777p net 
per 5p share for a . 9.t777p 

Reporting a leap in pre-tax profit 
from £121,000 to £392,000 for the 
six months to December 31, 1977. 
the directors of R. Green Proper- 
ties warn that although indications 
for the second half are good, it 
does not follow that the surplus 
will equal that of tbe first period. 
For all the previous year, a tax- 
able' figure of £411^14 was 


- First, halfc roet rental • income 
lmprovedJfnun £238.000 to £251.000 
and profit ..included a surplus of 
£2394)00 (£38,000 deficit) on tbe 
sale of properties. The figures 
include capital profits of £25,000 

Tax of £17*500 (£64,000) was ax 
a lower rate' due to part of the 
profit being taxed as capital gains 
and utilisation of prior yearJosses. 

.Earnings are shown ' as \l.77p 
(0.52p) per lOp share and 1 , the 
interim dividend is stepped v up 
from 0.5 p to 0.55p net— last year's 
final was 0.836S6p. 

Six oirattn 
1977 ]«rs 

£ £ 

Turnover 1,531,000 l^ie.oOO 

Net rental income* .. ssi.«n zss.ow 
On sale of properties! 3231.000 $334)00 

Administration, etc. 9B.OOO 

Pretax pr»nt — — SRJM 

Tas 176JM 

Nci orofil SISJN 

■ After debenture interest, t After in- 
terest on thun and medium- term liabili- 
ties. : Profir. | Uim. 


A new addition to the 
Extel Taxation Service 

Fixed Interest 

is due for publication In May 

For each stock, the FIXED INTEREST RECORD wfl show 
Interest Payments T 'fex Credits, Dates Payable, 
Holdens Registered Dales and the ExDalea 


L^ROUb- 1 

Extel Statistical Services Limited 

3 W 5 PaU 9 nst Lixidon H 2 A 4 PB " 0 : DF 2533409 

This advertisement is issued in compliance with the requirements 

of the Council of The Stock Exchange. - 


issue of £1,352,930 7 per cent. 
Redeemable Debenture Stock 1982/87 

The Council of The Stock Exchanje has admitted the above- • 
mentioned Stock to the Official List Particulars of the Stock are 
available In the Extel Statistical Service and copies may b» 
obtained hours (Saturdays and Public Holiday* 
excluded) up to and including 30th March. 19«B from*. 

Baring- Brothers & Co.. Limited 
‘88 Leadenhail Street 
London EC3A 3DT 


Cazenova & Co. 

12Tokenhouse Yard 
London EC2R 7 AN 

16th Mvch. *378 


of Real Growth 

Review by tbe Oliairmaii of 
Scottish Equitable Life 
Assurance Society 

Mr. Ernest M. Dawson, to be 
presented to tbe 147tli Annual 
General Meeting on Thursday, 
16th. March, 2.30 p.m. at 
Head Office, Edinburgh. 

Ernest M. Bateson, B-A .. L.LJB. 

“Once again l am able to report record new business 
in 1977, as well as increased bonus declarations 
which are the highest ever.” 


Last March fallowing the Announcement that Mr. Alastalr M- Robertson, the then Actuary 
and Deputy General Manager, had been appointed ro succeed Mr. Ian Isles as General Manager 
on his retirement In August of that year i to nil of which I shall refer later in this Review) we 
invited Mr. Robertson to join the Board as a Director. As & rebult we again have two 
actuaries on the Board, which, apart; from their general contribution, is of great assistance 
to ns in considering the more specialised aspects of the Society’s business. 

New Business 

New business was slow for the greater part of the year, mainly because of problems connected 
with the new State Pension Scheme which is due to start in April 1978. There was, however, a 
considerable upsurge in new business towards the end ofthe year, thanks largely to the 
amount of preparatory* work on pension schemes which had been done during Che year, and 
this we hope is a goad augury for 1978. In the result we are able to announce record new annual 
premiums of £9-8m. against £9-6m. in 1976. In addition there are new singln premiums of 
£15 -lm. against £6 Im. in 1976, making the total of new business £2u-2m. against £15 7m. in the 
previous year. I would like in particular to congratulate the Field Staff on these new 
business figures in what was for them a difficult year. 

Once more we ore told that the Implementation of the State Pension Scheme next April 
will create a hiatus, and that all the intense effort leading up to that date will suddenly cease 
and pension business will fall into the doldrums. Our expectation is that os in 1948 and 1961 
the prophets win be confounded and the implementation of pension schemes will continue as 
a normal business function. 

In September of last year we launched F3 explan, a flexible endowment policy. Late in 
the field we have tried to combine all the best features of other contracts jn Flexplajj r- plus a 
unique idea of our own. Our latest contract based on yiexplan is a bonua-raipforced mortgage 
policy, Semflex - the ultimate in mortgage flexibility and at low oost. 

Income - Outgo 

The strong growth in our premium inooma and in our income from interest, dividends and 
rents is shown in Table 1 below; 






Annual Premium Interest etc. 

Income Income 

£5-8m. (100) £8 0m. (300) 

131 (209) 8-1 (225) 

377 (660) 237 (688) 


£58m. C00) 

118 (203) 

2S2 (452) 

That tbe above figures represent a strong measure of real growth is illustrated in 
Table 2 below where the same tabulation, is shown in “December 1977 pounds" by use of the 
Be tail Price Index— 


Annual Premium 

Interest etc. 






£17-3m- (100) 

flO-Tin. (100) 




257 (149) 

17 -2 (161) ' 




S77 (218) 

. .-237: .* (321) 

. 2SZ 


With this substantial inflow and build-up of our Fund we must, of course, never lose 
Bight of the other aide of the coin- the paying out of the pensions, endowments and death 
■ claims which we are in business to provide. In 1977 we paid oat £2Qm. which compares with 
£8m- in 3972 and £4m-' in 1967. 

Balance Sheet and Revenue Account 

The marked improvement In the U.K. stock market over the triennimp has enabled us to 
transfer £17 -5m. from Investment Reserve to Revenue thus reversing the transfer made at the 
end of 1974. 

Premiums have increased from £S7m. to £53m. and income from interest, dividends a nd 
rents Is op from £19m. to over £23m. Claims by maturity at £10 8m. Include £7-3m. being the 
proceeds of 5-year B.E. Double Bonds issued in 1972. Expenses of Management at £5-lm. 
include a special contribution of £0-5m- mode to the Staff Pension Fund (against a special 
contribution of and £0 -4m. being the purchase price of anew Burroughs 

Audit Committee 

For a number of years we have had two Committees of the Board dealing respectively with 
Investments and with Planning and Marketing. Just over a year ago we appointed on Audit 
Committee to examine in more detail the auditing arrangements both external and internal, 
and in general the financial controls. Audit Committees have become a widespread feature in 
the U.S. A. and we think this practice is rapidly becoming more general in this country. 
These are all standing committees of the Board which meet regularly and their 
purpose is to assist the Board, with the co-operation of the Management, to gain more insight, 
into some of tbe important functions of the Society. 


The year 1977 witnessed a dramatic turn-round in the financial affairs ofthe country - the 
balance of payments is at last, in wirplos. the £ has strengt hened and the rate of inflat ion has 
fallen. This improvement has been reflected in the performance ofthe UK. Stack Market 
where both fixed interest and equity investments have risen strongly. Nearly 70% of our new 
money during the year was invested in British Government Securities and three-quarters of 
that was put into thp market in the first six months when yields were at their highest level. 
At the same time we have nob neglected tbe equity market and we have also continued to 
build up onv property portfolio. Photographs at the foot of these pages show some examples 
of these investments. New acquisitions include modern office buildings in Slough and 
Wealdstone, retail unite in Yeovil and Rochdale and industrial warehouses in Aberdeen and 
Manchester. On a recently purchased site in the centre ol Birmingham wo shall build a first 
class office block to accommodate our local branch -office and other tenants. We continue to 
add to our Interests in woodlands and show on page 6 a photograph of our very first woodlands 
investment - 3,000 acres on the shores of Loch Fyne in the West of Scotland. 

Actuarial Investigation 

The Actuary’s Report appears on page U, and shows an available surplus of almost £31m. 

This Compares with £13m. in 1974, £8m. in 1971 and 85m. in 1968. 

The results of tbe Actuarial Investigation are highly satisfactory. As detailed in the 
Report, the rate of declared bonus on life assurance has been increased to £4-80 per cent, and 
that on pensions to £5 00 per cent. The higher rate of £5 00 per cent for pensions results from 
the favourable tas treatment accorded to that part of the Fund apportioned to pensions, both 
for employees and for the self-employed. The Flexplan policy launched In September 1877 
-was designed so as tp pay a bonus of £5 00 per cent in current investment oonditdons. 

Under the Society’s S.S. Funding deposit administration-type policy me bonus is £1-00 
per cent for each year of the triennium. A new feature of this contract lathe intermediate 
bonus irate of 21-00 per cent to be used at recosting dates in 1978 thus giving a total interest 
rate oxl those recosting dates equal to 11-35%. 

Until farther notice Intermediate Bonos will be calculated at the same rates as the 
declared Bonuses as detailed on page II. 


As I mentioned earlier In this Review Mr. Ian Ikies retired as General Manager at the end of 
August last year, having been General Manager since 1962. Apart from the very large 
increase in bustaees during hie tenure of office, there have been many changes both in the 
conditions in which Life Assurance Offices operate, and in the methods and operations of the 
Society itself, under his leadership the Society has prospered and kept abreast ofthe 
changing conditions, and he himself has been largely responsible for many of the changes sad 
improvements in our operating methods. On behalf ofthe Board I would like to congratulate 
him on the completion of a very successful period of office as General Manager, wish him 
every happiness in his retirement and thank him for Ms outstanding contribution to the 
success erf til® Society. I am glad to say that we will continue to have the benefit of hie advice 
as a Director- 

Mr. Alastalr M. Robertson took over the duties a® General Manager as from the 1st 
September, having been with the Society from 1960, latterly as Actuary and Deputy General 
Manager. We were fortunate in having such an excellent maato succeed Mr. Isles, and we 
wiah'him every snecess in his new position. ~ 

Finally I would like to thank the Staff at all levels, both at Head Office and In our 
Branches, for the loyalty and hard work which wa have com® to aspect of them and which 
they have given in fall measure in the past year. We all look forward to thechallenges of 3978 
with confidence, booted by a strong Fund and an axo allnn t organisation. 





Copies of tl&Repwitxn&AcnmnSsare obtainable from 

The Secretary, Scottish Botdtable life AssuranceSoddy. 28 SL Andrea: Square, Edinburgh, EH21 YF 


Derek Crouch 


Extracts from the Report and Accounts for the. year to 
December 31st. 1977 and the Statement erf the Chairman, 
Mr. D.C.H. Crouch 





Turnover ■ 



Earning before tax 






Extraordinary Items 






Earnings Retained 



Earnings per Share 




An increased final dividend of 2.786p per share Is recom- 
mended making a total of 3.9387p for the year against 3.5288p 
for 1976. 


Ad sections of the business have performed well In 1977 with 
all operations meeting expectations. 


A revaluation of plant and machinery has produced an excess 
over book value which Is not reflected in the accounts of 


In the United States we have taken a substantia] Interest In a 
new company formed to take over the assets of an existing 
business involved in strip mining coal. We shall act as 
operators in this venture in addition to being large stock- 
holders. It is expected that a small profit may. be forthcoming 
from this operation this year. We anticipate an expansion in 
our business and an increase in profits for 1978. 

Head Office: Peterborough PE67UW 
Telephone: Peterborough 222341 Telex 32129 



a! n- 






MAJOR ujk. natural resource With existing ECO physical and 
groups like _ Consolidated Gold geochemical exploration tech- 

FieUs, Rio Tlnto-Zinc, - Selection niques. 
I Trust and British Petroleum will, 

1 over the next few days, be 

over tne next tew aays, be a , 

approached by a U.S. organisation /\|TI3Y ITOPTHflPS 
seeking to represent the mineral • ^ 

moly deposit 

industry in achieving a wider use 
of space satellites as an explora- 
tion tooL 

Tbc organisation is the Geosat ££en 

Committee, based In Su Fran- ITtheVS. hS-wSS tlbwSS - 

Md*'is It fiS‘^f a hv S Sm 010 estilIiaie < 1 size of its molyb- cw^%miownu"‘' 

S3 r!n d® 111 ™ deposit at Mount Emmons 

Jjg ofl groups, mainly from the in Colorado. An announcement AngJo-Vaal points 

SOUTH AFRICA'S Angto-Tnans- 
-vaal- Consolidated reports a- profit 
for .the half-year to December 
of RSASm. ~ - (£t05m. J compared 
with R6.59m. a year ago. The 
latest earnings are equal to 25 
cents (S55p> per -share and, 
already announced, the interim 
dividend has been maintained 
25 cents. The 1976 total was 105 

Dec. 3L 

Tu rn o v er 2=3,011 231, Ml 

Profit before tax USES 5DJ2B 

Taxation MTi M65. 

Praia after tax D*zi 13JJ4 

outsit gbarduUffi ._; fi JBX 

Leariaa 6,TW fi,744 

Preference - 1*1 

AurtbtuaMe to OnL, 

•»A" OnL 3,643 &5B8 

Eamlnas psr OrtL and 

........... 157 coots 155 cents 

2 Mt -4A31 

_ out that 

yesterday said the molybdenite while -the latest results are little 
Dr. Frederick ’ Henderson, mineralisation was 265m. tons changed compared with those of 
Geo satis president, arrived in averaging 04 per ceuL molyb- a year ago, the group’s industrial 

London yesterday and expects to denum with a cut-off grade of companies are still experiencing 

hold discussions with British' Q2 P* 3- Knt ' - difficult trading conditions. 

225?S an l! S jSSHi exploration Previous estimates of the de- jjjfiSi 

effort is extensive enough to nnirifs; <rf Zfl w»n> aw dividends are expected, the 

make more satellite information groou’s total earnings for the full 

on the earth’s resources a useful SeSember Ih tfi nS^fh M? year to June 30 m thus expected 
facility. ■ ^hncErt; to be about the same as tbewe for 

John Goth, President of Amax Anglo-Vaal were 660p 

approach to 
satellite use. 

the problems of 

Chinese deals 

president of 

TWs is the first systematic Molybdenum, said that in prin- 
attempt made by Geosat to clp le _ the deposit would be ,eaien * ay * 

broaden the geographical base of brought to production as soon as 
its membership and refleas the P° saWe * 

desire to fashion as International The latest news from the com- 
pany is that feasibility studies 
are taking place but that it will 
Geosat owes its ■ existence tn ^ more “an a year before con- 
industry concern over what Dr fusions can be drawn and HARD on the heels of the 

Henderson calls “a decade of recommendations made about Bougainville Copper annual 

dining discoveries" and the P° S9 ’ bIe development Amax report comes news that the 

assessment that ' the discovery were 1351 in London yes- Rio Ttuto-Ztnc group’s Papua New 

rate of new resources must be Guinea mine has secured the 

speeded up to meet strategic and ’ boped-for contract to supply 

consumer needs. A RFfflRTl VFAR copper concentrates to China. The 

deal is reported to be worth some 
830m. (£15. 7m.). 

A spokesman for Bougainville 
said in Melbourne yesterday that 
20,000 to 22,000 tonnes of copper 
concentrates would be shipped 

Although Geosat has opened 
I channels to the European Space 
Agency and the French authori- 
ties, who plan to launch a satellite 





Record Trading Profits 

Year ended 31st December 





Group Turnover 



Group Trading Profit 

(before interest) 



Group Net Profit 

(before tax) 



Dividend— Ordinary 

0.99p per share 0.85p per share 




Extracts from the Chairman's Statement. 

"Profit increase of 73% on turnover of 19%." 

'’First two months of 1 978 show increase overl 977 profit level." 
"90.6% of shareholders take up Rights Issue entitlement." 

“N ew truck dealership to be officially opened on 31 st 
March. 1 978, by the Chairman of the Ford Motor 
Company Ltd." 

"Actively pursuing an acquisition and expansion policy." 

R. A Stood ley Chairman and Managing Director 
The Annual General Meeting will be held on Thursday 
27th April, 1978. at Oxford Road. Manchester. 73. 

Second interim ordinary dividend of 0.565p net per share to be 
paid 7th April 1 978 to shareholders on the register on 
6th February 1978. 

A 43 per cent advance in 1977 

in 1983 e mb r acin g same of th* profits is reported by Canada's 
features Geosat 5“ keen to see in Hollinger Mines. Consolidated net rwio 

US. satellites, the main thrust “«me has risen -to a record 

of policy has been directed $C19.B7m. (£9.1 7m.) from hch 

towards the US. National Aero- $C13.72m. in 1076. Increased L 

nan tics and Space Administration revenue was obtained from iron ^Mpmoits are expected to start 
(NASA). ore royalties. . dividends and lal * r *»«■ _ 

«. . . interest while exchange gains aiso .As, steady reported, Bougata- 

Geosat wants NASA to incor- increased as did the value of vin * a Japanese customers have 
porate -in its satellites sensing Hollinger’s equity in. Iron Ore returned to taking their full level 
systems of direa use to the rflinan. of tftnnajn of contractual deliveries of con- 

mineral groups. It has succeeded v. . . • .. ^ „ centrates and have also Indicated 

in having an. additional wave- 1 ™ ia ™ ed the. company a desire to take some tonnages 

sn. . 016 that were deferred from previous 

s, and t J hnt ^J?’ . AH * er 5 rears. Thus at a time of close- 
EJJfj?* ® f downs in a generally depressed 

HoUmger, said that. Canada copper mining industry the mine 
nmst depend on increasing ^ finding a ready market for its 
operating efficiency to compete production. 

_ . , with iron ore producers from Furthermore. Bonralnvill* 

It wants now the incorporation many counWes with higher grade remainsT 1 w-cost proSucSTof 

ore located closer to tidewater it jg also P 

length added to the thematic 
mapper for LANDSAT-D in the 
1979 budget period. This will 
yield Information about altera- 
tion zones and be an aid in dif- 
ferentiating genetic rock types. 

of a sensing system called 
ST EROS AT, which will provide 
| digital images, a large format 
; camera and radar. 

All these are essentially map- 
I ping devices, of optimal use in 
> areas so far poorly surveyed, 
which may be used in conjunction 

than Canada" '~ r_ ~ copper, it is also a major pro- 

than Canada. ducer of gold which comes as 

Looking to current year’s pros- by-product and which provided 
pects, Mr. Fairley added that some 40 per. cent of the mine’s 

results “ probably wflj not equal net sales, revenue last year when 

those of 1977. but 1978 should 'the bullion price averaged 3148 
nevertheless be - a satisfactory per ounce. Bougainville shares 
year for HoUinger.* were 92p yesterday.- 

Brief news from other companies 

Mining, a unit of wolfram venture in Australia, but there is no danger of flooding. 
Comlnco. 'riiich runs the Arctic will not proceed to acquire an The shares were 800p yesterday 
Circle zinc and lead mine at Black additional 20 per cent, the com- + + 

| Angel Mountain in Greenland, pany stated. The other joint ven- 

warns that the operation might turers are' Pacific Copper" with Geology and Geophysics 

of Borehamwood has been 

Adams & Gibbon Ltd 

be closed if the Danish Govern- 63.5 8 per 'cent, G. A and L J . , „ 

ment insists on a S17m_ (£&Sm.) Shcpberdly with 2041 per cent! a y v ® rded ^ «> nt rect for the first 
project for storing mine waste and Messrs. Case' and Arakttngi « ur P orne _ geophysical survey in 
products now being dumped Into with 5.34 per cent 
Alarmoriiik Fjord. Ore reserves; . . 

the annual report said, are enough * ‘ 

® rurther six years of Saint Helena, the South African 
production. gold producers in the Union Cor- 

* ■* * poration group, estimates that its 

Hampton Gold Mining Areas of No. 2 shaft will be out of com- 
London has . earned a 10.67 per mission for at least two weeks, 
cent interest in the Torriogton There was an acicdent in the area 

last Monday, which resulted in 
the redeployment of staff to the 
No. 8 shaft area. A survey of the 
damage is taking place and water 

Extracts from Chairman's Address 

“The group net profit before 
taxation earned in the year ended 30th 
November 1 977 amounted to 
£559.000 compared with C652.Q0Q 
in 1976. 

In our interim report we referred 
to the severe shortage of new cars 
which we experienced in the first six 
months of 1 977. and although the new 
car delivery situation from Vauxhall 
Motors did subsequently substantially 

improve, this improvement came too 
late in the year for us to take advantage 
of the peak new car selling period. 

Althougfothe 1 973 trading year 
has commenced only modestly, our 
current new vehicle stock and deliver/ 
situation is substantially improved as 
against early 1 977 and if the current 
weakness of the used carmarket can 
be overcome, the board are of the 
opinion that die group should again be 
in a position to report increased 
earnings for the year”. 

VauxhaU/Bedford, Ope!. Datsun. Citroen, Toyota Dealers 

Ireland for uranium. ' It has been 
signed with Aquitaine Mining 
Ireland, a subsidiary of Elf -Aqui- 
taine, the French ofl and minerals 

* * -★ 
Sedimex of "West Germany is 
earning 55 per cent, of a joint 
uranium venture with Interconti- 
nental Energy Corporation of the 
UJ5. by funding an exploration 
programme costing 37.5m- (£3Rm.) 
on the Gulf coast of Texas. Inter- 




life assurance 


Britannia * Anew 

to manufacture exclusive rangra Oriina^shares^ of Amalgamate 

(formerly Slater- WaHmr Securf -M carpets preriousiy produced'by Mistrials wiU be-converted pm 

At the dose of uuswess oi 
March 14 acceptances bad beet 
received in respect of £060.46: 
Ordinary shares being equlvalen 
to 41.45 per cent, of tiift mares fo 
which, the offer was made. 


The Board of ^ James 1 K«hi 
was not keen taken 1 ova" 

tions are wefl advanced for the meats. Production, turnover is meat extended until, fanha 
sale of Its life assurance company budgeted to reach £4m^fn tne noru*. 

Arrow Life Assurance and '.Its- ■'first full year, most of which w«l ** 
subsidiaries and Britannia . Ufa- be sold thrpofih Allied s retail. 

Association (Cl) of Guernsey to outlets. 

Gulf' and Western Industries. Iria, ... 

a leading US. con^omerale. ,*■ r „ n ornirtVC 

The price to be paid will .be v . BAKER PERKINS 

dose to the book value of ABW^' TOrNrH BUY 
but the company does not intend- rKtl\U3 okj x . . • 

to provide any further detada-l .Baker Perkins HoWJugs feouy- 
mrHl tho contracts have been ex- ing "Malnxeure Gulttard, a Frtncn 

changed, which Cs expected mndng machinery company, for — , — . .. — 

shortly. The book value _at the. jQm. This move represents further . : vfhen J, K. .JPeuner made it&in&a 
end of 1876 was about' £6m. 1 expansion into the . approach- Bat,, says Dawsen’: 

- The deal represents one more machinery market and -the com- chairman' Mr. Edwm Tutty ln th> ' . 
stage in the slimming' down of -pany's first investment m a ymoliy office offer document, , Fem» - 

the holdings of Slater Walker owned manufacturing facility on been preparcdto_^ve *exten 

Securities following the departure - the Continent. give’ assurances concerning th> . 

of Mr. Jim Slater, if tUs wte goes v'Goittard manufactures advanced future autonomy, identity am 
through, the group’s activities wffi xa&ers for the chemical, plastics management of Dawson and tin 
be confined to properly hwe?t- gnq fow i industries. Its main mar- prospects, terms of employnwu ' 
meats, unit trusts, and investment fcet {5 France but it has also, been an d pension rights of its em 
management services. - iacreasing exports to other mar- pioyees." So now the director - 
Arrow Life has been relatively kets, especially the UjS. The pro- gfg recommending the offerr 
inactive since the tr onbl te, on the . ducts are said to be complemen- Dawson estimates that the ore. ’ 
individual life side, Outlast year or, t0 those of Bak^Perkins ^ai-Tndlm 

the company recommenced group: chemical machinery division m 197K be£870.0aaft 

SS rSS rt!h ‘ theB Kife The British fartoiT^manu- investoSte/ Mr. Tutty says thi- 

Tg$£P?o 'SfKi»af!5K “Si Dawson's dmros at.tte bk. 

enaMe small comp^es tojeon- SovSe broad direction to 
tract out ^ the new Statepenrfou gtSS in America. 


sehemo. It had fou^cS^ ^Stard^ m continue to ope. 

able support for ^ 

essentially comes tate . opwatiou the fOimder, Mr. Yves Gult- 
on April 6— tiie start of the, new ^ president director general. 

State scheme. 

At the beginning of tne year • 
the company launched its e x emp t' NO PROBE 

managed fund for pension ' ftmd . _ - . 

investment to supplement its de- '_. Tbe 

posit administration scheme. . The Thomas^ Tilling and Liner Con- 
general business of the former crete Machinery, ajid Electrical 

Slater Walker Insurance has andtodustrial Securities and.C-F. points to the com pie men tar: 

been handed over to other Thy lQ r (Hoidings) iue not to be nature 0 f the two companies^ pro 

insurers. ’ . refe rr ed to me Monopolies and ^1^ Dawson manufacturer 

Gulf and Western has eight Mergers Commission. . . .. .. conveyor belting at the Hghtei^ 

operating divisions, including a TKmrtCTDTir c end of the market and Fenner a; 

finanrial services side. This has ~ AJVIAL,. iliUUoIKIALo the heavier. The merger of tht 

two major operations, one being The offer to acquire the 19.6 per companies is expected to confet 

the Providence Capital Corpora- cent Cumulative Second Prefer- marketing benefits, especial^ 

price on a p/e ratio of 12A;com 
pared with 85 average for tin 

- Dawson considers that Fenneri 
larger- business, which is morv 
diversified within the genera) fiek 
of . transmission engineering 
should provide greater .stability ti ' 
earnings. It -also expects u - ' 
benefit from Fenner's manufac 
turing and marketing strengtl. 
and research facilities. j' 

Meanwhile, the- Fenner sidi- 

tion which transacts life, property eoce shares to which 'the 2552500 overseas, 
and casualty -insurance. ' --Lite . 

business at 'present is confined to . , ; ■ 

the U.S, one leading company Jn v SHARE STAKES 

the group being Capital Life of 

Denver. if this -deal . goes . Estates and Agency .Holdings— 
through, it will represent a major British Empire Securities and 
move for operating life business General Trust hotels 13.100. 5 per 
outside the UR. -y. ' cent- Redeemable Preference 


PONTTN’S - niingworth Morris — G.R- 

The offer by Coral Ufenre ¥?ckaj. greater, has disposed of in^244.675 (5J6 per cent)! 

Group for Poutin’s^S become S. Pearson and Son: Or 

between 2»|p and 27Jp. These January 9 . Cowdray Trust and 

in holdings arises from the !.: 
appointm e nt of a new trustee and 
not from sales of shares. 

A. G. Stanley Holdings— 
Throgmorton Trust has recently 
bought 25,000 shares making hold- 

•t * 

wholly unconditional, having -been 

accepted in respect of 110508^64 we T e Didonron"’ Trust jointly ' disposed 

— — made to make pay- n f isnnnn «ham< h n Mi nn 

existing Pontin’s shares (90R4 per VSSSSt of 150 ^ 00 shares 'leaving holding 

cent,)— being Ordinary shared ] ncn ^. on amount of .oamtal trans- 3,575^47 shares. On February 1 

fer taxes as a result or me — - — 

now converted into 5 per cent 
Non -Cumulative Preference 

shares — and 110,508,864 riew 

Pontin’s shares (90.84 per cent)— 
being the new Ordinary shares 
to-day allotted by way of 
capitalisation ' of reserves. - The 
offer remains open fer 

settlors’ deaths. 

Lessey Products— The ,1TC 
Pension. Trust holds _ jointly with 
the TTC Pension luvestroentB 
1004)00 restricted voting ordinary 
shares (5 per ceot).. . 

remains open fer accept- . L * ad radustries Group — John 
until further notice. TTP. Jan »s Group has boughit 104)00 
AS per -cent preferred ordinary 
shares,- increasing, holding to 
108.6Z5-fll.9o per-cent). 

J. ^airafiiury— E4Wt CBJTrastee 
is qow interested hi 6,406,958 
Stares - ^7.73 per cent) • non 
benefidal as 'trustees. Vanheimer 
Trustee is interested in 4^50,464 


Allied Retailers has agreed td 
purchase from- Venture Carpete, 
a freehold factory at Frame, 
Somerset, together with most rdf 
the plant and machinery for 
£775.000 cash. 

Dickinson Trust disposed of 5,770 
shares leaving holding 7.527,198 . 
shares. On February 13 Cowdray 
Trust acquired 50.000 shares 
making holding 5.908^86 shares. 
On March 7 Cowdray Trust and 
Dickinson Trust jointly disposed 
of 388,332 shares leaving holding 
3.187,515 shares. On March 9, 
Cowdray Trust and Dickinson 
Trust jointly disposed- of 150,000 - 
shares leaving holding 3,037,515 
shares. 1 

Trans Oceanic Trust; Following ■ 
recent conversion of. part of the 
4| per cent. conv. unsec. loan 
stock, Kuwait Investment Office -* 

shar» (5.004 per cent ) non holds 1,079,187 shares (9.1 per 

hpimn^IDfi 3C fnitf^rtOD Tkn ohofiraA /t n n( 1 AA** fUin _1 

H is intended to use this piam 6ru*?tees. The change cent.) prev 997,000 shares! 


" v 1 

I KT« 

is rising at the shaft bottom, but continental vtiD be the operator. 

Houston Oil hits 
new gas field 

AMERICA’S Houston Ofl and 
Minerals has discovered' a new 
gas field on its West Lopez pros- 
pect about 85 miles west of 
Corpus Ghristi. Houston’s Rilling 
A” No. 4 well Sowed on pro- 
duction test at 1.6m. cubic feet 
of gas and 13 barrels of conden- 
sate a day. 

An offset location is currently 
drilling and several other wells 
are planned to further evaluate 
the new field. The company owns 
a 100 per cent, working interest 
and an 80 per cent, net interest 
in the 9.600 acre lease. 

Houston Oil Is also completing 
an agreement for _ the use of a 
semi-submersible drilling rig in 
the Baltimore Canyon offshore 
New Jersey. The rig is now under 
tow from the North Sea and 
should be on location in 45 to 
50 days. The company expects 
to drill its first test In Baltimore's 
Block 676 about May 1. 



Rotaflex (Great Britain) Ltd. 

Pre-tax profits increased by 35% 

Year ended 31sl December 


















With strengthened management, additional manufacturing .capacity and improved 
financial position the company is ready to take advantage of the economic upturn when 



Hydrocarbons ' have been re- 
ported in Esso’S first Australian 
west coast offshore wildcat well. 
Houtraan No. I. where Esso Is 
operator in a joint venture with 
Western Mining (WMC). The well 
is offshore near the Donga ra- 
Perth gas pipeline, and is rated 
moat encouraging. A Western 
Mining report to Australian stock 
exchanges saw the company’s 
share price rise around 5 cents 
to SA1.I8. 

The report said the well was 
logging at 3,500 metres after 334 
metres progress, for the week. 
Core number three was cut from 
3,361.8 metres to 3,368.2 metres 
and number four from 3,386 to 
3,396.5 metres. Gas • detention 
equipment Indicated hydrocarbons 
between 3360 metres and total 
depth: Further reports are 
expected, b ter in the week. 

Esso is the operator in a joint- 
venture with Broken Hill Pro- 
prietary in Australia’s main oil- 
field in the Bass Strait. Groups 
with Esso as operator have com- 
mitted- by fer the biggest outlay 
to the new Australian offshore oil 
upsurge, the groups have spent 
5A140 ql on 25 wells including 21 
deepwater operations on the two 
Esso - BHP Exmouth Plateau 
blocks, each covering Sm. acres. 
Western Mining shares dosed 3| 
better at lOlp. 

* + + 

Indonesia Is opening tiro new 
working areas in Central Sumatra 
for foreign investment in hydro- 
carbon exploration and produc- 
tion. according to Pertamina. the 
State-owned oil company. The 
two working areas are located in 
the southern part of the Central 
Sumatra basinal area and com- 
prise over 19,000 sq. km. 

The working areas are known 
as the Pamai Taluk area and 
North-east Jamb! and are adjacent 
to the oldest and most prolific oil 
producing areas in Indonesia. 

1 97 7 was another record year 
for Nationwide Building Society: 

® mortgage advances of over 

£600 million on 65,000 loans. 

• Record investment receipts of 
£1,248 million. Net receipts after 
deducting withdrawals were £485 
million, 40% up on 1976. 

. Over half of these loans were to first 
time buyers and about a quarter to people 
ouymg property over 50 years old. 

• Total assets increased bv a record 
£526 million to- £2^3 04 million 
(+ 23.1%), and a strong financia l 
position was maintained thro ugh. 

out the yean At the year end 

reserves had risen to over 
£103 million. 

N Nearly 2 million people now keep 
tlwir savings safe with Nationwide. 
Please callin at any of our 325 brandies 
for your free copy of our-1977 Report 
-■ and d e t ail s of our services for 

investors and borrowers. 

>.. . ‘ ? * 


•1 I* 

• r .« 

Head Officer New Oxford Hi 
Authorised for inv 

ft is not necessary to calf Paris for reservations 
at your Paris hotel, P jgj M Saint-Jacques. 

Cosi-free, immediate reservations can now be made for over 45 PLM hotels in France ■ 
French West Indies, French Guyana, Dominica, * 

Egypt, Greece, Iran, Italy.andM oroc co by a simple phone call lo: 

am LONDON: 1 aTJL GLASGOW: K^^ 22138 * 5 

EI4P B.TJ4, MANCHESTER: SSSwt 934 B.msmATFORD/AVO^T^oTaajs^sr 

— - • ••• •• - • ‘UWC31347 ' r - 

l..' • . 





fe sid e * £8in* U*S. investment 

K : \ >. 

■i 1 

‘t! \ . 

4. ?S : . . v 

SV: V - > T V-.’\ 

The ' Scottish Eqnitahle life 
AsBimmce Society regards the 
U-S. equity market as barring far 
greater investment potential ti 1 *" 
the UJC market over the-' seat 
two years, and arrangements are 
in hand to invest £8m, on Wall 
Street this year. 

This was stated yesterday by 
“ Mr. Ian Henderson, the company's 
investment manager, at a meeting 
jta London to disclose the' 1977 
results of the company. He- also 
revealed that the company would 
.continue to put about 70 per cent. 
;'of its new.m<m$y into the fixed- 
interest sector and continue to 
expand- - its- property holdings, 
; with more emphasis on industrial 
and -retail holdings. 

The company invested £39 m. in 
: the gilt market in 1977. three- 
quarters of. this being. made in 
: the first six months when yields 
'.wwf at their highest ' About 
-'£7tn. was put into equities, much 
of this being through the taking 
/up of rights issues and £7m. in 
property; - The annual report and 

- accounts show that the company 
has started Investing in woodland 
holding in three- separate' -areas,: 
including 3^100 acres of Keumore 

"Forest on the shores of Inch 
Fyne. Mr. -Henderson pointed out 
■ that this was a long-term invest- 
ment which fitted In- with the 

- company's- future liabilities. 

Premium income in 1977 rose 
by 43 per cent to 153m. from 
£37m. thanks to single premium 
annuities rising from £6m. to 
£15. 4m. Investment - income 
jumped by 24 per cent. to£2S.7m. 
from £19 1 m. Claims' rose by 
£7m. to £20-3m^ this increasing 
reaming from the maturity of 
£7rn^ of Income bonds. Coxonus- 

- sion and expenses were over flm. 
higher at £8m. and there was a 

. transfer from investment reserve 
of £17,5m: The fund* at the end 
of 1977 stood' at £262m. compared 
with £3 97m. at the beginning. 

Mr. Ernest Dawson, In bis 
annual . statement, reports record 
new annual -premiums* for 1977 
. arising' from an upsurge in busi- 
ness towards the end of the year. 

Hoover set 
better year 

Confused trading 

However, the company is looking 
forward, to much better new busi- 
ness Jesuits this year— at least 
.20 per cent, higher. The trading 
figures so far- show that last year’s 
upsurge has continued and even 

T; Clarke 
expands by 


SECOND HALF profit ahead from 
OS2£60 to £202£15 enabled T. 
Clarke and Co* -an electrical con- 
tracting group, to end 1977 with' 
a higher pre-tax figure of £427,856 
compared with £328,073. Turnover 
advanced to SUSmr against 


At halfway, the directors said 
that tho group was continuing to 
advance' both turnover’ and profit- 
ability and anticipated that 1077 
results would reflect"* continuing 

- Full-year earnings are - given as 
3,74 p (3.14p> per OOp 'share and 
the dividend total is raised to 
1.12P (l.0U2p) net, with a 0A061p 
final. A three-for-10 -scrip issue 
is proposed. r' • 

After tax of £239,285 (EI69.7MI 
net profit was upufroin £158.279 
to £188fiTL 

First half 
decline by 
Nelson David 

Due almost entirety, to a decrease 
in unit sales'. -of vehicles, taxable 
profit of Nelson David, the vehicle 
retailing and- repair group, 
declined from . £47,534 to. £18,907 
for the half year to '-September 30, 
1977. Turnover was higher at 
£4. 14m. against £3.76m. -.' 

The directors state that the fall 


Victor Products (Wallsem^ttil. 

. Summary of results (unaudited) fot 
the six months ended 31 st October, 1 377 

U'\ i‘ had 

Smooths 6nainths: '.- Y tor 

' to to >- ' ended 

. ' 31.10.77' 31.10.76 30A.77 

£ ' . £ c: - 

Turnover : 3,442.898 2,928,740 - 6.329,000 

Tradinj profit, after charging ' - ■' t \ : - 

depredation. Directors' : 

emoluments, but before taxation 481,660 369.981 ' '847,452; 

Investment income --- 1,000 1,082 -X125 

Profit before taxation •' 482.860 371.043 849.577 

. Provision for taxation (Mote l) 250;983 ; , 192.942 440,938 
Profifaftertaxafion . ; 231 fi77E."l7B,m- : i408'Wl 

Interim dividend {Note 2) ' 5tt8F7 45533 115.72S 

Profit retained _____ 180,820 ' 132,568 . /-' 292,915. 

Earnings per Ordinary Share ' ' y 

of25peach 6.06p . 4.Sty> 10.S8p 

NOTES: ' . ,V 

1 Corporation tax is charged bt the tots of 5256 (1978 - 5290. 

2 The interim dividend of 1 .33p par share will to paid on 10th April 
1 978 to starahoMera whose names appear on tteiegister on 1st April 
1978. The oqmvalent interim ifivtfcnd for 1 976 was l.ISTp pershare. 

389.981 ' "847,452 
' 1,082 ■-j,125 'T; 

371.043 849.577 

:192.942 - i 440,33B - ^ , 
.^ l76,'HM- ".i408{Ml •* 
45533 115,726" ' 

132,568. 292.915," 

. • ■ .f . ' 

4.Biy» r 10.69p 

: m unit sales was particularly 
evident in the Vauxhal l /Bedford 
- franchises, where lack of supply 
: resulted in a loss of throughput, 
i However, this has been rectified to 
an extent in the second half, they 

Far the whole of the previous 
year, a pre-tax surplus of £58,000 
was recorded. 

' First half tax took 0.0,000 
(£24,000) and profit- was struck 
after interest of £77,886 (£60,318)'. 
Earnings per 5p share are given 
as p,16p <0.41p), while again no 
interim dividend: is recommended 
—the last payments totalled 0J5p 
net in respect of 1971-72. 

Steps were taken to reduce the 
group's borrowings, including the 
dosing down of the Brighton 
garage, -which -was making losses 
and the reduction In new vehicle 
stocking commitment at Rowland 

A garage, site in Wrexham was 
sold, net proceeds amounting to 
£«2,815, while a parcel of land of 
0.66 acres has been retained to the 
rear of the premises with negotia- 
tions in progress for its disposal. 
The cost of the entire property was 
£28,403. ' 

The business operated from the 
premises was showing insufficient 
return on capital employed the 
directors add, .and the disposal of 
the property -and the .consequent 
realisation of assets employed will 
have a considerable .beneficial 
effect on future group interest 

The directors report that 
although there were prospective 
purchasers for the London pro- 
perty, they have withdrawn their 
offer. 'When tbe rationalisation 
programme has been completed, 
they will look to the generating 
of higher profits from a healthier 
, capita] structure. 

’ Advance seen 
: by Adams 
& Gibbons 

If the current weakness of the 
used car market can be overcome, 
the directors of Adams and 
Gibbons expect to be able to report 
increased earnings for tbe current 
year. Although the trading year 
has begun only modestly, the 
company’s current new vehicle 
stock, and delivery situation is 
substantially improved over- the 
position in early 1977, Mr. -Gordon 
Adams, the' chairman, tells 

Taxable profit was down £052.524 
to £550.045 on sales of £18.27 m,' 
f£15.5f»m.) for the year to Novem- 
ber 30, 1977, as reported oh 
February 20.- The net total 
dividend is raised to -L35p (3S5p) 
per 25p share. - 

Working capita] at year end 
showed an increase of £218,633 
>£372.709) with bank -overdrafts 
lower at £125m. (£JL38m.). Capital 
commitments amounted to £309,000 
(£236,000) of which £17.000 
(£161,000) had- been authorised 
but not contracted. 

The company’s successful efforts 
to comply with .the Price Commie- 
sion profit margin controls and to 
eliminate .previous excess eroded 
current earnings, Mr. Adams says; 

In the se£onS~ half -of the yeai* 
there was extreme, price com- 
.petition from the' major off com- 
parties in the areas of tbe group’s 
ICI petrol outlets, which limited 
their earnings contribution. 

Meeting, Newcastle on Tyne, 
April T, at ll sun. 

uni6n discount 

Union Discount had been able 
to maintain a reasonable running 
margin of profit on assets and 
had made a satisfactory start to 
1978, the annual meeting was told. 

AFTER A difficult year, in -which 
group profits fell from £17m. to 
£72Sm., Mr. p. C. BoPn, chairman 
of Hoover is looking to 1978 with 
some optimism which he hopes 
will prove to be justified. 

Further reduction In direct tax 
plus other Government measures 
should result in some expansion 
of the ILK. industry for domestic 
appliances. Although he does not 
expect .any improvement in 
market conditions in the first 
quarter he hopes that the antici- 
pated tax changes wifi improve 
tbe conditions progressively, 
during the year. 

The chairman feels that the 
situation overseas may well be 
similar. He hopes that the' 
economic situation lh Europe will 
start to improve and new pro- 
ducts wifi assist penetration into 

these markets even furber. 

Mr. Boon says that the group is 
in good shape to meet this 
situation since it will, towards the 
end of the first quarter, launch 
major new products which will 
be at the forefront of the group's 
marketing programme for die 

The chairman says that he is 
confident that the new washing 
machine to . be introduced this 
year will further consolidate the 
group's position In Britain while - 
enabling further gains to be made 
in overseas markets. 

Referring to 1977 the chairman 
points out that as a matter of 
policy the group maintained 
normal production levels in order 
to keep the workforce in employ- 
ment. This has resulted in stock 
iqi from £41 ,47m, to £58,79ro. at 
the year-end with a correspond- 
. ing„: reduction from £32.ltau to 
£10. 66m. jr> cash balances. 

Expenditure contracted for at 
December 3i stood at £6m. 
032 m .), and a further £2Sm. 
against £28 m. was authorised but 

A current cost statement of 
accounts shows an adjusted profit 
before) tax of £Sfi2m. (JE4.8m.) 
after depreciation adjustment 
f$.7m. i&L5m.) cost of- sales 
£4. 7m. - The group feels 

that • the. depreciation and. -sales 
cost- adjustments are important 
factors in. viewing profitability 
but because of present uncer- 
tainties the net monetary asset 

adjustment suggested by tha 

Hyde rep on has nor been shown. 

Meeting, Pert vale (UiddxO, 
April 6, at 10 a.m. 


.'.Trading at F. Pratt Engineer- 
ing was still patchy but the cur- 
rent year as a whole should prove 
more satisfactory than last time, 
said Mr. A. M. G alii ers- Pratt, 
chairman, at the animal meeting. 

Any increased profitability 
would show mainly in the second 
half.- be pointed out. 

Bank of England Minimum 
Lending Rate of 61 per cent, 
(since January 6. 1978) 

Conditions were rather con- 
fused in the London^ ■ Money 
Market yesterday. It was the ; 
third Wednesday in the month 
and therefore' published figure day 
for the banks. Continued fears 
about possible reim position of 

"corset.*' restrictions made tbe 
discount houses a more attractive 
home for surplus funds than the 
overnight interbank market once 
again, but day-1 Orday money was 
( iffniraiiy in short supply and some 
houses were obviously caught out 
Towards tbe close. They -were 
either rather reluctant sellers of 
Treasury bills to the authorities, 
oc else were forced to balance 

their books by borrowing at very 
expensive rates in the interbank 
market. .. . 

There was a considerable differ- 
ential between Reserve Asset 
funds lent to the houses and 
interbank rates, but the overall 
situation was less influenced by 
this sector than' on' the 'Same day 
last month. 

Discount bouses paid 5*-5J per 
cent, for secured call loans at the 
start, “and may have picked up 
funds at 4$ per cent., although 
most dosing balances were 
probably taken at around 64 per 
cent. In the Interbank market 
overnight money rose to 1B-2Q per 
cent, at lunch time, and fell to 
9-10 per cent., before touching a 
high point of 40-50 per cent, in 

late trading, and closing at 20-30 
per cent. 

The authorities gave assistance 
to the market by buying a 
moderate amount oF Treasury bills 
from the discount houses, but this 
was dearly not enough to take 
out the full shortage. 

Batiks brought forward surplus 
balances, there was a fall in the 
note circulation, and the market 
was also helped by redemption of 
gilt edged stock- On the other 
hand there was a fairly large net 
take-up of Treasury bills to 
finance, a fairly targe excess of 
revenue payments to the 
Exchequer over Government dis- 
bursements, and settlement for a 
substantial amount of gilt-edged 
stock bought on Tuesday. 

: hifrltnjz I I Pond 'Local AuUi.i Finance ’ Dlwunt I l EHslble 

Blur. 15 1 Certificate - Imertenk Authority ! neunrtable t Houao * Umnpanv' market Tmanurv) Hank 
IB7- nt dfiavit- . J ifepriU i honrit j UepcwHu Depmit* '■ ilr|«.tt ; Hills* [ Bltlr* 



Uwmshi ...... — i 612=00 

i iiayn iwtice..- ■ _ — ' : t . .' 

7 ilV* or — ! - 

? day* nrticr.., ! Of* 

One month-.. 6k)-B5g . OTe-tSe.'. 

r«;ii tliuDIli*...! t'r; Gik 6*2 t-rc 

Three ituiAth-^ 1 fBoPi* I 6SatT< 

■IV mnnth*.— : 6'f 6r3 • ' 

Niii- iiwith'..- i,.-/-, 7 V "»a . 

One year.....'...: ? r >?tg | 7S*.7tK 

J«».vean • — I - 

i ! ese e.y 

. 6?a h>2 

. *i« 7 

; 74.-7J* 



6 la7>t 

6^4-7 ■; 

/1*71 S 



"• 6V 3"'* 
. a^srg 

Local auiht'rmp« and finance haoses wm day t? nMitf. oihi-rs sawpo dass flted. LiMta-t<*rrn tncal ao'hnrltv RU'TtS3t:» rata 
nominally three r*sr* lD-iai tar cent.: lour scurf, lui-lu; ner cent.; five your- to* per cent. O liant bill rat>-v m uh!e a.-a 
buyiiw rate* fur prune paper. Banns rates for fnuxmiiiMli hank bills 6fjfc per cnu.: (nur-uinAlli trarfe bills ai-F per cent. 

Approumaie ^ejhbs rates for one-month Treasury bills j-"-: per cent.: ivro-nnmth 3 : k-S*'j 2 per cent.: pfsl threc-mo ■::?» 
Owl'll per cent. Approxlmaio ncthna rate tor one-tnonlh bbcl: bilk Ol-tita per rent.: tuivmonth fi.f& per rent.: and Utrea- 
month 63 k, per cent. One-mcmifa trade bills Ci per ceut.: I’vn- month Wll per cent.: and also iltrc-i'-mocth E3^ twr sent 
Finance House Base nates ipabB-hed by the Finance Hihim- . Association I 7 per cent, from Starch 1. 197S. Clearlaf Bank 
Deposit Rates <fur small suim at seven davs- notlcui 3 p».-r cent. Claarton Bank Barn Rates r>ir lendim; i>t per cent. Treasory 
Blits: Averace tender rates of discount 5.H29 per rent. 

Anglo-Transvaal Consolidated 
Investment Company, Limited 

Incorporated m the Republic of South Africa ' 

Interim report 

for this haff-yeir ended 3 r December . 1977 . ■ “ • 

Flnlinciei' Results . 

. The unaudited consolidated financial results of die Company, arid- its. subsidiaries, (excluding 
mining subsidiaries) are estimated follows: •' 

Tepr ended '. Half-year ended 31 December 

. 30 June 1*77 ' ' 1977 1974 


445752 Turnover : 223021 231041 

40 717 '- Proflti*efort Taxation ........ 

13 640 . ' ' Taxation — 

- 27 077 Profit after Taxation- - m 13 421 13 136 

-. i 13 302 Attributable to outside shareholders of subsidikrtM .A - . (627 6 392 

’ -- 13 775' 6 794 6 744 

Preference dividends (including fixed portion of 
300 participating Preference Dividends) — .146 156 

• ' Profit attributable to ordinary. "A" ordinaiy arid 
13 475 participating Preference shareholders 6 648 . 6 588 

■ JJB cents Earnings per o«finary and ** A“ Ordinary store — 157 cents 155 cents 

562 Dr. Extraordinary- item hot included -above — ' — 

2 708 Capital commitments .. 2 366 4631. 

Dividends declared or paid ’during tiie half-year 

Half-yearfy Dividends on the 5% • ... * 

and 6% Preference share* : ■ 73 81 

- Interim Dividend of 25 cents -per share on the • ___ 

- Ordinary and "A ” Ordinary. jhares • 892 892 

interim Dividend on the participating Preference 
shares at * fixed "rate of 5% per annum plus: a .; . j • 

participation of 12J cents per share ; ■ 262' 262 

The final dividend* on the Ordinary. “ A " Ordinsry and Participating Preference shares, which 
were declared in June 1977, were paid *>n 2- August 4977. 


The Company redeemed 2000 -' 655. wmulatJVe Preference shares during' the half-year ended 
31 December 1977. : " ‘ 


The market value of die Company’s lifted inVrttments at 3} December 1977 was R92 865 000 
( )97$__R74 (77 000), compared with a.'book value of. R37 268 000 (1976 — R34 107 0001. During 
the half-year under review, Tristel Holdinps -TProprietary) Limbed .became a subsidiary of Anglo- 
Transvaal Industries Limited and James Brown & Hamer Limited disposed of its interest in 
- Broderick Investments limited, 

.General ■ ~ 

"- While the Group's results are largely, unchanged compared v^ih those of the corresponding 
'previous half-year, the industrial companies are wifi exoeri.encrriB' difficult trading conditions.. 
'-'^Thus. although Increased dividends frorrrtht Group’s void; mining Investments cap. be exoected. 
^•consolidated earnings for the year ending 30 197B are -enuynied to approximate those of 
.. . “jthe previous year. • . ~ • ‘ 

-". Tor and- on behalf of the Board • •*" 

;V>S. E. Hersov-(Ch«rman). ' ' - r 

■ Clive S. MenelU Deputy Chairman) . .. 

Direcfors- ' " - . 

Registered Office: ~ ' !' ‘ " '. / W®"' 5“^^ 

Anglovaal House Angfo-T nnsvati Trus«ei Limited 

56 Main Street ... . 2S5 Regent Str^ 

Johannesburg. 2001 ■ VV™ 

15 March 1978 ' -,r • : : - v . 





Last year was another year of record eamfngs. Earnings before security transactions for the foil year 1 977 
were a record $144,204,000, a 10.2 per cent increase over 1976 earnings of $130,762,000. This represented a 
return on stockhoWers’ equity, for the third year in a row, of about 15 per cent • 

FourtfKjuarier earnings before security transactions rose to a record $41 ,554,000 or $1.16 per share, up 
18.1 per cent from the previous record level of $35,1 65,000, or 99 cents, reported In the fourth quarter of 1976. 

At year-end 1 977 the Corporation's' loan valuation reserve was $1 65.774,000, or 1 .1 1 per cent of total loans. 
.This percentage is among the highest of America's ten largest bank holding companies. 

Our 1977 Annual Report to shareholders will be available soon. If you would ffloe a copy, please write our 
Corporate Secretary. 

— -‘1 - ; 

Board of Directors 

Continental Illinois Corporation 
Continental Illinois National Bank anti 
Trust Company of Chicago 

Chairman of ’ he Board ol Directors 

President .1 

Vice Chairman ana Treasurer 



Lcydta L.;:ve'o:.Vo,' Chicago 

. Chairman ana Chie T Executive Cffcor ■ ■ 

Borg-Wareer Corporation 


V'ce Chapman 

Curr.rr.ank-.ealth Edison Company 


Cha.T.iHm and Chief Executive Officer 

Deere <& Company 

Chairman and Chief Executive C'Tcer 
1C Industries, Inc. 

Reared: formerly Chairman of the Beard 
and Chief Execulhe Officer 
Beamce Foods Co. 

Partner in the taw firm of 

Lafontant Wilkins & Fisher . 


Chairman.and Chief Executive Officer 
FMC Corporation 


Chatman of the Board and President . * 

Chicago Bodge & iron Company 


Erecuhve Vice President— Finance 
international Harvester Company 


Chairman of the Board and President 
Chicago Milwaukee Corporation 

Retired; formerly Chairman and 
Chief Executive OfGcer 

Es mark Inc. - 


Senior Vhx Prosidcnrand Croup Executive- 

. International Business Machines Corporation 

President . 

Inland Steel Company 

Retired tomerty Chairman of ihs Board and 
Ch*-* E-ecuive Officer 
' Sears, RoePuck and Co. 


Chairman of the Evocative Ccmrr.'nee 

Zenith Rad'C' Corpnraivn - • 

Exeitiin-e Vice President 
Standard Qd Company Cirxtiana} 

: • - C'RdserE Anderson , . 
r 'Chairman of the Board of Directors 

John H. Perkins 

' '* President 

Consolidated Statement of Condition/December 31 

(in millions)'- ? : 19 77 

Assets '* 

Cash and due from banks $ 2,879.3 

Total funds sold 4,116.0 

Investment securities: 

U.S. Treasury and Federal agency securities 683.4 

State, county and municipal securities 1 ,535.0 

Other securities 282.7 

‘ Trading account securities 
Total loans 

Less: Valuation reserve on loans ; 

. Net Joans 

Lease financing receivables 

Properties andequipment 

■ Customers; liability bn acceptances 
Other real estate . ; 

Other assets 

Total assets 












$ 4,523.8 











S21 ,984.9 



Domestic— Demand 
Other time 

Overseas branches and subsidiaries 

Total deposits 

Federal funds purchased and securities sold under 
agreements to repurchase 
Long-term debt 
Other funds bonrewerf 
Acceptances outstanding 
Other liabilities 

Total liabilities 
Stockholders’ Equity 
Preferred stock-Without par value: 

Authorized: 10,000,000 shares, nbneigsued 
Common stock— S5 par value: 

Authorized: 80.000,000 shares both yeSrs • 

Issued and outstanding: 1977-^35,564.845 shares 
1976-35,467,0 1 0 shares 

Capital surplus. 

Retained earnings ' " 

Total liabilities, arid stotkriofders ’ equity ; - . $25^00.2 

5 4,429.1 








$ 3,538.2 
7,1 08.5 







S21 ,984.9 

Operating Results/f5yeare-/nmr7/fons; 

— ... 






Income before Security Transactions ^ $1442' 


S1 13.9 



Net Income 143.1 





Income and Dividends per Share/rs years; 

V - . 1977 





1 ncome before Security Transactions 





Net Income 

4.02 - 

- 3.63 



Cash Dividend Declared - - 


* 1-18 



All per-share data have been restated to reflect the two-for-one,stock split which became effective 
on May 6, 1977, and 1976 amounts-have been restated to conform to current reporting practices. 

OFFICES IN llilOCItyBranch, 58/60 Moongate, London E.C 2 .West End Branch, 47 BeikeleySquare, 
Lonck3nW.l.Repre9entarweOtrtcei9St.ColmeStTeeLEdinburglv ' • . 

MERCHANT BANKING: Cdntinenlanilinois Ltd.. 14 Moorfiefeis Kighv.'a^ London E.C.2. 

INVESTMENT SERVICES: Continental Illinois international Investment Corporation, 1 4 Moorfieids Hlghwaik, 
London EC.2. • ■ 

OTHER EUROPEAN OFFICES: Antwerp. Brussels, U4ge, DUsseUorf, Munich, Frankfort Piraeus, Athens, 
Th 0 esalqnfti-M?d«l, Ftofierdam; Vtfttna, C^nsva and Zurich. 





Court fight likely over navy ships 


THE U.Si NAVY Is conRfdehog 
seeking a court injunction . to 
prevent General Dynamics from 
halting work on 16 nuclear 
powered submarines in support 
of the company's demand for in- 
creased contract payments. 

This increasingly hitter con- 
frontation escalates the growing 
row between the navy and its 
shipbuilders over claims for 
additional payments to meet un- 
anticipated costs. Shipbuilders' 
claims now amount to a record 
$2.?bn. and the accusations being 
swapped by the adversaries 
closely parallel similar disputes 
between navies and their ship- 
builders 1 q Europe, particularly 

General Dynamics filed a claim 
in December 1976 for on addi- 
tional $544m. on its $1.4bn. con- 

tracts. The company flafrra that 
the navy had delivered engineer- 
ing plans and -design specifica- 
tions which were “grossly defec- 
tive and -seriously late to 
schedule" In addition, more than 

35.000 design revisions had com- 
pletely disrupted the company's 
production - line. 

General Dynamics has deliv- 
ered two of the SSN6SS sub- 
marines and says that work on 
the other 16 will be stopped on 
April 12 unless the navy shows 
signs of agreeing to a settlement 
which would be fair to the com- 
pany and its shareholders- Halt- 
ing the work would affect nearly 

14.000 workers ‘employed ar the 
company’s electric boat shipyards 
at Groton and Quonset Point. 
Rhode Island. ' 

This conflict between the navy 
and General Dynamics, and 
similar arguments with its other 

shipbuilders, Litton Industries 
and Newport News Shipbuilding 
Company, stems partly from a 
tradition of contract bargaining 
in which both sides traditionally 
seek to maximise their advan- 
tages. Thus shipbuilders tend to 
inflate their chums on the expec- 
tation of negotiating to a lower 

However, the increasing 

sophistication of naval ships has 
made the task of fixing an initial 
contract price much more com- 
plex. while the navy’s desire for 
earliest possible delivery means 
that preconstruction . develop- 
ment work ia being cut to a 

Only last week. Mr. Harold 
Brown, the Secretary for 
Defence, acknowledged that the 
navy’s shipbuilding programme 
was “plagued by difficulties" 
which were partly due to inade- 

NEW YORK, March 15. . 

qoate .productivity In the ship- 
yards and partly to contracts 
that were '‘not written carefully 
enough." - • 

Credit for the navy’s hard- 
nosed attitude to the ship- 
builders is generally given to 
Admiral -Hyman Kickover, its 
director of nuclear propulsion 
and once an important figure in 
tire naval career of President 
jimmy Carter. Admiral Kickover 
hag several times claimed that 
shipbuilders have no compunc- 
tion about “ripping off" the 
navy and that they inflate their 
claims to cover costs for which 
they, not the navy, are respon- 

Roughly two-thirds of the 
claims against -the navy involve 
the construction of uuclar- 
p owe red ships and submarines 
whose supervision is Admiral 
Kickover’s responsibility. 

Brazil to 
control U.S. 

at Sea 

Quebec backs asbestos search 


MONTREAL, March 19. 

THE Quebec Government, now. the area, and could take a 25 Quebec. The only one operat- 
negotiating • with General Per cent interest in develop- mg is the Ungava mine of 
XEW YORK, March 15. Dynamics of the OB to take ™ ent ** jw asbestos deposit is Asbestos Corporation. One 

nt Arw„. found. This would be equal to major property capable of im- 

REPORTING a 73 per cent, use “ ! Cor Poration. McAdam’s interest The balance mediate godhead to develop- 

in net profit for 1977 to S26.1m. is backing further exploration 0 f 50 per cent, would be taken merit at a cost of over SC3Q0m. 

Mr. James B. Sherwood, presi- for fibre reserves in the Chibou- by the American-controlled is located iii the Abttibi area 

dent of Sea Containers takes an gamau area; 250 miles north of Campbell Chibougamau mines, and is controller by Brinco, a. 
optimistic view on the outlook Quebec city. which holds mining rights on Rio Tinto-Zinc company, 

far world shipping trade. “We The Government will pay up the exploration area. A second major property near 

tend to discount recession fears to half the SC180.000 exploration There are several major Chibougamau, is further from 
insofar as world trade is con- programme planned by known fibre deposits in north- development but is also con- 
cerneo. McAdom Mining Corporation in western and north-eastern trolled by Rio Tinto-Zinc group. 

Net outturn for the year was 

By Diana Smith 

RIO BE J ANEIRO, March 15. 

BRAZIL’S Minister of Industry 
and Trade, Sr. Angelo Caimen. 
de Sa, has returned {Tom a visit 
to the U1S. with ’ the official 
announcement that Brazil's 
Reinsurance Institute (HOB) 
and other Brazilian Insurance 
companies will hold 51 .per 
cent of the capital of a new 
reinsurance company to be set 
up in the CA 

. The remaining shares will be 
held by E.S. and European com- 
panies. Ducldnson and Hold, 
IRB's American represen- 
tatives, will handle the for- 
mation of the hew company. 

With this new venture, the 
Minister said, Brazil will be 
able to attract more reinsurance 
as well, as -providing it on the 
internal market . .. 

Sr. Cahnou de Sa also- 
revealed that whUe In the US. 
he had encouraged American' 
Insurance companies to buy 
Brazilian bond issues launched 
in Japan, West Germany and 
the UJ>. last year at a total 
value of §700 m. 

TEXACO Is following a policy ■ These are amo ng th e, condu.- 
of shrinking its marketing emerging, from a wide- 

acti vlties to emphasise 'i>refita- dow Jones interview 

bitity rather ^than .volume ig. jiaorice F. Granville, 

refining as well as m marketing. executive 

Partly as a result of this, Texaco, chairman and chief executive 

recently slipped from first- place officer of Texaco. 

» .^.1 As nc -- . 

recently slipped from .first -place officer of 

in petrol sales in the D^.:Worid- ; ‘ Although there are several 

wide its petroleum product sales negative factors • in the first 

wide its petroleum product sales, negative factors • in the first 
volumes also declined last year, quarter outlook— Including the 
Thus year there could be a. flat general economy in Europe 
turnaround. somewhat stagnant demand 

The efforts toward more selec- 'for gasoline irr JJ* 

tive marketing wiU continue' and :the U-S. Because of recent snow 
consequently there may be- conditions — there are a 
fqrther withdrawals from certain ^number of plus rectors .as wen 
marketing areas. ' Mr. Granville said. 

• Bnt the cost-pruning -should prices for petrolenm products 
begin paying off.. Petroleum pn* and natural gas “are better on 
duct sales volumes world-wide -the whole this first quarter than 
are expected to rise this year r last year.” Also a large avia non 
instead of declining as they did fuels contract which had locked 
in 1977, in line with an .antici-. Texaco into receiving relatively 
pated increase in worldwide low prices because of pace con- 

demand. -trols expired recently. • 

Steps are being . taken t v 
improve the group’s refineries s- 
that they can ' process high® - 
sulphur crude oil and to lmpiov- 
ef&aency and pniSttMlity £ 
both refining and marketinj 1 
This includes a major- rfenr^nia 
tion of marketing is Doth th 
U.S. and Europe with eohsequen 
reductions in manpower. 

“ We don’t see anything spec, 
tacular" he said “ but' we wll 
see continued improvement ti ■ 
profitability- In- the i^ttSL.. an> 
Western; Europe.- . ' 

Texaco has been able to redue 
its costs ' o£ marine 7 transports' 
tion. It has sold some shiprani 
is “slow steaming’* others mop', 
than last year with resulting fu* 
and cost savings. ' It has lla' 
taken advantage of the currents 
low rates in the vessel charterin' 
market. ■ - - ' 


Earnings riseat AT & T 

53.45 a share, against $2.00 per 
share for the previous year. Ex- 
cluding foreign exchange gains, 
the figure comes out at S23.5m.. 
an advance of 70 per cent over 
the SlS.Sm. earned in 1976. 

Action sought on Volkswagen dealers 

Harris Bankcorp 
Australian buy 


NEW. YORK. March 15, 

Revenue for thelatest year rose THE Environmental Protection vehicles for emissions ins pec- GM expects nearly all its petrol 
m per cent, to Agency has asked the Justice dons “In a manner which may powered cars . sold in' the U.S. 

During the year the group Department to take action against have caused the vehicles selected to be equipped with an onboard 

spent S132m. on container equip- 1 2 Volkswagen dealers who to be unrepresentative of normal computer as standard equipment 
n r en «. aad the P 0 . 1 ^ 356 failed, to make modifications to production vehicles.” by 1981, according to company 

of other assets. Commenting on emission control equipment * investigation centred on president Mr. E. K. Estes. 

Uie figures, Mr. Sherwood says which the manufacturer had paid emi « i0 nr2S St Dw^ber on GM also hopes to have a 

he docs not believe there “will them to carry out nSrTBal sS GM battery-operated^ vehicle ready 

be any general surplus of con- The dealers were supposed to KlnSformed^at the for * e market • by the mid- 

tamerships. Many new trade modify the catalytic converters 1980s. 

routes are only beginning to be on up to 195.000 Volkswagen !,n£ — ■ 

containerised. Perishables, Rabbits and Sciroccos following ITInnr in H«|lo„ J 

and narcel an agreement between F.PA the company but also individual r IDOF III U-OUand 

forestry products and parcel an agreement between the EPA . 

liquids are starting to move in and Volkswagen. According to en j£'° y ^. h „ H the Fluor Corporation announces 

containers.” the EPA 12 dealer® in ten states bad demanded tee thflt a snfildiary will buSda 

Agencies removed the converters and did sunender of certain documents 5iQQ m . magnesium oxide plant in 

not mate te agrnnd . <±=« s «, 2 hour, ud L‘”^ ed $ nSrKS 

But they did retain the money Interrogate a number of land Bv Haarlem has begun 
Downturn at Jewel pa j d by Volkswagen. employees. As a result GM was work 00 the project under \ 

Volkswagen of America said seeking a declaratory judgment letter of Intent from a iolnt 
Jewel companies had fourth the EPA’s action was “ill- In a Federal Court on whether venture of Billiton International 
quarter to January 28 earnings founded” and followed ineom- the EPA has the authority “to Metals BV a Shell Oil subsidiary 
per share of 89 cents against plete test results from a limited conduct a criminal investigation and Northern Development a 
S1.12, AP-DJ reports from Chi- sample. of GM employees on the premises Dutch state company reports 

cago. Net income fell to $10.3m. Meanwhile. General Motors of the Buick plant in Flint Reuter from Frvine The 100.000- 

; rom $12.9m. Sales rose to disclosed to-day that it had been Michigan.” tons-a-year Facility is expected to 

tS30Jm. against 5769.3m.. accused by the EPA of selecting Reuter adds from Chicago: be completed by m Id-2 981 

By James Forth 

; . SYDNEY, March 15. 
CHARTER Consolidated is sell- 
ing its 49 per cenL sharehold- 
ing In the Australian merchant 
hank International Pacific 
Corporation to Harris Bank 
eorp . Inc* the third largest 
bank in the midwest state of 
Illinois. * 

Harris Is a specialist in the 
investment management field, 
handling SU.SjL3bn. In pension 
and employee benefit funds 
during 1977. The pension fund 
and unit trust field Is Inter- 
national pacific’s major growth 
area. . 

The consideration paid to 
Charter was not disclosed. 
Harris will contribute some 
preference capital to bring its 
holding to 40 per cent, but this 
amount was also not disclosed. 

- The ohter shareholders in 
International Pacific are the 
Rothschild group (40 per cent.) 
and the Commercial Bank of 
Australia (20 per cent.). 

IN’ THE three months. '-to - Feb- 
ruary 28, net earnings of Ameri- 
can Telephone and Telegraph 
(AT and T) rose by 24 per cent, 
to $l.2bn.. or SL80 a share 
against SL52. Sales ended the 
period 13 per cent, higher at 
$9.7bn_ *-"• v 

This brings total net earnings 
for the 12 months to February 23 
of S4.7bn. or $7.15 a share, com- 
pared with 54b n. or $6-24 for the 
comparable period. Sales were 
$37.2bn. (333.4bn.). 

Earnings for the fiscal year 
1977. disclosed a month, ago, 
were S4-54bn. or 56.97 a share 
against S3.83bn. or $6.05 a share 
in 1976. Sales increased 'from 
$32Bbn, to S365bn. 

The chairman, Mr. John "D. 

NEW YORK, March 15. 

Debutts said: “ from o«r perspec- 
tive the economy is -sound aoa 
expanding and all the eytdem* 
at hand points to the prospect 
that 197S is going to be another 
good year.” 1 

. He added that the Bell com- 
panies handled 3.4bn. -Iong dis- 
tance messages during December, 
January and February— an in- 
crease of 13.2 per cent over the 
period last year. 

The Bell system added L2m. 
telephones during the three- 
mouth period— 149,650 more than 
during the equivalent period -last 
year. This brings to 129.3m- 
tbe number. of Bell telephones In 
service— op from 123.8m. a year., 


Airlines hit 

- NEW YORK, March 15. 
ary loss widened due to bat. ' 
weather, a strike threat/" am ' 
higher fuel costs. The afriint ' 
reported a net loss of SITAm. 
or 64 cents a share, comparer 
with a loss of $7-6m. or 27 centi 
a year ago^ - r 

The company, said severe win... 
ter storms during . the . montt • 
caused cancellations of morv 
than 1,000 company flights: p ■ 
added that a strike threat .bi- 
maintenance . workers causet 
some passengers to fly other air 

■ Fuel expetses during tin - 
month rose by -35 per cent,- «. 
S8.5m. on those of a year ago .. 

Dow Jones expects maintained profit 

NEW YORK, March: 15. 

DOW JONES and Co. expects 
1978 first-quarter net profit to 
be about even, wltii the. $9 Am. 
earned in the 1977 first; period,' 
Mr. Warren H. Phillips, president 
and chief executive officer, told 
the annual meeting. 

Due partly to a smaller num- 
ber of shares outstanding, he 

said, per-share earnings for the 
1978 first quarter are expected 
to be about 59 cents, compared 
with 57 cents a year ago. 

“ We are satisfied :with the way 
197S has begun.” he raid, noting 
that the company’s ,flret-qoarter 
net Income will compare with 
earnings in the 1977 first period 
that reflected several unusual 

foctors. ' • 

Among these were fonsigi 
exchange gains of $800,000 hrfbc 
1977 first quarter, a contract can 
ce Ration payment of $600,006 tr 
the company’s Canadian news 
print mill affiliate and strong 
advertising lineage in the year, 
ago first period. 




New Japanese measures inhibit buyers® 

■■ v ■ ■■ fr'i !ir 


r, f 

These Exmds have been sold outside Japan and die United States of America. This announcementappars as a rustier of record only. 


March 16,1978 

THE dollar sector of. the market 
was quiet yesterday in thin 
.trading... Uncertainty on.- -the 
currency front, the imminent 
Japanese measures, and develop- 
ments in the Middle East . kept 
buyers away. Ou .the other 
hand, good demand was reported 
for the new Norway issue as 
well as for the Canada and 
| Australia bonds. 

The riew Japanese measures 
include a eut of threequarters 
of a point in. the official, discount 
rate, which now' stands at 3 j per 
cent. It' - -. remains to be seen 
whether Jong term .credit rates 
will be adjusted in time to affect 
the March calendar of foreign 
bonds or whether this wUl not 
take effect until April. 

Before the measures were an- 

nounced, the terms had already 
been fixed for two placements v ’ J J 

foreign borrowers. Panama has *" 
raised YlObd. for 10 years -on a • . 
coupon of 75 per. cent, at; 99?. [||M ilr_' 
The industrial and Mining Bank 
of Iran has raised YlObq. for-iJ-- 
the same maturity at 75. per- 
cent but priced at par. Panama ' 
was managed by Yamaichi and ' . 

Bank of Tokyo 



Tokyo, Japan • 


DM 50,000/000 

4% Convertible Bonds due 1986 

Issue Price: 100% 







Abu Dhabi Investment Company 
Algemene Bank Nederland N.V. 

Arab Finance Corporation SAX. 
Amsterdam-Rotterdam Bank N.V. 

Banca del Gottardo 
Banco di Roma 
Bank fur Gemeinyvirtschaft 
Bank Leu International Ltd. 

Bank of America International limited 
The Bank of Tokyo (Holland) N.V. 

Banque Arabe ct Internationale 
d'lnvestissetnent (BAJJ.) 

Banque Bruxelles Lambert SA. 

Banque Fran^aise du Commerce Exterieur 
Banque de Pindodiineetde Suez 
Banque Internationale It Luxembourg SA. 
Banque Paris - 
Banque de Paris et des Pays-Bas 
Banque Popuialre Suisse SA. 

Banque Rothschild 
Banque de PUnion Europdenne 
Bayerische Hypotheken- und 

Bayerische Landesbank Girozentrale 
Berliner Bank Aktiengesellschaft 
Berliner Handels- und Frankfurter Bank 
Bfyth Eastman Dillon&Cbi. 

International limited 
Caisse des Depots et Consignations 
Chase Manhattan limited 
Citicorp International Group 

Credit Commercial de France 
Credit Industrie! et Commercial 
Credit Lyonnais 
Daivva Europe N.V. 

Delbruck & Co. .... 

Deutsche Bank Aktiergesellschaft 

Deutsche Girozentrale 
- Deutsche Kommutialbank — 

DG Bank 

Deutsche Genossenschaftsbank 
Dillon, Read Overseas Corporation 
Dresdner Bank Aktiengesdlsdiaft 
Effectenbank-Warburg Aktiengesellschaft 
Europartners Securities Corporation 
First Boston (Europe) limited 
Robert Fleming & Co. limited 
Girozentrale und Bank 
der dsterreichischen Sparkassen 
Goldman Sachs International Corp. 
Groupement des Banquiers Privfa 
Genevois ... 

Hambros Bank Limited 
Hessische Landesbank- Girozentrale - 
Hill Samuel & Co- Limited 
Industriebank von japan (Deutschland) 

Kidder/ Peabody International limited 
Kleinwort Benson Limited 
Kredietbank SA. Luxembouigeoise 
Kuhn Loeb Lehman Brothers 

Kuwait Foreign Trading/ Contracting 
& Investment Co. (SAK.) 

Kuwait Investment Company (SAJC) 
Kuwait International Investment 
Company SA.K. 

Lazard Brothers & Co. limited 
Uoyds Bank International Limited 
Manufacturers Hanover Limited 
Merck. Finck & Co. 

Merrill Lynch international & Co. 
Mitsubishi Bank (Europe) S. A. 

Morgan Grenfell & Co. Limited 
Morgan Stanley Internationa! Limited 
New Japan Securities Co., Ltd. 

Osakava Securities Co., Ud. 

The Nikko Securities Co., (Europe) Ltd. 

Hie Nippon Kangyo Kakumaru 

Nomura Europe GmbH 
SaL Oppenheim jn & Cie. 

Orion Banklimfted 
N.M Rothschild & Sons Limited 
Saitama Union International (Hong Kong) lid. 
Salomon Brothers International Limited 
Sanwa Bank (Underwriters) Limited 
Sanyo Securitijes-Co^ Ud. 
j. Henry Sch roder.Wagg & Co. Limited 
Schroder, Mundimeyer, Hengst &Co- 
Skandinaviska Enskilda Ban ken 
Smith Barney, Harris Upham & Co. 

Incorporated ;. 

Soctete Generate - 

Sodete Generate de Banque S.A. 

Svenska Handelsbanken 

Swiss BankCoiporation(Overseas) limited 

Taiyo-Kobe Finance Hong Kong Lid. 

Tofrai Kyo wa Morgan G ren fell Limited 
Trinkaus & Burttrardt 
Union Bank of Switzerland (Securities) 

Union de Bartques Arabes et Francises 
- U.B.A.F. ^ 

Verband Schwerzerischer 

Verems- und Westbank Aktiengesellschaft 
J.Vontobel&Co. - 
Wako Securities Co., Ud. 

M.M. Warburg-Brinckmann, Wirtz & Co. 

S. G. Warburg & Co. Ltd. 

Wardley Limited 

Westdeutsche Landesbank Girozentrale 

Wood Gundy-Uhnted 

Yamaichi International (Europe) Limited 


AJcan Attstrilla B*pc U99 


Australia s*pe IBBl • 

Australian M. & S. 9ipr *83 
Barclays BanK Sipc I9W .. 

Bowater B/pc 1M2 

Can. 71. Balhray 8ipc IftM 
Credit National 8ipc 1S36 
Den mart 8ipc 1384 

ecs Sue ms - 

ECS Sine J997 

E£B Side 1392 

EMI ttpc \9S3 

Ericsson Si pc 1999 

Ereo fl PC 1988 Nov. 

CL Lakes Paper 89 dc I9M 
Ramcrsiev 9ipc 1992 — 
Hydro-Qnet>»r 9 pc 1992 _ 

ICI StPC 19S7 

ISE Canada Si pc I98e 

Macmillan Bloedel 9 pc *32 
Massey FvrEiBOa Wpc 1911 

MlctoBn «pc 1988 

Midland lot. Pin. 8ipc 1992 
National Coal BiL 8pc 1937 
lini Wsnnnar. 8 pc 1388 
Newfoundland Ppc 1999 — 
Norses KotzL Bk. Stoc 1992 
Norplpe Sjpc 19S9 .... 
Norsk Hsdro «pc 199B _ 

Oslo SPC 19B8 

Ports Aatonomr* 9pe 1991 
J*rov. Quebec ,9pc 19K 
Pray. Saskaicfc. Sjpc 1338 
Reed TnterBaOoiul 8 pc 1357 

RHM Ppc 1992 

Selectxm Trust Sjpc 1358 _ 
Stand. Enskilda 9 pc 1391 

SKF Spc 1987 

Sweden 1 fCdotni Sjpc 1957 
United Bisrotts 9pc 1993. 

Volvo 9pc 1937 Marcb' 


Australia 7Jpe. 1984 ... 

BeO Canada 7Jpc 1937 

Br. Columbia Hyd. »jpc *83 
Can. Pae. Sipc 1B« 

Dow Cbentkal Spc 1936 

ECS ripe 1M2 

ECS Sipc 1939 

EEC 7>PC 1882 ... 


Enso curzeir Sfpc iaS4 .. 
i Cotaverkcn 7Jpc 1992 .... 

Kocfnims Spc 1993 

I UtctaUs S' pc 1BS3 .. 
Montreal Urban 8!pc 1981 
New Brunswick Spc 1954 
New Brans. Prov. Sjpc ‘83 
I Nrw Zealand 3*ne 1988 ... 
Nordic Inv. Bk. 7Jpe 1934 
Norsk Hydro 7|pe ISS2 .. 
Norway 71 pc 1952 . ... 

nmwto Rsdro Spc 1SS7 .. 

smper « ’pc isss 

s. or Saw. Elec. S|pc *51 
Sweden ’K’rtoai/ 74tx- «» 2 
Sa-prtlsh Stale CO. 7jpc '82 
Telmex 9’.oe 19W . ,... 

Tenncco 7, pc 19S7 May ... 

VoDcswayen 7-Jpc 1987 

-1»/ed Brrtarlcs Wipe 1830 

Citicorp tope 1391 

I Coonaulds S.'pc 1989 

ECS 92pe 1989 

EIB Sipc 1958 

EIB 92 pc 199? ... ... 

Finance for lod. 9?pc 1987 
Finance for lad. IDpc 139 

I Fisoas msc 1987 

[ISA iPpc 1938 .i- 

Bowntnjc tWpc 1«8 

lOipc IMS 

Total OH Sipc ttM 


BFTK Sine IflSP 

BNDF. R'pr 18SS 

Denmark .lin- I9S* 

E'^S Jfpc 1PM 

Eift S.'pc 1998 .. 

Eur3tnm a'.oc ijt: 

Eomllnu V>p, 7 MS . 

Finland IBM 

Forsmarks aipr IBM 
Xu-v Zealand Sloe 1B5S 

Xoreem Sjpc iPfH 

Norway 4 'jk us3 

Sweden dpe 1SS9 

Tancraanwbalm S'bc 1KS3 
TVO Po«r Co. Bpc 1983 .. 

Venezuela 6 pc 1SSS 

world Bank Sipc IBM 

Bank of Tokyo 1884 7 
















■IS . 









. 965 





















• 954 





















































91 5 




37 j 






P Si 








98 " 



















9 . 1 '. 













































90 : • 


99 ; 


1 odi- 



















CCF 1B83 Spc 

CGMP. 1984. .7fpc 

Creditanstalt 1984 7lpc I— 
Credit Lyonnais IBS2 8pC-.. 
DG Bank-1962 7 15 u, pc .... 
CZB 1881 Siiopc- . 
ImL Wsonnstr. "S4 ZISupc 

Lloyttj- -MS5 TSpc 

LTCB im Spc 

Midland 1952 Rdc 

Midland 1987 711 pc ' 

OKI* M83 7ipc 

SISCF 133& 8kpc ..... 

Std. and ChtTd. *84 7U'i6pe 
Vm and Glyn's *84 91 |dPC 

BM Offer 

m IBM 

W1 ..- HIM 
9« _m 
*9» ‘ .9M 

*91 188i 

IMi - MM 
391 TOOL 
1007 1(WJ 
P9i 100 

loo* -ion 

Ml' 981 
100 100* 

9M . 9Si 
99} TOO} 
992 100t 

Source: White Weld Securities. 

American Express 4*pc *87 

Ashland Spc 1888 

Babcock & Wilcox AJpc *9? 
Beatrice Ponds 44 pc 1992 
Beatrice- Food* . 4ipc 1902 

Beecftam Cipc 1992 

Borden Spc 1892 

Broadway Bale 4Jpc 1837 

Carnation 4pc MS7. 

Chevron 5pc 1088 

Dan~4Ipc I99T 

Eastman Kodak 4ipc IMS 
Economic Late. 4ioc 1837 





















- 79* 

Firestone Spc 1938 

Could Spc 1387 

Fcrd Spc 1989 

Central Electric 4*pc 1987 

.Gillette 4ipc 1SS7 

Gulf and Western Spc 1988 . 

Bams opc 1992 • 

HobenreB 4pv 18M 

ICI Sipc 1992 ^ 

INA Opc 3997 

Inch capo 0,'pc 1892 

ITT -«pc 1957 

Jnsco 6 PC 1992 . : 

Komatso 7>pc IBM 

3. Ray McDermott 4ipc *87 

Matsushita Sipc 1994 

Mitsui 7inc 1900 

J. P. Morgan 4*pc law 
Nabisco Mpc IMS . 
Owens nUnols 44pc 1B37 ._ 
J.. C. Penooy 4ipc 1387 .„ 

Revlon 42pn 1987 

Reynolds Metals 5pc ' 1988 

SUdvik s*pc MSS 

spenr Rand 4jpc i«S7 
SooDrh 4ipc 10S7. 

Traaco vjjic inas •. 

Toshiba 6 1 pc igp-> _. __ 
Union Carbide Upc 198s"! 
Warner Lain ben 4 *pc- 1087 
waruer Lambert «lpc USS 

Xerox 5 pc 1WS 

Soorce: Kidder. I’cabody 







82* ; S4* . 

81 33 

■ S3 


88 * 

E* -r 94 
107 . . IBS 
77 ‘ . 79 -• 

105* ' 108* • 
114* {,.-1154 . 
13S4 Mill 












111 * 

03 .- 












. 94 


77* 79* 


Weekly net asset value 
r-i - on March 13th, 1978 

- ii 

Tokyo Pacific Holdings N.V. _ : r j 

U.S. $47.31 1 * } 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $34.49 

Lisied on the Arastei^Jam Slock Exchange 

tntormation: Plomon. Hldring A Pteoon N.V.. Herengrecbt 214. Am^rdsm 



% ernm 



1» APRIL. 1978 
(on the 4th closes at J4.0Q ) . . 

PAV: 30 

21.Y4 OCTOBER 1S78 ■ • 

The smonalifeiian fashion preview of bags, hand*bags,smeU leather goods, 
suitcases; for the world market. 

Aem^ston & restricted to purchasers. 

For further information contact: 
vta'Valfonda 9 - 50123 FIRENZE 
tel. <W5) 282782315887 . , 




*£&*£§•* JtnanciAltemes Thursday march- ie isre 

¥ XT T I ITIXf i \rr , i 4 


-*tr(,|^SS CkS Veba t0 reduce dividend 

five-year after seyere setbacks 


By Charles ' Batchelor 
.. . AMSTERDAM March. 15. 


VESA, WEST Germany’s largest will be receiving DM4.70 per below 197B’s level— down from 
industrial concern, looks as Share -if the executive Board's Dlfil.l4bn. to DM945m. 
though ‘It will bate to cut its warning bolds true. 

This news should come as no 

• )AF TRUCKS, the Dutch coin- dividend , drastically for 1977 1 „if cordlrig to v - the- statement great shock to shareholders, who 
oertaal vehicle maker is to after a year of greatly reduced j£ s werepaxticulirly heavy in were prepared for the worst in 
■ trenetoenlts mmMm*!!?' «S Z^L T :L EElL™ ^ ^ mineral oil and glass manu- December ■ when the concern 

5erStionalvehSrt?ibS^ilr 2?®^. A prelto ^7 report factoring sectors. -Indeed, they announed toat.profils during the 
hetoSt fi?e vara 5 ™ SSul from the energy groups execu- had reached, the proportions of first three^uarters of the year 
tomestic — t£ve Board shows that net profit the tosses which occurred in the had plunged by nearly 50 per 

35 must nS **»■ .«W »M225ih. to bad year 1975. - C enL At that point after-tax 

penetration” of otherS^opeSa «»» e BfOTte: (around 537.6m.). SaIes .*» factually declined profits stood dnBhLW 
oarkets. according to . « report J. compared with the previous pared with the DMlSSm. reported 

aarkats * ' ,• ' compared with the previous pared with the DMl52m. reported 

lublished todav * t0 a report -The statement from the year’s performance; They feH at the end .of the. comparable 

Td maintain Si <TV tH D««seldorf,based group said that from DM2753bn. to DM27.Q6bn. period of 1976. 

980s?AFirti ^ lt se f meA probable that th e divi- (some 513-2bn.). In the elec- Today's statement says that 
in ^ dftnd would have to he cut From tricity, mineral oil, chemicals the decline took place primarily 

Suromth riram? ‘ ®i? 6 pw and hollow glass production in the second half of toe. year, 
if shutout DM50 .nominal share to DM3. In areas, turnover -dropped from Comparing it with the prelim in- 

' aU-TV* 5 by fact, shareholders- who pay West I97fi*i DMi5.66bn. to DM 1556 bn. ary report on the first nine 

•vr*trt« S » n TvfiL^L German income "tax 1 will not Capital- investment spending months of 1977.' It is apparent 

• « umji e suffer .such a great -fall in earn- also' declined from the previous that the final quarter was even 

w™ ® *•*« “ d Africa, ings, as corporation tax reform year’s DMljS3bn. to DM1 .53b n. worse than the third quarter. 

WIU develop a - specia l allows them for the’ first time to An in 1976, last year toe bulk No information is given- on toe 
rKt? -i. rP v' k C * S j programme offset, corporation tax -paid on of investment was channelled to opening couple of months of 
De ^ ed on the com- their dividends, against personal the energy sector. Here, bow- 1978, but . to-day’s Teport does 
t »ny s heavy and medium- heavy taxation; This means that they ever, spending was -still well not give grounds for optimism. 

ilHPru ,e 5™ es * .. 

^ * ll> This expansion plan, which will 

' Virlii ^ Js$S ! ZrEr s & Electrolux well above target 

tspects of DAF*s operations were C7 


■ary- equipment, trailers, financ- ■ 

- ELECTROLUX, toe Swedish of KrJTCOm. Net financial costs service operations raised both 

' ner pact, caies m tvf household equipment- group, to- leapt ahead from KrJ49m. to sales and earnings, although the 

«n SuTt»S« day- turned -in a very strong Ki\203m. The net profit after cleaning companies, in Belgium, 

US preliminary report for. : 1977. Pr^ tax i s given provisionally as France. Holland and South 

■ nodffipaSmi?*^^ *■» tamings were up 16.7 per Kr507.4m^ which is Kr.81m. up Africa were disposed of last year. 

SE; !n, «enL to .KtAMib:'. .(*KA 2m.i on the previous year. Earnings Demand' Tor office products 

' - hapv Kf»« - - °° after a 20 per cept: increase in per share came out at Kr.16.15, weakened, but greater meebani- 

.. Th» * n *v i. ' ■ turnover to Kr.9^4bii: . (S2bn.). compared with KrJ.350. . sation in production and an 

• Both^ figures are well ahead of Electrolux reports that it export 'drive contributed to 

. • n - the 10 per cent, growth targets strengthened its position as one higher earnings. 

«et at the beginning Jof The yfear. of the world’s leading vacuum The group’s industrial pro- 

'^r 1 ^th be The Board proposes lo make cleaner manufacturers last year, ducts, which include robots, 

Electrolux well above target 


STOCKHOLM, March 15. 

^ at t^ e beginning .of toe y&ar. of the world’s leading vacuum The 
%?^ h . be The Board, proposes lo make cleaner manufacturers last year, ducts, 
-given ahigher priority. Produc- _ issnip (if fine ?B° share raitino itc market share In shnura 

pnari jV i 0 ” 11 — * bonus issue of one “B ” share raising its market share In showed a profit decline mainly 
55^SSf“ bjraimost f 0r every five “ A Or "B* several countries and achieving due to the. costs of reorganising 

J2 ftirrP 0 a shares and to pay a dividend of a good profit level. newly acquired, companies and 

19 ? 7 - cap?- Kr.5.25 a share on the increased The market for white goods stepping up the marketing effort 
IilkJi 1 '^lonTv* - n -JL. ls share capital.' After ’adjusting stagnated in some countries as on the Continent 

y io,uoo vehicles. - The f or the bonus, this corresponds a result of Government moves to The Board expects sales to 
expansion of its truck, bus, to a rise in dividehd .of ' Kr.0.80 dampen consumption, but the increase to around KrJL2bn. in 
engine and research and develop- a share. The bonus will be group maintained, and in some 1978, allowing for the incorpora- 

*. • , Pj activities are expected to covered by writihg~up" the book markets even increased. Its share, tion of the Husqvarna and 

ilhliMbn b» ad creation of about 575 value of some shares. in foreign The takeover of the rival Swedish Therma acquisitions. Neither of 
[]j n *w jobs in. the production and subsidiaries by -Kr.155.7m, and Husqvarna company and toe these companies is likely to con- 
1 sales sectoraThe workforce is. by -transferring Kr^Srii. • from Swiss Thmna AG will reinforce tribute much to earnings, how- 
at present 8,600. ... disposable funds. " the group’s position on the Conti- ever, and . the profit growth : 

- The one i activity which will be The pre-tax profit is struck nent, it is stated. . forecast remains at around 10 

after aist-calculated ^dejffeciatlon The . industrial cleaning and per cent 

?ut back is the trailer -division., after cost-calculated ^depreciation 
This is already making losses and ^ ^ 

ts-expected to-contin'ie-lo do-so. - *• •■ a. 

■ The company will cut back on Tj nAWn-nnicwifi/ 
trailer production in Madrid and ilclir^ dlU Sfllil 
Eindhoven and -will concentarte ™ 

Reorganisation costs hit Swedish Mate] 

■cn miii! 

on producing standard trailers at 
Eindhoven. Production of tractor 
units for. use at transport termi- 
nals will be maintained and where 
possible expanded. _ _ 

ii'ifrlt LOANS 

Statoil first 
ever foreign 

By Francis Ghil&s 

THE Norwegian state oil . com- 
pany Statoil Is raising a 3300m. 
loan on the -medium-term 
market, the first time it has ever 
--"faised a foreign currency loan. 
Up to now increases in the com- 
OjAirCj paoy’s capital and -long-term 

i n.w— j oans j rom t |j e stalp jj aye jj e?n 

its source of new funds. 

- The terms of this loan include 
a ten-year maturity and a split 
spread over the interbank rate 
nf ft per cent for toe first six 
pears, rising to } per cent, and 
a five-year grace period. There 
Is no lead manager: Chase Man- 
hattan Ltd. is co-ordinating the 
oan and Den Norske Credit bank 
-s agent 

The loan will not be widely 
lyndicated. Statoil Is apprpabh- 
ng about five Norwegian banks 
md tea foreign banks with offers 
:o participate. 

Norway becomes, after Canada, 
Finland, France, New Zealand, 
3alar and United Arab Shipping, 
he seventh borrower to achieve 
i spread of B per cent on a por- 
:ion of a major medium-term 
oan. Only Qatar has achieved 
:uch a spread on a ten-year loan. 
iut in that case only for four of 
he ten years. ' 

Also for North Sea oil develop- 
nenl, but this time -in connec- 
tion with toe Murchison Field In 
he— U.K_secior.^Gulf Oil Cor- 
-*>ora"tion is raising ?70m. from- 
he London branch of Commerz- 
>ank. Terms are undisclosed. . 

The S200m. eight-year loan for 
he Industrial Credit Bank of 
ran has just been- signed in 
jnndnn. Conditions include a 
. ** - pread of } per cent for the 
irst five years, rising to l per 
■ent. for the last .three. Joint 
ead managers are Chase Man- 
. .?■’ iattan Ltd., which is also run- 
ilng the -bonks. BankAmerica 
nt. Croup. Citicorp and. Grind- 
ay Brandts. 

by our own correspondent 

PROVISIONAL 1977 'figures from 
toe Swedish Match group reveal 
an almost unchanged- pre-tax 
profit of Kr.54m. ($11.7m.). 

However, a net extraordinary 
loss St Kr.90m., reflecting the 
throes - uf : ■■ the " .reorganisation 
which the group is going through 
under ils new managing director, 
Mr. Gunnar Dahlsten. resulted 
in a pre-tax toss of Kj^38m. 
137.8m.) compared with earnings 
of Kr.51m in 1976jaiid 
to» «fter fax.df 

The. parent company:' stews a' 
net profit of Kr.49.9pi-. and; the 
Board proposes tc^'pay un- 
changed dividend of Kr.5 a share. 

Group turnover' at just over 
KriSbn.. -t$l-lbn3 was ahead by 
9 per cent., bill if tbe sales of 
tbe-fotofgD subsidiaries had been 
converted at the 1976 exchange 
rates prevailing before last 
year’s krona devaluations, toe 
1977 Turnover would have toown 
a decline of -2- per cent. 

Some 60. per cent, of sales 

derived from tbe foreign com- 

Extraordinary items include 
capita] gains of Kr-264m., the 
bulk deriving from the sale of 
Swedish Match’s holdings In 
Wilkinson ' Match . and the 
Gullspaang • power company. 
These are more than offset by 
the extraordinary costs listed. 

A breakdown of the operating 
profit • shows that toe original 
match division as usual made the 
largest contribution of-Kr.84m..C 
up'-Kr-Bnu from' 1976. ' Building 
components - came - through' 
Sirotigly with- a Kr.l2m. increase 
to Kr.67m. and a '25 per cent, 
rise in sales, while toe packag- 
ing division almost doubled its 
earnings to Kr.21m. 

Uddeholm doubles loss 

UDDEHOLM, the Swedish steel 
and forest products conglome- 
rate, plunged further onto the 
red last year, but not to the 
extent forecast at the half-way 

STOCKHOLM, March 15. 

stage. It reports a provisional 
pre-tax toss of Kr.384m. 
fSS3.5m.) for 1977 against a loss 
of Kr.lSSm. - 

The - figure includes Btock 
gains of KrJ)7m. by the parent 
company, compared with KrR4m. 
in 1976. It also Includes only 
Kr-2lm. of the Kr.ll4m. devalua- 
tion loss sustained last year on 
foreign debt . 

Sales grew by-20 per cent to 
Ki\2,6bn. (8566m.).. the. bulk of 
toe increase coming in the steel 
sector, where : ~. turnover was 
boosted by the special steels 
operation taken over from Stora 
Kopparberg. Tbe Board proposes 
to pass the dividend for- the 
second year running. 

The management forecasts a 
“not insubstantial” improve- 
ment for 1978 as a result of 
reductions in capacity to meet 
anticipated long-term demand 
and structural changes. But 
Uddeholm will make yet another 
considerable loss. 

Downturn at Lafarge 


the Lafarge group, which ranks, 
as the world’s third largest 
cement producer, ' show that 
lower overseas earnings and the 
decline of. toe Canadian dollar- 
have depressed consolidated pro- 
fits. These' are a fifth lower at, 
Frs.l45m_ v (331m.) agaipst 
Frs.lS4m. , 

-The. group’s Canadian opera-, 
tions have been something of a 
black spot foy some time. They 

PARIS. March 15. ' 

constitute an important part of 
turnover, but strikes, construc- 
tion delays and the weakening of 
the Canadian dollar have reduced 
toe profits contribution. 

The parent company is call- 
ing a shareholders’ meeting to 
agree to a Frs-SOOm. capital rise 
and to approve the merger with 
the Moroccan 37 percent, sub- 
aidiary-Chaux et Cuneots. 

The parent company gross divi- 
dend' isto be Frs.16.77 per share. 

Expansion by Deutsche Babcock 

German machine and plant manu- 
facturer, has bought a 50 per 
cent, stake in VelaD- Engineering, 
a Montreal-based maker of arma- 
tures for power stations and the 
chemical and petrochemical 

Babcock .said the participation 
will secure ‘for it a foothold in 
the expanding American arma- 
ture, market 

Velan Engineering has an 
annual turnover of around 
$C30m. (SU.S-26.7m.). Further 
details of the transaction were 
not disclosed. 

Another unit of Deutsche Bab- 
cock, Precismeca Gesellschaft 

filer Poerdertecbnik, is to form 
a joint venture with . McNiece 
Brothers (Pty.).-of Australia, to 
manufacture transport compo- 
nents, Babcock announced- 
" The Brisbane-based venture 
will be called Precismeca Austra- 
lia will be capitalised at 

$A5ra. The firm will specialise 
in the manufacture of conveyor 
belt rollers, roller stations -and 
similar products.. 

• Earlier, Deutsche Babcock’s 
managing board chairman, Mr. 
Hans Ewaldsen, raid the group 
expects a 22 per cent increase 
in turnover to DMS.Sbn. 
(STJ.S.I5bn.) in the year to tbe 
end of September. Agencies 

Target date 
set for 
Zaire loan 

By Mary Campbell 
THE end of This month has been 
provisionally set as tbe. target 
date for toe signing of the inter- 
national commercial bank loan 
for Zaire’s essential imports, 
which -has been in gestation for 
aver. 15 months. TTie' loan 
amount will be 3210m. (although 
there is a chance that one or 
two more banks may come in for 
I small amounts). 

About 60 banks from seven 
countries will be participating 
in t}> e Ioan - Japanese banks are 
contributing about 850m. of the 

The loan agreement wili 
specify two preconditions which 
Zaire will have to meet before 
It draws on the facility. - First 
Zaire must catch up on arrears 
on loans from commercial banks 
—it is understood that by the 
time it draws on toe loan facility 
it will be overdue to the tune 
of some 3100m, -3150m. . Secondly, 
it must become -eligible for a 
renewal of last year’s .IMF stabi- 
lisation programme, or for- a new 
programme which involves draw- 
ing (or redrawing) on the higher 
IMF tranches. 



r .. 

Government steps into Credit Suisse case 


-- UN*' 1 

' c w SWISS Finance Minfstry, 
. .'.as obtained Federal Council 

■ ' .'5 Authorisation to- appeal to the 7 

. .(’ederal Court . against a dec!- 

* taken by toe countiy’s 

ational bank. 

The point at issue is toe 
mount of outstanding negative- 
iterest commission to be paid 
s the National Bank by Credit 
uisse in connection with trans- 
ctions. disclosed last year, in 
'hich funds of clients of Credit 
uisse 1 's Chiasso branch had been 
nproporiy channelled to the 
■iechtensicin company Texon- 
Inanzanslklt,. . 

The Swiss National Bank 
.-'ecently set a final figure of 
w.FrsBl-Tm, (S42m.) on The 
um in questioo, while the 
nance ministry, working from 
different calculation base, puts 
he commission to be paid at 
orae Sw.Frs.293m. (3150m-). 
Credit Suisse itself has staled 
hat it- feels there should be no 

obligation \.,-to pay negative 
interest and is currently investi- 
gating whether it win also appeal 
to the. Federal Court against toe 
National Bank- judgment 
The ' ‘commission sum In 
question will he - paid by' Chiasso 
clients whose money was impro- 
perly ■ -kept - in • Swiss-Franc 
balances. Credit Suisse 1 bad 
retained pajt of the sum repay- 
able to toe .clients to cover 
claims made by the authorities 
for fiscal or related charges: 

Lindt and Spruengli 

NET PROFITS of toe Swiss con- 
fectionery concern Chocolade- 
fahriken Lindt and Spruengli AG, 
of Kilchberg, rose to 
Sw.Frs-2.67m. (some 31.4m.) 
from • Sw.Fra2.-16m.. last year 
allowing the' Board to recommend 
an - increased dividend. . of 
Sw.FraSB' (80) per bearer and 
registered share'. . ’ 

At' the April 20 AGU share- 

holders will also he asked to 
approve toe -transfer of an un- 
changed Sw.Fr&200,000 to the 
reserve fund and an increased 
sum - of Sw.Frs.400,000 
(Sw.Fra200.000) to special 

World turnover of the brands 
Spruengli, Lindt, Grison and 
Nago— including licensed- sales — 
rose by 13 per cent, in 1977 to 
Sw.Frs.4QSm. (around 3209m.) 
and would have risen by 19.4 per 
cent, but for toe alteration in 
exchange rates. Sales of the 
Swiss parent company alone were 
up by 15.3 per cent, to 

Ciba-Geigy U-S- buy 

IN ITS seventh U.S. acquisition 
deal since -late last year, toe 
Swiss chemical concern Giba- 
Gejgy AG. or Basle, is to take over 
Communications Accessory Manu- 
facturing Company (Cameo), of 
Noah Carolina. 

ZURICH, March 15. 

-The acquisition will be made 
by the plastics and additives 
division of toe Swiss group's New 
York, subsidiary Ciba-Geigy Cor- 
poration. 1 

Cameo operates M the field of 
manufacturing corrosion-resistant 
telephone pedestals and “cross- 
connect” terminals In glass-fibre 
reinforced plastics. Its annual 
sales approach 82m. The takeover 
of toe Cameo range will supple- 
ment toe product .programme 
offered by Ren Plastics, which 
is also part of Ciba-Geigy’s plas- 
tics and additives division. 

Power company Elektrlzitaets- 
Gesellschaft La u fen burg aG wili 
offer a Sw.Fr.30m. issue at 3i per 
cent, from to-morrow. The 15- 
year issue will be priced at 99.5 
per cent and handled by a con- 
sortium led fay Credit Suisse. 
..A share- of Sw.Fr.2nm of the 
issue will be devoted to conver- 
sion or repaymfat of 5f per cent, 
bonds to be prematurely 're- 
deemed on September 15, 

, of' 

^ Aff these Bonds having bean sold, this announcement appears as a matter of record only 

NEW ISSUE 16th March, 1978 

£15,000,000 .V; 

Financiering Maatschappij d'Oranjeboom B.V. 

(Incorporated with fimfted liability in the Netherlands — 
a wholly owned subsidiary of Allied Breweries Limited) 

10i% Guaranteed Sterling Foreign Currency 

Bonds 1990 

Issue price 99f per cent. 

Guaranteed as to payment of principal, premium (if any) and interest by 


!Mi [HE 3 H 


Samuel Montagu & Co. 


- Algernons Bank Nederland N.V. Banque Nationale da Paris Commerzbank 

Aktien gesellschaft 

Credit Suisse White Weld Kredietbank N. M. Rothschild & Sons 

. ’.} Limited; S JL Luxembourgoolsa Limited 

A. E. Amss‘& Co. Limited Amex Bank Limited Amsterdam-Rotterdam Bank N.V. Am ho Id and S. Bleichmedar, Inc. Banca Commarciala Italiana 
Banca del Gottardo Banco dl Roma . Banco Nazionale del Lavoro Bankers Trust International Limited Bank Julius Baer International Limited 
Bank Mees & Hope N.V. ' ' Bank of America International Limited The Bank of Tokyo (Holland) N.V. Banque Bruxelles Lambert SA 

Banque da ('Union Europienne Banque de Netiffize, Sehlumberser, Mallet Banque de Paris et dec Pays- Bas 

Banque Franpalse du Commerce Exterieur Banque G4n6rale du Luxembourg Banque Internationale h Luxembourg 

Banque Nationale de Paris Limited Banque Rothschild Banque Worms Baring Brothers & Co., Limited 

Bayerische Landesbank Girozentrala ~ B aye rise he Vereinsbank Berliner Handals-und Frankfurter Bank 

Blyth Eastman DfFIon & Co. International Limited Caisse de D$p0ts et Consignations Chase Manhattan Limit ad Cezanove B Co. 

. -Citicorp International Group . Continental Illinois Limited County Bank Limited Credits nstaft-Bankvwcin 

: Crfidit Commercial de Francs Credit du Noid Credit Industrie! et Commercial Crfidit Lyonnais 

; Credho ttaliano Datwa Europe N.V. Dqn Banska Bsnfcaf 1B71 Alpieselsksb Den Norsks Crotihbank 

.'* Deutsche Bank AG DG BANK Deutsche Gahossenscbaftsbank ' Dillon. Read Overseas Corporation Dominion Securities Umited 
r ' Dtesdnar Bank Afctiangesallschsft European Banking Company Limited Fielding, Newsoa-Smith 8- Ca 

Erst Boston (Europe) Limited ' First Chicago Limited Robert Fleming 8- Co. Limited Fuji International Finance Limited Gefina 
-Antony Gibbs Holdings Ltd. Girozentrala und Bank der Osterteichlschen'Sparkassen Aktrengesellschaft Goldman Sachs International Corp. 
■ Handalsbank N.W. (Overseas) Ltd. - Hessische Landesbank-GtrozentralS Hill Samuel & Co, Limited 1BJ International limited 

‘. "Jiffdrne Fleming a Co. Limited Kansallis-Osake-Pankki Kidder, Peabody International Limited KJobenhavns Handalsbank 

Ktefnwort, Benson Limited Kredietbank N.V. Kuhn, Loeb Lehman Brothers Internationa] Lazard Brothers &- Co v Limited 

Lazard Freres & Cie. , Lloyds Bank international Umited Manufacturers Hanover Limited Merck, Ftncfc & Co. 

Merrill Lynch International & Co. Morgan Grenfell & Co. Limited Morgan Stanley International Limited 

Nesbitt Thomson Limited The Nikko Securities Co. (Europe) Ltd. Nomura Europe N.V. Ostetreichische Lindarbank 

. Orion Bank Limited Pierson, Heldring-B- Pierson N.V. PostipankkI PKbanken 

- Rothschild Bank AG Salomon Brothers International Umited Sal. Oppenhelm Jr. 8-Qe. 

J.. Henry Schroder Wagg & Co. Umited Skandinatriska Enskilda Banken Smith Barney, Harris Upham 8- Co. Incorporated 

- -Soci£t£ Bancatre Baidays (Suisse)- SA. - Sociitti Centrals de Banque - Sodfitti Gtintirala Socifitti G6n6rale de Banqua 

SfuubankemasBank- . - ... Strauss Turnbull & Co. Svenska Handelsbanken - • - • Swiss Bank Corporation (Overseas) Limited 

-Stt&sVolksbank Trade Development Bank,' London Branch ' " Union Bank of Switzerland (Securitias) Linrited 

--~M:MrW&r6ufg-'firinclurfehn,V/itfiE &-Co;--- -S. G. Warburg & Co. Ltd. Westdeutscha Landesbank Grozehtrala 

•' Williams, Glyn & Co. Wood Gundy Umited Yamaichi International (Europe) limited 


Share Capital and Reserves 
Authorised, issued and fully paid 
• ordinary shares of £1 each 

General reserve 

Retained profit 

Shareholders' subordinated 
loans U.iS.$1 1,680,000 

Deferred Taxation 

Current Liabilities 
Current and depositaccounts 
Certificates of deposit issued 

Creditors and accruals * 
Proposed dividend 















Current Assets 

Cash, balances at bankers, money 

at call and short notice 

Bills discounted 

Deposits with banks 

Certificates of deposit purchased 

Loans and advances 

Debtors and prepayments 

Loans and Advances 
over one year 

Investments— Unquoted at cost 1 
(directors' valuation) 

Fixed Assets 












Extracts f ram the Chairman’s Statement 

Thetrading profit for 1 977, our frith year. of operation, was £3.771 ,371 compared with 
£3,1 49,499 forthe previous year. After setting aside £400.000 for any possible future loan 
losses, and after allowing for tax arid for interest paid on the shareholders' subordinated loans, 
^16 profit was £1 ,361 ,873 (£1,040.01 5 for 1976) .The Board has recommended a dividend 
or 6%.The sum of £1 million has been added to general reserve. 

The U.BAF. Group has developed quickly and is now well established in most of the major 
financial centres of the world. 

' P.O. Box 169, Commercial Union Building, St. Helen's, 1 Underehaft, London EC3P 3HT. 


Union ile Banquea Arabeset Frrocaiass r 50% Libyan Arab. Foreign Bank-2596 . Midland Bank Limited-2596 





& Shanghai 


By Daniel Nelson 

OPEC countries continue 
to cut 


ITHE Bank of England's latest increase' over 1977 as a whole “ to tak^a'dvamiaga of' the attract 

HONG KONG, March 15 

THE CONTINUING boom in! analysis of LondorToanki’ inter- was $3libn. with S5.3bn. worth five opportunities which** existed 
Hong Kong's tourist industry national business suggests that of this attributed to increased during the period." 
is reflected In Hongkong and : OPEC countries- continued deposits by central banks and a new addition tb the Bank s 

Shanghai Hotels’ performance 1 f°. cut J! et , ‘ ae P“H* Wlt . h monetary institutions. coverage is an analysis' of the 

for the year to December 31. • nStcVnM^stveS S?SiBk a ™ a j Qr development in the maturities of dollar certificates 
1977: unaudited net pmfi, in up ftWff 

(some SlSi-i iii.l and the final S23.Sbn. to ®2.4bn bavin* risen gj,ort end nf tlw mar j; e t. They regular, maturities analysis table 
dividend is 3* cents a share. ! sugbtiy in toe previous quarter. fc ui | t up their net Arrowing (table' 21 in the Bulletin). this 
making a total of 50 cents, up l general the underlying f or periods of under a year by shows that there was a marked 
. 19.05 cents on the previous ! ?™’ vlh . rale , V° n<,0 “ h ®. Dks . $3-5bn. to $S9bn. The increase shortening of the average life of 

- International- business declined »n their- net deposits at the very outstanding- dollar certificates of 


At the half-way stage. Hongkong L. T . he ,. fi?ur ®* important in sio.Tbn. to S13.6hti. for maturities of one ^ear or 

amd Shanghai profits' were only [^54-^3 mtatSitia? Droi‘ 7,1 is S13.6bn. -figure accounted more; by November this had 
2-8* per cent, more than for i ESSS™ *1^ for 35 per cent, of total net fallen to 19 per cent. Conversely. 

! ‘w last Jast year, short end was ‘even larger pro- deposit behreeiT last Mhv^a 

*5®?" * lH be fc ’ HK2o - 85in ' the figures in the Banks Quan- portionately— net deposits at December. In May. 1977 23 l 
fSHh21.i!ta ) teriv Bulletin show. less than eight days rose from cent .of CDs outstandina wt 

the comparative sis months 
period. Inis was attributed to 
a reduction in interest received 
partly as- a result of the expan- 
sion of catering facilities and 

bankfne husineisf as T whole* ^and deposits. up from 30 per cent., tbe value of outstanding CDs due 
oankme nuwness as a whole, and thppe mmiht hpForp . v to mature witlan a month rose 

the in- ^ Dn ? 12 10 W per. cent, of the 

advance indication 


three months before: 
of general The Bank attributes 


crease partly to demand 
suggest forward sterling by banks’ custir- 


Banks’ holdings of CDs are 

niMlprc hup niiinlv nn cnmnlA. rroviHPnai. ngurea suggest mj uojma 

tlmof a! t aSi!mant n ite»?!!ri® at tbe London mar- mers. “The banks matched the much smaller than the volume 

iSSilket increased by some S12»bn. forward sales of sterling .to 

meat at Repulse Bay which did! • - . 

nor make a contribution to the I 

they have issued (SSSbn. against 

customers by switching short- S22Jtbn. last- December), but the 
term currency deposits into maturity structure of the banks 
sterling," says the. Bulletin. I s nn * dissimilar. 

“They may also have switched The Bank has not published 
short-term currency deposits into an analysis -of the maturities of 
■ seasonal build up in London sterling on a covered basts on CDs • outstanding for several 
, banks’ end-year positions. The their own account.” it continues, years. 

with SShn. in the third quarter. 
: Rut the Rank attributes much 
Inf this increase to currency 
i valuation changes and ibc 

Defy in appliances acquisition 

January-June results. 

Stock market 
chiefs doubts j 
on funding I 

LAST year? reduced turnover! 
on the Hong Kong Stock ‘ 

Evehanse — only 51 per cent, of THE CONTINUING depression R5 2m. in exchange for 2 9m. - warrant any dividends in 1978 
that recorded in 1976 — cast . ,n ,h0 consumer durables market shares equtra lent to 23.5 per cent. Defy's turnover has fallen fast 
doubts on tiic abiliiv of com-. ,,d J° , an0 “ er merger be- of Defy’s- issued 'capital. and the cost of maintaining its 

mcrcc and mduoiv in turn tr, , ! ween Sl ‘ uUl Aft * ca " maufac- The net asset value remains distribution network has put a 
‘ cr ^ c and Indut, ‘> ° turn ’? hirers. Agreement has been unchanged and the acquisition is squeeze on margins. So the ini- 
tne exchanges for fresh capital, reached whereby Defy Industries essentially dictated by near-term mediate rationale is that of boost- 
according to the Exchange's i is to acquire part or SA General- considerations. The immediate ing turnover, 
chairman. Muk Y mg- Kie. in hi*- Eleci trie’s household appliance effect on Defy's earnings is not in the medium-term. recovery 
writes Daniel d ‘ l, ‘5ion. Terms of Ihi* deal are quantifiable. But any improve- wiU depend largely, on a rise in 


Blue Circle 
Southern > 

Ford endS year in black 



annual report. 

’ thai Defy acquires assets of meat will not be sufficient ?o new bousing starts. 

He noted that .the average daily ' 
lurnuvnr .on. the Exchange, one. 
nf four in the colony, was only 
SHKfi.fim. I around SUSMiim. 
although the Exchange had| 
obtained a bigger slice of a 
smaller rak*. Mr. Mnk said • 
that a proposal tn share, 
trading floor and aiimtnritr:<- 
tivi* office spare wilh the Kam • 
Noan Stock Exchan ae would. . 
if approved, result in a sharing 
uf a significant^ percentage of 
cvnt'n>e«s current lv carried by 1 
the Hong Kong Exchange. 

The two exchanges share slightly j 
over 50 per cent, of total stock- 
market turnover in the colony. 1 

Nippon Oil forecasts new record 

a record Y32bn.-Y33bn. (around 
$140m.l before tax and special 
items profit for the year ending 
March 31: compared with the 
record Y21.17bn. the preceding 

The sharp rise is due mainly 
to an exchange profit following 
the yen’s rise against the I.'.S 
dollar, according to Hie company. 

li added that ji returned an 

exchange profit of YWBlbn. in 
the first half-year, ended last 

Nippon Oil plans to pay a 
special dividend of Y1 per share 
for the year in commemoration 
of its fortieth anniversary, in 
addition lo the ordinary Yfi 

* ■* + 
NISSAN MOTOR Company plans 
to offer a total of 50m capital 

TOKYO, March 15. 
stocks for public subscription at 
a market price in May to increase 
its capital to about YB9bn. from 
Y66.5bn„ with the formal deci- 
sion to be made to-morrow. 

The offering aims at lmoruving 
the ratio of net worth to total 
liabilities, currently 35.5 per 
cent, and lessening Its borrow- 
ings which total some Y29llm.. 
the company said. 


- 1 •*> « A-'nojnr.*- 

eie,*.: appeal-- a-sa T4 - t *r p: cr..,-. 



6 %% Bonds due 1988 








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By Our Own Correspondent 

SYDNEY. March. 15. . 
BLUE; . CHICLE - SantherH 
Cement, Australia’s largest 
cement group, raised Us profit 
14 per cenL, from SA4-3 bl to 
SA49m. ($3j6m.) is .the year 
to December, despite prolonged 
industrial problems in several 
States, and sluggish demand In 
the major market. New South 

. The directors foreshadowed 
«' rights ‘issue this year to 
raise $AlOm. towards the ftznd- 
•iBg of a plant expansion pro- 
gramme- started last year. 
Shareholders last contributed 
$A5.6m- through a one-for-five 
rights issne. The latest result 
is equal to earnings of 9-4 cents 
a shares -compared with 9.9 
cents in 1976 os lower capital. 

.- The- dividend is held at 
6 cents, an effective increase of 
12-5 per cent as shares from 
last year's issue will receive 
the final, of 3-75 cents. • 

Broken BUI Proprietary and 
the Associated Portland 
Cement Manufacturers group of 
the UJL each own about .40 per 
cent of Blue .Circle's capital. 

BradmiU profit 

Australian textile group In. 
which, it was announced 
earlier this month that Tootai 
of the UJK_ acquired a 40 per 
cent, stake, has reported a 25 
per cent, setback in -earnings 
for the December half-year, 
from SA2J5m. to SA2m. 

Daring the period the com- 
pany was involved in a pro- 
longed takeover buttle between 
(be interests of- two Melbourne 
businessmen, Mr. . Be rule 
-HendeL and Hr. Abe Goldberg. 
Hr. Hen del gained control of 
BradmiU then agreed to sell 4fl 
per cent, ‘ to Tootai while 
retaining an interest of about 
10 por ccnL 

-- In. spite of- the unsettling 
effect' of the takeover contest, 
ihc'hiajor drag on earnings was 
the Victorian power strike late 
last year which the directors 
estimate reduced pre-tax earn- 
ings by SAlm- 

' Sales and profits for Jaonary 
and February were higher and 
the Board considered that 
resalts for tlie second half 
would be appreciably better 
than for the same period last 
year. -As previously reported, 
the interim dividend is nn- 
rhanged at 3.125 cents a share. 

Kemtron loss 

KEMTRON. . elcvtmnir and 
cables group. . suffered a 66 
per cetu. reverse in profile for 
I he December half from 
?A925 t nfU) to $.4314,000 
fSU.S.358.00U». In the full 
19T6-77 year the eroup incurred 
a Ions of $.4744,000. 


FORD AUSTRALIA was the only: 
one of Australia's “big;. three * > ' 
motor vehicle makers to end the 
year in the black. The. group' 
earned' SA4m. (SUS4.7in.j; a 
substantial drop from the 
$A2L4cn. recorded m 1976 but 
well ahead of the $A8.4m. loss 
for industry leader. General 
Motors-Holden’s and the massive 
$A27-8m. deficit by Chrysler. 

However. Ford’s _ . profits 
equalled only OB per cent on 
Sales' compared with 3 per cent 
in. 1976, and was described by 
Ford's 1 chairman, Sir Brian 
Inglis. = .as “completely 

•Sir Brian listed fow niajor 
reasons for the poor results. Tne^ 
were competitive pressures in * 
depressed market, participation 
in. a. voluntary price freeze, 
delayed cost recoveries during 
p ricing inquiries and the power 
strike on Victoria late last year- 
’-The depressed market led 
Ford last year to .shelve plans for 
a new SAS2m. assembly plant m 
New South Wales; Sir Brian 
.sidd. Ford's latest planning 
estimates of future^ industry 
volume was now significantly 
lower than the original forecast 
on which the assembly plant 
programme was based. 

SYDNEY, Mareh 15, 

Ford's sates dropped from 
133,116 units, to .129,617 units, 
The total industry volume was 
down 7.3 per cent and Ford's 
share represented 2L8 per cent, 
compared with 21.6' per cant, in 
1976. Reflecting the effects or 
inflation, total sales rose l(k5 per 
cent from ?A704m. to $A779m. 

Because of the severely de- 
pressed result. Ford has passed 
a dividend payment to its U.S. 
parent In September, $Al2.7m. 
was paid, but .this came- out of 
prior years’ profits. In 1978, 
SAlOm. went back to the U.S. 

Humes boosts half-time payoutt 

BY OUR OWN CORRESPOND®^. ’ S ^ DI ^* JY ’ 15, _ " 

HUMES, the concrete, steel and double the low level of the 1977*78. Significant “^ capacity 
plastic pipe manufacturer, in.: December, 1976, half-year. ^ ” 

creased its profit 28 Per cent.- ^^I^J^roaS^ivere ? Steel Blains had recently been 
from $A3.66m. .to .SALTBrn but bad managed to joined as party to proceeding* 
(3U.S.5.4m.j in the December achieve sliffbtlv improved results between Wood Hall and me 
haH-year and has raised Its while the Malaysian operations Kpehne AnmMiW- of Australi| 
interim dividend from 2.7S cents recovered, significantly and resarjbDg the ha ^og o eg 
a share to 3 cents. The directors -showed a material increase.- . - Jne^betereen Moomba in Sopif 
described the recovery in the ‘‘On present mdi cations; the Australia and Sydney. , ■. 

oeriod as greater than expected Board of Hume Industries. (Far Stee3 Mains had manufactured 
and they now expect improved East) expected that results for and supplied 106 nules of pipe- 
profits for the full year. the Second half would be eoav- line for the Pipeline Authontj£ 

parable with those for. the first which bad agreed -the pipes -raft 
Ordere on hlmd at D«sember. . - months ^ t jjat profit for. the contract specxfications. The 
31 totalled- SA 50.7m. compared ^ year would show a good amount of the cross claim against 
witti at June 30. and re ?6 ? ery over 1976-77 .. Steel Mains was SA25m. The 

SA52.3m. .at December, 1976. • Traflinq profits o'f ’ the ‘ U.K. directors said that it would be 
Orders and inquiries were cob- y^ bv i dhry. Hume Pipe, showed a some time before ' the . legal 
tinumg at reasonable levels; -but « leas ins growth,, but profit advisors could express a con- 
major contacts were few_ in. _ tower bwrause the tax provi- eluded -view on- the complicated 
number for concrete and steel ^ was mucfa ^her than the Jegai and 1 technical issues hi- 
pipes and the group had .ample .- non ^ na i charge in the December, volved. but the r directors con- 
capacity for additional work. ig7g ba)f> ^ & result of prior tax sidered no liability existed 
All main companies in the losses. Prospects were -encourag- against the company and bad 
group achieved higher profits tng for the remainder of 1977-7S, raised no- provision, against the 
from trading- The directors said -and some improvement in full claim. 

that ibe L-ontinued gains by ,year : earnings was expected. Higher profits were earned in 

the parent company in Australia In 1 Australia, Steel Mains New. Zealand, but trading would 
and in the U.K. were “especi- earned slightly higher 'profit, be difficult in the second half 
ally satisfactory " as was a quick Demand remained slack, and and results for the full year 
recovery by the Far East group. -‘recovery to a satisfactory level could be “ somewhat below " the 
where earnings were almost 6F activity was not expected in 1976-77 figures. 

Comeng earns more but plans lay-offs 

SYDNEY. March la! ' 




ing stock manufacturer, lifted 
a group earning^ 12 per cenLJru 
the December half-year, but' 
plans to layoff - employees 
because of lack of orders. ' The- 
improvement came largely from 
an increased investment and 
higher dividend from engineer- 
ing group. Australian National 
Industries, in which a 20.6 per 
cent, stake is held and inclusion 
of earnings from H. P. Gregory. 

These gains were partly offset 
hy an 11 per cent overall reduo-' 
tiori in the equity accounted earn- 
ings nf Union Carriage and 
Wagon Company of South Africa 
and Australian iron Tnunder,' 
Brad ken Consolidated (34.6 per 

cent, owned v 

The directors said that the., 
dow nturn in rolling stuck activity 
in Western Australia was main lv 
the result dr lack of forward 
requirement hy mining com-, 
panics and a serious fall-off m 
activity was now inevitable 
In New .South Wales tbp proh. 

lem related entirely to the run- 
down of current contracts fpr 
double deck suburban and inter- 
urban railway coaches. The com- 
pany plans to lay off about 300 
people, mostly in. NSW. as a 
result of the slowdown and 
directors said they were con- 
cerned at the need to retrench a 
number of highly skilled per-, 
sonnel. Comeng hopes that if it 
wins any of the contracts cur- 
rently out for tender it will 
re-employ many of these staff- by 
th*» end of the year- 
The interim dividend is held 
at 5J cents a, share, payable on 
capital increased last niqnth by a 
scrip issue. 

National Consolidated 
raising $A6m. 

NATIONAL Consolidated, the 
automotive, building products 
and greeting cards manufac- 
turer. plans to raise- SAS.4m. 
through a. three-for-ten right*! 

issue. Funds From' the issue— 
the first call on shareholders for 
six years— will be . used for 
capital expenditure and addi- 
tional working capital. . 

The shares will be -issued, at 
SA1.00 each, compared with a 
market price of 8A1.35, roakrn™ 
a theoretical rights value of 50 
cents. . The directors expect to 
maintain the 10-ccntea-thare 
dividend .on the higher capitaL 

Higher dividend and .- 
profit at McOwraitb . 

A SWITCH to equity accounting 
enabled . shipping group 
Aid I wraith McEacharn to post a 
19 per cent', gain in profit from 
SAlAnt. to SA2J28m. (SUSifim.i 
in the December half year. The 
directors have raised the divi- 
dend on Ordinary and Partiripat. 
mg Preference shares from 2 5 
cents a share to 3.75 cents. Last 
year the company paid a final of 
5 cents, to make 7 5 cents for the 
full year. 

This announcement appears as a matter of record only. 


Eurovias, Concesionana Espanola 
de Autopistas, S.A. 


- " ; . Medium Tenn Multicurrency Loan 


Managed by ' 

Mon, Read Overseas Corporation 
Bank of Tokyo and Detroit (International) limited 

IB J International limited 

Banca Mas Sarda S-A. 

International Mexican Bank limited 


United International B ank limited 

Basque Edge Iamfuj 
Security Pacific Bank 

Banco EspaSoI de CredHo (Bancsto) 

Provided (fy 

A P Bank limited Associated Japanese Bank (International) limited . Banca Mas Sardfi SJL 

Banco de Madrid Sj^. ' Banco EspaSoI de Cr&lito (Banesto) 

The Bank of Nova Scotia Channel Islands Limited .Bank of Tokyo and- Detroit (International) Limited 

The Bank of Yokohama Limited Dai-Ichi Kangyo Bank (Schweiz) A. G. Zaririi 

The Industrial Bank of Japan (Luxembourg) S.A, Internatipaal Mexican Bank Limited Interonion-Banque. 
The Kyowa Bank Limited Mees & Hope Finance N.V, . ."^^e'Mitaii Bank Ltd-, Bmssek Branch 

Pierson, Heldring & Pierson N.V. " HOanken International (Lnxembonrg) S.A. 

Privaibanken International (Denmark) S.A. Provincial Bank of Canada (International) limited 

The Royal Bank of Canada International limited (Nassau) * Security Pacific Bank 

Sodete General© de Banqne S.A* The Taiyo Kobe Bank Iinrited Tokai Asia limited 

UBAF Bank Iiimted UB AN -Arab Japanese Finance limited United International Bank 

Yamaichi International (Nederland) N.V, 


United International Bank limited 

February 17th, 1978 



ir: 14 









1,1 b| 

Thursday March 161978 

h'tillit* n, 

Since Fianna Fail gained its surprise election victory last June, Ireland has been enjoying 
- an economic boom arid there is a new atmosphere of commercial confidence in Dublin. But 
Britain is still a vital trading partner and Anglo-Irish relations over Ulster are deteriorating. 


By Giles Merritt 
Dublin Correspondent 

N THE past 12 months. Ireland 
ias lived through a period bf 
■ewildering change — much of 
t good, some, of -it seriously 
vorrying. it has seen the Fine 
lael-Labour coalition that 
oahy Irishmen believed would 
;ain a second term swept from 
> »ffice in last June’s General 

[ll'MK I,w election. It has also seen that 
[ !ui*Jefeated Government’s, dis- 

' -egarded . pre-election assur- 
mces of better economic days 
o come blossom into a full-scale 
. Economic boom. ; 

To find itself at- the top of 
he EEC growth league with 
in expected GNP increase 
luring 1878 of 7 per cent, is 
leady stuff for Ireland, especi- 
illy as only a year. or so ago, 
he only EEC table the Republic 
vas top of were the unenviable 
ines of inflation and unemployw 
nent. There is a new atmos- 
• . ohere.of commercial confidence' 
- n Dublin these days — and 
ust to underline the point the 
fily itself -is tipped to be 

Europe’s -fastest’ developing 
capital. - -'- 1 

During the worst days of the 
recession, an l975-7Bwben Ire- 
land’s vulnerable and -.develop- 
ing economy had slowed' to zero 
and then minus growth and the 
magnitude of the long-term em- 
ployment crisis became' appar- 
ent there seemed an ostrich 
instinct to -ignore the- future. 
Now. with the likeKhdod of at 
least three years of -fast and 
sustained growth, the mood in 
Government and .industry has 
become combative. The 
economic improvements, .so Tar 
are largely shin deep, but Ire- 
land, is ai ming to capitalise on 
the coming -good : times. to cure 
its structural ills. 

Ireland now no -longer feels 
doomed to being the poor map 
of Europe and is increasingly 
able , to hold her Head high in 
Brussels. In terms of. trade, 
however, Britain. is..itilt more 
important to the Irish than- all 
the other trading- partners put 
together, and Anglo-Irish re- 
lations are deter ioratinyiast It 
is inconceivable that thejpreseat 
dose economic -linka, across the 
Irish Sea should v eyer . be 
prejudiced by political dif- 
ferences between London and 
Dublin, but the split- over 
Ulster looks to be widen Sag into 
a damaging confrontation. - '' * 

The turnaround in. Anglo-Irish 
relations has been almost as 
dramatic as that of tile Irish 
economy, although . arguably 
less positive. Leaving aside, the 
question of whether British 
policy w - Northern Ireland is 
correct — or even if there -is- a 
policy at alt-the upshot ot The 
new Fianna Fail Government's 
handling of the -situation r is= that 
Ireland has moved, from being 

a supporter of ’Britain to become 
its critic. Mr. Liam Cosgrave’s 

coalition . Government believes 
that Britain . should . remain, 
militarily and economically in 
Ulster for the foreseeable 
future. Mr. Jack Lynch’s Fianna 
Fail Government is in m> doubt 
that a British declaration of in- 
tent to withdraw would unlock 
the Province's political impasse. 
Up to eight mouths ago Irish 
policy was 'that an internal 
Ulster solution, in which the 
Six Counties would remain part 
of the UJC. with its own de- 
volved Protestant-Catbolic Gov-' 
eminent was the answer. To- 
day. Dublin’s official line is that 
a 32-county, all-Ireland settle- 
ment is the only outcome: 


Since Mr. Lynch first made 
his position clear in a surprise 
radio interview ID weeks ago, 
Anglo-Irish- relations have de- 
teriorated visibly: The British 
Government and Northern Ire- 
land Secretary, Mr. Roy Mason, 
have not helped to defuse the 
situation by in turn rounding 
on Mr. Lynch; the Irish 
security co-operation along the 
Ulster border that was until re- 
cently pointed to in London as 
evidence of a cordial relation- 
ship -has of late been criticised 
by Mr. Mason as grossly inade- 
quate. As Irish officials had 
been pointing out, the fact that 
some sections of the British 
Press have -unhesitatingly con-' 
nected the Anglo-Irish disagree- 
ment with’ the worsening 
security picture in Ulster this 
year has further Injured Ire- 
land's image in Britain. 

Mr. Lynch's hopes for a re- 

united Ireland — by which lie 
seems to mean a federated 
Belfast- Dublin relationship 

similar to- that being looked 
into, coincide mall y/hy both the 
Fine Gael and Labour Parties 
are legitimate and serious. The 
probability is tbat over the next 
year or two whatever British 
Government is in power will 
need to open some sort of dis- 
cussion with Dublin on the sub- 
ject For while Westminster is 
bound by its solemn commit- 
ment to Ulster, that the 
Province will remain in the 
.U-K'for as long as ’a majority 
wishes to. there are pressing 
reasons for recognising Ireland 
as a co- responsible Government 
as regards the Northern Ireland 
question. Dismissing Mr. Lynch 
as a nationalistic rabble-rouser, 
aj. has lately been the disturb- 
ing trend in British political 
circles, carries the strong risk 
of increasing sectarian conflict 
In the North. 

There are’, needless to say, 
many Irishmen who wish that 
Mr. Lynch's party, with its 
Republican background and 
conscience, would leave Ulster 
well alone. In addition to the 
problems tbat could emerge if 
Ireland and Britain find them- 
selves in open conflict, and it 
is reasonable to argue that the 
closer the links the more vulner- 
able the relationship, there is 
a strong current of opinion in 
Ireland that considers the 
Republic bas much more impor- 
tant priorities than - Ulster. 
Business is concerned that the 
Government should concentrate 
on economic management, and 
there are many more people in 
Ireland who are comfortably 
insular and want nothing to do 
■with the North than there are 
militant nationalists. 

'Ireland has, after all. had to 
fight bard for its growing pros- 
perity.' Its chief preoccupation 
must continue to be that of 
drawing level in terns of living 
standards with the industrialised 
nations. Ireland’s cost, of liv- 
ing i5 r on average about ID per 
cent, -higher than Britain’s but 
per capita incomes tend to be 
50 .per cent, lower than in 

The Republic is not merely 
the poorest of the EEC coun- 
tries; according to the World 
Bank it ranks 26 in the inter- 
national incomes league with 
per capita GNP slightly below 
that ot the USSR. If the yard- 
stick of cars, telephones, and 
TV sets per 1.000 of population 
is taken. Ireland is about half 
as prosperous as. say. France or 
Britain. Yet the Jarge and well- 
established Irish middle-class is 
not noticeably disadvantaged, 
nor are many of the farmers 
who have prospered ever since 
the Republic joined -the Com- 
mon Market It is the peasant 
smallholders of the depressed 
West and the industrial workers 
who have not caught up. - 

If there is one factor that is 
depressing Ireland's wealth rat- 
ing most of all it is unemploy- 
ment Economically and' politic- 
ally it ,is the single largest prob- 
lem facing Mr. Lynch, and even 
his Government’s ambitious 
plans for restructuring the 
economy aim only at halving 
joblessness to the more accept- 
able rate of 6 per cent tbat 
some Irish economists are 
beginning to describe as 

Unemployment is currently 
about 12 per cent., while in 
many ’areas under-employment 
is also substantial. Lack of work 
is a traditional ill in Ireland but 
last year, thanks to the re- 
cession and a measure of indus- 
trial modernisation, ,it : . became 

a,?/?- "• " ' 

the issue that defeated Mr. 
Co sg rave. Mr. Lynch is also un- 
comfortably well aware that un- 
less solved it is a problem that 
could yet oust Fianna Fail, in 
spite of- its record 20-seat 
majority in the 148-seat Dati 
(Lower House). 

Early this year the new Gov- 
ernment unveiled a . White 
Paper, entitled “ National 
Development 1977-80 " that 
sketched out an impressive, if. 
risky, strategy in which GNP is 
set to increase by an annual- 7 
per cent over the next three 
years. Thus the Republic’s GNP 
of rather less than £4 jbn. in 
1976 should be £7.?bn. at cur- 
rent prices by end-19S0. An 
integral part of the plan is halv- 
ing the inflation rate to 7 per 
cent by the end of this year— 
which seems attainable — and 
pegging it at 5 per cent for the 
following two years. 


To set the ball rolling, how- 
ever, Fianna Fail is going on 
a public spending spree. 
Although the state's finances 
are already in bad shape follow- 
ing the Cosgrave Government’s 
foreign borrowings during the 
recession — servicing the £4.5bn. 
national debt now takes a 
quarter of state spending — the 
Government is raising the bor- 
rowing requirement. Last year 
it was equivalent to around 10 
per cent, of GNP, this year it 
is being increased to 13 per 
cent. The Fianna Fail calcula- 
tion is that by priming the 
pump with construction and 
public sector employment, to- 
gether with the incentives for 
private industry announced in 
last month's budget, it can by 
1980 .bring the borrowing re- 
quirement down to 8 per cent 
of GNP. 

Ireland’s Central Bank- is far 
from happy about this “dash for 
growth," ■ and a number of 
critics are cautioning that it is 
a gamble that could 1 leave 
Ireland saddled with crippling 
debts. But the plan -was boro 
out of the recognition that Ire- 
land must lake radical steps to 
overcome . her population ex- 
plosion and concomitant job 
crisis. School-leavers are 
coming -on to the labour market 
at a faster rate than tbat at 
which jobs have been created — 
even -though the Republic’s In- 
dustrie! Development Authority 
has since 1960 attracted almost 
as many foreign investors to 
Ireland as have set up in the 
whole of the U.K. 

In the past six months alone, 
the Irish authorities have been 
-able to announce around £Jbn.- 
Worth of foreign investment 
projects, chiefly from North 
America. By 1980 the Govern- 
ment claims that it will have 
reduced the real total of un- 
employed to 8U.OOO from the 
present 155.000. But to put 
that reductiou of 75,000 into 
perspective it is necessary to 
place it against the scale of The 
420,000 new jobs that should be 
created between 1977-86 if the 
problem is to be tackled 
thoroughly. Not that 1986 is 
anything more than a notional 
point being used by economists 
when calculating the medium- 
term scale of the problem. 
Catholic Ireland continues to 
have the highest birthrate in 
Western Europe, so by the 
turn of the century the popula- 
tion could be 4.3m., as against 
the present 3-2m. 

. It often seems that the odds 
are stacked unfairly against 
Ireland-. Politically, it is sitting 
on the powder keg of Ulster. In 
the context of the EEC, its 
lucrative position . as the of . the 0 Nine now 

looks seriously threatened by 
the possibility of enlargement. 
Agricultural Ireland is less 
than enthusiastic over the 
prospect of redividing the CAP ; 
cake with Portugal, Spain and 
Greece. And unless this year’s 
£lOOm_ offshore drilling pro- 
gramme yields major results if 
will have failed to get the oil 
bonanza that it has in recent 
years been quietly pinning 
many hopes on. But tbe Irish 
also have a much more subtle 

As a small and still develop- 
ing nation they hare giant 
strides to make.. As part of 
the British Isles they also have 
expensive tastes. Reconciling 
the two is hard, and it is also 
something that Ireland's 
British-bred trade unions are 
loath to do. Labour relations 
arc becoming strained In- 
Ireland. for pay restraint has 
been made no sweeter by the 
knowledge that industrial 
workers and public employees 
are carrying the hulk of the 
tax burden. Ireland's strike 
record is worsening and last 
November's decision by Dutch 
multinational Akzo to close its 
£20m. Ferenka plant in 
Limerick underlined the 
dangers in that Strikes in the 
public sector are five times as 
bad as in manufacturing 
industry, and at present the 
unions are cavilling over the S 
per cent. 1978 National Wage 
Agreement because it contains 
a strikes' cooling-off clause. 
Fianna Fail is concerned that 
the 90-plus unions grouped in 
the Irish Congress of Trade 
Unions should be rationalised. 
It is a notoriously tricky Prob- 
lem in any country and Fianna 
Fail has the added difficulty that 
its image of being “the busi- 
nessman's friend” puts it on the 
road to being the working man's 
foe.. -.V 



HNHW V detailed studies of the performance of American industry in Europe for 1975 and 1976, by 

JS| fH DM! H fid jmf fi IBs B fi S Ittl B H ."the U.S. Government's Department of Commerce. Ireland emerges the dear winner. American 

mIb ■■ %J JLfijj JL Jfi ' inanufacttiriDg companies returned 29.5% on their Irish investments' compared with a 12% average 


fo detailed studies of tbe performance of American industry in Europe for 1975 and 1976, by 
.-the U.S. Government's Department of Commerce. Ireland emerges the dear winner. American 
manufacturing companies returned 29.5% on their Irish investments' compared with a 12% average 
for the EEC. ^ 

Ireland's high figure of. 29. 5% contrasts dramatically with countries like Holland, Belgium, ' 
France and the U.K. None of these even reached the EEC average.. 

Ireland’s achievement was no fluke. This standard is a 
major reason why, of.aII the overseas investment inlreiand over the past 15 years, almost half is 
accounted far by American companies. 

Ireland is not just a convenient way for U.S. firms to mannfarhim mfthin the EEC's fgriff xp aTlg , 
Ireland is becoming a significant gateway into other markets in Europe, Tbe Middle East and Africa. - 
Also Irish-£orejgd-exdiange regulations favour the free and unrestricted movement woddwide 
of th e profits and capital gams realised in fee Republic. 



fiM 6 MVRI A A - Vff VKinv 50 minutes Iran London by air. Any company 
with expausfoa k mind should get a first-hand picture of the special advantages tbe Repabbc of Ireland offers. The Irish 
Govman^sInditt^DevekipnientAntbodtywiDglaayogganBeapeESODal p re s e i itai ion a nd visit u> smt your particular 

whatever and whoever yoa want to see. 

The EDA is responsible for aB aspects of industrial development, including 
administration: of file unique financial package which tbe government offers 
expanding, exportmgiu&suy. The IDA has helped over 700 overseas companies— 
ahrmsf; 500 of them Snropean-to establish fermry te j* is the only orgamsation 
your company would need to negotiate with. p 






f Assfr ■ ■Ma* m lmI 






msssm - 1 

Confidential :To Hugh Aston. Director, IDA Ireland. 28 Bruton Street, London W1X7DIL ■ 

Telephone 01-499-6155. Tekx 051-24731. - ; 

PjeESetrierixMemev^ariew torS ians^ an iaveatmeatPBdqgemsnkinvcoir.tnavaada fimirmT^^ri hip to inland. 




• i 


'v ^ 

Ireland n 

...B have far generations stuck more ■ In retrospect, it rtill 'seems disposable . purchasing ‘ power future development in Irish •between, three principal' cpiL 
or less rigidly ;o family loyal- remarkable that before ; and had been reduced on average by politics, next to these imper- tenders: each of -whom might ' 
ties, voting as their fathers thrdu^out last sununer's elec* a quarter 'duilng the recession, ceptiblev^emi-idedlogical shifts substantially alter Ftanna faii^.,: 
voted, the coalition's gerry- tion campaign few Irish poli- that they were not as badly within the parties, will be the (mage.. There is George Colley,^ 
mantler of the multi-seat Irish ticians realised that the old off as Fianna Fail claimed. Fine identity of the man who leads deputy Premier and. Finance": 
constituencies was designed to allegiances were giving way Gael is now emerging as the Fianna Fail into the 1981*2 Minister, 52, whose instincts^ 
capitalise on these recognised under- economic pressures. But., party of the have nots.” Pro- General -/Election. ■ Mr. Jack would be to reinforce the 'party 's.- 
political patterns. now both Government and oppo- Tiding it .' can. retain its Lynch is at present . the character as the “busiiiesjpiiati^ ■ 

It backfired badly, and in the sitio P parlies are well aware that conservative strength through undisputed leader and the friend.* 1 There is also, political' 
complex arithmetic' of prop or- oid slide rule assessments reassuring the “haves" that architect of his party’s crushing newcomer. Professor Marti li 

tional representation ■ the o{ lheir votin S strengths have social reform is essential in victory last year. His own O’Donoghue. 43. currently 

B \ scheme that was designed to l ? een replaced by a new order to avoid political gentle, avuncular appeal to- the Economic Planning Minister 

I'HH I'mlt Fianna Fail gains tn key volatility. upheaval. Fine Gael could well electorate was a major factor, who not unnaturally appears to- ; : 

constituencies in fact accentu- Mr. Lynch has publicly emerge as a formidable but the next time around he will favour the further centralisation 

ated them. Much more to the acknowledged that his Govern- “social democrat" force. Up be in his mid-sixties. There has of power and a benign dirigisml 

p n i n t. though. Irish voters in ment wilt stand or fall on Its t0 a of Irish families are been .a succession OJF unsub*- He is a dark horse outsider 
the 19 m general election for ability’ to tackle Ireland’s serious currently estimated to be living ilintiated reports ' since he' whose strength is that he iy new.; - ? . * 

the first time deserted their unemployment problem. ciore to or beneath the poverty regained office of Mr. lunch's enough to have few . political barret 

traditional party loyalties. The lessness is currently over 12 per ll ne * while the needs of failing health. It could be that eneniies and is Mr. Lynch’s -■■■ ; leader Oj r rite uaeL. 

IRISH POLITICS are obscure, ^plications of this are that, in cent, and under-employment is a industrial workers have *til| all of these are .without sub- protege. But possibly the-., 

and Irish eleci'nns inscrutable. the Ja5r q uaner 0 fthc Twentieth way of life. Because of the m ade /comparatively little stance, even though the specula- toughest . contender is ":¥r-,.HauHhev has been shrewdly 

Not just to outsiders, who last Century. Irish politics are at Republic's population explosion impression. tion now is that Yus present term. Charles Haughey. 48... ^ building on his reputation as a 

Prime Minister Mr. Jack 




last bpjjinning "lo reflect the the problem has been getting Tfte key to the situation, will prove to have been a "rehabilitated" Healtn Minister class administrator. 

Le/t-RigJu tug o’ war. worse in recent years. If Fianna though, is that both major Irish gruelling climax to ( over 30 who was- sacked from being. * lthoiJOh it j S h IS republican 

And even In the aftermath of Fall does not make heavy in- parties are somewhat contempt- years in national politics. Finance Minister in 1970 bver i , ___,r|.j e . t h 8t WO uld be at 

..... - - - - unfounded allegations oT -In-/2L.;. 

Giles Merritt 

June watched what had been 
widely heralded as a neek-and- 

neck General Election turn «n _ ^ ^ __ _ 

polling day into a landslide ^ " ‘ year's" elect ion^u pse 1° Vt "s ro8t,s j nt0 unemployment uous of " doctrinaire politics. Mr. Lynch’s succession, when unfounded allegations ... 

rejection of the Government, sJi u ‘j, art j t 0 lC ]| at a „j ancc total, and his party is committed Both lend when in Government and If he decides to step down, volvemem in the IRA gun/ 

but to the Irish themselves. which of the two major political almost. to halving il by cnd-19S0. to approach problems pragmatic- will most probably be fought out running scandal of that yean Mr. 

where in the the next General Election in ally. and in that they 

presumably reflect the attitudes .;■■*, . 

most Irish voters if the ‘ 
moderate fortunes of Ireland's 
small Labour Party are any 
guide. Nevertheless, by the 
time the next General Election 


It was nut until Tour days partie ., stands __ ... _ 

before the election that Prime sfK . ialijit<nnservativp speL . trun , 1981-82 could conceivably, see pr 
Minister Liam C/se rave s Fine Thc foundation of both Fianna another Government defeat. of 
Gael-Labour coalition febinei Fajl and Fi ne Gaef lies in rhe - 

■»„i « jn a m #i#<ncTit i iiiTiAi.nVa - _ _ --w -* 

1922-23 civil war over the reeng- qi» 
nltion and acceptance of Ulster, ollul 
Fianna Fail remains the anti- 
partitionist party and Fine Gael 

non, was at fault 


realised from ennstituenev-hy 
constituency surveys that the 
Dublin newspapers together 

with their own experts had part i t Inn Is7 part v" and Fine a-iei Right now. the chances of that is called -both Fianna Fail and 
seriously miscalculated the sunpnners are the “Free stul seem slltn - The Lynch Gov- Fine Gael are likely to be iddn- 

swlnq tn Mr. Jack Lynch's STatere " whose aspirations to'a e ™“enfs purposeful plans for tified as parties of the Right 

Fianna Fail Party. Mr. Co.v un i fe d Ireland arc much less capitalising on the economic and Left, respectively, 

crave was forced suddenly tn mi JitanL The parlies' funds- boom tQ restructure the econ- u may well not be a develop- 

recmjnise that his decision tn mental split over the partition oiny- combined with the oppost- ment that pleases Fianna Fail, 

hold an early election. rather questi0 n has Inn? eclipsed the L ion parties ' disarray, make it for it Tikes to see .itself as a 

than wait until Octoher when more ideological debates that bard to foresee the overturn of party of popular nationalisation 

the economy would more clearly jy, ve dnminated most other Fianna Fail and its massive Dail that overrides sectoral interest. - 

have emerged from the reces- sophisticated parliamentary ma Jo ri, y : What is certain. But to implement Its 1978-80 WHAT SHOULD bare been a found its most concrete expres- capital gains tax, is _ to rely 

democracies. though, is that the next electimi economic 'strategy tor getting bright, even glittering, year sion in the promise by the new -heavily on private industry for 

Yet all the Cosgrave Coali- w j! 1 u 011 more rec osnis- the private sector Into top gear for Irish industry was darkened Minister for Labour, Mr. Gene. the promised economic recovery, 

tion's efforts to turn Ulster „ e Left-Right terms. Unless it must .favour capital in its by the shadow of the Ferenfca Fitageraid. of a commission It Is in a sense the first real test 

policy into a-, prime election “**• Lynchs interventions in the budgetary policies. It Is hard to affair. Ferenka, the Limerick Look into the question of-iabdftr for Irish industry, which after 

Shortly after Mr. Lynch took issue failed. Former Posts and Ulst ?r question unintentionally see how it can avoid disfavour- offshoot of the Dutch multi- relations and a pledge of.JegSf- a decade of growth is-now being 

ifllce with his record 20-seat Telegraphs Minister, Dr. Conor pr *5. 1 R . e a dangerous crisis, j n g Labour. Fine Gael, on the dational, ENKA, closed ; in lation where necessary. !• -asked to recover from a 
majority in the 148-seal Dail Cruise O'Brien, was not the only P artlt, omst politics are dying, other hand, had already begun November with the lqss.of 1,400 It is not . that Irish industrial -recession. . •_ 

(lower house). Mr. Cosgrave member of the Cosgrave Govern- In the few months since he to shuffle towards the Left- jobs. relations are particularly bacL . Industry has [been claiming 

resigned from active politics ment who sought to arouse succeeded Mr. Cosgrave as Fine during Its 1973-77 term in office. The closure would bare been Ireland fs neither at that if the policies are right it 

and was followed into retire- fears that Fianna Fail's Gael's leader. Dr. Garret Under the - influence of its significant in any circumstances, nor the bottom of the -world is equal to the task. Before the 

ment by his farmer deputy nationalism could drag the FitzGerald has not only made minority coalition partners in Irish industry is ■ still domi- league in this respect.-. - But -Budget, the- director- of . the 
Premier. Labour Party leader Republic down into the Ulster some impact as an articulate the Labour Party It embarked rated by small enterprises and until recently the Industrfel, Confederation of Irish Industry, 

Mr. Brendan Cnrish. The two conflict. The issues the voters voice In opposition but has also on a 14-point . plan of social the Ferenka -closure was the Development Authority, which Mr. -Liam Coonellan, predicted 

party chiefs* departures and the were interested in were sketched out the shape of ui*» reforms. The conservative back- biggest single loss of jobs in is responsible for. attracting that if industry were given the 

triumphant return of Mr. Lynch economic. And having had the party he is now rebuilding. It bone of the party, Including Mr. the history of the Republic, foreign . investment to Ireland, tools it could provide 15,000 of 

were not. hnwever, the most misfortune to come to powct is probably fair to say that from Cosgrave it is said, tended lo be What made it even worse, how- was using the supposed dociilly the 23,000 new jobs calculated 

•ignificant features of the elec- only months before the reces- Dr. FitzGerald's point of view suspicious of the. implications of ever, was that it came at the of the Irish labour force as- -a. as necessary if unemployment is 

ion result. sion began to bite, both Fine the Fine Gael party he took that move. Dr. FitzGerald, on end of a bitter strike over union selling point in its advertise^ to fall. 

The Cosgrave Coalition's con- Gael and Labour were to find over was not so much shattered the other hand, is likely lo build recognition. ments. ' The tools now seem to be 

idem hopes of a second term that tbeir supposedly reliable as anachronistic. He himself on it and with the Labour The general view is that this Now, in the wake of Feiepka there. As well as the budgetary 

were largely based on the' con- supporters deserted them in un- was also well aware that one of Party’s own post-election pure- was essentially an inter-union an d the telephone strike, .the provisions, the 8 per cent, pay 

-titucncy redrawing it had precedented numbers in favour the cardinal mistakes the ing of its vociferous left -wing dispute and that it was the danger is that foreign -Indus- deal will keep Irish industry 

Introduced shortly after misting or Fianna Fall’s ambitious mani- Cosgrave Coalition made during the way may be clear for a direct cause of the Ferenka triatists will see Ireland" in at least as competitive as Its 

Fianna Fail In 1973. Counting festo strategy for economic last year's election campaign second attempt at coalition. closure. This view, not exactly the opposite light— asTa biggest customer and competi 

>m the fact that Irish voters reconstruction. was to tell Irish voters, whose . Possibly the most Important altogether suprisingly; is hotly country where a plethora of for, Britain: So- the remaining 

. - . .disputed by the trade union unions and unofficial - strikes shadow would seem to be 

movement. And it is true that makes investment uncerfain. / labour relations, and should the 
the Limerick factory, which "That would be ah unfair Government— and Industry 

made steel cord for radial tyres, judgment but it is a real danger, fall down 6u their targets the 
never made a profit By the Foreign businessmen cou’d be search- "for scapegoats wLU be 

forgiven iftheykeepg close, eye vigorous, 
were estimated at on the fate of the current draft r „ 

t K) fl S0 . °f r .‘!onal wage agreement which intlliCIICC . 

troubled industrial relations, nrovldps for an S m»r «»nf in luuuvl,i ' v 

although ft is fair to say that ^? or f "oSe^.%rwd over ft * accepted thaL-wilh its 
most of these were at the con- tg mfmths underlying structual unemploy 

struction stage. Nor did it ever ^ t ■' ^ words of the ment^the Dish economy cannot 

ESS lfu i’ . ‘-Ploy--' 

auction, although after the oil d n e „i oomenL la afann t without .* continuing massive 

”1 anSSTurtt^lg forelw-tove^iem and her* 
Government's economic stra- 

..^#r ; - 

■jg . -./T 

" T ; - 
" 'i 


Helping maintain the great 
traditions of yesterday. 
Allied Irish Banks workfor 
today and tomorrow- 
with overfour hundred 

offices throughout Ireland, 
and twenty-seven in Britain, 
together with a Merchant 
Bank, an Industrial Bank and 
a Leasing Company. 

surplus of its product on the 
world market. 

■ But the strike coincided with 

the ‘ labour relations bogey— 

icsjT That* "strategy"— depends resJ ” ^esined-could have a 

considerable influence. 

years -for- those that do. 

Nevertheless the IDA has ex- 
ceeded /Its targets every year 
for the ; past six years and its 
new targets are a sign of. con- 

ER VsCHt> IN BRII LkmvxjoI I' r’O'v.. \Vii ;heajon 

NCWrtttRN [REl AND ARtA Of FICE: 1- < i ■. -i! Am.W. IklMsT HIIIL)!’ 

DUBlLN-l l> MX TUiiL'Ifim t/LBr.L-ith. '.\esirm id I. 

lMtRSAnON.MOff1CE5'-l-onclon;ij nm,wir«unAvisiu«f Bruvsck:ticnp«.- Cj.THtT.Kuc.'Arduuwi^ 1" ' JI.H.m)t‘iu.VT3 J 

New York; AvMiuiNirA^yrf. Chkjgii: IJjSatfnl.isji; Onui^i 

an improvement iu demand and JxSing ^nd^otenlfa^S’ea^n" The : fndustrial Developmeni 
the plant v>^s out of production Au1hority : ;has increa sed its 

at a time when it could reason- unemployment— currently about foxl i ob approvals m 1978 
ably Have expected to sell ai 1 Se to 27, ®° i the highest Job 

;; y r„uewh-,chJ™ma^ me 
And if the dispute was not - Givernmenfs heavy borrowing 

as the unions daim — an inter- nrn^ramme bearable in thp lhen ? 1° . £ru,Ucm and there 
union one. -to the outside KSEEEd; cao-be a'Ieacr-in Ume of several 

obsen-er k bore an uncanny But the agreement is under 
likeness. threat, not because of the money 

It-lnvolved two .unions — the terms, but because .of the provi- 
Transport and General siuns on the settlement nf dis- 

Workers, Ireland's biggest pules. These provide that before fidence'thal the flowHf forergn 
union, and the Marine Port and a strike is called there must be investment can be maintained 
General Workers. The ITGWU a secret ballot with the support increased, 
and MPGWU have bad their of 50 per rent. -of the total elig- The bierest battle mav he 
battles before and the latter J ble vote, as well as a pro- with lhe U K wblc}l be _ 

left the Irish. TUC some years e» a 5lSl!fu come increasingly aware of the 

ago after a row involving the ® nd cool These proposals of actively seeking 

ITGWU. foreign investment. particuiari.v 

_ raostnotably fromthe Transport for depress^ areas. In this 

nkmitP and GeneraI r ^ UnJ "■ the - ** salesmen” are only 

The_ stakes are high. One sign too drilling to point to any de- 
This time a group of workers of how high is thc employers ficiencios in' . a competitor’s 
in Ferenka left the Transport 0WD to persuade the labour costs or Industrial rela- 

and General to join ih e unions to ratify the agreement tions. • 

MPGWU. which then sought whe F n ho T I . d ^ eir deIe Sate There is too a realisation that 
negotiating rifllUs for its twv co / lfe ' re,Jc ^ ls ai^uable time is rtuwing out for the kind 

members Hence the aooear- w . hcther the support oF the era- of special incentives offered by 
SSTSiduS ciltiv^ at ployeTS is „ nece5S ^ l y “ Inland and Britain. In the Re- 

Ju!; efi w se to those unions in favour public the" most effective has 

ot ^ftcatiotu but the em- been the tax holiday for ex- 
ordinaiy one betiveen union p i oyers feel they cannot stand ports. But all the signs are that 
and management. But manage- idJy by< ^e EEC will move to equaliS 

ment were weHaw&re^ that to The reasons are not hard to such Incentives among the mem- 
concede the MPGWU s case fi n( j. Both Government and ber States. Arguments about the 
would immediately bring them industry are anxious that the need. for special treatment for 
into conflict with the other remarkable performance nf the poorer regions like Ireland are 
union and they ar>parenUy felt Irish economy over the past year unlikely to be heard any more 
the merry-go-round was endless, should not. slacken. Last year sympathetically than, say, the 
So Ferenka closed down, Ireland had the highest growth arguments for an exclusive fish- 
leaving worrying implications rate in the EEC Much of this Ing zone. • 

For a broad spectrum of Irish was due to the performance of So the efforts tn attract in- 
industry. The first is labour industry, particularly exports, vestment before the curtain 
relations- When the plant shut "'here there was an increase of comes down will be that much 
down the same two unions were 44 P fir c® 111 - more intense. The IDA itself 

involved in another dispute over The circumstances in the Says *** targets are based on 
which should unload chemicals coming year will not be as sever *l assnm pti ° ns: a con : 

tmued favourable environment 

at Dublin docks for the giant favourable as last. The main" 

Asa hi textile plant now coming difference is that the failing *. n worm economy; no re- 
.on stream tn Co, Mayo. Few pound, from which Ireland competitiveness 

believe it a coincidence that reaped full value, has stabilised. . , the mcenUve 5 , or of Irish 
they sorted out their differences wIliJe the fail in the dollar— a j!] du !5r 
shortly afterwards. currency in which a large pro- l . n -- - au • 

That, however, will hardly be Portion of Irish exports are C 
enough. The beginning of this leaded — will make it much 
year has been marked bv what tougher to sell abroad. 


The' state of the world 
economy is of course a problem. 

may be the final eruption or a On the other hand there are Ihuarion 1 'does^ rmr' 6 Mtuaftv 

iTpoT^ SiSnS th8t 3 t,onsid ^ rably deteriorate-. further, and the S 

8 * V lS e * v ? meer *: mcreasE m investment is under per rent pay limit should keep 
Tne consequent disruption of way in Irish manufacturing {ndustry reasonably competitive! 
internal and external communi-. industry, while agriculture— -the with so much it stake and the 
cations cost Irish industry, by biegest single industry— is doing opport^niSS there ^ol be JlzeA 
reme «, es . as much as almost omba«l v IT™ Vw 

’ a gmwinp rpoiin* ^ rfflcrs f a 'our3ble Government and employers will 

g owing Feeling tax treatment. make sure there 

There is 

That labour relations in Ireland The Governments strategy, are hn more Fhrenkas. 
have been deteriorating and which involved the abohtmn V,f a re nn more^erenKas. 

ought to be improved. This has wealth tax and the «asmg ot Bj a .CgiTespondeiit 



to convert 

to increase 




means expansion 
of the chemical industry 
inlrei3nd.ltsnew - 
muJtknillfon pound " 
plant at Marino Point, 
Coric one of the wort® 
largest and 
most technologically 
■ advanced 
chemical complexes 
will produce 1350 
tonnes of Ammonia 
and 1000 tonnes of 
Urea daily, pioneering 
in Ireland the use of 
natural gas from the 
Kinsaie Head field. 
Nitrigin Eireann Teoranta 
(NET) is a tangible 
investment in the 
. technological future 
of Europe. 


SONorthumberbnd Rd. 


A... Tr 






k , ; ?r-. IRELAND’S ECONOMIC climate' inflated, now it is working hard 
„a A; is to-day almost the reverae of to inject a note of cold realism 
a ^ ear aS°- . In terms that will tone down some of 
lot economic- performance, the euphoria. - 
j Ireland has climbed dramatically 
£«nm the bottom rungs of the Tronilc : 

|EEQJeagae tables to- the top of-' AlCllUo 

cent twice the vrr fint ^ . Contradictor trends is, of 
taverase - Li?S “nrse. that the present Fianna 

fSSu . as ,«2? uced ’ Fail Government 1 last .lune 

ouslf?d {he coaJit »0 I> Fine Gad. 

s^ h ; T - FfFjcwtt., Insh mam^ labour Government in a land- 

Sher geaenI election.: ' Al the 

£«nrt< bv ^i'nr»^w^ S , ?** beginning of last-year the coali- 

^ low that ; Uhe sensitive 

H?J he amai l ^port-oriented Irish economy 
would shortly: Pick .bp speed as 
ffijjjjf r ^ orn?e ^., ;tiie world trade accelerated- Its suc- 

randan. market for a while. eessor, withthe sense of secunty 
."JTheSe achievements are being thar comes from- r a record 
looked to by the Irish as merely 20-seat majority in the J 48-seat 


Area ’ 27,136 sq. miles 



GMP (I977)f 


Per capita 


Trade (I977)t 


£3.0 83m. 



Imports from U.K. 


Exports to UR. 

£1,1 82m. 

Exchange reserves 

* Provisional 

£2, 208m. 

Is a lot of truth in that assess- The Central Bank and a num- White Paper setting ou: wnbi- 

nienL for putting the economy ber of respected economists. do. lions targets came Hr. Colley’s 

' 27.136 sq. miles on to a sound Towing is Mr. notthmk n can be done. They February 1 Budget setting the 

tri n Lynch's top priority. 1 -haw been warning that Fianna plan in motion. Using public 

Mr.; Lynch’s Cabinet reflects Fairs dash for growth relies on sector employment and the con- 

that • concern. - Mr. George a-wjde variety of factors— lover siniction industry as a flywheel. 

Colley, the Deputy Premier, is inflation, higher investment rh e free-spendm- Budget used 

Finance Minister, and Dr. and' -productivity, improved Sc /u^d concesfmnf To 
Martin O’Donoghue. an balance of payments and pro- private sector a decided 
economics professor who lias gresah’ely more determined hiw«i Pn pi. ■£ 3 deaded 
just • entered national politics Hvage restraint— slotting neatly J 0 ? ius f 
as Mr. Lynch’s own influential into place at pre-detenmned . ' * pn ' ale 

protegee, is Minister at the head times. In short, they are say- ind ^ iy musl be 

of the newly-created Department ing. tint the strategy is cumber- “ l f“ in order to generate the 
of Economic Planning -and stone; and inflexible and the j‘ evenues needed to pay for its 

Development In spite of the whole fabric will fail apart if a v raIe "-’- 11 ,s a «o determined 

inevitable Dublin rumours that single Wan u •> mi-»ginp Given tbat 11 111051 be allowed lo 

Mr. Colley and Dr. ODonogbue duff-many econo mi c v«H!i|iflqs generate enough profits to 

are " in competition'' for the in Ireland are dictated by those i' n dertake major re-invesDnents. 
mantle of ** economic supremo,” that obtain in Britain, and that ^ r - recently said that 

the signs are that for the pre- the' .Republic is currently in the by 19S0 the rate : f investment 

. sent they are partners in a cal- throes of an almost impercept- * n 1,16 Republic will ha.'c tn 

start oT an -unprecedented Dail (lower house), is nonce rned mists are warning against a culated and- ambitious economic ible but nevertiieless real social r,s c a further -l per cent, to 31 

[boom. .that, by . the early 1980s that the present economic boom downturn in the Republic's policy gamble. revolution, these war nings are percent. Remarking that Irish 

[shouIdTiave revitalised the c6un- must not be frittered away but economic performance by the Its objectives 'are straightf or- nor -without weigh L industry’s investment level 

try's- -industrial st rpeture. In used to restructure the -economy, early 1980s, and it must go to ward enough-.' By. the end of '• would thus “be close to the 

*1*© popu far view . the ^loom To some extent,.- these two the polls by mid-1982. and is 19SD. which- is the limit of the /^omKlp highest figures achieved outside 

Ver .- Ireland’s future ■ that differing attitudes, are easily therefore seeking to temper the three-yea'r' strategy period on- rhe Cuinmiimsi countries in 

rked I976 .and . the early explained, by general elections electorate’s expectations. compassed iir a recent White 'If the Government’s gamble recent decades.’ ’Mr. Lynch 

lonths of last year has been Knowing that it was entering a Whatever the politicians’ Paper oft economic develop- pays- off. however. Ireland will added that expanding produc- 

jplaced by an almost bound- crucial election* year, the last ulterior motives, though, the ment, Fianna Fail aims to have enie£ the next decade in much live capacity was vital now jJiat 

optimism. . Government strove - .to create upshot has been a widespread almost halved unemployment, better shape than seemed pos- public spending was close lo 

irodoxically, the Irish Gov- economic confidence in the impression that whereas Mr. pegged inflation to 5 per cent/ sible even a year a°o Unem- half of Ireland’s GXP 

rent's view of the economy hopes of being .one of the very Liam Cosgrove’s coalition tended a year, reduced public spending plbymeai. which Dr O’Dono. _ 

changed just .as radically, few European Governments to io ignore. some of the more un- from the 1978 rate of 13 per ijjue .has real isticallv estimated • ~ llc Lynch Government's most 

in/ the opposite direction. survive after baying presided palatable truths. about Ireland’s cenL of GNP to 8 per cent and' a, l'isociD mhpr ’ th.n ^ immediate need, however, is 

: — I --a..- * 1 - •»-•-« — * -* ai rauier man -me restraint, its White Paper 

strategy was based on a 
‘flexible guideline*’ of average 
- wage increases during 1978 of 
anticipated / per cenL growth 5 per cent- Somewhat grumpily 
me is sustained. Ireland’s GXP the Government last month 
wiH iOavc shot from less than accepted an S per cent, national 
£5bn- in 19* j lo almost £8bn. wage agreement struck by tlie 
Fianna Fail will have begun employer-labour conference, 
to dose what seemed an inevit- Boiled down to employment, it 
ably widening gap between cautioned, the pay pact might 
ttish living standards and those weU cost the republic 4.000 jobs. 
cl <t ho -rest of the EEC. But in wh „ Innks , dl! , ulM . 

Atternativety. ihe^ gamble ing foretaste of things to come, 
coura fail and the Irish the wages deal directly affect- 

. Republic will be saddled with ing almost half the country's 

crippling foreign debts. Servdc- workforce is already in doubt 
- ing apd making repayments on Ireland's two largest trade 
the State's foreign borrowings, unions are unwilling to endorse 
most ’"of .which were incurred it because of a “cooling^ET 

. by the Cosgrove coalition dur- cL^se it contains that was 

b PEOPLE DO not talk much because the water there is so although this year’s programme There were some fairly start- - W the" recession, now mops up designed to counter the iiicreas- 

^^about oil in Ireland any more, deep that any oil find inlght : not will hardly be enough to estab- ling -revelations. Although the - ^^ between £lbn. and poor strikes picture 


• i 

We run 

our fly-drivebusiness 

A question mark over 



a* .evaporated. . - would come into it* owhonly in esJiS' consenl ol ,he privatfi sbare * S vlHE i 

lljjJ ' Not that the search is over; some distant future when new a which have been -'exten- holders - 0n 1118 other h * n d. ^ ^ 14310)1 Govern ' * 

far from it. Indeed 197S will technology and a '.world oil there were restrictions on the “ 8 Pt V*™* 

flfb see the most 

nib ’& ^ 8 

to date 

commercial quantities 
carbons, apart 

inaeea will lecnnmogy ana -.-a worm on S s v -i- evnlored in recent veara WC£e 1QU,tuuus l,lc ; • . " 

concentrated effort shortage ramuld make difficult ^ vhiI * aIS0 fadicatliig whether T^bts of the private sharebold- borrowings. 

i exploration companies drilling at great depths a com- lhe newer territories of the Por- *** “ d considerable powers of Either way. for better or for tainly upset 

. But the failure to find, merciai proposition. «. • .». . • cupi;) p a„ d D 0nega ] are worth v8t0 . on company policy were worse.' the Government: is now Fail’s delicat 

— ■ — ntities of hydro- : That is. of course^unlesssome- f lirlber rDvestmeht ’ All these ,eft 10 ^ b ands of ^ Minister. enAarKW *t \ ^ its course. Hard ' * 

from the. small. or the early profiiise: is fulfiHed. deve , 0 w ments will 6e etched Even so; Mr. -fTMalley was on the -heels- of ’’ its January • ’*••• Giles MBlTltt 

LT'mcoln mPuncr r PKo FncTnm • hoci n ftff tha enttf h « . . • » L J m* L.Ima. - — -- - i i — 

. active in Ireland. A showdown 
with the unions may well be a 
feature of 1978. but would cer- 
sorae of Finnia 
delicate calculations 

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plexion from the one' which list! the. company' 

on the assumption that there fate onccandfor all. .-Two years - offered most 0 f ihe liceuces. balance sheet. The real lesson, 
may not be. oil in any com- of activity hav& proddee* poor .. frotii the whole rather sorry;, 

me r rial quantity. results. Another six ^ 4b nine ...Should there be tods off the bnsiness ^outd seem. to be. the 

® relative power! essn ess of Irish; 
h _ governments' in’ r the field oJ : 

. • a ' minCTai deposits, 
years to come. - F 

O'Malley has promised 
but now that- he -is 
has became aware of 

(i. ■ — — , — * ----- _ . is Dossible that this question difficulties. The how 

r ;[|f JJ A r h anrt become 6M di - will be dealt with in the results t° the State the control over., 

far from over and in some . f policy review which are -mineral deposits which the Irish 

Drilling - 

th k^mn * V a^a a ^nterSt , _«■«» ? f cagr .working, are and Sfi combes ' % one ^ny. which the Irish 




high ih the Irish Sea where of the issues which most divided P e °* J ® wouid a 1111 - 051 certainly 
fog is already taking place the ^ xr Lsh Government and defend. % 

now is rhe Porcupine basin off 
the went coast; .Only two wells 

, there but _ „ - . . .. r - 

.both showed - hydrocarbon off Morecambe produced interest was ^ opposition. It is more are at least five different ways 

!-»• mi' tunoi, >UMIV inv r w * : 

have been drilled there but i* 1 the Kish ba&in. 'lne gas onus t h e present one when the .latter Mr. .O’Malley has said there 

J'UUUI Olllincu ]|»U. vv~. -rv _ . - . . , , r . - — 

fi i Jnl traces, although -not in com- »h ; Irei a n d* although there are than possible that the present in which legislation could be 
|g'£fcitl’ 7 iiercial quantities. Between five ^ u,te d i ff e ren t geol ogica 1 struc- Government will switch to a drafted, all of them presenting 

,*and seven wells should 

- ..wu. be w re« °n the Irish. .side, of the royalty/taxation system .on finds difficulties. But the promise of 

‘***fiFilW drilled there this year with BP, median line. Gas remains the Tat j ier tlraus the equity stake in legislation stiU stands. ■ 

Shell and the Demine* antf Elf most likely discovery in this succe55 fu] consortia and the lT may be nee ded- There are 
consortia all -artive m the area. area Us pi [ oximit ^ to “J establishment of a State oil com- ,fj 0nfi nimours that Navan may 
Indeed, the likelihood is that prosperous east coast would pany envisaged by the previous aol b ® -j, e on jy substantial zinc 
more Porcupine blocks will be make arfy find that much more administration. . . . in g, c coumrj’. And there 

..^allocated for exploration this va uaoie. "bn land the' news has been is sufficiem interest in the pos- 

In^yefir. which could ensure drill- There will also be drilling In not so much of mining but of. sibility of uranium deposits for 
' -Cflrtfoz int ° 'rt'e 1980s. Only the Donegal basin off the north- d political row over State parti- prospecting licences to have 

tlKCM^cxtremely bad results could west coast this year. Amoco has cipation in the Bula company, been granted for various parts 

rtfriUolally dent the enthusiasm of already indicated that it will. Bula is the smaller end of the of the c ou ntry. 

T^JftV t'he drilling companies that oil. drill theoe, but it seems likety Navan lead and zinc orebody. 

tni?bt be found in sizeable that others — Texaco has been This is the largest orebody in rt A „ t , nr r. ft 4 ; 

Quantities in this area. mentioned — may move in. This Europe and the bulk of it is X-JCDrCSScQ 

■ A large question mark hangs is virgin territory and far from worked by . the Tara company. 

aver rhe Porcupine, however, easy, but it is a small basin and itself an offshoot of a Canadian Tor its part Bula remains, in 

the words of one commentator, 
"just a muddy ■field.'!, _ Difficul- 




We are major manufacturers and exporters. 

We are sperialistsjn cast iron and vitreous enamelling. 

Reginald wood-bunting stoves, Stanley wood- 
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central heating, are strongly established in the 
U.S.A., Canada, Britain and, of course, Ireland. 

We are extending this product range to catri: for 
the ever-growing demand for our high quality . 
products and for expansion into other overseas 
markets; ■ 

The capital investment programme which is 
in progress will double our manufacturing capa- 
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Disamatic and other automatic moulding machines. 

■ . information recording our products, capa- 
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= -request 


Phone: (051) 75911. Waterford, Ireland. Telex: El 3765. ^ 


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. r • V. •■Telex: 8«5: 

or Phone: Ireland 02 1 /45122. • ’ ' 

■■ U.K. FaroboroUEh ^ Kent) 5215 J. ■ 


. It would have made more 4 jp S over planning permission 
sense for the ore to be worked for jhe company’s '.scheme to 
by one company but some astute divert a local river - and cbm- 
Insji businessman seized the mencc opeiHCa st mining have 
opportunity to buy some of the ha j led aevelopmenL Taro, for 
land, in. partnership with the jjj part, is already shipping out 

original owner. The Govem- 

Us ore. although labour prob- 

ment tried to take control but ^ ad ^ depressed price of 
found to us embarrassment that - have some what, dampened 
the lrreh constmition’5 protect- ^ enlhusiasffi: -■ - — 

tion of private property nghts Ttt.. 

would not allow it to do so, • The same factors have cast 
: The industry Minis.srin th, some tleuht ever the tpmre of 
then coalition Government; Mr. a J 1 Irish smelter, e.ven thou® 

-Justin Keating, derided there *J e of 

was nothing for it but to buy vocal ^resource T proteoion 

into the Bula company to ensure S roups ’ The ^- w J 5[? y ?° c 
some Stale participation in the Company is Still working on a 
development. The first problem feasibility study and the resu ts 
arose over valuation when arbi- expected soon. A new ele- 
l rotors fixed .the price of a 25. ^ent "’as introduce to the 
per cent, stake at around £lOm. debate recently with an ap- 
even though the Government's parent offer by the Soviet Lmon 
highest figure for tbe -whole to - build the Irish smelter. . 
mine was less than that. - it seems an unlikely alliance 

Worse was to come. As -well could fit in. with efforts 
as criticism of the Covernmesl’s close Irela n d s trade gap with 
failure to take a controlling in-- Russia. Ireland can haitily get 
terest in the company. Mr. into .the>metal business seriously 
Keating was attacked 'for without a smelter and. asso- 
cementing the arrangement in- mated ** downstream " activities 
the form or a Bill even though but its feasibility will depend 
he -felt unable- to give Parlia- both on tbe state of the market 
ment all the details because of and Ireland’s own proven 
commercial confidentiality. reserves. 

The opposition was furious, . 50 Jiew discoveries could be 
and m.the heated debates which important While no one - is 
followed their spokesman, Mr.’ making predictions, the feeling 
Desmond O’Malley, pledged to remains that natural resources 
publish the details if his party *** a significant. factor m Irish 
were elected. Last summer it economic equations and that f 
was,. and Mr. O'Malley, depute there probably is something out 

reports that he ’might have .re-., ^bere. in the 'hilfe.’ 

grafted his- ra5hnass,'kipt-iis ' "X" \ , ' 

promise. ’ ; 15 }' a Correspondent 

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* a * 

r A 

TOURISM IX Ireland is recover 
lng after six years of declining 
fortunes. This year tourists are 
expected to esceed 2m. for the 
first time ever— a. target 
originally ‘set for 1970 but 
quickly dropped when Ireland's 
image became linked with 
violence in the North. 

Mo one questions the fact that 
tourists would have exceeded 
the magical 2m. figure long ago 
hut Tor the troubles and the 
occasional bombing south of 
the border. Thar figure was 
nearly achieved in 1969 when 
i he re were 1.9m. tourists and. 
to attract the exira 100.000 
visitors thp Dublin Govern- 
ment embarked on an expen- 
sive promotional campaign in 
Britain and the U.S. The effort 
was in vain: 1970 bruught an 
increase in violence and 

tourist numbers dropped off 
dramatically. About 700.000 
changed their minds about 
coming to Ireland. 

With the number of incidents 
considerably reduced in the 
past year, the recovery has 
been equally dramatic and 

officials of the Irish Tourist 
Board are optimistic that the 
country's third most- important 
industry can now resume the 
steady expansion experienced 
in the 1960s. Only a sudden 

upsurge or violence can 

interrupt that pattern. 

The results from 1977 were 
particularly satisfactory. Tourist 
numbers grew by 10 per cent, 
to 1.891m. and in revenue terms 

were worth £232.7nr.. including since it was returned to power Tourism also provides much taken- the U.S. as a market for 
the fares paid to Irish travel last July. It placed particular needed commercial activity in Irish tourism. Th*s year w®* 1 
companies, emphasis on the development of rural areas where un employ- Germany alone is expected, to 

The improved results reflected tourism in its election mani- ment is high. . ptodnee 98,000 visitors, an^in- 

a crowth in all markets hut oar- fesl ° t0 make Ireland a Of the three markets which crease of 18 per cenL on 1977. 
ocularly significant 6 was the ■ more ^active destination, it serve Irish tourism in quantity > Ireland's appeal on the Conti- 

increased number of .visitors 
from the UJC. it -is this market 
which largely determines the 
success or otherwise' of Irish 
tourism. A- total of S53,0M 
tourists came from Britain last 
year and although most of them 
had some family connection in 
Ireland there was a notable 
inrrease in other visitors. 

Bui while the Tourist Board 
expresses satisfaction about the 
improved results from Britain* 
it is prone to forget that last 
year's figure falls far short nf 
the record 1.125m. British 
visitors in 1969. . This is a 
measure of the loss the tourism 
industry has had to endure 
because of the violence. In 1968 
Ireland had 17.2 per cent of all 
Britons who took holidays 
abroad: by last year, the share 
was Jess than 8 per cent 


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Airlines and car feny ■ com* 
panics are now. concentrating 
on developing business during 
the' “shoulder periods" of 
April, May and June and Sep- 
tember and October. 

Another reason' for stagger- 
ing the inflow of tourists arises 
because of a shortage of hotel 
rooms In Dublin, Cork -and a 
number of the main resorts 
during July and August Hardly 
any new hotels have -been built 
in the past decade because of 
the depressed - market. This 
year. only one major, new hotel 
is being built — the 290 room 
Berkeley Hotel in Dublin which 
will rent double rooms- for £33 
including- breakfast. A single 
room with breakfast will cost 
£ 22 . 



To improve that situation, the 
Tourist Board is committing a 
bigger proportion of its £7.8m. 
marketing budget to the U .K. 
and 100 representatives of the 
industry are touring Britain 
seeking support from clubs and 
travel agencies. 

The campaign in Britain, 
launched by the Minister for 
Transport and Tourism. Mr. 

Patrick Faulkner, shows signs 
of bearing fruit. Advance book- 
ings are considerably higher 
than in previous years and the 
Tourist Board estimates that 
they will have ho trouble in 
reaching its target of 921,000 
visitors. The Board has also 
drawn considerable comfort 
from the annual British 
National Travel Survey which 
has shown that almost 20 per 
cent of adults contacted (or a 

potential market of 8m. people) persuaded Britain to agree, to —the UK North America and' nent is founded on an interest 
were mterested m holidaying in the introduction of duty-free Europe — Europe is the only one. in activity-based holidays such 
Ireland ‘despite the present facilities between the two coun- which has no eLhnic content, as fishing, golf, motoring, horse 
political circumstances." A tries from March 1. This market was only developed riding and game shooting. An 

similar surrey in 1976 showed Official figures show that seriously In 1970 when the important advantage of this 
that only 11 per .cent, of adults every £1 spent by foreign British visitors began to stay market is that holidays extend 
(or an effective market of 4m. tourists in Ireland generates away. In the seven years since beyond the peak summer 
Britons J would come to Ireland. £2.06 in additional income then arrivals from European months. In the past Ireland 

The renewed vigour of Irish within the country, while the countries have grown by 150 per has tended -to have a com- 
tourist interests stems mainly Exchequer also benefits since cent and the Tourist Board pressed tourist season, with 40 
from the incentives provided -by tourist spending tends to be on estimates that by 197$. Con- per cent of annual demand 
the Fianna fail - Govern mem relatively, highly-taxed goods, tinentai Europe will have over- occurring .in July and August 

Jack Fagan 

Good times for farmers 




The economic and pofitieal cGi 
much nowadays thai the managements stocks and 

Veiy tew investors have sufficient lime to 
constantly review iheir portfolios ami take the action 
necessary to get maximum benefit from their 

Tms is where the investment division ot investment 

Bank of Ireland can help. We have a specialist team 

who ttevoB ad thortime am expertise w managing 
share investments, and this team rs badcad up by 
eywHeot research facilities, both at home and abroad. 

tt stock and share investments are m important 

part ot your total assets please fill in the coupon , 
and see rf we can be ot service. 


I TO: The Investment Manager 
I The Irjvestmem Bank of Ireland Umftfed . 

) 91, Pembroke Road 

1 BaBsbridge. Dublin 4 : 

I Please send me information about yatxtnvasimiwt 
j Management Savins 



Type oi ftortfbito & Approximate Sira; _L 

. I 






IRELAND'S 180.000 farmers to increase production in Ire- 
hare had their best year on land. Much of the land is 
record. Their net income in- Already • under-utilised either 
creased by an average of 34 per because it is deprived of 
cent, because of favourable fertilisers or owned by elderly 
weather -conditions, a 5 percent, farmers who have long lost the 
growth in output and higher motivation to maximise its 
prices for most commodities, potential. 

The year was also significant The Irish can still produce 
in that it marked the end of the cheapest milk in Europe 
the transition to full EEC mem- because the long growing 
bership. For farmers this meant season for grass reduces the 
an end to the transitional price need to feed cattle indoors. It 
increases necessary to bring the is hardly surprising. . therefore, 
level of Irish farm produce up that -milk production rose by 
to the level of prices obtaining over 9 per cent, last year. The 
in other parts uf the Community, total intake at creameries .was 
Up to last January. Irish far- 749m. gallons which was worth 
mers were getting a much higher about £350m. to the producers 
rate of increase in farm prices Despite the surplus of milk 
each year than their European products in the EEC, milk prices 
counterparts. During the five in Ireland were 35 per cent 
year transitional period, the in- higher than in 1976 and the 
crease was of the order of 167 absolute increase of I3p per 
per cent. It is hardly surprising, gallon was the biggest relative 
therefore, that Irish farmers increase ever recorded.. Signifi- 
voted almost unanimously to candy, half of the farmers in 
juin the EEC. It is they more the country are now involved 
than any other section of the in milk production, 
country who have benefited . 

from membership. Joining the KPITlPlTlllFT 
Community 5 avc them access to 

a market of 250m. people and Those who concentrated on 
reduced their long standing and beer production have also reason 
not very profitable dependence to remember 19 n.. Cattle prices 
on the British market. rose by 24 per cent, during the 

After the boom conditions of year and overall sales increased 
the past five years, there is an from £375in. to £480m. Despite 
increasing realisation that they these good returns, the Govern- 
cannoi hope for anything like mem is dissatisfied with the 
the same level of price- in- marketing arrangements — and 
creases as in the years ahead, with good reason, 
in fact, the Gavcrnmeut-spon- Though beef is Ireland s lar- 
sored Agricultural Institute is gest single agricultural export, 
forecasting that 'price increases meal factories have displayed a 
will be no more than 6 per cent, serious lack of marketing intti- 
to S per cent this year depend- alive, according to Agricultural 
ing on the finai package agreed Minister Jim Gibbons. They have 
in Brussels. been reluctant to move into the 

Irish farmers have also -taken added value products such as 
note of the widely held view vacuum packed exports and re- 
that the sue of the price tail pre-packed cuts which would 
increases in Europe have been generate extra revenue at home 
excessive in view of the butter, and provide much needed em- 
skim ruiik powder and beef ploymenL Instead, the Factories 
mountains, the growing eon- have relied heavily on the sale 
sumer lobby 'and the influence of beef through EEC interven- 
of industrial workers. Farmers tion. a system which Involved 
appear to accept that the bubble no marketing at all. 
has burst and that increased Mr. Gibbons is now to consider 
output and a major expansion widening the role of the Gov- 
in production will be |lie only ernment-sponsored Beef Market- 
means by which they can- main- ing Board iq provide the jm- 

p rove meats required. “Time is 
not on our side '* he >a»d. and a 
dramatic improvement in the 
processing of meat products was 
urgently required. He warned 

satisfied at last with its veget- 
able processing subsidiary, Erin 
Foods. The company has just 
prepared its Srst ever profit on 
its processing and marketing 
operation since it began 17 years 
ago. In that time Erin Foods 
accumulated losses or up to 
£15m: It has now turned I he 
corner and company officials are 
predicting a steady growth in 
profits and turnover, now stand- 
ing at £20m. 

The good weather last year 
also produced all-time record 
yields of cereals and the 
enhanced contribution which 

was expected from tillage by 
1980 was largely realised in one 
year alone. Barley production, 
for example, increased hy 60 
per cent— the largest single 
growth in memory. 

Despite the exceptional 
profits, from the different farm- 
ing enterprises, landowners 
again protested at the prospect 
of having to pay more taxes. 
And because it is afraid of 
alienating the rural vote, the 
Government brought only 
another 7.000 farmers into the 
tax net and softened the blow 
by increasing allowances. In 

particular. Farmers can opt for 
a notional system of computing 
their income rather than pro- 
ducing detailed accounts. Even 
wtli the latest measures, only 
22.000 farmers are obliged to 
pay tax on their incomes. Their 
contribution this year will be 
only £24m. — something which 
has greatly angered the trade 
unions whose members paid 
£522m. in income tax in' 1977. 
Pressure on the Government ro 
increase the burden of taxation 
on farming will almost certainly 
increase in the years ahead. 

Jack Fagaa 

lain their incomes in liner with 
industrial workers. 

With 1 lie handsume profits 

from recent endeavours,. agri- 
cultural production in - Ireland 

in the coining years is that unless this problem was 
virtually certain to exceed that overcome quickly Ireland would 
in any other rouniry in Europe, "be left behind by our competj- 
This year alone gross output tors.” 

w»U increase by at least 12 per The marketing of dairy pro- 
cent. • . ducts has by comparison, been 

In contrast to the situation enormously successful throu^h- 
in other Community countries, out the world. The Irish Sugar 
ii a relatively simpli -task Company has also reason to be 









The low wheel loads make the rail foundations inexpensive. The pinned and bolted crane 
sections allow fait erection. The wide spin and unrestricted height under the main boom give 
a large container storage capacity. 

The electrical equipment, high engineering standard and workmanship assure you bf & first daw 
piece of equipment. 

'Among them are Rotterdam ( Holland). Rouen (France). Hamburg (West Germany), Singapore, 
Manila I Philippines). Dubai/Shariah (Uniiqd Arab Emirates), Newcastle (Australia), Corinto 
(Nicaragua), Jeddah (Saudi Arabia), Rijeka (Yugoslavia). 

Please contact ; 

Liebherr (Ireland) Ltd. or Liebherr Container Cranes Ltd. 
Killarney, County Kerry, Ireland. 

Telephone (064) 3151 1. Telex 6946. 

J i* 

Although hotel standards 
dropped- some years ago because 
of the' absence of reasonable 
profits, the improved trade of 
the past year has prompted 
many owners ; to undertake 
elaborate refurbishing schemes. 

The Tourist Board is also 
putting considerable emphasis 
on the quality of the “ product * 
and may provide financial 
incentives to raise the standard 
of hotels. 

With the Introduction of 
keener fares on the North 
Atlantic, Ireland is budgeting 
for a growth of 11.6 per cent 
in that market, bringing num- 
bers to 337,000. Much of the 
marketing effort here is done 
by the State airline, Aer Ungns, ,.'7 
which itself is enjoying better P-' 
trading results than some of the 
bigger carriers. After losses of 
HO.fim. in the two years up to v.\ 
March 1976, the airline turned 
in a modest profit in the follow- 
ing year and is due to report 
a surplus of over £2m. in the ■ \ 
year just ending. The airline's 
trading performance is largely 
determined by the success 'or 
otherwise of the tourist trade. 

Like the Tourist Board, it is 
optimistic about the future. Oh 
present calculations, tourist 
numbers are expected to grow 
by one-third over Hie next five 
years. Whether they do or not 
may depend not on economic ~ 
prosperity hut the political . 
climate on both sides of the 
border. : ~ 

. - V. 

Sfi'li j 

„ . 

I :••• 

' ' 1 1 . ■ " 

Ss ?s 






Tooial Menswear chair man 






Mr, T. Stewart Davies bas been 
appointed chairman of TOOTAL 
» MENSWEAR, part of the Tootal 
'dHKhimr division. Mr. C. H. 
^Fletcher, now deputy managing 
director, has been made managing 
director. • 

k ■ 

Mr. Tom- Wood, marketing 
director, has become exocutivo 
director of CHLORIDE INDUS- 
TRIAL BATTERIES' industrial 
operations in Europe. Mr. Simon 
Coates, homes sales manager at 
Olio ride’s Matlock home sales 
base, has been appointed director 
of - motive - power sales at the 
Clifron- plant Mr. Leslie Br.dl- 
epat, • manager of Chloride Inter- 
national Marketing, has been 
made director of standby power 
ami export sales at the Off ton 


The new- name for Tate Ernes 
(Construction Services), a 'sub- 
sidiary of . * Fumess-Houlder 
t Insurance)-, part of the Furness 
WJrhv flroun. i«t FURNEKS- 
VICES!.- the Board of which is: 
Mr. R. Seymour (chairman); Mr. 

IW. McLaren and Mr. R. H. Nve 

fmanaeiTwr d'«-ectm-si: jw*\ <7. D. 
Barton; Mr. H. J. Hicks: Mr. R. B. 
Hutton- . . 


-Mr. Roruife Gee has -been 
anno in ted chairman of the Board 
of Drexel Burnham I-ambert Ltd"., 
the London-bawrf affiliate of the 
flROUp, and vice-president ■ of 
Drexel' Burnham Lambert Inc. 

with specific responsibility for all 
commodity business in Europe 
and related areas. Mr. Gee has 
been with the Amax Group in 
their New York and London offices 
for over 25 years, aiid has been 
chairman and'- chief executive 
.officer of Ametalco Trading and 
managing director -of A max 

. ★ 

Mr. T. P. Thornton, a director 
of Hill Samuel and Co. is to be 
appointed a non-executive director 
April 1. 


Mr. John J. Chluskf and Mr. 
Doughs Stevenson- have been 
elected corporate, v icc-p retidents 
TION. Both remain vice-president 

of ITT Europe and ’will continue 
to be based. In .Brussels.. Mr. 
CM u ski is group executive nf 
automotive products and indus- 
trial equipment 'at ' TIT Europe, 
and. is. also responsible for all 
operations in Scandinavia. Mr. 
Stevenson 'is grouo executive 
of electronics an d - . industrial 
components at TIT Europe. 


LL- Morgan, marketing d I reel nr 
becomes • additionally menacing 
director. U.K. operations. Mr. G. L. 
Prove has been made- deputy 
managing director and sales 
director, UJC, Mr. D. A. OTCeefe 
is now . sales . and marketing 
director. Irish division. - Hr. P. D. 
Wheatland, director and general 

manager, leaves the company 
after many years' service. 

Mr. Wlthsm. Oakley is to be 
appointed group finance director 
Oakley comes from Wilkinson 
Match and he will succeed Mr-' 
Peter Welch who is leaving at the 
end of April to become group 
finance director of Foseco Minsep. 



Mr. E. L. S. Weiss has been 
made finance . director 
INDUSTRIES. Mr. Weiss latterly 
managing director (finance) of 
Drake and ' Cubit! Holdings, 
remains -a non-executive director 
of Lovell Stewart, a wholly-owned 
subsidiary of Y. J. Level) (Hold 
int*s). and of Kyle Stewart 


Mr. M. D. Qwtaway has been 
appointed a vice-chairman .of C, 
C^ARNTKOW from AprilTL 'Mr. 
Ch.itaway joined the company in 
1957 and Joined the Board in 1971. 
.. ★ 

PANY has announced, the 
appointment of Mr. Sill M. Boyce 
as manager. Eko&sk Region in 
Sra^aDger, from April 1. He wfl] 
also become president and general 
manaeer of Phillips Petroleum 
Company Norway! Mr. Bovce 
succeeds Mr. Gordon; D. Goering. 
who becomes vice-«resident. 
refining division. Petroleum 
Products Group, in Bartlesville, 


Qualter Hall wins £lm. NCB work 

QUAI.TER. HAJX, Barnsley, -is 
v.'orkinc on orders for mine car 
handling- equipment worth -more 
than £lm. as part of the National 
Goal . . Board's grneral - surface 
reconstruction. and improvement 
proTratame. ' At Acton 'Hall 
Colliery, North Yorks. the 
comoany is. supplying mine -car 
handling.' equipment and materials 
syitems.- ' Similar equipment Is 
being - installed at Oakdale 
Colliery, . South Wales. At .Hatfield 
Colliery, Doncaster, Qualter Hall 
is supplying -abaft side equipment 

and. a materials tub-circuit Work 
is also- being completed at 
Frickley Cdlliery, Doncaster, on a 
new dirt car circuit At Coventry 
Colliery.' South. Midlands. ' equin- 
menr for air-lock and. shaft-side 
car handling-' is being supplied- 
+ - • 

orders worth almost £850,000 for 
the design and installation of 
private automatic . branch 
exchange (PABX). •“ '.telephone 
equipment in' January. -. They 
include installations'-for British 

Rail. Coventry Climax, Yorksr 
Water Authority, - the Western 
Isles Connell in Stornoway and 
four London hotels. Brown's, St. 
George's, the Waldorf and the 


EQUIPMENT, a division of EMI 
Industrial Electronics, has won a 
contract worth £438,000 from the 
British Broadcasting Corporation 
for the design, .supply and 
installation of antenna tuning 



Announces that two international competitive Bid invitations 
. will be. conducted for . the following materials and equipment 
for Unit No. 3 of. Ahuachapin Geothermal Power Plant: 


Bidding Documents are expected to be 1 available' add Bids' ’are 
.' expected to be opened' in. accordance with the 'ToUbwing- 
schedule: * 

'• Bid No. - Issued Documents Bid Opening At Site Delivery 

Date --Data '--- -- -Date 

- CEL-564 March 13, 1978 May 30. 1978 . January 31, 1929 . 
The Bid refers -to thermal- insulation .of about W)00m. steel 
pipes and 350 bends of 12, 16 and 20 inches nominal diameter. . 
Insulating material shall, be bi.ock" of calcium silicate. 


Bidding: Documents are expected to' be available an<t Bids . 
—''are expected to be opened in accordance with' the Folfowm^''' J 

Bid No. " 

1 '■ 

I i\ 


Issued Documents Bid Opening At Sice Delivery 
Date Date , : 'Dxte 

CEL-567 March 13, 1978 May Jl, 1978 A|fril30J97? 
The Bid refers to one automatic spray water system for protec- 
tion of one -40 MVA and one-; 3.25 MVA - transformers, various 
stand pipes, hydrants, pipes and accessories. 

Contract Documents will be. available .to Didders_at ELC-Electro- 
consult, Consulting Engineers. Via Chiabrera 8. 20151 Milano. 
RIO LEMPA (CEL) 9a, Calle Poniente 950, San Salvador, El 
Salvador. C-A. 

Bidders not previously qualified must' submit with their offer 
-the following information; 

1. Experience record in similar works 

Brochure statement of financial resources 
Description of plane and organisation 
Banking references 

Other information which will aid in judging Bidders 
qualification. •' ' 

CEL has received a -loan from the World Bank (IBRD) and”'- 
proceeds of this loan will be applied' to financing the contracts 
• resulting from the above Bid Invitations. 

■ Bidding is open only to firms from member .countries of l&RD.' 
and/or Switzerland. 

2 . 







< Incorporate:! In the Beoublfc ot South Afrlcai 



• •r. m 



Lc Group? etude Hlskar, agissanl pour le complc dc la 
fntare entity la realisation da. project de 
devcloppement du gisement de gaz de Miskar, dans ie Golfe' 
de GaMs. lance uve.- consul ta lion .de preselection en vue de - 
passer commando pour les etudes d'ing£nierie e( les services 
nO treasures pour ^acquisition de 1’ 6quipqnent et la supvr- 
ylsion du montage d’une usine de Lraitcmcnt de gaz acides 
a proximite de Sfax. comooriaut ties unites de tTaitement 
el dcs installations de production d’enci-gie et autres fadltifis 

Les Sotielfs il'lngc merle int£ress6cs par^cettc consultation 
son l invitees a retirer Ic dossier correspond ant ft partir du 
mardi 21 mars 1978 ft I'adresse suivante: - 

GROUPE ETUDE MISKAR — IX -Av. Khereddine Pacha. — 
TUNIS Telex 1212B 1 IN 

ct ce moyennant le paleptenl ‘tfnne sonnne de trois. cents 
(300) dinars tuoisiens par dossier ou de sa contre vale nr en 
devises etrangftres i 

- Les dossiers nc serooi pas envojids 



Les propositions relatives ft cel to- consultation devrout 
parvenir an -pins 1 tard le mardi 2 mai 1978 ft 17 he'ures. 


Special clearance sale of 150 
ixquisitc fine Persian nigs, car- 
pets and runners offered to the 
public .at wholesale. values 5G?o 
jelow shop' prices due to can- 
celled export order. 

FROM £38 

Open 10 a.m. to 6 p.m. 
nduding Saturdays and Sundays 
Toll 01 -83V 2528 


E. IBS. R.-fli'M SU'tcl, T34 0357.. Aia 

ir-P at All. iff MlAD . J.-'M 

-or Show fO.CS. 12.49 antf. J .«5‘ 4JW 

.ic pi johnny -WAwLosiwOrtb - „ Fr anfl*. 

RCQYLE.^£g ^PfMn^trgo^. tgnOqn.iW 1 


Sum M Minnlghi 
loiL-Frl. Closet! Saturdays. 01-437 6455. 


Tip COMPANIES act. W49 


- otar of 197# 

of fainiflGU: Invcibncit Holding ComMny, 
Winch no-on Order maun 6th February, 
1978 Date and niece of Bnr moating*- 
Creditors. Util April 1978. et 1 1-00 *.m. 
Coflirlbutoriet. -Tltn April. 1978 at 11-30 
a jn- 1, both to be.hehi au 
Monarch House. 

77/79 Cavers ham Road 
Reading. Btrks. 

NOTE — All debts due to. tbe Comoany 
mouM be paid to me- a. perkins. 

Acting as Oeoun tor 
0(6 dal Receiver and 
■ - • Piwiskmal Uouidator. 


ACNfiW CALLER ICS, 43. 0«, Bond ,51.. 
W.l. «29 0176.- THKEb CENTURIES 
.Or BRrilSH PAINTINGS. Until 20 Aprh. 
Mon. -fn. 9JO-5-M- Thurt until 7- 

POX.GALURY. 'EaMfaUton of. the nalrw- 
i»Tflt hv .grn^n- and Enropca" Artist* 
from 1700-1995. . 3-6 Cork„5treM. Lon. 
don.-w-i- Tor. 01-73* 7036. Wecsdav* 
Ht-6. ■ Saw. 10-T. • • • - 

Until 2f st March. Weekday* 10-3. Sat* 
ID-1 at 15*. CURord' Sc. Now Bond 
st. w.i. 

w:th reference to the Notice a* declara. 
Hon ot drvBend advertised In the Preic 
cm 8th Msrrh 1978. the tnliowlnp Inlormo 
tlon it iwbllihed for holders ol share war 
r an'* to bearer. 

The dlvlde-d of 35 rents Per share was 
de-lared In South Afrlraji currency. Sooth 
Air. ran non-revhfent sbarohoWerS' tax at 
5 25 rents per share win be deluded 
from me dividend payable In respect of 
all share warrant coupons leaving a ne: 
dividend o> 29.75 cents- war share. 

The dividend on' blearer shares will be 
Mid on or alter 2Bth April. 1978 against 
surrender of coupon Ns. GO detnrhed from 
share warranti <o bearer af under — 

(*) At the othre ot the fottOMlAQ Con- 
tinental oeylng agents: 

Barmue RotbtrMkt. 
21 Rue Lalhtto* 
Paris 9a 

Bcinaue Bruxelles Lambert, 
2.P-»e de u. Pegeere. . 
1*000 Brussels. 

■ Scr’ere Gb"e*-»'e de 1 Banood. 
3 Montagne do Parc. 

1000 Brussels. 

CreiH Suisse. 
Paradeslatz 8, 
Zuf kh. 

Union Sink of Swltrarland, 
Pahfhotstrpue 46. 

. Zurich. ■ 

Swiss Bank Corporation, 
1 Pesrfi y vo f a t a dL 
Ba*lc 4002 

Bamue Internationale a Luxembourg- 
2 B-mlevard Royal, 


Pnyments In resoact el COUDons 
lodged at the oBh-e of a Continental 
paying agent wHl be made . In South 
Afl'-an currency to an authorised 
dealer m cvrhange-ln the Rcoublic 
ol South Africa nominated by the 
Continental naytoo aoent. Instructions 
reoanafno disposal of the nroreeds ol 
tlw payment so made can only be 
aiveii i to rj-h aurhn-iced dealer by 
the Continental oaylng agent con- 

m £L “he . Landcn Bearer Rereotton 
OiRre Charter . Con*olld»*od 

Lnnlted. <0 Holbom viaduct. London 
er-! P T AJ lln'-ss f«rsO"S HpooSltlng. 
many** ai turn oflh-e rrrncu pay- 
ment In rand to an address in the 
Pa*VM'r of Soulh Alrl*i, oavment 
vdll bo made In- United Kingdom cur- 


'If in ruc-err of ns lodged orlnr 
tn 14*h Aarjl ’-are at the Unite* 

. K i-rad'-m currenry e-uf«alen* s' 
the -1—1 njrnp-"y vahie nl the'i 

d'rMenp on- 18 th A or 1 1 tgvB. On 
r • IH) in re*«*et «f 'wi-vvn n-r 

l"o “■» on-tod ta*«i A->r'l 19“B 
fn 19*>i Anr'l 1978 b»“h dxwr 
pwliisiee at the UnPed Kin<»d"m 
furranry eo-il valent pf the rani* , 
cur-enrx waiit« r| ihek dtvUcnd. 1 
on 9d-h April 1 ?tb or; 
flb> 'n resrert n( '-u-nrit Isdued rm 
tv a«*e» 2fHlt April ai the 

prevailing rale ol e^han-e on 
fhe day the nroreeds are re- 
tnltred. thrr-ioh. an au'herlwd 
■ dealer In evrhanee in Johan-et- 
buni to the London Bearer 
- : Per eat Ion Ofhre. 

Coupons most br Ip't tor at least loar 
riear d**s tor e-amparlgn and mav be 
"revered r>r woe^-dav' (Sa-urdav e- reded* 
Jfvwn the hours ol 10.00 a.m. and 

3 P.ffl. “ 

. . Klvrad-uvi la* will he de- 

dtirf«4 from In K'ntaflont 

nirrr-rv .in re--^t tjr_ rounds Hn-nsirgs 


Permanent and long term capital 
for the successful private company 

Also a wide range 
of banking services 4 mcluding;- 
Selecdve financ&f or property development 
Co mm ercial and industrial loans 
Bill discountiiig 
•- -Acceptance credits 

■For further infoimation 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 

Gresham Trust Ltd, Barrinzron House, Gresfasm Street London EC2V 7HE 

Binniniham nfflnp* Edmund House, New bill Sired, Birmingham. B3 3EW 
Tel: 021-236 U77 - 


Investment Rankers 

w»h co ' appoint agents throughout the United Kingdom. Agents 
are to bring to the attention of their clients tax sheltered invest- 
ment, products created by Choulartons. Agents will -be remunerated 
by Way of commissiori. The products, will fit in ideally with' 
professional services such as' accountancy, financial planning or 
investment advice, and in most cases will' be equally applicable' to 
substantial individual or corporate clients.- The appointment, will not 
involve surrendiiig ocher agencies. Ideally agents should be firms or 
companies specialising in financial advice.. If you are interested .in 
discussing .this proposition, please- contact: 


Ashley House, 30 Ashley Road. Altrincham, Cheshire WA14 2DW 
: n ■ “telephone: 06 1-928 90J I 

FOR SALK'. ■- 

Hodeni building, S 000 square metres in size, complete with 
sophisticated technical and scientific.. equipment, situated in. 
an unspoilt area only fifteen minujgs from Madrid-- . .. 

25,000 square metre site facing main .motorway in impressive 
natural surroundings of gardens;' trees and lawns. Architect- 
design, fully-furnished, air-conditioned offices and executive 
penthouse, built-in 2,5Q0 square metres of terraces. Parking 
For .200 cars. All facilities, including independent water 
supply, electricity, power station', .staff and executive canteen 
and gate house. Expansion on to adjacent areas permitted 
by local council. List of registered products includes modern 
antibiotics and ethical pharmaceuticals. Current annual sales 
of $2500,000. Great growth potential. Elderly owner willing 
to retire. Exceptional offer at US$4,000,000. 

Write Box . F.611, Financial Times. 10, Cannon Street, 
EC4P 4BY. • V. 


to the experts. Complete and .efficient- team at your disposal 
at. very short 'notice. . -Our very competitive rate* will delight 
you. -Send for f fill, descriptive ^brochure, -giving all details to 
the company's sales representativesr-or pfvefne. 

130a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: OT-952 6626 - Telex: 923598 


International Management . and investor Group is interested in 
acquiring part or entire Share Capital .of company having proven 
and exportable product line. Product and facilities based on 
advanced «r special technology and having world wide market more 
important than company size and financial condition. -Would con- 
sider supporting existing management with finance and marketing. 

Rtffin in confirfracc to Bor 61*04.' Financial Times 
"10 Cannon Street, £C4P 4flty. 

■avthe IkMirer Urtvim oiv 


ft* NJ "W-s ere jrco u - 

I-laiHf ^arj.rwtKw*. wtie-e surh 

‘MwV-S h n-ade . tiu> ~r~ j*int el the 
iTw ^e-H win ha the llni**4 Klnoif»m rur- 
evubn»le"f m 23.10 cents per share 
at sc unUer: . 

South Alrtun 
C u rrennt 
Cents ner Sha-e 

Amn-jnt »l ifivHeift de-l*red 
•f" '"'Hh A*r|-*n N-*n- 




ol the dirkfcnd ol 3S cents. 

U K. Jwwt tee « 
*N eross tmnu-t 



■ 6,65 

' • ...... Fpr and hcbih n4 


London Ce-retarles 

cmcc- J - c - Grwramtu ' 

^Holhon, .VMuet. 

MOT* ^ - ’**•« Mareii, 1978 

ZyU—Z . 'ne Comoany has been renuwrad 
py Vi* Cwnmlsstoner* af Inland Revenue to 
*»fe:— - 

**e. »HiMe ♦« Mrecment n> 

U J K rtodooi 4 nd the 
ne**uhhc- of South - Africa., the. South 
£ZL.7‘ n . s | iareh“lden tax 

ao"[> , wj , e rs the dlvFHe-d lx nHowahle «• 
* «qa’nsi the Unfed KirodMn rax 

Mvahto In rfeneet of the dhHend. The 
t«* at the redu-ed rate of 
i"% -l«r*evi at at the basic rate of 
ts an allowance ol cradif 
« the rats of 13% 



The Director General of Fair Trading 
ta* eiked riw Monopolies and Merge n 
Commission to Investigate the supply 
in tha United Kingdom of |u cooken. 
space heaters and instiinuneoiu water 

Any Individual, trader or organtsstoen 
win may have evidence which could 
help the Cora man an in their enquiry 
h invited to write to: 

The Secretory 

. The Monopolies end Merger* 
New Ctmn 
.48 Corey' Street 
- LONDON WCM 2 ff. : . 


TIM! Efim. nJMtv;ond day -Bill* were -famaed 
wtoy wnfi nuutritv on the ■ I5*h June 
923. - AboKUUom totalled £4 Bra. -The 
minimum orite accented wes LBB.Sa. The 
•••raee rate of ducoont was 9.S5&244%. 
Tn» total sills ounti wHou B ft Pm. __ 



Excellent premises And potential- Would' suir individual 
entrepreneur. Reasonable price 

Details in confidence to principals only from 
Box GT609, Financial Times, Id Cannon Street, EC4P4BY 


Ind use ry-^Contrucdon— Automobile. 
Would yon like ts . be . distributors 
of rapuaMa Franco-Garman manu- 
faesnren f Companies or individuals 
with sound Aiunidal background, from 
U.K.. Ireland, end other - countries 
(also overseas) should eoonct: 

POST BOX 7, D-7840 


We are a wed escaMtshed firm with a 
predominately private diene beninus. 
Wc should like n hear from a irmrfxr 
firm to discuss t&e 'pacendal beufia 
of a merger. Please reply to: 

The Senior Partner 
Sox GT603, Financial Timer 
10 Cannae Street, £C4P 4BT 



Freehold. 3+ Bedrooms, Licensed, Fire 
Certificate. Private Flat. Met Profit 
1977 £15.000. Estimated. 1978 

£30.000 + . 

£155. 000 — WiM dose before season 
Write Box £1812, Financial Timor 
10 Cannon Street. EC4P 4 BY ■ 


Far farther Information please contact: 
J. 5. Wilkinson, Addiestaw Son 
ft Latham, SoHann 
Dennis HsUM. Hersden Street 
. Manchester M2 I ID - - 

Tel; 061-832 5994 



Far Nashua Copycat Ricoh mxlbnei. 
including Data parts. All parts new In 
original puking cases. Orislnil value 
nw £300.000. Inventory includes 
2.500 lamps, 1,000 Platen coven. 500 
moeon. Fa r complete detellt call; 
T. R. O'NEIL »' CO. INC. 
Minebemr, Hiss.. USA 
617 52$ 7301 

. \ ITALY 

OM-csmbllihed 'Itofiao trading eom- 
wants 'to' stars' U.K. operations 


, — , - — — opera 

by exporting Malian and E.E.C. goods; 
preferred fields: electro tec hr res. elec, 
ironies -and ciecaleil household appli- 
ances. is ..looking -for suitable British 
Company or Partner interested in 

Write toi CoseHa SPI T/M0. 

MILANO (Italy). 

Plastics fabricating and moulding com- 
pany with partly proved new products, 
in above markets, also including 
pacemed ■ Improved’ ceogional tanks, 
seeks contact whh t o n e- a ct ing. Instal- 
ling or selling companies In watar. 
chemical and related industries to co- 
operate _m market.. development and 
exploitation. Joint .venture possible. 

Write Bo* GTAff. Financial Timet 
10 Canaan Street, EC4P 4BT 


.Banjo Assoctaiw-doz <s9i. 

AOEJJT9 - wawtotf br Marriafr *rm to assist 

* with ■ stating ol Haotog ftrune* tor «|| 

• *yo«* o* eaulpanasss. maenmerr. «c 

_“«%rnlMkw arrangements, 

TUoPteno 01-499-8711. - . 



30 Cky Road. EC1 
01-620 5434/4/7361. «**i8 

newspaper group 


If interested please reply In strict 
. confidence to: 


33 Witney Ro*d, Eyiuham. Oxon 
Teir Oxford M050S 

CARS to SHIP . . . 

43/44 New Bond 5rraet. London, W1 
Telr (0I-) 491 4121 
A part of the THAN SCAR Group 
of Companies, Europe's leading ear 
shipping specialists. Fuky comprehensive 
service and low price* 

Write w tatt no w fan brochure 
.end Quotation 

CITY of .J^ HPOW, . Prostlge address. 

f hones.. ’"JS*— together under £5 wk 
ram y.JVSS^'S? 1 Si; 628 *554/ 
fast EPfiaoeT aS*m:HEs supoiiod ot 

vniTOW-- ...w m «n,n. i.Dnurt 

R R. Nlthols. TraM-liland Comnaov 
"to'er Fwdaie, l.o.M. 0624- 

BNCINEt'R'HC COMPANY, seeks u awards 
( cn nan nfftrfcvtLn pkaKil iiw — — 

nniiiLfc^’-T. wttirMtv ■ bores UDwiros 

fcS0.000 "Wrti0tlHB UBMl Ipr retototton- 
*rv . to u lumen t. ™— • — — - 

■aetKeL 10 ?-^ ShywartfVe 
Write BpM G. 140a . flxancL 
CADhon StrM..«C4P J HBV? 

Our business is 
merging your business. 




Division of Public Company 
anxious to 'acquire 

Size immaterial. 

Reply In ttrlctert coni! fence 
Write Bo* GldOf. Financial Timet 
ID Cannon Street. EC4P 43Y 


All the indications point to the imminence nf another 
property boom. Fortunes will undoubtedly he made by 
those with the patience, judgement and know-hnw necessary 
to make the most of the opportunities presented. Those 
interested in keeping ahead of the market are subscribing 

to THE PROPERTY. LETTER,, jointly edited hy ProperW 
Year for 1876 and 1977. For details, of 

Journalists of the 
FREE TRLAJL offer write to: 

The Property Letter, Dept. 1LB, 13 Golden Square, Lqndoh, 


Or phone QL-597 7337 (24-hr. answering serviceV 

When nearing the end of a Liquidation the net cost oF 
collecting the final realisations, including the Cojts of 
possible litigation, may well exceed the value of the actual 
amounts, collected. We are prepared to pay cash for the 
residue of any reasonably sited accounts, irrespective oF any 
future period of time anticipation: thus allowing creditors 
to be satisfied to the maximum, the account to be closed, and 
the' 'Liquidator and hit' -Committee "to'' be - "discharged -from 
their duties. We have prepared a leaflet dealing with this 
subject which is available upon, request. Write the words 
“send leaflet" on your. letterhead and post to us at: : --- 

Hayes House, 142 Greenwich- High-Road, London, SE10-. 


Xv ", 


Company with agreed substantial Capital 'Loises required, 
i' ’ ' preferably in investment, publishing, printing 
'■ . or bookselling field. . 

Box G161&, Financial Times, TO Connon StrtcL,-EC4P 4BY 


I havfl a successful career is a film and television producer, director and 
writer wid* BBC l TV, and overseas compamci. 

However. 1 now want to widen my horizons and move inn an area ol commerce 
or industry where my ideas, intapnaaon and initiative, toseilwr with my 
experience in communications and. the media would be. useful. .... 

' Creative' people are rot n'octtiarily strange aesthetic animals. I am looking 
for the opportunity co use my catonu and experience to develop a career 
with a commercial purpose. 

If you would like to talk, pfeore write to Bos G1A02 
Financial limes. 10 Cannon Street, EC4P 4BY 


A progressive and profitable South London plastics injection 
moulding company seeks further expansion, either by association 
or merger watt product oriented organisation using plastics 
mouldings, or a marketing organisation concerned with the 
development of new products. 

.Write Box G1610, Financial Times 
10 Cannon Street, EC4P 48Y 




95% paid by return 
on approved accounts 
Phone Bolton 10204} 693321 
Telex 63415 
Silvcrburn Finance (U.K.) Ltd. 


Residential development 


Separate transactions considered. 
Midlands based 

Principals only in first instance 
to Box G.I607. Financial Times. 
10. Cannon Street. EC4P 43*. 

Arc you oauinmg the best price for 
your low-mileage px-tage motor-cirl 
V-.'e urgently require Rolls-Ro>CC, 
Mercedes, Daimler, |Jgusr, Vjnden 
PUs, BMW. Porsche. Ferrari, Mcserati, 
Lambourghmi. Jensen Convc'tib'a, 
Rover. Triumph :nd Vo'ro Can. 

Open 7 days a week. 

Collect km anywhere m'U K. Cash' or 
Bankers' draft available. Telephone us 
for a firm price or our buyer will call. 

Brookwood (C48671 45*7 

with net profits before tax of approximately £300.000 is 
•Interested in merging its wholly-owned property company with 
another property company. 

Advertised company has a portfolio “of Industrial freehold 
properties let to public companies and has a value in the 

region of £2j million. ‘ . . . . ' 

•Principals of interested parties are asked' tn contact the 
VCBairman In'strictest confidence. Write Box G.15SR, Financial 
. Times. 10.' Caflnon Street, EG4P 4BY-. : : / 

■ ■’y a , 1 P ’ ’»• i ' ‘ 


Mutananonil tndmf 'company <pn- 
vimly owned ) wuh offices- - and 
representative* throughout ‘ the world 
Uftriar with mulc>-<nillron cash oral 
property OSICU, art looking ro merge 
with" or acquire for cash effective coo- 
trot of puolic quoted ccmpu>. .Oidr 
pnnnpali are requested to reply in 
■crioest confidence with breakdown or 
share control, property and assets 
trade engaged in. 

Write Box GI573, Financial Times 
10 Cannon Street. EC4P 407 


WITH •• 


Required to '(til .'patented* range of 
konfi,' washing and ' -hind, drying 
machine* tn the Souttr'ond Wen ot 
England '[excluding -London, orcaj. 
Additional terrontrfi. available later 
Flflt-Clau product, carry ii v 
good cstn'mission 

G. R. Kay. Maiiaging Director 
C. A. WALLGaTfc ft CX? LTD. 
Crow Lane. Wilton. Nr. Salisbury 
V,':lcshire 5P2 -QHD 




Premises sinned dose to London end 
ol Ml Motorway. Modern building 
with all lacilities. floor a-ea 4,250 
:q. ft Long Lease. Reasonable . out-, 
goings. Comprehensive plant consisting 
mainly of late manufactured machines 
OF*^R5 INVITED (P-mcipal retiring) 
For epoolntmrrit to view please 
ring Maldan (Essex I 
0421 741485 or 7<*J*0 


A public company w.sch n a major 
force in the toy field is seeking id 
expand bv acquiring a Toy Manufac- 
turing Company or by (he purchase 
of assets relating co the manufacture 
of existing products. 

All repfici In confidence Co; 

The Chr rman 

Lumb Mill D'oyfsdcn 
Manchester M35 7LD 


Faorory reconditioned snd gdarsnteed 

I br IBM. Buy. save up to 40 p.c. 

Lease 3 years From £3.70 weekly 
j Rent Irom £29 per month 

Phone: QT-64T 2365 


V/e are Europe's leading ; 

producer and distributor of I 



Our name and international markers . 
are growing fast and we invite 1 
entrepreneurial invexemant ol £30.000- 1 

£40.000. | 

Principals only ihould write to: | 

Box G15B6. Financial Times l 

10 Cannon Street. EC4P 45T 1 


Established Bros erase, wiib Brit class 
management and dim later- based mamlv 
in Londan area. Fire and accident com- 
mission Income £50.000 a a. and l,te 
and pension renewal commission ol 
£3.000 pa. 

50% of the eaulty Is available at a 
prUn ol £71.000. Active PorticiPallOn 
welcome. £75.000 on completion and 
the balance bv arrangement. Pnnrioals 

1 Write Bax G.1295. Financial Time*, 
in. Cannon Street. tC«P J BY. 


Your Ford Escorts. Coronas and j 
Granodis (up is 2 years old)- frame- 
dwie delivery . From £85 deposit. 1 
Applicable to eampanies, praleuiortal 
and se'f employed. If you have been - 
refund for any reason — ring us ■ 
now and wo guarenree to be helpful 

NORTHAMPTON (0604) 7148S5 

9.00 a JTi.-S p.m. . 


In certain -w-uom 01 :tae sti looms 
Industry, sound long-tor m inveaifbent 
ODPortunrties *MI ealst. Old esiaol.shed 
eperatino subsidiary of maior British 
Shipping grouo can oSer one -or two 
investment orolects complete with 
management or will manage your 
vessels on worid-.wiae bas-s wnh same 
tare and thought os entrusted to thp.r 
own Doet 

Writ# Sou G.I275, Financlnl T'lnes. 
10. Cannon stree;. eCJP 4BV. 


required ■ j 

1 hive men's ■’ retail thops in the ‘ 
London area, and wish to develop and | 
expand (his good ettah fished business. , 

1 cm conscientious, hard working and 
energetic having -fifteen y*»ri' experi- [ 
cnce in the trade, the only thing 1 J 
am lacking is capital.: 1 

Write Box 61507, Financial Times I 

10 Cannon Street', EC4P 4BY J 


1 need finuvMl backing. My business 
(puMiihing, retailing, mail order and 
wholesale in the leisure field ) wu 

1 tarted 6 yean ago -with no capital 
and has always been under capitalised 

I have experiencs, qualification* 
(LCon.i M.B.A., Dip. M. Res.), exper- 
tise and energy- Requirements; 
£35.000 immediately: £50.000 over 
the nexr 18 months. 

Wrhe Box G16B5. Financial Timet 

10 Cannon Street, EC4P 4BT 


Under roeen Indian liglsUdoo, foreign 
oumed Indian companies hivr u 
'IndiinlM.' We have Sterling and LfS 
Doflar Funds and would be interessed 

In uqulnpg British or American 
interest in Indian companies. Interested 
parties, wnte to; ■ 

Box G1560, .Flimoat - Times 

ID Cannon Strut', EC4P 4BY j 




Valve stacks and valve components 
Work in program, drawings. Jigs, 1 

.. fixtures. M acton* tools 

Plrorte: G."J. Mldcffeten 
- Mmrfittd <0623) 22644 


Over 400 sets l n stock ! 

TkVA-700kVA Y 

*• "Waetorers 
wioi mu arm r-ulo* wr^Tce, 


01-985 7531/0019 ct 

Tele* 897784 

GENERA TORS 2-3 C DO KVA new and UMO D ‘ 
tmmedaiefv >i>xitahie Keen tonwet-ove 
ertres. Generex LU. {073S2 Ji 3033. 
Tain 848537. 


Midlands breed group of companies 
engaged in Public Re'ationi, Advertis- 
ing. Pnnang. Photography. Graphic 
Design Work and related fields. 
Turnover around 1 500.000 p.t. 

Gt 1 Profits 

Write 8 d* C1613. finrinciaf Times 
f0 Cannon Street, EC4P 437 

We OM a Sales, Marketing and 
Distribution Company 
with a proven track record and ere 
currently rooking F®, additions to our 
range of consumer products for sale m 
.the UK. and for export- 

Manu f act u rer s of Consumer Goads 
particularly in the Leisure and House- 
held Goods field, should write giving 
full deceits ol their pradwtci ani'able 
to Box Cl 61 5. Finontiol Times 
10 Gannon Street. cC4P 4B7 

' CoDywriting. Translation anti 
Typesetting for Advertisements. 
■ Point of sale. Brochures, 
and Exhibition Material. 

contact-, oavid M«aiing 
Pan-Arab Publications Limited 
Telephone oi-5ffl 2171 


(Middle co top grade ) North-West 
area, lntsrtor designer snd fitted bed- 
room specialist. Proprietor nearing 
recitemei.t. seeks younger partner with 
capital, enthusiasm and drive. Turn- 
over of £90. QUO an be doubled with 
right person. Write in confidence to: 
Bo* GJ608, Financial Times 
10 Cannon Street. £C4P «T 

i -a, an inruai-taruKi autner, 

No capital reaulicd. £siabl)thM Over 
30 roars. Chants In B2 countries. Send 
large SA.£ — Wane. Dept. F. P.O. Box 
9 Marlborough. Wilt*. 

reached Bv mall The Educational 
Ad4i essina and Mailing hervlto. Derby 

««»•• **dh|ii. Surrey. RHI 3 dm. 

Versiham 2223. 

(haring of administrative and office 
lacilit cj Formation ana management gf 
9‘?D‘H"Ji e « B 'tt4e nr uler Associates. PEe* 
06 cf, "° 046 Zarlcn. phone Ol 54 89 

scrtBtlens -also from c’lenu upou^to 
0^995 ^®”' S ° U " d StodsM. 

v? n ur£b ”f- tlf ... wie-ng ocoHuck'. 

L* Mfjek Excellent margin's. Wnie Box 
Tu "«- ««>■ 






,/! !’ : ‘ l 

Lower on $ and Middle Mast fears 


NEW YORK, March 15. 

STOCKS TIETREATED In active declines were' only, slightly ahead site Index was 3J higher at 1.039.4 mixed with the index slightly somewhat irregular Financials 
trading, amid growing concern -of advances- The Stocks Index and . advances _ outnumbered higher. Royal Dtrtcb was easier as Oerfjkon-Bnehiie Bearer met 

However, the broader market higher 
was performing better than the Trading began on a firm note 
Clamour and Blue Chip sectors after the settlement reached by 
which continue to he under negotiators in. the coal mines 
pressure from portfolio adjust- Strike. 

about more inflation -at home and shed 0.3R to 28&91- but Transports declines 245 to 174. 011 shares was Unilever. . active - demand again rising 

developments in the Middle East, and Utilities were - marginally pul on 9.3 to end at L37&2 and COPENHAGEN — The' market SwJrs.30 while Elcktnrwatt and 

Metals and Mining rose 1.6 to closed mixed in fair dealings. Motor Colo m bus eased. Insure 
S28.7. - Banks and Communications were ances followed tbe general trend 

In Montreal too the Industrial lower. Insurances ended higher. led by firmer Rneekverseherung 
Index added 0.08 to 189.74 Commodities, Shippings and Bearer. Brown Boveri and Georg 

PARIS — The market resumed industr ials w ere mixed. Fischer Jed engineering. 

Automation Industries rose SSJ Monday's very Arm tone after FRANKFURT — Shards lost ' MILAN— Stocks were generally 
to SIS* and General Cables picked Tuesday's weakness and a number ground sharply on - general higher in more active trading at 
up 1 io Si*,;- Tpe two companies of second-line stocks were uncertainty caused by the strikes the dose of the monthly account, 
plan to merge. Aim. which initially marked to limit-up. Gains in the German -metal and news- All leading Industrials, gained as 
recently rmujht a merger offer of S-10 per cent, were scored by paper Industries and the Israeli did Banka and Insurances. FLnan- 
from BUG International, row S3? CFP, TbonuoB-Erandt and -Cie advance info Lebanon rials were narrowly mixed with 

to aw. Bancaire, while CGE. LMT, Veba lost DH10.8O' following Slfa marginally lower. 

Actively-traded American Tele- Paribas, Peugeot. MlcheHn, news it io - halving its dividend JOHANNBSBURG — Gold shares 

phone and Telegraph gained 25 Crensot Loire. Perrier and for 1977 to DM3; Other leading were quietly weaker for the day. 
cents to SOli. The company came Aquitaine moved strongly ahead, shares lost up- to DM4, although although selective shares rose off 
in with higher threc-mmtth 02m- The market is convinced a victory major GbemicaH were steady the bottom - towards the dose in 
inps and forecast a quod 1578. for the present Government in against the' "trend. line with Ttfgfaer bullion indica* 

Prices finished, higher on the Sunday’s election is highly OSLO— Industrials were barely tions - Financial Minings were 

~ _ , , . , . American Stock Exchange in probable, despite the agreement ste ady and Banka were steady mo ^7 mixed where changed to 

The Dow Jones IndDstrral Aver- moderate trading. The Amex between Left-wing parties to San^ and ShS^ vvere slack trading. Dc Beers lost " 
was down at 7*S..»S and in rieN rose 0.32 to 12C.09. support each other ” - " ere 

mews by large institutions 

One factor behind the decline 
was 0 prediction by Mr. William 
"Miller, the Federal Reserve Board 
chairman, that the dollar’s fall 
in overseas currency market since 
1 .1,-1 September could add 0 7a per 
r?nt. to the l ; S rate nF inflation. 

Prices did. however, improve a 
hi tic in the final hour, following 
rhe news from Join salem that 
Israel had achieved the objectives 
nf If; strike agninst Palestinian 
pueriUfu in South Lebanon. 

the New York Stock Exchange 
index declined n 14. Big board 
volume came to 23.3m. shares 
acainst Tuesday’s 24.30m. But 

Stock volume was 2.78m. shares Rhone Ponlence gained Fnx3 at 
against 2.83 on Tuesday. 

S ^idates. quiet Norsk Hydro edged lower. <»nlj to R 5£7; 

HONG KONG — The market 




Ctn *l«ft 





Tesas ... rHi.2M) 


iierrat.-.' Inc 4n.«o 


H k 

I'ticrlcan Tel. Tot. -lil.TM 


+ 1 

Cnl minute Puli, s ?49.IHV, 


Trlrwfirupter Cnrp. 73&.3M 


+ ; 

\iroi !n»-. . . i!fi.Tnn 


+ 4 

HankAincrlva Corn. -PI . lWi 


+ 1 

Frirnmnc-F-Tris Ind. 1KT.TOO 


-1 [ll,« N.V. 103.9)0 


+ li 

S-ur-. Riii-bnt-H 1-U.S80 



Frs.138 and Carrefour put on wS%i3!!!l?#hara slightly easier to dull and 

SSbi/wSer a^B^riS featurel«s trading. ta U 
BRUSSELS — Belgian share after Tuesday’s fell, fi, Construe- Bank fell 10 cents to $HK17.10 on 

prices were mixed in moderate tions. Union Ban fell. In Indus- baht seJJmg near the close. Hong 

trading. Reserve. Asturienhe, trials Semperft rose. Elsewhere Kop^^Land eased 
- Hoboken. VtetUe Montague and Vcitscher Magneslt -and Klein- 3HK8.70 

’onnHn hiahor UC3B rose. Bat CBR, Softna. mnenchner eased. ••• weaker. 

.dOriuu uigiier Traction, CockeriU. ACEC and ZURICH—’ The mm-ket continued Swire Pacific and WbeeJoek 

Canadian share prices dosed Solvay fe!L S octets Gdnerale Its recoveay but at 9 slower pace Marden were firm . to steady. 


5 cents to 

and Hntchlson was 
But Jardine Matheson, 

higher in busy trading as Real Basque gained BJFrs^O at BJVs. than recently with buying interest " TOKYO— Share prices rose to 
Estates issued . led a strong 20*35. La Royal Beige put on highly selective. Swissair Bearer this yearts highest on reports tbe 

advance- The Real Estate sub- B.Frs.10 at B.FrsA3BO. PetroSna gained Sw-Frs.5 'ahead of its Bank of Japan would lower its 
group gained more than 62 points rose BJYs.55 to BJ/Ys.3,870. -but results due later this week t-o end official discount rate. Tokyo Stock 

in Toronto, the largest daily rise Canadi an P etrofina fell, 
since January. 1976. The Compo- AMSTERDAM — Prices 

at Sw.FnsL810. Leading Banks also 
were showed minor increases -and In 



glass so 1 ‘'mi 


Mar. ! Mar* : Mar. j Mar. 1 
In • 1« : 13 ! 10 ; 

1 . lff 



1 9 

[ e Hl^b | 

l- Lew 

| High j Low 

, 1 

rn.iuatrial — pBB.Sa 7SI.56 759.961 75ft. 6ft 

R'meB’nrt?*' 89.90; 88J7| BS.Bfi' ra.7a| 

Traasrcrt.... 1 205.20 205.10' 201.40 201.69 
1 l I 1 

1 (Oil ire 1 106.50, 106.18 10B.<3j 105 J2 

1 r 

1 TSOJa. TSO.S^ 90S./6 
! (3/1/77) 

! 06.56; W.54! «.S7 
rt/9i ■ 

193.31' 390*14- 346.64 1 
j I (W/&) 

105.62 105.4)! 119.67 

742.12 IO6I.70I 4122 

(28/2/781,11,1/73)! (2,7 uS) 

! 49.35, - 1 - 

(25.1 W 1 

1 198 J1 ■ 279.88 ; 13.32 

'(9/3/78) I a Kim • (8/7/32) 
102J>4 I68A2 1 10 .56 

Frellntf ml ! ! 1 1 

* 1 1 26.540 34,300 34.070 27.090 1 

1 ! 1 






Mur. > 
16 ] 

Mur. i Max. ! Mar. 
14 ' 13 1 10 

| 1977/78 

1 Hioh 

| low 


49.75 4854j 49.48 

1 i 1 





Imaa traded.-.. 



Kov High* 

Sew t4TO-a._- 

Mar. 15 

Mar. 14 

Mar. 13 











a 06 

454 , 





84 , 














Ind art rial 









M6.47 (17^) 
i*7.?6 iSiGfn 

158.03 (25/10! 
186.60 (86/10, 

T0&09T0 UempreUe 




1039 £> 

U67.4 (19/7) 

411 (85,10, 




297 Jt 



218-/ U/Z/7H) 

. . .165.4 (84/8, 





21M K/W78) ' 

114.) <22/<> 

Exchange index closed at 398.28, 
up 1-19 and tbe highest point this 
year. Many .shares fefl stigbfij 
initially following a sharp fall fn 
Sony, down Y70 to Y 1,730 on Rs 
lower first quarter profit. But 
later active selective buying 
revi ved th e market 
AUSTRALIA — The market was 
generally mixed In all sectors. In 
Oils, BHP featured, rising a 
further 6 cents to SA5.64. Various 
sources attributed the rise to 
bright future of! prospects. How- 
ever, although Woodside gained a 
cent to 75 cents tn sympathy, 
Ampol Exploration felt 2 cents to 
SAiJl In Industrials Hume 
gained 2 cents to 96 cents on its 
announcement of profits, but CSR 
fell five to SA2.B5. 

* Baste of hxlei ctaaaon frmn Aunt U. 

Irul. <1ir. yiakl % 

Star. 10 

Mar. S I Fob, & 




Year ago (approx.) 



Prev- .1977-78 1877- 7B 

1 Inn I High ’ itovr 

I Mtf. 
\ 15 • 

Mwvf Pro- 



Australia^) 446.66 , 446 S \ : 4TB 43 \ 41805 

1 ! i3H; 78) (16/2/77 

330S > 03.20 99.12 . 00.43 
I in7 ml unn 


T ' 







10 j 9 

: In lixstriilo; 37.9# 

't'-omruaite ; BS.12I 

3B.S0 37J4< 97.76 96.B4I 

M.K 88.86, 88.IB 87.1 

Belgian <fl 

Denmark* 1 ) *.73 ! 96 06 
S55«C5ropra^ rraaoe IH) 

144.44 i 402 
< 1 1/1/731 (JO/6/32) 
126.86 ; 4.49 

German yiS) 
Holland fill 

107.32 1 04JXJ 
«l«) l(6«/78) 
bfi.’i'l 55-2 1 5a.< | 43.6 
■ -(7/l|77> (10/6) 

789.6' 799.0 1 8L3J i 712.8 

Sweden (a)J MM 


Higfa ! Lror 







7* r 280, 



i6/3i78) :t 11/1/73), UAg. ) 

■ _ . I l—I-l I UUWJUt VUU1U. ( TO 

Hons Snag <10.42 *20.65 <25.17 5B3.M 1 400 lnds.. 48 UffiiUes, .40 
(4«) . TIL'S) (13.1. 7S a> TransoorL (7i SsUadJ 

Italy (i l 6Z.05 r 61.68 ; 73.71 | 64.90 «m Belgian SE S1/12/S8. <~ 

Mur. S ! 


Mar. 1 

| Fete 22 

[ Vtrtr at,*o raivrox-i 

tnl. die. yield 

5.55 j 




Ink P,K tteuo 


8.40 j 

8.45 ' 


Lena Hurt. Bond .rich) ! 

8.20 ! 

8.23 | 




(6/1/77): (22/18) 
w) 39S28 3)7.09 < 386^8 &OM 
(15.3/7? (8*>11 1 
Singapore - ZK-iC ; — 2*2.28 

(6). ! (73/0/78 (3/6) 

IfldlCM and (Mae datu (all base rallies 
100 exfvpt NYSE AS Conroion — 30 
.(17/11) (10(5/77 Standards and Poors — M_ and Toronto 
77-9 93.8 . 15S 366-i.OOQ. the last named baaed on I9T3/ 

(4/5) I (29/9t t Excluding bonds. 1400 JndtutrUla. 

. _ Finance and 
Sydney AH Ord. 
(**) Copenbaiten 
SE 1/1/73. (tt> Paris Bourse 1HL 
tu> Coaunenbank Pee., 1SGS. (IS' Amster- 
dam Industrial 1976. (JJ) Hanx Seug 
Bank 3LTJ/84. Oft) Milan 2/V7S. to) Tokyo 
New SB 4/1/68. (b* Strain Times 1961. 
inclose. id> Madrid SE 30/12/77-titsb 
and low (or 1978 only; -(n Stockholm 
Industrial 1/1/56- i/jSwtas Bank Carp 
Hr) Unavailable. 


Inv. $ Prem. at $240 to S— 95 J% (9SJ%) 

Effective rate (at T30701 








V*.ire«.^«|ih ... 
Aetiw (.He A La*n 

tn H-.-un-i- 




Ahl'jllHHV l.isll.. 

\-«*jlii-nv !*■•'*« 

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tiii* ( .. 

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luif-a.Ui H*»™ 

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347 fl 

26- , j 

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26 )•_• 


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lint -. Mil -V - 

f-’li" t|irr«... 

! ml. IV!. API!.. 

I .l.l-kUMV 

lirii-jrm* Kne 1 

!'*aW ' 

hiruva lVt|,-li... 
!>,ir'iii4;i.m Nilm 

I Kll|a«7l SlKIp 

• ■tU't.linn l , M--:ti.-. 

I cut K:ip!>-*|'li.. 
t nrr.nll.t: 

• nir*i-i Adi-uent 
» IIm« .ft .. 

■ hU-,. 1 - -v r-e.-t- 

t ds- . ... 


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1 ,-rltinl.r * ' 

i'.-« tw An-Ttll.. 

1 ti»-e\ltnlo<uaii 
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I'.ilt-tlfKli l‘.d..l .' 
l i.v-’ie f>-lt-ii-. 

♦ hi -vxt* Hrl>la-u-.. 

L -liiHitaliit 

1 nn-rr 

1 iiientfiut . .U)lo>-tv(i,-j 

1 uiimifh. 

(.mi- JH-rvii-e 
t‘«\ htvf tine...' 

I'.m L.ijh 

( ) .last Palm 

1 m.lll .lll'IltU. 

1 .. limbM (•■■■.,... 

■ •t-iiiiiLuM Pi I,... 
i ihi, In-Civ -I An* 

1 .nilni-t Eli:. 

t>.inrai-lv4i Ki| 

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1 ...i.'q'i!i i>j Ki 

» -• 11*11. 'Wll-.l|ll . 

I'.iiiiiiiilrr-. ii.ii' »' 
i.-nn • 


3 V 



32 >4 
25 sj 
25 -r 
14 1, 

60 S3 

33 l K 



1 ls» 







48 Jr 
1 Is.: 



19 >4 
37 jj 
20 14 
10. ‘a 
26 is 
15 >. 






34 ... 





26) n 

30 >4 
14l 4 

32 k 
37 1 u 

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46 l 

47 V 






37-. H 


3Z J | 

48 1-. 


CPU ImVtionai 



*. 'ntt ELuflClIltfb; 
('inn mill. Kmilne) 

v. , un.Wrt E h, ,| 

I *atw 

Uirt Imiurtnea. 

Pee tv. 

Pei M utile 


Uemnplv liner.. 
Ue(i..j| tdiM.n- 
Hk-mrieme ....... 

I*u;*ie> Kguip.— 
Ili-mei (Wnltl... 

I ‘hub- lAirpa...... 

u*-i» Uhmnlail.... 

U ni,... 



Km«i- )’ItIim 

tarn Airlines 

! hn-uiiuui KcxtaS.. 
Kill nn .......... ...... 

h. (>. A It _.| 

Ki ISm. Nnl. Utii 
Kiiri 1 

hllH-tMill KlH-«rl»i 

| (-.inert lirlVUthl. 
. Euilur, 

I fc.Al.l 

Kfi»>.-Hauri | 

Knnnrk. ......... — i 

Ellit I 

i-.ttie • 

r'aut hlkl Utmmj 
Eioi. I)i-|t,eiiref. 
l irenliMii.- Tin*. ...I 
j )*l. Nat. 8 ih4imi.: 

j Kii’xi Van ’ 

I Finn k.ilr i 

1 K mn. la Poner...^ 

I r iimr 

! K.M.C f 

I M.e<* ■ 

! (••el McL... I 

I ►■--*■ 1 

1 lank .In Mull.... 
»-‘|vt-|-11 U 11UTTM 
[ r nu-luni, 

- Fiujnn litoi- I 

!•*■' * 

. I lMlllll-1 1 

1 1 ii-n. liner. Int...i 
jii.t.I.A : 

• iien. • h'iip 

1 i.i-n, H.t imiiih-*... 

[ lien. Hu-eim-M..... 

I iii*iu*rn< )»«!■.... 
flitllrnii JIlIK.... 

I lieneral 31. core...- 

I iien. Pub. (/Ill— - 

I I ii*ii. .-si" obi 

, lienl Tel. tier).. 

, Hen. T\n* ... 

. ' 

(ii-oytia INeirtv.. 

| livll.v «»ii ! 

j (j 11-1*111* ■ 

j *i**slri.-h f.F • 

• i-iiii.t mrTIrv 

I lilHII.k 

>.m .- tt'.l! ..... 

. til. \lliiii (*M-T***; 

1 uil.Xiull, lull. 

1 1.11*1 liniiiei .... 

’ min .» Wi*»u*ni... 

- 1 0 till 

- HitniHiTtKn.. 

1 liulllM .Uliiius... 

I llnnii*.'hli-ypr,.. 

1 llinii 1 iir/oi...- .. 

! Hum/ H.J ' 

[ H*-irtiii-m i 

ileuleu ttb-iaml 







181a | 

36 Ib 

24I S [ 
93 la j 
6 1 
17U I 

X6'B I 

251 8 1 
13U . 
39)4 f 
32«c I 
40*3 ' 
23 Je , 

26'j , 

100W j 
16*9 ! 
61b 1 
421* . 
346a I 
iSJe . 
16U : 
2814 I 
2348 - 


'40-th • 

54m ' 
17 m 
32 '* 

20 S 





47t S 



25 U 

307 8 







161 fl 
40 J8 
23 i 4 



29 1 4 

45 v 
34 It 

26 /r 


17 1 j 






John* Uaxrrtlle...' 30*4 
Juhnxui Johnson] 68*4 
Jntm-on I'nmnc J 26U 
J**> Maniilafliir'i: 32 ’4 

K.Uart lx*)*. 

lial-ei liuliiHtnc* 

Kal-«, steel j 


Kenoeiixt — 



17 B 








247 a 





tverr Mi-Bee 49 *s i 45*8 

hul.le Waller j 20*4 ; 287 a 

h mi ben, Clark.. I 41*4 

ku|-jicr>...,_ 1 20 

Kmft I 481 b 

Isio^er Co... I 27*4 

l-evi Strums- ■ 30*8 

I MbbvUw.Voort 26)a 












Keeton | 

Uejnotda MetaliJ 

Kernohls E. J J 

Wch-RM, Merrali .[ 
Knckneil Inter... 
Knhmk Uaaa 



56t b 




56 S* 




IfcAH* Lhrtch 

Kuae Logi /. 

Uyder. System — 
-mienv dtoras_j 
Sc. Joe MlnemlsJ 

Si. tCeqt* Paper... 


407 a 


1 5 5 » 


liicBni Grraip-. J 28 

(Jlly tElli— ! 405s 

Liflun ! 165g 

Lockheed Alter'd j 16 

IjmeSuilmlw 18*6 

Lun^ I LtrtJ 18 * 4 ! 18 *, 
UnUIbbh Uml..J 21*8. 21*, 

iMibn M..« 36)« 36*a 

Ulek.V Storea , 

l.'lwr Y'unk't'ira; 


Mnejf K. H_ I 

lllr- Hanover....! 


Uan.ilu.Hi Oil 

! M-inni* llhllanil. 

| llitrjMli Field ... 

>aula Ft 

-aro Invert 

■Miuo I oda..— 

. X-hill* Urew(ns4 
j -x-hiumheigw.— 


*«t Piper j 


x-udr 1 Dune Ve« 

14 *8 










371* . 
26> 2 | 
34 1, 

5'^ ■ 

12'g j 

I6*a I 
21*a | 
65, . 

58 Sa 
21 *, 

, Ua\ Dept, •’•orevi 

, Ml A 

j McJiermoa 

llctinnneU Done. 

; UcHmw Kill . 


: uievk 

• llemil Lvuch— 
Uv-a I'elnJcuni. 

j MtiM -. 

, MnmAlinuAUtL-.. 

. U.4.H Cih,. [ 

I Ur.<n*anli*. 

, ll*.rfBD J. P.._..., 

! MidiUtdn ' 

) Mi»{.-b> Oil 

| V-tln-io 

' .NaIlm 1' In- iu leal.. 

- Nali**nal Can 

36i S 

28 la 
14 m 
62 is 
33 >i 
14i, , 

23 In 
28 1 1 
27 Sa 
51. t 






101 - 





41 l L - 





19. S 






101 ; 



23. s 
39- 1 
47 1 „ 
37 ) a 
S8 *b 
29 l s 
24* 8 
25 U 

161*, 1511- 

26i = 
1(3 ir. 

28 7j 

16 Jr 











201 . 













26 >4 

Xai. IM»tillera....t 
' Aal. Sen u-f Ind.; 
I \aihrtw. sieei... I 

J AbEiirimk I 

I Xi'H 

| NrjiiuK- J ai|>.. _ : 
! Sr« UnjiMu.l KI.. 
I Acte LuplamiTe)' 
j Mm^n Mnhank 
j Nta-atn siaare— ; 

U ln*liL*-irle- .- 
! JiirMUVrtMr 
[ .Vurth Xal.lia.**...’ 
I Nthn State- P»r 
j Xlhnvst AlrUncv 

j Mhacrt Uatu-orj- 

>'V(lin SlQhHJ ....• 
! » 1 T-nieota Pern..' 
. O^lliy llaiber ... 

1 l.'hhi 

| villa 








34 (9 

14v 8 








177 8 





21- E 
147 fl 
16 1 B 
23 Ir 
23 ia 
18( : 

sea Container*... I 

irarle «)J).I ; 

Svars Kr«hnck._.' 


| sheU Oil 

! SbeilTmn*port.... 

; 'ilffnaJ ! 

: SltflfckteCom. 1 

; nimiilfc'kv nu...i 

j linger - 

j Sralih Kline. 


I VMIIh.kmn 

! SnntbcrnCal. let.. 

: VHilhrrn Ca. M>I 

!=tho. Xai. Ue»_„ 
! ai-iii bent Pjr-ifu-.i 
sout bonBa, ]«*>•, 
1 soul biajv. 

! S'w'l Bnartiarr«< 
I aiaary Hutcb...... 

Vm; Kan* 

- -tamlan, Hranrtr 
' sirl.UUCalitnmia 
: >4>I.Oil indtana.M 

; ard. Ill t.lhai : 

. »tonB Cbemvcal..' 

( vcerllue Drus 

j driMeOaBer. 

I aunOr 

, suml.trand 

1 srniei ^ 

1 leidinHxrfcr.—...- 

I Ccklruuix 1 

1'derti ne...— ....... 

Xdes ! 


24»a . 


12 '« 



Sl't . 

38 1 » i 

30 7 E 
38 >8 1 
il‘» : 
18^8 : 

a*o ; 

24*6 ! 
26 le , 
16 Tb 1 

32 • 

33 ! 
461, ! 

24*8 ! 
84 U I 
15*4 1 
231, . 

38 'a - 
477a ' 
3649 j 
i4*u : 
381? : 
36 >2 ■ 
24oa | 
81, 1 
35*8 ; 
741, ; 

24l t 




33i 8 














*V*«>i»iN 1 u > m .„ 

tow,;.——... | 


•eituh Radio.. — 
rtroa H Iflcl 

•S.1i«rtl»i8-h B2>41 
P-S.W Hay Mila j 6.27* 



43i a 


I87 8 






9414! j -T94rl 

821,1 j tBlTa 



VbiliU Taper 


Ajtntoo Hog 




\ i^uma 

17t b 

Aabertoa — 


Uankot Muouea 

1 IB** 

Hank .\ure -n4la 

! is 4 « 

liasU: Beauurrre.. 1 

1 7 

Ben leiepbooe— 

1 54 

lane\ Ind. .; 

| 25 

up Caiw. ia. 

14*, , 
15*8 1 

dnu.u ........ 1 ta.25 

Oa.i«ar, Power-., 

Uunlki Mina : 

Ouuhla Ueniem.. 
*-4iJa*lii MVLmii.' 
U*na<ta Indus, ... 
Uaii. IV ill- _... 
Can. IV-ilt in,., 

mo. Super Ui. 







47 7g 

74 Ij 

Uartirm O'Kewe., 
OuMar AiUfihjiM 

26 Ba 
















10 4 



Us. 1 H-'ti*(ns line'll-. ! 
• llmindute 

nn ' ! file,,-, well * 















• H.-i-orn- Anci. 

' (ItHKiiei .Niii.Uh ! 
’ II uni U'li. AiHi 111; 
H, it mn 1K.K.1.... - 
(.(.. In- in dries- ; 

; i\a 

; llluen*.*, l(mlltl...- r 

i IiiIhih, 

I l.|«,l.- 

16 i|; 

44 j,, 
35 .;. 

63 -n 
IS 4 
34 1 » 
44 ... 
12 1*. 
111 , 

. DvrrinaShila.... ’ 
, ((Heiial ramcc:.. 
ilm-ib. Illuert!*....' 

Pvciih- liaa , 

. l*Hi:UU- l.i»li, in*:.. 

: Pimj. Pwr. 1 U.... 

IktVn HaiimBu. 
Pen4hiv till..... .1 

j I'.unvJ.t! 

• IVnnzuil " 

1 I’u-plia CtUK 

- Pi-<i|ilm (■**- 

) Puj-ticn. | 

59 1-.- 
’ 5 




35 ) f 

2ZI 8 

S9; e 



201 , 

20 -„ 


34 li- 

I'e— «v* Petroleum; 

! r«a-o. [ 

{ Texiuguil 

I Te.-caa I astro 1 

: Ctw OU x Gas ' 
bai LrJIltirw ... 

{(to! (tt 

I Times Mirror 1 

; Timken...- j 

, Trane.- 1 

| tmnxnert 

; Outsail - - 

• rnu» tnkiin.-. 
; Tran an, Int’n, 
j Trans An. 

Trareuers ......' 

, Tn Com, nentai -| 

9 ' 

264 | 

1678 . 

63*4 . 

3i*e : 


56(4 - 
234 . 
324 . 
14 ' 
29 SB 
18*8 1 


17 19 
65 1 g 





541 S 
13 7g 
29. g 

Chieftain .... . — | 

Unmlm-n -...j 

Coni Uathurgt-...- 

Uonanmer Uaa. 

Croeka l.'etrairre* 
Lkmaui Uteh...... ' 

DeuUua Mine*....: 

IHhiip Mine*- j 

Uunw Prtroieuoi, 
(Jomlniuu Bndjjfs 

Ihirotar - 1 

Dupvtil— -. 

IVicun'Ke Nl>-kel. 

20 t 

237, • 
25*4 ! 
17i* 1 


b0«2 1 


61 . 


















rotil Mutui (.'an.. (754 -j t78 
264 ( 20 

lienabu-. - 

Uiam Xei.wkiide 
Gull Oil ISlH~a1« 
Hawker tort. Can. 

Ho. tinker 

Huioe Oil •A’.—. 
U unison Bmj 11 uc 
Hudaoa 4y..-,. 
UikWo Oil & flu. 
LA.O. ! 

1 asL-a-o -.1 

Imperial Oil.-..-, 

is*. : 14 

274 i 26*4 
big I 6 
29*4 .294 
394 1 39 
i5*e ; 

184 1 



l 2J* 






j ■ 

I U li Crotnrr Firv 1 

'lAKTiO ! 

: us l_ ' 

(.OP- : 

Inneeei ' 


lawn Kanci-rv*...' 
I'aion CirU'le.—| 
l iwoa Crimiume. 
uhhio Oi-CAiii...' 
Loujn PmciUc. 

34 ' 



zis« ; 



58% I 
65»g I 
13 j 
39*4 ! 
63. ' 
SO j 

24 4 

I (Ida | 

■uland Sat. Gaa-j 
KaIht KeaaHiiceaJ 
Uurm'l Fin Cart, 
UJmbw Cva.'B.' 
Mc’an.i'n LUuud..' 


Udure (.Vir(ai 

.'oral*!. Mluea... 
Aiir.*en Kne»cy... 
A (bn. Toweuto . ..." 
Aumac'Jta A (ia- 
IMkwqnd Peir'm.i 
Pwalk- Cupian M- 

10*8 I 
f I 

17V ! 
iota J 
334 l 334 
23*a-| *34 
164- 164 

27 «7 

23*8 [ SI 
‘ 4.95 













16 4 







I ill if L-tnii Kmvy' 


Inn. Fiannirv... 
lull. , Jai ii-nli*f ... 

lull. II 1,1 A i In-in 
lull. U nil n< ■*(»-- 

1 •»» LI.XHI \ V 



' IlMH 

■ .i„Mi f,««i-... . ; 


23 Im 

■ lull, teller .. . 

1 ,iu*ii Nil. Ii ,* 

39 '« 

38 U- 


I ■i|,**i,itiL , r te n 1*1 ' 



, Ini li'xirt Hurt 

t mil me, lift lil'| 

29 1. 


; (nl. in. * let.. 

I j,11rii'H[rt III,. 

28 V 

28. r 

Ill, •■Ml 

, .illltlielile 1 h>' 

13 m. 


1 lull m IkVl . .. 

t .itiitu, Uaia .. . . 

24. i 


. II. lllIHlial dirt; 

La*) 4I hfctHB i 



| Jim Willi* J 


240 '„ 

5b -1 

1 < 1 
C9 ; 

.1 374 




37 'p 
1 1 .V 
£7 1" 

- iVrkin Himei 

. Pe, 

, Plia«.... 

: I'lw.ji* Disl^c 

; PliiHw6*.,ihia fcie.' 
• I'lih i/i Mums... 

, I’lll.lpo I'lHIl. 'll 


l'lli|p*l (hmiw 


l’'rwiH' Ijil \|ih- 























1%41-IUU' kill .... 

r'lTi in IIKIrit-H.. 

.*n* ITO (i4l!ilah-. 

I'll,. *Haril" hits I 

l‘n'111 111 ..... 


1 \'iU.i-r tl«|* 

i ■ Au-en an. , 

I IJ-IVII .cm 

I i:i < 

i tw' blcei..... 









934 1 

24 In 





22 U 





Lnirtnai-. ; 

. (Jailed Uru»1b....- 

t 05 Unnriep- 1 

: L&G.vpsum- 

, ra.Sbna.... w — 

1 LS. steel i 

] f. Iechnukekv..' 
| L V In*i«u4nee.... ; 
; 1 1 rgi ilia Lte* -t — . ' 
1 W iiareen. 

! li ims-Umimo-l 
I IVimer- [sullen,. 
; ll'ieir-.lliui'nirni 1 
' M fie-ftlB* 

| H'crtmi 6m nr] 

j M ,-Men, Anwi. 
H'esiern l 

J U',t.(m-.-liHe Klni 1 

»S8 I 


261, ' 
36*b < 
19*8 ‘ 

mu : 

Si's . 

2i*b : 
261: >■ 
3l7g- ' 

17 1 

tV- 1 hi Th rr leu mi 
Pan. Can IH'nJ 

('at mo..— -„.l 

PtcpWr Uept. 4.03 
PV-cCa \ Oi-.J 0.81 
Placer L)e\eKi,Bmj 81 4 

PuwnCumwu'iv n 

Prt--e - J 

Qoehee SUirecoui 
. Itaniwr LHi.„— ' 

. T K*wl Shaw 

7lg j Khi AigOm. j. 

28*8 | Hoyaibk. ot AhnJ 

«*n\»-liurt J 171, T 16 t B 


217 8 
27 4 








0 £2 
? 1.55 


N0TB5: Orerscaj oncea cbowe he)ow 
exdnde f premium. BeWan fttvtdemh 
are alter a rtrMuadtwg m. 

4 DM50 denoni. unless otb«rviae stated 

* PTbbXM deoom. unlen oOwnriae stared 

* Kr.WO- deoom. aaiesa atbeneise sUtefi 
» PreAM dtMia and Beam abaro 
uuloa Mbarwtse stated. 1 Von 38 denam 
uSess otherwise Mated, s Price at dau- 
nt snmenrtoe a K4rHw 6 ScWlhnas 

Gena d Orrtdead after pending rtcbii 
*ad/0T actio liMe- e Pet sbare. , Vraocs 
■< Gran dir. X n Asnoned dividend aftei 
«mp and/or rfatbts ianie. V After meat 
lazes, m % tax free, a Francs' indndlna 
■ inder div. 9 Nom o Share SOIU 1 DW 
*nd rleW exclude apectai payment. > Jndi 
i^Sed dtv. a (JnofBcU) tniUnji a Mtnorm 
lolileH only ti Monger pendns. * AMted 
' Bid ‘ (Traded t Seller, r Amused 
« Bx rtsta. zd Br dividend tc 
aerto issue, se Bx aO. • Tsterim also* 

$ & £ easier 


The U.S. doRar showed -iKtie Gold WJ SU to *1834-1864 in 
change on Hn ^rwv» in the foreign uwyorfs trading. 
exchange marKet yesterday, after ; r ' ■_ v - 

Gotd Bnlllon. 


Ck« ..—.**— 
Horning ft* v 

a fiairiy firm opezung helped by 
indication of a possible settle- 
ment to the miners 1 strike. ~ Ir 
touched a best level of DM2.0850 
against toe D-mark .and 
SwJFrsJ.9650 in terms of -the- 
Swias franc. •••.:’ 

News of Japanese measures 
io stem the appreciaSon of the 
yen pushed the dollar to a htgfc 
PQsot of Y2S5.10. The overall .teroi 
of trading was very quiet how- . 
ever, and central banks may hatfe 
taken toe. opportunity to push up 
toe dollar, without having no inter- 
vene on a large scale. ' v ' 

After this firm start the dollar 
tost ground gradually, finishing at 
DM2.04824, - compared wife 
DM2.0415 previous y, at - SwjYs. -I 
L3355, compared with Sw.Fr&. 

15410, and at. Y233, unchanged 
from Tuesday. 

The dollar's ‘ trade^weighted . - 
Index, as calculated by the 'Bank n nDrNrv RATES 
or England, feH to 90.2 from 90A CURRENCY rw 

whHe Its depredation on Morgan — 

Guaranty figures; .was 5.25 per 
cent, compared with 5.26 per cent ■ ' 

Sterimg opened at 51.90SO-L9040, V * ~ - 

and Cell to 81R020-L90S0 on a — 

general improvement by the ®praitag 

doQar. As the U^. currency lost - 

ground, the pound touched a best “ 

level of SL9080-1-9090, and toen Bawian tw* 
settled at sound IL9075 for toe wkhkrooe. 
rest of the day. It cfesed at 
PUW65-L9075, a fall of 80 potett 
on the day. • luJWn lira-.. 

Sterling's trade-weighted index, 
according to toe Bank of England, g«ykyfcy» e 
fell W 64R from 6L6. after stand- iKlKESi; 
tog at 64.4 at noon and 643 in •'SSStSSS!! 
early trading. . ri— ; 

star, lb 





6 1654*1664 i .. _ 
(C97.6S2) >298.623) 

^ i,K 

Gold Own-... 

OKJ SbTljrn- 

819 1**- 1934 iS 193*i- 195*t 
(£1004- 10 li) (LlOU-li^i! 

•4594-614 |5tffl4*6l4 

|(£31-38, >631-52, ... 

Gold Coin*-- 




S20 Bigler -!SZ98-3C1 

(£1004 L 104)]i£101i- lC-at) 

11-52) ■ 


Mar. Ib 







2.38684 ' 





8. »«435 
2:41774 . 

New York—H 



Madrid | 

Mi lan 


tftoukbohn— i 

















Market Batra 




i.smfr-ijon t^0Bki.8a» 







iB.ffi-ffi.n la.ffii-MLisi 

8JBW.W I 8Jgj.g5 








t Bates given an I of convertible (tuc% 
Financial nun: OO.OS-OOJS. 


Nows Rate* . 


Mar. 13 


hew xortj 




- Auwtl 

New Tort 

Parte r— 


Zorich — 





24.718 885 


31 JO 86 

а. i5«t; 

б. TO-75 














9300 70 
45 82 72 * 


51.60 68 



bin waft-... 

fjirwnh 'iti 


N.ZrobindJl.B&Zr- 1.07' 
rkuidi Arab 



V£. 9 In Tbrooto IJA 2 es lj&26 88 Onatiian caow ’ 

Canadian 5 io New Tor* =88-068847 cenia. UJS. 9 in M-Oan B68£M»J0 
Sterling in VUan ISStM-lOBja 






Areraitlnxi 1J82-1J57 . , __ 

AnatraBa'.j 1.8718- l.6b7«i'nBeria..H 271-28} 
Urarai— .! Sl.12-C2.12 jBelRium.. U-BIc 

Finland . N .7J810«A14a8mal S5-40 

araew-^fea.401-71 -mWtnada — JU6-2. 17* 
BoiuKofl/ci 0-7B4-S.B) (Denmark. 

130-138 Frara-e. — , 
Ovb2&-0.bS {Germany J 
SOJOte.SO ~ 

4.4870-4^00^ Italy 

, 8.64 6.84 |Nrtberi' , n«l) 
4.4036-4.4 179 -Norway —I 
1.6468 1J884 Forlu^l-J 

Spain —J 

10.70-.: 0 
8A6 0.10 
1680- 1680 
10. IS- .50 
WO 166 


Max. 15 


tanc - 

t abort term _ 
< daya notice 

*iix mouth- — 
Una year — .. 

65* -7 
tola 87g 
7)8 7*8 






■ v-74 
Y6 b74 

5- 54 

6- 5i« 









One namtS i Three monTET 

4-3 Bg 

fl New XorklB.QB pm-0 JlA.-Uir 

limrtnl Jd.M- 0.1B ndla 

A mat 'dam 


Mailrtl .... 

78- ig dm 
15 .-;wn-6-c.dK 
'6I4-8I4 ore-dla 


180c. dla 

Enm Frencb depostt rates: twtHiay 105-101 per cant.: seven-day 18HU per cent.; 

cne-nwndi ift-ioi per cenu threMMalh H-Ui per cent.: six-monSi IM-1H per cenu 

one-year II*- Ui per cent. 

Umg-term EnradoUar deposits: two yeaisTUmdUs per cent.; three yean nu-asu ortT*"*’" 

_c«nt.: Tom- y earn S*w-M per cent; dve yean S5i6-87» per cent 

The followtng wrnilual rates were anterior London dollar certificates of deposit: 5^VhvT'' 

re ssr*"*- 7 *™ ~ ccat; 7 ^ t - 4b ■* ^ r iowu 

* Rates are nominal call/ ns rates. • - . • . 3uriob .2*a-, 

tShort Shim rates are can ror'steitinp. XJS. dollara and Canadian dtdlin two Slx-momb forward dollar OXSdJSe nan 
days no bee far ctdtdera and Swfea francx. . 13-monrb 035-0. 45c pm. 

7d-3BO c.dle 
9-19 lire dU 
[514-714 ore <Ha 
..|2Ie-3*B «■- dte 
lie-3 1& ore dta 

B . 12 - 0 jB 2 cpm ! 

2fie l&o c. pm 

20-10 c. pro - 
171 191«tedia' 
4 *g-5*g pi. pm 
37o-6o0 r. dig 
Z&J-330 c. dla 
27-35 -ire rtia 
IS* IE ore da ■■ . 
6 7 e. ill* 

4^84 we rite 
7-17 s 

16*1-5*4 c. pm 


Mar. IS 



[+ oir'jDte. 

-Alfll 1 

A iranx Ver»ieb... 


Heyer5"ypa-. I 

Horm Vereinbk 

IM inner B*tU | 

Ueeurae — . 

U miy 

Deutacbe Bank... 
Li red ner Bank.... 

Dicker bofi Xemi .| 

r >u)eiN*(fnuiic ~ 

teoiri 1 




(ind und Sale ...J 

Karxtadi j 

Kaiuhu, ..... 
Klockner Dm lOOj 


La-wmleau I0Q...J 





Vliinuhener Buck 
('reu-iiu DM lUUJ 

rttioinM fM.Kien.l 

'•.-barm, ._ 

du.1 ducker_ 
(byv-eu A.G.. — | 

• ana 

lKbA..„ 1 

VoHnwao**, ...... J 

- 282- 



- 0.1 - 

-13.6< 1 I 8 


* 5 

1 _ 

! 1.9 

229.61 — 1.5 
/5JI— 0.8 
302 -4 
155^5 —3 6 
3 5.5-16 

I4j ! 1 

198.5.-3 5 I 

118.5 — 0.5 

266 —2 
129 + .2 

4p -0.2 
146 i-5j 9 
294 JS —2 5 
901 . — v.2 

92J 1 

173 —2 | 

937 5-8 5 
Wfl [ — 2 
185 1-4 

167.5U0 e 

515 +5 
. 108.5i — US . 

107.5 -ae j 

187.2xrl — 1 8 [ 
243 J — 5.1 


184.7r — 0.6 

































Abo id (FL2U) [ 

Akxu<F1^0) ! 

ViK*m BnktPuliU’ 
.161 BV (PI JO) 

Amrubadk (Fl^tl)j 

dljenkurt. ., 

ilurb rroTeaeitnJei 
rttrerler (PU0)._! 
tnnraS. V.Be«n»i| 
Euro IVimtilft. 1C 
iiat MrocwlewFlliJ 
llcutekca lF-£b|J 
Kookoiwo* (Ft J0*l 
riuniet D.(F'.10W 
K.L.M. (F JOO)_[ 
Inr MullertL 
ilaarden (F* 
XaLiieii lita.(FiJi 










+ OT j 

Dir.iFI 1 
* ^ 


a21 5.6 
+0.1 1 — ‘I — 
+ 1 |A2i^ 6.6 
+0.4 |A*44, 6.5 
+ 1.0 [ 23.6| 6.0 
+Uj I 25 
1—1*8 i 70 
+0.7: 25 
+ 2 >121 

137.8;... ; 52.6| 

68JJ| • 94 ij 

36.5-.. 22 

102.81 — oa; 14 

84.5! .1 • Jk\ 8.4 

21.9 +Oi; U S3 
127^(-w.7| - - 
37.7 -0.3 1 18 I 9.5 


Mar. 16 

Aaahl O-lara 
Canon ... 









l/ hiiMW .... 

Uai Nippon Prioi 



Hunda Mjtora— 

Hou>e Food l.ii 50 

Uv It oh 

llo Ynkarto 


kau.*«i Klect. PW 


E alula 

ityuto-Oramlc — I 
Uatauablia I mi. J 
Mnmibiabi Hank J 
Miuubisbl Heavy 
Uiuublabi Carp.. 

MIUui 4 C'-a-.—.J 

Miuuxoahi .1 

Nippon Denaa. 

■' i)*pon Shinpan.. 

-Ntsaan Motors. 


+ or 


‘-+3 ! 


•sekrau, Pretab ... 

■>h 1 icklo 


DnabcMailne.— J 

1 DK 4I.68 

leum 1 U8 

Culun Marine.. — 515 
Ickiotiect Fbw'rl 1.170 
tu».Fu nanyu 1 276 




41 ■ 






+ 1 
+ 3 
+ 3) 
1 + aO 




— 1 
: + 2 
!+ 1 





h— 70 

io«yu -ranyu 1 276 

lokyo Mhlhaon. J 140 

L«ra\ 1,7 

liiynM Mrtnr.. — j 950 


2 J 








Mar. IS 

Mar. IS 

ACM.IL (SS> cem».^._..- 
A crow Aostraite. 


J 11 
—6 ! la 

+ 10 
















4 Jt 


| a.2 




■ Savrre VtePrn WnrtTH ToRyo 


Mar. IS 



Arbed 2,310 

Bq. Bra. lamb 'L.i02 

Bekert “B” '1.7 SO 

U.BJC. Cement ;L264 

Uckcrii - — ' o4fl 



I % 



U 112 


6j I 4.3 








-Vea CtedUktFl^Xfc 

*ied MWHk(F1A0)| 
Urn (Fl£», 

Van ll wmim n 

Pkkhced (FL20).. 
Philip, (PI JO). 
KinBch ven9>. 100 

Ho Unco (FI 
Uureato (FL50L.J 


<ttm Grp tFi Jfl) 
V Ikim: (tea. (at(Sl 
H’eatian'du. Hann 

36^1+ t.4' lu 
107.5(— 0.2 I 46.) 
54.S+Q.6I 20 
1B9.&U 1.0 ; 22 
164.4,— 0.1 
134 JiL-.; 

84.5J + U 

73 |-2 
153A+0.2 . 

116.51 1 

13U.7i+0.2{ -14 j 6.4 
128.61—0.4 A60I 7.8 
245.9! +0J | 19 j 1.8 
139.71—1.8 ; 47l 5.9 

IOO L j 50 O.V 

121.1-0.1 Ivslj 6.9 

Biectmhei ;6.060 

ftbnqne Nat ! 2.410 

u-B.IinKi.Bm.__ 1,855 
0 eraert. ' 1 ,s38 

I 90 7. 

4 [ - I - 

5 177 i. 

1+10 *45u 

|. <17U 


V'tert Mat-TM*. Ind re- SI 

Ampol Exploration ..... 

Lrapsa PaLroteum 

Awnc- Mineral* — 

Aaroe. Pulp Ra per' 
\ww.Uxb UKtro-trick — 
Aiwt. Faanrtatlcm I overt.. 4 

Vuritnwo^"17Z7. , ~_T!CI 

Vurt. Oil Jt Ga„/.. 

fllu* Metal lnd._;__ 

Bougainrtlle Cupper — 
8niken Hill Propnetaiy... 

UH Bnutb ^ — 

Carlloi) l/nrrert Brewery--. 

C. J.L'ote* — 

LlSIl (51) 

Com*. OoMfidd Aim 

ConUiner(Sl) ' 


Cntein Aartratte .... 


Lfi M 

daaco Uraml PF. 

.Sumo Itaa PN.„ 
.ielgri Mineira 01 
Uyan Amor. OP.. 
Petrobra, VP™. 

Pirelli OP J 

SouxaCrur OP...4 

Un T P« 

Vaie ton Doer PI 1 













+ or 

}— -OB 

+ 0-O6J 

























Vrt. Cr.ue.4m. Shares 84.3m. 
Source: Rio de Janeiro SR. 1 


Mai. 15 

Bide Smith™ — 1 

EjL. lnduatriea 

•-ieo. Proprnj' Trust | 

Ha mere ley ._. 



mtei -Cu]>per_ 

lenmom. Itklunriev— ~ 

•Iitui* (Itei-iil) 

Umibtul Oil 

Kxp^vramxi , 

HIM HoMIhp. J 

Uvei kcupiwiiira.._„.„....f 

! — 

Berceri Bank 


[ Cradttbank 

Kreditka.-aen — 
\orak Hyrtrokrio) 
I Storebrand ...... 


Ktimei — 



lCBjtf + 3 


U5 Ul.. 
180.0; +03 














M hoiaa Internal ional.^—i 
A *rtb Broken H**tiim feu.l 

ttekbrelRe-aU ...J 

Cm learidi — 

Piimeet Con -rate— 

Ua.-klu A Oubmii... 
H--C. 5lejgb_ 

■Krtitblaai Mlnlnx 1 

louU. fit). ' 1 

w iiu—.....: 

(Verteni MintnjE iSOrem*).' 
W.iol worth*. J 

March 15 

Anrio American Corpo. 
I Chaner Consolidated 

1 Ea« Drlefometn .... 




1 Kloof 

-4-1.112 ( Rustenbnne Platinum 

sj. Helena - 

Soutbvaai '■ 

1 Hold Fields SA 

Union Cbrnoralton ... 
De Beers Deferred . 

I BlyvooraltihlcW 
' East Rand Ptv 
Free Stale Cednld . 

President Brand 

. Prestdenr Steyn „. M 


Wetkom ... 





11.47 | ... „ 

Hoboken >2.235 

Intercom I— .1.840 

KrediePwnk— — J6.410 
te Kmxie Bei*e_ 5.390 
IWi Hakilnc....^, 2.560 

Petrofina 15,870 

''•■c Geo Banque.. 5.c95 
■** Ben BeVRten? i.v.65 
teflna — .... 5 . 1.20 

+ 2 




■iwy — — M.+26 

:raedoa-Kl»'t — .12.510 


UCB 1 s,38 

Uo Min.ri/10) 700 

Vtedlle Moamroe' 1,344 





!— 15 


!7u : i.3 

142 I l. . 
463 I 3.8 
!5JS t j.7 
*24 I 5.4 

I 74 l 4.6 



t Mar. IS 


. Fra. 

-1- 16 

. 5 
A i» 

> 1 

60 • o.g 

tool 7 5 


Mar.- 13 



3S.oL.-J. ..I 20 
420.5 * ! 32 



j »e lav in. 

I WCiC liaeii-f" .... 

I U'lun (xxi 

WbitrL wi. in* I..., 

j tt'ii. uni Cc. I 

< t\'(rt-OB»UI Kta-f i 

24, 9 
17*. . 
27 1, ( 

21 lg 
17: a 

I a «i*re Ifrounreri 
■ eajjmnw.^. ) 

< -hel 1 (Janada. 1 

abormtU.iUinet 1 

jiehtnB O. G I 

, Mintmk 

{ alee* <j( (teoaila- 
atecjj lln.-k iron H 
lVxaen Lten+te... 
r«uncu Uum.Uk. 

I ran>rtJkn P,(wLn; 

Irani* Miami (li a! 

Irize ... | 

Lnmn tiaa_ • 

l/UUiisu«? Uloe»: 
waiker Hiram.... 
ft’nl L'ubkI Tn,- 

U'ortiHi l«i 

t Bid. t Asked : Tradtd- 
1 tie w nock. 

25 ir 


49 )j 

9 •• 

10 v 



52i s 


'23 U 
U 2.70 

; -ass 
3V A 
- 18 'I 


Mar. 15 



Bur-m'atr IF. a*.J 
Uanakii Baok— 
Kaot Aster*- Uo— 1 

HaodeMianJl — ..1 
4ord liapei...M_ < 

tVrvartenk— I 

ProrinabanL.. . 
soph. Ue(iidct&.| 

12519 m 
140 k 
735,: +1 
1 Boa 


142 (4 





- |1 _ 








18 : 

184i 3 hl 







h 6 










1 Fra* 

Mai. 15 | % 

7- « . i/ivJ 1 

- ! i ! '» 

C 1 ed 1 iansta. 1 l i 350 ! ^ 1 lu ! 2.9 

Farinwreei.; 286 !+l | .-9 j S.e 

ae-erta — j 571 :-l , 48 8.4 

- W-5 j+4.61 — ; 

Me,r Daini'et ...j 180 —1 I »7 ! 3.9 

\en Maaneaii - ■; 234 ,-3 : 1*1 = 5.0 

Ainaanlmn .' 11.806 

BBC -A’ J 1.670 

rDo. PL Uert»_; E90 

. Oo. Iteg. 657 

1 Credit 'uW-< U.343 

Wertrowat* ;L57*J 

Ft«ct» (GeonreL-i 98 

+ or | Div. Ym. 

- 1 % i i- 

+ 15 
+ 20 
+ 15 

Hort man W»t. j 83^raO , 1 +2.0ao; iSU 


Kente 4* 735.5 

UriqueOueMV \\ 384 L 
\n LiqoH _.r 272.0) 

\«jur&iicre 1 * 

iknc ueo. 




krJ.T. Ak-ate? j 

Ci» Bats-aife — 
Olnt. Mart iter- 
Orei, it Com Fr‘ »i 
Grenaot tolra— _ 

Pr. PeCTOte 8 -i-.J 
Gtm. Oa-ktereaitj 
1 metal 






r re ; Olv.jY ., 
- ! Pre. ) 

—9.5 4*sl 0.6 
+4 21.18 5.8 

+ 8.8 i 16 .? 6.1 
+ 15 24 6^ 

+ 13 2.+ 

+ 28 13 lit, 66 
+ 15 i 37.- W.2 

339 . 6 ^) 27 .}. 1:1 

405A). + I33;i 1.&! 26r 
1 0.3 U ,'IOlI 

536 +38 ! l.x>; 1.4 
Ji;8-2,+a-2 ; ,4. ib. 13.1 
191 1+3 I ajs 

SB i + 1 
615 +5 

1.500 +40 
874 [+29 
,1.260 + 65 
Moot aameK$ r ^ . 418 l+B 


Mahnos Phe&Uc.J 
BicbflJln I 


170.1'+ 3,1 
176.1:4 11.1 
81.9, +2.1 

Da. (Smtii) 

I nteri oo<( U 
Jelmoli (Fr.l00i._ 
Seatae (Fr. 100) 

Uerlikun Bj[F£ 3 .i 
P irelli 61 PfF.UXn 
Manilas (Fr.£50) 
Da. Part itrts. 
iriilmtierCu KC 
Softer Uta (F, JOCn 
^iwtemlr 1FJ3O).. 

Unicm H-"a 
dflrirh fn» 

a , boo 

+ looi 3& ; u.6 
-10a 20 : 3.U 
+B 20 1 4 

+ 100U.5J 2 ^ 

+ 30 



10,050 f-50 

+ 15 

*8-81 4.7 
,15 118.3 
16 I 3.4 
26 | L9 
26 ! 2.6 
9! 1.5 








Mar. Id 

AS 10.. 



Da Prfr. 

Flmdrier .. .... .. 



lfedlntenm ....... 


Olivetti Prir 

PlreHi ft Co. >2,250 

MrelH Spa. ] 1.032 

enw Vi tCrw 

Price | 4-orfDlv, ;Y, , 

Lire j — 


128.6:+ 1 . - I • 

518 l+lfi.5 1 - 1 _ 

1,970 +15 ' 16Q 1 7.6 
1.610 1 + 13 I ISO! 9JI 
76^[ — 1.75] — i 
10,840, +160, 800, Ijb 
130.25 — Ute _ I _ 
38,700- +48QI i^OO 1 3.7 
160 +7 I — • 

826 ^ - ; 

i+45 ; 130. 5 J3 
• ♦•11 80, 7.8 

646 : + 24 ' _ 

Panbaa_i -j 

Pecbiner Bl3t+g.i 

Pernod -kJonri -i 220JJ + 1.2 
PeuReca-Utroea-i 310J+18£ 
Pwtean . 138 - 1 

itadio Tecbn/qor 

Ite loute — 

libune PMiteni -J 
K. Cobain. J 

:kl" itnwlgiKH 

liana-on KoanritJ 
Ltian — : . 

.<»| 9.8 

15.-/; 2.6 

si.*! 2.1 

39. I 4.6 

«L&6j 2.6 
ldA{ 2.0 
* • 1.8 
* -.^jn.a 
7-a 9.2 
iM 3.4 
la I 4J3 

Wertern UoMinss 
Wear era Deep 


Anglo- Anwr. Indurtrla] ' 

Barlow P^Tif T . 

• CHA iQVGatmarts 
Currie . Finance - """ 

ge Beers tndtffltrlii'~r!Hll 
liters Consolidated lnv. 
Edspans Stores ...... 

EwReady SA 
Fcdora> VoOudKl'oiwiiwi 
Creaiermans Stores ... 
Guardian Assurance (SA> 

Raletts - 




OK Bazaars 

Premier Mlliinff -. - 

Pretoria Cement 

Protea Roldlnefr ~ 

Rand Mines Properties _ 
Ranbramlr CrtNip ... 

Ret CO 




C. G. Smith sogar 
Some ~"- 

SA Breweries ' 

Treats and Natl, btig.' 





11 39 



— • 03 


— 0 19 


-O' 10 

7 SB 

- 0 * 


+9 OS 

13. JO 


.» Iff 


19 25 







. — B 25 


' -805 


' -830 


-0 30 

12 30 

. -0 5# 


■ —0 15 

" 4 65 

— 9J0 


30 50 


tit 30 


*S . 

w % 





• 0.83 





20 0# 

tl. 35 

. ft. 60 


■ -1 • 

1 60 

- - ■ 

10 S’ . 




















(Discount of 30.9%) 

db^; 6.4 
*4 4.1 
9 I13J3 

42.fti: 3.3 
15.1^ 9.0 


Mm. 15 

Air A AU (Kr. 
k bLxvaT iq 
VrtKA (Hr, 
Mtea Copco 



liln-t'itu *W 
Srteson -B*( 

Karaite "B%^, 

Jjreagwfiwfi , 

J 125' P-5 

Mo O -b DtnnuUx,^ ' GA5+3.B 
rtihlnk A-B-- -L . 254-1—1 
^.K.P. Kra-J • 73- 

. -kan.l(isaUldk.4 : 140-1+3 j 
j Trtn.tetlh •B’Ertfl 82 
tTHehnlm - 44.5 

Krone | 







157 j 



8fi | 



















+ 1 



-1 1 



1 " T ^l 

a | 


44 1 





+5 I 












a 1 6.4 


alls: 2.6 


8-' 5.7 
5 ► 6.1 


March la 

As/ and 

Banco “ 

Banco AUanrtco /1,000k 

Saaco Central 

Banco Extrrler' .... 
.Banco General I. .. 
Banco Granada ri.eooi 

Banco Rlspaoo : 

Gat <1-800. 
b tnd. Medltrrraneo .. 

B*nC0 PttMliar 

Banco Saotander' (iidi 
rorocd Lrauijo , 1.000, 
Banco - Vikcare 
Koneo Zaracozano '.ZZ 

Rankiinlon . 

Rnbreck Wlhs 
Baaed Andaluda . 

CIC ' 



E. 1 Aragmasas K 
Zinc . 

R*«. Rio Tlnta .TZZ” 

Fotaa (1AU) 

Penned tl.00o, _ 

cai prectados 

fw<n • 

tiwwdnero ... ‘ - 




SaiTto ftUMdcra '"“l’"” 

So law 

Sncefisa - 



. t - 









+ 2 

151 • 


lb? ' 



107 ■ . 

334 . 



20 * 

2 » 


+ 1 



W * 

— r 


+ 2 


4000 . 






to • 

128 - 

+ Lfl9 

>2 . 




Tomw HoHenej)' Z.Z'.S --n ^ 

■j/ii <•) ■« 

(id :i! 


R ate slvea Cor Argentina ta a free rate. 

»03TY ft 

ii Vi i \- } n 

■ '•3??., ” • " 



1 . 


Voi w ,ic l .M).: j 66.s -g.oi e a.8 -Sim E|M . ' 








53' -O* 


r ’°io 

I* 1 * SH-. 

Wheat pact 
? negotiations 

VFTER FOUR weeks of talks 
-nd with less than two more 
veeks to go, negotiations on a 
lew International Wheat Agree- 
■ 4,6 deadlocked, reports 

YP*Dow Jones from Geneva. 
Officials now consider it 
mtikely that a package can be 
greed without a further round 
• -f negotiations before the pre- 
ent pact expires on June 30. 

As expected, the Impasse' 
aalnly involves the Common 
Jarket on one side and the U.S. 
upported by Canada and other 
*« wheat-growing nations on the 
' gulf between the two 

Jv-iaes- has deepened during the 
legotktions, according to some 
. participants. 

*' The European Community is i 
, idamant that an agreement to ! 
... . tabiiise wheat prices should- be i 
. ted to similar arrangements for 
> sparse grains, such as maize that ; 
srapete in some uses with 

. The EEC also wants fixed 
uaximum and minimum ■ prices 
’’or grains to be defended by 
i nternational action. 

The. U.S.. Canada and others 
"eject the - link with coarse 
- trains, arguing . that these are 
-- ^ised heavily for animal feed and 
> -bus have different problems. 

‘ The U-S. places most stress on 
he use of international reserve 
%,, «i,J. loda of wh eat, to which the 
-iEC doesn't object. Washing- 
on, however, wants only to 
: itabillse prices within a movable 
• -ange that would be tied to mar- 
' ret levels. 

They contend that fixed prices 
;:ould prove impossible to defend 
- md lead to the- collapse of an 
agreement, as was the case with 
x previous wheat agreement. 

Farm prices row splits 
European Parliament 


THE EUROPEAN Parlament was 
deeply divided to-day on the 
question of EEC ■ farm price 
Increases for 187S-79. 

A vote will be taken on a re- 
port by the Parliament's agricul- 
ture' committee, which has 
recommended .a 5 per cent In- 
crease— a figure for which 
European farmers* organisations 
have been lobbying vigorously. 

This compares with the EEC 
Commission's proposal for an 
average 2 per cent, -rise. 

Mr. Finn Olaf Gundelach, the 
EEC Agriculture Commissioner, 
to-day told -the Parliament that 
the agriculture : ‘committee's 
I recommendation 'was “utter 
| folly. A 5 per cent increase 
would cost the Community 300m. 
units sf account . more over 12 
months than the . Commission's 

It would fuel inflation, increase 
production of those, commodities 
of which the Community already 
has an embarrassing surplus, and 
further widen -the gaps between 
rich and poor fa rmers' incomes. 

The committee had recognised 
this In its report, and its recom- 
mendation of a 5 per cent, in- 
crease was thus revealed as mere 
political shadow-boxing. 

In to-morrow's . vote, the 

Socialist bloc, which supports the 
Commission's proposals, is 
expected to oppose the recom- 
mendation, as are the Com- 
munists and' most of the 

Conservatives, * 

The Christian Democrats, to 
gether with the liberals and 
Gaullists,- are expected to vote 
for a 5 per cent, increase. 

Whether they will command a 
majority may depend largely on 
the number of absentees — 
expected to be high op both 

Either way, though, the 
majority wil probably be too 
small to allow members of the 
Farm .Ministers 1 Council to use 
the vote in support of their 
arguments during the annual 
farm price review next month.. 

Since the vote is unlikely to 
affect the ultimate outcome, 
there Is tittle incentive for mem- 
bers of Parliament to try to 
reach a compromise. In many 
cases, though, there is a good 
deal of local political mileage 
to be got from bolding to a hard 

This could lead to a repetition 
of last year's debate on farm 
prices, when members failed to 
resolve their - difference and 
Parliament had to report to the 

STRASBOURG, March 15.. 

.Council of Ministers that it 
could not present an opinion. 

The ironies of the proceedings 
were underlined to-day by Mr. 
Mark Hughes (Lab., Durham) 
who. as rapporteur for the agri- 
culture committee, opened the 
debate by presenting the report, 
but declared from the outset 
that he rejected its recommenda- 

Reuter reports: Mr. Gundelach 
. told the European Parliament 
that the Commission was not con- 
sidering imposing a tax on U.S. 
sales of soyabean meal and oils 
to the EEC. 

He said that the EEC's open- i 
door policy on its imports of oils 
and oilseeds would continue, in 
spite of the fact that these were 
in direct competition with Euro- 
pean produced animal proteins. 

He said that an import tax 
would clash directly with the 
Common Market's treaty obliga- 
tions under GATT and would 
mean it would have to grant in- 
ti a stria 1- concessions of between 
600m. and 800m. units of account 
as compensation to countries 
whose agricultural products 
were hit. 

“It can bardly see where that 
money could be found in the cur- 
rent circumstances,” he added. 

EEC lamb policy faces problems 


Brazil soya 
market at 

By Sue Branford 

SAO PAULO, March 15. 
THE BRAZILIAN soya market 
. ~'7;bas been at a standstill since last 
Thursday when Cacex, the Banco 
do Brasil’s export department, 
imposed a series of controls over 
exports of beans and meal. 

Under the new system the 
.exporter bas to submit to Cacex 
his sales proposal, 'giving the 
price, quantity and destination 
of the product. . Cacex gives its 
reply after 48 hours. 

Exporters are complaining 
that this scheme is excessively 
bureaucratic. as importers 

.generally refuse to wait so long: 

However, it is unlikely that' the 
system will be changed before, 
the next Cacex meeting on 
March 29. 

■ The ban on oil exports, inv 
posed on March 3 is also likely 
to continue, at least until the I 
Cacex meeting. ' I 

ANY COMMON sheepmeai 
policy agreed by the EEC would 
have to operate in a market with 
very wide differences 1 ' between 
various member StateMhe Meat 
an J Livestock Commission said in 
its latest quarterly' .market sur- 
vey issued yesterday.. 

There was a great .diversity in 
sbeepmeat trends, . . structure, 
prices and the meat's: -relative 
importance in the various. EEC 
countries. This highlighted the 
need for a relatively long period 
of transition if. a . significant 
degree of harmonisation was 
envisaged. r '.' 

Community , sbeepmeat pro- 
duction was forecast to rise by 4 
per cent this year to' 523,000 
tonnes, with Britain the -biggest 
producer (233,000), followed by 
France (156.000) and Ireland a 
long way behind at 3S.0Q0 tonnes 

EEC consumption of sheepmeat 
was expected to -show a slight 
rally this year, following a 
gradual fail since 1970 as a result 
of a decline' in U.K. demand not 
being completely offset by In- 
creases in other EEC countries. 

U.K. consumption*. per capita 
in. 1977 at 7.3 kilos was about a 

third less than in 1960, while In 
France it increased by almost 
half over the same period to 3.9 

The price of lamb in the U.K. 
was about 45 per cent, lower than 
in France, . and barely more 
expensive than beef, while in 
France the luxury image of lamb 
meant that it was much dearer 
than beef. 

The ' report said that exports 
of sheepmeat from Britain were 
expected to show little change 
this year after rising: substan- 
tially in 1977 to 44,600 tonnes — 
11.900 tonnes more than in 1976. 

U.K. output was expected to 
show a small increase, but 
exports to France might fall 
because of higher import duties 
and the possibility of the French 
market being closed for a longer 
period than in 1977. 

Pigmeat. production in the 
U.K. was expected tD fall sharply 
this year. Pork output was fore- 
cast to decline by 48,000 tonnes 
to 600,000 tonnes and bacon and 
ham by 19,000 to' 200.000 tonnes. 

This was in sharp contrast with 
the rest of the world, where 
output was predicted to rise by 

another 4 per cent, this year, 
after reaching record levels in. 
some major producing countries 
last year. 

World beef production was 
expected to show a further small 
decline this year, but EEC output; 
would stabilise after falling by ! 
4 per cent in 1877: • 

In Britain, beef cow numbers 
were forecast to fall by 5 per 
cent.: but beef and veal output 
was expected to remain much the 
same at 1m. tonnes. 

China ‘making 
cashmere dearer’ 

ROME. March 1%. 
claim- that China, the world's 
major producer . of cashmere 
wool, has been withholding pro- 
duction from the market to 
boost prices. 

The Italian market price of 
cashmere has reached L42.400 a 
kilo, a dealers' association said 
— almost four times higher than 
A year ago. 

AP-Dow Jones 

leads rise 
in metals 

-By John Edwards, 

Commodities Editor 
COFFER LED a general rise 
La prices on the London Metal 
Exchange yesterday. 

The upward trend was 
prompted by the latest deve- 
lopments in the Middle East 
and' hopes or an end to the 
UJS. coal strike. 

. Sentiment In the copper 
market was also affected by 

rumours of a possible domes- 
tic price rise by one of the 
leading . U.S. producers and 
suggestions that Zambia might 
have ip reduce its deliveries 
by- 25 per cent, because of 
transport problems and the 
proposed 15 per cent produc- 
tion cnL 

Cash wi rebars dosed £13.25 

up at £689.75 a tonne. 

Lead and zinc took their cue 
from ’ copper, advancing 
strongly In active dealings. 
Cash lead gained £6.25 to £314 
a tonne and cash zinc £6.75 to 
£269.5 a tonne. 

Tin was more subdued In 
quiet trading conditions, still 
overshadowed by the possi- 
bility of U.S. stockpile 
releases. Cash tin closed £10 i 
higher at £6,035 a tonne. ( 

Sugar market 

By Our Commodities Staff 

WORLD SUGAR prices turned 
upwards yesterday, ending .the 
recent sustained decline. 

The London daily price, which 
had lost £12 in the previous 
seven trading days, was fined £3 
higher at £97 a tonne. On the 
futures market the August posi- 
tion -climbed to £105.5 a tonne 
before closing £2.075 higher on 
the day at £104.175 a tonne. 

Dealers thought the rally was 
partly, due to a technical reaction 
against the decline, which many 
thought had been overdone, and 
partly to reports of US. refiner, 
buying. They saw the result of j 
yesterday’s weekly . EEC export J 
tender.- where 2&500 tonnes of 
white -sugar were authorised for 
export, -as “ neutral." 


NEW DELHI. March 15. 
India’s silver exports in the 
ftscql year ending March 31 were 
likely to total about 580 tonnes, 
short of the export quota of 900 
tonnes set for the year and lower 
than the previous year’s exports 
of. -1,655 tonnes, the Economic 
Times newspaper reported, quot- 
ing official sources. 

The -reason for the expected 
reduction is that domestic Indian 
and world prices have moved: 
closer, .cutting profits from ex- 
ports, the report said. 

Renter . 


Now even France 
talks of reform 

STRANGE THINGS are happen- 
ing in Common Market agri- 
political circles- 

Ten days ago we saw M. Pierre 
Mebaignerie. the French Minis- 
ter of Agriculture, not only 

supporting Mr. John Silkin, but 
actually taking over the British 
Minister's role as leading battler 
In the fight to change the 
formula which gives the Danes 

and Dutch such advantageous 
subsidies on their pigmeat 

This week we have heard a 
promise from the alliance of the 
Left in France that if they win 
power in the second round of 
the general elections this week- 
end, they will revive the debate 
in Brussels on reform at the 
Common Agricultural Policy. 

Think of the traumas for a 
British Minister, after all these 
years of banging his bead 
against a wall of French resist- 
ance. “ pal ling-up '* and forming 
an alliance with Paris. 

It is worth considering too 
the enormous job of re-education 
which will have to be under- 
taken among French civil 
servants. They could pick up 
considerable help from the latest 
Economic Policy Review, due to 
be published at the end of the 
month by the Cambridge Depart- 
ment of Applied Economics. 

Community* Worlds] 

197Spric« price 

£ £ 














I Chaper five, despite its title 
—The Direct Costs to Britain of 
Belonging to the EEC — is 
devoted largely to a detailed 
comparison of the main methods 
available to developed countries 
wishing to protect their agricul- 
tural industries. 

. Strongly biased towards the 



Wheat 105 85 

Barley 99 75 

Maize 99 70 

Raw sugar - 219 160 


sugar 254 200 

Butter U» 900 

* Assuming acceptance of EEC 
Commission price increase proposals 
for 1978. Conversion -rate £1=1-58 
units of account. 

Seum: Economic Policy Review No. * 

U.K. system of deficiency pay- 
ments, it appears to offer some 
valuable alternatives to the Com- 
munity’s interventionist system 
which, while admittedly making 
some grain growers rich beyond 
their wildest pre-CAP dream has 
done little to relieve the vast 
bulk of French farmers of their 
burdensome "peasant" image 
and way of life. 

The Camhridae economists re- 
sponsible for the chapter lay out 
the first principles of the main 
farm support systems with wel- 
come clarity. 

"Under one method, consumers 
pay for food at world market 
prices with the Government mak- 
ing up domestic farm incomes by 
deficiency payments. Under the 
other, consumers maintain farm 
incomes directly by themselves 
paying the higher prices. In this 
case lower-priced imported food 
hac to bear a levy." 

The Common Agricultural 
Policy, however, was neither one 
nor the other. The deficiency 
payments policy was funded 

mainly by the general taxpayer, 
while the “ high-price " policy 
was financed almost wholly from 
the domestic budget of the food 

The CAP was paid for by high 
consumer prices and also by 
heavy contributions from the 
general taxpayer via the Com- 
munity farm fund. 

The Community Budget was 
used for paying direct and 
indirect grants to farmers, export 
subsidies, or buyinq-in excess 
supplies nf farm produce 

“ In other words, the high con- 
sumer prices simultaneously dis- 
courage consumption and encour- 
age production: as supply then 
exceeds demand, the taxpayer 
must finance removal from the 
market of surh excess supplies 
by intervention, storage, des- 
truction or subsidised sales 
abroad,” the policy review says. 


"Thus, the Tact that there are 
net payments out of the farm 
budget means that, taking the 
Community as a whole, farmers 
gain at the expense both of the 
consumer and (lhoush to a less 
extent) of the general taxpayer.” 

So far, the debate on this view 
of the management of the CAP 
has been almost entirely 
restricted to the British Press 
and political circles, ft would be 
useful for ail concerned if it 
could be launched inside France, 
where the holy writ of the basic 
principles of the CAP has been 
for so long adhered to by a 
seemingly uncritical administra- 
tion. accepted as gospel by a 
large proportion of the Farming 
community and imposed on an 
uncomplaining and largely un- 
educated consuming public. 

Weather hits Mexican coffee 

MEXICO’S 1977-78 coffee harvest 
could be as low as 3.2m. bags 
(60 kilos each) and export avail- 
ability only 1.5m. bags, according 
to Sr. Fausto Cantu Pena, direc- 
tor of the Mexican Coffee 

In 1977 Mexico exported 1.94m. 

Sr. Cantu Pena said Mexico 
currently holds about 800,000 
bags of coffee which would be 
available for export but for the 
sales suspension agreed in San 
Salvador last week. 

The eight countries which met 

in San Salvador held between 
them 4,122.731 bags of export 
coffee, he added. Mexico, Guate- 
mala, Costa Rica, Nicaragua, 
Honduras, E. Salvador, the 
Dominican Republic and Vene- 
zuela attended the meeting. 

Sr. Cantu Pena said the 
Mexican coffee harvest was 
coming in very slowly because 
of adverse, weather, and might 
not be completed until May. 

Harvest estimates range be- 
tween 3.2m. bags and 3.9m. bags. 
Experience showed that when 
the harvest was late it was also 

MEXICO CITY. March 15. 

light, the Coffee Institute presi- 
dent stated. 

In 1977 demand for the pro- 
duce of the other milds group 
of coffee producers was some 
14m. bags, he added. Export 
availability was about 12m. bags 
and the shortfall was made up 
from slocks. 

This Fear production would be 
about 15 per cent down, he said, 
adding that U.S. Department of 
Agriculture estimates of produc- 
tion were between 15 and 20 per 
cent too high. 



nice MCTAIC Comes opening. Bci the ' market Afternoon: Standard, cash £6.085. threi 

DA.1C irJCI ALj recovered from £682 so a close on the months £8.030. 15, 30, £6.08#. am. 95 

COPPER— Firmer on (he London Metal 
Exchange nth sentiment improved by 

-pros peris of an early end tn the \Ji. 
coal .-trike and trading utimulaied by 
rumours nf a Phelps Dodge price rtw 
-and' a Zambian declaration or force 
majtare. Forward racial started at 1681 

1-nppRsl nr ft+c" 

COPPRft j oflfcjai p _ Unofficial — 

1 £ j £ £ £ 

Wire bare 

On* 668-. 5 {*17.5 669.5-70 +15J 

Smnntli*.. 682-.B ;+IBt 6P4-.5 +W 

tHtl'm'ut 668.5 Ul7.5 — — — 

Cathodes- 1 

IVh- 65B-.5 +18.2 65B .5-60.6 -+12.5 

inmnfh-.. 672.5-3 ,+ lB , 674.M f+14.8 

*ettrm'ui 659.6 +18 - — I ...... 

l\#s..Smt.. — I 60-61.5 1 

and although Jt quickly fen to £818 on 
ttai* pr Irina sale*, moved up tn !68S 
brfnre running Into profit-taMm: after 'he 

Contes opening. Bdl the ' market 
recovered from £682 ko a close on the 
Kerb of £686. Turnover 29-925 tonnes. 

Amalgamated Mtgal Trading reported 
that tn the moral mr cash vnrobats traded 
at X6GX5. three mouths £678. 79. 9.5, WL 
n, 82. 81. LS. 82- "2.5. Cathodes: Three 
months £672.5. Kerb: Wlrebora. three 
months IBSS.,4. 5. 4, 4.5. 4. 5. 5.6. After- 
noon: Wirebars. cash £666.5. three mouths 
£687. 2.5. 3, 4, 3.5. 4. Cathodes, three 
mouths 074.5. Kerb:- Wirebars* three 
mouths £885. LS. a. 5.5. 6. 

Till— Steady as forward metal rose 
from £3JSS ID 16. MS following the stable 
price in the Bast overnight, buying 
agahut - European demand and bear 
covering. But hedge selling against 
(Eastern purchases and bear (effing in . a 
thin market reduced the price to 15.868 
before fresh demand on U.S. physical 
business led to a close of £5,630 on the. 
Kerb. Turnover 810 uranes. 

Morning: Standard, cash £6,675. 70. *8. 
three months £8.050. 33. 30. 25. High 
Grade,' three months £6-035. Kerb: 
Standard, three months £6.040. 35. 4K 45. 

Afternoon: Standard, cash £6.035. three 
months £*.030. 13, 20. £6.008. ffiSN. 85. 
IG.D00. . Kerb: Standard, three months 

£3.980, 70. 65. 68. 65, 70, SO. - 

| a.m. »+■ nr] ji.m. tt+or 


a.m. nr] n.m. tt+or 

XIX. . . Official | — jCnoffWiUf — 

High Grade £ £~] £ l~£~ 

Caan 6066-70 +60 6030-40+70 

2 mraitlir. 6036-43 +52.5 6006.15 f+15 
Kettlem't. 6070 + 60 — I ...... 

Standard ! ’ 

Cash- 6063 70 + 68 | 6030-40+10 

5 months . 6035 30 +BX5' 6000-6 +15 

Settleun't. 6070 + BO i . — 

Sun its E_. J51B80 — 

New Jut — ...| ...... 

LEAD+-GaJned ground as short-covering 
and fresh buying against a background o( 
Improved sentiment poshed. Forward melaJ 
up from £311 to £318 before profli-iaklag 
dipped gains. Thereafter the price 
moved between' £375 and £379.' closing on 
the Kerb near Uhe high at £818.73. Turn- 
over 7.080 tonnes. 

l.G. Index Limited 01-351 3468. August Sugar 103^5-llHJ 

29 Lamoni Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 

■ ... ■ a.m. nr p.m. j+ •> 

August Sugar 103-25-104^5 Pnwai | - Cmrfficiai j - 

. C r £ JC | £ 

utures. Cash- S1U-3 47.725 UJS-a.s'+B.Z 


■ $ You can make money in commodities. Thu is one '& 

raison why Investor* of 31 different 'countries subscribe r 

£ so our weekly commodities, meals and currencies sendee. iBHKg 

ff Ocher reasons could - be die detailed charts, or the BUHm ' ' y 

Jj leading Indicators of the specific Interpretations — Just V. wBar jf 
some of the reasons wbr our service pays for Itself ’ ^*6^ . « 

j over and over again. g 

§ Send for « s/ngfe Irsue, LS. eight week trtaf. €30; one-year subscription. £110 . -*5 

■ .1 94-200 Btshopstate. Loodusi EOM 4PE .. ...-.j 

£ £ £ £ 

Cash- J 47-72,5 13. 5-4 ,6 + 8.25 

3 months.. 316-.S i + 7.5 317.5-0; + 6-5 

■SettTm’iK 313 . +7.25f — 

*]PJ5.Sp OT-J — r 93 

-46N5X ea«»>«ac:.^i 


Morning: Cash £3734. U. 13.3. 12.25, 
12, 12J. three months £316, lfru. 17. 17.5, 
17. IS, 1 17.5. 17. 16J. 16. Kerb: Three 
months £317. IK-5. 17. 17.5. Afternoon: 
Three months £316, 166. 17. 17.5. Kerb: 
Three months £318. 18.5. IS. 

' ZJMC— Very steady after lorward maul 
bad moved dp from 1364 to £288. Sbort- 
covetfns and some demand fur nearby 
metal -which narrowed the contango, thus 
aiding sentiment, kept the price around 
076 and allowed It to dose on the Kerb 
at the day’s Ugh of SSTL Turnover 
7,858 tonnes. 

RpbnsUs advanced sharply In the early 
part of the usstna. bur resistance was 
encountered ai the , n.5M level (basis 
May i, Drexel Burnham reported. -In the 
afternoon values eased on Jobber profit- 
tlkltt. but md* boring at the cJpae 
boosted values to around Tuesday's final 
levels. Dealers saw the session as a 
further cocaoUdatton of the rally, which 
reflects some roaster Interest. 

COFFEE Clow0 +«* VnNatm 
■ ■ m - — jUone 
£ per tonne | 

March 1607.0-1808.0—3.5 IBBJ-IHhT 

May 1 1476 .0-1 4 78.8 — LO 14 8-1405 

July _.'127B-0-15B8.6. + 0.9 14Q0-1IG5 

September... 1558X- 1 345 J 7M8-1JS1 

X nv ember _ J12S&.D- I300.B — 1.0 7315-1280 
Jammiy......|12BO.D-lI65.0— 4.0 — 

March - 1250 -15.0. — ' 

i • : • • 

Sales: 2J82 (2.648) lots of 5 tonnes. 
ICO ImflcniM- prices for March 14 (U S. 
cents per pound). Colombian 1JJM 
Arabics* 181.00 (176.00); unwashed 

Are Mess 164.75 (lfrL25i; other mild 
Arabtcas 17U..M <173.4Bi: hobqatas 160.60 
tlGOJM). Dally averepe 168.78 (166.74). 

LONDON ARAB I CAS — Prices advanced 
in Ugbi volume, as trade bows cotuinued 
to dominate the market. Dread Burnham 
reported. Once more the tone seemed 
to be set by the fortunes of Robustas. 

Prices tin order buyer, seller, change.' 
business): April 186.75-198^0 (+3.13). 
20335-1 B8. 00; June 176.90-178.00 (+2J»I. 

176.00- 176.00: Auxust IB8.00-166J0 f+Lflg). 
168.06-1CS60: OcL 13S.0frl57.60 (+085). 
lBB.OfrlSS.OO; Dec. 146.00-146.75 (+0.25). 

145.00- 1 4S.70: Feb. 14I.OD-I4L50 (-2.75). 

untraded: April 135 00-138.00 - (-iS). 
tuureded. 1 • 

Sales: 44 (30) lots of 17J50 kilos. 


RTTRRFU uoarten 60.0 to 64.0. forequarters 87.0 to 

® ^ 48.0. . Prices per ton ns unless otherwise 

SLIGHTLY EASIER opening on the Veal : Dntch ffinds and ends fip.O to 98 0. crated. 

London physical markeL Utile Interest „ Wnb: English small 60.0 m BO D medium 

ihroogbout the day. dMM knacilvo. w 67.0. heavy W.9 n 45.6. Scotch . 1 

and . Peat reported tbit the 481 ,0 Mar. 15* + or Month 

Malaysia god own price was 2 W (287) Unponed frosen: NZ PL new season 45 0 ism i All mzcT 

cents a kilo (buyer, April). 10 PM *• season 44 JO to 434. PH 

. _ new season 4X1 to 44 D. 

f ] Pork: English, under 100 lbs 36.0 to 4X0. 

Kn. 1 jYesterrlayV Prerinus Bumnen 100-128 Su 35.0 to 4X0. 120-180 lbs 36.0 to 

April. ...I 49.26-45.1(3! 4SJ048J 

IJaj- j 49.44-49^8 49.BD-5O.10j MAO- Prices at representative markets. 0 months do. do. + 14 A|E64B.76 WJJ.VV XCAJUl 

ApivjiiJ 4S.HM0.65i SO.Ofi-BOia 49.40 March 15. G ^Cattle. 04J7p per kg Iw Cash CatJ»oda........K66G I +13^^626.5 CLOSED lowor ™ 

Jlv-Sen bl lfrbl.15 hi 7D-61 76i hi BfrBl.lD (+0.851: U JC. — Sheep, 14] jp per kg esl 3 months rto. do. £674.71+14.11+639.15 “V,*™ .Ur °®. 'fade hede 

UM2.ll dcwt+ll.l): ^Bn^r kg ?w floW........T«vV oa.Mw.lfifit-l.reSlTfi.OTfi ^ »»«» Wfrlo*. 

Metals . 

Hobbits— Chinese 47J) W 4X0, Australian Alumhilnm. .-MM £680 

58 0 w Pro* market (cl»)tSSfifraO !_ [5955(15 

MEAT COMMISSI OM— Average fatstock Coppririwb W.Ban^669.'rc+ 1 3.26.£635.74 
prices at represent ad ve markers. 3mi«nths do. do. ^684^6 + 

U.S. iWarkets 

Silver up; 
gold and 
coffee fall 

Jan- Mr. 55.HfrW.7S B4.16-B4.M B4.4B-H.80 i+.O.I). Enpiand and Wales-Cattle tasb C3 34 + 6. .» 

AiM'-Jae BB.BO-ofi. 10‘ BB.2fr5fr.iB — • nnmtwre tm 52 per cent., average price omnnins £317.78 +6.9 

Jly-Sep. BB.2frM.50 B6.&D-5B.B0 66.25 64.67p (+0 58i: Sheep up 1X6 per cent.. KtAel t 

Oct-lip b7.4D-b7.flb 57 .80-58. D 57.30-57.0 average )41-5p i +T2_I>: Pigs, no change. Pro* »MW tefri... ll-S 

i average 61 .Op f+01). ScoUand— Cattle -S.04| + D.K 

TCTi nT.W. Oam_ ISA per cent-, average 63J4p . I | 

05.8 selling- Stiver ended slightly higher in 
1225 nervous trading over recent teas an in 
_ the Middle East, Bache reported. CofTpe 
Sniflhcd Umit-dnwn no light trade selling. 

Oct- Lie. a/ _4D-b/ ^b 67-8fr58. u a/.su-s/.W average jw-flip; rtga. no cnange. a » arier an Inactive physical market. Sugar 

I 1 • ’I average 01.0P f+01). Scotlaod-Orttle I *04|+0.*I»I.IM.I) w^stoady on K 

— vTiM- Ti^r^TB down per cent-, average 63J4p . l it covering. 

tooTrf'u St? * “ ^ W J+fi^ri Shw up 4U per wot. average piarinura t«iy 0r.JfillA.5J !ci06.5 Ctcoi-March 165.15 1 164.00), May 

Physical tfHce* (buyers) were: I4J -*P Z. 1 * 5 . * Wrn 1Tl1 wr cenu Free Market ...,...£181.15 -1.66X120.8 156.25 .I59J5., July 157.15. Sept. 147A5. 

Physical ctong iTricee (buyers) were: ™ ( *+To , ^ 

Spat 4B.75P 748.0): March (49.5)7 Vt r nf 11 IT 

Aortl 49 5 d (49 75i MLC forecast rjlei Of Ujv. DiooBtlH 

nr'i t»i uni compcnsaiory a mounts for week from 

aUYAUtAN MEAL March 3 (previous week's figures in 

CTree | — 

4.20. Bloods 3.0*0-26: Jaffa: 3.6fr4J»; Oils 

Cnertonnel | approx.' I« kilos 54780-s ' 2.80-3 Grotnulnt.. UD647 £699 

April.. N7.6D-17.9 1 — 3-OB WO.BfrIXBB Egyptian: Baled! 2.40; Moroccan: S.Sfr Lroeeed Crodetri- ..IS309 -1.0,8271 

Dec. 64.00, Jan. MAO. March G5.5X bitty 
6X50. July 67.50. Sept. 68.50. Dec. 70.08. 
Jan. 78.50. Sales: 7,000 Inis. 

Cotton— No. 2: May 5S.35-5S.45 (5S.40), 




_8i% 1971/1994 


On March 3. 19. B. Bondi tor the 
amount el UA 1.000.000 have hoen 
drawn (or rnormptJon la the Bfwonco 
of a Notary Public. 

These Bonds will Be reimbursed 
coupon No. 8 and tallowing attached 
on and after Mav 7. 197S 
The numbers are as tallows: 

0346 ro 4405 Inch; 4409. 4475 to 
4508 IncL. 4572 to 4535 Inc),. 4539 
to 4B44 I net.. 4549 to 467B lnd„ 

4fiS1 to 4676 ind.. 4SB0 to 4979 

Inch 4981 to 5050 Tncl.. 5726. 5226 
to 5231 IikL. S233 to .5248 Ind.. 
525Z and 5353. 53E9 to S393 lncl_ 
S401 CO 5525 I net- 5527 to 5592 

I net. ■ S5S5 to 5636 ind.. 5640 to 

5642 I net.. 5650 » 5604 Inn 

Amount nnamortfzed: UA 8.000.000. 

Dutstandlno drawn Bonds: 

0115. 9239 and 9240. 9250. 9256, 
9X93 to 9395 Inc I.. 9414. 10435. 
10439. 10442. 10453. 1D452. 10192 
and 10493, 10497 to 10499 ind- 
10577. 10731 to 10750 Inel- 107B3 
to 10786 IikL. 11037 to 11042 IncL. 
11052. 11043. 11101 and 1 1*02. 
1110B. 11113 to 11T1S Inel.. 11122, 
11133. 11211 and 11213, 11217 and 
11215. 11256. 11322 tn 11525 Ind. 

S A. Luxemhourocoise. 
March 16. 197B. 


1969/1984 7% 

UA 15.000.000 

Sends for the amount ol UA 950.000 
ha«e been drawn for redemption In 
the presence pl a Notary Public on 
March 3. 1978. 

The Bond* will be reimbursed cunt 
coupon no. 10 on and alter Mav 9. 

The drawn debentures are those. 
included m the ranee heoinntno acr . 

11.533 vp to 13.431 M*cl- 
Amount catted lor re- . 

demotion: UA 1.000-900 

Amount nuKhased on . 

the market: UA . 50.000 . 

a m “»t uSnortWd: U A 8.250.000 
DuMtatriiiM gram 

9720 to 9727 Incl.. 9756 and 9757. . 
«773 to 9776 loel.. 9796. 9798 and 
9799. 9802 to 9804 incl.. 9806 and 
9807. 9922 

Incl . 9942 M 9944 Incl.. 9947 to 
9953 IKL. 9951 to 9968 Incl. .100 IX 
S.A. LiuembounKBiae 


16. 1978. • 

' 91% 1976-1963 $US2b.OOO;«JO “- ! 

Hotderr of the ahove-menrioned • 
taut are hereby informed thu the 
annual Instalment of SUSI .000.000, . 
dua 1st April. 1978 ha* been effected 
'by drawing by lot of 1.000 bend* of 
JOSI.ODO each. 

. The . following bonds have bees 
drawn on 3rd March. 1970 In .the, 
pretence of a notary public. 

12047 ta 13046 Inclusive. 

Thee* bonds nyill he redwmabl* at. 
.far on. and after let April, 1978 with 
all on matured coupon* attached cboruo- 
. The principal 'amount of bond* out- 
sanding after the amortisation of -1st 
April, 1978 w)H b* SUSI 9, 000.000.. 



Soeikc Anotiyme 


16th March. 1978: - 


flu*-- 1 . .J £ I j £ 

267.341. S'+6.7Bj 269-70 +6.75 
S montha.. : 26S-.5 j+B.6i 270-1 +7 ‘ 

S'mPnt 268.5 1+6 — L— 

Prm.Wntl — I — I 2® . — — 

Mnrnlng: Cash £267. 88. three moaths 
-£2M, 65, 68. 67. 66. 60. 68 J. Kerb: Three 
months £268, 70. AftaTiooni Three 

months COX 8-5, B, 70. Kerb: Tlwce 
mantbs £271. 70.5. 70. 

* Cents per pound, t On previous 
unofficial chuo. tSM per picul. 


Silver was fixed 3A> an ounce lower 
for spot ddlvrry In die London bullion 
market yesterday, at 584.7p BA eenl 
equivalents of the fixing levels wens spot 
54LSc, down 5c: three- month 552.4c. down 
Xic: ste-mouih 567.3c. down 58c; and 
JS-manffl 684. lx dtfwn 5J2c. The mm! 
opened at 28L3-2sa.»P »543*4A40 sod 
closed It 284-S83P f543443*cL 

SILVRK Bullion f or L.M.K. f or 
.per r - dicing — clo» . — 
trnj'oe.' pricing 

“ I I ' 

Spot....... B8A.7p--B.2a83.Bp pA-l 

3iBMrthfr. a8B.8p UBJ 2B0.OSp -4A 

6months~ I S9&:8p .-X65 — 

rainwnha.! 507,Ip .—3.0 — ■ f — : 

- LKE— Turnover 140 (288) lots of 1X006 
ounces . Morning: Cash 35: three months 
290 A, 90 A. 8fr2. 00. «.S. Wfi. Kelt* 
Three ttttMfis SWA, BOA, 0O.7. Afternoon: 
Throe months 200 J. 00. 89 A, 89 J, 0.8, 9J, 
9 j,- 93, 9.i, 9, Kerbs: Throe tndaihs 290.7. 

market opened 10-35 higher, but there 
was good profli-iakinK tat old crop 
optious and valndre dipped by up To 20. 
Good shorouovcrina and -country buy mg 
on a strong physical market helped 
values to dose firm. 1frl5 bigher on old 
crop wheat. Old crop barley was cmet 
and dosed, around ..lunch. - New crops 
remained under pressure and losses of 
45-N WITS registered by the close, with 
sellers unsatisfied. Adi reported. 

June 117.B0-17.3— fl_I6 120.00-17.00 3.10. Lemons— Italian: 100/120 3.00-3.20: Palm Malayan *600* -1D.05536.5 July 50.Sfr59.B3 159.47). Oct. 60.55. Dec- 

Aurunt ] 17.40-17.8 — 2. 10i 110.50-17.00 Cyprus: 2 JO-3 JO: Spanla: 2.80-X20. 61J5-6I JO. March E.IO. Mav 62.50-62X5. 

October 1I4J»-)B.D -3. OB — Grapefruit— Cyprus: 13 kOos 2J50-2.60. 20 July BS4W-B350. Sain: 153.0M bale*. 

December ... m SO- 10.0 — LOB im.TfrOfi. 10 kilns 3.6fr3^0: Jaffa: 20 Wins 3 00-3.73. Seeds [ ‘Gold— March 183.16 HSa.50), April 

Fehrunn...... 109 JW.1ZJI— 3.00! — WitklBO* — Spanla: »5/288*S 2J0-4.26. Copra Philip. S440» — 1SJIS399 183.70 1186^0), May 184.90. June 15X30, 

April I0ajfrl4.0-0.t0 — Apple*— French: Golden Delidma Category Bcynbean (UJ.J— 8B77.9r,— 5.4 !f857 Aug. 188.00, Oct. 191.18, Dec. 104.48. Feb. 

“s.iM-'ur'ttm tar. 1 5-9M-W: 20 lbs Golden Delirious 197.10. April 200.20. June 2B.M. Amt. 

® 7 . { ™ > *** 01 *" tonne »- Category I 84 1-4M.8*. 7S 2JfrS.NL t KB.30. Oct. 209.30. Dec. 212JI, Feb. iu. 

SUGAR Caieunrj II 84 LlMJI. R * pooled. Sates: 15J00 lore. 

■ ■ iBmble pack, per pound Golden Delicious —■ L - tLerd— Chicagn Inow unavailable 

LONDON DAILY price - iraw sugar) d.TI- 0.12: Italian: Per pound Rome Beauty Fu Curve. ^ C75. 16 +1.16 £71.7 csjjj. Now York prime steam 30.12 

07.00 i£94.0frlja tonne 'rif for Marcb-Apnl 0.14, GnWen Dclkd nu* 0.11-0.131: UJ. Red M i£f"Vra"“rv-“ «,«■,. nnm. i30.12 asked). 

ahlnmenL While Biucar daily Price was DeUtioos X5fr9.6&: Oregon: Newtown* rronui J«o. OAtuaiiou tMel*«— March 249-240) i238>. May 244- 

Fehnai rv [109.08- 12J — 3.00! — 

April ..:.... ...1 10X00-14.0 — O.tD __ 

Seles: 87 (*U) tom of 100 tonnes. 


.'YatetdBy'i.’ + or Yestmdsy'aj 4- or die lows. C. Candkow reported. 

ofi'r i n' 10 mm. category I 84 SJfrf-84. 72 3JfrS.0X t KW.». Oct. 289.30. Dec. 212 Jl. Fob. un- 

SUGAR Caieuorj II 84 U«. » UM« gS"--. t * «o»d. Sales: 15^00 lore. 

; ■ IBmble pack, per pound Golden Delicious _ tLerd— Chi cagn Lnost- unavailable 

LONDON DAILY PRICE fraw sugar) D.T1-X12: liellan: Per pound Rome Beeuiy Fu Curve C75. 16 +0.)6-C7J.7 (a.jcj. New York prime steam 20.12 

197.00 iiS4.»J-a tonne rif for Marcb-Apnl 0.14. Golden Delid nun O.U-9.13); U5. Red nnm. 130.12 asked). 

ahlnmenL While sugar, dally Price was Delicious X5frl.S8: Oregon: Newt owns r '°- aAniJiiuu .uma.rn March 240-240) i238>. May 244- 

fized ar £UjM (08.00). 8. DO: Eastern States: V-5frX«: Hnwrary: _ L-- M3) «2<2|t. Jub 1 243;-246). Sept. 247M4S, 

First traded prices were some 150 Red DcUctnos fl OC: South African: Dunn's 288-3 - , 7 ,zs Dpc. 350i-24B). March 258-250). 

prims above the terb levels and the 7JM.3A Gohlen Delirious 10JS. Stark- £. oZ J f Platinum— April 226.00-227 ^6 1232.50), 

market attempted to consolidate the grins Ing 850. Pears— Italian: Per pound Pas- Eugitsh UillUi|[..!£96.50j £Ba July 230.10-231 50 > 236 00). Oct. 234-Ofr 

during the morning. During early after- sacrassane 813-0.14; South African: C-ocoa Shipment... -ifi 1.9 17 v— 18. Ofi 1526.6 234 JO, Jan. 230 30-239.50, April 243 50- 

noon. though, prices fen 1 about 250 points, Williams Bon Chretien 5.80. Buerre Hardy Future Mar £1,861) — iSulfil.Wl.B 245.70, July 247.5fr247.T8 Sales: 2.668 

following trade hedge-seiUng after the 4.8fr5.20; Dutch: Cnnfercnce per pound Coffee Future-.. lore. 

nram of mpoH resUtudona by the EEC. 0.14-0.15- Grapes— Californian: Red Em- May- £1,477 — 1.0 *£1.607.6 f Silver— March 540.60 (S3S.M>. April 

The lows were short-lived, however, as peror per pound 0.40: Sooth African: Cotton ‘A' Index... 6B.45e +Q.6fi1 66« 541.00 1 340 J0>. May M5-S0. July 533.S8 

New York prices moved ahead and final Alphonse Lavallee 6.50. Waltham Cross Rubber kdo 40.75 nL_n,2fr46.2Bp ScpL 501.80. Dec. 57420. Jan. 57828 

unotarions were around 200 points above 3.68 Bananas-^Jamalcan: Per pound tiupu- (Raw) £B7 U5.0 (£106 March SS868 May 30S.M. July 603 JO, 

Based on the aver- Orfr Cap. A ord. Cap. 

age price of . . 163-X92P T63.3B3n 

For eaen chare 
held, n riders will _ 

fMrive .0.018161' 0.018161 

iharee , shares.. 
Fractions of new shires will be sold 
tor the benefit of the Comoanv. 


Values opened lower acfl romaltted 
doggish, for most of the da?. GDI and 
Buffos reported. Laic ahort-werip* 
rallied the jnarfcet to close almost an- 
. chan ued. 



'ST/. Bushmn. 
— Dune 


Lowndes St-. LW.L 01-235 6464. 7 THt 
SmVTHES OF IPSWICH.”. Until Mareli tT.. 
Weekdays 9.S0-E. Sits. 10-13. 

OMELL GAU6RICX f'"* 8' 1 * 1 * 1 * ■*“ f 
- Modern British MARITIME PICTURES. 
40, Albemarle Strewt, Piccadilly. W.t. 

N‘o. G CTntr'b ‘l 

March ........ 180X0-74.0 —45.0 1976.0-1016 

Mav MUMULA -16.75 laMLO-IIH 

Ju(v--; M - 1812.815,0 UllAO UJLfrl.85 

dnd...: 1777.879.5 |-25.75 18#8frt768 

Dec 1780.881.0 -50.75 174DJ6- T7-1 

«W«h.__'I655.frfi9J) Us. 08 1B7D 

May,. ...,'18*5.5-70.0 l-S<- 5 — ' 

.sales: 8X7B (11.158), tore of 10 tonnes. 

Internal! omI Cocoa. OranlnHw (U.S. 
cents per podndv— Daily price March 14: 
15T.09 on.O3) IMDcator Wins March 15: 
lfrday avenge 14138 (13043); 2frday 
ETann-138-Zl P3X03J- 

Mar. . B5J5 +*0.10 75.19 ' +0.1S 

May 36.95, f+O.lW 74.65 

iJept 82.75 — O.M 77.90 -0.45 

Not. 85.30 80.00 -0.45 

Jan. _B7.70 OJ6 _S2.5fl 0.46 

' Business Done:' Wheat— March 9820- 
85.08. May Sept. B3.Ifr02.7S, 
Nov. 85X835.65, Jan 8X2M7.8S. Sales: 
183 lots. Barley — March 7X10-73.00. May 
7L9fr74.M. Sept 77.8S-7T.55, Jfov. 8845- 
80.45, Jan. Bf.7we.7B. Sales: 73 lots. 

• IMPORTED— Wheat: CWR5. No. 1 131 
per cenu March £88^0. TUbniy. U.S, Dirit 
Northera Spring Np. 5 14 per CCOL April 
DfLSO, May £77,w, transhipment East 
Coast, cjl Bard Winter Ordinary. 
Australian, Argo mine, Soviet and EEC 
aradts unquoted. 

Matte— French March 00800 April 
not.DO mnsUnment East CeasL S. African 
White nmnoied, S. African Yellow April 
£70.00 quoted. Kenya Grade Throe. April 
S115 fob a noted. 

Barter. Sorptnim.' Oatr: Uaqncted. 

HGCa— E x-fxrtn spot prices March 15. 

Feed barter: H&JW. 

The Ujs. monetary coefficient for the 
week beninninK March 20 te or pmm* ^ 
-remain unchanged. 

Off C IMPORT levies and pnmfums 
effective for March 15 in order: current 
levy ptna April, May and June omniums, 
with HVYiOds in brackets. In units of 
xecoanr per (aimc: Cooonoa. wbaat: 88.43, 
L5B, iM, (8867. 822. 822,- 87,; 
Durum wbeatr— 1SLH. 1808. 12 JO. . v> « 
(m^X 11.0, U.65, H.6S1; Rye— 79.41, 
1.39, X.90 180^7, LM..U9. L30); Bertoyw 
8304, mi, ml. Dll (8344: OiL ML nil,: Oaty 
—77.68. nil, ML Ml-tnfiS, oil. no. nil,: 
Malta (other than hybrid hr sacdfasik— 
77M. ML nfl. Ml <79.28, nil,- Ml, Ml): 
MlHert— S0.12, nU. ML nil I&LIO. ML nj, 
MU: Grain oargbum— 86.86, ML ML Ml 
188^5, nO. ML Mli. - • 

Flour levies: Wheat nr mixed wheat and 
rye— 133.58 (UfJCi; Rye— 122.95 . tl2LSD. 

M. j • „ Wool tops 6*1 kilo 278p 27Du Sept. 612.10. Dec. 824.90, Jaq. 630.10. 

Eitflliih produce PotMoes-Pe 58 [bs — — •=- 1 E - ! =" - — - Sales; 23.000 tore. Dandy and Harman 

Wblles/Reds 1.40-1.0. Lett oce— Per 13. Nominal, t Umjuotwl. a Seller s quota- bullion Spot: 543.80 1 54X50 >. 

-Pad- VeriAidajy a Previous- Buruvu* indoor 1.NM.1X Cahtaue— Per hall-bap don. e Cents a pound. otCx-un* London- Sayahratu— March K88 i6fi7i. May 877- 
Cornra. uosa Close Dnne Primo 0.00-0.7X RarirMb— Per 28 lbs 0.80- Hull, q April. X March-Aprll. u Feb.- 875 i677J), July K8-0S2, Aug, 682-6S1. 5epti 

Cann - XM. CliTtty— P«r bag 28 lbs OJM.60. AnriL 0 Aprfl-Juot. W March-May. S34. Nd«. 617-CIX Jao. 525-624, March S32. 

i Onions— Per 56 Rx 0.00-138. Swedes— vADMlnMey. * May. a Per ton. |]Soyabm> Meal— March 175.50 1 177.80 1. 

fi per tonne Per bag. Devon 0.40. Apples— Per pound, May 176.00-17B.50 1 17530). July 177.50. 

May. ...’9i.B0-106.Mi 97.75-37.80 101. B5-E8.D0 Coi’i fl.1S4l3ff, Bramley'a0.1I-0.tfl. Ux' AUfi. I77.DO-1W.OO. Sept. 170.00-tTO30. Oct. 

Aug 104.16-0430 1P8J0-0Z.2B 10E.Sfr4l2.OO 100* XlfrXIX INDICF^ 163.50-154.00. Dec 10438-163.00, Jan. 16530, 

Oct M7.ti47.S51O4.ffi44.76l0B.Zfrtei.SO Sproutt-Per BOOTd fiiTX/IV-W March 1BB30-1B7.M. 

Dee llO.IS-tiLSoll&J.Bfras saUl.nfrWAO ® BS-fl.SX Partaltn — PrT 29 tos XTO413X Soyabean OH— March 2BJE-26.W (20.43), 

Marrh . n6.S0-lXXl{ 11430-14.60-117.5#- 16.50 May 26.05-3535 125.75), July 25.B5-25.68. 

Mav. ... Ild.43jiU)t l 17.00-173011 14.70- toioQ pound O-J&tL- B, t pdnor B.1X Cncumbcrs— FINANCIAL TIMF4 Aug. 2535-2S3X 5epL 54.35. Oci. a^fi. 

Auk.... 12S.Dfr*S-6o)lM.Ofrro3SlB-^a3l) ^ r . ^ MM*. Twtwoas- FINAWL.IALTIME5 Dec. 23, 8042,75. Jan. 22.6M2.M. Marctl 

* g 15 i My - U I””* 11 g Yatf ^ 11: May 7.6fr7.6? ft.UT). 

^rssS'sl: sc* 

nSmi fw Maw ™ Md 05788 ins the total for the week so far w SSI tBoaei July l, i96j=jgo> May 0,44-030, July 9.63-9.60. Sales: 19)5 

i^fL) w a«_ tnnnec. Ufrhi operukrat ceulnncd. wtth tore, 

REUTER’S Yb+-SSX0fr533.(W asked ( 

5SJ?? 1 rS? ri )? l «f l ?Ki— -Si wis displayed In African and South Mar. lfi^Mar. l»pionth ago) Year spi “whnat-March 290 i275)). May 2SSL 
SSK"-® ' ■ aWMe 809 American growths. i V«m 7 7l MS f!S3l). July 2B2KB2. Bcpi. 298. Dec. 

nr rtminvin * 1394.4 |H 91^ »Q 3.1 | 1702-7 30D-306. March 310M12. 

WOOL, r UTURES GRIMSBY FISH-Supply fair, demand (Baro; September M, 1S31=100> WINNIPEG, March 15. t* Rye— Hay 



J&r.'lS'jMar." iVjilonth spy Tatrego" 

( 8 .IS 1 . . /unenenu wvwui&, 

WOOL, FUTURES GRIMS BY FISH-^ippIy fair, d emand 

feWUrelesS - *“** S23f C ier P S:"sh SfSJaiSS: 

W rpysnee ner kiht • codlings iSfi-AM: large haddock. ttJfr 

Ira ” * ao) £4.H, medium HOfrfXBO. small £2 Sfr 

Auairelian lientenfaj -f. or . Business J3». PlMo- fl.4frffi.0fl. medium 

il .**i ^ ~1 wjiuraitiL h**» AiM^n nsunH: ■bifixa^ 

(Base: July 1 , i9«=jg0) 


Mar. If - Mar. ltuiratT agoi Year sgiT 

1394.4 11891.2 f 1403.1 | 1742.7 
(Base: September is, is3i=lU» 

codlings fl.9frfl.M; large haddock. £3Jfr 
£4.60, medium ffi.00-ffi.80. small £S.Sfr 
£3 20. large plaice fl.4frffi.00. medium 
fl.lfrffiOO, best Small £23fr£2.80; skinned 
dogfish, large £830, medium S.flA; 
large lemon soles 0.00. medium 0.00; 
rockfish £S0fr£XM; raj the £L75-ffiOO. 

March *218341,0 _ _ rock&jh 0 06-ffiM: raj the £L 75-12. 60. 

Mav I za.fr27.a _ : 


Derember.n2SB.fr86.fl | » _ . __ 

55*-’ 11 wuHlJS'S ! — FISHING LOAN I A" «?*■ P»“«w es-warenouse 

^"- r “ "SS'rlrJ- j — ohvCaav -- I gple Connntyf90S-919Q3^| 907 - B 887.2 nMen Mberwlw stated. ‘9s per troy 

July.. ....•■••'2i(L0-42JI 1 — - - . — RANGOON, Wardl 15.. J (December 31; lmtajui onnro— 160 ounce tots, t Chicago tome 

Saks: 1 (nii> lot* oi urn witw. Denmark has agreed to lend I s* per ibo ibv-t)cw. of Ac. price* u •- 

SYDNEY CBEASY-Itn wfiw buyer. Burma $5m. to develop its fish- f 10 ™ ***■ *«« 1 ,° K b - > «y bulk 

seller, business, sales). Mlo» cantraa- - ,il ~. K . tank cars. ICcMa per 58 lb bushel ex- 

March 33X0, 339.0, S38.fr33£U, 7- May m S muUatiy. LONDON PALM OIL— C3dEe: Kirch warehouse, 5. (TOO bushel lots. <Ss per 

343.0. 3433. 3433-2430, 2 ; July ug.5. MB 6 The agreement was Signed here SPS! 001 ? 1 ' A0rfl SO.flfrSXu. May 30 x 00 - UW mien.- for 50 ounce units of M.B per 

349JJ48.X 12 ; Ocl 363J. 3W.X WLO-SM J. hv Mr Frant 7 Hnwitz. Tlanich M M - Junc 300., Jaiy 3W.00-3fl.Ofl. «nL truntr delivered NY. 1 Cents per 

5fl; Dec. 33XS. «0A sa.frS.fl, 26 ; M»di SLJS:.!! m S “ SttJL 2Mj».06. Ocf. troy ounce «C-Wa rehouse. !!New »B" 

B8SA . 36X5. 3M.6-S65.0, is; May W9.fl, A-mOXSSOdor, and Mr. iliaung 2S0.efr330.00, Nov, 2w.0fr33X00. Safes Nil contract in 98 a Aon Ion for bulk um 

370.0. 30Xfr308A Wi July ' 371 . 0 , 3710 ,' Sheln. Burmese deputy finance of 100 short tons delivered f.o.b. rar* 

371Jfr371-D- 20. Total nlu: 1<8 lot*. minister. * CUrow. TBlHl 2i 1-1113 30,1 Xhon. 

MEAT/ VEGETABLES The money will be used by the o* it -art Mio» m &"!* n^ r 24 m hush^r. Sntf w 

smith field (pence ner pornmv-fttft Slate-owned Fisheries Corpora- Si" jg^n SL5 E: te $ 15 n Cent* per 

Scotch Wiled «j to atx DwaalS don, AP-Dow Jones 2» «S^d. Ufl,ICW,B3p » tf No - ^ s . lh lm bD3W 


Dow I liar. Mar. Month ' 

■Janes lb 14 ago 

6pot..„pSB.69 35B4«34ejl9H 
FuniTMl843.4gla45.743 29.40i4 
(Average 1*24-25-38=100)“ 



T Mar.) Mar. Monib Tear 
w It apt ago 

II Soya naan Meal— March 175.50 <177.601. 
May 176.0frl7B.50 tlTXSOt. July 177.50, 
AUg. 177. 00-178.00, Sept. 170.00-170.50. Oct. 
163.50-164.00. Dec. 164.50-165.00, Jan. 165J0, 
March ibg. oo-i 67.05. 

Soyabean OH— March 38J5-C8.W (30.43), 
May 26.0fr35Je 135.75), July 25.Bfr35.66. 
Aug. 25.3fr25.30, 5ri>L 24.35. Ocl. 3X26. 
Dec. 33.8fr33.75. Jan., March 

Sugar— No. 11; May 7.8X7.67 (7.87). 
July 8.D0-XD4 I7.97S Sept- S^5-X2X Oct. 
8JM.38, Jan. 8.55-8.80. March 9.1S>923. 
May 0,44-9.50, July 9.65-9.69. Sales: X915 

Yin— SSX00-S33.00 asked (537.00-532.00 
asked i. 

“Wheat-Man* 3M (2751). May 28SL 
388 (2831). July 2EK82, Sept. 308. Dec. 
304S-30X March JlOl^U. 

WINNIPEG. March 15. t* Rye— May 
HIM Md (HOJfl), JuLv 100.10 i IBS. 50 
bid), OCL 1D8.B0 bid, Nov. 106.70, Dec. 

ttOal*— May 77.66 bid (77.S0V July 
7X16 a sited (7530 bid), Oct. 74.00 asked. 
Dec. 73.26 bid. 

OTtrtar— May 7X70 (7SJS>, July 7X50 
bid (77.90 Md), OcL 77 JO asked, Dec. 

5S Flaxseed— May 23LH Md (233.00 hid), 
July 231.00 1251.00), Oct. 233.70 askrd. 
Nov, 232.56 m*ked. Dec. 237.60 asked. 

r, Wheat— SCWRS 13.5 per cent, protein 
content rif St. Lawrence 157.15 (15B.fle>. 
All cents per pound ex-warehouse 


DUNDEE JUTE— QnWt bot firm, price* 
c and f U.K. for Anrri-May shfnmemt 
BWC £10X BWD.fln. Toan: BTC me. 
STD £287. Calcutta goods onmfaul ta 
abaene* «f alien. Yam. and ctoth wlev 
but price* rnady. 




Active British Funds bought on yield considerations 

Equity leaders neglected and index reacts 6.5 to 453.9 ; 

Account Dealing Date? a majority .oyer fatts, by S-to-4, In a subdued business, leading while Blackman and Conrad ing criticism by the Price Cora- lowing Tuesday’s upsurge on 
Option in all FT-quoied stocks for the Building issues gave ground. AP edged forward if to I Bp and Time mission of the company’s trade dis- whispers that a stake was . being. 

•First O cetera- Last Account seventh day running. Cement lost 6 to Z34p, while Products 3. to HOp. in Shoes counts, while Prom comment on built up In the company: Reed 

Dealings tlons Dealings Day Corporation issues traded in ^"don Brick were I* easier at Lambert Howarth rose 3 more to the interim report caused Brooke International has a 9.4 per cent 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 rightly more brisk- fashion and e4 *P hnd R,diard Costain 6 41p on .further consideration of Bond to shade to 45lp. Tate and -interest' and also a 48 per cent.. 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 dosed with gains extend Inc ic l cheaper at 24Sp. Tarmac, how- the results. Lyle were finally 4 off at 196p on stake in London and Provincial 

Apr. 3 Apr. 12 Aor.U Apr. 25 but the occasional DrofiMak-tm fiver - covered to close unaltered Losses- in the Electrical leaders Jbe chairman s profits warning. Poster, 4 dearer at 205p. and is. 

s5a» issr-Ssg g&m&rss asr to - r* 10 ** % 

-fife WUTtSSA'ffSt KS-BK -M®12 

Sta 1££S£ taBHgd profits. Tho <U>r 

ErZk. *J2T2 ment currency market and the 

failed to extend Hie rally which 
had pint 27 points, or 6 per cent., 
on the FT 30-sbarc index over the 
Previous eight days. 

British Fund? provided a firm 

rate improved to 97 per cent, 
before institutional 

on brighter UJC. j x 

prospects faded to stimulate Scott edged up a penny more to *®*n in Morgan Edwards, 25p, , i 

.. BID— 1M-! r -T .. I anrf A O Run- 70n «»l IWV 

demand Marabwiel. unchanged at 348p. lWp foHowing**F^era mention and A- G - Barr. 70p. Hotels and ggjT/'° a |rf UC ME^^ i5 l24p! 0 -* , ^^r- 
f altered in the face of arbitrage ._[ nit,a ?y* pwmyffimw at 349p. gains of a few pence were seen- S 816 ™ 5 ™ were . 0 _ nl ? noteworthy for rir l£^ Tower while Land Seenrfc. 

» 3 reaction' aP *5 i77n fn f yi drifted Tower, while Land Seenri- 
i. and ? action of 5 to 177p m Lad-. I,-~i •* Fairvw-w 

offering*. Later business was ra ^rted easier to dose 3 dow^ in Normud Electrical, 42p. ana “ * w *"*> “ “ a , ««, 214p. cased 3. Fblrview 

more subdued and .sterling's ®* 345|». while Flsons lost 12 to Unltecfc. 9&p. On the. other hand, . ns *' . Estates gained If more to lOl^p 

background- with widespread partial recovery led to a down- 334? m a sensitive market HL WlgfaD came back 6 to 220 P, iw 0 j.-| p.„ in response to the half-yearly 

gains of jj being taken a Httle drift in the premium to 954 per iticuu om lower - statement, but ivacbey Property^ 

further in tlie interoffice trade, cent for a gain of only ] on ihe > ■ ■■ ■■■ — ' ■ ■■ ™ ^ Light, selling and lack- Of TOp, relinquished 2 of the pre- 

support made for dullness m the vioua day's rise. • - 

and the Government Securities day. Yesterday's SE conversion 

index continued its sedate rise factor was 0.6927 (0.692S). 

'rich a gnin of 0J4 -to 75 M. The 

tSSStS* , JSS* 'Em Discounts resist 

“J" JSi S l>"'as^?p^^ r ™Luv Infiuenwd by tilt underiyinc 
** "g®}* *2*“^ firmness- in Gill-edged. Discount 

*^?7«/nri PricC 1 96 * “ d lhen Houses resisted dullness in the 
t ^ 3in to 3G <- Banking sector. Allen Harvey 

The Ions -tap Exchequer 10$ per rose 10 to 480p and Cater Ryder 
rent. 1095 price wj-s moved up to gained 5 to 282p, while King and 
91 i. but the GB was not tested at Stuusoo, 65p, and .Smith SL 

Aubyn. S0p. put on. 3 apiece, the 
lasi-nanird in. a narrow market. 
Divergent trends in the main 
clcarers left Barclays, 32-»p. and 
Llovds. 267]), unaltered, but Nat- 
West 3 easier at 275p and Mid- 
land 4 off at 34Sp: the price 
published of the. last-named in 
yesterday s . Share Information 
Service and market report was 
incorreeL N'otiecable against the 
(rend was Bank of Ireland, up S 

this level after having been an 
unwilliiu -uripiicr at 91}. A good 
two-way btteine>s «a> irans-acicd 
hi the morning and a fair amount 
of switch-ng into Hie long tap 
ensued. The -hurt lap is e.-tiniaiod 
to be very nearly gone, and there 
were mixed views about the 
amount of long tap -dill to go. 
but the exhaustion of bo:-h ro-duy 
or tomormw would cause no sur- 
prise. Foreign buyers were 
thought to hjio been active 
yesterday on yield consideration;-, 
February's .-harp swing back 
into surp'us in the balance of 

miscellaneous Industrial leaders. ot „ «. 

Metal Box. stood out with a fall OuGil OH OfiCr 
of 6 at 298p. while simDar losses 
were sustained by Beecham. 610p, 
and UnBcver, 47Sp. Others to 
react, although only 

Oil shares took on a distinctly 
dull appearance, particolariy .In; 


QovanuMnc — ■ 

"t^wt fato w* - — 

laJtmtrvr Ontimy. 

Sow — - — — H 

UbJ, Uiv, JCie«t_— ... 


. FiUHuMtoetu't) — . 

ftpuiy nsmw«jr £m... 

.;Mqiifty han!* ,n * 



• 75.BS 

TTBwT’lte. f 















439 -Oj 


84.071 100.0S 







77.63f-77.4l|- -67J4 
450L5L 446.71 .48841 
163-6] 15S.6 YiiAr 
6-05)' 6.19 

17.68}' •• 17.79} 


.. 4^46: 

82.931 75. 

4.74 if 

- | is. 29 8^ l6.368! l6.B97}_14.927^14. 

-tST.S. Noon 4^8. 1 pm. ,43«.i 








' - . ^ " 0A riSr«A"'»1wL.4g4. 

Latent Index CM 8 * 802* . 

■ Baaed « 6S per cent. •**&*£?*,£!*- 
»F«u 100 COTL SW. 16J10«. Ftorf HU. 1®*- 
■uim. 12/8/55. SE Activity July-Dcc- 1W2- 

highs AND lows 


ind. ortL inm. 




1977 78 • 

Mm* CianpHatlon 







(4.11 . 
























442.5 45.5 | 

fg8*/7&j (2fi/lD71i j 

—Dally - 
Itttttetrtes — j 
dpcca biting 

Cok* 1 ' 

Speca latino. 











68 . 8 . 



53. » 


by a -few the . day's lowest levels , also re- tbejiflf->ear r«ults AnglcVaal 

pence; included Boots. *204p, and " the decline In the gave up 15 10 

Turner and NewalL l80p. Else- wt»in©. Among securities rank. The Gold Mines Platinums were subdued and 

where in the sector, buyer* “J® SB* index dropped S-2 to IfilX : usually a penny or so eaaie 

showed a selective interest 2 Among the heavyweight issues where changed.- Small., but 

Demand developed for Esperanza, ^ ttaadfontein were the -worst persistent selling prompted 

6 to- the good at 13Ip, along with affected with a * reaction at ESi, losses in London-registered Fman- 

Horizon Midland. 4 better at 90p. ^ whfle falls of a half-point were c jals. Grid Fields were 4 down al 

and LC3P. a similar amount dearer ST*! S . , . ^ owet - r**" 1 " 10 " to West Driefoatrin, jgip. Charter 3 off at 12lp and 

at S3p. Peter BUck hardened 3 to g* °l°/? Lr .ffnrBf^R|S t Tg‘ flS *. Free State Geduld. £16i_and -Rfo llnto-ZhK the same amount 

132p in response ro Press wswe** Siebens CCT-K_| weakened 16 W( ^ tern Holdings, £18i. Presl- cheaper at J78p. TUiodesmxis were 

mention, while the chairman's t0 saBp ' .* dem Brand gave up 1 to £10}. fractionally easier owing to profit- 

optimistic view on prospects Investment Trusts continued.. Medium priced issues showed taking. 

brought a marginal improvement firmly with Japanese Issues Western Deep 46 off at 734 p and - western Mining were firm in 

to 37$ p kn D. Macpherson. Spcurity Favoured awaiting details of that President Slevn a similar amount Australian*, the shares put on 3 

Services sained 4 to S6p and the country’s economic package. SSr it TKlR while among the Auslraiians ine sna res pu 1 on 3 

« A ri^ re J- bel,cr n ^ n ,' C '& 2i , ,i 01D9p - Sinals r.rootvlel drepped .8 to “i2*LS2l^^ 

S. Simplon “A" came in life with while Jardfne Japan, I.17p, and igop ^and Wit. Nigel 4 to 47p. 

•th a . rise ol. 3 to SOp. white specula- Crescent Japan, 13Sn, nut on SJ . . ^oiith African Financials lost 

: tive interest lifted L and J. Hyman and 71 respectively. In Pihan rials; around in sympathy .with Golds. 

had encountered 'hydrocarbons m 
the Houtman : ?Io. 1 well oft 
Western Australia in which 
Western Mining is a joint 

rr"'^ rszs* s?%-# J ^ss *«- ttturer 

to topn. still mirroring d 's- ‘ n i“ P ° J c. iJS* puSEL „ * , „ . Norvfc Securities eased 2 to 25p £39 on a comblnstion of currency .^i? nuVBb ed R to £Ui. General veatupe r. 

appointment with the preliminary . Scattered aeilmg tn the absence on th e lower profits and Hav’s premium and domestic market hSk a half-point to £1B and Elsewhere, Musto Exploration 

lr * de , = ntl con-lmued oplumi-ni figures, and a Pross-inspired rise J“™P^ L n * Sjr?^S,«ILiS r S*S ° f most leadrng Wharf were on offer at 135p. influences. S. Pearson rose 4 sJXold ” 4 to £163. Anglo were steady at 107p following the 

about the out-turn of ihr month's of 3 tn 43p m Keyscr UUnrann. f}£«r MP, for a threeslaj rise of Engineerings to lower levels, down 5. more to 184p. but small offertnes JzSSZ, and n. fiLre W&re news ^at the company has 

rrinnpv siinnlv -t'mrfh «+un in. hn 0» Ranrair* fMtiirnri nmm. -J*-. Virkcrs stood' out with a fall of -lirmoir q _ r*, - ...Tn l - nT*. American ano We were news uoii * . J” ,, 

Film ffwST! which ^ ^ a ^ Apart from Craig SWpptafe'so 337^ SSivelTwhae foll?w“g dSling prosSScl to New Mexico, 

S&iSntiJS&LffS WS- ^Bse.*! S 221 ME JS 2 S: ,oto L 

money ripply growth, due to* be Cle. Bancaire featured prom 
announced to-day, were attain Inently in Hire Purchases with 
help Hu I influence!!. Bur early a r^e of 6 points to £30, again 
repoirt.s of ihe Israeli invasion of °n currency and domestic mar- 
the Lebanon ted ted an attempted ke t considerations. 
raUj- tn the equity Leaders which Insurances generally adopted 
wore opened tower In an exten- an easier tendency apart from 

sion of tiie soft tone overnight. equity buyers held 
aloof throughout the day de»- 

Brftiumfe, 2 better at lo6n in 
reflection of the increased divi- 
dend. Legal and General shed 4 
tn 159p and, in. Brokers. WUIis 

Stores on offer 

share first-half wofits Increase 11 t0 ^ and Nefaon Dart «> &eld Jacobs, at40ip, made no response 

S P a rif e of 10 w l30o S at 0 tP <te8Pite tiie firat-half profits to the preliminary figures. Else- 

favourable Press mention lifted s?tirack - Components faffed to where. Mersey Dock Units 

Leading Stores took a turn for RnSS and SneTta and benefit from a report of a sub- hardened it to 18}p. 

nil* nwrpwivBic L _ U , Q ^ - ."i; to ijt»p ana, in. uroKers. nuns ihe worse and closed at the day’s Honfcinson* RoMimm 7 tn 7Bn s^^al Improvement In oornmer- South African Industrials had 

Ji JSS F»her were 7 down at 2H3p lowwL Gussies A fell 8 to 27Gp, gX^^ouredMidli,r,dli.dS dal 3nd financial performance duff spots in Groatermans A, 3 off 

O^won^ine fl-u^: ahead of Mond *y*s annual results, "bile losses of around 4 were 4 ^ le J 42p ta ard ^^losed with small .falls. Lucas at 97p. and Grid Field Properties, 

on recond-line HmltaM Irish Distillers featured Distil- seen in »Iarka and Spencer, 1_4.5 P , SZSwi -JSXvSJJffctow *"d«wtri» .which is due to « cheaper at 78 p. 

cams were recorded in 
line equities and ri*** were 

serond- Price Commission For an increase to a 1977-78 peak of 7Ip reflect- ID « “ r v u,ts J* . rne s hed 2 apiece 10 8*86.125 per ounce following 

in in home market prices. ing persistent smtd! demand. las *' nB7ned . are to-day. , rumours of further moves to 

Revived nationalisation com pen- forest ors again favoured News bolster the ■ dollar, and despite 
nation hopes left Vomer 9 higher , a , f ,?^2 p V, aflcr d^opmenta in the 

at ITttn in ChlnKiilIrfinmc 250p. fllOnp With United NCWV Middle EasL 

at ITSp in Shipbuildings. papers, which rose 6 to 320p. but The substantial fall in the 

United Biscuits stood out In Associated cased 2 to 140p. Irish bullion price in overnight US. 
Foods, losing 61 to T44Ip on re- buying lifted Jefferson Smurfit markets prompted jobbers, .to 
vised thoughts about the pre- 1 . riher to lS5p. while British open Golds lower and as seller* 
lim inary ficures and capital revived at 45ip. up 2J, began to appear they marked 

nmmSc Sdtoir, T*ut on 4 at prices down further. Thereafter 

proposals. Cadbury Schweppes J32p. More OTerrall hardened to business was minimal and at the 
dosed II cheaper at 50p reflect- a fresh 1877-78 high of 95p fol- dose Golds were at or around 

Notice of Redemption 

Kimberly-Clark International 
Finance Corporation N.V, 

8 Vi % Guaranteed Debenture* Due 1986 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions ol the Indenture dated as of April 
15, 197], under which the above described Debentures were issued, First National City Bank (now 
Citibank, NA.) as Trustee, has drawn by lot, for redemption on. April 15, 197S through the operation 
of the Sinking Fund provided for In the said Indenture, $1,200,000 principal amount of Debentures 
of the said issue, at the redemption price of 100% of the principal amount thereof, together with 
accrued interest thereon to the date fixed for redemption^ of the following distinctive numbers; 


21 1446 2587 3878 5290 6791. 7977 8907 10046 11143 12483 13451 14343 16466 
38 1456 2589 3898 5326 6760 7980 8939 10056 11144 12488 13468 14354 15463 

64 1508 2604 3923 5340 6772-7983 8948 10084 11145 12508 13491 14361 15482 

65 1543 2606 3992 5343 6775 8004 6971 10112 11150 12523 13496 14378 15518 

75 1544 2612 4024 5344 6776 8045 8991 10118 11182 12528 13511 14381 15523 

99 1545 2628 4033 5348 6800 8060 9046 10X40 11227 12555 13S22 14392 15530 

125 154G 2630 4087 5365 6822 8100 9077 10142 11230 12556 13528 14419 15554 

136 1517 2685 4105 5377 6825 8105 9078 10145 U238 12558 13546 14450 15562 

156 1543 2899 4108 5381 6829 8117 9108 10152 11248 12559 13553 14454 15610 

171 1550 2700 4124 5392 6857 8122 9192 10169 11261 12573 13562 14473 15614 

197 1624 2757 4120 5421 6993 8128 S303 30179 13300 32646 33616 14480 15648 

201 1625 2765 4135 5438 6909 8157 9207 10193 “314 12664 13631 14481 15673 

241 1628 2795 4149 5440 6911 8210 9212 10200 11327 12665 13632 14499 15674 

249 1649 2803 4189 5444 '6920 8219 9238 10201 *1382 13674 13661 14510 15677 

263 1674 2821 4231 6449 6962 8221 9248 10219 11304 12691 13670 14580 15673 

264 1078 2E27 4233 5450 7005 8227 9257 10245 1U» 126S7 13684 14581 15GS4 

266 1696 2923 4239 5451 7009 8235 9336 10356 11394 12719 13701 14606 15700 

296 1697 2939 4200 5458 7019 8238 9337 10383 H408 12721 13713 14601 15743 

400 1733 2974 4290 5461 7043 8239 9348 10401 11430 13724 13737 14710 15758 

420 1746 2994 4300 5466 7068 8247 9355 10402 J1434 12750 13738 14827 15789 

441 1763 3004 4364 5937 7072 825L 3358 10404 11453 12753 13745 14857 15810 

4-14 1773 3008 4396 5539 7091 8260 9385 10409 }1<66 12795 13747 14064 15845 

451 -1780 3010 4417 5551 7110 8261 9366 10451 J1480 12817 137B5 14866 15856 

465 1784 3033 4450 5553 7125 8287 9400 10485 J148S 12949 13811 14873 15866 

483 1809 3035 4453 5000 7140 8306 94U 10489 J?5£Z 

512 1816 3053 4484 5612 7153 8310 9W9 lt-f Jl 11527 12 869 13S23 14881 15882 

&13 1827 3054 4485 5673 7201 8316 9410 10509 11541 128 1& 13331 14893 15838 

519 1830 3077 4488 5C79 7214 8323 9411 10528 }J54g JSIJ HjlfS JSSE? 

589 1856 3106 4514 5688 7231 8334 9420 10548 JJ579 12880 138*5 14918 15974 

601 1858 3117 4533 5694 7240 8332 9423 10550 11602 12888 13876 14921 16017 

£22 1869 2^ “SO 5700 7a *2 8354 9433 10585 JJS53 12892 1M77 14938 16018 

737 1900 3154 4555 5704 7273 8370 9433 USDS Jlgg lg»6 13WK Ugjl 16038 

743 1941 3161 4613 5731 7279 8387 9434 10602 JJS77 13936 13697 14959 16fflK3 

746 1H69 3164 4670 5751 7298 8392 9435 10617 IJgTB 12343 1M1B 14S69 160TO 

F,75 2006 3183 4677 5772 7336 84X8 0442 10624 JJ679 J2943 13335 149B9 16071 

851 2008 3200 4688 5778 7344 8435 9463 10627 ngg J2949 13989 15009 16076 

fi:T0 2014 3206 4693 5787 7347 8444 9472 10639 11686 12973 13393 15018 16102 

!-2C 2020 3212 4694 5793 7378 8445 9513 10677 JJg 7 JSJTg J3Kf ifj®* 

923 2035 3228 4701 3799 7379 8450 9530 10743 116M 13019 13995 15020 16113 

«4i3 2036 3247 4731 5906 73B0 8452 9540 10744 JiZJS J552 J52!J 

S’* 2044 3253 4752 6939 7386 8489 9565 10739 JJ™* J30Z6 14071 13044 161M 

11112 2061 3268 4767 3974 7391 8473 9566 10762 J{710 13028 14075 15055 16156 

11129 2062 3269 4792 3990 7400 8477 B&85 10769 11803 13040 14087 16073 lfiVfe 

l.l-W 2077 3286 4B54 GODS 7418 8481 9607 10773 JJS2S }3M3 14101 1M«3 16167 

11138 2078 3301 4863 6027 7446 8489 9613 10783 IJSTC J3060 14111 15087 16172 

1042 2134 3347 4885 6043 7460 8490 9639 10803 }Jgf X 13090 141= 15101 16181 

1111 211G 3366 4927 6045 7311 8532 9640 10812 i}986 13091 X4126 13112 16210 

1116 2137 3373 4932 6097 7519 8545 9646 10814 1U»5 13110 14128 IS 114 lgg3 

1119 2147 3434 4980 6058 7623 8554 9853 10824 “021 33118 14133 15133 16346 

1144 2151 3446 4987 6078 7641 8555 9661 10829 1=03= 13130 14134 15154 16247 

1149 2150 3453 4990 6111 7665 8614 9678 10846 “045 13187 14149 15170 16249 

1165 3158 3502 4992 6112 7686 B62S 9702 10893 “055 13138 14152 15180 1KJ63 

1176 2173 3533 4994 U1J7 7709 8634 9704 10907 1=082 13200 14175 15194 16280 

1178 2176 3540 SOTO 61M 7723 8637 9710 10064 120KI 13236 14190 16524 18313 

1190 2241 3543 5066 G150 7723 8661 9755 10965 J2067 13231 14198 15230 1 635 1 

1198 2242 3576 5067 6315 7755 8683 975C 10972 1M72 13238 14190 15253 16374 

1213 2265 3581 5074 64S1 7760 8698 9758 10073 J=OT7 13254 14201 152E8 16412 

1218 2291 3592 5083 6507 77B2 8728 9767 10995 13376 14212 15271 16432 

VSSa 2293 3505 5105 6508 7793 8744 9769 11014 £»?0 13287 14224 1S282 16442 

1221 2324 3599 5107 6521 7802 8735 9777 11023 13114 23288 1422S 25334 16456 

1223 2337 3600 5108 6523 7803 8786 9789 11024 12143 13327 14232 1S342 164g! 

1224 2357 3601 5115 6555 7816 8798 9792 11047 12143 13338 14242 15347 16463 

1229 2370 3614 5144 6563 7819 8799 9802 11056 12146 13341' 14347 16369 16464 

1240 23SO 3628 &14G 65-10 7856 8825 9893 11078 12306 13342 14262 1 5371 16469 

1246 3336 3&40 5205 G596 7874 8826 9339 11083 12347 15350 14267 15379 16499 

1248 2394 3661 5230 6598 7392 8832 9963 11107 12350 13384 14294 15394 16502 

1272 2404 3664 5233 GC04 7900 8835 9963 11115 12369 13396 14301 15405 16S66 

1357 25M 3680 5240 6652 7901 {«38 99TT 11125 12410 13400 14309 15406 16570 

1368 2566 3722 5244 C69B 7914 8840 9991 11131 1=419 13411 14317 15439 16619 

1371 2579 3857 5277 6720 7921 8862 9992 11137 12425 13412 14331 15433 16659 

1445 2586 3873 5334 6738 7926 8898 10023 11142 13444 13418 14338 15446 16B60 









































































































































































































j paid on said redemption 

111 Wall Street, New York, N.Y. 10015, at the main offices of Citibank, X.A. in Amster- 

dam, Frankfurt/ 'Main, London (City Office}, Milan. Paris, and Citibank (Belgium} SA. in Brussels, 
and at the main offices of Kredictbank SA. Luxembourgcoise in Luxembourg. On and after said 
redemption date, interest on the Debentures specified above will cease to accrue. 

Coupon due April 15, 1978 should be detached and presented for payment in the usual manner. 



March 9, 1978 




■ The ftlfewfnt (able sham Unc parcanagu cfamvert which have takM place since December 3L I77& la the principal 
ilqr section of tho FT Actuaries Share indices. It «u coaulu the Cold Mines Index. 

CantractiM and Coestructioa - .... — 

Hire Purchase _ ... — — 

Office Enaipmeoi 

EnBitwenoa Contractors — - 

ProgerUf - 

Eiocireoics. Radio and TV . _ 

E (cancels - 

Bui 16 ms Materials .... 

Stems • • - • 

Consunx'r C.irate ■ Durable Ctoup ■ • • 

Woos and Spirits 

Newspapers and Publishing 

Capoi tiuotfs Group •• • — • • 


Motors and Otsnibotan 

Meial and McuJ fomlw 

Insurance (Composite) - 

Insurance (Life) - 

Finance! tWooo — - 

Food (tefdHhw _ •• • > • 

Consumer Goods ‘Noti-durablei Group 

Packaotns and Paper . 

Insurance ' Brokers 

+8I.M Industrial Group - — +68.76 

+8715 Textiles +j».w 

+74A3 Entertainment and Catering — +3W0 

-rTZX Cold Mines F.T. - — ... +38J1 

+ UJM KoikoHoM Credo . .. . - 5? -55 

+ n« Mreehanl Bonks . +*.21 

’ te.n .\lt45boiv ind-s .. .. • nja 

+M.B2 Tova and Conies .. +SL5J 

-0JA4 MU tnrfv* .... . +»« 

+S8S6 Ouorseos Traders . - 3L12 

54.™ Banks . .. ... ^2tJS 

+S21Q Mechanical Engt»««r,og . -tZT.SJ 

‘S2JD OUirr «;roup< +37JS 

+08AS O score* House* +2R62 

+«W3 Chemicals +ZMB 

+45.4T Pood Manufacturing .. . - +22JS 

H '51dS Tobictos - +1R51 

+M.02 invastmcot Trust* -U.JS 

•‘43.88 Shipping - +7 57 

+42.78 Mining Raanco ....... + 6A2 

+ 41.77 Oils . + 3-47 

+0.42 - Pereepuae rtuoae* based on Tuesday. March U, 1&T8 

+<L* Indices. 


The following securities Quoted in the TRUSTS Ml 

Share information Service vert ert.Hr Common Market Tie. Negit S. A. 
attained new Highs and Lows tor 1077-78. Crescent Japan Sun Finance 


NEW incus (55) 


Ex£h. 8\ipe 1983 ' 

NJZ.-dpc 76-78 .... 

BANKS r2* 

Credit France Cie Bancaire 




Cement- Roadstone WiMon (Connolly) 


MTV NiV Scottish TV A . 

Seattle -J.i A MFI 

Ellis A Goldstein Bratus Discount 
FOODS (3) 

Banks fSIdPrv C 1 Port Farms 

Hanimcn Sw.urlcor A N V 

Hyman { | A J.i Socurltv Services . 
N»:h 'J. F.l DO. A N V 



L. * P. Poster More O' Ferrell - 


Lambert Howard, 

Reed (Win.) Sekers inti. 

Cons. Plants. 





Tories. C Items - 

Tare Exnloretlan 


British Funds 

Lorpns.. Dem. 

Foreign Bonds .... 


Financial and Prop. 



Mints . .. 

Recent Issues ..... 


Up Down Sums 
56 — .18 

25 2 » 

328 298 7781. 
118 110 303 
7 U .16 

5 1 IT 

7 M « 

d a rr 

Totals 542 «55 l#B 


First Last Last tfor • 
Deal- Deal- Declara- Settle- 
Ings fags lion menf 
Mar. 7 Mar. 20- Jun. 8 Jim. ZV 
Mar. 21 Apr. 10 Jun. 22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
For rote indications see end of 
Share Information Service 
Money was given for the eall 
of William Press, Capper-Neili, 
Bunn ah OH, Intereuroueau Pro- 
perty, William Wfaitttngbam. 
Gablefonn. Premier Cons. OIL 
Dunlop, Richards and Wallin g- 


ton. Midland Inds^ Llbanon 
(Gold). Lister. Kwik-Fit, P. and 0. 
Deferred, S. B. Holdings, Halm a 
Investments. UDT, Change 
Wares, Lonrho, Rio . Tinlo-Zlnc, 
A. F. Bui gin. Cons. Gold Fields 
and Ladbroke Warrants. Puts 
were taken out in Electrecom- 
ponents. Ladles Pride, H- Samuel 
A and Capper -NeiU, while 
douhles were arranged in SI e bens 
(U.K.), Boy co. Tarmac, Premier 
Coos. OIL Ladbroke Warrants, 
Lonrho. British Land and Cons. 
Gold Fields. 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


SheH Transport ... 



BATs Defd 

Barclays Bank ... 


Burma h Oil 


Grand Met 

Hawker Siddeley 

P & 0 Defd 


Reed Inti 

Cons. Gold Fields 
De Beers Defd. ... 





















marks price (p) 































on day 

- 4 

- 3 

- 3 

- I 

- 4 

- 1 

- 1 

- 4 

- 7 












The atxme list of active stocks is based on the number of bargains 
recorded yesterday in Che Official List and under Rule 163(11 (ej and 
reproduced today in Stock Exchange dealings. 



, ilsJsiJ 

- ! i| F|l=5^£ 

i — ; i 

- j j 

Kil » _ 

l - ; • 


5 ? 

IS 5 -i 

« If 


Hii-li : Un> 


I f j L , 
S3* I 

1 Cl 

V.F dj.« 

r.l* «.a 
. r-ri ,:12 

29B1-! IM* . a o 
F.P. - 
F.H. 64 i 
r « I — 


1 JU 







f.f. : - 

F.l’. j 24:2 » 

£98 1jE2S 

1 -hi 152 lAnttmMiel Sect. B% Cnt. Cum. Prei.^. 137 ; 

ll56f! ,l I| iSWfep- Of Yurinnire IK Cum. PreL_ ! 106u' 

■U*i | ri|t'«trMrey llg Cum. Pn*r lOSti 

ll'l ! a-IjiOremptao Kux- 10i 19B6._ | Q5)J, 

UJSp WUptereateU WlKtiey SJ Pri. M , ; lu2rf 

intis loo-jirete-'nirt"! * iWw* tirfc 86^7 

iLeh^lvr V«n*bi« 13S2 ,1 -jW f .»... 

41hl-duM«i Water 1% Mat. Prf. 1885 Jgij 

Puxhon «d.i LDigSFtr. Cnv. La. 189^93 1 103 1 ....T 

|b 7»I1 Inti. Fin. i.V.SjJGov. Aute. 1890-1*9641 j . 

. IIU 

i«i*' u 

IW lu-, 



97 jlWbexll'ga Car. Una. Ln.79 83 j 98 

hhjj 4JUoe»We Vortalue-lBHiS.... .ilOUlB 

61 47«* Ua Uia »*•» W- -. 51 * 

t!7pl USflW. Mr.«nwich SprlftprlJ^ Prf. , I17u 

li!4riffh!»I»"«e iCi.l 11% Cum. Pnrf._ _.l 103 h 

•K(.!rnrfc U'dtAr 111! IM> IVfi - Ml. 1 

- 3S1*’ 26«*!rorii W*»r l\% Dth. 1936 • 231* 



i-i ! 

;u | 
23 . 

yi j 

62 • 

i-= ! 




Hieh [ Low 1 

| F.K . 

15 3 


90 I 78 f bwJO*ciit Fnn erf • 

liKHIIl ■ 









a a- 
d 2 

i\ a 

17 d, 
29 i 

90 -J 

• — 3ijp<i, — 

la CrvteJiic - Zi 

i& 3J»iwi«t-.»wiiireua» 2Q *3 

xHI MMian.1 UmiV 3S& . ^ 

7 4 rt«rt - 20,^?r..5 

10.6 |i. in a«j-mW«lin.»ittlw. 16, „„ . 7 

1 5.’^ 6jhh 

41 a’ 
aw a 
l a- 

fixed inti 











British Government 


Day** ! 
chance ! 









1 | 

Under 5 year* 

5-15 yen re M 



5 years. 







Coupons - 

13 years.. 



Over 15 years 




5 roars .... 





13 JJ 




145 JO 




l 8 


15 ye ars,. ww-4 


1 13.65 

— . 

. 2.n 


Irredeemable . [ 




WbH- JIiL-rb !5 

In-lea' j 

V.i, !• 


2 1 ..' 




M-. m lay: f'ridiiT i Tbur«. 

-*■?*. I Maivl. ■ llan li 

14 l‘J 1 9 . 



8 . . 




Kin umi aiM,. d M ie um xilf uqii'uur m druiiru trre or nainn (jury o Mt'irvr 
Dowd oy Dnn>|ie<.-iijB> remuaie .aAsmimri* <Hvia«Ki uno yield «, Fomui iinaeud 
iiwci Bisi-n re utvvkius years .earmruw - Pmnenn oral oma nnsed on Dnr>utK.Tn. 
ui oilter nfliutal asnmaiuF fot JW* - ’ o Gross i Mgurvn aaaomeu { 0, ver 4 |> IHrs 
fm ecu rt* reteo or share* nw now nuudnii fo» dinrteno or nunnu nnta fur rotncim* 
diVKlfOdi, i Plaeinx miw ro P*® 1 ® 1 V* nance unless mberwue imltrafwi. i (ssityi 
6> irlriet. B Olterert ra uoUTriV o* Ortrnary shares 41 a ".(HUTS" — 
hv « caoiiaiamrion rt Utnuraun renrter nriotf H Rnnrmlirevd |] iBWfii, 
id canrmetten wnn reuntantnrod .nenofr or tafce-fl*w. itH Infmrtucnmi ~>lsai>ei 
10 former Preference holders -*4Uonwot WW* for BiHr-iwuiJ. • Provjaoii 
xwxtir-wud ohoanuir lotiar*. * WHh warrant*. 

Miteiiiivf. .Ytat 

Slmch i " «p* ' 

6 rtpl rival 

IS j'JO-yr. Red. Deb, St Loans (13j| ei.oo; 
is iloveslment Trust Pre fs. (IS)) 56.sa1 
17 Cumi. and Indl. Prefs. (20)1 7S.B3'! it.94 



' -eOAfil 60.53 

J 60.48 | 6Qj&7 1 60.57 j 





66.66 | 56.71 

56.58 J 56.83 ! 36.83 



j H -fl4 


76.03 ; 70.00 

76.09- j 76.61,1 .76^6 

i* 76.03 

F. . 


tRedomptlaii yield. Highs ami laws record, base doew- and volun and- caustltucnt _ 
SS' . A .oew iist *7 the cmmltsaatf it areflaWB frvm ths PuWJrtwrv the FUancla! 
StreeL Londoo EOF MY. prtc* 13p, by mo Tip. a Caprecud March 1A 

ore stettQsbwy la satanLur 

B reckon Homo. Cuumm 

A - 




INSURANCE, property^ 

)bej' Life Assurance Co. Ltd. 
St-TauTa Cfnm*jard,liC4. ■ ni-a 


wwtlhlf Fund, 

oiwyFrt Sot 4.. 

13 2 









1 . 







1*7 9 






14a 1 













Ahb*v. jmioI ISO* 

Norwich Union Insurance Group [Abfelnv’rtt f 3" llo.5 
37HM POBreiNorxichXRia.S'G. " WW 22200 | AWht G * n - 711 — P 2 - 9 

, ... “ ManMKiFuad. — EM.! iUffl-fla 

— .. ... : . EauirsFond „..Sii7 328 1 -oi 

Bamhru Life Assurance Limited V Prop;mPta.ic -|123J ini 

TWriPaAlJme.Londaii.Wl -, fiWBBou3i tte^snFimd^ ' '^® S 

Llbbey Unit Tst. Mgr*._Ltd. la) iz) Aarfmere Fund Managers f. isHgi Perpetual Unit Trust Muxm.V ftrt 

72JU.G*tehmis«Rri .AylreOuir. (138650(1 a^.MJUyAra EC2ARRP. 

' Guardian Koval Exchange 

39111 Km aI Exchange, E.C.1. . 

— Property Band* ....(liS-Z 

Fixed Ini. Dcp-1... 

- • • ri 

bany Life Assurance Cfc Ltd. 
, OldRiirltogtraiM.WL. 

.' quitr Kd. Aer.. IM .|U40 
ixea Inc. Arc h« 7 

Sf lUJeonifiAcjn.lw^ 

1 •'TOjtTO.Aee — llo6 4 

t Inc. am. 

ai«Ten.KiLArc. 1910 
*£LP«n_Acc..- 174. J 
d.MorLpfttUfic,. m.a 
l.MiLPnFdAcc-. 1039 
■jvP* riAcc. Rl§ 4 


172.6) _... 


120® ...... 



3616 . .. 

2010 ...JR 

133 0 

104 4 ...... 




. w* 

Property - 1572 

Managed rap 1289 

Arc 'JU 

CwerseaK , 1099 

GiltEdcn! — — 122 M. 
Peo.FftSep.Cip.- 126.6 

P»ti.F3JJepAcc. 1463 

Pen Prop. Cap...:.. 2002 
]*?n. Prop. Are. — 2S5J 
Pea. Mon. Up. OT4 
Pen. Man. Are.„. 254 6 
Pm, Gin &)& cap., ms 

Pen. GiltEdp. Are. . UU 

01437 ftt£> -B mvB.S Cap ,. 122,4 

luv-PeoAet. [187.8 

4EV Life Assurance Ltd.V 

Pen. B.S. Afc (157.9 

-Bun. DAF.Cflp. ■ 

Pep. D-AJ-V Ace__ 

- 147.7 


135 7 
167 1 .» 
HS7 . 


1333 -91, 


210-9 *iM 
26 AM -3P 

■ MM +7.7 

2680 +1M 

152J -2 7, 

geo t39| 

i'-iSu r 



— i'-Gt'. IniL F>n 15 

1022 107 iJ 

194 9 ^ 

- Allied Hambtu Group ia)(jj>V 

THambrus Hu Hutton. BrcntuNd. Ls**x 
01-698 2051 or BmMond ETT. 211439 - 
BaJmreri FhwU 

Allied 1-r Till 

BrlL ln& Fund. .. 60 3 
firth. & Inc. . 351 

♦•.\KlapWUllaaSt.BT4P4HR ' OS-OWPO iSfSdU ^ W ’ 

[1061 _lUB[-:0fl - 

mtoM*iaM . .037 
BnlridiTA-iAre > . M9 J 
OwnmihlHy Sbfirc ..(131 b 
(fiFArEuLTiufl -1280 
Hieh Income TA.— B4 « 
Income Fund (660 

Jn*.Aj(«nriw....- [J2M 

lad KLemjaFd — |gJ2 

iz-lnll. Ta iAbc. • .... 126 3 

01-2638531 4® Han At Henle* on Thames 04P120BM 
0 62 I'prtaalftp.rafc- _ Itta 371!-. 1 *22 

1 356 Piccadilly Volt T. Mgrs. Ud.9 falib). 

Wardgie Hue.. 5B> Londob Wall EC2 6300801 

Eatra Income. - 
Small Co s Fd. ... f 
"25 Capital Fond 

iritBrn* ScAsmsk. f 

— Phoenix Assurance To. Lid. 

Eh’r. Fh ‘ J lm ... I ' 693 : r .. 

Ehr.Ph,Eqi._^LlfiM. 732| 

Prop. Equity & Life Ass. Co.V - 

71B. Cra<BfqmJStfaat,WlB2AS. ■ OZ4E00E7 

R SilhPrpp Bd ! -172.» 

Ho. Equir , Tsa _^TJ . . «a 7 


64 4 -9.1 
375 -02 
33B -07 
lOfiZ -0J 
122.3 -02 

_ Ho. Fa. liny. Bd. ] 



Hearts of Oak-Benefit Society . 

EaawHtoad.Leirfnn.VWl ,01-WT5«» 
H«n,»xoah™«_pbl - 3B2| ._.-{ — - -V- 

Property Growth Assur. Co. Ud.¥ 

Loop HooiCi Cr^rtkm.CTB iLU 01JMMM 

-A^nctCtnrol Fontf. 
A it fit Fund f*j 

Abbey Xab Ftand__ 

Kl-A Twr^ AddiSNWibe RtL, Crcy- Ol-C^S 4355 kveatzntuiFW^ 

- Mill Samuel life Assur. Ltd.V 

aPrnpeny Units ™|147A 
nupeny Series - 

oa H»., Aina Rd,ftMgaie. Raiza(e4i0 , .tL Jl«iased Uolta _-tUia ' 

tiMyat -— — -— » tana r> -i m MAIuhTmI COi A bflftQ 

105® . _ 

101.0 ..... 

M10 .'... 
100 0 ...... 

303.7 ;.... 

1MJ ..... 

10521 ._. 

Managed Series A.. 90.9 

MonDsed Series C- 695 

Money Units 118.9 

UamrSHiCiA-- 962 

FterflntSer. A — 946 

Pot. M&l, Cap 1352 

Kns. Mjtd. Act- — Ml® 

Pro r, til Cep UW.fe 

Fns.GUJ.Ace U09J 


Equity Fund 



IFV Mnney Fd.„[103 7 



1EV Med M'8 99.0 . 
u-lplan , |n 9 

Life Assurance Tmperial life Ass. Col of Canada 

O1--M0B1U Imperial House, landlord. 

■iSSSSBSfcBt . 83:H -. gsrSj£r-,«8i 

Mtans Mgd Fd_|u83 121 ^ L-.J — UniiijSk«| " 

ircla>-s Life Assur. Co. Ltd. - ~ m ' ’ 

: Romfor d Rd., E7. 01-9345544 £eearo Cop-RL — , 

119.41 40 II 
107 41 -fOJ 

Equity FUadiAl 

Money Fund... 

Money Fund(A. 

AnuartaJ Fund—^i 
Cui-edceri Fu»d _ 
Uilt Ed^cd Fd fAt. 


mty , 


- U».l 

->?ertv ,Z2 

naced fliOS 





:Aocmn. .. 982 

l Ed^FeasActl! 9B3 

Initial 96.7 

nej- Pena. Ate. _ 9B4 

TninaJ foe 8 

- "Currant unit * 

1093 +OI 
102.7 1 

- U3.4 

102.D .._. 
101 B 
1D3 6 

. 10191 ... 
due Msr. 1&. 

All Wlber Ac It*. 
9411 Weather Cap- 

:i = SZJSLfrJS 

- ■ 


«R«tin, Annul ly — . [ 

fflmnietl.Apnly l 

PranOnmUi Ftan a wma * Amntriei UA. 






' 136.8 






522*4 -0 2j 93B 

W".1 ft 

49.1-01; 346 

36 5id -32 3 73 

»9-®3 iS 



U26.9 133i| 

5^-1 1273 

130 JL 
ii| a 

Allied Capital . ... |67.D 
HambroPoml -...H8 5 
HamhroAcc 7iL_{2145 
Inreate Fonda 
High Tleld Fd.— ...K34 

AifEtUnc _P5.9 

lattnutiDnil Fandi 


Sres of America > 

Pacific FIumI. 

SpretaUu Fund* 
smallerCo 's F5.-J31.4 
SndSmlr CosFt*.. 390 
Recovery Si le... 831 ■ 

IfpL Mm 5 Cdty .. 36® 

Oversea* Earnun 50 0 ' 

BxptSmir.Co‘11 ...4^983 

Andersen Unit Trust Managers Ltd. 

158 FmKhmeh St. EC3U BAA 8038831 

Anrie™joLT,-^„|«3 4f.0f 438 

Anstmcher Unit BfgmL Co. Ltd. 

1 NoMeSL. ECZV7JA 0IAZ363H. 

tnc. Monthly Fund. (154.0 lMAe( [ M 

Arbutkaot Securities Lid. (aHc) 
QaecoStUmrion EC4R19V 01-06.9381 
lEma'IneamtrFd. —RB7.7 

line. Pund 392 

. . jetun. Units} 529 

rn»9S WdrwlUts.) 52.9 

F r el er eu ee Ft r a d 25.6 

f A ksihi. Uni ua SBlO 

Capital Fund— 157 

Commodity Fund— 50.7 
(Accum. TTtiit»l 73.6 

v Q> IRU GIIU crtwcirs 

... * • rmateFund - ... 

Gibbs (Antony)- 1 mt- Tst. Mrs. Lid. Areumiir. Fund . 

33. BioaheW St . EC2H 7XI_ 0K5884I7I 

W »S f 4 90 AmonraeFund..... 

a A. C. F*r EflU". .. P0.9 22 J L.".,| 834 PractimJ Juvesl. Co. Ltd.V tyilci 

57 T 




44. blnfxnsburv Sq. VCIA 2RA l)l«B3HW 
Practical Mar. 15 -..{1345 14271 -3^ 454 
AeCmn- Cu6.„ |1V79 

111.4) -4.6} *34 

- Dealing "Tub*. TTWe 

Gevett (JtbnH 

TT. Longati Waif. E C2. 03-5885889 

s-hWr.Mar.3. — tils* 1347"; —I 221 Provincial Life Ia9- C«. Ud-¥ 

Do-Accum Lnit.. r |M17 141J| ...| 2JQ Jas BishopsKMe. EC 2. 0I-24T8S33 

ProSUkc Units p?4 7T Sf -0.1] 356 

31BJJ -*0 4] 70 

.Jtwrt dealing day March it."" 
GrieWMB Management Co. Ltd. 

. is [724 

High Income [103.8 

SB GreshmaSt, EC2P SDR. 
Bar’plD.atarh 15. .Ml* 

1 Aceum. units' . 2079 

BtfnHYMhr #■_ 1659. 

(Arenm. Units.- 186.3 

Endear. Mar. 14. — 165 9 
[Ace um . Uotui .. __ 171 4 
Grachrtr.itar.TP... 77.4 

tt. c £fe^!T5.:S| 

lAretm. llsili). .. J70 8 

014*4433 Pro <fl. Portfolio Main. LttLV (aMbHO 

Hrlbara Bari. ECIN 2NH OM03K32! 

JTudential — -11178 124M-0M 4 57 


173 .. 

?.10 Quitter Managemeiit Co. Ltd.9 

179a ■ 126 The StVEwbsnjce. EC7S 1HP 0I-MMIT 

839. . 323 4Ju*dr*J!l Income-. [113 5 117 ij ,.„.J 

70 61 *0.7 303 

73 +0.1 313 

offshore and 
overseas funds 

Arhuthnot SpcoritipR iC.t) Limited Keyselex Mwt Jersey Ltd. 

^ TO 

Fame lex _ 


a 62 

Lap. T»t. : Jersey ■„.. 111? o 1 71 nl | 3 61 

^i«5SSM.^(KfL4 mi 

N*«»ub Hareha 
Australian Selection Fund ;W 
iAtlUsi Opfmnuniuca. r.o in.hlVpufu! W 
llulinuite. 1ST. lurot St . s,ut nH -- 

1511 Share. Hnajl - ; [ — 

Nci •>*« value Hare* 8. 

Bank of America International SJL 

3' Boulevard Royal. L^en-.hnan! «P ' GjltTruaJ oAl *. .[May 117.0,' . . ; um 
wiriinvertlaeom* .BlShnij IMr j .. | 661 ““ ^ OucxuieylmM liJ^-CU; Vi.OO 
PTKCS. at March B Kext tab. day March 15. lua Gert. Sere. tat. 

Bnk. of Ifldfl. Ji S. America Ltd. 1 FS22tf'^T5.I!! 

44MHL CNapn X'ldaria SI.EC4. 

Alexander Feud— . tSUSill 

Kcytolea tori , . 

hersetoaEuropo- £3.62 4fim . 

Japan Utb. Fired. _ S2137 32lf « 

HrMlcg Japan 3.0* 9tH .. 

Con*. UMtnCap— U3134 ”*ftc2l 

King Se Shavson Mgrs. 

J CtjartneOra*. St. Kolirr.Jem>". ; 0534:7374: 
'•alley line. M rmer Ftort. rmu>-. iO«r. ■ S4m* 

GiUTrurt'l o51 < " 


j — 

Qoadnat Income-. |U3 5 117 

RcJ inner Unit Mgr». Ud.F 
ndlbsreHce .FinibridceWelU.RL 00032071 

. R*yalEx. LTqjt Sftre. Ltd. ■OMwtwifSpFiL- »7 .. .. | 573 

Hoys! Exchange, ZC3P3DX. 01-emWll SaHttdO , ru«c.t-.M9 41.6 -CL 

<AfiGKuqdhHlTat-.|S25 U.4d -8.U A$* SeWardeT Uc.... P8S . -B.lJ 

Hendonou AdnriiiistmiVnifaXz) RJdgrfield Man ag emen t Ltd. 

Preuiltt- C.T . Admin. Rayicieh Hoed. ' FO Bra *18. Sonic Bar . MincMtr. 081 2888371 

_ B!772ft238. Xldxeflddlat.L’T B-0 XI. Vi | 2JZ 



E JgesagMt 

EquItyFUnd -HS2 ... 

Irish me. Assurance C0..JU4* 

Asauron ce Co. Lid. 

Manaoe-fFund 0X2.8 224JM 4 — 232. Bwtwpegaw. ACJL 

Prop Mod. Pekl Jli72 176 W -- J — Prov. Managed Fd.. K 

Prov Ca*b Fd (U99. ' 109 

Gilt Fund 20 

- 16.7 

Saute Fund 365 

.UnlW 553 

. _ —Fund _B®. 

IrArcmn. L'otUj 30.9 

^':FH l».e 

“ Prop. Mod. GUlv 


dpGnMUilnc ■ - 36* 
CapGraathAcr. — 37.3 
18» uiEoropw. . , ... S4| 

asasSff— si 
ii» asasffisrtigi 

JAM |gin«M.-52 


tg SP^fchio „ 

334 -For ip a 

28 +0.11 
39.4m ...... 


364 *92 

25.4 T 0 " 1 

279 *0J 
360 +0.2 
306.1 .... 
252 +0.1 

%7 Ijj 

554b +01 

-chive Life- Assur. Co. LuLIf 

Ijiml-ard SL.EC3. Ol^Z) 1288 

•ek Hone Mar l.[ . 12717 J _...| — 

nada Life Assurance Co. 

Ionian Gt)x . 

■Ewtmn AlntLFd— fell 

01-3470038 [<'8% Wdro-l.UU.1 U7 

Porolgn Fd. -..-J73J 

+C7] — [ . .. 

Archway Unit Tst. Mg*. LULV (aHc) 
01-0285433 Prudential Pensions Limited A 1317. Hi gb HaJboni. WCl V 7NL- '01^318233. 

pv«;SSSS , w -7 5 '” ^ 

-I+CJ.B , ■— « — • Fud in*. Mar. 15 

, - Prop F. Mar 15 — 

Laogham. Life Assurance Co. Ltd. 

LanEbam H$. Holnibrook Dr.NJM. 01-3035211 — - 

LaBKham-.VFlaa+M.O ■ " « — ne»*uce Mutonl 

Slag A Shaltsou Ltd. 

52, rum hill. EC3. 

Bond Fd ._ 


Govt. See. Bd- 

Barclays Unicorn Ltd. (aHgWcl 

L'njconi Ho 362 Romford Rd.E7. 01^343544 

cxnpt tonda only 
Hiir Samuel Unit TsL Mgra.t fal 
C Beech a, KC2P 2LX 014SB80U 

fasgSi-gS ‘S 

fbl FTnanrial TrnsJ. 87.2 93.3 

ibjiansBTnx ... zsa ■ 27 

JWSas-ttriwTrim.. 48 9 52J 

fhiHlgh ¥Wd T*t_p7 8 29. 

InteLV Wig) 

IS. Chnrtqohcr Strew. EC 2. 

Intel lnv-Fand. — |W 5 .93 01 

269 RldSetieW income m.0 970) ._.:[ 966 

Jj| Kotbschlld Asset Management (g) 
5L2S 7240, GBtehriase KdL Aylabarr CSB09WI 
ITS N.C. Equity Fund. [I96 0 

443 S£. EpK5Hre.Trt.h4 8 

.845 NjC.lncomermHL.lKlO 
6 S3 N.C. Jail. Fd. <IotW5 * 

H f&elSSmb 

2*7" Rothschild A Lowndes Myrot. fa) 

4M SLEMUtriaiLape, lata- EG*. 0I-O2S43S0 

^ ««S£i.^Sr"d^fx d ^ 

Rowan Unit Trust SlngL Ltd. 

CrhpGMte Hae. Flnabmy Sq , Ed PI -000 1006 

AowmAn Mar. 0 :. 


Honan See. Mar U 1518 
Rowan By. Mar. S.. SD.7 
1 Ar ram Ualr»» (M.6 

?g i5SM5.“-|g2 



159 Art 










• 87 

High SL, Potters Bor. Herts. PEar 51123 VfropKood .. _ ...0*0.0 -■ W 

h. Fd. Mar 

tmUFvd Feb B._ 



1=1 =" 

WISP ISPJ Mon Fd [734 

Unicorn America.- [29 J 

Do.Aart.Acc 56 9 

BMP 77971 Do.Anrt.Inc. *5.1 

I 1^ — Do.C«pilal U.4 

1 1 ■■ ma 

m non Assurance Ltd.V ^ .Rothschild As^et Management D^MS? ,^ta, kb 

ilympictty .Wembley HA90SB 01-0028975 SmTOJCRO SEIT SCSmLhHtt Unt. London. BM. 81 -828 43K Do. General— 21.2 

Cosh Initial (95-2 MjfS — N.C Prop. Dec. 30. P»J 01.41 — J — Do. Growth Are gin 

Do. Acrmn .... 961 10X2 — Next sub. day March 31. . 

Equity liUtmi 11X2 1171 —OS _ ... 

Do. Araun - U22 , 1U2 -Oh 

Fixed IniUal 1163 1223+05 

Do. Areum. 1175 ' t555 +04 

Monaerd Initial — U3A 119J -HI 

Do. Accum 1149 1213 — U 

Property Initial 95.1 1002 •— X. 

Do. Accum. 96.0 10U . .. . 

legal X -Gmcnl Omit Penskurt Ud. 

Ulty Unite 1Q6. M 

tpertyEmlft . „ 976 
uity Bondi Exec.. 00 79 
>P- nond/Bxee — £1286 
t. BdYExeuGnit. 02 75 
poxit Bond — 109 8 

uit>' Are um. 163 

'fierty Accum— - £12.12 

cd Areum. 1X536 

1 Equity 

4 •’ 4ND !-0W5raisffiS 

„ B7 0 

1 Property ... lOLl 


IGllL-j 933 

1 Eq rensJAce.. SR2 
- FenMAre:. 1932 

Fros'Are 962 

I Dep.Fens/Acc. 965 
I I'.Ul rens/Acc. 93.6 
ES_LF 163 

-oou — 


1349|+tJ dS 


42 li 

27 1! 








:ES1F3 : :|26Q 

Current value March 14. 

pital Life AssnranceV 

tibton fiouse. Chapel Ash Wton 

y InvM.Fd | 9628 

icmakerlBeFdM 10X88 

' larterhouse Magna Gp.y 
rbequmS4.c»brttificTiB8 IMS 
33 2 3S0I 

Tunbnftge WbUs, Kent 
Hal . Prop Bds.— | 1922 

Royal Insurance Group 

New Hull Place. Liverpool 

3 Royal Shield Fd. _.|13X4 13901 -1 - 

Da income Tst™ mi 
'Da Ptf AnaTst-pial 
Mm 1 at ^Pb bL SigSct nh 

«n»744aa|gS:^^^[ro5Si 6 *8 

Bttf In.Fd.Inc_ 

Exempt Cush Imt ..W5.4 
Do A ecu in _. — — 95.9 ■ 
Exempt Eqty Inlt., 10X9 

Do. A mini 1025 

Exempt Fixed I rut 192.7 

Do. Aceum. 10X3 

Exempt lined. Inil. 10X9 

Jin Arcum. 1025 - 

Exompt Prop liux. 954 . 
Do. .\ccum. 95.9 

1803 ,XU- 





.388.1 t-i— , 


Save & Prosper GranpV 

4 Ct-SL Helen's. Xndu, EC3P3EP. 0I-99488SB' 

Bel. Inv. Fd. 12X1 . E6a +lXI — 

Properly Fd- M&6 1573 ._J — 

GlKFd 1 1224 1294 +0^ — 

Deposit Fdt 1216 128J ....“; 

ConmJ>enbJ-d.t. - _ 1912 2087 +941 — 

-EquityPeoeJd 1687. .1783 -OjJ — 

PropPcnsFU* 2093 228.4 — 

r.iH Pens Fd. u 95 l 4 1003 40jfl — . 

DepooFons-Fd-T— [96.7 ’ 10XQ - — 

Ibices on “March IX . 
t*cekly dealisSs. • 

L Great Sr. Helena Ixadrni EC3F 3EP 
68- TA Queen 6L. Edtahurgh ERS 4NX 
~ ” 01-454 8BB0 or 031228 T3M 

Bnlhen & Co. LttLV iaKxl 


Strati on TsL 

Da Arena. _. . 

Koct sub. day March 22 . *Gn>«tJi PhutT'.— K 4 

Bisfaopsgale Progressive Hgmt. Co.W ttGritrod^urant.^i 

BUIi«pegate.ECJL 01-3886289 WagSfflf — E°* 

Royal Tst. Can. Fd. Mgrs. Ltd. 

,;w M.JenqroSweet.Sir 0142982 

Capital Fd |»4 66M+14I 3 A 

012477243 In Pome Fd. JU 6 72^ ■* 2Lli 7 71 

-0 H 6J& Prices n Uir ifTXm ct dulinf M*r. 3L 

„ Key Fond Managers Ltd. |a)(g) S»* * PWsper Group 

239 2Si MUkft-tavarE 01-6087870. 

f « kS-^S^gSi.’! 623 2.S-03J IS DeaIb, f* 1 “ 

aS t*4“25S2£r A-,- frS S*” 6 4 Seenrittes Ud-¥ 

KeySmaB Go’s Fd.. BOX *5*«|+0 2f 728 Cy^tal-. OTj 

KJonwort Benson Unit MaaagersV x’nJv.Growth 1 po 1 

28. Fatt cl Hm J i SX. E C& 01-608000 InmumilitK trtcaaac Fired 

XJL'UmtFtl'ZBc. -.|77 9 84_4rt| | 47T Hlgh-YteW U3J 

-I SR 

LkCIacn.- 0274 13X4rtl .. I 74S UK. fond* 

LliCIun h Gen Fd . r7D 

9KJX UnltFdAc — 197 1 10 5 X ... J 477 mg k 

L & C Waft Treat Management Lid.* Hixfa Return 
91m Stxx* Echonge. ECaN 1HP. 01-588 2800 

i* 4 -—I ft UK Equity 

-OB 317 

+0i| IS 

57JJ......I 679 







Lawson Secs. Ltd. VMfcl 

u D, - 5 ®?‘™ tB GcertcBU Edinburgh EH2 21 G 031-2283)11 J*B« 

^REJR=J » 8«wt«t m=i is £ 

Oversea* Fluted 

Europe — 

[413 4441-031 4J9 

. Legal & General Prop. Fd. JHgrs. Ltd 
0M228S11 IX Qaeen Victoria SX.EC4N4TF-' 0X248 SSTB Schroder Life GreupV 

i :r,;i ** UPr p^ j ^ r V® 788 27733 

.TOO 215. v 


rchse Eneroy i__ 
"Millie. Money— ^ _ 
nhxe. Manac«d_(368 

ohse. Equity Q2.2 

KfUi aid. Sot 

Coa Managed — 

124 6 


■”ty of Westminster Assur. Co. Ltd. 

KWMdjfnnse, b Whitehorse Road. . Lloyds Life Assurance 

Equity Mar. M— 

. Equity 2 Mar. 14.— 

Life Assur. Ce. of Pennsylvania Equity a Mar i*._. Ux4 
ajH2Ne» «ondSt,wn(jRQ, 1B-4B3839S ISPt 

LACOPUmt*. 11015 - 10661.-4 - SmStS?. fc" SS 

K A h Gilt Mar. 14 15X8 
Lloyds Bk. Unit TsL Mngre. Ltd; vtssc. Mar. Homo 

Exempt — — 1966 10X41 i /•% Money Mar. 14- 

Money 3 Mar. 14 

!q don CKO XI A. 

31 Prop. Fund 1ST 8 

unit Fund . — 1649 

S FnnU 55 8 

and Fund — 691 

.my Fund 1197 

tF\md ...64*. 

LA Fund . . ... 1703 
.•te. lined. Cap— 1093 
■». Mipd Are ... U2 6 
.»•- Money Cap . . 462 
i*. JJoneyj\re._ C 6 
li. Equity Cap.... 412 
i* Equity ACC. -|42J 


Depart Mar. 14, 

Property Mar. 7. 

Property 3 Mar. 7_ 
ESPn <JpWar.7_i 
BSPn Arc. Mar. 7. . 
Ma.Pn.Cp. Mar. 7-U898 
Ha. Pn. ACC. H»r.7.|z2X3 





147 J. 


125 , 







141 « 

+81 — 
+44 — 
+18 — 
VXD — 

[+ 6.0 — 
+29 — 

+24 — 

13331 +24 — 
14631 +33 — 

+ 01 ] 


B’galePr.— Mar 7.. . 

|Acc.Uia.~Kar.7 ,.b90.7 
B'gale lot Mar. 14 .057.9 
(Accum.' Mar.14. _B7# 1 
Next tuft, day 'April 14. 

Bridge Fund ManagertffaKc) ix».Mar ft— 154* 

Kins Wim, ra St- EC4R BAR 013234951 (AnmreWU)- -'~p.8 



336 Commodity. 

336 Energy 

X92 Fhaanetal Sec*. . 

Jj Kljk-Mbiim Fond* 


tel Sere. — 1663 

Bridge lac.- _J46.S 

Bndge Ca p tnc. r il * 
Bridie Cap. Acct - 342 
Evanp(.T_ 126 
lotL Inc.t— 139 

..Intl.Aec.t... 152 

Price* Marefil* 6 





371 ...._. 

222 +0 d 

Mi * B ni#w Sdeet Intern*.. - [E48 

■7xi :::j u« 

Scotbite Secnritln Ltd-* 


5781 +0 61 610 .Srouharea Ittl 5631 -8 lJ 

72 a CS-Sf A IB 5eot Ex.G*** [19? t 2093d! 

78 la* -0 2} 





15. Dealing *Tuek Wed. 

_ _ Select laeoroe . . In 5 

Dnd. XHob. w«d. tThuni “Ftt." 

Legal ft General Tyndall Fund? ' Scotbn*. Hi 

18. CoayageReail. RrirtoL 027272241 jg? 

_ am - — 

"SaxL. aub. day April 11 

18 ScMe«»*- n- Irt rtrt 

Lraimm — ™l»3 I.n 

Scot Ex; ltd.-*. — (1461 153 M . 

'Price* M March 6 Next sab. Morel 







R efl Srtnu's Dept . Vft 
WanlitaLm* Su&sax 


01-8849864. so, Cllltao St. BOA 4MX 

MlLGlh Mai'S X243S6 

Opt* prop Mar.B_. 1227 121. 

OptSEqty.Mar.8-i_ 1152 
Opl ILv Mnr B.i — 1580 
Ores Man. Mar 9— W« 

OpLh DcpUiar* —IU02 

v a .-a * -v' ^-v.-Sci^sli Wictowi’ Group 

London Md. Tki Ro« Poa. Edinburgh EHiarau 031-4658000 
1330.^ TSw ForbuTT. Reading 582511. 

M onto llonagc r — 

issff-sa -KUisas= 

t . 1 L airplane 01-OH 0$G4_ . Cap Gro»th_FnigF.J 2029- 1 -.. ] — 107 Chcapmde 

“ ---- - — — 1256-' 

85 ir 



t Unite — — 114 0 111 

ticnv Unite.. . . 533 56' 

Iona. Unite 1883 

3 El- 


mmerrial Union Group 
llelen'K. I, X'ndmboft.ECX 

■AnAclTt-Marll.l . 49.D I I - 

^ Annuity Uts— | 1671 • | 4 — 

□federation Life Insuntuce Co. 

Ctoacerv Xane. W(XA 1HH 0X94202 

lutty Fund— — J 
niBCrdFumJ .... 

.teorwl Pot Fd-.. 
lift 1 Pen. Fund-, 

Bd InL Pen Fd 

_..| — •Exempt Flex.Fd. 

•Exempt Prop Fd. 
*Expt lire. TM Fd 

Flexible Fuad-..— 
. lov Trust Fund — - 
01. 2m 7500 TrupertyFUnd — - 

1419 149 ft 

174 0 18X7 
WJ 72.7 

. I960 




1Z9 0 


urged Pcn.Fd— 
petty Pen. Fd. .. 
olectcd In. ltd 

*nhill Insurance Co. Ltd. 

+ 0.1 

M ft G Grpuirif 
Throe Quay*. Tower IHD EC3R 6BQ 914D8 4588 
Per*. Pennon"?. 

Com? Depoail* — 

EqdiW Bond**—. 

FamlljrTpao-' — 

' Family 8 1 -06^—, 

GUtBond'— — .--fifiM 
IntcrnatnX Boatt~-.jW2 
Managed Bd-"'*— . 






^HalVr-b 15 ..-.1113 5 
■ spec.Fch I.S .. (56 5 
UUi.P’d. Vib 20.(159 0 

■dit ft Coutroerrip Jjnsuraricp 

Recmerv Fd Bd.'__ 
American FtXRd.'.jjSBJ 

ni-flKMID JajwinKd. Bd*-.—. 

122 A 












Assurance limited 

107 Chcapnde. EC2V ODU. ' 01-8080411 

Sol ir Mnnaard S IB3 

So! nr Property S 1093 

■ Solar Equity iw« 

Solar Fad. IriLS — 1141 

Solar Cub S 992 

Solar IntLS 964 

Solar Managed P_ 1253. 

- Sohjr Property R 108.9 

Solar Equity P_ 1492 

Solar FxriJnX P , — 119 J 
SolarCSMhP— „ 993 
Solar Intl-P (64 









DP. (Aocmn.l-.-_— . 64.1 
SMOMIChg) <69 



- iftK) 


I Britannia Trust WhnagemenUaHg) ... 

3 London Wall Bufldinga, Lqodcm WaJL Worthing, 
London EC2H8QI. Ol-E»OflUM7B First CBol*ot)- 

’ *86} -04] 

$81 +03 
542 -Oi 
722 ^„. 


188.0 +0.4 +93 
173e ... . 

Mi -01 
7»i -01 

74 5 

5*7 *0.4 

421 .. .. 

,393a -0.4 
772 m -L5 
TSn ^ 02 
:6 at -0J 
470 J +4.0 
343c ... 

453M +0J 

rtncarporotiaK Trident Trart*> 
140. South Street, Doriang, 

XJocpdB Bk. Unit TsL Mhgn. Lt«L¥ la) Am GroSfuZ^il! K| 

"-" t — *- ^ Gorlng-by-Sea. gESSll'Kte® 

^trolDr.Trt. ... — 080 

Income Dirt — 137 9 





H OfSWdrorl. |292 

Grourth 4X9 

tss. m Tot unite ■ 224 

349 Mattel LeBdcro.— Z72 

ifi ■THlYidJ-TT--- 273 

Z-S Frot* Gin Trouts 239 

Fr°P«ty Shares— 256 

I5J Unl l to. I'bOT . LU. -a fei. Bi 

281 72-80. GateiMHtec Rd_ Aylcsbujy 0286 M41 X .K Grth. DiaL .130 

Equity Areupi--- (J4X6- 14f3|448| 425 ,* 'N'ret n6 Match 

M ft G-Greupv (PMOUJ J- Henry Schroder Wag g ft Co. UtLV 

Throe Qaesi Towvr HUi, ECTt 8BQ. 01829 4S88 120. Chnapaide. B.C2. 

Capital March 14.. 











Not as mi nlu* Mar. 0- 

Bigqu BnixnllK Lambert . : 

3. Rye D*‘ la Roseate B luoo Brussels 
Reirta Fund LF... JXMfi 2 010] -7| 

[618060 1U39{ 

i-oiffl 0 — a Sfrinwort Beiuon Limited 

■ — * ” 20. Fenchurch St. EC3 — 

Euriarort hu. r. , 

troornwlre 563 . . 

Do.Aremn. 612 7J6: 

OTFarEa«Fd.. . 5US936 . ... . 

XBIniL Pa iuL ..... SUEM23 f ... . 
KB Japan Fauii-.... Sl*S27 82 I-oot 


Burdrty* Cnicorn twt. tCJ*. Xs.> Lift Tta.rS.Oiw6 will ’boh j 

Signet Bermuda. . 3L'S*3* * 

01-833 800S 
-6| 33* 

• » 



Do Auw-Mia-... 
Do. Grtr. P«ilc 

Do. InjI. Incmae 

Do. I. ofMaoTht— . 
Do. moiul Mutual — 

o3S ?T2 7 +V . 113oj-bttl 

.* » 

X GtaridgCTOs*. St Heller. J f ,y. 

8S5lS{?r r ivSrt!::^B a !»wUj 4 ^ Lcsa^pwtoi'Miwtti 

-Subieci to fee and wiihhoidfo* twjre Lloydg Bk. (CX) U/T MgnL 
Barclays Unfcorn Ini, iLO-Wteo) Ltd. r.o.Bpv raft st Holier, Jew. tmsnn 


ypieam AutLExt..]39A *24] — I 200 >«tt dealing dale April !•. 

li ui +i'4 IntaraatfeiiBl Mgant SLA. 

7 SlU-ir *JO 7 Hum da JUtenn. P.O. Bo* 1TB. 1211 Gcncta :1 

!.* t73j . . ■ 430 Unydi toLGth FdRmB B9 I 180 

-9 2163 -Ui US Uoydslm-lBMiuo.isnBJi BtSl | 640 

Buhopsgate Commodity Ser. -Ltd. MAC Group 

P O Bee-C. DoodBH. Lo M 0K4-230U Three quay*, Tower HOT KUR CBQ. 01*78 USB 

ABMAC*Fe66 BVSZ6C 3M ... . J — AU0dtirExUar.14_bFS.4t 2D| .1 _ 

CAXTtH 0-5Ur. 6 „ El. 005. loSI .1.1 — AuacEx.Uar.ia festTl llfl-om — 

COUNT'*M*r.* — P305 ■ 115 GoldExJUarJO BCS527 nuid-eid - 

originally iasued at *510 and *£XM. Inland [1074 IMS +031 n» 

Bridge Management Ltd. carenmUnR.. |mo is«J +oj[ lire 

p!o‘S™ Trt . SamuelMontagn Ldn. Agfa. 

N-bashiMar.l | “ T3469* I J. — H*,«d Bw«JS»,ECi 014080484 

GP.D. Boot an. Hone Krmc 1 Apollo Fd. Mar. ft-KFMIS 47« .-...J sox 

" «V»S&3r=fH a= [ft 

Britannia Trt. IHngmi. (CD Lid. saw IZ1 ! — ** 

30 Bath St , SC Holier-, Jersey. 

Growth Insert . _ 09 9 

Murray. Johnstone (Inv. Adviser) 

163. Hope M . au+(m*. C7. 041=210331. 

-Hope St Fd I svsnta J .... I — 

•Morraj- Fund 1 SCP917 I 4 — . 

*NAV February =8. 

Intel. Fd. — 

JcnwyEnern Tsc. 

Unhsl Dir. Trt. 

Umrel.STrt sw. IS2JI3 2 _. 

Value March 16 Non dealing 

Butterfield Management Co. Ltd. 

PU Rox 135. Hamilton. Bermuda. 

Buttress Equity... [2*3 1 *71 -... I 

Tuttross taenme. .1199 1921 ....l . -. 

Price* at Feb 6 Next aub. day Much 11 

Capital International S.A. 

.77 rue Xotre-rinnc. Lunembourr. 

Capital InL Fund U'51564 J -^4 — 

Charterhouse Japhet 

i. Paternoster Ron-, EC*. (U 248 3089 Property Growth Oversea* Lift 

TCegit S.A. 

lihi Bmlotard Royal. Xnmnbonrg 
NAVJter. in _j SL'SIOJI i i — 

7«9 Negit Ltd. 

BapK at Itcmnd* Bids«+ H w il ux Braid a. 
NAV March i 1*4 69 — «. 

Phoenix Internationa] 

1M Hex t:. b+. pcmt Pert, ijuorcaty. 

Inter -Dollar Fund., I)D£2 19 7F] — 



Qaperor Fund . 
H I*pano 

Combi II Ins. (Guernsey) ltd. 

P4) Box 187 St. Peter Fan. Guernsey 
Intel. Man. Pd [1560 17X8| [ — 

Delta Group 

Pft Box 3012. Nassau. Bahamas. 

Petto lac.M*r.O„.|UJO U7[ 1 — 

Devtseher Investment-Trust 
Porttach 2885 Btebergassc 6-10 8000 FrauUnrt. 

CooccnUa IFU14M 2#30j-u2« — 

InL Jtemeufondi. . ..fPKIf 89 714B| .7.7 J — . 

Dreyfus Intercontinental Inv. Fd. 

PO. Box X3712, Nassau. Bihinvi. 
TiAVMar.T. |KStt41 UB| 4 — 

Emson ft Dudley Tst.MgtJW.Ltd. 

32} =8 W*b Town. Gibraltar «Gtb)81QI 

Hr VS. Dollar Fuad— I Sl'58827 I : — 

tlfc Steeling Fund ] 112140 | [ — 

Rothschild Asset Management (CL} 

P.O. Box iO. St Juliana CL. Guernsey. 

0481 28331 

OXLEq.Fr.Fe6S8-.l49 4 5X51 I 238 

OCJnc.FiL Mar 1 - 3 ISO *89 

OlJfuil Fd. Mar. 15053 90M-1.4 — 

OCStoCoi'd-PebMllix? -14031 538 


O.C. Commodity* „ 112X2 329.9s* ... .3 *17 

O C Dir Co«nrtto.t_. [Ssj* 26«5| j — 

'Price* on Mar. 14 Koxt dealing Mar. 3X 
iPrini on Mar. T. Next GeaUng M4r. XL 

Royal Trust (CT) Fft Mgt- Ltd. 

PO. Box JW. Royal Tst Sett, Terror. 0834 27*41 

RT.lnTI.Fd tsxsru 1JS] I ioo 

RT.lB« J S .lFd..g« SI I 321 

race* at Feb. 15. Sad dealing March 16 

Save ft Prosper International 

Deattng lo: 

PO Fw 73. SL Hebei. Jeaej. ONMaaBl 3TUroari St, SL Heitor. Jeroey BSKaiWX 

See vtw-Stpcfc Exchanaa DoaJJniea. 

ftssssas^lS * ****** ** ,AeeUBtl - 

The British Life Office Ltd.V (a) 
Reliance Hsc- TUnhridge Well*. RL 080222271 

’ L British LHa.-_-.J473 50-3J J 5.75 

X Balanced*-^— .MS.* .46.9) 538 

BX Dividend*- [4X7 44.6| .... [ 9X6 

'Prices March 15. Next dealing dsy March 22. 

Brawn Shipley ft Co. LtftT 

SCngr*; Ftnnder* CL, EC2. 

as irmuFeh27 cm 

Austndostm 1_|03 

tAccom. DWtit-.._MX7 


Cozrrersicm Inc. __ HI 
Dividend. ... - 1893 

lAecum. (JntUu — . 21X6 

Ktfroprao — *5.9 

r Acrum. XirilE' 464 

Extra Yield. ,773 

CAccunv llnitai_, 1857 

Far-Eastern 19.1 

f Art- mu Unite; <5.7 

Fond of Inv. Tsts 5*0 


Regent SL, Usnarn W1 R SRE. 01A3P7083 HL.. 

iTtcre on 'Mar. 16 —Maf. B. '"Mar. 16 

Mprchant Investors Assurance? 

125, HiehStrert-rraydob 

Suit Alliance Fund MaingmC. Lid. 

Son' Alliance House . nereham- MOS04M1 Do.CAee.lFe627.._B6X7 

XteteFtOm. Star. 8 _ LO5430 1M.40J | — - Oewalc Trusts t*» 

lot. Bn. March 16 0X84 J J — ' Finanetol Sf 

General — L7.4 

Growth Arenm 4X8 

Sun Alhance Linked Life Ins. Ltd. Growth income — » 7 
Sun AUtance Roqxe. Horsham 040381141 ^^ Incola *— — g'J 

Index “ — ~Z~ H 9 

01-0808520 lAccum. Unite! — 

SM “ 

Mnpd rd. 11220 13201. I — Mre. Inv.^g^FVI 


reader Insurance Co. Lid." • EnruiwB«S._ - 

,'U.n Hoiim*. Ton cr PX. EC3. .010368031 JJVP Trite. ^ 

1-rop Mar 7 —167.7 744| . . ..] _ gSS,^^— 

Mnn.Mla.Feni - 

- 1273 


.. - 







- 137 4 


•)p Star lno'ur/Midland Ass. 

iroa4ncreileSt-IX7^ ni-'WniajS 

to.iMia. Unite. -1416 5X41-011.6 02 NBL- Reustana Ltd. 

lily ft- Law Life Ass. Soc. Lid.y . Miiion court Daridnc-Surrer. 
-rshrm Boad.tllali Wynnhe 0404 33377 Mw Eq C ap.-- -W J.. -T5U 

Equity Fund 


Propenj Fund 

Internat i o n al Fd. -.1953 
Deport t Fij ad |M3 
Managed FUrid 





in i +o.i 


Performance ... 


EtonpL Peb. IB 


1 5X0 

m . 



5S1 +0.11 

6X4 1 

-• i - . Canada Life Unit Tst. Mugra. Ltd.» 

Sun Life of Canada (U-K.) Ltd. m High si_ Potter* Bor. Hetu 

2.3.4.Cocfap*trSui>WlV5BH 01 0309400 fan Gen Dirt. (353 

hinpleU.Oith- J 18JX -1 .— l - Do.Geji.Acnim._..|429 

Maple LT-Mangd. J - 1327 

%£&£n:~\ si 

ICapel IJamesi Mngt. LtftV 

Im. Unite: Z3X2 

— w _ Income IJA 
lAecnm. Unite) — 15X1 

*^ Japan Income 134.1 

437 (Accum. Units! 13*4 

519 MMpWIHl ]7U 

519 ■ Aecum. Units) „ 2K6 

!“ Midland. K9X 

3-16 ( Accnm Umtrt — _ JJXI 

53 5S5Sli»». ~S1 

J2 Second Gen 1516 

fB8 - (Aecum Unite! 2266 

4 94 Special - 1J17 

(Aceum. Unite* — p7S 2 
(rtridliri Fan**. 



966| W TiS? 



139 An 


[ Do Inc. DtsL . 

Do. Inc. Aceum— ...» 

P Bar 51 122 Triistee+- 

lAecum. Uniloj — 
Chari bond Mar 14. 

Target Life. Assurance Co. Ltd. 

102 6 


IUtuoii Kd.— [93 0 
.Hi r d .. ... 105.4 

(D-Fri. - 
oft}.- 1' 1 -! . 

■4 Ir.irrite: F.— 

1105| -OX — 
107 « ... .. — 

U7ij 401 — 

3031 .«... — 

uoij -<Li — 

Jwlex Eq. Areum. ^ 


Erie* • Mon. Acc. 
XdptCrh Inc Are .. 
KeicxGlh IncCap . 

UU +0.4[ — 
*7 7 

iera.1 Portfolio Life Ins. C. Ud.V 
* '.-irthnlnmrarCL. Waltham Cross. WX3IB7X 
min- rural — I 1293 I — - J — . 

folio i;apitnl . _[416 1 4J 7j „ — j — 

", 'sham LHe A**. Soc. Lid:. 

Next sub. dor Match 2X 

Far New Court Property are under 
. RMhKhild Asms Stoamtement 

OKU Target Home, Gatehousa Rd- Aylesbury. [SS^J 
Bmcfa. Aylefbroyf02B8fS«tl 

Van. Fund Inc {9X9 9631 | — 

Man. Fund Acc— _ UOO 11*41 J — 

Prop. Fd. lor. 1072 113 61 -—I — 

Pyop. FM. Are. — 13X0 

Prop. Fd . Unr; 183J1 

Fixed InL Fd. Inc. 1093 1153 

4Don.Fd.Are.tnc— 2-4 l 02 7 

H*F Plan Ac Pen.- 7X3 : 760 

He* rUnCapPen— S9.0 *46 

-RilFl on Man. Arc.- 1202 127.2 

-ReLPlanMan Cop... 1118 1183 

:Uth Pen. Arc 1380 145 7 

1SU • 1364 

100 Mid Broad St, ELEN IRQ 

Charild Mar 14 — Mil. 139 j) 

(Arcum L'niter : .1 16 7.7 USa ..... 
Pena Ba. Mar. 13-1X10.9 127 W - 

Manulife Management Ltd. 


„ 689 

+X5? 1035 

XOS IncomealarClitM- tj#9% 
xSf f Aceum. Unite) - _ 247 3 
X47 GeneralUsr IS— . 766 
*44 {AaeomlMitol. — *43 
*44 Europe Mareh ZJA 

5 ,08 lAccnm l-mtel 21 9 

37 ^■■■CtoFOO.SUi. 13*7 

ss . _ 

832 Fbr tax exempt funds only 

IS Scottish Equitable Fnd. Mgrs. LtftV 

8.68 38 St Andrew* Kq,Erflnbutgb 031-8580101 

fg ' Income Utdta 1476 50? .... .[ 560 

269 AwmllPffl- — 1».9_ . 574 - -4 5S 
269 Dealing da j Wcdnctdajr. 

56* Sebmc Unit TsL Managers LtftV (*1 
PO Box SI 1. BcMbiy. Hut, EC.4 01-2385000 

xo6 Sffuiitj Selection lift 
ijq 15-UL Lincoln^ Inn Field* WC2 0148109384 
*39 Unvl Gth Trt Are .. BX9 234 _....[ 401 

735 Unvl Oth TWlnc -...P9 3 20.*!.... f *61 

5J2 Stewart Uutt TsL Humgers Ltd. (a> 
502 *X Charlotte Sq_ Edhibnrch. 031-2882271 

Standard Unite ffiZ 58 

IS Accnm. Uuttt B65 63. 

*■“ Withdrawal Unit* 

Hawaii British Capital Find 

'Standard 0262 1367] +14 3.M 

Arana. Units --—0*3 0 54l! +1 *[ 3 60 

>32 Sun Alliance Fund MngL Ltd. 

Sun Alliance Hae- Bonluni 040891141 

|| i^£S£¥£ 

_ (70.8 
Prices on Mar. 15. 5 

-1782 *32*4 [ *60 

6 « 7544 —.1 809 

Neit dealing April 5 

Carliol Unit Fft Mgr*. L*ft¥ tDfCl 
MUhorn House. Newrenle-upon-Tyne 21 105 

Carlin! 1630 *5 5[+3i 

Do. Aceum. Units.- [74 9 774L-J, 

Do. High Yield ,014 41 9[ »0i 

DaAcctm I'nfla -J47.9 . 504 +0j 

Nest deauxrg dote Apm 5 

01-3*8 SOW -gt. Georgia war. ftevenage. 

5RaaW ^.^5.m* 5 ,. l - 1 «77 

9221 -01[ 3.99 

Growth Unite -K73 .498) | *88 

Mayflower Management Co. Lid. 


:1 ,, - 

NPI Pensions Management Ltd. 

w *8. Crarcchurch 5L. EC3P 3HH . Oi-^tfM.GthPcftC^. 

tore of Walre Rd. D’lrwilh OTTC T6TtJ» Pfi* ^ 

: : M:“a| = . Pncre Mareh i..N«hd«lto*ApriV3^ Ule Ivs. C*. U*. 

- 'U.3t r uhrt... -J us * 121 5 +35 - - Ne# Zealand Ins. Co. n>JC) Ltd.V 2'&eamBidm-EC4iNv. 

Inn Fun-I ... 993 J5SI *2? — MrtliBWl Hwe. Southend SSI 2X4 0702 KSS5 ToUphwert-RL^.. 113*3" 137 

Pply. j-'miil. — BS4 1004+0 11 - Kiwi Key !nv.Flan.Q*qb 1*5 S [ - 

Small Co'i Fd. 

Technblof^Fcl. —..33 0 

wth ft Sec. Life' Ass. Soc. LlftV 

■Rati*. Hr Bj-^aj-Thamc*. Berks., TeL a*384 SS5Tnc^ , d.7— ^^[936 
IW(Viiiare .| . £1069 [ . . i — . American Fd — — 921' 

ISonkSw*... [ S543 . . .1 _ Far Earn Fd.-- ISO \cr [U6 2 11931 . . J — Gill Edged Fd — 95 0 

iv-fripcr 1'rt — I £7.9693 1 — j — C on. Deproil FU — 35.1 

90 B 
300 0 
100 G 

Man. Pen. Td, Op.. 

Charterhouse JaphetV 

2, Paternoster Row, EC4. 

02. Internal 1 W6 

Aeeum. Unite.— .— B.l * 

I CJ lactate 34 6 

CJ.Eure. Fin 25 6 

Arctun-Unna .— . »* 

CX Fd Inr. Tilt 24.4 

A ecu oi L'mti — .. 276 

X Next dea 

ZL 1 Ptkto March IS. : 

Income Feb 21 . 

General Feb. 21 . 

Merrurv Fund Managers Lid. 

I . EC2P2E1 

Men Gea. Mar.l5-.Q683 
Acc.Ute.MBT I5—M91 
Mk. InL Mar It-jj.? 

Acch UliMarrh I 
Mart Kit Fell It. . 

Arcnm.Uts. Feb63. 

843858101 Target TBL Xqgre. Lld.V toKgi 

31. Cresham SL EC2. Dealings. 02085941 
Target Commodity, pi* ni-l« 4 29 
Taigel Financial— 5*7 64L2 -»» 435 

Target Equity- 35 1 377 -0 31 623 

Mg-M — ■■) IS Target Mar. 13. 204.1 2113 ...3 6 05 

*824. — I 544 *Do Arc.UWte-— 170.7 280J .... *B 

TargelGlUFund- 120 a 1261 +011 1.80 

Target GroMth 263 . 3*5n . \ 442 

Target lull 2X3 253 +0 3 215 

SJfl Da Rehtr. Unite-, g* 273 +02 215 

5 JO Target lev. 271 .291 . ...J 39* 

X91 Target Pr.Jtar- 16- M9 3 1572 ... J 43® 

191 Tft Inc 2*3 386 ....X 868 

*59 Tgt Pret 1*7 362 .... ] 1030 

Midland Book Group 
Unit Trust Maaafen LtftV ft> 


3 +0.b[ 164 
+6* 164 

♦ 1 0 7.1* 

tS-S ago Cmutwoed HeOT* Silver Strefa Hnad- TintaiEagi* 

*5? aS ShemeW.S13Ra . ■ TeL Ofe 70642 Ttoget-ni&lfa--— k. 2 .,-~3 ,2-- 

lot 12 CwBam tflty * Gett .«> 6 626+02] 5.90 Extra Income Fd. ^ [57 6 614rtl +03| 1031 

WIi 2i DeACjwm. . |J| || Trades Uafou Unit TsL Managers V 

— ... -j— D o Areum — — 376 eoJj -Ort 132 100. Wood gtnsri. ECi 016=88011 

Onef lain Trust Mauagen Lift vtaitx). captuL- »« S3 -oil 36* tutjt M ar. i -jesi *8M I 157 

, • Trident Life Assurance Co Ltd V 130.31 Queen St, EC4BIBR. oi-gmsom Do Arcum. »* 2*5 ■■■ 3« 

4 — ^ AS5 r r "“. 1 American-.. kiS028 .ZITA +0-21 187 lucerne !?-? 50.S -01 654 

J — ,^.^Ben*IS!de House, Glnucuter . M-2*B4! j pa? *j 1 +?a fS °° Accutn @9 . 57*1. ...I *5« 


Hill Samiiel ,. ... 
C. Hoare ft Co. 




B.V Bank 

■Ihpri Irish Banks I.irt. 

.Die r I ran Express Bk. 

mm Run k - 

P Bank Ltd 

'.t*nry Anh^jauher 

dt> BilSjorn^,. ... 

3,ik tif I'rpdn it Cmce. 

ink of Cyprus 

,ifik of X S W. ... 

.iiE'juP T«i‘]:;e Ltd - 

• an i*-.p rtu Rhone 

•i r>- ;.i>'» Rank 

arrtPii Chrrotie Lid.... 
rt'a: ir II«i[iiinss Ltd. 
nr Bank nl Midi East 

’•nr, Shipley 

.in.ida Perm an Pitt AFI 
spii-I C * C Kin. Lid. 

:ivzi?f Ltd 

?dar flnldinss . ....... 

wierhoiisc Japhet... 

. E- Coates 

oosoUdated Credits... 

>operative Bunk ' 

irinthlan Securities..- 

redlt Lyonnais 

ic Cyprus Popular BW-- 

uncon LdU’rie ? 6'% 

.•jqi! Trust ’ 

i«:ssh Tranicnnt 

rsl Lundon Secs.«.... 
r«t X:it. Fin. Corpn. 
r«» \nf. Secs. Ltd. ... 

ninny Qbbs - 

■t»y hound Cuaranty... 

+indlays Bank ■ 

unnpss Mahon 

imhros Bank • 

O; ;i. 


7 % 1 


S*% . 

fii 1 ?, 
f %■ 
7 % 

S % 







S % 
S %, 




fl % 









Julian S- Hodfie 

■ Hnnckunjj & Shanghai 
Industrial Bk nf Skrot: 

Kcyser ...... 

Knowsley Si 'Co. Ltd. ... 

I.Inyds Bank . 
iAiwltm &, European ... 

London UTerrantile 

Midland Bank ............ 

■ Samuel Mciniagu; 

I Morgan -Grenfell ■' 

National Westminster 
.Norwich Ck?npnil Trust 
P S. Refsnh & Co. - 
Ttossimnsler Accept'cs -61% 
Royal Bk. Canada Trust . 65% 
Schlesmaer Limited 61% 

F. 5 Schwab S{% 

Security Trust Co.; Ltd. 7.1%: 

Sbehle.v Trust 6J% 

Standard Chartered ... ,65% 

Ttade Dev. Bank 6i% 

Trustee Savings . Bank 
• Twentieth Century. Bk. 7A% 
United Bank of Kuwait 6f % 
\\y hi tea way- Laidlaw ... 7 ■% 

Williams & Glyn-’s 65% 

Yorkshire Bank 8J% 

| Mi- inters of the • Acrartiiu flouscB 
Commitlec. ... 

.7+1.13 ftpofflW 3'». l-thwtli ilfposite 

T-dav" di'jMKi!*. ow . aums of I1D.800 
auid under Vi- ap to C5.U9D at"* 
and amr fia.W 
fill deoMlte nv*r !1.0W .’'"fc- 
Demand dcoOM'S *•? 

■- ’ a|M. appHag io ’ SicrHJVf In* ' 
Se«. - . - • 


- 146 r. 

EquitviArocrlrjn ... 776 

UXEtmityPand- 100.7 


Moocy - o3.9 

tatwpwonS„ hll 

FWwi 125 8 0332 +1.9 

Growth Cap- 12*7 13*2+05, 

Growth Acc - 129 b 1373 +05) 

Pern-Maad rap.- 113.0 _ UU 
Feq&3liim..\rr..-. U64 1233 

PatteCUDraCap- 1006 .187 0 

WjdBfpiOT.. 1M0 1102 

I>m» P«y. Cap 11X8 118 4 

Peiw.Pty.are!.. 115.1 . 12X0 

TrdtBond 333 37j] 

Tr*.«i Bond -. r 1013 

. *Ca»h value lor 1 160 premium. 

Tyndall Assuranre/PensioiisV . 

18, tMn.vnffr Raid. Bristol. DEC 33241 

FWt 18 

EqufiyFeb 18 -... 

BocsillVb. 16. 

Property Feb M — 

Deposit Feb 1G ... 

itfay P+n.Feh Wl. 

P'MMtnv Feb 16. 

|MtLPiL2.WMar X... 

Do Equity Mar. >— 

Uo-BoiHlMar. I.__ 


S8fl +? * 


B2 X 

127 5) 





InlcrnalionalY* ...l 
Basil? Resroe. Tile 

Inlaruational *1 A 

Do. Accum — .. *4 0 

UigblTeid... f«6 

I Caufederation Funds MkL-XidW lal SW»mR= »• 

1 Ml Chonrery L»dc. TOA I HE . 01:3420283 Bo Accum ' 

I Growth Fund B86. 40.1) [-*76 

*59 Coyne Growth Fd._ |17.* 18^+DJl *68 

Target TsL Mgr*. (Scotland! (aMbl 
1* Athol CrOHMnLEdln.X 031-328 05TJ T 

i ft 

Transatlantic and Gen. Seen. C«lV 

014)0 VevUmdoa Rft Chelmsford 094391*51 

— D*2 . «Jf 1 

Cosmopolitan Fund Manager* 

3s Pont Street, London Swiac PEJ. 01-ZSS8S25. CZTrL‘ wi r l" 7 “ "rrea’ 
Coimopo ! n.GlhJ'ft B*9 IIJ) 1 5.95 aESS^S » :"I»X* 

Crescent Unit Tsfv Mgrs. Lift ta)(g) 

4 Metrilie eras. EdJn burgh X 031-2264821 
CroKcat Growth „:,|2U 2S0j .. J 429 

Cra« Internat 1 — 
eras. High. DteL _ I 
Cm.RNto’M- £ 

Prices ai Feb. 28. Ttoat OeaJUiu; March 3L 
Minster Fund Managers Lift 
Mrasirr Hsr . Arthur St. EC*. 


SUA. Unit Tnut MgernnL Ltd. 

Old Qaerai Street. EWl H »G. ' 01-B30T333. 
MLA Unite —..(346.: 36t[ | 464 

Mutual I'ntl TVntf MunajseraV (oMgl 

Barbican Mar. 8 — 78 3 
lAcrunv tnita-i— ■ . M60 
Barb Euro Feb. 22. 8X 9 

Bncfcm. Mar. 6 175 

lAcrum. UnllSJ-^.,. 1*3 
CoSwurOtUr 10— U17 
I Accum. Unite}-—. 134* 
Cumld. Mar 10— t- 5X3 

— (Accum Unltrt 546 

016231 M0 GiotiSfarchU 496 

(Accum. Units) 1X5 

Marlboro Mar. 14... 4*4 
i Accum. UnltB- ... ■ S29 
Vsn.Gwth.JUr 14 162 
'Aecum. Unitel-.,.-. 56.7 
Vkx'Hy Mar. 14 - . 173 
Van* Tr* Bar. IS 07 
lAecum Unit*.* . — *3.4 

455 ItC8 M hillAre..K»t7iU. 0WM4TO 

Mutual Sec Pin* -| 
MntnaJ Inc Trt 

Discrettonarc Unit Fund' Managers : 

1.22. Blomjirid St , EC3M TAL. . 016»44«5 JtSlS 5 «h Vl?.' 
I niac Income flffll 1S*9| — | SJ7 

WleklMv Mar Ifl- IU9 
Da Arcum..- •.. . 17*5 


54 1 +1S 
571 +XW 
«4 S 


ffi „ 

44 la +1^ 

4SS +17 

. 6*1 





















■ 1«* 


U|1 _ 



■ 1006 - 



a. . 





235 2 

177 8 



Vanbrugh Life Assurance 

41-43 lUddoK St.. Ldn. WIH'SEN 014W4WS 

MmwgndFd-. - . 

EqunyJFJL — 


Fixed Intent Fft— 

Property Fa 

Cash Fluid 







1474 +0.1 
931 -O.Jl 
UU +01 

Tyndall Managers LtftV 

National aud Commercial ' ia Canj-nie &Md. RnrtoL 

E. F. Winchester Fttafl M*gt Uft 31. a Andre* Square. Edinburgh W1««9I5I lialf - fi* f 

Old Jewry. EC2 OldWaidT JmwmHar I --W i IgBi ...j *■» OTSmB . 1164 

Great Winchester. p7 0 Ufl ......I 6M ? “H K lad ’ 1 ac Arcnm.rntui 16X4 

GLVipch'or O-aewflM 19? I; 5.M SKim Vatte'-^Ko. .18 J ! -I 3« SSSEff' ^ 

Emsou ft Dudley Tft MnjmnL Ltd. .National Piwfdent Inv. Mngre. liftV JK‘+ 

aO.Arimjpoiia.5WL' OM09755I AGracrcburrhSt- EC3F3HH 01 823 COS inf cSn Mar TS 2164 

“ " - 65.61 1 5 IB XTI.«hUn1)s_{*42 •471|....J 3m..iArcum. Unitsi .. 2520 

lAtcum Lnitei ■ ,-BJ 56 *1 — 1 310 ■■ SnM.Caii JUr 151322 
.vntVare*Tro«_BSld lVSi3 3» tAccontfaib.'— -- 1544 
l Arcum I nlB-** rJUfcl 12291. I 3.20 

—Price?, im F+b. S3. N«rf dealing March 30 

•Pncre on March 15 K«t dealing April 5. c5ySB Growth 
National W retm l nfter Vfa) • 


— j EnuD Dudley Til.. (Ml 

EquHos Secs. LtftWsXg) 

41 Rithamgaio EC2 014882851 

Fingmnra j*X3 64.^-811 439 

Seat. Inr. Mar. 15(1514 . 
L aadan Wall Cmi 

Equity ft Law Tn. Tr M.V faXbxc) _ . -™_. 

| wwraham p<L HiBhM^cowbc, tmms &SSSSSt^Bi^ Bt '. a i 

Erica Inr ... — 16*4 

I Eqnity *iaw. 


64 81-041 445 

Vanbrugh, Pensions limited 

*1-43 ttadd** St- lain. VC1RPLA 

Managed-™™- WJ 100* 

Bqiliff-. : H53 100 < 

n#«flntrecsL-— [96.* -3 Ml 

WP«ty .. -2-^ : -_[95 2 

Cuaroplaotl m In* Box Rales' tabic. 

01-4004835 [Income Tst 

FRunfingtan Unit MgL Ltd- (a) 

6-7 Ireland Ya/d EC9B5m3. «*BIWn 

Capital Tst -.[UKL4 U*M ) 4U 

Wei [are Insurance Co. Ltd.V 

ThoUW Fnigretone. lireH. 

■ intuit, please refer to 1 
- Mane Ureter Group. 


Windsor Lire Assur. Co. Lid. ' ' 

UHigb sweat, Wlndeor. Wiadimr8«4« 

nSnSAwdJWim.j 1 ^' 17.0. 
PutwMaftGdvhiU- «,0. 


to Amm. _ 

im ± S3 


Financial +- 33 J 

Growth Ito — Oi 

Incfune - • .... 13 8 

PotUoltulBi Fd.... 661- 

UtiKcml Faidl.-.-.p.O 

Friends' ProTdL Unit Tr. MgnuV 

PixhamEnd. Dorlung. 03089055 

Friends rrov.l’to... 09.9 ' 42.6) ... | *52 
Do. tecum. (50 7 5*ii .... | *52 

C.T. t'uil Managers LtftV 

I* Klnabinr Gmn EC2MZDD 

N.EL Trust Managers LtftF tal(gl 

Milton t-nurt.itoriuBg.'SiiiTfy. .. . Soil 

Nelitar .. . - ....g|9 62 ^ -Oil 5*2. 

Nclrtar High Inc.. [471 495*| -0^ 132 

For Vrtr Com Fund Managers Lift 
set R«h*ehtW And Sfauagennl 

.Norwich I'nioa Insurance Group (b) 

F.u nov4. S're*ieb { NRI.3NG - A803ZSS0 
l9roupTrt.FH ... .[5129 S29.4at-iq 53* 

Pearl Trust Managore UfttaKgNrl 

232 High 1 lolbonr. WC1V 7EB •* 01-4054441 

IVarl Gronth Fdite | 23 g -0.1 *34 

Accum Unite »* Siv... 6 h 

Peart Juc.- • — *— ■ 84 7J9 

Poarl CnifTf gl . |56|-flJ 522 
(Aecum. Uat«<- — +(<U 45 jq -01} 522 

VG. ft. A. Trust fa) (g> . -. Pelican Units A<jnfn.-Ltft (iKi> 

5. Bajlalgh Kd-Branrirood ■ { 02 17? 2tn K W 8! Fountain M-Manehrotor MU3MMM 

ma.a - Hat ■ JU1 —4 448 Haltcaa Qa i H i. — g U 8U|-%4| *37 

Do Accum . 

Extra Inc Growth 
Do A ecu ra ... — 

Financial Prfty. . 

Do Arcum . . - — 

High he Priority... 

. j, IntenaUanoI 

Special 3tt» 

2 7V T8B Unit Trusts fvl 

21. ChaMiy Way. Andoeer- Hanto 

ED I C.T. |13* 9 12231 .— I — 

F. ft C Mgml. Ltft Ins. Advisers 

U2. Laurence Fountney Hlil. EX4R O&A. 
01-823 4880 

Cent Fd. Mar. 8—.. 1 SUS431 [ ..-4 — 

Fidelity MgmL ft Res. HSda.) Ltd. 

P.O. Box 870. Hamilton. Bermuda, 

Fidelity Ain. Am ] |US21|6 I+0S6| — 
FidelnyUlt. FUnd . 

Fidelity Pac. Fft 


Fi^fliyacr Pda . 

Scrtci AOntnLl_. . 

Seri re B (Pecifiex 

Seriu T> fABtAta'I £34.18 (+D«N 

First Viking Commodity Trusts 

S* Pali Moll. LowlottSWn sin u 

Pu-Vik, cm Trt.- — )3*J_ M-Trij^-^ 

US. Pdited ti aa lM Kd F tnrte 

DbFxrtlnro-Mar.U I 

Internat. Gr*t t 

FarEoMern’i .0 

SntbAnaitori .1 

■Sopro^ li 

IDOK+Of! 698 


3A15j+dJ6[ — 



12841 .... | 3083 



Channel lalonriaO— f 
Commodity 3Ur.3.[ 

StPxd.It3tar.3_r , - 

Price* on -March IX “Mroh X "•Starch a. 
IWcckJy Dealings. 

ScMesinger International BhigL Lift 

41. L* Motto St. Sc Heller, Jersey. OU*73»n. 

S AJ.I 177 «} *1.0} 88* 

SA.O.U to 81 0M| ..... | *65 

v-.lUFd b*3 2*« +0 1 1X27 

Ltl.Fd.Jerore— 330 

PW VkDblOpTK .[SO W 84, 

Fleming Japan Fund S_A. - 

37. me Notre- Oenw. Jjaaerahwir 
fTteJ.Mar T ..[ SU&4M3 |*UI) 

Free World Fund Ltft 
Rntterfleld Bldg., HandlUML Bcrmada. 
.N'AV Feb. »; -SUSU6.65 | . . .1 

G.T. Management Lift. Ldn. Agts. 

IntnlFdJjcmbrg._|9.7S 18 

tii-MO7(07 Schrader life Group 

En t o r pt'iro Hwm PortnamtOi. 


iMtndinil Stand* 

cgqutty — 

Wlwai Interafa— 






J. Henry Schroder Wogg ft Ltd." 

laXCheapritto. ECi 

Cheap S liar 14 j 


gu*ng+ Ig-Ptrehmy.Cireqa, Xoodwi EC* ^ 

Tel: 0I4B8 8131. TLX. 888300 
G.T. PacKie Fd. 1 SUSX200 


Anchor InL V 

Astern Fd. Feb. 20^|1 
Japan Fri.aiar.P_ 

mdm Sentry Assurance International Ltft 
P.O. Box 328, Hamilton 8. Barnuita 
Managed Fond [SU9.W 1HS| • — 

• SIS ---I X99 

6.T. Bmnada ltd. _ . 

Bk. of Bcrtmida, Front st, Hamltit. nmda. Singer ft rnedlander Ldn, Agents 

8rcijP«P. l® 8 ***.^ | - -J J?® 2ttCmroooSt.EC*. 01^489^19 

GT.SFd. -——I 5US**4 [ —I 0.78 Defcrfomls -.tEW2*7U aUM-OJffl *5* 

G.T. MgL (Asia) Ltft T8^o*t ra>. aa.rsusMMi — J 200 

Hatchtaoe a*. Sinwrt Rd. Hoag Kres Stronghold Management Limited 
C.I.A«iajil._- — x« P.0 . Rok 31& SL HeUcr, Janay: 083471480 

-+l - 

G.T-Bond Fund — | 5UE3XV7 |+ao5j SJO Cranmod ItyTTUrt - |ST Jtt 92*9) 

G T. Management (Jerneyi Uft Stuinvest (Jersey) Uft U) 

R«xal Trt^ H»auCtalomberl«u«. Heller. Jersey BoxBttSl MeJlar.Jeraey. OSUXl 

OX. Arts Storting— [£30.97 1X59] I X73 American IxnLTct- [£733 7.46,' +OK] IJ* 

f-- -* ■ +- tT~— H— mTt trt Copper Tnut fUO 44 10*5*0331 — 

31-33. L« Pollen. Gxmva<& DVS^ZGm _ Jap. index Tfa |IUJ» 102U+t03| — 

Surinvest Tnut Managers Ltd. {*> . 

3 24 48. Athol Street, Douglas, Ia)L 0824 3914 

Gartmore Invest. Lid. Ldn. Agts. lewder [1917 20 1£ +0 J 100s 

3,Sh.*lBiTAae.taiiititm.EC3. 01^10^31 R? iSalS e " 

kkoot W^-Ink. 

^ J *** 

S. .American TR .... 

Inti. Bond Fund 

Bern- Pan Srrln — 1 223.0 

T8B Colt Tnut Managers (Cl.) Ltft 

Bagatelle Rd, St Sm-lour. Jersey. 05347349* 
Jersey Fund 1 4541 — I «2J 

■3uen»c>-Fand *5.4) J 423 

OaMsan Prlc *® on March 15 Next mb. day Much 23. 
u 7 Tokyo Pacific Holdings XV. 

3 1 InUmia HaDogcmmu Co. N.V„ Curacao. 
Hambro Pacific Fund Mgmt. Lift ' SaV per share March ia. SUSstji. 
2110. Connaught cenuy. Hoag Kong Tokyo Pacific Hldgs. (Seaboard < N.V. 

Far Em) Mar. R. |Bg(lU4 18^*8.1^ — Intuala Management Co. N V.. Curaeon. 

Gartmorc Imertuant Hugt. Ltd. 

P.O. Box 32 nougla>. Io*L 
Internal loan! Inc. ..po.7 22^ +03j 

Do. Growth 153 7 

Japan Fund |H1t3l 

Hambras iGueruKey) Lift/ 
Hambro Fond Mgrs. (C.L) Lid. 

P o. Box K Gu rawer 

Cl- Fund _ , 

Intnl. Bond. SUSl „ 

Iffl Equity .SpSltJ* 
(ill Str*. W SUSU.01 
InL S«gs. 'IT SUSQ99 
Price* on Mur. 

NAV per share March 13- SUE3440. 
Tyndall Grasp 
P.O. Bn 1134 Bred] tea X. Bermuda. 

0481-28321 OraraoMltara ®=5*W 


4.00 (Arcum. Uni (a 1 

830 3-WayIm. Feb lfi..(St?S!4B 
2 New Rt_ SL HoHer. Jersey 

TOFSLMor.8 m 3r 

,ag (Ajcrann. Sharrel _ ..(CT.75 


003477331 1 





jiar. X S T AP OF Mar. 8 „(re.O 

Henderson Baring Fund Mgrs. Lift £5 J^±m5t 8T.: 5ta Bo* N4738. Kansu. Bahamas 1 N’mkJ. Arc. Cte j... 2544 

Japan Fd... - -0542 1*391. .[ - «B FnnriMar 8 ... Ill • 
prices on Mar. B Next dMhsg daw War. 15. lAecum. Shares' 11400 

Sin+Samuel ft Co. (Guernserl Lift tele el Man. tm*=5«» - 

8 LcF+lwrtt s». Prim- Port Guwrv^n. Cl Managed Fab. IB -..11254 J3241 . — 

GaemaoyTrt 0*5.9 Wfrij-oSl ISt Ltd. Intnl. Mugmnt fC.I.> Ltft 

HHl Samuel Oversea* Fund 5. A. >*■ Mulcmter street. St Heller. JeroaF. 

J7. Rm Notre. Danr. Ltumaboarg UJB Fbnri .1 VLSI 00 I .—..| 833 

0**0 1736/+ 0.871 - United States TsL luft Adv. Co. 

International Pacific Inv. Mngt. Ltft i*> Rue AMmtser, lawrtuwg 
P0 Bqit R337. Sft Pto St. Sydney, AitsL ,nv ! 

Javelin Equity Trt. (STB X9S1 ...| — • ■'■** aw* March U 

JJE.T. Managera (Jersey) Ltd. 5.* * Co - UjL 

27141 3S«iSni B Vi« .\SS?r 

swswvLiSHlj^ - 

kter.Eur Fd Mar. 8 (STSUH AM |_ 

Warburg InvesL MngL Jr*». Lift 
l . Chantig Crofci, M Heltorjsy.n ASM 73761 

CUPUd Fcb.23 ...IHPMJJ HT 
rUTUdFric23 -K13.62 33.1 

Metal* Tst. Feb. W [E10-9J JX2 
TMT.Mar.9_ -. .. It 
TMTltdHarS £928 £11 

[ 0» 

imty Extml Trt.„L1253 

A* a> Pah ip Seal rob. day Mar. 31. 

Janline Fleming ft Co. Lid. 

4fitb Ploor. ConnaUBht Centra. Hone l**ne 

JariJawf Karri Tea J SHK21049 
lariUneJ'Pb Kddrt IHlSsoa 
jnrflOT.eS.EA , .. . SUSH-89 
Jardreorientliiti ( SHKL94 , . . 
SA\ P*b 28 •Equtealenr jfjS8l.40. 
Nest rob. March AI, 

•( — 

Kemp-Gee Management Jersey Ltft 

. Chanog Care*. Si he]ier, Jer>».v nx^ TJ741 

E«mp Cm Capital [T9 7 ; 
KrmpJ'welnrnoir [M0 

World Wide Groirtb Managnantift 

I to, ftodlevard Rovol. I.d*.mb«urg. 

66^ " ] 855 « n l-'dl 5US1Z7* |-0.0a! - 




















G.T Cap Inc 703 

Do. Arc — 944 

C.T. toe Fd fe_- K2L8 
G.T,UAAGn... - ltf.9 
(XT. Japan ZC«B.-. B0.7 
*GI. Pena.B_Fd —1293 US.Tt ... 

lnfl. rand » 1U5 113 2 at _ 
GT.ToarTd»Fd_ 512 • 









ibrTf^B General- .. 

* 1 tei Do. Accum. - .... 

.hi TSBJneoute' . 
tb> Do Arcum _ 

TSBSrotlnh-- , + 

1 hi Do. Arcum.. - . 

IfisLer BaakV Ml 

Waned Street Brilart. 

1 blUIrter Growth . . J353 
Unit Tragi Account ft MgmL Lift 
UOfniUtoMSt-BCUtMIl 01-694951 

Friar* tore. Fluid ..RUB 8 1?7« | *.H 

wietorGrth rod.. 07 7 31 Jta ... . 35* 

Do. Accum.— Oil 3jfl _._J 35* 

Wleler Growth "Fund 
TCJn*WmamSt.BC4R»A» 014BS48f! 

taromaUalte —^ r 


38 2J +0.1| 553 


Price* do not includnS pnuaram. nmi wberamdieaied v and ore In pern* ualenotherwia* 
mdicuted IVldr ®1 ■ shown to Iasi column' alloy for all toiytug eapewe s a pCorad pnees 
inelutar all.rejwiaM . b Tq^*, nrlr». c Ymld bre*6 on Mlorprlrc 4 Ertimatcft g To-dav s 
upon lac pnee a lnnnhunm tiu«o( U.K tree* p Punodir pr«iueia msurance plane • filngio 
pmreum nuorance. a Ottered price Include* *U otpejue* oxcept agenfa nmmWnc. 
wmd pnre Wludce all esiteiure U bought throuh ma sag era. x Previous day* price. ' 
a. of taxon realised cimfeel .mlmw indicated fir a. 1 Guernaay gnm- 0 Suspeodcd. 
* Yiew JMotr Jenre tax. r Ex-jnhdKxMnn 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1J01, 
. Index Guide as at 7th March, 1978 (Base 100 at 14.1.77)' 

. Clive Fixed Interest Capital 135.61- 

Clive Fixed interest income 122.63 

C0&AL INDEX: Close 4 50-455 

insurance base rates 

f Property Growth 7i% 

t Vanbrugh Guaraoieed ?12% 

: Audm* ahuh-B unrtfi Jnsura.ise and Proper v Rnrrt Table. 


Manchester B 
: M ana gem 

finest sh< 
in the i 


usmes'. School 
fnt Cour'.r 

bly the 

3ft course 


MBS Boo* SC.Wfet.MancfcM, 

k MIS 6PBTrt 061-273 8228 1 

- j 


• - j^ANCactf. !TIMES THURSDAY MXBCBiAS.lfftQ \ ^ 

m ■ " HOTELS-" Conturoefl 

Jftm\ . 9ft* |m**|M WSll»j*:- 


j&i &ESEfa[tt|A lllsj 84? ; V‘ 

« *?r® toMdtsntcS „9(M -s-W* y 6.520 !■ " 
ZB" 89 LMftn^sttp—. H7. -5 Vttir L. .Up?/. 
17 - 4- LejsarBGeLWli if* ■■>— ttsr 3 *3 ftfflftfc. • 

6%. fMtdarWtell 

WTr-TB ! 
High Low I 



9ft*" i, f *- Gnw (St Grt hUT L ow] Stock . Wee- *- w Cw|srtlwS • So* Prtee' 2* 

35 . 21% {Floor Cop. ' 24%+% 51.20 - 28 28 16 }QlirferiiaflHp_ n ._.„ +122 271' 8,81 U 71 40 [GsWbeigA 66 f-I- «0 

^ 26*8 Ford MotarSa— M% +% $3.20 _ 5.4 48 36% Kan 'John) . 42 ^Zm.9l 7.N 33 55 11 7 GoodfflaBBr.Sp,. 10% +% 1*75 

»« ifrgkffra , ■ . 18rt ...- 52-50 - 7.8 64 40- bro... — _ 42 EE itt 1713.2 5.7 159 75 batOfflKare^. 123. +Z. TS0' 

«7U 295s KeiBeetSaa— / 35b +3 5220 — 35 132 1 H Cement Rcaddoae. 132 +1" 4.94 * siffl *. 348 183 KfctaSenaL-. 290 -2 t7.4* 

15% Gillette SI 20*1+*, 51.50 - 40 3B 13' fanl*nG|J.lto- 28 +147 2.Z 8 N (6* 347 176 DaWOrd .276 “* 17.43 

« 2P iHoaeyn^flSLSIlL- ' 33*ri +1, 51.90 - 3.1 334 132 tarfaiiiR^- 248 -6 +3.46 95 2^ 75 46% 18 kke-SiBsttlDp. 44 sj 1% 175 

750pferttoo&F._^. 848p -O 50.68 - 4.6 41 _9 £qiibjSHte5p- 36 <0.19 19 dpif 52 24 Haafc'lW— Z7 02 

m^I.BJLCara.55 ‘ “ — ----- 


aJT'Swi ’ • go* fFrtea'f*’-*! £ 0»S|«E ^ \ M* M 85 (M 

8%|& SSs 'tjB 1 ™® 

» Its BS *?. Sk?- ri UM 1I9 a ft -.jw, « 1} 

l lT«5 Yield P71 I.EHComS5 183d +3 $11.52 - 3.1 70 43 CrwsktyBWs— 63 .^.4.19 0.9 10.1:18 fii 44 

. r "1 ist T R«L Sh 39 Ingersril-RSS 39%rt +% OHO - 45 99 g Orach (D.&fe- ’BTai __ 3.94- * 6.9 *• 19 

» £ — I Irl Mo* 630pUs«Ka54C*Sl -% 25c - LI 73 23 CronehGrom-: H fd2.74 15 6.2 97 170 

“Shorts” (lives op to Five Years) 

11$ 705p{t C lntww4K*8lJ [ 859p +23 

- 59 1® 135 frugiasf 

Ph 18 KaiserAlft— . 22a -I, SUD - 4.1 250 103 ITwmisGJlSOp 205d tiO08 3.4 7.7 4.9 26 15 

5M a». Mad, Han- USS7 W 22%tf +% SL92 — 4.7 80 25 Ecomfilp^- 54 ,*&% 1511.5 M 66 30 

606 *8 MorganUFjUSjaj 31 — 2 2.20 — 4.0 .97 64 HksiEwxanL. 79 5.03 11 9.8 145 122 60 

fionllTV 12 NimSiamlBtJL Ub I 

5Z31 § 0wee5-m.53.E3_ 2si 

913 S VW5S-1U,».«5_ 

22 QtaterOatsl^SS. 

7M ^ HdSnre$03 

5» 2»t Ihi Rep. X.Y. corps. 

7 87 ^ 10*2 ResartSS 

B If 22 141, Ridrirn-MirtLSP* 

2 .W S — 

- 3.2 80 50 gntL 

- 4.0 26 [ j ff5A 

16% +V 51,04 - 35 78 37 

+»2 15c — — 23 ^ 

Va* -b SLOO - 25 23 II 


lil 151 {m _ [6o.i«ij.atia«J us w io%j — f7.6 57 34 

14% 505p TesoroPLCSJOlft. 679p -7 84 37. 

7 M m Ttaw»SL»_Z- 19M +% 52 - 57 4*2 261 

tS 32>s 225 fine Inc. 27%rt +? $U0 - 27 66 17 

q S 13% B65p TransameriiaSI— +% 80c — 45 30 20 

Bin 34 21G Utd.Tecfc.SUS5 - 27&i +% 5200 — U 66 47 

,« I* 91% 5% USSteda 2&i+V SUO — 45 142 88 

liw 962 i9 % 938p VetcoSGSO. 14%* — 20c - 0.6 60 18 

ti ?« 22 .W* WBohwrthsOiz— • l^fli +% SL40 - 55 mO £« 

8M 9 43 49l 2 28% SeosCorp.5] 3^5 +% &00 — 24 72 26 

Si? dm 13% 385p XajusIntHle 4B0p The - 0.9 -96 35 

Im 950. *2% 758pP5Sc<*Pl 25M 12% +% e3fc - 14 JO » 

160 7.06 List Premhnn 44>4% (tased on fUSL9OT2 (erQ » ^ 

in h 

Conversion factor O.S927 (0.®28) ' im 73 

1102 9 71 139 66 

9® [S W 27 

9 07 9« 1W. % 


Ǥ is JBB.I a- I * MftWB 8 A 

.Y.C0CP.S. 245*-% 5LM — 25 23 II. 

ni55 12V* — 80c - 0 43 13 

at-MlriLS?* rf% +% 90c — 29 32 12 

LFJ51 «4p -27 — — — .15 4. 

mi 2%, -% h5L60 - 37. 47 28 

14% 60c <— 24 % 13 

SOHO. ^2* +>» $1.12 - 24- 66% 31 

x .^ — su^ 9 A--ua 1 ft 

co 22% +%. S2-00 — 4.9 54 19 

ilaStkMB. 335 -% 10% — £7.6 57 34. 

FLG&B&- 679p -7 — — — 84 37 

« J - teMteJS- ' 35' .K r-lrJ =-. « » 

t!22 271 8.8( 65 71 40 iGstfbersA tt -I- 155 L4 27128 $} z 5^2 

M0.91 7.R 33 65 11 7 GcodSBBRr.5p P Wa +4 £*75 33 10J 45 ^ 

17 131 5.7 159 75 HsOBtKare_ 121.. +f 155' 25 6A.5Q }}£ 56 

4.94 « 5.8 4> 348 183 GtCnhawL— , 290 -2 17.45 3J 33126 “f. g 

1147 12 8-0(6* 347 176 DaVVOcd 276^ r* 17.43 33 f.l 220 Hg- H 

. - .13.46 95 21 75 46% 18 Gre-HIgSBlDp. 44*+% 175 55 65 (55) ,7ft .S 

5p_ 36 <0.19 19 5.0 01T' 52 24 Haafc'Pmw— 27 U - — U — Eg U? 

63 m«T 03101184. 44 S DaVxv"— 25 -% 0.2 - 12 g ^ 

Hn_l -B7«iL 1 3.94'. * 6.9 6 19 7% Helene Loa Wp. 15% 0,62 5,9 6.0 45 g 22 

1012.74 25 6.2 170 106 Do-BpcCm. W. 156 12% 117 1L7 - g 

nihJII 5.4 5.6 5.0 87 37 BanlersMS.18p- 68 — d2Zl 54 4.9 45 g ^ 

11038 54 7.7 4.9 26 15 BenrtquesAllJp. 21 d283 2013.2 57 JO a 

13.96 25U-5 3.8 66 30 EepreftJ.H«p_ 56 23 27 12 9.0 g S' 

5.03 IT 9.814Z 122 60 tefflneChann^ 107 W329 33 4.7 9.9 

4.87- 17 9.3 9 6 158 69 fe«tse*FtWE. 132 -2 1454 26 iHHO ^4 

114 19 7.4 10.7 66 43 W^dterp*. 5* +2. W3.92 25103 55 lg tt 

249- * 5.7 * 21 5 fewtsmita- » -l 311 34 

rdl59 3.7 10.5 8.8 50 29 bdiesPrUe20p 49 +2 232 * 72 4 ^ 

fdL59 17121 7.7 137 29%K«»opee 120 — thL65 U 21 24 Qfz’g 

1ZQ3 17 72122 £20% 450 £20% — 129J5 27 22 7.9 g 28 

£2®i4g rSRS»r««(a. £20% 129J5 8.7.22 7.9 

ao 80 

£ 2 S 

A. S?. 

»p_ iwa 

pat- 42 

luM-Pjap. 38 
tfslft)— .39 -1 
SSfffalK- 355 — . 
Bl«C«5p. _Z7 ♦% 

36 Ljn.. 0.49 — 40 2a' - 

W* FLA 45 5.0|ti, 

42 [.— . -8.6 3l 2M? 

' 80.9 3.4 <fr“* • 

79 _ 4.87- 17 9.3 9 6 158 69 

CogsTn- » 2 — , U4 . 19 7.4 10.7 66 43 

m&Qxa. a -2 249 * 5.7 *. a 5 

oa.Mp— . 23 _tdl59 17 10.5 18 50 29 

Vito- — 20 td!59 17123 7.7 137 291 

SSa “f « !?3“ 
ssfei isf iuiiil 

V u * ™ 

BSKSSataL. -i« — tsj 

Sffsm“A 72 102 


Wheeler* 10P—.1 260 — -JT4A1 

1 (MisceL) : 


| US 
f tS V.1*. 

114% 95% 
101% 95% 

iro% 7 t£ 



94% 671, 
112 88% 
76% 53% 
118 86% 
%% 88 % 
113 89% 

Five to Fifteen Years 

24% -% hSLtt — 3.7 47 28 FranoriGRlMp. 44 * _Z. d354 Li 122 75 71 15% 

lift--., ffle — 24 36 13 Fremfaffiw— 31 -% ttT 27 73'7J6 17 V 

a%d+% SL12 - 24.66% 31 (kllBtrtBtSp- SSijtf +?- io? 2i 8.3 6.2 173 96 

25%*+% SL8D. - 4.0 28 lft GibbsffdyAMp 25 i« ■ 221^3 6 j 6 244 .98% 

22% +J* $200 — 49 54 '19 (3ee»i£T.)u£ 41 -1 IM 15 S® 63 325 102 

335 -2 10% - 57 34. GtesopW.w!: 52 24 lS3 U 11 6 

679p -7 — — — 84 37- (Teh Cooper Zip. . 78 mmmm $28 14 5310.7 1 90 70 

19%*+% $2—57 44% 26% BXt&TlOfU 34 +% 095 31 8.1 45 54 35 

27%5 +% $138 — 27 60 IT HairiMsSlC 57 48 6^47 218 1IH% 

+% 80c — 43 30 20 HetoJBo: 23 t203 12 *9.91x17 48 

2a>a +% 5200 — 41 66 47 Basra. ’A’lto. 59 3J 10.3 4.6 86 44 

2m +J< SUO — 45 142 88 HESferoKJ.f). 140 _ 354 23 aJ 81 28% 16 

14%* 20c - M M . 18 [RtwdenSLlOp-] .53% *129 40 37^103 36 11 

*qf% HM S4 — 43 18 

— — — — 1 11% 3 

1312 b63 6 0) 40 1*84 3fi% 

fj 21 U 


Do.TpcCocr £220 

Hey®3ffm.50p- 72 ■ 
HiigsiHUL-— 79 
Honrindoa— 69 
Jto.Ea.Vtg — 59% 
HarordsWlOp 25 

1D.C^j 115 

HjetnckJotaaezi. 141 

rofiKlfc^. 54 3.49 3.9 9i 10 OO aRjtt 

ftnWe&p. 71 +5 h}dUB 29 42 122 » Hatttft 

t*in p 15 +% _ _■ 110- 71 HarfaaC 

g fcSpenser 145 -4 3*. 22 4H17J 99. gft 

fcg HSifiS-'YES 

BbStife » ZZ 1424 a 73 U a $■ 

dsBJal»_. C 437 LO 151 9.9 214 IB 

mematp- 160 -1 ft2M 26 2516.7 43 27 MAS 

NwsHJju. 105 +1 212 51 .31 91 J» ^ Bo ffin 

nOra 70 12A 3.9 5.7 7.0 |3 27 BwMd 

ifcselBtlOa. 20 Vi n r • j 70 38 Howto 

StmlLil 33% +1 025 - 12 - 30 15 ^4Jfc 

B Stares Up 34 dLOO 13 45261 »2 42 I3tl_ - 

rPedrlOju. 9% - 191 |7 g >***# 

dytASrtdL. » +1 eas 52 51120 ® # 

laJctosnA- 18* . ‘ +152 23 12 

hM W* ~~ u 5 - 

53 +T* MhlS 28 4. 
M.'S Ol 29 2 
kG Z »6 -z SSJ6 M a 

ESSS:t =W fcl- 

MfcSt* WH| 

lie SB MO- “ M 

Be VzzW M4 


hO.97 « « .51 IO 76 SAR £ 

+? IS U U3 113 48! A6BBSOT6- £ 

2 ifk 2312.8 55 73 41 ymaai M. 8>P £j 

”62« 24 5JB3) 42 18 - ?7 

03 203 594 48% AGJ 

51(93) 42 S St 

44 326 ' K 41 SS 
18 SJ 56 26 ABi 

15 6.4 46' 0 Alp 
9^ + 22. 11 Ann 

3.0 19 295 20S Am 
17 7.4 85 52 A« 

5i 93 41- 20 Ale 
63 10 62 26% An 
8J 5.0 35 14 AK. 

6% LtostinF 
74 [XwfiTto: 

9.4 205 74 A»n 
23 68 39 BBA( 

4.4 n4 '70 1E.T 

_ .70 RET. Den 

1 223 0J)lL7jin2) ^ «% S0C1BBL — JPehjHiS- ^ 1-3 H 
J nj 29 41 ' 9.S m SnllW*)B^ 1« ■— 48J4 22 W 8L7. . 

-St ti Sj SiJ-iJJ KSte a#' u r 

: Sl6 81 M w W. 37 SKwttf ft’-f V,IS«- 

one to*. Up g * ^ 5 ^ 1Ml ' 

eyLttt —-. 37 . 1010} — { 27 -•• 

idles 18 “ lfc “ — 

tslafeap- 48 +29 | 21} 9.2 J3 

?£S£* | I, -^ i|;!*sl:- ; 

»5 +r-5HiIS d 60. 
S S fiSt . » ; &.g t tt4”- 

Group— 49 .. — . 1216 29f 6.7 70 ■ ' 

10Z- 41.11519 ZV 7.7 7.4 
66% -XyiB 3i 7.2 47 

SS &9%IHiKI9!&r 


+ orf DU. TB 17 8 

C - Gross CtoCft 45 21 

12A SLOfi - 4.0 m 2 ^f 8 

g. a ^$4t= Ha § 

Over Fifteen Years 

us u.4s g ^ gfgHgaaf: g a Jf - is ig n ^ _ t Uj2 2.1 

jfg 11“ ^ S towVaUejl 16% +% ^Wc - OJ? « iSHcSSp 73 “sW A 

U M lia ^ — 1 %P ?•;•• S-S — 8-8 69 28 LwlandPaiii— 59 S3 | 

ss ss w sk asfffc sitf. ^ = a s g a ^ &. £ 

st ik fn ± = « 1 a 1 =^]# \\ 

I U.M ^ 31Sp H^-taTSdOnJ. 400p +U 4fc - 4.7 g 32 40 ^^89 - 

10.26 M Til — 5-2 216 uo Usenet &Sthns_ 175 -2 +812 11 

164 73 ttstnckJolnaea. 141 ‘ -1 +538 35 6.0 71 98 32 

139 66 iRUtoiw 112 -1 +629 23 83 62 27 13 

69 27 JRJUdbgBflp. a — bO.97 M M 45 ^ -4 

45 22 I.CRG. 24 *1.41 1 3.W $ 81 20 8 % 

197 96 larrtsUO 162d +8+0 I LH 8.0 5J 22 8% 

114 70 JerminalAOKL 96 +1 ajSc - ± - 273 Ul 

115 36 JtoaSkfcsrts: 115 KlS 6ji ZJ 115 28 m. 

17 3 lonesEdwfDOp. 33% 0.92 J l|lD.4 12 H T 

45 21 Kent (UP.) IDg _ '42 +2 106 } Lffl 73 113 168 67 

£30% £18% Lafarge SAJnOO £24% +% ®SJ5+J 3^ 82 3.4 140 65 

171 69 LaWSotai-A”. 127 -4 S&1 43 3.4 9A 146 38 

135 84 LatbsmUm— 113 tb6 72 2 M 9.0 63 16 9 

108 S3 Lawrence (W.) — 97 63 I 21^102 12 28 22 

86 42 IffiifWn^pp. 73 s 5.08 A ID 3 ♦ 128 -39 

69 28 L»landPaii4_ 59 S3 2 83 + 99 S3 

89 34 IRWfJ.C 68 +3 o23 I 4ll 5i U 32 17 

, 38 15 UnerC»d:lDp 31 +131 2S 6.4 9.7 132 77 

a® 13 A 935p Hudson sBa*B 

1LC 33 % 21% HudHOUG S2%_ 

if% {wiouCL 1 

gA +% 69c — OD 551, 28% UrillSan-Deinu 

OOGOj- 28^2 -% $160 — 2.6 % 2 36 Manden(^_ 

alOiU 13b |6.*c — 3.1294 U3. Mardndd 

— — — 11% +S 5L25 — 52 09 44 Waite’ : 

LGasSl TlEp +i 80c — SJ ^ 74 i^^DsOO- 

TOOp +15 — - - 86 47 f^iHasaell— 

11 00 JL% «5p Inco 11% +X SL25 — 52 S 44 

11M 075p 585p inLNatGreSt ® +1 89c - 52 iro 74 

BJ3 18% 610p Masse? FergA 700p +15 _ - — gt Jn 

llS 2& ^^ciflcPetfL g*.+% 86.4C - L6 ff % 

1171 Z?P 32p HaceGasSI - 53p -% — . — — ca 34 

iffi 24 15 Rio Algom 16J+C SL08 - 31 94 44 

22 14V, BwalStCm. S2_ 18% +1 $146 — 3.6 30 

1175 sSnamCaCJl- 16% -S 92c - 2A i| 9 

62 +2.78 4. 

24 -1 1 178 0. 

1175 1?% 13% NnmCa Ol_ 16% -% 92c - L6 13 9 

E76 16% 1 955p [TwJtom. S!i- SI — J U% -J 76c _ 3T m 43 

1175 790p|8TOppi , ais.Clu PrpeSJsj 985p| [ 103c | — f 5.0 39 20 

11.48 SJB. List Premium 44%% (based on 82J4S per £) 86 23% 

1110 143 44 

1076 . IK « 

Sg • *S0 1K% 


wn-i* j + «ri »v mti S 

1074 SBeb law I Stock Price - Net CYr Gr'sjWE $ ^ 

Undated S° R9 6 W®mi 220 +5 M12& - 3ii - 101 “ 

Ur VUUMCU 305 180 Gkaand«;D.£l 225 -5 1433 — 9.3— ,84 37 

g ass n« = 1 ±W- ‘1= * “ 

^ iafe^ferr; ESra SS - Sg'Blfflffi: S' S & = 9; <S S, 

H65 £100! DalDpcConr^ 046 +1 010% - fSH - 3Jh 27 

56 34 IfehriHell&W- 38 .L. 28 9.9 5-5 

94 44 ItororaEDaLU. 75 +1 t+lB 35 85 4.4 ' 

*90 30 Bbmy_ 75 tiz 5.0 9.7 7.1 _ 

13 9 ffllto&mulflp. 9 - _ WU7 12 i 6.4 Tfl 

68 43 MtaoDcTEte 55 tZ9 16 8.2 115 . ' E " 

39 20 ModEngfoeere- 39 «h24 26 9 3 63 yn u 

86 23% IfaAtAj.. 80 fh3J9 3.6 £0 7.0 ^ S 

143 44 tfawtemU) 119 165 5.4 8J 65 Si g 

186 45 NewatthfflaZ 1« d4.47 91 47 41 .57 F 

102 » NonrestHolst— 88 +2 *4 32 45 7.1 4J ^ 

*230 105% Nett. Brick Hto_ 224 +2 1155 3.4 7i 45 ^ 

58 S/a OtaeDgyi-UP- ,52% -% *262 0.9 75 QS 5 ) 54 

113 62 PurteTiinber- 105 -3* 5.44 35 7.9 55 2 S 

[98 64 FWi Umber. 145 -Z.. +3.88 132 45 25 S S 

92 42 Poetries 92 +2 <S.61 5.1 7.6 L9 fi 74 

36 11 RawttagsBn*- 18* 063 03 53 _ 42 

15 1 :? S Hljai a 

— — I — - I U% 3 MrPedrE)p_ 9% +% — ■ —1 — 191 £7 g 

bfc3 6.0] CO 1*84 30% greedy (AEredL. 83 +1 (£6 5^ 52 120 » 28 

13 4|lU 14% 5h SamarltetSp- 14% 053j +3 L6 (3.4) 4 

33 +3 95 112 1 Th SaSeslOp_L 89 Ws l?| 1 0 91 87 42 

35 93 « n % Sr tt pala M 

S' § ISSfe B it IP BB % f | 
y si sj i a %£sas &.= - =1= -ti 

— if - 273 111 Saimid 246 +1 4.7 112 78% 64 

61,241115 a 10% Senneomt^ — 24 +% bL22 4 J 7J 48 1ft ft 

L8 10.4} 82 1 XL 3 ShenaaniSlSI 1 —Ti 15 8% 

H 2-IPH 67 toflhV.E.'A’flS 150 hL98 4« ZD 17.6 “ g 

35 8^ 3.4 140 65 S£ankyA£.3al 110 td53j l3 7512L6 , « « 

46 3S 95 146 38 ^tasOxU^. J46 +2 456 1 C2 +’ “1 g 

1,1 65 16 9 Stdnberglto— 14% ®R7 la 9.1 92 +6° 91 

23 1D3 12 23 22 ScmrieS&J 23 L27 8.4 15.0 ?6 58 

A 4 1^ -39 EnaeProiap- UO +3 t!52 O 23 85 g ft 
i 851 i I 99 S3 nwftm i 88 -1 +87 I 13) 84 12.7 f] 14 

43 SM 66 1 32 17 DptcmrS^' 30 228 I 0115 — 55 i2 

2-4 6.4] 9.7 132 77 v£taoa20p H5nl 535 ] *1 65 + 92 22 

3.0 6-3 73 71 27 YersanA-Up. 71 12J9 2W 65 &B « 24% 

3.9 7ij(ii) 42 27 Wa<te'A"2to_ 40 1201 76 52 27% U 

— A ~ 103 » ffafterdasj 79 -6 $232 Ud 45 6J Uft W 

25 7.S 8.9 102 31 Da ntf-I 77 -4 d2A5 +3 47 6.0 74 45 

3.3 UU NO. 33 lftffislfti 50 251 ftt 75 45 Jf 

33 fmi2 n 46% ffmns+OBo*. 80 +1 h373 3.S 6.5 7.7 *93 66 

2.7 23 55 3 11 Wearwdlto—^ 19% — -J — 191 £ 33 

3.4 J 15 Wharf MJBllW. 22 L44 LS 9.9 102 g 9 

2« 8.« 6.0 1 71 44 WmBSHtaSn. 61 457 2311.4 6.0 ^ « 

4.0 6| « 72 48% Wodwtth 64%ri -3% 438 ql^ 9R1U 209 152 

”g1 27 13 haeksoJCSBto. Sh ~~ d0.91 ^5 &2 W 208 - 144 Bai6ffRd.Hfc; 200 -2 Q26e ZJ 7.1 4J 

h»j 83 28 5enS3ic3££ -‘W 2 KtT6 83 23 8R 73. 37 Bant WAT. ‘A 1 64 ■ *38 4.4 fl.O 43 _ 

65 0fi 6ft 46^2 Butowm 61 +1 *469 23 Hi 5.01 54 -36 BamiwKepbaai 46 367 + 127 j ■ • 

LO 91 » 42 DHHsaohp%- 87 ®.0 L9 5|135 103 28% Badii^Md- .67 33 43 7i S|.'- 

tciwa 126 M SectaaHjBttl 11B 44& 5.« 6-7 7^192 67 BetfsjnCla*— 155 && 53 5,0 62 

70 68 96% 44 80 -1 +257 45 53 5.4 693 372 Beedom WO -7 H8+8 13 46 122 

67 T2 » 43 52 351 1-4 3D.4 105 35% life BeDairCos.lOp_ 15 .-... *^9 19 t - ■ 

lii 7A 5ft Ir^npfPsnral vin « *-}OS 44 92 37 T ut RwiHira 27 +% L72 10 46 53 

L45 L9 

3 =£ S 
Bgfc-a^ziW H 

SSS A- 3 5M li 

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Si f 3 S, t, 

56 +1 1142 69 

10.4105 35% B% BeflairCos. 
M 17 JL 16% Beatin»— « 


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60 61 5ft 26 - BttureafadE 

61 60 *5 24 BfltefttMU 

9.4 61 34 10 Black Anew 

62 6.7 123 67 BlackBd£ta 

35 32 2? 70 Black (P)iai 

6-0 9.7 72 32 Bodycntelnt 

85 48 32 20 BosriPet/A’ 

r(5C»p_l| -24 

45 65 239 324 
43 + 232 84 
35 62 157 87 
3X 8.7 244 115 
35 60 £27% a 7 
Z4 9J 223 160 

1 9.9 55 
85 48 ' 



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76 45 « m 

65 7.7 *93 66 

— 193 S U 
9.9 102 39 9 

1L4 60 ® 

! m § 

72 49 

7?% 46 

„W. +2 66 2| 9.6J 7.0 90 60 

sBn 69 416 23 9JJ 7.4 j 75 » 

E*eaCi-i 44 ' 4l- 12.94 LJ103 851325 45% 

s a Bna^Hw m 
:em ap Hdav s 

KflUft**. 152 g758 j 3jj 7.7) 57 j 59 26 

Ear nfitiaff § 

abr a = as 3B "» £ 

KHoSS. z: £721 L4p3l69 j TO*. « 
e^gflpi 1U +% 0.87 1-9) 94 82 38 17% 

P S% 3.B4 2.0003 73l 55 19 

SSfe ^ -i | £«ll 2I2J S S 

rnffranlto 53 LffL 5X XTl 98 44 

IMP. .T 123 1858 O10|(68) *32% 15 

s^ss£ §h ~W o9 ah t 

naonffhoe) . 70 358 j 51 75^ + | 82 46% 

mS’lWHLnml f 

+2 1155 3.« 7J 45 tfi « 

-% *252 0.9| 75C2S5) 54 S 

-ft 5.44 3 3 7.9 55 2 5 

41M 111 <n +• 9° Jp 

'28% 201; rrcnsurv 3pc BE 4ft-... 26%to +% 1141 — 195 105 UrhathnolLU 155 

f suSC= sateBB _ 

065 £100 Da IDpcConT.^ 046 
27 15 Bt Leunn l£l 17 

^INTERNATIONAL BANK 1 500 365 feSwSA*? 4g 

88% 1 75% (Ope Stock 77-82 1 85% | J 5.78 | 8.74 ^ KS. £27 

350 228 Earcl3rs£l 325 

210 115 Bre*nSMptoLl_ 205 


— 97—100 40 Rawimson HM. 80 

— 62 — 36 14 RnwoGnxgi 36 

— 90-41 17 Raberoid 32 

— 35—71 46 5tatr»P.CemH* 73 

_ 6L _ 155 54i 2 K®fcmm - 139 +1 

_ f6.8 _ 37% 27 SybdiTbnSerlOp- 33 +% 

Wefllto 77 +1 fd4JL 2.7 81 (8.9t ttc 45 
Adlardl 97 +1 k% 33 62 7.4 ^ ?? 

luivau anv navtu. _ - ^ 21% 

Hectrenie- 97 J5JJ7 2.91 7.* 67 S? 

sdlnsni atari 63 413 24 9.9(45) 

ohdefltylQp. 30 d21 33106 45 ^ S 

itcdSetlOp 56 tl3245 36155^ 12 

:50p 105 -2 1671 U 9.7 (HD *« S 

UP 91sf -2 4.77 <£6 7.9 58 11 3, 

AMaylOp_ 50 t274 Y* 83 7.7 

(hope lift. 53 fL48 42 42 7J *S 1 S 

telfc 70 $336 19 7312.4 14 Af* 

in‘ATp — 22 1121 17 8310.4 % 37 

laEi ±a I 

* ™- li 3.4 S5 #> S 

a sa = « = g 

: 736 15 6.6152 ^ 21% 

-1 4.1 5.7 65 «% « ' 

IB »Uf5| » 

..._... 18.42 - 62 - 254 176. 

, fc Fisher. 40 215 

tllilOp—^ 42 +1 dhLSl 4.6 
KtnCfflLjp 7% — MRS 0.9 
teralOp— .34 +2 lil53 4.8 

f y. i ? 25 13 

41 44 15 

9.1 10.9 «? ^ 
66 67 SS ^ 
5.7 81 2 <? 

68 33 il ^ 
82 7J 24 * tS 

65 5.0 a 

r 1 M fl SraLIPfiSr 

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. 25 — +1153 

1-— 22 — tui zjA rianrs » 

ft a. qr « H ilsi I 1 

S r- 3 s-- s iS 

m m 27 +% V2 10 96 .53. ■ 

60 — 645 67 61 52 1 

irtSxtaM- 51 1272 3.7 81 52 

W» - 148 .— $9.43 17 9.7 9*. 

KdO.— 79 3607 17116 7.6 

46 tb2.S6 3.5 8.4 52 

.42 12% 16 103 IB 


taSBkV±Vt Sg}.4 l - 
«rr AHawkfs* 294 +Y 14.6 5.4 3.4 8.i •< 

sss^ a-a-aa asu- 

BBS BP t w a s n 

bv Leslie 10{L 82 4525 28 9.7 4.7 - 

Slab. 62 569 69 14.0 HR 

14.2 4.9 6510.6, 


-7 172 104 Britton—. L 110 16.14 24 85 6.7 ; 

J 3I2 29 BrRtpoitCZOpL. 35 t21 4.3 91 65- . 

0 72 38 - m£EA_-I 59 12.48 45 bA 55 

L7. 59 26 Bdi.0mT.123_ 55 -... L13 3.4 3.4 132 

- — Brit Sted Const. 2%* — — — — / ’ 

2 65 24% Brit&phon30p. 60 +1 t3.0 56 7.6 82 

« W 0% BOxd ...... dZ13 + 4 0*. 

.9 29% 13 Brittann— 26-1 IS 6 9-1 6 

- 735* 385 RttPnm.$A2_ 480 030%c 10 3.92f8 ... 

5 71% 32 BrookSLBr.lOp- ■ 64 . 426 13 10.1 U.4 

7 38 17% SofaWttfflpI 3Wz — <K8 25 92 60 

3 55 19 toiraBor.ant . 44 1176 2.1 6110 5 . 

>123 S3 BruLtansCMusu. 107 — L7.G 13 95 75 ■ 

*sW4L2Dp. 30% 02.8 2M 92^ 60 

rn Bov. Kent . 44 4 1176 53 6UM5 

riOiuMaasL 107 ___ L7.Q 23] 9R| 75 

as*=-s =h iJsi 

MBit a 2 — Mil ifliiS 

js 5. sl ffd « 

fa Z-Sl w |-36 ' ICaptoProt: 
7-9j 70] % { 34% jCancsnslDC. 

393*1 -5 110.7 

1 IB 10.66 

14 0B3 

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r Woodrow. 356 -2 

■ » I 

112 95% 

102% 79)2 *DoS 
Zft 22% Do.® 
- 100,1 89 Lout 

99-V 75 DoS 
96\ 85% 

92% 70% 

85% 60% 

“ 79 5ft 

79 51% 

27% 20 
93% 76% 

100 84% 

• 107% 90% 

98% +% 9.42 9.84 

92% ...... 835 10.17 

106% ..... 1176 10.61 

107% +% 1175 10.90 

360 225 Cacr Ryder U_ 282 +5 H757 - 9.4 _ 148 ■ ». 
*U8 W* SaS 200 ul &2 26 49 78 79 34 

sa T SbSeara-aa 4 p «e=: « = ag B 

u 24 6 ConnthLmlto^ 20 3)2 | - 15 — 39 15 

ft Cred. France TO £18% +% 


runnel B50p 

lJBM Group . ... 
ftefe Stone lflp. 

-2 ^ 

533 t8I 


l Rentals lto 

S>“3> m 

p a? | 4 

h » 1 ,1 

®r=a & 

tt li li B 5 S 

.71% -% +3.71 33 7.9 62 210 54 

107a 1183 u 26 4.9 

96 +1 - • 

73 ' +3 13.96 3.8 82 6.0/ 

59rf+l 333 23 9.1 ST- 

116 -2 +7.46 33 9.7 3.7 

78 4.79 . 27 9J 48 

86 -1 4.62 43 8J 3,1 

d^Kkaoi. 138 +937 11 

iCJLJDp. .36 5239 U 

rGffln^_ 33 109 3i 

■SanoZL. 259 +1 68.88 21 

a-In*^. 50 F(A 3 1 

teSto^a. 64 3.48 3J 

wto&a 221 +3 ts.75 3.; 
fan- • 101 +328 4J 

gi a tt w ap ^ Bass™ ^ 5 t = ” = f | a a «3 

is: Jl V U Udi | 1 | =1 

99h +% 10 U 1057 3% % FintriaLlto 2% -% « ^ K 

2^? U.94 ~ f % po Wrm.7&83. % ...... - - - A, 39 9 Wut^Sl^a. 39 ^ 0.99 

-,?3 6^ 684 12% 1 Fraser Am Mp_ 11% .— 0.03 - 0.4 - ,25 U gggmgCcn.Up 24 il.. 119 

...... 955 10.42 210 128 licrrari N«n£_ 168 *3 C8.17 - 7.4 - 132 37 Wfefbnnolly) 1» +1 122i 

964. +% 620 8.43 -55 37 GibtwiAu 38 100 - 8.0 - 91 37 |winpef(GeQ)— 69 -1 052 

WjU ...... 610 8-77 280 155 GUIeufam.El- 220 +2 15.18 — 10.3 - 

55, *, 2 512 -2S 31 14 Goode DlNiyip 26 . ... 0.B2 _ 4.g - 

7412 +% 753 10.02 la r ’ — s — — * — ■ * 

75 +% 9.14 10.60 230 

12a 7.4 41 1ft 
10J M 35 p 

plf I 

63 75 72 43 

49 SR. 130 45 

5.1 8.9 30 20 

8 a ip s 

fads—l 152 +2 t4.96 35 50 62 

Is 121 t3.42 3.9 43 R9 

mind. Ri 30i 2 M0.65 5.7 3.2 64 

Mg. Up. 64i 2 +1 d2.68 51 63 3.4 

nil 45 ..... 12.14 26 72 7.9- 

ttwdSp. 45 t2.14 26 U 7.9 > -- 

SSI if liSii 

toes Up- M “ft Lfr »= 3.4 — ; 
naldt- 19 -1 g9i - D3J - - .... 

■XlOp— 68 429 25 9.6 6.4 -. 

llBLlOp 77 2.97 2.7 5.9 95 

to-3 121 +1 355 3.6 4.4 8.9 , 


i» a- Si 

69 -1 052 


^i 2 i(a% 3.J is S 
«S8.£L. 366)- ^5 i« 8^ 6J 7 

dee (dement) 58 2.18, 

■ t -REl— 125 +337 

ffaWebbZOp 29 +% L72 
tT.Crp.5L_ £22% OS200 

LSUIimyiflp. 35 +236 

-1 D3.Q7 

4.4f 5T . 
9.3 4-i ' 


GnnUflfS 109 -6 275 + 3.9 * 

fife) fl ikl K&i I ± E " E CHEMICALS, PLASTICS ^ 

106%]+% J1L76 1 9.75 341 Ij23 ftm$.ftn&5230. 278 ..._... Q65c - ZB - u™ ' 1 1 .1 t T09 1 



rndasO — 

26 7# « 
1.9 ^112 

» = H=bm 

4% Ue**( Toynbee.. 72 +2 $4.03 -Its. 

a Ooseph(Leo!£l_ 16Q +R01 — 7.9 — 

UUmann. 45 +3 032 - 

COMMONWEALTH & AFRICAN WANS |J |g B^ : U F 1 F# l : = 1 9 : = IS%lls WS& 

300% 8BV 
96 79% 

-88% 69% 

98% 863; 

S- » 

AKZO — 745 -15 - --J — J - w? 

Albright TOsott. 1U -1 451, q30 53^ 7 2 

9.41 £92 
M M £99 
! 12721 65 


Public Board and Xnd. 

*414 +% 10.46 1272 65 40 

62 -2 - - *247 172 

- ,SJ £ 

«5 210 

290 173 

1 £99 £69% DtaUWiaSfla. £9» 2 Wi 22.0 dZi - "5. % “Li^f ra - w P |wf«|5-. 

! 65 40 Minster Asseta_ 60 tfS5 22 9.0 R7 l7 ^ J i? — I S‘21 1 2“ 

! *247 172 SaLBLAnstSAl. 195 +2 tQ14%e * 45 * 5 S » +0-0 4- 

81 58 NaLQmLGTp — 71 253 51 5.6 52 gS ' 4+ 1 1?!? | 2> 

300 205 Net West. Q 275 -3 H49 q42 63 5jSi, £2 

4Z5 210 SdmdenCl 360 10.40 - 44 _ iffiS rtf 2 "V 

290 173 SecccmbeMCEI. 220 12.06 - 8.4 — ?jP 5 £ |? _1 

100 57 SmnhSt-Anb — BO +3 14.55 - R6 - 3 12 i" 

430 293 Stand'd Chart £1. 410 -2 117.59 3.9 63 5 J S J? ^5*.“^ ?5 "2 

.92 3110.0 73 .12 1? 

S « | li I i 

a : si z 1 | 

)* 1 1:i ll ip “ 

11 +7 43 6.7 R J 

11 41 4.9 65 ^ 29 

0 3.7 4.7 8.8 g 

66 44 AnkMt3pr’SM8— 62 8.19 1115 

95 681; AkanlflijJcW-M 90 12.40 1250 

»% 2 -MeiWr.3pCB- 32xS ..... 933 10.95 

116 101 rUCfprIK! 114 8.10 6.10 

96 77 Dn aithont Warrants. 94% +% 9.83 1150 

100 84 ITtramarTpr 73-78 — 100 _.... 7.23 U20 


j - - S9% 8 Trade DevSlio sSL 05^ 2 8 56 64 31 « Da’A'KV 65 -2 1211 41 4.9 6b 

Id Ind. 515 285 8 SSKal S +5 m 1 J 7J i 4 » if gSiM 511 K 2 I? H 5S 

62 R19 11.15 56 14 U.M. 37-1 - — - 10.9 J£ ^ ni. X - K ! a Ia 

90 — 12.40 1230 £24^4 05% Weils Fargo S3- £19% QSL12 - 3.6 - ^ -h 6 2 « 6.6 

S“ -■■ « ^ 74 37 *"«*- “ - 7 -^- S M 3 ~S» u'Viil 

oai.+il" n 1150 ^ 44 Federrtedm.— 73 +1334 33 6.9 65 

2T ?:§ S3 Hire Purchase, etc. ALH ffiSoW - u MpI«I SJI 

2§ 3 &S 

tedificaco 94 435 

iatsfiaG-RMp 46 U 

3dKto(ffiL_ 260 1655 

imyCo.T5& — 560 r25 Q50% 
toundDifim.5p. 40 109 

BSE fit 

rtornHcd 349 -3 th637 

nrtpcF.W.HJpi 55 L47 

MtochHb- — « +2 1352 
MSdwtrfir-. 272 +5 M65 

9ard6Goid 93 -1 fh4.07 

leBcoElrftSp- 24 >.... 03 
Sats^oaot— 51 +1 213 
IhttwjrttiELSp 15 +1 0.66 

li 70 127' 72% 


“ ul I ^ 
7.0 1L9 ^ 

Milo S £ 


5* pi 

65 63 S 
33 +9 |2 
63 53 W 
6.7 k3 ■ 

'Ul 106. +1 . 

PrwidtE^SCp 30 &3 

teebAancmp 28 «3 

ienGrom 123 X fdflB 

(elhnBifiirt. 44 -% tZI7 
tonSpi%. 20a — hdOBS 


HfB-Brtns2^i_ 80 _ ,t2.77 
+««»__ 84 45 

^ |l| 

2& J^ zif 7 

L6 Ji » S I 

42 7.8 51 £36- £S% 
3.4 5.9 6.7 M ^ 

a a a * ? 


ii+JKl 2 ! 

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| ^ & 
1 II H B ■ a 

2.416.7 3jB 2H 140 


£» -i 2 " 5 W 

leHeeiSp— 18% 10.71 

mnlnsL 137*1 __ 3.45 
EOnPSirklOp 76 Z13 

eAScoU— 22% +% — 

yBitmlOp 39 -L 153 


iScnlL— 22% ft — - - 35 - • 

as? A J O. B H U; : 

ifflSOp- 44 F213 2.1 Uia. 

*■' « 225 h40 
* 1ft 9 
5.6|12.8 44% lft 

SSSsnsr "b = ’L 71 i 1 “ 1 * 
qta= S' iW!U dB : ' 

-■A 52% -1_ 6^ 25 1Q.4 63 

aat jp 

n «ff^ds-5to-- 225 jiao 3.ffl 67 7.6 . - 

^ lfi2+l dL02| IfllOJ 8.7 : • 

44% W% Seen life 41% +% 1dL75 2.3 63 112 • ” , 

21 H Bert tod. Sec- W +f 2.72 2.310,3 7.4 t . 

% 2-KOE’S iSP HAB::- 
f, & ffiS. A, ^ MU il m » : : 

08 69 &«. China OMR 791; T % 355 23 6.8 85 ; ■ 

^ ■+* +5B8 301 5.9 67 

16 53% Biro Kerries — 112% -% {2.8 j 3.71 3.8 (UU :' • 

96 42 Erode Hkb’&.ap 74 2.28 [ 4.7 +7 6 0 - • - 

27 15 Ewer George 10p 26% — . L21 I 22} 6.9 9.7 U " 

05 B 95 * +T : +4 92 1 23 7® 92 . 

62 Ma ftirtairetowam- 54 -1 S:65 \mu& 77 . 

107% 94 **FF113pc'SI 

111% 98 nciHpcTJ 

116 100% Do HpcTO 

85% 68 ICFi' Deh. BDBS . 
8ft 67% Do W4pcDb Vl-W — . 
9ft 95 Do KMivl'nsLaOS.. 
W« 05 Do UpcVifc.Ln.E8— 
101 96 Do llVprl'BSLn 

73 51% Do 7%pc.\Deh WKL, 

71% 52>; Do T%pc.\ Pb. "BI M 

84% 57 DaSpf.VHI W 

83-% 59% I^r&cln.’XV: 

4ft 15 

as 1 !? B 

1060 IS 9 
1120 120 59 

1110 33% 11 
11.50 20% 6% 
1200 117 48 

12 20 
12 00 

1210 ■ 

1186 1230 

M 35% 
- £50 

*% h203 
+f QK!i 

- J* 

- TO 

-1 *3.95 


-1 L7 

? 12 

+1 _ 


*2 487 

. 25s: 

...... btl3 

. 20 

- 94 

-1 4.13 | 


- 3.0 - Rfi. 


.16% 032 

WebSOp. IS ...... h3.46 67^ 33] 4.2 

tDM5 — I 472 

19 6J 132 446 3Z5 tap. Own £J — 345 -S 16J2 

23 80 66 51 »* DaSWf-0 47 3.5 

--217 73 4ft[*rg£— - H -.+h2« 

a Bj a 130 84 l apnr tctoa.MiL. 95 .... 46.76 

W, 1 ?! 172 

B RMESB k-mum 


m V 98 51 

|f-9 i. 286 152 
i 23 10.0 £155 £Tl 

75 73 Ransom wm. Up 175 +2.79 75 24 8.4 76 ij 

62 34 RentukUlOp — 4ft -% L61 *’ 49 * 57 29 

« « k 5? U m s! 

212 150 Sert.Ag.Iod.nJ 199 120 

151 7+ 

13 ft 

Plastics- 1 1351; 1+10% 



%% 57% (Allied &e«& B7 1-ftj3.93 1* 68119 ^ I 80 lYodaChena— | 80 |-6 

39 16 UmiDuLPtUp- 39 kz m025 -J Lffl - 

'oistertoliar... 163 | g709 

orta drena — 80 U f.77 


High low 

Price l+nrlD^M Bed. 

166 86 

236 79 

■J6 26 

£ — I Gross I Yield ^ g 

19 -..I - I — 76 46 

33 1 B— I - 112 62 

to ::::: 3 am « s 

37D 4% — ii) Tf 

48 +1" % 1731 130 76 

48*1 +2 6 16.25 66 39 

« \ 4 BOO 152 60 

« ::::: * 2 ■ TS i« 120 

87% +%' «7 1091 221/ 12 

84%*dft 1158 1187 , 54 24 

Righ low 

“ fSf m A 

ii 12 E I ts a ill 

ra ™ ft 867 158 52 

Mft V 933 100 34 

mm :: :: A u| g « 

Md 3 % 3.30 g 

xclude inv. $ premhira '‘g "| 

& » 

ICANS 1= 1 

It Oil Oh I ™ 157 88 


Stack | £ |M 

£ IM lew!™ 

151 -1 4.84 32 4.9 9.6 99 56 

218 . — 14.78 U 33 163 174 l5 

43 — — - - 153 70 

152 +2 t3.91 2.7 3.9162 ft 2% 

itt *2 3 t3 92 19 22 56121 CINEMAS, T^ATRES AND TV Jg A 

1 i I s li II si f 4 l« HfrW H ft i S- 

58 ...._ 2.4 L6 6314.9 tl || 

124rt 15 21 331 6.4 72 §1 

li 34 

j|l«124 93 

| j £ S 2ft 

9-3| 4 23 12 

1 ^ 
174 113 
153 70 

TV & 

50 24 

110 338 29 

187 +2 h5-2 43 

110 — 228 3J 33 128 15 3% 

76 -1 228 32 46 SB 70 4ft 

236 +5 FiaO 4B 6.4 6.4 100 65 

£M5 £4%2S3&3 — 151 68 

60 4.40 bL4 LL1 85 5»; 23% 

40 -2 ^82 3310.7 45 B3 38 
118 -1 t52 4.4 6.7 4.4 230 99 

g% -% Z5T 19 82 (7.B) ^ 1« 

111 H td6.03 35 82 &4 183 60 

6%+l a-— -35128 77 

25 23 06 140 19.4 33 7 

» 1101 29 7.7 69 56 

W +1 «2 3.9 93 42 59% 35% 

97 +1 +53 22 83 8.4 «7 28 

144 152B 29 56 &3 5ff 42 

113 -1 B25 33 7J 51 39 30 

7% +%. 021 0-7 43(36) % 67 

91 ™ tl91 4 A 65 T4 % 51 

42 fi>6 76 6.4 62 133 91 

» h2J5 33 6.9 6.7 107 57 

5tDz 4% 12.97 36 85 43 15% 6 

48 1(0.03 22 96 72 35 22 

20 +035 32 5.7 83 117 45 

16 el33 23 126 56 14 6% 

«% 436 16 112 8-7 74 4ft 

59 4.42 99 113 144 a 33 

tt 56 12 100 13.4 51 28 

78 -1% 1266 43 56 5J 68 18% 

48 *+198 19 6.4128 69 40 

2ft +2 144 +95 + 300 89 


I *233 6ft [Alpine SoflDIOaJ 113 ... JF65 <U| 8.71 85 108 2 6§ 

' % ST 75 +2 0)233 28 5.7 80 220 119 

77 W% Asa. tort Fds. to 56 +22 45 5.7 55 116 53% 

*5 141 226 h0.78 19.4 0514.9 96 4U 

71 35 AS8-iMierio — 46 10 33 9.9 4.4 27 15 

34% 14% A«M&gmfc »% ■ «98 46 4.9 66 105 55 

73 78 46 {Banks 

««*« na n n for, 

170 -2 654 31 5.8 83 ^ 

»% ...„. *122 — 7.2 j26 to 

46 W8 1.3 9.4 123 

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