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CONSTRUCTION no. 27,512 Friday March 171978 ***i5p jjjjl eiruingha:.; Cardiff .Edinburgh 


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3ft|VIason Equities 
ohold «P 4.4; 

Hunt for Moro kidnappers 




. r. Roy Mason, the Northern 
. /eland Secretary, is to hold 
Iks on Ulster policies ■ in 
. nblin nest week with Mr. 
ichael O’ Kennedy, the Irish 
oreign Minister, 

The meeting is aimed at reduc. 
g tension in Anglo-Irish re/a- 
ons and is expected to pro- 
. dc a ' basis for discussion 
'tween Mr. James Callaghan 
id Mr. Jack Lynch, Irish Prime 
roister, when they attended 
>e Copenhagen EEC summit 
.‘xt month. 

In Belfast yesterday a group 
■ ' civilians prevented a doctor, 
nding two terrorists who had 
;en injured in a gunfight with 
ddiers. The . doctor was 
lowed to treat an undercover 
ainclothes soldier hurt in the 
me incident. 

In Washington a group of 18 
ish- American political figures 
jndemned violence in Northern 
‘eland and what the group 
aimed were British violations 
human rights there. . Back 
id Page 4 ' 

Bulgarian air. 
rash kills 73 

■ Bulgarian TU-I34 airliner 
•ashed yesterday - afternoon on 
le Yugoslav-Roman lan borders 
bile flying between Sofia and 
r arsaw. Sixty-sis- passengers 
id seven crew were killed. 

thodesia talks 

hodesian Government officials 
re to meet British and U.S. rep- 
:senta lives id South Africa to- 
ay to. discuss the internal black 
lajority rule agreement, it was 
inounced in Salisbury. Mrs. 
hatcher . asked to endorse 
rttlement, Page 4 

.onrho security 

onrho has appointed former 
lief Supemtendant Kenneth 
theridge, 51, the Scotland Yard 
ficcr who brought Mr.- John 
0 rehouse -back from .Australia, 
; a financial and general 
curity officer. . Mr. Etheridge, 
as involved in police investiga- 
ons of Lonrho after a critical 
epartment of Trade report 

schools closed 

hree schools in Telford new 
>wn. Shropshire, and a school 
1 Leicester, closed yesterday be- 
iusc of unruly behaviour by 


Winter again 

‘inter made an unexpected 
■turn with snow and icc causing 
ivoc from the West Country to 
■otland. Two people were 
lied and seven others injured 
a Northants coach crash. 

;old Cup date . 

i<? Piper Gold Cup and Daily 
vpress Triumph Hurdle, 
dims of snow at Cheltenham, 
e lo be reopening and run on 
pril 12. To-day's racing, Page 20 

pace Record 

iviet SaIyut-6 orbiting space 
boratory cosmonauts Yuri 
unanenko and Georgy Grechko 
nded in Soviet Central Asia 
days and 10 hours after blast- 
‘ — the longest space flight ever 

stanbul blast 

x students died and 44 were 
funded in a bomb attack at 
tanbul University. Police said 
e bomb was thrown at Left- 
ng students. 

riefly - - - 

Zaire military tribunal sen- 
iced 19 soldiers and civilians 
death for plotting to over- 
row President Mobutu. 

r. Leo Tin de mans, Belgian 
jme Minister, is in hospital 
icr being taken .ill. on Tburs- 
y night 

.dbrikes report a flood of 
mey for the Right majority to 
n the French General Elec- 
ta and have shortened ihe 
ds io 1-3- The Left coalition 
2 - 1 . 

etuam accused Cambodia of 
j neb mg a big offensive in what 
described as a “grave escala- 
n " of border fighting. Page 2 

off $24 

after a hesitant start. The FT 
30-Share Index dosed - at the 
day’s best of 458.3, up 4-4. 

• GILTS maintained their firm 

tone, the FT Government 
Securities Index rising 0.07 to 
76.03. • 

• STERLING gained 75 points 
against the dollar to $1.9145, but 
its trade-weighted -index was 
unchanged at 64JL Dollar was 
weak, its trade-weighted depre- 
ciation widening to 5.58 per 

• GOLD fell a further $2^0 to 

$183,629. ‘ 

• TIN prices fell sharply on 
the London Metal Exchange, the 

: BOTH HOUSES of the I talian Parliament to- 
night swung their support behind the new 
minority Christian Democrat Government of 
Sig. Giulio Andreotti, in the wake of the kid- 
napping here today ofSig. Aldo Moro, He 
was five times Prime Minisefcr of Italy and 
President of the - Christian Democratic Party. 

A confidence motion in support of- the new 
Government programme was being rushed 
through birth houses of Parliament. 

Italy’s trade union leaders, who were 
already meeting to consider aspects of the new 
Government’s economic programme, immedi- 
ately issued a television call for a General 
Strike in protest at the kidnapping, to end 
at midnight to-night. But they urged those in 
essential services. Including transport and 
communications, to remain at work. The Milan 
Bourse was effectively shat, as dealers and 
their clerks ceased activity. The lira declined 
six points against the U.S. dollar in early 

Sig. Moro, . 6L one of the country's most 
powerful politicians, was the principal architect 

of -the political formula which oh Monday led 
to the formation of the fourth administration, 
under Sig. Andreotti* thus ending a two-month- 
long Government crfcfcS- The formula involved, 
uniquely, the association of the country’s power- 
ful Communist Party with the new Government. 

Direct political considerations were not 
thought to be behind this morning’s kidnapping. 
Responsibility for tin? attack, in which five 
policemen died in a b*H of bullets, has been 
claimed by the Left-wing extremist group, the 
Red Brigade, some of whose leading members 
are standing trial In the northern city of Turin 
charged with subversion against the Slate. A 
number of murder charges are also pending. 

A statement phoned to news agency offices 
within two hours of the kidnapping said that 
the movement had mow struck “ al the very 
heart of the State.” Subsequently, an anony- 
mous cal e lr claiming to represent the Red 
Brigade said that Sig. Moro would be killed 
within 48 hours if the Turin accused and other 
sympathisers already . in prison were not 

Sig. Moro’s official car. accompanied by an 
escort vehicle with security police, was am- 
bushed shortly after he had left his home in a 
northern Rome suburb on his way to attend 
a special session of Parliament 

Up to 12 terrorists using three cars are 
thought to have been Involved in the ambush, 
some of them wearing uniforms and, according 
to Interior Ministry sources, carrying Czecho- 
slovak and Russian-made weapons. Sig More's 
car and the escort car were sprayed with np to 
20 bullets 

The security forces immediately threw a 
massive cordon around the area and additional 
reinforcements were drafted in tbe immediate 
vicinity supported by police bell copters. Road 
blocks were set up in a number of areas and 
special precautions were taken at all sea and 

Live television coverage of the special 
session of Parliament bad just started when 
news of Sig. Moro’s kidnapping reached the 
Chamber. The session was immediately ad- 

released. journed. and Sig. Andreotti called an emergency 

Other developments -.and profile of Moro. Page 2. • A nation in turmoil Page 22 

Cabinet meeting. 

Leading spokesmen of all the main parties 
expressed horror at the kidnapping and were 
virtually unanimous in concluding, in the 
words of a veteran Republican leader, Sig. 
Ugo La Mai fa, that ** without doubt we are now 
in a state or war. . . . The terrorists want to 
destroy the democratic slate.” 

Following special meetings of the rentral 
leadership of the country’s three main parties, 
the Christian Democrats, the Communists and 
the Socialists, there were appeals for an end 
to polemics and for solidarity in the face of 
this latest challenge lo the State. Sig. Benigno 
Zateagnini, the Christian Democrats’ general 
secretary, urged the Government to u*e what- 
ever force was necessary to tackle the 

Kidnapping in Italy In recent years has 
become virtually commonplace — averaging 
about one each week— hut the attack on Sfg. 
Moro. who is known to be in frail health, is 
ihe first direct assault on Parliament, in the 
sense of involving a national politician. 

,£ per tonne 


Israeli forces mop 
up guerillas 

DAVID LENNON reports from-Marjayour in Israeli occupied South Lebanon, March 16 

Anger over Lucas move 
to shut Liverpool plant 

DCT MOV DEC JAfl fffl. MAB | 

cash metal slipping : J170 to 
£5.865 a tonne — the lowest level 
since July. Page 39, * *'• 

• WALL STREET wa&np 0.60 
at 759.18 near the closL. . 

• JAPAN had a record teurrent 
account surplus of AL&na. last, 
month. Back Page. Japaned* busk 
ness Kit by Yen rise, Pag* 4, •. ' 

Money supply 
growth slows 

• U.K. MONEY SUPPLY growth 
slowed down last month to a 
rate more .in line with the 
Government's aims, but the in- 
crease so far this financial year 
remains weH above the target 
range. Back Page. Editorial 

comment. Page 22 

• STEEL-USING industries in 
the U.K. are supporting a plan 
to for ma new group to speak 
with a single voice in negotiar 
tions with steelmakers and with 
the EEC Commission. Back 
Page. Conference report. Page 7 

made . a new oil discovery 
between Its Toni and Thelma 
fields in the North Sea. Page 7. 
New ' surge of development 
activity expected:' controversy 
over refining policy. Page 6 

• AIR FARES within the U.K. 
will rise by up to 124 per cent, 
from April 1. 

• PAY OFFER by building and 
civil engineering employers has 
been rejected by union leaders. 
Page 10 ; 

• MONOPOLIES Commission is 
being allowed more time to. 
investigate moves to take over 
Redfearn National Glass, in 
which both Rockware Group and 
United Glass have expressed an 
interest. Its report, which bad 
been expected by March 21, is 
-now .due by April 15. 


• BP reported lower net income 
Of £304.1m- (1338,1m.) on a new 
accounting basis. Page 25 and 

• BOG International faces the 
threat of a rival bid for .control 
of Airco. Martin Marietta of the 
17.5. announced that itis holding 

talks with Airco representatives. 
Fa*® 27 . 

holders will be asked to-day .to 
vote on. the Board’s proposal to 
acquire True Temper of tbe U-S. 
The deal, which would give 
Allegheny Ludlum a 44.4 ‘per 
cent stake in Wilkinson, has 
already been approved by pen- 
sion 3und shareholders. Tbe 
meeting will be at the Dor- 
chester at 11.30 ajn. 

ISRAEL'S 25,000-STRONG inva- 
sion force, spent its second day 
southern Lebanon . cleaning up 
isolated pockets of Palestinian 
resistance in. its drive to clear 
the guirella presence from the 
area south of the Litani River. 
But the troops were finding the 
task a painstaking one. 

As they continued with the 
operation begun on Tuesday 
night, Mr. Menahem Begin— 
Israel's Prime Minister, was 
sounding out tbe U.S. Govern- 
ment on the possibility of 
eventually replacing the Israeli 
troops with some kind of inter- 
national Force. 

In Washington. Mr. Sim oha 
Pimtz. the' Israeli Ambassador, 
suggested; that the. Lebanese 
Army might police the area, 
although the UB. is know to 
believe it Incapable at present of 
undertaking such a responsi- 
bility. - 

The Israeli troops, backed by 
armour, artillery, and air cover, 
were kept busier today than 
they had expected in their drive 
1 to clear all Palestinian fighters 
1 out of the area. 

The troops, however, were 
careful not to cross the Ldtani 
River beyond which are 30,000 
I troops of the Syrian -dominated 
! Arab peace-keeping anny.- 
. It is tacitly agreed between 
Israel and Syria that the triver 
constitutes a “red line” which 
neither intends to cross. 

As the Israel: ground forces 
spread out all along the 60-mile- 
border with Lebanon, they came 
l under sporadic but persistent 

shelling from Palestinian units 
north of the river. 

Israeli artillery and aircraft 
were busy throughout the day 
trying to silence the Palestinian 

These included their Crusader 
Castle, Chateau Beaufort, which 
still threatens northern Israel, as 
well as tbe town of Nabatiya 
and other points across the river. 

The Palestinians appeared to 
be trying to provike the Israeli 
troops into crossing the Litani 
River, thus increasing the pos- 
sibility of a direct confrontation 
with the Syrian troops. . 

Clearly, however, Israel is 
determined not to bie drawn. Into 
any such trap. 


Israel's drive into southern 
Lebanon was not without loss. 
The Army announced today that 
11 Israeli soldiers had been 
killed and 57 wounded In the 
first day’s fighting. ' 

Israel also said that about 100 
guerillas had been killed by Its 
ground troops, though the num- 
ber who have died under aerial 
and artillery - bombardment in 
camps and urban areas around 
Beirut may be higher. 

I toured tbe eastern sector of 
Israel-occupied south Lebanon 
this afternoon. Tanks and 
armoured personnel carriers. dis- 
abled by land mines lay litted 
on the road. 

A soldier guarding some dam- 

aged vehicles explained that, 
while the Israeli soldiers bad en- 
countered few Palestinian gueril- 
las, -they had ru ninto a number 
of deep ' minefields laid by 
retreating guerillas. 

Most’ of the Palestinians 
appeared to have retreated while 
a few- had gone dnto hiding 

“Those who were hiding are 
beginning to feel hungry and are 
coming out into the open. This 
led to'a, few small dashes dur- 
ing the day.” I was told. I saw 
one bhutd-folded prisoner being 
driven beck to Israel. 

IsraeftK determination to con- 
tinue ;th£ operation until tbe 
entire a pea. froth'. of tbe Litani 
River is clear 0# guerillas and 
tbe guns to "tbe north are 
silenced, was. demonstrated by 
tbe column of -shell-laden trucks 
which continued to -move across 
the border. 

-As night fell, Israeli troop car- 
riers could be seen moving north- 
wards while disabled vehicles 
were being sent back, to Israel 
for repairs. * 

Major Saad Hadad. com- 
mander of tbe small Christian 
militia in the region, complained 
this afternoon that the .Pales- 
tinians were still directing, their 
fire at his villagers, and not at 
the Israeli troops. 

As we spoke, a shell landed 
near Marjayoun's main square, 
but this did not appear to 
disturb the villagers, who were 
waving and bappy to talk with 

Other developments Page 3 


an outcry on Merseyside yester- 
day witb the announcement 
that it is to phase out produc- 
tion at its Liverpool plant, 
employing 1,450 workers. 

Unemployment on Merseyside, 
at 11.3 per cent, is already 
nearly twice the national aver- 
age. Decisions by national 
companies to shut operations 
there have put at risk some 

7.000 jobs in recent weeks. 

The Lucas move is part of a 

restructuring exercise which 
will involve closure of five pro- 
duction facilities and a net loss 
of nearly 2.000 jobs over the 
next two years. 

The company stressed last 
nigh( that workers would be 
offered alternative employment, 
generous re-location allowances, 
and much of the shake-out 
could be achieved through 
natural wastage over the two 

The unions reacted angrily, 
threatening to fight the ration- 
alisation plans and obstruct the 
transfer of work. 

Mr. Ernie Scarbrow, secretary 
of the Lucas Aerospace shop 
stewards' combine, insisted that 
the 2.000-job reduction was 
only the first instalment. 

“The real aim of the company 
is to get rid of twice that num- 
ber and leave us with only 

8.000 workers." he claimed. 

Lucas has made it clear that 

the decline in civil and military 
orders would make reorganisa- 
tion of its aerospace company 

Merseyside jobs under threat 
since the beginning of the year: 
JAN. 17— Meccano announces toy 
plant rationalisation— 400 jobs 
FEB. 15 Ley land announces closure 
of Speke TR7 factory — 3,000 Jobs 
MARCH 7— Birds Eye issues dis- 
missal notices at meat pie factory 
— 1.200 jobs 

MARCH 11— GEC to close cooker 
plant— 670 jobs 

MARCH ti — Lucas Aerospace 
closure — 1,450 jobs 
Booth Concrete Merseyside close- 
down — 100 jobs 

Cammed Laird outfitting cutback 
— 100 jobs 

necessary. Proposals put, to the 
employees yesterday - 

• Gradual transfer oi*‘ work 
from the Victor Works, Liver- 
pool. to the Birmingham factories 
— a move which could create 500 
new jobs in the Midlands but 
cause a net drop in employment 
of about 1.000. 

• Phased closure of the Brad- 
ford and Shipley facilities, 
employing 750. A new plant pro- 
ducing electric actuators and 
small motors will be established 
at Bradford. This will cause a 
net loss of jobs, but figures have 
not been given. 

• Closure of the Coventry 
foundry, employing about 40 

• Shutdown of the Hemel Hemp- 
stead Number Two building. The 
stewards say some 500 design rod 
development staff have been 

promised work in the Number 
One building, but redundancies 
are feared. 

Workers at the Victor Works 
last night expressed auger at the 
news. A meeting has been called 
for to-day to consider a response. 

Mr. Jack Creamer, a senior 
steward, said colleagues in Bir- 
mingham would be urged not to 
accept the transfer of work. 

Another significant move was 
a declaration by the Lucas 
national negotiating committee 
of tbe Amalgamated Union of 
Engineering Workers’ white- 
coliar section to “oppose closures 
and redundancies with every 
means at its disposal throughout 
Lucas Industries.” 

The initiative for militant 
action will have to come from 
Ihe Victor Works, and employees 
will no doubt watch develop- 
ments at British Ley land's Speke 
plant, where shop stewards are 
seeking support for resistance to 
the shutdown of TR7 assembly 

Last week-end. General Electric 
Company said it would shed 670 
jobs by closing its Liverpool 
electric cooker plant. Birds Eye 
has issued dismissal notices to 
1,200 workers at its Kirkby 

• Sir Kenneth Thompson, chair- 
man of the Merseyside County 
Council, emphasised that tbe 
Lucas move was entirely con- 
nected with rationalisation. It 
was in no way tn do with labour 
relations on Merseyside. 

Labour News Page 10 

‘Secret company’ criticised 
in Court Line report 


EXTENSIVE criticisms of a 
secret Bahamas company set up 
by some directors of Court line, 
the collapsed holidays group, and 
of an indemnity the group gave 
to its merchant bankers concern- 
ing share purchases, are made in 
the Department of Trade in- 
spectors' final report on the 

-A spokesman for the Trade 
Department said last night that 
| the report had been referred to 
the Director of Public Prosecu- 
tions. “ as often happens in these 

Of the Court Line group, 
which failed in August 1974 
leaving thousands of holiday- 
makers stranded, the inspectors 
say that its “ overall, management 
was throughout inadequate and 
I never supported by the neces- 
I sary financial controL” 

Mr. John Young, who was 
managing director, is ' by the 
inspectors described as un- 
doubtedly the group’s dominant 
personality. The inspectors are 
Mr. James Comyn QC. now Mr. 
Justice Comyn; Mr. Douglas 

Morpeth, a leading accountant; 
and Mr. John Hamilton.! 

Mr. Young is described as hav- 
ing a “markedly opgmistic” 
approach to business' which 
undoubtedly influenced his fel- 
low directors. They could not, 
however, be absolved of ' blame 
for allowing a position where 
the Board acted largely as a 

favourably on profit.” 1 

Tbe inspectors consider tlfct in 
two cases, that of a loan to an 
individual and the position -over 
the indemnity to Bankers’ Trust 
International, there wa sa delib- 
erate attempt by. the directors to 
deceive the auditors and share- 

Tbe English Institute of 
Chartered Accountants is setting 
up a sub-committee to study tbe 
report. Tbis will examine any 
criticism of individual mem- 
bers. Robson Rhodes said last 
night that it adhered to its audit 
opinion, expressed solely on tbe 
information available to it in 

Referring to the existence of 
" an insoluble liquidity problem ” 
at Court Line In 1974, the inspec- 
tors say that the problem existed 
at the date of its 1973 accounts. 
It was not highlighted in the 
balance sheet .^.because of the 
way in which the figures were 
presented.” ... 

The inspectors do not state 
that Court Line was not a going 
concern for accounting purposes 
at the time of fts last accounts. 

Details Page 9 
Lex Back Page 

subber stamp, says, the report. 

The inspectors concluded on 
balance that the group's 1973 
accounts did not give a true and 
fair, view as required by tbe 
Companies Act 1948. The 
accounts received only - a very 
limited qualification from the 
auditors, .Robson Rhodes. 

The report adds: “It appears 
to us that whenever there was 
a doubt about the possible 
method of application of account- 
ing practice. Court Line chose 
the method which reacted most 

@ ARttto 

warn fePP 

AMKocaricp byH.’wIfnuTt' fr,r n» -t-iniiuA 

v*- ^ w \ 

^ : 

gpper sm 

Bvfy V- • 

1 •' ■ ■i.JSS&sSi* r . ter } : 


Lrtjr rices in pence unless otherwise 
w Xi Y«' indicated) 


^easury 12% 19S3 £1091 + I 
zanders Discount 230 + 5 

* cchem 522 + 12 

' 11 iA.) 224 + S 

nker McConnell ... 223 + S 
1 tannic Assurance 1H0 + 4 

yxy UU ,2T ± - 

escent Japan 141 + a 

IS A 282 + 6 

me Counties News g* + 4 

v>tlcn l A.) }7l + 4 

. vis (J-) 

tekinnon of Sctlnd. 37, . a 

trchwcii -32 +- 4 • 

News Inti 260 

R own tree Mackintosh STS 

-Smurfit (J.) - 1S9 

Waring & Gillow ... 84 

Wilkes CJ.) ! 

Wolseley-Hugbea - . 187 

Oil Exploration 212 

Whim Creek ' 50 


Gold - Fields Prop. ... 73 
Reed Inti J13 

De Beers Defd: 327 

Elandsrand 201 

Kloof Gold 44o 

Rnndfontein Estates £34 

Union Corp 272 

Vcntenspost 208 


European news 2 —labour 10 Mining 

Middle East news 3 ... , , . —Parliament ... 10 Inti. Co 

. . - Technical page 13 Euroma 

American news * Management page 10 Wall St 

Overseas news 5 . Arts page ....... — ........ — 21. Foreign 

World trade news 5 Leader page 22 Fanninj 

Home news— general ... 6, 7 UJK, Companies 24417 UK. sic 

Mining 26 

Inti. Companies 28-30 

Euromarkets 28 

Wall Street 35 

Foreign Exchanges 38 

Farming; raw materials .« 39 
UJK. stock market 40 

Italy:- A nation in turmoil 22 
Politics Today: liberals 

and the- Budget 23 

Guyana: Deficits and party 
differences 4 


North Sea Oil Review 14 _ ' 

Ireland’s easy-going way FT SURVEYS 

with foreign companies ... 19 Belgian Capital Markets 15-18 
Tax and farmland 39 Cleveland 31-33 




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Spiralling political 
violence in Italy 
feeds on frustration 


ROME, -March 16 

CRIME, including kidnapping, is meats outside Italy, many are 
commonplace in Italy. But while supplied .. with Czechoslovak 
there has been a growing spiral arms.. 

of ordinary and Mafia-inspired Sis. More was victim of the 
crimes over the last 12 months. “Red Brigades,'* the extreme 
there has simultaneously been a Left-wing movement generally 
more sinister escalation of regarded as the most aggressive 
politically-motivated violence, of the subversive forces now at 
The kidnapping of Sig. Aido work in Italy. Last Friday they 
Moro. the Christian Democrat assassinated a policeman in 
Chairman, in a Rome street this Turin. They have murdered 
morning is the latest and us- Four other people in the last 12 
doubtedly most daring act of months including a leading 
political terrorism to date. Turin lawyer and the deputy 
Last year, according to editor of the Turin newspaper 
Interior Ministry statistics, there La Stamps. They have also 
were 2.013 terrorist attacks in "kneecapped" several leading 
Italy. Kidnapping averaged one public figures, journalists, indus- 
a week and sometimes as many tria lists and lawyers. They have, 
as three a day including tbat of as they stated in their com- 
Sig. Francesco de Martino, son munique after the bloody kid- 
of the veteran Socialist leader, napping of Sig.' Moro, declared 
abducted and subsequently war on the state, 
released in Naples last year. In The kidnapping of Sig. Moro is 


in Easlt-West arms talks ^ 


A LONG-a waited step f&rward -through «f "Mg*** exSence *of “ &BSf" ° ^ ^ . 

has finally been made at the reduction A that a to press Its demand for bigmi,. - 

force reductions, now aim five- fsALT) will be both PaC t ade - kevertfceiess. ^ 

old. After moX of 3^ NATO 

argument, the Nato and forsaw ^ piloted through Congress, theroto teund 

Pact countries have agreed on a - Since jait year, the 'West has a new jnitiatve in the talks, 
formula for exchanging data on. Messing the Warsaw Pact A Soviet spokesman in Viemu 
the strength of their fofces in ^ more detailed break- yesterday rejected any • 
central Europe— an essential of its force levels in central g^ion that a Western decide 

requisite for the start of ^lbstan-TEur^ at the 19-nation Vienna h 0 id back bn production o- 
tive negotiations. :• ■; the so-called neutron bomb coulc. 

The move comes as both East . ’. The NATO countries do not be traded against Soviet cob 

and West are showing* increased Relieve the Warsaw Pact figure cessions in Other diRarraameo 
awareness of the need to be able of jonly 805,000 for Its ground gelds, according to -Rewej 
to report progress in anas con- forces in. the area, which is about reports. . 
trol negotiations when the UN m/wi less than the total of i n Geneva, the three power 
special session on disarmament aro Qn d 930.000 suggested by negotiating the comprebeosm 
opens in New York in May- ” - Western Intelligence. NATO nuclear test ban treaty said tb« 

One of the policemen shot dead in the ambush. 

Sig. Aide More 

It coincides with 7 optimistic pnts its own ground forces in had made substantial progrrs 
stateiwntebytiieUB^^SR Seutnil Europe at 777 MO. 
and UJC yesterday in -Geneva.; Under the new formula, bo* "A 

where, the three powers ~ are sides have broken down tbe.r have “ r 

negotiating a pew treaty banning total figures into operational on some outstanding issues thi 
all testing of nuclear weapbns.- units, such as divisions and JRj»«nces bebwwn the posi 
_ 7 . . , r hnmiK. and head Quarters and tions of. .the participants ha*r 

. _ . together in chains and caged the Communist Party claiming treme. right-wing inspired all testing of nuclear wmS ~ units, such as divisions and differences between the posi 

released in Naples last year. In The kidnapping of Sig. More is inside a steel box in the large that they have betrayed the terrorists attempted to destabi- _ v* . brigades, and bead quarters and tions of the participants have 

the last two months, according part of the movement's current hall of a Turin barracks trails- “proletarian revolution.” They Use the country. The data ex cha n g e in Vienna cnrinnrt staffs. The Warsaw Pact narowed, they reported to tb>. 

to the Rome anti-terror special aim to block the controversial formed for the occasion into a assert the need to undermine since the Red Brigades a “ regarded as and- BD t, however, accepted 30-nation Geneva disarmamen 

- ------ “““ ^ 1UIU1CU 1UL Ui« ULLddivu uim «■ ^ DiULC LHC A6U Olifittuca a w i 1i7flgtnrY- Jt n | A QK SOU LIUL, uvwc.b*, . 

police squad, some 50 new sub- trial of its so-called “ideo- court. The city of Turin was the state and to attack the ruling whole seric of other groans at encoiiraging;^ oy western alplo- . w ^ tdraw that there is conference. - . . • 

versive groups both on the logical ** leaders which opened in practically under a state of siege Christian Democrat party which . .. f,n>n+atinn ' bnt rlearlv *? ats * ev e° ** *£ere }***? 2P- * disparity ” between the two Western sources do not, hov 

extreme Left and the extreme Turin last a week. On two pre- with more than 4,000 special is the “heart of renewed armed cban ®* . in Sld ?^ ; ba * ie side^-ti3e Pact's detailed figures ever, expect the new treaty to & 

extreme Left and the extreme Turin last a week. On two pre- with more than 4,000 special is the “heart «* not as wii oreanispd nnr armed -*rr — r “ si(j es — tne raers ueuuitm uguio wpw,,wv -*» » 

Right have appeared on the vious occasions, .the movement police troops. The trial which imperialism." negotiating position. np to the same lower finally agreed until after the U? 

spectrum of political violence. It succeeded in having the trial is scheduled to resume on Mon- From the very beginning, the Ef for iS*an«» It is still generally felt that amount that NATO is chafleng- disarmament session, schedule, 

is reliably estimated that there blocked by intimidating the city day. is unanimously regarded Red Brigades, whose active Nndens nf thp” Armed Prole- there will be no major break- ing. * to last until late June. 

■* kiui-'-.u muuuudUDg iu«s raiy aay. is unanimously regard eu n.ea engaaes, wnose acuve ml.i... pml«u 

-■ arefomp 200 different extreme of Turin through a concerted here as a test case for the state, members are now believed to _^ e a( 5^ e r n unJ-jT 

rTtTa-P.irliampntary groupings In policy of urban terrorism. Two and the Red Brigades are clearly number between 700 and 800, ^ 

............ ... ui uiuau iciimisui. iwg ana me nea nnsaues are cieariy uumuer oetween <uu ana ow, . ri-i.- p_j VrioaHM 

r * aI - v - . a, J wtb provocative if years ago. Sir Francesco Coco, attempting to inflict the biggest have seen themselves as an- orinclpallvacted 

somewhat unmemoTable names. Procurator General of Genoa defeat the Italian state has ever armed “marxist” group fighting Lit nf 

..Tost feed on the disillusion- who was investigating the abdoc- faced in the last 30 years by in the name Of popular forces “ e n "™ maustnai oei o 

” — ***ai»*-*«<wu- wuu was imeauj'duus uic rfuuuc- mcea in tne isun on years oy in me mme or popular xoreea 

men, and frustrations of tens of tion in 1972 of another magis- preventing the trial from taking against the- fundamental struc- tn f_ co ^ try ' 

thousands oF students without trate by the Red Brigades, was place. tures of Italian society— in cl ud- The extreme Right too has rts 

v Prospects, and crammed , in shot dead only days before the The Red Brigades, who are ing the apparent political truce ovm breed of terror groups, come 
umver^ftlM now - transformed trial was due to onen v. ji . _ .. . uriffi the rommi.niete now with links in the Franco days 

Two Soviet 
touch down 

universities now transformed trial was due to open. believed to have linkc with the wRb the Communists now with links in the Franco days - 

Into what slogans on the street Last year, following another directiy supporting . a ne^v with Spain, others deriving BY DAVID BUCHAN ~ J : ■■ 

wail? call^ factories of tmem- terror campaign, the court was West German Ba a d ®p Memhoff Christian. Democrat administra- Inspiration from the Mussolini [OlICll flOWH'* BRUSSEL 

plnyment. The human misery unable to constitute a jury, movement, have openly dedared UoiL They emerged and fed on and the Hitler era. But in T ««« OFFICIALS disclosed to- pricing policy, 

in the depressed south and in Finally, after enormous difficul- in what they term as their the discontent of the more ex-, political terms they are more n—y satt^ dTv that the Distillers Company whether the withi 

The working class ghettoes or ties in forming a 14-man jury. “ balance-sheet “ that their activi- tremist elements following the isolated. They are often the 7 Mrt(irnw „ . Tft . last we ek made its long two brands from th 

nnrfhem industrial cities fuel the bearings opened last Thurs- ties have laid the basis for a student revolt of the late 1960s spark used to justify a con- MOSCOW, March 18. - * aDDeal the European constituted an iH« 

This frustration. Some are said day civil war in Italy. They attack and at a time of the so-called certed wave of violence by the TWO SOVIET cosmonauts com: of j\5t ice The appeal is dominant position. 

;o have links with other move- The defendants were manacled the trade union movement and “strategy of tension” when ex- Left extremists. - pleted man’s longest journey in comm mling BntEEC official 

By David Satter 

MOSCOW. March 16. 

Distillers launches appeal 
against EEC price ruling . 


• BRUSSELS. March 18. 'jtZ 1*V 

EC OFFICIALS disclosed to- pricing poliey. In particula , 

EEC OFFICIALS disclosed to- pricing policy. In particula 
day that the Distillers Company whether the withdrawaj. of tb 
(Pril l last week made its long two brands from the UJL mark* ' 

expected appeal to the European constituted an iHegal abuse c 

Moro kidnap strikes at heart of the political system 


ROME, March 16. 

BY KIDNAPPING Sig. Alrto ing Christian Democrat politician informally that his party would which overcame tie country. - He Government crisis devised the- Salyut 6 space station 

Moro. the “ Red Brigade M Left- from the southern region of certainly back Sig- Moro. 

SSS^ASffSS^ “ “ court -officials in' Luxembourg ft rPP fc narfy 

Se Lrreeis: party 

BESS ill Jeopardy 

Sa^ut fi ^Knaee ^ nme months to resoJve. By Our OWn Correspondent 

was the first spokesman of the tortuous strategy Which now sees December 10, came through, their U.K. company always made 

1 I V . J -JL iV • Al. .v:_ - . . U fllnfiv fhn f uiAiilri ennAul - 

ATHENS, March 16. 

IT- ’-?:, • 
^ ' 

general political effect. Sig. called “ Ccntro-Sinistra ” or Democrat “ philosopher ” and the tion of his long-ruling party Sig- line s rather than In them. a u.S. Skylab in 1974. •' EEC officials to-day expressed j Q ganger of breaking up. 

Moro was kidnapped on the way “Centre-Left” formula linking only man to have been able to Moro. himself’ a profound Although a southerner, residing Tlw Dewg - ReDC y said that surprise a? the appeal lodged on Formed in the early sortie’ 

to a special session of Parlia- ihe Christian Democrats— who maintain the delicate political Catholic, realised that Italy was, in the port of Bari, his tempera- before leaving tee Salyut 6 apace March 8. (Following the Commte- by the late George Papandreoi. 

ment this morning in which a had by then lost their virtually balance at a time of growing so to speak, ungovernable with- ment is that of a northerner. He g^Hon the cosmonauts dosed “ on decision in December, DCL the party was badly beaten i 

unique form of Government— of automatic electoral majority— influence of the Communists. out a policy of collaboration, not has managed to succeed without dow _ on-board wstems olhm! R* U-K- Pnces on its last November’s general electior 

which he was not directly a party with the Left of centre Socialists. Even those members of his own compromise, with the Left. ever appearing overwhelmingly w the anaee station to onritimm B,ack a 5 d White, Vat 69. Last month, a leading membei*- 

h„» ....... ntr imKnnlv »h« A TJ T - I ... , .. ..fMAflno tha me JlflUOU W COUtmuB nawqn: Onlmnia Woltar Vlaab- f- U. 

but was effectively the man who A Professor in Jurisprudence party opposed to his political He could* be said to be the ambitious and attracting .the jf.f fHrrbt in tie automatic modp Dewars. /Johnnie Walker Black former Minister Mr. Athauassio 
made it all possible— was to be who has maintained bis regular positions, often ambiguous and only ’ Christian Democrat suspicions that this always For more than a Label, afod Antiquary brands, to Canel lopoulas. quit to become a 

3PPrOV6d iMflHswivtai DAwMviilMnvila aifc Dj ii mi ... • ... • ATWVOrlrillPC _ • “* " ' ul V U V 1 tllaftt nifitti tt)A l%W?ff*OC ifr IndAMAtufanf 

pravea. Ipc hiring commitments at Rome cloaked in a language now politician never to-fcave been engenders. . their arriml on hnard the Qaivnt ajl * ,i l t* Ui Wlin 4 IC ^ riTO 11 muepenacm. 

It was indeed the Christian University, he is perhaps the generally known as “Moro- soured by scandal At the same ^ kidnapping today is not * V L 11, chargefon the continent It also Earlier this month. Mr. Ioanni,^ 

.mnnmt nhiin-,- r— l ^ . ... n .l» « rn, hi, A»m lurfv alx - X\l«IianeUKO aDQ UT. T.lmnU ...v. -.1 ■ 

em with the prices it independent. 

* Democrat Party Chairman, for- Christian Democrat most trusted teismo,” regard Sig. Moro with time , be is undoubtedly the only a disaster for his own party, cWdikn carriPi ‘XfttTfic withd/w the Johnnie . Walker Zigdis, who was elected chali 
raerly five times Prime Minister, by the Communist Party. He is a sentiment of awe and respect Intellectual leader : hr hi® parts’. » could .also have serious reper- - ” ^ Red fcabri.tend Dimple Haig man of a three-member prov 

- who was instrumental in ending regarded— at- least until now— as given to no other Italian political His capacity fOfwMtfii enorm- f0T Communists. -bran^irfrtwr thg-UrR: nmrice t sTofial ruling^ committee follov" 

Italy's latest two-month Gsvern- the most likely candidate to figure. ous. He likes to plot every Although never an ally, and more Qn jaL,^ At the time, the Commission ing the resignation of Mr. Georg 

merit crisis with a political for- become the next President of (he Those close to Sic. Moro look conceivable long-term implies- often than not a dangwous yiadimlr Dzhanibekov and- Olec was clearly taken aback by the Mavrds as party leader, expellet 
mula which will, for the first Republic when President upon him as a fatalist For 30 tion of even the smallest altera- enemy, the Commimists have Makarov in the first double dock- methods DCL chose to comply five leading members of th 
time in 30 years, see a Christian Giovanni Leone steps down at years, be has been at the centre tion in party policy. It was he, always seen in Sig. Moro a man . in _, ace Qn March 3, with its decision. It had hoped parliamentary committee of th 

Democrat minority administra- the end of December. A leading of power in Italy and during that even more .than the Prime prepared to listen impartially to thg g oynz gs space stafp, carry- that prices in* the rest of the party. Thev had accused him o 
tion. supported by Communists, member of the Communist Party time he has seen the dramatic Minister Sig.' Giulio Andreotti. their position. f Soviet cosmonaut Alexei EEC would be brought down to exceeding ‘his competence am 

Sig. Moro. the 61-year-old lead- Central Committee recently said if gradual political changes who in the latest 54-day Italian Feature, page ZZ Gubarev and Czech cosmonaut UJL levels. It . was then the mandate he had been givei 

Vladimir Remek docked at the announced it would - study the and charged him Of trying to nu 

j ; — space station. . / ' legal implications of •pCL , « new the party dictatorially. 

Companies Both sides in W. German print EEC growth 
Turkish dispute ready to resume talks 

AU Jhese securities having beat sold, this announcement appears as a matter of record only. 


February 27, 1978 



BONN, March 16. 


WEST GERMAN newspaper pub- Stingl, whose prestige in labour omy at the turn of this year 
By Metin Munir lishers and leaders of the print- relations matters is unrivalled, emerge from the Bundesbank's 6u *L5*v K ctSt 1 o 7 ** v i« 

ANKARA. March 16 ere ’ unl ®“. IG-Druck. have both managed to get the two sides monthly report for March. ^ * 

c -AT.PC f\tr t u , , 1 ■' declared themselves willing to closer to agreement on the heart The West German central FRESH INDICATIONS that 

St .owes OF local ana foreign reS unae negotiations In response of the dispute — the status of IG- bank notes that during January, furth er reflationary action by 

companies in Turkey are facing t0 night's televised appeal Druck members now holding manufacturing output ran : at a EEC Governments may be needed 
serious financial problems by Chancellor Helmut Schmidt highly paid skilled jobs once rate a full 3 per cent higher produce a satisfactory level 

hecausp or the recent 30 per to-dav there were no new, electronic printing equip- than during the fourth quarter of economic growth were 

S d SS5S n roSces «id P^mre s&' of p^ce move^ »eot is introduced. * 1977, an! 1.5 per cent? above %?«**!?*%*? S%»S 

to-dav 00 P30y S d although Herr Schmidt's chief Some improvement was. how- the level for December. 

- . . . trm.hlpohnr.tpr Hprr Hans- pvpr. m.irfp hv thp pmnlnvers in gTOSS_domeStl_C product (GDF1 in 


City of Oslo 

(Kingdom of Norway} 

deposits in the Central Bank into Srauiie th^two*^ ilteto' «re? *MeaowH^ l °the ittfce'of some dun JJ S than ^4?“^ I 'wrd revision of the 3 J per cent, 

imo with the new exchange rate. fttpJ ht envl5? n r quarter 1977 average ,( though growth forecast at the last EEC 

Importers were obliged by the l0 j! u“ h^the ChaSort Wu^m£ %oSh SS good weather helped here >. Finance Ministers’ meeting less 

SL2*"*B** 'J! j&ift Sffi. Si “JH 55 H.*L= S!-J 

6.6% Yen Bonds First Series (1978) 

due 1990 

nViVnt h.s now/said they tens, SSL^S^S^S flJLVlS h ta " ?» K 

ray on extra 30 per cent into £ gain under , he chairmanship of nhmtT^SnloylL: some -^o 000 b “" °/ a , few larg^ Mriers. tba t the Community as a whole 
ihe Bank to make op for the Herr Josef Stingl. head of the frJS, nexf Monday" ’ especially for large rapita? pro- man ased to increase GDP by only 

devaluation. non-political Federal Labour *Th!' eXS fedeSti'on has 3GC S overseas ’ can <“*«« ^ per cent last v car This 

In ca«h terms it means that office. picture. contrasts with an EEC forecast 

prtrh rnmnanv mu«r nav IHp n... - .u.j - - sought a number Of injunctions Nonftthelp**. it . rauMouslv nP n « n «- Mint miii» ac latp a« 

Issue price: 39 . 10 % 

contrasts with an EEC forecast) 

each company must pay the H err Stingl presided over an the^ngmeeriu" workera ' „ N S nethele ?' * St ' “ u ^ u5!j nF 25 ner mad « ** ,al ® « 

difference between the pre- unsuccessful series of talks last " m it* alludes to the first signs *of an November last vear. The latest 

devaluation lira which was worth weekend, whose breakdown was i irmrf hl rn-k i n ^ f a nnrv im P act on new foreign orders I figures are like 1 ? to be seen bv 

T.V..M weewuu, wuuay uwanuuwd was mamharc frnm M/ioIri no lipinn' ‘““6 “ ,,, uk j -v ... 

77.19.25 to the dollar and the follower by the employers’ ™ from the Deutschemark’s efimb—j s^mie leaders, notably Mr. James 

new rate which is TL25 to the national lock-out on Tuesday. mainl - v seeD in the brmging- Calls rfian. the Prime Minister, as 

leaving West Germany almost 'nnLra . forward of many contracts for lending further sunnort to their 

The Nikko Securities Co* Ltd. 

"»«*• leaviug utniutuj (UIUU3L j * •nnmra n f - 1 i-uuuo^ icummir >iuLi-raA 

The Government has made the totally deprived of its written not approve or. signature before the end of 1977. argument that the Western 

vision retroactive to cover all press since Wednesday morning. • Further signs of a strengthen- so that the January figures ap-i industrialised economies should 

decision retroactive to cover all 
cash against goods imports from 
February. 1977 It was then 
that the Central Bank refused 
any further transfers, to pay for 
imports because of a desperate 
shortage of foreign exchange. 

But much of the goods for 
which the extra deposits are 

press since Wednesday morning. • Further signs of a strengthen- so that the January : 
It is not clear whether Herr ing in the West German econ- pear abnormally low. 

Daiwa Securities Co. Ltd- 

Centre-Right faces power con] 



aeree on a package of co- 
ordinated measures to counter 
the recession .when they hold 
j thptr summit in Bonn next Jirtv 
/"bT The Commission a 35 
V* "er cent increase in GDP for the 
U.K. this ypar. broadlv in line 
X6. with the Government's projec- 
tions. The onlv country fore- 
rafi Of east to grow faster is Ireland 
et M. w ,-th expected 6 per cent rise 
“sum- in GDP. 

The Nomura Securities Co„ Ltd. 

Yamaichi Securities Company, Limited 

being demanded have long ago tions. The onlv country fore- 

been imported and sold or VICTORY FOR the Government Minister, the UDF generally sup- M. Jean-Pierre Soisson, oa of east to grow faster is Ireland 

otherrwise disposed of. say ' the in the French general election, ports his policy — a policy which the Centrists' leaders, ret M. with an expected 6 per cent, rise 

company sources. now slightly more probable. M. Chirac is challenging. Agree- Chirac at an Elysee Pala« “sum- m GDP. 

One reason for the Govern- seems likely to herald an intense ing on economic strategy, parti- nut” more than a moo b ago Before the summit the pros- 

ment*s decision is thought to be power struggle within the ruling cularly if the unions are malting and has spoken to him c ily by nects fnr reflationarv action are 

ns suspicion that many of the coalition. life difficult may be a serious telephone since. He seat * 7®- to be discussed by EEC Govem- 

gaods have already been paid The .Gaullists will probably P™Wem. . luctaut M. Jean Lecanuet <> this ment leaders in Copenhagen on 

for with foreign exchange ob- have their National Assembly " M- Barre dos oot stay in week’s meeting with Ml iMrac Auril 7 and 8. when the Com- 

*»" «*•« m — * e — ~ ,i — !. to discuss electoral arrange nenis. tnigpinoer for Economic Affairs. 

M. Chirac stiU believe ' that M - Francois Xavier Ortoli. wDl 

The Nippon Kangyo Kakumara Securities Co^ Ltd- New Japan Securities Co Ltd. 

Wako Securities Co^ Ltd. 

Merrill Lynch Securities Company 

■ Tokyo Branch t . . 

Sanyo Securities Co^ Ltd. 

Okasan Securities Ltd, 

t ained on the black market or strength cut from their present 
by payments from third 170-odd MPs, The Centrist UDF 
countries. alliance is likely to come closer 

The Government is not accus- to them in representation tban 
ing them publicly, and the ^ey were in the last Partia- 
compaoies are reluctant to admit m eut- The UDF itself is hoping 
they did make illegal currency that, with its allies, it may 
transactions. approach the 128 seats it thinks 

The difference must be paid the' Gaullists may win. 
over three months starting from It is expected that M. Jacques 
March 2 in three equal instal- Chirac, the Gaul list leader, will 
meats. Alternatively, importers want to impose his party’s poli- 

te discuss electoral arrange uents. Tnigsinuer for Economic Affairs. 

M. Chirac stiU believe that 5l - Francois Xavier Ortoli. will 
the UDF is an anti-Gaullh Coal- present recommendations for 
I tion bidding for a Social kmo- which might he taken, 
cratlc alliance which will solate These are also expected to be 
his party on the Right. Hi clash examl ned at a preparatory meet- 
with M_ 'Soisson was ovt ' the Finance Ministers in 

formation of the UDF. Vf I tL* 8 *- 5 
«r* « -jJJ J, n riewr of the EECs repeated 

To make the situation! more .failure to achieve its nasi 
complicated there are a» con- growth ohiectives. M ortoti^s 
Jhcts within the TOFTfulujglnnt npeetefl jo t^'to rtntt 
triumvirate of Iff. _SoIss>n- M. | explicit new guidelines from the 

Osakaya Securities Co^ Ltd. 

Yamalane Securities Cb, tm 

Dai-ichi Securities Co_ Ltd. 

Xoeb Rhoades Securities Corporation 

. Tokyo Branch 

Koa Securities Co. s Ltd. . ■ ■ Koyanagi Securities Co, Ltd. 

Marusan Securities Co, Ltd. Tokyo Securities Co., Ltd. Toyo Securities Co^Ltd- 
Yachiyo Securities Co, Ltd. : The Chiyoda Securities Co^ Ltd. 

Ichiyoshi Securities Co^ Ltd. . The Kaisei Securities Co, Ltd. 

Maruman Securities Co., Ltd- Mtako Securities Co., Ltd. Mito Securities Co, Ltd- 
The National Securities Co., Ltd. -Nichiei Securities Co, Ltd, 

The Toko Securities Co, Ltd. ■ Towa- Securities Co,, Ltd. 

meats. Alternatively, importers j want to impose his party’s poll- . 4 .. .... SSSi Jfjff 11 . r tb fr l ?Fi«r U sf i nnt , eTpected t0 t} Y i0 e^raet 

may withdraw their import cies on the Viovernment. claim- ms post, bis successor is unlikely tnumvirate or W. . rxphcit new guidelines from the 

requests. ing that the Gaullists remain to be close to M. Chirac. M. Alain Lecanuet, ana M. jean-j acques: ti^ads nf government. Instead he 

Reliable sources put the the country’s biggest party. PeyreGtte. one candidate, is some- Servan-Schreiber over lot i term . is likely to concentrate on per- 

amount of Imports which would H© has already indicated tbat thing of a lapsed Gaullist and objectives. jsiianinjz them, and particularly 

be affected by the new iceisla- he will press For reflation, de- M. Jacques Chaban-Delmas, Pre- In other words, while a mmen- Chancellor Helmut Schmidt of 
tion at around Lira 1.5bn. during signed to bring a rapid return to sident Pompidou's former pre- tators have concentrat d on west Germany, of the virtues of 

1977. full ; employment. His party is mier is far from being a Chirac- pointing out the difficu 3es a participating in a programme to 

- industrialists are prepared to concerned about the long-term supporter. M. Barre himself’ has Socialist-Commnnist ct aiition which each EEC country wbuld 
admit in private that they were political damage that uoempioy- already dismissed calls for refla- would face in agreeing p * J cy, a contribute, 
obliged to buy foreign exchange ment could cause. tion as “stupid." GauUiat-Ontrist coalith a is PKtKOtl rom ^ , 

from illegal dealers in order to Even :f M R.-iymnud Barre Personalities may, in fact, likely to he under strain; umost {**? • s ’ 

guarantee the flow of imports, i does not remain as Prime prove a considerable difficulty, from its inception, ; shom cim 




ar »tis f, 


( i reel *■ 



U C . ISRAELI TROOPS and armour 

■ IllVt'llCvllTICF seemed .to-day to have hailed 

• ^ IliJi J B their advance into southern 

. • w Lebanon, although aircraft coo- 

a . .. tinued w strafe and bomb small 

TAl^VkA^/vva - areas of Palestinian resistance 

fi UrlElrf I II fill f IT lhat remained within an apprmri- 

ItlUilUlI vl mate six-mile security belt from 

the border. Heavy air attacks also 
— took place against Palestinian 

new ueace force 

MT r**" - tions of the Israeli occupation 

. . - seem suddenly to have been ' 


provide the backbone of the Arab 

ISRAEL AND the U.S. are dis* stated intention or remaining m Peace4seeping force in the 

cussing the establishment of Lebanon until it is assured that country. At a Syrian check 

®me form of peace keeping Palestinian guerilla organisation Point, near Sidon .troop* this 
force io southern Lebanon will not be able- to use it as a afternoon suddenly began turn- 
occupied over the last 48 hours, base for operations, is spurring l n 3 back some of the thousands 

Mr. Simcha Dinitz, the Israeli U.S. to find some form tf pf refugees that are flooding 

ambassador here, said this morn- biteriiu solution Chat wiii make “wards the capital., 
tug that what ' it will take for Possible resumption of the Evidence that the Israelis had 
Israel to pull out of Lebanon broader Middle "East peace talks, stopped their advance, at teas* 
will be precisely an arrangement Thi s morning’* condemnation temporarily, was provided when 
that wity prevent this area from of tfa e Israeli : occupation by correspondents made contact 
becoming again a base of President Anwa Sadat of with them for the firet time, 
guerilla activities has given the Task even gTeater albert in a not-very-amicable at- 

Mr to twit a i«* „ urgency. Unless- Israel with- mo&phere- Moving south from 

tel p i t, draws speedily, it- .is felt here the port of Tyre — little more 
iShTni^ JSlL S 1481 Mr - Sadat’s already, difficult than 13 miles from the Israeli 

occuoiSf TOp PO if? Position in the Arab world will border— tiier e vras progressively 

become close to untenable. less evidence of Palestinian 

abUify of the Lebanese army to- Some minor consolation is fije 

perform such a task, though Mr. being drawn here from the fact . five 

Diniti hinted thatthe U-s!might «>« «.e Syrian aiw has t,m '*}«<«« ra * 

consider training it retaliated against the Israeli in- on , T , 

Close encounter of the Israeli kind 




j§ BElRU Ti 

1 Air Attacks!^ 


f:' ; r . ' - 




F J {Syria 
i ** 0 


7 fDepthof] 

> Israeli 
: Invasion 

tank - reinforcements roll into Lebanon through the 14 good rence,” erected to allow Lebanese Christians 

through to Israel following the civil war. 

r colleagues." Earlier, houses in a narrow street adjoin- among some younger people a aerial activity was a strongly 

treamug re. vasion strateeic mfliterv exDortc Going forward on foot with to all your colleagues." Earlier, houses uj a narrow street adjoin- among some younger people a aerial activity was a strongly 

A more- probable development, f ee j t h_ t tbe lsrada advance un the sound of Israeli bombing however, the Israeli troops ing-tbe port. bitterness that cannot serve the limiting factor, 

at least in the short term, would t0 «, e banks of the Litani river runs in the background, we saw Proved more sympathetic to an According to eye-witnesses the Israelis well for the future. The At the he adquarters of the A! 

be the introduction of a United ^ siimificantiv atteagthened the Israeli troops who had occupied ambulance from the Lebanese planes struck as housewives were number of guerillas they have Fatah guerillas in Sidon. the 

Nations peace keeping presence i ara eti military nosftxon aeainst a farmhouse close to the sea- hospital in Tyre which had been waiting for the local fishermen killed in the present operation commander of the southern 

in the area. The U.S. is -under- v - 04 show Wot at an niM .«»>? h,*. allowed through to collect a to begin selling the day’s catch seems certain to be more than militia. Mr. Salah Tamari com- 



in the area. The U.S. is -under- 
stood to have made It clear that 
t will not send Its military 
personnel to Lebanon. 

shore. Not at aH pleased, the allowed through to collect a to begin selling the day’s catch seems certain to be more than militia, Mr. Salah Tamari, com- 
infantrymen took up crouching Patieo* from a village that had and there was just one Pale- matched by the quantity of new plained angrily about the atti- 

nrilitary Cairo— positrons with M-I6 rifles at the been overrun yesterday. 


con ; ready and shouted to us to come Both hospitals in lyre bad than a dozen civilian dead. 

stinian victim among the more recruits they will have created- 

the front line settles Western 

Britain and other 
countries which had 

— J omno J r |_ T yy ■ _F ,u-vuiwu LV w LI# LI/UJC ui * Jiv UAU _ Wijvc UIC UVUI nut 5CI UW »v WUVI as vuumuw ** uilu *■«« 

Israeli, government’s °cmnea uie israeu mvasiun or forward. They frisked us. and been cleared -of all but the most According to doctors many t>F down with clearer lines between condemned ihe Palestinian raid 

j{y.» TTfV - 

1 w-jt! mv? 
- * : 'i 

:|'.F ‘ >. - ’ ■' ‘*'1 

Lebanon. __ . . then woTd came from the com- seriously ill patients this morn- tie dead and wounded were guerilla and Israeli positions the into Israel last Saturday but did 

„ uairo radio qimtea mm as tell- oi an ding officer who was with ing to allow for the stream of women and children. They said Palestinians and their left-wing not match this with similar con- 
ing representatives -of African two Centurion tanks .and an casualties that were expected to that there was no possible Lebanese allies will begin demnation or the invasion nr 

parliaments: If Israel has the armoured personnel carrier start arriving from the main " military " target within a occasional hut very limited bar- southern Lebanon, 

military strength; we .too have about 20 yards further back. battle zones. The town was hit couple of miles. assing attacks. By noon to-day But despite the mauling that 

military strength. “You reporters, now listen, yesterday by Israeli fighter Reaction among the ordinary there were signs of guerillas some Palestinian units have 

President Sadat railed a meet- Go away from here and do not bombers - and to-day people were - Lebanese of this town -is one of moving up hesitantly towards suffered, especially from the per- 

ing of Egypt's National Security come hack. If you do you will be still searching for victims among deep misery, bewilderment at where they believed the Israelis sistent and heavy air and amt- 

Council for urgent discussions. treated as spies. And tell that the smoking ruins of shops and the -severity of the attacks, and had balled, although constant lerv bombardments it appears 

At the same time ah Arah 
League meeting in' Cairo heard __ 

SLwSK Syrian soldiers man air defences around Beirut 

wake of the Israeli. invasion of 

• David Salter reports from 1HSAN HtyAZl - . BEIRUT. March 18. 

Moscow: The Soviet . ' Union ‘ 

tbday officially condemned Israel SYRIAN SOLDIERS were to-day witnesses reported that Israeli telephone with Coloner Houari as “mopping up operations” in Lebanon until there is an 

and called lor international manning anti-aircraft guns near fighter-bombers bombed and Boumedienne of Algeria, while the south, the guerillas were arrangement banning Palestinian 

action to bring the the Beirut - international airport strafed pockets of Palestinian Mr. Abdel Halim Khaddam, the still entrenched in Arkoub area guerillas from the region. 

Syrian soldiers man air defences around Beirut 


BEIRUT. March 18. 


by leaders of the Palestinian sources here. 

Steadfastness Front” Although the guerillas have lost 

. nas asiteo me u.a. io lueuiaie un 

Fatahland, according to this question. U.S. diplomacy 

was instrumental last September 
in the establishment of a truce 
in the south. 

Meanwhile Moslcin-dominaied 

Palestinian guerilla 
Soviet-made SAM-7 

immediate withdrawal' of Israeli and around the adjacent resistance in the forests near Foreign Minister, called on Mr. on the slopes of Mount Hermon. officials however see 

troops from Lebanese soiL Palestinian refugee camps after Bint Jbeil, the commando strong- Yassir Arafat to reassure him of the 40 square mile patch of „ nmp hone in the fact that 'i*rael 

The Soviet News 1 Agency Tass yesterday’s air strike by Israeli hold overrun by Israel yesterday, continued Syrian support. Mr. rugged terrain which the Israelis has a c feed thp u S in mediate on 

;- r -: i- said in a special statement that planes hi the vicinity. Air strikes were also reported on Arafat is seeking a meeting in call “ Fatahland," according to *his auestion ' II S dininmaev 

Israel -is guilty of ^direct Yesterday Syria announced Palestinian positions at Qantara, Damascus by leaders of the Palestinian sources here. wac : nKtrf , mpn fai iaci qanfpmhpr 

aggression" against' Lebanon and that its air defences were being about 10 miles north of Bint so-called “Steadfastness Front" Although the guerillas have lost lh _ p S tahHchmpnt of a rrucc 

that the whole re^ponribility placed at the disposal of the Jbeil. The Palestinian News to discuss moves against Israel, their forward positions in the , h . 

•lii s . “for the consequences of the Syrian-dominated Arab joint Agency Wafa said Palestinian according to Palestinian sources, south, their strength remained ‘ . , 

fresh aggravation of the Middle peace-keeping force serving in commando forces were firing Syrian anti-aircraft guns went substantially intact. _ Meanwmie Mosicin-flnimnaiea 

iSSOir East situation is borne' by the Lebanon. rockets at an area near the into • action yesterday when president Sarkis and his , West ^f 1 ™ 1 ^ as on J™ 

government of IsifaeL" • Reports circulating in political Israeti border viUage of Metullah Isn«l raided Ouzai on the Government have devoted their 

Tass Mid that ' the Israeli circles here say that the Syrians in retaliation. southern outskirts of the entire attention to the situation as ^ ass l na, 'P n 0, 1 ‘ ne If,.." tk 

invasion could not “have been were bringing into Lebanon Syrian troops, however, have Lebanese capital. Israel, hasarising from Israel's occupation hi'u, 

carried out "without at least tacit mobile SAM missiles for -use remained north of the Litani acknowledged the intervention, of as much as 640 square kilo- ^ i T LILfi. ‘ 

■ ■>;•*! support" from the WS? and bears against Israeli jet fighters should river and outside the area where hut said that its forces did not metres of Lebanese territory, JD8er d « ain5 i israens 

out Soviet warnings ' that the they approach areas where Syrian Israeli troops' have been active return the fire because they did Officials here are deeply dis- The General command of the 
. . Israeli occupaion of 'Arab lands troops are located. The reports against Palestinian guerillas not want to drag the Syrians into turbed by the announcement Arab peace keeping force has 

firing , can only “create a situation lead- could not be immediately con- during the past two days. the conflict. yesterday by Mr. Menahem appealed to the public to exercise 

into ing to military ciakhes ■ and firmed. • President Hafez al Assad of As .Israeli troops were to-day Begin, the Israeli Premier, that restraint and to abstain from 

. fraught with, serious, aftprmitbs." • According .to Reuter eye- Syria last night conferred on the conducting what were described his troops will not puli out of armed demonstrations. 

• - x * 


that as a nueriiia force it is not 
seriously weakened. The prob- 
lem for the Palestinians, for the 
Lebanese authorities 'and for the 
Syrians, is essentially one of 
Jerritory. Having been driven 
out of the camps and villages 
they controlled near "the Israel: 
border, the Palestinians and 
many thousands of Lebanese 
refugees are beiua pushed m*n 
an increasingly small area where 
there are already strongly con- 
flicting interests. 

It is already being suggested 
that the Israelis will seek to 
bring into the border area that 
they now sontrol an increasina 
number of Riahi-wing Christians 
who fought for -so lung and hard 

auuinsi (be Palestinians during 
the Lebanese civil war. Thw 
would provide the "friendly" 
force that would make the 
Israeli border more secure 
against pusciihle guerilla inrur- 


For Mr. Yasser Arafat, the 
leader of Al Faiah and chairman 
of the Palestine Liberation 
Organisation, there is n con- 
siderable dilemma. Hi* relatione 
with Syrian President Hafez A! 
Assad "improved ‘considerably as 
a result of Esjptian President 
Anwar Sadat’s peace initiative, 
but not so much that he would 
welcome the yrnspect of h;s 
silent la fighters having to move 
into a part of Lebanon con 
i rolled bv Syrian troops. Equally 
he ever wary of an assault by 
the Christian militias anxious to 
capitalise »n the Israeli invasion 
by finally ridding Lebanon of the 
Palestinian presence — their de- 
clared aim. 

The Israelis have. . for some 
time. been supplying . the 
Christians with weapons, ammu- 
nition training, medical sup- 
plies and gasoline through the 
•• j;ond fence “ erected during the 
civil war. 

Ai thi.- stage it is probably 
not the material damage and loss 
that is most worrying the Pales- 
tinians hut the overall effect the 
Israeli invasion will have on 
their freedom of pulictieal and, 
to a loser extent, military 

But it is not thought by senior 
PLO members that this was the 
primary Israeli objective. These, 
they claim, are the extension of 
their wholly predictable expan- 
sionist policies that have charac- 
terised the Israeli state since its 
birth in 194S. They bitterly con- 
trast the 11 Palestinian guerillas 
who carried out the terror raid 
near Tel Aviv last Saturday with 
the estimated 25,000 Israeli 
troops which crossed into 
southern Lebanon. 

They think it unlikely that 
Israel will be persuaded to with- 
draw in the near future and 
enuid even use the territnry that 
it has acquired as another bar- 
gaining counter in negotiations 
with President Anwar Sadat. 

However, on one thing senior 
guerrillas leaders do agree: if 
Israel thought that by carrying 
out the present operation it could 
prevent further raids being car- 
ried nut inside Israel and the 
occupied territories 'it will be 
proved mistaken. 

Just in case you feel like combining 

business with conviviality 


- . Mif> 
1 ^rR >N t‘ 

In Belgrade: 

“Zrvili! ri - Your health. . 
Swissair flies to Belgrade every day. 

In Warsaw: 

"N a zdrowie! D - To health. 

“$fo Lat! u - A hundred years. 
Swissair flies to Warsaw 5 times a week. 

In Bucharest: 

"Nome!" - Lots of luck. 
"Sanatate!" - Your health. 
Swissair flies to Bucharest 4 times a week. 

In Zagreb: 

“iivili!" - Yourheafth. 
Swissairfiies to Zagreb every day. 

. : jyJ 


In Moscow: 

"Na Sdorovie!' 1 - To your health. 
Swissairfiies to Moscow 4 times a week. 

In Sofia: 

“Nazrirave !* 7 Yourheafth. . 
Swissair flies to Sofia twice a week. 

In Prague: 

“Na zdravP.” - To your health. 
^AfsIouSll* -To yours, 
Swissairfiies to Prague 6 times a week. 

In Budapest: 

“Eg 6 szseg 6 re!“ - Your very good health, 
“Naszerbuszi” -Your servant 
Swissairfiies to Budapest every day. 

YourlATA travel agent or Swissair will 
gladly provide all further information. 
For instance, on the best connections 
via Switzerland. 





hit by 
yen rise 

' NEW YORK. March 16. 

JAPANESE businessmen are 
coming to the limit of their 
ability to absorb. the sharp appre- 
ciation of the yen, Mr. Michibifco 
Kunihiro, deputy Director-Gen- 
eral in the Japanese Foreign 
Ministry, told AP-Dow Jones. 

U-S. commerce department 
figures show that between Novem- 
ber. 1976 and November 1977, the 
unit value of Japanese exports 
declined 6* per cent, in Yen 
terms. This means that Japanese 
businessmen aren’t passing on to 
consumers the full impact of 
the yen's rise on the foreign ex- 
change market. 

Mr. Kunihiro said one-third of: 
the nation’s companies are run- 
ning at a loss, and total unem-j 
ployment, including about 4 per 1 
cent of the population being kept 
on at companies as “excess 
labour,” is now 6 per cent 
The answer to the dilemma, he 
said, is increasing Japan's im- 
ports to cut down its huge trade 
surplus, not cutting back on ex- 
ports," which would only throw 
more people out of work. Both 
Japan and the U-S. agreed in 
January that import expansion is 
die answer, he said. 

In Tokyo, Mr. Tosbio Konroto. 
the- minister for International 
Trade and Industry, said he saw 
the need for action other than 
the announced discount rate cut 
and new foreign exchange con- 
trols, to prevent the yen’s further 
appreciation, the Kyodo News 
Service reported. 

Mr. Komoto confirmed to a 
House of Representatives Com- 
mence and industry committee 
session that the -recent sharp rise 
of the yen was hurting smaller 

“The discount rate reduction 
and exchange controls are insuffi- 
cient to cope with the situation 
and" the Government hopes to 
consider taking further action in 
accordance with changes in the 
domestic and overseas condi- 
tions.” he said. 

At a luncheon for the Japan- 
ese' Import Promotion mission 
that- haa been louring the U-S. 
for two weeks, Mr. Hiroshi 
KaWasaki, of the Ministry of 
international Trade Industry 
(MIT1), said Japan isn’t only 
targeting a 7 per cent, growth! 
rate for the fiscal year beginning 
April 1 but is making a " public 
pledge" to reach it 
The executive managing direc- 
tor of Mitsubishi Corp., Mr. 
Tosbihiro Tomabechi, said 
although they found “ some in- 
clination to protectionism " 
amohg U-S. businessmen, most 
wanted a closer relationship l 
between the two nations. 

In' response to fJ.S. business-! 
men's charges that Japan is at 
tough market to penetrate 
because of its protectionism. he| 
said that may have been true in' 
the past, but' “the Japanese I 
market, from now on. is an open] 
market on a reasonable basis." I 
He cited the trade agreement 
reached in January between the 
U.S. and Japan to increase U.S. 

Kunihiro added that Japan is 
conunited to reducing a number 
of lion-tariff barriers at tbe 
Geneva talks. However, both men 
agreed that part of the problem 
is UJ5. businessmen's lack of 
knowledge about Japanese busi- 
ness customs and .the behaviour 
of Japanese customers. 

On- Monday, the trade group 
announced that its current U.S. i 
tour should result in the export l 
of about $l.94bn. of U.S. goods l 
to Japan, but it declined to say I 
what percentage of that trade j 
would have come about in any ' 
case. 5 

China and Japan narrow 
differences over treaty 


CHINA AND Japan seem to have 
broken a long-standing diplo- 
matic impasse over the wording 
of their peace and friendship 
treaty which has been under 
negotiation since 1975. 

Chinese officials called for an 
Immediate resumption 0 f treaty 
talks in a conciliatory statement 
handed to a Japanese politician 
In Peking on Monday, and to-day 
Japan's foreign ministry took a 
tentative step in China’s direc- 
tion in accepting publicly • for 
the first time the possibility of 
writing an “ anti-hegemony " 
clause into the pending treaty. 

Japan has long objected to in- 
cluding such a clause in the 
treaty on the grounds that it 
would manifestly be (Erected 
against the Soviet Union. On 
Monday, in a four-point state- 
ment banded to a Japanese 
opposition leader, Peking pledged 
that the treaty would not be 
aimed at any third party. 

Chinese vice-premier Teng 
Hsiao-ping also told Mr. Junya 

Yanb, Secretary General of the 
Kamel Party, that China would 
respect Japan’s desire to main- 
tain friendly relations with all 
countries — indicating that this, 
too. could be written into the 
treaty to pacify Moscow. 

Mr- Yana returns to Tokyo on 
Friday for talks with Mr. Takeo 
Fukuda, but a shift in Japan’s 
position was already detectable 
to-day at the Foreign Ministry. 
Asked whether Japan has. in 
fact changed its position oh the 
anti -hegemony danse, the 
Foreign Ministry spokesman 
said, “he would not deny that 
there was a time when Japan did 
not really want to have any men- 
tion of hegemony in the treaty.” 

The Chinese statement on Mon- 
day has somewhat embarrassed 
the Government since it was 
handed to an opposition leader 
rather than to the foreign 
ministry directly. Mr. Tajlma, 
head of the China division in the 
ministry's Asian affairs bureau, 
returned from a working visit 

New U.K.-Rhodesian 
meeting in S. Africa 


TOKYO; March 16. 

to Peking yesterday but sources 
say he was not handed a copy 
of the four point statement by 
Chinese officials even though it 
included an appeal for the 
Japanese Foreign Minister Sunao 
Sonoda to visit Peking. at the 
earliest possible time. 

The four point statement 
handed to Mr. Yana by Mr. Liao 
Cheng-Chih president of the 
Japan-China Friendship Associa- 
tion. contained, the following 

L China's desire.- to sign a 
treaty at an early date remains 

2; The treaty is not aimed at 
any third party; . 

3. China and Japan are com- 
mitted not to interfere in the 
internal affairs of .others, so 
“opposing hegemony’’ does not 
mean joint action -by the wo, 
and lastly: 

4. China is prepared to resume 
negotiations on the treaty at any 


Sun Life ! Irish- Americans condemn 

‘under secret T“ ; - - T 1 

pressure not U.K. oVcF N. ItGIHIIu 

to m/ v t r A ^ A - WASHINGTON, March 1(5. 

move . wj“* u * E ? rToR ■ . mats* 



4# ‘ * 


s it- - 

I DR. DAVID OWEN, the Foreign 
Secretary, has decided to send 
a senior official for talks with 
Rhodesian Government officials 
In 'South Africa, ostensibly to 
discuss the Anglo American pro- 
posals for a conference involving 
all the parties to the Rhodesian 

Mr. John Graham. Deputy 
Under Secretary in charge of 
Africa, was due to leave London 
last night for talks in Pretoria 
to-day with an all-white 
Rhodesian official team, led by 
Mr. Jack Gayiard, Secretary to 
the Cabinet. 

However, while a brief Foreign 
Office announcement yesterday 
said that Mr. Graham's purpose 
would be to explain British and 
American thinking ou the pro- 
posed conference, it was being 
officially suggested in Salisbury 
that the main subject would be 
the internal settlement deal 
signed there two weeks ago. 

The Anglo American con- 
ference plan, which was worked 
Out in talks last week between 
Dr. Owen and Mr. Cyrus Vance, 
the U.S. Secretary of State, is 
intended. In Dr. Owen's words, 
to involve all the parties in the 
Salisbury and Malta talks [held 
with the Patriotic Front last 

Bur the plan for a conference 
has already, had .-a cool recep- 
tion in Salisbury, where Mr. 
Smith, thfe Rhodesian ‘ Prime 
Minister and the three nationalist 
leaders have indicated their own 
agreement is non-negotiable. 

Earlier this week, following 

meetings with Dr. Owen. Mr. 
Joshua Nkomo and Mr. Robert 
Mugabe, tile Patriotic Front 
leaders, turned down any con- j 
ference aimed at finding com- \ 
man ground between them and i 
the internal settlement signa- j 

Marie Webster adds: Mrs. 
Margaret Thatcher, the Leader of 
the Opposition, has been asked to 
make a personal endorsement of 
the internal Rhodesian settlement. 
Chief Jeremiah Clurau said in) 
London yesterday. j 

Chief Clilrau. one of the signa- 
tories of the agreement, said he 
had asked Mrs. Thatch eT .when 
he met her on Wednesday. 

Chief Chirau is leader of the 
Zimbabwe United Peoples Organi- 
sation (ZUPOl and lias been 
branded a stooge of the Smith 
Government In some quarters be- 
cause of his support for tbe in- 
ternal agreement and his former 
position as a member of tbe Smith 
Cabinet He came to London to 
see the Foreign Secretary. 

“ l would not say that my wel- 
come from Dr. Owen was encour- 
aging at first because he had 
indicated that he would not see 
me but that I would have to see 
his secretary, to which l objected 
very strongly," he said. 

He said that even when he did] 
meet Dr. Owen they were not 
in agreement. • > 

He told Dr. Owen. b£ said, that 
the Salisbury agreement was j 
** irreversible.’" i 

• R‘«hoo Abel 3fuzorewa flew 
into Heathrow yesterday for talks 
with the Foreign Secretary. 





fffi sa 


• HUU 

E T H • O 



^ / 

I / MW * 

St' . 

i. '■.j -teuci 



Row over Iranian riots 

A MOTION censuring the Iranian 
Government for its handling of 
riots in Tabriz last month was 
introduced in the Lower Housd 
of Parliament to-day. 

Twelve people died and more 
than 120 were injured when 
rioters burned hanks, cinemas 
and business centres in a wave, 
of violence in Tabriz, about 300 
miles north-west of here on 
February IK 

TEHERAN. Man* 16. 

The censure motion, tabled 
by Tabrb Deputy Ahmad 
Baniahmad, asked why tbe 
security- forces in Tabriz bad not 
used tear gas or other methods 
against the rioters “instead of 
shooting and killing people." 

An official enquiry into the ! 
riots said there had been neslect I 
by certain officials. The Govern- 1 
mem has replaced some officials! 
In the provincial administration. 


in Eritrea 

NAIROBI, March 16. ~ 

CUBAN- troops have become 
inFOlred in Ethiopia's fight 
against Eriuean secessionists 
after helping the - Ethiopian 
army to a resounding victory 
against Somali forces in the 
Ogaden region of south east 
Ethiopia, it was confirmed by 
independent sources for the 
first time to-day. 

Diplomatic sources hi Addis 
Ababa said Cuban troops had 
arrived in the Eritrean provin- 
cial capital of Asmara where 
probing attacks had been made 
to test tbe strength of rebel 
forces encircling the' city. 

The sources said, they had 
no reliable estimate pr -itpe 
number of Cubans •afread&'Tn 
Eritrea. Three w«!fcs • ago, 
the Eritrean People’s Libera- , 
tlon Front (EPLF) claimed 
that 2,000 Cubans had been, 
flown to Asmara from Angola. 

The EPLF says the Ethio- 
pian government now has 
about 25,000 . troops in Its 
garrison at Asmara. 

The sources in Addis Ababa 
said a commentary In the 
Soviet communist party paper 
Pravda yesterday was viewed 
in diplomatic circles in The 
Ethiopian capital as laying the 
ground for justifying Soviet 
add Cuban support 

They said Moscow’s justifica- 
tion for backing a big counter- 
insurgency drive in ■ the 
mountainous province appeared 
to be that support for the 
Ethiopian revolution meant 
support against those who 
opposed it. 


By Victor Mpckia 

OTTAWA. March 16- 

THE CANADIAN Government is 
conducting a secret campaign 
to get the 20 largest insurance 
companies is the country to 
press Sun Life Assurance 
Company of Canada, to keep its 
head office in Montreal- accord- 
ing to a Federal UP from 

Mr- Alvin Hamilton, an opposi- 
tion MP. asked the Finance 
Minister. Mr. Jean Chretien in 
the Commons to-day to confirm 
a rumour in tbe financial com- 
munity that officials from his 
department were asking life 
insurance companies to per- 
suade Sun Life to abandon its 
proposed move to Toronto. In; 
return, the insurance com- ! 
parties would be guaranteed a! 
financial plum — continuation j 

of the practice of allowing i 
only insurance companies to j 
convert registered retirement! 
savings plans into life annui- 
ties. the MP said. 

There has been strong pressure 
applied to ' San Life by the 
Federal and Quebec provincial t 
governments for the company 
not to proceed with its plans] 


EIGHTEEN LEADING Irish- British role, but it is balanced 
American politicians unlay <fn- by equally sharp condejnnaUon 
denned violence in Northern of violent forces in Ireland, north 

Ireland and “the violations] of ^ fr'Ktaocd by the office of 
human rights by the BriSsh Senator Edward Kennedy, a 
Government, as found by Jhe Democrat from Massachusetts. 
European Court of Human Co-signatories include Tip 
Rights.” - O’Neill;; Speaker of ihe Hogas, 

'Senator Tbrniel Movnfhan from 
. Tbe statement, issued onjthe New” Ywkf Governors Hugh 
eve of St. Patrick's Day, apeette- rw v ..smd Bvme of New York 
ally called for “more effective jersev respectively, 

leadership” by the British 'Hwilkt&Hr senators and six 
Government to achieve a peace- members of the House of 

ful settlement in the region. . Representatives. m 
“Time and again in . recent The statement said. aU of us 
years," the statement -said,- share the great goal of insn 
“movement towards a negotiated -'unity.** "' But it should not oe 
solution has been halted -by. the Should not be achieved tnrougn 
intransigence of . extremist yiolence. It also endorsed rros- 
elements in the Protestant com- dent Carter’s statement mum 
muni tv. and by Britain’s failure -August, which had also opposed 
Iso far to end the festering stale- violence, urged a negotiated 
i mate." settlement acceptable to notin, 

* The declaration is rather south and the. British Gnvern- 
i stronger meat than that issued'a merit and promised, w wet reaw^ 

I year ago in Its criticism of the vague terms. U.S- financial am 


to investment in Ulster after a 
settlement • 

To-dav. Mr. Carter was due to 
see the' Irish Ambassador hero 
snd Mrs. Mairead Corrigan, 
leader of the Ulster Peace Move- 
ment. Both were essentially 
courtesv calls In connection with 
SL Patrick's Day. 

As is invariably the case when 
An v -prominent U.S. politician 
utters on the subject. of Ireland, 
the statement to-day is broad, to 
be subject to mirrae scrutiny for *. 
hints of changing M-S. POUCjrjra 

^Tbere is. however, no hard . 
evidence to suggest that anything 
is in the offing- If. by soma re- 
mote chance, there were, then tt 
would be discussed by Mr. Carter 
and the British Prime Minister, 
Mr. James Callaghan, when they 
meet here oext week. But the 
U S preparation for that .Session 
does not include briefs for the - 
president to study- op North era 

Coal pact clears first hurdle 

ICUCIAJ ana viueut^ { vril , vfYRK Marrh lfi. 

governments for the company l Y flbHING NEU YORK, Marco to- 

not to proceed with its plans] ■ . „ nnnt > , n »hv reel that they have 

to move to Toronto. The | Tin? LATEST tentative am**, which is 12 ,3 ^„£ aereed^o won ^'important concessions from 
Quebec administration is con-t ment in tbe three-month U.S. Friday. Tbe counci j nr f tbe coal companies in the past 
cerned that If Sun Life moves, i ^ s trike cleared Its fin* hurry up the ratification process K . - - : 

it may lead the way for other (bardie last night when the 38-; which normally «"***« L a SL ! ' red Another factor which may well- 

head offices of large compani« j mem ber bargaining council; of With toe JSJ mfluenoe the vote is a decision 
to move out of the French- { the United Mine Workers’ union for the raemberehip to vote on, 5ecre t ballot on a 

speaking province because or; voted to send the new agreement, a tteo don will switch » ** single day instead of spreading 
new Quebec legislation which -to the 160.000 miners for ratifies- uigton to the coal fields in an gwew ™ “days. Some 

would require bead offices tnition. , , use .n sS?e of Se ibseSSs ax^e tfaattbe heavy 

transact their business tn ■ Rut tHp nact only cleared the rank-and-file. in spue oi we n j — #. j,p last con. 

transact their business in' But tbe. pact only cleared the rsDk-and-fllc. In spue m ne ma j 0rlty against the last con- 
French. -council which comprises union close vote in .the ; ^gaming rejected at tia 

The federal administration has ! district leaders bv* a vote of in the^milon beginning P Qf the montn reflWKr 

been striving to convince the! a narrower majority than that .political dim that voting took 

Quebecois that they are wanted] which favoured the previous itself, it is st«I I wit rnw- tne ™ i 

in Canada. Ottawa is fearful | tentative settlement .^ch the P are ^aring Ear^repom of heavy votes 

that. If Sun Life moves. French [rank-and-file turned down. _ . ^ that lh -v wam to* see against the contract on the first 

M »»e'pr,m of ih. new Pr o- .'i-W.'kM.M 

world is ready to abandon { — — ; 

Quebec. I . a 

ISSHSi Eastern wants to axe cheap fare 

ammunition to convince the 

French-speaking people there ttY , nww WY( m NEW YORIL; March 16. 

that they should vote “yes” In 8Y ,OHN . , . . , 

the referendum on whether (the THREAT to airline CAB that it be allowed to intro- passenger 
Quebec should leave tbe feder- revenues posed by unrestricted duce a modified “super saver cheap fare *e nret Sunday 

ation. (cut-price fares has been aeknow- that would offer discounts rang- after arrival. These fares would 

Mr. Chretien said in tbe House ( 1 edged by Eastern Airlines which lag from 30 to 50 per cent apply from Kennedy, La Guaitm 

to-day that he would check-on [is seeking to abandon its “no-- depending on the day of travel, and Newark airports to ait 

the matter. Outside the House, i frills’’ flights between New York Booking would have to be Florida destinations. - ' 

Mr. Hamilton said that his and Florida which were intro- made 7 days in' advance, Instead There is a strong possibility 

information came In an un- duced less than four months of the 30 riay^ normally associ- that Delta and National will also 

solicited letter prom a finance ago. . ated with “supir savers” and the drop their present policies. 

consultant in Vancouver whom Vuwra started a S55 oneway - . .1 ; i — - 

hp regards as a trustworthy a jj-f are to Florida in December j 7 

Tv u fn M, , B, a rd industrial output up . 

in January that It had decided packed t £ 0 spare DC8 aircraft '-: ^ W r MT 

Sart° V M.* # J« n, "« D oa^d SS ' BT OUfr ' OWN CORRESPONDENT WASHINGTON. March 16 

jt would hold a vote of Kennedy Airport and Miami. " iNDUSTFWAL 'production' in the Business equipment output, 

• ■bfjooojders at a meeting .to -v-«Hrma! Airlines al-n adoDteri U.S. rosefiby 0 5 per cent, in considered to be a reflection of 

beheld in Montreal in mid- a ,Febru W ' Evidence' that tbe the mvestment cHmale in- 

p * Miami became the only major' economy is surviving the severe creased by a healthy 00 per 

' I (domestic airline route t.^lh cut- winter and the coal strike with- cent, in the month, reversing the 

U.Sf industrial output up 


0.5 per cent, drop in January. 

» T • f, i domestic airline route «<.ui cut- ««« “»*« — > — 

f\PW Winoc tnr I D rice fares which were «ot oot serious damage. 0.5 per cent, drop in January. 

l l hedged about with any rejoin- In January, industrial produc- 7 

TIC A t 1 pCr ment for advance booking. The turn had fallen by a steep OR per HrfmJ prices Up ’ 

V/Ja only restriction demandedfey the cent largely l^cause of B rarilian wholesale Dtice 

WASHINGTON. March Ifi airlines was that the passenger two factors, in February, growth Wh' d 1 -SrSFebrSai? 

THE U-S. Air Force plans to putl should stay for a minimum of would have been two percentage from J SSS 

new wings on *11 77 0 f j te seven days. - points higher than n was but for JL un by M dS cenL&Sa that 

issl? , ? < .S- c 2rsay o 4fc a .Mmu. * E«t« n » ««*»,,» earlier .^e Getulio Varga* 

craft at a cost of SL3bn. The acknowledged to-diy that the Su ^« s ’ Foundation reported, according 

wings of the giant aircraft are axoerimenl had’ been “a J anU3 ri economic lo ^p.pj m Kiq de Janeiro. The 

so weak that they could even- *» Tha SS5 fare was onlv stetistics were generally bad. rnrfar based on an average level 

tually fail off.- None has done of ^scheduled -tarlMmnrj have showed^ ' SrignM7*» 100, Is not selsonally 

so to date. appreciable improvement with 8d iusted. The Foundation's 

But. while the C5 is suppoted to tStowSJrtf SSwoe In ^ - e ? £cept Sv? of the '. nflatl “ H%re* are accepted as official by 

have a flying Hfe of 30,000 JLjr Jo statistus Thus unemployment the Government. According 10 

hours, the wings are calculated rSlpnue wh i eh fel1 ro &1 per cenL lasr raopth - the Foundation, the recent two- 

to have a safe life of only 8.0QO offse , t f 2? e if 58 °, K rev ^ nue . while retail sales, down very month drought in agricultural 

hours. As of January 31. each "° { ” sharply in January, managed to states has caused pressures on 

aircraft had logged an average avanaoie 10 regular scneaiuea ac hieve a modest advance. ' prices of agriculture products, 

of 4 ; 12S hours. passengers. Tbe consumer durable sector .t; ■' 7: ' 1 ■ 

The problem with the wings is Eastefn_ needs Civil Aero- showed -the biggest advance in *-<A. CUittPANi NEtVa 

only the latest of various flaws nautics Board permission to outout. In the same month it n*iM n»hi«mc 1 . it it - 

wirh which the air force has abandon the existing fare added 10 its labour force, with M P™ D,enis l ,n , ’ 

had to contend since receiving schedule ahead of the six month numbers employed up 2.7 per »rops u*. smelter pun; 

its flr«t Cas from Lockheed, termination date . originally cent.— car output was the international Harvester in 

AP-DJ planned. It has proposed to the principal contributor Brazil- deal. Page 38 


Air Canada: Right Answer No 1 ; Deficits and party differences 

Imagine you need 2,000 calculators for your chain of 
stationers.\hu want to import them from Taiwan. 
Sea takes too long. Air freight would be best, but you’d 
like to cut the cost. What does your cargo agent do? 

Call Air Canada Cargo 

The right answer is Air Canada’s Sea-Air 
service from the Far East Ilfs fester than sea, 
cheaper than air. Sea-Air can. deliver the 
goods in just two weeks. That's a third of the 
time taken by all-surface transport The 
calculators will be shipped to ’Vancouver in 
oneof Air Canada’s own ‘sea-van 1 containers, 
then transferred onto one of Air Canada’s 
wide-bodied jets or DC8 freighters forBritain. 

More to offer 

Just one example of how Air Canada offers a 
better service for cargo. "We’re the airline that 
flies to more places in Canada than anyone 
else. 31 in all, and another 10 in the I1S.A. 
Our ACCESS computer is probably the 
most sophisticated cargo tracking system in 

the world. And whatever your shipment, 
one of Air Canada’s wide range of containers 
will be the answer. The right one. 

Give us a call 

Ask your cargo agent about us, or give us a 
call on one of these numbers: 

London 01 759 475 1 A 1 1,1 u W 

Prestwick.. 79822 exL 2066 A 

Shannon... 61244 

Birmingham., — 021 742 4860 A+A 

Manchester 0614379490 ( I 

Belfast — 25852 / 

Dublin 771488 ^ 

The Right Answer 


budget presentation leave little threatening in late 1073 and the plan period, or just under beeause of the continued dope 

doubt as to tbe deep-seated early 1974 when rhe price of oil 50 per cent, of the amount to ence of the economy on sag 

problems which have been shot up. Bur then the price of be spent This will' mean a bauxite and rice. The PPP dra 

plaguing the country’s economy sugar on the world market sharp increase in the external its strength from tbe coastal b 

in reepnr >ears. They have zoomed up to £600 per ton from where the sugar' and rice iad 

been accentuated by the return tbe usually staid £100 level, and — 

to confrontation politics between Guyana reaped an unexpected 
the ruling People’s National windfall estimated at about 
Congress (PNC) of the Prime £100m. in 1974-76. It helped to 
M’ntster. Mr. Forbes Burnham, balance . the external accounts 
and Dr. Cheddi .lagan's People's even as the price of oil continued 
Progressive Party (PPP), to rise. 

The budget was In deficir at But heavy capital spending in ■ 
ihc end or Iasi year by £29m. 1976 particularly, coupled with 
(calculated at an exchange rate some expenditure on arm> and 
of (555.00 = £1). The balance of a big bureaucracy, depleted the 
payments was in deficit by £47in. reserves. By the end of 1977. 

The Gross Domestic Product, at when the oil bill reached £40m. 

£101 m., showed no growth, and tup from £8m. \n 1973), and ihc 
eamjngs from the sugar industry sugar price was back to £100 
had declined by 06 per cent, pec ton. there were no reserves 
largely through a strike led tii? to fail back.on. Last year ar> 
the opposition. The situation Opposition-led strike, prolonged 
could have been much worse, because of a dispute owr 
For instance, the payments de- Government handling of ihc 
ficil m 1976 had been over £80ro. issue, cost the economy ,«n 
arid was worsening, but it was estimated £lOin. to lost sugar 
scaled down by £20m. last year, earnings. 

it uos un achievement mad" It has become clear that if Hr For w Buruham : the PNC whrshetee ^ 

at considerable political nsk the economy is to be restored to ’ • lions due- not later iSS tt 

Towards the end of-taij year health, both the payments deficit d.-m burden' -which is now esu- October under the canstitdft 
and early this year the iidmint- and the budget deficit* have to ii.aicrt • by us4 1K C ouomte JitSS 

tImiT ^ un ^. n ®. t0 eliminated _ or reduced to Most uf the -foreign funds will as» an excuse. 

mi°r' e nr mi m 3 , ,000 «^ orK o r h m ^ , 1 ^able proportions. The go U> Ihtee big drainage and Just what the PPP is nreMn 

aiternatlvp 1 inh! mMiU P u ^ ,,c sect0r - wUd L h4s * n, * n *TrigaUoB'-. projects to be com- *0 do is unclear, but 

^ y “I "* cm >' m to « Per .cent pletc-d between 1381 and 1983 ar spokesman has pointedh* ■& 

Stifdte? t »t™«PJ r !?, b K ,,S S a !^ of the economy, is being placed a total cost of -about £60m.. tn- Parliament that recent 1 are 

nl te wm CU f Vv.^'v on 9tr,ct economic footing— rais- voivm- several hundred thousand mamieuvres were intended 

5-S *?'■ fr0m 7 be J5 m g fears ^ Marxist-led PPP acres „f .agricultural lands. Prepare for poJbte atre 

]*] erc T ?dured of a possible entrenchment of mainly to boost rice production, demonstrations—-* ebaroe whli 
lu* * Mr - an 2 capitalism. Cupiml spending will he the govern menTdubbed * tidio 

^ ,0v ^ rnm f n a increased The 30-odd public corporation* coupled wi-ih continuing efforts lmw.“ 

2® c ? 5 ur setferal P uuhc and companies ( including those to chop down the import bill Mr. Burnham the Prin 

1’ llo re- in bausite and sugarl have over while hoisting exports, and nn Minister, ha? shown remarkab 

Jht 8 ( 1 ^ a S e f°re*g n £200m. in assets. They employ rertneinu Government consump- capacity for mairilainin^ etohili 

gxchsmge paired severe ration- 70,000 workers, pay an annual liou. Exports are toweled ^ in a eoimny whkS hS"tSuii 

of wage biU of £45m. and arc in- rise from EIXSm. to £235m. and ally held the in-*redient< 1 ? 

\ periodic short- tended to make before-tax profits imports from £l60m. to £322m„ explosion at any time Thw*' 
urf 8 nL®S?L b8car ^ e , a fact oi of £lO0m - nn revenue of £750m which is es petted to take the reason to believe 1 that 

life, and many capital projects far the plan period 197S-19SI external pavmepts defiett 'down continue m do cn «... 

gerter . aI Tbis sector is expected to pn> from £28m. this year to £12ra in rtear is rhar ih- oiteshon { 

economic picture of Guyana in vide all but £32m of the £256m I5»si ■ - power itself n u T t?ow> 

> ^ ar f. h3F h ^ n distorted investment largei of the plan. The«e and the other targets set and Mr, Burjiham is certain *1 
larc hy the erratic toflueoce There i« a heavy teaninr nn ; n the hu-lcet are all reasonable, face the most serlniin eSutjJ 
or sugar. foriicn loans from both bilateral but will reauire co-oneratioa to his rule tn ih. n .. _i T* 

i tan, m 


FIGURES disclosed by the The sort of problems dogging and multilateral western sources, from all sections of the coup 

threatening in late 1073 and 
darly 1974 when rbe pnee of oil 
shot up. Bur then tbe price of 
sugar on tbe world market 
zoomed up to £600 per ton from 
tbe usually staid £100 level, and 
Guyana reaped an unexpected 
windfall estimated at about 
£100m. in 1974-76. It helped to 
balance the external accounts 
even as the price of oil continued 
to rise. 

But heavy capital spending in 
1976 particularly, coupled v:\ijn 
some expenditure on arm?, and 
a big bureaucracy, depleted the 
reserves. By the end of 1977. 
when the oil bill reached £40m. 
(up from £9m. \n .1973), and the 
sugar price was back to £100 
pec ton. there were no reserves 
to fall back.on. Last year ar> 
Opposition-led strike, prolonged 
because of a dispute over 
Government handling of ihc 
issue, cost the economy .<n 
estimated £lOw. to lost sugar 

It has. become clear that if 
the economy is to be restored to 
health, both -the payments deficit 
and the budget deficit 'have io 
be eliminated or reduced to 
manageable proportions. The 
public sector, which hbs grown 
in recent years to 80 per cent 
of the economy, is being placed 
on strict economic footing— rais- 
ing, fears in tbe Marxist-led PPP 
of a possible entrenchment of 
Stato capitalism. 

The 30-odd public corporations 
and companies ( including those 
in bauxite and sugar) have over 
1200m. in assets. They employ 
70,000 workers, pay an annual 
wage bill of £45m. and arc in- 
tended to make before-tax profits 
of £l00tu. nn revenue of £750m. 
for the plan period 197S-19SI 
This sector is expected to pro- 
ride all but £32m of the £256nt. 
investment taryei of the plan. 

Tftere i« a heavy teanirur nn 
foreign loans from both bilateral 

.Mr. Forbes Burubam : 

dew burden’ -which is now esti- 
mated at IltHhrfc'V:'-'. 

Most uf the -foreign funds will 
go tn Ihtee big drainage and 
irrigation-, projects', to' be com- 
pleted between 1881 and .1983 ar 
a total cost of -about £60m.. in- 
volving several hundred thousand 
acres of .agricultural buds, 
mainly to boost rice production. 

Capita! spending wifi he 
coupled w'ub continuing efforts 
tu chop down the iwpnri bill 
while bursting exports, and on 
reriucinu fJovenmient consump- 
tion. Exports are' targeted to 
rise from £132m. u> 1235m. and 
imports from £l60m. to £322 qu 
which is expected to take the 
external payments deficit 'down 
from £2Sm. this year to £12ra in 

These and the' other targets set 
»n the Su-lcet are all reasonable, 
but will require co-operation 

because of the continued depend* 
ence of the economy on sugar, 
bauxite and rice. The PPP draw* 
its strength from the coastal bolt 
where the sugar and rice indus- 
tries are located. There is no 
great reason ro believe- that this 
co-operation wtil be forthcoming. 
The PPP has been complaining 
bitterly- that in .both. 1968 and 
1973 the elections -were rigged— - 
allegations which the ruling 
party has rejected. Last year, 
the ■ PPP called off its two-year- 
old policy; of critical support for 
tbe administration following the 
collapse of coalition talks, and 
came back with a call for a 
national patriotic front govern- 
meni - between itself and the 
PNC. But the terms evidently 
did 3nt please the ruling party 
ami wer*' rejected. 

jl appears, to be the top 
priority of ihe PPP tu torce the 
rulini; P\ T c to come m terras 
on a national front call: Tbe. 
parly has -openly .voiced ‘fears . 
that the PNC will shelve -etefr 
lions due 'not later than toitf— 
October under the coast itotitio.C 
oy using ihe economic siluatibo.! 
as an excuse. - ..■■.« 

Just what the PPP is prepared ' 
t.O-do « unclear, but * party.’ 
spokesman has pointedly : ~fbld. \ 
Parliament that recent afmv * 
mamieuvres were intended to 
prepare for possible street 
ufimonst rations — a charge which 
the governmeot dubbed “ ridicu- 

Mr. Burnham, toe Prime 
Minister, ha? shown remarkable 
capacity for maintaining stobilitv 
m a cnnnrry which has traditlob- 
■ d ,Jle in aredierits for . 
explosion at any time. There is 
believe that hc.vill 
continue to sn ftur what js 
clear is that the qu^tton Of 

and Mr, Burjiham is certain to 

m J h * . m . 0st . *» rt *»* «h»Ucns» 
to his rule la tht period ahead. 



increase in 
orders from stronger 



irs t liurdi 

ary of State for Trade, yesterday 
ailed for the stronger develop-, 
ng countries to offer more tv.'Q- 
/ay trade with the major Indus* 
rial nations in an effort to ex- 
e i the free trade system and 
told back protectionism ‘ 

.' Speaking in New Delhi during 
iis six-day visit to India, he said 
hat although the developed 
,*orld was forced to protect in- 
lustries like steel, textiles and 
lotfling, its long-term interest 
ay' in preserving the open trade 
ysteni. - \ 

“Indeed I- hope that this sys- 
'ern wju he extended gradually 
s more developing countides be- 
:ome strong enough to introduce 
ome degree of reciprocity in 
natters of trade." he said. 

He believed the United Khtg- 
Lora toi be now in a better posi- 
ion. due to a stronger balance of 
layments, to resist protectionism. 

In ‘'bile pressures to restrict im- 
f ,nr ** were growing in the United 
v Itates. 1 

For developing countries it was 
a critical issue and toes' would 
certainly be damag ed - by the 
slower growth in world trade. 
That was why the tsikp between 
important economic, powers were 
so important. - . - . > 

"It is' why Japan must' show 
it understands what interdepend- 
ence means by adopting effective 
policies for cutting its .unaccept- 
ably large trade surplus," he 

The worrying thing- was that 

so far. none of. the discussions 
bad produced any real- change 
in the situation and even em- 
phasised bow elusive an Increase 
in world trade - might be. . ' 

■ Newertheless, a success at the 
multilateral trade negotiations in 
Geneva woulfi be a signal to the 
world that at least in '-one- major 
area " we are prepared fo deve- 
lop our trade relations together 
and find ways out of the econo- 
mic dilemmas. ’* ” • - 

Squeeze on 
credit for 

By Barnard Simon 

‘Shopping list’ speed-up 



. SRIT1SH COMPANIES are to be 
,:sked by Mt. Edmund Dell, 
.Secretary of State for Trade, to 
•• .'<9 the m*»''hlnf'ry created by 
' .-he Indo-U.Tv. Economic -Com- 
: 'iirtee to process. Indian pbr- 
hases nf mnre than tlQ items 
•f capital goods, machinery and 
• /lmsonenis in the “shoaping 
ist =* given to Mr. James 
• lailaghan in January:.. 

Discussions on buying: those’ 
lems have been held in the past 
• ..hree days by the committee but 
T r. Dell was to-day reluctant fo 
■isc’ose the progress made or 
the value of the 
that will 

NEW DELHI Man* 16 
He made clear that he con- 
sidered them normal commercial 
transactions aimed at', reducing 
the trade imbalance against 
Britain, and not financed by 
British aid. 

.itac t! ons 

Items discussed include power 
generating equipment petro- 
chemical and fertiliser plants, 
textile machinery* equipment for 
oil extraction, civilian and 
defence aircraft vehicles and 
the like. Not all have govern- 
ment approval 

The committee has established 
machinery under , the British 
Department of Trade-: and the 
Indian Investment Centre. : 

W. German, Soviet trade declines 


• : HE VALUE of Smriet-W«t 

Icrman trade -declined in 1977 
n comnari«*on with the. previous 
' ear. the first annual decline in 
-rade volume since 1971. West 
lermany is the Soviet Union's 
areest trading partner. 

Figures released by the West 
>rman Embassy show that the 
a alue of West German-Soviet 

f tii f !llfnii , 1 rade ln 1977 was DMIO.SSbiL, 
* )*4l * * Ul UU.i.4 per eent less than the value- 
■f bilateral trade in 1976 of 

MOSCOW. March, 16. - 
■ This slight decline in the value 
of trade contrasts with the regu- 
lar and sizable increases in 
Soviet-West German trade over 
the last Jive years apd is . attri- 
buted by West German commee- 
cial sources to Soviet attempts 
to hold down hard' currency 
purchases after last ~ year's 
disappointing grain harvest 
The sources predicted, how- 
ever, -that the value bf trilateral 
trade in 197S and 1979 will not 
fail below last yeazfs level 

importers find increasing diffi- 
culty in pajHng for their 
foreign purchases, the Credit 
Guarantee insurance Corpora- 
tion of Sooth Africa has 
tightened up rules for credit 
Insurance on South African 
exports to Zambia. 

The corporation announced 
to-day that cover will only .be 
available on goods destined for 
Zambia if the South African 
exporter has been paid on 
equivalent amount in respect 
of his outstanding debt 

Mr. BL de Klerk, managing 
director of CGIC, said: “We 
have now reached a stage 
where we cannot Indefinitely 
continue supporting credits 
extended to Zambian buyers 
in the knowledge that the back- 
log of unremltted funds is 
steadily growing bigger." 

South African exporters, 
who ln 1976 sold goods worth 
about R40m. to Zambia and 
probably more, than that last 
year, are walling up to IS 
months for payment. 

Meanwhile they are 
experiencing increasing diffi- 
culty in transporting goods 
north of thfi_ Zambesi. In the 
past few mouths only two air- 
craft loads of freight have been 
Sown to Zambia, compared to 
around 30 a month. a few years 
ago. Some of the recent 
increase, in air freight to 
Malawi may Indude goods for 
Zambia, however. 

Very little cargo for Zambia 
Is sent- by sea and rail via 
Mozambique and ’ Malawi 
because of the costs. 

Last month's closure of the 
Botswan a-Rhodesia border, 
after incurs! onsbyRhodesian 
soldiers Into Botswana, has 
meant that the only surface 
route from South - Africa to 
Zambia is via Frandstown In 
Botswana, where during the 
rainy summer . , season 
(November-April), goods .are 
transferred from rail to lorries. 


set a new monthly record in- 
January -with over £140.6m. of 
sales, almost double the level of 
exports in January last year. 
Imports also rose, to £7$.4m. in 
January compared with a year 
earlier when they were almost 

The latest figures give a 
-balance of payments surplus of 

The exports were nearly £33m. 

up oh the previous best month, 
last September. They follow a 
new annual record for aerospace 
exports last year when overseas 
deliveries climbed to £I.03Sm. 

The record January perform- 
ance was attributed to success 
by British airframe companies, 
which exported aircraft and 
parts worth £9im. t up £40m. on 
the previous best exports. Aero- 
engines and engine parts earned 
a further £40.6m.; and instru- 
ments contributed almost £5*». 


in Dubai 

By Tarry Dodswortb 

Rolls jet for Cathay 747 

! BRITISH LEYLAND has set up 
; an office in Dubai to co-ordinate 
f the re-establishment of Its dis- 
tribution organisation j n the 

j Middie East since -its removal 
‘ from the Arab boycott list, 
i The office, under the control 
, of Leyland International, will 
■ serve toe United Arab Emirates, 

Sony plans in Europe 


TOKYO, March 16. 

By Our Foreign Staff 

Qatar, Bahrein, Kuwait, Oman, 
Jordan. Saudi Arabia and the 

Leyland has been negotiating 
for some time with distributors 

CATHAY PACIFIC Airways has 747 for delivery in July, 1979. ! tiSTtaS w wk* tortile 
.selected .Rolls-Royce RB211 and has optioned on buying two I S ot-a^ahT 
engines to power its long-range ™ ore ‘f or delivery in 1980-51. * 

h«ti9m.b r S' 

nave awwo-Ib Utnisl : RB211-534B Boeing 747 is worth more than 
turbofans and will operate f7 m - to Rolls-Royce, 
mainly on routes from Hong Cathay is ttap third onctmupr 

TV?kvn t0 Sydney * Melb0lvne and Tor the' RB211- powered 747, which 
LO *yo. entered service wilb British Air- 

The airline has ordered one ways in July last year. 

Shorts sell three more SD330s 

By Our Belfast Correspondent 

SHORT BROTHERS, the Belfast DLT already operates two 
aerospace company, has sold SD33Qs. The additional- three, 
its ■ SDS30 commuter which will be delivered shortly, 
aircraft, with an option for two tha . 

more, to the German domestic nlalce 11 1116 argest user 

The aim is to resume export 
of trucks to the area 

GKN in Porsche 928 

FOUR OF the seven Japanese 
companies that manufacture 
video tape recorders CVTR) using 
the Beta format system 
developed by Sonv Corporation 
will start exports to Europe from 
May onwards, it was announced 

The companies (Sony, Toshiba, 
Nippon Electric and Sanyo) plan 
to start sales at times varying 

between May 1 (Sony) and 

August fSanynl. a Sony VTR 
set adapted for the PAL and 
SECAM systems used in Europe 

was also shown to journalists. 

The Bela format is one of two 
rival systems developed by 
Japanese companies. The other. 
Video Home System (VHS). was 
developed by Japan's Victor 
Company, whose sets- came on 
sale in the United Kingdom and 
three other European countries 
this month. Sony claimed to-day 

that being beaten to the Euro? 
pean market by Victor was it 
matter of small concern. 

Sony is “just starting" pro- 
duction at a monthly rate of 
5,000 sets of its PAL-adjusted 
VTRs. It will begin sales in.. 
West Germany in May and in . 
France and Britain about two 
raonihs later. Price tag in West 
Germany will be under DM3000, 

Toshiba and Nippon Electric- 
arc considering production levels 
of 2.000 sets a month. 

The net exhibited by Sony, 
to-day is a simplified version of 
the PAL-adjnsfed VTR set Which 

the com puny displayed last 
summer at a Berlin electronics 
fair. Sony says the Berlin set 
included all available techno- 
logical refinements whereas the 
present model is for the mass 
market The set has a playing 
time of three and a quarter 

GKN Forgings has become sole 
supplier to the “ car of the 
year,” the Porsche 933, of con- 
necting rods made by a powder 
forging process developed by 
the company, Peter Cartwright 
writes. - 

airline DLT, of Frankfurt The of ^e 
deal Is said to be worth up to Total sales are now 17 with 
£5m. options for six more. 

Army motorcycles 

Nortou-Villiers-Triurapb has won 
a £300,000 contract for the ILK. 
Armed Forces to complete 872 
Can-Am Bombadier motorcycle 
kits, from Canada, Peter Cart- 
wright writes. It may lead to 
AIATO orders. 

Japan steel price move 

PITTSBURGH, March 16. 

continuing pressure on the U.S. 
dollar has forced them to seek 
higher prices Tor their products 
In some United Stales markets. 

The prices exceed ' mini mums 
established by tbe U.S. Treasury 
Department in its so-called 
trigger price programme to curb 
foreign steel dumping in the 
domestic market. 

Plate and cold-rolled steels are 

selling for more than the 
mini mums established ln the 
government steel plan in pans 
of the west, he said. 

Domestic steel companies have 
complained that the U.S.' 
Treasury Department's trigger 
prices are unrealistic because 
they assume Japanese mills are 
running at S5 per cent of 
capacity. AP-DJ. 


Factory plan for novel farm vehicle 


Algerian foundry 

SNC Services of Montreal 
has received $C80m. con- 
tract to engineer and" construct 
an Iron foundry at Roniba in' 
Algeria, AD-JDJ reports fro m 
Ottawa. The Export Develop- 
ment Corporation (EDC) said 
it has provided an unspecified 
amount of credit insurance to. 
support the contract 
In another development the 
EDC said Patrick Harrison has 
received a $C3Jhn. contract to 
sell mining services and equip- 
ment to Brazil. 

A SMALL BRITISH company has 
signed a letter of intent to set 
up a factory in India to produce 
a revolutionary new vehicle, a 
cross between a tractor and a 
truck, which will eventually be 
produced at a rate of 4,000 units 
a year. 

The vehicle, called the Trantor, 
has the basic capability of a 
tractor but though greatly 
improved suspension and brakes 
it can be used as a norma] road 
vehicle with a top speed of 
60 mph. 

The proposed deal in India, 
concluded by Trantor Inter- 
national, which will manage the 
operation for five years, is a 
breakthrough for the developers 
of the Trantor, . Mr. Graham 
Edwards, a former lecturer at the 
University of Manchester 
Institute of Science Technology, 
and- a former student of his, Mr. 
Stuart Taylor. 

The concept of the vehicle 
emerged from a study on the use 
of ' tractors by British farmers, 
which showed that 60 to SO per . 
cent of their time was devoted 

to general transport work and 
only 3 to S per cent, on actual 
ploughing. Consequently the 
Trantor was designed primarily 
as a transport vehicle. 

Although it is being produced 
in Britain in small numbers, tbe 
vehicle was recognised as being 
ideal for farming where longer 
distances were travelled. For 
that reason the export market 
seemed attractive. 

The Indian venture will be 
owned by Trantor India, in which 
Trantor. International has 40 per 
cent , share and Indian partners 
(including the Government) have 
the remaining 60 per cent 
All the capital will come from 
Ind’? and the vehicle will have 
a -*?jgh proportion of locally 
made parts, including, engines 
ana axles. 

Output is expected to reach 
l .000 a year within two years and 
about three-fifths 0 f production 
will be Tor export to be handled 
by Trantor International. 

A second contract is being 
negotiated with an Eastern Euro- 
pean cojtintry to build 5,000 of 

the vehicles a year and a third 
operation in a Middle East 
country Is under discussion. In 
this and other possible deals 
Lonrho has been acting on behalf 
of . the company. 

However, the British market is 
also promising and it is estimated 
that perhaps 10 per cent of the 
market could go for this kind of 
vehicle. There are also possible 
military applications at home and 

The Trantor was specifically 
designed for trailer work, witb 
braking to commercial vehicle 
standards, the ability to work 
with balanced or unbalanced 
trailers, at high speed, and 
independent suspension. It can 
carry three people in front and 
four in the back. 

Although no marketing has 
begun, the Trantor is on sale in 
limited numbers at £9.750 and 
the manufacturers claim a good 
reaction so far. 

Production is being carried out 
in Ludlow, Salop, by McConnells, 
part of the Wolseley Hughes 

group, at the rate of about 100 
vehicles a year at present. It 
will be raised to 500 a year in 
1979. Its main competitor In the 
U.K. is the Mercedes Unlraog. 
which retails at about £16,000. 

Tbe company is aware- of the 
obstacles it will face over 
servicing once productiou 
reaches a higher level, but is 
about to appoint distributors. 
Initially it intends to maintain 
close ties with fanners who buy 
the Trantor. 

The thinking behind tbe pusb 
into the UJK. market Is that the 
major tractor manufacturers 
have concentrated on adding 
power and size to new models, 
at the expense of speed, which 
tbe makers of the Trantor hope 
will be its major selling point. 

However, the company faces 
tbe great resources of British 
Leyland, with its Range and 
Land Rovers, and the main 
tractor manufacturers, and It 
remains to be seen whether it 
has really found a gap in the 


power contract 

PARIS. March 16. 

Creusot - Loire and its 
Brazilian subsidiary Mecanica 
Pesada have received an order 
from tbe Uruguyan consortium 
Comipal to build three 113 mega- 
watt turbines at a hydro-electric 
project on the Negro river. The 
equipment will be partly built 
in France at a cost of Frs.43ra.. 
and partly in Brazil at Cruzeiros 

Another Creusot Loire subsir 
diary, Clemep, has a Cruzeiros 
50m. order from Comipal for - 
some of the civil engineering 
work on the project which is 
aimed at more than doubling. 
Uruguay’s hydroelectric capacity.. 

• Entrepose and Societe Gen- 
eral e have signed final agree- 
ments with the wholly-owned sub- 
sidiaries of Basic Resources Inter-., 
national sa and Shenandoah Oil -, 
for the construction and financ- 
ing of a pipeline from Rubelsanto -. 
to Puerto Barrios, in Guatemala. 
Financing for the full FrsJlSm. , 
contract is being provided by a- 
French. banking syndicate led by 
Societe Generale by way of at 
buyers credit of Frs 90ra„ and a.' 
Eurodollar loan of $8.5m. 


'• r ‘ - * >‘s 

y v: 











•AV- S ; ; v 



if!” x'y ! • : 



: itA 


Hoechst care is keeping 


an eye on Britain’s health 

t’. . \ 

So many things that touch our lives owe 
something to the care of Hoechst 

Take proprietary medicines. There’s. • 
Optrex eye care. Panets pain relievers. Famel 
cough preparations. And many more. 

Then there’s the medicine your doctor 
prescribes. Like the tablet that lets so many 
diabetics dispense with daily injections. Or the - 
one that reileves hay fever. ' ; - 

But Hoechst not .only cares about your 
health. Just take a look around your home. 
There’s almost certain to be a product associ- 
ated with Hoechst 

• ; Famous names like Berger paints, Trevira 
fibre, Corimis't and many more all owe a lot to * 
the care of Hoechst. . ' -. 

v . - . And Hoechst goes on caring. Every day 
over half a million pounds is spent on research. 

for the products of tomorrow. To help make your 
world a better, brighter place. 

In Britain, Hdechst employs over 8,000 
people. And haspffices, plants and laboratories, 
.^throughout thepountry 

For more information about Hoechst 
(we say Berks!} and what it stands for, write: 
Care of Hoechst, Salisbury Road, Hounslow; 
Middlese^pr phone: 01^570 77*2 ext 3169. - 

Care of Hoechst 



OAFshore U.K. refining rules may cost 
aidlob North Sea producers £25m. 


iMore citill 


Inquiry result 
vital for Esso 

mi u 


A NEW surge of development 
activity in the North Sea Is ex- 
pected in the next year or so. 
'according to Dr. Dickson Mabon. 
Energy Minister, writes Ray 

Work associated with the 
exploitation of several new off- 
shore fields should help to 
stablfee employment in com- 
panies providing equipment and 
“crvicpp to Nnrth Sea operators, 
he said yesterday. There were 
now JflO.OOn johs connected with 
offshore onerntinns. 

“ Potentially, there is a lot of 
work comm? up for ihe offshore 
industry in " the relatively near 
Future." Dr. Mahon said. after 
nnoning a new extension to the 
TK Valves factory in Dunferm- 

Development work was pro- 
reeding with the Murchison. 
Tartan and Ruchan fields. Shell 
and E«o were at an advanced 
“face In their evaluation of the 
Fulmar Field development plan 
and the companies were discuss- 
ing with Government some 
development ideas for their 
North Cormorant Field. 1 

BP was coins ahead with the 
exploitation of the Magnus Field I 
and Mesa Petroleum' was con-| 
Fiderinq a new development plan 
fnr its Beatrice Field, after the 
Government's refusal to allow] 
offshore loading. 

| NORTH SEA oil producers could 
lose about £25m. on the value of 
their crude this year as a result 
of the Government's “refine at 
home " policy, according to new 

Such a loss, resulting from the 
premium on .some 10m. tons of 
crude being reduced, would also 
be reflected in the balance of 
payments figures and in taxation 

The report, published in 
Petroleum Intelligence Weekly, 
underlines the growing concern 
among North Sea oil companies 
about the impact of Government 
refining policies on market 

Although the Department of 
Energy's refinery guidelines 
stale that up to two-thirds of 
North Sea oil should be pro- 
cessed in the U.K. there has been 
Government and trade union 
pressure on oil companies to 
make the Two-thirds level a mini- 
mum requirement. At present, 
about 80 per cent of Norih Sea 
output Is refined In the U.K. 

Talks between the oil industry 
and Government are continuing 

but It is thought the refinery 
issue will not be clarified until 
the wider issue of oil processing 
capability in the European 
Economic Community has been 
settled. The EEC Energy 
Ministers are due to discuss 
refinery rationalisation proposals 
In May. 

In the meantime, as Petroleum 
Intelligence points out, North 
Sea producers are losing some of 
the premium which could he 
obtained if more of the low- 
sulphur. fairly light crude were 
to be exported. 


Refiners in the U.K. are said 
to be offering prices as much as 
30 cents a barrel below the 
value of North Sea oil in export 
markets. Producers fear that 
they could lose 60 cents or more 
a harrel as Britain's crude oil 
output increases to around 
550.000 barrels a day this year. 

The problem arises because 
high-value North Sea oil Is being 
used to replace lower-vaiue and 
heavier Middle East crudes in 

U.K refineries. Companies say 
that of the crude oil required as 
feedstock for their current range 
of products only about 35 per 
cent needs to be of the light, 
low-sulphur quality. 

On this basis only about 33ra. 
tons of North Sea-type crude is 
required by TJ.K. -refiners. How- 
ever. if the .Government insists 
on two-thirds of the North Sea 
Output being .processed at home, 
then the refiners could be raced 
with handling, some 40m. to 47m. 
tons of premium crude this year. 

“ Should as much, as 10m. tons 
of North Sea crude lose its 
premium this year, that would 
cost producers and Britain's 
balance of payments each about 
550m.," says Petroleum Intelli- 

It would also depress the price 
at which British National Oil 
Corporation would pay for the 
large volumes .of crude it was to 
buy under participation arrange- 

The concern among oil pro- 
ducers is that if a rigid 
“ refine at home " policy persists 
North Sea oil will increasingly 

have to replace Middle East- 
grades. According to Petroleum 
Intelligence the result could be 
that refiners will offer as little as 
813.10 to $13.20 a barrel for 
North Sea oil instead of the 
crude's true export worth of 
nearer $13.70 to $1320 a barrel. 

resign f 

over low! 


pay issue 



There is also a worry among 
overseas companies who Invested 
in the North Sea that they will 
not be able to use much of the 
oil they have found in their 
refineries outside the U.K 

A case in point is the German 
Demine* group which, with 
relatively small crude reserves 
has a need to feed Its West 
German refinery capacity 
amounting to about 46m. tons a 

The group Is the biggest 
shareholder in the Thistle Field, 
which is now being brought on 
stream, and there is a consider- 
able amount of industry interest 
In whether or not Demlnex will 
be allowed to export its first 
tanker-load of Thistle crude 
directly to Germany. 

MORE dvil servants are -quit- 
ting their jobs because of. low 
pay than, at any time in the 
last four years, according to 
internal Whitehall statistics. 

Warning on power investment 



These projects, and possibly 
more, confirmed the Nnrth Sea 
as the premier area for offshore 
activity m the world, accounting 
for ahour one-third of total in- 
vestment in the offshore oil and 
gas industry. 

“What is clear is that British- 
based suppliers must be ready 
to lender effectively for the new 
work. Nobody should be in any I 
doubt that competition from 
abroad is going to be intense in 
some instances." 

Dr. Mahon said that he saw 
a substantia] new market open- 
f ng up in the North Sea fnr 
repair and maintenance of off- 
shore si ruetu-es. 

About 10.000 jobs could be in- 
volved in (his new market and 
these might replace iho«e which 
could disappear from the con- 
struction sector in the early 

I FAILURE to ensure the 
necessary investment in coal and 
nuclear power which will be 
needed over the next decade 
could have “dire consequences" 
for our descendants. Sir Francis 
Tombs, chairman of the Elec- 
tricity Council, said yesterday. 

Three pertinent questions, he 
said, bad been put to the newly- 
formed Energy Commission for 
its consideration: 

• When should electricity prices 
begin to reflect the expected 
reduction in costs which would 
follnw the large-scale arrival of 
nuclear power in the 1990s; 

e When should coal prices begin 
to reflect likely higher produc- 
tivity end lower relative costs of 
planned new capacity? 

• When should gas prices begin 
to take account of the costs likely 
to occur when natural gas 
reserves become depleted? 

Sir Francis, speaking in Birm- 
ingham, said that the electricity 
supply industry — as the largest 

user of uranium, coal, oil and 
natural gas. in Britain, had made 
its comments to the Commission 
on present raw fuels pricing. 

“if anyone interpreted this as 
special pleading for parity of 
pricing between gas and elec- 
tricity they would be wrong. The 
matter is one o' relative pricing 
as between primary fuels. 

“Tbe leader — imported oil. 
plus tax — is priced on world 
market values Irrespective of 
production costs and indigenous 
coal is priced with one eye on 
the price leader. Indigenous oil 
bas price parity with equivalent 

Natural gas was a premium 
fuel, in some contexts even' more 
valuable, perhaps, than oil. “ If 
this great national asset is sold, 
to a section of the community 
only, at well below its true 
market value then maybe the 
nation as a whole is being short- 
changed while gas consumers 
share the benefits. This is the 

issue for the Energy Commission 
to consider. 

9 Coal must be the cornerstone 
of the UK-’s energy policy right 
into the next century, Mr. David 
Basnett, general secretary of the 
Genera] and Municipal Workers' 
Union said yesterday. 

“The whole nf energy policy 
must be planned in a co-ordi- 

naied way. Coal will be the bed- 
rock' of that plan." he said in 
his union's journal. 

“ The choice we make now 
immediately affects our indus- 
trial and economic position in 
the 1990s- Choices we delay or 
postpone now will mean that the 
consequences of that delay will 
be felt beyond the year 2000" 

Anti-fiddle scheme 

The figures show that last 
year 35,633 civil servants left 
for reasons other than retire- 
ment, ill-health, or redundancy. 
This was an 18-5 per cent, rise 
over 1976 and the second 
highest wastage rate for the 

The unpublished Civil 
Ben-ice .Department .figures 
show that resignations .peaked 
last year following decisions 
over pay. 

In May, - after the .Civil 
Service had been given: the 
Phase Two 5 per cent- rise, 
resignations were 35 per cent 
higher than for the same 
month in 1976. In November, 
after tbe Government refused 
to restore the pay research' 
mechanism linking pay to- the 
private sector, resignations 
were 29 per cent. up. 

The resignation rate was 
most significant among the 
executive and local officer 
grades, who form the back- 
bone of Civil Service manage- 
ment. Last year, Ihe numbers 
ol these grades quitting , was 
up by a quarter. . , . . k 

Assistant Secretaries, quit- 
ting voluntarily rose by 13 in 
1976 to 18, while the numbers 
Ter senior Principals trebled 
from 3 to 9. 

The scale or the resignations 
has surprised Whitehall •* as 
high unemployment usually 
leads to fewer staff quitting. 

ESSO CHEMICAL will have spent 
£l2m.-£l5m. by the end, of 1875 
to prepare plans and designs for 
Its proposed ethylene Plant, at 
UnSna Fife. But the com- 
pany is still uncertain as to 
whether it should make a final 
commitment to the scheme: 
r The- £250m.-£300m. project 
would be the biggest single 
-Investment Esso has made in 
chemicals in Europe. It is of 
great strategic importance for 
the development of the chemical 
industry in the U.K, os it would 
be the first big petrochemical 
plant to be based exclusively on 
North Sea feedstocks in the form 
Qf.ethone from the Brent Field. 

‘Esso has been waiting 
atudoosly for the result of a 
public inquiry into the project 
held in Scotland last summer, 
which is nearly three months 
overdue The delay has not yet 
bad serious consequences for the 
planning of the chemical plant, 
biit It will be become Increas- 
ingly important as the project is 
now entering the "engineering 
design stage. 

According to Esso's timetable 
it hopes to make a decision on 
the scheme at the end oF the 
year. Given a favourable out- 
come to tbe inquiry It would aim., 
to bring the 500.000 tonnes a 
year plant into production In the 
second half of 19S2. 

Construction could be delayed, 
however, tf there are further 
setbacks in the recovery of the 
base petrochemicals market in 
Western Europe. 

Last year the recession forced 
Esso to operate its existing 
105,000 tonnes a year ethylene 

plant at Fawley at ohly about 
65 per cent. Qf capacity 
* Mossmorran would be aimed 
at exporting ethylene, but la** 
year’s depressed trading condi- 
tlons meant that even produc- 
tion from the smaller Fawley 
unit had to be devoted entirely 
to the domestic market 

To improve the viability of 
the Mossmorran venture Esso is 
searching for companies, who 
would be willing to . set up 
adjacent do w ns t team user plants 
in Fife for products such as 
plastics and antifreeze. 

In spite of an overall drop of 
about 6 per cent last, year In 
the volume of sales, Esso Chemi- 
cal U.K managed a substantial 
increase in net profits and a small 
increase in turnover from the 
1976 level of £l38m. Net pro- 
fits in 1976 were £l.7m. after net 
losses in 1975 of £2£m., but final 
figures for last year are not yet 

The improvement last year fol- 
lowed the Indefinite closure of a 
large benzene and toluene 
aromatics plant and a policy of 
determined concentration on 
speciality products sucb as syn- 
thetic rubbers and oil-fuel, addi- 
tives. Trading in commodity 
olefins and aromatics was ex- 
tremely depressed. 

Investment is continuing at 
about £5m. a year chiefly to cut 
energy costs and improve operat- 
ing efficiency. Since 1966 about 
£40 m. has been invested in Esso 
Chemical UK, but. cumulative 
net profits over the period have 
only amounted to about £15nt 
More than half of which was 
earned in the last two years. 

)ii pi 

* * * j 


Error caused explosion jj., 

V i % r ■»«- 41.A vnnvlrnw .AVI ConYomKatt ” 

for kilogram coal Goodison plea 


on securities 

COAL WILL be sold by metric cut out price fiddling, the Metri- 
measurement from -April 1. The cation Board said yesterday. 

move will be accompanied by a changeover will complete 

national publicity campaign to ^ ratl °° at NaU °” al ^ 

ISP* 1 ****** *■ 

?r : - v v " - ; ■- 

.-V v. \ ° 4 ? '• . 

As part of the 14-month trans- 
ition to selling metric solid fuel, 1 
I the old hundredweight bags used' 
by most domestic coal buyers will 
be replaced by slightly lighter 
50 kilogram sacks. The. Coal 
Merchants' Federation has recom- 
mended merchants to cut prices. 

No" other price rises, such as 
ci»l ot freight, should "occur on 
April 1 to distort comparisons, 
and 3m. card ready reckoners 
will be available to all coal cus- 
tomers, to help to check prices 
against the new weights. 

do well to adopt the British 
model as their standard when 
they are considering the frame* 
work governing securities trad- 
ing, Mr. Nicholas Goodison, 
chairman of the Stock Exchange; 
said at a meeting yesterday ini 
Copenhagen of the - British 
Import Union. "In the U.K, w e 
are moving into a new stage of j 
regulation with the impending 1 
establishment of the council on 
the securities industry. ' 

“l use the word 'stage! and not I 
‘era' because. this is part-of -the 
continuing process of evolving a 
regulatory framework .. which i 
adapts quickly and easily to 
changing circumstances and de-, 
veloping needs."’ v • I 

A CHEMICAL explosion at the 
ra works. Grangemouth, last 
September, was caused by a 
clerical error. Falkirk Sheriff 
Court was told yesterday. 

The company ' was canrying 
out a series of experiments in 
reducing the amount of sodium 
bicarbonate in its dyestuff pro- 
cessing. Its calculations were 
correcL but the ratios were writ- 
ten down wrongly. . 

The explosion oaused about 
£250,000 worth of damage to the 
production plant, but no one was 

Tbe company, of Earl's Road, 
Grangemouth, admitted failing 
to provide; for the safety of one 

of their workers - on September 
7. 1977. but not ensuring that a 
correct quantity of sodium bi- 
carbonate was placed in a reac- 
tion vessel, ft was fined £350. 

Mr. Michael Coyne, deputy 
fiscal, said the experiments were 
part of an attempt to reduce the 
'by-product from the dye process- 
ing .operations. But there w*9 
either an error In calculating tbe 
experimental figures or in apply- 
ing correct calculations. 

Mr. John Innes, for the com- 
pany, said the cause of the blast 
was a “straight-forward clerical 
error.” ICI accepted there was 
a gap in the system of cross- 
checking, which will now be rec- 

Set of Georgian silver 

dishes fetches £12,000 

Carless Capel forms 
U.S. drilling subsidiary 

A U.S. subsidiary,; to be involved 
in American gas exploration and 
production, has been formed by 
Carless Capel and Leonard, the 
UJ<. oil group.. .V 

The new company. Carless 
Resources, is in partnership with 
Warrior Drilling and Engineer- 
ing Company of Alabama. 

This group, known as the 
Warrior Britannic Partnership, 
has already acquired proven gas 
reserves in the Black Warrior 
Basin of Alabama. In addition, 
it has a number of lease 

The partnership is to drill four 
new wells during the next six! 
months and has taken an option 
to drill a further two wells after-, 

• A team of divers have success- 
fully welded two sections of 35- 
inch pipeline in L036 of water 
near the Island of Raasay, West 
of Scotland, in a test programme 
to prove the feasibility of deep- 
water pipeline welding and 
repair." The test was conducted 
by Taylor Diving and Brown and 

SALES of .silver at Sothebys 
yesterday .totalled £181,817. 
Jewels . realised £103.555 and 
English drawings and water- 
colours, £153.430., A European 
glass sale at Sothebys Belgravia 
made £63.338. 

Koopman paid £12,000, plus 
the 10 per cent \ buyer's 
premium, far a set of four 
George IV entree dishes and 
covers by Paul Store, and a 
private American buyer gave 
£7.500 .-for a pair of William IV 
stirrup mips, also by Paul Storr. 
A collection of stirrup cups 
realised £42.470. As prey bought 
a pair of Ueorge III wine coolers 
by ■William Pitts for £5.200. 

In. the jewels sale, the highest 
price was for an emerald ring of 
1888 and a diamond bracelet, 
which each fetched £4.000. 

At Belgravia, a large Berlin 
plaque, painted by Alfred 
BradeV and deoicting Othello, 
sold for £2.600. a Meissen 
mnnkev band after Kaendler 
sold for £2.500. and a Car! 
Magnus Hutschonreuther dessert 
service, for £2.400. 

Drawings had a best price of 
£17.000 for a pencil and water* 
colour of Conway Castle, by 
Thomas Girtin. Arthtngton Mill 
Yorkshire, by Turner, made 
£12000 and the Fine Art Society 
gave £8,000 for a study of camels 
by John Frederick Lewis. Agnew 
secured for £5.600 A View of the 
Tai Mahal by Thomas Daniell. 

Christie's, South Kensington, 




had a good auction of photo- 
graphs which realised £62,109. 
Li/e and Landscape on 4Ae 
Norfolk Broads, by Emerson, sold 
for £11.500, but the Houses of 
Parliament under construction, 
fetched a record price for a 
photograph by Roger Fenton of 
£1,900. Two studies of clouds by 
Fen ton sold for £3.600. and a 
European travel album with 107 
photographs of around I860, for 
£ 1 , 200 . 

This man aims to invest ! 

^ j 

£500,000 in a new productioii 

line for his company . j 

aim to give him all the 

There comes a point when every successful and t 

I II ,1 I 1 I ir ~ I 11 X .1 companv needs finance. It mav be for a new prot 

X X\^X£-J X XV-/ X XWVXkJ a fa( J or ^ or a piece rf machinery that can’t be fin 

There comes a point when every successful and expanding 
company needs finance. It may be for a new production line, 
a factory or a piece of machinery that can’t be financed out p 
cashflow or capital.You need a decision, and you need it quit 
And that's when you need Conus. - [< 

Just because Coutts isn’t one of the big bants dofes-noi n 
it isn’t one of the most professional. 

In fact our size gives us very definite advantages. Flexff 
in-adjusting services to meet customer needs. Speed in giving 
decisions on credit arrangements. Efficient supervision of th 
day-to-day service. And they're backed by a 285-year traditia 
giving a highly personal service. 

So why not contact John Acheson at Coutts now, and fin 
out how a better banking service 

can help your company? j 

Corporate servicebasedon a great personal tradition 

ISuffolk Street, London SWlV -JHF.Telcphonc: Qtl 

. TMj announcement appears a ■ matter of record only. 

A C E S A 


•DM 20000000.- 


Managed by; 







§ SODmc SA 

•February 1978 




Phillips Petroleum 

makes another 

sea oil discovery 


j route. 

1 Mr. Freddie Laker, 
i of Laker Airways was 

' \ NEW North Sea oil discovery S 7. struggle between Laker - A Los Angeles Skytrain ser 

ias been made by Phillips Pet /\ -*\ «wraa 71 Aj ™ b 5S 110,1 British Caledonian vice would generate 400.000 new 

oleum between its Toni and' -r-t — ; Airways over who should fly the passengers each year, shared 

r'helma fields. / EHPijJJS cheap air.roote between London JESSS 1 Lai!er and established 

A well drilled by the semi-' tf j and Los Angeles continued “SwtfLj,, - 

ubmersible rig Western Pace- mat \ l&f satin« : yesterday. SK^traixr did not depend on 

WlSSTiA "oTM 1 jet *® S® 

Sr— a. .was igafc a '£ ? £s.^^ 

. However, these hydrocarbons * \ ^Sputed^the^oUJer^paSnEer w ? rl d Airlines 

A- issr* >nd v,aMiiy m *• f |Kff2 suss 

■ l >T , j=4g >„«* . **■* 

■ StS sax, *■..»*, ■ r f '-T\ « 

Uso recovered from the equiva- . '■ * hbSmtSF*’ i Mr. _ Bob Beckman, told September 26, was its- best three 

.ent reservoir zone containing \ J? , ; tbe_ aothonty that a _ Skytrain months since 1976. 

Toni and Thelma finds, although ' ...... J A °® ele ® 'J , . ouW But British Caledonian accused 

' t is believed that the amount was ■ _ ! *' Jt -2!: 0uld ? 0 .t dive £ , La * e , r of sticking his finger 

‘ lot significant. ‘ - Proved commercial through lra ®<- from existing airlines, it in the air to get his passenger 

The latest well was drilled in fnrther drilUng. ft ia possible would Increase the British share forecast figures for Los Angeles, 
i water depth or 430 feet on 0131 811 011 production pro. of . the market and would The airline said that the 
3Ioi-k IB/17, some 1R0 miles gramme may be formulated in generate new passenger traffic, figures had not been properly 

i6rtb-east of Aberdeen. The hole, conjunction with operators on ‘ ; 

drilled to a depth or 15.350 reel. other nearby blocks.. .. . 

tfas located 1.4 miles north of ft has been suggested in the if • 

Thelma and 1.7 miles south of industry, for instance.- that oil I O lAlfOTll^lTI o VI 

Foni. from Toni /Thelma ■ could be ^ dlC lit# 111 dll ff^Ul llUCSlH 

Industry reports suggest that carried ashore by pipeline in f j .Mr *’*"*■“ 

Toni is by far the more promis- association ifrith crude from the llQC I'Af'fll'ff _ _ _ 

n? structure with - recoverable Mabel and Andrew fields to the . A vVUi 1A | j,* 1 

cserves of perhaps about 150m. south and Brae to the north. a. -]• it I If 51 [If” 151 I 

larrels — significantly less than The FhilJ ps group consists of : j ffQfl 1V1CV ■*-*■*•'*"*-* ^'-*- *'»•-*■ 

■ecent published estimates. Phillips Petroleum Exploration) ** 

Even so. the Phillips partner- U.K., 35 per cent.; Fina- Explora- ; * "FINANCIAL TIMES -REPORTER 

«hip Is to drill a further tion. 30 per cent; Agip (U.K.).; 
rppraisal well, this time about 17RS per cent; Century - Power i v*ll 

:hree-quariers of a mile to the and Light 8 60 per cent; and: ^ u ™ ^ 

-aorth east of Toni. - Oil Exploration (Holdings), 8.52 1 By Lynton McLain, Industrial Staff ! f° r .? ale TT °i 1 the Continent and 

r orecasts rn dispute I Economic Societies ‘would 

at Skytrain hearing figures fight composite 


j THE STRUGGLE between Laker . A Los Angeles Skytrain ser- substantiated. In return Laker' flOVE/Tl fill'll ! -IM 

Airways and British Caledonian vice would generate 400.000 new Airways accused British Cale- : TV U LU1 U | 

; Airways over who should fly the passengers each year, shared donian of proposing a loss- BY MICHAEL <-*« cn building corresromdfnt 

; cheap air, route between London ***** Laker and established making service on the route. g* ! M,CHAEL cassell, building correspondent 

An8eles conti, " ,ed “sSwin did not depend on T, I62TS BUUJ,1NG soclEnES wi " their field os much 

i At the flrot -.MU hpnrinn eating competition, he said British Caledonian sineie HesTis' oppose any moves to. withdraw as the banks.” 

! Quoting evidence from airlines was fl50~a fi "ie^braifed SJlJi their composit tax arrangements. Over the past 10 vears the 

I Authority of Laker’s application 00 . l1,e Impart of .the New York the airline’s 0 evidence to thei BY david FREUD . Mr. Ralph Stow chairman of the banks’ share of available’ de- 

! for a £I98 ret^ fa?^e^Sde « , ^ ODdoa Skylrahi authority. ! Building Sociebc-s Association, posits had remained steady at 

idisputed thTjto^s pSiSe? sa] ?C But . 72 per cent, of thel A FURTHER indication of a | S “« p y ” . n about 30 per cenu whereas the 

i forecasts -and viability on fhe S id SlS- t ai5 0 h d 2rE SirES5f C E^Sers proposed by British Mnnnniia lul. u.-a« rpcnnnHiiia in" fmm frnm 'U nar __ n » In A 1 L ? 


j THE STRUGGLE between Laker . A Los Angeles Skytrain ser- substantiated. In return Laker' 
Airways and British Caledonian vice would generate 400.000 new Airways accused British Cale- ! 
; Airways over who should fly the passengers each year, shared donian of proposing a loss- 
; cheap air, roote between London between Laker and established making service on the route. 






l * r h l* passenger Previous efforts by the airline stands nearly 5 per cent below ; societies pay fax on behalf of \ a PP e "' 1 r t ar hat tbe hi - h lcve! 

figures for Us Angeles, to operate the route in 1973 and the October level. ! iffir investor — at of ^ hanks manaaement 

airline smd that the 1974 had almost broken British' This resuli is in line with Ibe i current rates either inSease the “P™*- compared with low- 
had not been properly Caledonian. |OECD forecast published yester- 1 Soma” rate by / i«f5" ot huilding society expenses ratios. 

: day that the rate of economic! redueT the deposit r?S to 3 per would make it exceedingly diffi. 

growth could slow down between M>nr - !_« cu lt for them to match the 

has record 

figures had not been properly Caledonian. 

European plans of 
Financial Times 

growth could slow down between cent , without removing * the cu ■ . them 

“ d SeC °” d hllves »' “ovemeni? edqe lfnns 

this year. , _ v . r rhtk h__ te With a gross 


COPIES of the Financial Times 

nlntlC fkf this year. lover the banks “ With a gross deposit rate of 

fl\ OT Tbe index short-leading in- ° U1( ... . 3 per cent, at present, banks 

IT ■ wa. dicators, by contrast has risen . ** he socially and no charge between Si per cent, and 

steadily since October and there ? oul)t Politically undesirable to io per cent, for the house pur 

P* was a marked advance in the increase unnecessarily the cost chase loans thev make. 

I lfllPC coincident indicators in the last 00 “ e ownership to meet the « u societics ' paid . hD Mme 

L illies three months. banks’ competitive prob ems and low ra|e on n ° d s L . p SsM S Jnd the!? 

■pie mmn influences of the; J* would be most unwelcome to ta3l arrangements were with- 
fall of the longer-leading index; the Inland Revenue, who would drawn lhl . mor tgatjc rale would 
have been the rise in short-term ! then be dealing with tax liability be a hiHh]v competitive 5 per 
interest rates and the fall in the j for 20m. individual building eenl - ^ 

The company hopes that Its stock market. A drop in the nun - 1 society depositors instead of. ns However, societies could not 

Uvi-ci I'Xploi 

If reserves in. Block 16/17 are per cent 

Oil prices 6 will be 

• . . . ; ' j. 

Saudi-controlled 5 

Oil Exploration (Holdings), 8.52 : By Lyntou McLain, Industrial Staff ! ? or “ le TT °° the Continent and dnve to increase sales on the'ber of housing starts in January at present dealing with 345 operate on ‘o low a deposit rate 

percent , . m th® are to be printed Continent wiU bring it a larger also affected the index. .societies who collect the tax for because of competition from 

- CALEDONIAN AIRWAYS re- in West Germany by Frank- share off the European adverbs- The picture that the figures them under present arrange- other sources 

ported a record trading profit furter _ Societats-Druckerei from ing market suggest underlines the OECD meats. The Buildiii- Societies Associ- 

h nr !|l L « yesterday of £9 im. for- tbe 13- next January. Mr. Justin Dukes, joint man- conclusion that fiscal stimulus; The societies for more than atiun is to give the Bank of 

WW I 1 1 Bit" - month penod to. last October. The Financial Times said aging director of the Financial ra, S fa t be required “to prevent ,200 years had relied solely on England " a considered renlv ” to 
- 1 T * The group, which owns British yesterday that it was close to Times, yesterday outlined- the the slowdown in demand at pre- small savings and deposits as the points recently made bv the 

-i A - Caledonian Airways, had a nse reaching an agreement with plan for printing in Germany to 8ent J° reca f t fo ^ the second half their source of Tunds and it was London clearin'* banks. 

I "■■■ "1% • ' iD fradiofi profit of 50 per cent Frankfurter Sodetats-Druckerei, union officials and managers of 1978 and t0 keep growth 

fl*A| lAfl 7 in the previous year. a contract printing company in He said that the opening’ up of reflj. G °P the 3-4 per cent 

LI. Last year British Caledonian Frankfurt which prints the of the German operation would ran Se- -w-^ « 

had a turnover of £153m. It Frankfurt editions of the be accompanied by a sales drive ■ lATFftfhVlfl v/\m InAlYI /~k 

RY IAN HARGREAVES ' carried L9m . passengers over a Frankfurter AUgemeine Zeitung in the U.K. because ‘*as a news- 

BY IAN HARuRcAYcS third of theni on c harteT flights, and Bild Zeitung. paper and as a company the 

Nr. Adam Thomson, chairman The newspaper hones that Financial Tiroes is crucial] v 

A WARNING that unilateral These showed demand for. of Caledonian Airways, said that pc j n tixiB m Germany “will dependent on the U.K.” There 

^atidi Arabian control of oil OPEC oil rising from 31’^ni. bar- after the losses in 1973 and 1974 * in a mrorove- waa stflI considerable scope for 

bPices and production levels is rels a day. in 1980 to 4L3m_ bar- the company was established on ment ^ number of business Sfowth in Britain. 

rertain in the early 1980s came rels a day in 1985. Production a sound financial .base for future centres | D which it is on sale 

vesterday from Mr. Joseph A. from all OPEC countries Is. pre- grovidh. ■ . • early in the morning.” , j 

Yager of the Brookings Institu- dieted to be more. or 4ess . static Last year's profit would have ^ l^OUHCLIS SlUOV 

•inn nf Washington. in this period except in Saudi been flm. greater but for the air V/WUULUl5 3luu J 

lion of Washington. 

uicieo ro we more. or -le** sidut i^asi years vrwni. wwuiu on,- 

in this period except in Saudi been £lm. greater but for the air .iiSiiSh, . himSShSS 

a ear ly ana reliable distribution 

Mr. Yager said that" the de- Arabia where output is shown to traffic control assistants’ dispute. the^thf^nt Small ohime 

lonment was so imminent that increase from 13m.'b/d to 18m. The airline was still losing Alllia 

velopment was so imminent that increase from 13m. 'b/d to' 18m. 
“no likely measures by the oil- b/d, almost double the present 
importing countries could head rate. . - 

it' off.” The Saudis would be. virtually 

Giro raises 
loans limit 

By Michael Blanden 

•The result would be a sudden the -only state with Thrneces- for a J50H5eat to S yea^ made DrinSTe M S 1 ?™.*?, J England 

sharp increase in oil prices lead- sary excess capacity to rnffumce Mplace the BA c 1-11 by 1985. {gT Continent easenttaL 8 thS . Wales f ? fln( ^ out how ' ca - s 
ing to possible rationing among prices simply by varying produc- Up p to 20 .rircraff Smpany Sid essenbaL toe t0 - tt re ^ , ; e ^sUce in di 

Demand for home 
improvement aid 


BUILDING societies should alio- “ It would help to maintain 
cate more money for owner and enhance the country's 
occupiers to carry out home im- housing stock and it would con- 
provements now that they had tribute to a reduction of unem- 
followed the Government's re- ployment in the ..building 
quest to cut mortgage lending, industry.” 

f^,r t ;K n ' , h ‘ o rj n 1 d r ,h ? "ssa- a,^ n f.«t. 

r.’SMii’TSt.lgB . b, «hl M'i* - sr"iacr- 2ZSL&*aJ£»JSr & 

}p>i-iiisihiS£S sMusaa aSftttfS Sr r " 2 aai'.'Sssi'iB 

f . tion Ld °substitifte C al^ative Ollllfc arlvipp frt>m London to Frankfurt by a involving less than £200 can fe nJ at e ? U,Va en L t0 he,d back fr0m ho ™e purchase and lend for improvement. 

tained If * naner delivered tp ram^supiShu ^ But dSncrta V U1 i tS aUVlCC facsimile process. Copy for dealt with by informal orbitra- SSS^rl? i^„ s 5f S° u,d 2 n . d should " ow Such lending would not help 

» I X Hili'ffiSSLnSn* iho Pe A K BWi!!Jrinn I? for Sch a P move wiere diSourae- 1 e • i certain pages specially designed tion. Instead of by a judge and ainm whiii°?h« and be used to 'help owner occupiers push up house prices, which the 

'ill’s iJ -.intend, on Tuff oSS,™ for traders - BBt - ^ S >■ SSU& ”m S WBSSS% :*r5FSi w ilflff ZS3& 

ts,-» atadassass- a SSaaw sbwmsss* a?»isws 

I'iil'S t ]-, 

Quilts advice 
for traders 

proofs will be taken from each claims procedure Tn the countv m ♦ . ell's annual luncheon in Lon- building societies should be per- 

page forme and then transmitted courts. .". Under this claim! q NeW rat ! s “ f 4 inlere ?t will be don: “A proportion of the £70m. suaded to change their attitudes 

from London to Frankfurt by a involving less than £200 can Te *?«?»** e ^ u,val ent toj held back from home purchase and lend for improvement, 

facsimile process. Copy for dealt with by informal arbitra- SSSr^for* fian^nf ?Snn ^f!S® u,d ! nd Probably should now Such lending would not help 
certain pages specially designed tion, instead of by a judge, and !£ whiii^hA ™ f t* £ S°i,«« d i be used J®. belp.owner occupiers push up house prices, which the 

for overseas readers will also be legal- - —-a n above, MrQile Inc rate on loans I carry- out home iitiDmvenients. r.nwnrnmnrtt u-«e f»n-in« *#«, n»A<j 

I , » / ■ “I- ■•VI4J1. F* *vvu, II Itik u U4^ 

jor overseas readers wifi also be legal ■ cfets -are not usuaRy of T^s n tffin win hp l III ca J?7, °? t toprovemente- Government was trying to avoid. 

firing IS Soft oraSe 5? .!?*]*!!*? 

suppHea, leadtiig^o a contimT Mr. Christian /LOWmanag^ thera ** 

dus pressure on prices. . director of Leif Hoegh of .Oslo, poultry^ feathers. ^ ^ 

dus pressure on prices. . airector m i-eii noegn ox .usio. 

His assessments are based, on foresaw little chance of supply 

The -Retail Trading Standards 

‘ the growth pattern in oil con- and demand rebalancing before Association said. They simply 
sumption plotted by the OECD the mid-1980s. The situation was cannot give customers tne 
ind predictions of likely Saudi more serious than ever for the warmth-wjthont-weignt qualities 
production by CIA studies in the industry which could he in the associated . with Continental 
'U.S. and his own analysis. middle of a 13-year-long crisis. quilts." . 


Davignon steel plan expected 
to run for two more years 

trade arbitration schemes, {cent, below £400. 

ci so? 

per thus way. It would accord with tion of their funds being de- 
ithe Government’s housing aims, voted to improvement." 


^var^»- B 5f\SriS 



THE STEEL-USING industries restructure the European steel bad occurred in the stock- 
*.'xpect the Davignon crisis .plan industry would be even more holders’ ranks on whether or not 
io protect steelmakers, which important No signs existed of to support the plan, 
has now been in operation for any. early revival in the overall Most' association members — 
imo months, to continue to run demands for steeL who together have a £800m.-a- 

Tor ai least two years. The European steel industry year turnover— supported the 

This forecast was made in must urgently review its “ body Davignon proposals in principle. 
London yesterday by Mr. image ** and each national indus-' However. 300 companies could 
Laurence Kelly, vicechairman try must ■ formulate new not be expected to have identical 
if the British Iron and Steel strategies to shape future size views and the measure of sup- 
Consumers Council, at a confer- and product coverage to meet port for Davignon ranged from 
^?nce on Ihe steel crisis arranged likely domestic and export needs, the enthusiastic to the lukewarm 
jy the Institute of Purchasmg It was vital that they should with only one or two dissentients, 
ind Supply. not relax behind protectionist. “NASS have had a series of 

The plan was inaugurated by measures. meetings to examine in detail 

discount Etienne Davignon, Equally important, the Euro- the implications of the Davignon 
SEC Industrial Commission, in peao steelmakers should not proposals, Mr. Barrett said. “We 
January. abandon investments in new and have also met British Steel and 

It provides for protection improved steel plant in over- the independent steelmakers to 
igainst cheap foreign steel Im- reaction to the present crisis. make them aware of the many 
ions and sets minimum prices The Government is going to reservations voiced - by our 
"or European steel sales. unveil. its strategy next week for. members.' 

Mr. Kelly called it “ a measure reshaping the British Steel “Only after these- most 

tf surgery for the European , Corporation. detailed consultations have we 

;rcel industry wrapped in a pro- Speakers - at yesterday's con- felt able to recommend our 
eclivc s traitjacket Terence said- that the seriousness members to give -the under- 

Speaking for Britain’s private of the problem facing British takings required of them.” 
si ccl -making sector which sup- Steel could be measured by the it was a myth that there bad 
-mrls the plan. Mr. Selwyn fact that*. the Corporation needs been an “unholy conspiracy" 
Williams, director of the British to work* at 92,5 per cent, of its between the corporation, the pro- 
independent Steel Producers theoretical capacity of 26m. ingot dacers association and the Stock- 
Association. said that there was tons a year if it is to break even, -holders’ association, 
already stabilisation of Com- Support for the Davignon plan The undertakings that steel 

nunity prices and flows of a i So came from Mr. Ernest stockholders were being asked to 
iamaqing cut-price imports were BarrettT president of the National give about their future steel pur- 
;lnwing. Association "of Steel Stock- " chases were, in reality, being 

The next stage of the plan to holders. -He denied that a split made to Commissioner Davignon. 

Money supply still over target 

GROWTH of the money supply slowed down last month, but remains at a level well above the Govern- 
ment's 9-13 per cent, target range for the full financial year. The-bankf* sterling lending to the U.K. 
private sector grew rather more strongly than in the previous two months. 


I "W 


^■5 1 


Money Stock Ml 

Unadjusted adjusted 


=cb. 16 10 134 

4 arch 16 2?0 “25 • 

April 20 823 667 

day 18 170 64 

une IS 440 263 - 

uiy 20 181 518 

lugust 17 276 109 

iept. 21 523 960 

3c t. 19 748 509 - 

«iov, 16 481 349 

3ec. 14 663 176 


an. 18 -231 681 

=cb. 15 126 251 

" To private sector in sterling . 

Money Stock M3 

UMdpifCMl adjusted 


' Baiik lending* Domestic credit 


Unadjusted adjotted Unadjusted adjusted 
Seasonally S e a son a lly 

-301 -226 -1J07 - 945 

- 63 - 10 338 100 

368 296 967 779 

120 464 117 395 

124 343 820 697 

1,341 280 239 -288 

-107 354 - 257 - 96 

174 . 239 — 75 122 

-580, '641 277 33ff 

110 333 386 297 

28 212 497 107 

736 233 — 386 354 

-331 - 357 264 412 

. - .Source:. Bank, of England 


r.' v‘ Mftglfed 

“'rt. ■'Si. 'f! ’• r ■ - 


i > 





The* introdnction of- new and -imprpyfcd “ no-fault ” schemes of compensation 
fof injuries or death from accidents is the main recommendation of the Royal 
Commission on Civil Liability and Compensation for Personal. Injury, in its 
report; published yesterday. There are three major areas covered by the 
recommen^tions^-niotor^ injuries,-; industrial injuries and severely handi- 
eappef cluldren. The report also includes recommendations on the methods 
of paying compensatioii and. assessing loss and damages arising from death 
or : iBjury; : " ' •; 

The'Com mission was set-up in criticisms ofaefaon for damages, lions. Slightly higher short-term 

1SZ3 "’under the chairaaaship .the Comnussw)1i recommends. that benefits should also be paid 

of Lord- Pearson to consider tort should be retained. But the The eflFect of these titonc*,.!* 
to - what .extent, in what social security system should be bas £[ ^Januaw.^VT? bSefit 
circumstances ■ . and by what the principal means of compen- Ievel8i woaId jjg* Lfi 

means, cbmpensatiori should- be sation and -there - should be a per cent, on the maximum chort 
paid for death or personal Injury shift away from tort The func- term rate for a sinale man whSe 
suffered by. any person while, tlon o£ tort would become a ETStaL iSem b^t 
working, by a. motor vehicle or means, of .supplementing the would double: 
other means of transport, from benefits provided by a no-fault corresnnnrfinir imnmw»mon* e 
the manufacture, supply or use system of. social ’security. would-be ^ade Mo widol? 

of goods or services and various WORK INJURIES: There was benefits, with widowers treated 
other events. a remarkable unanimity among in the same way as widows. 

the Robins Reimrfo^SaSty and witnesses* tbaMhe structure of But. the existing provision for. 

the Industry Injuries scheme ggjl — 1» £ 

over, thalidomide victims. has stood the- test, of time. The made^o/the oreratan^Enn^ 
EXISTING SYSTEMS: The Commission could find no better ££n nrovfefoiSlS 
report describes the two methods alternative In overseas models, pr0 1510118 in xtns fiel “ 

-Duration of incapacity for^ work due to iNjtnrr 

GreatSStSIE'lwSSyW - Percentage of annual ipelb of Incapacity 

>. Percentage, of *p*U* 

; terminating' in period 

Cumulative percentage 
. of speHs terminating 
bjr end of period 

Over 3 day-T week 
. Ova 1 week-2 weeks 
Ovfer 2 weeks-4 weeks 
. Over. 4 weks-8 weeks 
Over 8 weeks— 3 months 
..Oyer 3 months-6 months 
•: "Over 4 .month* " - 







* 1.6 







Soaru: Baud on Department it Health ant So dal 'Security raerih of 1. 7 - 

... roy/Jon ipe/JT of. Ineapedty da* vo Injury rteaMrtnf for tlcXnai.or InduttM i- 
’• ! injury bontSt,-' / ‘ %i . . \ ,1'.. x 

United TCingdom. 1773-1975 


- _ . : _■ ... _ - TE7TS EMi 

Members of the Commission: Mr. Ronald Skerman (left). Lord Pearson, chairman, and Lord 

Allen of Abbeydale. « 


15 and 
. over - 

75 and 

Children ' 
and student! 


Zg od * cti * a 

Sd^torTo^de^t 11 ?!? SMtiand 1 ) ° remain bJight^intS^Um todurtriS flnanced by National^ Insurance to_'criticise in" the Reseat 8.000 whosiiSered from dtedblTng ^ " 

—action for damages in the essentially in its present form. SXl S an aSal iSheaner after bmtfa. i J™*? 

The scheme 'should still be ROAD INJURIES: there'' was through post-natal Injury.' and 

Injuries, at work 
Motor vdride . 








- 50 

—action I or damages in uie essentially in Its present term. IniuriPK srhemp for an gmitonl mntrihnHniK n'ml ■ BVrhPmiPr UWI r-——r 

courts. but the Commission made recom- at^worif ftSmiUl-there an 5 P ensa ^? D for TQad »njune*.'Tpa The report . saw that. the. nor du e to the art or 

‘ The relationship between the mentations for its extension and earaK^relate? State peSi on should^" bt ***-”'— * fewvictims were ^compensated, fault provision available .was .lit omission of another. 




Vwd systems has 
heart of the 

An addition, to the 


been, at the improvement. oaidTrie'^rf-emoloved ^ohp stl0uld fal f 011 the- .employer, entitlement depended toe much adequate'.' 

Jeart of the Commission's Benefits should be based on [j envisaged at present) the T *“ s 18 estunat ? d to -cost £58m. on chance and the'sy&em was <jhUa benefit should be. paid to 

inquiry, since both metbods have the new social security scheme benefits would have to be on a- over a year, but there would be wow.and expensive;- ■ _* parents; and guardians of Severely -r-^ : — ■ ■ ■ 1 rr ^ “ 

developed side by side, with very which comes into Tor ce . next fiat- rate basis a saving on. employers’ liability. The. Improved;- Industqsp handicapped children.. A new Other than while at work*:.. • 

little connection or interaction, month. Long:- term, invalidity Commuting to and from work through tort, of £47ra.— a Injuries scheme, was the obyions benefit .of £4.' per, week' Figuni entmoud by tbo Cwwiiiiiiw,.. 

Compensation schemes should be pensions for .those injured at should be covered by the reduction of 25 iier cenL in choice for amodel of the no-fault- January 1977 levels, tax Tree from _ 

looked of as a whole and a work should be -based .on the scheme. ' Compensation for occu- - employers' liability insurance principle.. ..It ->quld. : proyide the age Of two. should be^paid, . -- 

teview was considered necessary, maximum benefits ordinarily pational diseases should be l e ss premiums and £2tn.iir occupa- adequate benefits' for long-term u ntl 1 "the chi hT became ^eligible 

-Although there were many paid after 20 years* con tribu-r restrictive. .. tlonal sick pay. . 






* "■ . . i . . . 

Grant covers up to 

There is a new lease of economic life in Northern Ireland. 

In productivity, output and industrial 
relations the record is impressive; The Government sponsored 
programme of grants and incentives is second to none. 

Are yOu ready to take advantage of the - 
investment opportunities available ONLY in Northern Ireland? ; 

Total 1 

incapacity and inflation-proofing; ftrr nba -contributory invalidity 
Unlike' industrial Injuries.-' It pension. ■ 

would apply to everyone. - The Department of Health and 

The proposed scheme would, be Stxridl Security, should ad m i n is t er 

administered by the Department the. scheme and f he. cost be borne 

of Health .and. Social Security by the Exchequer. .The system ' : 

and would cover injuries involy- would cost £15 m. a . year', .plus • 

in g vehicles on roads and' on £2m. administration costs. - . , '•' -'j, ■ ’ ,J -. - 

other land to which the public Mobiity. allowance should, be Soaal. secunflr benrfte-- 
had access, and the vehicle could paid from the age of two instead Social .sec urity -. 
be stationary. . ' of the present age of five, at an -administration 

For . example, an injury sus- 1 extra cost, of £lm. a y®at. _ • Social security total 

tallied by a cyclist crashing into PRODUCTS: Injuries caused Tort compensation —61 

the back of a stationary vehicle by products were relatively few administration • 
should not be excluded. The mit-the ri sk of deato lower thin Tort^ ^ total 
only , test of eligibility . for for' ^ other categories of injury. 0«npaaoiiai sick pay- - 
benefits should be whether a The Commission could not justify ~r T ‘ a .\ '■ -|7*' ft 

mntor vehicle was involved. introducing a no-fault scheme' Tor TotaJ comptmatioin 
The report favours the same ityuries caused by defective pio- Tbtirfadmfiilstratlon' -.i- 

, £ million a year at pm.- 1977 prices 







—86 - 
— 3 











- I 

benefit rates ior. road ininries as ducts. 

for industrial in lories. However. There should be no financial 
tort would still he available. limits oh 'the liability - am* the 
Various methods i. of funding producers 2 strict liability .should 
the scheme, including levies on be subject to a cut-off period -of 
driving licence fees, .road _ fund yegrs from the circulation of 
licence fees, motor insurance the product t 

premiums and a levy on petrol » • * 

were considered. 

Overaft change 


* — 7- ' . 

~ 4 

14 ri 


•-T 9 ' . 

- 9 • 

2., . 

— n 


; 13 - 

18 .. 

• . . . 

• .-riv 

“ 4 million a year at Jan. 1777 prices 


m .. 








v- - .58 




The method of petrol levy was • ■ ■ - ■ .iiJV.,. ‘r~T. 

chosen as the most practical. The Difficulties ; arose from 

contribution .by motorists would decision to apply .strict - . liability — : ■ 

be closely related to engine size to drugs. f The pharm see n tie d Social tveurity 

and use of the car. This levy industry - .was . against. Vrap benefits* !: " 

involved hypothecation- of HabDity. : Yaecihe-damaged ;.«bu- Social security- 

revenue and wonld ;be, a dren..; pftbuld be^ tre^WfiPr*.® adpiinian^tion. . ■ '1ST 

departure - from, the -usual severely- disabled,-- the CtfttWijsr Social <U«Mrity; total •. . ’ ; Y» 

approach to; raising -reveeue./ -- sfon said.. • : -^xM T«rrtcofebsatlteif ; - — 34 fr -*'- ' '*■ = |! '“ 

One member of the -Commis- Ante-natal injury, ^ftdew^d 7 ^ * - '4- 1 v- 

don favoured a levy on :lnsur- because ■"* . ----- .-■■ - -==•'— -- - - • • — 

apee pretaiums instead *“ *' ’ * J “ 

petrol levy. . 

The extra -cost- of the 
scheme, over and above 

security benefits now paid, was scheme;. ' ’ xt • • ,c . „ 

estimated at £Mo. after five. TORT ANDDAMAGE ASSESS, ^ coc1 P c ^ t,, ? n - t* -, -.»-*■■. . ,7 

yesus. nsmg to a year at MENT: The * .tDommissIpu 

maturity. The total cost, includ- suggested modifications .indu'd 

'administration . 
Overall change 

^10 . 

- 6 

- 6 .. 




Commuting injuries and ■ deaths- are induded under work injuries* 

PRODUCTIVITY (1963=100) 

Industrial Excellence 

■ Productivity and output have, 
both increased dramatically since 
3969, prod ucti vitv by 37% , 
manufacturing output by 14%. 

Industrial Relations 

■ Nort hem I reland has one of 
the Ixist records in Western 
Europe. International companies 
are happy 10 rely on Northern . . 
Ireland 10 maintain supplies of . 
key components. 

tlrants in Aid 

For new building the grant . . 
can be as much as 50% of cost. 
And there can be a 5-year, rent- 
free period for firms preferring 
fo lease ready-built factories, 
for new plant. the.Govemment 
Contribution can be a discounted 
$3%, including grant and tax 












100 ' 











r 1 





f 1 


i i 

P 1 ' 

; f 



| | 


! I !i ! ! 



. 1 

j 1 

? i 

% i 

1 1 

. i 




i : 

• . 

1 (.! • ! 

1 • J : ! ■ 

!i in 

J 1 



M j 1 t i 

697071 72 73 74 75 7B 

concessions. For R & D it can be 
as high as £250,000 on any project. 

More Incentives 

Interest relief is available 
over seven years on money raised 
.-from non-Goyemment sources. 
Assistance is provided with start- 
up and running costs of new 
projects. Payment'of the selective 
employment premium is being 

maintained in Northern Irelandf- 
£2 for each adult, £1:50 for eacli' 
worker under 18. ; 

You won't find any area ' 
within the EEC, let alone any . 
other region in the UK, offering ' 
such a wide and generous range 
of industrial benefits together S 
with the environment and ■ 4 
infrastructure to get the most opt 
of them: « •' 

More than 300 projects hajte 
been established in Northern ] ' . 
Ireland in the last thirty years, j 
Read what some of their 1 
have to say in ‘‘Ask any 
businessman who's already her 
...” an anthology of views" fre 
the boardroom. \ 

Then ask yourself whethe ' 
you can afford not to take a Ion ;er 
look at Northern Ireland. • : 
Complete the-coupon and star 
doing it soon. 

To: Director of Industrial Development, 

Northern Ireland Department of Commerce, Chichester House, 

64 Chichester Street, Belfast BT1 4JX, Northern Ireland. (Belfast 34488, ext. 43$ 
Please send me a copy of a Ask any businessman who's already here? / - I 

Also send me further details on the opportunities for industrial expansion in ,1 ! 

Northern Ireland . } 1 



you to take a | 
longer look 




FT 133 



ing sickness and other benefits, ing the ending of - double eira- 
would be £64m. after five years, pen sation, • Inflation proofing 

risiflg to f90m. a year at SeriSc pavmenta in the rnosl^ • IVBramwm* injowes ana oeatnr-are irvdwJed under y 
maturity after 40 years. - Sus S eliiinaUon of ?2 er TOrt5 rebte to ^^ional benefits tor. child ran. 

This cost -would be -met by a m j nor claims and a chanee in the ^ Mort n ^ at,on -^ r commuting, injuries and deaths is paid. ia 

levy of about lp a gallon on assess menSofdamalbs! 12 : - ^•'tore the. cost of _sui* -compensation -is 

petrol/ There would be a saving damages should nornially be ,nduded undefV “ d “ .. 

l* £4 £r m ; a Pa*0 in' .inflatiofrprobfed pay- 
mEn ^ in most- serious cases. 

1)0 and the ' court shouliT award 
£g ? S !? d *? 1 SJLS y ab0Ut 4 P* 1- su *h Payments unless- satisfied 
cent In real terms. 0 , at a lump sum wais more appro- 

A no- fault scheme was ruled priate. An injurekl person would 
out for rail, .and railway under- still be able to settle his claim 
takjngs should not be strictly by agreement for a lump sura. - 
liable for injuries or death to -Two methods of assessing a 
trespassers: . suitable lump sum to con r ._ 

A special benefit for severely sate for the lost flow of Income 
handicapped children should he were put forward. The maj 
introduced and severely hand!- view was that calculation si 
capped children should be aim at' a year-by-year rej 
treated the same, irrespective of ment of the . plaintiff's loss, 
the cause of their handicap. taking fuller account of tax and 
There were now about 100,000 inflation. 1 Others thought ihat a 
such children— ^90.000 suffering lump sum was a substitute cora- 
from congenital disability, pensation and- not replace me 
between 1,000 and 2,000 disabled lost Income. • 


; -■ - - - . 4 million a year at Jan. 1977 pricnr 

' . : " T!. : r 


Work ; : 



Social security benefits -at 

" - 

proposed levelsf 

Social security levelr at . ' 





. * • ■ s- - 

present 'benefitst 




Change" IA social security 


1 115', 

51 ' 


“ V* 

Tort. compensation at 

- • • .- 

; « •• 

proposed lvytis§ - 
Tort compensation sit 


-• “35' 



_ present feiretsir _ ‘ 

. 202 

6 9 

' T18 

: \i 

Change in tort^qmipensation- 

-’61 r- 

- — 34 


BY DAVID FREUD • * . - - ■ . ; ; . ; 

*••• * Fbr»aai fecimty, benefit forchlldren; for tort, compensation ^odar. 

THE INLAND Revenue is to legislative provisions.' - *•»" *l“t paid under wnplo'yer’s liability or motor polities.- •, •*. . • 

take steps to ease some of the . Sir William was replying 'to- * 

difficulties caused' by the intro- friticism.of the operation of the ' CoT ™ nu ^ n * in l uhas and deaths are included under work Injurte*. ~ ; - 

ductlon two year^ago of intercsi S^oSbadS? reTort^laS! * 2023/24 of berate, 

payments on overdue tax. - year - v 351 ¥?de^ r «•* ImmstrSal injuries and natioml insurance schemer 'at January 

Sir William Pile, chairman of , He' told a Commons Select Com- 

the Inland Revenue Board, said raitee on the Parliamentary Cam- attendance allowance paid to chlMton.; 

that several adnilnislxative ratssioner for- Administration § Most commuting inju ries arid- deaths -are included under madinfurfk" 
changes would be made. Ministers that many of the complaints over ^ ^ ; \ ; r ' 

were also, studying proposals to the provision had been due to January- 3977 prices, of payments in 0975; - ' 

make changes in some, of the. misunderstanding, ■ : - ' .. «-■ .\-.z 

Thia-anrtbuocefneril appears 
as a matter of record only 



Medium TemrLoan 

managed by- . - -- 



- -,-.i 

.. o.p 


. provided by -- j" ^ •’ 


<53* <> 


financial times . Friday" karcet - i? * 1979 

i* r* .i 

- • . ** , *- 
. 1 , .-i 


Directors criticise 



•>* ! 

Oartein directors of the eollapsed Court Line holidays and shipping group 
n 0L xt 5 4 ppIedore Shipbuilders subsidiary have been . criticised bv 
Trad , e ,. I ? s P ectors for serious dereliction of their duties 
establishment of a private company. Marine leasing, in the 
John *«J&'.Oo«rt Lme's managing director, described as the 
\ dominant personality in the group, is one of those criticised. 

m*,* 111 ! general conclusions about the group, which faUed in August 
J ea Y 3Lng thousailds o f holidaymakers stranded, the Inspectors, maMnc 
their final report on Court Line, say that “ the overall management of Court 
une was throughout inadequate and It was in any event never supported by 
the necessary financial control.” ^ " 

Another key finding of the tires should be considered. 

IttWrtnFt Mr t . . r i 

Would-be holidaymakers besiege Clarkson's offices in Son Street, London, at the tirae of the" 


. !>“-**• <uiu it. naa-MMi any event never SUDDOnea nv „ . . "H*® di 5“ l ° r of a .company “We cannot accept the explana- approval of the group accounts. 

<- ' the necessary financial ranh-nl ’* J ouppuiicu wjr Mr. Justice Comyn and Mr. Douglas Morpeth, two of 18 entitled— even if acting uon put forward for the forma- particularly in 1973. and with 

‘ Uic ucwjasdry imaneiai COUirOL the inspectors 1 completely’ bona fide— to make tion of the company. It sounds the exception of Mr. Young none 

f. . . an undisclosed or improper per- incredible and we consider that of the other directors were fully 

Another key finding of the tins should be considered. PhiHoos. who ha * «■»«? and ' ■ „ . “ nai P rofit another source it is incredible. The picture of conversant with the overall 

Inspectors. Mr. James Comyn. “So far as any Srmof carry- bwaSe^chSSian^n Mfil Thev KSiSe were ofteD Honzon. were a direct £y reason of his posmon as a an ordinarily complacent and not operations of the group. This 

QC, now Mr. Justice Comyn. Mr. mg on after August 15 IS con- con^Se- ™ ' 1 ® 63 ' Sue? ™*™™ ac J?*?* 1 of J he acquisition of the DlrecU)r *** ^ he does so he very active i.taairman taking a does not however enable them 

Douglas Morpeth, a leading cerned, as our interim report “We have no doubt that dnrin- ahlevS slnc ®J h,B took *hem out- “«« mmtta . C° mpany unreasonable attitude lo escape responsibility for the 

City accountant and Mr. John states many peopW^tare fully the yeLre dSTii Mrraally d: > scu,s e d side the philosophy of their £°r ^ The principle which we about a dredger going overseas operations of the group.** 

' Hamilton, la that Court lane's investigated the posslbimy of he Sormed husm^s as expounded to us by have just stated is often spoken on behalf of one or his companies Having noted that Mr. Bond 

accounts for 1973 did not give some arrangement foTcompIet- rale as Taiwan aid S “ i? ^ ¥? p-. Youfl « the aviation of as concerning “a secret profit ’ to work for another of his com- and Mr Makin considered all 

- - the “true and fair’ view" ing Court Line’s summeTsche- Sthonlh Sas «£ dSioltoL ^dso^imnSc^ , b «2 sm ^- sb ^ A - K Mnd urted 11 “f cou ™ 10 **■»« does ™ “» ak « sense. Court Line’s accounting prac- 

''required under the Companies dule. but no satisfactory - plan trolled bribe directors worW mnt to th?* Sat tht 1 L ke -*f Jr sl “ p P in « business, as profit but it equally applies to Mr. Young was the dominant per- tices were justified. the 
Acts. Only a very limited quali- could be devised because of the afTatearn “!?* “ f £L ftB 2£ i *2 e charterers and not operators. We any improper profit however sonality in Court Line and Mr. inspectors say: 

fication of these accounts was serious practical difficulties. We princSto IXenSd S SI SSd^hav?^«ridS^ri^S g ™ up cou]d 3UStifi ' m S knD ^Z 1 ”5, l ven » f pur - Philipps’ influence was in our “i t appears to us that when- 

“*«s s raade by the auditora,' Robson regretfully -agree W it would pereoiSi^ ofH^YoLjL “ SXSnati!! abIy , ^ p r°H? U,e . achieve * authorised by the com- view even at that time slight. ever there was a doubt about the 

^Rhodes. not have been possible." -1/7^! S S holld u ay a,rline but t a . We believe that the reason for possible methods of application 

— t_ . •' ‘ • Another findlne of the renort «. . Yottn Si m addition to “ e , d '“ not, parheu- its one failure, the acquisition The amount of the profit in setting up Marine Leasing was 0 f accounting oraciices. Court 

— rfpvntAd is that “ with two limited Seen- ^ >e,n B M a n agi n g Director, was *“ 1116 penod of the 0 f the Tri Stars, was a major question does not affect the prin- for those concerned to make a Line chow thc ? method which 

UoS meStoneTintlS ' n ^doubtedly the group's operations. one.". • . ^ cipie: a small profit does not personal profit which they were reacted LhomE on t£ 

*■ tt'it < Sf mattSs where th?v sa^?heJ we have found? M ^delce^Sf d ^JnaBt personality in the In the case of individual divi- Court Line s venture into avia- render permissible what would hopeful of doing without any- pro fi t fn^he vear! 

.*<■ , -’belteve 1 “ some any questionable transactions in J^ hile ? n a or , sion» the quality of management k™ “ * e Caribbean was un- otherwise be improper: a large body knowjng apart from those v “\v e do not" believe that this 

the 7Si!SSr£S^S. J5&®?SS5tlS?SSSr«3 JiSfiri varied Sf^L to t ^° u * h0ut ta profit does. not make improper immediately concerned. They ha ppeneS bv areidcif We 

adnnted'* • “ that its directors a«- entitled to t°. dld 1“ broad terms, except for the “® Inspectors view, contribu- what is basically proper. utilised Court Line in order to believe it to lie a deliberate 

*•- 'BMmnriwiit, have that recorded snerificairv . execn ti ve or administrative final few months of the group's te ^ significantly to the group's “ Furthermore, the fact mat do so by passing the dredger decision of nisn-icemern Thu 

'placed* 0 on U tbe Court^lSe io respect of them.” ' * thS5 ° nn 4? acc0rdance .w**? business when systems generally failure: They also remark: “It is risks of loss are undertaken does through and back to Appledore finding is detvEdfhv both Mr 

: But 6 the The Inspectora tracfrthe story 8X1(1 . responai- deteriorated at all divisions. "?w accepted by the Court Line not affect the principle. An im- and charging the local Carib- Bond and Mr Makin 

remark 1 ^" “ One asoect of^ohsnn of the growth of Court Li^ Sjf'SSte ^ k 11 ^ ^ arrangements were satisfactory directors that the whole Carib- proper profit, however uncertain bean hotel company for its «j t uas su-cested to us that 
’• : Rhodes audit ?xaSSti on caused describing It as “one of humble “ ™ at a?ia ^on and the shipbuilding ft*?* 1 - ^ profit was at the ou Jf et ’ te - f™*** Their action remained Court U ne uSc not unique in 

us some concern-thelr lack innings, rapid divenrification views generaUy prevailed ' and ship-repairing dmsions. that t should have mains an improper profit. ^retunUlwe discovered about , helr optim i stic accounting prac- 

exarafnatlori of the manaeSent ove r a wide field.. -. ambitious , barely acceptable at shipping been foreseen as likely to be a “ Every csm naturally depends Marine Leasing ourselves in the u C es and that there were many 

.■ HSS and ^cash torSS.”* “ acquisitions, veiy heavy borrow- 1MMMBEMBI and with minor exceptions very disaster and should never have on its own facts, but the only course of this inquiry. olher companies whose ucounUt 

P “ w/ h»i!2 ings. over optimism, an expen- poor in the leisure and Canb- been undertaken on the scale it safe working rale is that any A. to the a "iounts actually have be p n criticised for 

bean (including LIAT) divisions, was. personal cxploitauon of one's received by the said Court Line optimism Whilst this inav be 

L.i: 4b. Tha - Ifnui.itinn i. n ann,.-... r. .ib rii rpptnrc r mm Minna Iauiud ujiuiuisui. huiihi uu» Uid* CB 

- Responsibility is -primarily 
-placed on the Court Line 
directory " But the Inspectors 
remark : “ One aspect of Robson 
: Rhodes audit examination caused 

. k nodes audit examination caused -a une w uum«nr v, ews generally prevailed, 

us some concern— their lack of beginnings, rapid diversification s J H - 

-’j examination of the management 0TCr . a wide field.. -.^ambitious 

. profit and cash forecasts. acquisitions, very heavy, borrow- 

. “We believe that an auditor “ 8 ** ove r optimism, an expen- hW&mm 

should seek to assess the realism sive and disastrous incursion 

...of the directors* views to the 1n *o the Caribbean, inedeqnate 
.. utmost and that this • naturally 0 J e r a, I TOanagMrieiit. ko< 1 a -share 
. , requires an examination of °f HWuck. They add:--- It is 
. current profit and cash forecasts 21150 the story, of = one leading 
■ or other management data. personality — the... .-managing 

“Many of the matters affect- dl L ! 5 tor * Mr. John ^Young” 

^Ing the 1973 accounts about They relate how Co«rt-Line, 
which we have doubt have in- «*ere Mr. Young, now 4R. became 
— ’gwivod the extent to which the managing director in -■ 1963 
problems which Court Line even- switched in the- mid-1960s to 
.... tually encountered in 1974 should tankers, moved into sfeipbulkKne 
-’ f, ihave been reflected in the 1973 wl th the small Appledare^onceni. 
* *■ 1 ; ‘accounts." acquired Autair Intergatitmal 

- in a chapter headed “Certain Airways, running air charter ser- 
r* .Special Matters.’’ the Inspectors ^ces, in 1965. and afterwards 
—say that questions for considers- made certain, acquisitions in Hie 
tion arise under Section 54 of Caribbean area. , . ■ 

c the Companies Act 1948 in con- Later the group became ‘closely 
nection with a secret agreement connected vrith Clarksons ]S61d* 
. whereby Court Une gave an days, “which had a number of 
t. indemnity to Bankers Trust competitors, and a pncAcutta&g 
. International about the value of war raged fpr Sonte y.e^rslpideed 
shares BTT acquired around the °P t0 ^ 

, time of Court Lines share-swop lapse of . Court lime .an^-Qatk- 
’ . take-over of Doxford and Sunder- sons Holidays.” . ‘ 

c land, the shipbuilders. The in- Court. Line's shtpbmWmg ex- 
demnity was the subject of a panded with the a c q ui sition in 
later compromise agreement 1971 of North East Coast Ship-Re- 
'costing Court Line £946,000. pairers. and in 1972 wi4h the tafce- 

We believe that the primary The acquisition of Clarksons position in a company for other directors from Marine Leasing trne in * , . ’ 

responsibility for the inadequacy Holidays is found to have been a dealings is nrima facie improper. w ® fi^d at difficult to understand absolves the directors nf fonrf 

of the management accounting major contributory cause of " It should be a matter of **7 the V fir stly are wholly un- xjne 1 

arrangements must rest with the Coart Line’s collapse. “It amoun- instinct for a director to recog- ® ble t0 Produce satisfactory „ , addition in the ease of 

Board in general. ted to a burden which could nol nise a potential conflict of documentation about Marine th ,n a °[ 

Posing the central question be borne. It stemmed from the interest and to avoid it, but in Leasing or the money they re- g e „t em b er 30 toT'i there was a 

“Why did Court Line fail?" the obtaining of the TriStars.” case of doubt— a case which must celve d from it and, secondly, rjpuwate sttemnr'bv the dtrer- 
Inspectors say the short answer In their chapter on accounting be rare— legal advice can readily raM°t remember very much . deceive the auditors inrf 
isthat tfiere was no single reason the Inspector deal with Sfe be sought. Moreover although the whole matter. ih?raholtor7 Vti' conSme^ 

for the collapse, which was major estent to which Court Line ibe Board's aDproval of an im- of relevant information In the 

caused by a number of contnbu- relied da “off ihe balance sheet " propriefy would be of no avail a npnlin *J n(T case of the BTI indemnity posi- 

tory factors. . financing bv means of leasing for f°» advance disclosure by a /^LCUtluUHg tion at September 30 1973 there 

Court Lme expanded rapidly xn nearly £38m. of its aircraft pur- director to his Board of a ooten- .. ® wa S simllarlv a deliberate 

many directions, some of which chases. It considers that, in view tially embarrassing situation Hr3ClIC0^ J 

were both logical and justifiable, of its size, such financing should could only be heloful. Failure *“ 

others not. have been revealed. to take either of the orecaution- “ The admitted fact 



1 The ' admitted facts above 

attempt by the directors to 

Among a considerable number 

The overall management was Noting that no accounting ary measures mentioned can. amply suffice to disclose a seri- 0 f matters in the crouDs account, 
throughout inadequate and it was standard has been published on the other hand only create ous dereliction In their duties ine over which the inspectors are 
in any event never supported by the subject of disclosure obiiga- a « initial Impression of suspicion by the directors of Court Line critical is their noint that a on! 

the necessary financial control, tions under leases and that there or negligent disregard for direc- and Appledore who Were in- vision of £3 2m. Should have been 

This meant that as Court Line are no U.K. comnauv law require- t°ral responsibilities. volved." made the Sort Line accounts 

expanded it became progres- ments. ftey add: “ However, in. “ On the admitted facts we find Reviewing the" Court Line ln connection with suras the 

sively vulnerable to any snbstap- j, ar opifcqiji^ the- .amounts in- that Me Yoyng. Mr. Venus, . Mr. .accounts generally,. the Ingpectors Caribbean subsidiaries were not 

^ 12 ^ tial setback in any of Us areas voived wesymuterial and, should Chapman and George Briggs say" they are satisfied the abte to repay No criticism on 
• of activities. ■ ■ have Been disclosed, together -each made profits out of Marine accounting practices on which this score is 'made of Robson 

When a senoiw Mtback ivith-Tn formation about the pay- Leasing which they were at .least these were based were forma- Rhodes. 

rotuc H nHdavs ’* . - rx*., ‘ of activities. ' . have wen dfsdosed, together -each made profits. out of Marine accounting practices on which this score is made of Robson 

l^nS ThS ?£ Surt Ss ' AtobuiWfan exv *- When a serioi« setback .rith-Tu formation about the pay- Leasing which 1 hey were at .least these were based were fonnu- Rhbdefc 

demnity was P the subject of a panded with the acquisition in optJmistte approach. oc curred,triggered^ by pent pattern of the Tnstar leas- obliged to disclose and for which lated by the directors with The report also says that £5m. 

1971 of Nortii East CMstShdo-Re- - cnsiS of mxturan 19TO. xt imraedi- me^harees. they were, in our opinion, liable responsibility for the accounts, should not have been reflected 

Msltop rnnrt Lto?£94lS) men pairers and in 1972 with ttie take- “ He had a markedly optimistic at ^- v . affec ^ ed . . tbe •‘‘Both tte directors and Robson Jo account— by. payment— to Mr. H. G. Bond in 1969-72 and asgoodwillfollowingtheacqui- 

' khare- S?5 SSSSSTSSSSSSt approach to- the bixtaSSdS j lated • ““* gET* Line - "2*™ ®r which Mr. MI. Makin in .1973. Both s |tiSn of Doxford aid Sundef- 

hnijpr. ehrniiH hnvo hi-rn tnlrl The reDort notes that active but think thati that undoubtedly in- The group was so highly gewe . would have had no objection to they have ever done. accepted responsibility for the land, given the liabilities which 

br^s^ement It thfSnnS SSiJSSSiI ?M«Mm iSlowS flawed taTfSowdireitora. » jffSTSLSh, TSl J® ^ wa ? “ However, the matter does not relevant accSunts and for the were IrisiSg ' 

meetin" on Aoril 4 1974 ' to aoquire^Wm Cary and Son. sometimes to the extent of “adequate of note i* this had been ■proposed end there. We must consider the directors reports. The inspectors also say that 

They"Sfio "Suit Line bonding their judgment on r£ffitST!wS?to ^ n U " y ^ f teJ£, n * f ® r 1 ,h ® f**™*- They add: “We questioned the the nature of the indemnity 

audBankera TrusttaternatlonAL the report SSys- matters that .required a more down by -a subetonuai reverse in uon V ^ of the °°mpany m the first other Court Line directors on given to BTI should have been 

fte report “ y w« s ssura* » - sru, ^ ,er ^ iheir in 1972 — * 

... 1 ■ - “Various witnesses have told 11 W8S tne > '--ertain s»peciai Matters" the 

.... - -disclosure of tixe original rndm- . *. ^ thM^ergWra* inner aH ^ di ^ is,ons ' « b8n alT ^ formation of the Marine Leasings 

• - ■ fu ty “L? e f ei Aircrait . DUinagement te™ vSch S ^ s£?*JES! company ia °» e Bohamas in 1969. 

the bid for Doxford and , , ‘ the important Secutive otherwise have teen avmiable ^ inspectors record that 25 per 

Sunderland. . Jp^o/wl relgtiSn to the ™ T*T& had .'" vested «°t- °f its shares were held by 

^ " The chapter on special matters tCaSCu Sm^Sion of this team varied in th . e 085:1 bbea3 * ■ me 1 ant * aX g? Mr and Mrs. Jafnes Young. 25 per 

a’ so criticises, as extraordinary « T _ . ivr2 Aviation but^ isiKtifeibte^ zT teineTir position progressive^ de tenor- ce nU by Mr. John Venus, anorher 

and unjustifiable, a £100,000 loan ordered A and^nteml into leaS YonnH, and Mr PoSv ated and «"dered the collapse Court Line direotor, and 25 per; 

.0 Mr. D. G MacQueen. iSfSinSm TrlsS S in *»*"*' 1974 A 

avialion director of Clarksons aireraft (which entered service Makin. The report records that the a Court Lmg director, and 10 per 

......Holidays until early 1973. before n, 'the spring of- 1973) and took - “We found that formal Board statement of affairs inf Court cent, by Mra. Hfllaire HoUiek. as 

its take-over by Court Line, who options On tliee others. This meetings when called were L, ne on August 16, 1974, avday nominee for Sir George Briggs 

..bad bought Doxford shares a was the culmination of investiga- usually at short notice and for after, the collapse, showed a another Court Line director. 

month, before Court Line a bid tion over several years, in dose such purposes as - to formalise deficiency as regaids members of There were smaller holdings by 

: . for that company. SSJffiS^rtttTcirtSS legal. tSSSSuT or Sadopt £ I 2 - 476 j W0 \ S i 

Introducing its final report — HoBdays, who supported the decisions which had been taken of contingent claims, being si nb- tnetor. and Mr. JLA -Wilson, 
the Interim one was in 1975 — practical use of these aircraft glready at informal gatherings of a ?F°Th? LuiS p ntoU 10 

- the Inspectors say their further by- way of a five-year flying the -directors mentioned in the lessors of the TriStars ana Lucia, 
inquiry has confirmed that there agreement . guaranteeing their previous paragraph. iiSi™™.! nf nt 

was no fraudulent trading and utilisation. No guarantee was . « with a diversified ermm it niZSfLJi* nniiiiflJe l • T^rorlnni* 

’ that the date on which Court given by - or sought from BIB. difficult fir a ISSSifSSh pa? SSSSt J££rtd£X&m ‘ dredger 
■; Line coUapsed, August 15, 1974. Clarksons Holidays then parent ticular . responsibilities to of £23^95.000 including i contln- - j i 

;. wa * 2 JJ , ^ drcumstances company. rourt Line familiari “ himself’ with Ihe gent claims from airliries and reSOlCl 

** rifht d at e for the .group lo J® J™ n f ST r£! ms S. y and Problems of hoteliers of £12.441.000. Ueficien- . t t w 4 „ r. 

, cease trading. acquired w per cent. « um such a group. ties were also shown by tie stale- The report states that Marine 

Addressing themselves to the sods Hobday which by. this time - However directors have Joint meat of affairs of o titer com- Leasing bought a dredger from 

. question whether Court Line bad raroyra oeyona its own an( j individual responsibilities panics in the group. j Appledore for £38,000 (inclusive 

should have stopped business capabilities ana, its P a r®nt com- jqj. .. ^ ij vera y control and Reviewing the group’s .’various of shipping costs) and had ii 

.earlier, or could have continued pany s expectatxons policy of a group and should activities, and their contribution shipped to the Caribbean where 

longer, they say: . J^ses. .establish an environment in to its failure, the Inspectors say it did dredging work, some at 

.x “We appreciate that it may. be HolidtaaraJanaace 3 were unsounc^ which they can be properly the shipping activities, played least for Profit Then it was re- 

difficult to understand how a , „ reco , I ~ gg informed -as to group activities, some part, but not a major one. sold to Appledore for £30,000 ex- 

' group which crashed owing many iniect “It is our ooinion that the 511 ^ sronp’s collapse.. The cir- elusive of shipping costs. “Such 

.. millions of pounds can avoid disposed to Jnject - ^*5 our opinion tnat the mmstances of the acquisition of costs were m the region of 

’ having traded fraudulently dur- la, ?f 5““* dcSSns were taken togeSS the ship r S Halcyon . Co X e 311(1 s 0 .^ 1 ® effect of the sale 

• - ino it« rfvinp mnnthq. Th*» nnint “^P- - M 1 June .“. e *a*en, together Halcvon Isle are described as un- and purchase was that Marine 



31 1978 

company cannoi wcoi IIS uom , ^ v J T I yjam nnnA 4 L a j hwi mk u j wiuv, u «mvui uis. •Htwuu «. Wi l/iuui Iivin 

as they fall due, and here the the AMOdatwl Travel absoived of l hL^ S?^nSS a mistake- arisine from an over- the venture, .the Inspectors con- 

group's principal creditors were ^ fe e , c Pf *? lc ® ,$2 Si S optimistic assessment of the 1973- dude that at least £56,000 ol 

deliberately nbt calUng in their H?n mar ^ „ -divisible profit was made from U, 

idebts during the -final months, “ student travel and which ™n_ w^re the Board of Court, The acquisition of Doxford and before Marine Leasing being put 
but were indeed actively seeking OP^^d J 10 . advance bookteglga acted largely as a rubber Sunderland is seen by. the into volurrtary liquidation, 
ways and means to- keep the ££;*r te1 ', business, in . Inspectors as too . ambitious, Mr. Yonng has said he thought 

£& • . _ y»ff i gr‘Jrtt:‘« 5 L» ! £*irJ 2 r' SLSLSSS; JOS!**. . ««r » 

their intention of taking action, developer. ^ many instances, parti cu- the lease/purchase of the Tri- had a dear profit of between 

The whole problem of fraudu- “ In February 1974 the Group ja*Iy/in_tte case of leisure and Stars was a major contributory £8,000 and £10,000. - Mr. Chap- 

tent trading was kept under care- took oyer not the Companies but tte Caribbean, c° m panies did not cause of the failure of the aronp. man, with a 25 per cent stake! 

ful review by the lawyers, the . passenger bookings i of the .returns. .While the acquisition of the air- produced a. letter showing that 

bankers main creditor and Horizon Group, an m elusive tour <l« C^ten returns did not clearly craft was a bold decision it was he received £19,553 indusive of 

Government authorities involved, operator j specialising at the was in our opinion quite certainly a his original £5,000 investment 


barked upon the second inquiry 

listed above— the correctnei»s or in March 1974 the uroup. - - -a x • / * 

-ithlrwire ^T au%S 15. 1974— bought a controlling interest in . A llHlfTIT^C 
;?s toUe on betafr of hoK IM third hotel in st Luda, the • AUUIlUl & 
makers whether the 2 roup should BSsngot des Roseau. . 

bave^hut down earlier -than it “In March 19<4.the Group The following stateinent was 

3id or whether on the other hand A^unts «P,Jo September 3^. made last night by Robson 

It could have carried on in some were published pnor to ato. Rhodes, the Court Une uudi- 
fonn until some later date, pre- Annual General Meeting . In tort: . 
fSSbly until the end of the sum- April. The treatment ofjoodj The comments of the lnspec- 
-a. holiday season.- will In these acconnts resulted .tors In Uieir report, -concern- 

-W alternative except carry- in the group exceeding its ing Rohson Rhodes’ andit work, 
in* out the nroeramme was borrowing powers. ’ should be read in U»e light- of 

bound* to affect those booked "‘In June 1974 Court Une the important findings that 
for holidays after the cessation approached the Government for - Robson Rhodes quite reason- 
of tradin'* and the earlier In assistance' and as a result an ably, formed views on indivi- 
polnt of time that took place the agreement was made for the dual accounting matters which, 
more people would he affected. Government to acquire all its. after considerable discussion 
We 4 n not consider that a close- shipbuilding, shlprepainag and and thought, they considered, 
down before August 15. 1974. engineering interests.: / /“ -afld. still consider, to be rea- 

warcalled for: there v*as .still “Op August; 15. 1974, the sonable,” and that “although 
hop®- Until • then. . although principal . companies in the- .we (Out is the .taspertorsl do 
diminishing daU>’ during the last Group ceased trading^ not in. every case agree wifh, 

fnrmlaht or so Whilst hope re- Assess&ig the character of the them, we recognise the merits 
Sed it was* in the Interests mahagemmt of Court Uoe, the ot their opinions.- 
Tf 2l conceded tint all alterna- Inspectors note that Mr. W. S. As to the 1973 acconnts, the 

Auditor’s statement 

• Marine Leasing;^ the Inspectors 
j j j say. “ We were dissatisfied with 

C|Qf pTYipflT this reticence, about events as 

JiUlV'lilVUl comparatively recent as 1968 

and 1972. which involved trans- 
inspectors eome to the' cob* actions likely to be long remem- 
dusion as a matter of “ jndg- bered.” 
ment and opinion ” that “on They then cay: 
balance* they did not give a “Clear, definite information 
true and fair view. This, like os to the whole matter, in dud- 
tike other comments on aceonn- ing its receipts, expenditure and 
tan ey. matters in the report. Is the, size of the ultimate profit 
essentially the view of another would have enabled us to assess 
firm of accountants. We note the full scope of the operation 
that the Inspectors'- conclusion, and would have avoided the pro- 
reached In 1977 and thus of longinc of our inquiries and the 
course . inevitably with the continuation of ouc doubts, 
benefit of - hindsight, i* ex- “It is. however, sufficient for 

pressed only “ on balance." We our purposes tq. have .established 
adhere to our own audit that ti^ro was . a substantial 
Opinion which we had. to ex- profit, that the participants! 
press at. the time- in 1974* shared it out between them, »Dd 
sole! j bn the information then that those participants- who were 
available to us, and in the Court Ut» directors did nol 
climate and drums tan ces then inform Coart Line or account to 
prevatiing. it for any of the profit 

The Financial Times is preparing a major survey on Sri Lanka. 
Th*i Survey will examine in depth many aspects of Sri Lanka’s 
economic, trade and business life The provisional editorial 
synopsis is set out below. 

INTRODUCTION Victory of United National Party at the Polls; con- 
stitutional changes in the light of Mr. Junius Jayawardene taking over 
the presidency; need for national reconciliation after bitter election 
struggle: turnabout in economic policy. 

THE ECONOMY Changes brought in by the Government’s first budget; 
liberalisation of exchange controls and floating of the currency; phasing 
out of subsidies and import controls. 

POLITICS Reasons behind Mrs. Bandar an aike's defeat; rout of her party 
and its allies; programme of the United National Party. 

EXPORT ZONE One of the key points in the Government’s programme 
to attract foreign investment and revitalise industry. 

FOREIGN POLICY Non-alignment as seen by Mrs. Bandaranaike; the 
UNP’s interpretation of non-alignment; relations with Indian Ocean 

LABOUR Nation of active trade unions; their role in politics; attitude 
towards Government’s new economic polity. 

AGRICULTURE Irrigation schemes; raising farm output; current year’s 
prospects. * 

MANUFACTURING SECTOR Private investment depressed by controls 
of past; changing Government policy; impact of exchange and import 

THE TAMILS Vocal minority -who have become main opposition party; 
demands for autonomy; grievances over jobs and education. 

WELFARE SYSTEM One of the most extensive of developing states; 
schools and universities; food subsidies; transport; health care. 

TOURISM High promise as source of -foreign exchange; development 
of coastal resorts.; charter packages to Sri Lanka. 

PROFILES Leading personalities in the new administration. 


For further details on the editorial content and advertising rates please 
contact Nicholas Whitehead, 

Financial Times, Bracken House. 10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 7112 



The contest ud pnbUcatlaii dates itf Surveys In ite Fininrtil Tunes 
are subject to ebatute at the discretion of the Editor. 


tuh AScsal •naiES .Friday jiarch 

>r, ■ 

Howe challenged on Tory 
intention over BP shares 


Electricity Union leaders seek 
proposals pledge on future 
surrender of Singer factories 

CLAIMS THAT Britain's serious Sir Geoffrey replied: “ I was 11=2 
unemployment situation Is partly not describing my first task, 
due to public expenditure fail- There are many important things 
ing to rise to projected levels in to be done to put this economy 
certain areas were disputed by right when we come back into 
. Mr.' Joel Barnett. Chier Secretary office." 
to the Treasury, when he opened He accused Labour JlPs of 
the annual public expenditure making a "bogus point" when 
' debate in the Commons last they pressed him to say whether 
' night ho had made a firm commitment 

He maintained that it was rare- that an incoming Conservative 
leading simply to take a total Government would sell off the 
figure for shortfall and to try to remaining BP shares held by the 
translate it into an equivalent Government . 1 
number of jobs. But Sir Geoffrey described the 

As expected, Mr. Barnett faced action already taken by the 
a cross-fire of criticism with Government in selling 1 off a 
Labour Left wingers calling for tranche of the BP shares as one 
an increase in public expendi- °f the few successful, things it 
ture and Sir Geoffrey Howe, had done. 

shadow Chancellor, insisting that Dealing with the effect of 
there should he no further shortfall in public expenditure 
expansion, beyond the level of on unemployment, the Chief 
the out-turn in the current year. Secretary argued that it was 
for some years to come. difficult to quantify the effect on 

Amid Tory cheers Sir Geoffrey demand. Many estimates of rhe 
contended that the imnlications consequences assumed that the 
of the White Paper, “The Government took its decisions on 
Government's Expenditure Plans, the basis that expenditure plans 
I97S-79 to 1981-82 " not merely would be exactly fulfilled, with- 


i m 

estermely cautious - about, stlmu 


10% offer 

T ' 

i turned down 

ci« U m. £55 “i®** • * » 

stances, ft was impossible to pre- conservative, opposition and best month t?aiaS s a d eoutbrion of Clydebank employers y«tCTdajma4e « 

did the .prospects’ for. the world dropped its plans to legislate JJjJf aooroadi to* the uKSed "si ewards to lobby ' the Prime [offer thought 
ecopomy apd oar . ©wo. economy ^ 3 . sessl0D for a major re- J e nmL n P v ^r a 5 ^renc^X^ SSerwhen heattends the ; Government's 10 per cent eafo- 
far more than » ffliHw «hnrt nme *v- aIamWmk. company rue a*. .sura me mi rubier nuc b.»iu L ino, lunir. 

SENIOR shop stewards from the ; pegted to' make . ail announce- By Christian Tyler, Labour Editor 

their rmr rniVRWH'VT h « scop aie»*rua jivixi uje.pcctea iu 

Sim- r ih?rf? P in!» Singer Company's European ment in June- 

la ted to combined Liberal anal rS ^ M -tor- McFatL 

for.tnpre thana fairly'short time o^n^Ton of' the el^ricity T ■ S^d d a rorth7ub^TP^y!lng S limit . : ■■ 

ab f d - ; • , supply industry. • f ifco&i con to-; 2 would provide 

Any. forecast, must be bawd Instead., an abndged. version The meeting is being -caged- ^ Dunoon. [over $7»eek on average, for 

on. inevitably uncertain assump- Q f the long-delayed -Electricity br^tbe European^s - etewarte want Mr. Callage tu e too, 000 workers covered: by 

Hons.. BUI will be published in the next ^3&L£b iiui to make his own approaches [he national agreement, aefiontlng 

Mr. Barnett feoinended that fortnight confined to allowing stewards at State™ Clyttbart; ®. ”“ mp ^, y t0 find out its [q employer estimates of.uurretu 

the need to j^tam ; a firm control compensation for the premanire f^tory near C^sgow. . ...itn p eaminEs; " ■'..*•* 

over public .expenditure was order of the Drax B power NATIONAL union officials . „ ndlir c n f the four nnions In 

vital -not- only. :in -.relation to utatinir and ratifvinz nuclear of the . Clydebank UUlons.: said “A J ■ , ^ n:-], svp . Lenders of tne jour unions in- 

achieving existing targets but in safeguards to which the U.K. is yesterday that the comply Mk the company v 0 I? e S, said 

reaching a. position which wouid intemationaHy committed. .. refused to give- any asroranc»:.B<iard to-d i missa j notices ceptoble.- .and another nw»tM 
enable increases to be made at The most controversial part of on the fu hi re of ‘JJ.J S; en to workers * l ed d £ ^ 

a later stage. the planned- measure, dealing emU>y**m , Se facto™ in Kirkby. ^ath. ' • ‘ 

He accepted, that the criticism with the Lndustry"s restructurixig redundancies, or even closure, ro t p ^ i in ' engineers, : The unions are claiming a sgfc. 

made by tile'' Commons Expend* and : the target of sustained m ?r ta « e v P ^ Ce w cth strike over pay led to the stantial increase in- pay. con- 

hire Soinmittee on the need to; Liberal attack, will* now be Mr. SbrJccre being dismissed, voted I solidatiDn of • supplemcnts.^a 

achieve a hetter balance between brought forward merely as a carrying out a at the week-end to accept the] fourth week's holiday, a 35-U*br 

capital and current expenditure white Paper later this year. - ,ng - ?L? a n^s to7mula for a return j week-a cut of .five hours-and 

had been objective and offered . Mr. Anthony Wedgwood Benn, in fo^ori? S The Board meets on Improvements In sick pay. Their 

in a noo-party political spirit. Energy Secretary, confirmed the J» er a dcrilne m n ^ 0 Tl f£S.^ D ” d ° a rK ' a decision on theiclalm is estimated by the build- 
But the attempt made by the Government's climb-down at a i « extwscted. ' ling employers _to amount to 5e. 

Short-time working ‘will 
not save textile jobs’ 



Present minimum earnings for 
40 hours are £54.60 for craftsmen 
and. £47.70 lor labourers. On- 
site payments may be- a few 
pounds on average higher than 
that. . •_ 

The Society of Civil and Pub- 
lic Servants did not receive; an 

of the White Paper, “The Government took Its decisions on Mr. Joel Barnett Opposition to exploit it Was private meeting of Labour MPs marines, me campany- ^ r tween ' 40 and 50 per ceat— and 

Government's Expenditure Plans, the basis that expenditure plans “ blatantly dishonest.” last night at the Commons. 'In ^ — — . ; . - more if the ahoner week is in- 

I97S-79 to 1981-82" not merely would be exactly fulfilled, with- The Conservative policy for a swipe at the Liberals, he said * r •■■■■ eluded- 

restricted the chances of cutting out any shortfall. This was just or a better trading performance restoring balance, he said, would the White Paper would reveal vliA^f fimn Xli7/Xl"l/'IflO’ lVlII Present minimum earnings for 

taxes but almost inevitably made not so. by nationalised industries. have been to cut both capital and - the irresponsible and can-. OllUF 1 “ lllUv WM*JdJULIK TV AXE- 40 hours arO ^ £54 60 for craftsmen 

it necessary to increase taxes in Budwt decisions were hased it was simply misleading, he current expenditure. tankerous nature of tBe opposi- i,- . .. lor labourers On- 

the year ahead. on economic forecasts which said, to take a total figure for Mr. Barnett- asserted that the Bon.” . 9 sitp navments mav be a few 

He caused a flurty or excite- made some allowance for some shortfall and try to translate It reluctance of Conservative . flAr CQVO fAYtllP Dounrisi on averace' hiaher than 

mom on the Government front overall shortfall. into an equivalent number of leaders to spell- out their plans HUL i3<f tC ICAtllC Jl_rU»3 Sa? ' avera « B nisoer lQan 

bench when, in an off-the-cuff Mr. Barnett emphasised that it jobs. for cutting public expenditure KPl^PtPfl - xaA 'Ll.' .. • 

response to an intervention from was also necessary to take The Chief Secretary said the could only mean that they would BY OUR LABOUR STAHF " The Society of Civil and Pub- 

the Labour backbenches, he account of the different econo- dispute between the two sides oE involve new Health Sendee Last night's events are the - ;; v - uc Servants did not receive; an 

stated: “We. on this side, are mic eflecis of different kmds of the House over the level of pub- charges, new Charges for ertuca- climax of a hitler row berweeo THE GOVERNMENT scheme : £br short-time working scheme, were otter, as they expected yester- 

lookinq forward to further sales under spending. A considerable ii c expenditure should nol tion and massive ' increases in t b e two nact nartner*, -Mr. David short-time working to malWr/np ‘entirely separate concepts ana day, in reply xo their annual pay 

of BP shares as soon as possible.” amount of the shortfall shown prerent general agreement over counci Ihoiise rents and shcool steel Liberal ■ leader has r«r rocti-iWinns on the Temoorarv the latter was not a ^ubstimte claim,- which ranges from 22.4 

Mr. Barnett immediately in the White Paper was on the fact that the whole economic meals. exnressett - his amter at- the ^ for the former. He -said: “The t o 27^ per cent, 

pressed for a clarification. “Are expenditure which a had much environment, both domestic and He also suggested that the failure of the Energy Secretary Employment Scheme wouid-not scheme has saved -The offer to - all eight CSriT 

you saying," he asked, “that if. smaller effect on demand than international, had become a good reductions in transfer payments to comply w ith thereon su Ration Pre? e - nt redundancies .tes^ue . in- .thousands of jobs in the te 2 rt *f® ^Service uhiobs is likely to be 

by some mischance, you ever public expenditure generally. deal more uncertain and favoured by the Opppositinn procedures agreed between the dustry leaders said yesterday, industry during the past W g , n« r cent wilh another 4 per 

became Chancellor, one of > our He instanced the refinancing unstable. would result in cuts in' unemploy- £ wo part j e5 S The Government believes that months, at a time when the ^ t fo r consolidation of phase 

% s o n 11 u be iS ^ e credit and the bene- As a consequence, most men! benefit, sickness benefit and But the Bili's fate was really it will not oniv save urgent jobs economy conld not afford any one'and Two increases. • - 
rest of the BP shares?" fits obtained from extra receipts Governments had beeome redundancy payments. soiled “rlter fn the dav ^hen if„7 nr?2n to there S into 1 Increase in unemployment. Une “ a -™ “ i 

the Conservatives rejected danger. .. “There is now a. very serious * 

VAT riofnmnnf • 9 j • /* • a Tl Government overtures to allow They weret however, relieved threat that the BnnflT TTVAPfc 

V/\JL Sralciilcllt # m MmiTAjI -the measure through. Such a that -since the trading position -could fall below the base . pro- DUULu lUCtlh 

^ B| 1 1 1 3 a 9 9 C 1 ^ course must have sorely tempted had not improved, companies that duction level at which it could 

IlkpIV Kllfforpt V/ V BABUl.llUJ.kJ I'kJ the Opposition, as a smooth had exhausted their siibsidy. : fin- -offer the domestic market a full nnmnoorc 

1 x 1 uuu^li passage would have made the tiUement would be able -to -. ap- ■ range of products even if the (Cl I ^ H ICCl a . 

MR. DENIS HEALEY. Chancel- j • * . -w- ■* Liberals look distinctly foolish, ply for the shorMime working situation improved dramaticaHy/' 

lor of the Exchequer, hopes to r| ^TIT'D /\W 1 ^ dTfcdffc II TidTh I in the end, the -Tories scheme. The British Clothing Industry s , avoninflAn • 

make a statement during the 4 % I | ||||| I /fl | | ||| ■ . jV • f B 5 1 decided to signal their hostility. Mr. Bob -LloyiWones, director Joint Council • .welcomed- the, UU CAt-UipitUU 

Budget on the position of VAT M-VWVU M A H/ VF mX - in part, because of objections to general- of -the British Textile Government’s announcement on 

on bad debts. Mr. Robert sections of the Bill -which would Employers’ Association, said that 1 the future jaf. the employment By Our Labour . Editor 

Sheldon. Financial Secretary to BY RUPERT CORNWELL. LOBBY STAFF have. led to excessive centra Usa- the Government has acted V as subsidy, although the council had ! rsRixnrr M 

the Treasuiy. said last night. r=«i cunrmtu. imi-r non ■ but primarily because we ll as it could considering the. strong reservations about the (THE CABINET committee 00 

-The offer .to; .all eight CiriT 
ervice unions is likely to be 

VAT statement 
likely in Budget 

— — ---I— -i ■■■ K“- 1 * l - LU Ctluipiy Wf LU 1 iwt - rimauiidtiuu — • - . . _ - - * — — - • - — 3CT VlUo UiliUU^ tJ |uu;i v iu uc B 

>hc expenditure generaUy. deal more uncertain and favoured by the opppositinn procedures agreed between the dustry leaders said yesterday, industry during the past w 94 per cent with another t p« if 

le ^stanced the refinancing unstable. would result in cuts in', mem ploy- two parties. The Government believes that months, at a time when the ^ n Pfpr consolidation of PhSwif /' ii 

e „EJ r£* a , consequence, most men! benefit, sickness benefit and But the Bill's fate was really it wiU not only save present jobs economy conld not afford any 0neand Two increases. Hi! |l ,l 

obtained from extra receipts Governments had beeome redundancy payments. sealed eartier in the dav when h„t nrevent others coming into' Increase in unemployment. k . * 

the Conservatives rejected danger. .. “There is now x very serious * 

0 j 0 /* 0 a "■ Government overtures to allow They weret however, reiievfed threat that the totile_ industry 1J ITtDPfc ^ *"• 

■ AlViniliniCirCi m MlVUrAll -the -measure through. Such a that -since the trading position -could fall beiow the baacj>ro- DUULU 1UCCI5 

% II 1 1 1 8 9 a & IS I ^ III 1MII I I (PCI course must have sorely tempted had not improved, companies that duction level at which it could 

the Opposition. ' as a • smooth had exhausted their subsidy, eh- -offer the domestic market -a full , 

lor of the Exchequer, hopes to 
make a statement during the 
Budget on the position of VAT 
on bad debts. Mr. Robert 
Sheldon. Financial Secretary to 
tiie Treasury, said last night. 

action’ call to Labour 

Booth meets 
on exemption 

By Our Labour Editor 


IIWUIJ. p«uu real infill. null ■ uu . t |niuiawi« uti-uuuv well dhjt WUiu ““vmv « ni clirtrMv HfVirfd 

in a Commons written reply, BRITAIN'S Communist pans of the working class . . but areas where his bartv and they believe that the measure, political pressure from the EEC. practicability- and effectiveness wui saori y a^ciae 

Mr. Sheldon said the Treasury yesterday spelt out its proposals as an influential separate bodv. Labour could make common with- 60-odd clauses and - nine The subsidy - scheme and. a .of a short-time working scheme. 10 »,nnth 

bad been reviewing the current for a minimum programme of “crucial to the future of the cause to thwart Mrs. Thatcher, schedules was too complicated . - ^ for sime eneineerinff comDaniS' 

position that, under present law. “united action' with the Labour Labour Pa rty." These issues included di-arma- and too long to he introduced • - •.*- -fw® 

persons registered for VAT were Party to stave off the menace of . It calls for an end to the exist- ment. higher public expenditure at this late stage in the session- m ■ _ _ t . r ;i niTA : n wage Sgreeinerit can b?siMecT 

required to account for tax on an election victory “ by the most ing “bans and proscriptions" an d the battle afiafnst radalism KQI1 tT15) V~ilIfl T15lHPr\l « .u ^. 1 ™' . 

any taxable goods or services reactionary Conservative Party operated by Labour against the and uaemoloymral “ _ . UU paptI3 %aiU Mr. Albert Booth. Employment 

Secretary . yesterday met a. joint 
deputation from the Confedera- 
tion or Sh unbuilding and . 

Engineering Unions . and - the - 

position thaL under present law. “ united action" with the Labour Labour Pa rty." These issues included di-;irraa- and t0 ° lQn S to he introduced 

persons registered for VAT were Party to stave off the menace of It calls for an end to the exist- ment, higher public expenditure '*t this late stage in the session, 

required to account for tax on an election victory “ by the most ing “bans and proscriptions" an d trie battle against racialism 

any taxable goods or services reactionary Conservative Party operated bv Labour against the and unemployment 

they supplied, whether or not in decades." Communists. Such a step would Ua atrnnMv ' - n „ Y nr/ic HaKafpC 

they received payment f rom The appeal comes in “ An open open the way for more developed n "f rf £ 8l ?> JUOrUS QcUdlca - 

the.r customers. letter to the Labour movemeSt " form; of unit}' between the two, ^ , , 

presented yesterday by the including the possibility of future c *?.?,' t TlGXt WftfiK 

tt j • party's general secretary. Mr. affiliation of British Communists w UCAl “CCA 


NEWSPAPER deliveries littite payments and - an unsocial 

Hansard price 
to go up 

London area .were hours payment in the over- I Erw Peering Employers Federa- 

Gordon McLennan in coniunc-’ to the Labour Part>'. Labour Party— for his rejection LnRD c debates next week win *>« w t Again to^y for; the time tiaire. i »fnn to he.i- rhm r case for exemp- 
tion with the launch of a J new However it is the appeal fot of any ljoliS wit h- ;the British L- . third day running, because of : Tallo? -between' national [tion for low-ha vine companies 

edition of the Communist nro- a common front with Labout Cototounistis, on the grounds that •’ c*. „k rir^u.^ ■ a « orertinie ban and worjwtd- unlon/officlaLs, repres«nt4th'es } The two sides ha*e reached 

~ "T&1 BrfS»h Rbad ^ lo before tire cleVtion that wffl ft . wnW lead, to electoral hfS^Sd- ,r«le by bisiributfon, staff ^ of th^SOG AT- London Central f agreement _iu principle .'on.^tht. 

THE PRICE of Hansard is going Socialism. n . attract most attention, -coming, disaster - • mgfNortbem Ireland' (Emergency- ^^Papev 'wholesalei^. .-t ° r introduction of hew mmimum 

up from 33p to 40p for the daily The programme itself marks as it does, at a time 1 when Nor did he conceal his wish Provisions) Bill, Commons anlerid- ... dispute . \nyo\vc&, too London Wiol^le D^tribatws rates, and a ttareatened two-day 
copy and from 90p to £1.10 for the party's espousal of the Transport House is ' wrestling for iuore Left-wiifg policies- from moms: Civil Aviation. Bill annual pay, cfaun of ; . LffiW were not to have st^-p was nff. 

the weekly edition. Mr. Charles so-called "Eurocommunist" with the whole delicate topic of the Labour Government, and for remaining stages; debate on farm members of the-JBocteto or toadied a solution- yesterfay.. . But 

Morris. Minister of State for toe approach. It insists on the peace- how 10 deal with the various a future leader, wbo bad more Pnces and the Milk . Marketing Graphical and aIUm! Tr^des._ aiirfhn'51K£f -'wS XF^fSSLmSS' hlfnrp S 

ful achievement of the socialist Communist parties in Eurooe. genuinely socialists beliefs and Board. A 10 per eent. increase in. important for distribution staff. • sign the agreement before it 

A 10 per eent increase in. 

Civil Service, said in a Commons ful achievement of the socialist Communist parties in Europe, genuinely socialists beliefs and Board. A X0 per eent. increase in 

written reply yesterday. revolution, promising freedom Mr. McLennan said yesterday who would carry out policies TUESDAY: Employment Subsidies overtime pay has hejn made, 

for all democratic parties to exist, that 30,000 copies of the "open laid down by annual conference Bill, second reading; Prayer Book out toe workers consoti- 
freedom of the Press and other letter" would be printed as part and the NEC. (Ballot of Laity) Bill, second dation of Stages One and Two 

Inhc cavpri civi * liberties, and emphasising of a nation-wide campaign. Labour's response to these f eading - '• — — 

, the commitment of the Loft to Copies would be sent to Labour's overtures is likely to be over- WEDNESDAY: Debates on. 

nmnrP\^ll?\T cuKci^t- Itor (r «»- «. ■_ . • ... ^ ... ' « K ii.. - l. v - er 1 TTxa» a ■ 1 

ana an overtime' ban can mean ] heart) . the Government's de-L 
an' almost total absence of clsion, to avoid the risk of sanc-[ 
papers, ' itiohs. 

. ‘he commitment of the Left to Copies would be sent to Labour's overtures is likely to be* WEDNESDAY: Debates on, 

A GOVERNMENT subsidy has stand duwm if defeated at a national executive committee, whelminglv hostile, even thou&b mentally abnormal offenders, and 

saved the jobs of 200 carpet- general election. the TUG General Council, and a smalt minority on the Left will on sate of anns 10 China- 

workers at Kidderminster, Worcs. . Jn a key passage on Communist every Labour MP. have no objection Transrart 'n ,UKSDAY: Consolidated Fund 

..rill n ,|j :ik T -1 l- - W l *,:« _« -tnnoe- 


replace.Labour as a federal party believed there were now specific tion campaign. 


Pit men break 
area output 

Yorkshire militants say 
no to power pay offer 



Pensions ‘could invest 
extra £700m. 9 


AN EXTRA £700m. could be benefit structures of their pen- 
available for investment this 5 : 0 ns schemes un a voluntary 
year from company pension basis m»w that such improve- 
schemes arising from niqher cun- nienis were outside toe rMsine- 
.. tributions paid by workers and tion-s of the Government's pay 
> employers to secure belter policy. 

benefits. Employers were providing 

The forecast was made ypstrr- higher ppnsion and death bene- 
day by Mr. Keith Hall, head of fi*s in their schemes and had 

on civil 
for study 



MILITANT Yorkshire power said they will make it dear thkt 
OmDDUIiainP C3TI9PlfV SStSco^Der^mS^ f workers/mcluding leaders of toe a vote against will be tanlamount 
^mpwuiiuiug trtpatllj unofficial ift-wk-to-nile In Govern- 

. . . ^ - ■ figures released by the National her, will recommend rejection of probably^ ^ rep^ienr Urtto mSre 

fomaf raiA/h^Ail Coal Board. the latest pay offer to 93d»0- Kn 3 per cent Sf ti!e^ ^w-oikSts 

h&l Sfd F6|6C16(1 « F, S ir ?^ f0 u r toe week eudtog- worjeers in the industry. They i n generating station? but were 

© ii ^ V'*' March 11 show that Yorkshire call on shop stewards throughout effective as leaders of last year’s 

bv mru.nn - muiers brought up 695,000 tons the country to back their unofficial work-to-rule because nf 

by RICHARD EVANS, LOBBY EDITOR of coal—the highest weekly total decision.- the number of SgpowerrtStions 

THE fioVFR\-\fF\T 'hao tl»_ , for more than a year. National At_the meeting yesterday of in their area, 

reiecied anv irili n n Mr 'w G ^ s ' 9 party spokesman average output per man-shift is the unofficial Yorkshire Area They have indicated that they 

! ^ sb, Pbuilding. 46^ cwt, but in Yorkshire Committee there was only one will 7c«S rSlts of thi 

SL * ° j u^ed the Department of miners have achieved more than abstention from the decision to ballot 

Stout f ° r workers. Including leaders of the a vote against willbe tantamount 

output ot coal per man. . to votine for industrial action. 

This is revealed in production unofficial work-to-rule in Novera- to jotinp for ind^trial acti^ 
br UM! NltiImal to P™^° «pr«e n S t%S eW rnS?I 

Co&i Board.. the latest pay Offer to 93.000 ■ yjan 3 ner cent, of the workers 

« Fi S ur !t f0 u r toe week endtog- worjeers in the industry. They i n generating station? but were 
March 11 show that Yorkshire call on shop stewards throughout effective as leaders of last year’s 
mrners brought up 695,000 toes toe country to back their unofficial work-to-rule because of 
of coal the highest weekly total decision. the number of big power stations 

for more than a year. National At_the meeting yesterday of in their area. 


Legal' and General Assurance jjreatly extended nicmiTership Mmlster said in the Commons in a letter t u Mr. Michael GovernmentT^tmeg? ^as 1 to Mr. Jack Jones, retiring general i' ,S «>nt »,^ V ^ M ^' eeWy 

(Pensions M.ina'jem-nn. tot tr<v.ard.s wnnien nid manual yesterday Gryils, p Tory front bench keen anv reduction in' ranaei tv secretarv of the Tran^jort and the industry are put at £79-93 

Icrecsi pensions inve-t ment com- workers. But he promised careful Gov- spokesman. Mr. Kaufman stores: in the minimum. comnatflSe fn rLn^STworkere’ UnlSn P v^nt m l ' f . ar : a 


aostenuon rrom tne decision to ballot. , 

fight lha. offer.- National nniou As In November, distrust of 
officials wiu make no recom- union officials has been bebJiid 

mendation in the ballot, which the new show of militancv. 

T 15 five weeks. Average weekly earnings in 

puny m the V-.K. with funds i/i Gnmrihutmn- to oecupatio-t:.! eramcr.t s 
£730m. under management. pension schemes thi*. >e^r u ou’d including 
Mr. Hall claimed mat many esceed £4bn^ accord i a.; t».» .u> sation for 
cc-mpunirs had improved the estimates. Mr. Cal 

Mr. Callaghan said tout the In his view, any target 4»U to drtnuM how Vo deal with of Honour ' 

‘.iivcmnient had already an-onybearlmrarygiventha|tiietheprohlemof4inyenforced«in- 

nounced ib- couiimuneirt to intro- industry was notoriously cyctlra). iractinn and how to make Fnualitv <m«rlpc 
ducc a scheme or payments for It would be foolish to surrender use of any aid that the Govern- E ‘'l u “* 1L J guiuca 
severe damage caused by vjcci- capacity prematurely when it ment can make available,” he The Equal Opportunities Com- 1 

severe uamagu causeu uy vacvi- premaiureiy wncp 

nation. tnigbt turn uut to be needed. 

"Decisions on tiie form uf the 
scheme have been awaiting toe w ->« r . 

Royal Commission's report. As I In I Y//>j I pnn 

soon as the relevant recom- JL/fllj Cli 5CC 
mendations have been considered s 

—this will be done as a matter j 1 m ■ \ 

of urgency — toe Social Services fSOY/St 9 OF! 

Secretary \Mr. Ennal*) will make AAW ” 
a further statement.'' . i 



DaJyell seeks to halt 

devolution fund*; ' ' Tan y d«k threat .jfiS^SPT&P'-SSSSSS IS 

Secretary (Mr. Ennals) will make WlC V vrl-CtUvl'll lUilllof Tally clerks in London docks are! bank Opening hours has reached d _„, P. ut another 

a further statement.- i expected to start an overtime! stalemate. The executive com- togeuier. wtuoi it does not 

Mr. Jack Ashley «Lab^ stoke- BY RAY PERMAN, SCOTTISH CORRESPONDENT - ba n an <* *» withdraw all co- mittee of the National Union of ^‘ ant t0 do because -the -.otter 

on-Trent S.l welcomed the pro- 1 _ • operation on Monday after Bank Employees voted yesterday banking union, the Barclays 

posal for strict liability for drug p 1K - TAM DAL YELL, HE. an pie General and Municipal rejection of a pay offer. ' to reject a revised productivity Group Staff Assodatiua.- has co- 

damage but added that it would implacable opponent of diwolu- Workers’ Union is to propose . ' _ deal. cenred the narks on- n» irv in 

be “outrageous" to Insist that will ! UHby attemj to a resolution calling for a ApOiogV SOUght ^e tihion which wants a pro- bring in fle&buS V?ich would 

vaccine-damaged children roust £”?. ent . U] e Labour Part? in “vigorous and positive cam- • v . ' _ ductlvlty deal for its 1IL000 be tmund to caime rtmihla ^th 

go through the courts to define Scotland putting its . vfcighi paign” by the whole Labour 4, he National Union of Bank members, did not want to accept un'on members ° 

strict liability. behind the Government's! pro- movement and this is 'likely to Employees yesterday demanded toe present Barclays offer which The union has’raWforf nro- 

Mr. Alex Lyon fLab., York! posals during toe refeTeldum receive support from other major 1“ apology from Judge Mark would have given them extra in- ductlvlty deal hpmim* °tl e hs^ 

said that extending the no-fault campaign tots autumn. | unions, notably the' transport Smith who criticised a leading ; creases of between four and eix Saturday anentoo „ s 

liability to too* injured in road Mr. Daiyells constituency workers. bank for toe way It allowed! per cent becaiise of the condl- condition Th- 

accidents would create a sense of party at Hcst Lothian has ttnled Mr. Callaghan, in an address ^-00 to be drawn from an SQ-jfions about opening hours and is heina looked a, n 5S£t 

injustice among those Injured an amendment at the Swtiish to the conference to-morrow, u year-old mans account. I branch closures attached to- :t. case by otbor Clearirisj ^anks ' 

mission published two guides i 
yesterday explaining the rights j 
of employees and. toe responsi- 
bilities of employers under the 
Sex Discrimination Act 1975. I 

Union rejects Barclays 
revised productivity deal 


1 ( A i, by «i Ba . I £w rs ?° Barclays is faced with two 

introduce greater flexibility in choices- *n' n„* 

, bank onenine hours has voices, enner to put another 


in Qreat^Britain 

Mr. Jack Ashley \ Lab., Stoke- BY RAY PERMAN, SCOTTISH CORRESPONDENT - “ an an d 10 Wlthdrav 

on-Trent S.i welcomed the pro- i _ . operation on Mond 

posal for strict liability for drug J*™- TAM DAL YELL, HH. an The General and Municipal rejection of a pay off 

damage but added that it would implacable opponent of dtfvoln- Workers’ Union is to propose . ‘ 

be “outrageous" to insist that tion. will to-day attemff to a resolution calling for a ApOlOffV SOlJfht 

nppinA-rlamafipri rhildrun miisl WCVCDt U 1 G Labour PftrB in * vimrniic and *n«n. " ■ Ov# o 

PlF7Mf*£> ■ extending the no-fault 

Ot C/K/& ■ liability to too$e injured in road 

riWOI -202 

injustice among tnose injurea «ui <uueuumenc at the wartisn to tne conference to-morrow, i* 
jt work or at home. Labour conference m pnhoon. likely to stress tiie importance 

Mr. Christopher Price [Lab., Argyll, which, if passed; mu Id of unity within the party ar a 
Lewisham W.j said much or the prevent party funds being used time when ir is under severe 
opposition to tiie no-rauli liability to campaign for a "yes " vi le. pressure from the Scottish 
scheme came from the legal pro- The move will be sir ngly Nationalists and facing unrest 
fesaion. Extra public expendi- opposed by pru-devolutiO lists, over unemployment, 
turo could be very much com- 
pensated for by the lesser j-*- £ •J £ 

clearing banks. 

Owen plea on black workers 

ir C7 V . (3) • * ■ turc could be vets* much com- • BY OUR LABOUR STAFF ----- 

OSkpr umrmtaui^ I Urgent study of aid to farmers 

8 Mr. Callaghan said he shared sir.Krv .\ n «rtJitnrp rn pvnii '0 » «f caif.iiAin South Africa should recognise with the . Forelen Rern>ti>n*e r^nomi 

* r ; S‘ U v® ha priS? views ha ^d MR - J0HX SILKIN', Agriculture ro evolve a method of - self-help SS?, 1 JSi ca fl f ho Ji 1<l t reco f! ,lise vith the., Foreign Secretary*? General SISmldwTWorke^ 
m “ > . v ™L^?- Minister, said yesterday rfat he by the Industry and their request J or b ack workers, attitude towards the. problems of Union, called on trade unionists 

was .siring -Sfafc* for a Government contribution. ’’ SfiSSfTB -S® tS 

10 lawvers spent in other direc- t» on W providing aid fin: far- General Workers’ Unto? Am said toat Dr. Owen- South AJrican subsidiaries into 

tions ' • mers who suffered losses ‘during ^ T ■ . . a f t „ ra ‘ tuc meetin- with him ^ pp0I 3! d ^ ^ COd , e of c “ n : 0 unton eights to their 

In the Lords Lord Hallsjiam the recent bad weathtf- He NpW faCtOrV yemerdav 0 hlai ?“« South black rafteti His union would 

, r , S he ui's rnreemed that hoped to be able to gi$ MPs WILW J . > tEtttp rfn , MaHnn AWte and had promised ^tc be putting, pressure on com- 

.0 mat manufacture rs n strictly «rt|«r inform..,™ b!f|a the- CAMILLE SIMON, a ASSS'L “ S“£“ “■**" 8,1 i6e help he by U,e ' riJC “ 

liable tor injuries caused by Edtfu- recera. I ■ powders and detergent.v manu- ray. TUC‘ general secretary, and Mr Jones saifT that the : °0O ffiTheviS^ii- • r „ 

defective product would affect Mr. Si Ik in ^iri he had -ted two faemrer. is to occupy a 10.000- Mr. Ray Bqckton. general *ep ere- Brirtoh J comoa^dM operatinato andKitittSS 
the' legal profession. meetings with the preMifnt or square-foot advanced factory- tary 0 f the Assorted Society ImS? British 

If motorists were going to p-»y ibe National Farmers' pn ion. built by rhe English Industrial of Locomotive Engineers and r.^viand PririsW rs a 

ZLl rtF seoerai secre- oiack workers in south Africa, to urge British comMnies with 

General Workere^Unto? Mr - Jo 5 H said that Dr. Owen- South' African subsidies into 

aftw tt Trtr SIv, 55 supported the EEC code of con- giving trade union rights to their 

Victor Britain is the chauffeur drive service 
of Avis Rent a Car. 

defective product* would affect 
tht 1 le?al profession. 

If motorists were going to pay 

posed no-; 
premium C 

motorists were going to p*y me national Farmers’ ,-mon. duih oy rne tng isn industnal of Locomotive Engineers and Leylani British Steci.UaU«ver h^erald K K 

ry an petrol under a pro- "We discussed various * ays in Estates Corporation for the Firemen, met Dr. David Owen S sox and ICL should AfriSr. Clr , 

J no-fault scheme nf State which farmers, who have Department of Industry * t Park as nan of the inferoatiSal Trade “ielllS trade union? ^ 

ensatmn their insurance •J**? ' iS2s cSiim' 8 "”* •“ Furne s«- v-eek of protest on South b^SSfnuSlAfricfn^mpS^S of rimK to S treSmS 

ium ousht to come down, toctoding the union's re; tineas Cumbria • Africa. ■ • tteie rasisymt to the idea. T black workers, : treatment , « 






_ 'S 

^ *^Plf)V Fiction 

I<K; ,r 


tu rm., 



. The Human Factor by Graham Jt i* necessary or desirable, black girl, whom he -has now mistakes, bnt not that kind of 
Greene. Bodley' Head £150 10 slow down. married, tiie two of them aod her mistake. Castle would, of course 

’ 339 pages His hero is a dullish kind boy liv,n E a comfortable middle- have been packed carefully 

" ■— decent man working in the clas * Ufe in BerXhamsted. The awav. black wife and all 

Graham Greene has been a Secret Intelligence' Service oThe r side of Castle's life., less possibly on a harmless mission 
professional writer for 50 years *nawu smachrani&ticallv a S MIS comfortable. consists of passing to Scandinavia. Greene hasn' 
and has produced much work—’ He doe's his job conscientiously communications to his KGB much trust, in the existence of 
not so much as his 19th century not brilliantly. Be seems to conlroL 11131 » settmg more virtue, which gives him some of 

predecessors would have dohe”ln have befen” ' designed "for^ an P. rw,ariou£ each He wants bis underlying power, 
a similar period. "but a lot for habitual domestic existence The a,ove to escape from it and sometimes seems to 
our own time. So It was natural “ firm sends him to South p^_ hi s feet up- ^ It ia traportant virtue withelcmemary 
to wonder whether this latest Africa. 

, _ this latest Africa. He becomes somethin^ 

novel would show a slackening of a specialist in African affairs! 
of pulse. Technique doesn’t His first wife has died, and he 
desert a writer after a lifetime, falls jn love with a black girl, 
but impulse has been known to. She has. a child by a black man. 

No one need have worried Castle (the hero of .the book) 
about Greene. There is no lack befog sterile. His South African 
of impulse discernible in this opposite numbers" are quick to 

book, after more than twenty spot bis love-affair- "They want 

novels. The Human Factor isn’t arrest the girl, so as to have 

quite in the first rank of his Castle under their control. He 
.fiction, not as effective as The. manages to extricate her and 

Poicer: and The Glory or The the boy through the leadership 

Honorary Consul, but probably °f a brave and large-hearted 
takes Its place in the best seven, communist called Carson. 

But he 
tence. and has no trust in the 
existence of either. 


has to lit. He is. duly conveyed 
on an . scape route to Moscow, 
where b ’ is left, lonely, at the 

nr pipht ' inn , . - Thr bonk j« characteristic of 

k r * . " ouItl be .Tb* hero hasn t many .ties of Greene in good form. It is shot 

8 °j£ “ e nf W affec H? n ' bul those be .has run through with his sharp, sad 

; He has reworked some of. his. very dee-p. He adores the girl 
earlier themes, with Jus un- and (rather surprisingly) the 

to remember that he didn't enter 
tbis shadowed existence .out uf 
conviction or devotion to a faith. 

He is no' PhIJhy (anyone who 
reads under that delusion is 

«£ “ ^SS&S 1 STJSSSK 

SSir'S4S" > re h ’“’ M JU ^ «nve«i 0 ri Sdom 

By ingenious trtt io the ^ 

story, l e is finally suspected and 

One doesn't . read Greene for 
that bind of realism, however. 
His abiding claim, bis ultimate 

pretentious virtuosity and with 
a difference in stress. The 
difference in stress makes 
clearer the ultimate s'ngularity 
of nearly all his creative writ- 
ing. He has a story with enough 
structure to carry the emotional 

little boy. and feels passionate 
gratitude to Carson. Carson asks 
him to do him a favour or two 
when be gets back to London, 
passing on items of Information 
about apartheid. Castle detests 
anarthcM a« much as the com- 

bumour. It is kept lively by his 
eye for naturalistic detalL That 
latter gift or bis often per- 
suades one that the book is more 
realistic than it actually is. 

It is much more a melancholy 
parable than a realistic novel. 
One of the key events is the 
arrival of the highly placed 

There is nothing seedy about 
Castle's trim, bourgeois home in 
Berkhanuted. The quality in 
Greene that tightens the nerves 
is that, more than anyone alive, 
he expresses the poetry of being 
an outsider, an alien, one man in 
his soMtude. Castle cannot be- 
lieve In anything, neither .Jesus, 
nor the Revolution. He isrtf 
searching for the City of God. 
or the City of Marx, but. without 
hope, for the Citv of .Peace of 
Mind. He has nowhere to belong 
to. and nowhere to stand. H 
an exile everywhere. His final 
exile in Moscow, which is the 

weight and he tells It with bis mitted communist does, and has South African i^ritv agent He Anting passage in the 

usual command of narrative. In personal reason for doing so. S" S ™Ln 

™ ore tbajl b,s . usa ?l Anyway, his emotional obliga- critical negotiations with M16. nature 6 me ° Wh ° *** exi 65 

For some, as for me. it will 

, - . . - ; — — a «.««-_ Ub|W iv U stab deeper than any similar 

^eave out too much; too. much, narrative. which 1 actually begins by the chief of -MIS to entertain statement by Samuel BcckTu. 

tnai is. or the substance of a with Castle doing -his moderately the Afrikaner and to be his being less metaphysically eoni- 

novei. hp hasn't done that this pedestrian - duty -in MI6 in closest contact in London, posed, more defencelesslv naked 

time. He hasn t been. . afraid. London, looking after his beloved Security, agencies can make silty to li e. 

Patrician air chief 


Portal of Hu nee rford bv Denis P eni ® Richards' official biography tial also appears to have been staff. Although not a son of the 

Richards Heinemann £9 50 for the first time tries to correct shared by the enemy himself, manse, the character is that of 
nicnams. nemenann, xu.ou. snm „ „f t fc«» _.i.. , — -r .v_. “ 

436 pages 

It is easy 35 years after any 


some of the > misunderstandings The recently published extracts many of that kind— and Britain 
that Portal's policies have from the Goebbela' diaries indl- has reason to be grateful, for 
generated over the subsequent cate that he attributed Ger- although it is going too far to 
years. It becomes - clear ■ that many’s ultimate collapse to the suggest that without him. Britain 
Portal himself had- occasional economic and ‘moral damage might neveT have won the war. 
misgivings about the effects of resulting front the activities of he nonetheless bad a vital In- 
bombing on civilian populations. RAF Bomber Command. It is fluence upon its course, which 
but that - the enemy’s-- own probable that there will always might not have been the case had 
behaviour — and the possibility in he debate about the moral and his personality been warmer and 
ablv sconced in ih* ^cnriiv when things -were going strategic Implications of the softer, 

that noliev won for What bat *ty for Britain, that Germany Bomber Command offensive, but' What is also remarkable, how- 

these critics fail m tak* intn mi 8 bl win the w’ar— led ."him Id at least there is now a rearened ever, is that once he had left the 
account is the unioue circum- be “ eve 11131 strategic bombing exposition of ih e other side of RAF, and entered the City and 
stance of the time with Britain no1 on]y n 6 ht * 1x11 lifoped the argument, based on many- business life. Portal was less 
flfihtim! for surviral »eain*t a th * on,y significant-weapon avail- of Portal’s own- hitherto nnpub- successful. He was out of his 
ruthless md mlSlwd aWe witb whi< * Britain could lished memoranda and' other element and his tendency not to 
enemr resulting in Kffl hit back al * at Ume - PortaI ' s documents. want to use his undoubtedly 

eaually determined view was shared by GburchiH, What these private papers also powerful Influence with poli- 

coumer-rueasures ™ despite some later apparently do is give a deeper insight into ticians and civil servants prob- 

One of the Drinctoal an>hiteet« PoBtically-iuspired misgivings on Portal's 'mind— insofar as any ably cost him some of the acclaim 
of Britain's riooste aeainet GeiC ** liter's part. • biographer can penetrate such an and financial success he might 

m»ni- w« ChJrlesTSttr-) But Portal's baric that “.5SS!” 1 ?]! otherwise have had. But for all 

Portal the Chief of the Air Staff the strategic bonrhing of oS an 
.throughout most of the war, and industrial installatippsjwali^sseh 


to criticise, and Britain's war- 
•- . u time bombing policy of Germany 
has been given more than its 
fair share of this kind of carping, 
especially by- some now eomfort- 


i t mlliMii! 


W i 


I Ml * 



1 :H;U 


er "v Snt Portal's basic Hrfiri that cxiraoramaniy seu-comainea oinerwise nave naa. out for an 
Portal the Chief of' the Air Staff the stmSS bonrSne oa S patrician, aloof and even self- that, he was nonetheless a highly 
' 6 ° f the S l?« i,2; e 5 r£i individual. Indeed, some joined chairman, or Board mem- 

of the- most fascinating aspects ber of a number of major com- 
the whole' biography !are thoSe pan ies. including latterly the 
.vhich directly delate to Portal's British Aircraft Corporation, 
mrit character, his family circum- where bis vast experience of high- 
tances. upbringing, education level committees stood him in 
ind.'early- career. Inevitably, the good stead. He was essentially a 
ilograph'er is sympathetic, even man of his time. He rose steadily 
'ulogistic. but Portal still to the top in his primary profes- 
nnerges as a cold, often un- sion — that of being an airman — 
approachable, personality, of high and was ready when his country 
noral rectitude, of razor-sharp needed him and served it well, 
intellect a demon for hard work. All the rest is insignificant when 
and a strong disciplinarian to his compared to that. . 





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Tfta body of a Prcdynaitic mao from Gcbelein. Naqada culture II. c 3300 BC— from “The illustrated Eneylopedia of Archaeology" 
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More fiction 

Hiring and firing 


A Patriot for Hire by Andrew 

means right wing, is called min 
service when 

- — : service wnen a Russian srientisl 

Sinclair. Michael Joseph. -4.50. visits this country: ihe q 

.sonic kind nf haicn. 
Tln«. is patch). \cry 


187 pages 

mem dare not refuse him. bui 

The Ivankiad by Vladimir Voino- number of people vutild lik». tu 

nvem- tiniv<— as when Rupert goes 

being farced info I 
nt .(III lint nl all sure that the 
tn psv clua tnsls whuiu she , i:i 
ihe tnnr-c uf her ililtues — wturii 
the jinhor treats with great in- 

visit his old and now bought- 
out einiiloyers. anil finds nut 

vich. Translated from the b i* n because they believe what they really ihuiiglit uf him si»hi— w.iuld in fad lip quite -o 
Russian by David Lapeza. Cape, that he was responsible for ihe — and rulher bad at others, as i-rm-1. stupid and awful, at lea?-! 

£3.83. 132 pages Katyn massacre. The values in the aivount ..f the affair I hope nut. This is a most nut. 

— — upon which Abcrnetby finally which Rupert ha- with a sirj standing fir- 1 novel eennnini-'. 

The Liberation of Rupert Ban- falls hack will interest readers, young enough it* he his 

mster by Martyn Goff. _ Mac- w'ho will also enjoy a first-class daughter. But it is intelligent, 

don ale! and Janes. £3.95. 1S4 thriller. This is not. perhaps, generally innviTu-ing and re.ul- 

quite as substantial as Glj{j and able. Particularly pood are ihe 

No Mama No hv Verity Barbate ira 0°» n '° nf St -s predecessors, passages dealing' with Rupert's 

Cape. £3.50. 136 pace's " but^tl is just as skilful and just shaky relationship with his wife. 

lucid. fiTjh temng. '-uherent 
Eli, aliefh Smari is uiusi 
famous lur tin- now legendary 
nmcl Hn t-irrind llcntru! Stutno.- 
I Snt £). iint uml Wcp t. which 
was rercntlv reprinted. Sinie 
then Ms. Smari has published a 

The Assumption of Ihe Rogues it is siranco that Vladimir . Verity Bargaie. who runs the book of pnein>. <1977': 

and Rascals hy Elizabeth Voinovich. oulspoken satirist of So ‘ lr - 1 roly— one of London's now she offers us another note!. 
Smart. Cape and Polytaniric ~ 

Press. £3.50. 123 pages 

rather unlucky film-maker, and Now comes his of his 
as a novelist devoted to the early attempts to move from his not- 
history of this island. .1 Pofriof room apartment in a Wrilors’ 
for Hire is. in the last analysis. Co-operative to a thrc.c-room 
-hwV nwtriotiKm — a word that it apartment: the Co-operative 
is not afraid to use. even though Assembly has granted him per- 
It fully recognises the John- mission, because his wife is 
sonian aspect, the " last refuge expecting a baby. But a certain 
of a scoundrel.*' Ivanko stands in his way. . . . 

It is 1979 (only next pear: This is said to be a true story: 
Sinclair belirves in. unnerving certainly it reads like one. It 
us), ' and a “Conservative." is hilarious and yet. I think, 
government is in power, follow- usefully revealing about many 

the Russian wav of life (he was leading fnngp theatres — has Thr Assumption of r hr Hogues 
once a model Soviet literary "’f'ttcn an excellent and unusual uni/ Rasiyils Parts of it, ,it 
man), goes free. The Life and novel. It i> a sympathetic least, were written lone ago. 
Extraordinary Adventures of anr ^ disturbing an -mint of a and. unlike Rj; Grand Centra! 
fi-nn Chonbin was a bitterly slr *n£e menial illness which Srarioit. it h3s dated. Rut not 
comic exposure nr Stalin's un- assails a young woman after she inn much ti» its detriment — at 

hirlh to a second least for those nf us who rr- 

Fififos, This is 
s urge tn surviu* 
... ........ make ihe best of the 

her into madness. It would he rnmpnny of “rogues and rascal-'’ 
wrong m give away how shp — the only men whose company 
behaves — hut she ends up hy «he really enjoys. 

A Patriot fur Hire is an 
expertly complex thriller and a 

satire on — or perhaps it is partly - . 

a prophecy about— -contemporary preparedness for war: the Soviet nAS - - — • 

notifies. Andrew Sinclair is authorities- suppressed it. and he so ”-' - Sbc had wanted a daughter, member the F 

known as the biographer of Che published a translation — to and shuck wnd misery about a woman's 

Guevara, as a Hwlv if perhaps acclaim— in the West. ' 1,111 Vl ' h "' f1 Sl,n plunged send and yet ro make 

Scotch mist 


The Wild" Island by Antonia Bvaure^.H C f°nu,Tv SrTbl. 
Frarpr Wvirinnfnlrf nnrl B *:‘ lurl? kJrd f.Utlll) over the in- 

\Sson- J d bcritance of land and castle: cim- 

— ^ SO -‘ Ia - papes diet or the established land- 
Antonia Fraser's Jemima Shore owners with a hunch of royalist 

ing the split of the Labour Party, of Ihe bad things about ordi- is back in action again. This time ‘“Up the Red Rose”! fanatics. 
There is only one Liberalleft in nary life in Russia. in the expansive setting uf is also about line tug of 

the House of Commons (he Tile Liberation of Rupert Scotland's wild country which loyalties within these . group*, 
seems to represent the conscience flan tits ter. Martyn Goff's eighth should, bv sheer size,' provide Around this is entwined murder, 
of the country). The . govern- novel, is about a Sales Director more room for action than the mystery and intrigue’ 
ment is not of the kind we jn the publishing trade who is convent in which ... Antonia An interesting saga — bul a 
should' expert: it is in the hands, suddenly- fired as the result of Fraser's last mystery novel had stilled and self-conscious book, 
or more or less In the hands, of a take-over. , Rupert Bannister her character encased. Antonia Fraser has not conveyed 

the Russians. Power is divided, discovers that he has been com- Jemima, television reporter, the splendour nr the Highia'nd-i 
The Cabinet survives by an plar-ent: he has not been half as steps from her train at Inverness she knows well, describing the 
arrangement with the extreme good at his Job as he believed, in the (vain) hope nf a quiet countryside m Disncyesque 
left and the. unions. His marriage, he also discovers, holiday away from her demand- terms. Splendid characters am 

Against this depressing hack- is really on the rocks — and his ing job. An unusual funeral is created then left to languish, 
ground Sinclair tells his story notion of his relationship with followed by bizarre snippets. Harsh miirism perhaps— but :t 
of a veteran agent Patrick his son and daughter has been of action. The story is ostensibly is ihe potential that glares ami 
Abemethy- AhcmetKy, an ex- based on fantasy. He lakes a abpul the contacts among a group unl\ occasionally mines to 
Communist who is still by r>o severe battering before ho finds of people in an isolated part nf fruition. 






Edited by Denys Sutton 

The world’s leading magazine of 
Arts arid Antiques 

.Published Monthly price £2.00. Annual Subscription £25.00 fiqbnd) 
Overseas Subscription £28IW USA & Canada Ah Assisted 556 
Bracken Hou*e;' 10. • Cannon. Street. London, 

Apollo Magazine. 

EC4P 4BT Teh 01-248 8000. 

Edward Thomas: A Poel for his 
■ Country by Jan Marsh. Elek. 
. £7.95. 325 pages 

he had to adjust himself, 'of pastoral joys and problems 
slowly and painfully, to a new that ii tends to dominate 
kind of writing and a new Thomas' life. 'It comes as a 
kind of . thinking.' shock to discover that at one 

Edward Thomas was born 100 In general terms, tin's riiange ^ nl ^nswrt fo V °hjs 

years ago this month. Yet he became possible as the change -J^curren, depressions poverty 
only wrote his first poem on the in poetic lengnege with, tor ^“" nu^Trohkm. Bm 

tne publication " r 

adequacy. Inadequacy 
face, of nature. 

This is a common enough 
sense felt' by many intellectual 
beings who reject God and seek 
some replacement in nature. 
Happily for us. though not for 
it was this i-Anflicl 

outbreak of World War I when example, the publication of novertv exacerbated ' bv " i sofa'll on 
he was '36. It had at last become Georgian Poetry in 1912. ehcour- ?Sd a Jif e wSoie earl h-moK 
possible for him to express in aged him to drop the excesses f 0 r U n td e Sly s?£ed tl bSS&m 
poet™ histhoughtson tbe^a; oftos fi'*:*??**™ ownfn- 

celles Abercrombie put it. adequacy. Inadequacy in the 

‘tbe whole of language must 
be left open to the poel. We 
cannot allow any pedantic 
hedgerows to fence -him. out 
of this tract or thlaT. with 
notices stuck up alleging that 
it is loo new for him or too Thomas 

0 J.m,«e r re!rLnr en, L fi ln 0r In n whicfl Vns P ired him ,0 ^ » f 

oommerdal or ev^n too his 3rcales t p 0cra s. A lnei'P ccle- 

poe . | bration of nature could never 

In personal terms.; he was satisfy him for long. His cen'- 
helped by his friendship with tenary was marked among pother 

- ... Robert Frost who picked out a events by an cighl-mile walk 

had rhanv pacifist friends who paragraph from his . country across the fields he knew so well 
would have pressured him the book. In Pursuit of Spring (1014) from Steep, to Selborne. It was 
other way. But he insisted on and told him ‘to write it in a perfect March. morning, the sun 
going to the actual battleground, verse form in exactly, the same almost spring-like. I .renirni- 
ln Edward Thomas: A Poet cadence.* He also met about the bered Thomas' poem. “The 
/or his Countru, Jan Marsh has same time Eleanor Farjeon who Cuckoo.” The poet's children 
set-out to find an explanation save him a more feminine hear the bird's song- but. he is 
to both these conundrums. Her admiration and encouragement only reminded of the old man’^ 
approach is straightforward, and The final impetus came from voice calling his sheep who died 
If she doesn't succeed totally jn the war which suddenly brought Bt in* .tome, the children last 
what is probably too rigid an Nature into a focus outside his made him listen for the herald 
objective, she yet puts down vety own search for self-fulfilment. .° r > , P rm & 
clearly the influences .which This was England, his country. ’And I fhmk that even tf 1 

.shaped .Thomas's thinking threatened not hy . undefined could lose my deafness 

analyses the poetry with a f^rs 0 f bis own making but by The cuckoo’s note, would be 
sympathetic ear. Her free use a recognisable foe. 
of quotations from his prose 

Cionship between man and the 
countryside. Just over two years 
later, he was dead— killed in the 
Battle of Arras. - 
Both halves of his life story 
are equally extraordinary. 
Thomas published his first hook 
when he was 19 and was con- 
sistently involved in the literary 
and poetic world of his day. But 
even in .1913 he said. “I couldn't 
write a poem to save my life." 
In 1915 Thomas was well over 
the age when there was any pres- 
sure for him to enlist. Indeed he 

T am one in crying. God save 
England, lest 

We lose what never slaves and 
"cattle blessed.’ 

works :but particularly from tbe 

poetry would make this a use- 
ful introductory study for any- 
one who has still to , appreciate ■ 

Edward Thomas. 

. Ms. Marsh suggests that to sacrifice himself to this war 
Thomas found himself caught in which had given him- a reason 
Che web of the 18th .century to live and be content is a more 
“ pastoral-aesthetic.’’ As a young complicated question. Perhaps 
man he believed deeply 
“Back to -tbe Land 
to Nature" movement 

wrote about often and- actually. Clearly, it seemed so to him. 
became pdward Jefferies’- * There is not lany book 
(author of Boris and After Or face of dearest look- 

drowned by the voice of my 

It may be. perverse to wonder 
what poems Edward Thomas 
might have'written from a city. 

Why he then felt the need Yet j* ^Phasises the truth that 
— i.: — — in all nomas gxat poems his 

Helen Thomas in 1898, aged 21 

appreciation of nature is only 
used to serve his study of man. 

The Collected Poems of 
Edward Thomas with a fore- 
word by Walter dc la Marc 
(1944) is published hy Fabur al 
£2.50: the Selected Poems of 
Edward Thomas with an intro- 
duction by R. S. Thomas (1964) 
is a Faber paper back al 95p. A 
' new volume. The Collected 
Poems of Edward Thomas 
edited by R. Gwjrge Thomas is 
announced for publication in 
September by the Oxford Uni- 
versity Press at £15.00- As It 
Was and World Without End 
by Helen Thomas are. published 
in one volume Uv Faber at 
£ 1 . 10 . 

as a young complicated question. Perhaps 

eph- in the it was in thanksgiving. Perhaps ririlitn n is*n 

„,°,-hicht rii\ a ,s Neapolitan ice by JO hn duns-™ 

London) biographer. This belief 
sent him from a London suburb 
to spend his life in a series or 

country .cottages. 

•He idealised the countryside’ 

IMs. Marsh says] both in his Perhaps he needed the prospect or . _ 

life and in his writing, and of death to make life worth Norman Lewis saw Naples—' “ the sergeant 

Thar I would not turn from 

To go Into the unknown 
I must enter and leave alone, 

I know not how.’ 

— — * wine, then end in clink for black 

Naples ‘44 by Norman Lewis, market activities. Thieves rip off 
Collins. £4.95. 2Q& pages manhole covers and Stale 

■ ■ — — — ■ . treasures, only to find the 

Nowhere, does Italy plav out treasures are’ Takes left by 
its tragedy with so lineal a « ri,er robbers. Elsewhere, 
strain as Naples. 'As a member Moroccan rapists tour the 
ihe Field Security Police, eountrystde .in jeeps, led by a 

expresses bis feelings for it living. Perhaps he was afraid only Eastern -city without a 

who “ dresses as a 

^ H female when not in action.” For 

through a correspondingly tha.t Ills poetry would leave him Western quarter"— jn "the” a fte£ more tangy episodes — ibe black- 
idealised or poeticised langu- again. Al lea*t he would have math of the- Salerno' landings. an “ blacker tragedy, 

age -such as was fashionable founded perfection in death. 'His vignettes show it devastated, that ensues when Mars collides 
among the aesthetes of the -Thomas, himself, said he had bombed, blackened bv war. its venus — readers will have to 
time. Neither tbe attitude nor volunteered for. tbe from in inhabitants, reduced * to near- -consult Naples ‘44 itself, 

the language was intended for order to. get a larger pension for starvation. How they make shift I would have preferred a con- 

dealing with real life; and his 'rife. Helen. to survive takes on the extrava- tinuous narrative to Die diary 

when confronted with the Throughout this book. Helen ganclcs of .the ‘surreal. Princes form the author adopts, but Mr. 

actualities and emotions of Thomas', extraordinary dexcrip- living worse than beggars try to Lewis's reporting has the taste of 
real life- they could not with- lions of married life in As ir sell (heir sisters to. the British reality. Armchair travellers will 

stand the strain Before W'ae and World without End Army- 'oluptuaries able to (race feci that here they are smelling 

he -could- emerge again as a supplements the- biographical their ancestors .back to Ancient for themselves the reck or Ilnlv 
creative writer . and a poet details. So vivid is her picture Rome drink gold leaf dissolved m under the red-hot rake of war. 

The Anatomy of a Fraud 

bv L®« J. Se idler. New York University, Frederick Andrews, 

The New York Times, and Marc Epstein, California State 
University, Los Angeles. 

Few white collar crimes hare seized a nation's attention more 
dramatically than Equity Funding. An established, nationally 
known insurance corporation was abruptly r-xposcd as a 
beehive ot fraud, the -,cat of an enormous swindle that had 
gone undetected for years. Behind a facade of confident pros- 
perity, Equity Funding had been forginq documents and 
imaginary insurance business on an assembly-line scale. 

In this unique book the authors have combined their skills to 
present the fraud and its perpetrators in their own words and 
documents. In the past, only disjointed daily newspaper 
accounts and semi-fictionalized versions of the real story of 
Equity Funcfing were available. Here, thr authors have care- 
fully researched and assembled the source materials an Equity 
Funding, to enable the reader to relive the events as they 
actually occurred. 

When the bubble burst a team of accountants and lawyers 
under a trustee investigated the company from top to bottom; « 
that official report is reproduced here in full, describing the * 
machinations of the fraud accurately, but in terms that can be 
understood by non-professional readers. 

Did the United States Internal Revenue Service discover the 
fraud and calmly and silently collect income taxes on the puffed 
amounts? Would you have found the Equity Funding fraud? 
if you had owned the high priced shares of this company that 
actually never earned a real profit, would you have noticed? 

If you had audited Equity Funding, would the false accounts 
receivable have escaped your attention? If you had worked at 
Equity Funding, would you have seen the fraud? Would you, 
like so many others, have been swept up in it? 

A financial Watergate? 

0471 02273 X 592 pages February 1978 S17.75/E9.70 


Also from Wiley: 

Accounting, Economic and Financial Aspects 
by Y. Goldschmidt, Teh Aviv University and the Hebrew 
University, and K. Adman, Koor Chemicals, Israel. 

0471 01983 0 348 pages February 1978 S26.00/E14.QQ 


by C.A. Coombs, Retired Official, Federal Reserve System. 

0471 01513 X 264 pages October 1976 S14.55/ES.Q0 


by A.R. Prindf, Vico President Morgan Guaranty Trust 

Company of New York. 

0471 01653 5 180 pages April 1976 S12.S5/E6.05 

A TOOL OF POWER: The Politics' History of Money 
by W. Wiseley. 

0471 02235 7 416 pages June 1977 S21.55/E12.05 

ZERO BASE BUDGETING: A Practical Management Tool for 
Evaluating Expenses 
by P.A. Phyrr. 

0471 70234 X 250 pages February 1973 S24.8S/f:i3J25 

„ „ (cloth) 

0471 03721 4 _ " " February 1973 S11.5Q/£g.30 

l paper) 

John Wiley & Sons Ltd 
Baff ins^ Lane-. Chichester Sussex England 









Development Director 

• this is a new board appointment in a long established 
wholesale grocer} - business based in the Midlands, strengthened 
by the resources ot a publicly quoted group with a turnover 
in excess of ^3 50111. The company operates in the Midlands 
and South East of England. 

* the role embraces full profit responsibility for a major 
distribution centre, and the production of a marketing plan to 
develop retail and catering sales. 

* A record of marketing management success in this field 
is essential. 

• preferred age early 50s. Location initially Hampshire. 
Earnings indicator ^ij.oog. 

Write in complete confidence 
to K. T. Addis as adviser to the company. 









socict£ anonyme 
t . (in- voluntary liquidation) 

. ^Commercial Register 
LUXEMBOURG Section B No. 8.731 

In accordance vricii the resolution passed at the shareholders' 
meeting on 10th March. 1978 the dfcs-olvuien of the Compare will 
.be implemented as Follows: 

A first distribution, representing the net proceeds of realisation 
of ail the Trust’s Investments other chan the share capital of 
Panwic (Hong Kong)- Limited will be made at the rate of: — 

U.S. Dollars per share. 

A notice regarding the second distribution will, be published' as 
soon as realisation of.Fznwic *Hong Kong) Limited can be achieved 
on satisfactory terms. 

Within' 14 days from the date hereof there will be posted to 
each holder oh registered shares in the Trust a: his registered 
address and ai his risk a U.S. Dollar cheque in respect of his 
entitlement in the first iiouidation distribution. 

Payment' instructions forms are available to holders of bearer 
shares in the Trust at the office of Banque General* du Luxembourg, 
14 Rue Aldringcn, Luxembourg. Holders of bearer shares should 
lodge their share- certificate with coupons 3-30 attached thereto 
with the Ban^ue .Gene rale du Luxembourg together with * com- 
pleted payment instructions form. The share certificates will be 
retained by Banque Genferale du Luxembourg. Payment in respect 
to the entitlements of bearer shareholders in the first liquidation 
distribution will be made within >4 days thereafter. 

' ‘ Signed L. Miles. 

Dated 17th March, 1978 (Liquidator) 

so w:w or isra 

m Ihe HIGH CUL'HT OF Jt:5'tflCE 

Ctuiuvn' Dirialun" Companies Coon.-.. In 
SERVICES LIMITED and in ihe Metier 
M The Companies Aei. IWS 
Peiiiloa far she inwttiw up ot tb* ahave- 
named Company by the High .COUtr el 
iuniLY was on the 1st day of March 
1878. presented so the said Com* by. I 
LIMITED u-Dok Rrtjistc-rel' Office If 319 
Resent srre«r. London, w.i.- and joar 
rhe Hid Petition la directed io be Mart 
before the Conn ultima at the Royal 
Courts of Justice. Strand. London Wi 
ILL. on che IWh day oF Aorll 

to be 

w: John H. Do erntf "* 

over as chairman of SELECIIU-N 

cbi.. on cue twin aay or aphi urio. ~ : mnrr ; n ~ 

and any creditor or contributory of uw TRUffT after the annual AtoCUn? 
said Company desirous to support or on June S and he will connnue as 
oppose the maKina of an Ordur on, the mnRdi*fm> director - and chief 
«!d Pitman may apnea r at the thne fT rniiUi 

or heanna in person or hy his Counsel v R*, t rv is 10 re- 

. for that ■ purpose; and a copy of. the Wlii:A. Chester “*2 Ity _ 5 J, 0 
IPeotlob >vlll be rurnlahed by the trader- lire as chairman, and from tnc 
Maned to >nr creditor or contributory Board, on that date having reached 
of me -saWI Company reouliina such copy *[,*•. „F 70 He is to be 
on payment of the resumed dun* for SSL-.???, 

appointed life president as an t 
.appreciation of his services to the 
company in many caps a ties over ^ 
i nearly. 50 years/’ . " 

the same time Sir Ronald 
Prate, wha is also to, , is to retire 
as 'a ^director and Mr. Derndi 

, a wear on the bearm* of tire said Petition Tears chairman 

must Bene on or wad by post to the nonaid was for ^yeare cnairmaii 

! above-named, notice in writing of Ns. Of the former RhT copper mining 
1 intention so » do. The notice must state group Mr. Kleeman is cngirmaii 
*2 nlm^ind Si*?*’ ft of Kleeman Industrial Holding. 

«Wch SelMUon Trust acquured 
! or firm, or his or their solicitor Of anyT last- year. 

tbe oatne. 

Kings Cross Bonce, 

SWJ Pencwmnc Rd. 
l-oralon. S.L 

R«f: RG/. Tel: 5M Wi 
Solicit ws for .the Petmoner. 
NOTE.— Any person who Intend* 

and must be served or. if posted. musr| 
.be Best by dost In sufficient time to 
: reach the above-earned not Uier than 
; four o'clock In the afternoon of. tire. 
7th day of April lira. 


requires experienced ' 


Salary negotiable 
Apply: Mike Pope 

170 Bishopsgate. London EC2M 4LX ■ 01-623 1266 


require Tricars In 

. . — Grains. Proteins. 

Cocos. Coffee. Sussr. Metals. Oils. Also-. 
Trainees ana Assistants lor UK.. 
Eiitoee. U-SA. and Hons Kong. TelJ 
Graham Stewart. 01-439 1701. 


ivt. 189. Regent su-eet. 734 0057. A U > 

Carte or All->n Menu Three Spectacular 
Floor Shows 10.45. 12.45 and 1.45 ana . 

musk: o< johnny HiwfcesworUi A Friends 1 

GARGOYLE. 69 Oean Street. London W.I 

Show ar Midnight and 1 a.m 
Mon.-Fri. Closed Salurdavs. 01-437 6455 



U.S. S 25.000 -000 


I Incorporated unlh limited liability in Japan; 
Guaranteed Floating Rate Notes Due 1983 


Unconditionally guaranteed as to payment of principal and 
interest by 

The Sumitomo Balk, limited 
( Incorporated with limited liability in Japan) 

In accordance with the provisions of the Notes and Agent 
Bank Agreement between Sumitomo Heavy Industries, Lt<L. 
The Sumitome Bank, Limited and Citibank. N.A-, dated 
March 7. 197S, notice is hereby given that the Rate of Interest 
for the initial -6-month Interest Period has been fixed at 
71% p.a„. and that the Interest payable on the relevant 
Interest Payment Date. September 16, 1978, against Coupon 
No. 1 will be ILS. $40.25 and has been computed on the actual 
number of days elapsed (1S4) divided by 360. 

March 17. 1978 
By: Citibank. NA; London. 
Agent Bank 


, Blir- dive Wild smith,' a director 
of -Ewart Chainbelt has been 
elected president, of tn® 

NO- 007J7 of 1913 

elected first rice-prKodent is Mr. 
Oliver Fyson (C. J, 

Mr. John Du Cane 

viivcr r jouii .. R. and , . * , 

Son), and second vice-president is ante department, Mr. Roberts wa*- 

» 2 — fCcmAkBN-Aful • u.amnVi manflffAr of thrf Ldr*< 

I Mr. 'peter Denning fSDTichan and a branch manager of thg ^Ln£ 


j tbp ,T Ma?e r D Q^ s ch erzo* rw Henshaw). Mr. BugjrDlxon Is the UnFon and Rock Insurance 
’ limited sod in the Matter of The re tin n z presidenL pany. 

Companies Acl IMS. . , + ■ ★ 

pSSKr^e^-ISSr wrfte ‘ Mr. Alan Kershaw retires at the sir Clifford Jarrett 

I wuned^cSmwnr by the Hlafi Cowrf. end o? this month “ director of reappomtetl cta^man of tte: 
Justice ns on the 6th day of March the • KNITTING 1NDUST*HES‘ DOVER HARBOUR BOARD- forh. 
mrir i, ? n J!Rit%K a £ ^ FEDERATION. further two-year term, until April 

BUGH R. WHJCKS * son looted * 30 10SO. Mr. Leslie Perkins and, 

Mr. Alan Green, vice chairman . peter Mee have been re- 

whose xeolsterad office H eltoate at Do}- 

; land Court Ttw Close. Norwich. Norfolk. — I L - 

; and that the said PctWon is direoed of WOLSTENHOLME BRONZE appointed Board members for a 

S* S2!l,* lt SS*J? POWDERS, has taken over the f nr ther three-year term until 

Londra^wc2A°2S. on the 17* day of- chairmanship following the death ^pru 3Q, 19S1. 

April 1978. and any credlror or contribi*"'. Of Mr. P. L M. RinK. * 

cory of die said Company destrom yi * ' - Mr, Bill Aitkenhead has been ' 

soppon or oppom the maltlag of. air gjr. A. Philip Conwa.v has been a _ ao : nted e eneral manager of 
*n^of 1 himi ia “ p^So Tw appointed managing director of 5JBER£ ffi EN g A 1 RPOR T from April 
bte counsel, for that punxws: and a copy P. W. Tblbof and Co^ one or the . M r _ .\itkenbead is now external 

relations manager for th, Scottish 

tmderstsned to any creditor or comrito PORTALS G ROUP. He succeeds h, » 

tory of the said Comp soy reonimig soch who Isto Airports Division ba>ed at 

(Vine on niemMI nl rhe ronililnl Hi m , "fr. K. A. IHanUJIIB. _ wnu IS ID T-lacMnili limnit 

W 01 ^ rP^uLue,, IreSre SSSjato w laces Glasgow Airport 

Mr. Handling on the Board 


109. Rinssway. 

London WCSB BPZ. 

Ref: 1-lRR. Tel: 01-40S 9S74. 
Solicitors for the Padnoner. 

NOTE. — Any person who Intends to 

of PorUls «W' Treatment. 

of the Trafalgar House 

Mr j f miiic at oresent direc- of the Trafalgar House 

maSwr orfflOC Group- ha s b« ra elected president 

r and ^anacer of BlCC PyrtL w YorksWre Regton of the 

^,“5235 SiLS!?^ SfL i Cwmlng is retiring from his esecu- 

ir a am the name, .od midrwa of ^ I p^sltian on" the Board of appointed a doctor of BURGESS 

nr/in — a Ut. Mnunct AMO - CO, f ENGINEERS* SUP" 

firm and musr bo rianed by the person 
■or firm, or his or their soUcIror Of any> 

BICC 'Metals, at his own request, AND 

land musr he served, or. if posted, must J.but will remain a director of 

We have several places in the sun 
for chartered or certified 

Nassau and FreeirorS in Hie Bahamas: Grand The salarv - and benefiis package is 

Cayman - s 00 miles away lo Ihesoutii-vvest-fhese exceptionally rewarding. In the Bahamas, vour 

are the places where we need \ oung quaiihed * salan-and boms is BSi5?60 and there is no' 

Chartered or Certified. 


You would jom us for a 
hvo-year (Grand Carman or 
tliree-year (Bahamas.: tour 
with air fares paid l^oV; i 
ivavs for you a nd you - - 
family. Professionally the 
opporiunitiesare great 
You'll benefit Horn appKing 
the latest British and North 
.American tcclmiques to ihc 
problems of Luge i ntcmal ional 

On a personal level, life 
is equally rewarding. The 
climate is superb, and outdoor 
activities are available all 
year round. 

>bu should be under JC*. 

Have a gixd professional oualih'cation and be 
confident you car. develop ••■our skills in very 
,v:!e:erf -irrourdings. .A cu::ent driving 

income lax. You ger three • „ 
■a eeks holiday a year ^rid 
aner.d-of-tourpaymeriof-' ‘ 

In Grand Cayman, you 
start at up to C$14400 (again, 
without income tax) and. 
you get eight weeks - Iiclidav 
during your tour 

I:» both tiie Bahamas and 
Grand Cayman a medical 
insurance scheme b jn 

Please apply ir. the ' 
first instance ter. Ian 
Macphersoa Price Waterhouse, 
Southwark Toivers. 

32 London Bridge Street, 
London SEI 9SV 
Telephone: 01-407 69S9. 




6 per cent Loan 1973-38 of Swiss Francs 80 , 000,000 
-(Security Number 363 ^ 76 ) 

In accordance with Section 3 of the terms of the Loan, 
the above-mentioned issue has been called for repayment in 
advance at 103 per cent of its principal amount oo: 
13th Jane, 1078 

Consequently, on and after 15th June. 1078, the bonds 
should be presented for redemption with all un matured 
coupons due on and from 15th June. 1079 attached, at the 
counters of- any of the branches and offices in Switzerland 
of the following banks: 

Credit Suisse Union Bank of . Swiss Bank Corporation. 

: , Sigitzertgnd- . - 

Bank Leu Ltd. Swiss Volksbank Members of the Groupement 

des Banquiers Priv6s 



A. Sarasin and Private Bank and Members of the Groupement 
Cie . Trust Company des Banquiers Priv6s 


Members of the Union des 
Banqnes Cantonales Sufsses 

By Order: 


that PLIES), part of the Richardsons 

be seal by post in sufficient :mne^io-l Mmpanv responsible to the chair- Westgartb Group. 

r*aeb tbt above-named nor liter ifian * p - * - - - - ^ 

Mr. Geoffrey A. Palmer-Moore-^l't ‘ 4 N ? ; ^ 

n«\n/iintn«4 manqcnnfv ’ja 1 V " 

War o'clock In the artenuwn at the maa for special duUes. 

I I4tb day or April m. * . . ^ . ...... 

Mr. A. de Zeeow has been has been appointed managing w*» = 

■ appointed chairman and manag- director of PLOUGH (UJv.). a \ 

big director of BERKEL and has subsidiary of the U.S. Scheringr l 
« become senior officer of the com- Plough Corporation. He joins the i‘ - - 

?.o. areas or isib . hined group. He retires as deputy company from Bristol-Myers. 

J n -°JF- dhairman and chief executive of * ... 

M alter or amthony Harris LIMITED British Enkalon on April 3. Mr. ML A. Lewis has been . 

and In ihe Matter of The Cooumides * appointed group export director 

A«. law. Mr. Douglas Appleby, group 0 f the HAMMONDS SAUCE 

, is 



c S30.000 Tax Free 

Syndication Manager 

International Bank 

Graduate or equivalent Male age 26 plus. 
Musi show successful track record in 
international syndicated loans and 
demonstrate flair for negotiation, 
oiganisation and administration. 
Familiarity with the Middle East and 
knowledge of Arabic highly desirable but 
not mandatory. Outstanding career 
prospects with excel lent fringe benefits 
which indude free furnished 
accommodation, medical/life cover, 
generous leave arrangements and 
re- location expenses. 

Suitably qualified candidates please phone 
01 -403 71 1 7 for application form quoting 
MRD8020 (24 hour answering service). 




*«,'« ms oom 'oe«i,«a tr«m Tokyo 
a, ' ! P'Oiiurv Gc,ie-(i Meet i an o*' 

snerchawert of im Cwnwny win oe beu ' 
i« Comer* w e Sown, it 30-2 SO I mo- • 
inerako 3-CHome. Onca-Ku. Tokyo »44 et 
9 J/n on TaufMUy. 30th Mjrch. 197S. 

The Agwrd* .1 iz lollovn: 

Item No. ] Ha Approval ot tne Dullness 
repa-t balance meet. In- , 
came ana arekt i 

rfonroor lation plan lor rhe 

TTth term (h«n ianuarv 1 
1 - '*»T :nrouoh Oecemoer ■ 


Management Revruirtnent Diviiior. 




*.! e r :ccp ci n e.«o v *. i uj. a l'ckllnd. melgocrnf. 

tl pxr. tOH AXMBBL'RG A\T* THROTr.HOL^ 7T1F. L' - 1. 

Item No. 2 Re. Roscw: on mailers rclatlne > 
:o i he me Tier ol Canon Ine- 
•1ST lb ?, r «“ yraWrturel 
Fuvushlinj Canon Inc. : 
„ _ mtfi ine Company. i 

. tK**!? ®*. Etiroooan Denosltarv RoiclMS 

"■f-rr w lotxc rd Mr tneir railno! 

iJ?* 1 .!? £ fl>0 Shares renrotenreo ' 

h * l ° Ov them are reminded ■ 
ibat. in acwmancc with clause B of the I 

.i 11 **n , SS_* Co. Limited ov 3 o.m. 

ira'MalKSt 1 rvUCf ^Oimeni forms : 

an available <A»* Deoosit Rocelots holder 
wlSh.Ro to evert lie hr* ratine rights both 
W « auinst :he Ruotutlonc must de. • 
PS!!L. h a_fi e * c iE a L B 7 5 B-m. 3ZM Marcs; 
In retoest ol° B«t»sitartr' a R«eiBrt*rS?SS^ ' 

i Sfc‘tiBSWY»r ^ 

Cowles of ale full f«r oi the Nonce' 

- fwlMd* 1X0 are available if 

-5 * C °- UM ' TED/ 

London IC 2 P ilK. 

17 in March ;B73. 



"es-ijcr ot Meal hers ol rhe aoove Company 
eioseo from the a 1st March 1 978 
. rl, 2 3,s: M4rth IS7S. ooUi dales lr»- . 

: eiu5i.e. 


Sr O' 3ir k the Boara. 

For Uio Raval Trus; Comoany ol 
Canada iC.I.i Limited 
Secretaries A Refliswara. 

Persian Rugs 

Special clearance sale of ISO 
exquisite fine Persian rugs, car- 
pets and runners offered to the 
public at wholesale values 50°o 
below (hop prices due to can, 
celled export order. 


Open 10 a.m, to 6 p.n>- 

including Sacurdar? and Sundays 

Tel: 0I-W» 3531 






(Incorporated la the RepaMIc 
of South Africa) 

A Mem bar of the Barlow Rand Group 

Noe«r it Iverabjr d» 

«|tuy.tirsc annual general meeting of 
Durban Roodtpoort Dtcp. Llaixad 
will ae held -n the conlerenci room, 
cle-onth floor. 63 Fo* Street, 
lolunneabura. on Thurtday. 20clt Apnl. 
1978. ii T3H.30 for :1 m follawht 

busman: . ‘ 

I. to recede and toiHider the audiwd 
annual finanslal mUmMb. lor the 
t ear anded 3 Isc December. "1 97J: 
Z. To elect director* m the ptacejof 
chou recirmj -n accordance with 
rhe provisions of the compaiv'i 
articles of association: 

3. To place she unissued shares tinier 
the control of the directors. 1 

The reciter of members of (tie 
company will be closed from 14th . to 
20th April. *978. both days inclush*. 

A member entitled eo attend and 
rote at the meeting mar appqlnt One 
or more peonies to attend and- speak 
end. oo a poll, vote in Ids stead.' A 
proxy ikm not be a member . of the 

For the convenience of members who 
are unable to attend the meeting but 
wish eo be rep-Mcnied tbereau a 
proxy form will be sent to members 
on request eo either the tranUdr 
secretaries in Johannesburg or eo the 
secretaries in the United Kingdom. 
The attention of members is drawn eo 
the fact chat, if it is eo be effective, 
tbe completed proxy form must rtfach 

the company's transfer secretaries, in 
Johannesburg or its United Klpgdom 
reaistrart and transfer agents, at fta« 

_ agents, 

forty -eight hours before ch* time 
appointed for the bolding «f 'the 
mnSting (which period excludes S*mr- 
da/Si Sundays and Public Holidays}; 

Holders of share warrants n bearer 
who desire so be represented . at jthe 
meeting must produce a eertifecnf of 
their holding f-om an autfiof sed 
depositary at the bearer race# ion 
ol&ee in eh- Uhiced Kingdom, or 2hey 
most produce their share wirftni at 
the office of the Paris correspond: its. 
in both cases at least ttn daw' h ore 
rft? due appointed for :he hoMIt of 
ths meeting and shall otherwise co iply 
wuh the "Conditions go-erairtf i “"c 
warrants' In forte. Upon such Prtilue- 
aon j proxy form will be iswed 
under which tu:h ihare warrant haycn. 
IB 1 JT be resresenxed at the mdetiu. 

Rv Order of the Wart 

sand mines, irwii 

: Notice is nerepv given that the 137th 

! Annual General Meeting of the Associa- 
' Mlfl iB ^ tOdlKil Clumber. 

1 1 Chartered Insurante Institute. 20, Aider- 
1 msnhiiFu ■ crili vuv — _ p.iu 



NOTICE is HERtEV Given tna: ate 
trausler aochs a^a-reo iters ot members 
o: th« *bave comoinics w.n te closed 
warn 1 0th 4or.l 1073 to lJUl Asril 
1978 twin Oates nclusira 


pr.iees Meuse 
95 Gees ham St-we 
Londa* SC2V -is 
1 «n Ma.‘.:.i 197? 

Lstoan Seiretaries 
L. w Mums tries 

ntannurv. London EC2V 7HY. on Fritiiv. 
i 1 * Aorll. 1978. at 12.50 o.m. to Include 
: the fdiiowine: 



! 1 ' T <> the Report ana Accounts for 
* 1977. 

. Z To conhrr-i the appointm**? Of Mr. 

Brian Richardson as a Oirectar of the 

1 3 To conftrm tne xpMinimene of Mr. 

Colin Edward Huffics as- a Director 
. Ol fh* Asseeiatlen. 

, 4 To re-elect Mr. Davie Lars Manwarinc 
Robenson as a Director of the Associa- 

. 5 To reflect Mr, Peter Baring as a 
. Director of the Association. 

;6 To re-elect 5<r Eric Griffith -Jones as e. 

1 . Director of the Association. ? ram ._ T7 .9P; 19 §.5. 5-6. Cot 

1 * To re-aonomt panneil fltiHtrtu Ol London, W.i. Tol. 01.734 282' 
Co » audIMrs of the ASMtit’idn to I li,vl 10-6. SW. 10-1 . 
hold o«co unM The conelutlO" 
the next Anni, a j- G-neral Mtr*'no - 

M*-sh, 1«7«. 

, . Mr W. J. A. 

London OScr: 

40 Hoi born Vitd dcl 



f Incorporated In tbe Republic 
of South Africa) 

A Mhraber of the Barlow Rand Group 


Notice is hereby given that, tbe 
eighqr-tfeond annual ganarai meeting 
ol bast Rand Proprietary Mines, 
Limited wiH be held in the conference 
room, eleventh Boor. 63 Fox Street, 
lohanncsbura. on Thursday. 20th April. 
1978. at T4h.30 for the following 

1. To reui«e and consider die audited 
annual financial statements for the 
year ended list December. 1977: 

2. TO elect director* in the place ol 
those retiring in accordance with 
die provisions of tho company's 
snides of auocncion; 

3. To place the unissued shares under 
the control of tbe directors. 

The register of members of the 
company will be dosed from Heb to 
2Drti Aonl. 1978. both days inclusive. 

A member entitled to attend and 
vote *t the meeting may appoint on* 
or more proxies to atomd and speak 
and, op a poll, we in his stead. A 
proxy need not' be a member of tbe 

For the convenience of members who 
an uiuMe eo attend the meeting 'but 
wish &6 be represented thereat, a 
proxy form will be sent to members 
on redusK co etcher the transfer 
seoretsries in Johannesburg or to the 
secretaries in the United Kingdom. 
The attention of members is drawn 
to the fart rms, IF It la to be effec- 
tive, she completed proxy form must 
reach the company's transfer secre- 
taries Ift Johannesburg or Its United 
Kingdom registrars and transfer agents, 
at lease forty-eight hours before the 
time appointed for the hoMHig of the 
meeting ( which .period excludes Satur- 
days. Sundays and Public Holidays). 

Holden of share warrants to bearer 
who desire aa be represented at the 
meeting must produce a certificate of 
their holding from an authorised 
depositary « the bearer reception 
office In the United Kingdom, or they 
must produce their share warraos u 
the office of the Paris correspondents, 
in bath CUet at lent ten days before 
the date appointed For the faeMInjz of 
the meeting and shall otherwise comply 
with the "Conditions governing share 
warrants" >n Force. Ubon such produc- 
tion 1 proxy form will be Issued under 

which such (hare warrant holders may 
be represented at the mewing. 

Bv Qrder pf the Board 

per T. A. Cross 

London Office. 1 
an Ho'born Viaduct 
^IP 1AI 
f 4th March 1973 

.NOTICE IS HEREBY GIVEN, that 'a minarin? director of the Boots fiWnTTP 
Petition for the Winding np of the above- ®*"**“5 2L-f2sw. smtv.ioSd a t * KUUr * . 

oamed Company by the ®cb Cook- of - Coinpanj. pas Deep 3 P poiuteu a ★ 

justice was on 'the fth day or March II rector of the Eastern Regi onal j>y. Mark Hughes, Labour MP 

Board NATIONAL WEST- for Durham, has been elected 


whose Registered Office la slfnare- >t “ e 

Winaton Green. London. VS. Timber «, • » » « u * COUNCIL BOARD. 

Aferdnuxa, add that the said PoritloD Mr. C. . 1. Ball has h®CO . . 

Z Mr- E. C Cook has 

strand. London waA ju? «m thTirSi ^f'ooei^ appointed chairtnanand BItJ. E. 

day of April uws. and any creditor or Sly. at present director of opera walker and Mr. N. K. Crook, 
contrfbffiory of tbe Bald. Company deafhnw nous, has become managing riimetors. of DIKE BROTHERS. - 
rosopporror owoae ftr making u an director. Mr. E. a 'Cooper, chair- mfiITl har of the Marie v Groun 

™» and con ‘ * y P ‘ • 
tlnnes as exeentive chatrman. ^ RqDIq wHspn-Webb has. 

«, n »_ been appointed commercial dims : 

oS H OT S",’T.4^b«n ttroffiHAWAGON INTEHNA. 

appointed directors of the. RICH- TIOMAU - 

MONO GATE HOTELS. ’ ' Mr _ L a has 

Mr. John Kersiake, at present WSC 

,eDi0r % P a S“l M S S?vS NAn ^TO PROpUES 

Ms counsel, for that purpose: anti a copv 
of the Petition will be furaisbed by the 
undersigned ro any creditor, or contribu- 
tory of tho said Company requiring such 
copy on payment of the ramtaied charge 
For the same. 

ifi Hind Court.'' 

Fleet Street. ; 

London. E.Cri. 

Ref: FTR.' Tel: *1-383 8S1L 
SoUdion.fbr tire Petitioner.' 

and Long Island Re^on. Barclays ™ fl ™v >K V\ L \» ’T 

NOTE. — Any pawn who intends «> K £i asS^anf^enoS COMPANY. Mr. R. W. Diggens l‘ ^ ^ 

ffAWSSnttff Barclays bJU of ^ rented ^airman «f bo^ ; ; ;• 
above-named notice in writing of his I Vlgeria at its head office m Lagos, concerns, to reduce his tysiness 

Brfnsden, formerly commitments, but remains on the . 

foreign exchange manager at Boards. 

BARCLAYS BANK head office „ „ * ' --- 

foreign ' • exchange department, Mr. J. H. Wilson, a director of 
Ldndou, is now chief manager, Klein worth Benson, has been 
foreign exchange dealers depart- appointed a director of LONDON . 


* TRUST- ' ' - 

Mr. P. J. DroHfieW. Mr. N. 2. * 

Gudka and Mr. P. G. KflHk a re to Sir. Peter E. D. Thompson, a 
>'nin the partnership of QUILTER. director of Richards and WaUing 1 :? Iwp*. , 

HILTON G00DLSON AND CO M ton Industries, has been appolnled 
stockbrokers. . on April II. ■ 1 

tntendon so to do. Tbe notice must state 
tin name and address of tbe person, or. 
IT a firm the name and address of die 
firm and most be signed by the person 
or firm, or bia or their solicitor flf any' 
and must be served, or. if posted, must 
be sent by post in sufficient time 
reach the above-named nw later than 
four o'docfc la tb" afternoon of the 
Mtb day of April 1875. 

N'o. OMSO of 1978 

ii 11. Mr. managing director of CHLORIDE i . • 

Chancery Dm son C^n^nies'court^VnThe Ni'n^rorire as 'narmers^M^f- 1 firm ^ RrVA jJ- He succeeds Mr. Bryan ^nin^| .4 
, Matter or steel FIXERS ■'CO NCRETE tun reore as partners of the hrra Pnce, who is now managing diroc- .. r 11 *^ (I 

i psinvorcemf'ctsi LntfTho md m on April 10. tor oF Chloride Automotive 

tbe Manor of The Companies .Act. 1948 vc Raifprie*. 

. NOTICE IS HRRERV GIVEN, that a Mr stunlev Rnherts has hpp n Mlrer,c:!s . 

■'Petition rw ihe Winding up or the- abort- 

named Company by the High Comr of eppointeo manager OF LLOtDS Mr. Arnold Kean, secretary and 

JiMtic * wav on the I4«h day of March BANK INSURANCE SERVICES, legal adviser to the Civil Aviation 

!% SiT Tif 8 Kc ^y ho ^ 


SOCIAL SECURITY of Sate Rome. Hlvh 

.... . _ , P lan of the legal committee of the 

! RoUxun. London. w.C. 1 . and that the I JOmlng the bank in 1972 as INTERNATIONAL CIVIL AVIA- 

■ said Petition is directed to be heard | assistant manager of the Los lit- TION ORGANISATION 

i before ihe Court sittina or the Royal | U l1 

Courts of Justice. Strand. London WC2A 

2LL. on the 17th day of April 1978, and 
any creditor or contributory of the uld 
Company desirous to support or appose 
the nuking of an Order on the said 
Petition may appear at tbe time of 
bearlnE In person or by hla Counsel for 
that purpose; and a copy of the Petition 
will be fnrnlehed by ‘he onderuaned 
to any creditor or contributory of tho uld [ 
Company requlrioa ueb copy oo payment 
of the regulated dnm for fire same. 


Srate House. 

High Holborn. 

London. W.CJ. 

NOTE. — Any person who Intends to 
appear on the heerina of tire said Petition 
■nun serve on. or send by post to. the 
above-named notice In writing of bin 
Intention so to do- Ibe notice must state 
die name ami address of tire parson, or. 
If a firm the name and address of the 
firm and must be signed by tbe person 
or firm, or his or their sotidror (If any i 
and must be served, or. If posted, must 
be sent by post . in sufficient time to 
rad) tbe above-named not later than 
tOat o'clock m Ora afternoon of tire 
UU> day of April I»f8. 


i c r*" 

I Lu- 


phew. Apollo & Moravi 

W.I. 029 6176.' THREE _ 
Mon.-Fri. 9.30-6.50. Thurt. I 

FOX GALLERY, iahibltfoi 
mas .br British and _E| 



I Lewnsfrt St 2 _S-W-1. 01.235 

drinks until April - >fi. I 


Promotion of Local Lotteries 

Lothian Regional Council, tha second 
largest local authority fo Scotland, 
with a population of 750.000. is can. 
tide ring dm promotion of local lot- 
teries. The Council would be IntereitKl 
Do receive Proposals from organisations 
engaged in the field of operation of 
lotteries, and, in this connection, 
interested pa-tie* chou'd fi-itly re lr. 
phone or writ* » the undersigned by 
Wednesday 29 March 1978 For full 
documentation above she Council's 

A. L> MeNIcoll 
Director of Admlntscration 
Regional' Headquarters 
GeOnia IV Bridee, Edinburgh FHI 1UQ 
Tel: 031-129 9292. w. 2719 

: '.Sbiion ■ 


LUMLXY CAZAL1T. 24. David St.. W.I. 
4» 5059. TI5SOT— Forty atchlnss. dry- 
polna and mezzotints. Until 21 April. 


i-s. sore. 

Until 21st March. Weekdays to .- 
10-1 4* iSa. CllOord St- Net* Bond 

5L, TT. ■ - 

946 4727. • TMt IBth Ct 

9. Tele p hone 
eyhiMttisn 41 Ini aorta ot Victorian^ paint? j 

VoSmS^* ,0 ‘ 4, el8 ^^ MotwarT i"d| 

The most represen larfvo ^lamaSond 
marittf ri Greece ' 

• Mora than 500 cxSMcra both from Sroeco 
and Stotaign cowmtes wilbo freapu. 

• M«a thm 12TQOO quafltiud uobxp wfl! b* 
oureetedbtxn aficweruM ywsna 

April 14-19 

I nfa m tt flcn. HELLEXPO - 


« g. -sp ns ■& t5 % 7 n 

'**"** £M * 7Sm - 

Etchango ideas and mtonrawn '. 


ThassatarSQ WwireWnai Fair $A 
. Phono 0317271^23 (IS UnosJ. 
ThfisSafcrtd Greece, leiex 41 291 


Bill* toned 16-3.78 maturing I 
I? 6 TO ai goj. Tool applications 
S' 29a. Bills ouCKanoing £60m. 

t ‘i 

■Viw*r; Aiurw 



■ Essential in the application of 
/ear-resistant coatings by the 
Tnion Carbide detonation gun 
, -recess, shown here, is con- 
. .. tant cooling of the workpiece 

0 that temperatures in the 
.orking area stay below . 150. 
egrces C, although the pro- 

. pss itself generates lempe ra- 
il res of as much as X500 
egrees. The cooling is pro* 

. vded by liquid carbon dioxide 
pray from a bulk Distillers 
Company carbon dioxide stor- 
ge vessel and the liquefied gas 

1 piped from the vessel to the 
arinus guns at Union 
Carbide's Swindon site, 
he tow workpiece tempera* 

• ure is required to avoid the 
-ossibility of distortion or 
iher changes. The detonation 

gun produces an extremely 
hard-wearing coaling — some- 
times superior to tungsten 
carbide. In operation, meas* 
■ ured quantities of" oxygen, 
acetylene and * coating 
material particles are fed into 
the firing chamber and with 
each fresh charge a- limed 
spark produces rapid-fire 
detonations, beating . • the 
particles to a near molten state 
and firing them at 762 metres/ 
second from the gun ‘ barrel. 
On Impact on the - workpiece 
the partieles spread and make 
a tenacious mechanical bond. 
The coating thickness -is built 
up by successive, passes. The 
coolant jets shown in the illus- 
tration keep the workpiece 
below' distortion temperature. 


iuper plastic alloy for 
iston Martin bodies 

\SY-TO-FOEM _ light alloy 
aterlal for car bodies is replac- 
? mure conventional aluminium 
loy panels and could also 
place glass reinforced plastic 
dies, meeting incroasiugly 
ush safety regulations. 

First application is for fnur- 
lor'Lagondas from the Aston 
arlin La.cnnda 0975) factory at 
ewpnri Pagoell. Bucks. Ovcr- 
it Willi be demonstrated to 
e Italians, wdely acknowledged 
the most cpfted ear stylists. 
Supra], as the alloy is called, is 
ade by Tl Su perform at 
orcesipr. Allhoueh a “super- 
astir ’’ ihat elongates ten times, 
is a rather stronger alloy than 
•. more conventional aluminium 
loy it is replacing and enables 
isper lines to be achieved. • 

Aston Martin is experimenting 
with four cars, bodies for which 
ean be provided by only - la; 
Supra 1 panels. Current normal j 
production is six hand-built 
models a week. 

Conventional at loy parols are 
formed mcr rubber flies, aqd 
skilled panel beaters give them 
final «bapr. “The new alloy 
should make life easier because 
it * i? easief. f« • forpY- and' 
structural strength ic^-aust as 
sood." a. spokesman for the car 
company has said . 

Supra! has mechanical pro- 
perties equal to > NS 3/5 and 
thicknesses can. be held in com- 
plex shapes of up to 15 inches 
deep. It is formed at 500 degrees 
C in vacuum equipment. •' Sheets 
up to 8 X 4 feet are being made. 

irips awkward shapes 

WJDE-OPENDfG two-jaw 
rsion of its five-inch' diameter 
wer chuck is now available 
im Richard R- Leader. ' It Is 
signed to provide greater oper- 
ng flexibility by accommodat- 
: awkwardly shaped and 
‘lerical workpieces, 
law opening is 0.400 inch, and 
i mechanism applying the load 

to tiie component ensures that 
maximum grip is achieved with 
the jaws In the “ fully-ifi ” 
.position. The chuck is fail-safe, 
requires an 80 pm air supply, and 
can be operated at a maximum 
speed of 5,000 rpm. 

More from the maker ait Ford- 
water Trading Estate, Chertsey, 
Surrey (Chertsey 62766). 


keeping it under control 

[REE companies, Compreheo- 
c Maintenance Systems (CMS), 
ickh&ms Industrial, and Allied 
isiness Systems (ABS) have 
■rued a consortium aimed at. 
ering industry comprehensive 
lintenance systems making use 
computer control.' 

Rationale behind the- move is 
belief by the three companies 
iL British industry is no longer 
..king sufficient profits to allow 
to invest :a new plant and 

vThus. the regular acquisition 
^stich items— and building too 
:'js i “ no . longer a matter of 
*>jrse ” According to the com- 
bines “ the throw away economy 
;•> conie to a full stop.” The 
Tod now is to keep, preserve 
maintain, the philosophy 
-■jug similar to that now applied 
- vthe re-cycling of raw materials. 
^Apart from this, the consor- 
m believes that maintenance 
the U.K. is seriously deficient 
I that the £5,0OOm. spent 
nually in this area could be- 
latfy reduced. 

Each of the companies can 
provide particular expertise. 
CMS .has been in maintenance 
consultancy for some years and 
will offer basic system advice. 
Duckhams will provide investiga- 
tory engineering staff, and ABS 
.will supply computer systems 
and software. 

Typically, CMS will first look 
at a company's current main- 
tenance arrangements, after 
which Ddckbam’s engineers will 
make a complete physical analy- 
sis. A manual maintenance sys- 
tem will then be designed and 
proved, which will then be 
transferred to computer working 
by ABS. 

The outcome would be a 1 on- 
cost display-oriented computer 
housing a maintenance data-base 
that would .enable management 
to take proper action at the right 

More about the service, called 
Man -Com. from CMS at Box 257, 
West Byfleet. KT14 6AZ (09323 
.42710). . 

lamination of walls 

MIDLANDS Borough Council 
; led the way in examining and 
itographing cavity wall ties by 
losropy — feeding internal 
Jws via light fibres. Defects in 
Krijy walls on tower blocks of 
is built for the metropolitan 
:’rough of Sandwell were giving 
•*ise for concern, inspection by 
:ting out access holes in the 
■mg brickwork proved expec- 
ts and time-consuming, and re- 
.utenienl gave a patchwork 

The solution devised was 

speedy and elegant. A modular 
rigid endoscope from Specfield, 
.fitted with a 35 mm camera com- 
plete with electronic flash, was 
introduced through small boles 
drilled into the outer leaf of 
brickwork to inspect the cavities. 
The effectiveness, of the wall ties 
and the conditions of the cavities 
and the structural elements were" 
clearly assessed and recorded. 

Specfield. 1A Jennings Build- 
ings. Thames Avenue. Windsor 
SL4 1QP. Windsor (95 ) 63132. 

electrical wire & cable? 

Thottsandsof Wpa* and sizes in stockfor immediate delivery 

.ONDON 01-561 8ttS ABEftDEENVX&]32355/2 

i L^Hr. EMERGENCY NUMBER Ol 6373667 EvtaOti 

Glass resists high pressures 

Improves yield of pulp 

RESEARCH by the 1CI sub- quahlj can be improved Alter- 

GLASS IS a most attractive The N4 requirements stem it to high pressure situations, si diary company. Canadian natively, pulps can be made with 

material to use in chemical and from a lengthy study of the and modular glass products such Industries, has shown ihat a for- lower lignin content reducing the 

pharmaceutical processing where P ro P ert ^> °f borosilicate glass In M column sections pine sec- “Nation based on anthraquinone. effluent problem in subsequent 

corrosion -tod. hist. tl fitting » L..."r5??'5L, °?“!! b 'S.' hin i„. 

cornKinn rwldinn, anrt „ n .t a a non-rneiamc organic tom- im-dcning. 

e ing tensile stresses. A recoin- tions, vessels and fittings are pound , used a * an The ^ allr envlron . 

purity of product are essential mended working tensile stress of available in nominal bores from mediate in dyestuffs manufae- mental aspect of ihe chemical is 
and in recent tunes attention bas eight Newtons/sq. mm (1200 psi) 15 to 1,000 mm to meet the mre. has a novel effect in im- the possibility «.f reducing or 
become increasingly focused on ^ given for new, flame-polished requirements of N4. I proving wood pulp processing. even eliminating ihe use of sul- 

its pressure-resistance and safety “nd annealed products, with half At the same time, while it is' im pa tone S0A, added in only phides in the pulping process, 
in operation. that value for commercial pro- intended for pressure vessels. 1 small amounts in alkaline pulp* reducing or overcoming the prob- 

ln Germany, this . work has ducts. accommodating The benefits of higher safety apply 1 in« processes, accelerates the lem of controlling objectionable 
resulted m the production of the changes that take place In tnc where tile glassware is operated 1 rate at which lignins — the coni- sulphur-con mi run s: gaseous 

specification M. to which a surface of the glass immediately under vacuum. plex organic chemicals present in emissions. The bulk of the chemi- 

number of companies, hot 11 iS exposed (p moist atmos- Further details from Schott wood which are broken down and cal is burnt in the recovery 1 fur- 
expeciaiiy the Schott Group, pneres after manufacture. - process Plant, Drummond Road, separated from cellulose during nace. giving carbon dioxide and 
nave made significant COntribu- Users ‘of glassware . thus gain Astonfield Industrial Estate, pulping — are removed. " water. Trace quantities may he 
° ons - much more assurance in applying Stafford STI6 3EL. 085 45116. This acceleration in processing held in the pulp (measured in 

' ■ time confers several beneftis. Mill parts per million » but produce 

AftMuiir-B- trials in North America show no effect on its properties. 

® LUmPUTERS that improved pulp yields of lntpalone SPA & fully com- 

^ ' between per cent .and 4 per patible with alkaline pulping 

Stock handling in small warehouses 

^*0 auiWA1 tf ua lJines | eading l0 consequent equipment. However, major 

TO OOMPLEMEVT existing comprise any combination of warehousing facilities and a 1 s = vi " s , s in e "rjy and reductions jJgS”” S3T-„ "TSS* -.muM 

equipment currently used by checkouts, gouds-in tenuinals- or computer-linked stock handling' of between S' 10 P" m when considerin’ new wmio 

■arger cash and carry warehouse Cast, matrix printers for invoices system which now enables the alkali requirements. Because the expenditure. 

chains throughout the U.K.. RTC or labels, together with a tool company io offer 3 flve-dav exposure of the cellulose to id Millbank London SW1P 

nas launched a new. smaller, and manager's control console., service to U.K. customers. ' chemical attack is reduced, pulp' 4QG. 01-834 4444 

at around f35.000, tess expensive rtq Kebbell " House Car- ' Unbraku- has a 'visual display 

TBSi-'SSSrt, . Wotiord -' Hfns d u ep.^en i t ’ s components 

down version of the erisring big required, with the James Neill 

unit the new system offers the • computer in Sheffield over Post: A 11 £■****>. 

same capabilities to managers of J ^ Office lines ,/\II ITl/lflP TTOITl 

smaller cash and carry ware- llffl 01102 DV Keying in a specific code gives > i-1 UIU 

houses, whether independent or •/ access ' to the Unbrakn file jn ; ENOTS (lMJi has Britain s first Enois fittings .ire prsv to 

within a large chain, at a little the Computer and the \T>U : na Z° of »l H-bre*' push-in fittings apply and simple in release hv 

T:. , K computer then a sks ror dnulls. All » mne suMard.- hand wilhoul s p w , a |tor,K Thcv 

JSSJf uivn r»r V" WK ‘ubc. the are .ullable rnr mriumi nrei 

for industry 



RiiqeVv. Foglaod 

same capabilities to managers of L-. Office lines ,/\f| fT15|Q0 TTOITl 

smaller cash and carry ware- {IFO 61*1112 DV Keying in a specific code gives !' U UiU 

houses, whether independent or ® w access* to the Unbrako file jn : ENOTS (IMIi has Britain s first Enois fittings are prsv to 

within a large chain, at a little the <*°nipuler and the VUU : of all-brass push-in fittings apply and nmplr tn release hv 

"TliMLS? Hi HH computer ■ screen then asks for details. All to metric standards. hand Wiihoul s Pw ,al tools. Thev 

This lower cost is achieved hv Mr . that ir necessar>- is to enter the For use with nylon tube, the Jre su j ta btP fnr wnrkm- nre^- 

using a repackaged and slightly HAND tool manufacturer James catalogue number and quantity, range incorporates almost 100 J ** !' “ r n . 

less powerful minicomputer con- Noll has established a direct which is then acknowledged on fittings of different types such as sun?f * up 10 150 f 1 * 1 ,10 hjr> ‘ ,nd 

trailer with either 10 or 20 data link with one of its custo- the screen with an expanded connectors and BSP’adaptors in porn lures from —10 to +fiO 

M bytes of disc storage, and pro- niers, Unbrako so that the description in plain English so straight, tee and elbow configure- degrees C. 

vtsipn for only eiRht work latter can place orders directly that the operator can verify that tious. bulkhead fittings, reducers. The fitting* three com* 

stations Instead of the 30 or 40 ,n tbe James Neill warehouse the entry is correct. plugs and stero-to-bosetail fit- ponents— brass body, brass collet 

more usual, with. 4660 installa- computer without passing It Is also possible to question tings. Currently they are avail- and a Nitrile rubber “O'* ring, 

tions. through bead office. the . computer on the state of able in sizes suitable for 4 to Enots, Eastern Avenue. Lich- 

Adequate for the smaller ware- The development is part of a any order previously placed. 12 mm O/D tubing. The range field. Staffs.. WS13 6SB. Lichfield 

bouse, the eight stations may C300.000 investment in new More on 0742 71281. will be extended later. 54151. 


Removal of 



DE-AERATIuX a vital parT of 
a wide variety of processes, from 
making orange juice io iircra:t 
fuel injection. It will be the sup- 
jeei of a symposium organised 
by BHRA at Ihe CEC.B I'ontre. 
Sudbury Hou<e. Newgale Sirecr. 

Luntion. on Juno 15 

Among the papers to be pri- 
son ted will be one from She'! 
Research which describes degas- 
sing tests un small scale 
of de-aeraiion equipment un 
mobile fuelling vehicle' Im- 
portant benefits enuld be game-1 
in pump performance, lank veil- 
ing behaviour, fuel oxidanon and 
reduction uf ignition hazards 
l especially fnr supersonic ;yr- 
t-rafl » if dissolved uxyccn ami 
nitrogen could be removed fr-'n*. 
fuel before il was loaded :n an 

A paper from APV will di«eu.-i 
vacuum degassing with a ravii.r- 
inn jet in ihe fond industry: 
while delegate.' from Dew pi. in 
and Si nek will diseusc metiind* 
of holier feed-water dc-aerat:on 
There will also be contribution - 
from Perniutit-Boby and the 
Polaroid ilnrp. 

Details from RHKA Cr.tnfie’d. 
Bedford MK43 0AJ »02S4 
730422 i 

usually have good staff restaurants? 

These days management is expected 
to provide a staff restaurant that produces 
nutritious, appetising food thatlooks as good 

To achieve such high standards you 
need an effective catering policy that uses 
the latest technology. This is where modem 

electric catering equipment can help. 

It?s dean and presentable’ Its efficiency 
enables tKe caterer to make the most of his 
raw-materials, whilst.saving labour and space. 

* Service units are easily kept in pristine 
condition which helps hygiene and meal 


... The Electricity Council. England end Wales. 

If you’d like to know how electric cater- . 
ing can help your staff relations contact your 
Electricity Board shop or office. Or ask me 
operator for Freefone 2272. You’ll get through 
to John Ling at the-Electric Catering Centre 
who’ll give you all the advice and information 
you need. 




Church’s wadi two pairs British Shipbuilders try 
rfmost other shoes? t0 recoup lost ground 

O-iC'C'N . 

I -it .-y 


s . . 

On average apair of THE FLEDGLING British Ship- the high technology capability are offered la joint ventures, 

rhmch shoes costs builders, faced with a poten- of Vesper Shiprepafr' at South- the first with Compagnte Fran- 

. tially catastrophic- slump in ampton, for smaller, faster off- caise d’Entreprise MetaJIiques - 

twice asmuch as a pair world demand for merchant shore jobs in' either construction and the second with Deep Oil 

ships, not surprisingly is sniffing or repair.' i ' Technology of California.' 

OiniUPtuuiersnoes. around hard for -orders' on ; its The -capability and experience Neither of . the platform 

One glaXKE will tell North Sea doorstep. in offshore -matters within designs has received , an aider 

^ What is surpris ing is that Efitish- Shipbuilders is princi- yet, but Mr. Belch is optimistic ' 

prior to nationalisation the £ all 7 Seated" at two y* rds: that the tension, leg platform 

British shipbuilding industry Appleaore, m Devon, and Scott will, come into its own as the 
did not make more of what, ^ithgow, on the Lower Clyde, search for new North Sea 

predictably, was a growing if although the fact that -five yards reserves extends into deeper i 

only slowly growing, market have tendered the pro- aod rougher waters. - Gotaverfcen’s flex nlatfornwpedmen of a type that should have a great future in the North 
In*«d it allowed other Euro- W*J Km did* Out Scott ^ »EL prelect- 

Shoctjufa ■ ■ Mr. Buxton hee has certelo^ hel^d » 

Leather: Black «Biown initiative building offshore to divIn S vessels, the British ba rd °n the offshore nmket, but. ^ the pi at f orm design of , the. push, it towards a buy British l. . JjJJ 

GbccKid • industry tito'k* 'mMiMfil J“ W* "“»« the feet that Gotererto, repair yard: ip. policy. In addition, there has shortage ol work hteoa on the 

No-of-paafensirndmctlfiO that American designs tried and most SEJ5K5L £«n ho^d to ..™* "2****- T^wbZsltobL mo«U 

.Gotayerkpn’s flex platform-- specimen of a type that should have a great future In the North 

Sea. - B ritain has no similar project- 1 . 

Shoddier . 

Leather: Black or Brown 
GbccKid • 

No. ofopecflfons involved: 160 
No. ot craftspeople invoked: 14 
Inspections. Ill crnorig process 
Time taken: 10 weeks 
Pedigree: Chuxdi'slOS years . 
ot fide leather craftsmanship 
Polishing: Camel-hair brushes 
Lining: Leather 
1 asolc Leather. Sole: Leather 
Fitting: E&F 

Price iram £ 37.95 

Famous English Shoes 

Church's ilioe* xreavsQjUefiom . . 
Hjhcrj or’l.wwd Street, London TCT. 
Auvin Rhcd Lot. gnd banket of 

ALu irr^TK-xhcr tine JxKlhopc 
rhpnn.'hjut the LTv. 

tn to «."huK h a: *. o. (Foota-eit l Lrd, 

St. Junes, ontumpron NX 3 ?J B. 

103veus °" e of results of this ^re^fermed ' ta2- 8 °year °to Su » He " Office and the Depart- foreign yanls! The fund can buiid^ module and Mr.' Morgan • 

f^lure is that of the.21 accom- ,a Jf /market ment of Ener ® r - both of which ^ ^ P ^ L ■ -V- i e&ilyproduce a 20-25 per cent, believes there are' strong possl- 

airhru.shes *°to*on/con«tnictlon platforms {jjjj JJ JJ/bew investisatfrig are 8ira«.,stnni|[- support to There is little sign so ^7 dSctmnt on an offshore vesseL biUtlej for more module orders 

airbrushes now working m the North Sea, f -- Th _ varri - s g main British Shipbuilders’ efforts, an improvement In the approach ... Mr Bray is adamant, how- for this yard and for the Bed- , 

none' is British-built Of the 'achievement ' has been the Bntisfa yards. start out with an of the British yards to the semi- ever ' ^ chief consider- head yord-of the Tyne Ship- 

Iclather seven. North Sea supply boat building of dynamically advanta S e *b«y 1a< * ^ the con- submersibie market althouglt-atiati is reliable delivery, repairer group.. 

orders pUced m recent months m d ^ ^ wor th ve °tro°al merchant shipping interestingly. Houlder Offshore, StaT ^ current £4m : - ^conversion ^ 0 u,- er ar ea of British 

^ the end of a famine: of off- a 5!s!- se ^ or ‘ - the Furness Withy subsidiary,, contract for the Star Canopus interest whirthas : 

ram «n Britain Scottish consortium and a Nor- Asa recent market report on recently that it was qmte went t0 Holland, he says, rather connection is that 

come to Britain. No Bntish yard weg j an jj uyer j n 0 f North Sea vessel requirements likely to place a follow-up order than to Swan Hunter (the only a natrol - boats a world 

- sSartor/^rfdnS?^ of me the Eggar Toaster sub- for its hi^y successful Jnrie British yar <rto show, serious ”°the 

nrf^tTAm vesse! for close first of shj(js> Ben aidiary. Terminal Operators. John multt-purpose senu with a. interest) not only because^ the ^ years. ' An industry 

m,. 7 . .. Ocean Ijancer, Scott Xuthgow has pointed out, the balance of British budder, -having built ^ie Dutch were able to offer three wor k}nK party has just com- 

— _ J£ r -±? n P^.wborecenriy been unable to find a taker for a activity in the North Sea is ori &dwi with- Aker of Norway- w ee ks earlier delivery on April _ leted a repor t 0 n this subject 

n|lV third ship up a.contract which, swinging .strongly- towards the On- the credit side, Star 1. which is of importance at the. , orders frora Kuwait and 

Snipouuders marketing bpera- waa started iut cancelled by U.K. sector, as the table shows. Offshore, the independent UJC'start of the summer peak sea-- ihlv Argentina and Mexico 1 
sh Shoes Uoa - after l . ■ ?e ^. successful Jebsen ol Norway because it was ‘ ■ ■' but mainly : because Star en th^ Wav soon This 1 

T Qnsure aboat ^ prospects. * ' - - • - 1 - .lacked confidence in the form wh^ thTuie S 

kSil The Clydeside yard’s driU- DE£P WATER OPERATIONS: RA LA NOE OF - .• of guarantee _the- Tyneside yard ® . ma ini Y . through the 


Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For further details please ring 
01 - 24 $ 8000 Extn 266 

period with, the series buiWing Qnsure aboat projects. ' ' 

JarlTThips a as U1 moSab ^ Clydeside yard’s driU- .. DEEP WATER OPERATIONS: BALANCE OF ; . - 1 ^™ e n y ^ dustry, mainly . through the 

director of Austin and Pickers .re ship- ' NORWEGIAN AND II If wrTOBS ,7“ P P efforts of Vosper Thornyoroft 

gill, agrees that the industry has sha P«- toe Wrd * management . NORWEGIAN AND U.K- SECTORS • -livery. v and HaU Russell, does have a 

failed to meet the challenge. “I’^viAg. tiken an eariy decision . 7977. . 1978 7979 1980 19»7 ■; One post-natlonalisaaon prob- good >trac k re coTd. 

don’t mind criticitan when it’s avoid the less familiar world N UK N UK N UK N UK N UK len l is J? 1 ® : d .? bate .The biesest and mostimine- 

fair,** he says. 41 but we now have of ja F^' u V ngS- and semi-sub- platforms: - within Bntish Shipbuilders area 0 f interest is that 

a much clearer idea of where we mersible. craft Mr. Ross Belch, - — : — - — corporate structure. pmerccocy support vessels, 

are going in this market” The ™ a ” a £ ing dire ^ or . n» w admits Ordered 73 70 9 14 4 10 7 4 0 _ 4. Under the terms of national- 1^ Q f which are expected to 

importance British Shipbuilders ***** f* 11 ? niay have been a mis- — : tsatton act, autonomy of jyard ordexed for North Sea use . 

attaches to recouping lost calculation in view of the pre- | n Mrv icc 3 10 9‘ ‘13 14 17 17 20 79 -£4-' Prefit centres prescribed, ncxt s even years. At- i| 

ground in offshore orders is .eminence pf ttie weather-r^ist- ; ; s ll — b ut there is a strong cm In . Japanese vards have “ 

likely to be further emphasised ant semi m North Sea conditions sites — — 02 08 2 14 2 18 a s P ec ^ market h0 wn their teeth by- snapping 

shortly when the corporation for awdej variety of uses. H» • 2 18 -Hke the offshore world for a .SSTSden? frSa Sedco/PWllips 

hopes to ann ounce a .senior s *ys Scott Lithgow is now ac- . ; -centralised approach. P . np>. individu- 

appointment, prohably. of an all lively fa *h« market for semi- r Mr -^ "Parker’s view Is that there ; aa - desi£ned w vn take 

company man, to head its off- submersible ordeis, but pins his _ . .. ' -r. _• • ____ . - - - -is nacase for^large^dministra-. ally aw • 

shore strategy at ma k in g main . immediate hope in fobs That hol<U out the hope of in- offshore contractor- with a fleet ttve unit on offshore matters, *5«e.y“” to bu / h f 

director level. * sector on snatriiine the BP cre ased opportunities - for of 15 vessels is known to be but a small sales team’ is being which yard wins the order, but . 

' The strateev he inherits will emergent support' vessel order ® ritish especially at the looking closely at British established. The critical point J*J tor . the Bntish indus- 

bealmed at^iree wetions bf ft6m other British Shipbuilders, installation and - constructign tenders for two vessels at the though, is that this team will » get a belatedtoehoJdifl 
the offshore* market* foe pmeV : Mr Reidi off - Stages when demand for support moment, having behind it a not have the authority on the this important; although limited, . 

SniitaSTiiSSSii? foSS hoot iff 2SSiSE vessels for ^ fi®l d « likely track record of heavy support face of it to decide Which yard market for semi-submersible 

Sta dceowater nSS ^ ^ ™ r 50 crril compared for foreigo. especially IWMi.will take which worle This units. 

market- and supply bMts. In supply bbats orthTkind bufit with: handful required to builders. Mr. Robin Bra/.^tar's. militates against the develop- Nor has it escaped the atten- 

SSfion T 2 d J effort for S?afo!?l£iSSJ SL a working platform. managing director, says - foe ment within the corporation of tion of the more alert, minds 

has gone* into p iVt! Mr. Jonathan Buxton, th, re^ttons-of the ^Iler Britl* ^ntres of expertise f nd the within British Sbtphu.ldem that 

widPT mip fnr gritith fur™ iT « ' • , , . . yard s in both the public and. kind of senes • building - pro- the North Sea horizon, although 

toiWer?reoal?vaS2.^Ji£ JS brok S ru m : Eggar the private sector - have grammes which offer the good for another decade, is limJ- 

P y*r s, p ly rm- t e se latter design^ Forrester (Offshore), says sharpened up a good deal in greatest economies of design ted in relation-to future world 
T .- r r-j i bluntly that British yards have recent months. . and production? : - offshore exploration possibili- 

_ ___ _ ■- v -w ■■ • _ _j missed and are continuing to star, like the oil companies One ofAhe men appointed re- ties. A shipbuilding industry 

Jfil | Sfl I^VIWIf HfwC I llflllAfl - r S • - or ® the - ma f kfit - in recent discussions about eently v^ith. the task of sorting which had cut belated teeth arid 

J. IlllllllllmlllllUili - In my^yiew,. they should be emergency vessels in the. wake out a cwtier of this conundrum-shown it could compete with fite 

. . •/ ■ r ‘ ■■ 'v--. •• r, .. building straightforward, stable of concern aroused by the is Mr.fPeler Morgan, an en- best of the Europcan offshore 

' ' ‘ tJsv, platforms which could be Ekofisk blowout, has had , >te gineer and most recently a free- fabricators in the North Sea, 

jirOITO equipped . to meet any number ears politely roasted by tbe^MF- lance consultant -during the would be weH- placed to make 

v • «needs “ the North. Sea and shore. Supplies Office and the construction of BNOCs Thistle something of these wider mar- 

t bv the Chairman Mr D T Wart • » which would . certainly find Department of Energy for not platform. He has taken on the kets when the appropriate time 

uy me ^duuidii, mi. u. 1. Wdd v buyers,” he says. The kind of placing orders m Britain and job of offshore marketing direc- comes. 


In service 

3 70 





17 20 

79 24 ; 

Additional sites 

. _ — 





2 14 

2 18 




The company has experienced another very difficult 
year and large cost increases, which management was 
powerless to control, were sustained. These cost increases 
more than neutralised the benefits which arose from the 
increased gold price and the improved yield achieved during 
the year. The company was also confronted by a serious 
shortage of Black labour during foe first nine months of 
the year, which together' with the introduction of the 
11-shift fortnight on 1st April, 1977, caused the quantity 
of ore milled in 1977 to be 227 OOO tons less than in the 
previous year. 

Although capital expenditure was again restricted to 
such projects as were considered vital to the continued 
operation of the mine there was a net cash outflow after 
maximum State assistance and the company bad' no 
alternative but to draw on the special State loan facility, 
as recorded in the report of the directors. 

In spite of these difficulties the fundamental operating 
objective remained one of endeavouring to achieve a 
reduced dependency on State aid without prejudicing the 
ability- of foe mine to operate profitably should financial 
and other critical considerations permit at some future 


The average price received for the gold produced, at 
R4105 per kilogram (approximately U.S.S147 per ounce), 
was 23 per cent, higher than the average price received in 
1976. This explains the 11 per cent, increase in working 
revenue despite foe fall in gold produced from 11 030.6 to 
9 9S1.6 kilograms. 

The revenue received for gold sold during the 
company's financial year was as follows: 

RarA U.S£ 

per kg -perm 

Financial year ended— 

31st December. 1976 3 349 120 

Quarter ended — 

31st March. 1977 3 668 131 

30th June, 1977 3 937 141 

30lb September. 1977 3 880 139 

31st December. 1977 4 774 171 

Financial year ended — 

31at December. 1977 4 106 147 

As a consequence of foe increase in the price of gold 
ft was possible to undertake a gradual systematic increase 
in the scale of operations in the latter part of the year 
under review. The number of Whites in service increased 
from 995 in December. 1976 to 1 097 at the end of 1977 
and foe. Black underground complement increased from 
8 230 to 12 242 over foe same period. 

There was a marked increase of 33 per cent in working 
expenditure which rose from R23.65 per ton milled in 1976 
to R31.57 per ton milled in 1977. The three basic reasons 
for this increase were firstly, the inflation in the national 
economy which affected the cost of stores and materials, 
secondly, pay increases granted to employees as well as 
the inflationary effect of the Itafrift fortnight, and thirdly, 
major increases in electric power costs. 

The working loss increased from R6 542 000 in 1976 
to R9 92SOOO during the period under review. State 
assistance claimed increased by 11 per cent to R10 271 000 
which resulted in a net profit of R343 000. After appro- 
priating an amount of Rl 560 000 in respect of net 
expenditure on mining assets, and reversing the sum nf 
R3 151 000. being profits previously appropriated for 
expenditure on .mining assets as explained in the directors’ 
report, the retained profit for the year was R2 224 000. 
After adding the retained surplus brought forward from 
the previous year the retained surplus at the end of the 
year was R4 264 000. 


As reported in the chairman’s statement last year a 
special loan facility to cover residual losses after receipt 
of the maximum assistance permitted in terms of the Gold 
Mines Assistance Act, was granted by the State for the 
period 1st July. 1976 to 31st December. 1977. It became 
apparent in mid 1977 that extensive use would 'have to be 
made nf this facility to preserve the company’s limited eash 
resources, and that the company's ability to carry on as at 
present would be severely jeopardised if this facility was 
not extended into 1978. Accordingly, on 15th August 1977 
a formal application was made to the authorities to extend 
foe facility until at least 31st December. 1978. On 20th’ 
November. 1977 the authorities replied to our application 

if: I i 

f Incorporated m Uje Republic oj South Africa) - • '• '- -V. . 

A Member of the Barlow Rand Group 

The from the statement by the Chairman, Mr. D. T. Watt 

advising that it bad been decided not to extend foe facility 
and that it would terminate as originally planned on 31st 
December. 1977. Notwithstanding fois decision a further 
fully motivated application for foe extension erf foe scheme 
was immediately submitted, because without this loan 
facility the company could run out of cash over a short 
period and then be forced into a rapid suspension of 
operations. However, if the /gold price trend which 
developed towards the end of foe year continues into 1978, 
and providing there are no irfiforeseen problems on- the 
mine, there may be no need to call on this facility. It is 
hoped that foe authorities wflj be prepared to reconsider 
the matter and extend the scheme. 


The report of the directors, to which foe attention of ■ 
members is directed, describes foe results of operations 
of the company’s mine for foe financial year ended 31st 
December. 1977. There has been no fundamental departure : 
from foe operating strategy outlined in foe chairman's - 
statement last year. As a result of- foe planned withdrawal . 
from foe low grade areas the yield Increased .-from 5.99 
grams per ton in 1976 to 6.18 grams perton in 1977. With * 
the improved supply of Black labour towards foe’ year-end 
it was possible to achieve an average milling rate of - 
150 000 tons per month. A better milling rale would have • 
been achieved had it not been for the adverse effect of the . 
11-shift fortnight. 


.During 1977, the company’s policy remained ode of - 
limiting capital expenditure to essential projects and this - 
policy will be observed again in 1978. Expenditure of a •; 
capital nature during 1978 is estimated at R2.9 million and - 
will be incurred mainly on conversion of the electrical ’ 
system; on rapid yieldlng.bydraulic props; on improvements 
to hostels and on cooling underground. 


Over the past few years fois company has experienced 
rapidly diminishing profit margins, and. • more recently. 
increasing losses, due to the fact that foe inflationary 
trends in foe National economy have caused operating ' 
costs to increase at such a rate as to completely offset the 
benefits of foe increases in foe price of gold. Black labour - 
is likely to be more freely available in 1978 and it is 
planned to increase the milling rate. This will result id a - • 
slight decrease in yield but unit costs will be reduced. : 
Nevertheless it is evident that a significant increase in foe 
price of gold is now a fundamental pre-requisite if the 
company is to reduce its dependency on Stale as stela nee ■ 
and ultimately return to a profit making status. However^ 

I am deeply concerned that foe benefit of foe necessaiy 
significant increase in foe -price of gold may be very short-, 
lived because of the increased inflationary pressures which 
wilt develop in foe National economy thereafter. Certainly. ' 
then, a further essential requirement for a return to* 
financial independency in the 1 case of your company's mine, -■ 
and possibly most other State-assisted mines, is a successful j 
attack on the continuing inflationary trend in foe National' 
economy as reflected in the index of mine working costs 
published quarterly- fty the Chamber of Mines of Sooth 
Africa, The industry as a whole sustained an increase of 
approximately 23.7 per .cent in working costs in the calendar . 
year 1977. It is doubtful whether foe industry, and 
particularly foe low grade producers, can survive In the ’. 
face of further cast increases of this magnitude. 

In the immediate future, members are most unlikely - 
to receive any benefit from the operations of the mine. - 
However, the directors continue to believe that it is in the - 
interest of members to maintain the mine in such a state 
as will enable the company to take full advantage of any 
further improvements in the gold price. There is, of ' 
course, a substantial amount of gold bearing ore in situ in 
the mine capable of sustaining mining operations at the, 
current tempo for many years to come providing that the: 
correct interrelationship between the gold price and' 
workings costs can be maintained. 

Members must however, appreciate that if foe required 
Improvement in the gold price does not eventuate in the 
near future, and if foe State loan facility is not extended 
into 1978. the company may again be faced with the problem 
of a depletion of its cash resources,- Under these rireunc 
stances there will probably be no alternative but to embark 
upon a severe cut-back programme or even a rapid 
suspension of operations. 

IC Industries 
builds 1977 net income 


Our first decade of diversification was com* 
pleted in 1977 with new records in both sales and 
ea rnin gs. In 1968, a 5300 million regional railroad 
b e came IC Industries. Today, ten years later, we’re a 
$1 $ billion international muTtibusiness corporation. 


Years ended December 3L 1977 and 1976 
(Dollars in thousands except per common share amounts) 

Sales and Revenues 51,873-253'. 
Income before Taxes 119,223 

Taxes on Income 
Net Income 

Net Income per 









The 82nd annuel general meet* '*P °f Rand Proprietary Mines Ltd. urfll be held in Johannesburg on 20fh April, 1978. 
Copier of this statement and the annual financial statements are obtainable from the olfice of the secretaries in the liniteS 
Kingdom Ot 40 Halbarn Viaduct, London ECIP 1AJ or from the U.K. transfer secretaries. Charter Consolidated Ltd., P.Oi - 
Box 102. Charter House. Pork Street. Ashford. Kent TNS48EQ. . . r i 


per common share aod sales, toa 

Net income grew 29 percent in 1977 to 
$78.5 million. Net income per common share 
jumped 27 percent to $4.5 5, nearly a (foliar greater 
than 1976. Sales were nearly $200 million greater 
than 1976. . . 

Our Midas International Corporation opened 
its 1000th automotive shop in 1977. And Midas 
sales were three times greater than when the com- 
pany joiaedlC Industries in 1972. Midas and the 
soft drink companies in our Consumer Products 
Group toppai $430 million in sales in 1977, up 
17 percent from 1976. 

; 'Reacquired Stanray Corporation, in 1977, an 
important addition to the continuing growth o£ 

IC Industries. Stanrayj a major producer of railroad 
equipment, aviation products and fluid power com- ’ 
ponente,- joined Abex Corporation in our Commercial 
Products i Group. Commercial Products achieved - : 
record sales of $638 million in 1977’ Up 11' oerant : '£ 
fromT976. • • 

improves by $116 millioidu 

.ijfes, it-wasa very good year. OurTraosporfatioa 
Groqi^anied a pre-tax income of $5,i^ullion in : v ‘ 
comparison to a $6.5 million pre-tax loss in 1976: “~ 
An improvement of $11.6 million. - . 

■ working to make record years a traditfcd 
at IC IndUstrieSi That’s .how we’ve grown fro^n a v 
$3)00 Mlion regipnal railroad to a $1.9 billion ' ■ : 
intemataonal multibusmess corporation in just ' ‘ - 
10 years. - r y . • .v 

• If you’d like to know more about why 
IC Industries keeps sounding like a broken reedrd,^ 
write okIC Industries, Inc. Euronpnn CM\n~ * - ' 

55, chanin Moise Duborde, Petit Sac opnex, 
CH-12H Geneva 28, Switzerland. 


Co mm er ci al Products. Uoraamcr PidAicb. RpjI F-jn fr _ 


.Belgium -has contained inflation and successfully defended the franc, though at some cost to economic 

a Vi™ w ■r Yestment demand is Sluggish, and because of the close trade and currency links with countries 
like W. Germany, any revival depends very much oh international moves to stimulate world recovery. 

SMEftaOTS* TT™ ~ =»>e ■««. once n»« the 

-tlj zsrs — ^ in a iss* ^ 

«="».*' M 2£ssrSaS» sm svw 5 .» sh£SS-S $ s.’aMSK 

Western economies movi^ ££ ^ac* most of the BJBVsJZSbn. was down to 5A ler «nL on at times of prescre en ,uc 5 SW* “* bd °n--between Mr. Belgian shareholders si ling as 

ahead again. Though with cent of of foreign exchange that it bor- an annual basis (compared to franc— and hiehe^ Tinderaa,ls own Social Christian they prefer to shelter from tire 

ssar- 4 s 3 -bS ^jF-ST astwja' -a SSZT ZtT assess 3,«esttrs 

However, dollar problems has been lower sttiL Because of of work reached the record of 1^ 'eJrS’S “J ilES-TSS.^ 

but wait on others’ decisions. Scandinavian members, of the " ' ' • ment. The compromise has been Financial .Analysts should have 

Its size would make a lone “snake” dropped out of the . - ■ .- ■ . ■ t ® f ep “ p Public investment, chosen Brussels to hold its next 

attempt at reflation suicidal. arrangement ' with a bl ff BFrs^Oabn. works congress in October to discuss 

So would the precariousness in the last - _ ' - programme this year, financed the theme of “risk capital." 

SSH-S^I Eves turned to Bonn 3SfS«s««- 

cent, whUe keeping its pay- porters with- a Jttfler- political .• ■ J *** •*' VV>,A HV VI- VV/. JL*J V^/ 1111 . The strategy towards the Foreign investors, who can 

ments withotber countries in support drawn -'from some private sector has had the same perhaps better afford a wait- 

• These successes are members of the Socialist party cautious bent — a temporary and-see attitude than their Bel- 

aclu ® ved at who are primarily worried ■ TT TT ~T M ' waiver of the 5 per cenL VAT gian counterparts, are on the 

zIL^t 0 *.? 811 u f em P 1 °y mt 2 1 t about the unemployment rate— . O S~A \ \ / n -e — v f? r job-creating investment, whole hanging back before put- 

7per cent, of the in- rail against the policy of main- I I ( I \f \f W § 1 | |1 |TT f\fl higher depreciation allowances ting more money into Belgium. 

!Ji™ d in ^t 0rce__an i 5? 8 ? 1 *' taaninfi present parity of CXAAVJ- j f CXO 1 1 I I 1 fcL IA I 1 | on capital equipment, and a The level of new foreign invest- 

T ,i* “ft*™* ^ franc and would- like to see ^ ^ "*• * temporary exemption from cor- ment is still tailing off from the 

■ f6U °* 4 a modest ««"*»»»* : - _ ^ ' • poration tax on distributed Peak of 1973-74. while some 

per cent, aunng 1977 . There was indeed .a '2- per ' - By DaYld Bjftdfas&n profits paid on any new equity economists estimate that there 

■ «ent devaluation -against the capital raised before the end of has been a net disinvestment in 

£ Jg(| D-mark in autumn r'WTB, but ^ this year. Ministers take some the last two years. 

the Government and- national ” 1 cheer from the recent national One particular worry is 

this deflation is" in turn banJc i hav ® fought off. snbse- . *«**»*. «»_ «. v « :» , r .1 t bank investment survey show- Belgian unit wage costs, and the 

largely the result of being tiS f* ent ^f^ation- against - the ““ ^ ^! e . haIlowe . d ^ ^tween the level, in recent years of 304,000 criticised for being too Belgian businessmen’s mten- latest problem centres on trade 

through the mechanism^ the 5?“^ J 1 ^. Pleasant side effects on the ronsimer price index and wages, m mid-February 1978. Since unsophisticated to OT^iensate ? ons 10 increase investment by union demands that their mem- 

“ snake” joint float to the Wa f P ecem 'boi'i .-When the franc. There is the possibility this trend also -brought hourly then .there has been a slight for high Belgian wage costs. ® P er cent; - this year, and also bers work shorter hours for the 
currency of a country West bank Bmae that the result of the French wage increases down to some decline by about 15,000. Never- Much of Belgian steeL for from ^ national bank’s “syn- same pay. The unions want bv 

Germany, whose economy con- ' removing - the elections will renew tensions 8 per cent last year. theless this represents 7J2 per instance, is exported as an inter- tbet i c curve ” of leading indica- this means to get companies to 

sistently outperforms the Bel- m pe^e^s minds about on the markets, though JBelgian This record, say some ob- eeilt - -of the. insured work- mediate raw material for the t ® rs » which has been cm the hire m ore of the unemploved, 

gian. The Belgian monetary ”“ etb ® r fracc could follow omaais^eel there is no longer servers, would be all very laud- force, despite the fact that there shipbuilding' and construction for the past four months. but deadlock with employers on 

authorities, the Finance uinie. . e H-mark up ■ against the the confusion between the Bel- able and indeed remarkable in are .labour shortages, both in indnstripne Ton four tmnae «« ' this has resulted in a srawintr 

Eyes turned to Bonn 
and W ashington 

By DavidBochan 

•gian. The Belgian monetary I n , ffanc cw “ a foIllw °“Ci«us «ei there is no longer servers, would be all very laud- force, despite the fact that there shipbuilding and construction for the past four months. but deadlock with employers on 

authorities, the Finance Minis- “ p a f^ nst . tiie Jh e confjag betw^n the Bel- able and indeed remarkable in are. labour shortages, both in industries. Top few goods are ' This annearc tn mar* 9 tbis has resulted in a growing 

try and the national bank, reneat P^ umn3€ ^ Il £ dollar. ^ Knee then, gian and, French francs that a country like Britain, but highly skilled and the exported finished and with ser- t * mark a number of strikes at plant level. 

at every public opportunity Ste ti^e^ontiSiiS^i^f S^SST Belgiu,n tias t0 1x5 ^ d * ed ^ j° b s" sectors. vices attached, and this puts lyptically^lcSm^^ttitude^nf ®® tW * - v . ear the unions 

: .their determination to keep the of ^ : c mlnd . cjurendes w. German standards because Belgium used to run chronic Belgium in the position of a ^ JlfSi* — - se * m t0 h® pushing this demand 

coat-tails of the D-mark. inpoISwr V-t •> ? r ‘ , ^ 7 e sti y cker - the -in that D-mark zone called the but the OPEC countries took “price setter” like Germany— what are the ornur?^ for rho refining and car assembly. 

In general they na . tl0n ^ iank governor, main- “snake," and this performance care of that with their oil price with the added haSidiLt rffanJ £ mLf ? he w * ich ,hey «c*w» best 

ate *** stm not good enougb * ****"- pmi U &7JSn«3rtaS taSru 



f ?s> • ••••; ■- * ><«• f : 'a® 

\ * .'J* 

V. .Hl 




Banque Nationale 

de Paris 

••Jif ■••••••••••••• 




'• v VVv : :rv. 

m0 l 




•— i* •;» 

.S' 1 « 

site ■> 




Banque Nationals de Paris, France's leading 
commercial bank, has an international network 
extending over sixty-eight countries. 

In the Heart of 
the Common Market 

Banque Nationale de Paris 


47 -48 Boulevard du Regent 
Tel: 512 5890 
Tbc 21628 

Tel: 21 .55.42 
Hx; 85449 

19 ArenbergstrcKrt 
Tel: 31.09.40 
Tlx: 32397 

Router 155 
Tel: 2304.93 
Tix: 11961 

Place du XX-Aout 42 
Tel: 23.18^5 
Tlx: 41879 

v* 3 

si ES3 1 Smf^* d “ P0,i * ^Subsidiary 

S = lABatilnifontflttcitati™, TBVBDABir Bantjue Notionde tie Paris LlmHed 
~ M tSSIS' W3 Kng Wilitom Street. LONDON K4P 4HS 

___ iuc^WWS W: 626 5678. Tlx: 883412 BNP LNB 

-. . h 






ror foil information. 

Following service is provided : 

— the detailed information given on our 
certificate is based on the ’’Gemmological 
Institute of America” norms. 

— a second certificate is delivered by an 
independent laboratory. 

— an assessment by a third appraiser 
is always welcome. 

— a resale service is offered based on 
the current price-list. 

— a delivery of diamond exclusively of 
investment quality (weight, colour, clarity 
and cut). 

Sales only by legitimationcard holders. 


Schupstraat 9-11 
2000 Antwerpen 


PUBLIC SECTOR borrowing has hours. But he admits that it is profitable— which the power Share turnover, which was only OB per cent higher than from "L 

increased, is increasing and often hard for private com- tariff regulation commission BJFrs.43.7bn. in the first ten a year earlier. demand tor us so i maos ary- 

ougbt to be diminished. That panies to find a hole in the issue makes pretty sure they do. months of 1978, again declined \ Typical of the whole picture ing up lasr year, ine rnvei of 

is the official thesis of the calendar. The general pattern is that to UK BJr&31.1brL in the -corres- irf' the Belgian capital markets its total loans industry rose 

Belgian Government or at least Interest rates on the bond keep a balanced equity/debt ponding period of last year, as : was the contrary fact that credit by _oniy H-rTs.™. ^ year to 

that of its major constiuent, the market dropped during the ratio, the power companies against growing secondary, inar- to . the public sector rose vatu a 

Social Chrstian wing led by course of 1977 from 10 per cent might call on the bond and ket activity in bonds, especially sharply, so that by September respectable BJ-rs^bn. increase 

Prime Minister Leo Tmdemans. at the outset to about 8.75 per S bare markets in alternate public sector bonds. ' 1977 it accounted for 44 per the year berorc. 

But the combination of slower cent, rising again to over 9 per years. This year Ebes has Almost everyone in Belgium, cent of all credit given by the Belgium a nny Mate- 

flan expected “onomic growth cent, in December as the dnnotmeed a BJ«.4bn. rights ffl " peS CoverS banking sector. , 

and inflation last year reduced National Bank jacked up its d is- issue, to be followed by Inter- afinlsters hpmnjmc! the shortae** •' Outside the banking sector Common Market partners But 

Sue receipts, and also made the count rate sharply to 9 per cent com with BJ’rs.^fibn. - ' Jf S^aniteL The* NattSS Proper, and indeed separated by fee Socialist Party inside the 

te fflww ssMn? rsss i S33535 » • — — — 

realistic. Recently 

hit shorn prices and ™u». on i I. j-MjS M SSJZ 

“ fort." hi fact pubLie share issues Jj* ** 

tell Parifameat thatlhe current franc could fount the D-mark wlS^tollS i^^icUve Government lea Summer the 

— “ — ■ - — - "•* s s » kesk of d-^s 

in many years performed less -power companies _ were promi- short-term, from amirnte rom into the eneray field Thu 

I -* — r — v 7 r ' — ,r H Donnie well than average Belgian nent in this, and only one. parnes and lending them on to. hannened vet nartlv 

! SSSTUSPST Repaid shares. turnover dropped Belgian Company, Colrnyt,. was-other abated companies. ta no. 

J . sharply to BuFr&l6.4bn. in the .. introduced to the market. A .. . . th£J Government on 

Smro then, and despite the ** ten months of .the year ■ .inch of the impetus tor this ©Illy X r matted Government, on 

new ‘ found activity stemmed, 
from the partial and temporary 

Please send me your documentation about 
”How to invest in diamonds” 


Budget Minister Marc Eyskens 
concedes tbat gross public 

borrowing may top B.FrsJoObn. continued fall of the" dollar the mmiumi 

«, io biuuuusu i»u w me uounr, uw compared to BJvrsJsatm. in the new touna ajemu? ausuuueu-. cun e D » «n in 

frequently than ever 
facilities with tbe national 

S'SSridSSTtSS SKJiiJt centTabore ~ toe'^ugh 'of wefcom* this move in the right ttd^eel industry, are sorely in 

Eraft torn X, November 1974. • Steel shares direction but says the govern- need of external support. The "“t ib ST! 

“he State were a disaster, with CbckerilL ment, having accepted the logic second largest -holding." the “g* 5 ht n^lto in a roL ! 

|<»ffer^Lariyew*the Treasure's fSSLS b£L StoheaviJ *“ big S est W* steel-maker, of the . need to stimulate more newly constituted Croupe Bras- * jj*j "U 25 pmS£ aS 

raised from ^ V cSb^ation S loss of only 42 per cent ‘ Non- the system permanent 

l bank was 

BJTrs.20bn. to B.Frs.37bn. defend the currency, believing 
But for the bulk of its needs 
[the Government goes to the 

ferrous metal, a Belgian Traditionally the banks have in: the services and property 
that the alternative methods speciality, did almost as badly, provided an important source of sector, and more interested in . „ hav „hi*eted tn 

wiuy _ - | — — widely used elsewhere, of set- fa ^f« fiance for companies the increasing call on their 

rVmntnr - I domestic bond market. Last ting money growth targets and stock .Petrofina. lost 35 gium. But except during. those -industrial holdings. . ani j the 

country. I | year ^ state< plus wliat ^ movey 9uppl y per cent of its value over the periods in which the National • When Belgian stockbrokers Gove mment has made them 

called here the parastatoux, the by other means, are unsuitable y ■ * Rank raised interest rates to complain that companies find it bai j ou . “igme d u dc ’’ cum- 

road fund and State housing for a small and open economy. To blame for that fall were the penalise those companies in- cheaper to borrow rather than pa^es.- 

corporation and municipalities,. The dip in central bank rates blow-out in the Ekofisk North dulging in leads and lags of to raise fresh equity' on the The SNI has told the govern- 

accounted for 97 per cent of in the past two months — a fur- Sea oil-field, in which Petrufina speculation against the franc — exchange, they often have in m ent that a new company not 

all new bond issues — tfaer fall to 6 per cent in the has a 30 per cent stake, and namely in the spring and mind the Societe Nationale de ^ e 9NI should be formed 

3JfrsJ270bn. out of the total discount rate is expected soon the fall in the company’s earn- autumn of J976 and at tbe end Qredit a LTndustrie (SNCI), t0 taJce Q ’ ^ ra)€L Given ^ 

B.Frs^76bn. Normally, the —may bring short-term rates mgs made in dollars. It is of 1977— demand from private whose long-term lending to in- i ncre asinfr number of such lame 
strictly Government issues are down, but will have'tittle effect reckoned that every Belgian industry for bank credit has -dusfry usually carries a Govern- duc j_ thi _ ^ deaj-w a problem 
divided into three tranches on long-term rates on the bond franc the dollar loses in value completely stagnated. The leveL ment-paid interest rate subsidy, that will not go away, 
spread during the year, each market. The sheer volume of wipes BJri-300m. off the of investment credit, for -But even the SNCI, which "has yv ■ j p . 

now totalling over B.Fr&50bn. State borrowing keeps them group’s net earnings. instance, in September 1977 was little trouble raising money l/avia IfUCnail 

But with the other semi- inflexibly high. This makes it ” . 

public loans, treasury Director- hard for private companies to . . 

General Emile Kaestens says compete. They issued only 
that he is now occupied in BJ'rs.4.1bn. last year, with the 
scheduling about one new issue biggest of the Belgian electricity 
each mouth. Issues are under- companies, Intercom, accounting 
written by a consortium of for BJFra3.5hu. of that, 
banks, whicb of course includes Indeed, It is the electricity 
the major four Belgian banks, sector that provides the only 
Societe Generate de Banque, real spark on both the bond and 
Banque Bruxelles Lambert, share markets, via rights Issues. 

Rredietbank, Parisbas’ large Intercom, Ebes and Unerg, all 
Belgian network and some of private companies, account for ‘ 
the longer established foreign nearly 90 per cent of Belgian 
banks such as Morgan Guaranty electricity production, and 
and Continental Illinois. The because of tbe costs of in vest- 
public generally snaps them up, meat in nuclear plants, which 

often well before the closing already produce a quarter of FOREIGN^ ■ COMPANIES in to shoulder a short-term cost for ‘off. -- : craft assembly subs^aiy, near 

date - Belgian power, have massive Belgium traditionally turn to the longterm benefit of cutting ' Mr. ; Robert Urbaih; the Charleroi, of the now defunct 

Mr. Kaestens says that in no capital needs. To be able to the domestic money markets to their wage bill. • ?’ - Minister *>r Walloon Economic UJK. Fairey group, 

way does the Government try raise money, they have to main- finance at least part of their Recently, however, there T has Affairs, stresses' that the need The Fairey case is a classic 
to regulate the timing and size -tain a steady -dividend growth new investments. That is a been a more even regional of his region — whicb in the instance of the difficulties. a 
of private bond issues, as is done and decent bond coupons, and cardinal reason for the presence spread of foreign investment 1960s saw the closure of its small country faces in the high 

in some of Belgium’s neigh- to do that they have to stay of foreign bankers in Belgium, throughout the country. Flan- coal mines and is now suffering technology field when things go 

Of the total BJrs.10.6bn. ders, which has a sounder indus- from the -recession- in the wrong. Government officials! at 
actually spent on Investment in trial structure, wife some 75 Belgian steel industry (heavily both national - and regional 
1975, for instance. 37 per cent per cent of its' work-force concentrated - in Wallonia). — levels wrestled mightily with 
of it, or B Jrs.3.9bn. was raised employed In companies with a tor foreign investment is greater what to do wife fee Fairey plant 
from this source with the rest payroll of less than 200, used than-- the more industrially wb CQ fte UJC parent company 
coining from the companies’ own to get the 'lion’s share of diversified Flanders: -The weat bankrupt last autumn. ■ 
funds. More important, foreign foreigners’ investment projects, country's capital, Brussels, Last month thev name ™ with 
investment has been a major It has of course the natural which is legally a distinct and a proposal for a new comranv to 
provider of new jobs and high advantage of easy access to the separate economic region, has nvpp fhft to-mh.™ 
technology in fed past 
But the picture- has 

radically in the past few ye«u&. Ciicuucai ana . peirucucuiii-ai uu»y w Micisu iuvcsuucui uuui anrl tVtP- rf*«t cn i> ' 

The amount of fresh investment companies, plus the multina- foreign, companies eager 10 { our nrivat* a T° aE 

by foreign companies, acting tiona] car and vehicle manufac- make-use of ita central location t„i j ow pn -DT^ T „ ^na«- 
alone or wife Belgian partners- tnrers. and highly developed service cVl , r . . 130116 of 

in joint ventures, has dropped sector to ate their European “P®*® 0 ^ *? rSr T I1Qt ' , e , v ®? : • . 

[/,• head offices. nque Rationale, wtricb m in fee 

V inning Both M. Urbaiu and his”^ 0 C ® business solely to 

But it seems that recently Flemish counterpart, M. Marc suhcontTactin^ 1163, ^ 

BJrs.9.3bn. lari year, ^pressed WaUonia. the French-speaking Eyskens, who doubles as the D^ulT w 
in constant prices, taking in- southern part of the country, is National Budget Minister and aSJJI ,5 

flation into account, the decline winning an increasing amount Flennsh Economic- Affairs M, e 

looks even worse. 0 f those foreign businesses feat Minister, were in fee. U.S. last made i-SSi firJSS - ch 

What new foreign investment want to start up in Belgium- month trying to whip up new v ti* ? ■ 
there is -coming in is creating Foreign investment in Walloma custom ' for their regions. J.” ,?*' as ' ,“™? r 

fewer jobs. Back in 1970 — B.Frs.4.7bn. in 1976 and Neifeer has retaroed verv hope- S >rf tn d recUy respo i? ,ble * 
B.Frs.8.4bn. of investment made B.Frs.33bn. in 1977 — - was ful from the country that Bel- 5 °? Ie 60 - U ' S ' ^ r ' 

work for over 5.000, while in slightly higher than in Flan- gians have come to regard as companies-to provide some 
1976 a greater amount of money ders in both years, somewhat their major source of foreign f™ 3 ?® work for fee :j>lanL Tbe 
only created jobs for 1,764. to fee surprise of those investment Indeed both^ ^ men JlJr? j 11 *! 1 l kee . n to B P8“ d « 
Indeed some Brussels bankers observers who considered that are trying to buck fee trend - f leveI - Ee *^‘ an industry 
say that some of the investment the reputation of fee trade which as Belgian banks have — 0 ^ a0re ^P^lsrirated areas. 

I Telephone: I 

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Brussels 0 Amsterdam ■ 

take over fee military activities 


loans they are giving this year unions for being more militant been telling 'their clients iT to 5 13 ? ? e so“e offers, 

are designed to reduce employ- in Wallonia than in the north invest in the US Instead to But “** Fairey case 
ment, with companies deciding would put foreign companies take advantage of the fall in the the on -a small 

case well- illus- 


The right Connection for yoiUr Middle East Transactions 

■ . 

Byblos Arab Financing Holding - Luxemburg 

Paid Capital 9. 000.000 US dollars 
and Its banking subsidiary 

■/■ BARAF | 

Byblos Arab Finance Bank (Belgium) sa 

dollar which has made American Sfe 0 2i i 5 inB t& mak,tain . 3 
companies and stocks relatively awn sector with its 

cheap for Belgians. own very limited. means. - 

M. Eyskens considers tbat the rt/ » 
first priority for an American 'OlUtly 
investor these days is the U.S.. - n t ■ * ■ - 

followed by the more prosperous ' Productivity rose 

parts- of- fee developing world 111 earfy 1970s. 

and only third on the list. 

According to a 1 U.S. Labour 

Europe. “ Once an American ^ epai ^ n 1 e ? t study produced lari 
company had decided to come B elgium ranked highest in 
to Europe, then Belgium is still m terms of output per man- 
well in fee running,” M. Eyskens - °^ r .. araon S 12 countries, 
maintains. including the EEC, apd Japan, 

Nevertheless, , he say s feat S ^ T ^it aJlh ^U.S. teeU. 
[most of fee U.S. executives he lddltwn ’ ^Sion .has 

I hsc met thic Wea > 

v-.. ,A 


Comm^cial Banki^ Servic^:|4, 
International Trade Financing^: 

. foreign ^cctiange CNeallngs . 4 :• - 

Avenue des Arts 39, Box 10“ - ■''i- 
B- 1040 Brussels . . . 

Phone (02) 51 1.07.01 /512.86.2G 

^ ■' • 7. ■ ' : 'V Exchange Dealing (02)513.05.83 

't ivL- Te,ex:62lB i7/626i8 baraf b 

'*y. Cables : BYBELG 

Affiliated to Byblos Bank -Beirut 

has met this year are putting that last month it was 

any plans they might have for iLr a L?L' 80 511111233 1810 of 5- 4 
expanmou in Bd^um “in cold m ^ asure ^ by the 

storage for the time being." The - Ibis in 

only possible new U.S. invest- d ® wn 

ment jw sees- this year is in the largdy 

petrochemacal field, which i ^“^are very 

thou^ imprest vein cash terms poteati^iroil 111 ? '^ r -^ e 

is haidlr fee sector to mop up ^ vesto f- 

many of Belgium’s growing num- t har that 18 ■ t ^ e ^ ac f 

ber of unemployed: ^ Wf » «e still 

Gross figures for new invest- Compand “ are “ ” ^y'Tut 
ment of course take no account according to EFr eSLtK! 
of the nun*er of tompanies that Bei^n hourlp fobonr ^St 
have recently decided to pufl out i?75, at ?7.30, were recondbalv 
of Belgium. ^Disinvestment Is to BWlift 1 
hard to. ttnaifefy. but- many of -Common Market countries bom- 
Che car companies have reduced parties in Bd5S5SStaSto 
thitir assembly plant workforces meet hefty JSSSSSlS- 
in fee past year. This sector tributions and redSdsS pay- 
ranks ps one of the highest paid meats for workers laid 
in Belgian industry. Disuivest- though the . latter arc- modi 
ment from a high technology higher foi white colUr workers 
area- caa he just as painful as than for their, factory floor 
from a low — as the Government .brethren. -- - - v 

has found Wife fee Belgian air- . ; The latest Belgian 



ill elm 





the banks 

THE BANKER operating in 
Belgium to-day is not a happy 
man. Over tie past year he has 
seen increasing numbers of bor- 
rowers quietly withdrawing 
from -the market in a climate of 
sroyf 0 ® uncertainty about the 
Belgian economy. 

The Belgian franc has taken 
several batterings on tie 
foreign exchanges. Foreign in- 
vestment has continued to drop. 
Major sectors of Belgian, indus- 
try, such as steel and textiles, 
remain profoundly depressed 
and a large number of projects 
in other sectors have been 
shelved. Though interest rates. 

: which set Tecord highs in 1976, 
have dropped considerably (to 
6.5 from 14 per cent, for six 
months on the interbank mar- 
. ket) and are expected to ease a 
little further, the amount of 
money chasing the elusive 
. borrower continues to rise. 

However, while the economic 

• uncertainties have depressed 
the level of banking activity, 
the past year has seen an im- 
provement in relations between 
the domestic and foreign bank- 
ing community which could 
spell a bigger role in financing 
Belgian industry for the 
foreigners when and if a lasting 

• recovery takes place. 

Despite its proliferation of 
large, imposing banks and less 
large but equally imposing ban- 
kers. Brussels is not one of 
Europe's major financial 
. centres. In the network that 
!. arranges massive syndicated 
loans for Governments and 
major multinational corpora- 
tions. it lags well behind Lon- 
don. Frankfurt, Zurich, Paris 
and Luxembourg. 

The needs of Belgian bor- 
rowers are relatively small, and. 
except for the Government 
and the very largest Belgian 


: ; i'X- V-ig t 

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OT ; ' 

’yS • ■ .*&' >’ ' • w 

/i - M 

* ~<fss 

Tfte Brussels headquarters in the Place de Brouckere of Philips ’ Lamps , one of 
Belgium’s biggest industrial concerns . 




Belgian Francs 

A new record on the Belgian Capital Market 

The Kredietbank, one of the leading Belgian banks, can pave the way for you to 
this capital market of world scale. It is a robust market where bond loans in the 
region of BF 60 billion are by no means exceptional. A few figures will serve to 
emphasise j/vhy this is one of the world’s fastest growing capital markets: 

1 976 : for the first time, the market went above the figure of BF200 billion. Twelve 
months later, a record figure of nearly BF 300 billion was reached. 

The Kredietbank gives you a clear view of the Belgian capita! 

Year after year, it occupies an ever more important place in domestic issue 
activity. This is borne out by. the increase in the Kredietbank’s quota in the 
Consortium of Banks and Private Savings Banks. Get in touch with the Krediet- 
bank. You are then s.ure to feel at home in one of the world’s leading capital 

companies, are virtually covered 

^SoSete^Generaf^e^BanoUe 5 for rest- of the services . which th* domestic support and were not dis- ■ 

Bamiue Bruxelles Lambert and foreign banking community. banks do not provide. But appointed. The Foreign banks 

Kredietbank together with the ^ any 0386 ** *? Vdte -clear some cl a i m that despite their agreed to share the res- 

Banque de Paris et des Pavs tiiat wader.- the present slack profits, they have been left ponsibility and, together with - 

Bag (Paribas) which has been con< htions-, the ■ ... interbank high and dry. the Belgian banks, extracted a 

her<* lone ennueh to he acrerv 1S t . 00 sm ® J1 to sn PP° rt This appears to be even more promise from the Government 

fed as nart of the dnmectie bank t ? eir wei ^ hL Moreover,, al- the case witii the Japanese that they would not be allowed , 

• th0Ufih pubUc sector -6orxo.wing,bank& which.- arrived two or to suffer from corporate ,bank- 
Thoueh a substantial amount has continaed $£ over, the. three year* ago specifically to ruptdes. moratoria on debts or - 
of mteraatioSlbSSiess^ Th ^ year ’ S«*il^tty.’ Private provide long-term yen-based structural changes In the in- 
™ borrowers are exceedingly finance for Japanese companies, dustry. /. 

mS^ b re^sente^^' ?carce - At that time strict controls in Credit up 'to BJr rs .55bn. was “ 

neeotiaSi and P coSuded in The pubtic sector dominates Tokyo prevented banks i from t0 be kept open, of which 
London or New York, and res- market to a degree that is ma ** n £ international, finance foreign banks agreed to provide 
fctCTed in Belrium to rake tut SeneTsUj deplored but likely to available. But the relaxation of B.Frs.9bn. Five months later ' 
Sqe“f r<5a- for some ^ ^ ^ 001111015 ^has -B.Frs.33bn. had been drawn, of 

£Sv tennis reoutte- private companies take a taken away much of their busi- wdicia foreign ■ banks supplied 

tively generous fiscal re ^ uire ^ reasonable share, though the “ess and. .according to one Bjrraobn- The amount was ■ 

mems ' smaller, less well established Japanese banker, most of their not in itself ' significant bat the 

•w • • companies may occasionally reason for beings in Brussels incident appears to have done 

I listening have difficulty raising fundi at aU - . . -a great deal for relations 

. ® Bankers ascribe this to the in- •QAlS^l between the foreign * and m 

For the foreign banker^ Bros- .grained conservatism of the wUllll domestic banks, 

sels Itself tends to be mainly a Belgian investor. The market . But however despondent no Relation* between the banks 
listening post where he can put has been extremely liquid for. banker talks of pulling out The and the Government on the 
his ear to the whispers of the months, they say. Public, semi- level of borrowing by the State other hand, have not been 
international market; a place public and major corporate , and .by* companies like Petrofina improved by recent moves 
where he can lunch with execu- issues are quickly absorbed, may not be enormous in inter- stemming from Socialist 
tives of the big multinationals irrespective of size. The Govern- national terms but it provides a pressure to increase State con- 
headquartered there or .dine mentis. BJrs.63ba bond, issued solid base— no matter how re- troL The banks’ naturally 
with diplomats accredited to the at '101.25 in the first week of luctant foreign bankers may be resent any tightening of what 
EEC, in the hope of being the February, for 9.5 per cent, over to disclose their share of it. they regard- as an extremely 
first to learn who is in the mar- eight- years, was swallowed up And over the past year, the conservative and over-feguiated 

ket for the next big loan. within a week. domestic banks have shown system. Foreign banks are 

Five in every nine banks re- Many of the foreign banks themselves increasingly ready to subject to the same controls as 
presented in Belgium are which established a presence in acknowledge the degree to Belgian and were ' equally 
foreign. But while many of them Brussels in the sixties came which they rely on the foreign affected by the. intro Auction in 
would like to increase the.num- ostensibly to preserve ties with banking community. The steel mid-1975 of the so-called “loi 
ber of their Belgian accounts corporate clients attracted to crisis 12 months ago was a case mom mouth” which standardised 
— for no reason other than to Belgium by substantial fiscal in- in point. banking procedure, itightened 

rover their Belgian franc re- cen tives. Blit although these - In March 1977 the Belgian the central banltis rgrip . oil 
quirements — they know better companies raised much of their Government introduced a major money supply and expended the 
than to seek out clients. There initial capital on Belgian plan to stabilise the industry, regulatory and supervisory 
is a tacit understand! ng that re- markets, they have tended to which included a guarantee powers of the Commission 
tail hanking and commercial finance subsequent expansion that no steel companies would Bancaire. * 

loans to all but the biggest Bel- largely from profits. Since go bankrupt through lack of Among other thing^ the Com- 
gian companies should be left there have been few new short-term cash. Pressure was mission was empowered t<* sot 
to the domestic banks. arrivals in Belgium in the past put on the domestic banks, via limits on exposure in foreign 

During the late sixties, certain few years, this area of activity the Commission Bancaire, the exchange transactions, particu- 

A men can banks got their has fallen away. regulatory body, to keep open larly forward transactions: to 

fingers burnt when they laun- The big American, French,- credit lines fixed at the start set a celling on credit to a 
ch«l an aggressive campaign for British and Dutch banks- coh- of the year. single company or a group of 

the smaller Belgian accounts, tinue to profit comfortably from. The Belgian banks, alarmed companies considered to- con- 

Their access to Belgian francs commissions- on foreign ex- at: the prospect of increasing stitute a single risk: and- to 

was severely curtailed and some change dealings for these com- their already heavy exposure in impose ratios relating to the 
•suffered substantial losses in panies, from participation in a sector in which they had little consoladated position of - the 
covering their positions. This Eurocurrency loans and from confidence — despite the plan — banks and their subsidiaries, 
seems to have been sufficient the more sophisticated advisory-tinned to the foreign banks for As well as widening- the scope 

of control, the law also widened 
the method, previously left to 
. the “retnsettra“ or bank 

auditors, providing for direct 

TH ■ bontrol by: the Commission 

1— ( ATPIOn Bancaire, and through it by the 

1 Vrl Vl'I&J 1 CONTINUED FROM PREVIOUS PAGE central ^ bank. The auditors 

. were given access to a wider 
range of banking activity and 

unit labour costs is the vigorous earlier this year the oil refinery seivative ; counterpart the were required to notify the 
hv thp trade unions for a workers and tanker drivers won Christian federation' CSC, . -to Commission, as well as the bank 
pusn us ums n resent shorter working hours in their join forces with it on this issue. Boards, of any irregularities, 

reduction m tne piwv J new contract But in discussions on a national At that time banks selected 

statutory 40-hour working weeK R ^ j„deed the stated aim .level, the FEE employers*- their two auditors' from a list 
to 36 hours. The 10,000 workers 0 f unions to get companies federation refused to counten- put forward by the Commission, 
at the big Ford plant at Genic take on more labour and so ance it, suggesting instead a but this is now. being amended 
have gone on strike, demanding j*g|juce the- number of - un* ‘system of short-term working e l im i n ate the element of 
a shorter week, as have 4,000 employed. In this. Belgian with the crucial difference that choice, enabling the Commission 
workers at Fabrique Nationals, . unions contrast with their Dutch ^pricers would only be paid for directly to appoint an auditor 
and a similar strike js counterparts, which this yfear the hours they worked. *or a particular bank. The move 

threatened at Caterpillars have been scaling down their , . is generally regarded as a sop 

Belgian plant wage demands ■ simply to get L5? the Socialists,- who were 

M. Eyskens terms the Geiik some guarantee on the easting pr ^? ?S for the creatioD a 

ctrifee as ‘*mort unfortunate” level of jobs. Belgian union wUch has tned to at on the public sector commercial bank, 
Tdis worried about Select leaders have seen their roe of- fence to ronceal the split in its aDdforthe.appoiatmentbfGov- 
ttm^haveonoSerfore^i wage bargainers increasingly «nks. Pnme Mlrister Leo eminent officials to the super- 
w^rs: Fort reckons that^ eroded . with the automatic .^demaM is agamst Oc visory- Boards of the .three big 
it Santed a S6-hour week at system of index-linked wages, ^ons' demands, js are his domestic banks and of Paribas. 
rpS^itwndd ha« to hire an- and are therefore keen to .re- Social Oiris^ pai^. whfle the Though there, is no likelihood 
ntw toooworkers to maintain assert their usefulness to_. their Socialists m the coalition appear of this in the foreseeable future, 

umbers by taking up other to ftvour toeiiL The tot will tiie fact that the Government 
iJntons are insisting that work condition issues. shortly come when the start of feels the need to make a concili- 

thelr members should 'not take ;3t is sttil nncertain how public ^ctor wage negotiations story gesture has hot done 
nnv nay cuts, Belgian-made general the demands for shorter forces the. Government to take much to make the banker in 
Fortls might be priced out of .htmrs will -become. The socialist a way or another; Belgium any happier. 

DA Margaret ran Hattem. 


S iMfidtbanH-Balvain 
OHshore Banking Unit 
Satahuddin Buddmg 
Manama. Bahrain 
POB 5456 
1* 50644 54;w 
Tee* 8635-8631 


Head Office: Arenbergstraat 7, B-1000 Brussels, Belgium TeL: (02) 513 BO 50 Telex: 21909 kbissu 

K>e£ea»rk New York. Branch 
450 Park Avenue 
New York. NY. 10CX2 
Tel: 212-832 7200 
Telex: 238181 

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AMMed barks: 

Kredidbank SA LuxeirtXMjrgfmisa 
43. boulevard Royal, Luxembourg 

Kredietbank (Suisse) S A 
18. boulevard Georges- Favon 
CH-1211 Geneva i 

Member of the liDer-Alpha Grom) of Barn'S. 

Associated banks: 

Inter-Aloha Asia (Hong Kong) Ud. 
2501, Connaught Centre 
Hong Kong 

tntrr-AJpha Asia (Smgacofe) Ltd. 
UC-Bu4dmg-28lh Hock 
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Lloyds Bank International, established in 
Belgium for over 50 years, are in Brussels and 

In addition to a comprehensive knowledge 
of local conditions, the Bank offers a complete 
range of banking services, including world-wide 
finance for international companies. 


Lloyds Bank International (Belgium) S A 
2 &4 rue Royale, B-1000 Brussels. 

Telephone: 512 6790,5126262. 


Lloyds Bank International (Belgium) N.V 
52 Meii; B-2000 Antwerp. Telephone: 32 78 00. 


40/B8 Queen Vidaria $t,London EC4P4H_TBtOT-245 9822 
(\nSu-ro A memberof the tbyds BankGroup 

LBL the Bank of Londojr & Sou th America and their subsidiaries have offices in: Ai?entj'na. Australia. Bahamas. 

• Bahrain, Bdg ura;BraziI,_Canada, Cayman Islands,Chile.CoIombia, Costa Rica. Ecuador. Egypt El Salvador France. 
ii*i *■ • » 'f et 7 eT ^ Republic of Germany. Guatemala, G uemsey. Honduras, Hong Kong, Iran. Japan, Tersev 
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• — T,\%— f V mm - - —re 4 



Welcome for EEC bank directive 

substantial progress achieved- in 
dismantling national barriers to 
the free movement of goods In- 
side the EEC over the past 20 
years, moves to create a com- 
mon market in financiaT ser- 
vices' among the Nine have'made 
little headway. 

1 The contrast is all the more 
striking when one reflects on 
the rapid growth of cross-fron- 
tier lending and international 
portfolio investment by banks 
Cased in Europe and other parts 
of the industrialised world. It 
is paradoxical that a banker in 
One EEC capital can effect a 
thajor transaction with a col- 
league in .another merely by 

picking up a telephone, yet can 
find himself hedged about with 
numerous regulatory com- 
plications and competitive dis- 
advantages when he tries tD set 
up a branch in a neighbouring 
European country. 

The discrepancy reflects in 
part the fact that the EEC is 
still a very long way from the 
free movement of capital 
envisaged by the Rome Treaty 
which would he an important 
element in a true Common Mar- 
ket in banking. Of the Nine, 
only Belgium, Luxembourg and 
West Germany have liberalised 
controls on medium- and long- 
term lending and ’ portfolio 
investment. Though Britain 

agreed under EEC pressure to 
relax its exchange controls from 
the start of this year, the scope 
of its action was tempered by 
official anxiety about triggering 
off a sudden loss of reserves. 

The President of the EEC 
Commission, Mr. Roy Jenkins, 
hag been urging EEC govern- 
ments to give a new impetus 
to the process of European Inte- 
gration by accelerating moves 
towards a monetary union. One 
of the advantages which he 
claims for his proposal for a 
single EEC currency, to be 
administered by a central mone- 
tary authority, is that' it would 
free the weaker economies from 
the yoke of exchange rate 



Founded in IS22, the Soci£t€ Generate -de Belgique is a Holding Company whose 
aim is to ensure and stimulate the development of the financial and industrial 
sector, which it guides in a spirit of progress and with due regard to the general 

It is responsible for the initial development of many top level activities in 
Belgium's various sectors. 

The Socictc GOnCrale de Belgique provides companies in which it is interested 
wtU\ long and short term financial support (loans, financial backing, guarantees, 
issue of and subscription to shares and bonds). 

The mainsprings of the Group are freedom of initiative and team spirit. It represents 
a substantial nucleus of men, know-how, credit and organisation, with few parallels 
in the world. 

By setting up “Key Points" which show the best possible potential and possess the 
necessary human and technical resources for research, as well as steady growth, 
the SociClC GCnCrale de Belgique seeks to ensure the stability of the Group for 
the future. 


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through our Belgian offices, corporations, financial institutions and 
individuals with international business interests enjoy access to the 
services of commercial and merchant banking specialists across a 
global network of 77 offices in 31 countries, covering virtually all key 
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Offices, subsidiaries and affiliates in: Austria, Bahrain, Bangladesh, Belgium, 
British West Indies, Denmark, Egypt, France, Germany, Greece, Hong 
Kong, India, Indonesia, Iran; Italy, Japan, Jordan, Korea, Lebanon, Monaco, 
The Netherlands, Pakistan, Philippines, Singapore, . Switzerland, Taiwan, 
United Arab Emirates, United Kingdom, U.SJL (Keio York Agency), 

worries .which constrain them 
to pursue deflationary policies 
and maintain exchange controls. 

’ But - the response so far in 
national capitals has not been 
very positive, and Mr. Jenkins 
himself has had to admit that 
there is little likelihood of a 
monetary onion being created 
within the foreseeable future. 
Meanwhile the achievement of a 
broader EEC market in bank- 
ing and financial services will 
probably have to depend on the 
progress made . at a less 
visionary level in the chipping 
away of technical barriers and 
the encouragement of greater 
uniformity in the regulatory 
practices of authorities in the 
EEC countries. 

The basic principle of free- 
dom of establishment for banks 
has been recognised in the 
Community since 1973. But its 
application 'has . been largely 
theoretical in the absence of 
any significant accompanying 
moves to iron oixt national 
anomalies. . A modest move 
In this direction was, however, 
taken late last year when EEC 
finance ministers ' approved a 
general framework directive 
governing banking activities in 
the Community. 

The directive is -an altogether 
more empirical piece Of legisla- 
tion -than the ambitious early 
drafts produced by the Commis- 
sion in the early 1970s, which 
sought to impose rigid, prede- 
termined rules for harmonising 
banking practices and regula- 
tions. It aims instead merely to 
remove the most obstructive 

differences between EEC mem- 
ber States by means of inter- 
national collaboration: in most 
cases it does not attempt to 
specify the nature of the norms 
on which governments and bank 
regulators are called to agree. 

The one immediate change 
imposed by the directive is the 
creation of an EEC licensing 
system for banks, -to be admini- 
stered by national supervisory 
authorities. A few basic stan- 
dards are laid down for the 
granting of such licences, such 
as that new banks must have a 
minimum number of officers 
and directors who are generally 
of good character. The aim is 
to prevent the growth of small 
“fringe" hanks of the kind 
which flourished in Britain 
during the boom of the early 
1970s and then crashed shortly 


The directive also provides 
for the elimination of “econo- 
mic need ” as a criterion in the 
granting of bank licences. This 
has frequently been used by 
some national authorities, 
notably in Ireland and Italy, as 
a means of excluding foreign 
competitors from the main, 
banking centres, .its removal 
will only be progressive, how- 
ever, and it will not have to be 
phased out finally until 1990. 

The task of fleshing out the 
directive with specific provi- 
sions will fall mainly on a small 
“contact committee," compris- 
ing representatives of national 

regulatory authorities and the 
Commission. The composition 
of the committee and its chair* 
manship are still being dis- 
cussed. and differences over pro- 
cedures have meant that its.: 
operations are likely to get off 
to a slower than expected start. 
France in particular is blamed 
for dragging its ’feet ■ 

Once it gets going, the com- 
mittee’s first major task- will' be . 
to establish agreed methods of 
asset valuation and tee 
presentation of accounts Banks 
were excluded from the draft 
EEC directive on company 
accounts, -now being chewed 
over by national officials : La 
Brussels, and the Commissi op is 
drawing up proposals for ; a 
separate directive te fill the gap. 
Once these terms of reference, 
have been decided, the next step, 
will be to try to reach agree- 
ment on standardised solvency 
and liquidity ratios to be ' 
applied by national supervisory 

The Commission is also press- 
ing for a broader -exchange of 
information, on a regular basis, 
on credit throughout the Nine. 
At present Belgium, France, 
Germany and Italy already col- 
lect data: on major borrowers 
and feed it back to commercial 
banks to assist them in assess- 
ing credit, risks. But these 
systems operate only inside 
national frontiers, and the ex- 
pansion of international bank 
lending argues In favour of Its 
extension on a Community- 
wide basis. 

Another priority area is 

deposit insurance. Though the 
US. has had a system operat- 
ing for more than 40 years, 
Germ any is the only EEC 
country to haw established ■ a 
formal, scheme, and then only 
for private banks. In the U.K., 
one' has been proposed in the 
Government's recent White 
Paper oh banking. The com- 
mfssion would like to see simi- 
lar standards of protection for 
depositors instituted through- 
qut-the Community, though the 
precise details of how the 
schemes operated could be left 
to ' t national authorities to 

"Given that it took the EEC 
more than 20 years to get 
around to approving a directive 
an the harmonisation of bank- 
ing ^practices, it would probably 
be optimistic to expect that the 
contact committee will succeed 
In - achieving agreements 
rapidly. The wide differences 
that exist between national 

banking practices and the tech- 
nical complexity of many of the 
issues before it are likely to 
mean that it will be some 
monlbs betore its labours, begin 
to bear fruit 

None the less, some indirect 
benefits are likely to accrue 
from the juere fact that regula- 
tory officials "will be 'sitting 
down and talking to each other 
in private oh a. regular basis. 
There is good reason to believe 
that the international ramifica- 
tions of the bank failures which 
have occurred in recent years 
could have been contained more 
effectively if the lines of com- 
munication between national 
bank supervisors within the 
EEC had been more -effective. 
If better co-ordination can be 
achieved in future, the EEC's 
efforts to break down national 
banking barriers ^ will have 
achieved at least one salutary 

Guy de Jonquieres 

Less of a force 
in Eurobonds 


. / 



-I 1 « L 

I I l k. 

I 1 l.l I 1 — I • I .. I 




THOSE FACED with the prob- when it looked as though the 
lepi of t rying to. describe the yield incentive might be re- 
archetypal Eurobond investor emerging, the market was 
have traditionally- resorted to swamped by the sharp fall in 
fhe phrase “Belgian postman" value of the dollar. Although 
or “Belgian dentist" There is Belgians have not been affected 
no hard evidence to suggest to anything like the same 
that Belgian postmen or extent as investors from many 
Belgian dentists have ever had other European countries, the 
more of a propensity to buy Belgian franc has appreciated 
Eurobonds than say French by about 10 per cent against 
dentists or Belgian lorry the dollar in the past six 
drivers, but what is not in months and Belgians have prob- 
doubt is that Belgium has had ably cot back their holdings of 
a close association with the dollar bonds si gnifi ca n tly. 
Eurobond market right from 
the start. ! ■ 

There are those who argue UOUlCSlIC 
that Belgium was indeed the Although they have probably 
crad e of the Eurobond market increased ^eir holdings of 
insofar as the first true Euro- what ^ traditionally regarded 
bond issue was denominated >o as strong currency issues, par- 
European units of account and ticnlarly Dearies and guilders, 
issued m. 1961 under the aegis a proportion m<mey ^ 

of kredietbank Alternatively. JSfrom dollars has prob- 

*>— * “ 

dollar denominated issue, 

Belgium can also claim in- position now is obscure, 

volvement from the start as the The measures introduced by the 
first borrower — it made a dollar Swiss three weeks ago have 
denominated issue in 1903 provoked some land of turn- 
(even before the U.S. Interest round in the currency situation 
■Equalisation .Tax was an- and dealers in Belgium say that 
nonneed). Belgian investors have just, in 

r & ssjzas** * 

beyond the bounds of imagina- ., U dollar were to recover 
lion and naturally Belgium's certainly looks 

importance has diminished con- *? v .™ rab * e for a , of ***• 
siderably. This has been Belgian investor This is largely 
particularly the case however because domestic interest rates 

—which would not be surpris- 
ing in to-day’s conditions -if the 
dollar strengthens — then this 
would be a substantial support 
tor a series of new issues. 

Mary Campbell 


TO M^NiY. 

Both private individuals and companies 
can find within the Ippsi Group the appro- 
priate solution to .each specific money 
problem. ; 

Not a “uruyersaT formula to which you liave 
‘ to adapt ybur problem, come what may. but a made- 
to-measure approach. designed especially for your 


The Ippa Group is multi-taceredr it consists of : 
a savj/lgs bank, a bank, a loan company, a finance 
houjje and a property development company: 


Ippa sees to it that your financing requirements 
are handled by the most appropriate company within 
the Group. To provide the most efficient approach, 
to achieve the most effective result Efficient, 
effective, the best, Foryou or your company. 

— •THE 



since 1976. 


have fallen. Having been 
provoked upward towards the 
end of last year by a bout of 
currency weakness, they have- 
now fallen baric again. 

One notable index of this Eurodollar bond yields by 
decline is the fact that Krediejt- contrast have risen in the last 
bank Luxembnurgeoise, whidft few months and the' gap be- 
bases its position substantially tween Belgian franc and JSuro- 
od its Belgian connection, top- dollar yields now favours in- 
ped the league of issue man- vestment in Eurodollar bonds, 
agers in 1975 but last year had Dealers say that some of the 
sunk to ninth place. Initially, large volume new dollar issues 
the importance of Belgian announced in the last week- 
investors fell back because of notably Norway's five-year 
greatly increased interest else- issue and Australia's four-year 
where: during the past year issue — are being well received 
however it is probable that it in Belgium. ■ 
has fallen back in absolute Whether in dollars or in 
terms, too. other currencies the Belgians 

Part of the reason for this have a lot of money to invest' 
can be seen from the chart and are very internationally 
Back in 1975. the Belgian long orientated. The value - of the 
term bond yield stood ' at two big bond- funds alone—: 
between S and 9 per cent while Ren tin vest managed by SociCte 
the yield on Eurodollar bonds Gfinreale de Banque; and Renta- 
ranged between n and 9' per fund, managed by Banque 
cent There was a clear income Bruxelles- Lambert — amounts to 
advantage for Belgians . from some BJ^BObn. (about 
investing in. dollar denominated 5900m.). 
bonds. Since 1 then this has If these funds were to in* 

seldom been the case. ' ' crease the dollar component of 
At the moment last year their holdings by 10 per cent 

A wholly owned -subsidiary of 


Tokyo, Japan 


(Europe) S.A. 


medium term loans 


... ... ^ ... 

Avenue des Arts 39, t040 Brussels, Belgium 
Tel: (02) 51 3197.70 Telex: 24168 




THIS MOST striking feature of 
ihe Irish business scene - for 
someone used to British stan- 
dards of openness and disclo- 
sure is its preoccupation with 
scrrccy. Companies, particu- 
larly the subsidiaries of foreign 
multinationals, which have 
been tempted in by the unparal- 
leled incentive package offered 
by Ireland's Industrial Develop- 
ment Authority, are often 
reluctant i 0 reveal even their 

The answers which I received 
to some recent questions serve 
to illustrate the point very well: 
when I asked a director of a 
major U.S. multinational for his 
Irish turnover, he admitted hesi- 
tantly that it was "somewhere 
between 10 and 20 million 
pounds but only after being 
assured that this was the sort 
of information any company 
could' be expected to reveal. 
Again, when I inquired what 
measures the IDA itself takas 
to make companies accountable 
for the grants it gives them, a 
senior executive of the authority 
replied: ** We can rely on fhe 
unions a lot— they usually kick 
up a fuss if anyone tries to 
remove machinery from the 

IN ALMOST eyery area of the 
|_. progress of a company, manage- 
ment provides a lead. Ao 
^ exception, however, is in 
industrial relations and, more 
specifically, pay; and then 
management is on the defensive. 

This is the view expressed by 
management consultants Binder 
HamJyn Fry in an executive 
guide" on employee payment 
systems. The guide also says 
that while employees are. 
primarily concerned with how 
U much they earn management 
<2 often neglects to consider how 
they are paid. Here again BHF 
s». blames management's defensive- 

On St. Patrick’s Day, Michael Lafferty reports on Irish investment policy 

Obviously the latter remark 
was meant partly id jest, since 
there Is ample evidence that the 
IDA keeps in very dose contact 
with the companies it invests in. 
both through regional offices 
and regular -visits from head 
office. But format monitoring, 
so far as it exists, is geared to- 
wards checking that companies 
meet their job targets rather 
than assessing their financial 
performance. - 
Nevertheless, the day cannot 
be far off when demands will 
increase for at least some 
accountability from the growing 
number of multinationals which 
are setting up operations in 
Ireland. At present, almost ail 

Ireland’s easy-going way 
with foreign companies 

of these operations are con- 
ducted through private com- 
panies or branches, with the 
result that there is no require- 
ment to file any accounts with 
the country's Registrar of 
Companies since only public 
companies have to do this. 

Of course, to the harassed 
U.S., U-K. or European multi- 
national faced with ever increas- 
ing domestic and international 
pressures to disclose more, the 
Irish approach — which the EDA 
is not slow to promote— comes 
as a very welcome change. This 
relaxed attitude applies not just 
to accountability but across the 
whole area of foreign com- 
panies’ operations in the 
country. As the EDA publicity 

handouts say*. “ An overseas firm 
in Ireland may transfer its diii-' 
fiends and profits from Ireland, 
in any currency, with exchange 
control approval from the 
Central Bank - in Dublin. This 
is freely given in. practically 
every case. -Capital and appre- 
ciation- of capital may - also be 
repatriated. " 

But if Ireland is free and 
easy in its attitude to 
regulating foreign companies, 
the Industrial Development 
Authority is gradually becom- 
ing more and more selective in 
the companies and projects it is 
willing to support. EDA execu- 
tives admit that until the begin- 
ning of the 1 970s the accent was 
on getting jobs of any kind in 

an effort to solve Ireland's very 
high level of unemployment 

To-day the IDA seeks three 
things in every project it is 
willing to help: the company 
must-have a proven track 
record in manufacturing a pro- 
duct allied to the one it intends 
to' manufacture in Ireland; it 
must-have a proven ability to 
sell its products; and it must 
be able to match IDA invest- 
ment in the project pound for 

■ This means that the proposed 
Irish product should ideally be 
a market leader, have a high 
added value content, and require 
a high level of expertise in 
manufacture and completion. 

Examples cited by the IDA 

’ • Loetite. the U.S. company 
which is developing and manu- 
facturing new types of industrial 
adhesives and fasteners in 

• Pfizer, the U.S. chemical 
giant, whose subsidiary, How- 
medica, produces bone repair 
implants and joints at a factory 
in Limerick. This company has 
established its European 
research and development head- 
quarters in Ireland. 

• Analogue Devices, another 
U-S. concern which set up an 
operation in Ireland in 1976 to 
manufacture integrated circuit 

In the period from 1960 to 

December, 1977, a total of 692 
manufacturing projects — new 
industries or major expansions 
— owned wholly or partly by 
overseas companies began pro- 
duction in Ireland with the 
assistance of the IDA. The U.K. 
has provided most projects 
f2l7), followed by the U.S. 
(211) and Germany H27). But 
in terms of capital investment 
the U.S. has been by far the 
most important source, account- 
ing Tor 48 per cent of the total. 

An example of the earlier 
type of investment project, pro- 
viding largely unskilled jobs, is 
the U.S. General Electric's 
factory, again in Limerick, 
where the work involves a 
straight assembly process of a 
smoke alarm and electron guns, 
with almost all of the produc- 
tion re-exporled to the U.S. 

Ireland still needs much more 
semi-skilled and skilled employ- 
men l— unemployment is cur- 
rently running at around 10 J 
per cent. — and the IDA is will- 
ing to compete for projects such 
as the £250ra. Ford plant 
(which in the end went to 
South Wales), where the pay- 
back in jobs created can be 
high. But the increasing prob- 
lem for Ireland is bow to em- 

Taking the lead on 
employee pay 

- ySi I ness ‘ 


A payment system should be 
recognised as a means to an 
end, “ one of the ways available 
to management to achieve the 
objectives of an organisation." 
says BHF. 

The worst possible time to 
think about methods of pay- 
ment is when pay levels 
themselves are about to come 
up for negotiation. An audit 

of payment systems * should 
begin .within tiro or three 
months of the completion of 
negotiations. "It is. then most 
likely that all parties can turn 
their attention from' the ‘how 
much’ questions ; and in a 
constructive atmosphere - begin 
to define the * howl . questions." 

The guide does, iiot plump 
for any particular . " system. 
“Value judgments about 
whether an Incentive scheme or 
job evaluation ot measured day- 
work, or any other, system is 
better or worse tbab Any other, 
are meaningless, if made out- 
side the context of what has to 
be achieved and what has to be 

Selecting - a payment system 
requires analysis of both the 
objectives and the environment 

in which they have to be 
achieved: Defining the objec- 
tives. says BHF, is an area in 
which employee participation 
plays an important role in both 
the analysis and the acceptance 
of any new system. 

The payment system and the 
way any changes are made to 
it are important elements in 
management's communication 
with employees: “they reflect 
not on ly the objectives an d 
environment of the organisation 
but also the values and style of 

The report- carries a 
cautionary message as well. If 
the aim of the system is essen- 
tially to police work being 
carried out and involves 
elaborate controls— “on ' the 
assumption that most people 

dislike Dr object to the com- 
pany goals" — then people will 
assume they have a right to 
beat the system. 

And where there is little job 
satisfaction, day to day argu- 
ments over pay can become the. 
main source of job interest. “It 
is important to distinguish be- 
tween the controls or monitoring 
which tell people — management, 
supervisors, rank and file — 
*how we are doing and where; 
extra support is necessary' with 
those which measure perform- 1 
ance with the primary >mplica-| 
lion of sanctions if standards 
are not reached," says the guide. 

Providing the circumstances 
are favourable, financial incen- 
tives will supplement other 
management aids. Their value 
comes from the effect on per- 
formance and from the way they 
help communication and pro- 
mote identification with corpor- 
ate goals. 


5-.U ? 

in London 

Only National flies 
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Financial incentives will be 
more effective when: output can 
be measured to an acceptable 
standard; the results are directly 
jor mostly attributable to the 
j individual or group to whom 
payment is being made; that 
whatever is being measured is 
largely under fhe control of the 
employees concerned; manage- 
ment is able to maintain a 
steady work flow; the effects oF 
i changes in methods, materials 
and equipment are minimised; 
Hie system ' ensures that.w^ep 
results deteriorate discussion is I 
centred on what ran be done to 1 
overcome the problem rather 
[than on sanctions and blame; 1 
{earnings are reasonably stable; 

I the variable part does not ex-; 
! ceed one quarter of average 
i earnings, excluding overtime; * 
employees understand ‘ the 
measurement and payment sys- 1 
terns: the Incentive encourages 
the trial and implementation of i 
new methods; and the incentive 
motivates the management as 
well as other employees, says the 

Executive Guide: Selecting a 
Payment System, Binder Ham- 1 
' lyn Fry. 227/228 Strand.- Lon- 
don WC2A 1LT, £1.50. 

Politics and markets: the 

world's political-economic sys- 
tems. Charles E. Lindblom. 

Harper and B ow £10.00 

MOST WESTERN democracies 
operate a market economy, 
based largely on private enter- 
prise. The market economy will 
not function effectively unless 
private enterprise — and in par- 
ticular the large corporation 
which dominates most sectors 
of Industry — is given extra- 
ordinary privileges and powers 
in relation to the rest of society. 
These privileges and powers are 
incompatible with democracy. 
If true- democracy is to flourish, 
i some means must be found of 
controlling the large corpora- 
tions. There is at least a chance 
that democracy, freed from the 
shackles imposed by excessive 
business power, can again 
become a revolutionary force 
capable of unlimited develop- 

In arguing this thesis, Blr. 
Llndblom. who is Sterling Pro- 
fessor of Economic and Political 
Science at Yale, describes the 
range of direct* and indirect 
benefits which Governments con- 
fer on business. He suggests 
.that the business community is 
much- more than simply one 
interest group among many. De- 
cisions on income distribution, 
on the -allocation , of scarce re- 
sources. on every major aspect 
of production and distribution 
are. in effect, delegated by Gov- 
ernments to business execu- 
tives>'^»j^Buanes&n\en • thus 
become a kind of public official 
and; exercise what, on a broad 
vie?*' of their role, are .public 
functions” The consequence, is 
that a large, area of public 

Business privilege 
versus democracy 

decision-making is removed 
from democratic or. in Lind- 
blom's phrase, “ polyarchic," 

Unlike other interest groups, 
businessmen can draw on the 
resources they command as pub- 
lic officials to support their 
activities in politics. Whereas 
tiie President has to rely on pri- 
vate contributions, not on 

to the landed gentry of an 
earlier era, his voice amplified 
by Lhe technology of mass com- 

The absence of class conflict 
in the U.S. stems from the in- 
doctrination of American 
workers in “the values and 
volitions of the favoured class." 
American unions are less active 
in politics than their counter- 


Treasury funds, to support his 
election campaigns, business 
executives can use the funds of 
tbeir corporations to support 
whatever political objectives 
they choose. Through the power 
of advertising, moreover, cor- 
porations can mould public 
opinion and perpetuate a 
climate in which the privileged 
position of business is accepted 
by the public. The result, seen 
in its most extreme form in the 
U.S- is conformism and a severe 
limitation on the competition of 
ideas which ought to be pan of 
a healthy democratic system; 
the absence there of any widely 
circulating radical newspaper is 
an indication of this, he says. 

The rise of the corporation, 
says Lindblom, has created a 
core of wealth and power for a 
newly constructed upper class. 
"The executive of the large 
corporation is. on many counts, 
the contemporary counterpart 

parts in Europe. This has meant 
that in social security, in collec- 
tive goods and services and in 
redistribution of income the U.S. 
has lagged behind European 

Although the power of 
business has been restrained in 
some fields, such as environ- 
mental pollution, many other 
desirable changes have been 
blocked. “Businesmen need do 
□o more than persuade govern- 
ment officials that reforms will 
damage business. Their vetoes 
are powerful and ubiquitous." 

Lindblom draws a distinction 
between two types of privilege; 
those that directly assure profit- 
ability and those that give the 
corporation autonomy to pursue 
profits with tittle -restraint 
Business executives habitually 
claim that any interference with 
their autonomy undermines the 
market system and is therefore 
bad for consumers. Govem- 

ploy the 8.000 graduates— not 
to mention the 60,000 school 
leavers — produced by its uni- 
versities each year. At the very 
best only 50 per cent, of these 
young people are at present able 
to find jobs in Ireland. The rest 
must either emigrate or go on 
the dole. 

It was in a brave effort to 
deal with this problem that the 
IDA launched its sendee 
industry incentive package back 
in 1974 So far this is reckoned 
to have created 4,500 extra jobs 
and the target is for a further 
1.500 this year. The programme 
has been aimed mainly at engiifc 
eering consultants. process 
engineering and plant contrac- 
tors. computer services, archi- 
tectural and quantity surveying 
firms. But financial services 
firms are also welcome. 

Ireland’s investment incen- 
tives for foreign investment are 
undoubtedly attractive, and the 
IDA's salesmanship is certainly 
aggressive. But the outlook is 
decidedly mixed, now that no 
many countries arc trying to 
outdo each other in their 
attractiveness to multinationals 
and ai a time when there vf 
not all that much investment 
to go round. 

ments. he argues, should treat 
these claims more sceptically. 

The fundamental problem \% 
how to reconcile a market sys- 
tem — that U. a society in which; 
the preferences of consumers; 
determine what goods and ser. 
vices are provided — with demo- 
cratic control. Lindblom gives 
qualified approval to the Jugo- 
slav experiment which, by 
destroying the historical con- 
nection between market system 
and private enterprise, “may 
pressage the gradual develop- 
ment of a greatly more efficient 
and equitable economic sys- 

In any case, he believes, the; 
market-oriented polyarchies may ; 
be unable to reconcile for much 
longer the necessary privileged 
demands of business with the 
demands of strong unions and 
the welfare slate. Recent 
developments in Sweden point 
in this direction. 

Even in the U.S., according 
to Lindblom, the effects of in- : 
doctrination by the business 
class may be wearing off : ' 
acquiescence, deference and 
compliance are on the wane. W e 
may be moving towards a deran- 
cratisation of society in which 
the role and behaviour of pri- 
vate corporations will be pro- . 
foundly changed. 

Lindblom almost certainly . 
exaggerates the degree of auton- 
omy enjoyed by large compan- : 
ics. especially in countries 
outside the U5. But the book 
provides respectable intellectual 
support for those who wish to _ 
curb or even to destroy big • 
business. Businessmen will need 
to develop an equally powerful 

Jason Crisp 



PitfOP 6 '^* 

Cheshire. Industry's green fingered county.The ideal- 
place to set down roots and flourish. Wte have ample 
sites and a growing, skilled labour force to turn over 
your business. : 

Plant yourself in Cheshire andyouH reap a plentiful 
harvest. Just send us the seeds of your ideas- 
we ll help them to germinate. • 

\ ^ Phone Colin Williams on 

\\ Chester (0244) 603154, or write 
\ \ to Mm at Cheshire County 
\ \ Planning Department, 

\ \ Commerce House, 

\ l Hunter Street, 

\ 1 Chester, ^ 

Cheshire CHI 1SN. IS 

ft O. 

r o n o 

t * * — i 

• 0 

O o 
; o 




Equal Opportunity 
is not a matter of opinion- 

it’s the law 

' Most-people would agree that It is only fair that men 
and women # equal ability should have equal opportunities 
for promotion/ . . 

- The Sex Discrimination Act makes it law. 

In matters of employment it is unlawful under the 
Sex Discrimination Act to discriminate against a woman or a 
man on thegrounds of either sex or marriage. 

You must remember this when considering 
candidates for promotion. '■ 

V\fe realise the law & complex. So to help you, we've 
written two booklets; 

• The employment provisions of the Act explained in 
straightforward language. 

you have particular problems we'll be pleased to give you 
all the assistance we can. All you have 
to do is ring or write. ’ 

TO’ Department Cl, Equa».>opOJlijnittes 
C nwnissm Overseas Hour-?. Quay Street. 
Manchester M3 3WL Telephone. C61-&3 j SU44 
Please send me the f oBowing publications 

in the quantities indicated: 

__ — copies trt "A Guide lor Emjioy«' 

Maes of ‘Equal Opportunity fljticies and 

Placates vn Employment’ 

Position _ 




Baual Opp ortumfc y' 

Practical advice on implementing the Act in your 

- . Send for and read these booklets and you'll have 
the bestgeneral advice available on the Act Of course if 

i ZmA Equal [ 

!<5?gB3£’ ~ I 

I-— ————— —————— .—J 




Putting a price 
on liquidity 


DUHING THE great lending 

boom of 1872/73, the building 
•societies started urging their 
Clients to buy cookers and 
carpets and various other 

inappropriate. Heins on 35-year 
tax-deductible credit. The 

Governor of the Bank of England 
rightly dropped on them Irripi a 
considerable height. and 

reminded them that they were 
not banks. 

During the great deposit boom 
of recent years, the societies 
have been edging into the bank- 

ing business again-— but in pro- 
viding liquidity, not credit. Thpir 

branches are widely used tor 
ordinary cash deposit and with- 
drawal-— a service whose cost can 
readily be absorbed by growing 
and non-profit institutions. This 
time there has not been a squeak 
from the Old Lady. Nothing 
could better illustrate the pro- 
position put forward in this 
column yesterday— we have a 
credit policy, not a policy about 


The great question is how far 
this matters, if at all Tn true 
monetarists, the question answers 
itself — the stock of liquidity is 
the great explainer of every thing 
economic, and controlling it is 
Che central aim of policy. To 
them, the question is only how 
to cnnLrnl it. 

However, true mnnelarists are 
rare. Most people. I believe, 
regard money as not so much the 
fuel in the economy as the oil; 

the cost of credit raises the cost 
of liquidity. This is a pure 
academic abstraction. The fact 
is that Ihe man in the street can 
go lo a building society, or Ihe 
company treasurer can make 
an imerest-boarrng overnight 
deposit, and get his liquidity at 
negligible cost. A current 
account is an ipvestmem in free 
banking services; cash in your 
pocket an investment in con- 

Now this is .a very odd state 
of affairs. It used to be a safe 
rule that borrowers paid over the 
odds for long credit, and lenders 
got a corresponding reward — 
and the rule stilt holds in other 
countries. In Britain, however, 
we seem to run our shori-term 
finance (though no! ciur bond 
market) with a stopped clock. 
Savings institutions unbelt on 
demand, banks routinelv roll over 
short-term credit, and 'the books 
will hardly tell you if a financial 
institution is being ultra-cautious 
or recklessly over-trading. 

The reason for this is. I be 
Hew, the very odd Feature of 
Competition and Credit Control, 
the rule-book for banking since 
1971: the fact that all banks have 
the same reserve requirements. 
Yet at the hypothetical ex- 
tremes. an agricultural ranrt 
gage bank taking genuinely Ion? 
money needs minimal reserves, 
while a bureau dc rhuitpe must 
keep every penny in tbe till. 


if you choke buck the supply, the 
machine will not so much slow 
down as seize up. On this view 
it would be dangerous even to 
• try to control the “ true " money 
supply; the whole merit of 
existing policy which controls a 
very artificial measure of money, 
is that it acts on credit rather 
than liquidity, and helps — along 
with fiscal policy, incomes policy 
and the rest — to control the con- 
ditions which govern the 
economy and the growth of 
liquidity. Tins is pretty much 
the official view. 

Now the obvious way to in- 
fluence the demand for anything 
is to act on its price, as Presi- 
dent Carter is trying to persuade 
Congress over the question of 
actual oil; but when it comes to 
money in this country, policy is 
oddly lopsided. The authorities 
are obsessed with the cost of 
credit, but show no concern 
whatever with the cost of 

This neglect may be due to the 
delusion that the cost of liquidity 
is simply measured by the cost 
of not holding long-term assets. 
so that any actios which raises 

A sloppy rule makes for 
sloppy banking, so there is a 
purely prudential argument for 
separating sheep and goats; but 
there is surely an economic 
argument, too. A uniform 
reserve rale, regardless or the 
term or liabilities and assets, 
means that liquidity costs noth- 
ing Tor the intermediaries to 
provide: that is why they do not 
charge Tor iL Tills in turn 
means that the 1 yield curve or 
charge curve through ihe bank- 
ing spectrum is practically dead 
flat, and the authorities can only 
affect monetary conditions ny 
raising the whole structure u’f 
rates. A control or the cost of 
liquidity, through discriminating 
and variable reserve require- 
ments, would mean that deposi- 
tors and borrowers-- could be 
tempted or pushed up and down 
the slope, and make rates rather 
steadier: and once there was a 
price on it. sioppiness about 
rollover and • early withdrawal 
would soon vanish. A tighter, 
sounder, stabler system is worth 
having even if you cannot con- 
trol its precise growth front day 
lo day. 


deceptive, as one soon learns 
in Newcastle. The place 
radiates an aura of prosperity. 
An elegant Victorian town 
designed by Dobson' and built 
by Grainger has had grafted 
on to it the ‘compulsory modem 
trappings, such as a covered, 
shopping centre, and the new 
blends in easily with the old. 

British Shipbuilders has its 
headquarters in the city and 
Government offices proliferate. 
A town that once hummed with 
industrial activity among its 
shipyards and heavy engineer- 
ing factories now resounds 
mure to the clack of type- 
writers. Seven of every ten of 
its workforce are in service 
industries. Others may cavil, 
but Newcastle is without doubt 
the capital of the north east. 

But beneath the surface New- 
castle has severe problems. 
There is .still some engineering 
cC. A. Parsons) and shipbuild- 
ing tone of Swan Hunter's 
yards), but these industries no 
longer play the dominant role 
that they did after the first 
world war. And with heavy lay- 
offs imminent at Swan Hunter 
they wj]] shrink even further. 
The coal trade which once made 
Newcastle famous around the 
world has disappeared. Over 
13,000 people are out of work 
and the number is rising. Since 
1966 the number of people in 
employment has dropped by 
13,000, and the number out of 

work has trebled, ynemploy* 
ment is particularly 'severe in 
manufacturing .industry. Seven 
of every ten out oN work are 
manual workers, almost half are 
under 35, and just under a 
quarter are construction 
workers. ' .... 

The position is bad enough 
within the city, hut that of the 
other districts which comprise 
the new county of Tyne and 
Wear is much worse. Among 
men, 7 per cent are out of work 
in Newcastle . compared with 
over 15 per cent in South Tyne- 

gramme will do much for the 
city. Mr. Ken Galley, the chief 
executive, says that people are 
excited not just because of the 
money which will become avail- 
able — and at £7m. a year the 
amount is appreciable — u but 
because everyone is settling 
down to work out common 





side (Jarrow . and South 
Shields), almost 15 per cent, in 
Sunderland, and 12 per cent, in 
North Tyneside (Wallsend and 
North Shields). 

Newcastle — along with Gates- 
head, Its southern neighbour 
across the Tyne — has been 
selected by Mr. Peter Shore for 
one of the inner-city partner- 
ships that the Government is 
developing to provide assistance 
to bring industry back into the 
city centres. In the city hall 
there is great hope that the pro- 

This is important on Tyneside 
as there is considerable jeal- 
ousy among the other districts 
of the position of Newcastle. In 
theory, Newcastle is another 
district council like any other In 
Tyne and Wear. In fact, it is 
the dominant partner, which the 
others do not always like. . It is 
only natural that they should 
resent their- higher levels of un- 
employment, but it -is completely 
illogical that they should resent. 
Newcastle's position as the lead- 
ing city of die North East New- 
castle is the focus of industry 
and commerce. Parochial jea- 
lousies could only exacerbate 

The doner-city programme will 
give a considerable boost to the 
work which Newcastle is already 
doing to provide jobs. Next 
month a campaign is to be 
launched by the city to draw in 
industry from outside. Ln the 
meantime existing small firms 
are being encouraged to expand. 

.The case of Brown Brothers 
(Polystyrene) is typical. Brown.: 
makes expanded polystyrene;** 
the packaging and building In- 
dustries. Although it only em- 
ploys just under 30 people it 
has a virtual monopoly, of 
supply for a radius of about 50 
miles. Growth was inhibited 
by -physical restraints. - 
company wanted to move and 
to move within a short distance 
to keep its trained workforce. 
At this point the corporation 
entered. It had recently bought 
an old pit-head site from the 
National Coal . Board on the 
city’s northern edge, just what 
Brown Brothers was looking 
for. The company moved. in 

January and Is now Thinking of 
taking on more workers to meet 
the expanding demand. 

Only nibble 

- -individual successes such as 
these -will not go. far to reduce 
[unemployment because - they 
.only nibble at’ the edges. But 
-ti they are repeated a sufficient 
number of times then there 
will be a multiplier effect which 
will be felt over a wider area. 
This is tbe thinking behind next 
month's campaign. 

Tbe city wants to create 2.500 
jobs by I9S1 and to expand the 
number of jobs associated with 
what it sees as its regional 

capital functions.. .So i*. ia,*o 
put into effect 
gramme for rehabilitating old 
industrial and commercial build- 
ings, build f actaries^V Prepare 
land for develop menvahdrjfict 
forgetting the 
create office sites, 

Land acquisition. Is 
lem, accurdlos t0 

Newcastle already 
stantial proportion 
within its city- The 
has been built-up 
and has been 
changng the face, of 
since the war, - ,,, 

The land bank fcakijgiiAid $ 
the r council to earnwtffi^a^ 
for . industry, syrtv. W--&B 
Br^-swick, Stamfortaifa^:!^, 
Scotswood road. andi WaDter 
industrial estates. Th_e:i|npog. 
ance'of these estates-fp ; com- 
panies like Brown is that 
only enables them 
but also to hold on-., to /-St#? 
workforce. Employees.-’. 1 . Ate 

reluctant to travel far inftew. 
castle and a company . wijfch 
wants .to move faces the gutter 
of losing those workers -wfaSSi 
it has already trained. Vjcort, 
which manufacturers badminton 
rackets, is moving to a -new site, 
but one which is 'near enough, 
for ft to retain its 120 or stj 
workers. It is an example ai- 
the sort of industrial co-opera-: 
tion to which Newcastle attaches 1 
so much store. 

Follow Thomson’s Policy 

THE WEATHER, which inter- 
fered in a totally unexpected 

way yesterday ip claim its 
biggest sports victim of the 
winter — the Gold Cup — has 
already ruled out this after- 
noon's principal meeting — 

There, a residue of slush left 
in the wake of Wednesday's 



night's light fall of snow has 
left parts of the course unrace- 
able. However, some sport should 
be possible, for Uttoxeter report 
no problems, and the Stafford- 
shire track's card is due to start 
as scheduled with the Spring 
Novices' Chase at 2.15. 

Best bet of the afternoon on 
the Midlands course could be that 
promising young hurdler. Thom- 
son's Policy, who had the mis- 
fortune to be brought down 
three flights from home in the 
Evesham Hurdle, at Cheltenham, 
last time out. 

John Edwards's Jukebox colt 
was poised on the heels of the 
leaders when impeded by SeaJe- 
gation at that flight, and there is 
Utile doubt that he would have 
given the three principals Accele- 
rate. Morning Lee and Pin Tack 
a good run Tor their money had 
he enjoyed a little more luck in 

U, as seems likely to be the 
case, judged by the smart form 
being shown by his slablemates, 
Thomson's Policy is still at his 
best he should not be hard 
pressed to improve a place on 
his game second place effort 
behind Green Mansions at New- 
ton Abbot 

1 hope to see him justify his 
position in the line up in favour 
of Edwards's other two, Lewis 
Homes and Swinging Safari, with 
a clear cut success over the 
likely favourite Tikhammer Milt, 
a respectable third to Mackelly, 
at Stratford, a week ago. 

Whatever his fate with Tilt- 
hammer Mill, Kinnersley trainer 
Fred R-imell should have at least 
one winner for Great Brig 
appears to have little to do in 
the Spring Novices’ Chase, won 
a year ago by stable companion 


2.15 — Great Brig** 

2.45 — Harry's Fizzale 

3.15 — Three Musketeers' 

3.45— Holly Park 

4.15 — -Monty Python* 

4.45— -Thnmsnn'c 

f Indicates programme fn »■» Life, At Stake. ‘Xcw* 5.5S Seem- Around . Six. 

biatk and while. 10.1a To-night (London and News and views, followed by local 

RRr 1 „ SdUth East only). Weather. 6.15 Rugby Union: The 

jr ,, 1 „ !Mf 5 es,0 J la . 1 , News - Schools Cup Final (highlights). 

SAO a.m. Open University. 9-30 10.46 Grand Slam. 6.40 Join BBC 1 London for 

For Schools, Colleges. 10.43 You 11.45 The Laie Film; "Suniuru.'' Nationwide. 10.15 An Evening at 

and Me. ti.05 For Schools. starring Frankie Avalon. the Riverside. H>.45-10.46 News 

Colleges. 12.43 pjn. News. 1.00 All regions as BBC 1 except at for Northern Ireland. 

Pebble Mill. 1.43 Mr. Benn. 2.03 the followina limes: England^? J3-6JE0 Look 

10j40 When Irish / Start are Carmichael and AlanaJr S'ra. SJ 5 Too 
S hining. LmJerseg Adventures of Captain Nemo. 

H.40 How To Stay Alive. *■* *•» Report wm. u s 

12.05 a.m. Stars 'on fee. wo™ LVfe, ££ SS’gSSfi* F ?S% 

>»■» Close -Glofflfy Hlnsliffe “k.S LS? Si m. S' rff 
reads a. poem by Rabin- “ Girl stroke Bor." 

. . dranath Tagore, the Indian c k™ cymni/waies-As rrrv General 

poer. IJ»4J5 p-n,. PmwdM 

For Schools. Colleges. 3.20 Trem. Wales— 11.03-11.25 a.m. For EaTrTxorotehiT Look" North except Slhe , Wlowin C a 1m,M nd0n SSL 
133 Regional News Tor England Schools. L43-2JMI p.m. Trcdwt. (Leeds. Manchester. Newcastle); atSt ! »a '^nv SLKfnv Cm ,«i 

I except London). 3.35 Play 355-6J0 Wales To-day. 7.H0 Midlands To-day (Birmingham); ANGLIA ctww: 

School fas BBC 2 11.00 a JiU. 4.20 Heddiw. 7.23 Cadwaladr. 7.30- Points West i Bristol); South MatiM**'**™* 1 awm-metm 8 Pmota F B ?n Une *' 4JS<J0 R*wnt West. 

«—. — - — - - SCOTTISH 

pjb. News and Road Report ISS 

.... ■* »«: MMlind. f Birmingham). A.Carni- wv «<«■ M w. tfgj JjjgJBg iff , S!S 

5.55 Nationwide (London and J1.25 a.m. For schools. aJkWLJS vai of Music; North (Leeds) Let. - 3J# Beryl’s Lot 5J5 Piper and Friends 

South East only). Reporting Scotland. 6.15-&25 The People Talk; North East' ATV mo crowroads. mo Scotland Today! 

R*0 Nationwide. Conference 7S; Report on to-day V (Newcastle) Friday North; North Tl, l AU*«£nres *-» The bwum- set. am The s* muiioo 

6.40 Sportswidc. Labour Party debates. 6-25 Join West (Manchester) Watchwords; ^ ££ vvT^o Jrish^U^Tstu^iiz^ 

7.00 Cartoon Time. BBC 1 London for Nationwide- South (Southampton) Ponderasa scary on icc. ms Get some ioi-moatv n»ie c*il ms un. Blake 

7.15 The Wonderful World of 10.15 The Merchants oF Venison. Country: South West (Plymouth | To-day. 8. do Rafferty, wjo when Won 

Disney. 10.45-10.46 News for Scotlanrl. Peninsula; West (Bristol) The 5t * r * ? i T Shining, aua Hie Price of Fear: JbUUlnfcJRIN 

8.00 The Goodies. 
8.30 Going StraighL 

9.00 News. 

Northern Ireland — 10.23-10.45 Past Around Us. 
a.m. For Schools (Ulster in 
Focus). 233-3.55 Northern Ireland 



t 1 























































2 T 


















1 A foreboding of evil now 
people appear in it (12) 

10 Soldiers discover the scramble 
to gel on t-t. 41 

11 Languagp spoken by Pole in 
the end (7> 

nuisance 1 5 1 

7 Set off with team-leader and 
aircraft mechanic (7) 

8 Bribe lo lubricate article on 
tree 1 6 . 3. 4i 

9 What the butcher may give 
to make alieralions 1 4. 3. 6) 

12 Chance notice about males (5i 14 Strange shup in marl or office 


13 What the toner's doing 

make a pudding (6. 2> 

15 Without bird and friend out- 
side (10 1 

16 Smile, being right m spirit 

18 Take cover! The animal's out- 
side! (4) 

in Iinspiial (ID) 

17 Not very l»i« hut I'll get up 
and hi l mit.side (8) 

I!) Debate snorting missile suing 
lo the south t7i 
21 Wherein it's hut but the 
.subject’s a bum right (7) 

23 Travel a ter soft lions (5) 

20 Could it be a metric hit? (I0) 23 Style of letter showing notes 
22 Delay letters and postal-order between linos (4) 

to the nonh-eaM |Si 

24 A fool returning article from 
Bath 15) 

26 Like an awkward htior. left 
out his to be re-arranged (7i 

27 Waiting for a call in start of 
game (7) 

18 Soak the French horse's head 
in case it's a race (12) 


N«. 3.619 

a a 
Cl B 


2 Withdraw soldiers and stand 
a round (7) 

3 Flag to erect on a road (Si 

4 Born 3nd died in want (4) 

5 Dishelief T’d finitely chance 

6 Boredom * ro{leD 

BBC 2 

6.40 ajn. Open University. 

11.00 Play School. 

4.55 Open University. 

7.00 News on 2 Headlines. 

7415 Indoor.-, Outdoors. 

7.30 Xewsday. 

R.10 Hcad.i and Tails. 

8-25 The Money Programme (a 
look at the latest trade 

9.00 Pot Block 78. 

9.30 Mary O'Hara in concert 
10.13 Horizon. 

11.03 International Badminton. 

"Shock." Kanina Vincent Price. 1-20 pjn. So in hem News. JJO Indoor 

ROPDPP Lifajsue. 2JH Women Only. US Friday 

... Uadnee : "Tbe Gun and the Pulp if." 3J8 

12J» a.m. Sum Qt Things. TL3» Bcrrl s Lor. 53# Weekend. 5JB Crossroads. 
Bonier acws. Reuy Bom Carrooa. UO Das by Day 'Channels S. II. 37. «. 
T2.D# Matinee: "The Third Man." war- 3 1 and ao> Scene Smut East 'Channels 
Hnu Joseoh CoUen and Orvnj Welles. 158 19. 43. U. and 08 only'. 950 Out of Town 
B-'ryls Lot. SJ5 The Practice. i.0# {Southern Television Prod net I on i. e.oQ 
Looks round Fmlay. ADO The Bionic Emergency. 1050 When triab Stars are 
U oman. 10 JO Border Parliamentary Shining. X150 Southern Ne»u gxira. 1U0 
Bi-port. 11.00 When Insli Stars Are cBoney. 

Shining. 12.00 Film- Uunted.*' tli«5 TYNP TFFC 

a.m. Border News Summary-. LJ’Jp . „ 

nu i kikip, , - 20 B,m - The Cood Worn- followed by 

CHANNEL North Eea« News Bnadltnes. UB" pjtj- 

l.U nan. Channel Luncbhme New* and JSSE? News , ^ od LooHarorod. 2.90 
t r. — Film Manner : “Drop Dead Twim« •• 

What’s On. 155 Cart nonuple lEfctiy i S" „ ■'" l . lne f : D * aa “■BUM-” 

Rood). 2.00 Beryl's Lot. tua The Fmay Bems Lot. 555 Mr. and Mrs. sm 
Matuwe: “The Secrei Heart.” 

Report At Kii. I5D Tbe Bvonic Woman. SS**?’ 

1058 Channel Lato Wwa 185S tai# v,b " "* 

With Damon. 1B50 When rnrt STan 
Shining. 1150 MehicaU 1250 a.m. 

Film : '■TTtcafre of DeaLh." starring 
Chnsiophrr Lee. 12a# a.m. Epilogue. 


> 150 pjn. Lunchtime. U5 Cannon 

• Time. T259 VruJay Matinee: “ The 
Mudlark." 359 Beryl's Loi. 053 
Waier Neu-s Headlines. 5J5 The Film- 
siones. UM Ulster Telealslon Nows. 


11.45 Laie News on 2. 

11.55- aJn. Closedown; Huph 40(1 Weather In Fn.-iu.-h. 

Dickson reads from “The GRAMPIAN 

family Reunion,'' by T. S. First Thing. i5< 

Eliot. Cramfluin News Uoadlmes 155 Indoor 

ut w»c™«^dl 'SSTmESTTmoEi 

norvi-c va'i a i S rf- D awnAddiuaa. 3^ si*, um when Irish Stare are Shining. 
. _ _ Grampian Today. TJ0 iqjo t ho VOM. Z&3S Spaniua^L H.QS 

930 a.m. Schools Programmes, jj? Jim MacLeod Show, a.oo EmerKeocy Friday Film. 

n.34 Felix The Cat. lioo Sons r „^). sh an ? ai i?, Arc _ sw ^i"£i WFSTWARD 

d,]#iu to v a n p-kiiiknu* ia«a ffluou™ bj raid and iJJ repon. 11-38 • ** Col VT nlVL/ 

! 11 ^.- ” 1 m l 2 - 30 Reflect Ion*. U55 The Collaborators. ’- 21 a-m- West Couniry Joh - Finder. 

LjWK Who s. TUKW5. 1.00. News nOiNUriA U50 Uoh and See. 125S p.m. Goa Honey, 

plus FT indc-x. 1J!0 Help! 1.311 , r? ? Blnhday*. 150 Wosncard News 

Maoev-Go- Round 1.55 Ben-I's LnL .T 7 !?! “ 1 * 55 Headlines. US Cartoontime .1 Betty Boop. 

m- oL™ oervi s lxiu The Nature or Things 25S TUe Amazing 2.00 Beni's Lor. +258 The Friday UaUnee- 

“• 2 f. Friday Matioee Great World of Krcskin 258 The Gallopim -The Secrei Heart." starring ClaudeUc 

Catherine. 4 .I 0 Snacker. 4.45 '■•mart- W0 Harriet a, Ihe Cruara- 55B Colbert. kM Westward Diary and Sports 

Maqpie. 5.15 Emmerdale Farm, ^rr** SJO Thw Is Ytmr RlBlil Desk. IJH The Bionic Woman 1858 West- 

3.4a Vows ' second chance to see Lord WTonaufes^ ward Late Sews. 1955 Late with Damon. 

prasrarnine ). 505 Crossroads. 9-00 10.50 When Irish Stars are Shining, t l 5 0 

Granada Reports. OJO Kirk Off. 858 Niyhi Call. 1255 aan. Faith Tor Life. 

Survival Special. 1053 Reports "B*ira VODVCtnOC 

11. BO When Irish Stars ,\rc Sfaldtng. 1250 „ I DIViV5rUJ\L 

Boncy Picks a Widow. I- 21 a-m. Calendar New*. 15S Betty 

□ TV BoOP. +258 Friday Film Matinee : “The 

„ „ „ n IV , Mudlark." 958 Beryl's Lol 505 Calendar 

IOO P.m. Report Wear Headlines. US Spon. &.M Calendar. Emley Moor and Bel- 

Report Hales Headlines. 158 indoor moni edilions. 050 Emergency. 1050 When 

League- 250 women Only. +255 “ Left. Irish Stars art Shining. tllJO Great Fflms 

Right and Centre."' marring tan nf the Century ; "The Lady Vanishes." 

6.0(1 Thames al 6. 

(L33 CroM>road*. 

7.00 Mind Your Lansuase. 
7.30 Mixed Blessings. 

8.00 Sunivai Special. 

9.00 The Profcssionaly. 

IOJMI News. 

1A30 Police 5. 

RADIO 1 247m Recital <S>. UJO in Short ualk). 11 « Bra mme news ' VHP). Regional Nows. UO 

C5J SnnwMc broadcast MWtay COTwcn «S’. 150 News. US a.m- Keys 050 Cohw_ Places. 750 News. 

8..8.S. a.m. As Radio i 752 
Edmunds. 9.08 Simon Bjiixi. 11 31 

Bun..,, M«« 1250 p.m. Newsbca. 6.K .Amenta. 950 KaJcdescope ISi matoof. 

too- 1850 The World Tonight. 1850 Week 
IS- -Imm. Radlo=.. 18.02 ii'T.'l.'Ml J*!®" ^. dln4 - ■ • „»JS My Delphi ullh 

Minoay booccn isi. News. LB P.m. ivevs. Ml COUU Places. 750 News. 

fS V' lja Camber Concert «S,. 755 The Archers. 7 JO Pick of the Week 
25T, 1 258 Royal Repertoire ,S>. 4.0ft -Ive'a iS' 858 I'naecnsiomed as I Am. . . . 
num.,, mcuump liao p. m . NcwsSS ^ s«igony js. j « W M* , M Any . Quiatlonsr 9J5 Loner from 
250 Toni’ Klackhnni, «51 Daw- (an: Travts iinri 

iS.. w. K ffie l 

I„h,. p„.. jy 00 . 12 . H-ireaiion. 7.30 Berlin Philharmonic Rotn-rt Rleity. 1LB0 A Book at Bedtime; 
' wmf Ms i^T£d 2^M0'V.m W ( rh “ rl , 1: < s '- ™e PUucM World Tonlghl. 1150 

Pad» 3. iMudma L» p^Tliood I isic^ P atb »-25 Beriin .TOJ- T<*ay in Parliament. 1150 News. 

;„K 10.00 mS 1 RadSJ muSbiS hannonlv On-hrow.. nar, soranw >SL For schools (VHP only) 9.20 a.m.-U00 
,n Kafl “-w-^05 a m- 4J5 -| Knock ai the Door." by Soao bo«i and 250-350 p.m. 

RAD/O _ 2 uooni and vhf "oan^.s BBC London 

(S) Stereophonic broadcast U5S News. 1150-1135 And TaditfU’s 208m and S4^ \T1F 

t.M a.m. \'.-us Summary. 0.92 R U y sa>uhcrt Sons. b.W *.m. An Radio 2. fcJO Rush Hour. 

V. Jure IS with Th-f Early Show, tn- "“Hj 3 VHF ■ H| y-4.9fr7.0B ami. and 9.90 Lobbj- 4 JO London Live. 1153 in 

. liuliDR 4.15 P.ure- Mr Thoualn. 752 5-«-7.30 o.m. ripen L-mvi-raiiy. . . Town. 1253 p m. Call In. 2.95 206 Show- 

T.-rn- Wu-un >s- including 1 ST Raring RADIO 4 S 03 ®- #JU Bonw Run - ‘- 18 London 

liull-iin and Pau-,c lor Thought. «•*_, •*•»»»_, mip Sporis Dtjk. 055 Good Fishing. 7 ,00 

1052 Jimmy Younc ‘S'. 12.15 p.m. 4-4"!. 330ni 23®ni UlU^Hf Look. Slot, Listen 750 In Town las 

WjRSonnri- Wall-. 1250 PWe Murray s . * *?, ‘■ 17 „Far m|, tf WJ7 ll.iH am.). 850 Black Londoners. D50 

iipi-u- Hous.. .S. -ncludina 155 Sports Up lo Iho Hour. LiJ fvif Fi Track. Rrard. 1250-dose As Radio 3. 

S?^JrajTSa.’’ 4 irar London Broadcasting 

rMm-rs" Wal* 4 . 4 S Si»r >5 peak 4 .Si Nows 8 JO MfcTiis** 2dm and 9r«5 VHF 

Xirk Pace . !nd udlfii?5^ S 0 M 6 D«k. iocIwUM newt boadlisn, £40 a.m. tforains Masla 440 A.U.: 

6.B Snorts Desk. 7.03 Sid Lai-rence and £»«■ H ’S' JSSSSu^' tr* 0 "' ,'l flews - 

— 1955 Local Time, information. 1858 Brian Bayes. 1.00 p.m. 

.Reports including George Calo's 
dm* CU1 050 After 8. +50 Night. 
150-S5d sum. SIight--Enra. 

SFA^.F^'SsS“SS2c P ®- ^ ,taI and 95.8 VHP 

N'l-a s. BW! _ VHF I except _Londua and-^SKr Dene's Breakfast 

r> * mn , icj— cuMif-riiO Rtgiwiftl Mem. UO The World il One. Show *Si. f.qo Michael A*pe) ( g>. 12.00 
RADIO 3 4Wm. Stereo & % Hr UO The Archers. U5 Won»nfc-0oor Dave Cash iS. 350 pjn. R aR er Scwi 
i Medium Wave aniy «nrom 3.j»i from Manchester, utlud^s '|Si. _ 7.00 London Todar- 7jg Adrian 

:455 a.m- w-aiher. 7.90 News. 7.05 Z50J52 New-s 12.8S Lisicu 'vid'dilioiltef. Love’s Open Line 1 S 1 «.90 Your jiniher 
> v.;n arc iS* 3 . do News S5S klominp 5 08 Sere 3.05 MU-moon TbeaB* '“*■ yiOmdnT Like It with Nii-y Home <Si. 
Imiwn «5i 9.00 N*"v* 955 This Week's <50 News.. 85S Llstrr Portrait* ■* 1 9 Mike AIN'i Lai* Shovi is>. 259 
.Mflipnvcr John Bui: *S‘ 95S BBC con ft*S 3ftiry Time. S.00 pm Reports- ' s - w Davidson's London Link ]*!«. 

«n Orchestra 1 S 1 . IflJS Young ArtiBO' Enquire Wltiun. *555. WeathaC »"»■ nauniiB] ISJ. 


C.C. — Thtte tl-tsUcs accent certain c 
cars by telephone or at the box ok 


COLISEUM. Credit cards- 01-240 5150. 
Reservations 01 -SAG 3151. 
Tonight A Thiirs next 7.50 Don Giovanni: 
Tomor. and Weo. iHtvt 7. DO Force Of 
Destiny; Tina. 7.30 Gala Performance. 
104 balcony «au always available dar, 
ot performance. 

ICtrMnclHrK crccHt cards 035 65031. 

Tonight a> Thur. 7.30 II Trovatore. Tomor. 
& Tins. 7.30 pjn Momeneo. 

Tomor. 2-00 pjn. 

La FBI* mi sartfee. Wed. 750 h-m- 

55 Ahw«r~ seats lor all ports, 
n 10 a.m. on day of perl. 

on salo from 

Aw. EC1 837 1572. Use perfs. 

Tonight and Tomor 7.30: Cniol Garden 1 
Mar 20 to April 1: PILO BOLUS Dance 



E ®b2 J ?f *•*•*"*-*■ 

01-835 7*111 
.0. SitA.~43J. 

Rl DAY— One Port, at 7 JO. 


OF . 1975. 1977 and .1978 1 . 

Sunday People. 


Opening March, 2 0. 



Pnm. Evenings B.0- Sat. 35 5 8.0. 

a.nG's ROAD THEATRE. .. . 352 7488. 
Mon. to Thur. S.Q- Frl ., Sat .- 7.50- 050. 

LONDON PALLADIUM- ■ 01-037 7373. 



and Special Guest Star 


BOOK NOW— Seats £2-56. 

LONDON PALLADIUM. CC. 01-437 7373 
FROM MAY 25 TO AUG. 19. 

01-437 2055. 

LYRIC THEATRE. CC. 01-437 3686. Em. 
B.O. Mats. Thun. 3. Safes. 5.0 and 8.30. 



John RMrittliJirtf ^tpan Dicncr w 

That legendary musical. Previews Evas, 
at 8 p.m. SaL 3.00 and B.OO- 
Openutg March 21. 


By WoH Mankowlu 
Patrick Connor and Michael Low 
Leonard Fenian. _ Patrick Dror 

Leonard Fenton. Pauick Drury. 
‘'Memorable." O. Tel. "OulatandiilB-" 
Gdn. 100 E in ton Rd. 01-380 1 394. £155. 

STRAND. CC. O1-03S ZS60. Evenings 8.00 ' 
Mat Thur*. 3.00. Sats. 5-30 and 8-30. 


ST. MARTIN'S. CC. 836 1443. E vs. 8.00. 
Mat Tiles. 2.45. Sat. A Good In, 5 U, 

* 26th YEAR 

TALK OF THE TOWN. CC +34 5*51. 
0.00 Dining -Dane Ira. 9.30 Super Revue 
and at 11 p.m. 


. From Monday Madeline bell 


indued yea: 



Sunday Time*. 


Eves. 7.30 Sat. sold outL 

by Nigel Willi* m» 

ALBERT- CC. 836 3878. Credlteard bgrt- 
836 1071 1 except SaL). Mon.. Tues.. Wad. 
ano Frl. 7ASrfhur. and Sat. 4 JO and 1 8. 

Extra Easter "mat- Wed. 22 March at 4.30. 

a iauci n a nT 1 r 


MAY PAIR. , CC. 629 30 

Mon. to Frl. BJ). SaL 5.30 and 
by Steve J, Spears. 

A comoesUonaBe. funny, fiercely eloquent 
niav." Gdn. "Hilarious." E.SM. “Wickedly 


amusing,'* E- News. 

- -Spell binding.*' Obs. 

*“ h 1?£.^?S?k « 


. Dally Mirror. 


! MERMAID. 248 7656. Rest. 248. 2835. 



Price Prow, from 22nd Mar. 1st NWt 
29th at 7 p.m. &*«. 8 O-m. Matt. 
Turn, 3.00. SaO- 5-00. A Rock Revue. 
The Rolling Stone* Story. 

ALDWYCH. CC 838 6404. Info. 836 S3 
No perts. until 4 April but PpSTi 


oerts. until * April nut PpSTAl 
BOOKING we open , lor new *£"6on 
Season of Shafcowwe 1 HENRY Y and 
HENRY VI. p lavs from Stratford. Bov 
omce open to -00 e.m. to t .00 ;.m. 
Personal Booking from 20 March. RSC's 
new WAREHOUSE season « the Don mar 
Theatre opens lo April. Book now In 
person or by past or Tel. <01-836 6006.1 

AMBASSADORS. 01-836 1171 

Evgs. 8.00- Mat. Toes. 3 . 0 a 

Tickets B, * as ^ 

wine. "This In without doubt the most 

■ ■I i i rwiOnnrv In I MhrtMl “* 

ertrsordlnBry untertalnment In London 
Evening News. Ends March is. 

VT ■■ ANYWAY? . 

■ I* 8 ?. 1 «*W- Fri. and Sat 3;1-5. 

_ Staji tickets £1.25 to £3.50. 
Combined Olnner-Theatre Ticket £6.50. 

THEATRE 928 22S2 

OLIVIER 9open atago): Ton*t 7.30 Tomor 


. Che khov tram by Michael Frayn. 
LYTTELTON _wrosceh[um ctagdl Tut 
T^S TJmor 2 and 7.45 THE GUAJtDS- 
MA H. fay M dinar tram by Frank Mareu* 
COTTSSUME <3 mall audrtortum>: Ton't 8 
UTvE wraw on blue 

PAPER Ay Arnold- WeNrer. 

Many owcUgnt cfieaii ^eiitt all 3 theatres 


-of pevf. Car . 
CredW card 

Rmtabramt 928 
bkgc. 928 .3032. 

OLD VIC. '• 92B 7617. 


Soring seuon to March 25. in 

1 TONY a. CLEOPATRA TodlV 7.30. 

APOLLO. 01-437 2663. Evgs. 8.00. 
Mata. Thors. 3.00. Sets. 5-00 and 8.00. 
V Actor of the year." E. Stavdardf 
"IS SUPERB." N. nf WortB. 


Set. 2.30 and 7.30. ALL FOR LOVE 
returns March 23. SAINT JOAN returns 
March 24. Sunday. March 26 at 7.30; 

with Barbara Jefford and John Turner. 

OPEN .SPACE. 0113 87 696 9. Tum i.-5un. 
8.0. Mat. Sat. J.Q. STEPS NOTES AND 
SQUEAKS. Beai|tn«nt. Qelgud 

. Kelly. Louther. Sleep. 



01-437 6834. 


Mon-ThPr.-Q.on. Frt-. Sat fidW and 8 AO. 



“Hilar «3 us ... see IL” Sunday Times. | fSSj ■■ i,** w 
Monday to Thursday 8.30. Friday and 1 t ** s ' “■ 

Saturday at 7.00 and 9.1 S. • — • 

CC 01-838 8611. 

3 0. Sets. 5-0 & 8.0. 


ASTORIA THEATRE. Charing Crow Road. 
01-734 4291. Nearest Tube Tottenham- 

The LenRe Bricusse Maskal 

~ ' " " by 

VAUDEVILLE. 836 9988. CC- Evaa. at 6. U.V Sill 1 S ?l l 
Mac Tdes. 2AS. Sats. *• - 4 ' 1 » 

.'oes. '2'4a.' sacs. A _ a«d 8-: 

Dinah SHERIDAN. _ DulCie GRAY 

Eleanor SU MM &R FIELD. James GROUT 


rtth another who- 

*' Re-enter Agatha wltK another 
dunnlt hit.. Agatha Christie is m 

... — Stalina 

__ t End yet a^aln with another 

of het fitodijhly mgemous murder 
myeterles-" FeHx Barker, tv. News 

ilia- Ik 

warehouse. Dohmar Theatre, _ ComM 
Garden. 836 6008 . Book 

now tor new 

RSCf season freni 10 April. .Strindbem’i 




in repertofrA Ade. Bkgs- Aldwyeh. AD 
seats El AO. 

WHITEHALL. 01-930 6692-7755. 

Evgs. 8-30. sat. 6.45 and 9.00. • •: 
Paul Raymond presents the Sensational 

Sex Revue qf^ttie^Cdntory 

Now iiyt on - Stage. Limited Swim. 
12-week season prior to World ■.1W- 


6JW and 10 . 00 . 

437 6Sia^ 

Twice Nightly _ . . 

OPEN SUNDAYS 6.00 add 8-00. 
PAUL RAYMOND pr esen ts 


'Takes lo onprecedentid Umits wtifit'hL. 
permissible on our- ■tapes.” Evg 

You may drink 
Auditor! um. 

... Evg. Nova- 
smoke In the' 

WYNDHAM'S. 536 3028. ^.Credit Card 
booking 635 1071 fe*. Sat). Mon.- 
TVmro. 5- Frt. and Sat. 5.95 mo fe3Q. 

VERY FUNNY." Evening News. 
Marry O'Malleys smash-hit Comedy 
“Sore (Ire comedy on sex and religion. 

Daily Telegraph: , 

' LAUGHTER.- Guardian. .i 

YOUNG VIC (mmr Old Vie}. 928 6363. 
Tonight 7 AS TWELFTH, NIGHT. .... 

Court Road. Mon. -Thur »_ 0.00 p.m. 

Friday and Sstnrrt^r 6.0o and 8.45. 

ear lunchtime and before or after show i 
able In advance. 

— bookabh. 


CAMBRIDGE CC 01-836 6056. Mon. to I 
Thursday 8-00. Friday^ Sat. 5-45. 8,30. 

"PULSATING MUSICAL 1 - Evening News. , 
Seal prices £2JM and 65. OQ 
Dinner and loo-price seat £8.25 Inc. < 

"SuccmaJul. suck. Entertaining." 0. Mall. , 

1. ■ 

PICCADILLY. 437 4506. Credrt card bkgs. 1 
836 1071. IWS. 8. Safes- 4 45 and 8.16. I 
- Wed. Mat, 3.00. 


Evg. Standard Award and 5WET Avraed 
Rayal Shakespeare Company In 
by Putur hNchotx 
(Not Suitable for Children) 


1 ABC t A 2 -Shaftesbury A-re. 836. 8861-' 

! Sen, parts. ALL SEATS BKBLE- 1. S«wV 
fear* CAJ. WK & Sun. 1.45. 5.00. 8.00- 
Uh show Sat. lUO (last E days). . 
2. The Bovs In Company c (X). Wk. A 
Sun. 2.00. 5.15. 8716. Late shew SaL 
11.15 (lut 6 days]. 

CAMDEN PLAZA lopp, Camden Tow* 

COMEDY. 01-930 2578. 

E T*ni99S_ a.O_._Thl»r. 3.0. Sat . S,30 B.30 

01-930 8581 * 
Monday to Friday at I on. ! 
Sat. 5-30 ard 8A5. Mat. Thurs 3.00. 1 

J5 24A3. Rotort Bresson's maV 
4.45. 5.50- 9.00. 


linifft .COURTENAY. Dermot WALSH ■ 



"Blackmail, armed robbero. doubt- Wu»* 
and murder. Times. "A good deal ol | 
fun." Evening News. 1 


□ally Telegraph. 

: ' In 

- -J LOVE my wife 
" NAUGHTY- but nice with a lot 
OF LAUGHS." News of the World. 

C LASSIC 1. _2. 5,_4 Oxford St ._ (Opoo- 


am court Rd. Tube). 536 0310- 

CRITERION. CC. 01-930 3216. 

Evenings B. Saw. S 30. 8.30. Thurs. 3-0. 

Impeccable . Sun. Times. 


d «URY LANE. CC. 01-836 BIOS. Every 
Night 6.00. Matinee Wed. and Sat. 3.00. 

A rare. devUtaUng. lavoua. astanlchlne 

QUEEN'S THEATRE. CC. 01-734 71 06, 
Evenings 8.0. Sets 5-0 and- 8.30. 
Variety Club of GB Award 
A New. Play by ALAN BENNETT 

1. ABBA THE MOVtE <UI. Stereophonic. 
Sound. Props. 1.30. 3.50. 6.10. BJSO. 
Late Show 10.50 P.m. 

a. THE HIDING PLACE IA). Sep. peril;-:. 
2-00. 5.00. 8.00. Late Show 1+ »-m Al . 

Prooi. 3 JO. 5.05. 7 BO. 10.45 PJ"- 

*• LAST 2 davsl HOLOCAUST 2800 IX). 
£™g*. UO, SvCQ. 1.05. Ejs. Late slww 
1 0.50 mm. From Sun. SriMer-mao (U). 
You Light «P my Llfg (A). 

Play tad Ptrrerc London Critics award 

^ ffli? u T 5 !mS v<,a *- “ onJ,h i"» i JwmoS5Tm™ai«. CC. 01 -7« A 55T 
,^7:— ■; At 7 pm.,9 o.m..1 ip.m. fOpen Stms.5 

«« a S, **?5r , M A n - *o Thurs. 

Z and 9 00 

^ he w - 

DUKE OF YORK'S. '01-836 Si 22 

evgs. 8.00. Mat. Wed. and Sat. at 3.D0. 
In Jullw^_M^mlYS 

Brilliantly wtttv , . no One fthaulci 

1 * rol ° H 2f ,wn fDrlm 4J Instant 
credit card reservations. Dinner and top 
nrke seat £7.00. 

PAUL R AYMO ND presents 

Fully Ajr Conditioned. You may 
drink and smoke in the auditorium. 


FORTUNE. 836 2238. Evgs. B. Thurs. 3. 
...SfiUrdUYS 5 00 and 8.00. 
Third Great Year 

10U6E, 267 3564. ToB'l and 
.fonrnr 8. Liit perfs. 

with James- AUBREY and Don WARRING- 
TON In . "A red hot uroductlon." Gdn. 
by David Rant 

"One or the three beat plays In London 
. ■ ■ awesome ■ strength .*■ ova. 

GARRICK THEATRE. : 41-836 4601 

E*s. 8.0. vved. Mat 3.0 Spl 5.15 8 so 
In the 

..-—“O-'TWICE. S.- Marley. Punch. 


ROUND-HOUSE. 267 2564. 'rev. Tue. 
al 8. Opens Wed. at 7 Suhs. Eves. 8. 
. No perta. 24 March. 

present the LandiM atremlere at 

ROYAL COURT. 730 1745, 

Evfis. 8. Sal. 5 and 8.30. 



M*de »i irei glad to be J" 11 ” D- lao. 

See also- Theatre Upstart 

GLOBE.CC 01-437 1592. Evenings BO. 


D0 ”' a °si£iij ,t asss , s oNs * 15 


Y’s One pJay. Rarely nave 


* nortectly cast . 

Directed by HAROLD PINTER. 


C ££f£* WI *i , .I HE AT RI1 ' 01-858 7755 i 
Eror.lnei, 7 30, Mat- Sau. 230. DON ; 
JUAN . A Comedy ov*. "| roc am- 1 
mCT d It wirmly,** f. Times I 

ROYALTY. CC. 01-40B 8004 

Mondav-Tbiirtdav Evenings 8 0. Friday 
5Jg and BAS. ■ Saturdays 3.0 and 8.0. 
. London’s evttirs vote 
Sect Mdticaf of 1977 
BgaVlrm arcemed_ Milcr credit csrdi. 
E**t*r Perfe. Gbod Friday 8.45. 
Bank Monday Monday 8 0. 

Curton Street. W.l. 499 3727- 
£A*»?N MON AFFAIRE ,KI (EnoHsh / 
gh-dde a.^ " a- spawdlng New French* 
4ne»e By YWJ . 

- ? Ewtcsl. Prags. at 1J50 ■ 

(not SunJ. 3.35, 6-10. 8.30. 

" I - ■ 


CA TE TY VO CINEMA. 837* 11T7-B402. , 
(Formerly E.M 1 I nternatloaali ' Run fed 

Sguaro Tone, dgrek Jarman'S Juburo - 
« n *-t P * rfs - 1-00 3.W. 9.00.’ 7-00. • 

9-I0- H»roW and Magda (AM. IMS. • 

THEATRE *950 : 
*TJ» wan;., other ftare. TOMORROW 
(X). Sep. proas, Mon-Sat. 
Lgg- * SO. 8 IQ. Sun. 3.49. 7.45 Late ; 
ahpw Fn. and Sat. 1 1 J+S. Seats bfcble. lor 
• , Pre *' Mon.-Fri. and all pfOBS. Sat. ;• 
and -Sun. except lattr shows 

MAYMARKET ISM 2738-2771). ' 
rM '. SM . Rodorere in Fred 

61m JULIA fAl: sen. proos- 
2 no a o8r. S . 4H 8 45 ' Ffaluro Dlv. 2.45. - 
S-CO. Iate show Frt. and Sat P»ok ; 

wBSn** pm - F * a4ure 1200 - M : 

SSn 1 JENCOtrnrrERS of the third 
fflAn .'ii- "W. Ply Doors OP#" • 

SojiA 1.05 4.1 6- ■■ T-4S^ Late * 
I 0 ” - j?®* 1 *" Thurs.. Frts. and Sau. 
Doori^aaen 11 .18 p.m. AH yean ma# M 
Moaed except lo.oo.ajn. shows. 

0 5SS5*„K*S BL * ARCH (723 2011-21. 

ply. _ 1 _. 30 . 

SThR WARS fUJ Doors orv-n — ... . 

mf&ii t- 5 0 ' jri 1 * -Frt. ondSat-IS-W 

iso , 

01-930 9032. Eros. 8.00. 
MR. W*di. 2 SO. Sait. 4.30 and s o. 
Eaiter Perts. Gnnd'Fri Eaner Moo 8 . 0 . 



Ingrid Bergman makes- the stare 
redirte — unassailable Charisma." O Mail, 
n«endy Hiller u suparb.'* S, Mirror- 

Savoy. • . - _ oi-ess mbb. 

Nightly at 8.M. . Mat W»d. 2.30 . — - 

Patrick Cargill *** tony anholt i pr,ncc “iSiS* Leir L So- 


The«-World Fxmaut Thriller 

" hay 'a we*a*it of intrigue." - 
. . "CargUI, it- thriMMwh ri*d s,ttcrW 

- .ortKefrinn^r.-' Gd«. 


+27 81*1- 

e - - _ SVrtIPT AWAY W ■ . 

S«. Perfs. ON fjre. Suu.i J4S.-8-1S. 7. 

seats Bookable. . Licensed Bar- 

I SCENE *. Lote. So. . iwardouy -SU.- 4» 


•• AGAIN ’UJ. sun-.Thure. 1 38- S.K.- 9.3S. J 

_ ... • Frl. and Sat.- 12.aa . 4 4S * 45 ' tzjj. ' 

r'BIgnd .of fro**,, ^9»mroiw«h!.. and WE RpURN .OF- TOE SriNK-pAHTWriW ' 
disg!l I J*i . Time*_ J ml. Son. -Thur -3 ’a. 7 so. Fn. and 

I 5at Z.M- 6-40 10 40, 

Evg*- 61 Id £4 

Mats £t to £3. 


K ■ 



r iti 


tew Theatre, Cardiff 




Out of this world 


Irr "— ■ , , . — , . ■ Drtyfuss is sent out one night lo 

' cl J* e E J* ou,Uer5 of Third investigate a possible trouble 
i Kind 1*7 * _ . , . _ source. He loses his way on a 

j • Odeon Leicester Square i 0 nely road, and moments later 

' 19M (X) finds his car surrounded by 

■ Part 1 opening at CJassjc 1. blinding lights and the whir of 
j Oxford Street, on March 23; machinery. A UFO is hovering 
J Part ? at Classic i on March 30' oVe r him carrying out a 
j Adoption ICA surveillance. . . . 

| The Experieneer . ICA For those fearing ^ I am 

„ . . « . about to divulge more of the 

“Je ne sals pas. mais cest swry than they- wish to know, 

beau "says toe character played l sba51 cnd TOy plQl mmxt y 

iere - ^ ellffbaiSina eltmente 

-,wbat is going on in the last 0 j close Encounters should be 
I sequence of Close Encounters of keot illtaCL and ^Z i; 

! the Third Kind. My sentiments SpSlte^suS? faVSlwi- 
exactly. Tta mjiwitt or the each^apter " leads you on 
P* through the familiar teihtin of 

1 te,ihSlv ri5S S fihn art rS^i^n the ■ Invadervfrom-Space movie 
I Spielbergs new nun are resplen- un «i the director suddenly 

idem and unforgettable. Flying JJgJkJ Uie s^Simsia around 
saucers have been out of fashion Ef “Stats toe "SSr T? /differ 
,n J°IS rw ? #- during the ent direction. Tbe climax is a 

! goers, wher^they thinktf UFOs. jJJJgJk ‘Jo^fo^arve^aL ud 

^“ih?& ni0 n ^ aS 8 of P th°e 
which emerged in the 1950s the gjm's endT ° f 

nS’rni'ilihw WivrW nut But 41,6 P* ea sure of the movie 
Thing from Another World. But *)„* njihnush if 1nnb« its r-nct 


S£ SSL aS spietber?s UFOs jgAjSfSK £ito1n?3rS 
come out of the sky shiny and ??f!!S v ( r !l?S k 

Anne Evans* and Pauline Tinsley [wonder?. b ?te fllm^*n h eSr£ ■ g™ 1 * 11 * “pH*® ^Iver from 

it 1 f 5? e Buufcs . or painted deforma- Porgy and Bess) has a VDice and ispietoerg ^^onh^wro^and llhi P. , ? P ?“ s ^» e *t “ Ughtfooted 

it enough. Blood-stained, tions on the characters’ faces — manner absolutely apt fori directed it. he advised on the aD<1 w,tt - v and satirical. The 
gantic, grotesque, the Welsh an these seem to me entirely Orestes. Debris Brown sings Kly-1 trick photography and he created country road from which many 

— „ 1 Hofmannsthal told ft and Evans); wears such a deforma- as the first address to Elektra) J But back to the plot. Francois sional, dream-likc. The mother- 

deliberately brutal range of tl’ori. since she assents to the has proved so dramatic in inter-; Truffaut plays a French scientist ship of the UFOs, by contrast, is 

crauss’s sound. Rightly, the corruption, round her. . The face pretatious such as Regina Res- ' investigating a sudden rash of’ » vast pachyderm of a machine, 

■era is given is English. Only of Elektra, who preserves her nik’s. John Mitchinson walks on 1 messages being beamed to the baroque and hilarious, a sort of 

the language of the audience humanity, is untouched. The as Aegisthus as if he were asking Earth from outer space. Wc unidentified Flying Hilton. And 

>uld such a work in such a drama is heightened by being when the next bus goes. The first discover him in Mexico, the best sly joke of all is the 

M||^aging take its effect But played in an expanded stage large supporting cast, with many 1 where he and bis crew are visual gag with which' Spielberg 

a4 ‘ this •- point the space, stretching hack, to the familiar Welsh National Opera .puzzled by the sudden stages T)revfuss*s first encounter 

LI IJ fffigtency ..arises: the words are theatre’s whitewashed brick wait names, performs with exceptional; appearance in the desert of a with a UFO. Drevfuss sees two 

sufficiently, intelligible. and upwards to include., the resource under Richard Arm-ifl ee t 0 f World. War Two aero- lights shining through the rear 

^uline Tinsley’s lack .. in - this narrow walk-way above-* the strong's baton. planes; pilot-less but tanked up window of his van. He signals 

-spect is as central to the whole normal level of lights. Although Strauss’s reduced I and fully operational. Have they them to pass, thinking they 

on the positive side, her Harry Kupfer, the East orchestration was used, it was 'been planted there by alien belong to another car; hut slowly 

, i flagging strength of voice and German producer,. - and bis Mr. Armstrong's remarkable ; beings as an invitation to contact, the lights rise up into the air . 

• r physical characterisation of designer Wilfried Wens' have achievement lo keep tbe volume I or as some clue to a coming 
' ® tltlejole. ' done for Elektra what ought sufficiently low for the voices j epiphany? Truffaut pursues his 

Blood first confronts the audi- to be done. (There , Is nothing to be clearly heard. f From i enquiries to India, where he re- Bernardo Bertolucci's 1900 was 
... ice on the drop curtain in the so gratuitous as happens in mid-stalls, anyway.) The orches- ceives the message “It is come" unveiled at Cannes two years 
•d letters of Elektra’s name, the English National Opera tral sound itself was of impres- from a group oF Hindu peasants ago and proved the anti-climax 
ie "raid® — the first characters- production of Salome — sively high standard. But my on a hillside. “From where?” of the festival. It reached the 
> "' appear — wear blood-spattered Salome's death supposedly guess is that, with Mr. Armstrong asks Truffaut. A forest of bands London Film Festival last 

irons, their daily routine the from self-induced “ ' orgasm insisting on correct notes and point lo the sky. November, after long delay, and 

earing-up of the remains of instead of ■ from Herod’s Mr. Kupfer underlining gesture Back in America. UFO sight- now it opens in the West End. 
‘ Jman and animal slaughter. A soldiers.) Mr. Kupfer* has and movement, no one nagged at ings are coinciding with sudden, you must go and make up your 
ctim is stabbed to death just further coached Pauline the singers about their diction — widespread electrical blackouts, own minds whether Bertolucci’s 
'fore Klytemnestra’s entrance. Tinsley to a remarkable visual perhaps dot even Anthony Hose Indiana power worker Richard magnum opus about the growLh 
Contrary to advance publicity, portrayal -which . combines of- the company’s • music staff. . 

' r ’ J is an anonymous victim and fierce determination * with ' a whose new and generally. 

■ it the Fifth Maid, a vocal submissive piety — as when she admirable translation was used. CatflAr’c ti/ a |l e Thaafra 

-laracter for whose death the fails to embrace the feet -of the 1 doubt if Miss Tinsley herself ^“Oier S «iei<5 I neaire 

■itnposer would have made statue. Elektra’s end Is seen realises that her pronunciation 

usical provision.) Almost tbe socially, avoiding that galumph- of “true" and “man," for | ; ^ ^ T 

r ening’s final sight is of ing solo “waltz of; -death" instance, can get quite distorted r"1 [|1 Wf|f. J r* I 

restes emerging from the which so often brings, an' un- under musical pressure. Willard L/1VJ V/ v*y -A 

-dace after slaying his mother intended banality . or even White’s diction was excellent: . 

• 7 id her paramour: not only his comedy to the opera's hardly anyone else’s. By the T plV/TP VT T PD TCP 

'•_.;inds but his arms are bloody moments. time the opera is toured to HLvi v. i\ I j i 

.... he raises them in ritual Anne Evans makes an appeal- Birmingham. Bristol, and Oxford nf ^ „ aur 

luution- . Ing Chrvsothemis oF sweet vet an enormous improvement in T ^ des 111 slDW, >. s iov. 1 y, 

Tbe blood, the decaying statue strong voice, and Willard White this respect i« needed if the London ^ which were featured m Nadine Bayliss set of three 

■ “ .'Agamemnon (towering 22 feet (tbe Jamaican bass-baritone best point of opera-in-Englisb is not „ e „ e f rl i er ? a “. 01 “ e y, . . y pendant drops (white, beige.- 

Sh at the front of the stage), known for Maazel’s recanting of to be entirely lost gSri^a^l^ tireleS^and’to paIe S”* 01 aIters position. And 

• . no avail; the other— Episode I— Episode^ f ™ ai:es . £ ens .?- 

it,' John’s. Smith Snua^e * • - . . : ! ; v v is succinct 'an “epigjnufimabc cSnrioF pay the same com- 

9 , -I*.*. • duet which makes its point with- pllmeirt to' Sara Sugihara’s 

, • out fuss. It is. the creation of Sleeping Birds, which finds 

T7 / vt| rt T) T . T ^ „ T ^ Jaap Flier, several of whose some members, of the Rambert 

sit I — liPTl M bv RONALD CRICHTON works we have seen with Neder- troupe standing on one leg like 

A. CWLlCC XJVl WJ * lands Dans 'Hieater. somnolent storks, while their 

• It was danced on Wednesday colleagues scamper - and dash. 

of socialism in Italy, as portrayed 
through the lives of two young 
men (a peasant and a landowner) 
both bom on the same farm on 
the same day in 1900. is the mas- 
terpiece that its cost, its length 
and its ambitions would have 
you believe, or merely a piece 
of mellifluous barnstorming — the 
cinema's answer to grand opera 
or Victorian melodrama? 

To my mind, the latter. “ Verdi 

is dead ** cries a peasant running 

through the nocturnal country- 
side In an early scene, and for 
much of the ensuing film 
Bertolucci seems concerned 
with reverencing or resurrect- 
ing the shade Of Italian 
opera's greatest genius. He 
sprinkles the soundtrack with 
Verdi themes, he has the charac- 
ters singing snatches of Verdi 
arias and be even gives us a 
hunchback servant called 

Verdi was the most beloved and 
the most nationalistic of Italy's 
artists, and I suspect that 
Bertolucci has the same all- 
conquering passion for his 
country and the same tendency to 
regard its (supposed! enemies as 
black-hearted villains and its 
(supposed) friends as whiter- 
(ban-while heroes. The first is 
represented here by Donald 
Sutherland, farm foreman turned 
Fascist black-shirt, the second by 
Gerard Depardieu, peasant leader 
and proto-Comwimist. Between 
the two stands Robert De Niro 
as tbe young landowner (born on 
tbe same day as Depardieu i on 
whose farm these polar enemies 
live, and who never quite makes 
up his mind to which he should 
pledge bis support. 

The film begins with (he 
birth of the characters later 
played full-grown by De Niro 
and Depardieu, and with the 
respective grand fatherly joys of 
landowner Burt Lancaster and 
peasant worker Sterling Hayden. 
Already, even under the shim- 

mering fin-dc-wecle sun of 1900, 
the farm-hands are restless. They 
will not drink the champagne 
Lancaster offers- them as a toast 
to his grandchild. For what is 
the child to them but the 
padnme of the future? The 
years pass; the kindly Lancaster 
dies: his son. a moustachioed 
martinet (Romolo Vulli), 
alienates the workers still 
further: tbe fascisric Sutherland 
is hired as foreman; then De 
Niro inherits the farm on his 
father’s death, and finds himself 
caught in the crossfire of a 
nationwide civil conflict, writ 
small on his own estate, between 
the proletariat and the Fascists. 

So. after a 75-minute prologue, 
the main body of the film begins. 
Bertolucci has cut over an hour 
from the version seen at Cannes, 
so that the present running 
length is a “mere” four hours. 

It is an indication of how much 
spare there must have been in 
the original that I cannot 
remember a single lost scene. 
The main bones of the plot are 
preserved here — De Niro's 
marriage to giddy socialite 
Dominique Sanda. Depardieu's 

Book Reviews are 
on Page 11 

affair with ^cboolmarm anil 
socialist Stefania Sandrclli, the 
scries of atrocities committed by 
Sutherland (front sodoiuising 
and killing a joung boy to impal- 
ing a landowner's widow on her 
own railings) in the hope of 
“ framing " the CoinmuniMs — 
and so is most of the flesh. The 
story is wrapped in sumptuous 
photography ( by Vittorio 
Storaro), lush tnusie (by Ennio 
Morricone) and picturesque, sun- 
warmed settings. 

The film has bones and flesh. 
It even has, in il.s sentimental- 
patriotic way. a heart. What it 

does not have is a m:nd. By so 
exaggeratedly polarising the an- 
tithesis between Fascism and 
Communism, Bertolucci produces 
a film with all the political sub- 
tlety of a Christinas pantomime. 
The audience is required all but 
to hiss whenever Sutherland 
snarls his way on to the screen, 
and all but lo swoon whenever 
Depardieu (complete in one 
scene with white charger and 
damsel-in -distress) comes to the 
rescue of any downtrodden 
minority. De Niro gives by far 
the most telling performance in 
by far tbe most complex and 
equivocal part. But oven be can 
do nothing with the madcap-l’Ds 
scenes he is required to enjoy 
with Dominique Sanda — a Zelda 
Fitzgerald of the Po Valley — or 
the precipitous decline of the 
film's last half-hour in:o a flag- 
waving paean to Communism. 
The film is like Gone With The 
tt’ind with Marxist pretensions; 
a rude hunk of melodrama gift* 
wrapped in Radical Kitsch. 


A brief recommendation for 
two films to be spen next week 
at the ICA. Marta Meszaros's 
Adoption is a tender, buautifullv- 
arted Hungarian film about the 
friendship between a middle- 
aged widow and the young =irl 
from a remand home whom she 
wants to adopt. The cinema has 
given us no finer study of the 
contrasting attitudes to love — 
the contrasting hopes, fears and 
ideals — held by different genera- 

Also showing at the ICA, fnr 
one evening only next Wednes- 
day. is Michael Kohler's complex 
but spectacular!* -filmed journev 
of the mind The Experieneer. 
which 1 wrote about when it 
appeared at the London Film 
Festival. The film will he 
followed by a discussion with 
(he di red or. in which the chair 
will he taken by your humble 
film critic. 

it. John’s, Smith Square 



As originally announced, the by Falla in, black and white are in place in this music b‘ut.| n 4>bt by Lucy Burge and Zoltan maddened by the lyricism of 
>rio concert given on Wednes- came out suddenly in bright are not what matters most — for > Imre, both artists of strong pre- the whole enterprise; It is a 
iy by the Orchestra of .St. hues. in . the beautiful the slower songs a good, legato sence, and they found exactly worn whose logic escaped me*— 
•hn's under John Lubbock con- “ Asturiana ” Berio has seized is essential. On Wednesday Miss the right manner for its. still- entirely, Mucn energy is expanded 
uteri of known works including on the lamenting counter- Walker,- at the end of a taxing ness, its carefully calculated by the dancers, in a style that 
iburinfus II. Folk Songs and melody that crosses - and re- evening for which there cannot understatement. Each gesture, looks coarse and unpolished; 
ies of London. Later adver- crosses the broken octave figure, have been an ideal amount of eac h pose in this contemplative sections of the Brahms's horn . 

« ^ j j i* n »■ *s _ H me/la tTTfl ATP c/amniPrf tAifotVar ir i 

./ J 

A scene from *1900' 

stidious piano writing? period. In Street Cries Swingle I! were sustaining of mood, my atten- t* 1 ® entire piece. 

Nothing of the sort What Sarah Walker can supply the equally brilliant on their own tion was gripped. The epony- fortunately the programme 
»rio has made is a straight dark colour and the rasp that ground. mous score, by Alan Posselt, included a revival of 

chestration of the songs for * on ^? » . Ml ? rnce 5 Smiling 


ithy Berberian. who. being III, . „ 

is replaced for this world pre- Elizabeth Hall 
iere by the ever-stylish Sarah 
alker. He has used the same 'T\ 

chesrra as Falla did for El 

mr brujo,. minus the piano JL \ 

rich the Spanish master em- 

oyed in that score (and in Wlirra , 



Norman Morrice’s Smiling 
Immortal. As in certain of his 
recent works — Isolde. The Sea 
tVhuspered Me — l find the deeply 
personal imagery Morrice adopts 
is no help to comprehension of 
a theme. But this hermetic 
quality is far outweighed by the 
imaginative intensity of 

hire* wia r»Sr»iTvt T * ie * jest ° f Murray Peiahla'* ; There were fine things in both place of fire, and even, in the vr or rice's choreosrashv Thpre ic 

Mozart concerto performances of Perahia’s performances of the last movement of K595. a sense "metSngvery 0 ^ gripping in Sals 
•rberian wanted the suoerbly with the English Chamber two Mown piano concertos K414 of haste in place of unrelenting Sew of an aiSa™ rll of The 
™ r . 3 " Jnd ratiSrine ^lanJ Orchestra, live and on disc, have and K595-but little of radiance, speed. I hero-victim wB to the 

rffn rph es fra ted U (th e existing been memorable for their fresh- On thisevening, the manner was I pay Perahia the compliment 5brme of tbeim placable 

rsion Tv Ernesto Halffter has ness aTld buoyancy, their fine oddly, unstable, a Ihtle manic, h*™ his ovra^ tabest g0( jdess, The myth exists both 

7 made nmS hiaXay) is shading and u suppleness of- tending lo extremes - and f re- MJ; a good and e^mentiy ^ narrative ^ parab t e . and 
other question. But Berio, in texture, and above all for rhei.r quently cut. ^ dyoamies above enjoyaWe concert, but oj* ^ teness Qf Morr}ee . s 

i different way almost as fas- insistent rhythmic energy. There mezzo-forte, with a most un- SJere Sd^en not a chmd. but ^sion. the strength of Jonathan 
lions a writer as Falla, has were all of these J* a hght haze over tbe evening Harvey s score and of John 

-ought them with imagination,, evidence at his. concert with the a fast, jabbing key -descent t b at froxn (^ e start, with a perform- MacFarlanes set all combine in 
in path v and total respect. ECO on Wednesday evening: and forced through, and frequently anCB of Haydn * s F m inor sym- a timeless view of V6nns toute 
Score and recording are badlv only one vital ingredient missing, soured, the tone. The quiet phonv >j 0 . 49 directed from the entiere d sa proie attaches. Tbe 
eded. Such a meeting of an indefinable catalyst which music was, as ever, impeccably firsl * desk by the SCO’s leader piece is reverberant haunting: 
jlinsuished and individual makes something precious of a turned; sweet pathos, pearly jose-Luis Garcia that never it is well danced by its cast: ft 

isical minds is worth study- performance that otherwise may clarity of line. Bui there was an actually put a foot .wrong, but is Ballet Rambert doing what it 

„ At a first hearing some be no more than very good — gilt, unrest in the playing which just failed, in the most capable does best — stimulating tts 
licallv Spanish figuration .left to gold. . ' blurred its focus; aggression in and genial fashion, to Lake wing, audience. 



Telex: Editorial 886341/2. 883897 Advertisements: 8S5933 Telegrams: FTnantime. London PS4 

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Copies R nbiaSahIe from newragento and ********* 

v from Subscription Department, Financial Times. London. 

The nnly question raised by 
C. P. Taylor in his new play 
about well-heeled Carol thrash- 
ing her way dear of a heroin 
clinic is. 1 am afraid. “ So 
what? " Struggling to emerge 
from a text that has five lines 
of flab for every one of value 
or information is a point about 
a middle-class junkie placing 
her immediate problem against 
a background . of ancestral 
colonial exploitation. But the 
juxtaposition of private angst 
and inherited guilt never fires 
on a dramatic cylinder compar- 
able to that in a piece such a$- 
David Hare’s. Knuckle. 

The problem is that Carol's 
view Of her own dilemma is never 
explored in vivid terms, merely 
mulled over in a structure that is 
tediously bound to a therapy ses- 
sion occupied by herself and a 
couple of comical do-gooders. In 
the end. she escapes to a rural 
retreat with Peter, a soul-brother 
from the academic life who is as 
likely to cultivate her disturbed 
consciousness about starvation in 
Bistre as destroy it- All that 

characterises Carol is a furious 
way with four-letter words, 
whereas what we really want to 
hear about is' how she utilises 
those responses to useless im- 
perial qenes- inside of her. 

Roland Rees’s production for 
the touring company, Foco Novo, 
is slick, hard and reasonably fast, 
but it never manages to conceal 
the fatal flaw in a play that prods 
around a potentially interesting 
topic. As Carol, Mary Maddox re- 
sorts to running, her .right band 
through a mass of cur|y locks 
when all else (as it inevitably 
does) grinds to a halt In tbe final 
scene she nearly went on about 
“the falling of feeling"' instead 
of -the feeling of falling” 
and, to be truthful,, either line 
would have served. It was that 
■kind of silly, liberal, navet-con- 
templating evening. There is 
nice incidental work ' from 
Anthony Milner as a slim, walk- 
ing clip-board in the clinic, ami 
from Anne Godley as a mother 
figure t° whom sex is more im- 
portant than anyone else sup- 

Drambuie has been 
enjoyed for two centuries 
and more. Its unique 
Scottish flavour 
makes it a favourite 



The Draznbuie Liqueur Company Ltd. Edinburgh. Scotland. 



Telegrams; Flmntimo, London PS4. Telex; 886341/4, 883897 
Telephone: 01-248 8000 

Friday March 17 197S 

Rising more 

THE ELIGIBLE liabilities of been so stable if the authorities 
the banking system are com- had concentrated their atten- 
monly used as an advance tion on control ling this 
indicator of the latest move- measure of the money supply, 
merit in the money supply. He was against producing 
especially when the markets a fresh M2 series, mainly 
suspect that it is rising too fast, because it would impose a still 
But the indication may be mis- greater statistical burden on 
leading. The figure published the banking system. And he 
ten days ago, in particular, was argued that M3 had certain 
expected to be artificially statistical and analytical advan- 
swollen by the Tact that the tages which made it the most 
banks were reshuffling their suitable for fixing targets of 
liabilities in such a way as to short-term monetary growth, 
give themselves a higher start- Thai is not to say, of course, 
ins-base, were the authorities that other measures may not be 
to reimpose the “corset" on the better for other purposes or 
growth of their deposits. that monetary policy should not 

But the rise in eligible take some account of all the 
liabilities turned out to be factors involved. Ml, for 
markedly smaller than in the instance, has risen very rapidly 
previous month, when the this financial year, 
money supply had risen un- M . 
comfortably fast. If window- New target 
dressing by the banks had But the rapid growth of Ml, 
taken place, therefore — that according to die Bank’s latest 
now turns out to be the case— Bulletin. was largely due to 
the rise in the money supply f be f a n j n interest rates earlier 
was likely to be much more in the year and should 
moderate and reassuring. And it decelerate sharply as th* 
is. Although the cumulative rise greater stability of rates makes 
in Sterling M3 over the first ten itself feu. The slower rise in the 
months of the financial year is latest banking month may he 
an annual rate of 14J per cent., the first sign of this. As for M3, 
still outside the official target although the rise for the finan- 
range of 9-13 per cent., the rise eial year as a whole may ex- 
on the month has dropped from ceed the guidelines laid down 
3.3to just over l per cent. The l2 months before— largely be- 
latest nse in MI, the narrower cause of monetary inflows from 
measure of the money supply, is abroad— the monthly rate of 
also back to just over 1 per cent, increase is now back on target. 

Alternatives 11 seems unllke ly. therefore, 

rutermnnes that (he wll , a „ 

There has been an increasing out to bring the total rise in 
amount of discussion recently M3 for the year down to 13 per 
about the adequacy of M3 as a cent., if . this involves pressing 
measure and about the deslr- stock on an unwilling market 
ability of putting more emphasis and producing a sharp rise in 
on Ml or even introducing a interest rates. It would need 
completely new measure. The to do this only If the genuine 
Governor aE the Bank touched ness of its commitment 
on this. subject at some length monetary restraint were 
in his Mais lecture. He admitted doubt — and, though there may 
that Ml and M3 had followed sometimes be questions asked 
quite different paths over the about its way of carrying out 
past few years, that M3 was this commitment, and though 
liable to be disturbed by factors Mr. Healey may be less of a 
quite independent of action by monetarist than some of his 
the monetary authorities, and Tory opponents, the markets 
that the relationship between will probably be satisfied with 
Ml and the movement of the fact that growth is now 
income and interest rates has around the target rate. The 
beep much closer and more next practical question will be 
stable over the past 15 years the size of the new target to be 
than that of M3. announced in the Budget 

On the other hand, he speech— «qd how greater flexi- 
suspected that the Ml-incomes billty is to be operated in 
relationship might not have practice. 

Compensating for 

IN BRITAIN, as in other opinion which, though a sub- 
countries, social security stantlal measure of agreement 
provisions have been pro- was reached on the main issues, 
gressively replacing common is reflected in the pumber of 
law actions for tort and private reservations on particular 
provision, such as accident in- points. But its report, which 
su ranee and charitable funds, as comes in three lengthy volumes, 
the primary source of compensa- should help to stimulate and in- 
tion for personal injury or death form a wider measure of public 
sustained as the result of an ac- debate than the subject has 
cident. The move away from hitherto aroused, 
lort towards some form of “no- The need for debate is 
fault" provision began with graphically brought out by- 
work-place injuries in Bismark's some of the statistics the ccm- 
Germany and has since spread mission compiled showing the 
to motor vehicle, medical and many gaps and overlaps in the 
a variety of other accidents or present dual approach, of the 
diseases, including those caused 3m. personal injuries susuinet, 
by defective products and ante- each year, almost" half are not 
natal injury. compensated at all, inclining 

In this country, the two sys- over 90 per cent, of the 1.3m 
terns have been developing in suffered by the non-workm" 
almost total isolation from each population. Of those® 
other, with little regard for some form of compensation, 
their relative strengths and de- more 'than half receive pay- 
ficiencies. State benefits have ments from more than one 
yet to be extended to all forms s °ur c e while 2 per cent, re- 
of disability, the complexities ceive money from four or mure 
and inconsistencies of the sys- sources typically^ occupational 
tem make it difficult to com- SIC ^ pay. social seruritv 
prehend. and the level of bene- benefits, private insurance, and 
fits inadequately compensates a tort awan *- 
for loss of earnings, while the 
tort system, particularly in its ouiuncc 
application to road accidents, is Those who want to see the 
costly, cumbersome, prone to tort system wither away do so 
delay, and capricious in its because is discriminates be- 
□peration. tween the injured according to 

the causation of their accident- 
Worth while However, as the commission 

n „„„„ n • ■ observes, the right to sue roust 

- ^ Commission on be retained so , state 

cml liability and compensation prorili i on fai i s t0 alI 

for personal injury Mas set up f orms 0 f disability and the level 
just over five years ago in the of ben eflts are insufficient to 
aftermath of the Jhahdom de compensate for full loss of 
tragedy and the Robens report earnings. To deal with the most 
on safety and health at work urgent problems. it suggests a 
(which had been critical of the no .f a uIt schfne for motor 
effect of employee-employer vehicle injuries, a new benefit 
tort litigation on industrial f 0r severely handicapped chil- 
safety). The time the commis- dren, improvements in the 
sion has been taken appears to existing no-fault provision for 
have been well worth while. In work-place injuries, and im- 
spite of the limitations of its provetnents in the operation of 
terms of reference — which ex- the tort system, 
eluded it from considering, Eve n those relatively limited 
among other matters, accidents reforms involve many knotty 
in the home— it has produced questions— should the financing 
an exceedingly thorough and 0 f road and work accident com- 
dcarly written analysis of the pensation be shared equally by 
many complex issues involved road users and employers or 
as well as a useful detailed ac- according to the spread of risks, 
count of the differing system* and how should tort swards be 
adopted elsewhere. inflation-proofed. But the effect 

The thrust of its recouimen- would be to shift the emphasis 
da lions is unlikely to please further away from lort towards 
those who favour a rapid move soda! security and provide a 
towards a comprehensive state better balance in the overall 
system of accident compcusa distribution of compensation 
tion. The commission was it- for a relatively small net in* 
self riven by three schools of crease id cosl • 

hkanoal totes habch mm 

Viewed from abroad deteriorating law and order and the advance of the Communists suggest 
total breakdown. For all the popular dismay that is not how it is viewed in Italy • 

A declaration of war 

By DOMINICK J. COYLE and PAUL BETTS In Rome: March 16 


SHOCKING consensus has 
come about at last in Italy 
between politicians and 
terrorists. “ We have struck at 

the very heart of the State 

we will strike again.’’ said a 
blunt statement to-day on behalf 
of the ** Red Brigades ” claim- 
ing responsibility for this morn- 
ing's dramatic kidnapping of 
$ig. Aldo More, five times 
Italian Prime Minister and cur- 
rently president of the country's 
long-ruling Christian Democrat 
(DC) Party. Sig. Moro’s con- 
temporary. Sig. Ugo la Malfa, 
the veteran Republican Party 
leader, bad this response: "We 
are now in a state of war .... 
without doubt they want to 
destroy the very foundations of 
our democratic State." 

In part that was an emotional 
response on behalf of an old 
personal friend and political 

Sig. Enrico Berlinguer. the Communist leader (left), will 
have to share the responsibility for measures taken by Sig. 
Mario Andreotti, the Prime Minister, against the terrorists. 

opponent but it is none the less 

true for all that. More con- they can actually carry through national consensus was possible, 

trove rsial, certainly, is the inv this important trial. Sig. Curcio whether for economic measures, . . __ 

plication in Sig. Ia Malfa's and the other accused have social changes or more effective - aerea necessar >' 1 1 - ” - ■ 

were patting a price on their 
backing. The inference was 
that their wholehearted support 
for new measures would be 
traded off against political gains*. .-/ 
including Christian Democratic 
acceptance of an enlarged*, 
parliamentary majority, -if not., 
quite a grand emergency coali- .. 
tion cabinet . 

This has been especially 
evident -in the Socialist-Com- 
munist. demands that the police 
should be free to join trade 
unions affiliated directly to' the 
main confederations, the largest 
of which, CGIL, is associated 
directly with the PCL The 
Christian Democrats refused* 
and the Communists have now- 
accepted a watered-down com- 
promise formula for the police 
as part of the overall agreement 
associating the party with the 
Andreotti -Government. 

‘ But if this new chough limited 
“national consensus" is finally 
to allow a wide parliamentary 
endorsement for whatever new 
security measures are con-* 

e suciai uiumges gr uiure moane that *h«* aiiOmritiM 

further comment, to the effect insisted publicly that they can- law and order provisions, with- . _„ r k nf L thp 

that Parliament must now not and will not. To-day's kid- out the PCI's participation in ^ es f ^ various 15 oara« ! 
authorise the use of “every doubt, is intended the governing process. military °roaps or have su<s 

measure necessary” to defeat to underline further this open The PCI has certainly stopped ^eded in identifying the con- 
terrorism. Parliament itself defiance of authority. short of claiming that its tuning hands bebind many 

must surely face this very issue ^ extent of this defiance «clusion was of itself an inenr these movements. This is so des- t „ 

within a matter of days. is now only too clear. The ^ ve l0 . bteak the law. But the p j te tlhe f act that Italy has some- - t-V 

The More kidnapping is. of .. rans0 ra" for Sig. Moro is the dear inference has been that thin of a pro iiferation of law 

course, sensational, and raises release within the next 48 hours the association of its 12m. voters and order age ncies. including 

immediately very serious ques- of aU the Turin accu5 e dl by (m th ® last general election) local poIicer ^ nationally- £->. 

tions about the quality of itself posing a major dilemma with the process of government organic Carabinieri, the. yu*iV * 

security assigned to leading for the new minority Govern- " ould resu “ inevitably in the Specia | Security Force, and 

political figures in Italy, yet it ment of Sig. Giulib Andrtotti. better wor tang of the whole var j 0 „ s anti -terrorism squads.' fe'T ^ 

is only the latest in a long series Yet the more fundamental issue administrative, system. me Right has from 

of politically-motivated incidents facing all the democratic forces PC Ts inclusion in the new time binted om i noU £iy fa* .■ . <. __ 

the political status of the latest orderly working of the institu- Party s leader, Sig. Enrico tQ para-military forces assoria- , , , . ^ ^ 

victim seems to mark out the tions of the State. Berlinguer. has hailed it as a ted wltb ne o-Fascists. Others «***• links have been established the deteriorating law and order 

event from the all too ordinary It is not merely that the More step forward which carries with at tbe centre of the political officially.) ■ situation in Italy and tho 

happenings of the recent past, kidnapping as such makes this Jt recreased responsibilities. The spectrum> point t0 a number of 1 But * roniCa ^ ly ’ **** reclusion advance of the Communists 
What is at issue is the ability essential, given that it repre- Pa«y. spokesman on internal previous incidents in Italy, since now of the Communist Party in towards the governing process 

of the State to protect its own sents the first assault directly security matters. Sig. Ugo now infamous Piazza Fon- governing process could, of may combine to suggest that 

institutions, not least the work- on Parliament and the party Spagnoli repUed to-day to news ^ bombk , g in MUan in 1869 Itself, result in a further escala- Italy is on the verge of a total 

ings of the judicial system, to political system-truly. as the of the kidnapping of Sig. More fthe start of ^ Iast ^ad of tion of politically-inspired breakdown. It then takes little 

ensure that the writ of Govern- Bed Brigade's statement claims, with the curt phrase: “It is a so-called “strategy of tension" to violence. There is the risk, at imagination to think that the 

meat and the will of PariUment ™ attack at the very heart of declaration of war against the unde nmne the country’s demo- least, » vacuum on the Communists are poised to pick 
can be enforced. The kid- the State— but because the State." cratic order ), and stiil speculate extreme /Left being filled by up the pieces and. perhaps then, 

nannine of Sin Mare is related Italian political situation itself . Since the Communists are wbe ther some components of the extra-parliamentary forces, bent to introduce the kind of authori- 

almost certainiv to the cele’ has shifted significantly with the now committed to supporting security forces, acting unilater- on bringing down the whole. tariain TUle measures associated 

brated trial in the northern ekv formation this week of the the Andreotti Government with ally, are not themselves behind democratic system. They could with the Eastern Bloc. For all 

of Turin of Rome 49 rtf fourth Andreotti Government It their votes m Parliament the some 0 f these incidents. ? attract those elements on the the popular dismay over to-day's 

thf Red Brigade inoiudinTonp is an administration which, at party will, for the first time, be This general climate of’sus- extreme of the PCL and others sensational kidnapping, against 

Of it* ton iMdm ntnatn Ie * st notionaily. should com- obliged to share responsibility picion and counter-suspicion, who have already quit the party, which the three main union con- 

Curao This trial hac h P i>n raand the Wnd of nationaI con ' directl y for whatever new fueUed to a degree by ,the poll- utterly disillusioned by the federations called an immediate 

(Uimwiiatori hv S «Pri« nf tni sensus not seen in Italy for measures are considered neces- tical stability of recent years. Communist leadership's associa- general strike ending at mid- 

firct Af Pro maT1 ^ a > ear - sary to tackle the crisis situation has in a real sense contributed tion with the despised Christian night, and for all the very real 

rrf tfco The kalian Communist Party in which political terrorists to an undermining of popular Democrats— people who believe concern of all leading Italian 

b j t^’-TSiWo l Lvor c - < PCI1 - which now commands challenge with seeming backing for the authority of the increasingly that the PCI has political figures — not merely for 
aRwiriatfnr* 106 h i tVf more than one three of the impunity the basic institutions State— a national mood in which lost its revolutionary spirit- their personal safety — this is not 

nMMTnttt' 111 cn - P°P uJar vote - has, after a pro- of the State. Until now, there various extremist factions, what- Similarly, the closer the Com- quite the way in which the 

ponce omeer as^Hnaieo vntn me tracte d political crisis, been has been no lack of party ever their ultimate political ob- munists come to the centre of situation is being evaluated 

f i acce Pted formally into the par- political demands— from all jeetives and .whatever their real power in Italy, the more within Italy itself. . Concern 

me direct ronimaauon ot actual jiamentazy majority by the parts of the political spectrum origins have bad a "fertile" extreme the likely response of yes; and a growing political 
and potwtttal and a Christian Democrats for the first — for better, measures to pro- ground for their operations. (In- forces associated with the far consensus that finally new 

number of trial posgioneinents. time in some 30 years. It has-tect law and order. Yet the evitably, perhaps, the Red Bri- Right security measures are accessary. 

, 55 crudely, the State and the always, or at least consistently feeling has persisted that gades have been associated with Viewed from abroad, and in But deep down there is no real 

judicial system have yet to in recent years, been the claim some parties, and principally the the Baader-Meinhof terrorists in particular by the Carter fear that the challenge cannot 

demonstrate effectively that of the Communists that no real Communists and the Socialists. West Germany although no con- Administration In Washington, be met. The question is will It? 


Taking the Roffe 
with the smooth 

The Hoffxnann-La Roche direc- 
tors — scarcely a flamboyant body 
df men — may well be wonder- 
ing how they can live up to a 
new image being imposed on the 
pharmaceutical industry by one 
Sidney Sheldon. His latest 
novel, currently top of the UJ5. 
bestseller lists and due out here 
on Monday, Is about a “ multi- 
billion dollar drugs corporation’’ 
called Roffe with headquarters 
in Zurich (not far, after all, 
from the Roche HQ in Basle). 

The similarities go further: 
Roffe met disaster in Chile, 
where a factory explodes spread- 
ing poison over a whole dis- 
trict. which has to be evacuated 

being done by British concerns are personal reasons why 
to find out about conditions ip Farey-Jones rushed in as an 
Brazil for themselves and to angel where others had feared 
learn about the country’s chief to tread. He is a trustee of 
requirements.” the YMSO and used to be 

Prince Abdullah was more music student himself. But he 
thrusting. His country had gave up on leaving the Royal 
$150m. to invest, he said, and College of Music. “I Kept on 
why should Brazil not receive failing my exams. I- just was not 
10 per cent, of this? It has 100 any good.” 
years’ reserves of oil compared 
with Iran’s 10 years’ reserves, — 
he then claimed. And he then 
urged the Brazilians to use theiT Vets do f IV 
experience from building _ J 

Brasilia in Saudi Arabia. He There are*«ome red faces in the 
even asked for Brazilian soccer Bluegrass State. Kentucky, the 
equpiment and know how. Ihe centre of America’s million-dol- 
Brazilians were delighted, lar "bloodstock industry, has sud- 
Prince Charles. I hear, was denly been obliged to stop much 


of its horse breeding. Each year 
one-sixth of the- country’s 
thoroughbred foals are born in 
Kentucky’s stud farms; but now 
an outbreak of contagious 
metritia (an equine veneral 

Sponsoring angel _ 

ceutical glam also has some . ana A ’ Perhaps it is appropriate that disease), has -led to a ban nn 

painful lawsuits, which might a new type of insurance for our *6 transport of horses the 

recall Roche’s difficulties with . B . modern god. the computer, quarantining of -33 mares and 

tranquillisers. But the Basle Robbins he did not take it as should be launched In a church. ^ ur <» ent Trans-Atiantic tvin h-c 
bosses, unless we much mis- unfriendly; and when I said a Anyway, that is what will be two British vets . 1 

judae them, can scarcely be central figure, a self-made happening in ten days* time at T . ITC T „ ! 

leading sex lives like those of Welshman, seemed rather un- SL John’s, Smith Square, when chi* U& ' Jocrk ® y 

Sheldon's imaginary titans. mmHnrinp ShpMnn imt mdIipi). Alwvn Fa»vJnnp< smnniinnns '-mo, rearing tnat a metritis 

. 6 convincing, Sheldon just replied, Alwyn Farey -Jones announces . . . , 

when I met Sheldon yesterday 5L" ° r " lhe f ° rTOti °° ° { c ompu- 

in a Park Lane milieu of the “lena of mine, Cary Grant 

kind inhabited by his characters, 

he told me the Roche-Roffe simi- — — — 

larity was sheer coincidence. But 

he had been to Basie, as well as- Royal promotion 

ter insurance division. He Europe, imposed a ban on 
claims he has a new method of e 9 l r fle imports. Now under sus- 
fitting insurance coyer in with pi® 00 are three stallions flown 
the service and warranty la ^ rom France just before the 
■ offered by computer manufac- bpn by the Texas oil millionaire, 
turers. He says there had been Nelson Bunker Hunt a race- 
in wnalt ** ^ Prince of Wales -ended lots of gaps in this field and h«se enthusiast 
background. He says he also his * sit t0 BiwII. trip- computer owners were liable to One of these three was last 

readl 80 books on pharmaceutic 2 urt ^ c ™ a S 7 J* 11 , ^ DeAy wil “er, 

als Quite soon, his thriller oth er ro y®| scion, the Saudi Would be also be offering oalled, suitably enough, Blush- 

rTlird -RlnnS -3n priace Abdul ! af > A1 Sa ud ’ *$*** loss « caused by ipg CrmnT W? 

jected into a new medium: Shel- had^nor^S^d^S It SJ ’ Ddicated for § 8 - 4 ®- *hile Caro 

SrSSZ **** us ^ "SSS s v res 

be adorned by Sir L«ir«am differences sty|t p^cs It is through qjoosorlng , JJta OTdlcated 

riirtSnS Chirles ' Wifll kis interest in concert that Farey Jones hopes ™ _ . 

^kuSt! Polo and samba dancing, seemed to launch his new scheme. Bn^h vets,^ David 

and is 

heavily black- to Jarm , fw heamanS Kajing wiil be . the Voo^ ^eH and Docald Simpson; 

cement the links developing Musicians Symphony Orchestra, were _ summoned by the Ameri- 
Since the 61 -year-old She'don since Brazil's President General made up of talented but strug- ^ J °ckey Club for their exper- 
has spent all his life in the film Geisel, was a controversial gllng musicians in their last ^ se in ^*1* field. Perhaps TV 
industry, directing as well as guest at Buckingham Palace year at music college or first hewers will soon be seeing 
writing, he clearly feels quite two years ago. But he had some year in the market There is Ja mes Herriot hastening to 
home amid the marketing stiff words for the British no State help for the orchestra, Kentucky, too. 
razzmatazz surrounding his new Chamber, of Commerce in Sao but the hope is that other firms 
literary product When 1 likened Paulo about hearing “com- may sponsor later concerts. His 
his writing to that of Harold plaints that not enough work is insurance broking apart, there 





for the main hoard of a highly 
successful international company ■with. 

• • a very large turnover derived, from 
. tuajxy sources. 

* success in a main, board appointment 
: in a major international company is the 
- prime requirement. Evidence of 
business achievement should include 
the appraisal and negotiation of 

. • terms are for discussion. Remunera-.. .. 
tion is unlikely to be less than fhe 
equivalent of ^45»00Q together with 
exceptionally generous fringe benefits. - . 

Write in complete confidence 
to KL R. C. Slater * 
as adviser to the company, ' 


- . and 


t mono 






*'fx Y 


'%■ " f!! 



■ ■ 

F- : 

rHR LIBERALS are staking 
heir all on the Budget. If there 
s no agreement between them 
md the Government by April 
.1— Budget Day*— there might 
veil be a general election be* 
ore the summer after all. 
Some Liberals, including Mr. 
3avfd Steel, the Party leader, 
* lo not quite believe that They 
■<gree that, the primary objeo- 
ive must be to achieve a 
Judget with a Liberal impact 
3ut they think that if that is 
30t possible, jt is not neces- 
Uy the end of the Lib-Lab 
act .The Liberals could simply 
ote for or against amendments 
o. the Finance BH1* according 
0 their merits, and the G«»v- 
rnment could survive until the 
recess when- the Pata 
any case is due to expire. 
ISuqh- a view overlooks two 
acts. .The first is that for the 
ernment to be defeated 
ight.. after night on the 
nee Bill would be a 
te- different ‘ matter from 
ering the reverses which it 
id ou. Xs&y) the Scotland Bill, 
e defeats would be on- issues 
uch more tangible, immediate 
land important. They would 
question • fundamentally the 
Government’s ability to govern. 

The second tact is that the 
Liberals in Parliament have 
given their backing to Mr. John 
Pardoe. the Party’s economic 
spokesman. Mr. Pardoe is res- 
ponsible for the Budget negoti- 
ations, and he is going for a 
very big deal. He is also aware 
that if the negotiations break 
down, the Government will find 
it difficult to survive. There 
may be ah element of bluff here, 
and there Is certainly some ' 
room for compromise, but at 
the moment the deal is not in 

Liberal demands fall into 
three main, categories: more 

help for small businesses, profit 
sharing and changes in taxa- 
tion. The small businesses item 
can be quickly ticked off. The 
liberals may not quite get 
everything they want down to 
the appointment of a Cabinet 
Minister whose job would be 
to see that the local authorities 
do not discriminate against the 
small firm. But in general they 
are pushing on an. open door. 
Almost everybody is in favour 
of helping small businesses 
nowadays, if only because they 
might alleviate unemployment. 
It is no longer' a distinctively 
Liberal policy. 

Profit sharing is a bit differ- 
ent. Basically, the Liberals can 
have it— but only they reach 
agreement with Mr.; Healey on 
the rest of the Budget.strategy. 
If there is no such agreement, 
it appears as of ndvr .that the 
Government is not .prepared to 
go ahead with profit sharing on 
its own. 



There are some curious poli- 
tics here. A series of opinion 
polls undertaken by MORI in 
recent months has' shown profit 
sharing to be consistently popu- 
lar among Labour as well as 
Liberal and Tory voters. (It 
Is, of course, an'.attractive- 
soundiug term and it is hard to 
imagine a majority coming 
down against it) Yet the Gov- 
ernment has only consented to 
it as the price- of securing 
Liberal support. The Left on 
the whole is still opposed to 
it on the grounds that the 
methods now being • talked 
about would do nothing, to pro- 
duce a redistribution of wealth 
nor to foster industrial .democ- 
racy. But the TUG at ieast is 
willing to keep quiet if what 
looks like a modest dose of profit 

sharing is necessary to keep the 
Government in office. 

The Liberals are thus going 
for Method III in the consulta- 
tive document Profit aftariuj/; 
Tax Relief, issued at.the Govern- 
ment’s "instigation, by the Inland 
Revenue last month. Not with- 
out some justification, they 
claim that it is not nearly as 
modest as it looks. Method III 
is the one nnder which a com- 
pany might allocate up to 
£5Q0-worth ' of its shares per. 
employee per year, the shares 
to be bougbt by the employees 
at full value, its chief distinc- 
tion is. that the shares would 
then be retained by a trust, 
and it is the potential powers 
of the trust that attract the 

A Liberal spokesman might 
put it like this: ~ A maximum 
of £500 per employee per year 
might not sound very much to 
some readers of the Financial 
Times. But it is cumulative. 
Over a period of ten years or so 
it is quite a lot. How many 
people in this- country, for 
example, hold shares worth 
more than £5,000? Besides, 
look at what the employees 
could do acting together 
through the trust. We should 
be well on the way towards 
co-operatives, or what Mr. 
Pardoe would call ‘ the post- 
capitalist society. 1 And 
cooperatives have always been 
a Liberal aim.” 

And yet to make sure of pro- 
fit sharing of any kind, the 
Liberals still have to agree with 
Mr. Healey on tax. At present, 
there is a gap of at least £2bn. 
between what the Liberals are 
asking and what the Treasury 
seems prepared to offer. The 
negotiations are slightly com- 
plicated by the fact that 
Messrs Healey and Pardoe do 

not get on. Mr. Healey would 
no doubt dismiss Mr. Pardoe as 
being “out of his TCM" (tiny 
Chinese mind, a phrase now re- 
duced to initials because of' its 
possible diplomatic con- 
sequences)- Mr. Pardoe, for his 
part, prefers to deal with Mr: 
Joel Barnett, the Chief Secre- 
tary’ to the Treasuiy, with 
whom 1 he can talk. Mr. Barnett 
then reports to Mr. Healey, and 
back again.- Where there is 
genuine Lib-Lab co-operation, 
however, is on the testing of 
Liberal figures. These are put 
through the Treasury machine, 
so that it can be assumed that 
when Mr. Pardoe says that it 
would cost x to do y , he is not 
speakjiig entirely off the top of 
his head. 

Anyway, Mr. Pardoe is noth- 
ing if not ambitious. He thinks 
that it is quite possible that the 
British do not really want to do 
much better economically: 
either they are happy enough as 
they are, or perhaps there is 
some fundamental reason why 
a country that was first with the 
industrial revolution should 
then fall behind: Yet, not to give 
way to fatalism, it is worth 
having another shot, and what 
better approach than offering 
individual Incentives? 

Mr. Pardoe began by demand- 
ing that the standard rate of 
income tax should be brought 
down to 20p in the pound. (The 
present rate is 34p and the rate 
when the Tories left office was 
30p). He still says that 20p 
must be the eventual aim, but 
he has trimmed to the extent 
that he would settle for a com- 
mitment to 25p, and even that 
could be achieved over a two* 
or three year- period rather 
than at a stroke. 

There is a question about how 
the revenue lost through tax 

cuts could be replaced from 
Other sources, and the sum we 
are talking about is £4-5bn. 
„We]l, says Mr. Pardoe. we could 
. find about half n£ it by raising 
the borrowing requirement, 
which for much of last year was 
running at the very low level 
of just over 4 per cent, of Gross 
Domestic ' Product. The rest 
would come from increasing 
taxes on spending, which (apart 
from, petrol) is in any case 
Liber^' policy. 

Mr. Pardoe is quite specific 
about .this, and his figures are 
not queried. He said in 
the-. House of Commons on 
February 21 that £700m. could 
come from standardising VaT 
at .10 per cent. Another 
IfiO^fiOOm. could come from 
the revalorisation of excise 
duties (excluding, of course, 
petrol), and well over £lbn. 
could come from an increase of 
1J percentage points in the pay- 
roll tax, by which he moans the 
employers’ National Insurance 

Mr. Deruil Davies, the 
Minister of State at the Trea- 
sury, reminded him in reply 
that the retail price index (RPI) 
had already risen by 85 per 
cent since 1974. and that among 
other things the duty on table 
wine . had been increased . by 
333 per cent., that on beer by 
141 per cent, and on tobacco by 
133 per cent. The duty on 
petrol bad meanwhile gone up 
by only 33 per cent. 

'But Mr. Davies did not dis- 
pute Mr. Pardoe's calculations. 
He merely noted that the 
standardisation of VAT at 
10 per cent would add another 
1 per cent, to RPL and that a 
further 1 per cent, would be 
added by a revalorisation of 
duties that sought only to keep 
pace .with last year's inflation. 

He did not make very much of 
the rather obvious point that to 
raise the payroll tax at a time 
of very high unemployment 
would nnt be exactly popular, 
either wiih the CBI or the TUC. 


There, on the whole, the mat- 
ter rests. Mr. Pardoe has not 
changed his tune. He says 

that he has already made his 

major concession to the 
Government by temporarily 
dropping the call for a cut in 
the standard rate of income lax 
to 20p. He dereads the demand 
to raise payroll tax on the 
grounds that employers, many 
of whom would like to break 
the Government's 10 per cent, 
pay code, could well afford to 
meet it. In any case, their pre- 
sent National Insurance con- 
tributions are much lower then 
the equivalent paid by their 
European competitors. He 
would also like to see a Phase 
IV of the pay policy under 
which the rise in earnings is 
limited to 7 per cent, and wage 
settlements to around 4 per 
cent. There is not much sign 
yet of tbe Treasury going very 
far to meet him — though it 
might . have to more on pay 
policy after the Budget — and 
there remains the problem of 
tbe £2bn. gap. 

Other Liberals say that, given 
the complications in the Partloe- 
Healcy relationship, they could 
still appeal directly in Mr. 
Callaghan. Could the Prime 
Minister come lu tbe Liberals' 
rescue, repaying, as it were, one 
good deal with another? The 
answer is: quite possibly yes. 
though from quite different 

It will not have escaped 
notice that Mr. Callaghan is on 
his travels — to Bonn last Sun- 

day and to Washington next 
week. It shouM not be forgotten 
either that, when Foreign Secre- 
he was instrumental an selling 
up the Economic Summit meet- 
ings. One of the theories he 
propagated then was that eco- 
nomics was too important to be 
left to Economics Ministers. He 
is in a stronger position now. 

Britain should be in current 
account surplus this year. She 
could afford to give some sort 
of lead. The idea must have 
occurred to him that there could 
be no better way of setting a 
reflationary example than by 
raising the predicted £2bn. give- 
away Budget to (say) just over 
£3bn. And that, incidentally, 
could let -the Liberals off the 

That last paragraph is, at 
least in pan, speculation. 

Perhaps in the end Mr. 

Callaghan will defer to 
orthodoxy and settle for around 
£2bn. But. if he does, there 
will be problems both for the 
Liberals and the Government. 

The Liberals cannot easily drop 
their demands for a sharp cut 
in the standard rale of income 
tax and for more reflation. 

Equally, the Government cannot 
easily rely on getting a Finance 
Bill through Parliament on its 
own. Indeed it probably cannot 
rely on all of its own supporters. 

Certainly, if this week's submis- 
sion to the Treasury from the 
Scottish Nationalists is anything 
to go by. it cannot rely on the 
Nationalists. The SNP wants 
the duty on whisky to be sub- 
stantially reduced. It would be 
odd for the Government to fall j| r< j oftn p or( fuc, the Liberals 1 
on the price of a bottle of economic spokesman: an 
Scntch, but perhaps, as Mr. ambitious man but he does not 
Pardoe might say. that is part get on u'HU Mr. Healey. He 

Ii-iitf link 

of the British malaise. 

prefers to talk icith Mr. Joel 

.. , , i Barnett. Chief Secretary to the 

Malcolm Rutherford Treasury 

Letters to the Editor 

a surprisingly feudal element, taking into account Inflation, his tion is affected by ibe great ex- trial democracy as though l had 
incidentally, in 20th ceh tury life savings’ purchasing power re- p ease involved in conducting argued that the requirements of 
—with its dependence on a mul- mains fairly stable. In addition different advertising campaigns customers should be ignored by 
tiplicity of autonomous. funds he may be able to justify being in different States. Anyone who industry. What 1 was in fact 
that is vulnerable to inflation, granted a mortgage. knows anything- about advertis- arguing was that what the 

Unless, therefore, the 4 CBI and if the banks wish to regain ix »S wU1 know haw naIve * not ,0 customers want is not the only 
and the TUC feel confident that for some of these “lost” deposits, sa ^ ignorant, these arguments problem management has to face, 
those Britain inflation is soda to be they must reduce the extremely ***■ . Management also has to organise 

v The money 

From Mr. R. Wilkinson. 

Sir.— Anthony Harris 

Morgan Grenfell, , ...... 

. “specialists in naked emperors" a thing of the past, should they wide spread between 
(March 16) are to be welcomed not be at one in their enthusiasm borrowing - and lending 
as commonsense economists in for a state-based system of retire- from 'their curre 
a monetary world. As Mr. ment pensions? And; .one levels. 

Harris pointed out sonto months wonders why are they not cam- RichaEd Ho]land 
ago. there are plenty of paigmng shouder to shoulder |“ olla " a - 

numerate economists around, for a better state scheme than 30. Crespignv Road, 
but very few of the literate that enshrined in the.. Social Hendon, N.WA. 
variety Security Pensions Act iaT5 and 

intimately as Mr. Harris says, the early. - phasmg^rfrt -of 
' both monetarism and ■ Keyne- emptoye^ased -vtoicb 

sianism are about demand have shown them selves- to be 

management. The former school — — 

would argue that you can con- the ™°rpaTiies thal ^su PPOrt them FTOm _ Mr _ E _ BrosteT - 



Elasticity of 

Mr. Thompson-Noel has not, production and in deciding how 
apparently, considered the effect to do that it is far from being 
current*** usurious of tin's directive. Does he really sovereign. 

believe that the self-regulatory Legally, as Mr. Dauris (March 3> 
system could survive? Does he points out, the shareholders are 
not see that consumers will saeri- sovereign. In practice, nothing 
fice effective and free (for them) can be done without tbe consent 
redress for the lengthy and of the Organised workforce. Mr. 
vastly expensive procedure of Hildreth tbiqks that in pointing 
legal action; with the inevitable that ouL'F am describing “a 
delays and the likelihood of fairyland in which giants and 
appeal at each stage. WiH this dwarfs fight for secret hoards of 
help the consumer? treasure ’*■ yet he has recently 

There is no room in this letter organised a conference to discuss 
to comment adequately upon the Joe dire problems management 

Mr. OJIerbhy s article of March a regu]ar readeri r suggest that of the unions. 

I do riot think a price elas- y0 ur correspondent has done less My view is that management 
ticily of demand of 7.0 is unto- ^ an justice to British industry, should be able to implement its 
ward especially in the field of aD( j consumers in Britain. decisions I 

irni cnehdiTiP hehaviour bv or distressingly inadequate for , . .„ . , 

Control of bolding of money, those they are supposed to bene- ^Sir— 1 was most^ interested in badly drafted EEC directive. As hasjo face because of the power 

The latter school was always flt — sometimes both? - ““ 

imprecise and probably modest Raymond Mortage, 
in its claims to understand con- Hamilton flouse, 

•inner psychology. It did. how- jfnbtodtm Place, W.C1. 
ever, work for a long tune and 
if Us founder wore alive to-day 
he would have been ' intellec- 
tual and honest enough to adapt 
his basic thesis to accommodate 
events such as the four-fold in- 
crease .in energy prices. 

Rivals to 
the banks 

2. Basil Street, S.W..1. 

From the General Manager, 
The monetary school knows all West of Scotland Trustee 
about the control of its own Savings Bank. 
definition of supply of money. 

consumer durables and other w . 

markets where competition is in- ** * Larao. 

The elasticity of demand for 
a product, brand or service is a 
measure of the competition met 
by those items. Where Mr. 

CHerlifay says that a 10 per cent. 

cut in price for a 3.5 elasticity of - „ .. - 

con . From the Managing Director, 

Responsible for 

but that, at the 'present 
stage of development of British 
society, n cannot do so unless it 
becomes responsible ’ to tbe 
organised . workforce. In turn 
the organised workforce, instead 
of using its power in a negative 
and defensive manner in opposi- 
tion to management — which is 
the only way the law at pTesent 
allows it to operate — will havp 
to use its power positively and 
P a r k e s will have to learn how to manage 
(and satisfy custo- 



demand would increase — _ . . . 

.. , . sumer offtake by 35 per cent. Fountain farming 

It knows verv little about con- ** e should have added “other Sir, — Christopher 

■nmer psychology and even less S a St S n ,S in8 ^ ual "- C0D,peti - < March 7) headlines his article production 

mut expanding money supply SS&teTnf ^unTcomwti^ to ™ wou, 5 rea f\v . ^ ■ , on recent Centre for Agncul- mers> itself, 

opposed to contracting it. The J* 1 * 0 ? f H? e elastlCJ ! t y tural Strategy report “ Land Both Mr. Hildreth and Mr. Lee 

You may Recall an article by the subject dem a nd . t0 Itse,f J ess 1 is of becoming too dear for fanners." think that this is confusin_ 

your other coUeague Samuel Klre^vbeenSi^ed bvS ^ . importance m rational The annual report by the politics and economics. I was 

Britt an some months a&o Faced T-ixatlon ?5 cm P- ^ The - °P' unum . PP^ chairman of tbe Agricultural under the impression that 

Sltff fie SSbtaSi Tf i sius^S S Income ^d b° the price that maximises Mortgage Corporation said: " The economics and industrial strategy 

economy a high savings' ratio ?jL P Committee ° to Review ET 0 ^! 01 Io *J 1 demand for farms for owner- were now a major part of the 

which implied a flat refusal by National^SavinL (the “ Page 10 ^ “^ginal cost of the occupation continued unabated business of politics. If Mr. 

Si’rXh 'money SSE §£ ~ 8SSM, 

This was in 1948 Peter Brooke. 

>e price of vacant „ . , _ 

which riiarriminatPri ~ t — — prices uioi bad previously who are living in a fairyland. 

y. This between various formsofin- 7 ;®,^ ^^ aC tors in demand. Peter Br °° kC - 

whfjh ^‘S^Tjer'’ h i s its elasticity, °f possession faras of over 300 Peurhouse. Cambridge. 

which proper (ttwt is demand, as well as price, tor acres was £W j*,. acre< Iegs ^ 

is, of investment example own advertising, com- a 20tb of the prjpe to-day. 1 

a. once-for-all addition of S per reliefs 
rent, to the money supply. This between 
•* addition " was not 
interpreted as an increase, which and that 

was a great comfort to the gross) forms 

monetarist school and also to should be paid so ihat ixue- petHors’: advertising, consumer “ y 

»mperors and their tailors of eaniings could -be established income, competitors’ pricing, and . Farmland has never yielded a 

ion-existent modesty garments. 

P. Wilkinson, 
jeean House. 

1 0-1 1 Little Trinity Lane. EC4. 



•rom the Director-General 
loyal Institute of 
Public Administration. 

earnings coma income, competitors’ pn 

and fair and equitable taxation technical development 
could be levied. same field of end-use. 

Page, however, concedes that, w.-j Browster 
"rightly or wrongly, ■ 

people like to have a form of 

interest which does not involve' ■ - 

them with, tbe tax collector . - - . D°® 0 don, T ewkesbury , Glos. 
‘amt “history is also a powerful: _ ” v 

factor and any attempt to wtifr $>flVPrilSin£ 

draw home loans or insurance * C1 liJUJ D 

concessions would arouse bitter ’ 

opposition unless as part of some IXA1 Cvll t v 

Judgment of 

the straightforward annual agricul- 
tural return that justified its _ 

price. Purchasers of every ilk From the Financial Director, 
have had very good other reasons Grahom Lewis Bott. 
to justify its purchase and one Lewis and Grundy Division 
can see no factors in the future .Sir, — 1 refer to tbe article by 
that will alter this- Farmers will your labour staff “ Advisory 
continue to bemoan the fact that Conciliation and Arbitration 
land prices are too high bnt they Service neutral on IC1 union 
will continue to be themselves recognition " of March 14. On 
willing buyers and. Indeed, Will- first reading .there is a suggest- 
ing sellers. V • tion That ACAS feels unable, to 

One very misleading para- 'recommend any union recogni- 
graph appeared in the CAS tion and prefers neutrality in 
report and was repeated by Mr. circumstances where a ballot of 
Parkes. “They (institutions) employees concerned shows 72 
could be responsible for just P e r CCI?t - in number wanting to 
per cent o! U.K. he represented by the Associa- 


WMI> much greater package deal with -jr,^, the Director, 

cir Mr fillip* /March 71 other concessions more or less The Incorporated Society of 
IrfirattUVn Z SfttnS - 1 * Advertisers. 

■ecord of the 881 pension We need decisions by our sit,_i read Mr. Thompson- 
schemes covered by the 1977 Parliamentary .masters, aot comm eiiUiry (March 9) on 

mrvcv of the National Assoria- further study, and equity sug- the .. Advertising Association's ”, H(in «r Professihnal 

iS .of Pensfon Fundi in main- Restx ttat. jtowrt about rhe proposed agriculturai ^^nwitbm J 

i *l<a Bfimleses wnnW for DrsctlOaJ - TCBVT diiwiiua fm- fh« harmon- •* u jvars. wnai i me . * r,e . , , . ,; r . 

1 lo sav was that cenC - ,n faT our of representation 
nurchased all the hy the Association of Scientific, 
and unfair advertising, win sur- J* keW Technical and Managerial Staffs. 

disappointmenL l had in ^f riew> 5ieJ Your article ^ils- to make clear 

hopeff for ^ettewnfomed and “ a ^ y 0 ^Jf nea i5 M wr cent 1 3SS,im * t0 b * position 
more understanding article. If „ - 0U J“ ..if.* 1 ?; P* rent that APST already, enjovs recog- 
it temped in ip^entform. of XT a f"™ , ! ural . nition rights with. ICI Sd thft 
the directive will transform the Nobody is seriously suggesting aCAS In considering the recog- 
law itself (reversal of the bur- either that the institutions wish nition issue referred to it bv 
den of proof), legal procedures to do other than farm a ASTMS under the provisions of 
(class, actions), and legal minimum of their holdings and section 11 or the Employment 
remedies (corrective advertising) that it will ever be the landlord Protection Act 1975 feels that 
in this country. These are surely who is “ responsible for agricul- in view of (he support that 
major constitutional changes tural production." ASTMS can count on the circum- 

:cnt of them failed in varying available to xli investors, 
iegrees to raise their pensions J. D. Campbell. # 
n line with the increased cost of p 0 Box 129,177 in gram Street. 
iving that their pensioners had 
o meet. The resulting hardship 
nust be considerable, and is 
latently no recouimendation for I 1011 ( 1111 2 
.he system of funding pensions. © 

By contrast, \l is interestitig to 
■ecall the following statement imra - 
uadc by the Government From Mr. R. Holland. 

\ctuarv in his Report on the qi r — A standard rate tax payer *- s *U5 rem ^. The key to both the level of stances do not' warrant the ex- 

Sl Provisions _ of ^?te to intiroduce toe- agneulturai production 

and the tension of parallel bargaining 

S^SecuriS'pSsioSs Bill StTof^l^pS cent ^n^hS SecU t ° n n n lSL° t f e Se a PP earan ^ ofourreral lant rights “to "tiiat “tin ton. 

.975: "As the effect of inflation deposit with any* or the big four Trwty. of .Rome “ scapjj will always lie in the If there is a lesson'to be learnt 

m contributions and benefits is Blearers on their 3 per cent. ,?*:*-* 8 
iroadly self-balancing, the rate V et they would prob- SSJid lUte^ 

if contributions required to sup- • w r. ioi ner -J .v**.*?. 

ifVontrlbutloM rwlredjra »P- MW«nlO! per ' 

goods across hands of those who actually farm From the deliberations of ACAS 

in this P^cular case it would 
seem that ACAS considers that 
support at IS per cent, is not 

tile land and not the land 

benkulnd «£trib£ m ' tection against' misleading adver- Sutoburv. IVUta. 

ion?wele tfriM eJartl?Srstep Over the last year the spread rising has. been hampered by . 

vith earnings, both -the esti- between deposit rates yrtde divergencies m national \Y|iprp JlrtWPr 

niies IxortSd in present-day on loans has widened. While the laws - against such advertising. ▼▼ UCIC pUYVCi 

“S and the rate of contribu- investor who puts hie ° n We are given no evidence to »-• 

mil would be wholly iodepen- deposit in the local bank sees his support this claim. Tn its asst-. ilCS . 

ion wouiri De ? savings - purc .baring power re- duous protection of the interests F A Secretary 

iB 2 S). Tbe scheme on which duced by a . rB p* °Int GommSio^cStois^tha^^hese Cam b ridge Workers Control 

machinerv which has the back- 
ing of a 72 per cent, majority. It 
would s*em; to me. that ACAS 
has reached the. only proper and 
reasonable decision on the basis 
nl the r'Mdonr*. The snqgpstion 
that ACAS has opted for a 
neutral stance on the issue 
referred to -it is unfair. 

-eporting **««?**?« g^fl'SfcWlSSl’SSa t Sin-Bo, k Mr. Hild re ih (Ma nr h n.W. r.o Me , 

?^". a ^h2 U o < mntovpr-based and heavily taxed surplus income tem in border, areas: and that S) and Mr. Lee (March. 11) Lem Gate. Linton, 
tf llcm S^etScflSi pSsiona— tiito the hutidiug society where, aix advertiser’s competitive posi- respond to my letter on indus-- yottinghanu 


Retail price index for Febru- 

Session of European Parliament 
ends. Strasbourg (until April 10). 

Final day of public hearing by 
Civil Aviation Authority of appli- 
cation by Laker Airways to run 
cheap- fare Skytraio service be- 
tween London and Los Angeles. 

Negotiations open between EEC 
and Japan on limitation of Jap- 
anese steel shipments to the Com- 
munity, and on prices at which 
this steel may be sold. 

Labour Parly Scottish Council 
conference begins, Dunoon (umil 
March 19). 

Prime Minister is guest of 
honour at Wales Asian Society, 

To-day’s Events 

The Queen opens Reading Civic 

Mr. Edmund Dell, Trade Secre- 
tary, ends visit to India, during 
which he was accompanied by 
three leading British businessmen. 

Mr. John Si] kin. Minister of 
Agriculture, and senior Greater 
London Council officials inspect 
construction progress of Thames 
Flood Barrier at Woolwich Reach. 

United Guilds service St. Paul's 
Cathedral, noon. 

“ Northampton Goes to Town " 
Exhibition (organised by North- 
ampton Development Corpora- 
tion », London Press Centre, Shoe 
Lane, E.C.4, 9.30 a.m. lo 3.30 p.m. 

Birmingham Motor Show opens, 

Bingley Hall (until March 2S). 

Final day or Vending Equip- 
ment. Refreshment Services and 
Supplies Exhibition. Cumberland 
Hotel. W.l. 

House of Commons: Private 
Members* motions. 

Wiggins Teape, Basingstoke, 


Royal Opera production of II 
Trovatore. Covent Garden, W.C.2, 
7J30 p.m. 

English National Opera perform 
Don Giovanni, Coliseum Theatre, 
W.C.2. 7 JO p.m. 


Ballet Rambert dance Cruel 
Garden, Sadler's Wells Theatre, 
E.C.L 7.30 p.m. 



Clements Lane is die nerve centre of die Standard Chartered 
■world, bur to our customers it’s only one of 1500 Group addresses in 60 
countries around die world. 

This exceptional network could save you nme and money for 
your business; if your bank can’t offer you the same, come and see us ac 
Clements Lane or ring Keith Skinner on 01-623 7500. 

Standard Chartered jS 

Bank Limited 

helps youthrougtioiit the world 

Head Officer 10 Clemen is Lane. London EC4N7AB . Asmseicwd £7,600 mffiio* 


Wolseley-Hughes £1.36m. up midway 

INCLUDING exports ahead from 
£2.96ra. to £3.lm., sales of 
Woteeley-Hughes expanded ' from 
Hfl.Ofim. to £63.72xn. for the six 
months to January 31, 1978, and 
despite higher interest of 
£306,000 against £150,000 pre-tax 
profits advanced from £3.lm- to 
£4 .46m. 

The interim dividend. is raised 
from 3.025p to 3.3273p net per 25p 
share. Last year's total was 
6.701 5p and . pre-tax profits 
totalled £627m. 



■. ... payment 

BP L. .13.12 

Richard Clay 1.86 

Wm. Collins ................. 2.551 

Falcon Mines 255 

Gibbons Dudley -j m 1.84 

HTV - Group int. 

Johnson Cleaners 2nd inL 
pared with debits of £18,76" last Mfln Marsters InL 

Date Corre- 
of. : spending 

payment div. 



Exports -inctadvd , 
Trad l to nroflt .... 
Inn-rest . . 
l-rsft boTorc tax .. 
TJX ... . . . 

Net profit \. . 

To nrimnun 

Six mnnttas Vnar 
I977-T8 1978 77 1878-77 
£000 TDOB £000 


1 .01 1 

I 488 

3 52! 


fl 1 14 





British Petroleum’s results Confused the market, but by 
the end of therday it emerged that profits were more or less 
in line with recent expectations, though the figures are much 
worse than had been -hoped, for earlier last year. Lex also 
looks at the Smith and Nephew results where profits, -up by 
23 per cent., . look good. Growth from the medical and health 
care products’ divisions -has made a ‘major impact though 
.S and N is still losing money on its U5. cosmetics business. 
'Also the column discusses the mildly disappointing money- 
supply figures. Elsewhere, results from William Collins are 
down, with margins showing a fall of over five points. Gibbons 
Dudley on the other hand beat market expectations despite a 
poor performance from refractories, while Johnson Cleaners 
has seen a good second-half upswing. 

R. Clav 
drops in 
second half 

DESPIT& A decline in second half 
profit from £7533*6 to £510,103, 
Richard Clay and Co, the book 
printing . and . . binding group, 
finished 1977 with, a record pre- 
tax figure or £1,278.174,. compared 
with £1.143,738 for the. previous 
year. Turnover. ' was ' higher at 
£9.3Sm. against £7.44m. 

At Uie Interim stage, the direc- 

Sharpe £ Fisher 

Small & ThUnas 

Smith & Nephew 

George Spencer — 

Waring & GiDow InL 

Jas. Wilkes 

Wolseley-Hughes InL 











May 12 
Mays ■ 
May 13 
May 11 
Apr. 15 
May 12 
May 26 

May 23 . 
May 2 
May 3JL 






15 • • 











. for 













Wm. Collins falls 
40% to £3. 15m. 




.— 351*- 


BD Vm,Tr' : m-nflts of WTUIam the second half to 7-1. per cent 
2^7* sms (Holding), pub- at the pre-tax level Volume vtaa 

10 ffm-tTfeii by 40 per cent, static throughout most of the year, 

comPaS with Against a worJdwjde. slump iS 
W7* ISiri' firte after a half-time boofcsales, its principle , market. 
2-12 a.OSm. children’s bible and rtfwmw 

f* say that trading book pushed up sales from £16. lm. 

2.18 • £5$, ^rAwe^remely ditacuir to £lSm- That represented a small 
P S y£?boto to the 2 per cent, increase in -vohuff 
particularly, Hatchards bookselling subaidfery 
SA3.- TixeToxnbinS effect of produced a more usefid increase 

6-7. . betowr expectations, in sales of. SO-pei.e^t to J6Jm. 

Dividends shown pence per share net except where otherwise stated, together with pressures on thanks- jo; the Jubilee tourist 

. * Equivalent after allowing for i«uhi® • ton ranttAi ~ 

increased by rights and/or acquisition 
for I97S. fi Rhodesian cents, liners 

Per cent, to £53.7Cm.,. w|Uj toe gj-nyp-s ^ance shecL Group-debt 

IFJt cohtent up by lo per renL to ^ from £8.7mr to £t4,4m. 

- • £23.707. Currency jalM m inter- flra> of tfce artl 

tortiseal markets show w ^ attributable to it fauBd up of 

ctmt-lncrease, which was. reduce* ^odcs -for a- O^tetmaa-boom 
■to -6 per cent, at £ 39 - 1 “^ wnen tamed out to be more 

converted to sterling at ys»M>nft muted than USilaL While another 

Gibbons Dudley profit 
rise is £340,000 

conve rted to 

'*'& forecast, the final ^ main^ 0 n aBewdistributioh centrelri 

taihed at 2.So3p net P^^ap Australia: However; 'toe- group is 

rates.' . . -£im^ is due a mortgage takext. out 

The directors report that all the 
principal divisions have contri- 
buted to the increased sales and 
profits. Wolseley-Hughes Merch- 
ants had a very busy and succes- 
ful half year although the elec- 
trical companies continued to 
face difficult trading conditions. 

While sales in the agricultural 
and gardening division arc higher . vvnirvravr mvAore 
than a year ago lawnmower sales 

Waring & 



!“?* ■“<* ^ subject lo there ON: TURNOVER of £31. 76m. a good performance from the mating the total 4.678p W.153P), now running stocks down^in tha 

Pfto® "? “A r .ked change in the against £36 jam. pre-tax profits of more efficient non-coke foundiy which. includes an additional first half. .At tMn the 

short explanation is that by being le ' e ' of activity ip the last Gibbous Dudley for 1977 rose from engineering in teresK. At 63p (up ftOSSp for 1979 on the reduction -ha^ stand oil a'p/e of TA*on 

up-market, the company is less Quarter, and ;to the companys £5.89 m. to a record £!23nL, after 4p) the shares stand on a p/e-fe-ACT.. Stared earnings are down- earnings -and yield 5^ n« r 

vulnerable to the effects of lower ? ori,in i '™ ability tb -contain cost fi.grm. at midway compared with of 2A oh stated earnings, ba^hd. frmn 28.7p to lB.lp. . - . • 

consumer spending. On the carpet '?!“ £1.72 m. The directors then- said on a-, nominal tax .charge,- and ^^hcraj trade books had art. . •• . 

side (about one-ll/th of total “Uar-to those of the that yje fm] ?e ar surplus was nearer 6 on fully taxed earnings excellent increase in sales, as did 

sales) there has been a bis im- nr S, _. expected -to be somewhat ahead. 1 and yield 63 per cent The^ ^sharcs stationery and diaries. ' 

provement foDowing the. opening /Toi ^ t wif 'l n h of ^ 197G - - 

of the computerised distribution -.Stated earnings 

u. -cLffinM it — ^ a final dividend of 13639p net 

on increased 

could go higher. 

centre In Sheffield. Here, there “P 1 ^ 1 irom a one-for-two scrip 

is still considerable room for es- tes H® 0 ? re “ p from i*29p tc . 21.6p 

man a year ago launminver saica - ■ - — j f~ n zr ; — ;rr *~y pa ns ion and the acquisition of 35 OteSlflo" <m 'ACT A aQc ^ dividend 

to date are mafnlv to the trade, ahead from £T.a3m. to.£1.44m. for new carnet shoos currentlv bpin« O-WwivP 011 ACT -reduction. A 1S lifted from an equivalent 

.h£Sd »S . SSSti ™ “ BUe 15 ^ 2 ^ 0217 wilh 8 fina] 

season dealers' stocks shouid be 1®!?’ " ./Ko contribution next year. Meanwhile P ro P osed - " 

— — -*« Die directors of the leM im portanl c i ot hij,g divi- — - 

East which are * A ‘ 

divb<ionai breakdown of 

sioo (20 per cent, of sales last 
year) continues to languish under 
the impact or the Jeans revolution 
and cheap imports. Nevertheless 
record year-end profits are es- 

the Middle 

reflected in the-hiaher export turooVer-’and^pMflt T«w*' the half P® 3 ***- and £3-6m- looks possible. 

— — At this level the shares, at 84p. 

sales: the underlyinc established yekT "shows" ^3°72m. (£i3.rJm.) 
business shows a small increase in aad jej^. (U.ogm.) from- furni- 
proflt at the end or the half year. lure> W iu, £4.47^ (£3js m .i and 

a Mmmont £46.433 (£47.332 loss) respectively 

• comment from clothing. 

\VoI*tle> -Hughes* interim pre-tax The net interim dividend is 
profits, after stripping out a first stepped up from an equivalent 
time contribution from Archie 0i) 584 Sop to 1.070554p per 2op 
Kidd, are up around 36 per cent, share, absorbing £225,889 

while turnover has risen by 38 (1203.354)— for the whole of 

per cent. Central heating sales. 1976-77. payments totalled 
helped no doubt by easier mort- 3J>J3596p. adjusted for a one-for- 
gage terms for home improve- len scr j» issue, 
men is. have again been strong. 

over £2m. 

First half 



- SJiarpe 

at £0.91m. 

53 weeks to end 1977 at Johnson 

J Hnwever losses from the electri- 

• cal side have been an ofi- 

• setting factor and profits from the 
'general merchanting division 
J probably rose by just under 25 

• per cent. The big profits jump 
appears to have come in the 

-engineering division where 

The directors state that a re- 
serve for tax of some £747,052 
(£536.090) will have to be made 
on first half profit, although, due 
to stack relief provisions lo cover 
inflation the amount payable may 
be considerably less. 

compared "with £17.04m. for the 
previous. 52 weeks, and pre-tax 
profits expanded from £1-39 m. to 
a record £2.05m.. after rising from 
£0.53m. to £0.63m. for the first 

Mr. J. L. Crockatt, the chair- 
man, says '.the substantial 
improvement made' in the second 
haif 'was due mainly to a much 
better . performance -from retail 

are on a p/e or 6.1 while the yield 
is 6.4 per cenL 

Upsurge by 

WITH £304.000, against £44,000, , 

coming in the first half, pre-tax dry cleaning 
profits of George Spencer, the , Earnings are shown to be 
Vcdanis knitwear group, more f £° ra 11 -®P_. t0 }*:*?$ A p , er ,,, 

: than doubled from £260501 to sh . are J *>» dmdcpid total is 

on»ineerin n division where >rhe - v report that the decline £336,973 For 1977 on turnover of ra3se<J from 3AS3»pk to the maxi- 

■& d . ,o i„s"-r,r bu r„ n d's,^ ri.£»“£ s?£sst 

•usS has bcen nartJcuIarK- improved due to the receipt of ment was fully anticipated. The *» ^ »™lude 

‘buoj'ant. notably in the Middle temporary employment subsidy. After 

'EasL Exports have risen by 72 With half year profit in the f arn “ 1 | 8 

»per cent, during the period, furniture division up 29 per cent., ‘raj 11 ."P,.? 0 . , 5p _, p ? r s . 1,a C e sinkine fund of I70J00 (£73,040): 
Meanvvhiie the agricultural divi- the directors continue to be d, ooo!2J? 0 ,S e ,? ectlveiy ^d ^traordmair reonranisatinn 

jsion has so far escaped any expansion-minded and a number lir te« rrom 252W»8p to the maxi- . f £1750^1 (£flga72) net. 

;effects of the decline in orders of new branches will be opened mu f n permitted 2.464182p net with 
.for now equipment from farmers m the near future. a ,lna, J-714543p. 

; (demand for its new agricultural It ^ proposed to increase the 

' Stile, w and Hatchards 
' subsidiary benefited from the good - 
. tourist year. . Sales of Fontana 
and . Armada paperbacks in 
common with other paperback 
publishers were below, expects- 
Hons and ch^dfcn s blblc &nd 

of L83636P net of V/l 1 I f ( reference books showed, only a 

. iT modest increase in sales, they ON S AUES.o£ a5J»nt.,cianpa«d 

SeScsfflSi Marsters ' . ™ 

1 K S REPORTING pre-tax profits of te- iSdu^’th?' gS&V Stoma* StofSd 

1SJ® £toR95 for the monSS to ttonal trading profits by at least rose from 1352^*09 lo £807.216 for 

SW/tS JMlSP NoreiSbi 30. 1977 S Sm?a™wiS S. «d h^ In .««« ?977- A* midway, profit, were 

-Tte Eroulr'tas interests 1 in a loss of .£125,926, on turnover of resulted in an exchange loss of lower at £310,047. compared with 

building - products, entering! .ASS ^Ur^KTg £310^000 on the value of the £327,214. 

Group Qeaners came^ to D»-27m. ^ ' 







Pre-tax m-afft 


Net profit 

Kxtraord debit ... 


• comment 

Full-year results from Gibbous 
Dudley, the . refractories ' to 
engineering group were a shade 
better "than expectations. The full 
year improvement has been 

.products is thought to have acted 
las a buffer) while prospects for 


, buffer) prospects for - - ■— - j^up^^j^owe™ ond .. a Jeers Is'seosidve to 

Jawnmower sales look brighter While much of the furniture in- 35 Der l0 j ner ,„ n . changes m consumer spending and 

;this year. A 10 per cent, divi- dustiy remains depressed. Waring ne t to avoid restrictions on scope V 16 ,n ^ease in e^ngs from 

■rlavifT irinrnucn fnr tVm i-n-i f aIi'Dc nvid flPlfHL' chmrc R rct.holf nrnlllc ■ ^ JllfiP nnU'nrds hpJnpd bflOSt S6COHQ 


TURNOVER. NET of VAT for the refrartories^d^ todusnSTeSaui! ^Ti^e^“^e "chainnair of 'the current assets held hy I ^ter- with lax .- taking £485.894 

iLnnuvfiH. NUiot VAI. ror me r«muun« Ma mausiria. .:««« jm,, Marsters Group of plant national companies, compared to (£430,699). fidl year earnings- 4^e 

breeders and seed specialists, says an exchange gam of £2 o 8 ,whj m S h 0 u-a to be up from 5Jp to 5J3p 

a satisfactory trading year is. ex- 1976. - , per £5p share and the dividend is 

*7?! pected but profits may not reach . The 1977 tax charge down from raised from 2. 1223 p to 2.3704p zmt 

3.7wi last year’s reco.rd £l.l2m. £136m. to £0Jl3m. does not include a flna! ^ L 67Wp. A one-for- 

First half profits are subject ®®y provision for deferred: tax. four scrip issue is also proposed. 

tiSJSmWh Si &SSS *£' ? The directors' stdte that the 11 

dividend is effectively raised for i976 have bMn adjusted, to a per sales increase . shows a 
from i.6667p to 2Jp net per 5Qp comparame oasis. reduction in volume terms refl eel- 

share. absorbing £48,602 (£35218) ~ nnmmont --. _ ing general conditions In the in- 
to reduce disparity with the 'final • comiiidr*. dush^- There are sorafe sighs that 

payment. ' - ' " Two factors blew publisher the situation is beginning to im- 

The Hireetfli-s intend to hkv "a Williai " ColUns off eburae last prove- slightly, they add. ’ 

-r - — fn? vear 310 total of SBS19D - , ** ar - w,th over 3 taIf 01 Results have. been affected by 

up achieved in spite of a poor per- jUJi ^ear loui jpShrf!' going overseas currency fluctua- several unexpected bad debts but 

25p form an ce in refractories, where 5j~5™55EL X 1 . lions took their to 11. -on margins these did not occur at the same 

tribut ion in the second half- The con^r^in the ^trato.:.. . - . .. . 

building products contribution condrtioijs. .tiaeq 
me ngures oo not nwiuav « was depressed, too. although r h J IJLJSS ■ ■ 

, fl _ r nf r^nos,- ncl surplus on sales of properties volume may have been main- cr® 3 *! can be recommended. . 

C 230 . \T lia r j of £259.702 (£138.021); a transfer tainerf. at a time when industry The increase in turnover was 
rnings^ are shown to^be ahead tQ The debenture- redemption brick deliveries were falling. But occasioned by higher, prices'. 

" sinking fund of £70.100 (£73,040); this may have been at -the throughout the group’s rang®- of-, 

and extraordinary , reorganisation expense- of price. Otherwise it products as well as the group's 

is the group's engineering ability to make extra sales prior 
interests which must be credited to the end of the half year.- This 
with last year's overall improve- has brought about the alteration 
ment. Their trading profits rose of the more normal trading.loss 
from £702,000 to £1.6Sm. due to into a trading profit. 


Like other drycleaning companies. 

Saga Holidays more than 
twelve times subscribed 

•dend increase for (he year 
4B yield of 6.1 per cent, at 
'tup 3p yesterday). 

jives and Gillow shows first-half profits and prospects 
lS7p up 39 per cent. Apart from the There 
clothing division’s turn round the credits 

June onwards helped boost second . 
were extraordinary half profits by two thirds. This 

for 1977 SSSrS P eriod 3130 tenured an excep- 
tor 1877 or £l.a,6 com- *| joYia] DecemVr quar ier. h->h 

Jiad the benefit dl the mild 
weather at the time. There was 
' a t\vo point improvement in mar-. ' 

Newly independent IMI 
well placed for growth 

HTV ahead to £1.84m. so far 

%EE r w,? d r ,0 £"£55.5 sSTi 



mo Prire rises a useful advance Imperial Metal Indnstries 1. i«tl * Kietnw^. Benson Matching 

- - - " s ^ s ' a new unit trust, Fund of Invest- 

rrijjs for tbe fulTyear and despite EXPRESSING CONFIDENCE that sales £39m.: exchange adjustments I05p. 
two price rises a useful advance' Imperial Metal Industries Is well £02m: d" 1 ”* ■ ' J ~ ■*»«.-• 

in volume sales lisas recorded, placed to increase both turnover Direct 

mwm ■ - ■ . .t « .1 . .ilana If (lM J >dlTHU}<MIM4l«f il lwni «• 

Saga HoNdays offer for sale of 17 and March 17. The first pay* 
2.1m. Ordinary shares— the first ment due this .September will be 
offer of shares to the public in at tbe. rate of £8.1875 per cent, per 
a “new” company . since last annum. . 

September— was successfully con- 
cluded yesterday with the issue 
subscribed more than 12 times. 

The #fp shares were priced at 
,e : group received more 


inter-dass sales. Preferential applications were -• - . 

_ _ £84.7ta. (£752mffT received from 53 employees for wh 1 

L - in addition tha^industriaJ rental Michael Clapham, chairman. During the. year the. group 24,000 -shares which will be 

E *f hw, “£ r f n Sr' *L a u t 2* recent “ Ies ; .Although -Stockdale has apolo- clothing business is becoming reports that the newly-Indepen- acquired 80 per cent interests in allotted in full. There wHl be a iT!|S*,5 t SST, Is 0 A £ SS a 1? 

compared with £l->_m, hol(&^ less than 5 per cent, of gised to die Aboriginal. Lands more important as Johnson gains dent status of the company has three businesses in France: the weighted ballot For ' applications' La 

tk T ™ st * [? r . breaching tbe Aborigi- market share with its easy-to- been well received by employees. Mapegaz valve group, jhlenes de for up to 900 shares .with sue- l 

uorada Hoidfnp— The 8.0o per nal Affairs Planning Authority launder and more durable poly- customers, suppliers and financial Grenoble which . operates in the cessfu! applicants to receive 200 

SfULi °r ^ pr ?«!?. us j A«- M**- Mensaros said, “ I regard ester- coiton garments. At 83p the institutions. field of pressurised ^«ter systems, shares. Applications for 1,000 

stated to be held by Midland Uus as a serious breach of the shares are on a p/e of 3.6 while Arrangements have been made and La DouiHerie Francaise, a chares and above will receive thou ^“ ttiere '*• 

pre-tax profits advanced from 
£1 2m. to £lfi4m. 

With tax taking £0.99m. 
l£0A6m.) earnings arc given as 

. - . - - - — - — — MUUn die Vil a M' IT vi v.v »■••••% «M.ttAip.vm«.iiw .IO*C MWI niiu MU I/VUUIVI * IBUM1IUV, a HUIUM OHU nil* * VV.W I - . 

S-ip (o Jap) per -op share and Bank (Overseas) are held on ironditions ^4iich were made quite the vield is -7.3 per cent ThLs to replace services previously sporting amniunftioTi company, approximately. 7^ per cent- of in ? om V* Xb ‘ 

the interim dividend is 3p (2.op) behalf of Bunalux Holdings A of clear to the company. compares with 12.3 and 6.6 per provided by IO; which sold Its IMI Australia acquired a 60 per the number of shares applied e )^£ USIi . j r __ 

net I-ast year's total was tOp 
and pre-tax profits came to £2 .9m. 

Turnover and profits of (he 
publishing and stationery activity 
have been included from the 
date of acquisition of T. J. and J- 
Smith on September 15, 1977, to 
the year end. The directors point 
out that the 

seasonal nature .. ... 

for a profit to be earned in the *s previously announced, 
half year to July 31. 

Following the resignation of 
Mr. A. J. Gorurd on January 5, 

1978. Lord Harlech has been 
apiKiinted chief executive of (he 
croup; Sir Alun Talfan Davies, 

Mr. R. A. Garrett, and Mr. G. £. 

McWatters have been appointed 
as vice-chairmen; Mr. R. V. 

Luxembourg. - p or mis reason I have decided cent! respectively for Sketchley. 

John Lewis and Co. — John to cancel immediately the -com- 
Lewis Partnership on March 10 puny’s rights of occupancy under - 
bought £5,000 5 per cent, first the two temporary reserves it was • 

Cu m u l a ti ve Preference stock, granted last year." 
making total holding £312,832 Mr. Mensaros cited, the Stale 
(20.83 -per cent.). Government's decision as tangible 

Am alga m ated Stores — L. Phil- proof of its seriousness about 

New suitor 
for Blakey’s 

Power for— with 

a minimum of 200 

The initial subscription day for 

the -sale of units wilf be Friday, 
_ March 17, and thereafter dealings 

holding in IMl last October, and- cent interest ui Fluid 
at present no single shareholder Company Pty. 

controls as much as 3. per cent Qroun contracts in resbect of Further details giving.. the 

»S.ii le M ! .ih l ! tS iTnnm^ P toced *w‘th« year-end amounted Tuesday - 
re ported Rlarcti i, im proven trom + n ~ m h n mm - trt G9m i Th* 

, _ . Centreway has backed out of its £30 08m. to £342 m: The figures amount authorised by the 

diary trade is or a lips 'is Interested in 2,148,963 Aboriginal rights on mining lene- contested bid Tor Biake/s (Malle- are not strictly comparable, the directors but not yet contracted 
re and it is unusual shares (1324 per cent.), not 2J5m. ments. But this is the first time able Castings) and sold its 41 per most significant, difference being f or was tniul (£6 04m.) 

_ * j -- *■*— « h» ' ♦*-- "“--i — * to Allied Insulators that addition^ depreciation has ^t the AGM, ; - - 

A rebuff for 
De Beers in 

he has championed the Aborigi- cent, stake 
nols over the mining companies 
and the ban, imposed after a long 
lobbying campaign, has shocked 
the mining community. 

are initially being offered at 50p 
apiece, at which level the esti- 
mated gross annual yield will be 
over.5 per cent 

_ . . „ Kleinwort Benson has invited 

The Agrletilrurai Mortgage. Cor- existing clients with hoidings of 


rigi- cent, stake to Allied Insulators that additional depreciation has At the AGM. to be held in nnniHnnh!i7iMi.Pri cIiWlts Wl ® f**« 

mies which wl! now launch a new. been determined Purely by indexa- Birmingim n^AprilYl at^ ^noonl RatoBonds^dSJfMSSi ii TS? 

sa -i. aMa. h s- , SBua sarir ^ m 

. The new bid. ai 52p per share does not reflect any subjective name of 
with a 6 for 7 share alternative, reassessment of the useful lives Limited. 

to ' ea- 
rn the rtfeV 

.V J,.- 

the company to IMI rent above LIBOR. Interest is likely, to .start . with' abase 

The issue has in any case looks almost certain to go through of fixed assets, 
caused divisions in the Liberal- since Allied has shares or accept- _On this basis It is 

Canberra and in Perth. 

Yesterday De Beers shares were 

cent, of Blakey’s. The only con- 
dition of the new offer Is that 

Word ley has been appointed as toe permit E ranted to the De J5?„i°' ve r r at:w 7 P- fo |lowinc the listing wiH be granted for the new 
director or television: and Mr. T. subslSEFy Stockdato of othcr ' i>0uth Afncan Allied shares issued for toe offer. 

Exploration, to search for dia- 
monds in the Kimberley region of 

Knowles as 

commercial /fin an rial 


Braithwaite and Co. Engineers {hI!£mr 
— F andstan. a company controlled 


Western Australia has been can- 
celled because the company 


The Board of Blakey's- is 
thought lo be happier at the Idea 

account inflation. 

ment of £8m. to reflect 

Marth 14 
at 137p. 

bought 50.000 shares 

Investment and 

tuuiuut inri uumiiuii. - .. . » 71. ; r— 

Don Upseorabc fron, 

. • Cm* AHunals. Erne sold produced 73.4 ” or C entrew ay . t ^ )e d* sa PP 0,n .J; 


a sequence of contentious events 
surrounding Aboriginals 

— — - . ... - ° j T |,i uuutca anu 

moukt isa MiHEs— Prodocuoo tor ihp doubuess be mitigated by- the nents U.K. £191 m. and 

Finance — Manfnrd Invesimcnls — diamonds— was announced y ester- i«aiwi ronon nnduct-d ro.*M chases at prices below Allied's ppst of the world £2'9m 

to. 1 he calied l^stlcmorc Properties day by Mr. Andrew ^ Mensaros, the SSeSreSSt w'mlxSFsTTjm °? er price. It bought 110.000 £2. lm.; refined and wre 

i on nos nraduivd u wo tonnes Misn>r glares at 47p each and another runner and other metals 

wiht. io.OOO at 48p. - £226m. and £ 14.7m.: less inter- 

(Holdings)— has 
nn March 8 it 

confirmed that Slate Minister of Mines, 
bought tno.oon It follows a helicopter landing 

The Nationar isn't the only new South Bank theatre 
that j^owed its opening night 


London’s new >St. Thomas’s Hospital cotjdn’t operate without its 

mechanical semces,; Grown House 


» ,i ‘V* 

They include the boiler plant, aLr conditionin^Sfrigeration and the many 

perform efficiently. 

specialist services a great modem hospital ni 

Other outstanding developments include Edit^gh’s Heriot Watt University, 
the Brent Cross Shopping Centi’e and the Naffest Tower in the City! ' 

CHE are winning similar cohtractsTiot only^feritain, but in the’ 

Middle East, Africa and-AuSfralia. 

We’re big in other ways. Our subsidiary, Dema Glass, is 
Britain’s biggest supplier of table glassware, including the 
well known names, “Thos.W«bb” and f ‘Edinburgh Crystal". 
If you want to learn more of what we do contact . 
our Chairman , Patrick Edge-Paitington at 2 Lygon Place, 
London SW1 WO JT.Telephone 01-730 9287. 




as one 

. A 





If otf 


is aavantage 
ler schemes. 


Crown House CD 

\bu may notsee i^butwtinethena 

With Colt Leasing you can leave youriapEtal ■ ' 
largely untouched and entitle youreorobany to 
full tax relief. i- ‘V- . . 

But Colt' Leasing has one other rear - ; - " 
advantage. Colt Cars. Reliable, fast and. - 
stylish. Colt cars are remarkable value, for ' 
money and remarkably economical tojun. ‘ 
But the real advantage is their reliability. The • 
entire Colt range is designed for trouble-free . 
motoring, and every Colt is protected by. a full./ 

lZ-month 'no-exclusion* unlimited mileage - 

warranty backed by 220 dealers throughout- . \ 
the U.K. And Colt's only require a major, -i . 1 
service a( 10.000 mile intervals. Yo'u'canalsp ' 



benefit from Colt's own special mo'nWsaV^'fl 
insurance scheme at Lloyds. • '• ■ 

After your 1. 2 or 3 year agreement is - £ ^ 
expires you.can up-date your car. to the fates 1 ° 
model wtth a new IfeasingegreemeotTaffi) ,* 
even make a protit on the residua! vaUieofSu 

ievels^ ® ccor ^ rt ^° agreed .depf eciathHi 

Pn^l S ^ f - m - a Jl n9e ° m exciUngnvod^ 

luxury Sigma2000 automatic, shownfw^“ - 
for further details, literature andthe adtfgg 
of your nearest deaJer. just post tBe 'cdu^oit* 

V / ■ * 

" ■>“ 

A . I am Interested in Ifiarniagrtbris?' 
about Colt Le.aslng. Preaac; sentfE 
further Information and the ham^t 
-myneareat CoR Deafer.'? 

: : 'V- *_ ■ -v-.^ ’v'oT. 

i Send FR “ P0ST (N° stamprequJredj jo Car ColLtil, Fndepodtl-qre^tosir fiSSl 




Mama ... 

Company — — T ' 
Address ' • 

; C -. ' ; . 

- • ToJ.Wn . 

1 - ' - ■ . 


• ’• iC ‘ 

• T* T . .* ■** ’ 


; to| iii) S |i 
0 ^-K 



BP net income 

23% rise 

inM L fl2.£b! £ Income BP £? J, h 10 iS pcr wnt - » «omc fO prr cent. EXTERNAL SALES for 1877 by assets amounted lo £3.4m. 

Stilish pSLraJifa, " f ,5S£ 0, .L 1l T^ d * ¥ : n as a resuU a{ lhe hu'w-ttp in Smith and Nephew Associated (JB.ftTm.i. 

7 rose frornll 78bn to £2Whn [dt^ 1 ** m ' tonnes t0 7j ' ,m - jn production from the Prtidhoe Bay Companies rose by 12.2 per cent. Tile directors say the increase 

ch included * MTm niw n* ‘ .l.*... . ? eId Sohio’s net income rose Jo from £M5.4Sm. to £183.1Sm„ or m exports and in sales by U.K. 

3mc compared with £1® 3m her from^rrifl nlfd K£- S i 8Um -’ compared wi’h by 15.7 per cent, to 118825m. 3t companies was particularly good, 

.ftor ovmeiS 1 3 aiom ■ ^ Si38.9m.. “a reflection of the 1976 exchange rates, and pre-tax After a major improvement in 

■ inst £1.Mbn. and U.K. tax on the 5 J. reflUu?S the seveJ! E2?S2?Z Ti ""P? i"iL hca . lth . «« products 

U.K. in 1972. as well as thS were TSWE !"f ri ««t European prices came " had readitf alSE “ **"■ J* ■' 

tonnes, net income emer R ed at reflecting slack demand and the pressar *, ** at the 40-week stas?e. «»®“* . ^ K J°I J 

l.lm. (£338.lm.). Net Income increasing availability from the • econo . mj c activity Full year earnings are shown Euwnoal facilities available and 

the previous tax accounting North pea. By the end of the !**!]*•** '"greasing amounts o f at s.54p fs.67p) per ,10p share «“* fi? *£*££? JSSSS!! 
Is is shown as JE196.4tn. against year very substantial discounts ? pare - wo, *Vf t,on °y er ‘ and the dividend total is raised 80u . ? requirements. 

i Sm - - " the African official selling l a " s,n f, ^ n ^ rK€t ; from 2.1797D to 2.4036P net with “SSSJ 

he net income for 1977 takes prices were being conceded and ■•RUM*!!- although sales were a final of LfilSflp. _ Working capital (stocks and 

T t of a u.K e ^„,;«.; S S S S? Jo?™, d iBrn ; i«7 m fSTS? 

•n to of f PAfnnflra >4 vnrmftmalir rlfenv-acrcAH tha riiPB*. tODIlCS. tltt COntTlblltlOn Of MM DID l? v £4^. tl -.' 8 PCf CWt.) 1TI 19l 

»ntty of £11 4.9m. Minna red spondlngly depressed, the direc- t® nne ?* - ^ contribution of 

b a credit last time of £76.2m.. tors- say. chemicals to group 'income 

nanly in resnpct of ACT In terms of the margin on dr °PP ed to ub.vtcl (f4S2m.). 
•■ionsjy written-off. crude oil these developments This contribution excludes the 

he directors say that lhe effect were particularly. - unfavourable ohemlcais activities of Sohio and 

he f^inw in accounting nolicv for BP. Having suffered dispro- those within the group's ■ oil 
He ED 19 basis is ermrirtorahiv portionately for the first half marketing companies. 

Hier thnn nrevinurir indited year because 85 per cent of the Capital expenditure by the 

onarterlv «rfs(pm«»nts. This is group’s OPEC supplies was upper group in 1977, together with its 
■nlv. attributable to . the tier crude, the restoration, of proportion of the capital expen- 

, • niv aiTjonrnoie to the »» 

\hn u<;inn ,n the full year’s «» 
' ’li Jfp nu r ,s of «he lax effects of the tor 
*M|i>un's rontiniiine inve«rment« in wit 

s of lhe tax effects of the tojrs in the second half coincided other than Sohio. totalled £795210. p. , ^i n,:pr ™ 

continuing invextnientx in with falling demand .and thus (£976.4m.i. This included the nlrilnrft tir lifnr* 


!• n 




E*t«itai sales 



O&jrartan profit .. . . 



Excbxflae losses 



Borrowing costs 


From associate* 

1 .2W 


Profit before tax ... ... 






Ntt »rdHt , .. 


To minor! lies 



Extra-org. debit* 



L earing 



• 9-330 

PtvI. dividend 


Or£L mertm - .. 

i :*£ 

1 0S3 




Reralofd by uidcl 





•» Gain*. 

In accordance 



Assuming conversion of the 

. parrifuiariv in me last large laaaers ana oi aisnna uon • mining interests in 
rter. reduced the results Trem capacity. 

erono’c dollar based opera- Despite the depressed oil trad- 
•X in 1977. tag environment, the group s»i« proceeds .. . 

inrenver. thp eroun’s income increased its sales of refined pro- Lew cuss am dunes. 

'ered in sterling terms from ducts in 1977 by 3.5 per cent, to f**” — — - • 

tmnxleiinn of «ome of its 97.1m. tonnes. This growth was oc*air lncornc - 

rpm q^epts a t year-end rates predominantly in higher margin DiHnbwK»." W.-t "". ! 
exchange. gasolines and middle distillates, Drerwamoo. etc. 

lated earnines per fl share and total sales of low-marfrin fuel — 

92.6p (87 4ni and per eailon oils were little changed. Natural “?£!”* r - : 

I as 0.8p f0.7u). The dividend gas sales also increased by 2 0 u.k. tax 

lifted from 1B.987p to SS.102p per cent, to lOJm. ’cubic metres Corporailon -uus ... 

h a final of I5.121p. Return per day. Crude oil sales fell by Peinrf rer«me un ... 

; average - net assets was 112 42 per cent to 75.7m: tonnes, but rVa??ng 

cent. (.11.4 per eent.> and lhe this is regarded as satisfactory Extraord. 'debiin 

return on average -capital 'em- m the face of the expansion in n« tu.-<wic 

yed was 9.8 percent. <10.3 per direct sales by' producing Dividends 

i*-)- countries since 1974, the directors Rclal,,e<J 

14.712.2 12.SS7.0 

earnings per share for the year highw than for the same quarter 
ist« would have been 5.73p (420p). 19TT- ' 

l £ ^. n Depreciation charged on fixed hee Lex 

BATS looks to longer 
term for growth 

1 BA1 

. 2K.t 

i|l term 




sau MAINTENANCE of last year's yesterday for Finlay Packaging is 
— level of profit by BAT Industrie* not a proposal The scrip • wai 
“ is as much as we can expect and made last June, 
this will only be achieved witn 

'•he directors sav the momen- 3“ ■ ^ “ ed,rectors - on. ^np, dw "S U 

*toj ‘ W™ economic Income benefited considerably *S?^mSS!i annuaTSeetST^SreLay. British 

overy in OECD countries was from Forties crude ofl production. -After oversea* tax relief. * Credit ** Nevertheless, looking beyond * • . 

maintained, and that market but was adversely affected by the 'in respect of oveneas. capital tain tax the immediate ftrtnre. the under AmPriPQn 
ice* for crude oils declined trading conditions. ' icvw •* a touJmk group renrsaniaation n-owLh nrosnects of lhe /VUlCllLilD 

ad fly through i»77. Margins for 

The group’s equity .interest in 

in the t’ K.- in 1 ST*. 

1 * tilth! 

’ link' 

ide oil were affected in a way Sohio grew over the -year from 


Exceptional assistance 

See Lex 

lying growth prospects of the ,v “ u 

SSr remlta 5troos ''' ht & General 

Main cause of the uncertair.iy 

M-as the world economic outiook. . i n his annqal statement, Mr. 
the expected rise in overall iax- W. H. Conroy, the chair man of 
ation from last year's loweMhsn British .American and Genera] 
usual level, and the fluetuaticiu Trust says that when the time is 
in the value of sterling. propitious, lie overseas content 

Tobacco division volume con- of the trust, in particular the I 
Unued to increase, and the com North American section, will be ' 
pany had shown Its faith in that increased 
product with the acquisition o.' 

the overseas interests of Leri: lard -^uJSib ^ 

and the impending national ? 

tally large amount of help to for some time, and A growing re- Banks' brought forward run- chains in the_ U.S. had » ffojd earning Improved from £718380 
London money market y ester- ludance or the houses.: to. sell down balances, there was a fairly 1**1 ouarter in 1977. and Mr. to £8443aj, representing basic 

J by buying various bills from their present holdings of .Treasury large net take-up of Treasury bills Macadam was confident of better earnings of l.i lp (L4Sp) per Sop 

discount houses. This in- bills. The amount of help was to finance, the authorities held results for the year as a whole. share or I.*>9p il.4Sp) fully 
ded very large purchases of probably overdone, but this wttc maturing local authority bills, and The slight slowing down in the , dividend is lifted to 

;ible bank bills for the first not reflected in the level of in- the major adverse factor /was set- paper division in the second half LM P i 1 - 4 ?) neL 
.c since March last year. The terest rates at the close, which tlcment of a very substantial of hxt year bad been halted while Meeting. 20. Fenchurch Street, 
ik of England also bought a remained very firm. ' ... amount of gilt-edged stock bought the cosmetics side was returning E.C., April 7 at 1120 a.m. 

ill number of local authority Discount houses paid per on Wednesday. to an unward trend. -■■■■■-' ■■ ■— 

• s. and completed the assistance cent for late funds and .sortie mqy On the other. hand. Government Mr. Macadam criticised . con 
purchasing a very large have balanced their .bqok&- by disbursements exceeded revenue timring dividend restraint. ei»«ri 

>unt of Treasury bills. A pro- taking money at higher rates in payments to the Exchequer, and ally as the shareholdings of in- 

tion of the Treasury bills were the Interbank market.. . ' the market was also helped by a dugtrial companies had been 

ighi for resale to the houses Overnight interbank rates slight fall in the note circulation, widened through (he. influence of 

Siminc I 

Cert iticnir ; IntertwiK 
nl Heptirfl- 

l4s«l 'Ux-ai A nth Tinanre I 
iithorin : DBUiXl«Wf B'Him . I.' 



Ihintlr . 


iv t mu we... 
iv- oi ! 

v* nida-e.. 




■ m.'inh 


«»= * r* 



■ m 


»■* H 

- ^ 

■ i* 

s' m»nrh-. 



6Sa6,^ ’ 



71 8 -ria 


* nioutto.. 


.J 8 

i u 

fl 5 * 


7 i a 



-Si a . 




Finam-e I . \ Uisnuni : 

B'him - 1 jini|«.av narkM treaiun 
LmiatalT* I llep«ll« ' iHprwrr ! Billa 0 

£ ; 5U 61 2 j ! - 

. '• _ 1 

6V 7 ioi c 6l« • 

6?, 64* . 6 ; nj( 

67a 6 fiij f 

67a f 6ig- i 6-6U ! o7a 

8 *a i - f - • f - 

L'ibriblt- [ 

Uank Fine Trade 
Bll>4» : - 

; « T » 7 
•A 1 6j«- • 


J V* 

pension funds and life assurance 

He also Mid that taxation level* 
in the U.K. were too high for 
an efficient economv. narticul«r!v 
for managers. “ We bnerate wo rid 
wide and we know that job lor 
iob the senior British manage' is. 
in real terms, between 30 pu* 
cent, and 60 per cent poorer in 
purchasing power than , his 
equivalent In the mainr free 
world economies, with which this 
country competes," be said. 

rfical auihnrities and finance houses wvpn days’ others seven days fixed. Lous-tenn local nifeority mort*a*e rate 
naHy three jear* ]fi per cent.; roar rears 10S Per cent.: flee years I0J P?r cent. OBank ball rales in lable an buyin* 
: (or prime paper. Buying rates for (nur-tnonth bank bills « pr cem.: foor^marab trade bills 6i per cent. 

.ppruximaie mUUu; rates for one-month Treasury 6G1* S'*r per cent.: r-eo-raonth S*r»-S:’» per cem.: and U mpra ib 
■5I5 i 6 per cem. Approximate wiling raie tor ooe-moaib bank bills sii6 per win.: two-mooib 85 m per cent.: and tbree- 
h fill* per real. Oae-tnonth trade bills 6J-64 -per cent.: two- month !Mi per com.; and aim ituve-mamh 61-61 per cem. 
litaacc Noam Base Rates (published by me Ftaanee Houses A-^odatlnni T per cent rrotn. March i. 1978. Oaarlw i Bank 
sh Rales >for small sums at seven days' not*oe> 8 per rent Clear lap Bank Bam Rales Tor tending 6) per cent Treasury 
. Average tender rales of disemmr 3 9139 per cent - ‘ 

well placed 
for upturn 



The dtreetora of Rolafiex (Great 
Britain) are continuing to 
strengthen the company's man- 
agement worldwide and to develop 
additional manufacturing capa- 
city. The pressure on overseas 
margins, mainly due to currency 
fluctuations, is likely to continue 
throughout 1978. However. With its 
strengthened financial and manu- 
facturing base the company will 
be able to tike full advantage of 
the economic upturn wjien . it 
occurs, says Mr. M. J. E* Frye, 
the chairman. 

As. reported on February 22. 
pre-tax profits for 1977 advanced 
from £L14m. to £L53m. ok turn- 
over ahead Irom £l&82m. to 
£ 1727m. 

Some 91 per cent, of external 
turnover of group companies 
operating outside the UJC was 
in Europe. The remainder was 
in Australia. 

The value of goods exported 
from the UJL, including goods 
sold to subsidiary and associate 
companies, amounted to £M2m. 

A statement of source and 
application of funds shows a 
£0.<m. (jti.OSm.) decrease iu work- 
ing capital. 

Meeting. Roiaflex House, E.C- 
on April 6. at 10 ajn. 


The l-/or-i scrip tssye toportod 




CxiMi* 1 ' U253.00O' — 

P&Jk-Derwit... 2J.lfi5.73l — f^fil^ts 
, Sperial DepnUk. 1.24c, 860.000 + 16^60.000 

RaoLrra ■ 257233265 - &&2J81 


Are* 7iM.B04.026 + 58.884205 

;L2Sg.lMjn2 780.916 


Hon. SenirftioL. 1.79T.47L088 — 82.050,000 
Ad rawed AOtbw, | 

A’c*— 272.4*L«fig+ 8^912,650 


tedwSMX— 173JSD6.43B+ 16,6a 1 

Nm« j 8.41SJ09 - 13.079274 

Coin | 182234 — 18.156 

e£S2.l3L032 Z 780.916 


Sores Issued.. — .7^25 £00.000 4 2S.W0«0 
IS ClrailaTton. 7.816^80,991 ■* 38,079274 
lc Bsok'g Dept a,ata«»— Sjora^T* 

<S«rt- Dvhta.. .....' \L0t5J«d . 

i>her f,<vn. J9C236 + 33^69.662 

Ulberdbuiriiie-. 948^e&b66— T.4S9A2 






{ Both incorporated in the Republic of South Africa > 

The boards of directors of Anglo American Industrial Corporation 
Limited and Associated Furniture Companies Limited announce that agree- 
ment has been reached to merge the chipboard manufacturing interests 
of Bisonboard Limited and Bruynzeel Plywoods Limited. 

This step has been taken with a view to the rationalisation of produc- 
tion and the. stabilisation of the domestic indust ry by the fuller use of new 
techniques for the production- of a high-density board which has good 
export potential, especially from coastal plants. 

inth March. 1978 

For ‘The Complete Pictuwji brochure 
describing ah our property services, 
write to C. N.G Ardirig AFLLC.S. 
■■ Richard Fills, 64 ComMU, 
London EC 3 V 3 PS. Tel: 01-283 3090 

Richard Eflis 

Clidnurrcl Suk cuop? 



Rank chairman denies 
radio closure 

‘grim’ for AF 

AT AX otherwise low-key. annual The company will produce an Announcing the figures, Mr. " 

meeting yesterday. Mr. Harry" interim set of figures as at April Eric ,E. Jones, "chairman, states SHAREHOLDERS in Associated 

Smith, chairman, or Ranh Organ!* 30. 19TB. and. with the- usual full that current order boohs indicate Fisheries were told by Mr. P- H- BOARD MEETINGS 
”* ,n ” fn^A «f the comparison for the preceding a similar 'percentage increase for Tapscott. the chairman, at yestor 

sat Ion, faced criticism of the comparison for the 
company’s profit record. One of corresponding period, thereafter 
the few shareholders to speak it will produce fully audited year- 
commented that many of Rank's end figures for the 15-month 
businesses continued to perform period ending June 3Q, 1078. 
inadequately and the average 

return on capital had been loo 
low. He encouraged the Board 
to follow (he policy stated in the 
annunl report, not to subsidise 
indefinitely activities which cannot 
produce satisfactory profits. 

.The chairman's opening remarks 
were aimed at ending speculation 
over what precisely that policy 
meant. He said that his words 
had been construed in some after RISING from £126.848 to 
nuarrers ‘’as indicating that a £230.253 in the first half, pre-tax 

at James 

1U78. The 1977 figures include an 
export content (as basic units) of confirming , the wide 
acceptance of the Diamond not 
only in the U"Jv but overseas. 
The directors confidently expect 
the export side to at least double 
In the next 12 months. 

Mr. Jones points out that the 
1976 figures were themselves 
double those for 1975— the year 
Data Recall entered the market 
as the first new generation Word 

day’s annual .meeting .that " (hi 
current year - is - grim.” The 
group's efforts .to biilid up the 

The (nhnrina companies have notified 
datre of Board nwvtiafCf ta the Stock 
Exchange. Sncfa nay-lug} anr usually 
hold (or iho ponmac at co n afl fflrt n g 
dtodrads- Official indications act' not 

non-fish side were* making .good available whether dividends concern'd 
nraomcc h.if ,l . _ . i . arc* Interims or finals and itie wb- 
progress, but, the chairman iaw- divisions shown below are-basra mainly 
The impact on -the financial on loot year's cbneiabte. 

figures this year is unlikely to be 
sufficient to", prevent an overall 
group loss for the first six 
months' trading.” 1 
He added that be hoped by the 

in Europe- Word time that the interim stage hod 


Inlartms: Sidney C. Banks. Bluebird 
Confect loo? ry. Utter and Co 
Roab: Cbnrcb. Hall Eapnoenag. 
Noble and TjbuI 



Barents Products Apr. 

'incision to close Rank Radio 
Iniermiionai wac under active 
n^Ticidcration,” He denied that 
this was the case and suid the! 
««1 ps of RBI this rear had been 
if a sienificonlly higher level. 
"The rale nf loss has. therefore. 

profile of Jume$ Wilkes iinisbed 
1977 more lhan doubled from 
£231,492 to £471 J52 on turnover, 
of £7.7m. compared with £6.67m. 

With tax taking E24U.3SI against 
£108,074. earnings are shown to be 
. up from 3.3p to 7J>p per 25p share 

^cen further reduced and we and the dividend total is lifted 
-wot to mak** aridi f jon progress from 3.4^ to 3.75p net with a 
during 107S." he said. Anal 0 { 2.3G5p. 

As for the Broun as 3 whole. The group produces business 
Mr. Smith commented: “We are forms including- computer 
running very close lo our earlier stationery; hupplle* farra reeding 
nredictions and there is pverv and handling <?quipmcnt:-and scILs 
reason to heliove that we shall computer and punched card 
orhipve a further improvement or accessories and equipment etc 
nrefit before currency arijuM- 


Loudon Scottish Finance .... 
MTD 'Manama ^ ..... 

Sykes t Henry ■ 


Anwrican Trim — 

Applenrd - 


Mar. ii 
Anr. 10 
APT. 8 


_ _ >.‘ uax > uui uu; nivenoi Stage OOU mireras rnwucis — Awr. - 

Processing is steadily increasing been ^rheA t, e - . CflU , fl £ - b .„ Cw and loienadaniil Trot Mar 2a 

and the Diamond has established ? 0 The 0 ' wH '* 

a U.K. bare installation of more ? 0 r« was ^ * 

than 130 working units. This is „ w “* ’ - 

approximately 20 per cent, of the *“■ Tapscott said: “ ! am 

total number of VDU-based word extremely conscious of the con- 

processor systems sold in the ^rn ot , raeral}fi 7s over the heavy 

fishing losses sustained in the British- Alnmtninm 

opening months of tbef now vear Carpets LireraariunaJ 
and their effect on the group a* Oaemes Securities Trust 
a whole ” HoWevqr. he added: S 

• ne start .with the immense Morgan Urwctble 

advantage of a- strong balance Philips -Lamp -. 

sheet which the Board has been R*wfc • : 

at pain, »' ad**.. ^3B*sr=rn: 

“ Over tile next few? years ihe senior ExwJnetnnk 

f 9 . . -U U*nv« n U>rieV>) 

African Lakes 
accounts delayed 

African Lakes Corporation has 

Warns Wright and Rowland 
Western Motor 

ADr. 4 
Mar. 22 
kpr. 12 
Mar. 21 
Mar 29 
A»r. 6 
Apr. * a 

Mar. 23 

Mar: 29 
Apr. 4 
Apr. 3 
Apr. If 
Mar. 21 


But thi< did not mean Thai Rank 
was currently seeding a wav round 
d- idend restrictions. a* annrher 
■hnrpholdcr requested. Mr. Smith 
■sold that the com nan v was reMn«» 
cn a rd'*x it ion nf rlii-idond 
controls which was “ overdue." 

Data Recall 
triples to 

Small & Tidmas 


Pre-tax profits for 1977 of Data 
Recall. Dorking ■ based manu- 
facturer of the Diamond stand- 
alone Word Processing and Text 

changed its ACM dale from April British fishing industry would 

27 to May 18. The dividend will undoubtedly -alter its composition JfgJ™ i‘£L" SE'* 

now be paid on May 19. substantially. We recognise this nson "" " 

These changes have arisen ? Q d plan to play a leading part 
because of a delay in finalising 111 “ s restructuring, 
the group accounts, occasioned by Half the company's assets were 
the transfer of the Malawi invested outside fish catching and 
interests to a new Malawi sub- it was planned to increase as fast 
sidiary at current values. The as possible the profits derived 
preliminary figures already from this side of the business, 
announced in regard to turnover The ultimate goal must be profits 
and profits for the year ended from this half of the 
July 31, 1977 are unaffected. It sufficient to -service the capital 
is exiiecied that the accounts will and meet a reasonable minimum 
be posted on or about April 14. dividend on the equity. 

In ibe second half of 1977. 
John C. Small and" Tidmas re- 
covered and produced a profit of 
£93.380. Allowing for the first-half 

loss, the profit for tire year comes 

“"ESS oat *78,665. against £93 -228- 

Turn over ..of . the company, 
which makes knitted fabrics, eta, 
improved from £3.2 Vm. to £3. 72m. 

The financiat year end for 
ITJ Textiles is to be changed from 
Annl 30 to June -30. 

. It is expected that entitlements Planning consent has been After tax £37.307 1&&818). net 

Processing system, tripled from 'under the proposed scrip issue granted for the Elm. expansion of pro fir- was mi,m i> (£49,410) for 

£41,287 to £122J>SS. Turnover for will now be posted on May 26 and the Wolverhampton public cold earnings of 3.44p (4.12p). The 

the year was £6U,5S5 compared dealings in the new shares will store. It should be usefully pro- final dividend is Ip to hold The 

with f336.SG8. commence on May 36. . fi table within 18 months. total at 2p net per 25p share. 


Latest moves to 
Botrest afloat 


and the company's suspension 
was in response to. tttl&.sqrfes of 
actions. The immediate relort-ef - 
the. unions was that they werq- 

DGTAJLS are now announced of .loans of P3I-Sm. to Botswana tJ?th°the 5 i«SnMJSS.f 

the financial and marketing re- Concessions plus a medium-term tc«L seeldJS 8 ^ ml 

structuring of the .disastrous facility of P-*5m. Trom Barclays about v«8e to bit 

Selebr-Pfkwe mining operation of Bank;" increased royalty payments ! Li. imlSSw^awSU 

Botswana Concessions which ‘Is to 0». Botswana Government in tiwstatuton muuwW 8Mrd 

haanly in debt as a resuU or &a,”or a 3 par cent royally a ««* » M™ 

technical difficulties, and. latterly, on" meta] sales- . . aS* iSSf tSS un^twifS 

the weakness; of nickel and copper ■ Our Johnnnesburg correspon- what V^sunnort of U ttfei?? 
prices. ’ denf rvnnrts that whatever the strikes in support ot tneir claim. 

It is 15 per cent. ov-Tied by" the eSct^Totrest or Us major ih “ FOfflnaM a *usn«rtm. 
Botswana Government and TS per shareholders the capital reRtruc- 
cent: by Botswana RST (Botrest), tttnog- might have, reaction thort 
major shareholders in the latter fo that there will be no bencut 

being America's Amax and Bouth accruing to ordinarj' ■ share- 
Africa’s Anglo-American Corpora- .holders Nor is the agony any- 
dou. Despite increased safes last wrfere near finished for the 

year, Botrest incurred a loss of major shareholders who have 

Pula.38.54m. (£2A34m.) which in- provided the Botswana nickel- 

creased. the accumulated deficit copper producer with the bulk of 
at December 31 to P 102.3m, its -debt financing. 

(£64.73m.l. r-.thes still have further commit- 

The loan burden of Botrest at merits totalling PSlAni- for the 
December 31 amotutted to P-.125m. mine as it presently stands amT 
on which interest of P36m. had another rci.diu- to finance phase 

accrued.. "The company says that nvo at currently estimated costs, 
the outlook for 197S “ remains there is still more good money 
sombre,” pointing to the experts’-, to be a rter bad. 

tion of an increase in costa and -There will be some immediate 
the low metal prices. _ -iwuMif m Botrest from the new 

simply more determined to. press 

thefr demands. ._ 

The labour - troubles have- had’ 
scant effect on the Plata share., 
price which closed yesterday in 
London at 260p. " 

CVRD explains 
joint venture . 

THE JOINT venture between Itlo 

Concessions 10 l^me^wWch S ViMSmt and Companhia V^.." 

do Rio Dove fC\TtD) ar tbe Vera ' 

What B*A*T Industries did 

in 19 7Z 

"Thus. Botswana _ , 

faces Substantial operating losses, r^rt^nverv^of ' - the**whoTe 7 of The „ . . . _ 

during 197S" and will thus con- Output of nickel-copper Cruz . bauxile dopo*;^ or Pafo-- 

tinue to be unable to repay. Its Pmav payments for :Ron,,nas ,n ll,e Pjra s 1 * 1 ® °f... 

indebtedness. Botrest. in turn, wIU be speeded up. ‘ 8™" 1 «« a pragmaticventureand 

will also be unable to’ reasv ue» venes docs not .. threaten _ CVUDa. 

indebtedness to Its principal- ' Perbaps the best measure of chances or working tlx-, own 
shareholders with the result" ihat how Anglo-American Corporation, bauxite properties, according to • 
therecan be no dividends “in the- and. its associates view the future sr. Eduardo de Carvalho, the 

f ore^Sble f oture" " the terms under which director of CVRD's " aluminium 

Themain points of the re- Minorco. is to advance funds to sec i or. ' " " '" 

Structuring operation are: Amax- Zambia Copper Investments to His comments came as be pub- 
to take all the -nickel-copper follow its future loan commit- fi«ly explained the reasons- for:, 
matte production: the elimination merits. If Botrest provides ZCI CVRD's involvement with RTZ to ? 
of large sales commissions to a ‘with cash flow. Wdnorco- s mini- a rebuttal of local press criticism,.- 
third patty: a reduction in the mum return on any. future reports Diana Smith from Rio de - 
interest burden via the can cells- advances will be 20. per emit. And Janiero. " 

tion of P75m. of debt; standby Minorco is hedging its bets by Last year CVRD took a 36 per 

making a first call on ZCI s cash cent, stake (n Vera Cruz, leaving ■ 
flow from whatever source for re- RTZ with 64 per cent. But CVRD 
payment of debt principal.. has deposits of its own at Jabuti, 

Once Minorco has received an. south of Parogorainas. 
effective 20 per cent, return on The Jabuti reserves arc of a 
its advances it will cream off an lower grade lhan Vera Tnia. Sr. - 

additional 25 per cent of all cash de Carvalho said, and they hare 

.flow to ZCI from Botrest : If these no transport facilities.- Further ’ 
tems are a measure of the Anglo the Vera Cruz reserves would 
group's views on the mine, the 
future is for from bright. Botrest 
were 15p yesterday. 

Increased turnover to £6,212 million, raised pre-tax 
profits by 11%, manufactured in 78 countries, 
employed 25Q000 people and contributed a net 



Tobacco Division 

Retail Division 

The Division is the free world 's largest manufacturer of tobacco 
products with a turnover of £4.104 million and £348 million 
operating profit in 1977. The subsidiary and affiliated 
companies operate 1 18 tobacco factories in 51 different 
countries. Exports from the USA include Kent. KaoL, 

Lucky Strike. Pall Mall and Viceroy; and brands 
exported from the UK include well-known house 
names such as Benson & Hedges. John Player, 

State Express and Wills. A BAT cigarette 
is the brand leader in 38 countries. 

Paper Division 

In 1977 the Paper Division's turnover totalled 
£552 million, and operating profits were £53 million 
The. principal interest is WigginsTeape. which 
makes a variety of industrial papers and an 
extensive range of speciality papers such as Idem 
carbonless copying paper, as well as high grade printing 
and writing papers. The company has IS mills and 
factories in the UK. and 5 more in Belgium. France and 
Eire. Outside Europe, there are mills in Brazil and India. 

5 factories in Africa, and a 25 Vo interest in Associated Pulp and 
Paper .Millsin Australia. 

The Division also has a 50°o interest in MardonPackaging 
International, Britain's second largest packaging company, with 
IU0 factories - mainly in the UIv, France. Germany, Canada 
and the USA. 

In the USA, the Group's interests comprise Girnbel Brothers 
with 38 department stores, Saks Fifth Avenue-wLth 31 
high, fashion stores and The Kohl Corporation with 
96 stores, mostly supermarkets. In Brazil, 
Supermercados Peg-Pag is a supermarket chain 
of 38 stores. In Britain. International Stores 
operates 730 supermarkets and self-service 
stores, and the Division also owns Kearley 
& Tonge the grocery wholesalers. Other 
retail interests include trade investments in. 
Canada and Denmark and a 25% interest in 
the Horten chain of 58 department stores in 
West Germany. Retailing turnover in 1977 
was £1,391 million and operating profits 
were £24 millio n. 

Cosmetics Division 

The Division comprises the Houses of Yardley, 
Lentheric. Moray. Cyclax, Juvena, Germaine 
Mohteil. Scandia and Tuvache. Their perfumery, 
cosirietics. toiletries, soaps and skin care products 
are sold in 343 countries and manufactured in -38. The 
principal establishments are in the UK, USA, Canada, 
Brazil- Colombia, Venezuela, France, Germany, Spain, 
Switzerland, South Africa. Singapore. Australia and 
.New Zealand. Turnover and operating profits were 
£105 million and £3 million respectively in 1977. 

and how 

During 1977. turnover increased hy 10% to the record 
lure of £6,212 million, with a pre-tux profit increase of 
°o to £416 million. This has been a year of solid 
;owth, particularly in the light of the impact of a 
sing pound on our overall results and continuing 
fficult world economic conditions. Net profit attribu- 
te to the shareholders of B-A*T Industries has risen 
■ 24% and we have increased dividends by 21.3%. 

After providing for inflation, the amount available 
v dividends and to finance real growth rose to £158 
illion from £124 million, an increase of 27%. 

Our worldwide tobacco business has had a good 
ar. The tobatco industry is still growing and, despite 
creased competition, our business in total grew faster 
an, the industry as a whole. 

In retailing, we increased turnover worldwide but, 
spite t-liis, profit declined, largely due to disappoint- 
K results from Gimbals and Saks Fifth Avenue in the 

In the UK, International Stores’ operations am- 
oved substantially, benefiting from the rations lisa-, 
in programme and from the acquisition of F J Wallis* 

The Paper Division had a very satisfactory year, 
creasing turnover by 21% and profit by 56%. In 

particular. Wiggins Teape, the principal part of the 
Division, i ncreased its operating profit by 62%. 

The Cosmetics business continued* to expand its 
sales, though not its profit, which experienced a fall 
from £3 million to £3 million. This is a fiercely com- 

petitive business. I am pleased to be able to report that 
profit is returning to its previous pattern of growth. 

Despite the problems we have encountered, 1977 
was an encouraging year, confirming as it does the 
value of our broad spread of interests. 



Group Profit Summary 

£ millions "• 


.. 6,212 

5,637 . 

Operating Profit .. 



Profit before taxation .. 


374 - 

Xct Profit attributable to 

B-.VT Industries 

before inflation retention . . 



after inflat ion retention .. 

.. 158 


Dividends * 



Earnin gs per ordinary share .. 

pence . 

.. 62.4 51 A 


I expect ail four Divisions to maintain or increase 
their profits before tax, but I also expect the proportion 
of Group taxation overall to rise from last year's lower 
than usual level. 

The final' results, expressed in sterling, will depend 
very much on the exchange rates ruling at the end of 
next September. With five months of the year behind us 
and exchange rates at their current levels, I believe that 
maintenance of last year’s le vel of profit attributable to 
B-A-T Industries’ Shareholders is as much as we can 

expect and that this will only be achieved with, some 

— — ■ — - “ » w* * » * vu OVUJO 

iculty. Nevertheless, looking beyond the immediate 
future, the underlying growth prospects of the business 
remain strong.” 

. Peter Macadam, 
Chairman . 


V g/AT y Tobacco • Retailing* Paper • Cosifietics- Worldwide 

Copies of the Report & Accounts arid the text of the Chairman's speech at the Annual General Meeting-are available 
from the Secretary, B-A-T Industries Limited, Westminster Bouse, 7 MUSaank, London S WlP2J£. 

2,000 WORKERS 

The industrial dispute at 

ensure a supply of 1.3m. tonnes 
of bauxite a year to tlie develop- 
ing Alunorte aluminium hmelier. 

CVRD was apparently glad to 
take part . in the joint verdure 
since it lacked the resources fa 
develop Jabuti. . and also because 
RTZ is not one of the U.R. . 
aluminium majors who. until 
the 1976, controlled Brazilian bauxite 


Central Queensland coal mines of reserves. 

Utah Development. - Australia's A feasibility study of Vera Cruz 
biggest profit-earner, became is .being drawn up and evidently 
more intense yesterday when the envisages that for an annual pro- 
company suspended its entire duction of 2m. tonnes of bauxite, 
workforce of 2,000 people for "24 a budget of S300m. will . be 
hours. needed. 

Gold chairmen report 

CRITICISM of South Africa's high gold ore grades arc South Africa's 
and discriminatory taxation veteran East Rand Proprietary 
under the siidlng-scale formula and Durban Deep mines. Both 
of the country’s higher profit- depend heavily oh "State aid and. 
earning, gold mines comes from indeed, both have- had to take 
Mr. R- A. Plumbridge in his state- advantage of an additional Staio 
ment with the annual report of loan facility. 

East Driefontefn, the top-class . In., his statements, with the 
produce*;. v . . respective' annual, reports. Mr. 

Last year the mine's total D. T. Watt, chairman of the two 
profits were Rl5a-9m. (£83Rm.) companies says that requests" for 
out of which the State took the loan facility to be extended 
R83-3m. plus Rfi.'lm. in compul- into 1978 have been turned down, 
sory loan levy. Shareholders re- But further applications have 
cetved R42.5m. and the rest went been made because without the 
on capital- spending. loan facility, both mines face a 

Mr. Plumbridge points out that possible - exhaustion of cash 
after deducting the lease con- resources and a consequent dose- 
ddefarion payable to the State, down. 

East Driefentem's total tax and Their main hope is of a com 
loan liability was R7afim n as tinued improvement of the gold 
compared with RSS.Ttn. if the price — despite having been "in 
company had been taxed on the production since 1908 ERPM still 
same basis as a base-metal pro- has enough ore to keep opera- 
ducer. turns going for; many years— but 

Because of the after-effects of Mr. Watt warns that even a 
last October's underground fire significant rise in rhe bullion 
and the shorter working fort- price could be overtaken by 
night, the current year's ore mill- further increases in costs, 
ing rate will again fail short of In the immediate future he sees 
the plant’s monthly capacity of little hope or ERPM shareholders 
210.000 tops. receiving any benefit from the 

But a higher average of 200.000 operations or the mine. And in 
tons is_. expected with a conse- the case oF Durban Deep he says 
quent rise in gold output. Because that prospects for a resumption 
1 th * difficulty of predicting of dividends; in the near fufure 
likely gold prices. Mr. Plumbridge are “ not encouraging" "ERPM 
only that the East Driefon- shares were lip down at 385p 
tein dmdend should be at least yesterday while those of Durban 
mamta|ned this year. Deep fell I9p to 275p. - 

Mining days are. now over for „ -, • 

Ylakfontein Cold Mining which 
is concerned with realising redun- 
dant assets, notably property, bn* 
.the treatment -of its low-grade 
dumps could continue Tor a 
number- ,6f years. ' 

Mr.-.P-.W- J, van Rehsburg, the 
chairman, add-? that future dis- 
tributions should be made by way 
of capital repayments, rather, than 
■livid ends, and it is proposed to 
make a. repayment of 10 cents 
oe rshare as soon as the n*»ce!»-.ary 
apnmvpte have been received. 

Still fighting to survive in the 
face of -advancing costs and Jow 



N.A.V. at 28 .2 .73 
520.25 :(D.FIs:44JW) 

INTO PS«nwm. ft ffariMi H.V. 

Hercnfnchf ji4. Anstenbm 


Income : 
Dividend" : 
Assets : 


Extracts" from toe Statement by the Chairman; Mr. W.-.H. Conroy, and 
summary, of the results for the year ending 31sr December 1977. 

Net revenue for th* year increased- by 15 3%. 

.Total dividends of ?.65p per share— an increase of 17.9%. 

Net assets per" share as atr 3J st December 1977 equalled 
Sip. an increase of 20.9%. • . . 

Borrowings: " *43. million was- borrowed -on an overdraft basis. "This 
■ ?- Iarfi l part of tjne Premium -dollar element 

S.. k e c *' r * ci ? i J whi,e lhe commitment to 

’ *"¥***., C re ! tt5unetJ virtually intact; The 

g™ prerpium doiian has 
been added to- the gih-cdged holdings: 

At the ’end oTljj' 60.3% of the fund W .nvestetFin 
N ^r dk America and 4.5%-in other 
overseas markets. .Approximately £4 million was held in 
. gilt-edged stocks. ? ; . .., 

The Future: hw cqiwideraW liquidity in the shaoe of the 

gilt-edged holdings which affords flexibility. When the 
.time appears more propitious the overseas content, 
particularly North America, will b e increased. 

Portfolio : 



- V.T976 .- 




.(^Increased during 1977. by . _ 


• • Ijflp.. 

the conversion of loan stock). 

. " 1 ■ ' 


07,04 J.171 7 


Attributable to -Ordinary Stock 


' £21,027^32.4 

Net "Asset Value per Unit of 25p.' 

• 'feip..-' 

Annual General Meeting— 20 .Fencfaurch Street. Londdn..EE3; 
.Friday; 7di April 1978 at if JQ a.m.-. 

B. . r .. 

- -* 

i."» . 1 ^ 

i.r. * 

N "."‘tv „ 


>53' <> 




Reed fails to agree 
S. African sale 

New move in the 

L & 6 Pensions 
£300m. expansion 

[ ' KIJ 
h ‘ l u\ii, 

Th e attempt by Reed Inier- 
«duce its debt by 
; mo J st of its South African 
He rests to two subsidiaries of 

■hi O w.S ?E ? 0raUoa foundered. 
- ne British paper and publishing 

o° U to b wrt^® en w hopinff to realiso 
P to SOm. Uinragh this deaf. 

“* shares fell by dp to 112p 
esterday on the news. 

Keen announced that, after 
««0Dating since January 2S . to 
'll 52 per cent Wrert ti 
eefl Nampak and its 50 per ent’ 
to the loas-makthg 
p paper tnSTtoa 

SHJTO® of SAPPI and 
ohier ^Brothers, the talks had 
because it -was 
I to structure, terms 

. . ewptable to all parties. 

Mr - David Cormie. the Weed 
ran nee director. would not 
k ‘ *?-/?*? on the reasons wby the- 
^o^t-ons bad been dropped 

L , nin.!^Lw£^ ? hat t0 attribute the 
l HJU-reakdown in part to difficulties 
ith the investment Rand Would 

• e pure speculation. 

He said that Reed was very, 
npny to continue running a 
rentable business— Nampak has' 
‘at . ^ported excellent figures 
>r I9«T He also .said that the- 
. ranger mill’s situation was 
lowlv improving and That he 
oped this tnlU would ■ be 
oerattng nt a prnffr by the end 
F the current - year, 


The eha/rman of Henry WigfaU. 
ie television retail and rental 

• roup, has again written 'to share- 

• .■•alders urging them to reject the 

ike-over bid -from Comet Rodfo- 
saon. Central to the rejection 

• M the argument from the WigfaU 

oard, which claims the support- 
r shareholders representing 45 
sr cent of the equity, that the 
no up’s TV rental assets alone 
- sve a market .value of I2Sm. 

compared with Comet’s bid of 
around £149m. 

WigfaU shares dosed 3p higher 
last night at 223p, which makes 
the bid worth 274p- par share with 
Comet .atioflp. •••:-- 

Mr. F. C. B. Morrell, WgfaH’s 
chairman, tells shareholders that 
the recent increase hi Comet's 
terms "in no way changed your 
Board's view that this -.oppor- 
tunistic offer Is wholly unaccept- 
able told' should bs rejected.” He 
adds that Comet is persisting with 
its offer because “ it realises the 
value and huge potential of Vfie- 
faHs, but wants to acquire it 
cheaply at the- expense of Wig- 

falTa shareholders."-. • 


Newman Industries has accumu- 
lated an interest of 4079W) shares 
(10.1875 per cent.) in Wood and 
Sons (Holdings), the earthenware 
and packing materials manufac- 

A. large holding was inherited 
by Newman following the 
acquisition of Alfred Clough in 
AuTaict. 1976. 

Young Companies . -• Invest 
Trust Scottish Amicable life 
Assurance Society, with sub, -now 
holds 1,768,750 snares {27J21 per 
cent.). . . .. .... 

Peachey Pro p er ty Corpora- 
tion: Mrs. .CL M. Brown, wife of 
Mr. J. S. Brown, director; bought 

5.000 shares 'at 72p, ' . 

- Sanderson ■„ Kaysert Interests as 
follows have been, 'notified. 
Drayton - . Consolidated - . .Trust 

374.000 shares (6.27 per cent): 
Drayton Premier Investment Trust 
450,423 shares . (7J2S per-- pent:): 
Imperial Group 350,000 shares 
(597 per cent); Prudential Group 
841588 shares [5.73 per ■ cent,): 
Globe Invest Trust 459,000 shares 
(7.69 percent,);- - .- 

Leadecfinsh (Holdings): Mr. 
D. J. Sawyer, director, has become 

interested in 434.000 shares 
making total interest 434,440 
shares. Dr. A. Chambers, director, 
has become interested in 2,000 
shares making total interest 16,662 

Unochrome International Jore- 
haut Holdings has bought a fur- 
ther 50,000 shares making: total 

holding 4.085.000. 

Duple -International: - Interests 
within the control pr Mr. G. p.J. 
Hay. director, - have acquired 
i e/lQO shares. . Mr. Hay's total 
interest is now 125,000 .shores. Mr.- 
D. Black, director, has. disposed 
of <3,000 shares and be Is now 
interested ' In- '4471,332 shares 
(10.1 percent.). : 

Arbathnot i^hm Holdings: 
London Trust Go. has bought 

5.000 shares Increasing its holding 
to 840,000 shares (5/109 per cent.). 

Customable Manufacturing Co. 
— Gage bond, sub of ‘Michael A. 
Ashcroft Holdings, has bought 

90.000 shares at 20p and Mr. M. A. 
Ashcroft, deputy chairman, 
declares an interest ' to such 

John L Jaeohs and Coj — J acobs 
and Partners now has a beneficial 
interest of 2^15,000 shares (9.61 
per cent.) having bought 790,000 
shares between January 12, 1978 
and March 13. 

N'egretti and Zambrsu — LCLF.C. 
now holds 217,400 shares (8.99 per 
cent.) previously 220,000. London 
Atlantic Investment Trust in 
which LC.F-CL bolds more than S3 
per cent of the equity, -has dis- 
posed of its holding of 1 60,000 7 
Negretti shares'. 

Antofagasta. (Chili) -and Bothrta 
Railway Qu— t*K.T. Investments 
acquired £2,00(1 preference sloek 
on Angus! 16. 1977 nod £5.000 on 
March 7, 1978 making holding 
227.651 stock- 

Allied Breweries—! F. E. {Shower- 
ing, director. . has sold 60,000 
shares. ' " 


THE THREAT .of a rival bidder 
wresting control of the U^.. indus- 
trial gases, producer Aired from 
BOC International loomed closer 
to-day when Marlin Marietta, a 
large and diversified company 
with interests in aerospace . and 
aluminium, announced that It is 
talking to Airco'a representatives, 

Wall Street -has been bailing 
with speculation about the pos- 
sible emergence of a “White- 

Knight" to save Airco from the 
unwelcome arms of BOC. Yester- 
day. as arbitrageurs bought 
Airco stock -and bandied around 
names of possible suitors, 
Aireo’s shares rose $4 to $44*. 
To-day the shares were trading at 
around $43— the price BOC paid 
for the 19ra. shares it bought 
earlier In the year to raise its 
stake in Airco to 49 per cent 

Following that acquisition BOC 
said It wanted to sidestep its 
agreement with Airco and buy 
full control of the company — a 
move which enraged the Airco 
Board and set it searching for a 
rival bidder. 

If Martin Marietta does decide 
to make an offer the bid is likely 
to be heavily conditioned on, 
amongst other things, a. favour- 
able Court derision over-turning 
BOG’S purchase ; of the 19m. 
Airco shares. - 

The resolution of what is seen 
on Wall Street as one of the most 
complex takeover situations in 
years may well turn on ruling in 
the Courts .of Delaware where 
Airco has filed suit charging BOC 
with ' deceiving Afreo's share- 
holders by tendering for these 
shares when it really aimed to go 
for full control. BOC has filed an 
answer to that claim and chained 
Airco with issuing Press releases 
containing untrue statements on 
material facts. 

Over' the past ' mouth lawyers 
for both companies have been in 
“ discovery,” the process of seek- 
ing evidence ta support their case 
from their opponent's files. 

Airco Js dearly hoping that it 
now has enough evidence to win 
a favourable ruling especially it 
ii has a rival offer on the table. 

So far however a key element 
in this' strategy is missing. Martin 
Marietta has said it is talking to 

Airco '6 representatives but has 
not said it « willing to make a 
bid. Yet the company is large 
enough- to contemplate spending 
the 3550m. or so it would prob- 
ably cost to buy Airco for cash. 

Last - year Martin Marietta 
earned net profits of 9102m. on 
sales revenues of S1.4bn. It had 

cash and short term investments 
of $Lg7m: in its end-1977 balance 


The Board of BGA announces 
that. the scheme of arrangement 
to effect the acquisition by Asso- 
ciated Portland Cement Manufac- 
turers Of the capital of BCA not 
already, owned has been approved. 

The. scheme has still to be cau- 
tioned. by the Court and is 
expected to become effective on 
April 21. 

NEW YORK. March V>. 

Accordingly, Harrison does not 
Intend to obtain a listing for its 
new- Ordinary shares resulting 
from the scrip issue approved on 
March 7 and. in consequence, re- 
nounceable allotment letters will 
not be despatched in respect of 
those shares. 


The offer by Thomas Tilling for 
Liner -Concrete Machinery has 
been declared unconditional and 
remains' open. Acceptances have 
been received far 8375,430 shares 
(92.45 per cent.). 


Associated British Foods 
announces that the Court has 
approved the scheme or arrange- 
ment, under which the outstanding 
Ordinary shares of Delias were 
acquired. .. 


In due course Barra tt Develop- 
ments intends to acquire com- 
pulsorily the shares of James 
Harrison Holdings still outstand- 


The Chief Registrar of Friendly 

Societies yesterday announced 
■that negotiations are taking place 
between Drummond Assurance 
Society and Family Assurance 
Society with a view to the rights 
of existing policyholders of 
Drummond being transferred to 
Family Assurance. Policyholders 
of Drummond will shortly be' sent 
particulars of the proposals to be 
laid before a meeting of the 

Drummond Assurance was 
banned last week by the Chief 
Registrar from taking on any new 
business. The Family .Assurance 
Society was registered as a 
friendly society on May 14, 1973. 
It has approximately 2,000 
members and assets of around 
£150.000. Jt writes similar types 
of linked contracts as Drummond. 


A. A- Clark's recommended 1 
offer for Wintonr Holdings has 
bee nd eel a red unconditional with! 
782 per cent, acceptances. Also 
at an extraordinary meeting 
shareholders of Wintour have 
approved the capital reorganisa- 
tion referred to in the offer docu- 
ment. Cheques will be sent to 
accepting shareholders on April 


Hill Samuel on March 15 sold 
25.000 J. EL. Fenner at 13lp on 
behalf of a discretionary invest- 
ment client 

Total funds under management 
of Legal and General Assuranrc 
(Pensions Management), the lar- 
gest managed pension fund 
organisation in the UJC, had 
risen io rrSflm. by the end of 
1977— an increase of £300m. over 
the year. The funds were 
boosted by £l(l0tn. of new money 
for investment from clients and 
£50m. from dividend and rentol 
income. The remainder of the 
growth came from capital appre- 
ciation of the holdings. The 
number of clients investing In 
the funds improved by 33 during 
the year to 338. 

The company is a wholly owned 

subsidiary of Legal and General 
Assurance, the largest pensions 
company in Europe. This growth 
from its four separate funds— 

equity, fixed-interest, property 

and mixed— has been achieved in 
Just over six years since Its for- 

The mixed fund, based on a 
combination of equities and fixed- 
interest securities, is by far the 
largest nf the runds, with an end- 
year value of over £400m„ com- 
pared with 1235m. at the begin- 
ning. The equity content of this 
fund was increased over the year 
to 53 per cent, from 50 per cent., 
but overseas equity holdings were 
reduced from S.5 per cent, to 02 
per cent. The proportion of 
fixed -interest remained unchanged 
at 35 per cent.., but liquidity was 

The unit price rose by 47 per 
cent, over the year, compared 
with a 61 per cent, jump in the 
FT- Actuaries All Share index and 
rises of 39 [ter cent, and 49 por 
cent, respectively in [be medium 
>and long gilt indices. Mr. Keith 
Hall, head of the company, admit- 
ted that the precautionary hold- 
ling of cash had, on balance, held 
back the price rise. 

The value of the property fund 
went ahead by £114m. to £2S3m. — 
making ir the largest pooled pro- 
perty fund for pension scheme 
investment In the U.K. Its unit 
price rose by IB prr i-ent. Proper- 
ties in the portfolio increased in 
value to £247m. .and gross rented 
income over the year jumped 
from £7.3 m. to 113.1m. 

The equity fund rose in value 
to 129.1m. from £17.7m. with 
£2. 6m. of this increase coming 
from new investment and £l.6m. 
from dividends. The proportion 
of U.K. equities was lifted to 88 
per cent from 75 per cent, with 
most of the new money being put 
in U.K. equities. The fixed-interest 
fund rose In value to £37.6m. from 
£J5m. with a net cash inflow of 
a .2m, 

Mr. Hall forecasts increasing in- 
vestment activity arising from the 
growth in pension scheme busi- 
ness generated by the implement- 
ation of the Social Security Pen- 
sions Act 1975, Many schemes, as 
from next month, will be receiv- 
ing larger contributions as a re- 
sult of improving bencGto in order 
to contract-out. The company, as 
the largest pensions investment 
manager, is well placed to take 
advantage of these investment 

Pirelli Cable 
surges to 
peak £8m. 

A sharp rise in second-half 
taxable profit from JS.&tm. to 
£3.Mm. enabled Pirelli General 
Cable Works, an unquoted com- 
pany, to finish 1077 with a record 
XS.U4m-. compared with £4.S2m. 
last time. Sales increased from 
£69.05m. to £89.1Sm., representing 
a real increase in terms of 

In accordance with ED 19, tax 
for tiie year took £2.lm. (lO-llm.). 
Final dividends absorb JCU.fim-, 
making a total cost or £l.5m. . 

After extraordinary debit* of 
£0.25m. (nit) and minorities last 
time of £5j.U00. retained profit 
was ahead from £3. Rom. to £4.ium. 

After adjusting for inflation in 
accordance with the interim re- 
commendations of the Accounting 
Standards Committee, a profit of 
llJm was earned, after tax and 
an exceptional £0.2 m. charge, com- 
pared with a loss on the same 
basis of £<]J2m. in 1A7B. 


lie! information in the columns below is supplied by the companies named, which are members of The Association of Investment Trust Companies- The figures, which are in pence except where otherwise stated, are unaudited- 

jsa current 
Cl). . 

", t-i- -'y z i. 

• . z. 

Date of 

• Company 

Shares nr Stock' 


‘ ■" < a > 



ntKTi ripen 

RICAN a 1: % 


- • :•••*• 10.6 


Alliance Trust : Ordinary 25p 

Anglo-American Securities Corpn. ... Ordinary 25p - . 

British Ipvestinem Trust Or d i nar y 

Capital & . National TVust I..L. Ord. & M B^VriC 25p 

Claveritouse Investment TYust Ordinary 50p"- 

Crossfriars Trust : *... Ordinary 25p 

Dundee & London Investment Trust Ordinary 2spV , 

Edinburgh Investment Triist .... APDeferred ' 

First Scottish American Dcust '. Ordinary 25p . 

Grange Trust' - Ora. Stock- 2flp-." v* 

Great Northern Investment Trust Ordimuy 25p, 
Guardian Investment Trust — ,• Ordjpaiy .§£?»« . • ; 

' Investment ^Trust Corporation OrdtoaTy sop.. V* 

Investors Capital Trust Ordtaary 3Bp ". ■ 1 

Jardlne Japan Investment Trust Oromary 25p ' . 

London & Holyrood Triist • 

London & Montrose Investment Tst Ordtaary 25p • 

London & Provincial Trust- Ordinary 23p 

Mercantile Investment Trust ordinary 25p • 

Do. Do Cqiw. Debs. 1983 

North Atlantic Securities Corpn. ... Ordinary 25p 

Northern' American Trust Ordinary Z5p - 

Save & Prosper Linked invest Trust Oatotal Shares 

Scottish Investment Trust Ord. Stock 25p 

Scottish Northern Investment Trust Ordinary 25p . 

Scottish United Investors Ordinary 29p 

Second Alliance Trust — ... Ordinary 25p 

Shires Investment Co Ordinary 50p • 

Sterling Trust — Ordinary 85p 

Technology Investment Trtist Ordinary 25p « • 

United British Securities .— Ordinary 25p 

United States .& General Ordinary 25p 

United States Debenture Corporation Ord. Stock Zap - 

DO. Do. Conv. Loan 1993 - .= 

Bailiie Gifford & Co. _ : ' . . . 

Scottish Mortgage & Trust Ordinary z|p 

Monks Investment Trust Ord! nar F 

Winterbottom Trust Ordinary 2ap 

Baring Bros. * Co. Ltd. ' „ ", 

Outwtch Investment .Tnw t Ordinary 25p 

Tribune Invesnnent TYust Ordinary 50p 

East' of Scotland Invest. Managers • ^ ^ ; . / - 

Aberdeen Trust Ord. Stock 2ap 

Edinburgh Fund Managers Ltd. 

American Trust i. 0 rtt. & Ord. Zap 

Crescent Japan Investment IVust.. Ordinary Zap 
Elerlra House Group- ' ' 

Elec Ira Investment Trust-. £J”lf nary 

Glnhe Investment Trust Ordinary 2op 

no ■ Do Conv. Loan 1987/tH 

-- Do" Do " • Con v. Loan 1985/90 -• 

Doi Conv. Loan 1987/91 \ . 

^ AJ l^re^Investnrent . ^ .... .«..*■ - nSerred Ho ‘ 

Cardina! investment Trust g SESSTw^w'-- 
' r Ordinary 25p 

Foreign & CoJonud Invest- Trust j. Ordmary 25p 

QeneS Investors & Trustees ------ Ordinary 25p 

Jqmes Finlay Investtoent Mgrnt. Ltd: _ 

Provincial: Cities Trust -Ordinary 23p • j 

Gart more Investment Ltd. . 

AHfunrt .......J ...k—.-..- Jpcome SOp 

Antslo-Scoulah Investment Trust ... Ordinary Sop^ _ 

Foglish & Scottish Investors ■ Ord. & “JB Ord. 2«i 

Grouo investors -v-jr-v-- Ordinary 25p 

London * Gartmore Invest. -Trust Ordinary 50p 
London & -Lennox Invest. Trust . r Ord. & “B Ord. 25p 
London & Lomond Invest. Trust ... Ordinary Zap ■ » ■ 
London & Strathclyde Trust — Ordinary Zap 
Meldrum Investment Trust Ordinary 23p 

New York & Gartmore Investment Ordinary Zap 

Gar»more InvestaanMSfiotUuad) Ltd. D 

USSR gffiS S ■ 

Jo ^7I"soVhe™|<^hM™. m Ort|»n; |0 p , ; 

Gnvctr European Tnirt..... - Z6P 

Lake Vfewlnvestmdnt Tn»t §jJ v San 1973/98 ; 
Sto^cholders Investment Trtwt- — Ordinary 25p 
G.T. Management Ltd. .. Ordinary 25 p 

Berry Tnist conv. Loan 1993 

No%orn^uSu« w"::::::" «w»«r m 
Hambros Group Ordinary 2Sn 

gasaa^f-s-^ «¥« , 

Henderson Administration Lto, OnL 25p 

« s . . J 

Ordinary Z.ip 
Ordinary 25p , . 

Conv. Loan 1987791 
Conv. Loan 1985/90 
Ordinary Zap 
Conv. Loan 1985/90 
Conv. Loan 1987/91 

Income 50p 
Capita) 59p 

Conv. Loan 1973/98 
Ordinary 25p 

Ordinary 25p 
Conv. Loan 1993 
Ordinary 25p 



28/2/78 . 


















- 28/2/78 

' 28/2/78. 
. ZS/2/78 







. 28/2/78 















2S/2/7S ' 
28/2/78 . 



28/2/78 ‘ 

- 28/2/73 - 

28/2/78 ■ 
. 28/2/78 

' 28/2/78 










Net Asset Value 
after deducting prior 

at nominal 
valve , 
' (6) : . 




at market (see note g) 

Pence except where £ stated (see note d) 





. m2 

. 76.0 . 

- 245 2 ■ 
■ *1084 


882 t 

158.5 •- 




*47.0 ' 


. 113J ■ 
• 202B • 



- 12JJ.2 
. 137.7 

USA . 
: . 189.4 















. . 77.5 
- 2595 




r ■ 032 

. SZ.1 ’ 
• U7.B 

.1219 - 




130.0 . 
. 138.0 
£158.70 . 

. - 123.6 . 
1409 , 

. 1975 . 




. L47.-8 - ; 

‘ Tii 

139 ; * 
82 : 

Total Assets 
leas current 




Shares or Stock 

.96JL A 
■ 325 

•V ■HA:*' 

; 972-s . 

Philip Hill (Management) Ltd. 

City & International Trust Ordinary 25p 

General & Commercial Inv. Trust... Ordinary 25p 
Genera] Cons. Investment Trust... Ordinary 25p 

Philip Hill Investment Trust Ordinary 23p 

Moorgate Investment Co Ordinary 25p 

Nineteen Twenty-Eight Inv. Trust Ordinary 25p 
Ivory & Sime Ltd. 

Atlantic Assets Trust « *•«»■«*■»»■»»•» 1 Q rd ifi&xy 2op | 

British Assets Trust Ordinary 25p 

Edinburgh American Assets Trust Ordinary 25p 
K ^^^H^Jures^Irust Ordinary 25p 

‘ \ ^rogrtorttm Secured Growth Tfcfc £l Capital Loan Stock 

.Throgiuprtan ...Trust Ordinary 25p 

Klein wort Benson Ltd, 

British American & General Trust Ordinary 25p 

Brunner Investment Trust Ordinary 25p 

. Charter. Trust & Agency ...... Ordinary 25p 

English A New York Trust Ordinary 25p 

Family Investment Trust Ordinary 25p 

Jos Holdings Ordinary 25p 

London Prudential Invest. Trust ... Ordinary 23p 

Merchants Trust Ordinary 25p 

Larord Bros. &\Co. Ltd. 

Raeburn Investment Trust Ordinary SSp 

Romney Trust?. Ordinary 25p 

Martin Currie & Co-. C-A. 9 P 

GanadSan-4: Foreign Invest Trust .. Ordinary 25n 

SLAndrew Trust...... Ordinary 25p 

Scottish Eastern Investment Trust Ordinary 2Sp 
Scottish Ontario Investment Co. ... Ordinary 25p 

Securities Trust of Scotland Ordinary 25p 

western Canada Investment Co. ... Ordinary 25p 
' Murray Johnstone Ltd. 

Caledonian Trust Orf. * “S’* Ord. 25p 

Clydesdale Investment Trust Ord. & “ B - Ord, 25p 

Glendevon Investment Trust Ord. & “ B " Ord. 25n 

Glenm array Investment Trust Ora. & “ B " Ord. 25p 

Scottish- A Continental Investment Ordinarv 25p 
Scottish Western Investment .—. Ord. & ‘‘B’’ QrdL 25n 
Second Great Northern Invest. ... Ord. & "B" Ord. 25 d 
S chroder Waeg Group I 

..-Afhdowir Investment Trust Ordinary 2ap 

_ D°* Do. C-..v. Loan 1988 <93 

Brondstonp Investment Trust Ordinary 20p 

Do. Do Conv. Loan I98S/93 

Confrm*ntal fi Industrial Trust ... Ordinary 25p 

Trens-0cp»nic Trust Ordinary 25]i 

Do. Do. -. Cft-v. Loan 198R.93 

W°rtpobI Investment Trust Ordinary 25 p 

Do. Do Conv. Loan 1989/94 

Stewart Fund Managers Ltd. 

.-Scottish American Investment Co. Ordinary SOp 
Scottish European Investment Co. Ordinary 2Sp 
TOuehe Remnant * Co. 

Atlas Electric & General Trust Ordinary 25p 

Bankers’ Investment Trust. Ordinary 23p 

Cedar Investment -Trust Ordinary 25p 

City of London Brewery Deferred 23p 

- Continental Union Trust Ordinary 25p 

■ CX-B.P. Investment Trust Ordinary 25p 

Industrial A General Trust Ordinary B3p 

. • International Investment Trust ... Ordinary 25p 

Sphere Investment Trust Ordinary 25p 

. .Trustees Corporation Ordinary 23p 

7rtisf .Union 1- Ordinary 25 p 

Wmfarrrq u GJvp’s Bank Ltd. 

Sbnweti Invent Trust ... Ordinary 10p 

Atlanta Baltimore & Chicago ...... Ordinary iflp . . 

West- Coast & Texas Regional Ordinary lOp 

Ordinary top 

Ordinary iflp 
Ordinary XOp 


Ringside Investment Co Ordinary 23p 

Safeguard. Industrial Investments ... Ordinary 25P 
City Financial Administration Ltd. „ , , _ . , 

Acorn Securities Capital Orf. Ip 

General Funds Investment Trust... Ordinary 2ap 

- - Do. Do. ' Conv. Ord. 10p 

- “ Investing in 5uccess " Ordinary 25P 

Drayton Montagu Portfolio MangmL ]i . • 

Dravton Premier Investment .. — Ordinary 2 »P m 

■ Do. Do . . Conv. Loan 1893 

Do. Do. ” “A” Conv. Loan 1893 

Dravton Consolidated Trust Ordinary 25p 

• Do. Do Conv. Loan 1993 

i Do. Do! .’ “A” Conv. 'Loan 1994 

Do. Do “ B ■* Conv. Loan 1994 

Drayton Commercial Investmt. Co. Ordinary 25P 

Do. , Do 1 Conv. Loan 1986 

.English & International Trust Ordinary 23p 

v - Do. Do I Conv, Loan 1986 

• Colonial Securities Trust Deferred 23p 

British Industries & Gen. Inv. Tst. Deferred 25p 

' • Do. Do. Conv. Loan 1994 

Drayton Far Eastern Trust Ordinary 25p 

. City- & Foreign Investment Co- Ordinary 2ap 
Montagu Boston Investment Trust Ordinary lop 
East of Scotland Investment Mang-rs. 

Dominion & General Trust ......... Ordinary 25p 

Pent] and Investment Trust — ..... Ordinary 25p 

Date of 




































28^2 'T8 
28 '2 '78 










































Net Asset Value ^Investment 
after tieducting prior Currency 

charges Premium 

Annual at ruminal at market (see note 3) 
Dividend value value (8) 

13) IB) l?) 

Pence except where £ stated (see note d) 

I .1 1 


11 i 2 .no 
175 2 

20$, I 





















iH7 Electric & Generto-investment . 25 p : 28/2/78.' . 1.45 . 104.0 104.0 9.4 

SSnfriar Investment -. ^ S8S - 28/2/78 2.1. 604 MB ■ -.19. 

Lowland tav^e^^.-v------- gJftOld.25p - 28/2/78 . L74 ffl.4 *&* . ~ 

English National Zttveatnwnt -™- gg^Qrt.Mp 28/2/78 2,06 - 549 • 58.4 

t0 ortM/’A" Orttamr ^ Difttobcd figure. B Desendrai canranlona. JChange ta ilia 


r riurta store rae^prow • m gOTtaii » tftroctov* snUuttiM; birth tedadfl DO Mr t my .ton eme* camxcrwnmlsm 

^ w- W MWVlwrtiau * tn*im cmwv to** ***** tum. 

CBta. *• *• * -JnS^takiaB IBM mcoune »* J " K . " 

• _ . _ 7n nur min icnnl Ikm ■? ■‘“JfflL. , n .m«rr of fay^rtiVi sains «Meh might arise eq lotura Btatpasai c# hmatmmts. 

V H kxs Mm fan Swok. Cehm»o S wwlcaly *2 > ofis ohm M u» m» rm tea mr Mr tMm 

M w aS oSferg M* SJJLfaSieM w ito I«swfc ntoita imwwilm *»*«. fMotoa m ton tuttSa Hme.tnm* teoimmw 

tei toe ntomt . »«*hBB awlte* la mUMn «M tomtom tn tMs, L 

cite. M 





126 5 







£ 155.40 











to table published 17 February*. 

Valuation Monthly: US & General Cols. L 8 & 7 should have read 199: 2269 and 2339 respectively. 

oMtoud b an iw ».*gg *^BSJ 
Prior dwraes *r*J * §■**» 

th« rate W Vm wext ww«aw — w- 

•- ^ oMteros the taier **,<#. w Shurfc. CemeaUMe teto are im tefi M. wH f awwiotM 4 

SrsSoro wtoweto Mtetewi ** ir.". JM+y cWn{ ywrWS-Wr artwerfetiM Hato-aro treated aa tnwtettwa. 

THE INVESTMENT TRUST YEAR BOOK 1978, which is the first edition of the 
. .official Year Book of the Association, will be published by Fundex Limited in May. 
" Advantage may be taken of the special pre-publication price of £6.95 by ordering the 
book before 28 April from: 

The Association of Investment Trust Companies, Park House (Sixth Floor), 
,16. Finsbury Circus, London. EC2M 7JJ. 






(Incorporated in Botstcarm) 


Production it mine 
Copper/Nickel matte 

(Stated is thousands of Pula) 

Total sales 

Operating loss 

Interest and other charges for borrowed money 
(Profit) Loss on currency exchange fluctuations 
Provision for retrospective effect of restructuring 

Additional royalty payable under revised mining lease 
Settlement of refining claim 
Other minor items 

Net loss on current operations 

Exploration expenditure on prospecting areas abandoned 

Minimum royalty relating to the year 1975 

Net loss before extraordinary items 
Extraordinary Rems relating to prior years 

Net loss after extraordinary items 
Attributable to a minority shareholder in a subsidiary 

Loss attributable to the shareholders of Botswana RST 

Accumulated deficit at beginning of year 

Accumulated deficit at December 31, 1977 

Loss attributable to the shareholders of Botswana RST 

Limited converted into sterling and U.S. dollars 
Converted into sterling at the rate of 
PI = pounds 0.6315 (1976 PI = pounds 05763) 

Converted into U.S. dollars at the rate of 

PI = US. dollars 1.20 (1976 PI = U.S. dollars 05) 


Year ended 

Year ended 

December 31 

December 31 

















■ 27,776 



























Pounds 060’s 

Pounds 000’s 


19B79 - 





Year ended 

Year ended 

December 31 

December $1 


1976 ■ 







‘ 20,133 

876 • 

Capital expenditure 
Capital commitments 

Capital expenditure approved by the directors but not 


Production of matte, by BCL Limited (“BCL”) the company’s 85 per cent owned 
subsidiary and only operating entity was slightly lower at 30,772 tonnes compared to 
32,506 tonnes in 1976. 

However, production in the last six months of this year was 19,307 tonnes, as com- 
pared with 17564 tonnes fa the second half of 1976, the previous record fbr. half yearly 
production. Performance in the first six months of 1977 was affected by the condition 
of the flash smelter and tbe associated equipment and by the normal smelter shutdown. 

Probably tbe most serious factor affecting the financial performance of the company 
has been the decline in the price of uickeL In 1977 the price in West Germany rose 
briefly to approximately U.S. $2.35 per pound and then steadily declined to below 
U.S. Si. 90. & addition, the London Metal Exchange copper price, which stood at S0.61 
per pound at the close of 1976 slumped during the year to a low of U.S. $051 per pound 
and ended the year at U.S. $057. Despite the fact that major producers cut production 
during 1977, there is still a serious amount of overproduction of both nickel and copper 
which has aggravated the problem of large inventories of each metal already overhanging 
the nance t. 

On balance the outlook for 1973 remains sombre. While production of matte is 
expected to continue at least at the rate achieved during the last six months of 1977 
there will nevertheless be an increase in operating costs. No significant Increase in 
the nickel and copper prices can be foreseen during 1878 and without significant increases 
BCL is forecast to incur substantial operating losses throughout 1978. As a result BCL 
will continue to be unable to repay its indebtedness to tbe company and the company 
will be unable to repay its indebtedness to the principal shareholders, with the con- 
sequence th at no dividends will be paid by tbe company in the foreseeable future. 

After protracted negotiations among the Government of Botswana, the major lenders 
to BCL and the company’s principal shareholders, agreements were concluded on March 
16, 197S for the restructuring of BCL’s sales and certain of its financing arrangements. 

The revised agreements will be described In the forthcoming annual report for tbe ' 
year ended December 31, 1977, and are briefly summarised below for the information 
of members. 







An agreement has been concluded by BCL with Amax Nickel Inc (Amax Nickel) 
which completely replaces BCL’s former sales arrangement Under the new agree- 
ment ail of BCL’s production is sold as matte to Amax Nickel as compared with 
the previous arrangement where BCL had an assured outlet for only two thirds 
of its nickel production. In addition, the high sales commissions previously paid 
to Metallgesellschaft AG (HG) are no longer payable. In addition, the claim of 
Amax of $859 million in respect of the shortfall of delivery of matte has been 
settled at $1.5 million and various claims made by MG have been settled by tbe 
payment to MG of $450,000 of which $180,000 was paid by Amax. 


The outstanding balances of the loans from Kredrtanstalt fur Wlederaufbau (KFW) 
and The Industrial Development Corporation of South Africa Limited have been 
respectively reduced from DM 199.8 million to DM 152.4 million and from 
RS.53 million to R6.48 million by prepayments without premium. Tbe prepayment 
of the KFW loan has reduced BCL’s future exposure to appreciation .of the 
German Mark. 


In addition to substantial new guarantees of and commitments with respect to 
BCL’s obligations referred tq below, tbe principal shareholders of the company, 
Amax Inc. and Anglo American Corporation of South Africa Limited and Certain 
of its associated companies, together with the company have agreed with the major 
lenders to provide two additional measures of financial support either directly 
or through guaranteed loans. The first is a standby commitment of up to 
P4Z.795 million, to meet any of BGL’s cash requirements during the period ending 
December 31, 1981, other than for pollution and for phase n of BCL’s mining 
project (development of a second mine at Selebi). The second' is a direct commit- 
ment to provide up to P10 million until December 31, 1983. for measures designed 
to abate pollution. The commitment of the principal shareholders and the company 
to finance the completion of phase II (currently estimated to cost about 
F21.6 million) remains unchanged. 


Effective January 1, 1B77 a royalty of three per cent of the gross value of the 
recoverable nickel, copper and cobalt contained in the matte sold by BCL will 
be payable to the Government of Botswana on a semi-annual basis. This change 
effectively represents a substantial increase from the previous royalty arrange- 
ments which provided for a royalty based on profits subject to a minimum of 
P750500 per year. 

The principal shareholders have agreed that during the first three years of tbe 
new arrangement, if BCL experiences a cash deficiency, BCL will Issue promissory 
notes in lieu of royalty which will be severally guaranteed by the principal share- 
holders, and the principal shareholders will also purchase the notes at par from 
the government if so requested. 


P75 million of BCL’s existing subordinated indebtedness to the company was 
cancelled and a corresponding amount of the company’s indebtedness to the 
principal shareholders (which bears interest at a compound rate of 4 per cent 
over the relevant prime rate) has also been cancelled against the allotment by 
BCL of P75 million of its 10 per cent cumulative redeemable preference shaies 
of PI’ eacb to the principal shareholders. These transactions substantially reduce 
the interest and debt burden on the company and BCL. 


BCL has arranged with Barclays Bank International Limited and Barclays Bank 
of Botswana Limited a P25 million medium term facility secured by matte at 
minehead and in transit and by unpaid invoices in respect of matte sold. The 
repayment of any balance in excess of 90 per cent of tbe value of matte and 100 
per cent of invoices, which is expected normally to be a substantial amount, will 
be unconditionally guaranteed severally by the principal shareholders. 

The company has arranged with Barclays Bank of Botswana Limited for the 
extension of its P85 million term loan to March 15, 1983. 


The limitations on BCL’s ability to borrow which are contained In the Trust Deed,, 
have been substantially eased. 


In terms of the completion tests agreed with the major lenders, which were 
amended as part of the restructuring to eliminate the requirement to produce 
sulphur, BCL has now completed phase I of the project This terminates the 
obligations of the company and the principal shareholders to finance completion 
of phase L However, as noted above, the company and the principal shareholders 
have entered into new obligations to support BCL and remain obligated to assist 
BCL to complete phase TT of the mining project 

BCL’s cash shortfall during 1977 has been substantially funded by loans from the 
company which have in turn been advanced by the principal shareholders. 
At December 31. 1977 tbe total shareholders’ loans to the company totalled 
P123 million (1976: PZ15 million) excluding accrued interest of P45 million, 
(1976: P29 million). In turn, at December 31, 1977, P125 million id loans had 
been advanced to BCL (1976: P120 million) on which interest of P36 million 
(1976; P24 million) had accrued to December 31, 1977. On March 16, 1978 
P75 million of the indebtedness of BCL and of the company was cancelled against 
the allotment of the preference shares described above. 


The directors believe the restructuring, considered as a whole, should be 
advantageous to BCL and the company in that: 

— sale of total production of BCL's matte has been assured and receipt of sales 
proceeds accelerated, 

— large sales commissions to a third party have been eliminated. 

— BCL’s currency risk and die company’s and BCL's interest burdens have been 

— a significant amount of BCL’s subordinated debt has been capitalised as preference 

shares, ■ . 

_ limitations on BCL's ability to borrow have been eased, 

— completion tests and restrictions on payment of debt and dividends in various loan 
agreements have been modified in favour of BCL and the company, and 

— disputes with Amax and MG have been resolved. 

Partially offsetting these advantages are substantial increases both a royalties 
payable to the Government of Botswana and in the charges in connection with the 
refining of matte produced by BCL. 

J. H. Foreman 

Botsalano House J- D. Taylor 

The Mall, Gaborone * 





17th Morris, 1978 

gnfAWtMg. TIMES raiPAY MABCB17 1CT - 



agrees to 

purchase by hit by price 

Dutch group 


de al likely 
for Int; 




. NEW YORK, March 16. 

. new YORK March m ^ Diwa *** - 

H. J. HEINZ director Mr. Paul UK operations. kert share of existing Products, RIO PE JANTERO, March li .,:•£• ' ' ! 

INTERPOOL says that an agree- F. Kenny, said here that the The U-S.“food giant has previ- Cost-reduction programmes wertj wrrHlN 30 day* Xatethation*) V - : 

meat has been reached providing canned food group Is experience ously forecast further gains this also- referred to ■ as- a lamor jja^yestcr is expected to nordase*. u ' 

for the acquisition ef Interpool ing problems in its British and year on the net ea rn i n gs of .-^favourably affecting operating 43 pg r cent of the . share* fa* 

by Thyssen-Boruemisa NV the Canadian operations. But he said. S832m. or 5355 a share on sales margins.” . ' . Industrial de M«^»Agric6I» 1 • 

major Dutch international indns> that gains in profit in 1978 will’ of $L9bn. achieved in the pre- fo the UJK, Hemz is xuramjy ideal SA (Ideal . Farm 

trial holding company be aided by a " strong perform- views year. At the ntoe -month conanltted to a £l*nL aavernsiu^ Machinery) industry^ / 

Subject -to satisfactory review ance” from the tLS. side. stage, the group reported, n 207 campaign aimed at boosting ine pan y w hicb currently hold* i$->v ?■' 

until April 7 by Tbyssen- The U.K unit has lost market P« cent gate In earnings tbmaiket for canned per cent, of the Brasilian maafet - '' .. 

Boruemisa of Interpool’s busi- shares this year and, although 8635m. or $258 a share.- ” -wMch Heinz currently has aoout for harvesting machines, ■ 

ness, the agreement contemplates its profits rose by 5 . per cent. - In Canada, Heinz is experi- -.TO per cent _ Tr _. Ideal was ^recently kutborised ■’*' 

either a purchase of . assets by in the nine months to January encing a “ standstill ye 
July 31, 1978, or a tender offer 25, sales have been hindered by terms of profitability but 

for all outstanding interpool the price cutting battle now to see improvement neat'. . - — . - - „ 

shares to start no later than being fought out by the leading said Mr. Renny. ' - Bfubinger Company unit in toe through subscription of $L5 &Dj., t*. . 

August 1,1978, and the purchase grocery store chains. Gains in volume sales In .the 'face of depressed fructose pnees. worth of ordinary, shares- and; - 

of all the common stock owned However, Mr. Rennv is con- U5. have provided much of the - ' 'They said Heinz may Tise some $2.Im. of preference shares,,; ? .- 
by Interpool top management vinced that tbe “fiercely com- boost for Heinz so far this year. off. the plant’s production intern- Tinder Brazil’s pubUe companies -j ’.*■ .... 

which holds about 38 per cent petitive atmosphere" among the Marketing expenditures had ally, and noted that if the soft law. once j subscription ; £ . ; 

of the company's 2m. outstanding grocery chains cannot last much more than ’doubled at the half drink- industry begins using announced, the Board must Rait- -''a. . 

shares. longer and expects 1979 to be way stage, and tbe group - has-fmetose as a sweetener, prices 30 days for its .shareholder* too- 1: ' ; ' . 

All Interpool shareholders or a better year for the group’s stressed its aim to increase mary could “turn around ovcrmgnr. 
those tendering. - their shares ~ 

would receive $40 net cash a 

Interpool said its top manage- 
ment has- agreed to recommend 
either transaction to shareholders 
and will seek any required share- 
holder approval. 

If there is a tender offer 
Thyssen-Bornemiffia is entitled 
to condition its 'offer upon the 

Alcan drops U.S. smelter 




subscribe.' If they do not, the 
option is offered to a third party ‘ , F- 
— in tins case, - International - : 
Harvester. ' 

The other Ideal shareholders r ' 
are Embraec (Bratflian tnechani. ■* r \. 
cal enterprises) a subsidiary of ■' '' 
the Brazilian. National- Develop. ■ 
ment Bank "and the . German.- 
group FAHR, . . They- -would , 
increase their shareholding in - ^ 
higher volume of Meal in order to ensure a -' 

- rt,nn tn Braalian majority. .. .• ,- 

Ideal hopes to produce 8580 -•<'* 

MONTREAL, March 16.. 

receipt of 85 Sr cent, of Inter- ALCAN Aluminium's president, strictly agism* those of Canaffian reporting a higher vol 

Alcan is unhkety to be ia- in ^ fabricating area, ". ' cent annual growth in primary Voikswauan ’*•* 

terested an any farther attempt to Mr. Naihanaed Davis, chairman, aluminium consumption In the rLS? 

buy a U.S. smelter after, the earlier told the annual meeting next ten years, compared 1 total .btWwm. infflaau -j> . 

Moran sells 
N. Sea stake 

trying « bn, tte tan Copper "Jt"" *0..^ is priocipgll, inrivlM*., - 

Group’s alumina am business. 

the figures are available late in The slowdown is due-to -wo mp - nt ^ new - car m0dels ^ 

WICHITA FALLS March 16 The Possibility of baiWing a ^2 the first quarter of 1977,tbe todosSS conmtries. a slower- jaohdting Volkswagen’s small 
WICHITA FALLS. March 16. ^er in the company earned $CSS5 Ul than-cxpected growth In lesser *«?. , 

MORAN BROS, reports that U.S.— where the company now ($U.S5L6m.) or 88 cents a share developed areas, and^ ^ progress in t«: presioent .or ^ ,. r - 

Norcem AS, .the Norwegian does $1 bn. of business amraaUy-— on sales of $C598^m. being made in recycling, which ‘V 

building materials and engineer- l» Still an option, he said, but ($U-S.62L3m.). ; . . will have “some impact” on gau* Sauer^approval of an invest- ,.i. __ 

ing concern, plans -to buy a 17 costs -would have to be compared “ We feel confident we demands for primary metaL """ ° " 

per cent interest in Moran’s . ' ■ • 

operations in . the Norwegian 
sector of the North Sea. 

The company’s foreign subsi- 
diaries currently operate or 
maintain drilling equipment 
owned by the Ekoflsk Group, 
located on six fixed platforms 

ment of this size is proof.. of ,,,.- 
Brazil’s credibility in Germany. 

Reynolds anti-trust probe 

• . of Piiprtn Pirn 

WINSTON-SALEM, March 16. ’ aL A 

WMKU VU UA 1UCU [ndUUlUU • ■ - r~Fl 1 1 

In the EkoBsk, Wert Ekofisk, eod R.J.HBYNOLDS Industries dis- Reynolds said that neither Iel6DllOII6 
and Tor fields. «<> w---. 

Speculation on 
Argus control 

3 IT 
• - 

.By Our Own Correspondent' 
MONTREAL, March 16. 

; rlT’.-f 

and Tor fields. closed in its 1977 annual report investigation is expected to have TH ERE WAS considerable specu- 

Moran win hold a special “a idverae e^ton&e THE GOVERNMENT of Puerto lation here to-day as to the : 

Board meeting to act upon the H£L? n J? dera ^ company’s fiLndal statements!” ^ as toiled to find a “suit- future of the Argus group, which 

proposed sale, and If it is Washington is investigating Meanwhile Ernst and Ernst aWe buyer ” for its telephone controls Massey-Ferguson, -the 

approved by Moran’s Board, possible anti-trust violations by independent auditors for Rev- company. Puerto Rico Telephone, farm machinery. - -.giant and 

definitive contracts should be the company in ocean transport nn]flj . it* nnaiifL and has cancelled plans' tu return several other major Canadian " 

of freight. ration on Re3d^’ 1976 Sate company to private owner- concerns. This [follows the death 

Althongh the company refused rial statements. Th«» q ualificatio n ****?■ from *» Mrt failure of John a r “ h - 

to elaborate on the footnote to applied to three civil actions 

signed as soon as practicable. 

Record by 
Allied Stores 


from heart .failure of John A. 

_ _ Governor . Carlos Romero- McDougald, one of the country’s •- , ' a; 

its financial statements, the in- Barcelo said in a televised speech most, influential:. businessmen, on * 1 

vestigation Is thonght to involve drarett^ by S« ttat offers Wednesday. Hr.- McDougald, „ 

Sea-Land Service, the Reynolds to^cco farmers who ullage ^ govemment-contiolled tele- chapman of Acgm Corporation, 
shipping subsidiary. Sons J P hone company didn’t “fully died tbe day after his 70th birth- , . 

guarantee l* 1 © rights of its b(md ' day at his home in Palm Beach, i 
r,rnsi ana . turnsi saia xne __ _* i*_ a mnin«,»c ,hn« . . . 

NEW YORK; March 16. amiual report also notes 

, __ that Aminoil USA, Aeynolds’ oil qualification was removed after iml^ibfe^fD^us 1 to F wth'thA fi na F P Tav '■ 

asasi ast%SS-SSS5ffi-S« SarSnSS 

history In the fourth - quarter 

ended January 2 $: 

Net income / jumped from 
$40.4m. to $48^1.. or from $2.13 
to $2.43 per share in the fourth 

quarter. Sties were ahead from 
5600m. to 5657m. 

These record results lifted full 
year net income from 862.4m. or 

fHt P“ * 74 - 2tB L_ or MEMBER FIRMS 
$3.61 per share. Sties rose from 
$l-8bn. to $15bn. 


NYSE firms’ profits slide 

NEW YORK, March 16. 

of the New ing the year, compared with a 
York Stock Exchange had an profit of 55075m. in 1976. This 

?SSi er fo r. fuel rrault in any material liability, phone company in 974 -from In- has In rases in many fields. ' In ■ -- 5 

oil in 1973 and 1974. AP-DJ . ■/ ternational Telephone and Tele- adfition to Massey-Fergnson. - 

graph for S125m. Argus controls Dominion Stores, -• 

Puerto Rico. Telephone has set one of Canada’s largest super- ’-i 
a 850m. bond offering for next market chains. Standard Broad- 
June. The utility now has casting, a major communications 
8315.6m. in .long-tenn bondsuut- group. Hollinger Mines, the large s *. , . 
standing and 5148.5m. in short- mining group, and Domtar. a . 
term notes. . major producer .of building t . 

Agencie s ' materials, pulp and paper, -and - 1 

Dresser sees peak SSf ' 

IS? toriD * toe year. 285 had profits Mr. J. V. James the chairman 1X1 

of 1977, compared with 830.8m. ^ joi bad losses. of Dresser Industries told the Jj the r:> 

in the preceeding quarter and Me anwhUe tbe SEC in Wash- annhal meeting it appears the ^onowUvL^ io^m i-retir™irt * 

Dayton Hudson Corporation re- S111 - 5ni - tte 1976 1001111 ington temporarily decided company -will ' achieve record fa fte ®3SS2 iI bas rirtually 
ports fourth quarter net profit bb^rteT. against any exemption for rnmn i md eai^igs for fisral dhi B interests in Argus, and 

of S43nu or 52.68 a share against ^^The Exchange said that of the exchange floor traders whose 1978 e tiding October 31Reports ^ years ag0 ^ believed to hare . 

$38m. ($253 a share) In the 364 firms reporting for the role would be ended under 1975 AP-DJ from Dallas. In 1977 the favoured the acquisition of con- : * 

same 1976 period. Revenues came fourth quarter. 264 had profits securities law amendments. The company earned 5185.1m. or by Power Corporation of 

to $733 nu up from 8833m., re- and 100 had losses. amendments, known as Section $4.75 a chare no revenue of Canada, which is led by the finan- « 

ports AP-DJ. For the full 1977 The firms had an aggregate 11A. are now in effect for Anns S254ton. The company expects d0r p aU ] Desmarais. 

year the company earned $81m. net profit of 51875m. for tbe and individuals that became rerenue for its energy processing However, in the take-over fight " 

Dayton Hudson, rise 

or $5.05 a share against 866m. full year, representing a 48 per exchange members after May 1. • and conversion equipment group by Mr. Desmarais for control of 
($4.11 a share) on revenue 14 cent, annual return on their 1975. 
per cent higher at $2.17bn. ' average net worth of S3fibn. dur- AP-DJ 



(Both of ichich are incorporated in Bermuda ) . 



Members are referred to the announcement today by Botswana RST Limited (BRST) 
of its preliminary results for the year ended December 31st 1977 tn which is included 
a summary of the arrangements which have now been concluded for the restructuring of 
BCL’s sales and certain of its financing arrangements. 

Your directors consider that the substantial undertakings referred to In the sunimary of 
the restructuring arrangements are justified by the advantages which will accrue to BCL 
and by the potential long-term benefits to the shareholders of both companies. Minorco 
has an Interest of 49.98 per cent In ZCI which has an 11.75 per cent interest in BRST, the 
holding company of BCL. In view of the forecast substantial cash requirements of BCL it 
Is clear that the restructuring of the finances of BCL may not necessarily ensure that that 
company will have access to adequate cash resources to meet future cash shortfalls and 
ZCI may be required to provide ita proportion of further guarantees and considerable 
additional loan finance to enable BCL to meet its commitments until such time as the 
project is able to generate a positive cash flow. . 

Depressed copper prices and the consequent difficult Zambian and Rhodesian exchange 
control position together with the funding requirements for tbe BCL project have severely 
depleted ZCX’s rash resources and the company was not in a position, to meet its potential 
future commitments without securing further sources of finance. 

After a review of the alternatives it was concluded that the only feasible alternative was 
for Minorco and ZCI to enter into an arrangement on the following lines:— 

1. It was a condition of the restructuring that Minorco, as one of the original signatories 
to the Agreements, would continue with its previous undertakings as amended by 
the undertakings now given under tbe restructuring arrangements referred to above. 

2. Minorco has agreed to provide Zd with a loan facility in terms of which Minorco 
will be obliged to advance to Zd all such funds as Zd may require from time to 
time or to issue such guarantees as ZCI may be required to issue or participate in 
from time to lime in compliance with- the undertakings given either directly or 
indirectly by the major shareholders. 

In addition to paying interest at commercial rates on funds advanced under the 
facility, ZCI will pay to Minorco all cash flow received from whatever source until tbe 
principal advanced by Minorco and interest thereon is repaid. Decreasing proportions 
of tbe cash flow received from the BCL project will then be paid to Minorco until it 
has received an effective return of 20 per cent per annum compounded annually. 
Thereafter Minorco will receive 25 per cent of such cash flow. 

S. As a condition to Mlnorco’s agreement to the new arrangements, ZCI has, as in. the 
past, indemnified Minorco in respect of all commitments and obligations undertaken 
by that company in terms of the restructuring arrangements and those previously 
assumed as amended by the new agreements. ZCI will have no immediate obligation 
. to repay funds. drawn from Minorco under the facility except In the case of default 

The directors of Bfinorco and ZCI decided that it was in the best interests of their 
respective companies to be parties tq the restructuring of BCL’s financing and sales 
arrangements and therefore negotiated terms of new financing - arrangements 
between Minorco and Zd enabling Minorco to be’ a signatory to the restructuring. 
The directors of iCuorco and ZCI believed these terms to be fair and re asona ble to 
their respective . shareholders. Minorco then consulted Morgan Grenfell and Co. 
Limited and ZCI consulted Kleinwort Benson Limited. Based upon the information 
and opinions provided by eacb board to its advisers. Morgan Grenfell and Co. Limited 
and Kleinwort Benson limited have confirmed to Minorco and ZCI respectively that 
in the circumstances the terms of the new financing arrangements between them are 
fair and reasonable. 

It is’ proposed to send circulars setting out the details of the restructuring proposals and 
the arrangements -betwew Minorco and ZCI to shareholders of both companies early In 
April 1978, accompanied by Notices convening Special General Meetings of the Companies 
to confirm arrangements between Minorco and ZCL . . . 


17th March. 1978 -V 

to range between 8700m. and Argus two years ago, Mr. 
S750m... for fiscal 1978 up from. McDougald fought successfully 
about $640m. a year earlier. The for voting control by his- own 
petroleum group revenue is ex- group. Control of. Argus is still 
pec ted to Increase' . 15 per cent, keqfl through holding companies 
to 20 per cent for the ye'ar. identified with Mr. McDougald. 



Merrill Lynch pessimistic 

economic growth by the major 
industrial nations outside the 
UE. seems .unlikely in 1978 and 
1979 comments Merrill Lynch, in 
an analysis of the international 
scene, but the groundwork for 
such a recovery may well be laid 
in these years. 

Merrill pinpoints the revival 
of private investment as the 
necessary hinge upon which any 
return to growth must depend, 
tt sees tbe.cnrrent levels of infla- 
tion and of interest rates as 
major impediments to industrial 
recovery. ' 

It comments that the West 
German authorities remain com- 
mitted to a real growth rate of 
3 per cent' to 31 per cent and 
are hinting to the business world 

’ NEW YORK, March 16. 

• interim 

• Dire etc 

that plans should be based on 
current policies. While progress 
in reducing inflation is 
• described as “ impressive " and 
signs of a revival of domestic 
activity - are - noted,- Merrill 
regards ' the reduced level of 
foreign orders as tbe main 
difficulty , for West Germany. 

Tbe recovery in confidence 
inside the UJf. has not been 
reflected is any significant 
change -in . the underlying 
economic structure, comments 
Merrill. There is now a danger 
that the brighter outlook stimu- 
lated by the strength of sterling 
and the improved trade balance 
wiD . .. inspire what Merrill 
describes as a “spending spree 
In social welfare." 


• Hoif-yt 

first #15 
* OiroctC 



PR0 F!f R!! 

Norway issue increased 

Pn °Fir a, F 


EXT, *AO, iL ,! 

THE dollar sector of the market 
was described by most dealers 
as very quiet yesterday. Uncer- 
tainty was the keynote reflecting 
the situation in the currency 

The $100m.. lame for Norway 
was Increased to $12§m. it was 
priced at par with ' conditions 
otherwise unchanged. 

The JMMark, sector, was ' in 
uncertain mood to-day, again bn 
lower turnover. The new issues 
for Comision Federal de Elec- 
tric! dad and the Philippines are 
still standing at a discount from 
their issue price. The market is 
down- about .half a point on the 
week so' far, with, the ' exception 
of Japanese convertibles; Nteshin 
Steel, for. instance, -was. -being 
qooted at lG5^-|, up five points 
once .last -Friday. By way^o'f 
comparison, -Settsu Paperboard,* 

dollar -denominated convertible* 
being quoted yesterday at 
99-100*. as compared with lari 
Friday's quote of 97f9K 
M afy Campbell suHst -Swiss 
franc- foreign ^ bonds "have' re- 
covered somewhat In tier: last 
couple of days, after reaching low 
points .on Tuesday. -The .recovery 
has not been enough to saye the 
most recent issue to start tri*d in 8- 
Hydro Quebec, from ■ ;«me 

ig n ominy—. ^ grgt time trading 

yesterday- it . was quoted at 94f 
pet cent, (having been priced at 
par) and was to-day quoted at 96, 

' Turnover in Swiss.".: franc 
foreign bonds has reportedly 
been rather higher In' recent' days 
than'.in the immediate aftermath 
of the measures. - . . , 

Two re asons aref . cited -'Jor. the 
recovery - ; yesterday . and ^today: 
poe is the feeling that" the price • 
cuts bad been overdone ' 

.-. n 

«■«*» U-'! 

* - 


fc.c ' " -'J !' 

V . 

Growth at 
r I Sodete 
i/k Generate 
iir Hfl de Banque 

-- - ^ a. ,..A. Ai. Uli .1 V/ A1A.AJ- STlI Y AS V V^ltl l J v. v JU- . i. ^ Li TTU 


Sharp recovery at L. M. Ericsson 


'■* By Davfd- Boehm 

BRUSSELS, March 16. 

SQCIEte General de Basque. 

; .IS* h*®* Belgium, 
i. • fsporta * 9.7 per cent increase 
■ to BF >^LS26bn. 

• £?? ro-i ^L a “* dividend 
%% *or 19<7 qf BPr&204 per share 

.; • VSSS* 4 *° BFrsJ8fl * e rear 

’ profits gain fs mainly 

i *?»? r hy that 

. .. . the hank has bad to set aside 

: less in the way of deprarfa- 
. . •■ *«>7> «d bad loans than In 1976. 
"“•CTwise the results follow 
the gradual slowdown in 
. .. -economic activity In . 1977. 

■ vLS? halance^hceet total. 

Which rose by H per cent to 
. Stand at BFrs.652bn. at the 
•■ >5?® ■ ??' I8 77, grew less fast 
—than in fte previous year In 
.absolute terms, though In real 
..terms the difference is hot so 
iflreat, given that inflation last 
. . year in Belgium declined to 

less than 6 per cent 

v. SGB’s deposit base continued 
‘ • to increase, bnt In the private 
. sector It found few new takers 
ter -its. .credit While credit 
to the. state, in' the' farm of 
Government ■ bins and pabUc 
securities, increased by 15.6 
per cent to BFrsJL9L6bnL, that 
. to the private sector only rose 
-10 per. cent (against a 23 per 
cent. Increase hi 1978 '. to 

- - The primary reason for this, 
say bank executives, was the 
slack demand far- investment 
• . credit, though the- faet that 
... for- the ■ most of X977 the 
absence of pressure on : the 
... Belgian franc,, coupled with 
;low national' bank Interest 
' rates, meant that companies 
did not have to resort to short* 
-.tern- - bank credit hi ' the 
.. massive way they <Ud-in 1978. 

Vnfi.Mil.,,’ Only -in December did the 
Mv uiUi(# national - bank- raise its tjis- 
» ” count rate sharply, from 6 to 

\PJJK v ‘i»p 9 ? per cent, to ward off 
u renewed attacks on • the 
; r Belgian franc. Since the start 
orthis year the national bank 
has successively lowered its 
'.-rates, and yesterday It brought 
.-the discount -rate down to 6 
“-per cent with another | per 
'• sent. cut. 

---■ SGB -executives to-day wel- 
' coined the move, although 
' - their suspicion Is -that 6 per 
ce&t is probably Ute 'floor for ; 
the discount rate and that it , 
Is unlikely to .flail farther. | 

Hong Kong brewery 

• -East Asiatic Co. and United 
•- -Breweries* of ■ Denmark have 
-^agreed In principle to open a 

- bBewery in Hong Kopg with 

• -an initial annual .. capacity of 
-t'lSnii -litres, Benter- reports 
.'front Copenhagen. United 

Breweries includes ihe Carb- 

- berg and Tuborg hrands- The 
-brewery will take two years to 

build and cost Kr.lOOm. The 
two companies have previously 
operated Joint ventures in the 
Ear East at the Carlsbei* 
Brewery in Malaysia, but 
imported Danish beer .has 
: come under competitive pres* 

. sure In recent years from local 
breweries. « " 


PRELIMINARY 1077 - figures 
from L. Bt. -Ericsson show as 
expected that the Swedish tele- 
communications group succeeded 
in reversing —its 1976 profits 
slump. Pre-tax earnings grew by 
over- -35 -per cent te_Kr.553m. 
($U5.Sm.)» giving net adjusted 
earnings of Kr.1235.-a' share 
against Kr.HX.45 for the previous 

.; However, the pre-tax figure 
includes a .substantial decline in 
the losses 'incurred when trans- 
lating the foreign subsidiaries* 
balance sheets- into Krbnor and 
the operating profit- in fact 
slipped by Kr.6m. to Kr.838m. 

Group turnover grew by seven 
per cent, to Kr.7B3bh. <SL7bn.), 
of which over 83 per- cent 
derived from market? outside 
Sweden. One of tHe strongest 
elements in - the preliminary 

report is the 21 per cent, 
increase ■ in the order intake to 
KrB.66bn. during 1977, leaving 
the group with an order stock at 
the end of the year of Kr&ofibn., 
more than KrJbn. up on the 
position at- the end? of - 1976. . 

After an increase of lm. 
in taxes to Kr-22Lm. and a rise 
of Kr.43m- in minorities* -profit 
shares to KrJOm. Ericsson shows 
a pet of KrJ93tn.- against 
Kr.l45m. in the previous year. 
The Board proposes to pay an un- 
changed dividend of Kr.5 a share, 
making a total payment of 

The Board considers Jt pre- 
mature to forecast the 1978 profit 
trend because of uncertainties 
over exchange rates, cost 

developments and the sales price 
pattern. However, it believes 
that the decline in worldwide 

telecommunications investment 
was halted "Ui 1977. ' 

Although restraint in placing 
new orders will continue this 
year, it expects Ericson's order 
intake to grow by some 20 per 
cent m 7978. -77115 would be due 
largely: to the Saudi Arabian con- 
tract, which the Swedish com* 
pauy won together with Philips 
Of Holland and Bell of Canada 
In January. The sales growth for 
1978 is put at about 10 per cent 

The provisional 1977 account 
shows an operating profit of 
Kr£88m. - against KrM4m. in 
1976. After cost-calculated de- 
preciation, a pre-tax figure of 
Kr.6B4m. is shown before the 
differences arising from the 
foreign currency adjustments. 
This represents an advance of 
no more than Kr.66m. over 1976' 
hut the losses incurred in trans- 

STOCKHQUI, March 16. 

IatiflB the foreign subsidiaries’ 
monetary assets and liabilities 
into kronor come out at only 
Kr;131m. in 1977 compared with 
Krillm.. giving the pre-tax 
figure of Kr.553m. quoted above. 

Another feature of the pre- 
liminary account is the Kr.TOm. 
improvement in financial income 
to Kr332nu, which contrast with 
the rise Of only Kx39m. in finan- 
cial charges to Kr.4lSm. Some 
Kr-B5m. in . realised and un- 
realised exchange losses on the 
parent, company’s foreign liabili- 
ties ‘oaye been included in 
general costs. 

Capital spending during 1977 
totalled Kr.548m. compared with 
Kr385m: in the previous ' year. 
The 'number employed by the 
group dropped by 4,680 to 62320 
during the year. 

Turnround to pre-tax loss from Kockums 


KOCKUM’S, Sweden’s last major 
shipbuilding group in private 
bands. ' reports a KrJtfm. turn- 
round into a pre-tax loss of 
Kr.65m. ($1 4.1 m_ ) far .1977. Sales 
were almost unchanged at 
around Kr-2bn. (5435m.), accord- 
ing to the brief -. preliminary 
report. ■ ' • ; - * 

After . transfers .from . -the 
inventory reserved' afldr other 
| allocations of some Kr,75m-. the 
.group, shows a_ net "profit' of 
Kr.7m. against Kr.lG-3HU.hi 1976. 
The parent company reports a 
net after tax of tent- The hoard 
proposes to pass the dividend 
and to carry the Kr.39m- dispos- 
able. Into the new account ' 

• The provisional result, -is in 
faet rather better than feared in 

November, when the eight-month 
interim report indicated a final 
loss of around Kr.lOOm. No 
explanation is offered. 

A breakdown of the pre-tax 
figure shows that earnings by ibe 
shipyard at around Kr.70m. 
dipped only slightly last year. 
The real money loser was the 
shipping companies, which have 
had to take over vessels not 
accepted by customers.' It lost 
Kr.l20m_ last' year compared 
with a loss' of Kr.35m. in 1976. 

The industrial companies 
maintained earnings at around 
Kr.7m- but the “other opera- 
tions.” which Include computer, 
chemical and construction units, 
turned In a loss of Kr-22m. . 

The board offers no comment 
on prospeets for 1978. In effect 

Kockums depends on the 
Swedish Government agreeing 
to guarantee credits for the 
building of a third UNG tanker 
oo the company’s own account 
The government is at present 
reappraising its whole shipbuild- 
ing policy after the staggering 
losses made in 1977 by Svenska 
Varv, file state company. 

Elkem advance 

By Fay Gldter 

OSL O, March 16. 
Norwegian metals, mining, 
manufacturing -and engineering 
concern, reports group profits of 
Kr-24m. (fcL&p.) for X977. before 

STOCKHOLM, March i6. 

tax. .and allocations, compared 
with .1 Kr_25m_ Turnover was 
Kr.2,66bn. (S499m.), compared 
with Kf.2.60ba. Dividend is 7 per 
cent, an the old shares and 34 
per .cent on new, against 10 per 
cent CKrJ5 per share) in 1976.. . 

The annual report attributes 
the relatively poor results over 
the pari two years to a marked 
rise in production costs and poor 
demand for many of the group’s 
main products. "Profits of this 
order are inadequate to finance 
the modernisation and develop- 
ment of production facilities 
neededyto keep the concern 
competitive, it com meats. ' 

On the outlook for .197S.. the 
report says that results will 
largely, depend on international 
market trends and the way 
Norwegian costs develop. 

Westland-Utrecht project I Dollar CD volume down 


land’s largest mortgage bank, is 
studying ways of expanding -its 
project development .and 
perty financing activities Into the 
rest of tiie EEC. Lpp^to alow It 
lias confined- its ;-qon-Dutch 
activities in this field to. Belgium, 
West Germany, France^ and 
Switzerland. • 

. WUH has commissioned a 
report -dn the subject frqfa * the 
American consultants McKinsey, 
managing board chairman Mr. K. 

; A. -Verhey said. The remits are 
due withJn a few months^ WUH 
plana first to undertake and fin- 
ance Ite own projects but It 
latef finance property;r4|ve3op- 
meirf 'by “OtheW: - -iV wtiv^iase 
funds on the local capital mar- 
kets to exclude foreign exc h ange 
risks. . ; : 

- For the next few years Hol- 
land offers “sufficient prospects” 
for expansion' but in the longer 
terin WUH expects to grow' too 
big for its home market " ‘ 
Business broke all records in 
1977, Mr. Verhey told a Press 
conference. Operating profit 
rose 5fi per cent to Fis.114.2m. 

AMSTERDAM, March 18. 
from Flx73nt, while net profits^ 
were 52. per cent higher- at 
Fls.46.4m. (Fls^O^m). The 
Board proposes, a dividend of, 
Fls.20 compared with FlsT6 in 
1976. -It will also -pay a 10 per 
cent, bonus jo-share certificates 
from the share premium reserve. 

The bank's mortgage' portfolio 
rose a net FIs.2.S2hn. to Fls.8hn. 
Mortgages granted' to awner- 
occuoiers . accounted, for FIs. 
2 2Rhn., or 70 per cent, of the 
gross volume- of hew 1 mortgages 
of Fls.327brC • 

WUh's . property division 
•experienced strong demand for 
- house* . ^Constmetipn of \ffl* 
nevr homes beean. last veav. fW 
were completed and. 1.433 were 
rSpld. * •; , -a i: 

‘ ' , '’A' r nnThb«?r df ^favOiirabte ' 
kef i-faetbrs led ' to fhe - iechrti 
result in 1977 The bank carried 
out a successful borrowing' 
poUcv. ‘ .- placing Fls.1 .Rhn . of 
mortgage hnnd« and' taking uo 
a further Flo.t.^hn. on tiie pri- 
vate capital market 

There was also strong demand 
from .house Purchasers, particu- 
larly in the first six months. -The 
central bank’s credit -restrictions 
led to. a shift in mortgage lend- 
ing away from commercial banks 
and to mortgage banks. . 


THE VOLUME of dollar cer- 
tificates outstanding with London 
banks-feiWn the month to mid- 
February,- the latest Bank of 
England figures show. This was 
the . second monthly fall in 
succession and ‘follows a con- 
siderable period of uninterrupted 

The volume of CDs outstand- 
ing fell from 523.0bn_ in mid- 
December to SfcVBbn. in mid- 
January and 821.7b in 

Whereas in jhe month to mid- 
January most categories of banks 
cut back the volume, of CDs they 
had. . outstanding, during . the 

latest . month, the ' fall was 
entire^ concentrated among 
-the -US. banks. These cut back 
the value of CDs they had issued 
by 9400m. (S6.2bn ). AH other 
categories of banks continued 
to Increase the value, of their 
issues though only slowly. 

: The Bank of England has 
doubled the number of institu- 
tions from which it collects 
data for secondary market 
transactions in CDs from about 
20 to about 40. However these 
additions have not coramensur- 
ately Idcreased the volume of 
CDs beld on In the secondary 
market- 1 


*• r. V.' 

57V. Of . - • 

i - 

French group plans $45m. issue 

: Jl l 

Sime Darby Holdings Limited 



• interim Dividend up from 11% tQ 20 96 

• Directors propose o ae-fdr-ono-Bonus issue * 

• Half-year consolidated results improve.:.. 
Turnover up 1596 Profit attributable up 1096 


SOCIETE ' Metalurgiqne Le 
Nickel * is raising - 946m. -for 
seven years on a split spread of 
li per cent for the first three 
years rising to 1} per cent Other 
terms include a four year grace 
period and. . some form of 

I The agent hank, is Banque 
Rothschild and the loan was 
' syndicated quasi exclusively 
among French banks. The same 
borrower raised S60m. a year, 
ago oo a similar split spread but 
on a shorter maturity (six years) 
and with a grace -period which 
only ran for three years. 

Soctete Metalurgique Le Nickel 
is owned 50 per cent by the state 
Sorietfr Nationale Elf Aquitaine 

and. 50 per cent, by- the Groupe 
Rothschild mining holding com- 

Barclays' Bank and Dresdner 
Bank axe understood- to have 
arranged a S25m. loan .- for 
Nuclebras o f Brazil.- Terms are, 
as yet undisclosed. - , 

Just signed In Frankfurt is the 
6400m. seven year loan for 
Venesbtorgbank, the Foreign 
Trade Baok of ’be USSR Terms 
Include a spread of } per. cent 
throughout and a two year grace 
period. Joint lead-managers 'are 
Deutsche -Bank and'LIoyds Bank 
international-.: The loan, which 
was increased from an' initial 
9300m. is written under German 
law. - 

Return to 
in 1977 

By David Curry 

PARIS, Mar. 16 

FRENCH' oil 'group Compagnie 
Franchise des Petioles (Total) 
returned to' profits last .year. 
In 1976- the group as a whole 
earned Frs.l65m. (S35m.) but 
the result went into deficit 

. after minority interests, bad 
been taken into account' Last 
year overall profits rose and 
company has come out on. the 
right side of the ledger. 

The parent company itself Is 
down on the previous year. 
Its Frs300-9m. (S42,5m.) of 
profits includes the Fr&90m. 
reintegration of provision. The 

1976 profit was Frs53fiJhn. 

The company -is maintaining- the 

dividend at Frs.I4.IQ gross 
mainly because of unproved 
prospeety- from, its North 
American .and Indonesian 
operations and the build up 
of flow from the Fries Field. 
The black spot remains the 
refining sector. The Compagnie 
Francaise des Raffinage. the 
refining subsidiary, closed the 

1977 accounts, at neither profit 
nor loss hs if had been obliged 

. to for 1976. 

Money spent on exploration, 
developing ; production, and 
overall investment have all 
diminished over the past two 
years. Around Frs.?80m. went 
on exploration in 1976. less 
last year, and in 1978' the 
prospect is for some Frs.700ra. 
of expense.- 

investment on developing pro- 
duction has shrunk -from 
Frs.3 2bn. in 1976 to around 
Frs.l^hfi. last year and will 
he down to Frs.l.2bn. in 197S. 
This reflects the coming rut 
stream of the Indonesian wells 
and the Friec Field. 

Global Investment worth some 
Frs.4bn. last year after the 
Frs5.17bn. recorded the 
previous year 

One reason for the reduction is 

■ the need to reduce the weight 
of debt. At the moment : 
medium and long term debt: 
is equivalent to some 43 perl 
cent of company capital (Frs.| 

. 2.14btu and Frs.Sbn. respect 
tively) and the aim is tn bring 
it closer to the level of 
internal competitors in- the 15 
to 30 per cent, range. ‘ ‘ ' 

In Indonesia Total’s fields are 
now fully oft stream and the 
group had the right last year 
to some 3m. tonnes of the 
11.5m. tonnes lifted. 

At Frs^R7bn. cash flow was 
similar to 1976. • Turiiover 
improved from the Fre.47.3bn. 
and should have exceeded 
FrsfiObo. in 1977. thanks 
largely to higher prices. Some 
•71. tm. tonnes tjf crude was 
marketed in 1977. 5 per cent, 
down on the previous year. 

Dnrinin^iia-the red 

DESPITE' a dramatic Him round 
into tosses for 1977. the Italian 
steel- pipe manufacturer Dal- 
. mine is to go ahead with its 
planned increase in eapltal. ■ 
The company reports a loss of 
Lire37.22bn. (SA3m.) for 1977, 
against net profits of Lirel.05 
bn. previously. 'The directors 
blaibe ' the ^severe ’ crisis oF 
steel and Pipes markets in Italy 
and abroad For its losses. Plant 
has heen underutilised for most 
of the year. 

Agencies * • • " \ 

Gall for rulings 
on U.K. brokers’ 
role in the EOE 


QUICK rulings from The' British: 
Government are being .sought 
urgently to remove uncertainties 
holding, up decisions About parti- 
cipation by British stockbrokers 
and investors in the Amsterdam- 
based European Options Ex- 
change, which is due to open, on . 
April 4 

A 'key.' uhresolved question is 
whether British stockbrokers 
would need licences under the 
Prevention of. Fraud. (Invest-, 
ments) Act, 1938. before they 
could become members of the 
European exchange, -.which . is 
costing £3m. ro set u p. ' J 

There is a strong body of 
op>nioi>. that such licences would 
not be- needed. The • European 
exchance, which . hq$ been in 
j touch • with Britain's Stock Ex- 
i chance on the .matter, wants 
! IT.K. Department or Trade agree- 
ment that that is ihe case m* that 
British stock market .firms are 
free to join the Amsterdam 
operation -bv the time it opens. 
Up to JO London stoekbrnkinc 
Arm* are thought to be interested 
in joining the European, ex- 
chance if there is no impedi- 

European exchange chiefs are 
rhnuoht to be anxious that the 
new market shnnld have British 
members from the start in addi- 
tion to the very few Tendon 
brokers which have joined nr 
oarticipated in exohance mem- 
bership through - overseas subsi- 

In addition British Treasure's 
approval is beintr sought for 
olanis ro enable Ti.K. investors to 
nariicipate in oDtion* business in 
British shares nn the Europe .in 
exchange without paying the 
sizeable . investment premium 
normally required nn investment 
in foreign securities. . 

Under the proposals, worked 
out with the Bank of England, 
British investors would pay no 
premiums on the purchase price 
of in Option in British shares. 

AMSTERDAM. Hatch 16. 

'Similarly, those selling “writ- 
ing * options would be free from 
the need to pay the premiums 
when purting up the necessary 
cash margins to. show they could 
meet their commitment or when 
paying for stock to deliver after 
.an option was exercised. 

There would be strict super- 
vision .by stockbrokers, as 
authorised depositaries under 
the Exchange Control Act- Pay- 
ments would be -through a sub. 
sidiary of the National West- 
minster Bank acting, for the 
European exchange and serving 
as a custodian for .shares depo- 
sited as margin. 

. A major effort to resolve two 
’ further outstanding problems is 
likely next Tuesday when repre- 
sentatives of London’s fire 
largest jobbers, led by. Mr. Ed 
Puxley nf Bisgnod Bishop, visit 

One problem is the European 
Exchange’s need far agreed 
average London jobbers' prices 
in the British shares in which 
options will he traded, initially 
Imperial Chemical Industrie*. 
British Petroleum, and General 
Electric Company. On the other 
side, the London jobbers are 
anxious to be assured that th** 
European exchange will not 
allow the dcvclopmeni in Am- 
sterdam of an unofficial kerb 
market in British shares subject 
to option trading there. 

European exchange chiefs have 
heen insistent that they will com- 
bat any risks of the growth nf a 
kerb market driving interest in 
British shares away from Lon- 
don to Amsterdam. They will ex- 
pect operators on the exchange 
to buy British shares needed for 
their business in London. 

On the basis of such under- 
standings and undertakings, the 
exchance hopes to do a deal with 
London's jobbers next week to 
get the needed flow of prices of 
the underlying British shares in 
which options will be traded. 


Improving assets picture 


THREE LONDON merchant 
banking subsidiaries of foreign 
banks reported their annual 
results yesterday. They are 
Bankers Trust International 
(BTl). Manufacturers Hanover 
Ltd. (both subsidiaries of the 
New York banks of the same 
name) and Banque Natlouale de 
Paris. Ltd., the- former- British 
add French TBanK which is. a. 
subsidiary. o£ Banque National e 
de Paris. •; . 

The structure ’ of .the balance 
sheer of BTl reflects the major 
changes in the bank’s operations 
ip the last year. It has increased 
its' trading operations consider- 
ably, adding certificates of 
deposit .and fixed rates Euro- 
bonds. and this is reflected in an 
Increase from £2.0bn. lo £14.2bn. 
in its holdings of these securities. 

The overall size or the balance 
sheet fell from £95.6m. to £80ifcn. 
Profits also fell from ElAm. to 

£L2ra. before tax and from 
£857,000 to £851,000 after tax. 
Total shareholders' funds rose 
from £8.1 m, to £S.6m. 

Manufacturers Hanover Ltd. 
also shows substantial rises in 
the volume of securities beld for 
trading account— from to 

£30.3 m. 

The ' size of "MHL’s balance 
sheet totals rose from £U6.4ra. 
to £lS3.6m. Profits before taxa- 
tion rose from £4.6m. to £5.0m. 
and profits after taxation from 
£2^m. to £2.4m. - 

Profits for BNP are declared 
only after transfers to inner re- 
serves. Pre-tax profits fell back 
from £4J2m. to £3.9m. However, 
due to a fall in taxation from 
£2Jm. in 1976 to £610.000 in 1977 
last year, largely because of 
allowances on plant and equip- 
ment for the bank’s new building, 
profits after tax rose were higher 
in 1977. Balance sheet total rose 
from £597 .2m. to £67 1.3m. 


Anglo American 
Industrial Corporation L 

first halt 

Directors foresee the profit growth contthum& 


’ . Sixmonthsto . ' Year to • 

' - '** - .... 31st December - 30th Jun* 

1977 -1976 1977 

v - Iff naUbn MBmHDan^.-MBmiEen- 

TURNOVER 708J58 -615.60 _ .1,367.93 






... LIMITED . - : 

7426 751.43: 

26.90 55.54 

28.66 ' 26.04 ^ 95.48 

Interim • • Interim 


Rfliteof divkfeiKb.-~pDir * ^ 

•TOe Final Dividend for 1976/77' hidudad a 5* Special DkSdand isJatarftti an 
extiaoidliwyprolltenmteoUandby os^sW^Y' . V . 

Kempos (Msteval Bertrad becan^ a 

been Mated as an a&criata in this half year. If treated as a subsWlan^fTOfit 
sttrffiuldbte would fww luUwsed by MS2.4 million. Foi^tha year ip 30th June, 
1978 it will be treated .as.a subddiary, 

■’■ ; 16th March. 1978 

Copies of iko fuff fottrim Report wnf to^thafwMOinjmyba iAnimeSon 
request front Th* $*antmy. Sftn*pvtv Hafdtogs Umitff, Warn* M/SC, Men 
Contoy, Urm&jr.mttoYsi*- 


Mean Australia s*dc ibs& 

AMEV Sue ]«7 

AflstralU «pc m3 

Australian M. * S. U»C TQ 
Barclays Bask 8) pc 1W5 .. 
Botnter flipic 1992 — 

Can K RaCvar Sfpc 1988 
CrtxHt National 8h»c 1998 ■ 

Deumarft «!pc 1 SB* 

scs- gpc. ia® • 

ECS stpe J997 

ElB 8}pc 1SBC — 

EMI lipc 18» ....... 

ErlC3S4»)~9)pc 19BS' 

Esso 8oc 1988 Nov. 

Ct. Lakos Papvr slpc i984 
Hamarsley Npc 19B ..-.-m - 
Bydi* Quebec »bc 1*1 ~ 

ICT Stpc 1987 — 

ISB .Canada Sloe 1988 ... 

MacmlOau BHwdd 9pc 1993 
Massey Fentuson 9*00 
MlcbeUo Bipc 1888 ..... 
Midland Im. Ftn. to 
Nadssal Coal Bd. tec 1W7 
Nai tonal Waumaar: tec 
Nwfogndlanil 9pc 1889 
Norses Xom. pa. 8i pc 1993 
NoTPtnc 8ipc 1888 ... 

Norflk Hydro Wee 1882 
Oslo tec 1998 — - - - • 
Ports Alimonies 9pc 1891 
Pro*. Quebec 9PC 1395‘ 

Pror. SaSkatclt. Sipe-'iWfi 
Reed lOTeCWdonal 9pc 1W? . 

RHil tec 1992 

SrtwaiOT T< MOCWW 
Shaod. EnMolfla tec t»t - 
SKF- 8pc 19S7 — ■ 

Sweden Wdnan Sjc? 1987 
United Biscuits, ftpc 1889 .. 
Volvd tec 1887 Mardi 


Australia ?4pc 1984 , — 

Bell Canada 7 tec ttffl 

-Br. Columbia Art 7|pe *8» 
Can. Pac. 8lpe 1984 ..... 

Dow Chemical 8pc IBS? .. 

ECS Tipc 1883 

ECS BftK 188# 

EEC 7UK 1982 

EEC P 1854- :~... 

Esso Guneu woe 19M. 
Gotawrfcen 7tpc 1982 — 

Xockrons Spc 1983 

MlChfUn 8? PC 1883 - . 

Montreal Urban Kpc 1981 
tie w Brtmswlrt Spc lSSi ... 
Vow Bruns. Prov. 8^*r "S3 
New Zealand Sine - »sq 
Nordic im BS. 7iW 1994. 
Norsk Hydro 71pc IflSs 
Norway 7&c 18S2 _ 

Ontario Hydro tec -19S7 
Bfnaer Stec 1SKJ ... -- ■■■■■ 

8. of Scot. Wee. Slpc 1BT 
Sweden fKdoml 7?pc 38B 
Swedish Stale Co. 7«pc *3 
Trismst Wot ISW — . 
Tedmrco 7iPC 1 ajag ... 
voSrswapcB ? ?pc IBS? 

Allied BroiCBrtos 101 PC VO 

Citicorp Itlpe .1BB3 

CoartsuWs 8jpc. 18S? 

ECS Mnc i9» 


BIB Kpc 1983 
Finance for - nut 9: PC 19S7 
FTnance (Ur lnd. 18pc 1899 
Fteaat-IQJpc 198? — 

C4A WW 1W - 

ftnwmrpr 18JIW 1«8 . - 

Vars i®l pr I*** - 

Total on me m* — — 


BFCE jfpc 1988 ' 

BNDE Woe 1989 

Dftnnarfc 4Jpc 1984 

ECS Kpc 1090 

ElB 34 PC 1990 .. . 

Eurainu) Slpc 7987 

. Eprofliua 5ipc 1988 

FhiLirtf SJK-.WW- .; 

Fomnarfcs Moe 19M 

. NeW Zealand Sip c’ 18»- ' 

- Tiorcem 5 ‘PC ~198i , 

. .Norway 41pc 188 * 

PWHpptoes 61 oc 1993 

Sweden 0pc 1989 ■ • ■ 

.Taweroawobalro Wpc 1903 
TVO Power CO. ffpc 1888- 
Vmezaeia Sue H 88 
. World Buk «7« WO ....... 


- BnnV ot Tnlrw IBM ?U>>pc 

■ BPCB 1994 84 PC-'. 

BNP 198S 

:CCP 1983 ffpr — .... 

CG34F 1984 .7IPC ........ 

CredlrsnsraM UM 71 DC 
Credit Lyonnais (983 Bpc... 
DO BanK 19M 7Uf*pc 
OZB Wl StpiPC 

ImJ R'srmiurr. V4 Jis«pc 
. Llrfds 1953 71PC ..I 

1B84 103} 
92! 954 
98} lQOt 
-78 EP 
.75} 77 } 
t SI* 123} 

- Bant ot Tntrw IBM ?Uv,pc PS( 98f 

BPCE 1994 84 Pc-'. 98* 99 

BNP 19H5 ?'tf>Po 9H 1004 

:CCP 1983 ter . — 991 IWi 

C!GMF 1984 .7IPC ........ SSI 994 

Credlransralt UM 71 DC — - fit} . 9»4 

Credit Lyonnais 198* Spc... 8*( 994 

DO BanS 19M 7U|pc .w 899 100! 

OZB Wl fltViOC ,. lrt{ 

Xml H'srmiurr. *84 7 ^6 pc 991 toot 

Llrfds 1953 7lpf 1504 1001 

J.TCB l«B «PC . m 

JMJdUad uc tec y,.-. M . to ..J09* • IBlft 
Midland 19*7 7tl tt pC ___ V8| 99 i 

OKB iy=s liw: . 39} IMt 

SNCF IW3 ,84pe ..... ‘mi.. Mi 

Std. and CJitrd V* TUbk «* 19M. 

Wos. and Glyna V4 8l«pc 991 ■ W* 

Source: wb{te Weld Securities. 


American Express Tjpc W Ki M 

AstjlAPd 5PC.USS ' — \V, ? 39 

- BatKOfR jr WUCOs dfpc ?? - H 95 

Beatrice Foods 4}pc'. MS3 . .91 m 

Beatrice Food* 4}pc m i 1884 703} 

Bertram hpc MB -.J:.. 92! 958 

■Borden 5pc 19«, . .- «s* 1004 

. Broadway Bak. 1987 - 78 59 

Carpatfon 4pc U87— >J... .‘75} 77} 

cstrrrTn at* uss tn> i*s} 

Dan Mpe 1987 . - 77* 79} 

Eastman Kodsfr.-tfpe TABS '" 79 57 

■ HcoDoroV? Wl ■ 77 79 

Flreswao 5oe 1988 - * 99 h 

Ford ape 19® ■- — 83 85 

General Elecrrw? 4}pc' 1887 ft| 83 

Gilleno «PC '987 ..70 1 78 

GoaW 5pc 1987 i(« IK 

Gulf awl n’esrerp 5 pc IKS 814 - 83S 

Harris 5pc 1892 .1 .......... -1431 H71 

Hnnortk-ell tec 1K6 .u, — , $}} S& 

1CI 67PC IW ^ 88} 871 

TS'A RPC l»7 1 93 Mi 

Jpcbcsnr 8 tec 1992 197 IBS 

TTT 41 PC 1887 . — .77* 79} 

Jasco tec 198! ... . 108 787 

Komatsu 7tiC IBM V — *T U5 118 
J. Ray HcParmpn tetW.-lW 141} 

Matsushita «gc IBM 73S W7 

Mitral 7}pc »» V 1124 1JS* 

J. P. Montao 1987 . a 91 

Jffsblsco 3«» 19BR 9;} 

(lircns minoU 4*pe 1997 ... . 109} • 7114 

J.'C. Pentiev «PC 1987 ..r -78 75 

RCT-ton 4teC 19» tltj 107 

Reynolds Sletalx Sue IBS fit 93 

-ffimdvft «lpc .1*8. Its HI 

Fpem Rand 4toc MS? K 86 

SaujbU 4'pe ,7S ■ 9 8 

Texaco aloe '»8 77} 7S4 

TcsMba filpc 19PJ 413* '.' jj-U 

unioir CarWde 4|pp iw.; n gj 

Wsrtw-r Laflihert *tec TfiC - , fri* 

Warner d}pr isas tbj • jp* 

Scrfit 'nr W ' • - --. - 77} -. 79} 

Soiucai Siddafi Peabody -SecnriHea, 

Ha? 1471 
«} S& 

US} 141! 
138 1S7 
1134 1J3* 

109} -7114 

77* ' Wi 

MS* - 1141 

9? i 94 

HI* . m 
7B* TH} 
T7} - 79! 

Sacnrtttei. - 

llncoiporjleri in the Republic oJ South Alnca) 



Subject to final audit the following are the pro6ts of ihe corporation and ils subsidiaries 
for tiie year-ended 31st December 1977 which should -be read in conjunction with the notes , 

below: . . . 

. . ’ ' ‘ 1 • 1977 1976 


Group profit before taxation 66446 66106 

Less:. Taxation and deferred taxation 24 392 22 258 

Group. profit after taxation 42 054 43S4S 

Less: Profit attributable to minority interests in subsidiary 
companies 1 462 - S99 

Group profit, after taxation, attributable to the corporation '40592 42949 ji 

Number of shares in issue 26 86 1 947 26 846447 

Earnings per sbare-rcems 151.1 160.0 

Dividends per share— cems-. * 70.0 65.0 

Notes: . . 

1. rhe ‘results or Bonrt International Limited' and Scaw Metals Limited as well as the • 
corporation's income from- Its own investments ah showed significant, improvement for . 
the year. However, as -a' result of adverse market conditions losses were incurred by the :* 
group’s timber and timber board interests. We attention- 'of ^ members is. drawn to the joint 
announcement by the corporation and Associated Furniture Companies Limited published .' 

.to-the presBin Soutb -Africi'-dn 11th Warch’ to the effect that agreement had heen 
reached to merge the chipboard manufacturing interests ’ of Bison board Limited and •’ 
Bruynzeel Plywoods Limited. After taking all .these factors into account the board has • 
decided to increase the final dividend -tb'-B' cents' a shire^ making a total .of 70 cents for ■■ 
th^year. ' - ' ; “ ' 

2. .-The tax charge has been reduced by R1 053 bfl0 ( 1976: Rj 480 000) in respect of non- 

recurring investment allowances on machinery and factory buildings brought into use 
'during th'e year. •' . ■ ' I'.‘ • 


A final dividend of 48 cents a share {previous year 43 cents), for the year ended 31st J 
December 1977, has been declared payable to shareholders registered in the hooks of the » 
corporation’ afthe dose- of business on 7th April I.97&, t 

This dividend, together with the tnfertm. dividend, of ^ cents a share,, declared on 7th r ; 
September 1977, makes a total of ’70 cents .a .share, f or The year ( 1976: 65 cents ) . 

The share transfer registers and registers of members wilt bn closed from 8th April to i 
21st- April 1978, both days inclusive, and warrants will .be 1 posted from the Johannesburg and i- 
United Kingdom offices of tne. tratisf er secretarles on pr. about 3rd May 1978. ( 

Registered shareholders .paid frpm‘ the United JOngdora . will, receive the United. Kingdom f 
currency equivalent on "26th 'April 1978 of the rand- value .of their -dividends (less appropriate I 1 
faxes). Any such 'shareholders nmr. 'fioweverl' elect \o be paid in South African currency j 
provided that any such request is. received at. the offices of the corporation’s transfer secretaries ' 
in JohaiHiesburg or the United Kingdom oh or befdre 7th April 1878. . - - j 

The dividend is payable .subject to conditions which can be inspected at the head and { 
London offices -of the corporation and also at the offices of the corporation’s transfer secretaries, 1 
Consolidated Share Registrars Limited. 62 Marshall Street, Johannesburg 3001 and charter i 
Consolidated Limited. Charterhouse, Park gtreefe. Ashford. Kent TN24SBQ. 1 

The effective rate of non-resident shareholders’ tax is 15 per cent j j 

general . ■ . I 

II is anticipated that the Fourteenth Annual Report of the corporation jn respect of the ' 
year ended 31sr December 1977 will be despatched to all registered shareholders on or about !’ 
30th March 1978. . . • ,, ^ . ; , 

. . By order of the Board 


• - - s ' - Secretaries . r 

. - J . per D. M. Daridson t 

i "Divisional Secretary 

Registered Office: 
M Main fUToet; 

.lnhannpshurg 2001 

17th. Worth. J 978 . 

. London -Office: 
‘ 50 Holborn- Viaduct 



reports dip 
in profits 

Further earnings growth 
forecast by Sime Darby 

By Our Own Correspondent 

AT THE interim stage, Anglo “**“■* “““***b <u*u i>uiuur «‘nuai“ "• •* »»«=»• wuu «■ «*»«= w — trajs me ''compouj, 

Transvaal Industries, the hold- thm* group which is currently associated with the SM39m, profit attributable would have 
dog company for Anglovaal’s moving its domicile from extraordinary profit attributable inereased-.SM2.4m. . 


18. SIME DARBY HOLDINGS, the was 29 per cent— dnctoding a will be for . the full- year, to 
tagjo international trading and planta- special dividend of 5 per cent June 30 — says the company. 

at Nocil j 

as margins ir 


By R. C MurtJiy • . ■ annoui 

A STRIKING recovery in earn- stocks 
ings is announced by National agreed 


SYDNEY, March 16. 

MAJOR AUSTRALIAN life office. £A16m. portfolio ? of WjBlMal 
National Mutual life Association, and ntining stocks. . with the 

announces a $A15m. ($l&5m.) bid -emphasis on natui *} . rc “ u JJf TO tL* assistant general manacw 
for a terse portfolio .of dhare^hi stocks. ■ About two-tWrds of the f ™ gJJJp 
■overseas companies, mainly TTE. portfolio is. invested in U-S. or Nauo ^ r. red 

stocks. National Mutual -has securities. C MI is almost unique JjS&rtS* to WhmL!S“ 
agreed to purchase a 60 par ML- fa Australia in that it can invest SrfflPa 

nut, vu^i^^v nu5w*«oia ~ „ . , . — - . - -- -“ft 3 " unuuiiutcu uj huiuimi agreea to purenase a ou pei vera. m Australia m uuv al mi .r — „„ i_-„ : 

industrial and food interests, Malaysia, has to the aimpany from the profits The Pjjgwej 1 f T ^ ls Organic Chemical Industries Merest In Commonwealth Mining ShSSy freely in stock of over- oil and gas, won land steel, and 

has reported lower turnover atHiouced a rise of 9 per cent, in of land sales by the. Amoy submitted to shareholders (NOCIL), India's largest petro- Tnveabnents (Australia) from sear rnmnanies. There are offi- mineral and oil exploration. 

,S SMSL4B. Caning CorporntMm (Hong at m eara-orttay general Goi?Fiild> S ; 3? SKKfii ove^i port- “this tavf 51 ®™' bnild 

private sector, in its 10th year tralia, the local offshoot of Con- folios, and even large investors our interesi winm resources 

of operation. NoeB belongs sobdated Gold Fieltte of the UR. such as National Mutual are area _ and P^T 10 ^ exclffng 

uut .proma. inmwer Ie rj” [ year, from $M743m, in the same the current year was increased authorised share capital from 
rviaIS* Period of the previous year. 15 per cent to SM70&6m. £22.5m. to fXOOm. 

periodof 19"6 Ecorrespi onfirngj corapaayreeards the re- (SU.SJOOm.). from SM615fim. The Sime Darbv London snb- 

to the Mafatial group, which 
ranks third with assets of 

The company regards the re- (SU.SJOOm.), from m. The Sime Darby London sob- Bs ,ftfl4hn . amone business 

M „ ea *r ji ■ j i , i v i suits as showing “satisfactory Profit attributable to Sime Darby ffidiaiy pre-tax profit was reduced ® 

am cause of the ! improvement” and foresees con- Holdings rose by 10 per cent to to £922,833 (SU.SJ.8m.). from - - 

poor perfonMiwe of tbea j^J* tinued growth in profits. The SM28.7m. (8U^.12^m.) from £lm.. on turnover increased to 

wnsonoatfia u»a rieuw .aus- -ciai controls on qyww** , th ~ ■> 

tralia, the local offshoot of Con-fOIios. and even large investors our interest to me res ou rces -\t J 
soKted Gold Fields of the UR. such as National Mutual are area aud /V. 

■me Hie office eHeoOy to <„ invent* of turn. ggvSZjbJEA SS ' 

lJ_p_e L c™L m^. 50M. [|a i Mutual . s 1^ awounls M and riocis.” . 

; * . . — r",., uauea kh/wui iu proais. me mud-Luiu.; iru ui juu.. uu Luruover lnCTCaseu 10 ilnnhiui DeotooM . » circuunv; cue w .-wur. . _ . . marker STemS oacK. iu cue wjw snrnaii 

beverage and fisjung subsidi- i Qt erini dividend is Increased to $M26m. ' £46.8m. (SUERRam.), but the k cSXry S ing holders. However. Nabonal 11 !LJL- when CGFA first tookaain^S 

anra held through an inter- 2 o per cenU from 11 per cent. Kempas (Malaya) Beihad, profit attributable to the com- MutnaI ha P es that maa * hSJ“ i"mLteMSmof to the company. OH made a 

mediate .4 per cent-owned and there is to be a one-for-one which haas been a subsidiary pany rose to £485,485 from S shareholders will retain their Stocks had ^,_“ a f ket A P ^“* share issue to CGFA which w» 

nohiing company South bonus Issue. The 20 per cent, since December 27, - has been £175.014, after an extraordinary 

AfUrifiA Vnni4 nmiAifiiti* fnn ...ill *— -~-i - t j a 9 _ - j. ■ .si. ■ T . * 

Atlantic. Food accounts for interim will involve a net payout treated in the interim accounts credit of £128,933 i 
about 21 per cent of taxed to shareholders of over SMlOm. as an associate. Had it beep debit of £49J48) and 


Of the directly held industrial 
interests, most have reported 
higher interim profit figures 
bat are mostly forecasting a 
decline in the second-half. 
Order hooks of toe heavy engi- 
neering subsidiaries ore at 

The final dividend for 1976-77 treated as a subsidiary— os- it fbr minorities. 

Subsidiaries 9 strong progress 

ainst a 

RsJL&Sam. in 1976, which was 
a bad year for the company. It 
has surpassed the 1975 peak 
performance when post-tax 
profits were RsJUSGm. - 
. The rlse ia attributed to toe 
Improved performance of the 
plants (In -contrast to equip- 
ment failures and an erosion of 
profit margins on account of a 

aintain cars listed stana..' . ^^sm- ^e Offi deal will Overseas. IJe Austral^ 
National Mutual will pay CGFA enable toe life office to expand Treasury took theMew thatthose J 

ISA245, whdeh is_ cum an e^t-;;5fr" eas portfolio much more funds could be used to buy sbarea 


Th? e Si°e Ve i? mle rf r toe CmNA ENGJNEERS ’ a Sime If per cent Earnings per share interim dividend of three cents to 

aein« <nihrid^riP« tt,- S Darby subsidiary, made a post-tax after extraordmary items amount (15 cents) on capital increased bnt profit before depredation 
sutetoiSiS hSve^eeniffMed P rofl t of SHK20^m. (some SU.S. !° agamst mne cents by last November's four-forone and otter adjustments toot up 

to poor weather and erratic December 31, compared with nature of maifv of the hS?* 64 th -° 8e . The company is planning a 

fS ^ fte dividend-ha. been paid. : ^3T 'be™ SAlSm. Naiionai , The On vale ctagn^. ^ 

in 1976) and good d eman d. CMTs net tangible asset back- Mutual will take over manase- M p« ■ ®® lD ...ji 

Atel raleslJwe from Sto! tog Is $2.61 a share. It has a-ment of 041 from CGFA, The programme by CGFA. - 

fish catches. 

SHK 2.74m. for the comparable activities, the * directors ^tradi- ’The unconsolidated net profit S ve w£f at l5 1 

norlnd nf 107ft Tirmnnnr uric nn 1iflT13>4lir fnTlnw a (*nrwpnra friiri* «UV£ Qm ott c i Cm \ ** ICwCT 01 lXnClli 10 JI L2L0U- 

Grace makes further headway 


SYDNEY, March 16. 

Against this background the period of 1976. Turnover was up tionaUy ’follow a conservative was $HK6-8m. (some SU^.lfim.) »■ »»» — - 

SSSn^JMSlB “SSUSSb prineipa. sub- SS S’SMSU ^ SgB, a BSS xhe KWOR reta. end r^pval m eio r project etaried in recent 

maintained tlhoush no reduc- ndiara Amnv rnnnins urViiVh nlltlnnb wii Aip m nnn technology vriU soon be con- Lrrr.nn_ (trace Bros. Holdings, con- months. . . ■ meets ^iJaiQ only tip service- to 

maintained though no reduc- 
tion in the dividend is 

Unisec boosts 

„ sitoaiy. Amoy Canning, which outlook was for a continual on ^ ind^sfaial group, fcrace Bros, noiomgs. cot- _^“S^ b ing market conditions the claim that business was 

< K v,den . d °* f our contributes about 17 per of the general trend of Profita- geS. ]Srlii5" toeloveni- tlnued its unbroken profit record- ^ directors said consulted at every opportunity 

mis will be paid, an increase of to group turnover, announced an bilrty. meat hid rejected ite proposal with a 14.6 per cent gain in the national election in before the introduction of new 

group. Grace Bros. Holdings, con- months. 

final payout General Bank of Tel AyIy lifts earnings 

TEL AVIV. March 16. 


are announced by the Unisec THE GENERAL Bank of Tel cent, in cash, as compared with at Sodom, which will produce 

Group for 1977, against R5.94m. Aviv reports that Its overall net 20 per cent bonus and 15 per about 23,000 tonnes of chlorine 

previously. Earnings per share profit rose by 77.7 per cent to cent cash in 1976. Bromine output in this period 

totalled 12-7 cents (13.S cents). 1977, after tax and allocation to The balance-sheet total grew is seen at 46,000 tonnes, worth 
The pre-tax profit was R6.44m. reserves, to L£6.44m. Operating by S4Jj per cent, to L£1.62bn. $40m. at to-day’s prices. More- 

(R7-56m.). profit alone rose by 169.8 'per ★ ★ * over, production will be cheaper 

A final dividend of 6J50 cents cent. Earnings per share came THE DEAD Sea Bromine Works since liquid chlorine had hitherto 

is proposed (6-25 cents) mak- to 59 per cent (25 per cent, will be able to step up annual been shipped from Acre in the 

ing a total of 10.50 cents, more than in the preceding year), production by 50 per cent to north of the country, where it 

against 10.25 cents for 1976. The dividend for 1977 is 20 per 60,000 tonnes annually, following had been produced from salt 
Reuter cent, bonus shares, plus 18 per the completion of a new plant sent there from tte Dead Sea. 

Durban Roodepoort Deep Limited 

(Incorporated in the Republic of South Africa J 

A Member of the Barlow Rand Group 

The following is from the statement by the Chairman Mr. D. T. Watt. 

to produce this pesticide with January half year, from ?AB4au. December, the third in six years, legislation. - 

foreign technology. to $A7.4m. resulted in consumer resistance. The interim dividend is lined 

The fmoroved uerforuumce . The directors pointed out. that Christmas trading remained from 4 cento a share to 6 rents. 

SeSiTartsrtoSrSri! ttTaSSW. even after the election Last year theaimual payout 

to nniin^rv tM-ma after dv&countiuu for. the and throughout January, increased from 7.25 cents to 8 

is reflected in a rise in the divi- the increase was a gain in. real besi 
fiend to ordinary shareholders, terms after discounting for ...the and 

ITC claims 
Indian status 

; By P. C_ Mahan ti 

CALCUTTA, March 15. 
ITC— -once Imperial Tobacco 
and renamed India Tobacco 
Company — has claimed that it 
Is now “a purely Indian com- 
pany” with the overseas hold- 

SA199m. to SA215m. Despite the tog policies. • > • shown no significant signs that 

improvement the directors say The Board also attacked the the economy was on the road to 
they were still concerned: that level' of Government regulation any marked recovery, 
the rate of real growth must be and legieslation. They said that They were confident that 
improved If long term objectives the retailers', and industry Grace Bros, would continue to 
were to be met Nevertheless, generally, were harassed by the prepress but did not expect any 
the company's expansion plans welter of legislation, Govern- major increase in sales in the 
had been advanced, with three mental controls and legislations current half. 

The supply of Black labour was initially 'both low and 
erratic resulting in a retardation of production. The eleven 
shift fortnight, for members of the Mine Workers Union, 
was introduced at the beginning of the second quarter, 
which was undoubtedly inflationary and reduced pro- 
ductivity. However, the supply of Black labour improved 
in the second half of the year and this enabled the tonnage 
milled to be increased by S.S per cent for the year as 
a whole. This increase was unfortunately insufficient to. 
offset the decline in yield experienced over the year. 

A further adverse development during the year was the 
rate at which costs continued to increase. Your company 
sustained a cost increase of R6-3ra. which far exceeded 
the improvement of R4.1ra. achieved in gold revenue. 
Thus, despite the receipt of the maximum State assistance 
permissible and severely reduced capital expenditure, toe 
company operated at a loss for the year and bad no option 
but to draw on the 6pecial State loan facility to the extent 
of R2.4m. 

Throughout the year the company adhered to the 
policy of striving to maximise gold production ‘ without 
compromising the capability of the mine to operate profit- 
ably in the event of favourable financial and economic 
conditions developing at some future date. Despite all 
efforts the yield in 1977 averaged 3.660 grams per ton 
milled compared with 4^07 grams per ton milled in 'toe 
previous year. 


There was a moderate upward trend in the gold price 
over the first 5 months of the year. Thereafter this upward 
trend increased significantly and the price at the end of 
the year was approximately U.S.S170 per ounce.- This 
increase in price has led to a most welcome improvement 
in the company’s gold revenue. However, it is important 
to note that the more recent increase in the gold price 
has been influenced by renewed, activity on the part of 
investors and speculators. This activity on the part of 
investors and speculator* has increased toe volatility of 
toe market and consequently continued price fluctuations 
must he anticipated. The future upward trend, and the 
fluctuations about the average trend will have a significant 
influence on the financial results in 197S. 


The average price received for toe year 1977 for toe 
sold produced was R4 054 per kg which was 21.2 per cent 
higher than that received in 1976. This improvement in 
the gold price enabled the company to achieve a 13.3 per 
cent increase in gold revenue over the previous year 
despite the decrease in gold production. 

Working expenditure increased from I? 17.56 per ton 
milled in 1976 to RI9.X8 per ton milled in 1977. representing 
an increase ’of only 92 per cent This was well below the 
average increase of 23.7 per cent sustained by the gold 
mining industry as u whole and reflects toe efforts of 
management to keep costs down. 

The working loss increased from Rb.3m. in 1976 
to RS.4m. in 1977 and State assistance claimed 
increased by 19.3 per cent, to R7£m. The net loss, after 
taking into account State assistance and other income 
net, amounted to R353000. -After appropriating R7S4 000 
in respect of net expenditure on mining assets, and 
reversing an amount of R2 443 000 previously appropriated 
from profits for expenditure on mining assets, as 
explained in the directors’ report, the retained surplus at 
■the end of 1977 was R2.7m. This was RL3m. more than the 
retained surplus brought forward from 1976. 

In view of the adverse operating results achieved, no 
dividends were declared during 1977, 


As was reported in toe Chairman’s statement Iasi year 
a special loan facility to cover residual losses after receipt 

of the maximum assistance permitted in terras of toe 

Gold Mines Assistance Aci, was provided by the State for 
the period 1st July 1976 to 31st December 1977. It became 
apparent in mid 1977 that extensive use would have to be 
made of this facility in order to preserve the company’s 
limited cash resources, and that it was likely that the 
company would be severely prejudiced if this facility was 
not extended into 197S. Accordingly, in August 1977 a 
formal application was made to the authorities to extend 
the facility until at least 31st December 197S. The 
authorities replied in November that it had been decided 
not to extend the arrangement and that it would terminate 
as originally planned on 31st December 1977. Notwithstand- 
ing this decision a further fully substantiated application 
for the extension of the scheme was at once submitted to 
toe belief that without such loan facility the company could 
rapidly run out of cosh in the event of an unforeseen 
occurrence, and then be forced into an immediate suspension 
of operations. However, if the gold price trend which 
developed towards the end of the year continues into 1978. 
and providing there are no unforeseen problems on the 
mine, there may be no need to call on this facility. It is 
hoped that the authorities will be prepared to reconsider 
toe matter and extend the scheme in the light of our latest 


In view of the company's very limited cash resources 
and continuing working losses the policy observed through- 
out 1977 was to Limit capital .expenditure to essential 
projects necessary .to ensure continuity ol. operation in 
toe short term. Thus, only R745000 was expended on 
mining assets to 1977. Similarly, development, was also 
severely restricted. / 

The final borehole to toe first pbase of ''the surface 
drilling programme was completed during the year and 
the results, which are detailed to the directors' report, are 
not encouraging. No further surface drilling will be under- 
taken to toe near future and certainly not before there 
is a substantial improvement to the company's financial 


Tbe possibility of your company participating in the 
exploitation of the area adjoining toe South western 
boundary of the mine has, in view of toe recent improve- 
ment to the gold price, been re-examined to detail by the 
company’s technical consultants. The owners of toe mining : 
title over toe area concerned have disclosed the results of' 
their exploratory drilling. . . 

The area is underlain at comparatively shallow depth 
by Kimberley Reef, which was probed by toe above- 
mentioned drilling programme. Exploitation at current 
gold prices would seem to be possible only- as an adjunct 
to an existing mine. Even under these conditions 'the 
indicated return an investment would appear to be low 
when considered in relation to the risks inherent in exploit- 
ing Kimberley Reef, which in the case of your company’s 
mine, lias proved to be of extremely variable gold content 


During 1977 the principal operating objective was to 
maximize the -tonnage milled in an endeavour to offset the < 
low yield. For some time management was unable to 
implement this strategy because of a shortage in tbe i 
supply of Black labour. It Is only comparatively recently 
that the supply of Black labour has again become adequate 
and while there are signs that it may continue to remain 
so for the duration of 1978. it -is now apparent that maximiz- 
ing the milling rate will by itself not enable the company 
to achieve independent viability. This is because the rate 
of increase to working costs over the post few years has 
more than offset toe profit potential inherent in operating 
a low grade mine at current gold prices. 

The company’s prospects of achieving financial indepen- 
dence are now quite clearly dependent on a significant 
increase in the price of gold. However, I am very concerned 
that even if the necessary Increase in tbe price of gold 
eventuates, toe benefits will indeed be shortlived because 
of toe inflationary pressures which will develop in the 
national economy and flow through to the mining industry. 
Certainly then, a further essential requirement for a return . 
to profitable operation in the -case of your company’s mine, 
and possibly most other State assisted mines, is a successful 
attack on the continuing inflationary trend in the national 
economy, as reflected in tbe index of mine working costs 
published quarterly by the Chamber of Mines of South 
Africa. The industry as a whole sustained an increase of 
approximately 23.7 per cent in working costs during. the 
course of 1977. While your company was more fortunate, 
than others in being able to contain its increase to 9.2. per' 
cent it is nevertheless clear that it cannot survive. !h its 
present form, in tbe face of further cost increases of- this 

In an endeavour to improve the grade nl ore mined and 
thereby reduce too margin between revenue and costs, a 
decision has been taken to start mining portions of the 
No. 5/5A shaft pillar which contains ore of a higher vahie 
than the average to the mine. However, toe contribution 
from this source will not be very great as the method and 
rate of mining must be geared to the protection of the 
shafts and associated excavations to the longer teem 
interests of the mine. 

Members will appreciate that the mine is being kept 
operational onlv by virtue of toe substantial amount of 
State assistance which it receives. In addition, it has had 
to make significant use during 1977 of the special State 
loan facility. Without these forms of State assistance the 
mine could not have remained in existence through 19S7. 
Insofar as toe. future is concerned, if the required significant 
improvement in the gold price does not eventuate in toe 
near term and if the various forms of State aid art 
attenuated in any way in toe near Future, toe companv could 
again be confronted by the problem of a depletion of cash 
resources. In these circumstances there would prohaUy 
be no alternative but to suspend operations via a relatively 
rapid closure programme. ■ 

Repco ‘surprises’ Century Shaipgrowth 

iUr'vriU.-S^^ S3: BY OUR OWN CORRBPONDENT SYDNEY. March 16. at AJN1 

? **1* e ^ lL CENTURY BATTERIES have teeing that if the price is forced SYDNEY. March 16. 

^ reacted with “surprise" to .the above that offered then the seller BOOSTED by the inclusion of- 
{JfJsS .JiSSiir. SLklSI takeover offer from Repco, Aqs- will receive the difference. Such earings from recent acquisi- 
forei^c^panyjvlu^rwiuc^ largest car parts maker, preferential deals are known as tlons, engineering - group 

Jo “!?-*? ' Kje directors said It followed ** escalation clauses and have Australian National Industries 

ToSte!. Mmnani 8 ?! “ very recent and preliminary to- been freely a pplied. ' (ANI) registered a 73 per cent 

bv ei tiut ,> SS?Hr? m i?r y w dications from Repco as to - an Repeo is offering SA-BO cash rise in sales fbr the seven months 

intended announcement of its for each Century share, which is t0 January 31 and a 65 percent, 
necome one. . purchase of a minority share- 45 per cent, above the last pre- activities the Board said profits ' 

Ten years ago the foreign holding." offer price of SA138. It is also fnr __ 

eqnltv of the company which is Century directors -bare almost 20 per cent, higher than ™ to SA &. Sf " 

an offshoot of Bat Industries appointed merchant bank Inter Century’s n?t tangible assets per {SS 7.3m) nteW ntfecttoc • 
was 93J per cent and has national Pacific Corporation *) share and a pnee earmngs mul- 

eome down to the present level advise them as soon as possible tiple of 6-9 times century’s 1977 gJL JJ® JJJg® • *, F”® 1 ® 1 “G™ - 
of below 40 per cent, in three l * ^0 merits or otoeiwisTof the profits The bid values Century gjtoa lSS , JfiSa3?& ' 
stages. According to toe com- Repco hid. - The direCtore win at almost $AUm. ' : “ 0 n t ° rs * whlch was acquired last- 

pany as much as 30 per cent or in particular be evaluating the Repco moved to" secure a 

the share capital is held by present values of toe company’s strategic holding in Century TOe directors said that results. 
Indian pubBc financial institu- assets, including its properties before announcing its Offer and of Capitol had been satisfactory 
Sons and nationalised hanks and the successful Malaysian already holds about 7.4 per and profits were In line with 
and the rest by 65,000 Indian associate company. cent of the capital. However, it expectations. New model cars 

Individuals. The Board also said^that E5B Intends to ensure that all Cen- had recently been introduced and 

From its traditional line of Incorporated had fnfqrm-d toem tiny shareholders are treated had been well received hy the 
cigarettes and tobacco, the that no discussions - had been equally. The formal offer doco- market The operations of the 
company has diversified into held with Repco. merits will Incorporate similar group were satisfactory having 

hotels and marine products and Repco is attempting to acquire assurances made with regard to regard to the continuing difficult 
lately into paper and has a Century, operating under formal price, as those offered to certain conditions fn toe Australian 
good dividend record. Recently takeover rules, but moving to Institutions which sold their economy as a whole, and the 

questions were raised in the head ofF aQ y bidders that might century shares. 

result reflected the benefits of 

Indian Parliament about this be P^Pared to take advantage of The Repco board said they ANI’s diversified activities, 
company’s remittance of dlvt- I ? dp 5i , 1 e - S - ^ ^ - ‘PWt of takeover The directors said ANI was 

derate along with some otter Austrian _rtock_ex- le^slatiou to AmnnUa._ and a ble to earn acceptable levels of 

leading foreign companies 
operating In India. 

Excellent year for 
Hongkong Electric 

are currently examining ways of equally treat all Century holders, tions and wars in anexrelJent" 
tightening existing legislation In making this statement pStioiT totoke \d5*SSr3 
and closing loopholes after a Repco was aware .of the in- mtirSr £ “TESmC 

spate of questionable takeover creased . incidence of market aetirttv tt22!U nc ? 
activities. One of the methods raids and the disadvantages 
which has been criticised is for suffered by many shareholders 

an intending bidder to tie up a and genuine bidders In abiding SnJ!! merc bandlsing divi- 

— ^ — JO. o V - ^ ° ‘ w **Jr ** auu ficuuiuc utuuci a ill SUlUiUX c j*_ p -l-s ? _ • 

TinNfiRBNn' - ft FfTltir strategic interest fey approaching fey the .spirit of takeover j no. unproved although the 

large shareholders and guarani legislation. 811 xaxeover demand for steel had remained 


SYDNEY, March 16. 

. sluggish, . 

Tbe hire service division had 
continued. to expand and lifted 
its results, the heavy engineer- 
ing operations bad been pleasing 
and had an adequate future 
workload, but fbe metal forming 

^ rfiviainne A^nAitvi 

The Mst ennuol general meeting of Durban Roodepoort Deep Ltd. *e£I! be held in Jofenuuesimrp tm 20th April, 1,07s. copies - 
of this statement and the artnaai financial statements are obtainable from the office of the secretaries in. the United Kingdom 
at -m HoUtora Viaduct, London EClP 1AJ or from the U.K. transfer secretaries. Charter Consolidated Ltd.. P.o. Box 702, \ 
Charter House, Park Street, Ashford, Kent TN24 SEO- . - • • 

closed aa excellent year with a 3UA,CUU,UCIS * u « s uara “' legislation. sluggish — «— 

45 per cent profit increase to ... ^ ... . . , 

Dividend lift from IEL AEvSSS 

Mitam torn BY OUR OWN CORRESPONDENT SYDNEY. March 16. ££' °’haT°an S 

Earnings per share increased CORPORATE TAKEOVER speo Smith and Gillespie' Bros, to “ et i ! f °™ ,in I ? 

from 36 cents to 52 cents for “S®*. Industrial Equity Ltd. both cases, IEL made bids, but dl ® cult 

the year to December 31 and has raised its interim was subsequently topped by P rofits were down 

the final dividend represents dividend after boosting profit 71 counter offers and said at a pri JJ*ntiaUy . 

an increased total dividend ^ cent, from SA5S3.0OO to Sl The Interim dividend is raised 

payment of 25 per eent The SAIm. (^USLim.) to the Decern- The chairman, Mr. Ronald fro ™ a share to 4.5 

directors expect a dividend of 5* half-year. This interim divi- Brierley, said to-day that the cen H L Last year a 5 - 7 

at least 20 cents a share on toe aen f* “■ bee ? "om 3.75 group had finitfaed its tldying-up wa « . Paid, increasing the 

increased capital for 1978. cents t? -4 , rents, and will be paid operations and would now enter Payout from 9 cents to 9J> 

The 2roun has interests to 2“' » ta l » n crested last year by a new, more active take-over cents - 

real Estate ^reSSiiS. ^dvStiS fJ ng -^ 15Sue one - P h “e_ He . said that industry .The directors indicate that the 

imr finance and techniefli ser- f0 mT g S t s ^ np * »- rationalisation through take-over dividend payout is likely to be 

%s»w?Uu eSS ^ IEL hastievoted rerent montns was “the name of the game,” lifted again this yea?. Thev 

vices *s weu as eiretncity. t Q rationalising investments, and and that IEL would still he the forecast that earatoes for the 

It Is proposed to increase the the sharp gain in earnings for major force in the take-over full year should be “ at least • 

authorised share capital from the latest period is larxelr due field - ex eiui 2“ . al 

500m. shares of SHK2 each to to the sale of smaller invest- Ur. Brierley added that there “ nrofits 

7o0m. shares and to capitalise merits. Tbe group expects to was a number nf hip rnmnlJil* Por share and 

SHK302-40m. and issue 15L20m- report results tor toe 7u II year “sitting prettf for^a® $£££?* rerent ScSS ^ 

bonus shares in the proportion which will include profits from He said ttat be envisaged “some 

of two for five. I sales of -holdings to Cuming big mergers: this year!" gSr."- ^ Uth 6uecesave 

This announcement appears as a matter of record only. 



(A Statutory. Corporation established under 

the Wool Marketing Corporation Act . 1372.) ; . - 

US$50,000 000 

Medium Term Revolving Credit Facility 

arranged and managed by 

J- Henry Schroder Wagg & Co. Limited 


in association with 

Schroder, Darling and Cohipany Limited 


provided by - 

J. Henry Schroder Wagg & Co. Limited BNS International (Hong Kong) Umited. 

C< 22IS2iS2, n,t LBl Finance (Hong Kong) Limited 

J. Henry Schroder Bank & Trust Company 


By Rhys David 

IkT IIOQHu, Corespondent 

"'I IN THE county of Cleveland in 
... the North East of England plans 
'"are now going ahead to com- 
■ • . . memorate with a new museum 
one of its. most famous sons, 
. Capt Cook, who- was horn in 
; ■ .Middlesbrough "250 yean -ago 
this year and spent his early 
life in various towns in - the 
_ ’ area. 

It is a Jink with, thfe past 
which is important to Cleveland. 
' nne of the.: areas -of -the U.K. 
.. . where the pace of change over 

recent years has- been particu- 
,-lariy dramatic. The county 
itself is k .new creation of the 
- 1974 reform of local government 
in the.UJC, taking in parts of 
what used to be Durham, 'and 
:Ybrkshire with a population of 
' 573,000.. in an area' which looks 
to the Tees estuary as its focal 
point Perhaps more than any 
other area, too, the county has 
II r\ nT^rhad to cope with the problems 

** , ’ “ 'of rapid technological change. 

■ *’i \\\ An iron steelmaking centre 
since the exploitation of iron- 
r bearing ores in the Incal Cleve- 
land hills' began more than, a 
. century ago, the area was chosen one of tlw. three main sites 
fo£ the ambitious investment 

• programme launched by the 
British Steel Corporation in the 

• early . 1970s before the present 
major world steel recession, and 
has already, seen substantial 
investments in. hew iron and 
steelmaking facilities. 

. A major chemical producing 
•centre, too.' since the inter-war 

years, Cleveland wa/ the first 
landfall in the UJK. for oil 
brought ashore from the North 
' Sea fields, and -the banks of the 
Tees are now lined with one of 
the most important aggregations 
of oil and chemical activity 
..anywhere in Europe." For good 
- measure Seaton Carew, near 
Hartlepool, is also the site of 
one of Britain’s nuclear power 
Stations;' • " ' . 

* The county as a result ranks 
as one' of- the most ! important 
growth centres in . the U.K., 
almost certainly’, destined to 
■ grow hi population and import- 
ance during the remaining years 
. of the present century. And in 
this it differs from some other 
parts of the North East Which 
have been dependent on tradi- 
tional industries such as coal 
and shipbuilding, and "which as 
yet have failed to find a poten- 
tial new motor for growth in 
modem ' technologically based 
Industries.- ‘ “ 

Considerable efforts have been made in recent yeafs to correct 
the imbalances in Cleveland’s economy which have been caused 
by the dominance of steel and chemicals. Yet unemployment 
has risen above the average for the North of England. 


But while the potential masts, 
it. remains overshadowed at 
present by the enormous prob- 
lems which Cleveland like so 
many other parts of. the UJC 
faces in adapting to a -new in- 
dustrial ■ base. 1 he. massive 
capital Investment in the area 
has for the most pari been 
designed to cut down on jobs, 
and with the recession biting 
hard, particularly in'. the steel 
industry, closures of -plants have 
been advanced ahead of .the 
creation of new opportunities. 

Thus, in steel the BSC was 
obliged at the end of last year 
to bring forward -plans to stop 
iron and steelmaking' . at its 
Hartlepool works with 1 the loss 
of 1,500 jobs. Steel employ- 
ment .in the town, where the 
BSC used to employ.* ''total. of 
5.500, is now . reduced to . around 
2.000 in pipe works, aptote. mill 
and coke ovens. - : : 

Other older works elsewhere 
in Cleveland could also become 
vulnerable if the recession is 
prolonged much further, yet un- 
certainty remains over the rest 
of the BSC’s massive investment 
programme at Redcar on. ;the 
other side of the Tee®. ' Under 
a -£9Qm. scheme, steelmaking at 

Lackeriby, next to Redcar, is 
currently being increased from 
2-2m. tonnks to 4.65m. tonnes, 
but this was to be supplemented 
by a major new .plant at Redcar 
with a capacity of some 5m. 
tonnes, bringing total BSC 
steelmaking in the area up to 
11- 12m. tonnes— or around one- 
third of the planned capacity 
in the UJC of more than 35m. 
tonnes. So far only iron-making 
and associated developments 
have been undertaken on the 
Redcar site. and. the rest of the 
scheme including the j^ext stage, 
a new plate mini nerw "looks cer- 
tain to be" -delayed until" the 
share" of world steel markets 
which Britain can. hope to com- 
mand becomes clearer. 

The closure of iron and steel- 
making is also only the latest it) 
a series, of blows to Hartlepool, 
and has helped to raise ' un- 
employment -among men to 
arauad 17 per cent In the town, 
the hardest-hit region in the 
county. Over '-the- past few years 
GEC has rat its labour "foree 
from 5,000 to 2,300 as a result 
of - reductions in Post Office 
capital investment, and could be 
cutting its workforce by a 
further 800 over the next few 
years. Another major employer 
in the area. Rank ' Hovis 
McD ou gall, has also removed 
550 jobs but perhaps the biggest 
disappointment has been the 
lack of success of the Laing ’Off- 
shore oil platform fabrication 
yard, established in an old ship- 
building yard in the town. With 
too many yards all over Europe 
chasing too. few orders from the 
nil companies, the Laing yard, 
which once employed 2,600. has 
been mothballed for more than 
a year. Orders, for two more 
platforms are likely to be placed 
soon by BP and Shell for their 

Fulmar and Magnus fields, and 
Laing Offshore la certain to be 
among the tenderers. If the 
company cannot win either of 
these, it. seems possible a 
decision to close the yard com- 
pletely could be taken. 

In chemicals a programme of 
investment totalling over £l-bn. 
by a number of companies is 
going ahead but here the 
highest levels of employment 
are - likely to be generated dur- 
ing the construction phase; with 
only a much smaller, number of 
permanent jobs .when the pro- 
je bts are completed. ICI is 
currently completing a £150m. 
ethylene plant at Wiltort— a 
joint project with BP— and last 
year sanctioned a major increase 
to its chlor-alk&li and vinyl 
chloride monomer capacity, the 
raw material used in the manu- 
facture of certain plastics. The 
plant, again at >.WSIton, wilt cost 
£I40m. and will be linked with a 
similar complex at Wilhelm- 
shaven in Germany. Other 
major projetfs currently under 
way by Id include a new pure 
terephthalic acid plant at Wilton 
to provide-raw materials for the 
polyester fibre .industry costing 
£90 m. and a £40m. single cell 
protein plant- at 'Bililtfgham to 
produce animal fetedingstiiffs’ 
from methanol, a natural gas 
product - 

Other major oD and "chemical 
groups have joined Id at Tees- 
side, among them Monsanto 
which is making its biggest 
single investment outside the 
U.S.— £180m. — on a new plant 
to produce acrylonitrile, the 
raw material for acrylic fibres 
and plastics, and on another 
plant, to be operated jointly 
with Montedison, -for producing 
nylon intermediates.- The Phil-. 

lips oil group, which is a 
partner with Id in an oil re- 
finery.. on-Tecsside.- is spending 
more than £300m. on extending 
its facilities to receive and pro- 
cess oil from the Ekofisk field. 
Other- big spenders on the Tees 
include Rhom and Haas, W. R. 
Grace and Shell. 

Yet these developments have 
failed to prevent unemployment 
in the area from rising above 
the average for the North of 
England .to a total of around 
26|0p0r people, and according to 
Mr. Arthur Pearson, -the leader 
of the' county council, the situa- 
tion is worsening. “Despite all 
our efforts the prospect® are 
getting worse. .It could be the 
patina j^of prosperity given by 
our capital" intentiye industries 
is disguising the very 'real un- 
employment crisis we face,” he 
warns. • . . 

The county’s own efforts over 
recent years have concentrated 
on trying to correct some of the 
imbalances which ' the 
dominance of steel and chemi- 
cals have created in the local 
economy. The county - has 
about 11 per cent, of its work- 
ing- population in both chemi- 
cals'. and 'metal manufacture," 
compared with the figure of Lfl- 
per. cent and 3.3 per cent for 
Britain as a whole, whereas the 
"proportion in tbe services sector 
is much lower than the "national 

The type of industry found 
in -the area also means that 
while apprentice opportunities 
have been good, the alternative- 
is very often largely unskilled 
work. Opportunities for women 
are also limited, so that « much 
smaller proportion have been 
drawn into work: than in other 
parts^nf-the cOnrttry. ' 

In redress the balance : 

efforts have been concentrated 
over recent years on trying to 
attract light industry and one 
major success has been the de- 
cision by Smart and Brown, part 
of the Thorn group, to. establish 
a plant in Hartlepool fur the 
.production of refrigerators. The 
company is developing a site 
made available by the BSC 
which, through its subsidiary 
BSC Industry, has been working 
with the local authorities to re- 
place . jobs, lost through steel 
closures, . 

' There has also been a major 
effort to' encourage office cm- 
.players, to move to Cleveland, 
and here too there has been 
some success. Barclaycard has 
set .up a regional centre in the 
area and over the next few 
years the Property Services 
Agency, tbe Government pro- 
perty management body, will be 
bringing a total of 3.500 people 
to the area. Because of the 
contribution office employment 
could make, particularly towards 
providing jobs for women, the 
county is to press' the Govern- 
ment to extend special develop- 
ment area fSDA) status, as it 
applies to .services employment 
only, to the whole of Cleveland. 
Currently the Hartlepool area is 
an SDA hut the rest of the 
county enjoys 'only development 
area status. 

Cleveland is also hoping that 
the continuing build-up of "oil 
and chemicals related industries 
will. Itself generate employment 
in service industries, though so 
far progress has been disapi 
pointing. The county has sought 
to identify companies manufac- 
turing products, such as control 
equipment, widely used in pro- 
cess industries, and to encourage 
manufacturers of these products 

to move in alongside their cus- 
tomers. It is also looking for 
ways in which local concerns 
can win a bigger share nf the 
maintenance aud servicing work 
which needs to be done on «il 
and gas structures off the North 
East coast, all of which arc in 
need of regular attention and 

parts replacement because of 

The county would like to see 
farther growth in .the area of 
firm*; able to take a stage 
further tiie prnciucts of the 
chemical industry. At present, 
although the county is well 
served by road communica- 
tions. most cumpj flies continued 
to prefer transporting chemical 
raw materials away to he pro- 
cessed nearer the main U.K. 
consumer markets. 


. Cleveland does, however, have 
the advantage of being close to 
major markets nn ihe Continent 
making it potentially an attrac- 
tive location For overseas 
groups wishing to take advan- 
tage of lower U.K. labour rates. 
Port facilities from the area are 
also good,' providing a range nf 
services which includes roll-on 
roll-off. container handling, con- 
ventional loading, and deep 
water berths, able to take 
vessels up to 150,000 tonnes. The 
combined port of Tees and 
Hartlepool is the third biggest 
in the UJC. behind London and 
Liverpool in tonnage, both with 
and without the inclusion of oil. 
It is the major port of entry 
into the U.K. for forest pro- 
ducts from Scandinavia and 
among. new clients attracted lo 
the port have been Datsun which 
ships its cars through Hartle- 

With industry able to pick 
and choose, however, where it 
wants to go assets of this sort 
are not enough on their own 
unless the area is also itself 
attractive to live and work in. 
Cleveland is surrounded by 
coastal, hill and moor scenery 
of outstanding beauty, including 
the North York Moor National 
Park, a short- drive front the 
middle of Middlesbrough. The 
two main industrial- centres. 

both show the scars, however, of 
continuous iron and steel 
making over the past 1U0 years 
and much remains t» he done 
»t remove hincUsnots. The 
county authorities have since 
197-f cleared around one tenth 
of the l .Utlrt hectares, of land 
identified as in need of clear- 
ance. and the new paUcrit nf 
industrial development nation 
the county is providing an 
opportunity to rc-pl::u some of 
the older parts. Whereas the 
older iron and steel works were 
dose to the centre of Middles- 
brough. the new steel and 
chemical complexes arc spring- 
ing up down river and to a 
largo extent oil laud reclaimed 
from the sea. 

Industry's move downstream 
is providing ihe opportunity for 
considerable redevelop men i to 
take place within Middles- 
brough winch has been able to 
consol (dale its role as the mam 
regional centre for Cleveland 
and parts nf surrounding mun- 
tios as well. N’vw ^hopping 
facilities have been created :n 
hoth Middlesbrough itself and 
Hartlepool, which with . its 
population of around 90.<KVO is 
the relit re for a wide area n:i 
the North Bank of the Tecs. 
The other main town in the 
county. Stockton, has seen 
rcricvelopmrnt over recent 
years including the building of 
a major new hotel. The town 
with its wide main street and 
market is expected in develop 
increasingly as a specialist re- 
tail centre, with Middleshrouch 
acting as the base for the big 
department stores and multiple 

The prospects for the area, 
therefore, look to he promising 
over the longer term, but in- 
evitably it is the shorter term 
which matters most at present. 
The weak demand for chemicals 
and the grave crisis affecting 
steel both seriously affect Cleve- 
land, delaying decisions on in- 
vestment and hastening 
closures. There is consolation 
for the county, however, in that 
it appears to be suffering front 
arrested growth rather than the 
lack of growth prospects at alL 

Being well covered we carry on growing all 
the time. 

The multi-million pound current 
programme that’s going on in Cleveland today in 
oil arid chemicals provides an unshakeable . 

. Even the: British Steel closuremorth of .the. . 
Tees is tempered by their continued confidence 
aijd growth elsewhere'in the County. 

The opportunities this investment creates 
are stimulating the interest, of industries 
throughout Europe. Last year alone we received . 

over 200 site enquiries, -many carrying likely 
promise for the future. 

• And we welcomed 29 new companies to the 
County!, -• - 

They liked Cleveland’s confident outlook 
- as well as its communications, stable industrial 
, relations, national park environment, cheaper 
housing and hard-sell enthusiasm to attract new 

So would you. 

; - Send for the brochure and find out how. 
yon can share in Cleveland’s growth. 

To the County Planning Officer, Cleveland County, 

Gurney House, Gurney Street, Middlesbrough, 

■ Cleveland TS1 .1 QT. Telephone (0642) 2481 55. 

Please send me your brochure, sSW.B 

-i-V. ■ ■ 


COMPANY — - — ^ 

ADDRESS,-™- - 

County of Clevel and 



Chartered Surveyors to 
j Commerce & Industry 
in the North East 


Location Size Terms 

Cannon Park. From 4.000 sq. ft. Rent 

From 2,400 sq. ft< Rent or buy 

900 sq. ft. .Rent 

Cannon Park. From 4.000 sq. ft. Rent 

Skippers Lane, From 1 .700 sq. ft* Rant or buy 

Cowpen Lane. From 3,000 sq. ft. Rent or buy 

Limerick Road, From 5,000 sq. ft. Rent 

Eaglescfiffe, From 5.000 sq. ft. Rent 
Stockton ■ . 

Portrack Lane. From 2,400 sq. ft. Rent or bu 

Graythorp. From 900 sq. ft. .Rent 


Freehold Industrial sites are available in most 
parts of the County for sale or for construction, 
by our clients, of custom-built premises. 
HARTLEPOOL. Fully serviced prime industrial 
estate of 75 acres. Sites avaflable Freehold from 
1 acre upwards. Price £12,000 per acre. 
STOCKTON, Portrack Lane. Modem industrial 
workshops, offices, showrooms extending to 
some 23,690 sq. ft. For sale. Freehold. Price 
£225,000 To Let on Lease. Rem £22,500 per 


DARLINGTON. Whessoe Road. Haulage Depot/ 
Warehouse 10,725 sq. ft. Site 1.4 acres with 
additional land 12.8 acres. For sale Freehold 
Price £80,000. 


If' , ... "Trie Ci»v^{arKJ,C«rltn; • *- •- Highair, House ■ 

;• ^10.9, Albert .Road. 'v New Bridge Street '/ 

■ 1 f Mi&TistwpugK .... .. v ' ; Nav.caStie upon Tyne 

"j’tel 0642 240.301(10 fKtesl :-”' % >J 0632 26291 

Spring is in the air 

Sow the seeds 
for growth at 


We've made it very 
fertile for industry 

Contact David Mann 
BSC (Industry) Ltd. 

PO Box 16, Cargo Fleet, 
Middlesbrough, Cleveland TS3 8BN 

Tel: Middlesbrough, (0642) 246311 

British Steel Corporation 


Modern gas-firecl plant, complete with all equip- 

ment and cranage to Let. Low Rental. Apply: 
Long beck Works, MAKSKE, Redcar, Clexelanrt 

Precision Plastics Moulding . 

Our comprehensive service producer high-quality 
injection-moulded components for many industries: electronics, 
automotive, bearings, pharmaoeuticals. furniture, domestic 
.ipplur.ces. Our considerable experience and expertise is backed 
by the latest high-precision machinery. 


i;i£j-Gi.i1 fon! i- ■-■lack Un -on -Tea. CI<-«-Lerf Co only. T516 npjl. 
T*l rtrvrliftr ;0b42l '3tW(14 Telex. f-Jlift 
rp; .- .mini'' ,! ^u.-OumHOTlamn>ipp>iJ»iiru< C I'upDHl 


small firms m 

in the County 

THE FIRST big investment 
decision nude by tbe British 
Steel ■ Corporation after the 
nationalisation of steel in 1967* 
was that Teesside should be the 
location for an integrated steel- 
making operation based upon 
the best and most modern- 
world practices. Although beset 
by difficulties ever since, cul- 
minating in the present world 
steel recession. ' British Steel 
has not wavered in its strategy 
for Teesside. The biggest iron 
and steel operation in Britain, 
and currently die biggest being 
developed id all Europe* is 
going ahead steadily on the 

Teesside has been called the 
“ new Ruhr " by those who have 
been struck by the similarity 
between west Germany's indus- 
trial power-house and the deve- 
loping chemicals and iron and 
steel-making Installations on 
either bank of tbe Tees. 

Expansion is concentrated 
upon Lackenby and the new 
Redcar site further down the 
south bank towards the estuary 
entrance. But the Teesside 
division of British Steel 
includes both banks of the 

What is happening now is a 
steady shift of effort from tbe 
old plants to the new installa- 
tions as the Lacken by /Redcar 
development progresses. 

Part of Hartlepool plant has 
recently been closed with the 
agreement of the unions. Iron- 
making was suspended in Sep- 
tember 1977. steelmaking was 
suspended ' in December, and 
primary mill rolling was 
suspended finally at Christmas. 
On January this year all three 
operations were closed with 
1.500 workers accepting volun- 
tary redundancy. . 

However, a further 1.500 are 
still employed at Hartlepool on 
the coke ovens, the plate mill, 
and in the service areas. 

In a move towards further 
mtegra tin n of the Teesside 
steelmaking plants, the 


1st 11 


V / 


bdbjbh ClBVBlfi 



Hartlepool piate mill is now 
being supplied with . low-cost 
continuously cast slabs from 
Lackenby. The Hartlepool plate 
mill looks like having a key role 
to play In- Teesside division for 
a number of years yet. British 
Steel had plans to replace it 
with a new 2m. -tonnes a year 
plate mill on Teesside. As the 
market in steel turned down, 
that project was reduced to a 
lm.. tonne a year mill. Because 
of British Steel's cash problems 
and the world recession in steel- 
making it is not now likely that 
the new mill will be built in the 
foreseeable future... 

But the important factor in 
Britisb Steel’s overall develop- 
ment plans, from Cleveland's 
point of view, is thai there is 
nu question - of axing the 
Lac ken by /Re dear development 

in the cause of economy. 

Fn February tbe Redcar sinter 
plant, the firs! of the new pro- 
duction units there, was com- 
missioned. . A £25m. plant it 
mixes* fine iron ore. coke, and 
limestone.' and roasts the mix 
to form a material suitable for 
blast furnace charging. The new 
plant can make nearly 4m. 
tonne* of material a year." It will 
provide a cheap feed for the 
new 10 .nnn tonnes a day blast 
furnace which is now being com- 

pleted on the same site. 

- The blast furnace is the key 
investment of the current 
Redcar.- developments. One of 
the biggest in the world, it will 
give British Steel a new and 
assured supply of- low cost iron 
—a facility which is badly 
needed to balance many of the 
Corporation’s iron and steel-, 
making activities. 


The -blast furnace is to be 
commissioned over the coming 
months. It will have to follow 
a '‘learning curve” and full 
production cannot be expected 
before next year at the earliest. 
But in the present depressed 
steel market there is ample 
opportunity to bring tbe whole 
'complex’ of new .plant into pro- 
duction without forcing the 

The Redcar developments in 
iroumaking will have an effect 
upon the Lackenby steel plant 
because the new iron supply 
will enable the basic oxygen 
plaint there 4n reach an output 
of 5m. tonnes a year when 
market conditions permit ' 

.At present. British Steel 
is in the final stages of a 
£ 100 m. enhancement scheme for 
Lackenby - steelmaking. The 

basic oxygen steelmaking capa- 
city is being doubled and 4 
second slab casting machine is 
being installed as -well as 
imp rovements to the' rolling 
mills. The programme will be 
completed during this year. 

The Corporation’s ultimate 
'development strategy for- Tees- 
side has been ' to raise "Steel- 
nvaking around the estuary—, 
primarily on the Lackenby/ 
Redcar site— to more than 10m. 
tonnes by the 1980s, .Now, 
with the tonnage target- reach* 
ing the half-way mark At is 
becoxn lng - obvious that - the 
second half of the ambitious 
scheme is unlikely’ to - ‘ be 
realised to the original time- 
scale- ... 

World over-capacity m : steel- 
making and the prospect of 
depressed market conditions 
persisting for several years 
ahead has caused all the -big 
world steelmakers including 
British Steel to re-think. . 

The European Community is 
also acting to protect and 
support the EEC industry. One 
of the moves planned by Indus- 
trial Commissioner. Vucbiut 
Etienne' Davignon. "ts; that 
further increases in EEC steel- 
making capacity will be strictly 
controlled — indeed, virtually 
prohibited — while over-capacity 
exists. Thus the present climate 
militates against the seconiLora. 
tonnes of capacity being 
Installed on Teesside. 

But even without that new 
investment — attractive though 
it would be to the long-term 
prosperity of Cleveland— the 
steelworks now being completed 
is the most important invest- 
ment ever made by British 
Steel. It means that Teesside 
is the key supplier of British 
Steel's product range nf 
-structural sections, coil plate, 
wire rod. and reinforcing -.ban 

Roy Hodson 

of Cleveland 

Alt details of the Sites and buildings for indusfiy ;* 

Tie trough the ^ 

. t .nnh-mrph •‘Pignntng Department, Sunnyfieip House; 

Westgafe, Guisborough, Cleveland 

whew information can also .be 'US!?* " 

advice and assistance available to industrialists ahdftedai,. 

firms. • •' 

Borough of 





Cleveland's Leading Laboratory Supplier - 


Pi ease write or telephone: 

A. Gallenkamp & Co. Ltd;, 
Portrack Lane 
Cleveland TS182PT 


Stockton on Tees 
BOrough Council 

THERE IS a popular saying on 
Teesside that you can go to the 
outskirts of London 250 miles 
away without parsing through a 
single >et of traffic tights. The 
boast is true thanks to an ex- 
tensive roadbuilding programme 
during the past few years which 
includes a strategic dual-carri- 
ageway perimeter road network 
around Teesside and extensive 
upgrading to near-motorway 
standard of the A19* link with 
England's twin spinal columns 
of tbe Al/Ml. 

The highways network into 
Teesside is certainly its best 
communications asset, for easy 
access by road into an area 
which is competing hard for 
new industry, as well as having 
the advantage of the deepest 
deep water port of England’s 
East Coast, is clearly essential 
both to its survival and pros- 
pects for growth in the future. 

! Without this network, Cleveland 
would have problems; for it is 
! having something of an uphill 
struggle to improve, or even 
maintain. Its rail and air 

With the loiai roads network 
now nearing completion, and 
links to the North and South 
adequate. Cleveland is pushing 
hard for the last major link in 
its communications . ' . chain: 
motorway access to the West 
and Merseyside. There is little 
opposition to tbe need for a 
motorway to link up, with the 
M62 at Leeds, to the south-west, 
to tie in with the motorway net- 
work on the west -;lde of the 
country. - But what is in dispute 
is how it should be done. - 

The county bases its case for 
a new route primarily On the 
argument that apart from direct 
construction costs, the long- 
term disruption involved in up- 
grading 80 miles or so of exist- 
ing beavily-used arterial roads ; 
would make such a project less 
economic than establishing an 
entirely new route; Whichever 
way the final decision goes, Mr. 
John Gillis, Clevelands '.County 
Planning Officer concedes, there 
is little prospect of either pro- 
ject materialising for at least 
five years. 

Locally, the new dual-carriage- 

way system, the Parkway, now 
almost encircling Teesside — 
there remains only one section 
south of Stockton to be 
upgraded — has proved a boon 
to the highly-concentrated indus- 
trial area which it encloses. 

As regards the railway system, 
Cleveland does suffer from not 
being on the mainline rail net- 
work, which passes instead 
through Darlington, some 15 
miles to the west of derelaniTs 
boundary.- Currently, Middles- 
brough, Cleveland's administra- 
tive centre, is some 3$ hours 
from London by train, involving 
a change at Darlington. That 
will come down to three hours 
when the 'High Speed Train 
service starts operating in the 
near future. 

Another area of concern to 
Cleveland 'is the future -for 
Teesside’s airport, situated mid- 
way between Stockport and 
Darlington and reachable from 
Teesside via a dual -carriageway 
road or by rail. Indeed; it is 
one of the few municipal air- 
ports in the country to hare its 
own railway station. 


Cleveland’s Prestige Greenfield Industrial Estate 

This 145 acre estate has been designed to offer sites front 
4 to 50 acres sited just south of the A66 trunk road. It offers an 
excellent location which has already attracted Scottish and 
Newcastle Breweries , who undertook an exhaustive etudy 

. of Cleveland sites. - - 

■ farmIB 







It's oil o matter of lime! 





You save time by moving in as soon as you’re ready 
You are not likely to pay rent for 6 months 

(up to two years for manufacturers) and then only £1 per sq. ft. 

And you save time and time again 

These premises situated on Middlesbrough's new Cannon Park Estate are a matter or mantes from 
The new A19 . The Commercial Centre . The Docks . The New P.O. Sorting Office .- B.R. Station 
Imperial Chemical Industries . The Largest North Sen Oil Terminal . Teesside Airport • The new 
£1500 million Steel Complex < Tbe Trcigbtlioer terminal. 


right in the middle of 


. . Chief Planning Officer, 58-60 Albert Road, Middlesbrough. Cleveland. TS1 1QT. Td: 0642 248662 (Ext 3150 

Ifsffmsyos Storey Sons A Porker. 209 Albert Road, Middlesbrough, Cleveland. TSl 2PW. Tel: 0643 248301 
sent for details! WeatheraU. Hoffis & Gale, CMA House, Park Place, Leeds, LSI 2HP, Tel: 0532 4420 « 

The recent central govern- 
ment report on regional airports 
proposes that Teesside should 
be classified as a" Category C ” 
airport, to be allocated only non- 
scheduled flights within the 
U.K. It- is a proposal. which is 
being fiercely resisted by 
Cleveland. . . 

The county argues that not 
only is Teesside already operat- 
ing efficiently on a much more 
comprehensive scale, but that it 
is a highly retro^ade step to 
downgrade a facility -which it 
regards as a significant selling 
point for a development area 
with high unemployment and 
trying hard to attract des- 
perately needed industry. 

In reality, it is unlikely that 
the government would insist on 
a hall to the airport’s most 
prized route: a five-flights-daily 
DC-9 service to Heathrow- 
operated by British Midland 

One communications project 
of potentially great significance 
w Cleveland's Teesside complex 
but which faces a number of 
problems, mainly financial, be- 
fore u can be realised: the Tees 
esluary tunnel. Enabling legis- 
lation has been passed allowing 
far if to be- built, but there is 
as yet ho local -or central govern- 
ment financial allocation for it. 
and Cleveland officials do : not 
really expect it tn materialise 
before the mfri-IOSn* 

'south to 

To find out more details about * 
opportunities at Preston Farm 
and any other industrial estates : : 
or premises in Stockton onTaes * 
contact: ----- 

Industrial Development Office^ ! 
Stockton on Tees Bo rough Counci;-; 
Department of Planning', 
ROtbox34 - '-y' 

Tower Street, - - 77 


Cleveland.- — 

Tel. 0642 - 6 13921 ' ^1: 


Contact Airport Director 
Tees- side Airport Authority 
Darlington, Co. -Durham. England. . • 

Tel: Dinsdale 2811 • lelex: Servisair 58367 


l&; jj; 



Sit “'•“■■i-.-.,, 

. ^ il 1 ,. ' % 

Sv .' 1 

John Griffiths 

vJ’-'-v. r,, „ 

^nc. '* 


,Vf&' <> 




BP's site at Grangemouth ca the NEDO report, poor' industrial Special payments- have also 
Firth of Forth. Rations on site -create a been made in the past on 

Projects sanctioned by ICI for vicious circle, where lost time, phiii?« c 
its Teesside; sites last year high manning levels and Poor ***?* . ***•■»■ fl ** d 
include a £90 implant to produce organisation all reinforce each 1ernuna » a te at Seal Sands, 
terephrhalic acid (an inter- other.”- On Teesside all this is Jhia complex is already handl- 
. - mediate for polyester textiles), magnified because up. to about ,n S up to 400.000 barrels of oil 

But the investment has nnt th- «. «. - .. . • ' a £35m. fertiliser plant and 45 per cent, of the country’s £“d gas liquids a day from the 

* of one of the most dynamic and-b^nawomS^Sfliwf diffi SET S?®!?**! m . ater V? *£ , of ™ d £35m. to be spent on services major mechanical engineering pofisk Field, and the pipeline 

srar^“ss sues* h,s ^ sa.’Vss ~J££*»srtK «* — - 

oftep been lamentable compared 

• j j 

^ ^ t'W^™ HAS been the. focus 
i N 



rpr. . - ■ P _ _ « — — • — o- -uu.u & ^u iu oil iv.1 **«■ «uiuu atm isuuug' rnr niam 

rtion^rfuS^ 1?! ?d Teesa ?® would ^ ue ^ fertilisers, along with methanol ham.’ With its long experience chloride 

sites- IhM^S^Britem ha^ 22 ■ has further and the mm >smgbMseU protein rf working on Teesside. ICI-has sion -of - 

^ nas uetenorated. for mumal fe^istuffs which is perhaps been rather better pre- chloride facilities on Teesside the North of England Engineer- separation plants are still not 

rapidly being developed for its pared for dealing with the area’s is a cornerstone of ICTs strategy hifi Employers Association esti- finished and are likely to be 

nffp „ „„ -- - — — wm me u.o. a report — ^ special' problems in constructing to consolidate its manufacturing Wed that there were 14.000 la i e .«*» finally 

£ !^ teclauned from published a little more thanks Tb. on ,hi,™ a™™., «*“<• than the more position in northern 

! international chemical and 

(industries in Britain. Soread '''•II'’ ^“ v .“ ^ . • 

atnncr k . „ l Preaa with rival sites us North-western % fimtilpYltv 

.along both banks of the Tees, Europe and the TJ.S. A report V - U HipieXiiy - 

Costs have been 

„ uul4fIJeu tt urae moie th - Thp nroblems are rrnnmnn m XTTZr r ***'?"'■ major pwm s man the more position in northern Europe men engaged in mechanical con- completed. 

he sand and mudflats, eom- Sear aao \v sites tS 5S^^£"2^ 25Lf^-!5-!S?S!5 h “ recent overseas arrivals such as around the North Sea basin. It fiction on big sites in the escalating rapidly and are now 

tK fiporl ti. V, . * conunerqial quantities. In recent major plants than 

more than a The problems are common to veum +h a ait® toehnoinirw hnc “ill a. Uldn 

J-gM ^pSfbiS- film SSS^^ t S!^iZi Monsanto 

cal Industries, Moi 

Rohm and Haas have 
major manufacturing 

Hiuimu uic j«ui ui ucn uocni. ju _ “ — ~ — m i:i._i m 4 . , r fmA 

. . :«ulHps will be carried out ip* conjure- 3Ka- This total has since halved likely to ream the £30QnL 
"" — — ----- • — — - level of about T.000. niark. 

were exacerbated The NGL plants are finally 
workforce was at its due to begin coming on stream 

stretched tightly in the autumn, but the delays 

ttg focus for dela^ and difficulties. Asa ™”n- StoST^XZ mUST^ ^ P J . atfornl constnittion roer Norsk Hj-dro fironicaUy a 

THr « . sides of 1116 industry has - been together Tnv^tTng "hundreds^f 0V 3f P 16 ®® sequence the company recently tunity for judging the UJG ifJP t ^ 8 cS t S <> " D S Pra ? 0, i ™ part !‘f r , nth e ' E ^ ofisi ^d eve | 0 P- 

petroleum s Ekofisk Field in the trying to negotiate a national millions of nounds a y ea r in 5 ® ars - 13 headquarters of reported that at the end of last construction industrv's nerfnrm ® en fittiJ'h an oil platform, ment), which had contracted to 
^nyegwn sector of the North agreement that would cover £ the petrochemi^ls division, but !? T its 

t includes several other plastics, -«„etfimed worMwiAl clients and conlract&rs against chemical complex ar Rafnes 

Imperil “cSS »™ *>* »^<= S aS S» S n 0t S»S 2T 

plants. th« end ftf I97B On Tsaon^A tka nanhlo nn Hminn »nA tank. . eHnination ODu^j .. lAere action for compcmsation pay- 

ments amounting to some 

provide a rare oppor- 
for judging the 

m agreement that would cover capital projects, 

to reception and treatment conditions on all major sites in list as the most 
JFJP^y 1 -***!** on the the country, and .this Work spender is 
rth bank of the river. .. ^io old bear fruit by the. middle Industries. 

The local 

Last year the Conservatives 



i V 

p ? 

~~~ — “ WHICHEVER PARTY wins to Cleveland, we would never 

the next General Election, there dream of dasstxadxog them' from 
should be an undertaking that godng to Tyne and Wear.” 

■ there wUl be farther re-oiymi- Mpill , ffie chlnge . 

ason of local goeeniment for „ er f , ^ 

i good number of years,” says of Teeiss ide -borouEh 

- Mr. Arthiu- Pearson, Ihe leader eLcSors S?ed cSStt 

>/ Cleveland . County Coundl. ^ council: giving 

Mr ‘ i s ^ te ? iei ^ is 3 the new county ah experienced 

to ^ ee P continuity. And 
»w 0 Bn C hnv«.H?^ many of the newcomers from 

hi fa? , P \ 22L!SS omside Teesside Had 4ong local 
. .. .. Jie new .local government Gove t d apolitical 

boundaries , were introduced experienC e. The council that 
But Twsside— -the industrial or jgj na iiy took over was : Labour 

u eart u f J Clev , el3nd - has -Teesside is part -of the “red 

hrough the whole thing twice. Nonh . Eastr although; it had 

In 1968, the new county interesting corners of defection, 
inrough of Teesside was set p or example, the most famous 
ip- It seemed a logical move, j*p j n Stockton’s history was 

md the new Teesside Council Harold Macmillan. 

«t about 1 'co-ordinating the 
irea, with its big steel and „ . . _ 

?bemlcal interwts. Teesside won ^ contool of tte 

jegan to look like a local a wMdfmiuSnnb^ndiv 

_3st. But 1972 came aionfC* nnnt~in...tArc ■ itiohiT 

" "SJfiL' md clCTEIand SSghtS !TJLfS 

ii 0001, ' -- .. . . Tories can save Cleveland, but 

The new county was the old admits ^ in overall 

Teesside and a bit more. It took policy wilI be minimal... The 
■ .n Hartlepool, with its massive pursuit of new jobs , is 

unemployment problems, a town bi-partisan, but he obviously 
that was left out of the borough believes ■ that .his- coun^lors 
; , . created in 1968. Cleveland was with their business ea^6 

part of Durham and part of the w ill be more successful 
)Id North Riding of Yorkshire, Labour, 
md there were local sighs of planners say that the four 
vlief when it was decided that .districts work together welL 
Yorkshire could still play cricket Each district has its own indus- 
q Middlesbrough and Middles- trial development officer. They 
„ , . • • ; i.^rpngh men could still qualify meet regularly at county head 
i-iVAl’ tiFP 1 *? for the county- quarters to thrash out’ their 

■ ' inr problems and it is generally 

- ^./T’jnnfpSSPli ' agreed that every district get* a 

i\!^ uu * C33CU -fair deal. The county council 

C- i ’vV' 1 '' 1 a couple of years ago Tee* works hard, too. to protect 
iders would tell you: “Nobody Cleveland’s pleasant country 
nows where Cleveland is — environment, the lovely Cleve- 
X-eopIe know Cleveland,- Ohio, land BHbriuit-a few miles from 
better than they know Cleve- Middlesbrough and the splendid 
md, England.” There was some stretch of coastline. 

; *:.ruth in this, bnt since then the Tfie.' conntrj’ride. with its 
K ew county of Cleveland has put handsome houses, from stone 
; '' ; self on ttie map pretty effec- cottages for a few thousand 
..... -vely. The changeover was sur- pounds to modern six- 

'-• risingly smooth. bed roomed “executive” houses 

There has been criticism from with landscaped gardens for 
’ . ?gional authorities recently under £30,000. is used as 
!:• bout the way some of the new pleasant bait for businessmen, 
ounty councils are working- wanting to move north! -.The 
nme businessmen in the south council has also put a lot- of 
ave confessed bewilderment at work in preserving the 18th 
hat can appear to be wasteful cemuiy character of the little 
-. nupetition for jobs between the town of Yarin-bn-Tees. one of 
..reas. But Cleveland's planners Cleveland’s showplaces. 

>J " aim that their county is on the ; .What of -the future? Every? 
,.. ght lines. body you meet echoes Mr. 

- ' They realise that the North- Pearson's hope that there will 
ast is a very special area. It be no further shuffling of 
as Durham, with its problems boundaries. The 19/« .changes 
/ a rundown coal Industry, the Y'Mre far _ from 

T>-ne and Wear county with ^ another uprooting would 

organic coemican. spent;, compared with 1673m. at projects that are strictly com- <. f ! T .- in . f |„ n hnn ‘^ 0 
. .. . the end of 1976. On Teesside the parable on timing and tech- hww«i»hpri 

o The ^ P ? ,ic comply ,o Z' n°e^S? Attempts have been made to £40m. may well be settled out 

Britain. ICI bad invested more coS^nSiJtocSse to ICTs 20T* 2SS ftold the «». but with liftle of court, but Phillips' ex- 
ilian £1 bn. on its two Cleveland totalworSbree. Last year for ^ 0O ^ 3 y® ar ® th ri ene n «?i5te<n ™ S success. The latest in the perience can hardly hare en- 

Sltes “ d iitoTa ^mSSfiES' SSSLjSff* 30U,tly ^ BP big investments m Britain. series of breaches has come on couraged it to make other 

up to 1977. With their strategic company scent some £330m on Ch ®“ lcals - J or wanipl le. Monsanto, the the Monsanto site, where con- major investments on Teesside. 

position on the edge of the some ijwum. on This cracker is now unlikely UR. chemical company, chose tractors have asrepri to nav a mv . , 

North Sea basin with short sea- 5o25Se?mSS t £l/n to 68 ^^'srioned before the Teesside for the single biggest £25 a week third tier payment, th T rfJSP-S? ^n«? 

route access to the biggest West ^ «“■**» of 3978 3r Vestment it has ever made and ab^baic^aSd 

European markets, these two Dy 5 om ? 4,000 t0 05,00 °- J The next year, 12 months behind the around the world. On the Seal -m a ran teed bonuses in return "°9 e , tne immense, but 
figure Importantly in the J" 1 *™* mttarnnt does^ origi S ichedule. In 197 “ the Sands site it is building two S?M««dSSfl wJffiS U 

company’s forward thinking; however, give employment to project was estimated to cost plants that are now expected to by the mechanical engineering 

The first site tube developed ««w»‘*00m., but the final cost cost some £l80m., a substantial workforce. With the^smallcr fo S- clients to 

was Billingham after World War <xaistruction industry. i S thought likely to be about increase over the original workforce on Teesside. how- SnsSuctinntraSS are 1 

I; it is now the headquarters .As local ratepay era the two £l50nt One part of the scheme estimate. ever, man-hours lost through SraMiSvaiS ^otTnennanenr 

of the company’s agricultural sites contributed some £5Bm. that has been completed, how- The problems of Britain's reported strikes were reduced maiaicp Jna “ P^anenr 
division.. As : such it is the' last year and pumped a further . ever, is. the 155-mile ethylene large construction sites are last .year to 365.800 compared 
centre for the . production of £I19m. into the local economy pipeline linking Teesside with complex, but according to the with 773.200 in 1976. 

Kevin Done 

<< laylor Woodrow 
teamwork means 

local contractor 

.s"d‘etf^ng“ ££££,? wl 

ie new towns of Washington, „ , s . ,. L * . u .,-iv.,. rir v ' 

eterfields and Newton Aycidffe ^ at worries of 

1 equally hungry for the jobs North-Eeast local authorities is 
lat can replace dying manu- ^ 5hadow ^ Scottish devolu- 
wturing Midustnies. • . tioa Conferences in the area 

A county planner says: we faave expressed concern at the 
^ different from Tyne and prospect of money being poured 
r ear. We are steel aud chenn- juto Scotland at the expense of 
Us. Tyne and Wear is ship- , the troubled areas of England 
jilddng. Often, we are not near the border. Cleveland 
casing the same jobs. And shares this concern, 
tough- we will do everything- 
. persuade a company to come 

Alan Forrest 


-v One of the oountry's leading stockholders 
: . _of Steel Pipe-Tube-frttingS-Flangss-Sheet- 
^ Plate- Preciskm shearers and steel decoilers, 
Q-we have established our new purpose built - 
^warehouses and process facility in Cleveland 
fU&d time you need Steel why not contact 
■.us here in Cleveland 


' /Middlssbrough Clmhind 0649S-5500 Telex 58S5S 
London S.W.1B m-WMT»Teiex 58730 ■ 

As you'll know, if you've ever 
embarked on a construction or 

the idea of 
with ] . 
is a ’ 


one. . . 

After ail, if 
he’s worked . 
ail over the world, you. can be . 
fairly sure 
that he's both 
■competitive and 
experienced; as ■ 
well as having a 
background of , 
knowledge that can \ 
be invaluable in a 
tricky situation. . 

Then, maybe you've 


. Atthe same time, though, we've 
taken care to maintain our local roots. 
Taylor Woodrow Construction 
(Midlands). (Scotland) and (Northern) 
are there to prove it. Solidly-based 
wondered.- will you be just a small regional companies with all the 
client to him? Will the lines of . advantage of local knowledge - of 

Vftste Reduction Unit, Covontry 
Cu«ie Citv (ri GwanffV 

Engireer wtdSurvffv'or CjIY Ereineer and Sun.«ycr 
Dmsufting Ardiitecta: CZv Architects and Hsnnir.3 Dfficer 
MaiTi Contra kmc: Tay^r Woodrow Construction (MidisuL.) tod 

Si James’ Hospital. Leeds 

C:-.*rr. 1 : rte.hi:e R?gic.nai Hejij.-i AL'J^njy 
A--: Bacih. Har.6M l « Johnson 6 Pansier* 

Ir.&ix-jrl * Cr. j •: A Is'jlf Me Cowan & Assocaaaa 
C-uanurv £ urw, ore: Da -is. Belfirid & Everest . 

Mati Concaaora: Taylor Wbodmv Corctrjcwn 'Northerr.! Ltd 

communication be too long? 

Can his. senior decision-makers^ 
actually be on hand when you - 

need them? And how good will: ^ 
they be at coping with local 

Taylor V\foodrow has a solution 
to the dilemma; and you might 
like to consider it. 

As you almost cer- . 
tainly know, Taylor 
Woodrow has world- 
wide experience. We've 
designed and built every- 
thing from massive marine 
. projects to low cost 
private housing - in 
Countries from the Far 
East to the United 

'rar--*3Tysr ! " r ”*< 

special needs and 
special problems. 
These companies 
are decision 
centres and can 
offer you the 
kind of service 
that's direct 
and personal 
(you can have a 
Director on any site within hours, if you need 
him). But companies can also draw on the 
resources - technical, material, service and 
design - of a. group that operates in 5 conti- 
nents and has solved problems for clients in 
all of them. You might call it service in deplh. 
V\fe call it Teamwork. 

Tow Hall Extension, Aberdeen 
Cfien:- Or,- of Ab«dwn 

Afcintecis-Mrl. A FteitaaoaA.FUBA. AJtLAA. FR.T.P.U 
A.M.B.IM, Cny ArehUMa. Aberdeen 
Structural Engineers: W A Fairhurst & Partners 

Ouaniuy Survey-ore: AnUorson Morgan Assoceuas. 

Maift Comractors: Taylor Woodrow Construction (Scotland) Lid 

The world-wide team of engineers and constructors 



TWC (Midlands) Ltd., 

St Albans Road, Stafford, 

Staffs. ST163DS/ 

Tel: Stafford 3261- 
Cables: TayplantStafford. 

Head Office ;345 RuisI^'Rcad^SouthaH, Middlesfi5L.Tefc578 2366; Telex: 24428 

TWC (Northern) Ltd,, 

Lingfield Way, Yarm Road, 
■Darlington, Co. Durham DL1 4PS. 
Tel: Darlington 62794. 

Telex; 58688. 

TWC (Scotland) Ltd., 

5-6 ParkTerrace. Glasgow 
Scotland G3 6BY. 

Tel: 041-332 2621/4. 

Telex; 778496. 

Overseas Office: lAfestem House. Vlfestem A/enue. EafingWS. Tel:-997 6641 Telex: 23503. 



Buy during the lull, brokers 
advise in market review 

A CONTINUING improvement investors an average weighting accompanied by fresh fund rais- 
in outlook for the properly sec- situation. Now, the message is ins and signs that companies 
tor and advice to investors to clearly -one of enthusiasm for are once again beginning to 
buy. during temporary market Uun * s 10 COme ' expand their portfolios. Wile 

setbacks is the spring message r * Sny mafor deal's, 

from brokers Vickers, Da Costa. L»OnSlSlCui appear to be becoming slightly 

In their latest review of the The “average weighting” more adventurous, 
market, out to-day, Vickers say guidance was repeated in .the mw-. manv slftn jfi C ant nroflt 

Z s/s s aw — s r 

during tlm ?oil?se of the o»St ments so far ' m 1978 have more P^t few months have reflected 
“hea^" market the sector as a *han matched their expectations, lower short-term interest rates, 
whole is sir ^toS^come a d“m? ««? strength of past lettings ani above all.' 

nant performer when the nest however, quite degearing. Most notable was 

major “bull” market in share c0 " si * n .* earlier trends - the restoration 0 f- meaningful 
prices comes round. JMSifTC ®! ys ; L°{ ?S y dividend payments by MEPC and 

As a result. Vickers is recora- 3l ®n!f.5 t an ^ l ® tbat Capital and Counties, 

menitini* mv «hnrt-i<»rm amount of property available auu 

dips in Relative sfr'en^j should for . lettin ? }* fallin 8 ra P id, r Specific buy recommendations 
be used to establish above- gainst what is still a slack from Vickers include British 
average weightings in the sector. Ccon l 5 m ^ background. This, Land, Brixton Estate, Capital 
The one risk to this rather en- caut,ous a J tl ( r and enmities, Haslemere Estates 

couraging scenario, warns the tude ^ de S ?ers ' means that and MEPC 
report! would be if the Govern- °" 1 ao> 

meat was prepared to counten- °f detnand there is likely to be 
ante a further maior recession a stron S upsurge In rents, 
in 1979-BO— confidently dismissed Vickers estimates that with 

as “an unlikely eventuality." the upward trend in rents still' 1 v AVI. C gf 1 14 I 

ont LJ-K. 

THE. REVIVAL in the commeri 
rial property sector goes much 
further than the boundaries -vt 
the City or the West End, accord- 
ing to some European reports 
coming in. - 

Twin ogres of land 
and planning delays 
in need of action 

T_±wn avd PLANNING delays previous bonknipfoiey-ih tin 
LAND AND ■“ vclopment sector fc rumung 

are The current ogres ■ of the hunk* are down : fo * i 

previous bonkniptriesr-in the d* 
relopment sector fc rumung out; 
Land banks are doWn ia imiai- 

Tnnps t aino Wnntion savs that development sector and both proo’ nium f or son,,. a nd there seem* - 
in Jems - have sparked off Fresh ctianee of any major iS 

icad^g S^ci^ cenlr^Mth comment «" «* vm few day? . Dmvwnmt In th»i ‘tfwtioaio the 
nearly 300 banks. 135 insurance Development fwesw? M f 1 

Trafalgar Bouse Developments have let a third of their new 
Broad Street House development in the Gty to the Bank of 
Scotland. The Bank has taken a 25-year lease, incorporating 
intermediate rent reviews, on the first, second and third floors 
of the lOHfloor building— amounting to 2&500 sq. ft in -all.- 
The remaining 41,000 sq. ft are available for letting, with 
immediate occupation, at an asking rent of £15 per sq. ft 

Victor* ifa Casta also have Pm*nuai re* 1 * hi T npSS ID aiscuss inuiviaiuy case* „ 


taken up at a Taster Tate than/™ now beinq reflected Critifism. of Jl», ; L othei? 
previously expected and Vickers' risinc prices. favourite bogey., planning delays: 

says that it will now only require * «... |, n( i for this week drew a strong defend 

a further two years or ave ««e'u f> 5S I !? er indStrial tod eommer- From the Royal Town Planning 
letting before - w quickly, Institute' wbirir 

or a 5 pn «*«« ^^frW^SfiJSfnJiSSS S« the to! . p 

position— is reached. . ;<* development ales ansuiR.irom of granting permission Ip 

■’ r • for developments. *" 


■ ft i s 

t “an unlikely eventuality." the upward trend *fn rents still' More good news for investment market from L and G Act of faith 

, . . SSSSXfttZS £2*. : ■ . iv:. ■ : .■ ; fc .iL, re, ~2S I ff“S*45' 

.ontrast they will reach £17 a square foot FURTHER CHEER this wees for that they will -at least he easier During the year, the total increased by almost 18 per cent: advisers who . optimistically S“3® o£ : b A h -»' , h *. 

Vickers’ recommendarion is in the u ,ty of I -^ ,nd0n all sectors of the property to race because of lower interest marker value of the fund rose during the year. assumed that the P£® scn j “ fpm and it claims ilai anv 

iely based on “e a??eady £15 n0w investment market from the K'Jft, toltatl 5“ 1^*%**' f 3 * 2 ™* V lh A . ™ ore “ u,,p “ -S?!LS-5* rta, ? b, l “nA'iSSi*.? fUvSre mS7w !■ : winuE? £EL 



Act of faith V '' 

• A report from the Institute is 

optimistically being regarded by ft as “ a 
the present declaration ot ^ fiith the 

largely based on the already r,, U ‘l 1 .,™ now investment market from the I* 1 ™- uinniion anu inwi .uura. ro ubul,. wut a more caunous view «v ~ 1 h operation' have ITI 

apaarenr upward movement m and « 2.50 a year ago. Le ?al anc i General Managed SES 3 m Va,ues - and tenant gro^b stemmtog tow events. however. uf^Sud^e mT^ Arisen through attempts' to P 

rente «.-hirh ihev heiinve wilt _ __ oeoianfl. ot new money, transfers, from From Standard Life chairman-. Standard Lite is oun^eim*. ui .« rhhiniex- mnnip<« nt * 

speed uo in the lon-er term fmnrnvini» Fund. The prospect of some Several development schemes former insured schemes, re- Lucien Rolland. who said that .a put JETOin. into property this P roeprfo 

speed up m the u>n.-er term. improving improvement in the economy have been studied in detail by invested rents and interest and period of rising profits, rents and year, all by way of deveiopmepts interest with the need for speedy 

Their view of affairs is m s*o p k . . p . .. . . should, according to L and G. L and G which says it is "well capital appreciation oF the port- Vie Ids on fixed interest invest- with Standard acting as the decisions. ^ ^ 

contrast to the opinions f _ J L.„ L de nSIS i« rh^ wtoVT Provide an added impetus to placed i 0 take advantage of the folio. . .. ment w hieh had contributed to developer. The company, which The Institute puts, forward * 

they were expressing around 12 1 "L ‘ "•p”' 1 ’ ‘f*!' - the progressive improvement best opportunities which will Gross rental income receiv- high rates .of bonus wourd uot has got out of buying pnme com- sjx-point plan which is intended • 

months ago and underlines just ™ foo\ £ nd recorded during ' 1877. . arise." able, for 1977^ less ground rents automatically continue. . pleted proper ty_ completely. Iasi t0 makc c i ea r the role of Iht* 

now the market has enme round ^ ‘ caIn hiffh £IS . L and G expects renewed Last. year. L -and G spent' payable, was £13.1m. against If future results, he warned^ year put only £1 5m. into property applicant, .the planning authority tfllu 

T meantime. last Apnl arP Kwn * “ n ‘ PD , tia ' interest in developments, despite £3»7m. on; the acquisition of £7.Dm. in the year before. Six are to. he. as good then, profits, because of planning delays on d th puh j it and to speed! ] I] 

Xl„? rs “rerii'ly from \ ickei? savs that the Inmrov- problems such ad planning, various property" interests, plus properties were sold at .figures in would have to be maintained 'at sonic sites and because one minor develmv lv‘*' 

• - ment whleh. had contributed to developer. The company, which The Institute puts, forward * 

rental income, receiv- high rates .of bonus woufd. not" has got out of buying pnme com- six-point plan which is intended' 
1977^ less ground rents automatically continue. - pleted property completely. Iasi t0 m akc clear the role of ih<j 

- i-io i ' • r «... 1 l, ... ! i' i nRm intr» nrnnPrtv i: » tk, ., 

Vickers shifted carefully from Vickers 
its very bearish view of the pro- «ng trend 
perry sector to recommending to nrnfilnhllit 

\ ickers savs that »he Inmrov- problems such ad planning, various property" interests, plus properties were sold at .figures in would have to be maintained 'at. sonic sites and because one ._ 

i or nmnertv conmany Development Land Tax and another Clm; on further Invest- excess of- investment value. The high levels. He parted company' major development fell through " ■ 

ity hns al c o h**«»n rising building costs. It hopes ments in : existing holdings, offer price of L. and G units from some commentators 1 and' altogether. ments. 



3iX In (I 

^K) for Industry 


Superior Headquarters Building 
21720 sq. ft. 



New Warehouse Units 

685.000 sq. ft. 

Available for immediate occupation 


3770 sq. ft. 



Refurbished single storey factories 

14750-27.800 sq. ft. 

Rent from £1 per sq. Ft. 


New Single Storey Unit 

12.000 sq. ft. 



34.000 sq. ft. 

New Warehouse with Offices TO LET 


Factory and Offices 
32.500 sq. ft. TO LET 


Garage Premises 

6750 sq ft. FOR SALE FREEHOLD 


Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 

Modern Single-Storey 
Factory & Ancillary Offices 

Approx. 28,000 sq. ft. • 


Prominent Modern 
Factory & Ancillary Offices 
Approx. 42,750 sq. ft. 


Modern Single-Storey ’ 
& Ancillary Offices 

. Approx. 50.580 sq. ft. 

(Might sub-divide inio two units) 


App]y Sole Agents 

Hillier Parker 

M«i' ft Kum rii'ii 

77 Grosvenor street. London W1A 2BT 01 629 7666 

gi low rai.’lMuh f*i» ir>”t VMBovnu 



RING ANYTIME (0424) 428306 

Ask tor BILL COBB .(Hastings Borough Council) 

Ts i®l 

London S£1_ 3,800-28,000 sq.ft . 

Bedford units from 5,000 sqJt 

Norwich .units from 3,800 sq.ft 

Great Yarmouth units from 3,700 sq.ft/ 

Haverhill, Suffolk .. units from 3,600 sq.ft* 

Lowestoft units from 3,250 

Chelmsford 3 r 1QQ4q.ft. 

Drditwich, Worcs. units from 2,090 sq.ft. 

Clients' requirements 

Worcestershire .60,000 sq.ft 

S.W. London... 50,000 sq.ft, or 3 acre site 

N.E. London 10,000-20,000 sq.ft. 

Plymouth., .6,000 sq.ft 

RATE £14 r 
Per Single Column Centimetre 

Kingsmead House 



9 j 400 sq.& 


5year lease 

• Air-conditioning 

£ Double-glazed tinted windows 
$ 2 prestige entrance halls 

* 2 high-speed lifts 

*- Carpeting throughout 
£ Private car parking 

CcD-.«.T_ir Ssst; La-fcXr. '.VIA 23\ 

dL'T.iane Ul-WJ 7066 

Welcome to 



New warehouse/industrial units 
5,000sq.ft. to ISO^OOsq.fL 
- Adjacentto M27 Motorway - 
High specification 
Available June 

Phoenix Beard ^ 

Hi Hri-Kr.v 3!r«ft; ■ JS Hujli F.iretwni. 

I n-vl.-jn W1R 9HG ■ . - Kinjftjhiri! POMi ?AF 

Of 4?3 421 * Farehain 103391 2S504 1 

A Bryant-Samuel/Standani Life Development. 



Leighton ILizzari is *_->• ronc.ctly-::Lc^u ccr.t:.». 

' location to ir.c-ve out oiT'.-r d.stri^ut'.or. corogaiv.cs 
VrX-'. conirccts v. here Britain. Mot-.y 
. coinroni.s Lreody opeotsc soccossiltHyou: ofrhorc 
Quc\lty -'rcL"i;ic.iU‘ , :r.tuj?6r:.'. v.cLiioo'C urns? . 

5 J -00 ft.;ir.d Lpv.-srds dre r.-.- .v being fcuut oa 
Marioy Ls:iie5 : nvxsi:o-:or wOinuierion August 
IvTS.'V'iVcan also biiiLi to. your cor.'.pc:V-*< 

• r:yui-c;ncn:>. - 

“ L-mov c b. conmc: Manager ?c:cr CL-vcrLi. 

i.exhTOii Buz/iarc-' S i T ' 0525 5 ^vlOh. Dei'i.FTi 










5- 39WRLES IS 

BcUH-ov-otn of Lrighion QiuzanL OppununiliM *11 tmar Griotn (mn 
a mcton'aj'.M'JU' ami .V> Luton AJxpr<T- Rumin^lucn Aiipud juJ Lmlon 
Heutatm. Main line tail rrrurorks between London, die XnnhftmlScbthhd. 



^ 13IHLE5 



w OFFICE a ffiSlDENIUk! S 11 E 



9,980 sq. ft. OFFICES 




To be sold by Tender. Closing date 27th April, 1 978 
For further details, plans etc. apply Sole Agents: • 



[*m I w+ x 

Single shops or parades 
For refurbishment 
Southern England 

3,800 sq.ft. 

Modern office building 
To let 

8,426 sq.ft. 
To let 

Chartered Surveyors Property Cons ultants 


70 Jermyn Street 
London SW1V6PE 
01 930 1090 • 

9,000 sq. ft. 
Prestige offices 
To let 


14,200 sq, ft' 1 
Offices, long leasehold 
For sale . . 


-53' <j*' 

A New Office 


Up to 

47,000 sq. f| 

10th to 18th 
floors let to 



“ 8 p® 


of &’* , a 
“P*-.. 1 h-*- 

?w. f . f,f 

ifc^V'S 4 * 





$** «: ' 
'"; ,;- t 'f ; 

u 144 i n * * i a 

V: t 

-■h v : ‘^ 

• ^ 

-4 j ^ 

1 5 ; fSl 

■ *sr - '5 vw 

•ivf 'V?' : "T" ' ' .GAv ' '•. . 

4i||fe§;l <*• S A, 

' ' 3 ; ! f\ 

ri^ 4^ : 

'• i -'» ;; > * 


pif * 

! ■■■ 


i* k A A* 1 • 

and Company 

f.'6*WlNOS STREET. LONDON WlX OAD v 0l-$2» tl*|7 V 
bONp^y.,: p A R| S . GLASGOW - .AMSTERDAM-'" '■; 


M-836 0736 



6,800 SQ. FT. 






k kitchen 


entrance hall 


8,500 SQ. FT. - S ; 

LIFT -.A 1 





GL Hearn 


44-48 Borough High Street 
London Bridge, SE1 1XP 

01 -.407 5321 


ft <?v4 

. Brr-.-.rtKi-!-, 

• i£ r * i.l 



(CUSS 10) 


Mobil Jioiuc, 

.54/40 Victoria Street, 
London, S.W.-T. 

Tel. 01-828 9777 ext 2320 



Imposing Industrial Building 

75,000 Sq. Ft. 

Main Road frontage. Offices. 
Canteen. Sprinklers. 

Part Central Heating. 

FREEHOLD under £5 per sq. ft. 

■ »*■ iJJ w Telephone QW236 3000 Telex 88548$ 

Manchester ■ Leeds - Brussels 




2-7 Princes Street 
Hanover Square 
London WIR 8NQ. 



-«T* V 

k r t iji** 

.16 t* * 


Modern light Industrial Estate Investment for Sale 
Freehold in individual lotslo show high equated yield. 

From £17,500 to £216,000 

Both fully let & reversionaryilat to good tenants' 
'including Public Company subsidiaries. 


H^wmErjBOTEBrsr cobpobmiojt limxckd BWb 




542 FLATS 

20,000 sq.ft.offices, 17firet class shopunits underground car park, swnnmnig ppbl, squasli courts. 

21 Soho-Squaro 

London W1V SAX 

Damns from sate agents 



Tel: 01-437 6977 - ' 
Telex: 267 397 


For sale modern freehold factory of 20,000 sq. ft i 
comprising clear span portal framed building on a : 
L48 acre site at Walker Lines Industrial Estate,. [ 
Bodmin, Cornwall 

- .. R. J. Harris, Peat Marwick. Mitchell & Co. j 
. Phoenix House, Notte Street, Plymouth PLI GHT 


-F6r aal« freehold factoiy-o£ 23^00 sq. ft, on riverside between 
Fenian and Faimonth. previously used as shipyard and now 
• availably- for. That purpose or any other, industrial use'. The 
2 acre site has a frontage of 280 ft. and. average depth of. 400 
ft- wipi a large concrete slipway, adequate office aceomnroda- ■ 
-tintr arid ancillary buildings. ■ • • ; 


Phoenb Hpiise. Nojtq Street, Plymouth PLl^aTT . .. 


. Nevv w*arehouse/indnstrial units 
from 3,500 sq. ft. to 17,500 sq. ft. • 


Situated close to Forth Road Bridge 
.and Edinburgh 

For brochure and further details: 

Kenneth Ryden and Partners 

J lfc • • Chartered Surveyors 

Jm r . "Head Office: 

j ;.. : 71 Hanover SL, Edinburgh EH 2 1 EF 
m . :-Tel: 031--225 6533 
L m, Also at Glasgow 

;■ I frshow snfs-srm hearts enhand 

I N^^uw^h---(igtp^ri9Cir , >dp(‘OSperoos centre 1 designated an d 
j • ' ov BrsfsiU-town forCke^fer Birmingham. 

! % ’Ample skilled labour available Joasliy. 

| _■ ‘.^Qrdwing housing stock at aflpfjoe'ieveis. 

j *f*^oa 3 essto^eandairnwinBenri<Mincfu£fedinprKe. 

j -- £3^KWPB?ACRf fKffiHOLO - A 

i ■ . -.’Sites frach£*ccre ifljwonir 


Por full infarmotion. please contact Mr. «iu>. vj»o», 


Asipf House, liehfiold Road Four Oaks. Sutton Cn 
\ 1 tel flidksnds.B 74 2 Uf. Tel: 021-308 339 lT 


1. Superb 
self contained 
office/ banking 

/ 2. Prestige ^ 

office suites, 
from 1,700 sq.ft, 



V j 37/39 Kingsway, " IIIP 

London WC2 

A development by the Prudential Group 

A superbly modernised office building of 

35,500 sq. ft. approx. 

in a premier central London location. 

*3 Lifts. 

Marble lined entrance * Gas fired central heating. 

New lavatory accommodation * Double glazing. 

Easily divisible into individual * Accoustic tiled ceilings with 
offices. integral lighting. j 

^ A 

A Southern Based, Internationally known,- 
Plastics Company socks premises for Industrial 
use in the West Midlands/North West area. 







Main building should be approx. 
220' x 100’, minHTium to eaves 20' 

Secondary building approx. 

20,000 sqft. 

Surrounding open land approx. • 
1.5 acres 

Easy.access to motorway 

Will consider purchase orlease 

■Write BoxT 4845 Financial Times, 
10 Cannon Street, EC4P 4BY 



\ir r . 

Sole A penis; 

King &- Co 




28,750 sq.ft 

Integral loading 
Car Parking 


Chartered Surveyors 
1 Snow HAL London. ECt 
Telephone 01-236 3000 telex 885485 
Manch osier ■ Leeds • Brussels 

WOBURN, Beds. 

(Close Ml.) 

Modern Single Storey 

FACTORY with Offices 

18,000 sq. ft. 



S5. Oakleigft Park North 

To be SoU bv Auction 
■ Unless sold prior) 

- fot ^.-A , L. TL 1 ®** posses* ton. 

al iboul 1.2 acres. Planning Consent 
— 5 Detached Burma lows or the erec- 
tion oJ a 32-bed Home." 

HOLD PROPERTY used as a " Hone 
for Blind Peoo'e with 14 bedrooms. 
6 bathrooms. Lilt to fcrst 9oor. 4 recep- 
tion rooms and domestic o9ces.~ Staff 
Bungalow. Gardens at an acre. 
1261 Hint - — '-tons, N-20 
01-44S 0301 

A development by thd Sbhox Investments Group 
in conjunction.with_.Guardian Royal Exchange Assur 

New air conditioned 


Approx 25;d00 sq ft 

Triton House 

Tabernacle Street, London 

Situated immediately north of Finsbury Square, 
a new dfivelopment provtding air conditioned 
offices on first, second and third floors 
with ground flopr,reception hall, basement 
storage and parking for eight cars. 

Debenham Tewson & Chinnocks 

Gha.rtered/Surveycrs : \V V . ' ' • - 

Bancroft House r.sternoster Square,' ' .d 

London EC4P 4ET ‘ ; ' 

. 01-2361520 leiex S83749 

Brussel g Hamburg Bahrain Dubai Toronto New York Sydney 


Freehold Industrial Site 

3 acres for sale 

For details contact joirrt agerrts: 


Malvern House 
.72 Upper Thames SL 
London EC4R 3UA 



Martins SuMJnS, 

4 VVdter Street. 
Liverpool 12 3SP 


i -m 


lylt h J 





■TO LET m mm 





Efn r" 


5 S' 5? 5- 

r f irf; 







i7-7 boothwark'-Bridoe Road b El 01.407 9944 



10,500 SQ FT 




Hillier Parker 

Mfiy A Itondeii 

"C.ii-wicni'r.Nl L‘’ihin VSIA^HT Til "I hj>i 

P earsons 

LiirtiViti >r Bii-niq«JuhC.Tci'.*. 

8,250 sq.ft, of Prime, 
Air-Conditioned Office Space 
on one floor 



Chartered Survevors ' 

75 Grosvenor Street, London* W1X 0JB 
01-499 0404 Telex 8812560 

and in the City of London ■ Kensington 
Hyde Park • Little Venice - Chelsea 

oy Direction o t Stockten-an-Tcei Boroueh Council 
with IMMEDIATE POSSESSION ind Outline PUnnine Permmion, imute 


Te be Offered -n Sopi’ite jnd Contecu: «e Lon 
(luzjeec ra Condition* al Sil«). 

LOT I ?.0t ACRES LOT 2 10.94 ACRES 

LOT 3 T.75 ACRES • LOT 4 2.44 ACRES 


At 3 p.m. THURSDAY 1 . 27:h APRIL. T?78 s r 

Chartered Survey on, Auctioneers 4 Estate Agents 
Jl. h i -h Street, >3. Albert Road- 


Cleveland Oevc'aud. 

T;! : 0642-4352B/9 TcL: 0642-245935 & 216215 


2.350 sq. ft. net Offices 
Self contained building 
Central Heating Car Parking 
1 4 year lease 
£8 250 p.a. exclusive 


CVfrwtfS.ftftc.-j iV 

‘ Snow h.|l. London. E Cl 
Telephone 01*236 3000 Telex 885435 
Msnchet-ef - Leeds • Biujmh ■ - 




Sole Agents 

Establi$hed1820 in London 

11 8 Old Broad Street, London EC2N 1 AR. 
Telephone 01-6284361 


* h i i s \ s 

, * * I | ( 

; nsi=... 




t t I 3 ; « f >7; V4> f\ cl 

Factory/Warehouse with 





-* OFFICES 25.000 SO. FT. 



Rent only about 95p. per sq.ft. 

SoJe Agents Chamberlain 


: . - Estate Agents •Sun’ejocsAfehiers 

01-882 4633 

HaleHoaseGxeenLanesLcmdonN 135TG Telex; 2991 61 


r55 oppQ 




^ . i v v ;•* 


Y\. ‘eJV' • . 

to move offices 


Rent £7*25 per sq: ft • 

; v p.a. overall 

. 25,000 sq. ft building - 
• ■ Outstanding public 
. . accessibility 
; ■ Easy access to 
-- • a -W est End and City 
Immediately available 

\ RKHtaid EIKb, Chartered Survoyors 
•;'6AComMl, London EC3V 3PS 
Telephone: 01 -2S3 3090 

'Lcnaon Wl.ficoCand Fipne* Hmm Sash. 

‘SoMli'^bA Au»lrMia. U SA.CmdK Stagopora. Hm Kmo 

Richard Ellis 

toKTHMEPTON " — - ' - 


APPROX. 47,000 SQ.FT. 



Apply Joint Agents 

Hillier Parker 

• • • ■ M«y A ; Rwwlin 

TELEPHONE 01-623U766S 



Tdrphonc: Noofumoion (0604) 22817 


7,600 sq. ft. 








'TO ■'LET' 



SHEPHERD DEAR & OU., tel, ashford oki 


Lancs. - Middx. Middx. 

6.500 sq. ft. 7,000-24.000 sq. ft ’ 11.500 «!. ft- 

^ Warehouse/Factory Fad ary Units. ... Factory Si Offices 


A Mfddx. Lofldon N.8 . Middx. 

1 10.000 sq. ft. 11.000 sq. ft 2,000-9.000 sq. ft. 

Factory Unit Warehouse Unit . . Factory Units 


1 Queen's Gardens, London W2 3AH. 01-402 8366. 




evidential Hotel sleep* 52. Substantial buildings, with Swimming 
Pool. Manager's/Hotelier** Modern Flat Adjoining. 

Sole Age ntsr 

|^| flJ-Frosl&Col 

Tel: .Windsor 54555 

Office sites 


0733 68931 

Ext 326 

Chief Estates Surveyor 

PO Box 3 Peterborough PEI HU 




1265/2200/2330 SQ. FT. 

£5 par Sq. Ft. 

allsop ft, CO. 

21; Soho Square, W.l. 
Talephonot ff 1-437 4777 

Sheniey fid. 
New Offices 
To Let 

- approx 3,050 sq.ft. 



Apply solo sjents - 


& YARWOOD tssz 

. 6 Carlos P!a;e Lo.-iOon W*y 6LL 

v Tel 01-499 6066 j 


London 5$ minute* 

Gal wit* 36 muuitei 

OveriooUns the eea 
To Lei or For Sale 
3.000-20,006 sq. ft. 

S files Horton Ledger 

& PxvUtw BuUdiiuf*. Brtqhua BHl 
1EE. Til. Brlsbtaa (0273) 215*1 

ONLY £1.75 p.sX 


01-499 8994 

. Lease for sale 

Offers around £18.000 for 2i 
years unexpired at £6.750 q*. 
Fixtures and Fittings included!. 
Apply So/e Agent*: 

Winfcwnric & Co. ’ 

48 Curzon St., London, W.i. 
Tel. 01-499 3121 

■LACKFRIAR& Entire office Building to 
let. 22.000 so. ft. Including 10.000 
an. ft. ancillary warehouse. Sole Agents 
- O- £. A J. Lew-> 107 0- 
■LACK FRIARS. . , 3.000- 18.000 SB. ft 
entire floors In modem othce tutldiwa. 
UR. Central healing. Car park. Air 
conditioned computer room. Furtner 
details from Clarebrooke. 01-839 6342. 
or D. £. -* Lew. ' 01-930 1070. 
CITY «ordek 1 Too quality air-coadh 
t toned omce balMlos- - Anorex. 2.O00 ’ 
so. ft. To let. low rent or freehold. 
838 4SB1. 

BOURNEMOUTH. Centrally situated 
oremlses used tor 'many years as 
Motor. Factors. . Total Door area about 
8:000 so. ft Vacant poumHop. 
£60.000 Freehold: Sole Agents — -Fox & ' 
Sons. 44-52. Old CUHsKFiiirch Road. 
Bournemouth. tel. 0202 24242. 



Nr. Rochester 

Single Storey 


Offices & Land 
24,000 sq. ft. 
on 1| acre* 


Vacant Possession June 
WOO Sq. Ft 

planning permission obtained. Prime 
central site in tom wish himseoc 
uw d * 1 ”". Sui able for prestige 
business showroom with flats above, or 
as two shops, three flits and parking 
for sbe can. 10 minutes Getwick or 
Croydon. Adjacent new motorway links 
with North. West and Europe. 

Write Aojt 74044, Financial Times 
10 Co neon Street, EC4P 4BY - 




1,500 SQ- FT. office -accommodation 
resulted in modern block. Must be in 
N.W.I0 (965 teleohon -areai. Write 
Box T-4B43. Financial rimas. io. 
Cannon Street. EC4P 4 BY. 


Two -rttodero freehold factories 
for sale separately or as one 
UTifc.- Located near Frankfurt. Lot 

1 has a site area of 43,000 sq. ft. 
;(4,O20-iq. m.) and a factory area 
of 9.500 sq. ft. (862 sq. m.). Lot 

2 has a site area of 92,000 sq. ft. 
f&560 sq. m.) and a factory area, 
of 15,000 sq. ft. ( i.385 sq. m.). 
Interested parties should address 

their enquiries to: 


PO Box 11, CH-8203 
Sd^ff hausen, Switzerland. 



1 E, 42nd St. at 5th Ave. 

' Thru to 4 E. 43rd St. 

STORE approx. 5,500 sq. ft. plus 


Triple-' AAA locition, hi traffic irra. 
Meal bank.' resaurmt. book store. 
Urye retell. Now occupied by major 

C V M.Kon . | c O'Gire 

408 Mjdfton Avenue 
. New.Tork Ow 10D22. USA 

By Order of dw Execatsn of 
tte 2nd Lord Patmooi deceased 

with Early Reversions 
In one block — two tenants 
For Sale by Auction 

(unlcH previously told) 

Wednesday 2d April, 1978 



1 Kina St, Beit Grimtead, Suitor. 
Tel: Cut Gfmttead 24478 


' CARD & CO 



on 7tfi April, 1978 

luniesi told previously) 


Residential & Touring 



Planning permission for 125 e/uleee 
known u 


Mannon Howe. Truro, Cornwall 
Tel. Truro (0872) 4211 

20,000 SQ. FT. 

Modern Two Storey 
Factory and Yard 

To Be Let 

Under £! per iq. ft. 



CharBfCd Sur-re-rflli 
01-493 6141 

0732 356261 

WATFORD. 14 500 eg. ft. «'« l«torv 
inrl. 2.800 ». ft. olfka and 15 it. 
tret. All amenitwi. £.23.815 na leair 
tor ult; Perks and Co.. SL Albans 

m -Hew Showroom. Coimnerdaf and 
Facto ry areommotjation. 23.775 n. ft. 
to be let as a whole or In units. 
Sorlnklars. central hearing, car aorklng- 
Dr Denham Tcwsgit & Cmnnocks. 01-236 



jwopetTv. ule ana lease back la accept- 
able. Surrey. Berks, or Hants area 
Write Boa T.484B. Financial Times. 10. 
Cannon Street. EC4P a BY. 

25.000 SQ. FT. 

Located in Central Luton with 

Light Industrial Classifies tis.i. 
Write Boa 74844, FiiHne>ni fimer 
fO Cannon Street. EC4P 40V 

APPROX. 35,000 5Q. FT. 


Eaiy Kcril lor A. I. M-l. A 634. 
NortiMnn/Cambridge Border* 
Telephone: 08014 283 




52^50 sq. ft 
Sole agents 
01-836 3841 







Further details apply: 

Commercial Department . 
15/17 Alexandra Street 
Southend -on -Sn. Essex 
Tel: fC702) 330073 

Yorkshire. 5 a<re crime sue M.1 
Indmtriatlwarehoute content suit 
hyoer market etc. 33.500 ft. qrovs re- 
lurbtfhmeri, - prime central locatin' 1 
Huddersfield- 2 putxlc companies 
alreaov In. Offers invited tor tale or 
I dint prelect. B-oenures. information 
M, Wedeklng F.R.I.C.S. I022E| 43311. 


By Order oj Rcceicer ond .Met: age r 


Scrap- Fragmentation Business 

Viable business. long leasehold. 2 acre operational site. 
I J acre expansion land, BJJJ.tkW frugmenter. -WOT/Wecfe. 
50 tonne weighbridge, ancilian- equipnicni. CnNiari; 

David Lowe. F.R.I.C3., Grimier and Son 
2 Sf. Philip's Place. Blnninnhant B3 20Q - B21-2J4 5236 

A genuine demand from 
Investors who have registered 
with me continues unabated. 

Owners of sound Freehold Commercial 
Investments let to iin£le Tenants on 
F.RU 8 I. Leases, with n price bracket 
£50.000 to £500.000. 

Plrese Contact-'— 


100 WatchloEtoo Load, Move. 
(0273 7227*5) 

Umily trust tuna i©r lesidemutl p.opeitv 
Investments, large or small. Immediate 
decisions. T. Pothecarv. 258. High 
Road. S W 15. 769 2066. 


Manufacturing own range of 
machine tool accessories and 
inspection equipment. 
Excellent goodwill and 

Well equipped freehold factory, 
improving sales currently 
£170,000. Full order book. 

Principals .only write . 

Box 'G 16 14'. Financial Times. 
10. Cannon Street, EC4P 4BY. 



aa a faing concern. Very high profits 
plus tome investment properties 
producing £0.000 p.j. 


30 Bartholomew Street, 
Newbury (0535). 448*6 

Turnover 1200,000 p.a. Frv* bars, 62. 
seat raiciiirant. extensive car parking, 
manager'i flat. Fine mvetcmenr oppor- 
tunity. Offers invited. 

22 Market S>., Nottingham 
0602 4B75I (Hr. Giles) 


Superb detached block ol 6 Holiday 
Flats, plus owner* luxury penthouse 
(would make 2 letting flat*). Expected 
to gross £11.000 in IS7B. Price free- 
hold to include furniture and Actings 
(alt new late year) £75.600 
HUSSEYS, Chartered Surveyors, 
AlpAmbrook Rd.. Exeter. 03*2 50441 
or 35. Great (antes Street. W.C.I. 
. 01-405 3127 

Aaartmenfi Flats. Sale or ourcnaie. 
Consul! rto> Swcii'ists Frank I. Ray. 
bould 68. Bahbaromoe Road. Babht- 
co4ipe. Torjiav. Pnone Toreua. 39375.6. 

. _ ... _ .ADVERTISEMENT, 

.. n. 4 ti-ls- . - - — • ' -- - - ■ 




Aider (Stanley) A Prfeo, 7 ». Stephens 
Street BS1 XEG. Tel: Bristol (0721 


CuoneUx CwnmercJal, Estate Agents. 
Vainers and . Surveyors, S Upper George 
Strom. LuoiL iP682i '31281 
Wlnnr, Estate Agents. M SL Lons, 
Bedford. Telephone: lOMij 58852. 


Chancellors pod Cth, Co m naei el al ■ Pro- 
perty Office. 28 Gresrfrian Road, Read- 

inn. *734 5S8933/4. 



Ektan. DiHey ml Handley, Chartered. 
Surveyors. - Craienory House. HaminR- 
doa PEI 8 flpQ (and at Rlgglnwade, 
Csmbrkliw, Ely, St. Ives and SL Nrau). 
Tel: aunmuwUKi 58171. 20 lines 



Dixon. Hadmn & Cu_ Chartered 
SvmmS. 33 WUnefl Rd. ttell 413 TEST. 



Balrsww Eve*. 75, High Street, Brent- 
wood < torn sums. 


G loony CA.J A Son. Chartered Sur- 
veyor*. 63 Ea« Street. OI-SM 3017. 

Gleuny (A.) & Sun, Chartered Sur- 
veyors, i23 New London Road. 53374. 
Taylor A Co. Chartered Surveyors, 
Commercial and Industrial Agents and 
Vainera. tr Dolce SL Tel: (0345] S956L 

Derrick, Wad* A Waters, .Terminus 
House. The Hist). Harlow, Essex 
CM 30 11 ft. Tel: 3819L Telex: 81751ft. 
Watoon. Tgmpfe. Talhgt » Whftt, 
Chartered Surveyor*. 34 Clarence SL 
-Tel: (0TU1 330717. 

Powell rad Paved, Chartered Surveyor*, 
-camtnmUJ gad Industrial sperialtsu. 
3W4J Clarence Strtei. Gkmcesisr GLJ 
iEa. Teh 3M44 ibo at Cordtir 27BBB. 

Lsvrew* -St Lawsral ChanneA Vihathn 
Surveyors l£ Estate Asema. S Regent 
Street. CteHenhim Gud 1ST. (842 


Sutton, Chartered Surveyor*, go Spring 
Gardens. M14Z2 3183. 

Bixfal branefies in North Cheihlrc. one 
Ul Derbyshire, and one In Yorkshire. 




Had Pain 8 Pastor. Chartered Sur- 
veyors. Valuers. Estate Aseou, 38 
Lenta) Rood. Southampton tOTBSi 29315. 



MMtt A Ce- R.I.C&. Cam. and Ind. 
Prop erty and DeveU^ment Consul rant*. 
SiUsbury S9~ BatfieU. Tol: 80*78. 
hemel Hampstead 
IL J. AUChkaa. Chirtared Survey cr*. 
83 Marhnm, Bern el Eanpnead 3448. 

1 Cordon Hudson ft' Co« 441 Queefttway, 
Seine) Sempanod 50588 it Hue*). 

Hondoks. Indnsolol Dept. 44 Brawl , 
war, Ivetchwanh 3773. HIT chin 5984Z', 
Stevenaw 53309. 


Cordon Hudora ft Co. 147 The Farad*. 1 

WaiforcJ 39711 uo am). 



Burrow* ft Day, CbonerM S ur ve y o re 
and Estate Ageuo. 38/41 Bonk- Street : 
Tel: Ashlflrt 488831 2432L 

C oertog ft Cofyer. Chartered Surveyarn. 
Bank S freer. Ashford Tel: -10333) Z450L 
Baxter, Pmme & Lap per, Chartered 
Surveyors. 19 Ea« Street. 01-464 llftl. 
Leonard Ralph Commercial. Chartered 
Surveyors. 2 East SL Te): 01-480 6066. 

Prall Champion ft PralL . Chartered 
Surveyors. Anctioireera and East* 
Aoenui. 76 Spual SuveL Tel: 28891. 

Ceeriog ft Colyer, Chartered Surveyors. 
8 Colnuo Bouse. Kins Street. Mold- 
none. Tel: iWQ2>- 50891. 

Tinsley ft CKnch, Valuers and Estate 
Agoots, New Romney TeL 00773 3184. 

Hedghre & Sob, VRICS, House Aflenu. 
Estale House. Sevemofu Tel: 52351. 
Coe ring ft Co brer. Chartrrrd Surveyors, 
22/24 High Street, Tunbridge Wells. 
Tel: I0883i 25136. 



Derrick, Wade rad Water*, Uni centre. 
Lords Waft. Pre*ion Lancashire PRS 
1DJL Telephone: 57798. 

walker Wiiion Hum, Chartered 
Surveyor*. Estate Agents. Auctioneers. 
Commercial ' * ; Industrial Property. 
Plant ft Machinery Sales A Valuations, 
ST Market Place, Melton Mowbray. 
Leicestershire. Tel: (06641 07555. 


Brogden ft Co. Chart Survys.. Estate 
Agents. Silver Street Lincoln. 893 31321. 



BWstow Eve*. Alderman* Hmae. 
RiRbonsnie. ECS. times 1351. 
CheridriMU, Otarrereq surveyors and 
Estate Agents. City, Holborn and 
DorenmUsed nuicw; 8 Wood Sr.. 
EC2V 7AR- tl«M »I. 

City Asm is. Office SuecnUsts. 12 Well 
Court. E.C-4. Tel: 248 SWl. 

CoRMr ft Undue. Chartered Surveyarn 
and Propornt Consuhants. 9 Bt. Slide 
Street. London EC4A 4DE. 81-393 31 BL 
Conrnd RIiUm ft Ca^ CamnUam Sur- 
veyor* and Valuer* ptamaUon Rouse. 
Kcoriiur-.'II STrtl. JJO 814C3 8118 
De Grom Ctllta. Estftle- Asnns. valuprs 
and Surveyors. 183 Kfoornie. EC2AJ 
8XK. 01-839 47M. 

Kemslay. Whitrfey s Ferris. Chartered 
Surveyors. 28 Rope maker Street, E CJ. 
01439 2673. 

Newton Perfckui ft Ferixu, .Surveyors, ■ 
Valuers and Estate Agents, ID 
NoRhumheriamr Alley. Ed. Tel: 01-488 


Smith MoMck, Sumran. Valuers and 
Estate Agents. IT SL Helen's Place. 
BC3 Tel- 01-638 4391. 

John D. Wood. Surveyors. AorHwwrs. 
Valuers and Estate Agamy. Wsroforti 
CoarL ■niroatnonoa' SL,' EC2N 2AT. 
Tel." 014Rft (BS7 

Rtcturd Ceruy ft Partners, Chartered 
Surveyors. 15/18 Buckingham Street. 
Strand. London WC£N 8DU. ffi^ao 9899. 
De Grsot D0K4, Estare Agents. -Valuers 
and Surveyors. 389/310 High Holborn 
WClV TLX. 91-931 7891 
ljuidw. Barifold. Chartered Surveyors. 
Bonner ,<£«*. *«/» Utah's Conduit 
StrwL V/ClN 8U. Tfel: OI-XIT 6311 
NhKl Kina ft Flow's.. Surveyor* B«. 
Agents and Vainers. 81 Carey Street 
WC2A 2TG. *1469 4494 
Tudcora ft Co^ Child. Sum., 99 KIoebI 

Street WCS. ot-346'USL 


Anthony BawLmw ft Co., Surveyors ft 
Property Cnaraltants Slandbrook House. 
S/S Old Bond Street, wi. Tel: «i-4gs e»i. 
Ayto« ftoaeer. Charrprrt Sorremra and 
Estate Aar mo, i AUwnMrie St., WlX 
SEP. 91-499 611L And branches in West 
London and BiRninstun't. 

CnpglLf CommerdoL Estate Agents, 
Vainers and Surveyors. 62 Craavenor 
Gmet WIZ'VDA. 91-493 4832. 

Conrad RKblat ft Consultant Sut. 

veyon and Valuers. Milner Boose. WlM 

S4A. 91-833 449*. 

Davis ft Co* 62 Berners SL, W.l., Esl 
AK ritts. Valuers ft Surveyors 01-637 1061 
Da Croat Cotlls, Estate Asema, Valuers 
and Surveyors. 9 Clifford Street. WIX 
2AL 01-734 IJ84 

Harrison ft Puers, Office S pen a lists. 
57 BlandTord Sli W1H 3 aF. 01-448 S121. 
Leavers. 38 Bruton Street. WIX HAD. 
Tel: fll438. 4081- Offlwss m -Bdlohnnai 
and Assoc office in DohJtn and Malta. 
Anthony LIpRM ft Co.. Offlre. Industrial 
and Itrvestnk-ni Surveyor*. 38 Curzon St.. 

Wl 01-481 2700. 

ReW Diner ft Co. tOffice and Commer- 
cial Property 5Dertuluii. *178 New 
Bond Street. HflY 9PD 91-491 3154. 
l» Scott ft Co- Estate Agents and 
Surveyors. 139 Park Lane. W.l 0J-4&3 

Smith Melzack. Surveyor*. Valuers and 
Estate Agents. 8 Cork Street. W.L Tel: 
01-4.19 OSH 


James Andrew ft Plnro., Consultant 
Surveyors and Bstaie Asema. >C Pall 
Mall. LniHlnn. SW1Y 5HZ 01-833 4438 

David Baxter, Wing ft Hndkla, Com- 
mercial Dept- 169-170 High Si met. 
penge. SE20 7QB Tel: 91-658 18XS. 

Michael Borman ft CS-, Shop Office A 
industrial Specialists. 35K Recent* Path 
Road. Finchley. NS. 01-80 0311. 


Bemwlf ft Ce.. 167 Cricklpwoiirt Rrnad 
way. NW2 oi-452 6666 specialists In 
rommeiTla} and residential properae* 
Philip Fisher ft Company. ■ I- inner 
House.” 37Sh Hendon Way. London. 
XW4 3L5 Ti'l- D1-28B incorporaied 
Valuers kurtionwrs and Surveyor* 
Salter Rex, industrial. Shop. Cntnitercial 
ft Residential Specialists 361 Kentish 
Town Road. N W.5. 02-367 2871. 



Dixon Henderson & Co- Chartered 
Surveyors. 44 Old Hal) Street. L3 9Pp 
Tel: iBI-« 4456. 

Ramsay Munfocfc ft Pbserc, CanunrraaJ 
Property and InvceUMOt Vainer*. « 
CMtle St- Liverpool L2 7IJI ftSI-Tl* 1«» 
R. F. Spark ft Co.. Chartered Surveyors, 
51 Dale SlreeL Tel: 051-236 0885 

Dixon Hendarara ft Ca.. Cbatiered 
Surveyor* and Estate Axenra. 5 ciauRh- 
ron Street. WA1D IRR Sc Helena 54417. 

Moum STICK. Hotuiwham. 'ttwci 411933. 
Associated wifh Edward Sytumons ft 
Partners ot London and Manchester. 
Neales bF Noiilngiiam. Cnartm-a Pur- 
veyors. 30 Brldiosauth Cate. 0602 53511. 


Lacy ScML ComiherriaJ. AKncu liural 
and Residential Surveyors and Auo 
Uoneera. a BaHer Si reel. ioa>4i 63531. 



Cubttt ft West, Commercial Surveyors, 
44 Hush Street. Guildford Guildford 
84*1 1.377 or 60S.* 


David Smlthyes Partnership, Commercial 
Consultants. 1 Wem SlreeL Woking 
T--1 WhLjhk asm* 

Mann ft Co.. Chartered Surveyors. 22 
Commercial Way.. Woking - GK1 lHB. 
Tel; Woking t04E€3i 30B71. . 


CllHord Dana, commercial.' Commercial 

Ain-Ill liont, Lrii-i-S 

C 07916 ) 4375- ISIS local Offices.) 

Stiles. Horton. Ledger. Surveyor*. 
BriRluon IK73. 31561 Hove 728771. 

Easi bourne 38244 Worihinc 31992 
rmwiev 51 an* i 

Geo. White ft Co. i Commercial Depart- 
ment!. 28 39 Ship Street. Bnahion. 
0373 291 VS <8 local OfArra). 


Philip James Associates. 11 R\fih m.. 
ifl Kl i 211 id Tolra «7S46 
John Stickle* ft Co., . Charicrod Sur- 
yryore 14 vmthiqn Road Tel- 2W25 

Geering ft driver. Lharteral Surveyors. 
133 South Road. - Haywards Heats. 
Tel: 104441 57311.' ^ 


King and Chase more (Commercial i. 
Carfax. Horsham. Tel: iwt»j M44): 



Granby Htmter, inriuwrial and rWfire 
Properiv. 07 Uxbridne Road. W12 9NL. 
61-749 7118/9/0 and LoodotL E.CL3. 

A PC International. Industrial amt Com- 
mercial. Surveyors. Prelect Mananera 
and Property- Consuls ms, Heathrow 
House, Bath Road. Cranford. Tel: 

61-759 096S 

Horan ft Sons, Chartered Survey Ota, 

PH High Street Tel: 01-57D 2J44, 


Rlcfaonf Brmmptaa ft Cn^ StirveTDn. 
Agems and Valuers. 25. Windsor Road. 
Wraysburr Tof: Wraysbury 23S8L 
Em mitt Rath bene. Conitncrctal indus- 
trial and RcMdemlal Surveyors. Valuers 
and Estate Agent*. 15 Ha rente street. 
Staines Tel: SlaJnes 5113fl--613CS. 


Turnbutl ft C», Chartered Surveyors, 
8/1(1 Bank Srrm. Tel 1 WTffl and 18 
No 3 Pound Bouse. Matter Place, HoiL 


S. O. S niton S partners, 24 Northoro- 
Deriand Rood. Newcomie-upon-TynB. 
Tel: iWtt2i 246*4. alM at Edlnboreh. 
Sanderson Townoud ft CllheM, MiddW 
broUKh 06*2 244181. Nowrasile 6632 
617268L Darlington 0325 62845. 

Storey Sons ft Parker. Chartered 
Surveyors, . Newcastle 0633 2B291. 

Mlddlnhroogh 0942 4S36L DarUngioa 
0323 8D5S4. 



Arnold Bennett. AJtICS. 30 Sheep Sl, . 
lionhaaptoa. Tel: itrtwi 15517. 



Walker. Walton Hanson.- Cba nr red SUr- „ 
vevon. Estate Axems. Ancttonwre. 
Com me rdfll and 'Ina&smal Property. . 
Plant and Machinery. Sate and Valua- 
tions, 45 Stock weD Gate. Mansfield <06331 ' 


Beardsley TtMotnids. commercial and 
Resident inL Market Street 0602 «87SL I 
Cavano^h ft Co„ Oommerctal Property - j 
Apems. Friar Lane. Tel: (06031 <0747. 
Undnur Frmaau. Bank Chambers. 1 I 

Pawn II and Powell, Chartered Surveyor* 
Commercial and Industrial StK-cinllsit. 
e-7 St Johns Square. Cardiff CKl 25B 
Tel: 2766C. also at Glouceoier 86444 

David E- Little Ptncra., -Chart Surws . 
36a Caroline Sl. Mkf Glam. 0656 38445 

Cooke ft Arkwright, Chartered Sur- 
veyors. J mndoor Place. Cardifl 36838. 
Fisher Ahim ft Co.. Aifnjhn-ers. Blgh 
Sireet. LL36 9 AD. IB6541 7103S8. 



Asian Hooper. QurterM Sarvpyars, 

«t-643 361* <see Wen .London)/ 

Geo. Flincr ft Son, B«. .ftjeenu, 20-24 
HiBh Street, -II ubnrntu 313 BNF. 021 -C7 


T- Saxton ft Co, Chartered Surveyors. 
Estate Agents and Valuers. 53 Queen 
S:reet. inciHi-ld i«74S» ir&u and lfl. 
The Crofis. Rothrrham. 

Eadon Lockwood ft Riddle. Chartered 
Surveyors, Property Consultants. Soles 
and Advise ui cunavOlnn with Commer- 
cial ft Industrial Properties. Ponfnlio 
and Property Management Investments, 

2 SL Jamve' Sireet. ShelHi’td Si HU. 
Tel: 71377 Tele* 547490 ELR. 


Broader ft Spencer, Surveyors, Valin? rs 
Estate Aoems - Aui-rionei-rs and Rating 
Surveyors. 5»7 Bndge srrew. York. Tel: 

1 69W| 21441. Telex: 57756. 


Bell Ingram. Chartered Surveyors. 
Aberdeen Prtmhnruh. ClayEnw London 
Penh. Walker SL. Edinburgh. 031-233 


Burnett (F. G.l, Chanerrd Surveyors, 
Valuers and Estate Agent*. 11 RublsUw 
Terrace Tel: iB324i 572861. 

James R. Thoms no (Properties) Ltd. 
23 Crown Siren. Aberdeen. Aftl 3HA. 
Tri 0224 524B6. 

Wctater ft Chartered Surveyor*. 

80 Union Siren. AHi IBB i(C34i 526111/5 
5. D. Ellison. 55 Nor id Caule St. Tel: 
OTH-ISO ««3> a|w> at" Sen-ravtle 
Hfllfcr Porker May ft Rowdcn, S South 
charlotte Street 631-225 5BS8 
Leavers. 01 Cranie Slreet, Kdlnburgh. 
Tel 031-326 4791-2. 

Rydca. Konneth rad Partner*. 
Chartered Surveyors. 71 Hanover Street. 
KH2 1EK. Tel- 031-225 6*13 

Conrad RlihlaL Consh. Surv. and Vlra.. 

3 Unyal Cre*. C,1 7SL 64I-1S! «n 
Rydnn. Koraeih and Partner*. 
•:Hnrtered Sunvyorg. 121 Weil George 
Sirert. Glasgow, r.3 10S Tel: Mi-231 

Webster ft Co„ Chartered Surwnra, 

21 Weal Nile St.. Gt= PJ 641504 0771. 



Lhmey ft Sen. 19 20 Donegall Square 
Raw Ballast 1. itflXlt >Mii 


Ll&noy ft Sod. 35 Grand Parade. Cork. 
Tr) 3M79. 


Jorak. Land Woo 1 'an. W4i Dawson St., 
Huhlln 2 Tel" 160611 771301 
Leavers, h Djwgon SlreeL Dublin Tel: 

■ rm ■ 774323 ■ 

Ltsnra ft. Sons. 24 Sr Sti-nhen 1 * Gn- 
Dublia 2 Tel: ilMQI 1 7IM471 Telex: 5804 



Le Foam Emu Aaency. raaiegny 
rhatnber*. • . Glatecnv Evnlanxde. si.- 
Peter Pon. Guernsey. Tel: 0«1 21949. 




Kimiuarala Malaoa >(3»Ma dw Son Trf: 
i952) 46)721 Estate Apems. Valuer*, 
specialists ua Villas. Land. Hotels. 


AWr Entwlsthi. 2S/34 Craia S-rei-i. 
Manchester M2 7AQ Tel ttuu Bin 
Bairn ow Evas. Valuara and Auc- 
uoorant of Plam ft Machinery and 
Trade SiocJts ihraughool the u K . 
Aldermans Walk, EC3U €(JL 01- 
823 133L 

Prank G. Bowoa Lhnlud tEst IS34» 
Aurirancers. Voltu-r* and Estate 
Agents. 15 Greek Street. London 
W1V ANY. Tel; 01-437 3244/3. 

Henry Botrber ft Co. Inc Leopold 
Fortner & Son», AuetiiMern. & 
VaJtPTS. »/C Hi iil> Hoi h«iu London 
WC!V 6ER Tel. OI-40E .841L Also 
at Birmingham s Leeds. 

Edd leans, taiancred Survryery. in- 
dustrial BuHdms, Plant ft Machinery 
Aucuom-er* and Valuers. 19 enwk 
Streut. Leeds LSI SRZ Tel: t0533i 
30i#l. Also at HUAAursfletd. Bradford 
and Halifax. 

Edwartift Biawond .ft Sawtu. 78 
Co, H“ re » Row - B Inti In? lu in. Tel: 
031-238 M77, 

*ph" Pdwff. chart ared Surveyor*.' 
61 Queen a Garden*. Wi 91-402 rmL 
ana - Machinery in 
the u K, end Ahmad mr iso vrars 
Fuller. Horsey, Sons ft C mm” 3! 
Bow Lane. London EC4M SET. Tel: 
01-3*8 1154. 

Fullar Reiser, Chartered Surveyors. 
9 Ijeutwtii Miw, •Jlh-mrlrt m ikw 
T el: (0742) S4M1. Teles: 54709S. 
Head O flint- London. 

Goddard bus Smith, fi Knot Street. 
Sl JatnrtS. London SWtY 6Q2 
Tel- 91930 7321. 

Kenyon*. Lumb Utt*. Audetuhow. 
Mancbestor MM 5GW. Tel: 661^70 

Ktas ft Cn.. ChMiered Sm-vryors, 
1 Snow Hill. London ECIA 2DL 
Tel: 01-236 3006. Telex; 8KWS5. 

G. F. Sins Jot an ■ Co., Auctioneers. 
Surveyors and Valuers of plant, 
Mat-hlnrry and Kai-iory Premises 
Lloyds Rank Buildings. 53 Kina St ' 
Manchester I OS1-K32 «7t. 

Edward Symimm ft Partner*, auc- 
tioneers ft Valuers. SH/ffl WUt«n 
Hoad. London SWiV mil. Tel: 
01-834 8454 And at Manchester ft 
KotunghanL : . 

Waatberali Green ft SmKh, OiarUred 
Surravors 1 Estate Anma. aa 
Chancery Lane. London. tf.C.2. Tel- 
01-493 6944 

Wealbcrall Hollis ft Cols. Charrrred 
Survey ori^Estaie- Aaems, C.MA. 
House, 2B Kins Street, Uwdt TeP 
9532 443666. 

FINANCiAL mMEg.EigPA i j : / i BjA*CH n 



Prices edge up after early weakness $ and gold 


'!! * 

Gold Bullion- [ 


STOCKS MOVED ahead slightly (n while volume amounted to 18.97m. 1,383.4. while Golds dropped five Other higher 
mid -session trading on Wall Street shares. points to 1.324.4. Ail the other Gfstbrocades. IH( 

to-day, after overcoming some By 1 P-m. 
early weakness. centage mi 

The support was attributed to Sl»5. while 
optimism that a settlement could 81 J to S35J. 
be reached in the coal strike. Also Actives ii 
helping sentiment was the OLS per up $2 to S-i 

By 1 pjn.. Flex I- Van, a big per 

points to 1,324.4. All the other Glsibntcades, IHC and Amer. 

COPENHAGEN — Lower in 

centage mover, was up SI 2 to except Utilities— off 0.22. at 163J3. bnwd front 

Sl»3. while Ferro had advanced Bow Valley, which has a 20 per with • tanteteir btmits foil owing the 

NEW YORK. March 16. foreign .exchange market yester- 
day. It touched a best level or 
Sw JTS.LS350 in the morning but 
issues were bank Preferred' slipped la mixed feU to SwPrs.L8750. before do»- : 
tnd Amer. Banks. mg at Sw-Fra.1.8773, compared 

, MILAN — Stocks - fell over a with Sw.Frs.1.9335 on Wednesday. 

.The .U.S. dollar lost further »t 31831-184. * fall of $3f from ftSKSgMMg/ 
ground in nervous trading in the Wednesday. .. . 




ing at Sw.Fra.1.8773, compared 
over a with SwJFrs.l.9S35 on Wednesday. 

broad front in nervous trading. The dollar fell to a record low of 
following' the news that Sig. AJdo Y23L70 in terms of the Japanese 

Cloving prices and market 
reports were not available 
for this edition. 

Actives included Itamada Inns, di 
up %l to $•>!. Sniithklinc down Si C 
to $54 and Holiday Inns ‘ahead S< 

now vaney. wmen nas a .su per —jm,. isnlnroA- fTm enms news iwat iu tenua vt uro oaf umiae 

cenL interest in recent uranium The hiwreat Snf More, the Christian Democrat yeti, before dosing at ¥232,05). 

discoveries by Esso Minerals party leader, had been kidnapped. compared with Y233 previously. 




discoveries oy usso Minerals party leaner,, nan oeea Mnnappea. companm %wta prevmusjy.- 

Canada In Saskatchewan, jumped gftjJd sSnn^^E^ir^wcre pressure caused wide- The trend was the same against 

SCI to $C3G. higher ,osses - w!th Montedison the D-mark, with ihe dollar touch- . 

PARIS — Stocks consolidated Xf 1 - - ' * falUog 3 per cent, and Bastegi 2 fn« DM2.0475 to the morning; but,-. 

to 5*4 ana anuaay uins aneatt io w-io. higher 

31 PARIS — Stocks consolidated spots. 

Worcester Controls- gained -$l» yesterday's gains in busy trading. gteR' 
to $16}— ihe- company said it Early losses were wiped out and t 

per cent. iiaiuux IU unu.w^, a*™ 

Germany— - prices movements The bourse index was unavail- at DM2.0345, compare d 

fallioa to DM2.0320, and ciosing^- 

cent rise in industrial production. “fHer. wiusu Petniu 
announced for February. which reported lower 1077 c 

However, it was feared that the ,n;: - s - HUSHED al ***'"■. 
dollar's continued slide overseas 0° , , . AMERICAN SE. prices 

oj— ...e- tumpuny saia u cany losses were wipea out ana mired with * lir ,ripr- v> w ~ i 1 ;,* 

could not account for the stock's the market held firm on balance, [on? ifatiffiSiifhSSnS^aSd * b Jf.fSSSS£? Strike action. , DM3.0482} previously, 
activity. Banks were strong, with CTC up ( ^WD-The market con, European central banks pnob- 

Earller. British 1 Petroleum, a per cent. MichcUn continued Ih^rr/fall an-r ycstrday tmued dull m thra trading. Seat ably gave support to the dollar, 
which reported lower 1077 earn- to advance, putting on Frs.14 to Lekdinc' Chemicals - »nrt Elec- wa * - D OV ^- following heavy intervenUdq 

ings. was unchanged at st4i. un. trioSS 1 Sr»VSSi? ,f ? tf at a0 - * rariier by the Bank of Japanr 

However it was feared that the ,n S". «««wncen ai *14;. ijsi-i. trinilc u-ern-cTMutw . " P. T - -i „ earner uy mo was Japan, 

dollar's continued slide overseas On the AMERICAN SE. prices Creusol-Loire. Frs.lS.4 ahead at imetsche lower with “in^Sive / apanese commercial banks .fa 

would be an unseltlinR ractor moved his her in moderate trad- 81.0, and Saint Gobaln, Fr&3 a fall of DM1 to 304J. In Motors, l^^nir^infa^ P? pdotl nWy have continued _to 

later. ing. The index had gained 0J3 higher at 141. CFP and UTA were BiVI^V rose DM to mb while 2 te ‘ Tene as ^ents for theccnttaT 

The Dow Jones Industrial to 128.82 by 1 pjn. • Strong points. Saldtnv n ' n t)M 3 stimulated by the cut fn the bank. - ^ 

Average showed a loss of 2.43 at STP Coni - 016 volume ipader. t. s „ H ’™ es o«»S gave up DM3, official discount rate. ^ - The dollar's trade-wefahted 

{ (Swiss 

Gold Com— 

doawWc^lv . 

■— ^asas,- 

Sow dO^KOr. gjgjjgt' 


Oo.t Couu.. [ : 
ilnwra.t’»r)I . ' ... 






A-OT.M?) . . 


«ftbtc-6tu - 


(JC5I-321 . , 

STP Corpv the volume leader, 

strong points. 
BRUSSELS— Mostly but by T ‘had V 5^-^ mSSSrS^fagfcomS^ a! S SWITOERLAND^-Weaker in- The. Tokyo stock exduuige in- as“^5itated’by tlmSSk 

vered to show a Jo of 0 6? panies, also active. 81j to SSSK^iSrt mm iSSfaAiM , W sh ™£ SjH. *± t i JW ^ of °L England. W»M from 90^.- 

The dollar's trade-weighted. :W.BBn.pv oaTES 
dex, as calculated by the Bank CURRENCY RATt» 

recovered to show a gain of 0.60 panics, au>o active, rose 81 L 
at 7 .s».ir. $111 and Interway $1| to $22. 

The NYSE All Common index ^ M 

— down 0 rents at n am. — was 

5 contR ahead at $49.70 at 1 pjn„ OTHER MARKETS 



Stories ClnMns no 
rrnded price day 
Trxa« UtDltlra . .. 556.200 29 — 

Hermit me rn >iaa ut +) 

American Tel. Tel. 201.700 si: +* 

niH. ininnb mb S. 2C-600 13: — 

Telepmmpier Cnrp. 230.300 10* +1 

Alim Inc 220.700 U +4 

BanfcAmcrlca Cnrp. Ml. 100 22E +i 

RmwninR-rPTTls Ind 183.7W lit -| 

iTw^Cola BBS. N.T. 1S3.SW !4 +1* 

Rnrbltri: .. .. 1M3M 2-U —I 

in Cansiila dividend for last year, 

vjrairib iu \_anaaa B.Frs.15 to 2,900. 

Shares continued their advance PetroSna and its Canadi 
in early trading on Canadian Ame rican u nits felL 
stock markets yesterday. At noon AMSTERDAM — Over a 

out on- BFrs^S ro 2A35 sma11 losses ' deluding Swiss 39M6.tor a gain of 138. ' whfleits depreciation, on Morgan ^ 

p 4idrn RkwhSh.?- VMlif Mon- Bank W tfoWn Sw.Frs.l to Selects buying spread over a Guaranty figures, widened-to •. •:* 

tami& HQbokmlaatani Soe&L ^ and Credit Suisse, off wide front, with Steels, Electric per cent, from 5.25 per cent - ' 1 iii 

uS mSstSibJIMi SwJPrs.10 to- 2^35. Powers, big Capitals and big sterling’s index, according to ' 

^ Ranaiif OevUkon. - Buefcrle eased Assets leading the way. the Bank of England, was up- “ 

wfa^JnnoM^M^ faSSS gwJreJf * ‘SUMS, fa steady JOHANNESBURG— Gold shares changed at 843. after standing at 
dividend for vear™ Mined Pmanciafa. Insurances were gen- eased in tine with lower bullion 642 at noon and 642 fa «ariy : Cusdtea — 
mviaena ror mst year, gamea steady indicatioqs. . trading. : ^ i .amth »-b - 

pSmfiJa Md its Canadian and OSLQ-Bankfag and fasu^nces Fioanctiti minings were steady The pound opened at its SSSSSZ. 
American units felL steady. Industrials quiet. ,n trading. Do Beers re- weakest level of Ihe. day. - at u*ai~-ham'r* 

AM^ER^MiSVer a broad VIENNA — Very *1^. el- ^ SSSSSSt I? fS^-fSSfiP 

front led by Ak*o. down 40 cents though activity waarcstricted. ho?TO' KONG— Stiahttv easier iS“l 

to Fls212. and Hoogovens, off 50 Union Ban Mat continued to ease, in dulL fiE SftSjS on^dot ^ 8 01 jSSSi^. 

cents at F1&24.0; in Internationals. whSJe Breweries ended irregu- 

Most big Banks firmed against larlv. Goesser Earner five oolnts. SK, LJ° -? oU - f « U ..S“ , « dnwiM^ta.. 



stock markets yesterday. At noon , AMSTERDAM-Over a broad VIENNA^-Very steady, al- ^ R567 J * K STKSC/r 

the Toronto Stock Exchange index front led by Akao. down 40 cents though activity was restricted- HONG KONG— STiehtlv easier 1 M5tL a iS“ I 

was UP 2.4 at l.MlV and the Mon- to Fls212. and Hoogovens, off 50 Union Ban Mat continued to ease, in HmfJ SSL ?2 n nth«^v meof Jwy«” 

treal composite Index 0.13 ahead cents at F1&24.0; in Internationals, white Breweries ended irregu- Koni BuTro* 75 r^d^»n n nui>i« d rfiarnlv tn kron, ‘ 

at 177.97. Most big Banks finned against laxly. Goesser gained five points, shto, a tJL * « 

Oils and Gas stocks moved the trend except for NMB, which but Oesterreldusdie Bran met ftSSi fh^T ? mST 

ahead more than five points to lost Fls.1 to 188.5. «=n m p nr««„« r^mdrr- P°? .continued its reeent_advance. ing coming from the U.S. ft cloeed- ^ 


r cuuunueo its reorai advance. 

some selling pressure, t^rnder Mining 2 | 5HK3BO. 

L In slightly weaker properties 

Pali 01 
Mai- If lb 











, 13397-300 - SS39M0V 


“ T • \ MwWt-IWir 

e I,] 1 ^78- 1 JTtOi U-lW-tJHO 
8 Zn«9-2.T5liLBMll4 W 

dli UiO-tQ^ 

Now Xorlc— 





U<io.. m ', M > 

tVrl* j 

Toj-ko .«.« 
Kuri h_ 

0 I HL69-t«J?& UJ.7#iTfc?u 

1 i-BS-i. 1 *.B8 iA a7 
US I 77.80/8.58 7748-TUfl 
S 1&2J6-15S.W 16UB 142J3 

Ills 1.888-1.140 (t.tSBS-Ulb- 

t N . 1B - 1D . 1S 10 . Ui . nt . to 

inti abb- . an itti W 

- B.804J.88* 

II. „H Jto : Ju.,S| V . 

pis 27 95-UJB 2j.08iS.tB 
I . LMi-8.70 

mates tdvea are. itej navertJWe Panea. 
Financial Pane 89.43-80.66. . 



.Mar. Jfij 

| 1877,78 

Mar. I Sir , — Issues trwteri 1,867 

13 1 10 High I Low JUm* — ... 672 

' Palis .716 

Mnr. : Msr. 
If- , 14 

Msr. ! Mur. ! Mar. I Mar. 

13 I W I 9 S 

r -7B jSince era pi 1st - a 

L«w ! High" I 

Mv. I »v. Msr. I Jlsr. 
IS I 14 ' 13 i 10 

<9.56; 49.75 49JS4 49.4S 67JI7 r 48^7 
, . ' (4; 1/77) j {6(3/781 

Cncbueat. __ 

Hew filch*. 

New Lein....... 

Riaee and FalB Hong Kong Land fell 10 cents to 

j Msr. Jfij Mai . 14. Mar. 13 SHK6.6Q and Jardlne Hatheson EXCHANGE CROSS-RATES 

pH- I 1- — 10 c ents to IHK3220. ' 

1 — 1, 22f f 1, 5SI AUSTRALIA — Mainly steady, u^r le inmmn Mew lurM . rat «►- f I 

13. SI' 5 S ™ teding Industrials and 

Oft .. T— 

nrb*i IS 77 

In-lastrUl _.! 758.H; 762.56 75946 768.6# 760.00 750 ^ 899.75 7*9. IS | 1061.70 4T.22 
. | | i (?■ 1 (77) ji38rtW8) (Ull/73nftMa 

R'aiplVn.t**: 89.80 B9.B7 1 BO.Bfr 99.72. 89.50 99.54 1 95.87 | 89.58 | - I - 

I | 1 : 1 7,9) . ;(BB/]|78), 

Tnmninn.... 205.20 205-10- 201.40 201.55 1SS.51 200-1*1 2*6.64 | 198.61 ! 279.88 ■ 1S.Z5 

Tmiiini: i 

.\W« j 

; I * I i !:->/&) {9/3/751 . (7/2/691 (S/7'32) 

106.60 106.19 108.43, 105.82 106.62 106.41 110-67 ■ 102.54 1 163.32 IQ.5B 

i , ' \ ; (22,2. 77) {22(2/781 (20/4/99) 42) 

: I i | I i 

1 23.540 24.200 24.075; 27,090 21.B20 22.030, - — s — ] — 


Msr. ! Mar. 1 Mai.! 
15 | 14 | 13 | 


189.741 189.86 16S.63. 

Comhined i 

177.841 177.16 I7BJS| 

TORONTO Cumgratte! 

1 1BS9.4 1034.1 1031.71 


[‘ !" ‘1 


295.2 I 207.9 2B2.ll! 


190.9 1 194.9 194.| 

lUi. 14 

Uar. 13 

i.843 ; 


. 803 | 




805 1 

: 454 

- 28 


24 i 


8 ' 

Minings narrowly irregular, but SSS'vSHl’J «wj»- . 8JS5M ^ 

rises in oil shale stocks. iwte _.[ 250.41-01 *^87-889 

In Mines, Thless rose 10 Cents Bnnweia..-. 10^3 68 31.6670 
to 3AL95, while Queensland and Looctcsi y& i Qi LSI w 60 

rraoaiunpest Xutvl ,-4fen»,- 

t- - lOSSM* 4&2M7-' 
48.7788 - - 3U640- 

230.4141 4-687-609 ^1- f 

10^3 68 31.6670 8.73 1B- 





Am tu m 

44.40 00.- 



45 82 72 

14.80 036 

3^6 66 




14J/46S . 

8050 00 



— . • 




W7.0O-8S ‘T*°r 

211.7 (UZi 7B) 
214.4 WU78) I 

158.02 (35(10) 
165.60 (86)10) 

8«u cae/wT 

129.4 (24 lb) 
>69.1 (S)4) 

Raal> nt lann riianirM map 4 wm 84 

Ind. ilir. jielil % 

| Mar. 10 j Mar. 3 

Feb. 84 ; 

1 6.14 6.22 

6.14 [ 


! Msr. | Mar 
. 16 I 14 


lo-l. tir. vieM % 

In L P>g Bali,, 

Ina? Cknrc. Honi vieM 
















(J 7M 

Mar. Brrv- 1977-7B 1977-78 

16 lima ' Hl*h Low Spain 

Aoatxalinrt) 447.90 BU ;«'«« Sweden 

Belgium (1) 93.46 Switmrt', 

(Denmark** B5J6 96.73 , 107.82 04.00 

1 ! (9/6) ,(6/2/78/ inrtirys , 

France <tf) 67.6 . 66-7 58.<L 1 43 £ m exey 

, ,(7(l»77)i (10/6) Standards 

Germany/ tt) 7F9 J 769.6 - 813 j 712 j soa-LOM. i 

«0 8&Z7 88.62 -100.00 BLS1 
■ (30/12) (16(3/78 

(«H 367 J3 367.46 416J8 286.68 

S (34/11) 

Hopes for the Rundle oil shale 
deposits in Queensland saw 
Central Pacific rise 30 cents • to 
3A2.50- and Southern Pacific 7 
cents to Si. 

NOTES : Onnru prtcM ibown belli* 
-refute l pram t u rn FMftaa fUrkto&d, 
in attar wttMmMmB tax. 

♦ DM50 daooui. anlcaa ottenriaa sura 
V Pias 5ao dcoom. nntna otherwise stared 
4k Rr.m denom anteas MSerwise stated 
f Km SM iteoam and Bearer staare- 
■lolea otberurtae surea. I Yen aa itenom 
ink*, niberwtse stated, t Price an rtnv 
ol aospemdoa a Klorloa b ScbtUtaxs 
Cenu t/Omdend after pemftos rtgbi> 
ind/or serin Issue, e Per «ar* i Pram 

UjS. $ ta Toronto (1.8. $ — USJB 28 Lanalau cenia* 

Oanadtan S in Raw Yar»=B9.0b4/L07 ohm.* U. 6. S In Milan 8KM67A 
dterlins In UUan L638^-1.69926. Rates for March 15 only 


— - OTHWr MARKNTt r 

Not*. HatM- ' S 

Arceottaa. U 47- 1-546 \uuntiuaJlMO-l408 

Auaualu .. I.cflfl l.fcM Anstria 27^28) 

UtaaL 31^2 32-22 WMSli «' 

Pin land;... 7.9 .-MB Awir^.. K49 *" 

y, lru ,. Ureeoa. 88.477-71, »»C«i«dai_.. L15-S. to .. 

^ urh -° BtasKaiu Ltm-.AY o«mrt.. ».7b-. i 
150-W8 Pi*ni-e_„ «-»K» 
o mm Kuwait— 0^27-0597 Cioi n m y., 5S&HS0 . 

Luseuto’iv 80.40 .85.56 Orw* ..*?• ' 

Meun Biauy-ia^. 4. 491-4. 511 U*IJ- i Wto.lBW 

SSSb# NJSmland. U57HJ761 Japani.^.. <*Mfe 

Sandl Aiafc B.866 65 -Nethert^ni 416440 .. 
Singapore.. 4.404 4jKl Vorawy,... 10.19 J9 
ii s. Africa ... 1.5489 I.b737 P>«Wja) J»oV - 

tJ.a. ... * . ipan. 1 150=155 

) Canaria . jrib'aiiil I.U1JI .. 

- C«I OA* 1904-92 

8S.38-SM1 ku«miar-a 39474 • 

Mate given for Arrantlm ts a tree rau. . 

in. ! ,s:!E ;. 





r. Uerman 


t Short term 6B8-6?r 
I riaya notice 63| 7 

Month 0*4 7 | 

1 line month*. 7lg . <« j 

-ix mmUi- ?C« 744 

■ ■neywtr 7*8-0 ** I 

6t B 7te 
7i» / ®B 
-7Jt 7*4 
78a 7T« 

■fiine montbT 

Indices and Otae data tall bast- values l ’’ Gran dir % * dlvMeao aft pi I one-year 105-10! per cent. 

Euro- French deposit rates; two-day '09-19 per cent: seven-day 05-10 par cent.; LuSm^T toiaJcl dSH 
one-mo n th Ofc-lti per cent.; (hnso-nmna. BH-W per cent.; elz-moath 05-105 pet. cent.; hvim » at* 

j io.-1/T?) (6/3/731 ;<Il/l/TZt,(&);«v;5Z) Won™. 

[ 107 SO 00.90 ! 125.88 I 4.40 (t3) . 

t (3/1/17) 1 16/3.-78) . (11/1/731 (1.-6/32) Tr.„_ w- n - 

1/17/ 1 16(3.-78) ■ (11/1/731 ( 1.-6/32) 
Feb. 22 • Year agn iappr»-(.l 

100 except WYSE All Cotranoo — 50 ^tio and/or rwhts mne k After local Long-term Eurodollar deposits: two ^years T»i*«i is par oeuL; three j 
Standards and Poo« — » and Toronto 'axes, m 91 tax free o Francs: mdndlna oer real.: four ream <Uis-s> ocr cent: Rvp rear* *5 14-517,4 per rent 

89.6 - 813.5 712 j 309-LOW. die last named based no 1975) 'imur die pNiua o Share split « ntr ' The foUovtng nominal rues were emoted tar London dollar oeittfia 

(11/11)1(10/3,77 t Excluding bonds. ,2 4M lodnstrials -md field ndwle special naymetn. 1 (nd> ooe-month 6J5-7.05 per cent.; three-month 7.07-7.17 per cent ; aix-monil 

78.1 33.2 75.6 } 400 lads.. 40 Udlldes. M Finance and ' «/«d dtv » ijenfflctai irarfma a Mtoeriiv cent.: one-year TJD-7.00 per cent. 

• (4/3)_ 1(9/0) a) Transport. (Ii Sydney AU Ord inkiera only u Merger penrins • Asked • Rates are nominal calling riles:' 

• Hi Belgian SB 31/12/08. f~* Copenhagen 1 BJ? # Traded (Seller ' Aanmned t Short-term rates are call for laiirHm, nJL rfnlbir* and CanaiHai 

r New Tort 0.02 /mwU. Ailtt 8. OS-0 JT. ! &i 1' 
Moatem . U5-0.1B ejdn . '/20 50 c. 9t» 

1 An»l’ turn 7s-le itU. 21« H* c.4«n 

' Bn xia e l* -. par 10 vln ' - IU /usju.. 

• Cop’ab-m- 6*4 8 s * ore-dls 18 20 ore ms. 

. -FranRtnn ll»Japt.p*n 37 b 2*9-1*- |«n 
S>; - Liabon 70- 180 c. die |OVa-6u0 «. dn! ' 

MarirW.... 73-160 «. dl* 2& -330 *M» i’ 
Milan..... 7 13 »nc dl» \ze 32 In dia - 

Long-term Burodellar depoattsr two years TUm-SIk par cent.; three yean Blu-Uie lhio ' 33. 73. m*,u* 
per rent.: four veant <Uis«i oer cent: gve c-ear* S5, 4 -557,3 per rent jv™ JuJUrv dla 

The foOowing nominal rate* were quoted tar Loudon dollar certificates of deposit; it-KhnNni 2 A acedia - 
ooe-manth 6J5-7.05 per cent; three-month 7.07-7.17 per cent.; six-man lb 7J5-7.45 per Vienna ukr-lOsrarii* 

- *Xz.XZiiFi« 

Song Knur 417.S3.41E.42 426.17. '323.44 if|i Belgian SB Sl/12r». Copenhagen 'Bid » Tradert 
0 («*! = (11,8/ '(13.1.78 SE Vim. ttt) Parta Bourse 106L « »» rUhra 

Italy 1 - I (>' I 62.06 73.71 b* JO t«i CommersbanJt 0e&, 1E3. 1 *5 • Amster- «iio issn* xa 

(b/l/77i (22/12) dam Industrial 1079. . /«) Hann Seng nrteaaefl 

Japan ci 3*5.86 395 i 389.86 360.49 Bank 31/7/W. (lifli Milan 2/1/73. id Tokyo ^ 

(16/3(78(24/11) New SE 4/1/90. ih/ Straits Time* UM GERMANY • 

Sing apore 273.16 873 J0. 275.50 242J6 (ri Ooee. id) Madrid SE St/lsm-hWh 

^ i*i , <15.3/76 (3/5/ and low for 10TB only. t e < StocMuHra ' _ e 

Industrial 1/1/38. (/) Swiss Bank Cora. Mai. 16 

. mi Unavailable. \ 

wJ0» rlaftia inB» ritvMend tr R» I days' notice for guilders and Swiss francs, 
•crlo issue xa Ex all. * (nterim since \ - 

’ Rates ate nominal calling riles:' 

t Short-term rates are cal) for sierttng. CJ. dollars and r*n*iw*n deUars two 

Milan..... 7 13 •«* dia 20 32 Indie. 
Oslo 564 7*4 o«ili» 14 n uredte' 4 

fans ™... Biiilyv. dia * 6*4 63s c. di* 
iL.-KhnNib 2 4 ora dia - 8^ 7* ore dia ' 

Vieana .... uar- 10 ittHiis 7; 27-pro dla . 
diin.-h 2- I Bs *8 •- wm B ag - * h) r- pm 

Six-month forward dollar 1.09413c ats. 
Q-motuh 6.16c pm— par. . 


Price >4- or Div. iYm. 
Dm. i - % j % 

!T5ri + -i 


Inv. $ Prem. at $2.«0 lo £— 83i% (95i%) 
Effective rale at (1-9149) 42$% (43 J%) 

\KQ 1 


■■MW I 

nAsr ( 

bajar □ 

b7 .... 

480 -t-6 
226 +2 
137.2 -f-0.1 

Bayer Bypo_„, 282 j 2u 

river VaremrtikJ 315.8—1^ 20 
o'lSalnUled.wrS IBS I : — — 


Abbots Lob»-..~.l 64 J* 64 14 

Adritessograph ... 17J 4 173a 

Aetna Life* Ua» 3*H 347s 

All Products...... 26i: 26*4 

Alien — ! 44 40 

AlcanAluminlum! 243* 248a 

Ak.ii* 3978 39 t B 

Aiteghony Ludl... I77 S 17i a 

Allegheny Power. 19 . 

Allied L'bciuicsl.. 375* | 37 
Allie-l Stnrea_....i I9?a ' 20 
4 Ui» Chalnu>n...i 243, j 253s 

-VM.VX 337 a i 34 

Amerada Beo»™., 25 , 25)4 

Auer. Airline.....' 984 5 B=s 
AniK. Brands 45*| 457a 

Amer. Broaricaai. 37ig 38 '« 

Amer. Can 353a ] 3fi3q 

Amer. Cyuuunlri' 246g . 245s 
Amer. Elec. Pinr.- 23 >4 934 

Amer. Sxpraaa...' 323/ : 33 
Amor. Borne Prod' 283a i 28 
Amer. Mcdicai...- I9:p 1 19*4 
Amor. Motor*.... 4lg 4U 
Amer. Nat. Gaa.. 403] 1 403* 
Amer. Standard.. 35bo ' 35 
Aniei. Stoiei.^-.. 30 j 30 U 
Amer. TeL * Tel.- 61 Jb ; 61>a 

Aiudek ....' 30 i 30 

AMF ..... 16<8 . 161? 

4MP 251? 25 1 0 

Ani|<ex~ 12 14 13 >4 

Autriui H,«klng. 25f ; , 26 l e 

Anlicu»er U<rli.. 17 j,. 17 :-j 

A rn hw Meet 27 ij 273u 

AAA - 21 -jh . 213] 

AmmeraOil 11U 10': 

I6/4 17 

V.htand'KL 28.^ 28-’i 

\:i. kn-hbel.i 46 lj 453a 

Amo Itala Pm..., 2&tp ' 26i; 

AVr. 9SH 9 

Am' 22 20ia 

Anm rroduL-lo.... 46in . 45^8 
Hell lias Eld-L... 253n 25 14 

K*nk Aiorriia , 22U ' Zlh 

BauLei* Tr _N.V.. 351? 35 -j 

BarN-rUil 261; 263] 

KuterTravcnol.. 35U 35 

Hnirii* Fdi,i 22 m 223] 

BecMnDlckrnana 3S'« 353* 

Bell* Novel 19i* 19 14 

Bcndix 35-4 34:,,, 

Henjniri Cum 'B, 33* 3lj 

Beihidiem Meel . 2Q3< 21 

lili'iA Ucritr.. 1ST* IS:?. 

Ikeiuj; it'i 3314 

KHwL'aawdG .' 25.5a . 25 

lioralen 28 *1 29 

IV'Ts Warner 25te ■ 261s 

6 ran iff lut. ........ lll H 11 

Xratran 'A' 13-'j 13 '4 

Bri-t-'i Mvm 1 307 B ■ 303 4 

Urit. PM. A I IK... 14 !r ' 14U 

bn<ci«i|'>ihn. , 263] ZW» 

Hninswidt 1414 : 14U 

lliiL-vnn Erie 1 I8I4 18ij 

Build 32h* 1 321; 

Uulora Watch ....| 53s 5s* 

Uurllngum NUin 37 37 is 

Uurmigbi _! 60 ap 613* 

I'amjiUcii 5uu|i... 33i s 333? 
Uualiu Ihnlic.. ISI4 15ij 

I anal Kandolpfa..' 101* 10>4 

tAroaiivin 253] 25-t 

I'nrneritfirnenii' ll*i H-4 

I'nrlrr lla«lc>... ISig . 157*. 
I'MiriilHarTmla. 47i/i 48»^ 

* US 47 473a 

1 eianwilnrpn.. . 375j 373a 

I enlrail S. W... 153* 153? 

1 erminlt-e-l ....... 22 2 Hi 

1 pwna Ain-ntl.. 32 U ■ 32l 8 
LtoL-rManlmltriTi 28 -'a ■ 29 
tlwnimii Bk.N^, 381] 37:? 

L'^e-cbfgh H.mH . 22‘*t 22\ 

'.neraiu sv-ipiu... S2’i 32'i 

Llii.a^o llriil^t*... 483* ■ 481; 

i liB>ninllns....„. 17 

U'lirv-lcr. 1 1 is ‘ 1 1 -ft: 

t inetatm , 2i] 214 

I in.-. Miuu-iun... ZITp ■ 22 

» iiiernp. 19)] 191] 

I I lie* St-n-li-c.... 46&g 463* 

( :(y Invertln/;,.., 133e 1 13 'u 
*.%■■* Li5i*.,. ....... 57 j j 373a 

■.■Hi/t Palm 20 >4 20 

O-l in- Aiknnn.. 10 ?a ! 11 

L'lriumbia (las 291; 2S*s 

L'i J ura hia Pirt... 157] 141] 

lum.ln-dVvflfAin; X6)a 16U 

L'.urihuatlnu Em,.' 321] 321; 

CgiuUntlaa Kq,. I 15** 157 q 

Cm'w'th fcUwm 27lj 27 

IV>nr«r'tb t)il Ut-ij 21; . 21; 

Cnsim. satellitp.i 353g 35 

l , ompul«f5iii<iti ei B Vi , Big 

Cnflpkv.. [ IB'-b I WI3 

Cut. Kdifon N.X.; W it 23 

L'onMti Fend* 1 23ia. 23la 

lira ani Nat. f iar 39 V 39 Jb 
LV mnumer Power! 23(] 25 ^r 

(‘•mtincnlai (irj-.i 29 ‘-h 29 Vi 

rigitiiicritm Oil..' C8>i 28 -a 

I '■in!iiiMiln‘ Tele. 15»s 151 r 

i '.Mil mi I *«t« ; 24 : 9 25 U 1 

t-uoper Indus. 44 . 454e 

U*rtlingGlaa_.J 48 I 47 ij 
. CPC (at'nttoui 453s | 443* 

Crane- 28i a 28H 

CrokerNat 25 ; 25 U 

CiuwnZeNerbach 308® 30T B 
Cumraim- Knnlnej 361* 38 

Cnn-Wrichl ^ 18 ig | 19 

tiam. 20i« 1 207a 

Hut Inriuntrtea., 361a 361] 

Ceere 24«a | 24 / B 

Cei Monte. 23ia - 23i* 

Del toon .... 6 I 5 

tienuplv Inter... 17ia ; 17 M 
Detroit Kdiaon... 161* | 16I S 
Ulamociddbamrli 261a 25s* 

U«Sa phone 131] ; 133a 

Digital Equip..... 39)* 1 40M 

DiBne.V i Walt) 321; 1 333* 

Dover Corpo 401; : 401* 

Dow Chemical 233* . 231* 

Draro ... 261; j 26 

ilreuer 364* * 3 BA] 

Dn (Mm 1001; ! 102 

Uy mo Industries. 15 1; ; 144* 
Kagie PWwr,..,. 181* . 18 

East Airlines—... 67g , 7 

1 Butman Kodak.. 424 454 

J baton 54b* 347* 

1 K.G.A U I 193* , 194 

I E-IVieo Nat. Gael 154 194 

Kftra »B4» 294 

’ Kmenon Elertrii-t 501; 303* 

John* Man vi lie... 304 30 

JuhnsMi Johnson 683* 1 694 
Liha -00 Control. 264 1 271* 
JorSIanutsetur's 323* ', 334 

K.M&rl Corp. 24Sp ' 247 B 

KaherAlumtaii'iD 30 ! 294 

Earner lodurtrie* Us . 2 

K*i«e» -Steely 224 ; 23 

Kay J 83* 83* 

Kemisn u.. . 253« 261* 

Kerr McGee 1 451» ' 453* 

abide Vfritw... 283* 287 B 

Kimberly Clark 413, ’ #17* 

Kericm 40 I 404 

KeynoW* Metals. 28 28 

it^raokds U- J..~ 657s 665» 

Kieb'eon Merreli. 234 258a 

Uockweli Inters 303, 308* 

Kohm A Baas 30B* 304 

Hoys- Dutch 584 I 588* 

KTK 148, 146* 

Boss Loc»......_ 114 113* 

Kjder ajrsifrm — 146* | 148* 
lafeway dlores — 374 j 37 
SL Joe HisrabJ 264 26 

253, ( 26 






Zsials - 


U ATrea. <Q, tSkC 

18a* 187* 

03, 04, 

434 433* 

164 168* 

127*. 13 

tddj 9441 t«4ft 
!6/7fc 8241 tOlTj 

l!2 Kroner Co 273, 274 

552 J. Leri Straw , 303*: 304 

I MbbvOw.Pood... 264 ■ 264 

I Liggett Lroup ! 26 

ini, 1 at. Begla Psper...! 253, 
Santa Fe Inds 344 
277! daui Invest — _...j 57* 

«•. I •jehtitz Brewing.; 124 
** schtumbergrr ! 667a 

US. 80 Day Mlh.j 6M7* | 6J9% 


rich lombesger—. J 
SUM — 

Lilly 404 1 407* Somt Pbper j 

Ultra IimJiW. — ‘ I64 168* Soovl) Mr«.. 7 ..~ 

Lockheed AJier'lt 1 16 165* Seudr* Duor Vew| 

UjneStar Inds — I I84 184 ^ n n _ f * faM _ 

Long UlUKLUdJ 183* i 183* =*«J™**- 

LmlahutaUnd^.: 214 213, 

Lubriaol 364 364 

Lucky Stores I4l 6 ' 144 2?]^o W *'“ 

L’k^X'Qngstwn 57* 54 

MacMillan : 114 1 113* [ SJJr-^T 

Man U. H 364 38 ^“"T r,UWp0rl " 

Uv^Kamwer.-;. 3Q S , |0l» 

ILtral hi'ui oil"... 434 434- . P * t ” 

Man ai- Midlands 114 12 ntaT — 

Uan-hall Field .... 214 . 214 

gf* AMtfM Paper — I 1«- .117, 

tir. kgoKo^ie-... 64 ■ &4 

« 8 AuanA lumlnJum! 274 274 

IBS, ^'kOmaeteri — j 174 184 

12aJ knbailoa f384 T37 

atil riaux of Montreal 183* 184 

fisi i4nk Mora -oMia 193, 194 

Basic Hesourees.. 1 7 64 

24l a Ben Telephone...) 64 84 

22 Bow Valley Ind.J 25 244 

|24 BP Canada. 1 144 144 

Hnsu 1 154 154 

|34 artoti™ j |395 r395 

4* Ca^iary Power _.i 46»* -3678 

Lamtto Mine- — I 144 144 

** OboiuIb lerwm J 64 94 

Canada MV'Us. : 10 10»* 

“ra Can ImplltikV-oni, 264 264 

if, Uamula libhisi...' tl8 f!94 

*f !• Can. Fbrlfb I74 174 

1 Can. Pbrtlb Inv.i 19 . tl54 
iLKiutanwrOi*-., 65 * -55 

iKnlngri'Keele. 3.65 1 395 

•®'8 J Caviar A«t*ratu*.[ 04 | .84 

Seudr* Dura- Vem| 64 1 64 

Ssa Coniainenu.) 244 I 244 

Seagram 1 224 I >2 

Sea He (&.DJ , 124 ; 124 

; Sears Boebuck.—-/ 244 > 244 

-r ■ ; hmersun Kiertrii-r aui; 
f? B 1 KmcfyAirFrlcbil 38m 

*2 [* Kraliirt 30', 

, k.VI | ' 1 2m 

lift 23« 

21M i Kiiuark ' 26-8 

17 j Kaln-hild (Jamm) 26>c 
28J» j Kea|. Dept. Stincsi 34as 
493* : r lixTlone Tlre.—I 13la 
264 ) rH. Nat. Hn*Utn. 264 

9 ! Ftc« \ an - 17 ip 

20i* [ piinuige : 20'] 

45 -a ; Florida Hewer...., 30>a 

Z5i* .Hiw- I 32i, 

F.M.C j 20 m 

! h ' ,,nl Motnr^^....! 43 -a 
Kurcmral .tick.,..! 17»n 

hSj. ! Flitlw. 39*1 

teu ; 'nink'in Mini ‘ 7I~ 

IQ if • f ret , |**n Mfneni I 194 

i® 1 ? j Fnjcnaul _.... 2Si« 

*R j lf a*|Ma I 94 

Z1 ; li.A.P ..I 10 1; 

07 i Mai DeH-iUi/w 23 

19 MCA 367a 

■35 la 1 McDonraai 24 

27 ; 'IclMnncli Dwk 243, 

541- ■ lldlrtv Hill 17 tg 

151'- I Mrinurcx..^ 284 

26si f Merch 5H; 

181* i Merrill Lynch.... 14»s 
21 1, He* Petroleum.- 344 

• tlinnXincXMta- 454 

art., j Mirim livp.. ....... 624 

22S >l«««ihv. W, 

Morgan J. P. 414 

12 ,: » Moturola 374 

MiuphyOlL 331, 

.Vaht-cn — 473, 

| Vslcn Chcmbal... 374 
2 |£ ; Nalumal Can...™ 141* 

101; ! Na*. I H-l liters,... • 214 

3B 1 Shell Transport..^ 33 lg , 39 
in.. I Signal 307a ' 31 
sigTKiteCeirp. — ' 324 > 31 4 
* 1 Simplt-lt* Pat... : 114 114 

Tl* j Singer 187g 19 

if. | Smith Kline. ; 53 7 e ! 53 7 8 

21S# ! Adilnsi 2s* 21* 

2P1, | SouitaUiurn J. 244 248a 

36i? SmitlwmCU.ftl. 1 264 264 

o»,„ •S.ajtberaCa j 167s 1 167* 

Sli? St bn. Nat. I(ea_.! 32 - 32 

fa,! i Southern IVilb-., 33 334 

2g, ? t Southern toilway j 464 46 

524 ■ southland 248g ; 243, 

148* , 3-wl Hanaharea. 1 24«* • 244 

35 . j|mj Hatch | 138* , is 

274 I Sperry Band 34 t b : 354 

457* ; Squiji..., 834 23G* 

611* I Standard Brands 23 I 23 
474 1 Std.OUOalifosnla 384 39 

41 j Sid. Oil Indians^ 477* . 477, 
378a ) Strt. Oil Ohio. 588* 594 

36 [ mutt Chemical-; 36s* . 36s* 
48 aterllo- Drag — J 134 ; 151* 

Uommarrhank 229 - 

CooiiQummi.— 75.l!—^— 

UalnuerBena 30L1-0.9 

Ue*usm_ 4 270.5 +2.u 

liens* 16591 

tleuUcbe Bank 3 l 49| 

Uresdoer Bank™. 247x1 
Uyckerboff Zemt- 144 1 
■rute&uffnune —I 198 J5| 

H^paa Lloyd — 111 ; 

Harpeotw 266 • 

deerb-t izB-B 

Hoo-eh... 45 1 

Hraten 120.1- 

aall and Sata.._ 145.5 
K«i>tadi 295.2 

Kauibof 2U1.1; 

KJuekner Dm 100. 92. l r 

»CHli 178 i 

144 I— X 4 

1989[ 12 

111 19 12 

266 ! >0 

I2a8— J9 16 

45 1 4 

120.1—0.4 10 
145.5 -On 9 
295.2+0.7 20 
2U1.1;+0.I 20 
92.1p-0-l - 
172 -1 . 12 
97 +09 — 

2359-19 16 

1.5001 4U 

105.11-0.9 7 

187 +2 12 

2669—1.0 14 

2129 —1.4 10 
515 18 

1089 —09 1 - 
107 —OB - 

— — VsahiOlM 5X1. 

6 sla 1.9 Canon 482 

2 20 4.4 ,4.4 - , 595 

0.3 17 6.x Chinm. 386 

0.1 16 - Jai fltppoo - Print ~329 

2U 3 6 FiiiLPhrtirt - 669 

19 20 39 Hltaohl a* 6 

- Urada Motors — 570 

09 18 39 HrawePood LaOO 

0- ? - - C. ttoh 230 

0.9 19 39 UuYokado -.1,260 

** u \Z- M Jmo “ b-9 

if « J9X. — 2-810 

1- 0 » 39 K«n-al Btwt. Pw. 1.140 

09 20 49 (Comatru 320 

* * i J Kutxxa .81 . 

J* J -0 Kyoeo-Ceramie - 3.860 . 

19 12 3.4 Malsuahica Imi... 641 

--- 3.4 Mlleubiabl Bank.. 280 

j9 16 69 Mitsubishi Heavy 1+7 

* J.4 MlUohiakl Curp.. 417 

5.4 10 49 Mitsui & Co. 026 

3 2 • 3 - 1 Mltaoatahl : 604 

3.4 A ippou L)mso— ... 1.260 — ou 
5.0 Nippon Sbinpajt.. b92‘ +2 

— _ -Stasan Minor*. 765 -1 

39 Pioneer 1.53Q —20 

l^orte. — 2369— 19 16 3.4 sebCii Pratab— 864 +4 

Uiwenbtan KX) — 1,600^ BU 1.3 -Sbisefato 1.160 +10 

Unt h ah— —..>—4 105.ll— 0.9 7 39 Suny 1.720 —10 

MAN 187 + 2 12 39 QuahoMarlim 256 

Mannestamn 1689 -1.0 14 49 TaJMXla Chemical 3 18 +4 

UwaJl**- 2129—1.4 10 2.4 DNL 11.660 —20 

MimetmaerBuch. 515 1 18 19 Iwjtn 117 h-l 

rtockennami 1089— 09/ — - lotto Marine &14 — 1 

~° 5 \ 7a r. 1^*0 Bled IWrl. ISO + 20 

(CbeinWa4jiieci. 1879zr 16 4.3 iiwyo nanyo 312 +36 

ts?™ afta sis m -i 

S^SSrr SLpii t?j“ "• I 

' “Aa 178 J+2 1 14 t 4.0 Saaror NBtlro Wnrmw Tt 

*BBA : 106 -09 ' 12 j 6.7 

VrrelupkWertHI. 305 ! >■ 18 1 29 

Vulfairageu. 200 9 +19 ! 10 j 2 .4 BRUSSELS /LUXEMBOURG 

7 | 39 
12 I 39 

3.4 xkfsui Prefab — I 864 

19 -Sbisefato 1.160 

39 Sony 1 - —j 1.720 

39 Qualm Msrtoe^J 236 

iy liV'Bu —10 

sho Marine — ^ 256 

M*(a Chemical. 3 18 +4 

K. J 1.660 — 20 

49 I'aJMfclaCbemiasi. 3/8 

2.4 U1K. 4 1.660 

19 Ii/in — ' 1*7 

loWo Marine 614 

— lokto Bleo Pbw'r 1. 190 

J ••'•'S'l !"? >0470 Sanyo 

+ 1-9 j ! 4.1 lokyoSblbaura^. 

Vl M 'okyoShlbaura^. /39 

16 29 iraay 1 1 6 

J7 5’? lo Vnr« Mnt<ir._,.J 946 

318 1+36. 

Sfiarr* NBtka tstwitM Tokyo 

Chieftain 20 

ComUan 231 

Consriaihnrst..... 261 
Consumer (Jas._. 17 i 

Coseka Ksanurvea 61 

Cost* In Web ■ 95, 

UentKO Mines. 60V 

Lkrrae Mines 78 

Come Petroleum; 61 
Dominion Bridge, 25 

UotnUr 16 

Oopernt 1 128 

Paiccm’g* Nichel.l 171 

ISSSEZ3 K3 ! SOI* Uorourooec^ j fn 

16;p. [ii'aiuietl 37/8 371; 1 Nat. Service (mi- 13 

331* I >ivn. Auier. Ini—I B!« 

25 :U.A.T..\ • 24 

29 | lien. Cable ,....; 13 '1 

26ig jUcn.D?ramtcs...i 41 it 
II 1 1,-n. Stectnm J 46->, 

• National Steel..-. 

I Xalonuu 

! JfCN 

14i* J Sun Co. 38>* | 383* 

I aiiodstraod : 36>a • 381* 

217a iSvntex — 1 234* I 233* 

13 fet-bn /color. ■ 8i« 8J* 

29 V ] rofctroutx 335* 1 361* 

36v, Tdcdyne — 74 1* . 74li 

Hen. Dynamics... 1 41 *t 59V* 1 Nt+auue imp.... 145* 141* 

1 b-n. Klnclnc* ; 46->, 47i^ ' Sew Bn»wal BI-- 21*, 21/* 

liuicrai hniaia.... 274, : 28t u j W* KualanilTeJ 34 1* 34t, 

3 Ol A i;«nml Mills. 1 27V, 271, 

141. Uetmal Mut or»... 1 69'a 595* 

2b |tirau Pub. CtlL...- 19-a . 20 
141, : Hern. Signal........ 25 25 

185] | deni Trl. Nlcot... 1 29»e 

321; 1 lien. Tyro 84»* • 24 Js 

6s* 1 lionpiii V 65* t 5 Sh 

37 i* l licorgta Paclflic...' 25 251* 

: Hetty on : i6i 4 t: leii; 

KlUtw. ; 86 ; a 26 ij 

J (iotalrb-h F.F. i !»** 197* 

1 luulyearTIre— . .| 1 6> * 16i* 

linuM *6* ' 251* 

line+lV.It 25 1 r 25L, 

; lit. Allan PMTeal 8>- 85* 

Un.-Niirih Inin— 25>* 25>« 

i i>rv) Inmihl J t’ 13 1 « 13 

I (Iiilfk WoMn.1 12** 121, 

. liuliUU ' 25's 2SU 

' Hnlllsirnra...— ... , 58 5B>, 

[ Hfluiu Miping.... : 3iv 371; 

tlarnui-htcger. — : 14*» 14'ig 

M«tn« Ctetm.rt— : ■*2''* 451 - 

Items H J : s& -o 37»* 

llrtibh-in 1 2t>'„ 26', 

27 ly . Niozam Muhawk 147* 
591* .Niagara abnrr.... 9>d 
20 K. L. InlintriM . 16l* 

25 NorhitkA West era- 26bg 

29 If N<.>rtb JiiiL Kh : 371* 

24 <8 Miui Slates I*wt 26 1* 

5fc, I Nth west Airline* 231* 
251, i Mlmut llipcuiy 221* 
SHa ) Norton Simim 177g 

26 is ! O viileniai Petrol 2$i* 
197a ' , Mather ... 42 

16 1 , I Ohio HVliaiin 185, 

265* l«»‘a Ml* 

251.1 i 

85* J Oversea* Sbip^_ 2l», 


. twem........ — 

, resoroPetroleinn' 


1 Tesaagu If 

I Teias I naira ' 

I lexaa OUKG m^ 

25 U j iieena Coniine... 59tj 

ltiio HeirteU IV-bnl, 62i; ■ 63 r s 

* - llulii lat Inin lbij 

L? IHmwfflitke , Wi, 34 1; 

4 ■ Honeywell ! «/. 44 .q 

46V I Hint. Corp Aitwr.1 26 26 

,*7® 1 Homltifl N*t. •in*- —3 r+ . 235* 

jKiintll'Ii-XiChw. !!■»/ 117- 

iA’ 6 j Hutton 1K.F.1 ' llSf IU* 

,, I.C. Imliislne*...- 23»* 235* 

j IK A - »'« 38t B 

f®? 8 In^eranl Kami..... 6* 1 - 52 1, 

Inbmd fired..— .■ *6-r 35*, 

inalkn. U . 13 

32t : • 

15T B Intercom Bnercri ® 8 

27 IBM - 240)« 2421, 

2lg inti. Fln*oura_...| 20 vg zoi B 

35 Inti. Hxrceaier...' 2osg , 267* 

Big Inti. MIoAClieni 1 38{« 38ij 

1213 I nil. Mullilmda.. n0>i 20m 

23 i Incn Jf 15 'b 

231* j inti. Paper 36<a 37s* 

395* 1 1 PR 38 277* 

231* I lut Iteciifier. 10L- 10i, 

29 a* Inf, TeL Jfc Td.... 2815 277, 

28-n ! Intern ij* l'» 

157* t Iowa Beet z “ J i 30 

26), j 1C imeenalhinal ll't 115* 

435* Jim Waller. 1 271*1 27l s 

ClfiPH*. Illinub.... 19Tg 
12i« PtcilN.- Has .24 lj 

25i« > OiaUe l^gtiiinn.. 20 

581, I IV. Pa ». * LI.... 21 
37 15 I Vi a tn Wurtd Air 5 
i**'a Parker tiannirin.' 21 V; 

451; Henlajde (m 21 

37’i* i'm.l'ii.iU.-... 

36'* (Vnm J.l 35*8. 

63r 8 i’«i , ia , ll 29 

lbSi Pe-ipt+5 lln]g,.„, 7 

341- . ,, ««pkr> ■ !■»,„.... 35'p 

44 >q • i'eiuuco 253, 

M'x : 

26 I IVrkm Elnier u ..-: 18<s 

235* IW. 35 

117- I Fiber... 26s* 

ll'i ! Plic-iiui l3.»l<». 19ig 

23 a* 1 rtiiimieipliM Kv. 187* 
36' h Philip Murrts-... 57 -a 
521, j PhKitv IVnvu'ni 29s* 

35 a 1 1'lintiiiry 37 /j 

13 Fn uec Ihiiree 19 1 a 

a 1 Plifninn 235* 

37U 36 5! I Tesas L’UUtles ... 20 

isu H rime Inc ! 36s* 

liu Sla 

j*,® ll* jfr 325? 

2sv ail. • CnuwawriM™^.^ 13s* 

42 liu 1 

185. iau • c **°* Unijn j 36 

I4il }2to T*an.-wa> Infra, 2lJ, 

145, I4t a ; i nns Worm Air. 14 

fra rel ter. .......... 295* 

21!, 221* ; l'n Continental .; 165* 

59 It 59 i 3 • 

19 -t 20 . r.ll.W.._ J 34 

.24 1 a 24 ; Mb Lentory Fox! 23 Ig 

20 201 , , l AL. 21 

21 20 -a 1 1 ARGO. . Eft* 

5 S LRI 22*4 

21* 21 /* ; lup. : 20 

2T 21 (4 1 1 u 1 lever 365g 

Zl^a . 21i« jlniieverMV j 551; 

35)8. 355* I QMi ifannvik... 15 

29 Z9 Union C'artnde— 391, 

7 71* | vnwmCninuwite 6S* 

55_’p 541; ; mum CK> ('till.. 50 

251, 25-n j Lni-rn Pam lie. — 44 

if 48 ; llti i 2 bS 

irt, ie ■ l .a. Shoe — 1 *0 

26U 1 26U 
167* ! 171* 

835, 65ig 
Slag | 315* 

*»;* G«nmr. . 26 Ig 

fit 0 «JianL YeLwimWe,' 195* 
“ ! Outf On Canada.^ 271* 
Hawk a- ni«1. Can.. big 

HS j Hoiilnaer &k. 

"}■ Hume Oil -A’ ; 391* 

iHudeoa Hay Mngi 15s* 
50v * j Hndaon 181* 

a 1 H udami 011 X Uu! 421* 

26 U J-A.C- [ 178f 

17 1. j ImaMm S 311* 

65U ( Imperial OH„ I 196a 

315a I'M 1 16T| 

26 i* | 28 
135a 14 

271* 263, 

big 6 
299a 29l a 
39la 39 

I Inds, 1 101* 

inland Hat. Gas. j lOTg 

5421, ’ n ® w *f tad ,\UH lUj 

201; ; 

267* ! Pnbmilii 245* 

38ij : FnroDiae 165* 

20 m ! P1*C luiiustriea.3 25 1* 
13 'u ; I'bi iw Crgnihie.. 754, 
37s* ! PiilibervAKUi-t. 22j* 

277* ■ L'ulinuui 28 

101, I I'nii-x 165* 

277, [ yuAket 22 

I'l llif.i.l Amen-rah. 71- 

30 J l{n\tlh*-b. ..—... 34^i 

1 15* ! KC \ 247* 

27l 3 BepnbUc Steel— 1 231* 

MI, ;ts.sieel --J MM 

in 9 i U. Teehuotocwa— 363* 
! l»V Indnatrfea— 19«a 
lQit : Virginia Klfct — | 141* 

aim : ff 5.g*w« 195a 

-X.® 1 a'amer-CDOimro.; 3l7 fl 
2 , U'araer-Laiubon.: 273, 
1 Waste-Man’menlJ 215a 

24I a ! Vt>lls- Fa mi „. mi . 265a 
IBSa : Weetern &n %*y 31.7* 

2Ssg I Western N.Amei 1 23Ja 
754* Western Lnirm- : 16 

225* I W'rrtiihibw BleeU 17 

245, ; 

16», I ffetnira.— —J 24 ig 
22i, U'ere> bacu-w..-,' 237a 

7*; 1 IV/iin p/n 23 

34b* 1 White Cmi. Ind...l 2U* 

85’ a ! Wiiimm Co, . 17*, 

23U Wiscoanis 2ieet 1 27’* 

. taurm t Fint^Tyl 8 .. . 76* 

*| T « Lotus w Com. •B.'j 3J0. 3^0 

Mo-miif. Bleed,.- 171*. 175* 

2ll? Massey FergusonJ 101« 101* 

I’teimyiB 1 231* 23 

toj? I Munre Uorpn : 331* j S3i* 

law 1 ‘ , ' 0MUJ,u, Wines.. J 235s 1 .23i* 
lBl * j .\nn-en Knarev.... 151] ! • 15 if 
j htfan. T«ecua....i .27 | 27 

«ia Aunuu- thi x u*,. 23 S* 21 

24ia IMkir.KVl Helr’oi. 4JU.[ 4J5 

|05, j PsctlK Copper 11 | IJO I 1.96 

225g j PA-iReFMromum. 38 1* 351; 

20 I Pan. Can Hefm ' 34 (j f34 

365a ‘ Patino. 1 161* 76 

55i a PaufiMK Uepf. S..' 4 Xto f4.00 

13 Piave (.«, a tit ... 0.81 0.82 

39i* PlararDc+eKipmt; 211,- 21 

63* PuwertiorjimT'iv 11- 10t* 

60 Price 121* 12 ig 

43U ijuehec Star^eon: 1.40. 1-35 

Hunger Oil ' 276*. ' 28 

?*« tteal rihsw j 91* 9>| 

71fe UkiAigow ..I 261* t245, . 

28s* MfoyajHk. ot Uan.' 281* 281a 

2I7 B ! Koyai Jiw j 17 Ig 167g 

2* 1 a I 

26aa Is-epweK'rooJW. 8V >• ®*i 

361 * X»»i»iii*...,„ I 251* 243, 

195, iben Canada-^. ' 15 > 147* 

14ig -»hamnU.Miaa> 4^5 ■ 4.60 

195* -iieheo. O. Q ' 311* 301* 

311* simp/Mb-....., 4i85 i 4,76 

271* nee> M Canada^ 2S>« I 83 U 

209, st+ep Ko-.k inmJ 2.60 j 8-70 

263, r<UMv Lanai ta... 1 391* ] 39 

313* Toronto iiom.Dk 173* | 171* 
23)* lranaOra PlpeLn Wtf.- 1 ' M7 j 

161* rransMnunt Oi-aJ 9. | -98* 

17U Cna» • ilOl* [ tlOi* 

Union Caa : I0l] 1 101+ 

24 UbLSIaci.« Mines; 7*i-i Y«* 

233+ Ws-ker Hiranr_.J 315* ' 31 'i 

286+ West Coast Tin- . ■ 321*-! 3*5t 

211* ffim.-" (i«i 16 * 16la 

177* t BkL lAMced 1 Traded. 

27 I New auxk. . 


Ahold IF1.3J) 

AkzcKFI^D)...— . 
Ataem BnktFi.IOOj 
IflBV iFl.lCft — 
ArarobanJr (PI ^0)1 
tiljeakorf...^...— | 
DocaWesl 'm(K. ID! 
HelnekeniF -Bbt.J 

UooKoveas (P)^0*j 
Hunter U.(Pi.KX^ 
K-L-M. (F..MX3_. 
lot MnllerrLeO).. .1 
Xaattlan tFi.I0)_.| 
Smtheii IqbaP). 1C 

■Ned Mldftk(Fl^O) 

Ore <n^D) 

Van Ommeren.... 
Pakboed iFl^0)_ 

Philip* CPI. 10) 



dolloco fPLnO) 

BoroMO (FL60)_„ 

^tavrubarx—.— - 
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Toayo Fhe.HJds.8 
Uniievef(PUO). ll 


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3d a2i ad. 5 eK«^H 1 * k-rt-I 90 ; 7 ' 1 


Prk-e + or Fra. lVM 
Pra. — Noi I f. 

3.333 1+28 — ; - 



12 IS 4CMI L (&> cent) 

ASr 2.1 A crow AustAde. 

20 2.6 Allied Mnt-Tidg. tod a- fill 
18 1_7 Arnpgt Bxptarattrm^u. [ 

15 "L3 Ampo> Petroleum 

1Z .-2.7 Am Mineral* 

» || i=^!'.3£^n:: 

12 2.6 Aw*. Four* I at Ion Invest-. 

40 1AI A.w.'I.^....,.. ' . . . 

13 1.0 Aurtimen 

“ r M A.U-I.OU AGa. J 

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18 2.8- Honrainville Copper 

In 2.7 broken Hill PmpneUrr-.-. 

3a 0.3 BHHouth 

2 «j 1.6 Larltun United Brewery.— 
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12 4.1 oaK (fill 

13 1.6 Cone. GokifieM Aus 

14 • 2.1 Container (fil) 

rtc Conrinc Motinblu....... — .. 

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la 2.7 K46. Industrie 

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do , 0^ Jennings. Its luBtrle*- — — 

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1 1 n.o My« Kmponirm.-_- — 

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tO.71 ■ 



tl-63 +0.05 
ta86 +0.01 

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tl-36 Y«1 l!2Jm. Shares TBJSai. 

tl.02 Source; RJo de Janeiro SE. 

tl-32 I+0J12 MINES 

1 1-95 March lfi Hand 

tO.72 — . Anglo American Cnrps. .„ 4.75 

(8.158 Charter Consolidated ti83 

— — i. East -Driefontein 11.30 

tL)2 — 0.01 Bbhnrg 

11.01 [+0L0I .514 . 

hu24 +0.01 Ktaross ; 0 05 

t '-il -0.G2 * a °0» — - ;7.70 

rl.tfl +0.02 Rusteohotg Piatluan US 

t219 S«a» Vial S.M 

t 90 +0-02 C»M : RWds-SA tI9.25 

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tl 76 -0.81 Deferred 3.87 

tJ- -7 fast Rand Pty. b.o® 

rl 40 +0JT CeduW - — 27.25 

>2.cO i Prreident Brand. 1*73 

13. i3 | ‘W Slew 1* 50 

t L 67 -0.M jvnaom .. • 4a 

t0«®4 West Prlefcnteia - — 3030 

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130 7.0 

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U KoeaJe balge.Ja.400 

Pan Holding J2 ^j 60 

Petrollna — J '3.82S 
Sra-Gea 8anqueJ2.9O0 
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trsetion Hst jd.515 

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..■■+18.410 1 — . — lebo 
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43.360 f*L2 

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stf'l.312 1-32 IOO 

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ii 1 ST pjgp - a^&r= 

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8.0 SgBBT 7264)}— 9.5 41* 0.6 Edgars Consolidated fcv"~' 

•6 ISSftf -8 V:™ *-® Edgaro Staret. .7 ... v 

aB tir X4 qiA1u^_»: 272.0 lfij 6.1 Ever Ready SA — . • tin ' 

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h *s!n«=: a :® 7 a K^ a . &ssmaw ** a 

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?i dl fas^ -.BSA-gj a ill % 

3.8 t)K Bazaars r „ S.W ! — 

2.8 Premier atlHJng "'i-ijB' 

^ >81^ BE Msiwsq «pr45B 

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— I 164 (—0.4 | A 3*1 «.* 

.... 132^.— 1.5 I 18 ! 6.0 « 


118 — O.B 

18U.7 J 

1.31—1.3 ! 

31 ba.7 SWITZERLAND • 
21 6.6 5= 

1238 7.9 

Price I +or| 
Fra I — 

1.5 Ado 7.9 

246.9+0.6 19 .7.7 
138.9 -0A 47 * 4.0 
99.8 -0.6 30 U. i 
IhO -1.1,\3U 7.0 
37.P -0.2l 20 l.a 

8BC*A’ ■ 1.633 

I 8 1.7 
lu 3.0 

iTesUso'dik Uui] 413.8; — 6.7 • 32 

iS, i'l IfihaGwlgytFr.ioa l,i80 J eS 1-8 E«nao*sy . 

g* 5 ° pa PkTcero^_J 890 1 *2 ! 2.5 Aratora- 

ti „ •* A “a- bee..; 1 661 -6 i « ; axl-khrilM-^ 

?■? Ctedit^L*.... J.8.335 -10 i 16 I ^echtoay^ 

i c.LX.AIratal.-. UJ49.+ W |S8.'. Bli 

- a vie U+nreire— .... 316 1—2 12 3 1 

8 Club Mw liter 403.0—2 »i t pft I’ 

Irt CrwntUom.KPr 119 +0.2 1 l7^ 10. 

16 V,™ JI' 0 +13.4 12 )4J 

liomar — 640 + 8 7.6 «. 

Own. Uaddanteie- OJJ d.2^ 4.. 

latCto L . 63 m 4.Q J 3 gj 

nu. lacqtw-Boroi fsU+O.a -J - 

* ~ X I ln -iipo-! 

L Ureal- — — . — 625 +10 2j 

— 1.498 —2 (5L*| a 

1.7 MAi * oz “ Phenix.- 880' +6 39 4 j 

5 0 “8"„. 1.274 +14 

+0.2 [ lx to.i Pretoria Cement ... 

+ 13.4 12 )4^ Protea BoMInga 

+ 6 /.& 1.4 Rand Mines Properties ." 
+6.3 14. 10] 12.3 Rombreadt Groan - - - 
—OB dB6{-4B Betoo- ...... .. ■ 

JS:I ’^ 1 “ gG.'SfaS:™ 

+iif festes rs»s ssn=r±:' 

"‘J-.r f..-, 

,r ra » ! ’ 

I)--. , 
'T.lrv' r 

1 -'D-'r ) i*. 

Do. Keg.——! 661 {—6 I fiij. 

Credit roibse.. 2,335 — 10 i 16 I 3, 

Kt+ctrownu ,1.67 5 lo ■ 3 

Rachnt (Georg^J 680 —15 0,3, 

Hud man PtCerh-J 85,250|+250la50 ; j. 

—] «2 ! 2 5 Moaihw 

it 1 I S SSS 

— 15 0 < !:§ 

+250] >50 ! j.6 


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'Kroner I — 

(hr. (YU. 

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bo. p } me,;)_|8£25 f-35 f 56 j 0.6 fi S" t=- s 

s, S #( S5^Sffi bstaia J : 

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Do. UeR.. M ^a3ig 1— so fa jag) 3.7 . - 1; 

Ueriikra B.(PAfl 2.045 L-18 fclfi 18^ 

Pirelli SLPrF.lIOt is73 -2 ! 15 : A 


HobBS — — — 

Radio Teehdtooe. 


Uhone Pooierar _ 

3L QotrUn..— — 

154 —1.1 ln./mO_9 SV™ 

625 +io zs Rwwerte* 

498 —2 dLJtt 2.1 0l,ts an fl MlUg. 

MO' +6 39^43 Un S W 1 1.T ff r -. 

SSa + i 4 ft ™®ntles Band 5U-S-0JS} +i^ 31*7 OMscoiuit of 33LOS%) ,, 

i n * s +w hs^ua — 

a S-»;w 0-0 »Ai»rv 

310 —as n’n March ifi p» Pl 



?«) - 0 ^ lo 
140 +2 - 

A-tVI 4A » ” “ ..I 

400.0 25^1 6.4 f*" 00 

BBOj+3 «4]4JJ «lAWk 

62.7 —0.1 ' ** * BaBP " 

Awrieretwahew 1 145 I 11 ; 7,G *“■(« (Pr. SO)... 3.560 

ihjrm'atr IV. a/a..i 44U*j 1 15 13.4 Do. Part Owts 

liana fee He tm ...... ( 126i e oil .1 12 l 9.6 ^hnllraCrtPO 

Hast AstehrCo-j 223J? ] 12 • b.4 Suieer Cta (P.10G 

rlaaosbanken 14,-ki Iff 1 9S &•***. 

ByBjreri+r_. 3401*i— U 12 i 3.n Swiss Hank IF JO 

ftw.PapIr. 7S--J 8 *1-* 

Handed shank 187Uai— s, ! 12 d.6 Unkm Hank 

li.XTh'nHdKifiO) B55i,|-4 ] 12 4 2 hcrirb fna 

.vord Ka pel +601*1—213 '12 4 6' — 

Olie&hrik b 2 u — — 

t*ri rat hank 1301ji£l! J 11. 7^ 

Frorinshank i+ui*l II ; 7 A MILAN 

soph. ISereDdHo. 370 C-S | 12 I 3S • 

^nperiiw 183 -U* I 12 j 6.6 


14(-4 1 

15 i * a l>o. Pare Certs.! 465 ~21 
12 l 9 6 ■k-hhulierCiaKiOO! 410 1+5 
12 ! b ‘a riuieer CM (F.100) 355 --3 
Iff ' g_s riwlaaah iFJbd).. 805 ,—5 
12 ! * _ Swiss Hank (F^30 348 —1 
8 11.2 4.360 -50 

12 a.b Onkmtonk 3,080 r— 20 

12 4 2 <Snrip (» Ins 10.125 +76 

12 4 6' LL 

I i| ! rbom-on Brand t.! 

S : d 

9 : i.a 

14 1 3^ - - 

8^7; 3-7 STOCKHOLM 

10 j 2,9 ++ 

40 2.3 

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40 2 s : — : 

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>3 -a Ranrtn S? 1 ? J» 

a - BBScii Exterior : ju 

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*58.rt+5i J6.tjl0.4 granada (1.6M) 

675 +19 4L7a 3 2 “iOW-HlWano 

168 L., IS.iS 9 0 ®““ I»4 Cat. (1JNU) 

22.8 ! .... _ j _! Old. Mefiltcrraneo ... 

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! D ^ Priv 1 - 39^^20 1 lBj.K 

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biltenel — . ......... 

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Hon>lal4xDk«— .885«ffl._._ 

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176 +1 3A 3J1 GIG 73 —3 

156 +1 . 8 3,i Drags dos ;.»_'-20 d •' 

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^ lx- 

\ Sudden rise 
in price 
of Iambs 

By Our Commu&tie* Staff 

rHE AVERAGE YRlCE of lambs 
narketcd in England and Wales 
: iss jumped more than lOp a kilo 
about 5p a pound) since the 
JeRlnning of the week. 

. Market experts said yesterday 
ne rapid rise was due mainly to 
t surge m confidence among 
>uyers following the announce- 
nent from the Ministry of Agri- 
!; -'Ultnw last week of a 10 per 
**£■ nse in ■ the guaranteed 

■ irice of lamb in the new season. 
. There was no question of 
irices rising because farmers 
vere holding sheep back until 
he new guarantee took effect on 

27- Numbers going 
.hroueh markets had been about 
. lormal for the time of year. . 

■n Renewed interest among ex- 
wrters has also influenced the 
'Market. There were fears that 

• be French would have 'imposed 

■ ■ ban on lamb imports thin week 
Allowing two weeks of depres- 

. ion 'in; continental markets. But 
; .o unexpected rise ip prices in 

• T-ance helped keep the market 
ipen for U.K. traders. 

i .At- the start of the new market- 
ng year on March 27 the guaran- 
price, for lamb rises to 
n. o9-9p a kilo. In the past week 
; ome buyers have been paying as 
ouch as 146p For top class Jamb 
‘ Wrasses. 

£60m. loan 
for Australian 
wool stockpile 

By Our Commodities. Staff 
; corporation' will borrow SAJOOol 
-E60td.) abroad to finance its 
;. 1 Verseas wool stocks. Mr. Alf 
taiden. chairman erf the corpora- 
1 ion. said- Tbe loan would come 
rom Chase Manhattan Bank and 
consortium of Australian 
radlng hanks. 

The corporation is -understood 
3 have 250.000 bales stockpiled 
; i-; : t *.. verseas — most of it in Western 
" lurope — to meet any urgent 
emand from processors. 

- — Australian wool sales at 
notion fell to 2.38m. bales In the 
rst eight months of tbe 1977/78 
?ason from 2.56m. in the pre- 
- toils July/February period, the 
tational Council of Wool Selling 
■Hikers reported. - 
.Meanwhile Mr. Hugh Patrse, 
>anagrmg director of the New 
- ealand Wool Board, said that 
iew Zealand wool supplies to the 
Tternatiopal market were expec- 
>d to remain about- 300m. kilos 
or the next two seasons: 

He told an International Wool 
— — — ecretariat conference in London 
lat production was expected to 
e about 32J)m. kilos from 61m. 
■Veep by 1978/79. compared with 
n estimated 312m. kilos from 
"Bm. sheep this season. 

Lords applaud Brussels bid 
to hold down farm prices 


THE COMMON Market Commis- 
sion hs been congratulated on 
its “toughed approach to farm 
price fixing by a House of -Lords 
committee reporting on Brussels* 
proposals for the new year in- 
creases. The British. Consumers’ 
Association, on the other hand, is 
criticised as “over, harsh”, for 
demanding an even more restric- 
tive approach. 

In a separate report tbe Lords 
have attacked bey sections of the 
Commission’s proposals for the 
strict conditions, under which 
Britain should be qjlowed to 
retain its monopolistic but highly 
effective milk marketing Boards. 

In a report published yester- 
day the Select Committee bn the 
European Communities wel- 
comed the proposed prices pack- 
age “as a -sign of growing 

Brussels calculates that to 
retain farm profits at current 
levels an average Increase in 
“common" prices of 42 per cent, 
is justified. Bat. in the -Interests 
of controlling snrluses in cereals, 
sugar; milk, beef.' wine and olive 
oil, it ’ has limited its 'recom- 

mended rise to le£s than 2 per 

The committee is mildly criti- 
cal of the idea that there should 
be any increase, for these com- 
modities, but appreciates tbe 
political impossibility of winning 
unanimous approval from the 
Council of Ministers for any more 
restrictive proposals. 

The report suggests - that 
although little can be achieved 
in reducing milk surpluses by 
price adjustments, tbe Commis- 
sion might have put forward 
more ideas for encouraging con- 

It is particularly critical of the 
plan to phase out by the end 
Of ibis year tbe special EEC- 
funded butter subsidy now paid 
in Britain. 

in its evidence to the com- 
mittee, tbe Milk Marketing Board 
estimated butter consumption in 
the U.K would fall from 400.000 
tonnes to 370.000 tonnes in I97&- 
1979, and fall further to 355.000 
tonnes is the followins year. 

The Board said that if tbe sub- 
sidy were retained butter con- 
sumption would probably still be 

more than 380,000 tonnes a year 
at the end of 1979. ' 

In a separate report on milk, 
the committee rejects the pro- 
posal from Brussels that the 
Milk Marketing Boards should be 
subjected to a “ popularity test 
every five years to ensure that 
dairy farmers are still happy 
with them. It is suggested that 
because this would lead to un- 
certainty In investment polls 
should be held only when 
demanded by a mlnmum number 
of fanners. 

.The Lords also reject the pro- 
position that the continued 
existence of tbe milk boards 
should depend on “ arbitrary 
rules” on tbe amount of milk 
sold liquid for drinking. 

It bag been suggested that the 
boards should continue in their 
present form only as lone as the 
proportion of liquid milk sold 
does not fall below 50. per cent 
Evidence to the committee 
showed that by the early 1980s 
the proportion in all Board areas, 
with the possible exception of 
the north of Scotland, would 
probably be less than 50 per cent. 

Plea for fish policy realis 


man of Associated Fisheries. 
Britain's biggest - 'fishing - com- 
pany. has called for a more 
realistic line. in Britain's negotia- 
tions with other EEC members 
on a new common . fisheries 

While praising the touith line 
taken at tbe talks by Mr. John 
Silkln. Agriculture Minister. Mr. 
Tapscntt said the Government 
should recognise that tbd other 
EEC fishing powers had already 
“ moved quite a hit our way.’* 

Af*er the company's annual 
meeting in London yesterday Mr. 
Taoxcott said he agreed with Mr. 
SUkin and the British Fishing 
Federation that the share of 
Common Market fi*h * resources 
so far offered to Britain in- 
adequate. But be argued that the 
success of conservation measures 
embodied in tbe policy, would 
greatly increase availably stocks. 
He thought priority ought to. be 
given to ensuring that Britain 
was granted the lion's share of 
these extra stocks. " r: 

Mr. Tapscott said the .un- 
certainty surrounding the un- 
resolved Brussels negotiations 
was doing great harm • to 
Britain's fishing industry and 
delaying the restructuring which 
was recognised as in evitable in 
most quarters. The settlement of 
a common policy within the EEC 

would facilitate .progress on 
securing- access to third-country 
( non-EEC) resources. Exclusion 
from these areas was crippling 
the UJC. distant water fleet. 

He shared the British Fishing 
Federation's dislike of catch 
ou ota restri cti ons on fishing. 
Effort limitation through a 
vessel licensing system or 
through ‘fishing plans" would 
almost certainly provide more 
effective conservation but tbe 
n'inta system favoured by other 
EEC members could be accepted 
in the short term in the interests 

of securing an early settlement 
Earlier Mr, Tapscott told his 
shareholders the British fishing 
industry would have to undergo 
a substantial alteration io its 
composition in the next few 
years. “We plan to play a lead- 
ing part in this restructuring." 
In the future we believe that the 
industrv can contribute to the 
prosperity of tbe U.K as greatly 
as it has ever done in the past 
and we look to successive govern- 
ments to provide the backing 
which every essential industry 


KUALA LUMPUR. March 16. - 
crude palm oil production fell 
to 93.592 tonnes in December 
from 112.472 tonnes in November 
and was slightly higher than the 
83,891 tonnes in December. 1976. 

Production for the year ro r e 
to 1.47m. tonnes from 126m. 
tonnes a year earlier. 

Crude palm oil exports during 
the year totalled 577.538 tonnes 
for 1977, compared with 749,088 
tonnes in 1976. 

Stocks at the end of December 
totalled 118,588 tonnes. 


Oil deal in Burma 

MITSUBISHI Oil, . Mitsubishi 
Heavy. Industries and Mitsubishi 
Corporation have signed a 
Y30bn. contract to build a big 
oil refinery in Mann, an oil-pro- 
ducing area In central Burma, 
AP-DJ reports from Tokyo. 

.The full-turnkey contract was 
signed - formally -with Burma's 
state-run Petrochemical indus- 
tries Corporation. Production 
capacity will be 25,000 barrels 
daily. Tbd refinery will' be com- 
pleted in 198L - - 

BMW prices rise 

BMW CAR prices are to rise by 
an average of 6 per cent because 
of the increasing strength of the 
West ‘ - German, • mark. 

Sharp fall 
in tin 

Bjr John Edwards, * 

Commodities Editor 

TIN VALUES tumbled on the 
London Metal Exchange yester- 
day .with the cash price falling 
£170 to £5,865 a tonne — the 

lowest since July last year. 

Heavy selling from one 
dealer. in particular undermined 
the market after a firm open- 
ing. This triggered further 
sales as the market went .below 
What was considered to he a 
significant chart point wben 
three months price hit £5.950. 
Trading was very active with a 
turnover of 3,130 tonnes. 

The tin market has been ex- 
tremely nervous iu the last few 
weeks following reports from 
Washington of various pro- 
posals. backed by the Carter 
Administration, to release sur- 
plus ' tin from the strategic 

BotUie sudden fall yesterday 
appears to be mainly attribut- 
able to mechanical market 
reasons; since the Sintta tin 
price la Malaysia overnight 
rose $M12 to SML592 a picul. 

Aiding the downward trend 
was tbe weakness in the value 
of the dollar that affected all 
metals. Copper cash wire bars 
dipped by £6.25 to £663.5 a 
tonne. Lead and zinc values also 


. . . SYDNEY. March 16. 
THE SYDNEY F-q lures Exchange 
has .scheduled tbe start of its 
gold futures market for April 19. 

Mr. Pat Nicholas, the exchange 
secretary said tbe first month to 
be traded would be August, 1978 
The exchange would soon pub- 
lish a .document setting out 
details of tbe market, 

Ur. Nicbolas. confirmed the 
basis of the gold contract would 
be 50 ounces of 99.5 per cent, 
fine gold, deliverable in the form 
of negotiable warehouse receipts 
issued by. the clearing house. 

Trading months would be 
February, April, June, August 
October and December up to 17 
months ahead. Prices would be 
in Australian dollars. 

Reuter '• _ 


WASHINGTON, March 16. 
DOMESTIC USE of rice for 
1977-78 Jws been cut 1.5m. cwt 
to 43-8m.. the U.S. Agriculture 
Department said in a special 
agricultural supply and demand 

It said smaller utilisation by 
brewers was expected to cut 
Industrial use for the first time 
since 1970-71. Reuter 



Facing up to fear 
of the taxman 


AS A FARMER I have never been 
impressed by the fashionable 
argument that there is a need 
for the persistence of two-tier 
structure in farming with a land- 
lord providing land and buildings 
— permanent capital that is— and 
(he farmer tbe working capital. 
That British farming developed 
this way was simply an accident 

of history. Had we had a revolu- 
tion — or conquest by Napoleon, 
whose Code Forced the fragmenta- 
tion of estates in most of Europe 
—the private landlord would 
have disappeared and something 
else would have evolved. 

When 1 was' born raibcr more 
than 90 per ccul of the land in 
Britain was tenanted. To-day the 
proportion is about 50 per cent. 
But there is no evidence that the 
tenanted portion is any worse 
farmed, or that tbe owner 
occupiers 3fe crying out for a 
return of tbe squire. They have 
until now demonstrated that far 
from being short of the requisite 
capital, they can generate from 
their own farm profits enough 
funds for such development that 
they need to keep going. 

This has always been my 
experience. 1 was a tenant for 
about IS years and during tbat 
time any capital expenditure 
needed was provided by me; my 
landlords being unable or un- 
willing to provide the where- 
withal. 1 did not expect them to. 
I felt I was the best judge of 
wbat was needed, and would be 
much better placed to spend the 
money wisely if it were my own. 

I also knew that most farm 
development is fairly ephemeral. 
A system developed to-day will 
undoubtedly be out of date in 10 
years’ time, and possibly in five. 
Therefore, ray spending has been 
on either flexible or disposable 
buildings.- By flexible I mean, 
for example, to provide for live- 
stock no more than a cover 
within which differing systems 
could be developed. 

This might seem a hand-to- 
mouth policy, but in the last 40 
years there have been at least 
four major innovations in cow 
housing, and heaven knows how 
many different ones for pigs. 
Any farmer who sank his all in 
one particular system would be 
out of date almost as soon as he 
got going and with no redress. 
A friend of mine once built the 
very latest piggery, decided he 
had got It wrong, bulldozed it 
down and started again. 

There is an excellent argu- 
ment for writing off farming 
buildings at the same rate against 
tax as machinery, which at the 
moment is 100 ner cent Not 
onlv do thev depreciate quite 
as fast as machines but (bey add 
nothing to the value of the farm 
if it should have to be sold. 
Thev do not even have a scran 
value. They should be part of 
the tenant's side of the equa- 


Tbe value of land itself is 
another problem. In earning 
terms land has usually been over- 
valued and landlords have always 
claimed they earn no more than 
2 per cent, or 3 per cent, of its 
current value when let. The 
price of land has snared recently, 
not because of what can be 
earned from it. hut heennse 
everyone recognises that in the 
last 15 years it has been a won- 
derful hedge against Inflation. 

Apart from the well-publicised 
purchases bv institutions, 
fanners and many individuals 
have been buying and the price, 
now at more £1.000 an acre for 
reasonable land, is wav beyond 
anv reasonable return to be 
expected in the foreseeable 
future. This has become an 
embarrassment to manv fanners 
and their families, who appre- 
ciate that the Capital Transfer 
Tax (CTT) on death or even on 

inter vivos gifts will probably 
be more than many estates will 
be able to bear, even with the 
concessions granted to small 
businesses in recent budgets. 

Tenant farmers are nothing 
like so badly placed in this 
respect. The capital needed for 
running a farm is nothing like as 
large as that needed for simply 
owning improbably no more 
than one third. With the budget 
concessions tenants should he 
able to make provision (nr pay- 
ing CTT without harming the 
business unduly. Bui if £ 1,0011 
an acre is added for land, the 
prospect becomes impossible. 

There is a good ease lor 
valuing land for CTT on death 
nr transfer, not at us vacant 
possesion scarcity value, but at 
its farming value as one would 
other farming assets. 1C this is 
thought unfair to owners of nun- 
farming assets, n could be 
surcharged if and whop it is sold 
at a higher price. 

If, on the other hand, it is 
insisted that land is valued r.ot 
for its earning power hut like 
Krugerrands fur something 
entirely different, the farmer 
should be able either to sell 
portions sufficient to pay the tax 
while retaining occupancy, or use 
it directly as payment in kind of 

This would be tantamount to 
n.iuonalisation by morsels and 
would ohviously lead to 
fragmented ownership, bm I can 
see very little wrong in this— 
again as long as the farmer 
retains the right tn farm. 

In France they have low estate 
duties, but the enforcement of 
the Code Xapnlcnn on ihc death 
of the owner has fragmented 
ownership. However, the larger 
farms are still fanned os one 
with the farmer owning perhaps 
the bouse, a steading, and some 
land while tbe rest of the land 
is rented from a host of investors, 
including the family. 

Community farm incomes at standstill 


per capita farm incomes rose 
21.5 per cent in real terms. It 
was ■ followed by Denmark (up 
10.9 per cent.), France (up 8.6 
per cent.) and Luxembourg (up 
2B per cent). In Britain per 
capita real incomes were 
unchanged, though there was a 
1 per cent fall in total farm 

The biggest fall occurred in 
Germany, where real incomes fell 

the EEC increased in real terms 
by an average of only 0.5 per 
cent, last year, compared with 
rises of 2.6 per cent in each of 
the two preceding years. There 
were sharp differences between 
the rates of growth achieved in 
different countries. 

The most spectacular national 
increase was in Ireland, where 

BRUSSELS, March 16. 

8 per cent In Belgium they fell 
6.7 per cent.. 

According to the European 
Commission, which published 
these findings to-day, the wide 
variations between income 
trends in different countries lost 
year reflected diverse factors, in 
particular the lingering effects of 
the severe drought of 1976 and 
heavy rainfall during certain 
crucial periods 



C0FPER— Lart 0 round on the London 
eul EichaoGC. Tbe ffnnnen of the 
-eroight 1)5. market enabled forward 
-Mai hi open on a harder noie with 
-B initially traded. However, tbe wcak- 
ss of the dollar caused the price to 
_•> • below CBM at which point stop-low 
ring prompted a further downturn Jo 
re. Bear covering then rallied the 
lee to tBJft tad ihereaher the price 
nuited between £875.9 and £879 before 
ding at U77 oo the late kerb. Turn- 


+ '« r 




\ £ 





ib 664-3 



moth*..' 678.6-9 




trm'ac, 664.3 



ib- 666 -.S 

-4 ' 

1 638.3-4.9 

inollii..' 069-.5 | 





1 ' — - 



three months £879. 78.5. IB. 77-5. 77, 7T.S. 
TS.- Afternoon: Wirebar* cart £365- three 
mouths U 77. 70. 5, 77, 77,5. 78. Cathodes 
three mouths £6884- Kerb: three months 
£673. 77, 774. 

TIM— Lower tn active trad true. Forward 
standard metal oocaed a shade Urtner at 
£8.030 mainly reflecting the rise In - the 
Penan* price. However, the Initial 
demand was offset by hedge selling and 
Uw weakness of the dollar which took 
the price down to £5.900 m the morning 
rims. AS the price retreated through 
£ 6.801 one heavy seller came Into the 
market, in tbe afterawh farther selling 
prompted chartist and stop-low selling at 
£5.950 whb the result that the price 
dropaed sharply to £5420 before rallying 
to £S,8M on -the kerb following bear 

covering and some physical demand. 
Turnover. 3.1M tonnes. 

Morning: Standard three months £5.990. 
05. £8,060 £5.995. 90. M. 79. Kerb: 

Standard three months £5.970. 60. 50. 69. 
Afternoon: Standard three months £5.876. 
54. 40. ». SO. 48. 50. SO. 40. 50. 00. «S. 
7U U 75, 88. 70; 7£'80. 75. 70. 95. 80. 85. 
Kerb: Standard three months £5,850, 55, 
60. 65. 89, 90, 15.990, £5,890. 

LEAD— Easier after profit-taking in 
r o utin e trading. Influenced by the easier 
tone of copper. Forward metal moved 
down to £814 pre-market bm later belt) 
between SH and £316 throughout the 
day. dosing on the Kerb at £314. Tarn- 
over. 4490 tonnes. 


Commlsison house setting forced Robust* 


EASIER opening on the London physical 
coflbe values rtarnly tower, confirming market. Fair interest throughout the dar. reported. 
Wednesday's reversal.' Drexel Burnham ‘cloring uncertain. Lewis and Peat 

Lambert reports. Local dealers supported reported that the Malaysia godown price 
to the market throughout the day bill wu 585 (riteji cents a kiln (buyer. April!, 
g limit-down opening m New York 
precipitated stop-loss setting In London. 

At ■ the close values were at the day’s 
lows. • 


LONDON— Dull and feature less. Bache 


Prices per tonne unless otherwise 

(Peace per kllot 


■.m. f+ a 

omrfsi \ — 

amalgamated Metal Trading reported 
it in the morning three months withe- 
rs traded at £979. 78.5. 78. 77.5. 78. 78.5. 

7S-3. Cathodes cash 1655, 59.5. 63. 
re months £869.5. Kerb: Mrebara 

C«ib — .... 

3 months. 

Sett tenet 

Cash 1 

3 month*. 
Strait* RJ 
New York* 

OtgdjB £ 


























' XBAtt ‘ 


Oraetol ] 










— 14 


— 84 

3 motnbs.. 





Set t’lm 'nt 





— 1 


1 .~7L 







£ per tonne 


1588. 0-15794' -884 





1451). M21 

July — 






Nnvember m 

124)4-1254.0 —49.0 

1278- 1250 


118Q.9-1V2)’.0 -Sft.0 



1200.0-17104 -55-8 








48. C-48.49 


4S.S3-49.85r 49.51-48.Bd 

59.89-N 88 

No. 1 


Ort- De-j 52 flj-82J0| 62.SV6M5 
bi.jV-52.40i 63 85-53.76 
64 S6A46JI 65.00-56.10 
66 86 6 U0 68.28-66.39 
67. 16-67.50. 67,047.45. 



Jan- Mr. 

67 J £-67.2 J 

Austral Isa 
Greeay W<iol 

Yesterday -f or 
Cloae | - 





May. -8S&.0-27.0 












Marrb ...w... 






+ or Month 


Sales: L880 >19891 lots of 5 tonnes. 

ICO tndkatar prices for March 15 iU3. 

. Sales: 7 iri lots of 5 tonnes and 518 
<176i lots ol 15 tonnes. 

Physical dosing prices rbnyers) were: 

Sales: OB (1> lots of 1.509 kilos. 
BRADFORD— Australian woo! sole re- 
ports Indicate a softening In prices be- 
fore Easier. Business is Quiet whh ante 
chance of na early tmproven.em 
Currency fluctuations are making moat 
traders cautious. ■ 

SYDNEY CREASY— fin order buyer. 

Motels . 

Alum in I um 

Free market (da 
Coppamab W. 
a months do. do. 

Cash Cathode 

3 months iln. do. 

Gold .Troy ea.| 

lead Cash | 

3 months 

Nickel - 

Free Market (efr)— 


I. Index Limited 01351 3468. One month Gold 184^-185.7 

Lamont Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for <he smaller investor. 


10,000 people In tbe United Kingdom suffer from progressively 
)ara lysine MULTIPLE SCLEROSIS — the .cause and cure of 
which are still unknown— HELP US BRING THEM RELIEF 

JVe need your donation to enable os to continue our work' 
ufferers and to continue our commiimem to find tbe cause 

Please help— Bend a donation today to: 

Room F.t, 

The Multiple Sclerosis Society of G.B. and NX - 
4 Tach brook Street, 

London SWltSJ 


lachine twenty-six 


: Danish A.l per ton 

British A A per ton .... 

. Irish Special per ton 

Ulster A.1 per tonf 


NZ per 20 lbs - 

English per cwtt -■■■■■ 

' Danish salted per cwtt ... 


nz per tonne 

English cheddar trade per 



Home produce: 

Size 4. 

Size 2 ... 


March 16 Week ago Month ago 

f. ■£-..£ 

5,060 1,060 1,030 

1,035 1,035 ' 1.005 

I, 035 1,035 . 1,005. 

- 1.035 1.035 1.005 

II. 41/11.52 11.41/11.52 30.94/11.05 

67.S7 8357 te-ST 

70.15/7U8 7045/70.18 70.1o/72.41 





1,161 JO 

SJtO/420 3.90/4-20 3.40/3.00 
4.40/4.90 4.4Q/C90 -3.70/4.40 

March 36 


44 0/40.5- 

.36.0/42JO . 

•London E Kg Exchange price per 
For delivery March U-1& - 


Scottish killed sides Tex- 


Eire forequarters ......... 



UITON— English ewes ... 

JEK— (all weigh tsl 

1ULTRY— Broiler chickens 

Week ago Month ago 

p p 

49.0/53.0 49.0/52.0 

49.0/53.0 47.Q/5S.O 

44.0/48 .0 44.0/46.0 

36.0/42.0 34.0/42.0 

32.0/34 JS'. . 305/34-5 
120 eggs- t Delivered. 

Morning: cart £8H, three mouths 1319, 
15. IS. 15.5. 15, 1S4L Kerb: three months 
OILS. Afternoon: three moortu £913, 
12-5. £L M. . X55, 34. Kerb: three 
month* £314, 13, 1S.5. 

ZINC— Moved gamn viy after a lower 
suit for forward meul at £388.5, tn line 
with ihe general trend. The price 
remained between £355 and £287 closing 
an the Kerb at the high. Turnover U2S 
tonne*. • 

— - IFjSlS a a sb? Mmh 499 E& •aar-afisss c n& 


Arabic** LBLM {samel; ■ unwashed 
Arabics* iffi.00 tl&CTSr. other mild 
Arabics* 178.53 (£70.00*: RobaAU IB&00 

’ n,c market opened SQp down, where 
LONDON ARAftlCASirjided only 19- j t remained throughout ihe dav tn thin 
Dnel »«1 featureless conditions. SNW reports. 

Burnham Lamocn reports. — — - ■ — 

Prices (in order buyer, seller, change, iievtwdysri- 

busmssl: Apm 1M.0P46.M f-4.131, 

195.00- WJ8; June 170.».7*m 1-7. Ml, 

173.90 oniTT Aug. 157.00-58.0# (—8.75), 

162.00- 58.09; Oct. M7.W-58.M (-8 April 

LCpertaanel i 

'117.03-17.5 —0.58179.00-17.00 

152.58 Only; Pec. U5.0M0.80 (-S.S8). u»- June IIIB 6 MS.8~l.ltn 18.61-16.88 

Close ( — 

B prince 

341.5, 342.0. 343.0441.8. 11; July 348.2. 

349.7, S4JL5-M7-0. 12; Oct. 351.0. 352.0. 

354.0351.5, 15: Dec- 355.0. 355.0. 3S8.5- 

335.5, Ufl; March 38ZM. 382.8. 3M.S3SS3. 
107; May 3SS.3. 386.0. 368 0466 0. 116: July 

368.8. 3883. STL 0388.0. U- Total sates: 
391 low. 


. 8JBU | 


+ W 



f or 






265 6 


A months,. 

266.3.7 ; 



STineur — 

866 1 




. — 1 


traded; Feb. 13.6046.00 (-8J3), on traded; August ] 

April 13B.9046.M f-3-50). uainiled. Oaoter 1 

Sales: 19 (44i lots of IT.230 kilos. December 


118 60-16 1— 1.80 177.78-16 60 -2.08 114 Bh- 12.68 
189.80-19 J)':.'.'.:.,., I 
109.60. TZ.0 +0.36 

Morning: cart £285. S5A Oild-May 
2284.5. (hree months £297. 86J. 85. 66. 
7. Kerb: three man (is ZS68-5, 68. After- 
noon: three months 063, 64. 66. 58.5. 

April * 188.00. 1 4.0 +0 ^6 • - 

(GAFTA) Tbe Soles: 111 (Sft lots of 106 loaoes. 


tobacco crop 

Platinum troy C11A.WV 

Free Market UCm.ltR 

Quicksilver (Tfilb.) 8128/35j 

Silver troy or 283.4p 

3 month* — 288.4p 

Tin Cash £B,eOfi 

S months... 


Zmr rash 

3 muoilis.. 1 

Producer* 19550 


Coconut (PMU 66851 

Oroundnt £641 

Linseed Crodete)— *309 
Palm Mals.van 55S5i 


L £118.96 

+3.0 IS £8742 
h— 1.S K. 

|£5.B65 Ll5B.0t£l 

SiMtefl- S: 

£265.5 1 

67.66 p 
288.4p f-1.4 l261.Bbp 
'-m .0X6.136 
Is 145 -60 

.o kaea.Ts 

£266. 8G| — 4 .26 Ie 854.7a 
S650-60 B 

+ 15.KS572.5 
—6.0 |£599 


h— 16.0 5527 

By Our Own Correspondent 
SALISBURY. March 10. 


Copra Philip 

Soyabean [D.8.J.... 


5 Ever was fixed 1.3p «n ounce lower for 
snot delivery io the Loudon bullion 
market yesterday, at 283.4P- XJ.S. cent 
emdvateBT* of the fixing levels were: anoi 
541.7c. down l-Sc: three-mouth 551.5c, 
dowh O^c: stx-month 5614c. down .8.4c: 
and Umomh SSff.ic. down 1c. The metal 
opened at 30.7-C84.rp 1 5421-5440 and 

Closed at 282>283^p {5401-5430. 

market opened uaebanged hut on-a slack 
physical rradlog values moved tower on _ 

w?re'^^redir?WCTtS) P w , h^! lSX - # t°«Do»i DoiLY' price (raw sugar, in Rhodesia last year fell more 
Seri ^SvcriEc rtwd 3? market atom »■« ,oono ; Marrt-April than £8m^ according to the chair- 

Keady -15-K tower. OW crop barley prtC# "*** m&D Of One Of the country's tWO 

uSSwingwL 801 New*** croS^aaw^good^wi^ jS-iS ^^t when prices tobacco. auction organraations. 

SS^^yiK^tottSSTbS^titSr t>3« al » ut » *®rb levels. Mr. C. G.Treacy said. the grow- 

seiuzig helped losses of np to 35 twin is !n S secior had declined last year 

IL-dk OTW,tex ” c50 * 4 vSk Kls. lc S e, aS!*iA SS were Oie viability or a number of 

gigaox, rwra am. a; _ ^ above first' traded levels, marginal producers had become 




|. .. per ■ 

fro? ea. 





Ik M E. 


3 month*.. 

1 Rmottek. 

1 12 moatiha. 

2 M.p 
308.5 p | 

— 1.4 



9 83p 








+ or 




+ Or 









. 87.70 



Co 461 

, .79^3 

+ 0.18 

BARLEY Froflt-Ukinil deveteped at the close. This suspect. The volume Of tobacco 
££na c* <££%uS * b0ai JM PC1WS - MW at the Rhodesian sales last 
Tate and Lyle sx-refinery price for year fell 24 per cent, following 
■granulated basis: white sugar was £343.40 disappointing weather. 

k ' ■* J Rhodesia does not publish 


Burtwa done; Wheat— March 85.13- c am. 
94-85: May 8a9W6^fl; Sept. 8S.7S-ttiiO; 

MOV. 85J04t5.86; Jan. 97.70S7S9. Sales: 

(come, a tone (or home trade and £155.04 
UB5TJJ9. for export. 



Bartel- SKC 1 J 

Home Future* .J.£73.£5 


French Xn. SAm^IOl.M 
Whm. } 

Mo. 1 Red Sprixy-Jflea.S 
AoZHarri Winter! j 
Bag LUli MiUim!..l£B648 ? 


Co(r«e Future.... 

May™. £L«a.6i 

Cnrtnu "A' Index... 6B.7p 

Rut-berkilo 48iS| 

Sugar (Raw) £98 

Wooltn paSSe kilo... 37 0p 

Coma Shipment .. ..i£l,9$8 
Future Slay. 


+8.0 :S395 

+ 0.1 
+ 1.8 














' LME— Tununrnr 178 fl49t lota of 18.080 
ounces. ' Morning: Cart ihroe 

BUiiths 28S. M. 8.9. SX. 8£. 8.7, 8.6. 8.3. 
ft£, 8.1. 88, as. 0 9. &I. Kerb: Three 
months 287.7. 7J. 88L ' Afternoon: Three 
mornta 28k 83. 8J, $2. Kert; Three 
mouths 289. S. 

tobawo output figures because 
of the need for sanctions 
security, but it is known tbat 

growers increased their acreages 
- . under tobaoco considerably for 

173 lott. Parlay— March none: May 74.73- .. an aj SkSm no, nr, « „ « Current SeaSOp, Which U jug^ 

-SErBSSiKSSSaJtSS <« . do«. Ataonniij 

IMPO^I-Wtaalf'ffraSMo, 1 134 Ort.. ... IM.5B-M.7B H7.t5.67J6 be?Vy HUH — causing floodtllB in 

i»r cent- Marc* ux. Dari! Doe-— iilAj-W-M Ilk. is. juSoh 12.76- lane- some areas — is understood to 

percm.^.n^TUhury.u^Dort . »gvijU| have ftharoly reduced yields so 

Augi:^Su4.7>-86.9 115 ^ 0 - 2 W«us 6 j»-aj 5 * at crop size will be lower 

in the 1978 sales season, further 


Values held steady, for most of the day. 

Late off erring* posited >be market part lo 
Unchanged, reports GIB and Dnffu. 

f " aurdmyiSpV m . Bualnesa 
. Clow | — ! Done 

Northern Spring No. 2 14- per eta. April 
£81^0, ,J4*y £77.00. trenrtlpmcnt East 
Coast. UJS. ’ Bard Winter Ordinary, 
AnsxroliM. Argentine, Soviet ami EEC 
grades mam ted. 

Matefr—U^/Frendi March and April 
£10140 trtnsMpmm: East Coast, s. African 
White unaaotEd. S. African Yellow April 
£70.00 quoted. Kenya Grade Three. April 
SI IS fob noted 

Barker. Sarah am. Oafs: Unq«x«L 

No. 5 Can't 1 

Uarch. 2908.D-T0.B 

day 1 686.0-92.9 



Dec...,i.. |1759.9fl5.0 

Varcb — ^.(1680.0.1700 


t B.50 2027.9-1898 
6fifi W60.M880 
+ 3J3 .18K.D-1B29 
— 14.6 n4&fi-l788 
-18.76 17S6A17SE' 
—22.8 174DJMS88. 

-ao — • 

Sales: 3.434 (4.1781 tola of £9 lames. . 
. Iptarmdonal - Cacoa 3r0»loOH (U.S. 
C«QU per pound!— Dally price Mari* 15: 
1SL3T 05738). Jndlcaiar prices Mart* 18: 
15-day .average 14338 tl4L33j; 22-day 
average 137.32 03631). 


DOIIDBE Jirrc— Older. Prices c and f 
l|.K, »r A0ra-«ay rttpsneat; BWC X29T. 
BWD £388. Tessa: BTC <398. BTD 088. 
Catania paoda naady. Quota llo os c and 
f U^. tor March sWpmeni. JO CUnces 
49 inch 'IU.2S 74 ounces £7 AS per isfl 
yards. April £10. M. FT. 77; May. Jtme, 
July £18.21. £774. B Twills EB82, CS.ep 
and BO.ts Tar' the respective shipment 
periods. Yarn aad dart «ui el. 

Soles; 3.6SS I4fil21 -lots of 58" teases; , . „ 

latenrttiuui saw AvmiHt-isdica- squeeaug marginal producers. 

ton prices (U.S. cents per pound fob and - 

Mowed Caribbean pam lor March 15; 

Daily 7.48 t7J5>i 15-days average 8.08 


. uwiiy for denatured and notMtensrured 

H GCA— Ex-form spot prices tor March sugar iu lulu of account per IPO Idloa 
IS. Other mil las wheat: S. Unwin with previous tn bndeets: WMts-27.U 
£98.08. Feed wheat: S. Lincoln' £51.38. (unchanged ■: Raw-2107 tO.RI. 

«« baritsr.. S. Lincoln STL78, Wlllrtlre .. 'rWryiTMi • - Ujaivaavre . roai cu IV, 

MEAT/ VEGETABLES “t jaw pasotte. inter- 

week from March 29 Is expected to be SMITH FIELD (pence ber poundi-gae* national Wheat Council executive 
unchanged. . Scotch Killed sides 49.0. to 5t5, Ulster SCCTOtary, Said here he WHS 

EEC ■ IMPORT LEVIES— Effecetive hind Duane rs BL 6 to 64.0. lorequanore reasonably ODtimistie negotiators 
«HUy to Older eurreu levy phis April. M.o in 40.0. are hiddqurters 83.0 to m 

May and Jane- prestom*. with previous 84. cr. forenuaners 3Sfl to ' 44 j. ■ ivouiu reacb. Droafl agreement DJ- 

to brackets, all In soils or account a Veal: Dutch Hinds and "ends 99.0 (0 98.0. March 23 OU the basic elements 
inane: Coro mm wheat— 88 - IS. 3fl3. 3JB, 

4.84 (88.43. 2 St, 2.58, iS*>; Darnm 

wheat— 121.04. 11X5, 11 SS. 12 J 8 (13104. _ „ „ M .. . . 

12-50. UL58. UBK Rrt—58,41, LM, LSd. 4B.6. imoaned fttaenr SZ PL new Mason H- Parotte said the broad 

1.98. (same);' Bar ay— 81J4, nil. oil. nj] 4iL6 to 48-5. PM new season 44.9 to 45.6, agreement he envisaged would 

STS* ST ■££ ?Stef'rtS2 3& a* ro cover reserve stocks of wheat to 

For aewfiau)— 77.99, niL cU. nn (same); 419, iw-tffl lbs. 38.0 to 0.9, iij-iM lbs. be used to control market sup- 
Backwhtati— At! uiu Midci— aui. nil, nil, 38.8 io < 1 . 0 . plies and prices, supply and 

S SorcJia,,v ~ 8S ' 88 ' purchase commitments at certain 

Four.tevto*/ Wboatr or mixed wtaat js : CO— Cattle 8L9 ^ 4 ? C ^j ^ foT exporters and 

and rye — 132.45 aosflsi: sre— m.95 ( +o^3>. u.K^-shecD * - consumers, food aid to develop- 

022 rnm g^^+o-iL ' “idSHS in « countries - and coarse er ain5 - 

Hopes of wheat 
accord soon 

By Our Own Correspondent 
GENEVA. March 16. 

t a VUal: Dmca nmos and "ends 99.0 (0 98.0. MaTCU OU tfle DaSIC elements 

S JS : £2:'°! * accord r =Su' a tli. E trade 

104, Scotch medium 50.0 to 57.0, heavy 40.0 to ln woeat. 

NaminaL j UnQdoiod. a Sellar's uwta- 
dod. e Cents a pound, p Bx-tank London. 
RmL a AprtL t M arch-April. « F*b.- 
Aprfl. a AOrlKJune. to March-May. 
V AprD-Mxy, I May, z Per ion. 


WASHINGTON. March 16. 
rose 2.4 per cent. In January to 
23L1 per cent of their 1970 
base, the International Monetary 
Fund said. In December, the 
index stood at 226.6. 

The IMF said in its "jnenio- 
randum” the price moves in 
January were mixed. Reuter 

GHIM5SY FISK— Supply ’ fair nd i®i.vr. (+0.41. Eaglasd ™ WM -_ t . 

demand fair. (Prices a Boo* at atop 1 - Cattle up 5.0 per cut. average prl« “ major ISSUOS remain UH- 

sUe nnproccssedi: shelf -end »«-fi (+a.vti. sheep; up i7j per cem . resolved the present conference 

d01 " 1 3J p* p will probably have to reconvene 

£4.29, awdhnn haodudi £3J)0-£3S0, smaff cent., evecace n.4p (+9.4>. Scatiam^- w.™ TnW ^ nnM 

haddock £24*-£3(W- Piw» small plaice Canto up W.B « cent- average 84 lip the WnCai 

£9.08-1348, . skinned sfbgflrt ■ rawhami (-041). Sheep up u per cffiCiiveragc talks are linked with world 

£4.75, rrti £245-048. Salaw n.8M34B. mo H» uD. trade negotiations 


Mar. IS |il*r. 14 'Mouth age 

1 ] Year ago 

237.38 1235.94 1 226.04 

1 287.01 

(Base*. July 1. 1952= 


Mar. 16j Mar. ISJlcmth ago 


UMi |l394.4 f 1401.0 


Dew f Mar. 


J taiga 




Spue -_.35B.60 339.05 54 e. 39441 . 9 s 
Futures 34i.4g3 4S.74 530.40429.83 
(Average IBt&Sssiiay 


} Mar. 


Moody'* j 16 | 

14 | 



iDrremher 51. 1931= iwr 

U.S. A/Iarkets 

Silver up; 
gold and 
coffee fall 

GOLD CLOSED tower on Trade hedge- 
selling and Comrafsstun House stop-loss 
seDlng. Silver ended slightly hlgber in 
nervous trading over recent Tension in 
tbe Middle East. Bache reported. Coffee 
finished Umtt-dewn on UtUtt trade selling,- 
after an inactive physical market. Sugar 
was steady nn continued scattered sbort- 

Cocoa— March 165.15 (18LD01. Mar 

158fl3 1 159 fiSt. July 151.15. Sept. 147.85. 
Dec. 142.65, March 139.45. May 137.75. 
July 136.05. Sales: 764 Iocs. 

Coflee—- c " Contract: March 150.76- 1183.751. Mar 158.50-1 39.73 1167.50}. 
July 143JB asked. Sept. 137.75-138.50. Dec. 
125.50 asked. March 123.00 asked. May 
118-50 asked. July 117.50 asked. Sales; 
WO tots. 

Copper— March 59.70 150.60). April W.B9 
(59.001, May 90.50. July 61.50. Sept. 92.58, 
Dec. 64.10. Jan. 54.50. March 63.50, May 

66.50, July 87.50. Sept. 6S.S0. Dec. 70.00. 
Jan. Tft.50. Sales: 7.000 tots. 

Cotta p—Nd. 3; May 58.33-38 45 ( 58.40).. 
July 59.50-59.05 < 59.471, Ofl. 60.55, Dec.- 
61fi5-6l.30. March 82. lO. May 62.50-62.S3. 
JuU- 62.BM3.50. Sales: 455.D0D bales. 

■Geld— March 183.10 April 

183.78 1198.201, May JS4.9D, June 18E 30. 
Aug. 189.00. Oct. 191.70. Dec. 194.40, Feb. 
197.18. April 200 fib. June 2(030. Aux. 
206.30. OCT. 3D9fiO. Dec. 2123HJ. Feb. Wj- 
Qunled. Sates: iSfiOO lots. 

tLard—Cblcago lonie unavailable 
(28.0. New York prime steam 39.12 
now. <30.12 asked!. 

TWafce— March 340-2481 (238). May 24+ 
2431 (2424). July 2453-2484. Sent. 2474-248. 
Dec. 2501-2481, March 258-2591. 

f Platinum — April 226.00-2272*0 (232fi0». 
July 230 00-23150 (2.18.60). Oct. 234 00- 

234.50, Jan. 239 fill- 239.50, April 243.5ft- 
245 70. July 247.50-217.78. Sales: 2.688 

(Silver — March 540.69 (53SA0). April 
541.00 1 510 50), Mar S4SJ®. July 553.80,' 
Sept. 581.80. Dec. 574.20. Jan. 578fi0. 
March 558 60, May 595 00. July 602 50,. 
sepi- 613.18. Dec. 624.90. Jan. 639.10. 
Sales: . 23.0M bus. Haody and Harman 
boll inn spot: 543.80 (548.69). 

Sayaheans — March 688 (667). May 677- 
675 (57711, JulF 886^82, Aug. 6S2-68I, SoPL- 
654. Nov. 617-610. Jan. 625424. March All. 

nsayaboM Meal— March 17130 (177.o0i. 
May 179.00-179.59 (175.501. July 177.58. 
Aug. 177.W-17S.Wl. Sept. 178.06-17030. Oft. 
16340-184.00, Dec. 16440.165.09, Jan. 165.58. 
March 166.06 167.00. 

Soyabean Oil— March 2645-28.90 (28.43). 
May 26.05-25.S5 1 25.75), July 25.65-2540. 
Aug. 2545-25.30. SfPt. 2445. On. 2340.' 
Dec. 2240*22.75, Jan. 22.85-3249, March 

Sugar— No. 12: May 7.ES-7.B7 (7.87); 
July S.Oflfl.M (747). SepL Sfi5-825. OCT. 
8.38*849. Jan. S.55-940. MarCTi 9.U-942. 
May 9.44-9.50, July 9.85-9.69. Sates: 3.043 
lots. asked (537.00-S33.00 

“Wheat— March 280 (27S»). May 2S85- 
28S (3831). July 29!}-2B2. Sept. 289, Dec. 
SMiflOB. March JiOJ-312. 

WINNIPEG. March IS. tt Rye— May 
U1.M bid (110481, July 10910 <109.50 
bid), Oct. 103.00 bid. NOV. 106-78, Dec. 

ttDats— May 77.G0 bid (77.8ft). July 
75-10 asked (73.20 bid). OCT. 74-99 asked. 
Dec. 73.20 bid. 

ttBartey— May 78.70 (TSfiO). July 79.30 
bid 1 77.80 hid). On. 7740 asked, Dec. 

Hnwecd— May 23248 bid i232 00 bid). 
July 231.00 122100 1. Oct. 233.70 asked. 
Nov. 2240 asked, Dec. 237.00 asked. 

ITWbcat— SCWRS 13.5 per ceru. protein 
content cU St Lawrence 157.15 (1S8.B0). 

All cents pet pound cx -warehouse 
unless otherwise staled. * as per rroy 
ounce— 160 ounce tow. t Chicago loose 
Ss per luo lbs— Dent, of As. prices |«>> 
vtous day. Prime Sieam f.n.b, NY bnlk 
lank cars. : Corns per 56 lb bushel n . 
warchooH. 5.000 bushel lots. |$s per 
troy ounce for 50 ounce units of 999 Hr 
re"*- tetrity delivered NY. t Cent* ner 
rroy ounce ex-warehouse, fl New *■ a" 
contract to 9s a shun ton for bulk Inn 
of ion abort toss delivered f oh civ 
Chicago. Toledo. St. lamlx and Alton. 

— Coots per 69 lb bushel In xtore 
ri Cents per 24 lb totshti J2 Centf^S; 

« £ btuthri cx-warolmme. ijoS w 
lb bushel c&wareteime, tin bortd 
tots. ItSC per lonng. 





Equity leaders rally from dull start to close at best 

Another tap change in firm Gilts— BP recover early faH 

Equity leaders rally from dull both taps operating the upturn Stewart Plastics were again an up 5 at 187p, reflected satisfaction with a gradual transfer of work L Jacobs moved up marginally to, 
start To close at best Another tap at both ends of h( emarkcl was active speculative counter and with the preliminary results, while to plants in Birmingham made 41p in belated response to the 

change in firm Gilts-BP recovery again limited to j apart from 'a moved between extremes of I3QP demand ahead of the results, due little Impact on Punts Industries results. 

early fall. few selected - .issues which in and H3p before dosing unaltered shortly, left Ciynwed 31 to the which rose 5 to 267p for a two- Markfnnnn of Scotia) 

I pad in- equities vesterdav over- du< *, ed P* r «*■*■ iaS3 > at OTP- IQ edged up to 247p. good at 10ap. The Sharp first-half day gain of 7; the interim results in Textiles with arise 

s stssss s&aissss&s s ss«i rx 

Myas mip aftw 166 intet “ ^ sjsfcwjrsss 

™ “■ mXSUSZ SSU Stores better ^JMCiSLSSE ?&p?L*&£ 2 L 'V.'Vi ,£j» JL^Se- 

ftSSSf'p-S « jSftt'Zh X& TXh *S7?iJ£% rffS! ' ■ 

shghtly better values Tor most or lower at £60. coup most of the previous day’s for a two-day gain* of 12 in a re* the bid scene, W. J, Reynolds „ ,, . _ 

the day. a further improvement with recent buyers seemingly losses. Gussies “A” at 282p, re* stricted market Investment de- hardened . 24 . more to a. 1977-78 Gold Fields remained ; 

occurred in the late, afler-hours. having fulfilled their needs, the sained 6 of the previous day’s mand took Rowntree Mackintosh peak of4 Op on hopes that Man- on pt&r ,m 5outt African ^duf- ; 

trade and a 3 p.m. rise of 2.4 ut investment currency market be- fall of 8. Debenhams rallied 3 to up S to. 378p, while A. G. Brr, Chester Garages will increase Its 08 5 t0 73p for a two-day.,< 

the FT 30-Snare Index was ex- C ame unwilling In the f ace of JOOp, while Harks and Spencer, 72p, and Associated Dairies, 228p, offer ' Manchester hardened a 1311 01 

1 ended to one oE 4.4 at the close routine offerings and the pre- 147p, and House of Fraser, 134p, put on 2 apiece... Bluebird Con-' penny to 29p for a two-day gain - 

of 21 on the premilinary figures. Fre$h falls 111 Golds 


of 43S.3. mium reacted to close 22 lower 

Four or the index constituents al P erl * ng?s 

ended unaltered with the rest 3 

mostly showing gains to a couple SK-ftS 1 
oT pence, including BP at 746p, ^qtoJt (06927? * 

after 720p. Lucas Industries, was Q ’ m ' 

Hawker Siddeley and Beecham , • _ 

were prominent with rises of 5, AlGX. HOWden QOUgut 
The late move forward Rome Barii<s heRan ^ d a 
was largely technical, probably »|..._ soft but {rraduallv firm pH to 
reflecting the fact that the week’s gj 8 °&u2.*TSSm Svrf 
economic pointers, mostly cncour- Uoyds were 3 dearer at * 70p ^ d 
aging, are now out of the way. midland 2 harder at 350p. whfle 
The slowdown of growth in the |{j rc ijy S regained an initial loss 
latest money supply figures was Q f 3 when reverting to the over- 
much as expected and had no n j BM level of 32Sp. Discount 
apparent impact. Houses turned indecisive. Ales- 

Bnttsh Funds held the recent andere rising 5 to 2S0p and Jessel 
firm tone, the recently controlled Toynbee 3 to 75p, but Brown 
rise being reflected in a further Shipley slipping 5 to 2O0p Mer- 
modest. 0.07, improvement in the chant Banks and Hire Purchases 
Government Securities Index at were seldom tested. 

76.03. This is its highest since T ib . p 

^^^’"were'^rmlv^ac^mst s,, 8 ht i7 lower but eventually re- 


Apan fronHlie late gains in the fSS^Brl&nlc^eS^warmed^S ffLj*????*: 
leaders, notable pnee movements the increased dividend, gaining 4 
for the best part nf the day --- - 

usually centred on company trad- 
ing and other statements, nr the 
current speculative favourites. A 
lower level of trade was indicated 
in oilicial markings of 4.S24. This 

was much the same as Che week- , ... . , , .... 

Boll, which closed G higher at 

ago level but well below the aver- SSE”* "J 

age of over .1300 in the interven- Jj}J- ./re.Jcti?^™ to iSTon 
ins four days. Falls outnumbered Eli." * ISStX, ® r £*! 

Renewed demand, partly specu- 
lative, found stock of New The weakness of the boBfotr 
International none too freely price •’ in overnight transatlantic 
available and the price spurted markets and the consequent fair 
12 more to 260 p. Home Counties Tieri prompted further heavy- 
were also firm in Newspapers -at. losses in South African Golds with 
64p. up 4, but Publishers William the Gold Mines Index another '5.6 
Collins slipped to 130p on the down at 155.5 for a two-day 
lower profits before rallying to reaction of 10.S.' 1 : 

end only marginally easier at 124p. The bullion price was finally 
Richard Gay responded to the 52.50 off at $183.635— a two-day 
good preliminary figures and pro- loss of S4J25 — following reported 
posed scrip issue with a rise of 5 -heavy U.S. selling despite, the 
to a 1977*78 peak of 67p, whfle further decline in the dollar and 
Jefferson Smurfit gained 4 further the recent Middle East - troubles, 
to I89p on analysts’, hopes of an Also influencing the falls i n Go lds 
improved profits last year} the was the decline In the investment 
figures are due within the next currency premium. 
six weeks. Elsewhere. Melody Shares were marked down from 
Mills hardened 2 to 74p and Mills the outset of trading and -selling 
and AHea picked up 3 .to 183p. was generally confined to- the 
Leading Property shares passed morning session. In the afternoon 
a quiet session and were little P p, ees moved narrowly but were 
changed. Secondary issues firmer still around the day s lowest levels 
(n r choice included Chesterfield. *t the close. • : 

3fl8p, and Glanfield. 275n. bo p h Among the heavyweights 

put on 2 apiece. Among second- fectionery edged forward a penny of which added 5. Elsewhere. R. R-rodfontein were the -. wont 

Waring and GIIlow to 160p In front of-' to-day’s in- Green firmed 2! to 44Jp in re- a^^cted and closed H4 down . at 

stood out at S4p, up 4, reflecting terim statement, while Tate and snonse : to higher half-yearly £34. while Western Holdings g^vp 

the sharply increased profits Lyle, at 198p, regained hall of the earnings. . up i at £181. Falls of J were 

common to flartehecst. P01. Free 

Stn , p GMnid, £164 and President 

Brend. £10. 

Medmm-nrtced issues showed 
t.ibanon 33 off at 613p and Kloof 
26 cheaner at 445p. Tnthe 
marginals West Rond Consolidated 



BP dip and rally 

more to 160 d Puhlirirv «lven to in ® sn“Tvy iHcreasea proms ai *vbp, regainea nau oi me « 

a ?St buy ri^aidi^red'oTereS Austin Reed “A” improved simi- previous day’s Joss of 4 which . 

?o ^ a ndfr^AS whi?h roM lar ]y„ to ra P.J "M? XtybecK B8p. followed toe chairman’s profits 
4 to 171p in Brokers and Vernon Fashion, 73p. put on warning. By way of contrast, 

_ ' . 2 apiece. James Walker Non- Bejam became a nervous market The immediate reaction to toe 

Pre ? s ^. nt on to e inTenm Voting fell 2 to 75p for a two-day and eased % to 57p; Interim eagerly - awaited results from 
report directed attention to A- i oss Q f q on the first-half profits figures are’ expected on March British Petroleum was of marked 

29. Prince of Wales, 3 better at disappointment; already easier at 

a 1977-78 peak of 118p, provided 7S6p in front of the figures, BP dropped IS to 104p and Durban 
the sole noteworthy movement in fell to 720p on them befo.-o re- Deep T9 to 275n. • 1. 

Hotels and Caterers.- covering to a House close of 730p South African Financials 

and rallying further in the late weakened in line with toe bullion 
Reed Int dull late dealings on U.S. influences to Price and gold shares. Still re- 

light profit-taking following the 
previous day's jump of 8|. 


Down to 256p initially, GEC 
rallied on sporadic demand to 
settle at 260p for a rise of 2 on 


rLses. by 6-to-5. In aU FT-quoted 

Industrials for the first time since Rr-'eries ’fhietuated 1 ** narrnwiv balance. Elsewhere in the E'ec- 
Monday of last week but the FT- %?£& Sh UtTle alrererio!? *Jtor. further considers; 

Actuaries indices showed fairly B ass diarriogton held at lain. tl01 ? of th * 1 1 *^ t > proposed 

numerous small gains. whilf* Allied RRn and a issue left T. Clarke 3 firmer . . 

A ” at 20 d. while H. lVTgfall advanced at 112 Pi down 6, on news that eased to 42Sp in sympathy 
Guinness. i68p. both finished a # slmiIar amount t o 233p. despite Um negotiations to sell its BJ. but recovered to setMe at 

the further rejection of the in- mtereste_ In Staoger Pulp and WPp. . unalt ere d on bafauice. 

moving ahead 

Renewed Gilts demand penny better. 

finish 2 dearer on the Jav at fleeting the half-year results 
Reed International turned dull 746p. Elsewhere in Oils. Shell Aiutfo-Vnal declined 20 tftore to 

to 49Sp in sympathy with 640n. “Arngold" fell S to £10 L and 
“Johnnies” 5 to £lU. De Beers 

The Bank 

caution in Budget 
latcd further 

edged, albeit . in „„ „ 1V ._ w ,.. wlllvu . 

than the previous day. NVverlhe- U.K. prosnects. and J. Jarvis im- easier at the start, toe leaders slightly easier start tqfinish on a . . _ . ccp 

loss, the demand wns suffle'em to proved 3i to 165|p - - ' 1 — - A™ note. Dm™ to «i«n i„.», a fi v r»e of » on im flay._U,r liicea 

enable the Goverr f ent broker to market. -Contracting 
raise his - 

the short 
cent. I9R3 

he withdrew late in the day. The 
long tap Exchequer 101 per cent 

in a thin picked up to 
and Con- gains on balance. 

favourable Press 

volume man’s remarks on the "comnanris the Engineering sector. Inclined . , ie3a _ e .^ s p ! c *5^ U .P . r . rom _ 3 sia' “before' cl osring at 2tS» ‘for a ea«der n n bafanS? 1 ?! np.^fter 

74p. while Stehopsgate gate up 
the same amount to 78p, after 
8 Ip. Rustenburg were un changed 
on balance at 90p. after 93 pl r; 
Australians generally gave 

“““ i«ru d mruny «wt hkw-i nmo. woi j, _ — - - — — - — - - -~ r -. - --j- .. .; , -.w *u- ground in line with . overnight 

to 2380. However. Taylor Wood- and John Brown. 278o. Among Fresh demand ahead of next Mon- d J*®PP° ,a *“® n t domestic markets and reflecting 

tnn _ , - ------ - — row. 358 p, and Aberdeen Con- secondary issues. Advert were day's results lifted Booker McCon- the lower premium. W~tenl 

I 99,3 Ji? s a JO? csiflblished at a rtniction. 87p. both held small again favoured and put on 4 more n*U S further to 223pi, while the 55,9 0i>c Mining, however, continued to 

new price. SO., but only a small gains. In the leaders. AP Cement to 240p, but sporadic offerings left almost double annus! profits “* T i^!l e il4. on reflect Wednesday’s news that the 

amount of stock was though* to firmed 2 to 236p. after 233}p. but Davy International that amount prompted a rise of 4i to 53ip In »« comoany had enemmtered hvdro- 

have been bid for. Thus, with London Brick remained at 65p. down at 217p. Wolseley-Hnghes. James wakes. Other good spots SosKisMrftti frah^nTfo^wtoz carbonR 10 lhe Houtman . No. 1 

in response to favourable trading n reas0nabTe two-way bu&inel 

price for supplies or struction issues were narrowly 275 p before settling at 278p for ?" ® 22p » 'Vhile Glaxo, ” . 

tap. Exchequer si per mixed: R. Cosfrfn eased 2 to 24fln. a net rise of 2, while similar gains f 7 * * nd UaUever, 484p. closed _Amon g Overseas, Trader S*me 
. to 8»!?. a level which and Tilbury chapened a penny were marked against Tubes. 36Sp, ' and B 10 tbe good- respectively. eased - r ‘4^ y 10 


-i.=-rusrr uv. i » - Mw.-Trlitw* - - - 

8 w «i* g w 
lnlurai Otdlnaiy— i 
-SqU Sfmw-- — — 

Did. Div. Tield — m— j 

- DaaltngMBmrfced*«»*i 



Hr. t: 


157A3 «7^}| 

.«n ' *4i 

■♦••WX 7 A&- 

MIUM 12/9/35. SE Activity July-Hoc. U4S. ■■ • — •'‘ as " 



31m CcanpraUoo 

• - 



■ nigh 


- ; ' 'll 

. -JS-' 


Fixed InL- 

• UHL Old..-. 

Gobi Hint-. 







f lts .101 



93.1 . 

■ 1/2S - 



64 9J8 


(5/1 /7ft 







3 - lav Av^bgr 
Gllt-Bleol — 
lbla4fW t >. 












.... W 



l'“ • 


"Ladbroke ’ Wafraflts. while doubles werejmngetf” 
LoSho, Libanon, ICI, Bridgend Siebens (UJS.). Ullcyj 

Processes, Queens Moat, Britan- Wilmot-Breeden, BtgHah 
iila Arrow, Fitzwilton, London Clays, ^Jessey, 

Provincial Shop, Capper-Neill, NatWest GEC. lO^Brit 
William Whittingham, Inter- Arrow, F. W. Woolworth, . 

European Property, More and Counties Property, later* * .... 
(FFeralL Alexanders Holdings, europcan PriHwrty and Flldt -.? . 
Crand Metropolitan, Ultramar, LovelL A short-dated double .jyai ** 1 
BSG International, French Kier, arranged in BP. - *+i 

— - ■■ .. - ! ' L. 

• • 


TM MtaodOT wcurltles ouotejJ *n tbe FAPCN Cl» • ’ Sf •' 

Share Information ^S*-rv*cr *ot-rriJV Clar (B J . s 

attained new* H'9h» for 1977-J4. There '• * -Or 

tot no new Lows; 

NEW HIGHS .(33) 


Exctiqr. 8*ipe 1983 • 

L.CC. 6 PC 76-79 MOO*. SUpe 1980 



whittingham rwj 

Green «R.> 

Mac Pc hi non 

Ree8 fWm.l 


Small a TiOmaa 

Suez Finance 


Vul» Catto 




Si me Dartnr > • • 


CeiKio. Piantattona Moar RNer 
KhIIri . . 


. .. :s 
. '■ -to 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East These are: 



Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks; the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking: 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets; and a summary of all 
short, medium and long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN O 902998 17 X 
Price £26.00 in the UK. $52.00 outside the U.K. 

Your order to: 


Registered in England No. 227590 

Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest .. 
Wherever you are ... 

Ring London, Birmingham 
Liverpool or Manchester 

246 8026 

for the 



Business News Summary 





«|peorporat«d In ttw RewttUe o> South Africa} 
A Member of the Barlow Rand Group 


dend No. 43 of m cents par share has 

been declared In South African currencr 

parable to members rw.'sjerwl In the boofa 

ol he company at the close at business 

an S 1st Much. WB. The realstcr o( 
. members will be closed from 1 st to flth 
'April. 1978. tacftisWo. anti dividend w- 

I rants will be posted on or about Bib May. 


The rate of exchanoe at which the dlvt- 
. oend will be convened into Unlcoo Klno- 

idom currency lor payment oi die dividend 

• I ram me olhc* of. (he London Secretaries 
l -nil be the le'eorsohlc transfer rale ol 
ex.-hanne between Johannesburg and Lon- 

!don ruling on the first business day alter 

! 1st Aerii. 1978 on which foreign currency 

; dealings arc transacted. 

[ writer .• a pal liable south African non- 
| resident shareholders' tax of IB"*, will be 
deducted ifom the dividend. 

Tb* fun conditions at payment of this 

dHr.dead may be inspected at or ootalned 

from the Johannesburg or the London oOces 
of cne cemr any. 

By Order ol the Board 
eer A. H. Knocscn 

! Registered once- 
I t-Sth - 

Floor, 63 Ftr* Street, 

Johannesburg 2001. 
if O- Box 82370. 

Marshalltown 21071. 

1 Office of the Company In I ho 
I United Kingdom 
Charter Consolidated Limited. 

• 40 Holbom Viaduct. 

London EC1P 1AJ. 

! United K i ngdom Registrars and 
' Transfer Agents; 

; Charter censoudaied Limned. 
:PX3. Bos 1C2. 
i Charter Hsum. 

I Park Street. 


tort TN2* 8EQ. 

16» Mam. 1978. 

5tatem«nt5 included Gibbons 
Dudley, up 4 at 63p, and Mils 
Starsters. 3 higher it 146p. Pauls 
and Whites, an old takeover fav- 
ourite. Tinned S ■ to - 123p. wh ile 
continued speculative demand 

1 Y ' IT. 

a reasonable two-way 
prompted by the publication of 
the country’s latest economic 
measures. . Crescent Japan rose 
5 to Hip for a two-day gain vf 
10J. while modest rises were seen 
-- „ in-G.T. Japan. HOP. and Janlhie 

pushed I and J. Hyman Up -3 Japan . n gt p . ln f b , ancIa ] s . 

■rurtoer to 3op.- Esperanza were Brittaala Arrow edged forward 
against favoured and put on 4 penny to 20ip mirroring satire 
more to 13-ip. but losses of a few tion with the deal whereby rhe 
pence were sustained by Wilson company is disposing of its life 
Walton. 67p. Den by ware, 71p, and assurance interests. 

Leisure Caravans, lOCp. Shippings had a firmer inclina 

■ The announcement that the tion with British and Common 
group is planning to shut its wealth rising a penny to 266p and 
aerospace factory on Merseyside Ocean Transport 2 to 131 p. John 

well offshore Western Australia, 
the shares put on 2 more :6 .103p. 


Ciba Gal by 7upc Ln. 



V«rnon Fashion 



Birmingham Pallet 


Barr (A. G.) 



British. Funds 
Corpus. Dom. 
Foreign Bonds 


■illrORn Song.--' J . 
» . -i 

2B-. . 1 . M rV--- 

Prince nf Wales 


AGB Research Sec Sere. A N-V 

Hymen (I. A J.) WHkes <J.) . 


Alexanders Reynolds (W. J.) 

Quick Oi. A JJ - 

todostrlals . 


JM nr . r 

Financial nd Prop. 


M 34* 



••a nf v* 



a - r 



in e : 

Recent Issaea - 


S IX 1 .. 








« WB - • 

s ' 



( . 


These indices are the' joint compilation of the Financial Times, the Institute of Actuaries “ 

and the Faculty of Actuaries 


■ No. 


' of ’ 







marks price ip) 

on day 







+ 2 



Shell Transport.. 




+ 2 



BAT Inds. 

25p • 


305 ' 





25p ' 



+ 2 




£1 . 



+ 2 



Burmah Ofl 




- 2 













• 622 

+ 12 



Coats Pa tons 


. 7 

• 70 

“ i 

•. 83§ 


Commercial Union 










+ 1 




£1 • 






Grand Met 







Marks & Spencer 


. 7 

147 1 

+ 2 



Tate & Lyle 

£1 - 



+ 2 



The above list oj active stocks is based on the number of bargains | 
recorded yesterday in the Official list and under Rule 163(1) (e) anu 
reproduced to-day in Stock Exchange dealings. 



P * 

la MU' 

■* r* 

| 1977 P ’ 

’ I 



- ur 

^ 3 

zz < 


— U 

- £ 





: — 

1 - 



— j 







a p 


















cl LOU 







■ .r. 

— 1 





r ,F 










. — 


'sc”! Hieli J Low 




M | L52 . lAulouotted Secs. fS Cnr. Cum. Pief 137 , _ 

lObrt of Tniahira 10g Cum. Ptel IDSijd! — 4 , 

IUbp| ebi CmCrowv II J Cum. Pret iajjnj|+ fig 

101 aoi^tertmplaiiBeg. 10 J Ifl 86 ,1003}, 

ICBp! mtp ffM a * t l Whitley S% Prf. _i JOgpJ 

10€2q: LOOt* KfBUrtngumi UmIh UJS86^7 104 

l\#..i* luU Uetceaier Variable 1982 — .. Iju 

1214 12- UW-£jdi»ei Water 1% tod. Prf. 1333 12 | — la 

104 IlN PnnaS ftJ.l 101^ Ply. Cor. Ln, l»Bi-Sa.._ 104 + 1 

-•*l FSfs fehell UHL Fin. .N.V. (itmr. Xut*y 1890- S9&V 

100 97 Tall** Ilia JCuv. L'n*. Ln.TB-Bi 100. +2 . 

(1U HM| tuuoUle VarnDle 19B3 • lUOia' 

M 14 4ii a Bo. i 0 iftae.raiL&,-.fc.„ j siu+u 

lll^p Ilbjj W. hinneneh SpnOR 113£ IVf. 117i t . + i- 

iit - 1 ICUu Wbitcf»i»e |G.) IIS Cum. Pief... luai» 

2&lj 8&l4lYort W bier 1 P5 U«tb 19U6 25 L 














Hen ual 
D ice 

• I ■ 



Uiebf Lo« 

P.P.I 13/31 4 
nU j 30/3; 13 
biaj al,e 

Li'wiii • 




. P-**. 

T. P. 


Bu.2] auiol ri- 
al k| alia! 365 
17/31 7/4- 15 

60 I 78 1 iBraumooi Properties. ...i 89 i— ] 

fl pm jXrpnr U. EL 1 lulusLriala^ j 

British Government , 

Dai's | 
change | 
“• 1 


xd adi. 

to dale 

{l09 05 [ 

fO.M [ 




5-15 years. 




Over 15 yea rs^ 



. — ’■ 




145 JO 


^ ‘ 



All stocks .. 



■ ‘ .— _ 



Er. «7ocL Av. Gres* Red. 

I .era 


a years 

15 year? 

23 rear.* ... 



.7 year* 

13 years 

23 years. ' , 

High - 

5 years 

IS years-,,..,,,.. 
25 years 

Thu rs. 

P 7M 











: J5 . 









In ICryntalate., 

Si iMoot-lieaier iraragn I 

JJO jMUlbuxi Bank — I 

70 ‘Mi ibury l 

ml l 29/31 10/a' Wjtti Wpin.Vit mou^bi — 




Ibpnr „.... 




. 709. 








KciiuKlattiiu aaie imaril> laff iu> nu auiuis rrrv m lumn nufy 0 Hmurn, 
onStri uii pruspirviiis tfsumain a whudmi OH.KVnrf aim nelo. .a Knrwaff <1 i*kIoii«i 
cuv el Oafied mi orevinin nurt aanums * Dmnena ann vwlfl tuswi nn or-«pertu> 
w sUwr olflcTai eMimahgi roi un -o Brass 1 Hsu re* munwi [Cover allow/ 
m amvemon ot Wares nor ntiw ranxunt lf» amnenn or ranking onrs for rasfnm«*i 
aivTih-ods » Plac/iu onev to oubhe. t>i tviira nnlra oifarwiae wilcaiei 1 lasim 

tu lertltt/. Iitifletva to noMMk -ol Orrtmary snares ay a "ngrtre- ™ Nixnty 
Dj'«a> « capfialncirion w Hinunoin r«aiei ortm H ReintrylocH 
it iwuiwnmo wub raorsanniion iwrari * fake^iaer. RB ifttrmturfvwi “ Iisumi 
la fortmsr Preterrnc<> balder* ■ AJlafimaf Mien (or RtUr-lMid), • Proyuioaai 
ut gtfUa-gaid dUauneiu. letiere. R Wdh mxcaaa. 

■Than^ Uueh 16 

ludre l VleW . 










') ftWay 1 Thurs. 1 
St+rab I March 1 

1- 10 ! 9 | 

TPal. , 

. 6 | 


1 Unrch. 

- -7 - 1 
1 • ' 1 


* . flfh 1 " 


is j20-yr: Red. Deb. & Loans (15) 

16 [investment Trust Prflfs. (15) 

17 ;Coml. and lnfli. Prefs. (20) 


73. SS j 

f 12.17. 






\ 1 
66.59 j 

-75.80 j 




'60.53 1 60.4 2 ! 
06.71 | -66.68 1 
76-00 j. 76.09 j 

60.6? ' 



60.37 ' .52.25 

oaJafj' <9.m :■ 


t Rcdcrnptlwi FleW- «ghs»d lowy record, base dates and »al» awt ceaatltnpnf j,- BiAHAm ' 

Stmtl “rallnbte tram tlw W bfMiere.. «e RimbcU Thanc^R ^ S^f-nmL 5 ?-— 

straat. Louden 5 CAP AST . prtco Ug, by pea 22p. - m C arr e ciPd March M. ""mrao Hone, cpoma 




j ... 


Prop. Equity it Life Ass. Co.V 
\ 18 . Crawford Street W 1 H 3 A& Qi-v-,.— 

RSjlkPn>« Bi-.l- 1724 ] ._( - 

go Eflulty B 4 . UJ . ... . - 

Da Fs. Snv 84 Fdi 152 * 1 .... J — 

L *on tfoBK.Cnodoa.CB 9 U.U 

Abbot, LttLT 
-’A.CW. 014 WGS 5 

1SJ* ...»i — kMwtoMutFa.iA.1. 

Equals' Pucd (At . . 
Money Fund 

♦Retire Arnmiiy ' „ 
♦lmrecitAnoty _. 

An v Wb« -te. UtnC 


*** JSSS^r-l 

Provincial life Assurance Co. LUL 
"> — 32 S.BliOopFptte.ELC 2 . .- 013(70883 

rf c ft&W»jffl £3 afefirl = 

GU* Fund 20 B 26.0 ' 132.71 J — 

m-ozxsoa Prudential Pensions Limited^ 

— JloJbom EC 1 N 2 NH. 

S H msiMMft 

Co-IAA. **'**"»-r&** 

BothschUd Asset Man»g«ment 
■ Buitth HaathiSfiS StSadthinsLaiie, Wodon.BG* 0142048 

N.C. Prop. Dec. 30 L.P 141 1 B. 4 J J - 

- 553 ’ — . Nan aab- day March 31 . 

— J — Conp Pensj^tr.... 1982 

....I _ Eqn&PeiutFd 1687 

...-} — PwroJPejttFa.* M 9 3 » 

1 — CUOW-Pd 95.7 

Men on "Man* 14 . 
rWwUdy dwtlinre. . - 

, Flsad Inr. 3 Mar. H 1513 

10 SM ,....4 int-UTUmr 14 ___ U 8 B 

, • . • X AS Gilt Mar. 1415 X 8 

Magrt. Ltd. K 4 s 6 a Mar. « 13 JU 3 

lALfl — 4 7 .» Mo cry liar 14 1 B &.1 

. - Money 2 Mar H _.. UtQ 
e - . - Depomt Mar. 14 1124 

-I i--- Wz$Bs:£ 

fti Acc. Mar 7 _ 
Pn.Cfl.Mar 7 .. 
Pn. Ace Mar. 7 . 


ANwy Vutt JVUJtfjfrs. Lid. i*» <ii 

78^0 Gatehouse Hri. Aylesbury 0288 SMI » St lUfY.WB, EC 3 ABPP 

_ - A££cy Capitol LM 7 1271 - 0 . 2 j 4 H taAnoncaw TM.~ (236 

ni"OH 7 irrr l^? rw ^ ch Cpim Insurance Group Abb^yiM^r Fd"Mo K.g.?.J *.« £ ac-e~ Inn - b 

01 J 88 TU 77 K.BOX 4 .N 0 nrich.NR. 3 N & nertl 322 nc AbbeyGoi.Tri (Sil 4 S 5 (- 0 .l| *** F»r En TriiS. | 27 9 

GnOwn f^md !>Tfln «s{er* ¥ f 31(41 Prrpidnaf Uni* Tract 3 bgnt.y (si 
&&■ Star* Abb, EC 3 A 0 BP. (JI-SS 3 V 3 I 48 S 4 . Hcnlp, or Thame? nWKUBBft! 

l 5 t » < 1 - 0-11 O.B PTOfuaWP-Gth... ..136 9 5 * 7 * -OP! 37 « I 


1 11341 — 0.4 - 

r 3270 -Li — 

t 1247 . . — 

ft 164.9 + 0 J 

l WTS .. — 

191 * - 3.5 - 

ggnuyt-i nri '....I. 310.7 327 0 -Ll -- Allied Hambra Group imngnt 

— iSi Sc Ini “ K 4 gbro^_H>» , Mutton. BraiWAod. &m 
T uf£ mtJ Z 0 J ^8 2 ffiIor Brentwood . 0277 . am® 
Mr. Unit Mar 15 - S 191 * - 3.5 — Brfsa cr d Fonda 

Allied Irt. ^ . ,M 7 6 * 8 rf- 05 { 5 

t,v r . _ RxiL Inds Fund. U> 1 M 2 -02 S 

Fo oenrs Assurance Co. Lid. irtfiilnc . 350 37 * -all s 

Aa. KumWilllaa, St, EC 4 P 4 HR BI 42698 S 8 S&ra£Si Da '' 2 7 

Sff! - 1 - SEEKS-::- SJ Jti i 

Ebl pHe^e - L s w 73 d ■■ - "-*» *"■ W - n *.2 -o.j| 4 

loorae FuxU 

„ „ HichVioldPd - .1632 66 Sdl -III 8 

Prop. Equity ic Life Ass. Co.V Wi 5 i income .. -....IE r (lid -oil 6 

1 IS. Crawford Street W 1 H AiS. 01-4880857 A-H-Efl- >■«■•• • -P 5 « 32^-811 7 

R. Silk Prep Bd.... . 1 - 1729 •■ I _ DuccMdaoJ Faa* 

Do Equity 84 I MJ . ._" — WerMlienal., _..p 24 MSf-OJJ 2 

Dnh.ttn.mwl »- \-~i~ f^PStr-;j& *$rv\i 

n Spcfi^Iirt Fluub 

property Growth Asfinr. Co. LtcLV Smaller Co.’aFd ....| 3 L* JJS I 5 

Commodlo* Share 130 6 
i/' Fir E*c Tfu«- 279 
Hisb]ncw»*TM . 5*4 
IfiroiBoFbad. - - n 7 _ 
i m Af ear I* 7 * -- — 1 ? 9 7 

JnU. EMWprFi - 8 L 4 
lUlnlLTS-iAirci _(».* 

ill 7 IS Kettdllly L'nit T. Slgr., r.ld.¥ Mjibi "™V™rr 

“J-sl Is aaifeg- -Si •aia.i is « 

AxbulbDDf Securities iC.l.) Limited Keyselex MnRt Jersey Ltd. 

P .0 Em 311 st HeUff.Jeie,-. i&U 7 Z 17 T PO BocS 6 . St Boiler. Jew*-. (Erta O'.AVt W« 

Cap.Ta -J«!*>j.-IU 70 1210 ) —I 361 Fttaelea... _ „|F?iAa 1 AM 1 i 110 

- .. O' „ KeyMlaxTnn . — 10.81 SS 3 ... .1 a« 

M 8 n -05 
M 2 -02 
374 - 0 J 
329 -01 
7 LJ -0 3 
3047 -05 
lZ2.0i - 8.5 

365 c j 3.72 Australian Selection Fund NT 

a fl - c ?l s« C 5 ’ p S 2 B S i,i ?vT " Vmina 

:J) Tc j| cS Mmltet fpportnmliea. d. Irtft. Yminff* 

a n 3 5 S Ouuujlt 137 . Krtil St. Sydney 
£ ! D'SSlShaw P»:K.SI "-tCl - 

1 * 1 Nrt K\ifL value Mare- 16 

KenelnKunpe.-. 0 67 4 .BJ . « 4 » 

.’apanORi Fund__ 5 Z 2 L 7 338 «U)*f -■ 

Kcyulex^apan C 9 .B 9 IW . . , — 

Cern.M vets cap 03196 -'tC 1 .. .« 

itinR & Sbaxnn Mjrrs. 

'. Cha»»'. T 5 it*“Wl 
Vailr;- ll.**. SJ PrtiT P.irt. U*w. -p|*i . I IT HP 

mi is 

24 5 f -OJJ 2?7 

zvA is 

: TbiinuvsqiTi.imucii'.Lo.M. ' ns-M-Lv-B 
Oils Kuril 'Jmrj ■ -Jlo.oa 1027 ; 1 lico 

-•a* ijivesi, Vfl. UQ.T l**SI D-- 1 . c » . I .-UITI, . l.fc. 4 - JAM! 

+UBl«mwbarTrq HlIA-J!U i U 1 IC 5 STO ^ Beuieon Reyal. Iuvc^itb CD " ' |}»i Twe »T U 7 ° 6 n !“.! M» 

252Kiff ,a - BUi Ini-. :! 515 e-2f5E5-.«» »»! s. JU» wu^r?S aDC9 iU “ 

251 223 . Biybap^Ur Ls. Z- 
Prolrfjc Unite . . i 72 0 
Hick Income . ■. IS 030 

I Bolt of Lndn. St S. America lid. 

«at Manli 16 , 1 »U- r^rt. Baa, TU. 

■ ' .ij prrtSleelliiB ( 17 «J 175 !t| ... » 

rica Ud. lira fnu .. — <imto rum ! — 

III -f qr V* .-VIUCJIUM MU. 'UUIUU .. . ...;umw uiw ( 

771 - -o; 3*1 4 M 6 . 0 4 01 ^ 00^33 vipimimrT Roncim T imltad 

Mail » In AlnnrderFur.d KC 55 « ! .... I _ WeWWOrt HMfOll Limited 

014080806 2 nd Smlr. Co's Kd . 08.9 

. __ SecdverySIta .. .Kl 0451 -0 3 ) SJ 1 Endecvi Mar 7 i 4 

j _ ssK.Sm.i.crdtj. »6 • 553 -a| sju S^S 5 u 5 ii«.. 

r fXev 4 »,EaTiiWgift 9 I ■ 53 J -C t 324 Grartalr. Marin 

" j ll Expt Sralr.CoS - 9 P 90 5 20 *?j _.| 5 74 , AnaSlteSi.-. 

LflABnUJ 2 ar.lS 

Anderson Unit Tract Haiutferft » 49 . tAwam. nausi— . 
U 8 ftaelinrctiSi.BC 3 U«AA * 372 X 1 GuanKan Bny 

lAndenoaUT. 1*2 * 00 ) I *M nayajBaetooee .1 

Anchvhn Unit U*»t r. 9*A Ugl GwrdMU T*t 

55 *tp> 

542 lACrtna. DnitU • 
SM EndcBV.HvTn 

v.a- a 30 , J J tnctun-hrii.EC 3 

EurmmaU Lu*. F. I 

Uuem'eyliic 56 . 

nl,prl . naAreum. M. 

yr> Enruels KB Far Eim Fd . I 

2 . 013 ) *- 3 ! 828 KBInil.F und- : 

^ 1 KRJrprin Fund .. J : 

i 4 Aamoltlcs U 4 
19 133*1 .. .1 . 

i Inc. Fund E 

Uidts>— f 

teV.i WdnrLiits.H! 

Pretemn co Fund_ 

CAecfla. Uaitst 

Capital Fund 

Commodity Rind— 

575 ... . 
575 _. 


40.4 . . 

12.1 . . 

4 - 

CAcettm. Unite) . .. 

,■, 52 ’* niti.SwwpeM- — R* 89:1 -o w 5*7 

l1 *® Tl 4 iitL.Ttt.lAcC) -Ka 2 B. 4 ) -o 3 1*3 fthSeFund^ 

. „ Gibbs (Antony) Unit Tst Mis. Vd Aenjtaitc. Fnod 
oS S.“ S-mornfiddSt-ECat^L 01 -M 84 II 1 EggER?* 

-oj 5 si .avAG.lwoae* -»9 41 S t lie •£*£££ vis* 

- 01 ] 514 iMAS.OW»P)t*-^ji 380 1 4.10 — . . _ — «*r. .'iiir: *o « itik 1 mti. i nyr. ,M)>| . n;w 

-0 3 454 t*<A G Parlteg- BO 9 224 ... 030 Practical Incesi. Co. Ltd.V iv«c» c . : -niiiituv nu.ti. injirii-. L o.m Ofttt lv* 

-0 9 5*8 pndln* *Iuc* nR*d 44 w«««Sarv-« «« 14 "*. .It *■ America International S*A, fills F»:r.| Jortej ■ - lttoa 10 S ■ Uta 

- 0 .j| 445 ..j,.,- nrBQ MUA ~ W -A W'*-*"® Benie<art Reyal. LitenAnn GB rtl i-nruaiTou^,^. 1 * xiTftri .. .1 USB 

Bm* 199 * 1 515 Wldim-.*tlnmtn<! |H± 1 »U ^ *61 C,M * a,i ■'lew'lflUl low] j U.C 3 

.13 |44 “Uo 4 «« 9 f%ILKv ;2 OISOBMMJ; .. ' * Fr« c rt Mnixh jvjail, IS. teU. finvt. to, las. 

-01 * 71 . Mddr Mar, A.— U 04 12471 f 251 ProonciaJ Life lav. Co. Ltd.? . . . , _ . .' ... FirrtSiodtas ( 17 «J 175 !t| ...» _ 

719 Do. Accnm Uml -0417 H 93 J _ 2 JI 3 - Bbbop^alr Lcr. • l«»r<-Rj= ® nk - of L ?? n * * , S - America Md. lirufnU >518060 1 * 104 ; ! - 

Next dallBC dav March 1 < Prolific L'aite . | 72 B 771 - - 0 . 4 - 3*3 40 d 6 . thmen ^ irtnr.a St. tA.i 01 - 600^33 SfleiBWOrt Rencim I 

■Oil \rj GrievewnJtfanagenwRi Co. Lid. KSmiSr - ■- !Sa» ml I l« Mmm&rmiwrn* » .... { - g 1 UaiU * 

..'1 IS 5 >Creaha*a ff*- 01 -PB 6 4«2 Pradl. Portfolio Mn£TS. Ltd-V tatfbMci Euroirrd- lis. F. tw ; Iji j.m 

*^ 1 x 3 ^ -®79 § 7 3 ) J^ .HrtbomiuroEClNsSH 0 |-W 5 P =5 Bantjur Bruxelles Lambert . SJ S-S •— ! •" 

mSV ISoi 1782 ;*4 7 S 124 w ... » as * Rue » u r« vb « n joy firTUUeJ , nnrS«ra.T M sl-sos^I T:\ * 4 * 

a»a*M is Qn liter Management Co. lAd.V ftenaVonoLF. - 11,953 2 , 013 ) 4 - 3 ) 8 U TOl ml.f und. ^ StUftto I-Kirj 1 93 

i? 9 s !' la ^TwStk-TxclroscTCLS 1 HP tiiJiMUir: Barclays L'nieorn InL iCh. Is.) Ltd. rtC s^ 2 « li.'.l -** 

nP - IU R«H»»ee Unit Mgrr. LtcLV uSdterTroS* .“ffiSji ! ^ T J &E ** “ La * U «««* 

' 82392 X 1 GuanHan Rfical Es l*ii sw itJ »rfl«m*Hae.Tmita«lfiea»Us.Kl 00022=71 to Ice Md wtthfaoldlBg Uxe-: LlOjdS Bk. (CJ.) VIT MgTS. 

I S 1 yi Sn-lXA. Dpportiauiy pa. B 97 438 ! J 5 73 Barclays L'nieorn lnt. <L O Man) Ltd. po. Box iaa.SLKeli«T. Jersey. HS 342 TW 1 

ii iSSSSssfK 0 *^ ts BSaer>: v at ssr-fflSi- 

n- 423 ans. Henderson Admin£strarton(* 3 U> BideeGeld Management Lid. Do.Aua.Mm gJ :* : ^ 0.2 5 JO Lloyd < International Mcmnt. S-\. 

■ i ,3 SoS »» 71 taedBBtaM.,rO, BOX TO. mi Owilf 

aasuBys-w ss-isi a si*a a .a--g! jjIe a ifigJsssaBB satsa m 

»J 9 EH S , SbbopMOte Crnmnodih- S». 1 M. M * O Coup 

7«i»i«i»Rd A.taiun Pa 80 * 42 . Doogtes .! 051 0029 -EWU Ttwe Quail. To»«r H 3 J FOR ntQ. o*e» vat 

ji! 52 AR 31 AC* F*bi 6 RTfAC 3 M I _ AUanUcEsMar.l 4 . 1 tTK«l LT 1 I -• 

ij 1 % gftSSSSSBft^fe &2B£9B8tzdm I - 

ls “ Bd “ ^ aBd - £l00 - iWiKiKrzEi 

a - 43 ) IS Rothschild & Lowndes MgmL <n» PO. to* SW^cSSS^iw^CiMiwn la. Samlicl Mootago Ldn. Agts. 

i S- 9 I-.J 4*0 StSwiltan»lflttie.Ldii_UC 4 . 01 -SSCM NluAIUu.l I Y 1444 A iTTl — ll 4 .CHdBtnadSt.llC 2 . 01 JBSMM 

u .— I u» 

m !i 

Assbacher Unit MgraL Co. Ltd. *** - I 459 SAftmtoT.T»e. 

1 KoMeSt. CCSV 7 JA. m^ts «nc Henderson Admin£stration(* 3 U> Ridgefield !M 

Inc. Monlhte Pond PS 4.0 2 MM .... { 93 Premia- UJ-Aifadn- Iteyleieh Road.. PO Bor -CO. ton 

- Brentwood. Smez. 0377217 X 38 . RJdgeflridlnt l 

AitnUmot Securities Ltd. (aMO tgtA Mtatom -i ntm **"“ **“ — 

37 . Qneen St. London EOtRlBY 01-2345281 cSaSSiEjS; 

951 /fFi mn nrr n 
, 5 -S ictHlrhlacome 
LLM |£)Inc. 4 :AlMU- 
22.00 irtlntornalional 
— utiNiS 7 American 
5.97 NlA. Gnu Mar - 10 

3 97 oS&Nmt 

*» W.WTd. March IS 

350 igl Cabot 

| 5 « CalHXJExtiolsC. 

522 TWO. GaoebouBa RH. AylcatKuy. 

Mi N £. Income Fund- 
455 N.C tna Fd. Une.l 
1 « N.C. Inti Fd- lAec 1 
124 ,v c Smllr Coyi Fd 

-0 ?! JS CA\RHO™M*r &. n.005 lOtW-eOBj — 1 AunTte5Iar.lS-_pr5:71 

13 COUNT" Mar 8 . Uil 9 t 2 ^ 11 -cSI 2 JO GoJdExJlor.O Rrao 

-o'*l j 97 Ongiiialljr issued at *$10 and <rt £L 00 . Idi n d -^-—-—— 1107 * 
Qlj 43 \ w . .,_ _ i Accum UntiB) US 03 

2 A 3 Rothschild & Lowndes Mgmk (a) po.&)« c.yman u Samuel Monlago Ldn 

A *9 SA saltan* Lane, Ldn- UC 4 . 01-8284354 NTtubi M*r 1 1 Y 14694 I 3 — 114 . Old Broad SL.BCS. 

New CT. Exempt j£ 125 * 22 ZM +A 0 f 372 GJP.O. B<w 580 . Hong Kong 1 _ Apolls W. Ibr. ISJM 8 

" 2 > rv)— — Tu— It, it vm rt « Mmiu>vd uip iniutn ivau 1 am n> Et )1 

114 51 - 02 f OAT 
159 V + 0 jj *U 7 

B mufSzz; 

hm Fti- 


Z 7 7 f J 154 

Archway Unit TsL Kgs. LULV <a)(c> 

117 . High Horboro. WCTVTN 1 * 01 - 8318233 . I? ) Securi tr Wg* 

?Fond J 767 8 L 6 J 

at Mac. li Nest aub. da- 

r iter. 28 . InteLV (aXj 3 ■ 

Wto -0.1 

23 B ...» 

• ta Broi. T ito w ~fr»*l ' “— | — Barclays Unicom lid. (aKgWO 

^ Unicorn Hn. 252 HranlortLRd.K 7 . 01-53 

0Mn ®® U Reliance Mutual Unicorn America ~ft 93 . 3 Lfl -DJ 

— • aintnai Do.Anat.Acc 54 . 4 . £i 3 -o 3 

~J •— Tunbrtdlte Volte, KeaL 0892 22 Sn DaAn*-lnc 44.9 * «S -03 

- Rrf.Prop.Bda.-—., | Wl ; i:~l~ StS 5 lSSw£--Sfi| 'fflwj 

I./ _ Do. Kstta Income Z 7.2 29 Jf T. 7 I 

Rnthiichild A 88 etMaii»g«n«it Do.naanoai __.565 4 l 3 

3 a^S& to.SyhnisLano.XAaiton.Bc* 01 - 8*4298 d£ ^ verdir_I M l j)ij 

— N.C. Prop. Dec. SB-.plAX HW J — Do. Growth Ace. J 75 «d 3 -o 3 

.-.-j ' — - Next ante day Kerch 31 . Do. income Tar. 74.7 8251 -o^j 

-034 — . ■ 'Dc.Pil. A'ns.Tn._ri 269 132 . 9 ) ..Tj 

- 0 . 4 ) — _ _ Prices at Feb. 38 . Next euh. da; Marol 

+ 0.1 [ — Kflyol lasnnmoe Group Do. Recovery— tea .9 «fl.-oal 

liij z « 061 ^ ^ ^ 

-ori _ Boyal Shreid Fd. ._[ 1 SL 4 339 , 0 ) j — B*UtIii.Fil.Inc_.\rS 1 61 tt _c 3 

.._Tl — Do. Atom. { 66.4 M 2 j -O^ 

^ s ^tzsss v^ <*■ “*2 

— >allwv“...:i ml \ai M» 5 l - Do- ACC am ( 19 x 11 ...4 

— DcpowtFd*' 171 1 1281 ^est rob. day March 32 

. — 1 - Comp PensJM.*.... 1982 208 J . ...J — _ 

-OK 3 J 8 -Tor ' tax exempt ™ Ptice an March la. Nest dcaUraS April 17 . Nippon Fd. Ma^JOTM .79 15 

lis JClf Sramd Unit 7 ^L »Xg«.f ted Kuwun Vnit Trust Mngt. Ltd. ****** 

— MS 43 BeachsuBC 3 P 2 Ut ni-fl 28 «ni otp«dteHaB-Fi»u*aiySq.Tcn piamidi* Britannia TW. MngmL H 

2-74 ftiSS KlL. tiacA 1 si. 1 l JtowanA«n.ato- J 5 ^LQ 435 J -20 212 SOBaUiSt.St-lloUer Jersey. 

-- ^ (SB *«■..■: § 555 SS 52 ^iW? ^BS -a ?S gBWTfr:..® - 

77 ^ loi 794 tAcptm. UnRsi (856 17 * .1 4 .«I UT>\»l STte.Sl«._^l 03 1 

sy 3 . . 4 M Re>ul TsL Can. Fd. Mgrs. Ltd. '* ]ue Uarrh Ia N “* 

--+ “ 5 A Jencyn Street. S.W.l, 01 - 829 8=32 Bmterfleld Management 

Mar. = 9 . iateLV toKj 9 _ CapttnlFd [ 63.4 449 rf .1 s.« J-o. Bin 1 * 5 . Bmllldn. Berm; 

w.) 15 . Chrldophtf Street, E CJL 01-8477248 toMsoW.. -.-Hi 2 n ^rae^B«|uay_ .tt .04 1 

l 2 ”]' lairf.lhv.FKDd-. — to 5 938 * - I 678 Pnoc* at Mar O. Nest deaUng. Mar. 3 V Bnttresi income-- B 08 3 

Key Ftod Minagers Lid. i.Kgl S«e A Piwper Gnrop Frlroa .1 Mw h. Nest n*. 

Murray. Johnstone (lav. Adviser* 

7M SSiSSfT!?:':.-® tfiSirl io* WHapeSL.rjn«ow.C 2 . __ Ml-ai !•>;» 

54 B- 15 ) 7.48 InraTVd . ..__ —M .6 464 ri| ' l.OO Jm.HopeSL,rjas*ow.C 2 . MICSlM 

752 -^ 25 } T.« J erwry t\r*rzy Tit. ,fl ?2 0 142.7 iq 250 Hope M. Pd .._ .._| Sr 52 BB 8 )_.! — 

S 3 ... J 407 ralni DIf.TO (sd .75 5 lS?_.. — *Mnrrv Fund . SUS 9.17 J i — 

87 # . I 4.01 CnWuVSTvILSli—EiON L.Vfl ... UA «NNV Febnuuy ». 

— - w tA t rfue March JO Nazi draltntr Match 20 . ». .. _ . 

16 Chiirfoptwar Street. K C~ 01 

lalcLlhv.FKnd-ur -1165 936 * 

3-03 l.Ul ... I VSO «NAV February ». i 

lest drains Marck 20 . K<gU g ^ 4 

tgemeut Cfc Lid. 10 a BouUnatd Rood, I jiwnbounr w 

ion, Benmute. NAV 3 Lir.l 0 1 XUSIOJI 1 ... ,| — 1 

ft JftNegitUd. 1 

220 2 S, MHkSt. EC 3 V 8 JU 

4 jb Klein wort Henson Unit Majugen# urfr-GrowthT! 

JS 28 , Feaehmeh SC, KKX. 01 ^ 3(000 t nwaln* 1*0 

m^aMTAwi 9 . Orest SL Helena. London EC 3 P SEP 
Hon voo «-a Queen SL. Ecfinbtxish EH 2 4 NT 
15 DeaUmte ttt 01-054 aaso or tenant rss; 

.. ’ . 6*5 Save it Prosper Securities lid.? 

-° J .*5 XaMenattoaat Pttnd r 

+ 02 f 75 partial Q 32 35 6 i „ I 3.17 » 

1 .TB Si 9 23 . 5 | . ... I 434 I A 

Ugenp Untr. Growth- . . - ( 60.1 M 6 * J 218 [8 

aims moo tweceatnc lecome Find 

bhhkm income. - { 2 l» 1.931 ...J 7 46 tsegil lAd. 

Price* at Mar. 13 . Next sub. d*y April SO Rank of Eensuda PI din. Ha* I Hon, Brnsla. 

Capital International S- 4 . NAVMorrha. ... f£ 4 « - ; 4 - 

37 me Notrr-a*mr. LociAbouq. . . Phoenix International 
Capful lnt Furul .-| SU 51569 l — 4 — TO to< ? 7 . Sr Frtpr, Goerwei-. 
Charterhouse Japhet l«er-I>rf»ar Fond, UCSH 1 :Mi [ ■ 

1 , Paternoster sow. ec« oi 29 BS 9 fl* Property Growth Overseas Ltd. * 

Phoenix International j 

TO Bn* 77. Sr. Frier Ihirt, Gormr*'-. I 

lotcr-Dollar Fond- I 5 CSU 3 2 Vi . ] — I 

Mi-h ” JCB. Unit Fd-Inc.— [ 77.9 S 44 rf . . | 477 High-Yield 1532 

«S-OOl 574 ♦RB.CnltFdjV --(973 1055 . .. [ 4.77 High Ixcooe Mi 
U Xt lS l * C1U ““ Trust Ltd.# mgtomro-- -Jtt 2 

BTlLI 11 .Fd.Iac_.TSl 61 3 -o 3 502 The Stock Eehasge. EC 2 X 1 HP 015 BS 2800 ~ ^ 

|Dol Accom. 166.4 -C^ 5*2 V*Clnc.Fi > 1 UT .4 13 L 4 rf l 785 L JLPimda 

L*C tetl it Goa Fd . #62 88.53 1 2 U UKEqntQ- } 4 L 3 

* C °“ L*** ( * J(SI Lawson See# Ltd. ¥WW [779 

434 Adiropa ImiMK 

J 210 Adirorba DMU IS 

Fosdak. DJDL 20 

, , _ FOndla... DSCflOO 

I ■ r* Emperor Fund ST 3259 

Hispano . feSOU 

670 28 Irish Toon. GibniUar 
?-2 U.S. Dullorrund-,) srsm 27 
(SlexUncFuad ( U 2880 

- ~ 1 , Zc" ^ ▼<««» Europe .. [77 9 837 ] — I 

— j 5 »_^.«?to i «Sl,RGa «GoorgoBt.BdliiI«rEhEa 22 IG Q 31 - 22038 U * 8*0 1 

TSf — RSi Sta.d IS S 3 - I ?S iSrpaui: — ® ^ J 

Nest Hh day if arch 32 ^romhFimd p 4 £3 “"J ConmifS^._. .1652 781 * ...J 

Hispaito . JSCSQil * 5821 - 002 ] 

tfiS !.!' { 662 Corah 111 Ins. fGuern&eyl Ltd. 

?(l Box 157 . St Peter Port. Guernsey 
44 . 4 ) ..—,| 489 tnlrf- Man. Fd .... 0568 170 . 0 | | 

8371 I 273 GrOOp 

9 L 7 j IO PO Ben 3012 . \awan. Bahama: 

W \ 296 Delta Jm.llar 14 . .| 51 J 4 1 «Lj - 0*1 

r w Rothschild Asset Management ic.l.) 

P OBa\ X, SU Julians CL Goemsev 0481 ^?! 

O.C.Fq FT Keh 26 _M 94 5251 1 . 258 

u C.lne.Vd. Mar.l - 1493 15821 ... . j 689 

. «C 3 uUF 6 3 tar.lM 85.5 9 Cfa| J _ 

I — U CSmC 0 FiLFcb 281131.9 1483 ^ i 318 

BJshopsgale Progress i ve Mgmt. Ca¥ twihSd'waSsnt 

— la.BtefcopaEaVe.ECL 2 01-6006280 - 

n C. Commodity. 11722 2299 L -1 ! 497 

O C. Dir CflmdUT _ (52534 26951 ... I - 
•Price* on Mar 14 . Next dealing Mar '< 1 . 
iPrwe os Mar. 7 . Next deahns Mar. 21 , 

teKSrV'Bft? S3 1 if S3 .:::! 

Nest sub. day *Apnl 221 Lean] A General Tvndall Pn«Aw 

^erfdr«fiafii 6 .r. . 

TOIL F«. TOgrs. Ltd Next sub. d«y 'April M. ^XBrr 

TP 01-3489678 Schroder Life Group# - _ . . _ 

—I - EDX^prteeHeo^Purtsi^ih. ujcjztxb ****** * Managen»«a)(c> 

Kqwityso.r ia l 286 J- ) .' .' _ long WUHam SL, ECtR PAR 03 

_ ' • - .- ■ •' Equu? 2 Star.l 4 . R 050 Z 3 £ 4 | — Bridge lac."... (469 58 .®... 

Pennsylvania - Equity 3 Mar. 14 55.9 117 # _ Bridge ^ Cap. lac.r. .,gl .4 3 ia ... 

iron 019882098 Fowtflnt- .Mar. .lUSOJ — BridgcCaji Are. 1 — 0 <U 36 * 1 -. 

• vasal Fbmd lui.SMar MUSUI S 3 — : — BriSeEses 8 *. 1 ..,pZ 6 US ... 

3*6 Enragy. .J |M 7 651 

192 Financial Sees.. . -(663 71 

HiJlh-MlabmOT Fu»d» 

,!-S Select hit enut @4 8 231 

jj '90 Select Incase 5 s 51 

Fri. SC 0 (MU Securities lid.# 

KIdj WiHiamSL, EC- 4 R 9 AH 

Bridge lac.' .MM SO 

Bridge Cap. lac.r... 31.4 33 

Bridge Cap. Amt— RL 2 36 

Brieve Exemptl .. . 126 1 ! 

Bridge IntL latt . .. 13.9 1 A 

Bridge late Amt 153 U 

Prims March M * 15 . Dealing 

Tyndall Fnnd¥ seothiu ._EM* 34 « .... 1 177 „ ^ . _ Dcalim; to: 

roL <sr 32241 Sc£ *y JeJd &U 51 B 3 ... _| 732 Emson & Dudley TsLMgtJrsyXtd. 37 Broad St , sl Heller. Jcrwr nu 4 d>:Ai 

.6 57 # f 538 Sc*®«“ — 1521 568 ( .. ..J 385 P.O.Box 78 . SL Heller. Jersey. O 9 U 20 BB 1 VS. toDwrfnaodMlvd Pends 

110 IS:g:mz:R 22 ;? SI 9 : : ?S EJ>1CT ” *“* »* ■ ' - :r. rl 

smii. « Price* x. March a Nest ante March 32 f. 4 C Mgml. Ltd. Inv. Advisers jarEastern-t (3465 37 4 U I — 

M 45 l - 

IBriUnnia Trust- Alanagetnentfgggl 

mi .. — 

1184 -- 

1575 .... — 

1541 w 

Z P London Wan Buddings. London Walt 

V«lr3 = 

__ ' _ _ . .Scsttiph Widows’ Group BSSafli! 

AGnl.IP 8 .Co.IAdi POBmlKH Mmhwgh'EBMgBC. C 3 l- 6 MmTO 

ding 581511 . ln*«ytorirol ■ MS.* 95 ?) 1 _ fine. & Grot 

tir»Plyierle» 1 l 

♦ 0.11 _ Tnc. Hr_Senes 2 — f 
-mil- i Ijt»- Csjh SlirchB-H 

- , lit*. Cajh MirohS. . 1 

— . Ex. CiTiy. Mar 10 _C 
-TV Otgd. toe, MsiChte-t 

lamdon EC 2 M 5 QL 
Asaets 1635 

^E~:-S 5 

DomealJc- ” 369 

exempt 8 L 9 

Extra Income 37 a 

Far East _ 16.6 

Financial Sma . — B 3 
Gold 6 General — ._ 9 D 5 
Grow th — - — ■ — . - 73.3 

lac.* Growth 69.2 

tnCl Growth.-.. 528 

ImuLTstSharas— J 9.4 

nrh at Legal it General Tyndall FnndV seothiu — , 

- lAOBrnfsBaadBrirfaL 027=32341 

c * ro. War I* • toy si # I 5 iB ^“hnroa — 

01-8214851 (Acccun. Units) » 7 J 7 lS _ !. 530 ScoL&.Gtt^*— . 

7.85 Next ante day April 12 SeocEx YH.'te— 

ZZ iS Leoiriim Administration Ltd. c«hi*rf«!L. t. 

M— f-* S.DutoSL.LaoitalWlMWP. 01-4866881 

Leo DU* 73 # - 0 J 536 

hm x - oA « ,ao — -P 4 * ^ 

Lloyds Bk. Unit Tst. Mngrs. Ltd.V (a) Am. GjwiV. 

*T *SS£V2ii££°^ 01 - 82 X 1288 

TSjrf I 46 * Deutscher Investment-Trout _ ” ' , " ^ ^ 

65 i 3 ' 7 70 S PO'Uach 288 a Biebergaue 6 - 106000 FYankfUrL R®?*! T«St fCI> Fd. MgL Lid. 

* 1 - 2 ] • ■ I 2.78 Ceucenm ...... (lriD 9 M 2 CJM .. „J — P.O. Bo\X» 4 . Rural Tat Hst,li»'-cy. 05342 T -Ml 

TnLRem*nJond» . IdMMJB 711 # . . J — RXlntTFii UL'£US 923 - 033 ) 3 CO 

Z 5 M ”..”j Ihreylus JniercorrtineuUl l»v. Fd I prtcesat I 3 ajTh"ii Nest draBnc April 5 : u 

L * Sav' to.M 7 !fL^wSaM B ^ , u#Hiui — Sav * * Frosper International 

O 99620 BBL LS. Dollar-OenainlmteA Fnsds 

| 77 ^ DlTFxdInt~Mar.lS| 9 -M lot 


Schlesinger Trust Mngrs. Ltd. (a)(z) l^fmjwcePnmuiicrHm.ECaROBA. 

73 91 -03 536 iTnenrpOTsUns Trident Trios' _ - . , . 

S 3 140 . tooth SoveCDorfciEg. KXSOffi 86441 Coot Fd. Mnr. 8 ( JUS 431 I ] - 

, ' . J- fa . EH JH - jT.I IS Fidelity HgmL A Res. (Bda.) Ltd. 

c_. Exempt High Yld.- nt * 253 ; "j 914 p0 - D°* Hamilton. Bermuda 

&WB ^M>LL<ir 6 - 223 24 ot .. j 451 Fitolity Am Am... | SUSZL 16 J ... J - 

01-6380478 0479 Firtt 

9 14 PO. Bos 870 . Hamilton. Bermuda 

<0 7 rf - 0.1 
17 f 3 .. 

539 Dn ( Aiy-itm 1 

4 ‘S 777^1 67 ^ 364 iS^TU.'vSte' ' 

MS F<rathf 5 xhici — S -4 Mi -oj 79 ; 

Jto to,.£Ac«m) t£s 47 I- 03 J 7 . 9 L 

J* Lloyd’s Life Unit Tst. Mngn. Ltd. 

rff EstraW.T* - 

J* Income DiaL 

Inc. 1014 Wdrwl. ... 
f-JJ Into! Growth.. - . 
fs lnr. Tn. Unite ._ . 

Itarfcci Lenders _ . 
•Nil YlefaT 

2.95 7 S.-S 0 , GatehnnaaBiL. Arlestmrr 
BnnlD Accnm. _^(ML 6 149 # 

178 MAG Group# fyHcHx) • 

U K- Grth. ^cctun-P 

02065941 LiGrtU^. 

'Sexr ante March 2 X FatVtt.CmT*L„p 69 Stelrf 

J. Henry Schroder Wagg & Co- Ltd.? F«LYteDN.op.T* p.oo . eam| 

413 * 0-1 
31 * -eOJ 
44.9 -02 

Hi Iflj. 

214 - 8.1 
25 JZ . 

263 -OJ 
23-5 ♦OJ. 

IM ... i 

. . 4.53 Fidelity Am Am... SUSZL 16 ... — 

. 1 B 2 B Fideltts Ins. Fund SUS 1653 — 

* 0.1 9*7 FlcieHtyPnc.Fd_. SU 541.03 .. .. — 

— 0 J — ndrfltyWridFtf-. SUSI 2 J 6 -005 — 

-02 311 Fidelity- Srer.Fda- — 

. 4.99 Series A. lornl.'. .. £334 .... — 

- 0 J 469 Series BiPaciTiel . £677 .... — 

-BE 0 « Senes D vAnvAai £1418 . — 

■ ^ First Vfklng Commodity Trusts 

“Si *5 9 »St Geor gB'» SLHwiUl." 3 l 

♦O J 6*4 0104 48 E 2 . Ldn Arts Danbar 4 ten Ltd.. 

*84 KL PrflMolL London SW 175 JH. 07 -IC 07857 

Fierllnc-dromlraord Funds 

Channel Capital*. 1232.9 22421 - 2 . 0 ) ITS 

Channel tetendiO-. H 4 L 3 14861 - 0.41 502 

Cemnmdlc- MarJo.pJB .4 124 « + 3 J _ 

ST.FxrtJt Mar .16 | 122 B 12991 -lit in 73 

Prices on "March 13 . ""Mnrdi A "•Jhrcii a 
TWeekly Dealings 

Schlesinger International Mngt. Ltd. 
4 l.laMotteSL. 5 l. Heller. Jenei- 032 UT 359 R. 
&ALL .. . ...176 811 — 1 JOI 8*5 

fiAALL - • — -ftn 0 BH .._ I _465 

GiltFd.. 124 2 

JntL Frt Jerroy 1100 

IninlPlLLniite-s. —f 9 72 

7 m 

i*aoil - 

*tfd.PBi,MarCh 8 .( 2 «.l Z 462 TC!._| _ NaT gig^l nc^— _ 7 tS 

. North Atatti eon" ~ 2 tS 

«w*trt 3 » Solar life Assurance limited Protoasaiq;— 453 0 

— Sums Chang* 273 

-* 3 ( Z CahrBaeiBr ( 29-5 

« Three 0 «« 7 A TUer B 
AC . toe 6 teo Sflcb- 
JS AmeriF*u-- ; --_ 4 .K 

L EC 3 R ffiQ 01 TC 9 45*8 IX.. Cbm node. EC 
■change Dealings Capital March 14 .- 
* ACM Toar l.P* tAceum*. 



Ctonpottod Growth. 
ConvmBoo Growth 
Coo ami os Inc. — 

m USSSSbttVC. 

4.43 CAccum-Unilsj 

443 Ettrope March®, — 

438 lAecnuUnltai 

3*6 ^n-OwFebri-. 

mjGfliA. Schroder I* 1 *® Group 

^ Emorrrlaa House. Patsmoulh. 07052773 
. . ( 12 International Fund* 

OquitF 1107.9 1147 — 

- SEqmtV— 1340 1212 _ 

CFlood Interest — .1444 1493 ..... — 

1 __ SFlxed Interest 105.4 109.9 — 

1 ~ SMnneeed 124.7 132.6 - 

SUanaccd 11087 U 16 . — _ 

J- Henry Schroder Wagg & Co. Lid. 

ISO. Cboapatde, E.C 2 , 

The British Life Office JML¥ (a) Dir«end_ L- 

— Befiance Hoe . Tonbridge Watte. IQ. 08822=271 {Accutn. L'nB»> 

“ aJ “ BLBrftiph Lite 147 J 58 JJ -021 577 .KS^r.-ir — 

-26 “ "Pricw March 13 . Nest (teabag d*r Knch m. 

Brown Shipley it Co. Ltd-T 
Ungra; Founders CL. £CS . 

BS Units FeteST — ^t 2 D 9.8 22041 

_ -To - Sun Alliance Fund Btangmt. Ud. 

913*2 8 — SuaAltopcaHoost Borrfmm. 041064141 Da (Artel Feb JP—. 

Si 4 *j = ' fiffflttSfSa^a J*n::::::l - Sg=a^” 

79 J .— — . • . - • ’ General ... 

^ n Sim Affiance Linked Life Ins. Ud. £SS£&S£z: 

FarEaserg _ . 39 * 

I Accuss. Uniul 43 * 

Fund rflnV. Ttto_ 541 

0 I- 3403 W Flemiiig Japan Fnnd SA-. - — — - 5 Fqutc-.„ Z. U»# 1212 - 

l 2 j "l IS 51 - Luxembourg 5 m 5 3 gH ■— “ 

gS I. 9 J nrealter .7 ~. -l 5 DS 4 J 81 1 ( - ISSd^T. SB ’Z ~ 

W IS Free World Fond Ltd. -. ^ 1® 7 U 16 l .„ - 

982 „... 140 Butterfield Bldg.. Hamilton. Bermuda -J. Henry Schroder Wagg & Co. Ud. 

Ub “ u? NAY Fete 28 1 SUS 166.65 (....j _ « 0 .Ch«pride.KCi 01-6884000 

448 -toeato. 3 toch 7 .P 05 * ^ •• S 3 G.T. Management LteL Ldn. Agts. | \~^\ 

*ft Scottish E^tab^kd. .C- LULF ^ d 0 ^ 

66 28 SL Andrews 5 q- Wtohmsb Q 31 -SS 9 I 01 40 BE. ofBenmida FVwrt St. H*mit». Bind*. Sentry Assorancc International Ltd- 

IS a 83:581 “ : _ 

-toea to March 7 . 
"Recovery Mat 7 _ 

ChmSMar. lou. .1 1056 

Trafaugar Fete la_l SBSM 732 

j-MZ| 174 

I G.T. Pacific Ftl 1 SUS 12 J 9 j+ 0 * 9 ( _ 

Aslan Fd. Feb. 20 _ 

Darling Fnd. 

Japan Fd. Mac. 9 ._ 

b. 20 _ K» 3 M 1198 — J 359 

SALTO 1*5 ...._} 5*0 

cS_ JC 55 JZ t 3 ( „.Z| 0 16 

OI- 6 DOB 520 lAcemn. Unite) 

273 .sj -I t n 

C/ 5 P 1 - -| — High income 

... tAccnm. Unite) _.. . 

Japan Income.... 
■R-Jl f - 25 lAcctta-Unhst. .. 

B Sebag Unit TW. Managers LKLP ia) F f v S- 

mumuSt i?m*» w ra ss 

Managed FUad |JUSJ *4 1 K 5 J .... 1 — 

Singer & Friedhmder Ldn. Agenhs 

355 irt^£rom?pii "|33 _"1 iu G.T. Mgt. (Asia) Ltd- 

Sham 040354 M 1 ffichlncomc. — _ . 

006 . 9 ] -03 _ J-tU : 

- 1*8*1 -0J — ' tote*-.- — 

tStS +01 Overseas 

« 3-22 _ Perfomanee 

180 M ..,.. — Reetwero 

' *05 M — Oj^ Exrnpl-Frfe Ml 

^J *20 ia PtW - - 

- 4 U 5*0 «CBum.Cruui_‘ 

JJS Miri lnn ri_ 

< Accmn. ObiU) 

fJJ Security Seleetton Ltd. 

Hutchison Has- Harcoort RtL. Hon 2 Konp 

pelalond* — 10117*73 2 UH*mO» 654 

Tokyo TSL Fete 3 _| 5 US 3 LOO j ZZi 2 S 0 

Stronghold M a n ag em ent limited 

140 M -1 


iS 15 - 19 . Uneohi’aXjjoFIrfds, WCZ 01-83189389 cSto^lFSSd IS ri 2 ^rt?^iro^ e, | l nin er * e ««i 033 f' T,w 
4.43 Unvl Glh Tst Acc — CL 9 2341 X 4*1 _ _ „ 1 | CaHmodUyTnnt_|B 7 *l 9243 ( — 1 _ 

251 .. .. 4*2 Raeoverr_. .... 

3 61 rAccuBLUnltsi 

55-3 " 2-5 i 32 Second lien 

-! - Sun life «f Canada (UX) Ud- 

S. 3 . 4 CgttspsrSt,SWlV 5 BH Or-fW&WOfcan Crm n in 

»* * -1 “ VG&mJZSim .-. 

Re«werj DO . 7 22 fl}* 01 j 508 (Aaaim Unltsl 

lExmpLfrte Ml ( 59.2 61 N .. J 4.94 SSirf " 

f Accmn. Unlui.. . 

Canada Life Unit Tst. Mngrs. Ltd.? Bp~n.ii.~i nmdt 
2-8 RtgkJte, Putters Bar. Herts. P. Bar 31122 Trntteu 

M 0 JB|riJ 2 

4.43 Unvl Glh Tst Acc —EL* 2341 A 4*1 Mnnmomn-inm_|S/*J. 92.43 

Bass • ara ra OnvicthTMinc—pM 2 ft*j ...4 AU G.T. Management (Jersey) Ltd. Sudnvcst (Jersey) Ltd. <x) 

74 J IS Stewart Unit Tst Managers Ltd. fat) ft Haiwr. Jor^y p a Box Heller. Jcnoj-- 

5*1 45 . ChariotieSa. Edinbuzste «B 1 « 88 «I « A m«crtly -pi *2 IZUIrfUZ! 0*5 AmericrtnlmJ. 1 7 ** 744 

151 * 164 g +o 3 5.68 cuMK i mlriim Bank «f Betmada (Gummryi Ud. coppcrTrnst (£ 10.42 - 1863 

“tor .24621 * 0 . 3 ) 5 L 68 « 3 ^ 3 , Le P*n«, Gnenaej. _O 4 aiJ«I 08 . ,rap.TnilexT»L |ao *8 log* 

11021 134 

American lnd. 1 72 * 7441 - 002 ) i; 

Copper ‘final (0042 . ItLA^-ao: _ 

.lap. Index Tst 100*8 U 2 *ie£fi - 

452 SSSCViZB S |*1 si SStfSgfoBjk iH! Surinvest Trust Managers Ltd. .*» 

4 Mi -lil - jSsS-lS£K.~@r a *3 m. Athol Street. DnuBto. toil «£.•♦ =3014 

6 « "StsiKiard^ j ^2 uu!....| Gartmore Invest Ltd. Ldn. Axis. nlStSMar.' mo 2 »|^j|jo *2 

Aral m. Urdu PO.O 1 S 4 . 9 | J 3 H 3 . SL Maiy Axe. London. ECS- 01-2833331 1 ®. PtxtlmimBd — 1123 llfizj - 3 .o[ _ 

k _ tea fSMsssj& «>■-, es&nte n» 

® EDtoUJInl -( 084*0 195 . 40 ] ... j 477 Frt . Y l™ - ^ T TS® Uait Managers iC.I.l Ltd. 

rrboFTOnilyFd — (»* 9171 - 0 *) 395 VAmrricanTM.— WSS 7 I 5 lUM ..'.J _ BaffBeUc Rd, SL SaUour, Jervcy. 053473 W 4 

W T **« t T*- "WWW* ^ SSES=fc Sr J 83 :::J IS 

tteflllngs 02985 P 5 I po Bns asjbmsia.%^ IoM/ (102433911 Prices on Mareb la. N«ct sate day Starch 23 . 

S 148 *3 SS® M-rl ro **° t* emc Holding* X.V. 

Ido. Idc.DI* 

(Do Inc Araim_ . 

Target Lift Assurance Co. Ltd. 

Target BouK Gatehouse Rd. Aylesbnry. 
Bu*r. Aylesbury > 02881 984 J 

Cape I I James) Mngt. Ltd.* 
100 Okl Broad SteECJN 1 BQ 
Capital _.Pf 2 <3 2 d 

253.4 2 fi 7 J 
U 6.7 

i* 7 .« m .1 

1677 . .mi 

128 .* 127 . t 

wtj- — . . 0 toL 2 ..... I |*0 Gartmore Invest Ltd. Ldn. Agl*. niehmond Bond 97.(1920 2021 lojj 10*2 

• Urdu ( 143.0 154.91 f St* 2 . SL Maiy Axe. London. EES 01 - 2833^31 1 ® . PIxtUxumBd— W 123 118 . 2 ] - 3.0 - 

Pena. Ex Mar. 13 .| 128 .« 127 * 1 . 

Manulife Management Ltd. 

102 *| — -0 ti| - 

IBLb) - HU* 


“ >«t deoJlag date 

f .... — Chart erbpnsc 
— — L Paternoster How. KL A 
CJ.lstcniatl Bo & 

Tranrintenmtional Life Ins, Co. Ltd. r c i c Y^,^. l b — S? 

SBmm Blots. JEC 41 NV. ‘ 014 «fc 4 Dri C J. Boro Fin_ ffil 

i 01 TSm° T* r ' S, S 5 ’ fe - 4 ,» {H 3 ? S ?l l Target Trt. Mngtte Ltd.* (*Mg» 

- PI* 7543 .. J 889 < 9*1 - I «• 3 L GreahamSt. BC 2 Dealing? 02 

Pnce* 6t> Mar J 5 . Next dealing Apnl S Mayflower Management Co. Ltd. TanretComioodil 3 .pl * 333 -OJ 

t,w m JtulBGmhamSuKTVJAU. 01 - 8 M 80 M JSS&JLISf 1- ' ' 

SAilbOTh Route, Newe«U«-ttpon Tyne Sllfi SSSriErfifsi’-T'.IE* 1 «£| ""J Im 
InSliSmtt’niiTK' “| aft ^“ d ”^* ert U4 ‘ TSISKr 1 

(Do. Higi \lald — (j * 4 41.41 ...J 661 8 D,Gsesbsm $L.£CSP 3 n. ;. 01 - 8 Q 04 SBS 

(Do Arajm Unrti..j 474 56 ^ ...J BAi . Kmc^tol. JUr. 15 - 
>«t dealt ag date Apnl 3 . Aec Ucs.lto. 15 

-1 Aja Do. Growth. . 

S-B .--I Tokyo Pacific Holdings N’.V, 

•• 1 imlmb. Morutcraimt ra KV r.u-w 

JS Mercury Fnnd Managers Ltd. T? l ?? n! t \? i' ad 

8 '«L - 10 , Gresham SL.ZC 5 P 32 B.' D 1 -800 4368 

MO. Korc^M. JUr. 15 - UOA 1797 rf .. AID Da arfar, Unite 

Aec Ute. MJX. 15 ... TO 92 272.3 5 J 0 Twarflnr 

Kece.lnLVar fa_. S 87 42 ^ 1*1 Tsrset Pr.Mar. 15 

Aran.t’tSJtox-b 15 O* Ltl TfLlM- 

LFrfvTO 1#7 4*9 TBLP rrf . 

JU Feb * 3 . ( 235.9 . 24 S. 7 | 4*9 Coyne Growth Fd 

More. InL Bar 15 _. 
AccmUtsJtox-b 15 

0 : M 83 M 9 ASiSwiFebil. 

J 2*4 Midland Bank Group 


137 - ... — 

1091 ...._ — 

1127 — 

115 * — 

Arana Inm 092 *L 2 rf 

CJ-FcUm-TSt.— B 4.4 

Araun. Until B .6 29 . 4 | 

Price Mareb 18 Next dealing . 

743 Unit Trust Managers U'd-V (a). 

37 .« -0 3 A 2 * ' idtlmli. Management Co N.V. Cur scar- 

gia .... te« Hambro Pacific Fund Mgmt Ltd. nav per xharc March is suwts, 

: ^ C SJ ,TO teljr n * 1 To ^° Hldgs. (Seaboard) N.V. 

Ia? 5 S j«pMjiFvnvS. S 9 J H btttli Manifieocns Ooi N.V., Oim» 

ft! ll Hambras (Guernsey) LldJ ^ M “" h “ ™*' 

Target Tst. Mgra. (Scotland) wTb) gj». A . f fe” Mid £§ USStSSSSS ***&!* 

1 $. AU 10 I Cram. Edll). 1 03 J 229 SS 2 I ^ }?• S?* .i fV.S&S! W 5 T J TnFST.ifnr I R wftS?* ft «S?J ti? 

03 J 229 SGI Z 

II SSS£?A~ fSSSWS.- il ' § 2:831 IS Vjsst&ss. 

*35 ommm>dity*ueo .B 7 * ; 62 *L-ia . 5 . 5 . Bros toeoweFrt -&76 6 i 9 fl) . ,| M*s Henderson Raring Fund Mgrs. Ltd. V!iES!S- 5 , S 5 ?i», 

®- GiwSl.„,Z.:i..'g 9 37 j - 2 j IS Trades Union Unit Tst- Managers* p.ateS 47 a.s«mii.Brtnna> ’nm 5 . Acc.Ute*l| 269 * Z 76 M* 64 | too 

Do Acem - . 399 - 0,1 3 J 3 100 . Wpod &tmL &C 2 . 91 - 62 $ BO] 1 iSF® fl *■; - ■ -W® IfrTXl ■ ! - rjilt Fund Mat. 15 . lUlfr IMAc -Lq 10 41 

Capi uJ ..^3 2&.0 -Q J >J 9 TUUTIhr 1 Wt 6 BM I 557 0n IS Sill d^alliuc iaim >Tar 22 . %Accitm. Fhnrrai | 141 .a iMol-HlWC 

'?£ i^T^L gi ' gi ~ 01 13 wti^c mid Ge*. secs! ca? l c «- ,Gac ™^> “a. 

JlS ^vo- -B’ SUSJO .99 1 * 24 . v " J 250 
TYi !-*■>. on Mar IS. Next dealing Mar. 35 

(Aeenm. SbaieW 
TASOFMar. 18 - 

Trident Life Assurance Co. Lld. 9 1 
BendadeTIoosteOaueroter . 0453 MMJ 

3 tonttad___ sttMJ 12 *. » — 

1 SLS 168.4 1 — 

U.K.too 8 yFnml_ 106.9 106 « -02 — 

HWfiViehT 1382 1463 - ... — - 

GIMFiItiI-.. — 125.7 13 JU — 

nooey— 120.9 127 ij — .. 

mwitialional —.921 ■ 97 51 ,-- — 

Ftocrf-. 1252 1383 ,...- — 

OrowthCap:.—. ... 126.7 134 .M — 

Growth Aca 129 6 137 31 — 

Fm.VaffL CMp._. mo 319 . 3 '...... -- 

Ten* Mogd. Ace — 1164 12 S 3 j — 

penaOrtS^CBp^ loo* irari . — . — 
Pens «AiUlepA«r. 1 * 4.0 11*3 — 

Chieftain Trust Managers LtdARaVig) c^pnui^Llll" 
30/31 Osaen si. EC 4 R JBR. 01 348 SOS Do Accum 

Amencaa. kt) 2 B M TOSrt-O*] la* 1 °™"' 

High Income Iso* 4321 ... J 956 Do Amm 

ImOTiaij anal Tst— ()V> 2 Z .6 243 ( 346 haernslimiaJ . — 

Baste Refree. TM.R &2 25 * 33 - 6*1 5 . W g? e ^^.;; :r _ 

iCon federation Ftends Mgt Ctd-V lal ! 
seCSumceryUse. ttUSA JHE 01-2428282 Do.Aratm.* !~ 
Growth Fund (38 2 40 . 1 ] ( 4.76 *Pnees at Feb 2 

P,+ 02 a 600 
y« 033 ] 600 

stij. Voo 

3*641 703 
S-lri 1047 
l| -161 10 47 

Inrtoie • 

Growth Coni . _.... 
Growth Acc_„_ 

Fens. Kagd. Cap— 

Pens. Mo®. Ace 



Pen-Putr can 

Pro*- Ply- Acc — , 



Sl 122 C 
.7 . 377 


6 i% 
6 ^ 
6 }% 

6 i% 

6 !^ 

6 i% 


71 % 

9 s% 


64 % 

6 *% 

7 i% 

64 % 

7 % 
64 % 
64 % 

.••.Bonn- — i AUi .3 I ..... 

•cash ntm for £100 preaunm 

CesmepentaB -Fund Managers. ‘ „ u f 

3 a Pent arroL London SW 1 X 0 UJ 01 - 2838525 . MiSL’Jffr.'i 
CTOmopoInGlb.Fd.fl 6 * ■ 18 J) ,„.J 5.05 &S JgVSfaP 

Crescent Unit Tst. Mdrs. Ltd. laUjfl MLA Unit T 

43 tetriU*Cres..Ediabuxgh 3 . 0 S 1 - 22 &SS 31 Q W Queen Sleet, . v»«w,; too. 

Ctesrom Growth', ttifi 27 J- 0 M 4 J 0 TtOA Unitt 1548 - »*]..) 464 

S’? *3 *«*■! Tr® 5 * ******* («Kgl 

Cm. »«»«,. 13*3 ' - 411] -4 456 * 6 . Copthrfl Ai-e- . MSB 7 BU. 01*004803 

! & J 1 32 toASSii “ P ‘8 2 M Barbican Mar 18 . iai : $1 - ^3 -• fS BftffBflfc?: 

01 - 342*282 DoAecom.". . iwfl 1*8 lT^^in — 

I I 4 . 7 * -Pncrs at Feb 28 Nest dealing March 31 . gSy ^K., 10 - 

. Mfauter Fond Managers Ltd. . - OurtitBUr. 

-.I-—,* . 01423 1 <*S) inS'Sreh if ' " 

01 - 2838535 . MlnlSlerMarH. ,.»J 3 SJf I 5 to SS^Doi&T~ 

I ■ — 1 5,B5 E»«pt Feb. 38 . . -P* ISi] . . .( 6*8 

-td. <anjp ^ Tru<t Mgemnt. Ud. i^kteMS-’iV 

031-2284831 «WQu*enSlce« SWlHgjQ. 01 SJ 8 TO 33 . (Atcum-UaU*! 

[-OR 4J0 M-A Units U 48 J 6 *l - . t 4*4 VanUrMw. 14 _ 

]3 Mate*} Unit Trust Managers* (aMgl lASSTuniw' 

1 - 0 J( '456 * 5 i Copthrfl Avr , EC 2 B 7 BU, 01*084802 Wh *‘ rl *« - 

*g 81 apse* London Rd CbrfmsfonJ 024551851 ® ^ 1 Pe £'2«* /M Nmased Feb. 18..(125 6 1»4(_ .( - 

7 **j-LS 530 °~ e>T * t - |M5 »- .. ■■ -4 W 2 UmL Intnl. MngnraL iC.I.) Ltd. 

* 27 Hu* Samuel Overseas Fund S-A. • n, Muicaster streei, St Rrficr, iw#*?. 

TO* *i 9 411 w. So* Stotre-Dama. Lunembooia riBLFnnd — . J JfSUW | . .,.] 8 Z 5 

„ toi + 3 * w*s-o M | _ Lntted Stales TsL UUL Adr. Co. 

tetjj ' 594 IstenuUimaJ Pacific Inv. Msgt- Ltd. i*. r» AUiuia, DMsimrG. 

54 j 67 * ro Box nsaf?. a«: pin st. sroncy. aha*.Kt>d_! stwi.u i-ooi] ok 

g* ..._, |lb JavolInBuuitrTfL WL 85 L 9 S| ..._] — N (4 arset Mar. 15 

«3 " .." 5*9 JiT. Managers (Jersey) Ltd. s - G - Warburg & Co. Ltd. 

gi : :: IS SSSSlETSf'V* i-ST“ 

Si.r. 5 ■ ISSWaJir-LsSaJlS = 

■M-- jS Jfudine Fleming & Co. Ltd. Mnr.EorJ'tDLir liJsSUH — 

*55 *« 48 lh Fhy. Cnrnangbt Ceatre. Monr K*ns Warburg Invest. Mngt Jrsy. LXd. 

Mutual sec Piute ,HI .7 - • Cl 7 t — * e * tart lAoriim Unite) -_HU 1 

Dhcretionsiy-Thrit Fluid Managers »nman B =,TH 68 M -fl' a 7 so iS,^ 2 om** f l ® Iro* i 

S* 23 BWirfdSI.BC 2 >r 7 AL Ol-OW-HRS- ffi T.-Jxll IT. rjj, 

osnaEMi n»B* -_mu 15881 1 5.57 ” v . . V. . ” 1 9 Tyndall Managers Ud.B 

_ National and Commercial i a. t'*njm:r Road. Bnatrf, 

'Z‘. — E. F. Winchester Fuad Mngt Ltd. Awireu; square. Eiiihhaighoai^sBoi*! n>«»w Maris .-S** W. 
—■ — Old Jewry. 1 X 3 01-8083167 Jhrtnw Mar. 25 .... P*CI •M 9 *j -59 t» ! 42 n Sr ifi 15 ' ‘ ” S* 3 

= e bck« sa -ns ^1,-i ■ nM ll illf-'l | 

Z Enuon St Dudley Tst. MngnmL Ltd. National Pmidenl Inv. Mngrs. LteLV CaaynerMar is.. . 9 U * 

- 30 , Axlrn;uw 5 i_ 5 . wj. 0 !-* 09 TO 5 I 48 , Grecechurrh «..KC 3 P 3 HK. 01-834208 »ia X* 

-J 2 ®SB*n Dudley Til. | 68.7 «»].-. | 5 J 0 WfthODTtt - W| g]] • . - j 5 j . »S S 

Esmitas Secs. LtAffaKg) . wnomaOtoOL- fe? ' -'.‘J 3 § SStSSFvJS’.. W« S 

rfHmfao pqgate Eca , 0 i 8 Mani ?Tsh dSi'bteU 3 » Scm. to Jto u 

01408 4823 Fromwssm J*I« 6 d( - 6 . 1 J Ol 'Pnr^OT vVreh 15 Nertd 5 d 6 iiASl 5 . 

Tyndall As*ur»ucr /Pensions# 

IS. OsBjngrPwad. Bristol. 0 = 7=32241 

-MM . — 

Ktpiicvftb. W^__ 350.6 — 

ItendlOrteWAss. - - 366 * — 

Pronwtrrw>.W-_ nws . — — 

DgposnKeh tS.LL. 12 S .6 - 

3 -Way Pen. F«h W: 1410 . — 

7 g 0 WlcfcWv.bto 10 

3 -Way Pen F«h 18 ; 



DO ITOPlKv. 1— 1 

Vanbrugh Life Assurance 

41 -49 Maddox SLtednWlR SLA 01-40848 
M«»g 4 d Fd. M— — Itooa ' 1*7 71 ^OJJ — 

JnntLFnmj __E 3 93 * -OJ — 

Fi*edIrfen 4 F 4 ._Sil 1 *L 2 . . ' .— 

Propwggrt fiSTJ 1444 + 0 J? _ 

Co^n Fond (gfcj 1224 — 

648 jȣi!!rv^rS? ail i Kans Warburg Invest. Mngt Jrsy. Ltd. 

lii l» ISS- JS 0SATK4X 

; :1 332 Sftl£hm9:l M Sr “ SSBIftHM t ' 

■ >AV Feb 38 . -Gquhnlent SUS 8 L 0 . 523 J,* 3 w -^“ r - M 1 Va +a5 * ~ 

7 Se*t sub. March 31 . Sffr«a r w'"'o Epl*® 

Kcrop-Gee Management Jersey Ltd. WarM Wide Growtb Manatr^mratA ■ 

‘424 Kemp-Geo Capital. | 79.7 
429 KcBtpJjeelnomte |648 



2 !U 

’ Ha. Boulrvard Royal, tusrmbourf. 

8 S> Worldwide Gib Fdl SUS 1292 |*DI 6 ( — 


~ Equity Sc Law Un. Tr. .M.» (aKbMci Nati ‘ ra * 1 Weston*sto*»|al 

Amerhaa Rd. Hjdb W)combr. 0404 S 33 TT SrfSffiS!*\ K So aEC \' 
Equity* Urt_l_l* 1.4 ‘ — ■ ^ aplaJ ' AeOTnl> ' 

Vanbrugh Fnrions Limited ^T?S lv * rd - B 

4 M 3 6 tedi 3 oiSL,Ldo. SQtRJ m -480 «33 Sl'ETTII 

»wd : — fiK W ..„..} - lACiwrthF 5T“ 

: ifx? JfiP -9 — 1 — DU. Acwm. — 

[Equity* Un _l_|U .4 MS-M 4 AT . 

Frandlngtoo Unit MgL Ltd. ( 8 ) firo«tfitorEL~“ 

S- 7 . Ireland Yard. EC* B SDH. 01-348 807 L teomc 

aasK— - bk* HKsnii ms asaswss 

rttSSsSZZZEtA “ Dd Accom (962 l* 2 Jj^ 32 i 257 

— ^52 ,Z.) — Friends’ provdt. irnlt Tr. Mgrs.V 

Cmnmosd •» lu. Bus Rrttf tabl*. Fri«SSi!ltoi?W .9 42 J 1 ,.”) l 6 4 ^ 

Do. Accnm. (506 54 J) - 0 J[ 452 

JSfeSSSK?- 0 - T - Vnit Managers Ud.V 

VEL Trust Managers tuL¥ (a)(g> 

Mi boo Court. Dorkinc Sutwji.' 

f jj? ’Accum. Unltsl. .fez 0 2*4 

3 to Scot. Cap Mar. l$h »2 139 

33 lArcum. Usitfl .. . (154 8 U 2 

3 to Scot. Inr liar 1^1514 15 * 

5 . irein wall a 

« April a Capital Growth 

Do Aceum. ..... 

am. n^^L CrtnBe 

7 jf fV«J 

3 1 LtS Da Actrma .... . 

|) i Se£F p «* to 

02 521 Sp«lal 

Q J|, 2-75 TSK Unit Trusts lyl 

(a)(gl Sl.ChnqUy Wsy.Andocor.Horli 

TO *vi 1 1 ^ U c e , i . pra, ’i,™> where Indicated fi. apd are in pence nates* aUaera :ite 

5 ^. -i* J ^ l0r - ^ WW-WPCiwi* ■ Offered price* 

__ . _ J*™™ »“««*;* Ou«ed price iorfudM all omwisM except agen t:, L-munteston. 

23 J -2 « K . hoagtt tbrwra tDMWWs. 1 XVDriMu day* price. 

BlrfU 18 S ^ ^ ^ S'**** 1 - 

8 L 5 j*D.l 1 BJ 5 

m!+ 0 J 467 ^^m^re^reHmmwBMWttreMMBi^MwreaaB^HmiWMrereaMBmaoo^B^^M 

*3-^82 JS 

sa * 0 * 4 j*- 

3W -o 33 5.38 ‘ ^ — - 


m< alio w for all Mining expetuos. a Offered prior* 
c Yield based prioOer prlen. d Erttmatod g To-day a 
LutseteP ytetemc pr g nl i m taaorflnceptora .4 Sto£ln 
loriudos an - ee pwi s M e*e*pl agent's ixeumifaton. 
E boujzbi tfirwza mata gec . s ProriMu day's price. 

SSissi--.K •U-Jl 

Far Mew Court Fond (KaugBS Ud, 
see Rothschild Asset MsugeoteaL 

mti ^ toalings m 0364 ® 432 ^J 

ftffiSBMneral. ._»7 U.7\ - 0.11 385 

S-fi fb> Da A ccum SZ .9 

»-* <bi TCBlncea* 57.5 

L it» D o. Accum »Bi 

TSBSoAiirii 73 « 

iblDo Acctua 779 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2SS JI01. 
tadeg Guide as at 7ih March, 1978 (Base 100 at 1-U.77.) 

C jve Fixed interest Capital 135.01 

Qlive Fixed Interest Income 122 j 63 

r or m/m 
£ 25,000 33 % 

Thetoea, nifeettoitt^ Rmt, 
Mpnsraotar Ftt. f WJ 

(id Ftnsbmy <Sress SCZSTOD 

»«. ploesa refer Is Tl 
mte bater Group, 

iLcidoB * SiTS? toe 


Windanr Ufe.Ama. CtL. Ltd- > - 

^ ^W|^r 8 BM* 




81 - 828 8 TO! 

—I in 

Nonrich Union Insnrance Grasp (b> 1,‘_7 „ 
PO.Bns-i.NprwIrfuNRlSXG. . - 080322=00 tIIst * T ITO 

GroupTtt.Fd 0 U 8 J 2 S 2 s^- 12 ) 556 Waring Street. Betfatt 

350 Frail Trust Managers Ltd. WlgXz) 

n>\ClsterGnMRh ..p 66 

0232 33231 1 
38 Jj *- 0 J! 551 1 

CORAL INDEX: Close 433458 

pa * A. Tntet (*> (g> 
« IUrfrf«h Ud. int awti d 

Jta 2 S 2 High flol born, WClV 7 EB ' 01^03 

Ho Prarido«*hFd...B| .' 23 -fiJl 

ajn AreumCtdte — 3-3 - 0.1 

g—ri isc — @}l «.d ..... 

fJS - 9 y»rlDoJlTtt ffil 5 *-- 

— " '■** lActftrni UrtUl ■ K 2 - 1 4*3}^.^. , 

Pelican Un Us Admin. Ltd., fggx) 

u-rt 38 Ml 171x11 Trnst Aeconnt A Mgat. Ltd. 

1 QZT 71 227300 81 Fen ntef a Ss, Mane bostep 
aLS-dJI 454 Falicsn Unite 

2t Ki ng Willow St EC4RSAR 

it ^ 

• Wider Growth Fnnd 
IKogWOUaniSl EC 4 R 8 AR 

Id u 


08 I-SJBBBM Income Unite 
** 4—4 5jO Aceum. Urdu 

01423 WSJ 

J 35 * 

4 J 534 

T Properly Growth 7*% 

T .\* abru 8 b Guaranteed 7 .l*i%. 

Aaareu shawn nni)>r !nsurj(i-« and Prnpcny S»nd Vabl-' 

• ,r <’»‘« 0 R* 5 fr- 

l v ' ■ 




y auctioneers of real estate 

Healey & Baker 

esuOSslmt OSOtn London 

?9 St George Street, Hnnovw Square. 
London WTA3BG OV62992S2 

LONDON EC 2 N 1 AR 01-628 4361 . 


mw* i I \+ of }' 

llUrii Low ( Stock j i I — I InL 1 

"Shorts ” (Lives up to Five Years' 

ttUrt KfaKTttt 



i HOTELS— Coufimred 


... . jris .1 m 

109 I 62 IttJrtwfci 

^24 j ^(k^j 



RuarCorn S% 

Gen Eact-gu. 

HonepreilSl 50 
Huron EF 


■ EMhSjprlffll 


sw± PHop 

Do 4pc Deb £100 

Place Gas SI 
RioAJjnra. . 
Rcpal Bk.Can.S2 










34 L 

15 iLmerC ITcfalflp 

W " ' 




88%|75%|5pcSta*7,.82 1 85 |-l 2 | 5 88 [ 919 


100 82 IffimTamfl^DcTMl-l 98%l I 342 1 9.84 

94% 311.i 
107 93 

112 95% 

'Q 2 i; 85 V- 
94 76% 

St « 

m 22 % 

93% 76% 
100 84% 

107% 90% 



Walter Uaa.) 


g232 1 4: 

gf U 

h 323 







V -a 

*99 62% 

SS 8 * 
H S 

214 113 

43 a 


53 l 




64 46 

37 18 

78% 64 

15 % 8 % 

i % 

. 95 48 
101 13 

a? 160 91 

150 ?6 58 

IS « ii 

« n 


SOB IK ip. 

pTtr, r 


Laportelnds »p 

Scot A£ lnd. £1 

Stewart Plastics 

(7 SI |1M 






59 +1 





14 V 




> 8 ? 

»• 13 % 
10 T65p 
24% 13% 
•13% 733p 
22% 14% 
?J% 12% 
44% 29 
25% 15% 
11% 17 
38% 20 % 

Brown's Fer ch?i 
B runswick CorjxijL 


17 % 

28 % 

W3p Firestone Urol 
11 % I Find ilnrazn _ 


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