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__ Most . 
Honoured! 
Wfotch 



PLANNING fl NEW FACTORY? 


Build in the benefits of an 


No. 27,514 


Monday March 20 1978 **15p 




PIHCBi AUSTRIA ws; M-UGIUH FrJ5; DENMARK KrJJs 


FRANCE Fr.3.0; GERMANY PMJJ; ITALY L.MQ; NETHERLANDS FLZ.Oj NORWAY KrJ.5; PORTUGAL &eJRj 


WEWS -SUMMARY 


STRUCTURAL FRAME 


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GENERAL 


A 


BUSINESS 



German New talks 
experts on boost 
hunt to world 

economy 

• BRITAIN will intensify its 
West German counter-terrorist efforts this week to obtain inter- 
experts joined Italian police and national agreement on measures 
troops in the hunt for Sig. Aldo w b00st world economic 

•Sloro. the kidnapped former ^ cove1 ^- “*• ? en3 lJP :alBy ’ 
Premier ana hie Chancellor of the Exchequer, 

mjmer, and his Red Brigades wm attend an EEC Finance 

captors. Ministers’ meeting in Brussels 

The authorities appear to today, and Mr. James Callaghan, 
remain convinced that Sig. Moro the Prime Minister, • will hold 
is alive and being held in the talks with Resident Carter in 
Rome urea. Washington on Thursday. 

.hi*?' I* a {?° on fte The Brussels meeting will dis- 

«5 J i 1 ^ k, _ dB W®* wa ^ cuss a forecast that EEC econ- 
elements. om i c growth this year & -likely 
thJ «*“» I-** ■* to be only 2.8 per cent on 

Lpi oLf-Hl 1 ?? of , ®f ders of . lbe present policies, against a target 
Red Brigades would proceed in ]ast October of 4 to-^5 per 



Turin despite threats from the 
guerillas. Back and Page 3 

Ku Klux Klan 
leader held 

Mr. Bill Wilkinson, 32-year-old 


cent Back Page 

• CONSUMERS are still very 
cautious about the future even 
though more families, now feel 
better off than a year ago, 
according to the latest Financial 


electrical contractor from Baton Times survey of consumer confi- 
Rouge. Louisana, and Imperial dencc. Page 34 
Grand Wizard of the Ku Klux 
Klan, was arrested in Leeds. Mr. ith t 
Wilkinson, who was banned 1 <MK6r OWllCES 
from entering Britain a month 
ago, was moved to London for 
questioning by immigration 
officials. 


200,000 welcome 
Muzorewa home 

Bishop Abel Muzorewa. United 
African Council leader and one 
or the black nationalist signa- . 

tones to Mr. Ian Smith s internal 


plan consortium 

• INDEPENDENT oil tanker 
owners plan to form an orderly 
marketing consortium designed 
to push up freight rates. They 
plan to form a company to 
charter tankers from owners in 
Japan, Greece, Hong Kong and 
release 
market 
Page 5 


to 

settlement, returned to Salisbury 

from his London and New York ratc « considered fair, 
visits to :« rapturous reception # BRITISH STEEL has been 
from more than 200,000 sup- * (mt-mam-wt •» hv «*» nrivate 
porters. The ernwil. spiUmg over SCPtor 0 f t g e U K# stee j industry, 
faur font ball Pt^boa. -was i the acc0 rdiixs to a survey by Inter 

evrf , ^ Ss V lll> u d v!Lt>« Company Comparisons. While Ae 
Rhodesian politic-! Stale corporation lost neariy 

seeks to break impasse. Page •» £2S0tn. in the • three vears- iu 




election 


BY ROBERT MAUTHNER and DAVID GURRY, Paris March 19 

SLilK? 0 ®® *** e tile Socialists and their Left-wing nationalisation programme, eco- rated that their party would 

French Communist Party leader. Radical allies were expected to domic and social policy iu never again tie themselves down 

Frau«’| llt cSSSmelt d eM£ii?n IF, S ™ te aDd the senepil, and national defence. to as precise a Government Dro- 

heari^ S fnr°I e ^^S..t Communists, 84 to 92. M Jean Lecanuet. the Centrist gramme of the Left, as tbey did 

over d thJ r tJSSSS^L^S^Z Th !, l' xri !S ut °J voters was a leader, analysed the outcome of in 1972. .And to-night, the Left- 
Opposition. afterv^erdaVs^al **“ election in the following wing Radical leader. M. Robert 

se P cS-rn?nd bL?^nf the SS t253!S£2 d £*' words: “'When it came to th? Fab re,- said his party considered 
erafeuSon B 2225 tn K,« b> «,i e Point, French voters thought that it was no longer hound by 

Allth? various computer fore- ! j2s? often ? n the p^L French ^ D - ab0 5 thines ‘ The common programme. • 
casts suggested that the Govern- voters in the end shied at opt- tit? lS?” 100 t Th & situation lias aiso greatly 

ment parties would have a jng for a Government with Com- a ?jL5if *^ fts pact ^ cha, ?S® d ur the Government 

majority of at least 70 seats over raunist participation, and re- f “ m P; Gaul lists, 

the Left-wing Opposition in the jected a programme which hav H!£ 1 5f«n„l lC n t nJ ed ! . b j ele 5 toral !? ho bad 173 seats in the last Par- 
National Assembly, some 30 would have led to the nation- d not 38 “ J la |]“ en ti are likely to have at 

seats less than its p rrae at a lisation of nine of the country's ° e ;^ ,n ® ^f e f ent ' ... jS“J. J??*'£f we M in 0,0 

majority, but much more than biggest industrial groups and The Socialists are probably the National Assembly, 

was generally expected. the whole banking and financial m0 ? t . disapopmted of all the In theory, this should give 

Early projections broadcast by sector as well as to a funds- political 'parties. They were President Giscard d'Estaing, who 
the first French television mental change in economic widely efxpeeted to become by far has always claimed that the 
channel gave the Government policy. mos ^ powerful political force French people basically want to 

coalition between 272 and 292 More than 85 per cent of the in France. But. after polling no be goverened from the centre, 
scats in the 491-mcmber Parlia- registered electorate went to the more -than. ^22.5 per cent of the. greater room for manoeuvre, 

ment, compared with the Opposi- polls to-day, giving an abstention Popular vote in the first round What President Giscard would 

lion's 107 to 219 seats. rate of only 14J5 per cent- a per- — some 5 to 6 percentage points like to do is to bring in the 

After counting had been com- formance rarely. if ever, loss than all the public opinion Socialists into a broadly-based 
pleted in 300 constituencies, the equalled in any other Western polls bad forecast— they are Centrist Government. But it is 
provisional final results gave the democracy. likely to have gained no more early days yet, and it appears 

Government parties 1S§ seats, It was clear from the results than about 20 seats after the doubtful whether the Socialists 

and the Opposition 10S. that the French people were not final ballot to-day. will be prepared for such a 


UN calls on 
Israel 

to withdraw 


BY OUR FOREIGN STAFF 

THE UNITED Nations Security strong support by the- Lebanese 
Council yesterday called for the Government and lhe ucquics- 
withdrawal of the Israeli Array 'cence of lhe Syrians appear to 
from southern^ Lebanon and. have made the difference, 
endorsing a U.S. initiative, is to During the preliminary cun- 
dispatch a 3.000-iuan inter- sultatiohs on the text, which was 
national peace-keeping force -to revised several times hefore it 


The 
accordin 


Government's score, impressed by 
to the computer pro- electoral pact 


jectirms. is made up of 134 to 
142 Gaiiltists, 130 to 140 mem- 
bers of the Union Pour la 
Democratic Francaise grouping 
the Giscard! an 'Republic Party 
and the Centrists, and eight to 
ten other Government sup- 


the last-minute 
thrown together 


in their 


The poor score of the Left is fundamental switch 
bound to lead to an agonising policy immediately, 
reappraisal by the Socialists and M. Francois Mitterrand, the 
Left-wing Radicals of their Socialist leader, and some of his 

alliance' with the Communists, closest advisers, are believed to 

The agreement failed to solve which bafc singularly failed to feel that a return to the old 

any of the fundamental dif- bring in the goods. centre-Left coalitions of the 

ferences between the two main Even before the second ballot. Fourth Republic would lose the 

partners of the Left on such some of the Socialist leaders. Socialist Party support built up 


last Monday by the Socialists and 
Communists, after six months of 
bitter quarrels. 


the area. 

In a report for consideration 
and approval by the Council. 
, almost certainly by to-morrow, 
i Dr. Kurt Waldheim, Secretarv- 
new 1 General estimated the force 
would comprise at least 3.000 
front-line troups in five bat- 
talions of about 600 officers and 
men. in addition to logistic units 
—making a total strength of 
4.000. 

The Council resolution was 
adopted by 12 votes tu none, with 
Russia and Czechoslovakia ab- 
staining. and China refusing 
participation. 

Dr. Waldheim said the force 
would establish and maintain 
an area of operation as agreed 
to by the parties concerned, 
Israel has already made clear 


porters. On the Opposition side, important problems as their such as M. Pierre Manroy, indi- over tl}e last few years. 


was published, Mr. Oleg -Troy- 
anovsky. the Soviet lieleyat'e. 
tried to have included some time 
limit on the life of Lhe L'N force. 

David Bell writes from Wash- 
ington: Adiuinstrulion sources 
are sceptical about the new pro- 
posals that Mr. Begin sa\s he is 
bringing with him to Washington 
and fear that he is likely in 
loll President Carter fairly 
bluntly that Israel does not trust 
any UN peace force and has nu 
intention of pulling back from 
the Lebanon for the time being. 

Mr. Carter is expected in argue 
equally forcefully that the U.S. 
cannot accept continued Israeli 
activity in southern Lebanon and 
points to the mounting danger 
that Syria may actively intervene 
□□ the side of the Palestinians. 


U.S. administration concentrates 
on slowing price rises 


BY SAMUElL,SRITTAN 

THERE HAS been a major bad a traumatic effect on senior Exporting Countries OPEC and 
shift of concern from unemploy- U.S. officials- other dollar-holders could trans- 

rnunr to inflation in the U.S. It has also shocked Inter- fer their holdings in exchange 
Administration. Officials are national Monetary Fund officials, for special drawing rights. 


WASHINGTON. March 19. 

This week’s summit meeting be- 
tween him and President Carter 
was arranged over a month ago. 
Currency stability was only one 


its strong opposition to a UN whicb could cause a much more 
force policing the border zone, serious situation. 

Thus, the stage has been set U.S. officials do not reullv 
for a confrontation between the know how Mr. Begin may 
U.S. and Israel, when Mr. Mena- respond to such arguments, 
hem Begin, _ Israeli Prime There are some who believe 
Minkter. begins talks with that he may have no choice hut 
President’ Jimmy. Carter in to bow to U.S. pressure and that 


hurdedJy getting together a pro- who are particularly disturbed Such acteaccoiml could prob- of "five agenda items i.'sted by Mr. 


thutto placed in 
:ondemned cell 


April 1977. neaiV Ull ptt\u& • fo > slowing price by the foreign exchange markers ably l>e s«.iGr.;jti?aut an amend- Callaghan in a- speech last week. 


nVaccoum 

:<*rp.;itl?c 

steelmaker? were mabinH a profit increases. disregard of the mention of fund ment of IMKarticles. This would The others were -growth, trade. 

Page s Emphasis • -i s ‘ placed . on facilities. - have the advantage of giving oQ- capital flow to developing 

. .. domestic reasons for restraint. Officials are putting together a producers an exchange guarantee countries and energy- conser- 

■ iUisiiiu's military rulers clamped q BRAZIL'S steel agency, Sider- such in? lhe unexpected sharp larger package to strengthen the against dollar depreciation with- vation. • 

■_Jil veearity on the country as bras, has signed an agreement 0.9 per, cent, increase in con- dollar. The frontrunner is the out the U.S. having to give such . The U.S. is concerned at what 

\!r. Blmtiu, | lie former Priate W jth Kawasaki Steel of Japan sumer prices in January and 1.1 sale for foreign currencies of a guarantee directly. it sees as tbe protectionist drift 

VJinMcr. spent his first night in a nd Italy’s State-controlled Fin- per cent,, in wholesale prices in a portion of the U.S. gold stock. This would still leave open the of British poltcy and the lack of 


. . — Italy’L 

fi.ouleniried cell after being sider on plans for their joint 
.entemvd i«» death. Mr. Bhutto steel plant, to start' production 
us reported lo have been } n jgg 2 . page 4 
■tripped of special privileges in- 

.'iiidinr the right lo have food # GULF OIL’S chemical busi 
wrought in. Tension in Pahistau, ness, whicb suffered a profit set 


■age i 

Muclear claim 

»Ir. Frank AUaun, Labour MP 
ur Salford East, and vice- 
chairman of the Labour Party, 
■i.iimed last night that the 
hivL-rnmcnt . was 
1v parting from 


back last year, is expected to 
continue to be a problem this 
year because of world petro- 
chemical over-capacity. Page 35 

• AIRLINES have reported an 
encouraging start to the cheap 
stand-by fare scheme for flights 

between Britain and the U.S 
tts election 5 


■1 


Home loan curb 
may be tightened 

6 GOVERNMENT will consider 
further measures to restrict 
funds . for home buying if the 
rise in house prices fails to taper 
off in the next few months, said 
Mr. Peter Shore, Environment 
Secretary. Page 5 


dedcc rnt !«i embark oh a new 

:rncration or strategic nuclear * BORG WARNER'S transmis- 
^-ef^vrapons. sion company in the UJL is now 

almost breaking even, after 

JtfJgS haul difficult period since tbe oil crisis 

trindisi police seized two tonnes developed. Page 5 
•f hasish worth an estimated 
,? 21 in. is one of Italy's biggest 
'• ituj hauls. - 
, w 

briefly - - - 

■r. -v'uriodlal sentences for young 
• it renders are not successful, 

- L-eonling to a report published 
n-dujr bv eight social services 
-tidies. 

t, »‘‘he Pill appears to protect 
' gainst arthritis, a Royal College 
f General Practitioners’ study 

vporlft. • NATIONAL SAVINGS move- 

»t teasi five people were killed, ment’s net receipts tapered off 
■iciuding four in an avalanche, to £116.6m. in the four weeks 
n week-end accidents in the to the beginning .of March, incu- 
latian Alps. eating that the recent small in- 

.... ^ . crease in retail sales has started 

ncrion ludici' soccer loam was in iff lavincs. Pace 5 

eaten 3-0 by an Indian eleven 10 brte lIU0 9 

i the opening game at Caleuna 9 1VELSH Development Agency 
t UiL-ir Indian tour. . is investing a furtlier £0.5in. in 

Wst indies coasted to victory six companies to help create 
ver Australia in the second Test nearly 200 new jobs. Page 5 
! Barbados, winning by nine # aLXNY EMPLOYERS are wait- 
ickgis. - ing until the last minute to make 

■Inner Rogers fid, appears at tne arrangements to contract out of 
I'ndnn Palladium to-day — for jji e Qew u_k > State pension 
le first lime in her career. scheme. There is expected to be 
'gumla Airlines is reported tn be a rush of applications to contract 
L-.-kin** to buy new aircraft, out before the deadline "" 
iciuding a Boeing 747 Jumbo. Thursday, rase 5 

ite leaders of a Moslem wire- 9 SHARE OPTIONS market in 
nat t'rmip were hanged in Cairo London is likely to open on 
«■ murder, Pngc 2 April 21 or 2S, two or three 

Chrthlrc holder uf Premium weeks later than the larger 
; i, ltd No 8LW 799301 has won Autsterdam - based European 
»■ wppklv £50.000 prize. Options Exchange. Rack Page 


CONTENTS OF TO-DAY’S ISSUE 

? : V Ivcrseas neiv^ -■J 

* * MVyrid trade news 4 


rs. 


w ^ t Home news— general .. 

V; '■ — labour * 

ITanagcmenl page 

. frchnieal page 6- 


Arts page — 

Leader page - 

UJt companies 

International companies 
Foreign exchanges 
Mining notebook 


FEATURES 

Siberia: The Russians Rust grows on lhe aleel man 

arouse lhe white giant ... 12 of Shelton 

IT SURVEY 

Saudi Arabia ......13*32 - m 


n 
1 2 
31 
35 
35 
S5 


33 


WiBUOCBU 

uUtHmi RMN . ... 

DUr» 

* MlrKU A t coVcr* 


GttWa 

' .tMKlftl Piwy .. .. 


.^suen 


tc* 

LtunbvO 

Mon fcwl Mutter* - 
PwftMMM mow 
SMro joTonnaitoii ._ 

Spert 

T*d*r* EvttiU .. ... 
TV «M) RWto — 
Unit Trass 


- wmukt ■' 

week ts tin Co«m 
Worm Ban. 1 ml. ... 


M Hue Leading Rate* 


u 

» 

u 

N 


For Intust Stare Inde# 'phone 0I-£Mff 


ANNUAL STATEMENTS • 
Iwcrte! Motel 2 

Hail- Wttmteir. » 


February. Another possible measure is the possibility of oil-producing coun- enthusiasm for major tariff cuts 

Unempioyinent has been fall- issue or foreign currency- tries setting the oil price In »n the Geneva multilateral trade 

ing faster than expected, and denominated U.S. securities on terms of special drawing rights, talks. 

the severe winter has had sur- the private international capital This is just tbe most dramatic ™ r - Lajiagnan believes that 

prisinelv small impact on raarkeL way in which a falling dollar ^ch tensions are best handled 

production. ’^ Ie Pl* 3 ht of the dollar has aggravates UJ5. inflation, but as P art of a general summit-level 

Nevertheless, the urgent ira- created a new interest in the similar processes can be ex- understanding. If, «or instance, 
pulse has come from the decline scheme for international assets peeled in other product markets, the U.S. took action on energy- 
in lhe dollar on currency to take over some of its reserve Contrary to some reports. Mr. saying, the Japanese did -some- 
markets. Its further decline role. James Callaghan, the British 4| in S to increase imports, and 

early last week, despite the The IMF could set up a “sub- Prime Minister, has no plan for the Germans made some gestures 
announcement of a U.S.-West stitution account” into which- confining world currency move- l0 ^ wa ™ * omestic expansion, it 
German support package, has the Organisation of Petroleum ments within specified limits, would be easier for the u.K. and 
r - France to move on trade issues. 

- Continued on Baek Page 
.Callaghan to meet Carter 
Back Page 


Policy statements on oil, steel 
and Leyland due this week 

BY PHILIP RAWSTORNE 

THE GOVERNMENT is to make Healey, Chancellor of the the loss of some 40,000 jobs over 
a series of major economic and Exchequer, and Mr. Anthony the same period, 
industrial policy statements this Wedgwood Benn, who fought a Brit i S j, steel Corporation’s 

week before Parliament rises for vigorous battle over the pro- eapita.1 spending is likely to be 
the Easter recess. posals, join the Pnme Minister reduced from tbe current £500m 

The announcements — covering for the launching of the Govern- a year l0 around £200 m. 

North Sea oil, steel and British ment’s White Paper at a Press 
LeyJand — are also regarded as conference. 


Washington tomorrow. 

The British Government has 
long been in favour of a UN 
peace-keeping force taking up 
positions in the south of Lebanon 
and bad already made contin- 
gency studies which may help 
to speed up the operation. 

Last night the Foreign Office 
said: “Wp regard the introduc- 
tion of a UN force into southern 
Lebanon at an early date as a 
high priority. If any request 
is made for assistance we shall 
consider it urgentlv and sympa- 
tbeticallv.” 

According to UN sources. 
Britain is thought likely to make 
available as a slaving unint 
sovereign bases in Cyprus 
asked. 


if 


lhe current Israeli movement 
further into Lebanon is designed 
to give Israel as much of a 
chance to crack the PLO as 
possible before it withdraws. 

The U.S. accepts Israel’s posi- 
tion that in the long-term, the 
best solution may be to rebuild 
the Lebanese Army so that it 
can effectively police the border 
area. 

it is felt here, however, that 
it will take many months if not 
years to resurrect the Lebanese 
Army as a credible military 
force even if. as now seems poss- 
ible. the U.S. agrees to re-equip 
it. 

More broadly, the administra- 
tion is still hoping to concentrate 
Mr. Becin's mind on the overall 
peace settlement and the nesotia- 
. tinns with Eayat. bul it is recog- 
nised here that this will be 

IH CV The Fat^’rai'd mto Israel has 

sStSiSSSS 

S55,“SiH5Sf “* 

within its intemationally-reco; 
nised boundaries. 

It requires Israel “ immediately . «*!?.* T** ‘ ,,r ™ 

to cease its military action 1 f iressure TO 

against Lebanese territorial S" SLm* «» ' n ,T e ? IBS ‘‘. ss 
integrity and withdraw forthwith *“? settlement policx both in the 
its forces from all Lebanese and the Sinai, 

territory.” . There can be no doubt that 

Agreement on the resolution * n . J? c critical battle for U.S. 
represents a diplomatic victory P u hltc opinion. Israel has once 


Preliminary 


amply justified. 

It is thus likely 


to be much 


for the U.S. 

When the idea was first put 
forward last week by the Stale 
Department, it was greeted with 
considerable scepticism here, but 


again won the initiative, follow- 
ing the Fatah raid. 

Other Middle East News. Page 2 
Editorial Comment, Page 12 


key political factors in the run- 
up to the General Election, 
widely expected in the autumn. 

Mr. James Callaghan will to- 
morrow outline in the Commons 
the Government's proposals for 
distributing North Sea oil 
revenue. 


Future plans for the steel 

Rust grows on Steel Man, 
Page 33 

Labour confident of holding 
off SNP, Page 5 


Mr. Varley will also reply to 
a Commons question on Wednes- 
day about development plans for 
British Leyland. 

The National Enterprise 
Board’s report is now being 
studied by Ministers and though 
the Government’s general support 
for a further loan to the com- 


' i ""W oe oy pany may be indicated, the major 

The Prime Ministers state- Mr. Erie Varley, Industry Seere- involved could- be 

ment is likely to give priority tary. in the Commons on defen . e d until a Coibinon debate 
in the allocations to investment Wednesday, 
in manufacturing industry and A brief White Paper will also 
the development of alternative he published on the Govem- 
energy resources. But the pros- ment’s policy for resolving the 
pects for increased expenditure crisis in the industry. This is 
on public services and further expected to include the shelving 
tax reductions will also be of investment plans at Port 
emphasised. Talbot. Hunterston, Teesside and 

Cabinet unity over the plans other plants that would have in- 
for the share- nut will be di*^ creased the industry's capacity 
played later when Mr. Denis over the next five years involving 


after Easter. 

The Government’s hectic busi 
ness programme this week co- 
incides with an active Labour 
Party timetable. TTie Labour 
Party-TUC liaison committee 
meets to-day and the party's 
National Executive on Wednes- 
day. arousing further specula- 
tion about an early General 
Election. 


Midland expected to change 
South Africa loans policy 


BY MICHAEL B LAN DEN 


by 


MIDLAND, BANK is expected to African Government and its the announcement last week 
announce changes in- its policy agencies, Taese have been backed Citicorp, the second biggest U-S. 
on loans' to the Sooth African by leading UJL local authority bank, that it was ending loans 

^ representatives. to the South African Government 

At the last annual meeting, ^ agencies. Other leading 
Lord Armstrong called Tor meet- u -?- banks ^. expected to follow 
ings on the issue. These took SU ' T - . ' 

place over the past year and it ' . *® w ?ver, Mr. 

is understood that the move this A . a “ o8y ru «* • P 8 ™*!® Bank 
week is the result of talks i*e- “airman, .f 5 *® . in .his annual 
rueen the bank and anti- 
roups. 


Government later this week. 

Lord Armstrong, chairman, will 
discuss the issue in his annual 
statement' on Thursday. 

The changes will be greeted as 
further success by anti- 
apartheid groups, active in lobby- 
ing- Midland and other leading rt . , iae 
banks over their involvement a P a n/iem g 


with South Africa. Midland's associate in the U.S* 

Midland has been under pres- the European American Banking 
sure over recent years, parlieu- joint venture, took steps last 
iarly from tbe. End Loans to year to limit its commitment to 
Sooth Africa group, which is South Africa. Midland's Dutch 


bank to end all loans to the South This week's 


saTd 

statement that his bank would 
stay in South 'Africa and “ use 
all the influence we have to try 
to bring about a happier and 
fairer society." 

Like Midland, Barclays has 
been under pressure from anti- 
apartheid organisations, but 
would not improve 
South Africa if the 
bank and outer investors with- 
news will follow drew funds. 



objective data source lor thewfaoleof 
North West England 


fflfomu [ion otr uUj upuul and cummcrcial dc\Trlopjnent stesand premises, iccnu'iiually 
. up-datcd.l. Labour avaflahHrty vuiKiicb. (jMnmimi cations data, Gram-ani fact,. 

We've got everything you need for an objective analysis, of opportunhie.- io North 
West Eagland- 

Our territory ctwvtt the Counrics of Cheshire, Cumbria* and Lancashire, the 
.Metropolitan Counties of Greater. Manchester and AierjCvadc, and the High Teak 
Distria of Derbyshire. " 

So if you’re ibMuog North War, look no farther. 

NWID& affen a free service tu industiy and commerce. Clip the < 

coupon bdow fcr detail of Gm-ernritani incentives juid Assodation iervicss. / 


/ 


/ To: Air . Clirf..re 
A Ch-r*KJn. tHriit »r, 
jr '■■■rii Wevtlnduarul 

A tV- J- pin.Tit \ Aurnm, 

V P-iiitEi- .■ H. y v, 

Un/jra, ■•«.- Sskci. M.n.hc-.icr 
-M- 5.\a. U-iuLjtJ 


Xu!W 



tAssodatim^/ 


Bnzconooe House, Brazennosc Street 
Mandhesrcr M2 5A2.'£ogland 4 a 
P hone 061-834 6778 Jr 


Ad Jr 


FT3/7S 







Financial Times Monday Sfor6^ 2© *9*8 


THE CRISIS IN SOUTHERN LEBANON 


Common 
line sought 
by Arab 
hard-liners 


By Lours Fares 

DAMASCUS. March 19. 

FOREIGN and defence minis- 
ters of ihe Arab “Steadfast* 
ness Front"— Syria, Libya, 
Algeria. South. Yemen, and the 
Pales line Liberation Orgainsa- 
tion — to-night open an extra- 
ordinary meeting here to dis- 
cus* the Israeli invasion of 
south Lebanon. 

Syrian official sources said 
the meeting is “ to determine 
the repercussions of the Israeli 
aggression, and to consider 
ways and means of meeting the 
enemy challenges.** 

They also stressed the need 
to adopt a common attitude 
“ to enable Syria and the PLO 
to face the Israeli aggression 
and to roil the surrandertst 
plans in the area.” 

Reuter reports: the four 
.Arab states will consider pro- 
viding air cover to protect 
Palestinian refugee camps and 
inhabited areas In Lebanon, the 
Libyan news agency Jana re- 
ported to-day. 

In a despatch received In 
London, Jana said points on the 
agenda for the meeting Include 
supplying the PLO and Leban- 
ese left-wing r cures with all the 
necessities for battle, setting up 
a committee In Damascus or 
Beirut (o co-ordinate these com- 
mitments. and providing air 
cover lo protect refugee camps 
and inhabited areas. 

President Hafez al-Assad of 
Syria said yesterday the Syrian 
skies were open to alt Arabs 
who wanted to resist Israeli 
forces in south Lebanon. 

In Cairo. Mr. Mohammed 
Ibrahim Kamel, the Egyptian 
Foreign Minister, told parlia- 
ment the invasion was an 
obstacle to a just Arab-Israeli 
settlement, such as President 
Anwar .Sadat sought with his 
pcare initiative last year. 

This initiative, he said, put 
Israel in a difficult position 
and i; was now trying to divert 
world attention. “Attempts 
for expansion will, achieve 
nmhinc but a continuation of 
wars." Mr. Kamel said. 

He also said that Ihe inva- 
sion of south Lebanon had 
been planned long ago and was 
nnt a reply to the Palestinian 
guerilla raid on central Israel 
a week ago. 

Egypt supported stationing 
I'N troops in south Lehanon, 
if this proved necessary, and 
agreed in principle In hold 
Arab meetings, Including an 
Arab summit, on the invasion, 
Mr. Kamel added. 


Israelis extend their penetration 


BY L. DANIEL 

ISRAELI forces plunged deeper 
into the south of Lebanon today, 
pushing their advance well be- 
yond the Six-mile “security zone" 
which was the original stated 
objective of the operation 
launched five days ago. 

This evening, LL-Gen. Morde- 
chai Gur, Israeli Chief of Staff, 
announced that the 20,000-strong 
invading force had captured an 
important Palestinian guerilla 
base near the River Litani — al- 
though he would not give its 
name or location. Israeli forces 
had now advanced 10 to 15 kilo- 
metres (6 to 9 miles) Into the 
south of Lebanon. 

The Chief of Staff said: “The 
last news that we got this morn- 
ing was that on the main road 
from the north, where It crosses 
the LLtani River, our forces have 
captured an important terrorist 
stronghold and so cut off the 
main road they have been using 
to bring reinforcements until 
now." 

Questioned about the extent of 


the Israeli advance, he replied: 
“We are not talking about a 
security belt anymore, but about 
a general agreement and arrange- 
ment in the area." 

The main parties of such an 
accord — designed to eliminate 
the Palestinian guerillas from the 
area south of the Litani — would 
be the Lebanese Government, the 
Maronite Christian community, 
and the predominantly Syrian 
joint peace-keeping force. * I 
have no doubt that with these 
three elements, and mainly the 
Syrians, terrorist activity can be 
stopped." 

In a politically charged state- 
ment. which reflects the view of 
Mr. Menahem Begin, the Prime 
Minister, and Mr. Moshe Dayan, 
the Foreign Minister, General 
Gur said the UN could hot pos- 
sibly control the border. “In all 
history, the UN were never able 
to do the job without an agree- 
ment between the parties in- 
volved.” 

Optimistic forecasts on Friddy 


tlUt the Israeli troops were hx 
control add only engaged in. 
mopping up operations, looking 
for small groups of Palestinians 
in hiding,, were proved wrong 
yesterday. 

Throughout Saturday, heavy 
artillery duel* . took place 
between Israeli artillery em- 
placements and Hie positions of 
Palestinian rocket launchers. 
Both the Israeli Air Force and 
Navy were in action, against 
the important communications 
centres at. Kafhadiye and the 
two large -Fatah bases on the 
outskirts - of . the southern 
Lebanese port, of Tyre, which 
has ftor years: provided the 
staging post for these bases. 

' Another target was the coastal 
road Kumlng - from Tyre to 
SI don, crowded with northbound 
streams of villagers fleeing the 
battle area and with southbound 
reinforcements for Fatah and 
other Palestinian groupings in 
the area. 

At the week-end the Mukhtar 


TEL AVIV, March. 19. 

(Headman) of Tiblin, in the 
. central sector, of. the fronts add 
eight other villages in the area, 
decided to H ask for the protec- 
tion ” of ihe Israeli troops, 
according to the wording of the 
official announcement, rather 
thank risk having their houses 
laid .ruin. It cautioned other 
villages to follow this example. . 

To-day’s operations were tin a 
smaller scale. Apart from the 
bombing of the Fatah base id the 
Rasbadiyah camp, operations con- 
sisted mainly of house-to-house 
and hillside-to-hillaide combing 
operations, ' with the Israeli 
ground forces advancing from 
east to west so “that the only 
escape route left to the guerillas 
is the coastal road from north 
of Tyre to Sidon. 

During the night, Israeli 
troops captured the important 
Palestinian stronghold at Alda, 
just south of the Litani. This cot 
off the main road for Pales- 
tinian reinforcements or with- 
drawal. 


Refugees fiee north as bombing continues 



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BY ROGER MATTHEWS 

ISRAEL’S two-pronged armoured 
thrust deeper into Southern 
Lebanon to-day was being met by 
vigorous if obviously limited 
resistance, as the fighting con- 
tinued throughout the fifth day of 
the Israeli Invasion. 

Only a few hundred of the esti- 
mated 3,000 guerillas in the area 
were believed to be involved 'to- 
day. A spokesman for the 
southern command of the Ai 
Fatah guerillas said that no cease- 
fire would be accepted, and 
scorned plans to send in a UN 
peacekeeping force. The Pales- 
tinians' main anxiety was tha: the 
Syrians, who have 30.000 troops 
in Lebanon as part of the Arab 
peacekeeping force, would main- 
tain their neutrality. 

The immediate aim of the 
fresh Israeli advance seemed to 
he to cut off the city of Tyre. One 
Israeli brigade was edging 
forward up the coast road, and 
another was making some pro- 
gress along the south-eastern 
route from the town of Tibnine. 
overrun yesterday. This could 
scarcely be described as a 
“ mopping-up " operation. 

Once the shelling and bombing 
oF the area around Tyre increased 
this morning, thousands more 
refugees Red in panic from their 
homes. The road to the north 
became choked as they swelled 
the estimated 100,000 who have 
already abandoned their towns 
and villages. 

From, just south of here this 
morning, correspondents watched 
the -Israeli assault First two des- 
troyers, clearly visible on the 
horizon, pounded the Palestinian 
camp at Rashaidieh. This was 
followed by artillery hilling 
further inland, and then by a 
series of air strikes-. 

The Israeli jets, just visible 
as they wheeled out lu sea be- 
fore launching their bombing 
runs, appeared first to be strik- 
ing the area around Jouaya. 
Columns of thick smoke rose 


TYRE, Southern Lebanon, .March 19. 


from the hills inland from Tyre, 
and the blast of heavy explosives 
rattled the windows of the Inter- 
national Red Cross centre where 
we were sheltering. 

After a brief lull, the air- 
craft returned again, this time 


trying to limit Its casualties is 
using its vast air, naval and 
artillery power to try and silence 
even small Palestinian positions. 
The cost to the civilian position 
is thus beaming ever more 
tragic while relatively little 



Makeshift tent camps for 
refugees fleeing the fighting in 
Southern Lebanon have been 
set ap In Beirut and in the 
port of Sidon* -writes Ehsan 
HljazL The numbers of refu- 
gees has been 1 roughly esti- 
mated at about ISO, 000, two- 
thirds of whoa: are from 
Lebanese villages within the 
region Of the fighting. The rest 
are Palestinians evacuated 
from refugee camps in the 
South. • Official Lebanese 
sources accused the Israelis of 
deliberate attempts to drive out 
the people. of the south to pat 
pressure on Beirut and the 
Palestinians. 

The refugees are concen- 
trated in Beirut's Moslem quar- 
ters. Assisted by gunmen, 
many have taken over empty 
apartments there- . 


to cnnceniraie on a road junc- 
tion about a mile from the Red 
Cross centre. In just over an 
hour, 15 bombing runs were 
made, although it is doubtful 
whether the swiftly-moving 
groups of guerillas were suffer- 
ing many casualties. 

When the bombing and shell- 
ing eased - momentarily, heavy 
machine-gun fire could be heard 
from the surrounding hills. The 
attack continued into the after- 
noon; and a Palestinian spokes- 
man said later that a message 
had been monitored from an 
Israeli brigade commander call- 
ing for farther air and artillery 
support. - 

The Israeli Government in 


iing ' di 

Palestinians capability for wag- 
ing a traditional guerilla war. 

The coastal road- to-day was 
almost as .. ^frighteningly 
expressive of war-lie- the Israeli 
bombing. . Hundred* of cars 
loaded with beddiilg and suit- 
cases, and packed Jet h women 
and children; - tratfS^ 'hauiin^ 
trailers with 30 .or more people 
jammed to; farmers! driving their 
few cattle; shepherds with flocks 
of goats and - sheep; : animals 
lying dead by the roadside; 
families on foot,'- carrying their 
possessions -on their heads; '*nd 
even, a strihg of .'camels.- 

The town of Sidon is already 
jammed,.and Beirut is beginning 


to feel the strains caused by the 
exodus. Several shooting Inci- 
dents have been witnessed, as 
refugees attempt to move into 
blocks of flats and are thrown, 
back by owners or tenants. With 
the Lebanese Government vir- 
tually powerless, the situation 
can only become more grave. 
Lebanon Is now being tom hope- 
lessly in several directions, which 
adds to the sharp tensions that 
remain from the civil war. 

Dr. Elias Shu Fan L, spokesman 
for Al Fatah southern command, 
said he thought it was Israeli 
policy to leave one road open to 
the north, so that the flood of 
refugees would . add to the 
country's Internal pressures. But 
be was also bitter about the atti- 
tude of the Palestinians’ Arab 
partners. 11 Not one of those 
lousy Arab Governments has sent 
us anything not even food. They 
could at least do something, like 
tents for the refugees. They 
don't even offer that." 

He thought that the people of 
Lebanon had only contempt for 
the Syrians and their troops. But 
he insisted that the Palestinian 
guerillas were buoyant, and 
almost carried away by their own 
successes. They would continue 
fighting, he stressed and now had 
well-developed tactics of operat- 
ing in groups of four, hitting the 
enemy where possible and then 
withdrawing. 

Should the Israelis decide tn 
occupy Tyre, then if would 
become "our little Stalingrad," 
said Ur. Shoufani. However, he 
thought they might choose to: 
flatten the city - by; aerial 
bombardment or to isolate it 
• The Palestinians are all ton 
obviously elated by their achieve* 
ment in holding back a - vastly 
superior force for so long in 
what Is effectively their first-ever 
war. against the Israelis, and by 
the conviction that- they can 
sustain the battle for many days 
to come. 



links with London 


BY JOHN WYLE5 




NEW YORK, March 19. 


ji* 


THE LONDON-BASED B*nk of 
Credit and Commerce totem*- 
tional has been employing Mr. 
Bert Lance, President Carter's 
former budget directorial go. 
investment advisor since' ‘.Tjyjb 
October: It has arranged!* infc- 
atanttal ” personal loans for ‘him 
too, according to a Securities 
and Exchange Commission com- 
plaint filed in a Federal Court 
in Washington DC. 

The complaint, lodged - . on 
Friday, accused Mr. , -Lance. the 
Cayman Islands' company which, 
controls Bank Of Credit and 
Commerce, and eight other asso- 
ciates, -of violating Federal 
Securities laws. ' • 

The case was' speedily settled 

yesterday by the defendants cod-: 
seating to a .Court order requsir- . 
tog them to put fixer relationship 
wtifc Financial General - Bank- 
shares, a Washington .-holding, 
company, on a new footing.* - 

The form of settlement, is 
common to many SEC . suits, and 
involves the defendants - * to' 
neither admitting nor denying 
charges. 

Nevertheless, SEC’s complaint 
couH add to the controversy 
surrounding Mr. Lance because 
it alleges that he breached an 
undertaking, given at hearings- 
before a Senate committee last., 
year that he would avoid any.- 
involvement in private banking, 
while budget director. 

This is the first time that any 


allegations have been made about 
;Mr. Lance's- conduct while to 

Lance and his associates 
.-now control 23 per cent of Fmon- 
trial General’s stock. The settle- 
‘fcttsrt with SEC involves Interna- 
tional Credit and investment and 
‘three Arab businessmen agreeing 
to -make a tender offer forTuwn- 
eUil General Banksharw. as 
promptly as practicable." 

The three Arabs who have 
'given this undertaking . are 
■ Sheikh Kami Adham, the former 
Chief of Intelligence of Saudi 
Arabia, Faisal Saud al Fuliaj, a 
Kuwaiti businessman, and Abdul- 
lah Darwaish. an adviser to the 
Royal Family in Abu Dhabi. _ 

These investors have agreed 
that if they make a tender offer 
for Financial General, it will be 


at $15 a share— the stock closed * 
at $11$ ob thfr U-S; Stock: 'Ex. 
change lust Friday. They have . 

n?en agreed to establish With 
Sheikh Sultan al Nahyan; the. 
Crown Prince Of Ahu Dfcabir a 
fljn. fund froto which Financial 
General shareholders .who sold to 
the so-called Lance Grdap, Can. 
file for .reparations; -Thus . 

a stockholder who sold, jssr than 
the $15 approved by the' Court 
could obtain the difference from 
■this fund. 

Alt of the defendants,- indud- 
ing Mr. Lance, whose wife -fifths'- 
13,000 - shares' ' of v /Financial 
General, have agreed not to sell . 
or to transfer their -shares until 
a tender offer has ibeoni success- 
fully made or an-- agreement has ', 
been reached to sell the group's 
interest in the company. ; • 


Court rebuff over U.S. coal strike 


BY JOHN WYLES 

UB COAL MINERS, who have 
been on strike for 103 days are 
no longer legally obliged to 
ietunD to work under the Tait 
Hartley Act, following a court 
rebuff for a Government attempt 
to extend a temporary Order. 

This was issued on Majrcb 9 
and when the Government sought 
to have it extended for a further 
11 days. Federal District Judge 


NEW YORK, March 19. 

Aubrey Robinson said that the 
miners "are not paying atten- 
tion to what I do anyhow. 

The judge also observed that 
the. Government had. failed to 
demonstrate that the -strike was 
endangering the nation's health 
and security, but he gave the 
Government lawyere leave to ask 
for a- permanent injunction on. 
March 28. / •; 


illlhOf--** 


h 


Pakistan tense after Bhutto move 


Guerilla reinforcements arrive Jordanian 


BY IHSAN HIJAZI - . 

PALESTINIAN cuerriltas- have 
received reinforcements, in men 
and arms'dunns the.' past two 
days which have ''helped them 
keep up what Palestinian sources 
now call the “war jF attrition" 
against Israel in southern 
Lebanon. 

The Syrian-backed guerilla 
group As Saiqa has noosted its 
ranks to over 1.000, from about 
m They are all confronting the 
Israelis. They bought with them 
some heavy weapons such as 
rocket launchers and mortars, 
according to informed sources. 

* Iraq has seru arms and ammu- 
nition. Arah diplomatic sources 
said the Iraqi "peoples army," 
formed of 17.000 militiamen, has 
offered to send volunteers to 
southern Lebanon. Two 
thousand members it this army- 
had fought here during the 
Lebanese civil war lli months 
ago, the fighters returned to 
Baghdad at the end uf Ihe war. 

According to the same sources, 
Mr. Yasir Arafat, the PLA chair- 
man, has sent a message to Presi- 
dent Sadat of Egypt asking him 
to ship the Ain Jalout brigade 


of the Palestine Liberation Army 
to Lebanon. 

The brigade, formed of about 
1.500 men; was in Lebanon 
during the dvij war, but returned 
lo Egypt a year ago. Informed 
sources believe President Sadat 
will wait until bis national 
security council meets. The meet- 
ing is now scheduled for next 
Saturday. 

Analysts see Syria's position 
in this matter as crucial. With the 
Israelis blockading guerilla 
sea routes to the ports of Tyre 
and Sidon in southern Lebanon, 
Syria offers the only supply line 
for the Palestinians. 

President Hafez Assad in a 
speech yesterday warned that 
Israel and the world ought to 
expect the resistance in southern 
Lebanon to escalate if the Israelis 
refuse to withdraw from southern 
Lebanon: 

He declared also that Syrian 
territory and airspace were open 
to any arab country wishing to 
send assistance to the Palestinian 
guerillas. 

As the fighting in southern 
Lebanon entered its. fifth day 


BEIRUT, March 1C 

to-day,. it was coming dangerously 
/•lose to where Syrian troops are 
stationed-. Syria maintains 30,000 
■soldiers- here as part of. the Arab 
peace-keeping force. Some- of 
these units are stationed about 
15 miles north of the Israeli 
border. . . 

Reports in the Press today 
said that Mig fighter planes of 
the Syrian air force have thrown 
an dir umbrella over Syrian 
troops stationed in Lebanon: An 
official announcement a few days 
ago said' Syria was to provide air 
defence for the Arab peace- 
keepers here. 

Meanwhile, right-wing Leban- 
ese are afraid Lebanon may be 
turned into an arena for an 
Arab-Israeli war. Such leaders as 
former - President : Camille 
Chamoun and Phalange party 
chief Pierre Gem aye I have de- 
manded That both the; Israelis 
and Palestinians roust be kept 
out of soutb Lebanon. Other 
right-wingers have called on. the 
Government to abrogate all 
agreements with the PLO and 
not to allow Arab military .'rein- 
forcements. 


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envoys on 
Arab tour 

By Rami G. Khduri 

AMMAN. March 19. 
THREE SENIOR envoys of 
Jordan’s King Hussein fanned 
out tbrougbout the Arab world 
to-day in a. fresh bid by Amman 
to forge a semblance of Arab 
unity lo confront the Israeli 
occupation of southern Lebanon. 

Mr. Abdul Hamid Sharaf. Chief 
of the Royal Court, has left for 
talks in Damascus with Syrian 
President' Hafez Assad, and it 
was not ruled out here that he 
would also confer with leaders 
of the anti-Sadat Steadfastness 
Front who were also scheduled 
to meet In Damascus to-dav. 

Mr. Ame.r Khammash. Minis- 
ter of Court. Is flving with mes- 
sages from Kina Hussein to the 
leaders of Rahrain. Qatar, the 
United Arab Emirates fUAEl 
and -Oman. -while Mr. Hassan 
Tbrahira. "Wrilsfftr'^of Stale for 
Fnreicn Affairs, went to meet 
President Sadat in Cairo this 
morn ins. Mr. Ibrahim will later 
Travel on for similar meetings 
with the leadera of Libya. 
Algeria, Tunisia and Morocco. 

It is also planned that Mr. 
Mudar Badran. the Prime 
Minister and Foreign Minister 
will travel to Saudi Arabia and 
Kuwait later to-day or to-morrow 
morning for talks with their 
leaders, the Financial Times has 
learned. This is a concerted 
Jordanian effort to have the 
Arabs put aside their disagree- 
ment and gather for an urgent 
Arab summit to dfaw up a 
coherent political and perhaps a 
military strategy lo saunter the 
Israeli invasion of southern 
Lebanon. 


Five hanged 
in Cairo 

CAIRO March 19. 
FIVE LEADERS of a Moslem 
extremist group which killed a 
former Egyptian Minister last 
year were hanged to-day, the 
official Middle East News Agency 
said. 

A military tribunal sentenced 
the five to death last November 
after convicting them of involve- 
ment' in the July kidnap and 
murder of Dr. Mohammed 
Hussein Zahabi, ex-Mtolster of 
Wakfs (Religious Endowments). 

Hanged to-day were Chukri 
Ahmed Mustapha, bead of Takfir 
Wal Hijira— “the Society for 
Repentance and Flight from Sin** 
— and four of his lieutenants, 
Reuter 


BY SIMON HENDERSON 

TENSION remained high in Paki- 
stan (oday following the : sent- 
ence to deatb on Saturday -of 
Mr. Zulfikar All Bhutto, the still 
popular former prime minister/ ' 

MT. Bhutto; who was deposed 
by the military rutar General 
Zia-ul Haq, last July. Was found 
guilty in the Lahore high court 
of ordering the murder . of ah 
opponent three-and-a-half veare 
ago. 

Four other men. who; carried 
out the ambush in which - the 
politician escaped, but his father 
died, were also found guilty and 
sentenced to death. 

AJ1 five have seven days -to. 
appeal to the Sup renfe "Court 
and sources close to Mr. Bhutto 
indicate that he is preparatag 
te do this. If the appeal fails, 
the President can commute -^he 
sentence of hanging to a prison, 
term. 

The ban on all. political ai_ 
ties, and new hard penalties 
posed at the beginning of 
month, appear to have redu 
any spontaneous mass reactftq 
against the sentence fmm w: 
Bhutto’s still numerous 'sup- 
porters. 

Some medical colleges ih the 
southern Sind province JHad to 
send their students home when 


Desaiplan 
rejected 
by States 

By K. K. Sharma 

MR. MORARJI DESAL the 
Indian Prime Minister, has been 
given a sharp rebuff by the Chief 
Ministers of the country's £2 
Slates -when they, refused to 
approve the •'rolling plan” for 
development for the period 
197S-S3. The refusal to adopt 
the plan was implicit In the iwo- 
day meeting of the National 
Development Council, which 
ended to-day. when the Chief 
Ministers successfully insisted 
on another, meeting of the 
Council in October, 

Mr. Desai has so far refused 
to accede to the demand of the 
States, now ruled by' at least five 
different political parties, for a 
say in formulation of the plan, 
drafted by the Planning Com- 
mission of which he is the head 
The Chief Ministers thus used 
the meeting of the National 
Development - Council. the 
country's supreme economic 
policy decision-making body, to 
stall his efforts to push through 
the Janata Party's development 
strategy. 

Many Chief. Ministers, led by 
Mr. Jyoti Basu. of West Bengal 
protested against the manner in 
which the central government 
was trying' to foist the policy 
document on them. They said 
this had been received by them 
just a week ago, giving them no 
time to study It. 

Ministers also took the oppor- 
tunity 'of the Council meeting 
to have the first debate 00 the 
demand of some States for 
greater autonomy. Apart from 
Mr. Basu, the demand for 
greater autonomy, particularly 
in respect of financial powers 
and. formulation of economic 
policy, came from Kashmir's 
Sheikh Abdullah. Punjab's Sikh 
Akati Parti' Prakash Singh Badal 
and even from . some Janala- 
ruled states Jike Bihar. States 
ruled by Mrs. Indira Gandhr's 
Congress (I) such as Karnataka 
and Andhra joined them. 

The “rolling" plan, .■ which 
involves ao . investment of 
around £70bn. in the next five 
years, will not be stopped bv 
last week-end's action since the 
annual' plan for the first year 
has already been approved hy 
the States jn Individual meetings 
they held with the Planning 
Commission earlier in the year. 
But the broad development 
strategy for the next five years 
and the perspective plan for the 
next 10 years has not been form- 
ally endorsed. 

Although the debate was on 
a low-key and the confrontation 
between the central Govern- 
ment and the States did not 
erupt as explosively as it could 
have, the States made it clear 
that the central Government 
could not take them for granted. 


demonstrations seemed . likely; 
and both to-dav* and yesterday 
groups of youths in Lahore burni 
tyres and threw bricks at 
police. ' 

- Id the capital everything was 
quiet i«Klay. after the demonstra- 
n tlon In nearby Rawalpindi wester- 
day in which about 100* people 
took pari and several were ar- 
rested. These were sentenced 
within hours by a summary -mili- 
tary cmirt 10 one years' im- 
prisonment and 15 lashes. 

,To-tla.v. military putice: armed, 
with sub-machine suns were help- 
ing local police to direct traffic, 
and other police contingents were 
.waiting in police yards, equipped 
.with noi .le.ir. ^ - '-•* 

Reaction in the Press has been 
non-exisienl as a martial law 
regulation prohibits it. No news- 
paper commenlcji editamUy on 
the sentencing, which" came asr a 
surprise In many who had only 
beet) expecting a seven or ten-- 
yea/ prison terra. 

• Mr. Bhutio'*- wife, the -Begum 
■NiAWt -Bhctiiij who has -been 
leading hi& Peopled Party during 
his. detention since last Septem- 
ber, Lis being held incommuni- 
cado at her home in Lahore. 

His -14-year-old daughter, 
Bensuir, who will be party chair- 
man if her mother is riiscpiaUfied 
from politics, is also under house 
arrest fiOO miles to the south id 
Karachi.- _' 


ISLAMABAD. March" 1 ?- 

Leaders of the former opposi- 
tion National .Alliance, who. led 
a campaign of agitation' last year 
against Mr. Bhutto .when', be ' 
rigged the March general e>q-.-. 
lions, have, also no tl commented 
publicly. ’ ... - 

They were in the capital vefe, 
terdav'for discussions with" the.: 
military tHif left Tor "different 
parts of- the. country , soon after ^ 
the talks' . - ; 

The murder case has bedrrnnljr * 
one of several ebargfes .brought'; 
agaltist Mr. Bhutto since his 
overthrow. Besides two counts of 
contempt of court and illegal 
detention, : .he,. ^Iflo faces six. 
.charges of .corruption and elec- 
tion rigging at d- special court 
■which had its Initial hearing in 
Lahore a week ago. 

- .When General Zla originally 
<took over-1 ask July, he promised 
' to hold electibns in 90 days but 
in September Mr. Bhutto was 
arrested bn the .murder charge 
and by the end of the montb the 
general had postponed election., 
indefinitely so that trials against' 
him and other politicians could 
be completed; ■ 

Despite all the charges Mr?' 
Bhutto has retained personal"' 
popularity and his People’s Party I- 
has become the main opposition » 
to the military Government. " J 



,l-rs\Ncl\L fiMM.' overt 


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Financial Times Monday March 20 1978 


’ v « of 

°" ba« 



OVERSEAS NEWS 


tom out to 


Young bid 
to break 
African 


ITALY’S ‘RED BRIGADES’ GUERILLAS GO ON TRIAL 

A major test for the State 


BY PAUL BETTS 


*Y TONY HAWKINS 

JPWARDS nr 200,000 people — 
he largest crowd ever seen at a 
.. thodesian political rally — 
™d out to-day here to wel- 
wrae Bishop Muzorowa, leader of 
be..Uaited African National 
council, homo from his visit to 
•London and New York. 

Some observers estimated that 
■ ... he crowd was as large as 250, TOO, 
* uid even official police estimates 
jscecded 100.000. 

- The Bishop said the meeting 
lemonstratcd to the UN Security 
' jouncil.- which he had been 
, efused permission to address, 
hat the Rhodesian internal 
settlement agreement - was 
iccepted and supported by the 
t masses of “Zimbabwe.” 

- <(','■ He told the rally that within 
" Jays h is party would be calling 
ipon “the boys and girls in the 
iash fthe guerillas)” to return 
jorae “a free and heroic people.” 

The Bishop told his enthusiast- 
ic supporters that in the agree- 


ment they had secured all that 
the people had been fighting for 
in the past S7 years. He spent 
some time stressing the need 
for retaining the whites in the 
country to help provide food, 
yobs and opportunity for the 
people. -He did not Want an 
economy of “ beggars and pup- 
pets” that would depend on 
“ bloodsucking expatriates.” 
Other countries had got rid of 
their whites and then been 
forced to Invite back expatriates. 
Zimbabwe was not- going to re- 
peat mistakes of this kind, he 
said. , 

The Bishop said that' in many 
countries the national flag was 
a symbol of hunger. He wanted 
all whites of goodwill to remain 
in the new Zimbabwe. 

The internal agreement, he 
said, provided for the integra- 
tion of the guerillas into the new 
national army of Zimbabwe. 

Bishop Muzorewa attacked- Dr. 


Cambodia border dispute 


. iis count: 

1 1 IT ft hi. 3am was : 
TI t UJ jlli'hfi idea 

•federation 


MR. POL POT, the Cambodian 
^rime Minister, said to-day that 
iis country's dispute with Viet- 
nam was about border issues and 
■he idea or an Indo-Chinese 
■ ederation. 

In an interview with' one of 
'our Yugoslav journalists allowed 
.o visit Cambodia. Mr. Pol Pet 
raid his country was against the 
'ederation proposal because it 
would reduce its people to a 
national minority. 

Vietnamese Prime Minister 
Pham Van Dong denied earlier 
this month that his country was 
working towards an Indo-Chinese 
federation with a view to 
dominating, its members. 

The Cambodian Premier said 
his talks with Vietnamese leaders 
in Hanoi in 1975 un border 
questions and relations generally 
bad ended in failure, even 


BELGRADE. Mart* 19. 

though Cambodia had made no 
territorial demands. A Vietna- 
mese delegation that . : visited 
Phnom Penh in May 1976 refused 
to accept previous frontier agree- 
ments between the two countries, 
he said. 

Questioned on the kind of 
society Cambodia planned to 
create, the Prime Minister said: 
“ We have no models. Qur aim 
is to construct a society in which 
there will be well-being, progress' 
and equality for ail . . in which 
all will take part- in production 
and national defence.” 

Peasants and workers should 
benefit most because they had 
contributed most to the revolu- 
tion. but the people could choose 
a different society if they wanted, 
he said. ' 

Reuter 


^SALISBURY. March 19. 

Kpnpeth Katwria, of Zambia. 
Wbpr.be. said was “a very sad 
man' because of the internal 
settlement, and he was critical 
of Dr. David Owen, the British 
Foreign Secretary, for trying so 
hard to secure power in ZIm-. 
babwe for Mr. Joshua Nkomo. 
co-leader of the Rhodesian 
Patriotic Front. 

He said Dr. Owen would have 
to accept that the internal- talks 
had succeeded where he had 
failed. He promised that in a 
few weeks members of the UN 
Security Council would start to 
change their minds, and claimed 
that some UN members had 
already promised Zimbabwe 
official recognition ■ and were 
starting to discuss such issues as 
trading relations. “ Next year we 
shall be a member of the 
Organisation for African' Unitv.” 
the Bishop said. 

He promised that the im- 
mediate tasks of the transitional 
government — which Is expected 
to be established this week — 
would be to stamp out racialism, 
tribalism, ignorance, disunity 
and poverty. 

The Bishop was welcomed at 
Salisbury airport by a Deputy 
Minister from Mr. Smith's 
Cabinet — the first time lhe 
Government has sent a ranking 
Minister to meet an African 
nationalist politician. The 
Bishop's reception gives, support 
to the strongly held Salisbury 
view that his United . African' 
National Council is far and away 
the most popular nationalist 
party and that It would be likelv 
to win the bnlk of the black 
seats in any free elections. 

There has been no official 
comment yet on the outcome of 
the Pretoria meeting and the 
British invitation to a New 
York conference on Rhodesia. 
However, well informed sources 
both within the nationalist 
parties and the Government do 
not expect that the transitional 
administration — which will de- 
cide whether to go to the meet- 
ing — will accept the invitation. 


By Michael Hetman 

LUSAKA, March 19. 
MR. ANDREW YOUNG, the 
United -States Ambassador to 
the United Nations, arrives in 
Lusaka on Wednesday on (be 
second leg of a southern Africa 
tour apparently designed to 
break the impasse tn Western 
efforts to resolve the Namibian 
and Rhodesian problems. 

Hr. Young is due to address 
the 25-member Connell of 
Namibia, set np by the United 
Nations in 1967, which meets 
in Lusaka this week, and hold 
talks with Zambian President 
Kenneth Kaunda, and Hr. 
Joshua Nkomo, co-leader of the 
Rhodesian Patriotic Front, be- 
fore flying to Mozambique. 
There he Is expected to see 
President Sam ora Kachel and 
Mr. Robert Mugabe, the other 
Patriotic Front leader. 

The first leg of the tour takes 
Hr. Young to Tanzania for 
discussions with President 
Julius Nyerere: 

The tentative ilinerarv will 
also include Botswana, where 
it Is thought the ambassador 
may meet the internally-based 
Black Rhodesian leaders who 
recently agreed on settlement 
terms with Prime Minister 
Smith. 

Western proposals on Nami- 
bia have so far failed to win 
acceptance from the South 
West Africa Peoples Organi- 
sation (SWAPO) and the 
South African Government. 
The main stumbling blocks 
are the . future of the South 
African enclave, Walvl s Bay, 
and the size and location of 
South African troops during 
any transition period. 

• However,- Western powers 
are continuing their two- 
pronged strategy of economic 
pressure on South Africa and 
front-line state pressure on 
SWAPO. notably through the 
Tanzanian President who, 
diplomatic sources say here, 
argues that a United Nations 
peace-keeping force con Id effec- 
tively monitor and safeguard 
the interim arrangements. 


“DEMOCRATIC ITALY will not 
give In " - proclaimed a slogan 
scrawled on a column in Piazza 
San Carlo in the heart, of Turin 
to-day. The square was virtually 
empty, but the silence banging 
over this northern industrial 
city was profoundly misleading: 

Some '72 hours' afte'r the 
bloody kidnap of Sr. Aldo Morn, 
the •Christian Democrat leader 
and former Prime Minister of 
Italy, the city now faces perhaps 
its biggest challenge. 

Direct political and security 
issues apart, the other end of 
the More ■ kidnapping is clearly 
here in Turin where the trial of 
some 49 members of the extreme 
Red Brigade’s Left-wing guerilla 
group; 1 facing numerous charges 
Including “subversion - against 
the State’’ is due, to resume 
to-morrow morning” in the 
heavily guarded Lam arm ora 
Barracks. 

It will not only be a major test 
for Turin, which has lately been 
labelled “Italy's laboratory of 
terror" but for the state itself. 

Sr. Moro’s captors, claiming to 
belong to the Red Brigade, said 
jn a • communique this weekend 
that they would try the 
Christian Democrat president in 
their own self-styled “popular" 
court: The Turin trial they said, 
represented ad “net of ’war.” 

In the face of these threats, 
the key. question ..here Is 


whether lhe Stale will be able 
to carry out the trial of the 
guerillas. According to the chair- 
man of the bench, Sr. Guido 
Barbara, the trial will resume 
normally as “any other trial" 
tomorrow. The court he claimed, 
would not be intimidated. Tbe 


The events leading up tn The 
killing of Sr. Cocd. the Genoa 

Procurator, in 1076 has some 
parallel with the present 
dramatic situation. In May 1974 
when a Genoa magistrate, Sr. 
Mario Sossi, was kidnapped by 
the Red Brigades. H n too was 


Some 72 hours after the bloody kidnap of Sr. Aldo 
Moro, the Christian Democratic leader, both 
Turin and Italy face a major challenge as 49 
urban, guerillas go on trial. 


Turin Public’ Prosecutor, Sr. 
Luigi Mosthella. has expressed 
similar sentiments. 

-But the background to the trial 
does not augur well for the 
future. On two separate occa- 
sions it had to be postponed. 
The first time was two years ago 
when tbe Genoa Procurator 
General, Sr. Francesco Coco, was 
murdered together with .bis 
chauffeur and bodyguard by a 
Red Brigade terrorist squad. It 
also had to be put off last May 
when the court was unable to 
eoitatitute a popular jury after 
a concerted intimidation- cam- 
paign in Turin, culminating in 
the .assassination of a leading 
lawyer on the eve of the opening 
of Lhe trial. 


tried by a so-called pooular court. 
The guerilla movement deman- 
ded the release of eight im- 
prisoned “comrades" belonging 
to a group calling itself ”22 
October." After a national cut- 
cry, a Genoa appeals court save 
in to the terrorists' demands. 
But the court's decision was 
blocked by Sr. Coco. Two years 
later he was murdered in on 
ambush similar to the kidnap on 
Thursday of Sr. Moro in which 
five policemen died. 

The Turin court has again 
laboured to constitute a jury. 
Some' 150 people were selected. 
Most refused for a whole series 
of different reasons. Finally, 10 
days ago. the court formed a 14- 
man jury including, amid fierce 


TURIN, March 19. 

controversy, Adelaide Aqlietta, 
the Secretary-General uf the 
small Radical Party, whose name 
was drawn by lot. 

They found similar difficulties 
in appointing defence counsels. 
The intimidation campaign un- 
leashed by the Red Brigades 
intensified, and barely nine days 
ago. they shot dead a Turin 
special branch officer. 

Renata Curcio — a student in 
sociology from tbe northern 
tuwn of Trento who is believed 
to have founded the movement 
in 2969 — and the other Turin 
accused are expected to file intu 
court tomorrow menacled in 
chains and caged in a steel box. 
They are likely to attempt to 
slop the hearing by raising tech- 
nical objections and by disrupt- 
ing the proceedings. 

Over , the weekend, they were 
reportedly immersed in legal 
literature while listening in their 
cells on a small transistor radio 
to the latest developments in 
the Moro kidnapping. They are 
said to have burst into song and 
laughter when they first heard 
news or the kidnap. 

In Turin tonight, the mood 
was one of qualified opti- 
mism despite nagging doubts 
whether all the jury members 
and lawyers would turn up in 
force loinorrow. If the trial is 
postponed yet again, it is felt 
her*' it would be tantamount to 
saying the stale was defeated. 


Basques angry oyer nuclear plant attack] 


BY DAVID GARDNER 

THE AUTONOMOUS Basque 
General Council has called on all 
Basques to "demonstrate their 
repudiation of violence following 
Friday afternoon's bomb attack 
on tbe nuclear power station 
being built at Lemoniz, 12 miles 
west of Bilbao, which- killed two 
and - injured 14 construction 
workers. The major trade unions 
in the Basque provinces have 
called for a massive turnout at 
to-morrow morning's funeral in 
Bilbao. • : . ■* 

| The two water reactors udder 
j construction at Lemoniz were 
| due to come into service this 


year, and are being supplied by 
Westing house under contract to 
lberduero. 

This is tile second attack on 
Lemooiz in three mouths. On 
December 19, a four-man ETA 
commando attacked the Civil 
Guard garrison at the entrance 
to the plant One ETA member 
was fatally wounded. The extent 
of the damage caused by 
Friday's attack has yet to be 
assessed. 

Opposition to Lemoniz and two 
further reactors planned at 
lspaster and Deva, some 40 miles 
east of Bilbao, is deep-rooted in 


BARCELONA. March -19. 

the Basque country. In Balbao 1 
last July some 200.000 people 
demonstrated their opposition to 
the creation of a “Basque 
nuclear coast" after freak sum- 
mer rainstorms had caused 
several million dollars worth of 
flood damage at Lemoniz. Last 
Sunday between 60,000 and 
100,000 people congregated at 
Lemoniz to protest against the 
plant 

On Monday the Basque General 
Council called for a moratorium 
on uranium supplies to Lemoniz 
until the issue had been fully 
researched and discussed. 


Police probe 
Lisbon fire 

By Jimmy Bums 

LISBON. March 19. 
POLICE ARE investigating a 
theory, given wide coverage by 
the national press, that the fire 
which almost completely 
destroyed Lisbon University’s 
Faculty of Sciences on Saturday 
may have been politically 
motivated. 

The police probe follows a 
phone call to the national news 
agency. by an individual claiming 
responsi bili ty for the fire on 
behalf nf CODEC (Commando for 
the Defence of Western Civilisa- 
tion). a hitherto little-known 
guerilla organisation. 


ft 



* mini 

rr'M 

| 

utrffi 


British television’s 
American channel 

• ‘ - 1 BY CAROLE KORZENIOWSKY IN NEW YORK 

NKW YORKERS are being asked Public Broadcasting System vjs wilh the same sophisticated pub- 
this week to dig into Iheir formed. It acta as the central, lie relations work to be found 
pockets Tor iheir local Public 'organisation and distribution in the commercial seclor. But 
Television station and many of service for Local- Public tele- to pur things into proportion, 
-.ha televised appeals are being vision stations. With the creation U.S. commercial television broad- 
lehvered in unmistakably British of a nationwide electronic hook- cast revenues were SJ.lbn. In 
iccenis The public has already up in 1970. Public Television 1975 compared with S325m. for 
veen importuned, charmed and became .the fourth network, Public Television. Commercial 
SrUSS mSTbii - SI? challonsias tbe three old giants TV m^<U S19.18 per v^renm. 
luw Wheldou. formerly Manus* of commercial television. ABC. pared with S1.54 Tor public TV 

n° Director nf the BBC British CBS arid >BC. A. enminunica- Matching funds are lied tn the 
ictors and actresses including tio ns^lellito. scheduled notion that Public Television 

-Ocrck Jacobi Robin Ellis, Simon operations m 1979, will make it must receive us mandate directly 
iVillimiis. Ansbarad Rees, Sian __ — from its Mfflenw vta mbeerig 

I -ifflSySi T Marsh ' ha ' f A communications . Government and commercial 

§ The occasion is Festival ’7S, a satellite, scheduled to KjSrbo rexemi^subm 
r ■ 0r a n^,5! iC natiS begin operations in 1979, fJngms a Long-Range Funding 

will make it possible to XfiKSLM p’effi 

I5y hours of non-stop national live penoiraanceb who accuse the nubile stations of 

1 programming featumig^pronun- anywhere 1U the country, a poor rePOn | 0 f hiring members 

*'ntiy the co-production of „ r mil 1 Dr i, ics . They point to 

Draeula made by the bbu ana criticism from some community 

tVNET. the New York Public possible to beam news coverage as pr00 f a, at Public 

Television station, as well as the nn d live performances from aw- Television is not responsive 
BBC productions of Great Expec- where in the country. enough to public needs, 

atinns and Anna Karenina. Yet Public Television must ^ thp other hand :hcre are 

f The celebration marks the 25th still "sing for Its soup, as Mr. inf ^ BC ; n „ contributions to 

4 .ear of non-commercial tclevi- David Othmer. Director ’ « - Mlte Television from corporate 

i .-ion in the U.S.. an Institution Broadcasting at WNET/New .. Blopot t ers ijfe e Exxon and Mobil 

.£ which has altered .profoundly. York put it, envying the BBC its qjj W bjch, although they receive 

Pfffln recent j ears.' Its begixuilns in “Large, fairly stable, fairly pre- only f 0nna i acknowledgment for 
igjStthe 1950s was. inauspicious. more dictable budget.” “We’re always. llielr donations on the air. are 
tjt&n afterthought of the Federal scrambling around to produce our able tff make t h e i r good works 
i [E» Government which, -unhappy with amazing amalgam of corporate, perfectly clear through news- 
' he profit-orientated direction foundation. State, local ana p a pe ri magazine and billboard; 
ft bat early television was taking, federal funding, not to mention -advertising. The increasing use 
|i iceided to set aside channels our largest single source, volun- British drama in recent years I 


ana me muus iur me enoruiuiu'i.Y ■**>- o * — •--- 

expensive creation and operation a surprising feature when one invest in an idea for development 
ar a TV station. Even when they considers that U.S. audiences by domestic producers. MrJohn 
bad sufficient money, they hardly are used to getting their fare Irwin, special adviser tor Exxon, 
provided competition for com- r Tee who was 10 London last year 

nercial stations, particularly The Federal Government wit ** WNET 
-hose organised into sophisticated insists that Public Television Progranmes made by the BBC, 
^.oHal mtwarks M d able la « tram alter- 

draw on the best and most nalc fQnding and a , present ^ iTV s atioi^ sam. we 
expensive entertainment talent, grants SI for every KM w«jd JgJ & Sen ^usually 

After years in which eduea- from non-^vernmental sourcea- e amiable agreement/’ 

tional TV was synonymous with Following tile, same philosophy. “ W JJ fee , lhat 

earnest but rather dull .pro- some foundations match funds- j n( i fiDendent us producers 
g ramming, a turning point came collected .from voluntary VJ , e ^!T should be riven more of a chance 
with the enactment uf the Public subscriptions. To ratse there Quality broadcastin« is : to take 
Broadcasting Act of 1967. This funds public stains launch vim “gffJ^SSrSmObm to 
established the Corporation for membership rampaigns. or ^ ^ jsm p BS officials cite 
Public Broadcast! ng, through televised auctions where viewers a TQ(xat whl( . h shows that 

whu-h grants awarded by Con- bid over the telephone for art- only about 7 J ec cent . of aU new 
press are funnelled to public . work and antiques. Tb e. woo we foreign imports, 

stations. Shortly afterwards the foundations and corporations jggg however, tend to be 
— ,._J .1 clustered in prime time after- 



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a week in the U.S. 

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be grateful for Public Televi- 
sion’s alternatives to the bland 
| diet of police stories and medi- 
ocre situation comedies provided 
by commercial stations. Rather 
like BBC 2. it caters to the 
minority audiences for dance, 
theatre and music- 

Nevertheless, and this remains 
a serious criticism, public tele- 
vision. often seems to be British 
television’s U.S. channel. Thin 
may be - comforting for British 
expatriates and welcomed by 
some Americans who .enjoy the 
eWbbiness explicit in' a recent 
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' i riwanpial Times Monday Match 20 ni& 



Agreement reached on 
razilian steel project 


BY DIANA SMITH 


RIO DE JANEIRO, Hard} 19. 


A ME? r ORANDUM of agreement quota to 60 per cent, (about 3m. Tokyo next month, 
has now been signed in' Brasilia tonnes). F Insider has already offered a 

by representatives of Brazil's As a rseult of this compromise contribution of {200m. with long 
steel agency. Siderbras. Japan's it now appears that Kawasaki is terms and favourable interest 
Kawasaki steel and the Italian willing to underwrite the full rates but, according to Sr. Wilkie 
stale-controlled Finsider. STOOm. . initial loan, and has Moreira. the president of Sider- 

This ratifies the joint venture already begun talks with bras, this will no longer be 
formed in 1076, and decrees that Japanese bankers to this effeet needed. It appears that Siderbras 
production at their new Tubarao Siderbras and Kawasaki will dis- prefers financing from a single 
steel works in Espirito Santo cuss terms and interest rates in source, 
state north of Rio de Janeiro will 
be^in on August 1, 19S2. 

The agreement was signed 
after two days of intense bar- 
gaining over the quotas of semi- 
finished steel plates to be 
absorbed ?*y each partner and 
over rou-ces and terms of financ- 
"ing for the initial investment of 
. c 700..i, (revised upward during 
the meetings from S613m.). The 
. ict.'rl Tuharnn hudcoi ic Si.fihn. 


Holland awaits Iran 
order for frigates 


BY CHARLES BATCHELOR 


AMSTERDAM. March 19. 


Because ^Fllip difficulties of con traet under which CVRD will 
Japan * steel industry. Kawasaki , . . , , „ „ . 

- - - supply a total of 65m. tonnes of 

iron are over a period of 15 


Iron ore deal signed 

by Our own correspondent 

RIO DE JANEIRO.. March 19. 

BRAZIL'S MINERAL conglom* Meanwhile. CVRD has begun, 
crate Compqnhla Vale do Rio negotiating with the Mineral and 
Dace (CVRD) and Japan’s Metal Corporation of China, and 

a CVRD mission expects to visit 
N 5 Peking in July this year to com- 


plete the negotiations. CVRD 

wanL-.M Siderbras to absorb its suppjy a ww or *° m - tonnes or topes w supply part of the 10m. 
full 23 per cent, quota for the iron ore over a period of 15 tonnes of iron ore China will 
firsi three vears of production, years. need from mid-1980 on when the 

A compromise has now been Prices will be re-negotiated Shanghai steel milts it is building 
reached. Siderbras will absorb every two years until the con- with the assistance .of Nippon 
half of Kawasaki's 20 per cent tract expires. At current prices Steel go into operation. China 
quota and hair of Finslder's 20 of S14 a tonne the contract would apparently wishes to diversify its 
per cent., thus increasing its own be worth 5i-19bn_ sources of supply of iron ore. 


P.O. wins Libyan order 


■POST OFFICE efforts to 
lis.h closer links with Li by in 
telecninn; un ica ti uns have >>■ *i 
‘a Be w three-year consul).: y 
con tract worth £4m. 

in the new deal, the P ,, -i 
Ol ’.i co will help the Lil m 
national telccommiinica.')><r - 
.csinnany to build 1.400 km it 
open-wire telephone system* 
along Libya's coasL 
The Post Office is working h»i 
a £550.000 high-capacity under 


cox Canada, has received an 
order in excess of $2m. from 
Shell Canada Resources for four 
M.E. coil boilers which will be 
required for a steam injection 
plant forming- part of an experi- 
mental in-situ oil recover)’ pro- 
ject in the Peace River area of 
Albert a. Canada. 

9 The Sri Lanka Government 
has awarded Perkins Engines a 
contract to supply 260 marine 
diesel engines and associated 


water link between Tripoli and equipment valued at £500.000 as 

. CK re I r . J. 


Benghazi and a £6.75m. contract 
to help to build a new cable net- 
work by the early 19S0s. 

9 Orders totalling £l4ra. : have 
been received for six Ingersoll- 
Rand gus turbine-pipeline com- 
pressor units to pump Soviet ex- 
port gas. A consortium consist- 
ing of Ingcr.-u! 1-Rand (I-R) and 
AEC-Knnis has been awarded an 
'order for four of the I-R units 
by Pipeline Engineering of 
E«en for ME GAL. a gas pipe- 
line system composed of German 
;>nd French imprests. An order 
for two similar units was re- 
ceived from D5TV Aktiengesell- 
schaft for the West Austria gas 
pipeline system. 

O United Technologies said its 
power systems division received 
a SSm. order from Hong Kong 
Electric for a 60-mcgawatt gas 
turbine powered electric gen- 
erating station. 


a further step towards the 
mechanisation of its fishing 
fleet. 

• Asea has said it won a ICSQOm. 
order from the Iranian state 
generation and power trans- 
mission company. Tavanir for the 
assembly and supply of three 400 
kilovolt electricity sub-stations, 
due to be in operation by the 
end of 1979. to feed electricity 
from Iranian nuclear power 
plants at Bushir into the 
country's power transmission 
system. 

• Peabody Holmes has won an 
order valued at more than 
£200.000 for the supply of plastic 
lined steel pipes and fittings 
placed by Catalytic International 
fbr the new PVC manufacturing 
plant at Wloctawek, Poland. 

• Tonnes Force has won a 
£100.000 order to supply four 
explosion-proof cranes to a large 


© M.E. Boilers said Canadian petrochemical complex in South 
licensees. Babcock and WU- Korea. 


Japanese cars 
export forecast 

TOKYO. March 19. 
THE JAPAN Automobile Manu- 
facturers* Association said it 
expects a 0.4 per cent, rise In 
Japanese vehicle exports in fiscal 
197S starting next month to 
4.58m. from an estimated 4.56m. 
in the previous fiscal year, when 
it rose 19.4 per cent 
Domestic demand is expected 
to rise 2.8 per cent, to 4227m. 
from an estimated -4.15m. in fiscal 
1977, a fall of 1.3 per cent over 
fiscal 1976. Domestic demand will 
include 50,000 imported vehicles, 
compared with 41,000 in the 
previous year, it said. 

Reuter 


Chemical deficit 

MILAN. March 19. 
ITALY’S trade balance for 
chemical products showed a 
deficit of L66622bn. in 1977. 
down substantially from a deficit 
of L80s.7bn. in 1976. 

The Italian Statistics Bureau 
(ISTAT) reported that Italian 
Imports of chemical products 
amounted to L3.694bn^ up 9 
per cent, in the considered year. 
Exports totalled L3,028bn., up 
17 per cent from the year 
earlier. 

Plastic materials, synthetic 
resins and fertilisers represented 
the largest share of Italy’s 
imports. 

AP-DJ 


Appeal OK 
Italian 
import c 
rejected 


LUXEMBOURG. Mi 
THE EUROPEAN Co 
Justice has rejected as i 
sible complaints by h num: 
importers against a Cornu 
decision to limit imports 
Japanese-made motorcycles 



Korea to build new 

ical plant 


.jin 1111 . 

ir - j^jj; 


i)ii> 





IliSi 


13 


U1U 


i’i H 


u 


!ii s 


IS 


IRAN is “almost certain” to There would be no problems 
place an order for eight fneates involved in the granting of an 
with Holland’s largest shipbuild- export licence for the frigates, 
ing group. Rjjn Schelde Verolmc. ^The Dutch building group. 

The order is expected to be Bredero. also stands a good 
placed shortly when the final chance of Signing op a -sizeable 

details have been agreed. Mr. housing construction contract i" w 

Karel Beyen, State Secretary at torn The enginewng eompasy ^ a spokes man for the court 
the Economics Ministry, said on VMF-Stork may also get part of 

“yTL'r a vis !,' ,o n!^h rssfimsrsrs! - «■ •« ***** 

«£Fv*S I iL l *Bi- smaller electricity to the countryside. 

Pv? 1 IS Gicssen-de VMF-Stork has just delivered a 

B ugar beet processing plant to 

seeking marine orders in Iran, 

SliSf * Egypt is expected to hold a 
tak^Fi*; vSi, ? „ Jjj public tender for modernisation 

01 its telephone network and 
* JSJ* 0f ^®- 10bn ' M pre ’ Philips is expected to put in an 
mature. offer but competition, in parti- 

The eight frigates are only the cular from the Swedish group 
flrst.stage of the potential order Ericsson (which is-gj ready in a 
which could later include other strong position in Egypt) will be 
marine vessels, Mr, Beyen said, tongh, Mr. Beyen said. 


. SOUTH KOREA plans to build 
Ws third petrochetnual^niple*. 
estimated - to cost §2 bn., with 
work beginning next year, to 


Australia-EEC stalemate 

CANBERRA, March 19. 

AUSTRALIA has reached a anticipated the severity of the 
political impasse with the Euro- effects on our trade with the-i 
pean Economic Community over EEC." he said, 
the Common Market’s trade “ And surely, nobody thought 
barriers, a senior Government the EEC would compete with us 
Minister said here. ' through Its heavily subsidised 

Mr. Vic Garland, Minister for agricultural surpluses in those 
Special Trade Relations, who ° ew markets to which we have 
recently virfted Brussels and 

other European centres in an Mr Gariand described as “nmi- 
attempt to persuade the EEC to ntnaoxu by- 

open its market to Australian E J^ C t ^ lat could exclude steel 
exports, said Australia now had «" ports except from countries 
a current account balance of pay- ^bicb negotiated, an agreement 
meot deficit with the European 5? P rJ ces and quotas. 
Community of $Al'.9bn. IS222 bn.). lteu «r ' 

“We have reached a political 


impasse with the EEC and hn« nurrkaco 

whether we like it or not If has /VlRenS Dus P urcaa5e 
to be dealt with to a political - Greece to-day bought 300 buses 
wM r ,” he said. worth S14.5m. from . Hungary to 

■pie European nut has to be meet the public transport needs 
cracked from the top. We have of the greater Athens area, Our 
to crack the total structure." Own Correspondent reports 
Mr. Garland said that when from Athens. The buses will be 
the EEC expanded from six to paid for with Greek products 
nine members - everyone had including citrus fruits, juices 
acknowledged that Australia textiles, plastics, raisins and Iron 
needed to seek new- markets for and sfeel products. The first 100 
its products. buses will be delivered in July, 

But nobody In Parliament the rest in August. 


VUorld Ecdnorhic Indicators 


INDUSTRIAL PRODUCTION 1970=100 



Feb. *78 

jan. 78 

Dec. 77 

Feb. 77 

% Change 
on year 

US. 

1328 

132-2 

133J2 

127.1 

+4S 

ux 

Jan. 78 
102£ 

Dec 77 
102J 

Nov. 77 
101 A 

Jan. 77 
1012 

-03 

Italy 

1224 

I13JI 

124.5 

120 

-11 

W. Germany 

109.4 

115.6 

124.9 

10O 

+2J 

Holland 

Dk.77 
- 129 J) - 

Nov. 77 
125JI 

Oct 77 
126.0 

Dec. 76 
131 A 

-1 S- 

Franca 

• 123J. 

127j0 

122.0 

125 J) 

-IA 


Nov. 7? 

Oct. 77 

Sept. 77 

Nov. 76 


Belgium 

f 119.9 1 

07-6 

118.1 

126 JO 



had been directly. and individu- 
ally concerned and their com- 
plaints - could have bee& dealt 
with only if they had been denied 
any Import licences, the court 
argued. 

The complainants were; ideate 
fled as ■ Unione Narionalq 
Importatori Commercianti .Moto- 
vehicoli Esteri (UNICMEV. TAP 
Industrials, Yamoio Italid, Suzuki 
Italia and Kawasaki Motor TtalUL- 

They had called on- the"cdurt 
to declare void the import limita- 
tion to 1S.OOO units id- MTT.-of 
Japanese-made motorcycles^ with 
a motor capacity of. over--; 380. 
cubic centimeters to Tialy,! a; 
regulation which the EEC mean- 
while decided .to . continue 
through the first half of 1978 at 
the same annual rate. 

The import restriction .yni 
approved by the Community; 
about a year ago after Japanese 
Importers * and distributors 
allegedly made It difficult r for 
Italian-made skiboots t<r enter 
the Japanese market . 

Tn rejecting the complaints. Sc 
inadmissible the court referred 
to Article 173 of the Treaty .of. 
Rome, stipulating under which 
conditions natural or legal . per- 
sons can appeal against* a Com- 
munity decision to the court W 


r n ®°? ss,™ iTS 

Uilitr, Ministry «id. ' ahemlwl and Jjpiv, 

■ \the complex, led by a riaph- Mjtsul ore major foreign' mves- 
tija" cracking centre with- an tors in ^ second camples. •’ 
annual production capacity or 

350,000 tons in terms or ethylene, # ^ Asian development -bank 
, is' planned to be completed by made a $50m. loan' to the . 

at a site yet to be chosen, Korea Development Bank-for re- 
the Ministry said. lending to private industries dur- 

; An official said that as in the jag the next Mo, yens. .* 

first and second complexes, for- president Park Chung-H«v 
elgn investment will be allowed Government gnaranteed the. loan, 
torthc third. one, although poten- which the. ApB said to. aug- 
kial^ foreign investors have yet menl the KDBs foreign ex- 
to^meige . change resources so. it can m^et . 

- One existing complex is loc- with the medium- aud-luns-term 
ited at lllsaiL ISO miles south credit requirements .of; the idu- 


> SEOUL, March ’is. 

The second one, to W built A ! 
at Yochon. 220 milos south 
here, for completion *p?Xt''year 
at a cost of Slb&i -'.includes a. 

uaphtiut. j-eracklnE ' 


Of here and Gulf Oil has in 
vested in a naphtha cracking 

cehtre, the core of the comptex, years, ; 

with an annual ethylene caps- grace period. £tao amtual m. 
city of 150,000 tons. : terest rate of 7.65 per. cent 


mate borrowers. 

The loan is to be repaid .in 15 
including. a_ three .year 


U.S. pact on textiles . 

SAN FRANCISCO. March 19. 

THE U.S Commerce Secretary, exports to the U.S. during calen- 
juanita Kreps. said here that the dar 1978 to about the same levels. 
U.S and Japan have reached a or about lbn. square yards, as 
•* agreement" that during 1977, 

Japan’s textile and The Commerce Secretary com- 
exports to tile U.S. men ted 


dotbine^ 1 exports °to the U.S. roented on the . U.S.-Japari . ,.J.. 
market during 1978- . bilateral agreement in ^£eech-‘ 

S washtogton, U.S. * officials before the Amencan -^«WI b 
said details^ of the one-year Manufacturers Institute <ATM1) 
bilateral textile and apparel in San Francisco, where she told 
trade agreement with Japan, the domestic textile • Industry 
negotiated at recent meetings in group that “ IE we arc Roing to 
Hawaii will be announced later, have to export more — more • 

But thev said, -in general, "the textiles . as well as other goods, 
accord calls for Japan 'to limit AP-DJ ’ • . - 


David Buchan in -Brussels reports on the Commission’s plans to 
give the EEC footwear industry some shelter from buffeting trade 
winds. - 




THE BRUSSELS Commission has -change ifs export rebate system, only ' one in 50 Japanese wear 
decided to approach its Indus-'* which helps - to give Spanish European shoes, 
triatised trading partners. to try shoes a 40 per cent. -competitive ■ The- high Japanese tariff on 
to get them to take down some of- price edge over EEC shoes. shops (27 per cenL on leather 
their newly erected barriers The footwear sector is not in. shoes) has always been justified 
against European footwear, and-'quite the same sorry state, as by Tokyo Governments as neccs- 
its suppliers chiefly is the' Far ; EEC shipbuilding,- steel or -lex- sary to protect the interests n( 
East to go easy on their exports : tiles. Although some 66,000 the traditional caste of Japanese- 
to the Community. ’ - jobs in the EEC have disappeared leather workers. But the EEC 

T„ since 1972, about half of the loss says the caste system was out- 

k Pt down by EEC officials to lowed in Japan, years asp and 


. it should not fall to the EEC to 

Production capacity In tite shoe pay fbr the Japanese Govern- 




Only very occasionally is success a matter of luck, ft is usually the product v 
of careful planning, good contacts and individual talents. So if you want to 
do business successfully in Germany, you should think seriously about 
Norddeutsche Landes bank - called Nord LB for short - when you 
make your plans. We can offer not o nly financial support and ■ 
know-how but also the essential contacts with companies and 
official bodies everywhere in Germany, and particularly in 
Lower Saxony. 

You will also have the benefit of our first-class position in 
Hannover, the site of the world’s most important trade fair. 

None but the Hannover Fair provides a better window on the 
German market Nord LB will be glad to help, 
if you work with Nord LB you will have a head start because 
you will receive information about many potential growth invest- 
ments in the Federal Republic of Germany. We know just which 
the worth-while investments and shares are. 

Let us work together, then! If we do, when we wish you ’Good fuck 
in Germany*, it will not only be a wish, but a promise. 

You will find us in Hannover and Braunschweig in the city, at the 
Hannover-Laateen trade centre in Bankenallee and in the Niedersachsen- 
Pavillon in StahlstraBe/Mannheimer StraBe as well as in the service section 
of the Hanrover-Langenhagen airport 

Norddeutsche Landeshank 

i Girozentrale 

i . Hannover -Braunschweig 

Qiji* addresses 

Georgsplatz 1, D-3000 Hannover 1, telex No: 922742, telephone No: 0511/1034, SWIFT: NOLA DE 24 
and 

Norddeutsche Landesbank International S.A.,29 Avenue Monterey,Luxembourg,telex No:2263, telephone No;472391 1 

i :. 


earlier this month approvefiVthe 
principle of introducing import 
Licences at tbe EEC's frontfers 

changes in demand titen more social reforms, 
ture of market developments', capital-intensive and soptai&ti- A point of friction over the 
Tbe licensing system,, wtfleft. catei industries: it has to, given past year has been Japanese 
EEC officials reckon will get the the sadden fluctuations in., shoe- .restrictions on imports of Italian 
Commission’s go-ahead nest fashion. JBut the. location of the sld boots, and -the EEC Commis- 
month-andr come into;- for^iiS isdustry,'' often in'emall towns in sion .bas authorised Italy .to 

May, will be automatic. .'Thus less Industrialised parts of the retaliate against- Japanese motors 
the package of measures & des- EEC,- makes alternative jobs hard cycle imports into Italy, 
cribed here as conse ration ist to cbiqe. by. . • ; . v - The restrlctiiKis hum EEC 

ratoer than protectionist. Half the present '325,006 work- exports and threaten to divert 

The measures fall short of the force is women and is less imports into the Community, 
full demands of the, industry, mobile, because', unemployed EEC officials reckon. there is now 
which would have liked to see wives usually find it harder to a floating excess of between 50in. 
something - like thcr multifibre 

arangement for thdir sector, or ; ' ' . . 1 

a resort by the EEC to the blun- .EEC SHOES INDUSTRY' 

derbuss of invoking tbe GATT . • \ 1975 1976 1977 

Article 19 safeguard clause. -, Jan./June 


Purchases 


At the same .time they go too Production (in pairs of shoes) 
far to please the West Germans. Experts . ..” ” - " ” 

who see import surveillance as imports . " ” 

the first stefas towards -protec- ~ 
tionism in yht another sector of 
European industry. 

The EEC External Affairs Com- 
missioner. Herr Wilhelm Hafer- 
kamp, a German, is still holding 
up the introduction of import- 
licensing. but the majority of his 


889.581 909,854 440,000 

137.581 143,435 7*000 

1854623 231.361 ... 455,000 

937,423 ; 997.780 522400 

■ Soare*: EEC CeamluJon 


i di'i’Ss 


persuade their husbands to move and 100m. pairs of shoesTlooking il 
than Tice versa. for a market because of restrlc- 

Shee purchases in the EEC tions taken liy the E^Cs in-«i.. 4* 
peaked in 1972 at just over lbn. dustrialised partners.' - ■ - ifl |U ^ 5 1 i 

12 Commission colleagues, who pairs. Thereafter it has stag- The lower figure Is the extent ' . v 

nated; not _ surprisingly, when of present cutbacks. .Under the '• 


approved the scheme, expect to _ . . — ^ . - - 

start operating it before the end Europeans btiy on average as first year of self-restraint agree- 
of this month. The Commission many .as four pairs of shoes a meats with the U.S. . Taiwanese 

can do so on its own authority, y ea r- . . shoe exports will be 56 m. fewer • 

without recourse to member Australia, New Zealand, South pairs than in 1976 tad South 
states. Africa ; and Canada have all, JKorean exports 11m. pairs fewer. 

In addition to import licens- although i their tariffs are two to The higher estimate, 100m.. is 
ing, the Commission’s normal .three '.it&toes (6t) EEC_ officials based on production estimates of 
way of getting speedier informa- claiinl. l^her .than' the Com- the Par Eastern shoe producing- . _ 

tion on imnorts. the Commission' munit^s tariffs, imposed quantity countries -, themselves- for this 

proposes to approach the big restrictions on shoes. year. 

customers for its shoe exports, Brussels officials are 4 worried Not all member states have 
notably tbe developed - indus- about •what'they see as- toe grow* suffered ’ equally. Although, pro- 
trialised countries, through the ing te mpo i n those measures: to dnetion fell between 1972-76 very 
Organisation of Economic Co- June, 1977 the UB. reached sharply in. most member states, 
operation and Development agreements with Taiwan and particularly tbe smaller ones (in 
(OECD) to ask them to lift some South' Korea for them to cut baek Belgium by 50 per cent.), Italian 
of their recent restrictions. exports' to the American market; production, nearly half- of EEC 

Thirdly, it will ask its big sup- in December, 1977 Canada im* output, rose by 8 per cent. 
pliers. Hong Kong. South Korea posed general restrictions under But even the Italians are-'get- 
and Taiwan, not to divert to the GATT Article 29; and in January, ting worried about shrinking ex* 

EEC market any extra surplus 1978, Australia reduced its- part markets. . The second stage 
caused by tbe restrictions im- existing import quotas. of the Commission approach will 

posed outside Europe. Spain. In addition there is the special be to examine the structural and 

another big supplier, is to be case of -Japan, which the EEC regional aspects of the industry, 
approached within tbe context sees as a good potential market 
of its trade agreement with the The average Japanese buys only 
EEC. and in particular asked to' 2.7 pairs of shoes a year, but 


SHIPPING REPORT - 

Chartering activity up 

BY LYNTON McLAIN ' 

IT fS IRONIC for the world’s mav have been held to- World- 
shipping fleets that the break-up scale 26.' In reality one tT-S. on 
of the Amoco Cadiz off Brest on company concluded tonnage at 
Friday, came as tanker charter- Worldscale 19-5. Other , char- 
ing activity picked up for the terers fettowed, pushing the rate 
first time for months. to 1926. E. A. Gibson, ship- 

Rates changed tittle over the broken described such rates as 
past week against the previous ** disastrous/' 
seven days. But brokers were Even' the smaller tonnage. 

etksto msssS 

carriers fixed for loading in the zSt 

Gulf. Two of 'the vessels were ^ ** 

for Japanese oil companies, the ■ Gmf to ?? 
first such fixtures for Japan for Scca«ang of older vessels con- 
many months. The five VLCC tinueS to Increase with q fore: 
fixtures follow the pattern of cast from -EMgar Forrester,' sales 
last week, when six were noted, agents, that scores of Laid-up 
Business has also been brisker ships will probably never gall, for 
for the smaller tankers, but trading ggg*?-' Korean Breakers 
owners remain worried about 
the desparate levels of business 
in view of the continued slug- 
gishness in world trade. 

Brokers Galbraith Wrightson 
put the matter succinctly last 
week, by saying that charterers 
remain firmly in control. . In- 


emerged last, week as the market 
leaders- is the Far East, with 
several. torge lightweight, turbine 
tankers averaging prices of 
$10655 pec ten, double European 
rates. : ' 

With Such high levels prevaD- 
, . Ing, several major ofl wmpanies 
quirers had increased ^nodestly’’ pTaeed-a considerable quantity of 
during the weelC but this may- tonnage' on the market ' 
have been -a reflection of the European 'buyers reported' a 
traditional - . -pre-Easter • holiday quiet week. with wily the Spanish 
aiSHvily. • ' purchasing a few vessels at 

The VLCC. orders in the Gulf between $55 and'S57 per lidit- 
stimulated thoughts that rales weight ton,,.:.": • r -- 


APPEALS 


Hap SAVE OUR EXSERVtCBMN 
■FROM -FURTHER SUFFBtlNS 
Wen rtfibi tu> and] Natflum 
Iralafid todav nuu that hraMlreds 
of tboouDda of vsr victims stlli 

•xtiL Bx-wvkflmen, wHdowri. 
orobaiu flew rate Ip need boom. 
Jobs. food, ftw and other essea- 
tiala. Ptoue wind OonattMO to: 
DM Rtqrtl Srttbk Lejlw wno- 
VotcBt fnjtd.' Maftfswhe, mtt 
- MEZ0 TNX - 


CONFERENCES 



— END TWBATfea AV^LAJHX WJ 
hire for meet i not and contm-entOS- up« 
rwg a hmw t ‘ fadlRies arallaWe. Phone 


ART GALLERIES 


AGNCW . GALLERIES, 

W.l. 629 6176. • 

Of BRITISH PAINtWGS, 

Mon..Frl. 9.SO-3.5Q. Than, until 7 ■ 


«3. vOta -BcmJ-g; 


74 vm 

daps iqjl sacs. 10-1. 




CLUBS 


Catt» or 
Floor' 
nocW 


or Aira«|V| Sn?* 1 Thni 


RMH.-4sndwv-W>h 

- aQQRSHGW;; 

T»s GREAT BRITISH STRIP - - 
- • Sho»r at - MiontoM and .1 ami. • - 
MO&-FH, Oond SdMrdarh _ filiOT «4P» 







>- 53 * 0 * 


0 build , 
™*al .* 


Financial Times. Monday: March 20- 1978 


HOME NEWS 


Labour 

confident 


0,1 *v\ii| fi 


t pack- 


Scottish 

seat 

By Ray Perman, 

Scottish Correspondent - 

THE LABOUR Parly m Scotland 
ended, its annual conference in 
Dunoon yesterday t D subdued 
uiond, buf confident of holding 
Uie Garscadden constituency, 
where a crucial by-election is due 
next month. 

Mr. .Michael Foot. Lord Presi- 
dent, is expected to move the 
writ for the election to-dav. with 
polling expected on April 13, two 
days after the "Budget. 

Until recently party officials 
in Scotland were sceptical of the 
chances of holding off the chal- 
lenge from the Scottish National 
Party io the campaign. 

They now feel confidence in 
the Government's policies for 
reducing inflation and tackling 
unemployment will he enough 
to ensure victory. 

Although some resolutions 
critical of the Government were 
passed by the conference — 
against executive advice — it was 
clear delegates were aware of the 
need to preserve unity while the 
campaign was in progress. 

This was particularly clear in 
the major debates of the con- 
ference on devolution and the 
economy. . 

Demands 

There were demands for the 
nationalisation of all companies 
threatening redundancies and 
for a £100rn. shipbuilding inter- 
vention fund to be' established 
with the compensation money 
due to be paid to ■ the former 
owners of yards. 

But militants were muted in 
their attacks. An attempt to gain 
a debate on the Cabinet decision 
to defer investmenOproposalg in 
the steel industry failed, in spite 
of the importance of the industry 
to Scotland and the fact that the 
Government is due to make an 
announcement on the subject on 
' Wednesday. 

. ' The Prime Minister^ who ad- 
dressed the conference 7 ?)!] Satar- 
day. was heard politely but 
quietly. He dwelt at length on 
the problems caused by the world 
recession and increasing competi- 
tion Tor U.K. exports. His speech 
disappointed some delegates, who 
bad expected more electioneer- 
ing. 

Mr. Callaghan gave no hint on 
the timing of the devolution 
referendum, hut implied that he 
did not regard an October general 
election as certain by saying that 
he was looking at Urn legislative 
programme for the session of 
Parliament beginning in Novem- 
ber. 

» Mr. Donald Dewer, Labour's 
candidate at Garscaddon, topped 
the voting for the Scottish; Party ! 
executive. The Marxists failed in 
their attempt to gain seats' and 
two left-wing members of last 
year's executive lost their places 
io moderates. 

Mrs. Janey Buchan, 51. wife of 
Mr. Norman Buchan, the Left- 
wing MP for West Renfrewshire, 
14 the new Party chairman. Mr. 
Sam Grinding of the Transport 
and General Workers’ Union has 
been elected vice-chairman. 

Men and Matters, Page 12 

Electricity 
bad debts 
up to £5m. 

Financial Times Reporter 
BAD DEBTS wore rising three- 
limes faster than revenue, the 
London Electricity Board said at 
the weekend, when announcing a 
Fi increase in quarterly bills 
for home electricity... . M 
Bad debts rose from £2.m. to 
Bra. in 1977-7S and were now. 
one of the most worrying aspects 
of the Board's financial situa- 
tion. Mr- Alan Plumpton, chair- 
man, said; 

Since the early 1970s, ban 
debts had risen ten-fold com- 
pared with tripled sales revenue, 
and the Board blamed the jump 
on higher fuel coals; and the 
floating population.. . 

The average cost 'of electricity 
will go up by 6.4 per cent, in 
line with the average Increases 
Tor Britain, announced recently, 
of 5 per cent. The first bills at 
new rates for quarterly ' con- 
sumers. who will P* r . 

cent, more, will go. out from 

. 

Basic- prices for off-peak-- and 
night rates will be unchanged. 
Charges .could have risen by far 
more under Price Code rules, 
but they had been kept down to 
benefit the consumer, the Board 
said- 


Shore threatens new 
cut in home funds 


financial times reporter 

MR. PETER - . SHORE, the 
Environment. Secretary, said 
yesterday that he would consider 
a further restriction of funds 
for home loans if the rise in 
house prices did not moderate 
over the next few months. 

Mr. Shore said dp ring London 
Weekend Television's London 
Programme, that , the recently- 
announced 10 per cent, cut in 
mortgage programmes had been 
necessary to prevent a boom in 
house prices. 

u As far as I’m concerned, the 
key is the supply of .building 
society money. That is why we 
have set up a joint committee to 
regulate or supervise the flow of 
building society money, so that 
on the one hand, we do not have 
i a famine as in 1974. or an enor- 
| mous quantity of money which 
can only result in too much build- 
ing society money- chasing too 
few houses, -and pushing then- 
prices up." * . 

If the Government’s move to 
restrain the flow of funds -proved 
ineffective, he would have to take 
further measures. 

My own instinct would -be to 
act further oh the" supply of 
money, because 70 per 'cent, of 
I all houses are bought in* this 
! country with borrowed money 


from building societies. If the 
building societies are not making 
the money available, there 
cannot be an explosion of 
prices.” 

Although a moderate rise in 
house prices of about . 12 per 
cent, in the year, was acceptable, 
an inflationary psychology 

developing in the market was 
not. 

“People axe - bolding back 
their bouses" from the market 
because they have this inflation- 
ary .• expectation. They presum- 
ably thought we would just 
stand by and let increased prices 
carry on. and the money supply 
would rise to the level that' 
prices required. 

"But- now they know that that 
is not going . to; happen. And 1 
think that is going, to effect quite 
severely and properly their 
expectations." 

A reduction In mortgage funds 
would not result in a cut in new 
house-building programmes. "1 
don’t believe that any study in 
the last ten years really shows 
that there is any correlation 
between rising house prices gen- 
erally and the number of new 
houses being built" 

During the 1960s. when the 
largest number of houses was 


being built, prices were rising 
at only 6 to 7 per cent a year. 

“The latest figure we have 
shows that new starts are in- 
creasing. Indeed, they are well 
up on what they were this time 
last year." 

Shortage of sites would not be 
a bottleneck to new building 
either. .“AH the evidence we 
have shows that there is about 
five to six years' supply of build- 
ing land with planning permis- 
sion available now." 

Earlier this month, the build- 
ing societies bowed to Govern- 
ment pressure by agreeing to cut 
£70m. a month from their lend- 
ing programme. This cut. which 
starts next month, is the equiva- 
lent of 1,400 home loans. a week. 

Insurance companies and banks 
have been .asked to ensure that 
their lending programmes do not 1 
frustrate the aim of restraining! 
the funds available. 

The building .societies I 
recently, agreed with the 
Government on a '.ending pro- 
gramme of £720 m. for the first 
half of the year. Most societies 
opposed the Government’s 
suggested cut in this pro- 
gramme, but they have agreed to 
go along with the move. The- 
£70 m. a month reduction will 
run until the end of June. 


heap U.S. fares 

giyen loans ' , 

totalling plan makes 

a good start 


Employers waiting till deadline 
to quit State pension scheme 


By Robin Reeves 

Welsh Correspondent 

THE WELSH Development 
Agency has announced aid to six 
companies totalling £569,000. 
This’" brings the agency's assist- 
ance to Welsh businesses to 
almost £7m. 

The latest aid package is 
expected to create 200 jobs. 

A loan of £174,000 for Gwent 
Packaging wiU help it to expand 
into malting heavy duty card- 
board containers at Bedwas. 

Tecweld of Brynmawr, which 
makes and repairs lock gates, is 
getting an expansion loan of 
: £95.000 towards the cost of fab- 
ricating. . shop and Efoelene 
Products of Rhynmey, a loan of 
£100 JWO towards' the cost of 
equipment tor making wide poly- 
thene sheeting. 

Machinery 

The Cwmbran toothbrush fac- 
tory of Libra Products will 
receive loan of £50,000 for 
machinery and working . capital 
to make multi-tuft toothbrushes 
for an . American group’s U.K. 
and Belgian subsidiaries. 

In T^ral Wales. Chanter 
Carpets Is being given a £100,000 
loan to expand production of 
tufted carpets at Newtovm. 
Powvs." Lam ne ter Timber and 
Trading, a D.vfed «awmflJing 
business, is increasing its output 
of wooden pallets for industry 
with the aid of a £50.000 loan. 


by james McDonald 

AIRLINES yesterday reported 
an encouraging start to the in- 
troduction on Saturday of the 
cheaper stand-by fares between 
Britain and" the U.S. 

. British Airways said there was 
no flood of applications, prob- 
ably because of the short notice 
given to the public and because 
this was not the peak travelling 
season. 

But it sold about 300 cheap 
stand-by tickets on Saturday and 
Sunday on its flights to New 
York, Boston and Detroit. Under 
the scheme British Airways is 
limited to about 1.000 stand-by 
tickets a week on the New York 
route, and to 35Q tickets on other 
routes. 

“ The response has been quite 
up to- our expectations." 

By .yesterday afternoon Pan 
American bad received about 170 
applications for stand-by tickets 
for its flights to New York at 
the week-end. Only about six 
tickets were sold for each of 
Boston, Detroit and Washington 
and about 15 for the West Coast 
of the UB. 

British Caledonian Airways 
said: “We are quite happy at 


the start of the scheme." It is , 
offering stand-by fares between j 
London and Houston. “Out of 
three flights, two out to Houston 
and one back io London, we sold 
25 stand-by seals out of 30-40 
seats available." 

The cheaper fares — instigated 
hy Mr. Freddie Laker's Sfeytrain 
project — were approved by Presi- 
dent Carter last week against the 
wishes of the British Govern- 
ment, which feared fare cutting 
could lead to the bankruptcy of 
some airlines. 

Stand-by fares offered by 
British Airways from eight U.S. 
cities to London range " from 
$143 from Boston to S227 from 
Los Angeles and San Francisco. 
Sterling fares from London are 
sliehtly less. 

The British Airways routes 
cover New York. Washington. 
Philadelphia. Boston. Detroit, 
Chicago. Los Angeles and San 
Francisco. 

On a cost-per-mile basis the 
cheapest stand-by fare seems to 
be offered by British Caledonian 
— a £69 “eleventh hour" fare 
from London to Houston. 


BY ERIC SHORT 

EMPLOYERS ARE -fearing it to 
the last minute before "making 
arrangements to get out of the 
sew State pension scheme. 

The Occupational Pensions 
Board has reported more than 
3,000 applications last week from 
employers to contract-ant of tbp 
.scheme, bringing the «tal num- 
ber of applications "to^afe to 
13,400. 

The dead-line for applications 
is this Thursday and. the Board 
expect about 16,000 employers to 
opt out of the State scheme. It 
would appear likely that a further 
flood of applications will occur in 
Ibis final week. <*. : 

The .Social Security Pensions 
Act. 1975 sets out the terms or the 
new Stale pension scheme which 
starts on April 6 this year- 
This provides for an additional 
*arnings-related pension to the 
present basic flat rate one. J- 
The National Insurance. contri- 
bution rates, excluding: theisur- 


V 


charge, are being increased from 
141 per cent to 164 per cent. — 
64 per cent for employees and 10 
per cent for employers. 

But employers have the option 
to come out of "the State 
scheme and provide this 
additional pension through a 
company scheme, getting a 7 per 
cent rebate on N.I. contributions 
— 2} per cent for employees and 
per cent for employers. 

Contributions 

But they, must submit, their 
applications by March: 23. to pay 
these lower contributions from 
April 6. 

Otherwise, employers will have 
to pay the higher rate, not only 
on their own contributions but 
possibly on their employees' as 
well. 

This will be in addition to pay- 
ing For the company pension 
scheme. 


Employers failing to meet this 
coming deadline will ultimately! 
be repaid these extra contribu- 
tions. but only after a tong time, 
and much administrative work, j 
So far. the Board has issued 
only 5,700 contracted-out certi- 
ficates, so it has nearly 8,000 ap- 
plications stilt to process. 

Employers are reminded that 
they mast submit their applica- 
tions under the emergency pro- 
cedures laid down by the Board 
and send io the necessary certi- 
ficates from both the employer 
and the. actuary. . 

The latest figures of the actual 
number of employees who have: 
been taken out of the State 
scheme hy iheir employers re- 
lates to March 9 when the Board ' 
had issued 4.800 certificates 
covering 2BSm. employees. 

The Government Actuary has 
forecast that about 9m. em- 
ployees will ultimately be con-j 
tracted-ouL 


Testing unit 
at Levland 

By Stuart Alexander 
A £7.8M. computerised diesel 
engine testing facility will be 
unveiled by Mr. Michael 
Edwardes. chairman of British 
Ley land, at the Leyland, Lanca- 
shire, headquarters of the truck 
and bus division. -* 

Every diesel engine produced 
at Leyland will be tested, using 
a programmed test schedule 
linked.- - to electronic control 
panels.-. 

The facility is part of a £134m. 
investment programme in the 
truck and bus division which, 
with tractor division, has been 
renamed Leyland Vehicles. In 
addition to a new assembly hall, 
engineering centre and test 
trade at Leyland, the parts, divi- 
sion at Chorley has -been 
expanded and £50m. will be 
spent at the two Scottish plants. 


Borg Warner subsidiary 
‘about breaking even’ 

BY TERRY DODSV/ORTH, MOTOR INDUSTRY CORRESPONDENT 


State steel management 
‘behind private sector 5 


Joint coach M ? a £2l sit ^ 

MR. .ALKHIMOV, chaim 
1 the Russian State Bank, 

AVf^l*ACC nlQll London at the weekend 
v ’ A Jr 1 VOO pi4UI "short visit at the inrital 


j , by. Roy hodson 

I TUB" CLAIM that the British 
Stegl Corporation has been “out- 
mgnaged ” hy the private sector 
of the British Steel industry is 
made in a new survey published 
hy Inter Company Comparison. 

An analysis of 60 of tho leading 
private sector steel companies 
over a three-year period to last 
April concludes: “ British Steel's 
performance was markedly worse 
than that of the private sector." 

While the corporation had 
made losses of nearly £3S0m. in 
the three years, nearly all the 
private" sector steelmakers were 
in profit 

British Steel had also been 
; out-managed in areas such as 
stock turnover (half that of the 
private companies) and capital 


utilisation (also only half that 
of the private companies}. j 
The total value of sales hy 
the 60 companies increased by 35 
per cent in the three years. But 
the conclusion is drawn that the 
price increases in the period 
were not sufficient to maintain 
profitability. Pre-tax profits felt 
on average, by 24 per cent 
Inter Company Comparison 
.says that the 10 most profitable 
British steelmaking companies in 
the three years were: Brymbo 
Steel Works, A. E. Godrich and 
Son, ■ Fixsteet Hillfoot SteeL 
(Forgers), Midland Bright Group, 
Darlington- and Simpson Rolling 
Mills. Bruntons (Musselburgh), 
L- A. Hutton and Company. The 
District Iron and Steel Company, 
and GKN Somerset Wire. 


Home committee backs 
PR system for Lords 


BY-PHttJP RAWSTORNE- . 

CONSERVATIVE proposals for 
reform of. the House of Loras 
to be published today are 
expected to suggest that a high 
proportion of the members of 
the Second Chamber should -lie 
elected by proportional repre- 
sentation. _ _ ’ 

A party committee under Lord 
Horae says in a report to. Mrs. 
Margaret Thatcher that the re- 
maining members should be 
" nominated, by the Crown on the 
advice of the Prime Miniver 
after consultation with a special 
committee of Privy Councillors. 

In spite of the Tory leader* 
hostility towards a proportional 
representation voting syste m, th e 
committees stresses *ts strong 


preference” for this option. 

Lord Home's report recognises 
that the arguments are finely 
drawn and that much debate will 
be. needed within the party be- 
fore a final choice can be made- 
The committee is understood 
to be urging Mrs. Thatcher to | 
include proposals for Lords re- 
form in the . programme of the 
next Conservative Government 
There is growing thought 
.within the Conservative Party 
that the present composition of 
the Upper House is indefensible. 
The-, Labour Party is - moving 
strongly towards abolition and 
the Conservatives feel this could 
lead tQ. dangers of “elective 
dictatorship.” 


for Europe 

NATIONAL TRAVEL. .’the 
nationalised coaching company 
with the largest vehicle “ pool,” 
and Wallace Arnold Tours, Leeds, 
the largest private enterprise 
operator, have agreed io’ develop 
jointly interoationj . express 
coach services to France, Italy 
and Spain. 

They say this, will help the 
travelling public, clan fj- the U.K. 
position with foreign interests, 
and assist rationalisation of mar- 
keting and elimination . of 
unauthorised services 

National Travel has run ex-, 
press services in Europe since 
1973 in association wiih - the 
Europabos organisation, to Am- 
sterdam. Paris. Brussels, Bel- 
grade and Athens. 

Wallace Arnold Tours has run 
a through-service from Loadon 
to Paris, Lyons. Genoa, Turin. 
FJorence and Rome since last 
April in collaboration with 
French and Italian coach-opera- 
tors. 

In 1977 the" frequency on this 
route was once a week. A fre- 
quency of three limes a week is 
planned for this year. 

Both bodies have received 
Government approval to seek 
authorisation for additional, dif- 
fering routes to Brindisi. 

Mr. Malcolm Barr, chairman of 
Barr and Wallace Arnold Trust 
and Mr. Frank Poinlon, chairman 
of National Travel, say they hope 
to extend the scheme to other 
European countries. 

Mine to close 

THE METAL BRIDGE drift mine 
at West Cornrorth. Co. Durham, 
is to close in the summer because 
of limited coal reserves. Some of 
the 370 workera will be' offered 
jobs at other collieries. 


MR. ALKHIMOV, chairman of 
the Russian State Bank, flew to 
London at the weekend for a 
short visit at the invitation "of 
the Bank of England. It is an 
exchange visit tor the trip to 
Moscow last May by l$r. Gordon 
Richardson, Governor v ' of the 
Bank of England. *X 


BORG WARNER’S U.K. trans- 
mission company is now “just 
about breaking even ” again after 
a difficult time since the oil 
crisis, according to Mr. Russell 
Bearss, managing director. 

The U.K. company, a sub- 
sidiary of the U-S.-based Borg 
Warner group, was hit hard by 
the oil crisis which led to a drop 
in demand for automatic trans- 
missions. ' 

Its workforce, now .standing at 
2,100' was trimmed by almost 400 
during 1975-76. and the com- 
pany’s two plants at Letchworth, 
Herts, and Kenfig, South Wales, 
are now operating at only about 
55 per cent capacity. 

“ We stubbed our toe in 
Europe because we built facili- 
ties beyond the scope of the 
market." Mr. Bearss said 

The company's strategy in the 
immediate future is to diversify 
from its main automatic trans- 
missions business into related 
fields, such as four-wheel drive 
mechanisms. 

In the longer term, it believes 
it is well placed tD take advan- 
tage of the trend towards elec- 
tronically - controlled transmis- 
sions 

Mr. Derek Gardner, the com- 
pany's engineering director, and 
the designer responsible for the 
six-wheel concept in Grand Prix 
racing, says tbatibe increasingly 
stringent statutory requirements 
on pollution and energy saving 
will demand 1 elect ronicallv- 
cnntrolled cars. . 


These controls would operate , 
through a micro - processor i 
“which will control the operation 
of the engine by determining its 
fuel requirements 
“These developments, which 
are necessary to maximise 
engine efficiency, will supersede 
the requirement for manual 1 
gear-changing.” 

Porsche Gars 

doubles 

turnover 

Financial Times Reporter 
PORSCHE Cars Great Britain, 
the importing agency for the 
German sports car maker, more 
than doubled turnover from i 
£4.3m. to £9.3m. i/i the financial 
year ending February. i 

The company sold 1.068 cars! 
in this period, which included the 
launch of the 2-litre 924 model : 
Sales are likely to be boosted! 
this year by the addition of the 
92S model. 

• BMW will increase , its UJC 

prices by about 5 per cenL The 
recent strength of the D-mark is, 
blamed. | 

• Swan National has placed 
orders worth £24m. for its car 
rental fleet for 1978. Ford takes 
the hulk of the 7.500 vehicles 
with orders for £20m.. with £3m. 
for Vaushall and £l-5m. for 
British Leyland. 


National 

Savings 

receipts 

drop 

By Adrienne Gleeson 


NATIONAL Savings continued 
to do well in the four weeks to 
The beginning of March— but not 
quite as well as in the preceding 
five-week period. Net receipts 
dropped from the “ excellent ” 
£194.7m. to £116.6ra.. suggesting 
that the recent small increase in 
retail sales has started to bite 
info savings. 

It was the National Savings 
Bank’s receipts which dipped 
most noticeably, adjusted to a 
comparable basis. Nei receipts 
in the ordinary department, 
which amounted to £2S.7m. over 
the five weeks to the beginning 
of February, amounted to flfl.Sm. 
in the four weeks to the begin- 
ning of Man'll and receipts of 
the investment department 
dipped from £47 4m. to £30.8m. 
Receipts of the ordinary depart- 
ment were still the second 
hjn^est over such a period 

The National Savings Bank's 
performance for the year so Far 
in fact looks remarks hi v 
healthv. with ner receipts nf ihc 
investment denartnrent totalling 
£750,fim.. while thnse of the 
nrdmarv denartnient amounted 
to £74.1 m. At the corresponding 
point last year there had been 
withdrawals nf £14.9m- and 
£51 4m rcsoectivoly. 

Longer term savings have con- 
tinued to do well! with the 
amount invested in British Sav- 
ings Ronds un bv ri-iflm. during 
'he pinn'b. wh’’e P°7flm. was put 
into National Savings Certifi'’ntc 
Issues — other than foe index- 
linked retirement issue, where 
net receipts amounted to f11.?m. 

The fact that inflation is into 
ri nele figure* evidently has nnt 
deterred investor* from this 
inde\-i inked mirchase. 

Tal "tie in accrued interest the 
amount invested in National Sav- 
ings increased bv £152 3m. dur- 
ine the four-week period, bring- 
ing the total for the vear *o far 
>o 75bn. rnm oared wtih the 
•^SThn. Invested in National 
Saving? at the 1 heginning of 
1977. this vear there was 
r 9.9t hn. 


Shoe deliveries 
increase to 
15.2m. pairs 

By james McDonald 
SHOE manufacturers delivered 
1522m. pairs during November 
last year, 4.1 per cent, more 
than in the same month of 1976. 
In the 12 months to the end of 
November, deliveries rose 522 
per cent, at 164.1m. pairs. 

The value of deliveries in 
November was £57m., 2722 per 
cent, up on the November. 1976, 
figure, and the 12-month running 
total was 25 per cent higher 
than in the previous 12 months, 
at £581.7m. 




- V 

A 



Equal Opportunity 


is 


• • 


Tanker-owners seeking consortium 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

™r world’s independent oil- 0m. d.w.t, in *11, that plays most 
SL wn^ bo^ fo arSonnce heaviry into the oil ■«%£*** 
shortly formation of, what they hands in beating down 
call an orderly marketing eon- • Scandinavian owners- we 
sortimn, by which they mean a sought - support for the inter- 
device to reduce tonnage am- national Tanker Services con- 
flfiallv in certain markets, nnd cept for about a year, but accordr 
so pjxjffT VP freight., ratea:- ■ lug to reliable sources at-Uist 
Plans are going ahead for week’s conference of independent 
establishment, probably in tanker .owners at E a£&ourne, 
Holland, of a tanker-chartering owners in, J *P* n \ I Hon 5 ko “®^?l 
company called . International Greece have indicate* support 
Tanker Services. ; . . in principle. „ . „ 

This company, to be run by a About 30m. d.w.t . of tanker 
committee of shipowners, would rt paetiy is already -hrmly Jiom- 
aim to charter about 4Qra. dead- fitted to. the scheme b * 
weight tonnes ol tankers over n avian ^e«. and support from 
200.000- d-w.t. from owners in companies like Japan tune. 
Japan/ Greece. Hongkong and . Sank*. NYK. *nd, 

Scandinavia, and release such oqsssi? would give the stmetae 
vessels only when the market the volume of tonnage « ne^ 
was prepared to pay a- rate to influence the market mgttifi- 
dremed fair by the owners. ’ cantly for large ships... , 

* This ’would, the -oW'pers hope," Mr. Erhng Naess, chajnnan of 
eliminate the queue* of very the tanker others group, 
large wude carriers anchored, in lanko, which has given unofficial 
thr Persian’ Gulf in the hope of backing w the.amemc, 
receiving spot cargo; ".It. is the helicved .■ Intcrnational_Tmdser. 
presence oF such queues, about Services would soon T>ecome a 


reality. 

There .was no question, .he 
insisted, of owners attempting 
to push rates back lo the boom 
levels of 1973. 

Leaders- of the . proposed com- 
pany’s steering group have spent 
the last three weeks touring the 
Far "Sast in search of support. 

They say their, aim is to lift 
rates for VLCCs out b£ .foe Gulf 
from . around Worldscale 20 to 
Worldscale 30. thus at least 
, allowtng. owners to cover operat- 
ing, though- not capital, costs. 

" latertuko estimates that last 
year tanker-owners -lost S45Qm. 
collectively. This is expected to 
rise to $75 0m. this year. 

Mr. Naesspaid that unless some 
way could be found or raising 
freight rates in the near future, 
all but a handful of the largest 
tanker owners would go bankrupt- 
Alternatively Governments might 
choose to shore them up in the 
way that foe Norwegian Govern- 
ment had already supported ■ its 
shipowners. 


The Japanese Diet is expected 
to give final approval soon- io a 
measure to soak excess tanker 
tonnage by using initially 20 
VLCCs as stationary storage 
units to- be Operational by May. 

Owners are encouraged by the 
unaccustomed solidarity emerg- 
ing among them under pressure 
of desperate financial conditions, 
but a large question mark 
remains over the. proposed com- 
pany's succeeding. 

Much wifi depend on American 
oil companies, initially on foe 
independents who are most active 
in foe spot oil markets. Apart 
from a basic anti-trust suspicion 
about what is manifestly a 
market-rigging device, the ajm- 
panies must still decide whether 
they trill . pay more for their 
transport. 

Ail foe oil companies retain 
foe ability simply to speed their 
own fleets to reduce their need 
for chartered-in tonnage, and so 
re-introduce slack capacity to foe 
market. 


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

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

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




• . The employment provisions of the Sex ■ ■ 
Discrimination Act ©cpiained in straightforward language. 

. . Equal Op portunit y 


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


TO: Department CL Equal Opportunities 
Commission, Overseas House. Quay Street 
Manchester M3 3HN. Telephone: 061-833 9244. 

Please send me Ihetoflwmg pubfcatans 
m the quantities radicated; 

copies of ft Guide for Employers' 

— — copies of ’Equa! Opportunity Potoes and 
. Practices in Employment 


Company. 






business, 


Practical advice on implementing the Act in your 


Equal 

Opportunities 

Commission 






9 


Financial Times .Monday March 20 ,3$$* 



• SAFETY 


TELEVISION 


EDITED BY ARTHUR BENNETT AND TED SCHOEIERS 


E3B 


© COMMUNICATIONS 


Makes a quick link 


VIA Telelromcs of London, for a supermarket might be for 
National Panasonic is making the five check-out till operators 
available m the U.K. a loud- to have slaves linked to chief 
:-3ejkm» intercommunication cashier’s master. 

stem which will allow up to In a busy professional 

11 stations to be connected in practice, six partners might 
,i wide variety of ways. want a fully Intercommunicating 

T here arc five different types S vstem so that each can call or 
ot unit-mastery that can he b ’ s u u e d by all the other five, 
connected to either five or ten . . 

other masters, a remote or . l “' *ay. ■ a facWO, 

•■.slave - unit that can be con- 11 c0U if Pe be ^" 1 ”i nsed a11 
necteii to only one master, a managers could s P ea * < t ° f 3 ^ 
♦law that can call or be called °«»er. **ch could talk to 
by two mailers, and a system one or raore of hls ° wn sta “- 
power supply unit. More from 9 Connaught Street, 

Thus, a suitable arrangement London, W2 (01-723 7443). 



Electronic 


colour 


camera 


STEALING a march on RCA. 
among others. Sony Corporation 





nil)! 3 “■ -I* 
I 1 . ..isllti" 



CL A. NO&BF9B AT LTB 

SHrSJCN-OHSIVM wt«»MX3TOaa*w 
rMpmrK am et&o 7<** aaas- 

AnM gww f w iyt 


OuiailK OUICIJ- ~ 

has announced in Tokyo the that of current lop ranee video 


•**: iiuivmivM ... mat u* < 

^■L. 4evelopmeht of 3 smail-size camera5i 


* INSTRUMENTS 


Finds the frequencies 


Cuts off supply when gas 


DEVELOPED and manufactured 
b> Share tree of Stroud, Glouces- 
tershire. is a spectrum analyser 
rovering the high frequency 
cnmmunica lions bund up to 50 
51 Hz. 

Containing no frills, the model 
477 is .•simple enough to bo used 
by semi-skilled operators but is 
nonetheless built to good labora- 
tory standards. 

Centre frequency is adjustable 
between zero and 50 MHz and 
disp-.M'Mon is sriecled by means 
of ";i six position rotary switch 
i.TVriRvi vilucfi between 100 kHz 
;md !0 MHz. The sweep speed 
continuously vanable over 
two .decades <il0 ms to 10 s). 


allowing optimisation of the 
sweep speed for dispersion and 
resolution. 

The instrument is able to 
compare two similar ' input 
signals, enabling the instrument 
to be used for calibration pur- 
poses. Displays appear on a 
100 mm cathode ray tube coated 
with P7 long persistence 
phosphor. Sensitivity is 10 mV 
for peak deflection; a 0 to 59 dB 
attenuator, variable in 1 dB 
steps, yields a maximum signal 
handling capacity of 10 V. 

More from 70 Westward Road. 
Stroud, Gloucs. GL5 4JA (04536 
2006). 


DETECTION equipment for 
boats, lorries and caravans, de- 
signed and made by a- British 
company, not only warns of gas 
and cuts off the supply at source 
but is also the first system of 
Its type to be certified as intrin- 
sically safe ■ by the British 
Approval Service for Electrical 
Equipment in Flammable Atmo- 
spheres (BASEEFA). 

Gas Sentry Mark 3 is built up 
from a control box connected to 
sensors mounted in the poten- 
tially- dangerous areas and a 
remote shut-off valve inserted 
into the gas supply pipe at. or 
near, source. 


9 DATA PROCESSING 


Laces stretch to Gatwick 


BY THE autumn Gatwick Airport 
shoud be tied in with Laces — the 
London Airport computer scheme 
that cuts clearance time For 
import... ai Heathrow to a matter 
of hours 

Laces— London airport cargo 
cloctronic-dnta processing scheme 
— is used by 200 separate -organi- 
sations involved in handling 
cargo landed at Heathrow. It 
operates 24 hours a day. seven 
days a week find is run by the 
FO s National Data Processing 
Service- 


Operating Laces at Gatwick is 
expected to involve 10 visual 
display units, 10 character 
pr inters and a communications 
controller at the airport- The 
controller governs the access of 
VDUs to the Laces computer- 
The service will be provided 
to Customs and Excise, two air- 
lines — British- Airways and 
British Caledonian Airways— who 
are already Laces users at 
H oa throw, and other airlines and 
forwarding agenLs. 


As little" as 2 per cent, of a 
flammable gas mixed with air kt 
a potentially explosive mixture. 
It is. therefore, tiny leaks which 
can be -the most letbal since they 
are hardest to detect, and yet 
need the smallest spark to trig- 
ger off an explosion. 

The instrument will detect 
minute quantities of hydro- 


carbons in Jjie air. including 
methane, propane, 'butane and 
carbon monoxide: - Sensitivity 
can. be adjusted to detect con- 
centrations as- low as OJ per 
oent. although. 0.5 . per cent, is 
the more -usual requirement. 

The sensors incorporate semi- 
conductor devices which, when 
.flammable gases are present, in. 
the surrounding - atmosphere, 
rapidly Increase in conductivity 
triggering the audible and visual 
alarm, and automatically shut-, 
ting the remote valve. Addi- 
tionally. .potentially dangerous 
electrical circuits can be isolated 
by the remote control unit. 

Regulation of the voltage and 
limitation of the current to the 
sensors prevents heat build-up 
and the production of a spark 
(which .could occur, in .unsafe 
equipment). 

At a time' when compressed 
gas is increasingly being used 
on boats and when chartering is 
becoming big business on inland 


waterways -the- installation n£ 
such "a system makes economic 
good sense. 

Sweden will shortly insist- that 
gas detection systems should be 
intrinsically safe as does the. 
United Kingdom fishing .indus-' 
try. Gas Sentry Mark 3 'is ap^ 
proved by the Department of 
Trade for use on fisbing vessels, 
large motor cruisers and yachts. 
" More :from . Gondolas tic, Bjrl- 
ingham. Persfaore. Worcs. WR10 
1BR. Evesham (0386) "750732. 


.oolbur vldeo camera, based fn The new CCD" chip .meafrtfrts 
“new very large scale charao by 9.1mm. with/ "each 

. coupled device tecbnoloay. e i 0 ,„ ent 36 microns "by.. 13- 
" 'The charse-coupled 'device microns, arranged lit a matrfet of ' 
(CCD) contains about 110.000 226 horizontal elements , by 402. 
-elements on a single chip, arid vertical elements, for a~tofal "of" - 
servra as the lmase sensor for 1X1.192 picture elements. ; - - 
the camera in Place of a tradi- The camera .contains three 
ttonal nick-up tube. ' . chips, one for each colour dntf 

.■tit; rm camera is canaille of uses Sony's propnetatf- spatiat . 
.VJEfe CCD camera s capanie ot offsetting technique.- - which 

. fflSuF Idea l, P1 S e provides rt^d^Vh**** 
.'-reliability and stability far ne Sony Corporation tint his 

.greater than current pick-up tube a . development to prove the* 

" cameras, with camera size and technology" and that it; has mo 
weight reduced to that of an plans to market the product - at 
monitors a writs of. solenoid?*™ ”"«■ >« ure quality tht moment. . ; ■ " 

valves "which, cflntrtij .larger--^-- •• .' 

hydrtulir valves' during • loading- ■ 
and discharging of ..the cargo.' ‘ .ji ^PRINTING 
Intrinsically safe for group 3B W 
gases, the system makes use of 



umotLan/ aaiw iu* 

Continuous litho plates 

the low signal levels employed direct IMAGE offset litho It is claimed the printed result 
allows multiplexing to be applied plates in continuous form are compares favourably with 
in hazardous areas. now available. The plates are orialnal line nrintinB. 


piaico.- ju luuuuuuufl iwi uj Co laiuuiauiv 

now available. The Plates are original line printing, and is . 
Sensors at valve points send to be ideal tor tne com- hotter than fntirth.-nonv urint. 


For safer 


loading 


AN advanced, sea-going intrinsic- 
aJly safe control system has been 
.developed- by Safety- Technology 
of Feltham and is to be fitted to 
large chemical tanker now 


being built by NKK shipyards in 
Japan for a Norwegian owner. 
The system controls and 


valve points send'-**‘d to be ’deal for tne com- ju etter Qj an fourth: copy urint- 

"?» photo-copies. On he line ’ 

|!ilsed sod sent *'** **?££"£"& ,*? ,maI ' . 

are identified and displayed and ; in the* 3 fine-printer on producing a guaranteed Sti ni- . 

Mntrol siinials ^. nt t w a 2m2-S?compater. The single part mum output ranging from- 50 

the hazardous area in the -same. p]at£S ^ ay be plain ft or pre . to 1.000 copies. The sizes avail- 

way.- ‘ printed, and the pre-printed able will fit most printout for- 

Tbe. company is working on image may be either repro* mats and small offset machines. ■ 

similar systems -for -use in rOtbet-.xhicfbie- or non-reproducible. A- ..More .from. Parley Business. . 
kinds of hazardous environment, planographic coating on .the Forms. Wellington Road, 
iwnri-'fmm TvnHfPnhattt Road.- plate prevents unwanted finger- Burton -on -Trent Staffs., J5E14. .. 

rSZ, USSSKSb « oc=id«oto. ? irHog. , -2AD.«12ffl 64Me>.. : 

(01-894 55il>; . .. - .. ' - S VJ 


If, 


• TEXTILES 


MATERIALS 


•; ELECTRONICS 




New raw materials prospect 


Fast-set Plotter is fastest 




■j \t }4 ; 


Maths suite from Scicon 


A LIBRARY of numerical oplinn- 
-ji.ion wfivaiw developed hy the 
National Fh><:cal Laboratory is 
in he olTnrcrl bv Sr:t on Computer 
S«*iTi. i'- iintlcr a recently signed 

-j.,- . 

Typri jl of Hi" programs is the 
Minimi i:>5K»n nf a function with 
»ni* variable, and the computa- 
••on of unconstrained non-linear 
l»\-i«5 squares. These and other 


programs can be used for prob- 
lem solving from medicine to 
financial assessment. 

Scicon will run tbe routines on 
inis twin Univac 110S machines 
at '-the Milton Keynes computer 
centre. 

More from Brick Close. Kiln 
Farm. Milton Keynes MK113EJ 
(0908 565R56). 


TRADJTTONALLY, textile mach- 
inery has had to be designed for 
cotton or wool-type fibres and the 
length of these fibres has, to 
a great extent, influenced 
machinery apd its processing 
parameters. 

With the synthetics, fibres can 
be of any length. Thus, the trade 
looks as though it will eventually 
develop a completely new. mid- 
fibre system in which the raw 
material will be longer than 
cotton fibre and shorter than 
most wools.' 

One key stage in this is the 
conversion of continuous filament 
tow into staple fibres suitable 
for spinning on the various 
systems. Sevdel and Company 


(British, agent Allertex. Lower 
Paradise - Street. -Bradford BDL 
2HP. Tel. 0274 23783) has, for a 
Considerable time, been building 
stretch-break converters that are 
able to stretch a thick tow of say 
250 grams/metre, into staple 
fibre lengths suitable for woollen 
or worsted spinning. 

The company is .introducing a 
✓machine, the model 770. that will 
be able to process - tows and 
reduce them to staple lengths 
suitable for cotton -'spinning, (n 
the past, one of the major 
problem^ j)f lonverifne tow to a. 
short staple fibre "By r the stretch- . 
break route has IveSo that only 
small diameter ‘.rolieris could be 
’used with centfes . no further 


apart than the length of the fibre 
they -are -to. ^convert. 

While this is still a limitation, 
improvements^fn inachines have 
been made and throughput rates 
very much increased. In a 
machine likely to he introduced 
later this year, Seydel will add 
to the delivery end of the short 
staple machine a roller drafting 
system. 

This will enable the tow-to- 
sliver converter to develop com- 
pletely new raw materials that 
wilt be ideal not merely for the 
classical- ring spinners of cotton- 
type yarns, but also tbe rapidly 
"developing spinners who use the 
new open-end technology based 
on rotors rather than the mare 
limiting ring and- travellers. 


adhesives 


THREE MORE cyanacrytateq 
have been added to the Agomet 
range made- by Degussa: L Tirese 
solvent-free fast-setting adhesives 
polymerise under tbe catalytic, 
influence of* moisture otr parts 
to be bonded, and reach working 
strength almost Immediately. > 

The three versions are 
intended for bonding metals arid 
ceramics: plastics: and elastb- 
raers. Main application is for 
mounting small and fragile com- 
ponents. in the electronics, dptiefc 
and instrument industries. ■_:? 

The low viscosity adhesives are 
supplied in 10 and 50 graif 
dropper bottles. More from the 
maker — Postfach 2644.- D-6O0f 
Frankfurt. 1. West Germany. .>' 


BENSON ELECTRONICS now 
making a drive in Britain. will 
"be present at all four locations 
of . the Coraputermarket -197S 
Exhibition in April arid will be 
showing a selection- i«f its auto- 
mated drafting machines. 

Benvon. whfeh build over 30 
varieties of flat bed and -drum 
: plotters will be showing the 1330 
high-speed drum plotter, fastest 
in its ranee with a speed of up 
to 45 ems/sec. 

. The 1302 incorporates; intelli- 
gence to handle both Jinear inter- 
polation and character genera- 
tion which has dram'aficaHy re- 
duced the processing demands 
on the host comnuter during 
drafting applications. 

Driven by magnetic type-imits, 
the plotters will be demonstrat- 
ing their capabilities using nro- 
crams^-deviSed fry" some. of Ben? 


son's customers in the U.K. These - 
wilt include drawings on. the.- 
multi-million pound project for..-.; 

“the new University of Riyadh in . 

Saudi - Arabia which were •. 
oriein ally drawn bn a Benson./ 

2320 plotter integrated info an ' - 
interactive architectural draw- • . 
ing system designed and used 
bp the Architectural Partnership 
of Gatlins. Melvin and Ward: iso- 
metric drawings of pipe layouts • 
in- a refinery designed, by ICI :l | S - ? i * 
and drawings for a process plant "ID a 
design ’from Wirhpey. 

Benson Electronics, based in- - * 

Bristol, is the U.K. Subsidiary of • - 
-Benson S-4- one of the world's . 
headers in the development and .• - 
manufacture of automated draft- • •. - 
inp machines. - - r- - 

Further from Bcoson on. 0272 .- a - 
-290651. . . ... 


CONTRACTS AND TENDERS 


r 




Java Road Betterment 
Project 


PHASE 1 

PREQUALIFICATION OF CONSTRUCTION CONTRACTORS 


No. 01 / BM • Bang / 1978 


The Ministry of Public Works and Electric Power of the Repubhc'of Indonesia gives 
nonce on the improvement and paving ot a network of selected provincial and district 
maos m Central and East Java. Tne network consists of eight selected road sections with 
a total length of 180 8 km and replacement of 24 bridges with a total length of 778 m. 
The Pioiect is divided into four contracts i A B C and D) as detailed m the Prequalification 
Documents 


Application from contractors, either in their own name or as a Joint Operation who 
wish to oarticipate m this Construction will be received at the address listed below 
interested contractors shall be nationals of member countries of the Asian Development 
Bank who have proven experience and caoability in this field may apply for prequalification. 
Further details of eligibility are attached to the Prequalification Documents 


international and Indonesian contractors are encouraged to form Joint Venture and 
make maximum use of local suppliers in the inter esi of develoomg in -country construction 
-..inability 


A Contractor co prequahfv must have identifiable senior proiect held supervision 
personnel with at least 10 years experience in modern road and bndge construction or. 
fai/inq this, they must be in a Joint Operation or Joint Venture or nave a management 
contract wth a contractor who can name and supply such personnel 


Contractors who have formed Joint-Operation. Joint-Venture and or management 
contract with other contractors are required to submit a copy of their association 
agreemem which should include also a statement of their sharing of capita!, together 
with tne Prequalification Document. 


Contractors expressing mtent-to do so are required to marl a copy of the agreement 
when completed to the address listed hereunder. 


-The Proiect intended for tender comprises highway construction, including 
construction on existing and new alignments, consisting of earthwork, drainage structure, 
bridges, pavement and ancillary work. 


The work for which prequalification is invited at this time is expected to be called for 
tender m June 1978. 


Prequalification Documents completed m the English language wi» be received not . 
later than April 15. 1978. 


Prequalification Documents may be obtained from the Government of Indonesia at 
the lollowmg address : 

Directorate General of Highways, Room no. 15 
Ministry of Public Works and Efedtric Power 
Jalan Pattimura no. 20 ■ Kebayoran Baru 
P.O. Box 181 Kby. 

Jakarta, Indonesia. 


Jakarta. February 1. 1978 

MINISTRY OF PUBLIC WORKS AND ELECTRIC POWER 
DIRECTORATE GENERAL OF HIGHWAYS 


CONTRACTS AND TENDERS 


APPEAR EVERY MONDAY 
For further details contact: 
FRANCIS PHILLIPS on 01-248 8000 Ext. 456 


REPUBLIC OF GHANA 
YOUR RIVER AUTHORITY 


The Volta. River Authdrity invites • qualif fed - and 
experienced firms to apply for tender documents 
for the following contracts: - .. 


TRANSMISSION LINE-PROJECT N. 1 


This contract wilteomprise the design, supply arid 
erection of a 1 61 kv double circuit transmission 
line approximately 26km long from Volta switch- 
yard to Achimota' substation including the. 
expansion of the two terminal stations. 


CONDENSERS - PROJECT N. 2 


This contract will comprise the design, manufac- 
ture. delivery and erection of a 25 MV Ar Static 
Condenser, in 'thk-Kumasi station and a 25 MV Ar 
Synchronous Condenser in the Prestea station. 


TRANSMISSION LINE-PROJECT N. 3 


This contract will comprise the design, supply and . 
erection of a 1 61 ky. single circuit transmission line 
approximately 63.km long from' ETurik wa.suhstation 
to Asawinso new substation including the expan- 
sion of Dunkwa ahtfth’e construction of Asawinso 
new substation. 


It is anticipated that the Tender Document will be 
available by May 1.-1978 and that- bids wilt b.e 
received by August 1, 1978. 


The Government of Ghana and the VRA have 
entered into agreements of the above Projects. ThB 
lending agencies are the International Bank for 
Reconstruction and Development, the European 
Development Furid and the European Investment 
Bank for projects N. 1 and 2 and the IBRD alone 
for project N. 3 


Tendering will be restricted to companies and oint 
ventures with registered offices in countries which, 
are members of the IBRD and Switzeriand. 

Request for Tender Documents may be made as 
from April 1, 1978 and shall be submitted as 
follows* 


A) One copy to: THE CHIEF EXECUTIVE 

VOLTA RIVER AUTHORITY 
P. O. Box M 77 
Accra - Ghana 
Cable: Volta ACCRA' 


B) One copy (accompanied by a bank draft.made 
out in favour of ITALCONSULT S.pA in the 
amount of U.S. $.100 per complete set of docu- 
ments par project) toT - 

• ITALCOIMSULT S.p.A. 

„ •’ r . ..Via Giorgione, 163 

; 00147 ROMA - Italy 

: ' : Telex: 61497 

Cable: TECNITAL - ROMA 


The Tender Documents will be dispatched from 
liaiconsult to the applicants, postage" paid, by the 
quickest means available. 


APPEL D’OEFRES INTfltNATWNAL 


CHAMP DE GAZ dFF-SHQRE DE MISijCAR (TUN1SIE) 


AVIS DE CONSULTATION POUR LA PRESELECTION 
DE L*INGENIERIE DE L’UNITE DE TRAITEMENT 
A TERRE DU GAZ DE lfflSKAR 


Le Groups <tude Makar, agis&ant pour le compte de . la 
future entity responsaffle de la rdaRsatiou du project de 
developpemenf du fdsemeDi de gaz rfe Mlskar, dans le Golfe 
de Gabts. lance une consultation dA preselection en rue de 
passer commande poor les etudes ifiiigdnierie et les services 
ntcessalres .pour Facquisit Ion de reqtnpment et la super- 
vision du montage d’une nstne de trattement de V& 7 - a rides 
A proximlte de Sfax, comoortant dosr unites de traltement. 
et des installations de - production d'Anergfe etautres faeillfds 


Les Societts dlngenlerie iotdressees par eette consultation 
som invitdes a retirer le dossier correspondant a paxtir du 
mardl 21 mars 1978 A 1'adresse suivante: 


GROUPE ETUDE Ml SKA R — n Av. Khereddlne Pacha— 
TUNIS Telex 12128 TN 


et ce moyennant le pa lenient d’une somme de trois cents 
(300) dinars tunlsiens pax dossier on de sa contre valeur en 
devises AtiangAres 


Les dossiers nc seroni pas envoyes 


Les propositions relatives a cette consultation devront 
parvenir au pins fard le mardi 2 mai 1978 a 17 beures. 


RENFREW DISTRICT COUNCIL 
ER5KINE NEW COMMUNITY— 


ERSKINE TOWN CENTRE 


Tlw Oiitncc Council Invlu developers 
at appropruta calibre and proven 
ekperlenca to make application to' be 
considered - to error into partnertlnp 
with the Discnct Council lor the 
development o* €rakine Town Centre. 
It Is anticipatod that the population 
of Ertkinc Nw CommoniQP will reaeh 
25.000 bv die year 1985 md -dm 
CS'st-ict Csuncil intend the dvvelon. 
menr ot an appropHar* Town Centre 
the Out phase at which if 75.000 
•fi. .ft- sm**. thopprng noorwace. 

The Dlttr ct Council have approved a 
brief to guide tbe design and 
implementation of che Town Centre 
comprising commercial and public 
building* with supporting Infra, 
structure. 


Applications lor ’copies or the brief 
should b>* niade in <>t'iti'ng to (he 
undersigned. Submissions io- eon- 
lid* ration (or entry co any pa-tnersh'D 
should be made in writing to rhe 
Direcro- of Administration in the 
special envelope prov ! *ed by 10 00 
am. on 3 lit. Nay. 1*78 




The Dtaricr Cbunei 1 do not hind them, 
selves o enter into any PartneeshiB 
or accept any offer qF partnership. 


C D. Bcn..M R.T.PJL. 
Director o# Physical Planning, 
Renfrew District Council. 
Municipal Buildings. 

Cotton Street. 

PAISLEY. PA 1 1BU. 


.SlMv* vN 


NOTICES 

COMPANY 


INTERCOM 


SOCIETE INTER COMMUNALE 
BEIGE DE GAZ ET 
D-ELECTRICITE 


Sodit£ anonyme 

lUnstered Office: place du Trfine t. 

J B— 1950 Snjsaels- (Belgium) 
NOTICE TO SHAREHOLDERS 
The Improvement : In jhe .company’s 
profits fo« eh- financial war 1977 wiH 
enable to propose to the management 
and to i he general meeting^ of -shave- 
holders the same remuneration of the 
share capital despite its increase <n 
1977. which tad to a 20% increase 
In tha number of chares. 

This would enable to fix the dividend 
at BF 142 for the jsld. shares and at 
BF 14.66 for die new shares (not of 
Belgian wlrbhoWne cur). 


.THORN ELECTRICAL 
INDUSTRIES LIMITED 
' • (CDRs) 


rhe undersigned announces dux as 
-from Mart*. 18. 1978 at ICas-Asiodatl* 
N.V.. Spots out 172, Amsterdam, 
div.cp.nb,. .1. of . che CDRi Thorn 
Electrical, Jqdutrme Ltd each rant. 
50 slis.. will be payable with 
O fl». S,I0-Lr«: Interim /dividend 10781 
2.45p per nan. Tax ctedic £— — 631 
®*Dflls. 2.65 .Per CDR. Non-residents 
of che United Kingdom can only claim 
this tax credit. .when die relevant tax 
treaty -'meets - dus facility. 

Amsterdam. 

March. 14. 1478 

- AMSTERDAM DEPOSITARY 
CO M “i NY M - 


LEGAL NOTICES 


j . "Md oomn Of iflrn 

r In tbe HfGR OIURT OK. Jl'STJCR 
■ Dhanwry Drvlsldn Companwa Court.- In 
i ’he Matter rif Cri MMUXICATIONS SOFT- 
' WARE LIMITED and In the Matter of 
I 'im -Cmnpttnies Act ISMS ; ; 

I -NOTICE- IS HEREBY YJIVEN that ■ 

I Pennon for the winding up o/ the ahovr- 
I named Company by the Hlsh Coun of 
! lusllcn was OD the 14th dap Of March 
1?TS. presented to the Hid Cmirr by THE 
PRPARTblENT OP HE.ALTH AND 


SOCIAL SECURITY of Stale Rent**, : High 
that the said 


. NIPPON CHEMICAL 
CONDENSER CO, LTD. 
(CDRs) 

The . undersigned announces that share* 
holders who -will be registered in the 
books of the.. Company it 100 P.m. 
March J?-. 1978 be dntie'ed to 

receive a 10% GRATIS distribution of 
new shares ■ - - 

Contea-eneiy the undersigned desig- 
nated. Dtv. OR. NO.. 1 of the CDRs 
for thH purpose. - ■ • 

In Iapan the shares are traded. ex* 
bonus as from March 2B. 1978. 

■i--?ti u. 1978. 

Amsterdam. 

" AMSTERDAM DEPOSITARY 
COMPANY N.V. 


PtAD ~+ WORKS LIMITED 


5*Si DE8EN TUBES 1*7 BW7 


.NOTICE IS 
5% Oenentori* 


HER^Br__Gl_VTN nut tne 


1978187 Tranitef 


G §oIid Marble 
^Paperweights 



vpur company. CheoutMitenn 
It afian MaiMeer^raen MartJle. * 
i>oew Itpm a uwtatynt diapes, 
laoij for mcatiMoi. uritactm pmcas 
PEE staridKd sample, btochure- 
and encehet sent tbtoiMhead 
repuettsoah 




i ni.iJiiimMv'.fntlu.M'h-ene j 


Rolbom. London. Vet and that 
! Peuilon is directed ip be heard belore 
rttte Court sitting at ibe Royal Court? Of 
I rosiln*. Sira n<f. London. W.CS. on the 
I7th dar oi April 1979. and any creditor 
or - uomrflMiary ol the said -CBmpany 
desirous »n vuppon or oppose the making 
of 20 Order on the ubt ■ Petition may 
appeal 1 ar ihe . time of hearing tn person 
or by his Counsel lor that purpose; and 
* cow of the Petition will be furnished 
» UK underfisqed to any .creditor or 
tm-rnnitory or -ho said Cniiounv r~ 
ouirtw such copy on payment of SK 
reguluicd charse for the same. . . ■ 

, . M W M OSMOND, 

Stjie Uouskj - ■ 

Hlph Ho I Darn. . ” 

London. W C-l. . . 

- NOTE.— Any person who . intends io r 
atwear on the heaniutol ute said Petition 
[ must serve on oKaend by oosi -fft Uw» 
Tabovenam«i r nonce -fn wntlnjr. ot-w>&%i- ; 
'rrnlon co io do. The nmtev it mat •n«e 
’he name and address of rtv person, or. 

a Arm., the name and address of the 
«hm. and mwr bc-«fiiW by Uw-M>nw> 




'e* ■ : 


[or finn, or hia or their bnbciior tif ani'^.' 
and Diiui bv served, or. tf p 


vK ; 


K’l.EU Ul , II POSlldf 'TflQSI' 

wr sent by near tn siifflctcnr mnf'TO'riadr 
above-namnl nor- afrr. -than.; Jduti. 
0 ClfiCf* hi the afternoon at ihe -Mlh' -fiW 
i of April. 19TSL 


\ li;. 
l i\. 


PRCVENriON OP FRAtJO 
(INVZSTMENn ACT.I&88. ;; 


o^ ttie^txive-^anioinv will pc cknM Trom j 


16th March 197# to 31tt Marcti 197'g 
in-tuvM, tor tha mireesa of oreoarlng the i 


Itrterejr wairjn .5 tor the in^ywt due to bo I 


oito oo the Slsi Mirth- t 

Coupon, no. n on the Bearer Deoen- 
tuna of this issue *houhl be ntmltted ta> 
the Bank Levml fU.K.l LlmKect. 4-7 Woaa. i 
stock Street. London wIa 2ap tor eol. 
tempo i- i-raei. I 

BANK (.eUMI fU.K J UMITCDt 


London Paving Apent> 
r. Secretary 


,AI Freedman-. 
*■7 WoodEtoey Street. 

London wia 2AF. 


- ALL "WORK 
AND' NO PLAY MAKES 
JACK A. DULL BOY. 


We ire- Sooiecu— w* fiava a -let of 
fun . raising -money for Menially 
Handicapped Children. Come to one 
of our Information cacktalt partlot'cnd. 
find out wfiat we-maan. Ring- Q-l ,?7 a 
274R ngw.'.da n '.E- wilt — w ralptn 
•tin out -on a good party. - . > 


! . NpTiCe JS MCffE»r. GIVEN tAat-'WeMMw: 
:L. CB- S' SSl B#sinpha1l Sf . London sc2v,- 
i ml. h«s raiinau shed nte Principal V 
I pursuant to Section 8 

tha Ad (havin' baen derlarad an evomnnst 
1 . unit ternon' Vfij havmg trjiijiercca 

t ns bna'iuws to Weed on I ot.. Ngw tont^ 

1 Weedtrr A Ci has- made appllcaHen ■ 
if ne Oooar ent ol^Trada Bursuentr re 
Hntfulanon , al the PrauanNsn ■ «r Fraud 
ilny««mnai Denpsit, Rmolatlon :.194#-.: 
S n 6 O 1»«4. NC- 541 tot the r|le*s* 
fol me on* mausann Pounds : deposttotF* ■ 
Tn Wfuante ol Sactlqo 4 of TUB A SZT . 

[ Any. Wjcson* havtno 4"euim - im - the 
*•*- aenoslt . umoto. 

g . r .°- fh» AstHtant Secretary ■ 

P'SS 01 *- _D*wtrtnwnt-ol Trndd., - 
I MM ".- Bundlnos. Creai smith straw. 
SSIff 19I8 W ' ’ ""l tator. than- 

S hi 4af* ■- should'.'- nor -Tio' 

' te! S* .l.nrtn ^-l -.eaw, attDt mB-eLite-Of • 
the erst insert on of the adwrlscmtait. - 


V'uj, 










t ' ^ 


^vv Financial Times Monday March 20 1978 


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b 


1 *■ 


■ 


E ■? 
£ J 

fr* 

i 


.. *3* 


I 2 


labour news 


Union unity 
in chemical 


.7 




ill 


ill) t* 

i' 


industry 

By Our Labour Correspondent 

IjL UNIONS, jn the* oil. chenii-f 
als and related iodustries are 1 
nrmlnft a Chemical Unions 
.uuncii - in an effort to present 
common front on important 
spues. 

Immediate issues to involve 
he council will include North 
*>a nil policies, oil refinery 
a pa city and investment ques- 
. ions. 

The six unions represented on 
he new council will be the 
General and Municipal. Trare- 
Hirt and General, Amalgamated 
Jnion. of Engineering Workers, 
electrical and Plumbing Trades 
Jnion, Shop, Distributive and 
Xllied Workers and the Associu- 
lon of Scientific. Technical and 
Managerial Staffs. Employees in 
heavy chemicals, phaimaceu- 
.icals, paint and plastics will l>e 
represented. 

Mr. David Warburtnn, national 
ndustrial officer or the GMWU 
#ho has been, closely involved 
.n setting up the council said 


• ; r l? at u wafi l°°g overdue “ in ! 

‘ 11 1 v'\ iriew of the increased procrastlna- i '■*•* ** L •" *««iuuwu 

lion by big employers who are ? en * ed at lhe meeting, 7ff voted 
not coming through in support!?? favour of the sanction, and 
af expanding economy and job 
npportunities." 

The need for closer liaison! 
between unions within different 
sectors • of the industry had 
become increasingly obvious, 
particularly since the advent of 
the industrial strategy. 

Union participation in the 
National Economic Development 
Council, sector working parties 
and similar joint bodies would, 
he hoped. ; **- reflect common 
altitudes from all the unions 
involved." 


may not 

exams during pay row 

BY ALAN PIKE, LABOUR CORRESPONDENT 

* 1 r 5 wi,i TC ‘ be corrected — this will be worth October. The council meeting 

MUoinSfp de e r “ esa ”“ a " Of 12 portent to 14 decided by a narrow vote to 

the (foJemmeS per ““*• lor ae J“tarers — but Settle within pay guidelines and 
rnrr*.!.TT r ?w« t bast “ s st ® ps !° ar e proposing to phase it out over accept’ this, 
correct a three-year-old anomaly three years 

m their pay structure. A similar offer of about 10 per 

The decision, taken by an - Deie Sates to the. council meet- cent is expected to be made to 
overwhelming vote at the week- ,os firml - v rejected- the three- schoolteachers’ representatives 
end at an Association of £ ear proposal. Mr. . Laurie to-day if, as is likely, union 
University Teachers* emergency Sa PP er , the association's general leaders, decide to , resume nego- 
council meeting, comes’ at a secretary, said yesterday that tiations on the Burnham Corn- 
time when schoolteachers tecturers were not asking for the mlttee. So far, the management 
throughout the country are anomaly . to be corrected until’ side has offered 10 per cent, oh 
imposing sanctions <rver c their October, the anniversary date of the total salary bill but has said 
pay claim. - - their pay settlement, and so that 1 per cent of this must be 

Representatives of university ? ould not be accused of brea *- “*«I t0 P«Y for anomalies, in- 
teaching staffs decided to tell ms “P 6 ®* of Government cremenial- increases and promo- 
the Government’ that they will pa Y policy. lions. 

boycott the marking of first Because of wrangling over the Many members of the two 
degree papers unless they get a anomaly payments, lecturers largest teaching unions are 
firm undertaking that -the .pay have not "yet collected a 9.8 per banning voluntary duties in sup- 
anomaly either will be rectified cent, pay offer dating from, last port of an improved offer, 
by October or speedily referred 

to arbitration. : ’ 

Out of 78 institutions repre- 


Race politics 6 dirty 
game , 9 says Murray 

BY. OUR LABOUR CORRESPONDENT 


Yorkshire pits threat 


FINANCIAL TIMES REPORTER 


the remainer abstained. The 
Association represents the great 
majority of university lecturers 
and the marking ban . could be , . . . . . , • . . .. . 

expected to be effective. The threat of industrial action is up and down the shafts, receive 

again hanging over the Yorkshire a 40 per cent payment Face 
coalfield. National Coal Board workers receive 100 per cent and 
Wrangle goes on * representatives and the leaders other underground workers 50 

6 ' 6 - • t of the field's winding engine men per cent 

The anomaly arises .from an have - failed to - settle their Although there are only about 

arbitration award in 1974-75 grievance oyer the level of 400 winders in the Yorkshire 

which was not implemented incentive payments. coalfield, a strike by. them could 

because of the Government's The men, who are responsible virtually paralyse more than - 60 
pay. policy. Ministers ’ have for operating machinery which pits. This would mean the laying 
agreed that the anomaly. .should lifts workers, coal and materials off of more than 65 000. miners. 


IT WAS a “very dirty and 
dangerous" game" to use iimi- 
gation as a political issue, Mr. 
Len Murray, the TUC General 
Secretary, said in ’ week-end 
speech. 

Although he did not name Con- 
servative Party leaders, Mr. 
Murray told a conference 
organised by Manchester Com- 
mittee Against Racialism : “ It is 
dishonest and cowardly to drop 
bold hints about new controls on 
immigration, and give only coy 
and feeble answers when asked 
what sort of controls and what 
difference they will make. 

“ We should not allow our 
country' to be swamped by that 


sort of political propaganda." 

The business of finding scape- 
goats among innocent people was 
always dirty, and it was bound to 
do damage which nobody could 
be sure would stop short of 
disaster. 

While the TUC strove' for 
equality of opportunity and 
treatment and for racial hai> 
mony, " we have to contend with 
the crude activities of those who! 
are in the business of the dis- 
ruption. of the community and 
the destruction of peace.” 

Individual trade unionists 
should ensure that the TUCs 
equal opportunities clause was in- 
cluded in the collective agree- 
ment covering their workplace. 


Widespread cuts in tax 
wrong, says Basnett 


BY OUR LABOUR CORRESPONDENT 


IT WOULD be economically 
wrong.- psychologically mis- 
guided and socially damaging to 
use the 'whole scope of. the 
Budget. -ror tax reductions, Mr. 
David Basnett. chairman of the 
TUC, said' at the week-end. 

He called instead for increased 
public expenditure which had a 
“ much faster and greater impact 
on jobs than equivalent tax cuts.” 

Mr. Basnett. general secretary 
of the General and Municipal 
Workers’ • Union, accepted the 
need for -action to alleviate the 
effect on lower paid households 
of high marginal tax plus means- 


tested benefits. But he questioned 
the need to go beyond this and 
also declared his insistence to 
any switch from direct to indirect 
taxation. 

The priority of the Budget 
must be to devote resources to 
tackling the enormous problems 
— unemployment and the reduc- 
tion in the social wage — which 
had arisen from the. world 
recession. 

Public money must be devoted 
to industrial development, train- 
ing, employment subsidies and 
the provision of jobs in the 
public services. 


APPOINTMENTS 




names Board 
for SP Industries 


SP INDUSTRIES, the British 
Leyland specialist engineering 
group formerly known as Leyland 
Special Products, has formed its 
first Board. 

Mr. David Abell, wbo has been 
responsible for Leyland Special 
Products since June. 1075. is 
managing director of SP in- 
dustries. Mr. Pat Lowry, British 
Leyland’s director of personnel 
and administration and Mr. Gerry 
Wright, British Leyiand’s director 
of finance are also named as 
directors in a non-executive 
capacity. Other members of the 
new Board are Mr. B. D. Hob re 
and Mr. W. Sneddon. Mr. C- S. 
Hall is company secretary. 

* 

The Association of Foreign 
Banks in France (Groupement des 
Reprcsemants de Banqu'es Etran- 
geres en France) has modified its 
name to CERCLE DES BANQUES 
ETRANGERES EN FRANCE. 

To comply with the articles of 
association, the Board has been 
reorganised and now consists of 
Mr. Michael Conolly (International 
Westminster Bank). Mr. Giuseppe 
Ginex (Banco di Sicilia), lUr. Kalzo 
Kubota (Banque Europeenne de 
Tokyo), Mr. Jcan-Louls Masnrel 
(Morgan Guaranty Trust Company 
of New York), Mr. Andre Ptagno) 
(Banque Canadienne Nationale), 
Mr. Hermann Schmidt (Deutsche 
Bank AG), Mr. Luis Serra (Banco 
de Bilbao) and Mr. Guy dTIssel 
(Banque Jordaan). 

Mr. Plagnol has been elected 
president of the association and 
Mr. Jean-Louis Gillieron (Socieie 
de Banque Suisse), Mr. Joseph 
Nahotun (former president of the 


group) and ' Mr. Alexander de 
Takacsy (Royal Bank of Canada 
(France)), are to be honorary 
chairmen. 

* 

Mr. T. G. Gilkes has been 
appointed a general manager of 
MIDLAND AND INTER- 
NATIONAL BANKS from April L 
* 

Mr. David W. Potter has been 
appointed deputy managing direc- 
tor of the Denys Fisher Division 
of GENERAL MILLS U.K. He has 
been director of sales and market- 
ing and now -takes over respons- 
biiity for the Denys Fisher Toy 
division. 

★ 

Mr. Charles Westgarth has been 
appointed chairman of ELLIS 
MECHANICAL SERVICES and Mr. 
Christopher Smyth bees uses 

managing director. Mr. Michael 
P. Renton continue* as a director. 
* 

Mr. R. F. G. Hurst has been 
elected president of the 
BUILDERS’ BENEVOLENT INSTI- 
TUTION for 1973 'T9. 

★ 

Mr. Neville Baynes, previously 

manager UJ<. sales and market- 
ing at Rediion Compu ’"rs, bas 
joined INFOREX as waging 
director. He succeeds Mr. John 
Evans, who has moved to Ansa- 
forte as managing director. 

■sir 

Mr. K. G. Welch and Mr. H. 
While-Smith have been elected 
deputy chairmen bv the Council 
of the BRITISH INSURANCE 
BROKERS’ ASSOCIATION. 



nessman’s 


U.K. TRADE FAIRS AND EXHIBITIONS 


Date Title 

Current Daily Mail Ideal Home Exhibition (cl. Apr. 1) 

Apr. 3 — 6 Environmental Pollution Control Equip; Exbn. 

Apr. 3—7 InL Heating, Ventilating & Air Conditioning Exbnl 

Apr. 4 — 6 Electro-Optics Exhibition • • ‘ . 

Apr. 4 — 6 Com pule rmarket ’7S Exhibition 

Apr. 4 — 7 Information Handling & Management Exhibition 

Apr. 10—13 International Gas Turbine Exhibition & Conf. 

Apr. 10— 14 National Printing Machinery Exbn. 

Apr. 11—14 London Fashion Exhibition 

Apr. IS — 21 8101*056. Handling & Distribution Exhibition 

Apr. 20— 2S Metalworking ’7S Exhibition 


Venue 

Olympia 

U.S. Trade Center, W.l 
Nat Exbn. Centre, B’ham. 
Metro pole Centre, Brighton 
Bloomsbury Centre HtL, WC1 
West Centre Hotel. S.W.6 
Wembley Conf. Centre 
NaL Exbn. Centre, B'ham.. 
Earls Court 
Olympia 

Nat. Exbn. Centre. B’ham. 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Mar. 

Mar. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 


31— Apr. 5... Int; Woodworking Machinery it Wood Ind. Exbn. 
31— Apr. 5... Supplies & Materials for the Furniture Ini Exbn. 

2— 6 International Fashion Week 

3— R Electronic Components Exhibition 

4— 7 Total Transport 7S Exhibition 

11—15 Plastics & Rubber Technology Exhibition a 

11 — 16 Seoul Trade Fair - - - jj 

11—16 Building, Heating, Plumbing & Air Cond. Exba. . . 

14— 23 international Trade Fair -.*■ 

15 — 24 Swiss Industries Fair 

17—23 international Spring Fair -• 


Paris 

Paris 

Munich 

Paris 

Rotterdam 

Tokyo 

Seoul 

Helsinki - 

■Milan . 

Bede 

Zagreb 


BUSINESS AND MANAGEMENT CONFERENCES 


Mar. 

Mar. 

Mar. 

Mar. 


21 


21 British Council of Productivity Associations: The 

Legal Implications of Interviewing— Selection 
and Promotion « , 

21 Gresham Management Services: Employee 

Participation . in the Retail & Distributive 
Industries 

. Oyer/IBC: The Tax Consequences of Trusts 
To-day 

• London Chamber of Commerce & Industry: Pre- 
Shipment Finance for Small & Medium Sized 

Firms. " 

Mar. 23 London . Chamber of Commerce & Industry: 

Practical Agency Problems m the Gulf States, 
Saudi Arabia and Iran 

Mar. 30 British Frozen Food Federation Export Seminar 

Mar. 31 Management Training Consultants: Current Trends 

in Management & Supervisory Training 
Mar. 31— Apr. 3 .. rnstilutc of Personnel Management: The Impact 
of Government on Company Pay Policies & 
Industrial Relations 

Apr. 4 European Study Conferences: Fringe Benefits on 

the Shop Floor 

Hawkins Publishers: Cash and Capital 
.. Advanced Management Research (AMR): Business 
Strategics in the Middle East 
Brunei University: Identifying Training Needs for 
Managers and Professionals 
- Institution of Chemical Engineers: Production 
Congress 7S 

■ ■ Financial Times: The Meade Report and Tax. 

Reform , . 

■ Industrial & Commercial Techniques: Developing 
Export Sales 

•- Financial Times- Business and the European 
Community Directives 

. Brfntex: Energy Utilisation and Conservation in 
Industry ... ^ . ’ * 

• P-E Consulting Group: Application of Proanctloo; 
~ & Inventory Control 

. Kepner Tregoc: Decision Making for Senior 
Management . 

. Anthony Skinner: New Inspection Techniques and 
Methods 

. Seminar Services: International Tax Planning 
. Building Advisory Service (BAS): Management 
Contracting Overseas 

Apr. 13 British Institute of Management (N.E. Region): 

Interpreting Accounts to the Non-Fmaiicial 
Manager 

. Retail Consortium: International Conference of 
Retailers 

. London Chamber of Commerce and Industry: 

Understanding the Arab'World 

. British Association for Commercial and Industrial 
. Education: Management Development 
. Henley Centre for Forecasting: The Budget _ 

. London Chamber of Commerce and Industry: . 
Agri-Business in the Middle East & .North Africa • 

20 McGraw-Hill: Managerial Worts— I la Demands and 

Choices • 

20—21 ...... Legal Studies & Services: Claims Against Carriers 

—Procedures and Remedies 


Apr. 

Apr. 

Apr. 

\pr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 


5 

6—7 

6—7 

6—7 

6—7 . 

6 — 7 . 

10—11 

10—12 

10- ^H 
30—14 

11 — 12 

12—14 
13 .... 


Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 

Apr. 


IB— 20 
17—21 
IS— 10 
19 .... 

in .... 


Metropole Hotel, W.2 

Hyde Park Hotel, S.W.l 
Europa Hotel, W.l 

69, Gannon SU E.C.4 


69. Cannon SL. E.C.4 
World Trade Centre, E.1 

Leicester 


Oxford 

Hilton Hotel, W.l 
Europa Hotel, W.l 

Grosvenor House, W.l 

Uxbridge 

Birmingham 

InterContinental Hotel, W.1 

Penta Hotel, S.W.7 

Grosvenor House, W.l 

Royal Lancaster Hotel, W.2 

Egbam, Surrey 

Bournemouth 

Ca ft Royal, W.1 
Zurich ’ 

Cavendish Conf. Centre, W.1 
Harrogate ’ 

Grosvenor House Hotel, W.1 
69, Cannon St., E.C.4 
Leicester 

Carlton Tower Hotel, SAV.l 
69, Cannon SL, E.C.4 
Royal Garden Hotel, W B 

Hilton Hotel. W.l 



This week in Parliament 


to-day 

COMMONS — Proceedings on 
Consolidated Fund BilL 

LORDS— Ship Building (Re- 
dundancy Payments) Bill (Third 
Reading). Northern Ireland 
l Emergency Provisions) Bill: 
consideration of Commons 
amendment Civil Aviation Bill, 
remaining stages. Debate on 
farm prices and the Milk 
Marketing Board. 

TO-MORROW 

COMMONS— Motion on EEC 
documents on agriculture price 
proposals and on milk. Million 
on EEC documents on Mediter- 
ranean -agriculture and wine. . 

LORDS— Church of Scotland 
(Property and Endownmems) 
l Amendment) Order Confirma- 
tion Bill. Report stage. Motioii to 
approve Prevention of Terrorism 
(Temporary Provisions). Act 1976 
(Coiutanancrt Order. Employ- 


ment Subsidies Bill (Second 
Reading). Motion to approve 
Social - Security Pensions (Home 
Responsibilities and Miscellan- 
eous Amendment) Regulations 
197S. Prayer Book (Ballot of 
Laity) Bill. (Second Reading). 

SELECT COMMITTEE— Euro- 
pean Legislation, otc. Sub-com- 
mittee 11. Concurrent meeting 
With sub-committee °B” of the 
House of Lords.' Select Com: 
miliee on European CommunF 
ties. Subject: Liner Conferences,. 
<10.30 «.m. Room 4). 

WEDNESDAY 

COMMONS— Debate on Wind- 
scale Inquiry report. Motion oo 
EEC document on Cyprus. 

LORDS— Debate on recom- 
mendations made in the reports 
of .the : Committee on Mentally 

. Abnormal Offenders. 

THURSDAY 

COMMONS — Questions from 


11' a.m. to 12 . noon and after 
debates on various subjects the 
House will adjourn for the 
Easier recess until Monday, 
April 3. 

LORDS — Consolidated Fund 
Bill, all stages (11 ajn.) Employ- 
ment Subsidies Bill (Third 
Reading). Motion to approve 
Weights and Measures Act 1963 
(Weighed Out Foodstuffs Restric- 
tion -oo Imperial Units) Order 
1978. Motion to approve Weights 
and Measures Act 1963 (Hard- 
ware Textiles and Floor Cover- 
ings), etc^ Order 197S. State 
Immunity. Bill, report stage. 
Motion ' , to approve Social 
Security (Contributions) Conse- 
quential .Amendment Regulation. 
Debate on- export or. live farm 
aitimaUi. The House will adjourn 
for Easter- recess until Tuesday, 
April 4. ’ 


In his statement 
■ incorporated in the 
Report and Accounts, 
the Chairman, 

Sir Michael Clapham, says : 

‘ 'At the Annual General Meeting a 
resolution will be proposed to change the 
Company’s name from Imperial Metal Industries 
Limited to IMI Limited. The word Imperial may be 
REnjss. Li some parts of the world where we trade, and our 
activities are not confined to metals.’' 

In 1 977 there were substantial increases in 
profit from fluid power, valves, and alloy tubes and 
fitting activities- There 
was some downturn, in 
profit from titanium, 
copper tube and sip 
fasteners. Direct 
exports from the UK 
amounted to £84. 7m in 
1977 (I976:£75.2m). 

IMI is well placed to 
increase turnover and 
profit significantly 
given a climate 
favourable 

tO industry. external sales by product areas 


Group sales to external customers 
£ million - 


467 



The IMI Animal Report ceils of 
the people employed, Jioui the 
Company is organised, the 
products it makes, the 
customers it serves and 
the plant it operates. 
For a copy of the Report 
write to the Secretary at the address below. 


The Chairman also says : 

We are one of the UK’s top 
hundred industrial concerns, with, 
approximately 27,000 employees in the 
UK and 6,000 overseas”. In most of the 
UK subsidiaries an employees’ profit 
sharing scheme is in operation providing an annual 
profit-related cash bonus. The amount payable in May 
this year will be £2.1 million, compared with £1.7 
million last year. 

Summary of Results 


IKS 


1370 Ian IS72 1913 1374 1975 JS76 1977 


1977 

£'000 

Sales to external, customers 467,016 
Group profit before taxation 34,201 
Total assets 259,477 

Earnings per share 

e xcli iJ h ie eajumd inaiy Item 

Dividends per share 


1976 

£'000 

404,045 

30,075 

236,296 


8.3p 

4.99125p 


8.6p 

4.5375p 


TOTAL £467m 


Z-TTfsaenerc 
£S9m 


Refined and Ktiougta mstats 
ClWin 


entpru 

Cl 03m 



Investment in fixed assets and new subsidiaries 
during 1977 amounted to £23 million compared with 
£12 million in the previous year. 

Strong balance sheet. Current liabilities remained 
less than half of current assets and are, in fact, 


Buadmg products 
£83 m ‘ 

Hot exchange 
M8m 



Imperial Metal Industries Limited, 
Kynoch Works, Witton, 
Birmingham B6 7BA. 









_ . _ : ^ ..... J' j^icial ;TMes . Montov^^H. 


The Crendon 4 beam and column ifefejgjr are well within the design capability 6* the 
is just about the most versatile structural system which allows a wide choice oft 
system available.to.the mdu stria! isUoday. claddings and insulations. The basic theme 
combining economic framing with quick is expounded in our technical information 
precise erection these precast frames are leaflet "Crendon Metric 4" — our engineers 
readily adaptable to suit most warehouse, are always pleased to help with the Z 

factory and t\po storey building require?. ■ variations^ . n 

ments. Bespoke arrangements as illustrated jj 

CRENDON CONCRETE CO. LTD 

Thame Rd, Long Crendon, Aylesbury, Bucks. HP18 9BB Tel: Long Crendon 208481 
NORTHERN RawdiffeRd-, Gooie, N-Rucnberside- Tel: Gooie 4201. *;! 

SCOTLAND. Shotts, Lanarkshire ML75BP. -Tet SNoteSg&V : ' •' $ 


Trollope & Colls 1 


Gtv Builders 
for 200 years 


, 1778 - 197 $ 


£100m. project in Kuwait 


Saudi Arabian sports centre Structural 


- TENDERS ARE expected to be 
invited before the -end of this 

^ year for the construction of a 
hospital welfare and “ perfor- 
-■ mance evaluation ” complex 
is to form part of a 1,300-acre 
sports centre at Riyadh, Saudi 
' ■ Arabia. 

Cost, of the sports centre has 
not been disclosed, but judging 
by the plans announced it could 

- not be less than £100m. Tenders 

„ will he called fnr both construc- 
tion and supplies of medical and 
sports equipment 
The 10‘2-bed hospital's main 
role will bfc In set as a health 
centre and provide facilities' for 
the evaluation of the potential 
of young athletes, and train them 


to international standards. 

London-based' quantity ' sur- 
veyors Spicer Partnership Over- 
seas have been appointed to 
prepare bills of quantities and 
provide a construction cost con- 
sultancy in conjunction with 
Daniel Mann -Johnson and 
Mendenhall- International, a Los 
Angeles plansing and design 
Consultancy. 

The latter is in joint venture 
with Victor P. Tarazi (archi- 
tect), of Riyadh, an appointment 
made . by the Saudi Arabian 

Government The whole project 
is being directed ' by Prince 
Faisal Ben Fahd Ben Abdulaziz. 

Facilities at; the performance 
evaluation centre, will include a 


five-lane swimming pool, a swim 
flume for simulating racing con- 
ditions and a diving pool. all of 
which will have underwater 
observation galleries. There will 
also be facilities for ball games, 
gymnastics and boxing and a 
four -lane running track will 
encircle the building at mezza- 
nine level. 

Apart from accommodating up 
to 600 athletes, medical, teach- 
ing and administration staff the 
hospital and welfare centre wiH 
Include a 300-seat auditorium, 
laboratories and classrooms. 
Construction is to be mainly of 
steel and reinforced concrete 
with rendered .and textured 
coatings and marble claddings. 


concrete 


plant 


Total Etay reach £15m. 


THE FIRST phase nf con- 
struction of a n»*w research 
facility for Smith Kline and 
French Laboratories at The 
Frythe. Welwyn. Herts., K to be 
carried out by Kyle Stewart. 
The contract is worth about £7m 


Laboratory facilities and 
special purpose buildings are 
called fnr- and completion is 
scheduled for September nest 
year. 

Kyle Stewart has also started 
on ihe construction of a ware- 


house and integral first-floor 
offices with car pack- for Hoechs: 
U-K. at Milton Keynes. This 
con tract is valued at £650,000. 

It is understood th3t Kyle 
Stewart is also negotiating to 
undertake building and civil 
engineering -work in connection 
with a £7im. expansion scheme 
at Northampton by Carlsberg 
Brewery;' --if this - comes to 
fruition. Kyle Stewart's latest 
contracts win total about £lSm. 


£ 2 m. worth 
of work in 


FIVE TYPES of. precast concrete 
structural elements are to be 
made in a plant which KrupP 
Stahlbau is to set up over the 
next 12 months for Real Estate 
Construction and Fabrication 
Company of Kuwait. 

-The site -chosen is about 50 
kilometres south of the capital 
and it will cover an area about 
150 metres square. 

The contract coven supply of 
structures and of the plant and 
equipment for the production 
lines as well as construction of 
plant and ancillary buildings, 
with provision for further expan- 
sion. Initially some 200 workers 
will be involved in the produc- 
tion plant. 


MASSIVE, even in the context 
of the most recent development 
projects announced by a number 
of the Middle. Eastern countries 
is that for the Jahra District 
Centre in Kuwait White Young 
and Partners, consulting engi- 
neers. which has just gained- the 
design/develop contract for the 
centre, estimates that the total 
to be expended will be in the 
region of £100m. 

It will include a mixed 
development of bousing, com- 


mercial premises' and four large 
multi-storey car parks as well as 
numerous Government and pub- 
lic buildings— town hall, theatre, 
library and offices.- ' 

The centre of the project is to 
be designed as a large pedestrian- 
piazza and' will contain a spaci- 
ous mosque. - ..... ... . H - 

In accordance with the master 
plan for the development of 
Kuwait Jahra is to become the 
country's third ' largest centre 
and it is anticipated that with 
an annual population; growth 


rate of 6 per cent, up to 1990. 
the centre will house some JU.Ow 
families, with a total population 
of 130,000, or twice the present 
leveL * - 

‘ a consortium of British firms 
associated with White Young- in 
this big project has been formed. 
3t includes Michael Idftll and 
Associates— chartered: arcWtecls 


•f m steel framed 
v^Vsndus trial 
V ^buildings 

vCoDcfer Into rna tvon a < Ltd 

; '-;Wi notic stex. Toi: '0362' 682222 


rfw«v. itnjV.r.. 
e -&2rTnri.br.”l/om. - 

. : 2x.irr03^ruC.r.-.S;r-;.:j. 
Ab r rd n-jtf • 


Associates— chartered: arcruami* 

and planners; Donald- Smith. *'*“'<• A ' 

Seymour and Rooley— meebam- I-- ||V ,OHlGv, V 
cal and ' electrical engineering.^-^- V- • 

mnMiitants: and Shaw and: i * L JL J 


consultants; and Shaw and 
Hatton— quantity surveyors. 


Housing and 
hospital 


£3m. worth to Wimpey ^S" d JS! 


£ 2 m. awards 


Midlands j n Devon 


---£3m. spread of contracts 


ORDERS WORTH around £3m. 

- have been placed with Rush and 
- Tompkins. 

- ■ At Whetstone, in north Lon- 

don. the company has begun 
extending a Wail rose superroar- 
. ket for the .lohn Lewis Partner- 
'' ship at a cost nT £400.000 and is 
, also to carry out similar' work 
■ for the same client at its store 
in High Street Banstcad. Surrey. 
Value of this contract is £750.000. 


Still in the south-east. Rush 
and Tompkins has jnsr started h 
negotiated £300.000 contract 
awarded by Helton Investments 
for an office building at Maid- 


stone. Kent, and it is also fitting 
nut offices in Hanover Square, 
London,. Tor the Midland Bank 
and constructing a public house 
for J ml Coope : at Chatham, . Kent. 

In the south-west, in Salisbury, 
innior showrooms are' being con- 
verted into a freezer centre for 
Be jam (£150.0001 while up in 
Cheshire at Altrincham a new 
store for Caters is being .fitted 
out at a cost of £700.000. 

A contrast in work is he in? 
undertaken in Scotland where 
Rush and. Tompkins .is to con- 
struct a Methodist church at 
Civdebank. Value of this con- 
tract is £300,000. 


LARGEST OF several contracts 
totalling nearly £2m. awarded in 
the Midlands to Holland. Hannon 
and Cubitts is worth £900,000. 
This is for 98 two-storey flats for 
Coventry City Council's Halford 
Lane' project. 

Cubitts which is a member of 
the Tarmac Group, is. also just 
starting on a £378.000 contract 
for Solihull Metropolitan 
Borough Council. Under this 
contract Cubitts and Tarmac ire 
building • 41 two-bedroomed 
houses in a scheme devised - for 
local authorities and offering the 
latter a range of houses equally 
suitable for sale or rent, or for 
co-owhershp and equity sharing 
schemes. Architects for this 
project are Miall Rhys-Davies 
and Partners. 


THREE contracts together total- 
ling over £2m. have been awarded 
to Dndley Coles. 

-They are for. a general teach- 
ing block and computer suite at 
Plymouth Polytechnic (£1.2m.). 
a Territorial and Army Auxiliary 
Volunteer Reserve Centre at 
.Crownhill, Plymouth (£200.000). 
and an extension to the telephone 
exchange at Barnstaple, Devon 
(£230,000). 


A - fiiuL contract has . been 
awarded -to John Laing by The 
Guinness Trust. 

Old terraced bouses have been 
demolished' to make way for the 
project at Cowpen Quay, Blyth, 
Northumberland, where both 
houses and fiats are to be con- 
structed. 

Farther north, Laing has won 
a £lm. contract for internal 
remedial work at the Royal Hos- 
pital for Sick Children tn 
Yor bhill . Glasgow. 

The work, ordered by the 
Greater Glasgow Health Board, 
involves replacement of hot and 
cold water- supply systems, 
repairs fo floors and joinery and 
redecoration. 


UNDER -A contract wortft over 
£2m., George Wimpey is to cbm 
struct a maternity unit at the 
Royal United Hospital (South). 
Combe Park, Bath, for' the. 
Wessex Regional ' Hospital. 
Authority. * ~ 

The contract calls for a 112-bed 
un it with plant room at roof level 
and two ianer enurtyards. Also 
included is a single-storey - link 
block to the hospital "and a 700 
square metre single .storey. 


Tservice ' block. - Work has just 
started. ' . , ‘ 

On -North Tyneside, -on the 
West Chirton Industrial Estate 
"(North 1, Wimpey is to constryrt 


advance factory for English 
Industrial Estates Corporation at 
a - cost of £225.000. while at 
WHton Crescent. Bolden CoHiery.. 
Tyne and Wear, it -is to build 83 
dwellings under. a£ 857,-000 award 
from ibe North Housing Croup. 
Work on the latter is due to 
start at the end of. this- month. 


Work in Saudi Arabia 


More space 
for Dutch 


ALL PUBLIC areas and bedroom 
suites in the new 200-bed-roomed 
Dhahran International Airport 
Hotel in Saadi Arabia are_to.be 
decorated and furnished by Wilt 
shier International Interior Con- 
tractors under a £14m. contract 
Main contractor for the hotel* 
which is expected to be open Ad fir 
the latter part of this year. Is 
the National Development Com- 
pany of Riyadh. Interior 


designers are the Robinson Conn 
Partnership of Windsor, Berks. 

. Back in (he U.K, another 
Wiltshire company has just com- 
pleted a £400,000 development on 
an Industrial estate in Pi sons 
Road. Ramsgate. Kent, for Thanet 
District CouuciL About 38,000 
square feet of industrial units 
have been provided. The sire 
was formerly a small municipal 
airport.. • - 


JOHN LAING GROUF iqembpr 
Holloway White Allom has been 
awarded a - £2m. contract ->tb Re- 
furbish. and extend::" a- LoMon 
office block, for Uosurencp- broker 
C. E. Heath and Co:. . 

J Tlie block. Shipping Federation 
House, fit Minones in the City/ is 
adjacent to and- will be inte- 
grated with- O.uthbcrt" Heath 
House. Shipping . Federation 
House is to be reduced to a shell, 
have twa storpy* added, •and 3 
new service core with four, lifts 
installed. New wiring, plumbing, 
air conditioning equipment and 
an electric document efirrveyor 
system are also to be installed. 

Work at-Cutbberl Heath Hqusc 
will include provision Of new 
catering facilities, removal of a- 
liCt and alterations to offices. 


Lifting 

cement 


Insulated factory Heating and ventilation 

SI a prtm aaa r & — * •' . . _ • 


vibrators 


panels 


Other contracts - won by 
Cubitts include alterations to a 
shopping centre at Redditcb New 
Town for the Development Cor- 
poration (£220.000) and for com- 
pletion of a 4-storey building in 
Nottingham which had been 
started by another builder now 
'in liquidation. Value of this is 
£340,000. 


DELIVERY HAS started of 
200,000 square metres of 
insulated building panels to 
Saudi Arabia under an order 
worth ahout £lm. placed with 
A/S Norgips, Svelvik, Norway. 

The units consist of two 13 mm 
thick gypsum boards with a 
cavity of 55 or 75 mm. filled with 
polyurethane foam. The panels 
are -2.4 metres high and up to 
S.4 metres long. '• 


A £250,000 factory extension, 
20 feet below sea level, at Emme- 
loord in the Netherlands is to be 
constructed for PD Geesink. a 
subsidiary of Powell Duffryn 
Engineering. 

Nearly 200 piles will have to 
be driven into the soft bed of 
what was formerly the Zuider 
Zee. Some of tbe piles will be 
driven to a depth of 50 feet The 
main contractor is De Vries of 
Ermueloord. Factory production 
space will be increased by 2,000 
square metres. • 


MECHANICAL services' for 
three sports centres, at Featn-T 
vilie. Hunslet and Scott Hall, are 
to be installed by Rosser and 
Russell (Northern; ander'- a- 
£400,000 contract from Leeds 
City Council. 

Heating will be a combination 
of ducted warm air. -radiant' 
panels, gas radiant tube heating 
and radiators and there wiH be 
a reclaim system which', will 


extract surplus heat from, the 
swimming pool to supplement 
warm air supplies. ' 

- At Hempstead near -Gilling- 
ham. Kent, Rosser and: Russell is 
to instal heating and ventilation 
services at a J. Sainshury /British 
Home Stores Sava . Centre ' at a 
cost of about £333.000'. .This store 
complex will have a ‘floor area of 
over 125.000 square feet.; mainly 
on one level. * . • : " 1 ■ ■ 


A CRADLE for- Jiff in » .poker 
.vibrators to where concrete . is 
being poured on iiuiltt$lorey 
building sites has been developed 
by P. and J: Gehler. ; Tfis stated 
• to' comply with ‘the tiding gear 
regulations of the •'Hcallh' and 
Safety at Work Act. 

The unit consists of a .base, a 
retaining ring, three eliaiu.v and 
a hook eye. ' When the vibrator 
' drive Ts" placed over locating lugs 
on the base, the ring drops over 
the vibrator -frame. As tliif cradle 
is : lifted and the slack - on the 


Narrow boat dredger 


THE LARGEST machine ever 
built by Smaiiey Excavators is a 
barge' mounted dredger for the 
British Waterways Board. ' If is 
now operating on the long pound 
of the Kennet and Avon canal at 
Pewsey, Wilts. ' 

Weighing IS tons, the barge 
is 39 feet 6 inches long and 
12 feet wide. It carries a Smalley 1 
10-. dredging unit powered bx-a, 
Lister diesel engine. .' 1 


Telescopic stabilisers anchor 
the machine while it is working 
and can he extended up to 
S feet Reach of the ‘ttredger is 
24 feet 6 Inches, and digging 
depth is S feet. - 
More from the .'maker at 
Qshournby, Sleaford. Lines- 
NC34 0DJ (05295 3911-7 


• chains'. tightens, ‘the vibrator ' is 
locked In. position . - 

The flexible drive, shall is 
wound., round the und 

locked by placing the poker up- 
right through the ring. .. 

It is claimed that the vibrator 
cati be operated while still in the 
cradle suspended from the crane 
honk. ... • • - 

Afdrifc from 7; tbe ffajuT ^t 241 
West —Wycombe .-RmcE. High 
Wycombe. Bucks. «H94 4442121. 


3 £Cl!T!VX Mti 


M out 


IN. BRIEF 


• A £2nr. contract fw; ll^wd- 
mgs at RAF Station. Upper Hey- 
ford, Oxfordshire, has been 1 
awarded to Sir Alfred McAIpine 
and Son by the Property 
Services Agency. " / ‘ 

• British Waterways Board has 

announced that the Alvechurcb 
Aqueduct on the Worcester and 
Birmingham Canal Will have to 
be rebuilt at an estimated cost 
of £60.000. - 


9 Ernest Ireland (Mowlern 
Group) has. been awarded a 
£750.000 contract to -build, part 
of a £1.6m. meat products fac- 
tory at Plymouth, Devon, lor 
Bowyers. 

O Contracts worth more (ban 
£600,000 have been awarded to 
FPA Finnegan, main building 
subsidiary of the FPA Construc- 
tion '.Group. They include a 
£465,000 contract for the con- 
struction of a group of 16 houses 
and 20 flats on a site at Wood- 
stock Road, Strood* Kent for the 
Medway Churches Housing Asso- 
ciation. 


A £9,000 million notice board 
. . . and much more besides.’ 


Tmsrepreseqts ir> round terms the value of projects and contra cts'awarded, 
carrietTm CONTRACT JOURNAL'S contract rifev«pagesm 1937. -. *\; 
them's no need - to look elsewhere for building arid construction ^usinesa 
leads, the/ re MHn flieiridustry's most authoritative ^yeekiy. . .. „ ' . . 

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TOP . SPANISH executives like 
to be chauffeur*! riven on busi- 
ness trips and to have a private 
washroom in the office. Their 
British counterparts are fond 
of executive loos and taking 
*P°uses on business trips. 
The. Swiss businessman goes' for 
an office with a view and a 
subsidised home. 

These findings come in the 
latest edition of European Top 
Wowflemcm Compensation 
Poltctes* to be published 
shortly by -Management Centre 
Europe. In this survey of nearly 
4,000 top executives is 645 com- 
panies in nine European coun- 
tries. it was also found that 
nearly 80 per cent, of the. com- 
panies surveyed in Britain pro- 
vided top executives with a 
company car for business use 
and 72 per cent, did so for 
private use as well. 

Only French and German 
companies provide their execu- 
tives with cars to. a similar 
extent The Italian businessman 
is bottom of the rune-coimtrv 
survey; less than 40 per cent of 
companies in Italy provide a car 
for business purposes, although 
nearly 50 per cent do so for 
private use. 

Revealing differences in 
national characteristics are 
shown up by the survey. For 
instance, while 23 per cent of 


ONE OF the few successful 
examples of managerial flair in 
the civil service is to be found 
in the unlikely area of mass 
catering. Since its inception in 
1972. the Civil Service Catering 
Organisation — known as CISCO 
— has developed sophisticated 
management accounting and 
marketing techniques which en- 
able it to operate at a level of 
profitability envied by many 
industrial and commercial 
caterers. 

The unit operates virtually as 
a self-contained unit and in par- 
ticular, it tries not to let the 
existence of subsidies hinder its 
management performance. Any 
drop in its 45 per cent gross 
profit target is met by a corre- 
sponding cut in its food subsidy 


British companies will pay the 
spouse's travelling expenses 
when accompanying the execu- 
tive- on a business trip, only 
2.7 per cent of Italian com- 
panies will. 

On average, around one 
quarter of all the companies 
surveyed said they provided a 
“liberal expense account." At 
the top of the league. 31 per 
cent of British companies fell 
into this category, while at the 
bottom only 12 per cent, of 
French companies consider 
themselves to be so generous. 

The Austrians obviously see 
office environment as important 
to their top executives, as 85 
per cent of companies provided 
them with “better appointed 
offices.” with added benefits, 
such as carpets, curtains, paint- 
ings and a larger desk. Such 
a perk rates highly in all the 
countries surveyed; only in 
Italy and France did less than 
half of the companies- provide 
top executives with a better 
office. A better positioned office 
also appears to count highly in 
a number of countries. Of the 
Swiss companies surveyed 45 
per cent said they would move 
their executive up a floor or 
give him an office with a 
window. 

Of all the countries. Spain is 
keenest on the executive having 


Where top Europeans 
get their perks 


a private washroom, with 22 per 
cent of companies providing 
one. And only 'in Spain and 
Britain does the executive 
lavatory feature prominently, 
with 23 per cent and 26 per 
cent, of companies respectively 
having them. 

Britain also leads Europe in 
providing executive dining 
facilities; nearly 40 per cent, of 
U.K. companies do. Such facili- 
ties seem to be virtually 
unheard of in France, given that 
only 2 per cent, of companies 
surveyed made them available. 

Belgium and the U.K. 
generally appear to do most in 
the way of providing insurance 
benefits, while relatively few 
Italian companies do. Over 90 
per cent, of British companies 
provided their executives with 
pensions — in addition to any 
statutory requirement — which 
compares with 83 per cent, in 
Switzerland, 77 per cent, in the 
Netherlands, 75 per cent, in 
Austria, over 60 per cent in 


Belgium and France, 41 per 
cent in Spain and a mere 5.4 
per cent of Italian companies. 

The pattern is fairly similar 
for life insurance provisions. 
Again most U.K companies 
provide them, though they are 
not very widespread in the 
Netherlands or Italy. 

Belgian and Spanish com- 
panies are keenest on providing 
training facilities for executives 
— either inside or outside the 
organisation — for professional 
development. In most of the 
countries surveyed around 60 
per cent of companies provided 
training. Britain was on the 
low side with only 36 per cent 
of companies offering such a 
facility, and Italy was the worst, 
being the only country with less 
than 50 per cent of companies 
providing it 

. On languages the U.K. had 
quite clearly, and perhaps not 
altogether surprisingly. • the 
worst record. Only 17 per cent, 
of British companies offered 


private language coaching or 
other related educational facili- 
ties. At the other end of the 
scale, 57 per cent of Dutch 
companies did so. 

The report also shows bow 
each country values the differ- 
ent disciplines of executives. 
Based on the survey, it expresses 
each job as a percentage of the 
chief executive’s salary. British 
engineers, who have long com- 
plained of being underpaid, will 
find plenty to vindicate their 
grouses. In the UK, top engi- 
neering executives are paid at 
46 per cent, of the chief execu- 
tive’s salary: this is a lower 
proportion than in any of the 
countries surveyed and com- 
pares with 62 per cent, for the 
top German engineering execu- 
tive and 68 per cent, in the 
Netherlands. 

In the U.K. the engineer is 
placed in a similar category to 
the lop purchasing executive 
and the top EDP man in the 
corporate pecking order. 


Highest rated in the U.K. 
below 'deputy chief executive 
and divisional director level are 
the top financial executive and 
lop marketing executive. In com- 
parison with other countries the 
U.K does not appear to put too 
high a regard on Us sales 
executive either, who scores 
around 50 per cent, of the chief 
executive’s remuneration, com- 
pared with Switzerland and 
Germany who rate him at 60 
per cent. 

British and Spanish executives 
were the only ones whose pay 
increases did not match or ex- 
ceed the increase in the cost 
of living in 1976-77. The average 
increase in the UJv. was 6.3 per 
cent, against a 13.1 per cent rise 
in the cost of living. For Spanish 
executives the equivalent 
figures were 19.6 per cent 
against 26 per cent. 

At the other end of the 
spectrum German executives 
increased their remuneration by 
7.7 per cent while their cost 
of living rose by only 3.7 per 
cent, and the Swiss average in- 
crease was 43 per cent, witfa an 
inflation rate of 1.4 per cent. 

The survey spotlights the high, 
level of direct taxation in the 
U.K. compared with other Euro- 
pean countries. In an extensive 
table of net income after the 
deduction of incomes taxes and 
social security charges cx- 


TOP MANAGEMENT SAURIES RELATIVE 
TO CHIEF EXECUTIVE’S SAURY % 


executive 


POSITION 

J5L. 

Fr%_ 

Ger. 

Jttljr_ 

_Ned_ 

JP-_ 

Swi. 

JJ.K. 

Chief 

100 

100 

liotT 

100 

TOO 

100 

100 

100 

Deputy Chief 

76 

78 

71 

80 

8T 

77 

71 

80 

Division Director 

67 

76 

66 

67 

75 

66 

60 

62 

Top Marketing 

65 

63 

66 

65 

63 

58 

63 

58 

Top Ales 

56 

54 

59 

53 

57 

57 

59 

50 

Top Manufacturing 

54 

56 

54 

53 

64 

59 

64 

53 

Tap Engineering 

51 

60 

62 

57 

68 

54 

54 

46 

Top Research 

52 

52 

56 

57 

62 

48 

59 

52 

Top Financial 

57 

59 

58 

59 

68 

61 

56 

58 

Top Administrative 

56 

50 

54 

53 

52 

62 

54 

SS 

Top Personnel 

51 

47 

47 

57 

55 

55 

58 

49 

Top Purchasing 

46 

49 

42 

47 

50 

39 

40 

41 


pressed as a percentage of gross 
remuneration. the - survey 
shows UJv. tax as the highest 
across almost all income ranges, 
from $8,000 <f 4,200) up to 
-$120,000 (£63.100). But between 
$12,000 to $40,000 a year the 
Irish income earner is slightly 
worse off. 

For somebody on an annual 
salary of $8,000 a year, net in- 
come as a percentage of gross 
is in Austria 86 per cent.: Bel- 
gium 100 per cent.; France 97 
per cent; Germany 85 per cent.; 
Ireland 77 per cent.: Italy 85 
per cent: Netherlands 85 per 
cent.; Spain 78 per cent; Swit- 
zerland 98 per cent.; U.K. 76 


r: MoiwgcflicfiC Centro Europe 


per cent.: U.S.A. 89 per cent. 
But at the dizzy heights of 
$120,000 a year someone m the 
U.K would have a net income 
of 28 per cent. The next most 
stringent taxation of the very 
high earner is the Netherlands 
there he would see 38 per cent, 
of his money after tax and social 
security. America and Frame 
are the most lenient on the high 
earner — he can take home 63 
per cent of gross income. 

The survey is available from 
Management ' Centre Europe, 
Avenue des Arts B-1040, Brus- 
sels, price B.Frs. 11,500. 


Catering for flair in the Civil Service 


— a system that keeps it firmly 
on its toes. 

At a time of rising costs and 
pressure on Civil Service man- 
power. CISCO has also been 
able to cut its staffing levels 
without any apparent effect on 
efficiency. From an annual 
turnover of £1 0.75m., it is 
making a contribution in 
respect of overheads of £250.000 
as part of the overall. Whitehall 
financial savings. 

The CISCO operation as parti- 
cularly interesting r in that it 
does not have a monopoly on 
civil sendee catering: Tradi- 
tionally. independent canteens 


were run entirely by staff com- 
mittees but these canteens were 
often too small or lacked the 
commercial knowledge to be 
considered viable economic 
units. In the early 1970s, it 
was decided to bring them 
within the context of a special. 
Civil Service Department spon- 
sored company, to include the 
catering services already 
operated by the Directorate of 
Catering which had been 
started during the war. 

But because a joint CSC-con- 
trolled catering operation posed 
too many problems, it was 
decided to set up CISCO as a 


separate trading organisation to 
manage the existing directly-run 
canteens and to let the commit- 
tee canteens continue as before. 
Out of & total of just over 800 
catering units at present, the 
bulk (566) are still committee 
run. However, CISCO still 
manages to produce 14.7m. 
meals a year, and achieves on 
average between ten and 15 per 
cent, greater gross profit 
margins on food turnover than 
the committee-run canteens. 

The chief executive, Harry 
Guest, was brought in from 
Associated British Foods to run 
CISCO’S five divisions: opera- 


tions. personnel, finance, 
marketing and supplies. CISCO 
is also split into 20 geographical 
areas. 

The main success of CISCO 
has been the way it has kept a 
tight rein on operations in an 
industry notorious for its 
laxness of controls. This has 
been achieved by giving close 
attention to financial and other 
operating yardsticks in each 
catering outlet. It has developed 
an “assessment package “ to 
identify the commercial 
viability of new operations. In 
this way over 40 surveys have 
been earned out over the last 


two years to identify staff needs 
—whether there should be a full 
canteen or snacks or take- 
aways— -and the price the staff 
would be prepared to pay. 

The director of operations, 
who reports to Harry Guest, re- 
ceives tilts statistical informa- 
tion from which he can make 
regular reviews of demand, and 
consequently produce manning 
schedules. 

The operations division is re- 
sponsible for each outlet 
achieving specific production 
targets and gross- profit levels. 
Any shortfalls trigger off 
various techniques to restore 


profitability. These include 
putting in new management, 
assessing the demand for food, 
and special advertising and pro- 
motions to boost sales. 

Part of the financial control 
system to the field management 
accounts team, which is used to 
identify any weaknesses that 
the statistics fail to show up. 
According to Mr. Guest “they 
can. for instance, pinpoint the 
half-hour- of catering staff time 
unprnductively employed, or 
the 20-30 degrees Fahrenheit a 
fish fryer is operating below 
correct working temperature, 
leading to excessive cooking 
time and moisture absorption, 
giving low production yields.’’ 

But as Mr. Guest acknow- 
ledges, “ beyond a certain stage 


Jason Crisp 


statistical and management in- 
vestigations do little to illu- 
minate the problem of 
unsatisfactory - operation stan- 
dards in terms of performance 
and cash results." 

In the end. the problem is 
one of management. “We be- 
lieve that during the last two 
or three years we have steadily 
improved the quality of our 
management by a combination 
of regular recruitment of a 
high standard. methodical 
posting and training of junior 
management in order to give 
the right sort of job ex- 
perience. and increasing the 
management and training skills 
of our line management.” 

David Churchill 


EXECUTIVE HEALTH 


BY DR. DAVID CARRICK 


Put out to grass 


A FEW months ago I spoke to 
a gathering or worthy folk 
about stress and, not surpris- 
ingly. “et a response which was 
something less than wild 
enthusiasm. Things suddenly 
warmed up during "question 
time” when I was asked: “At 
what age do you think that 
executives should retire?” 

A difficult and faintly 
suspicious question. While 
gat hen ng my thoughts, and 
seeking to gain time, I said that 
I thought that an even more 
important problem was whether 
some people should ever start, 
let alone retire. This was 
greeted with an amazing and 
unexpected roar of applause and 
laughter which puzzled me. 
Then it dawned upon me that 
each delegate present fancied 
that I was referring to those 
sitting next to him. or her. 

My answer was by no means 
facetious. A simple study of 
people reveals its truth. For 


example. I have a wonderful 
female patient who was bom 
during Queen Victoria’s Dia- 
mond Jubilee Year. She is 
amazingly loyal to her .em- 
ployers: never misses a day’s 
work: and. in her spare time, 
is' one of the best bowlers in 
England. 

On the reverse of the coin. 
I have heard from a colleague 
that a 25-year-old patient of his, 
with a degree in sociology, 
came to his surgery to demand 
pep-pills as he got so tired wait- 
ing in the dole-queue, and also 
for something to improve his 
appetite because the half-mile 
walk to the pub from the queue, 
made him less interested in 
beer than hitherto. 

So it is only by carefully 
weighing the merits of those 
approaching retirement age 
(even 2Q years before) that any 
useful or important decisions 
can be made. The arbitrary 
figures of 65 or 60 are almost 
as facile as the statement in the 


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American Declaration of Inde- 
pendence that “We hold these 
truths to be self-evident that 
all men are created equal . . 

Those who originated the 
statement must have been as 
quaint as they were cosseted. 
For what sensible person could 
maintain that, say, a subnormal 
child is exactly the same as the 
brilliant young Mozart? One 
man may be useless at 40, 
whereas another at 65 (or very 
much older), possessing great 
wisdom and vigour, may prove 
to be of incalculable value. 

Evidently there are those who 
should be retired. A good com- 
pany should prepare employees 
for so drastic a change by ob- 
taining specialist advice. 


Although I am much against 
annual volunto-ctmrpulsory 
medical check-ups for all exe- 
cutives, whether performed by 
humans or robots, it is reason- 
able that those over 65 and still 
working should be seen 
annually by an understanding 
physician who is as aware of 
the somatic problems of ageing 
as of the psychological ones: 
also, be must be completely 
aware of the type of work the 
patient is undertaking. 

But never should he fail to 
remember that the infinite 
value of .wisdom, which is irre- 
placeable. should not be coldly 
cast aside as a wasted asset on 
the mouldering midden thrown 
up by envy and ambition. 


This announcement appears as a matter of record only . 


February 1978 



The Kingdom of Sweden 

Dfls. 200,000,000 

10 year Fixed Rate Loan 1978/1988 

managed by 

ALGEMENE BANK NEDERLAND N.Y. 

PROVIDED BY 

ALGEMENE BANK NEDERLAND N.V. 
amsterdam-ro tterd am BANK N.V. 

COOFERATEEVE CENTRALE RAIFFEISEN^BOERENLEENBANK B*A» 
(CENTRALE RABOBANK) 

agent. _ 

Algemene Bank Nederland N.Y. 


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Financial Times Monday March' 20 3»7S ; .-- Qtf' 


LOMBARD 


[WEEK IN THE COURTS 


BY JUSTINIAN 


Governments and 
free trade 


BY GEOFFREY OWEN 


IT IS sometimes said that theindustry. -where the traditions of 
biggest threat to free trade at free trade are well established 
the present lime comes from the and there is u high degree of 
Americans. More and more U.S. inter-dependence between the 
industries, supported by influen- main producing countries, the 
lia! Congressmen, are campaign* same noises can be heard. An 
ing against what they regard as American spokesman has referred 
unfair foreign competition. Pre- to the "predatory” export poli- 
sideni Carter, despite his com* cies pursued by companies in 
mitmeni to free trade, has been Europe and Japan; with govern* 
forced to make some concessions: ments bailing out. 'bankrupt 
these make the protectionists machine tool builders and pro- 
fight all ihe harder. Last week vlding a range of subsidies to 
a Congressional committee voted others, the rules of the game 
t ft overrule the President's deei- have been changed and the U S 
sion nor to Impose import duties Government must react. The 
on industrial fasteners; whether general line is that the Euro- 
or not that vote is upheld by the peans and Japanese are more 
full Congress, it is another sign interested in preserving' employ- 
of the pressure on the Adzmms- inen t than in making profits, 
tration. There is a good deal of truth 

in. this. It is hard to convince 

TV/f offlAlont Americans that British Steel. 

ItIUIC clnUfclll British Leyland or even Alfred 

No doubt one of the reasons Hubert are being run _ on the 
for this is simply that some ^®m® capitalistic principles as 
Americans don't like competing th £' r 

with foreign manufacturers who a h ? sl u . K iiw° pean >T,aus \ ries ^7 
arc more Ifficient than they are. steel, shipbu ldmg. cars, pulp and 
Much of the steel industry's pro- P a P er - chemicals one govera- 
paganda directed against the mem or another is keeping non- 
Japanese has been highly mis- viable companies alloat. In 
leading; the fact lhat the Jap.-t- theory these rescue operations are 
nese steelmakers have a signifl- temporary. Induced by the reces- 
cant cost advantage because nr sion. But one suspects that even 
their larger investments and when trade recovers governments 
superior technology, has been w iH he unwilllngnr unable to un- 
kent verv quiet. wind tbeir positions: there will 

on BU stron^ e er "round fhe & V iS^wa^SrepiTmnT5d™y 
Eu« ” JScfiimM? support ror S'S':,"?"' 1 ' 01 '" 1 or support " i 
failing enterprises, especially in Dy tne siaie - 
Europe. Why should we be ex- 
pected tc. observe the rules of rAmmorpiQl 
free trade, say the Americans. V_* U 111 lilt 1 LlaJ 

w-hen so many of our foreign «« 

rivals are protected from the. It might be M^ued that all this 
rigours of competition by Gov- intervention reflects a genuine 

eminent intervention 1 ’ change - in social expectations 

ernment intervention . which wil] one day sprea d to the 

^bis is a theme which is being u.S and that the Americans had 
pushed hard by spokesmen for better get used to iL Whether that 
various U.S. mdustrie^especially j s r - t ght or wrong, it is high time 
m relation to the GATT negoiia- ^at peqp| e m Europe faced up 
tions. For example, the chair- l0 the consequences for world 
man of Union Carbide has been trade of far-reaching government 
urging the U.S. negotiators not support fur industry. . Not only 
to give up the American Selling d0 es it give the American pro- 
Price system (a protectionist tectionlsts a 1 powerful weapon, 
device which has long tiefen j, u t it points' towards more and 
resented in Europe 1 unless it is more government control over the 
replaced by an arrangement mechanics of imports and exports, 
which provides equivalent pro- i doubt if many people want to 
tection. As part of his argument replace free trade with a system 
he warned about the competitive j n which companies in each 
threat posed by companies owned country or bloc form themselves 
or controlled by governments; by into cartels and negotiate, 
the mid-1980s, he said, tbese through their governments, with 
companies would account for other cartels. If that spectre is tn 
virtually 50 per cent of the U.S. be avoided, governments must 
chemical industry’s competition either get out of the arena or at 
in export markets in such sectors least convince the rest of ihe 
as petrochemicals, fertilisers and world that the companies which 
plastics. they control are run on normal 

Even in the machine tool commercial lines. 


Precedent raised 
from the dead 


THE. COURT OF APPEAL'S re- 
affirmation of the crime of 
blasphemy, after its dormancy 
for half a century, was' not 
unexpected. Judges nurtured in 
the modern tradition that courts 
do not (and will not) exercise 
a residual power to refashion 
the common law of England like 
some auxiliary legislature, were 
bound to shun' any function, of 
luw-making. Not even an obsoles- 
cent crime can be swept away 
by judicial decree. 

But the manner in which tbe 
judges have reinstated the crime 
of blasphemy will both surprise 
ihe reformists and provoke them 
io greater efforts to get the 
crime abolished. / 

It was one thing to uphold the 
conviction handed down at the 
Central Criminal Court last July 
—indeed no serious argument 
was advanced for saying that 
the crime no longer existed. It 
was altogether alarming — some 
would say grutesque — for the 
judges to assert that the editor 
and publishers could commit the 
rrime even if they did not intend 
to offend the believers in 
Christianity. 

In holding that the prosecu- 
tion had to establish only that 
(he defendants intended to do 
that which in the eyes of the 
jury was offensive to Christians, 
the court revivified a decision 
given 300 years ago when the 
crime look on a very different 
social and political complexion 
from that in recent times. 

Subversion 

The precedent of 1675 in- 
volved a blasphemy that Jesus 
Christ .was a bastard and a 
whore-master; that religion was 
a cheat; and that the author of 
the blasphemy did not fear God, 
ihe Devil, or man. 

At bis trial, the defendant 
acknowledged that he wrote the 
words, hut be pretended that 
they did not bear their ordinary 
meaning. He explained, for 
example, that by calling Christ 
a whoremaster he meant that he 
was the master of the whore of 
Babylon. Not surprisingly he 
was convicted, whipped, and put 
In the pillory. Sir Matthew Hale, 
ihe Chief Justice, concluded that 
to sav rel’ginn was a rhoai was 
to dissolve all those obligations 
whereby civilised societies were 
preserved, and that Christianity 
was part of the laws of England. 
To reproach Christianity was. in 
effect, to speak in subversion of 
the State 

That case became a precedent 
for convicting heretics for 
heresies unaccompanied by any 
offensive or . inderent expres- 


sions. Richard Cartils's sale 
and publication Ui 1819 of Tam 
Paine's Age of Reason .was hold 
to be blasphemous, so was the 
poet Shelley's Queen Mab. But 
by the middle of the 19th 
century the. object of the crime 
of blasphemy was no longer to 
inhibit reasonable comment or 
criticism in any way. but to 
protect Christian sentiments 
from insult or ridicule. Heresies, 
reasonably and moderately 
argued, were' no longer blasphe- 
mous. 

The logic or the law was not 
clear. If the law wanted to 
prevent language offensive to 
believers, it wpuld also have to 
punish such . preaching as 
offended tbe feelings of non- 
believers. 

To say that the crime lay in 
The manner and notin the matter 
of publication looked like an 
attempt to evade, and explain 
away a law which, bad ceased 
to reflect contemporary social 
attitudes. But that at least was 
bow the law had developed. 


Controversy 


In 1857. a judge defined 
blasphemy as “a matter relating 
to God. Jesus Christ and the 
Bible, or the Book of Common 
Prayer, intended to wound the 
feeling of mankind and to excite 
contempt and hatted against the 
churcfa by law established, or to 
promote immorality. 

"Publication in tedded in good 
faith to propagate opinion on 
religious subjects, which the 
person who' publishes them 
regards as true ... are not 
blasphemous merely because 
their publication Is likely to 
wound the feeling of -those who 
believe such ' opinion to be 
false.” 

That seemed to give the 
quietus to what Sir Matthew Hale 
said 300 years before. Aod a 
quarter of a century later — in 
1883 — It was said that “ if the 
decencies of controversy are 
observed, even the fundamentals 
of religion may be attacked with- 
out a person being quiity of 
blasphemous libel." 

If it is a “real quiet, honest 
pursuit of truth ” and not an 
insult to the opinion of the 
majority of Christians, it is no 
longer a crime. 

The illogicality of the law 
which concerned itself with the 
manner of '.attacks. on religious 
beliefs was compounded by a 
gross anomaly. If the religious 
beliefs under attack were not 
Christian dues, no offence of 
blasphemy was Committed. 


But even that anomaly seemed 
to have disappeared when the 
courts themselves, .in another 
context, divorced the civil law 
f ronr Its uneasy . union, with the 
doctrines of a church (albeit the 
established- church of the State) 
that no longer exercised a mono- 
poly of- spiritual power in British 
society. ■ . 

In 1917. the House of .Lords 
held that the objects of the 
Secular Society -were -.not crimi- 
nal because of its denial of tbe 
validity of Christianity; and it 
upheld the soctety's claim to! 
charitable status. 

Four -years later there carae 
the last, prosecution -for the: 
crime of blasphemy before .-Gay : 
News was hauled into court last 
summer- There the Appeal Court 
held, in effect, that causing 
offence . to someone of strong 
religious feeling was not to be. 
the legal test of what constituted 
blasphemy. Tbe real -issue was 1 
whether the- publication might! 
provoke _ a breach of the peace 
by anyone sympathetic to 
Christian .ideals, even' though not 
a practising Christian.-' 

In .a pluralist .soeiety with a 
plurality - of? religious^ faiths and 
a strong vein of agnosticism and 
atheism.* the Church of England 
has everything to lose In assert- 
ing Its earlier- pre-eminence 
through the -courts breathing 
new life into- the relics of the 
canon law. 

Christian leaders do not notice- 
ably display an undue desire 
that -such a : law should ' be 
perpetuated. They are content I 
that the Jaws of obscenity and! 
for the maintenance of public I 
order will suffice to protect the 
more outrageous attacks on 
religion. 


Grand slam gives w&sn 

reason to celebrate 

THERE were justifiable -scenes wmse. were quite ^SraJpaUtlpB that - 

of rejoicing at-Cardiff afrer.Afeles kicks and. Bennett's -Franco lacked CuriousliV they - 

beat France ,16—7 : to win. the -thfeFfench. and here was anojjjr. -France )acke^ ■ 

Championship • and. the Grand -fundamental diffe?».nee beween could h vivies -jnritWd- 

Slaih-vlt was a. truly remarkable the- -two teams, *s™**i*™£r '{Hi lew -£SSl« TS'- • 
achievement fromone of the most tactical- Contribution. fw ; tailed 

resilient teams 1 have seen..iAdd.-j^Bgce_. • . ■ cUn oenaltv and hit 

• •: ... 

patriotism: .-.and: na»»dtejitW ^S^E ***g£ Not only did Franwmlss. fteir - 

•pta and* it feumet tm .Jrfeta. Their handting 

why this is -such;, a gopd Welsh -{ns 0t -rSitSi Brans «K .pirees it the «0tTr.- 

side..*.-- --fri-.t “t'r ,n« rintv— a- fine Aguirre, of all people, dropped 

Victors' was even more ' note- S^-^by^Belascain- on ?- J'* one crucial ^ * 

worthy because France Jed by wJteawH^nrevcnted a try. '■ ' a/fer the start of ihe seems d h^lT.- 
seven ' points after 2b minute*,- “ wants prey. • ... Bertrahe and be brought flff 

First Skrela burrowed his way 'J; V. It Williams was a_ model ^ movement ■ 


' II t! 


Opposition 


These extra-legal considera- 
tions could not. and did not 
influence the Court of Appeal. It 
had to apply the law, warts and 
aJL as it saw it. But -clearly the 
revivification of a 306-year-old 
precedent .which most lawyers 
regarded as long since having 
been consigned to near-ob llvi on. 
will serve only to fan the flames 
of opposition to the law of 
blasphemy. 

Tbe reformers will probably 
leave the judicial process where 
it stands — and not pursue an 
appeal to the House of Lords 
— and concentrate their efforts In 
Parliament. 

R _!?. Lennon and Gap News 
Ltd..' Times Law Report, March 
17. 1978. 


goal. The immediate period w» w; tbe next moment ne wb* hold vhc bair-was"-' •* 

tbe critical time for Wales and^ealnThg ^5®* • " ------ A ' 

•like real champions . tliey-iFrehCb pack. What.a source wui ^ «» ... J. : 1 

delivered, a series of blows that *. i- - : \ "! * * m - 

SSSSSMass of England side- - - r: 

the., ball-, tu . Bennetf who jfnkgd.^ „ - 

. {^ IfeviVCiS old doubts 

: ■ f s • 

1 internationals next ad a n a - ir t 0 'sound technique 

^ - . 

Bennett scored his second tryi ^ weakest sides in the champ- orea V_ n J f*. e sueresninn 

after a- surge by Edwards arid a. th e tWo most winS hS - . 

qirickrfiip inside by J.J.Wmiam^;;SSf. an “ facing themselves Lkfr Glb80Q winmns .. 

So in a matter of 10 mimite»5^“i d ^ u ? re iy in tbe middle ^ «P- . 

Wales scored 13 points, and fro^'-3^‘Le .^ague championship He brings a breadth »£**perl- 
then on never looked like lounge ^1^ Englac^'s pride has .been ence to this - 

Fenwick added a drop goal just SlvLed £ V Spiral .English and a spirt of . 

before full time. -i I • - .'^didn't do wo badly - way. than just plain endeavour^ whiri^ 

There were -several bases^ ^ . t ^ e ir win over frelatid by is tbe essence of Rugby .three-, 
the Welsh victory. The in points to nine was hardly more quarter play. • . . .. : 

Important was 'the containmepr-.^yji^ lhan a relief that the' But the English defence held , 
of the French back row and their .. book was proved, right; and ^hn; aided once by the referee . . 

scrum-half. Gal bon. Each time " ^ re was an underlying fragility unintentionally obstructing >».•. 
Bastiar tried to go througb with . wfaich can only be removed wheu son. 

Rives, Skrela or Galliom. so.. 0I ^ e or two players axe found their approach looked. 'at •• 

Qmnneli. Squire and Cobner tore who ean stamp some daas on « little deliberate they . . 

into them. Qumnel set a colps^d ^ of th e field. S d ^ forgiven for trying to 

example, and Wales owe him.. ; Predictably the England for- dcTwell the things they know - 
much. - J _ ■ • wards turned in their reliable fu^ JL rfn rather thkn risk 

With Gaillon curbed, France q UO ta 0 f hard graft against an can in nlav 

had lost a crucial battle in the i re i an d oack that could not raise unsuited 4 

war. They also tost the line^ut. itfi g am e t0 the spirited level it roles for which jJ® -i 

and the rather unexpected domin- hadshown a fortnight earlier m There are ' 
ance of Martin was of paramoiinf Dublin against the Welsh. . 10 this side and .eveiyone kDOtt^ 
influence. Their reward was a try from it but great- patience jua J een 1 

Both sides varied: the length of th e flanker Dixon ; in - the first shown ; ov<gr the past two m 

the line-out, but Martin outfought hal A converted by .--scrum-half and gradually the gaps.aro, wing 
Haget and Pa Imie, and his timely Young, and a try in the second filled. 

catching helped prevent France half on the right wing by left Undoubtedly the search will 
developing a new rhythm. wing Slemen after the English go on far the players so badly 

In the second half Edwards backs had swung the ball along needed to produce a well-rounded 
eouid direct the game as only be^the line with enough speed and side; But great sides do not 
can. _ -- accuracy to split open the Irish come, often or easily; 

The economy of his passing-, 'defence. Young again converted' •. ‘es*wiW Alovandpr T 
his judgment and positiorisll-. froin the touchline. , aiu^ri iAieatauue 


RS.-3V 

Irvabn 



Liverpool fail at the finish 

THE LEAGUE Cup Finaifi - Without the industry and class . .As a result of -their numerous 
between, last season's champions* of. the Cup-tled Gem.mill, Forest campaigns, both in EngUnd^andt 2 

. ^ .t- iUm. nn thh r'nn»lniinl T iuprrwml hnWP - -• 


BBC 1 

t Indicates programme 
in 1 black and white 

6.40-7.55 iuu. Open University. 
9.15 Roobarb. 9.59 Jackanory. 
10.05 Boss Cal. 10.25 The Boy 
from SB. 10^0 Llpp.v Linn. 1243 
p.m. News. 1.00 Pebble Mill. 1.43 
Rod. 2.40 Goins tn Work. 3.15 
Palm Sunday Songs or Praise 
from Sudbury. Suffolk. 3.55 
Regional News for England 
(except London). 3.55 Play 
School (as BBC-2 11.00 a.m.h 
4 jo Deputy Daws. 4.25 Jackanory. 
4.40 Hunter's Gold. 5.05 John 
Craven’s Newsround. 5.10 Blue 
Peter. 

5.40 News (London and South- 
East only). • v." ' 

5^5 Nationwide. 

&20 Nationwide. 

6^0 Ask the Family. 

7.15 Blake's Seven. 

8.10 Panorama. 

9.00 News. 


BJS.The. Monday- Film:. “The 
Magnificent 7 Deadly Sins." 
starring Bruce Forsyth. 
Harry Secombe and Ian 
Carmichael. > - 
11.10 To-night. 

11.50 Weather Regional News. 

All Regions as BBC-I except at 
the following times:— 

Wales— 1.45-2.00 p.m. Fflli Pala. 
5.55-6.20 Wales To-day. 6.30-7.15 
Heddlw. IL50 News and Weather 
for Wales. 

Scotland — 5^5-£.20 p.m. Report- 
ing Scotland. H.lO Public 
Account. 11.45 News and Weather 
for Scotland. 

Northern Ireland — 3.53-3.55 p.m. 
Northern Ireland News. . 5.554L20 
Scene Around Six. * -Ttl jO. News 
and Weather for Northern Ire- 
land. 

England— 5.354*20 p.m. Look 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol); South To- 


F.T. CROSSWORD PUZZLE No. 3.622 



ACROSS 


DOWN 


l American state is about right 1 Master an actor^s part in a 


for one in the forces (Si 


Belgian luwn (7) 


4 Accountant takes us to the 2 publication of Communist 


lake for u chal (SI 


activity (9) 


9 Notice found in flsh freight 3 Number 1 catch in New York 
( 6 ) . , 

10 Perfect with order, :i joke 3 Current terms for a chemist 

before bed (5-3) " (4) 

12 Pleasant connections observed 6 Lj quid preparation may be 
by the punctilious <S) the answer (S) 


13 Make way for a West Country 
town (6) 

15 Something 10 wear needs u 
case to carry tt (4) 


the. answer (S) 

7 Get up in niff for money (5y 
S Return alternative for oae 
who has the vote (7) 


16 He's on the watch, relatively 11 ***** ran UD 10 fonn a class 

19 DkS in * foxy sort of « In a word- he helps a gambler 

W3v (3* 2i 5) ^ ^ I 

20 There's a young innocent in 17 Principal^ observes the high 

the joint (4) lones (4-a) 

23 Mother takes in an old con- 18 Silver suggested by singular 
vict in Spain (6) underwear (4- 4) 

25 Old airline makes a call for 19 Storm caused by a politician 
directions (S) in a fit. of temper 17) 

27 Trembling about a sport can 21- Risks involving demand Tor 

he a Table (S> wicker containers (7> 

28 Holv Writ in masculine cloak 22 J v leel 3 |rl Roes round the 

(6)' Shop (o> 

on y et nitre can be seen in the 24 “The . lr l a *n of amber- 
future lire (Si dropping hatr " (Milton) (5) 

30 Stops dad at the customs (6) 26 U has to be wine l 4 -* 

The solution of last Saturday’* pme puzzle will be published 

with names of winners next Saturday, - 


day (.Southampton): Spotlight 
South West (Plymouth). 

\- BBC 2 ' 

$-10-7^3. atm. .Open University. 
U.OQ Ptay School. 

4A5 Open University. 

7.00 News on 2 Headlines; with 
sub-titles. 

7.03 Children’s Wardrobe. 

7.30 Newsday, 

8.10 Drama 2. 

9.00 John Williams' World of 
Music with Andre Previn. 
Cleo Laioe. John Dank- 
worth and Paco Pena. 

9.50 Americans. 

10.40 Open Door. 

11.10 Late News. Oh 2. 

1IJ0 Tele-Journal. 

XL45 Simple Faith? 

LONDON 

9.30 a.m. Tbe Red and the Blue. 
955 Horses, Heroes and Hard 
Cash. 10.30 The SainL 11-20 
Drive-In. 1L45 Simon tn the Land 
oT Cbalk Drawings. 12.00 Noddy. 

12.10 p.m. Pipkins. 12.30 Indoor 
League. 1.00 News plus FT 
Index. 1.20 Help! 1.30 About 
Britain. 2.00 After Noon. 225 
Monday .Matinee: “Beach Party." 
4.20 Clapperboard. 4.43 Warrior 
Queen. 5.15 Survival. 

5.45 News. 

6.00 Thames at 6. 

6J15 Help! 

6.40 Opportunity Knocks. 

7.30 Coronation SlreeL 8.00 A 
Sharp Intake or Breath. 

K.30 World In Action. 

9.00 HazeU. 

10.00 News. 

+10.30 The Big Film: "Odd Man 
Out." starring James 
Mason and Robert Newton. 
12.35 a.m. Crucifixion TS. 

All 1BA Regions as London 
except at (he following times: — 
ANGLIA 

4.30 ■.m. So We’re DlfT-reni Hui . . . 
ila.M TU- Road Id Gn-uncaL>lL-5. U4S 
Canoou Tlmi-. UJfl Wmnms With Wilkie. 

1.25 bjo. Anglia News 2Jn nuu-sn party. 

2.25 t-^mlly. 3JS The Emerumen— 

B'.-rme Him 3JO In Search Of . . The 

MasJc- ot SKife-hense. SJ5 Colverstiy 
QullenRi- ban Abgal .Vnglia. 10.30 
Mystery Mo\ie- Colombo. lZJJ n.in. 
A Hymn For Holy Week. 

ATV 

s.J5 lkl xo Man Is An island lo.oo 
The Maharajahs. 1UKJ DtcKtna for 
Vntierdu'. 1 LB Elaine. Ihe snwr of 
1 the Sods. 1 US ProfeMor" Beltfaazar. 


RADIO I 

(5) Stereophonic broadcast 
t/M a.m. As Radio i 7-02 Noel 
Edmonds. 4.M Simon Bates. 1U1 Paul 

BuriV'tt iDcIudicuE 12 38 p.m. XevsbcBi. 
Z.00 Tony BUckbtzm. 0J1 Dave L>.i- 
Travis including .130 Ncnubeai. 7J8 
BBC Northern Radio Orchestra <Si 
■ joins Radio 2>. 10412 John Peel iSi. 
12.00-12^5 am. .vs Radio ! 

VHP Radios i and 2: 4.00 a.m. witb 
Radio 2. lnf.udins ]Jo p.m Good Listen- 
ing. U.00 tV iTh - Radio 1- 124W-12.0S -».m. 
Witb Radio 2. 

RADIO 2 1 ' 5Mm and ' rflF 

kJW un. Xeirs Sanjtnarr. WZ Ray 
llnore 'Si with Tte Earir Show. Includ- 
Irux 6J5. cause for tbousht. T52 Tern- 
Wocan iS». 827 Racine Bollenn and 
0.45 Pause for Tboutht. 12.12 John Time- 
son iSi. 1Z.1S pjn. Waficonere' Walk 
12.30 Pete Murray's Open . House fSi In- 
cludinii L45- Sports Desk. 2Jft David 
He mill on iSt inrJndliu: 2.45 and 3.0 
Spans Desk. 4J0 waxsoners* Walk, 

a.as Sports Desk. 4 Ja .loho Dunn tSi 
Inetudin* 5.45 Sports Desk. 445 Sports 

Desk. TJO BBC Northern Radio 

OrctR-nra tS'. 7J8 Alar Dell: TJO 

The Dance Band Dajra and S.B2 The 
Bin Band Sound iSi. 9 JU Bumphrey 
Lyiielion with The Best of Jaa On 
records iS>. 5.SJ Spans Drtk. M.B2 The 
Monday Slavic data. WJ0 Star Sound. 
U.02 Brian Matlhcv with The Late Show. 
1? 09-12.05 a.m. Nm-S. 

RADIO 3 464m. Stereo & VHF 

(O) Ouadraphanlc broadcast 
tMmfimn Wave only 
444m. Stereo and VHF 
6J5 mm. W.-ather. 7.BP Nerr« WB 
■>v«*nurc 'St Mb Vnrt. 8Jts aiorma* 
Owteri «?■ t.H 045 TOM wwk'o 
Cotrtpwer: TthaUtovskr I4 •- M40 Solid a j 


L2J8 D-m. George Hamilton tv. U0 ATV 
Xevsdemc. «45 Morier to Rmnemhon 
■■The Story of Esther .Coatallo" «arrtn* 
Joan .Crawford. Raagaao, BraKd -anti 
Heather Sear*. - 545 UnfrcrsUy Challcta^. 
U» ATV- Today. lMr LefL . Rtetu and 
Centro. _ U.0B McMtUan and - Wife. 
1245 a-tn- Sonrothlnc DWerent. ' ■" 

BORDER 

tJO ajn. Halls and Baicnelor Cartoon. 
Ia45 Smdertnan. HUB Record Maker*' 
Lena Zavaranl. IMS Let’s Pretend . 

The Make Believe World pi Daphne Du 
Manner. M.4S Oscar and dw Great 
Waoferoo. 1248 P.m. The FUmsttmeS. 
tUB Border News. 240 Hptnepw. 
245 statlnee: ‘The Flint Flaw Man" 
starling George C. Scon. 5.15 Garnock 
War- 448 Loofcaraund Mondav. (JO 
University aiaDemv. 1IJ8 Labour Party 
Conference, tlUl Flltn- "Shock!.' 
Marring Viocem Price. tl2J5 d.m. 
Border .News Summary. 

CHANNEL , 

. ug p.m. Channel Lunchtime News and 
What's On Where. 225 The Monday 
Matinee; McMillan - and Wife, 545 
University Challenge. M0 Channel Newa. 
648 Cartoonthne. U48 Clunnd Late 
News. 10.12 Hole Lai of Trouble. tU4C 
Late Night Movie: "Off Beat" 045 a^n. 
News and Weather in French followed by 
Channel Gazcru. 

GRAMPIAN 

1040 a.m. First Thing. 1040 Record 
Makers. 1145 F^fs Pretend - . -The 
Make-Believe World of Daphoe du 
Maurtcr. 1445 Oscar and the -Great 
Wooferoo. 12J0 p.m. First Act. La 
Grampian New* Headlines. 1-245 Monday 
Mattnee; ■■They Mel In the . Dark” 
starring James Mason. 545 University 
Challenge. 648 Grampian Today. 648 
The Mary Tyler Moore Show. 645 Hein! 
IS JO Conference Report. U40 RefleeUdm. 
lL35 World Leaders: -Rialln-^toui of 
Steel"— fflm about the growth of Joseph 
Stalin s power. 

GRANADA 

SJ0 a.m. Sesame Street. U4S The 
Duke or York Street. 1145 The. GaOop- 
io£ Gourtnot. 1140 History Around Yon. 
LL5S Cartoon. 1246 aum. How . TO Slay 
.Mive. 140 This is Your Right- 24S 
The Amazing World or Krestdn. 248 
Fort Augustus. 340 Choirs of the World. 
4.05 ManlYed. 545 Universir? Chatlende. 
646 Granada Reports. 1648' Reports 
Politu-a. 1UM Xnurr Movie: Colombo. 

HTV 

1046 a.m. Record Maker— Lena 
Zavaroru. 11.05 Let’s Pre lent" 1 1L4S 
Oscar and the Great wooteroo. 1238 P-m. 
Gardening Mr Way. 140 Report We*l 
Headlines. 145 Rdporr Wales HeadUnn. 
240 Houseparty. t245 The : Monday 
Matinee: “Double Bunk” stariln* tan 
Carmlehael. Janette Scan. Sldngv James 
and Liz Fraser. 545 Mr. and Mrs. 646 
Report West. 648 Report Wales. tIB45 
The Monday Film: “The Leather Bmp” 
starring .Rita Tuan Ingham and* Dudley 
Sultan. 

HTV Cymru /Wales — Aa HTV General 
Semen esevpi: 148-145 pjn. Penawdau 
.Vcurddlnn y Oydd. 208-245 Rsmdden. 
64*448 Y Dsdd. BJ84JB Yr: WythlHW. 
HTV West — as HTV Ueneraf Service 


Special for rouns people ■ 5 1 ML2D Talk- 
ing About Music iSi 1 0 -56 The Pnirer of 
Music (Si. 1L45 BBC Welsh symphony 
Orchestra iSi. LOO p.m. News. LBS BBC 
Lunchtime Concert iSi. 2.15 French 
Baroduc Oman Musk- <Si. 245 Matinee 

Musicalc (S'. 345 Wurtnaer. Straw* wd 
PHtruer eodg recital iSi 445 MV W 
Records >Si. 545 Bandstand 16 ). 
Tlomcward Bound. I64S News., »40 
Homeward Bound ' continued 1 tgj 8 Jdie- 
lincs: Home and Family. 7 3a From the 
Proms 77 Hen w concert, part 1 IS & 01. 
848 Taking Rights Serlou&ly (talk by 
Kelt MacConnickj. IJB From the- .Pram# 
■77 IS & O' part :. 4.10 For God and 
for Profit <S). 10.05 Music in our Time 
by Pnussenr rSL 1L85 Jaw in' Britain: 
John Stevens' Away ISi 11.15 News. 
1L4W145 And To-nlghi'g Schubert Song 
on record. ■ 

• Radio 3 VHF only— 4.80-748 a.m- and 
545-7 JO pjn. Open University. '• 

RADIO 4 

434m. 330m. 2 Sant add VHF 
615 a.m. News. 6.17 Fanning. Week. 
6J5 Up 10 the Hour. 6J2 iVTIKi Rpgtoaai 
Sews. 740 Times. 748 Today. ; US Up 
10 tbe Hour (continued). 7JE2 .fVBH 
Regional News.. 840 News. IJB Today 
Including news headlines, weaihu- 
papers, spore 845 John Ebdon with the 
BBC Sound Archives. 448 Hews. 745 
5tart the Week nltfa Richard- Baker. 
5J5 National Gardens Scheme. U40 
Howl. 18.05 WiWlifc. UJfl Dally Sflrttra. 
1845 Words Irom (he Cross. 1140 ^ews. 
1145 Shipwreck. UJI .VnnonnrtOJ««S- 
1240 Sews. 12.02 p.m. You and Yours.' 
1247 Brain of Briwm 19J8. 112-53 
Weather, programme newa VHP leacew 
London and SE ■ Regional News. .Lflfl 
Ttio World Ai One. uo The ArcBer». 
LO Wittnan - * Honr Inrfndinc 186-2-82 
NCws 245 Usien with Mother. 348 Sew*- 


except: L20-1JO p.m. Report West Hsad- 
Unn. 648-448 Report West. 

SCOTTISH 

7 Jo aum. ■Tamn's Three Chatlenges’' 
starring Jock Mabottcy. U45 Lei's 
Pretend. 1145 Oscar. 145 pjhu Neu-v 
and Road Repan. t24s Monday Film 
Matinee: -They Mel tn The Dark- 
starring James Mason. • 545 UntwrsRy 
Challenge. 406 Scotland- Today. . 438 
Crimedesfc. IOJO Conference Report, 
mo ^faster Golf. 1248 Late CalL 
1245 ajn. The Odd Couple. 

SOUTHERN 

f JS a.m. Here Come* the Future. 10.00 
Building of the Tower of London. 1845 
Slnbad Junior. UL3S Stationary Ark. 114 s. 
Reinrn. to the Planet or the Apes. 11. 8 
Winning With Wllklt. 12JB p.m. Farm 
Progress. 148 Southern News. 240 
House party. 225 Monday Maunpe: "Love 
Is A Many Sptcndored Thing" starring 
William Holden. 545 Mr. and Mrs. 408 
Day by Day. 1438 Music la Camera. 
1148 Southern News Extra. U 18 Bill 
Brand. 

TYNE TEfS 

JJO a-m. The Good Word followed by 
North East News Headlines. 648 Lasting 
Beauty. 648 It’s Ability That Connts. 
1848 Record Breakers— l*oa Zararonl. 
1145 Let’s Preread . . The Make-BuUeve 
world of Daphne du Manrter. XL45 
Oscar. 148 P4i. North Bast Nows and 
La ok around. 245 Power Without Glory. 
540 Generation Scene. US The Little 
Rascals. 348 Ttw Woody Woodpecker 

Show. 545 University Chal'enne. 648 
Northern Life. 645 Pollen CalL UJ8 
Northern Scene. 1148 Monday Night 

Mom-. -" Rendezvous at Bray" starring 
Anna Karina. 1248 a.m. Epilogue. 

ULSTER 

1646 a-m. Record Makers 1445 Let's 
Pretend. 11.85 Owar. 1240 Noddy. 

140 p-m. Lunchtime. <40 ■ See You 
Monday. 248 Monday Matinee- -Harem 
Holiday." starring Elvis Presley. 349 
To the Ton. 441 Ulster Nears Head- 
lines. 545 University Challenge. 488 
Ulster Television News. 435 Upsquares 
and Down. 645 Reports. 1SJ8 The 
Man For Others. . 10JS Review. 1145 

Fireside TTu-airc. 1248 un. Bedtime. 

WESTWARD ' 

1045 sum. Stations of the Cross. 1840 
Record Makers. 1145 Ler’s Prerend . . 
The Make-Believe World of Daphne do 
Maurler. 11.6 Oscar -and the Great 
Woofrruo. 1247 pjn. Gus Honertmn's 
Hirthdays. 148 Westward V-ws Headlines 
245 The Monday Matinee: McMillan and 
Wife. 545 University Challenge. 640 
Westward Diary 64B Sports Desk. 1048 
Wcsiu-ard Late News. 10 JO Politics W-sr 
til. 03 Uil- Might ■ Movie: ’Off Boat" 
vtamiu Mai.. Zetterllng. U45 a.m. 
Stations of the Cross 

YORKSHIRE 

6J0 *.m. Heritage. 1D4S The Undersea 
Adventures or Captain Nemo. UJtT 
Space 1809. 11-30 Wevtway. 1238 turn. 

How To Stay Alive. 140 Calendar News. 1 
1X25 Monday Film Manner: -They Me! 
fn The Dark." 5J5 Unit-erftDf Challenge. 1 
6.00 Calendar 1 Em ley Moor and Bclmtmr 
editions!. 10.4 "Death Be Nor Proud." I 


345 Afternoon Theatre is>. 4.35 siory 
Time. 548 PM Reports. 540 Serendipity. 
£LS Weather, programme news fVHFi 
Regional Npws. 480 News. 6JB The 
Bnchamlng World of ltlnge anti Bracket 
740 News. 70S The Arebera. 740 From 
Dor Dun Correspondvm. 745 Tbe Monday 
Play <5 1 . 640 Images of nod. 6J8 
Kaleidoscope. 6J6 Wealbvr. 1040 The 
world To-night. 10 JO Profile. U.00 A Book 
al Bedtime. 1145 The Financial world 
To-nlBtu. 1U0 TtMJay tn Partiamem. 
U.45 News. 

BBC Radio London 

206m and 9-L9 VHP 

400 mm. As Radio 2. 4J8 Rash Hour. 
f.H Weekly Echo. 848 London Lire. 
1143 fn Town. 1243 p.m. Call tn. 2.03 
SSG Showcase. 4.03 Home Rim. 434 Look. 
Stop, Listen, 740 In Town ras 1L03 
A.m.h 840 Breakthrough. 10.03 Late 
.Night London. 1240-Clox; As Radio i. 

London Broadcasting 

261m and 97.3 VHF 

540 am. Morning Music. 6.00 a m. 
Non- Slop news, travel, soon, renews. 
lalamutUm. 2840 Brian Hares. I. SB pjn. 
LBC Reports including George Gale's 
3 o'clock Call. 4 DO After s—wiih un 
GdchrisL 8.00 Nlghtlinc. 140^40 -a.m. 
Ktghi Extra with Adrian Scott. 

Capital Radio 

194 m and 95 .S VHF 
640 a.m. Graham Dene's Breakfast 
Show tSi. 840 Michael AspoI 'Si. 1240 
Dare Cash # S». 548 p.m. Roger Scon 
(S'. 748 London To-dav <5>. Tjb Adrian 
.Love's Open, Lino ts». 640 Nicky Rnrnc'a 
Mummy’s Weekly isi U48 Tony Mvati's 
tjitc Shaw (Si 3 80 a.m. Peter vpims'c 
Ntghj Plight i si. 


BY TREVOR BAILEY 


NbtUngham Forest, did not cortie was outstanding. ■■ Stroke the baU-from colleague to .us 

up to expectations. AlthMigh This meant Withe and Wood- colleague. as they probe for an ■> 
there was much to admire, it pro- cock did hot receive the service opening. But some of their build- v. 
duced an unsatisfactory goalless to which they are accustomed: nps were too slow and too pre- 
draw. ./ . It was possible a .mistake to dietable. . . . 

A ennihinarion nF braCe coal- " taI eated '.winger. ■ U- often took 10 passes .-before 

tairtS to Se tanSnSmd Roberfsau. quire so deep; He the bail arrived -in the-. Forest • 
Woods S and y tndiffereS flnishmg almost invariably had, to beat penalty area. One. fell -It. could - 
prevented Liverpool from trans- pase before^he had the oppor- ha be been . achieved by^ -ivo or.-., 
la ting their all-round superiority tunity of -taking on Neal. ■ three passes on occasion. • 
into goals. - 1 : - - 

The experienced and more »/^v l f p i . .l 

s^JSrsflMa Only chance of honour 

the first half bad Dalglish not * • ■ ■ ' 1 : 

SSmSSS for Ipswich fc the Cup j % 

a) lowed^ for *offsi bemS ^ IPSWICfi. TOWN is many attacker WaIIace, and displaying 
But Forest did nrovide P«JPl®’s idea of tbe ideally run bis powerful heading abilities; - 
BUI roresi am provwe sn>al , er town big-League Soccer He dovetailed -perffetiy. with-his 

. club. The- whole aura is one of delensive partne v-the dour. v 

eAArtpn civilised eqthusiasn. craggy, graceless but dependable 

aUlrCLK The Board lets the manager Hunter. 

manage (and he manages very • Up front, Saturday's shuffle of 
BY treyor bailey well, and. has modified h is heat- Ipswich's attacking cards- never 

— of-the-raoment recommendation really shaped like a match-win- •• 

of using, flamethrowers against nlng hand.- The..- enigmatic •' 
occasional glimpses of their hooligans to consideration- oF Mariner took a knock or two and . 
attacking prowess, such as when bringing;. back ^ ^the birch). sensibly, was -the subject of.- a • 

Clemence was called on to tackle The .feeling has been rife for precautionary substitution: 
the, evcr-dangeroiis Woodcock some -while .that the time was. Coventry City still hover hope- 
well outside the penalty area, ripe for: Ipswich to pull, off a -fully near a .League place, suffi- 
and when O'Neill shot just wide major, bod bur to rank with that eieDtly .high 'to qualify fpr - T 
of the far post still-surprising 1961-62 League entry Lo next season's' ' EUFA - 

After tbe interval Liverpool championship Sir Alf Ramsey Cup, but they did not convince 
dominated ihe proceedings. They coaxed from an unlikely lot of against Ipswich, well though they 
besieged the hard-pressed Forest lads. - were led by Yorath', the . Wales • 

defence with shots and a string This tvss to be the season- captain. , .' - •• ;." t 

of comers, without being able -to But a disastrous ran of injuries NardiellO, with a. hand in" -'a - , 
put the ball into the net. has bltfuted Ipswich's League protective- dressing after two , 

Yet just before Ihe final challenge, So it has to be in the minor breaks, finally fractured - 
whistle, first Woodcock and then FA Cup. - an arm, when failing awkwardly 

O'Neill almost secured a goal — In Saturday's 1-1 draw against in an attempt tn shield the hand.. 

which would bave been a travesty Coventry City, Ipswich's England ' Blyth was powerful and tom- 
of justice. defender Kevin Beattie, who has manding. in. Coventry's goal,. 

Extra time proved an anti- been plauged with knee and other showing ithat, at iasi. Scotland' ■ 
climax. The Midlanders appeared troubles^. made his first League have.- depth tn- coalkeepinir - 
to have run out of breath, and appearance since October S, quality lo match England’s.-, 
the Northerners .out of ideas. So although he has had two isolated U has often been argued that 
it will be necessary for another Cup games. a strong, confidence- bestowing 

confrontation at Old Trafford on Obviously, Beattie needed tn goalkeeper . was ' a missirtg 

Wednesday. prove himself in readiness for ingredient in Ipswich's "squad. 

On this showing. Liverpool Ipswich's big: date on April S. but .locals "?ay' that the unspcit- - 
should win tire replay by=at least their FA' -Cup semi-final against tncuiar Cooper haV : haa urn' » 
two goals, provided that their West Bromwich 3t Highbury.- extremely reliable season. . | 

shooting ran match the precision He .did, 'Admirably, completely- - - . - v - i j 

of their approach work. outplaying l ; Coven try 's exciting J ames rrench J 

Persian Camp has the class 


IT USUALLY pays to follow 

course winners at Folkestone 
and it will come as a surprise 
If to-day's top prize on the right- 
handed Kent course— the Gay 
Record Challenge Trophy— does 
not fall to either Persian Camp 
or Number Engaged. 

These two have both previously 
won here (unlike the only other 
competitor.. Regent's Choice) and 
both have -been showing smart 
form of late whereas . Regent's 


RACING 

BY DOMINIC WIGAN 


Choice has nor been out this 
season- 

The Richard Head-trained top 
weight, Persian Camp, was win- 
ning his second race Ibis- season 
when outclassing Mister Know 
All in a duel at Fontwel! on 
February 27 and Pu Ike Welwyn'S' 
Number Engaged 1 notched op his’ 
fourth victory with a three- 
lengths success over Rough 


and Tumblr.at the last meeting 

here. 

There 3nay be little between 
them *t .. . to-day's weights— 
Persian Xamp is trying to con- 
cede 10-*,lbs -to his Lambourn 
neighbour^- but 1 believe that 
the undeniable touch of class 
possessed ;by Head’s Bivouac 
gelding- will -see htto through. 

A year -aftfl Ordnance Hill 
belied odds: of 59i-l on the Tote 
and ao.SP oF.Z9-t when bolding 
off Hardy . Kit aod Victa Steel 
in Wolverhampton's Willenhali 
Hurdle, and- it will be interest- 
ing to see whether he can make 
it a double. ' 1 expect' him to 
go dose .without, perhaps, prov- 
ing quite* - good ' enough to con- 
tain- Vida 'Steel, who reopposes 
on Identical terms. 

But. for a-.-minor mistake at 
one of the earlier Fences in 
Saturday's .Aynsley China Cup 
at Chepstow lftidnlght Court 
could hardly. have been' more 
impressive-atfd it. in not surpris- 
ing to -find- p\s- Gold Cup "orfee 
trimmed, from' .II.-4 to .5-3 in 
several lists- 

Neither the- Uplands .seven- 


year-old nor Port DevorL the 9-4 
favourite, will be sk&ri in, public 
before the April 12 -attempt at 
finding the*lff 78 .Piper. Gq)d Cup 
winner and. theice js unlikely in 
be. much farther ontesmst’ busi- 
ness of note on the- raep. 1 ' 

For anyone' ' In teres ted In 
watching an ■ entertaining* me 
of golf, whicfi jt is hoped; will 
raise money, fur * the injured 
Jnckeys Fund, SbirlOy. -Park. 
Croydon, ■could be the. place to 
be to-day. Jockeys Geoff Lewis. 
Brian Taylor, Paul Cook, Kipper 
Lynch. Philip Waldron. David 
Maitland and Robert Weaver 
take on Playboy Bookmakers. 

FOLKESTONE r 
. 14 S---C 0 nderian • . ■ : s v ; 

2 . 15 — Jack Madnrw*- . 

2 . 45 — -Persian Camp***. ' 

3. 15*— Princess Arcade--. - 

3 . 15 — Rolk Rambler • . -.V 

4 :t 5 — Kyriakos . r 

WOLVERHAMPTON : 

Wfl-riPyinceV Risk ; 

3 . 90 — WHlrae; 7 . ' 

4 ^ji— yicu.Stpei* * . 


I ; ' 


• - '-V " 




-o^ 










Financial Times Monday March 20 1978 

Covent Garden 


11 


II trovatore 


[New York music 


by RONALD CRICHTON 


x i 


. ! 


A weUjponaJwjted revival of 

il trovatore in Qje good and less- 
good senses of the v?wd. Edward 

S!?™* ^ Sn drar S e * 

wSuppy -orehestraJ phiying and 
ensemble between stage and pit 

S^nr? S Urc lb * n is ^ays 
found when repertory operas 

come toefc f or the umpteenth 
nme. Unfortunately the security 
seemed to be bought at the price 
°I- u pum * and fieriness of 
w4uch 4fcu excellent Verdi con- 
ductor is capable. As for the 
action, Ande Anderson's Paging 
of Visconti's never burninglv 
memorable production was lidv 
and workmanlike — fatirt praise 
for the realisation of a drama in 
which such mBd adjectives count 
for little. 


The orchestral scene 


i*i mi 




, i .A* Arucena we were to have 
S | FT/. flMrd the Russian mezzo Elena 
"iV ObTastsova, who was indisposed 
and replaced by the Hungarian. 
Jww Budai. .Miss Budai is a 
find — a contralto with a voice 
of lovely dark colour -without a 
trace of fot on the tone, or of 
the unsteadiness often associated 
with singers from Central 
Europe (no doubt many of oure 
strike^ them as pallid). Alias 
Budai's acting was as involved 
as the tepid surroundings would 
allow. She has striking features. 

The Leonora of Martina Arroyo 
was voiced in tones round and 
liquid almost up to the top. The 
impassivity with which Miss 
Arroyo now goes through the 
motions of the part makes Leon- 
tyne Price seem like Mrs. 
Siddons by comparison. One 
does not -expect groat dramatic 
subtlety from the Manrkro of 
Carlo Bergonzi, whose move- 
ments are now discreetly econo- 
mical. But apart from a Few 
rather bard and long-held high 
notes, his singing Is very nearly 
as good as ever, which means 
that he is still in the top league 
. of Verdi tenors, still unrivalled 



by ANDREW PORTER 


• The New York Philharmonic is been to charm school and then each season, playing twice over “ power/' *' vigour.” and “ lyric 
between conductors. Next season discovering that the charm is in a programme it has already grace.” There is a slow move- 
will show whether Mehta can get fact innate, genuine- played four times in Boston, mem with beautiful singing 

it to play" well. When it visits Other Philharmonic conductors Under Ozawa, the orchestra melodies for flute, cello, oboe. 
Eqrope. it receives notices from have been LelnsdorF. Kostelanetz. seems to have coarsened: his and cor anglais: a craggy siring 
my colleagues 'that seem to teLJ Alaazel (a tame Sibelius 7, a handling or Beatrice et Bfrne- fugue: an exuberant scherzo 
of a different orchestra from the brilliant Prokofiev 5). Klaus diet, that “ caprice written with with virtuoso writing for six 
one that plays its weekly pro- Tenastedt, Kubelik (an oddly the eye of a needle." was neither horns: an elaborated paraphrase 
gramme, four limes over, to dull Ninth Symphony). Levine: needle-sharp nor delicate, for full strings of a Gibbons 
subscription audiences in New and Bob am; Andrew Davis and Frederica con Stade. below form fantasy: finally, a brass chorale 
York. Here, it does not have Jochum are still to come- The and Stuart Burrows were accept- with almost Messiaenii- sonnri- 


the tone, the style, the character. Philharmonic .plays in Avery able, hardly more than that in tics. This is a strong and bcauti- 
of the leading orchestras — from Fisher — formerly Philharmonic the title roles: Sheila Armstrong ful 


. Philadelphia, Boston, — Hail, on Lincoln Center, .a gave Hero a spreading tone- and 


composi lion. 

Solti returns in May with a 



first of his two programmes, it All the concerts next noticed Much Ado at a snail’s pace. On Kiri Te Kanawa and Bernd 
is true- began with a No. 96 that were played in Carnegie Hall. a the night when Colin Davis con- Weikl. Maazal and the Cleveland 
was the first well-played Haydn pleasing place even though its ducted the belated New York came in February with four 
symphony I have heard here in caftf has now been decked out, professional premiere of miscellaneous, fairly standard, 
years; but the main work in bordello-parlour fashion, in flock. Tippett's A Child of our Time . programmes. There is also the 
his second programme. Shosta- mirror and gilt. something went wrong with the American Symphony, a self- 

kovich’s '*■ tragic Fifteenth Carnegie each season houses ventilation. In a swelter, the governing body, which gives 
Symphony, though notably con- an “International Festival of audience suffered: so did the eight concerts, mingling stan- 
ducted, I thought, was ill played. Orchestras." Tbis season thev performers iZvlis-‘~iru. Chooka- dard (Berglund conducting 
Under Boulez the Philharmonic come from Milwaukee. Cincui- sian - Alexander Stevenson, a Sibelius 4 and Shostokovich 51 
would rise to such occasions as nati Toronto (Andrew Davis " QQd ncw tenor, and Norman and curious (Sarah Caldwell 
those provided by Elliott Carter’s doing Strauss with Margaret Bailey)— and lh c work. conducting PrJIA is by Debussy 

Symphony, of Three Orchestras Price, and Bruckner 7). Mlnne- * and by Schoenberg) bills, 

and by his own Itiiael but played apolis. Baltimore. Saint Louis. r-w. BBSton orchestra works Beethoven. Brahms. Schumann, 
the standard repertory in a and Indianapolis, and from JJ? . B J od n tomb choir E 5™*?’ ”? hler ' prokoflev - and 
routine, unloving fashion. This Rotterdam (a course Mahler 1 r™iJL£d Festival l Chnms and Shostakovich *l e xhQ recurrent 
season began with a run of new under Edo de Waart). Budapest 23?* 33J did Brahms's nan ?f s ,n 0,1 * hese evpnl5: onc 

pieces. To commission four Oslo, and Slovenia: in April, the RMuiem under Ozawa in the 5? uld h ™ r Shostakovich 5 five 
concertos; for first-desk Phil- Concertgebouw. under Haitink. ChK of SL Paul the Aoostle season. Prokofiev 6 
harmonic soloists seemed like an gives a six-concert Beethoven a larcc resonant building hist fiv * t, ”? e *;. h “ first v,olln CQn * 
enterprising idea, but the four cycle. Beside this, the Phlla- south 5 of Lincoln Center The six times, 
works feat resulted — Andrew delpbia Orchestra comes once a JSth^raHike acoustics tent im- But „ tho concert of the 
Imbnes fljite concerto; Michael month. So far. I have heard SLSeness tosu^thin es as the s / asD " wa s the belated 
C erf grass's ru for percussion three of its concerts. Claudio SSk soft tread of tS drums in American premise of Boulezs 
quartet; -Vincent Persichetti’s Abbado’s Mahler 4 was one of the second movement enhanced f l 5ekm pU. done by the Con- 
Concerto for cor anglais and the most moving, “transcen- t v, e S0 1 d voices (.Tudith BJepen Chamber Ensemble 

strings; and John Corigliano’s dental" concerts I have ever an d BeniamlnLiionlandthe under Arthur Wei sberg. its 15- 


Clarinet Concerto — were un- attended: in an age when Mahler rhoral tone, but blunted the * lron ~_ forces brought up to 7R 

•“ *• -— <*t*i** ■- ■ — • " |0 P IMP A/»#»^oirv*i Fit* wivtn 


Ljvia Budai 


Leonard Ban 


tin* ® rmness an( * elegance of Friday night well focussed, but the most vivid and stylish stage as a whole that were only partly 

t „n— „ . _ capable of a musicianly account performance came from Richard fulfilled. Tbe elements (includ- 

14,0 - Was ^ newcomer, of "II balen,” and capable also Van Allan as Ferrari do, whose Ing the male chorus in lively 


Wnn»n d..j — — ** «*/■■*«* » an .-umu m /citauuu, nuuac Ing the male chorus in lively 

an0 P er of . representing a human, being narration io the first scene form) are there: perhaps 
in resringiy nark voice, not on with strong emotions. Otherwise raised hopes for the performance the bonfires will be ignited. 


Oxford Playhouse 


Skryabin Preludes 


by CLEMENT CRISP 


The 

Dance 


ill 1 


f * 


!f\l 


y\\ 

• ii" 


London Contemporary is given a most persuasive per- 
Theatre is on a fonnam-e by Linda Gibbs. Char- 
triumphant visit to the regions. lotte Kirkpatrick. North and by 
The full house that I found in the entire ensemble. Tbe little 
Oxford on Friday night is a con- cotton frocks in which the girls 
slant, encouraging and well are trapped nrast be changed; the 
deserved feature of every LCDT piano on Friday night was 
engagement on their present plainly en route to the knacker’s 
Spring tour. We are. in Britain yard: this apart, here is a major 
as in the U.S.. in the middle of acquisition to LCDTs repertory. 

rn.,»Slv 0 n^n'. n ?hS 0 5*h.rir KM» »«*««•. When 

of dwarfish and tiresome enter- SSi?™? n on Area 

■prises batten on the pioneering jSJSSiiU 
achievements of major troupes 

like LCDT. the healthiness of f n n «I q i ^ K * 

ntssy nas set trie sonnets in 

' 10 d “ virtuoso style for a . soprano 
\er> pleasing. (Elaine Barry ) with ah accom- 

On this tour LCDT has panlment derived from lapping 
mounte.] new pieces by two of the woodwork of a - piano and 
its choreographers: Robert brushing its upper strings. 
North and Micha Bergese- Bergese's three pairs of lovers 
North's Skrtmbin Preludes and exemplify his intenretation of a 
Studies seems to me his most text with which. I suspect we 
accomplished work to date. He are not supposed to concern out- 
nses both early and late selves. Bertina Berccsc's hand- 
r Skrvabin. and the divergence some design, sets the action in 
r between the Cbopinesquc pre- a brilliant, light-filled central 
‘ ludes Op. II and the more area (white floor: white haek- 
visinnary pieces from Skryabin's drno) and tbe couples' dress hints 
maturity, which form the a t Elizabethan costume.- Bergesc’s 
musical text- is somewhat dis- three brief duets are by turns 
concerting. But tbe music’s lyric- more impassioned, and in 
ranee has inspired dances of the last— and most' intriguing — 
ireat fluency and emotional re- almost ghostly, a sentimental 
vcrbcrancc for a group of five colloquy like that of Verlaine's 
couples. From them three lovers in fc vieux pare solitaire 
dancers emerge to provide tire et pined. 

psy.-holocicai drive for the simple, unstressed. When Sum- 
mere: Charlotte Kirkpatrick as Breath is well-made and 

an unhappy, questioning and veil sustained by its dance 
isn>ited figure; North and Lioaa Interest The - same is not true, 
i il libs as lovers whose path though, of a solo which Bergese 
:nn**cs from passion to rejection has mad© for himself as a boxer. 
.Hid then final acceptance, with Box. nith a percussion score by 
Kirkpatrick as a distraught William Albright, finds ;ts hero 
observer of the relationship. belabouring and. being be- 
No thing is made too explicit laboured by his gloves; I find that 
the feelings of the central trio it neither extends boxing 
rolnur the dances— North shows activity into (l3nce. nor does it 
i l ift for dramatically expres- show off Bergese (a dancer with 
- i vi' movement tn pin-pointing a fine-drawn style and an intense 

(he mental states or the unhappy personality) as a performer, 
•vonan— but the dance itself is 


St. John's , Smith Square 


Myrha Saxophones 


by DOMINIC GILL 


■nnvtantly satisfying, constantly 
inventive. The heart or the 
work lies in . i . duct for North 
.rod Gibh? of real beauty — to 
three of the Op. 11 preludes— 


Charlie Chaplin stage 
musical for London 

A stage musical based on the 


illRT me tiuucc O, imfi-oi 

in which tbe movement speaks life of Charlie Chaplin will be 
.■metical lv of love, culminating presented in London early next 
in an exquisite image as the year. 

girl's body, curls and curves Keith Waterhouse and Willis 
lownward round the man. Hall - are ■writing, the hook which 
North’s’ language is more will cover, the period from 
•lawical than heretofore-^bryn- ChapUn’s. childhood to the time 
Sin preludes could be danced by he became' a world famous film 
i ballet rompanv— and the work star. J • _i 


The Myhra Saxophone Quartet ence laughed), 
was formed “at the Fifth World The evening’s one truly 
Saxophone Congress held in imaginative creation for the 
London in 1976." and is now genre, and proof enough of its 
based at (though by no means perfectly serious potential, was 
confined .to) that . haven of a new piece by Dominic Mul- 
unusual instrumental combina- downey under the cumbersome 
tions. the Natioual Theatre. The rihough usefully explicit) title 
sonority is very much as one of Five Melodies for Four Saxo- 
would imagine: more dense than phones doubling Seven More — 


as Philadelphia players ^ 10e Lmcago uympnony a iso nuisu* only fftitiel and the two 
un the sDirit of delieht has a sood cho,r - 11,6 Chicago chamber Improvisations of PH. 
he spirits of desolation Symphony Chorus. tTamed by n P sa id he was reluctant to jm- 
ia j r w ijv, _ vividness Maraaret Hillis. The orchestra pn <;e more of it on “captive” 


memorable. has become an“everyday com- edges' or "the contrapuntaT writ- r ? r tho 0, ^? 8 iu ri ' Dll ^ rini1 his 

Joseph Druckraan’s Chiaro- poser, played almost as a matter ,- ne .'ears with the Philharmonic, 

scuro, a Bicentennial commis- of routine, Abbado and the _. . _ . , Boulez introduced of his own 

sion, proved to be made early- marvellous Philadelphia players . ,™ Chicago bymptiony ajso musur only ffituef and the two 

Ligeti fashion of overlapping conjured up 
washes of sound, dark and — and the 

aftc? yirbaf^sounde^ that In^e^one 'emba^k^ cm COTnes l o Ne . w Yor!s wiv f a sea ‘ subscription audiences. The 

minutes of prelude, during adventure of the symphony Is f?"’ w ‘i^ “a reow? Ens h en \ b,e ’ " 0| blaming the big 

which one had watted for some- if for the first time ^me- one of them a repeat, orchestras but recognising that 

thing decisive to happen, the .. ® was ,ts °P^ DI J}S bl J}- “performing difficulties have in- 
end arrived. Lukas Foss’s * s ? , ions ago mastered the teen- creased at a faster rate lhan the 

.tmericim Cantata was a cheap Riccardo Muti, Ormandy’s nical difficulties of executing traditional formal of weekly 
onnortuntst horror in which heir-elect in Philadelphia, was at TTab l e r : his performance ot tne concerts can accommodate.” and 
some of the noblest lines in bis worst in Mozart and Schu- Fifth last season showed that ne recognising too that since its 
American poetrv. the Whitman mann 4, shallow and showky. and has also begun to respond to me formation. 20 years aco. 15 other 
♦hat inspired .Sen Drift and ftt his best in Prokofiev’s Iran the emotional and spintuai contenL contemporary ensembles (Specu- 
Rneer Sessions’s When Lilacs Terrible Cthe oratorio Abram Buthe lmured himself, and Miss | um Musicae. etc.) have come 
were intercut with cutesv com- Stassevicb constructed from the t'*s took over the concert, bne ^ nl0 being, plans a new series of 
ments from sex manuals and film music), which suits bis hel “ the enormous forces to- SD ecial concerts introducing the 
travel brochures. But Leonard "Hal tan bandmaster in excelsis’’ Rcther with aplomb. She important big works that the big 
Rprnctetn’s Sonafest an style. When no more than in- launched into the first movement 0JT hestras don't hill. 

?n*-Hotfliry o' Am**rie*n poetrv cisive rhythms, careful balances, with a- headlong energy to maten This PI i was a wonderful start 

f-«m the 17*h . rentnrv in th<* and immaculate playing are Mahlers when ne compared lr. —the holdcst. most confident and 

•’’■"sent .'«»» f n- *!x cinoens required, he shines. Claudine . ? n ot ? cr Cfl,,T,ts ,l was a !] colourful, and therefore the 

e n’t orchestra, wa* an P^mira^'e Carlson sang the alto solos very J’arinnoitpn acemint of a work , nost beautiful rvnd moving 
nie-e -L corrooc«*d with h»« impressively. The narrator (and that should change the world of acconnt nf th( , W ork I have 
v-nntod fluo-Ti-TT ?nd skill. nea«v also full-blooded actor of Ivan loose wno near it. heard, not just del Scale, accu- 

siii-v'ptr , i*».nnte rows into and of the Idiot) was— as in the Solti had recovered for the rate, and poetic but also heroic, 

c atebr pron***!-* eclectic, enter- 1WH premiere of the oratorio. New York premiere of Tippett 4. exuberant, with none nr that 
♦•.{Titne brill* rot, and movine T and the Angel recording— Boris a half-hour piece of close, taut, sense of hanging on by the skin 
was ev*n-.»- little *= ,,rori,! ed that -Morgunov, whose uninhibited, instrumental thinking, punc- pf the teeth which marked some 

Anv Shalyapin-like rhetoric justified tuated by a sequence of piled-up earlier performances. PhviUs 


T liked it SO much. .... ... 

musician most respond to thp doing the piece in the original Trwtanesque harmonies for Rryn-Julston, as at the 197S 

lucid, more deliberate than an exuberant 11-minute essay in I technical skill, the felicity, or language. horns and by an explosion of Prom, was the incomparable 

buoyant: - four saxophones can cross-jointed, disjunct melodies, the facture. But it was rather The Boston Symphony pays hammered chords, and built on soloist: she sines Boulez as 

hardly*, ever be said to sparkle, shot through with dark laments (like meeting someone who has four two-day visits to Carnegie developments of themes labelled beautifully as if it were Bellini. 

But H)s not h disagreeable com- and some beautiful dark-purple •" • r '*• - ' ■••%---•• .... 

bination: and especially when timbres, leavened : by rnwtrao * . - , - ~ ■ 

the registers are vridely soared, with some pungent big-band 1 j 1 


the four voices can achieve a echoes. 

nice variety of colour and in- For the rest, before the 
flection. The texture is only a Mu I downey (which seemed an 
itltle overpowering when the apt moment to leave, while the 
part* close in four throaty reeds sound of the combination stii! 
together, a characteristic saxo- retained its freshness, and didn’t 
Phone curdle. yet press on the ear ton hard). 

Its special qualities notwith- we heard three pieces of lighter 
standing, a saxophone quartet weight. Sir Dickensian Sketches, 
can never match the clarity of by Robert Hinchcliffe, was a 
articulation or nuance of colour sequence of incidental-music 
and counterpoint of a mixed cameos that would each, have 
.group, -and especially not that of stood up just as well (and per- 
8 ^ stri ^ e Quartet. An arrangement haps even better) without a 
of Haydn's ^Emperor string short, rather glib spoken intro- 
quartet (op. /G nu. 3) was a duction, Pipedreama. bv Stewart 
curiously unrooifortable choice Green, for which two 'members 
to open the Myrha's programme of the group deftly : exchanged 
at' St John’s on Saturday nic*»ti saxophones for flute and oboe, 
too close in register, too woolly was a welcome textural relief. 
Jh timbre, too easily taken ns a but really needed . a film to 
“joke" arrangement (a student sustain it- A virtuoso Groce el 
at Ihe RAM some years ago. I presto, bv Jean Ririer, tasteful 
remember, made a brilliant and accomplished. likewise 
arrangement of the Franck appealed to U6. in no uncertain 
violin sonata for bass tuba, and terms, to Take a Look at Life 
was terribly hurt when his audi- again Soon. 


Festival Hall 


Messiah 


. After a week of Bach Passions, either a nativity or a Passion 
ft • was refreshing to turn to narrative. 

Handel, and to be reminded by ' Charles Farncombe chose to 
the Handel Opera Society that present the work with an admir- 
Messio/i is a work for alt sea- ably balanced smali number of 
sans, not just Christmas. For its singers and instrumentalists; 
three parts carry the story of though bis own enthusiasm was 
Christ’s work from his birth, unflagging, and bis invigorating 
through his death and resurrec- attention, to the inner detail of 
tion. to his second coining: “ I the choral writing revealed many 
know that my Redeemer Jlveth frequently overlooked subtleties. 
. v . and that he shall stand at >t must be admitted that .his 
the latter day upon the earth.” forces were not able to sustain 
Pari Three.is given over entirely the continuous demands he made 
to. a vision of the Day of Judg- °n them. Dry staccato semi- 
ment," setting the piece in a . quavers are more difficult to 
broader context than that of fill with tone than are long sus- 
tained lines: there -were clearlv 


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many good voices among the 
amateur Handel Opera Society 
Chorus, but the crisp articula- 
tion they had practised well 
grew more desiccated as the 
evening progressed. 

Among the soloists. Norma 
Procter's serenity and John 
Shirley-Quirk’* dark-hued power 
stood out; Elizabeth Harwood 
mounding phrases with her 
sounded ill at case, only fitfully 
customary beauty of line, while 

'Anthony Rolfe Johnson sang “ in 

the correrl tenor attitude, with 
one foot slightly withdraw^ ■ (as 
Vaughan Williams said of the 
first Gerontiust. The orchestra 
rarely gave pleasure, except for 
Robert Aidwinckie's exhilarating 
burblings on his conrinuo organ. 
Much of Handel’s genius was, as 
erer. revealed: but it did not 
rake King to run out of finqers 
counting groups who. given a 
Saturday evening ia the Festival 
Hall might weH have revealed 
more of it 


NICHOLAS KENYON 


National Gallery buys 
17th century Dutch 
picture 


Saint John the Baptist Preach- 
ing in ' the l Wilderness, a large 
painting by the Dutch artist 
Cornells Cornells* Van Haarlem- 
rn>62463S) - has been bnhght by 
the National Gallery from 
Edward Speelman Lid., and i* 
now on display in Room 2S, 


ENTERTAINMENT GLIDE 


C.C. — Thu* ih*?*irc» accept ceruur trrtii 
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OPERA & BALLET 


COLISEUM. Credit cants 01-240 52sV 
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7.00 force o< Destiny; Thun. 7.50 Don 
Giovanni. Good Friday; theatre .dosed. 
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ol perl. 


COVENT GARDEN. CC. 240 1066 
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THE ROYAL OPERA. 

Tom Of . 7.30 ojn. laamenco. Thor. 

7.30 p.m. II trOvatb.*e. 

THE ROYAL BALLET 
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7-30 p.m. Manon. 65 Amphi seats (or 
all peris, an sale from 10 a.m. on day 
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SADLERS WELLS 


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THEATRES 


AGELPHI THEATR*. CC- 01-836 7611. 
CfffS. 7 30. Mats.- Thor*. 3.0. bats. 4.0. 
GOOD Perl - •* 

THE, Bbsi MUSICAs 
OF 1976. 1V77 arm 978! 

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Sat- SJIO _ 

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GREENWICH THEATRE. 01-B5.B 77SS 
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EVENING STANDARD AWARD 


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Thursday 8.00_ Fri^ 

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01^30 2578. 


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iun 


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MOO. to Thur. 9.0. Frl.. Sat. 7 30. 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK *N* ROLL MUSICAL 


LONDON PALLADIUM. • 01 -437 7373. 
MARCH 20Ui FOR TWO WEEKS 
MISS 

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JOAN PLOWRIGrtf 
COLIN BLAKELY 
and PATRICIA HAYES In 
FILUMENA 
by Eduardo de Filippo 
Directed by FRANCO ZEFFIRELLI 
“ TOTAL TRIUMPH.** E. News. 

- AN EVENT TO TREASURE. ,a -D. Mirror 

rt kl A V IV fill I TUB I voir CAB A 


MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday Times. 


MAY- FAIR. CC. 629 3036. 

Mon. to Frl. 8.0. Sat. 6 JO aim BAS. 
GORDON CHAFER " Brilliant e.N. In 
1HE ELOCUTION OF 
BENJAMIN FRANKLIN 
by S«re J. Snears 


“A CDCnpauibnale. tunny. fiercNY elOQDMl 
play. - ' tidn. “HUarloos " EJtd. “Vfltkedly 


amubne." E. New* "Spel'blitllna." Obs 
MERMaId. 2d8_765S. Rest 248 2835. 


*656. Rest 

Tam CONTI Jane ASHER In 


WHOSE LIFE B tT ANYWAY T 

. ACCLAIMED 6Y 


THE NEW SMASH HIT 

EVERY CRITIC 
(in. B.15. Frl. and Sat S.15 
Scan tickets £1.25 to C3.50. ■ 
Combined dinner-theatre ticker £8-50- 


NATIONAL THXATKE. ' 928 2252. 
OLIVIER ropen staoel: TonT. and tumor. 

. r 7.30 TUB CHERRY ORCHARD by 

n 52*- A bood da*l ot-| Ctwkhpv traits, bv Michael Frayn. 

- yWHiB News. ! LYTTELTON rpfPHenlvm stage): Tont 

I 7.45 ' 


. THE GUARDSMAN hv Molttar 

CRITERION. CC. 01-930 321 C i ^ Marcus. Ttmtor, 745 

Even-nas «■ $**• BAO. Thins. 3.0.‘ ‘ - 


“ Incccibic - . a niiM? son. tim I LarK_ RISE written be Keith DfWhgf-t 


The Lade fnm Maxim's. 

COTTHtOE (small auditorium): Thur. B 


PALACE. Credit Cards. 01-437 6034. 
Mon.-lhur. S.OO. Fn.. >at. 6.00 and B-40 
JESUS CHRIST SUPERSTAR 
GOOD ritiDAY 2 Pens. 6.0 «nd 8.40. 


PHOENIX. Credit Cards. 01-836 06H. 
E«9». a- Mat. wed. 3.0. sats. 5 0 6 B O. 
FRANK FINLAY In 
The Leslie Biieuue Musical 
KINGS AND Q.DW.NS 
Dirocied bv Mel Shapiro 
- Stttcesslul. U*L Emertalntng." D. M*<1. 


PICCADILLY. 457 4506. Credit card b»9*- 
630 ic/l. Ergs. B. aats. 4.4a ana a. 15. 
wed. Mat 3.00. 

BEST COMEDY OF l«1b 'fcAR 
tvs- standard Award ana sWET Awaro 
Royal unakespearc Com m tv m 
PRIVATES ON PARADE 
by P«er NichWt 
'Not suitable tor Chilareni 
- HUGELY ENTERTAINING 
EXTRAVAGANZA." S, .'Imcs. 


THEATRES 


VAUDEVILLE. 036 9988. CC I ms. at 8. 
MaL Tues 2.45. Sats. S ana 8. 
Dinah SHERIDAN. Oulfe GRAY 
Eleanor SUMMERFIELD James GSOUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT HIT 
by AGATHA CHRISTIE 
" Re-Ofiter Agatha with anotner who- 
dunnit hit. Agatha Chm; Lie is stalk. up 
the West End vet again with another 
ol ner hemLshlv ingenious murder 
mysteries.” Fell* Barker. Ev. News. 


WAREHOUSE. Dpnmar Theatre Covent 


R*C season from ID April. Ltrrndaerg's 


THE DANCE OF DEATH. John Fold's 
WHORE. Paul 


TIS A PITY SHE'S A _. . 

Thompson's THE LORENZACCIO STORY 
In repertoire Advance 8kos Aldwycn. 
All seats £1.80 


PRINCE OF WALES. CC. 01-930 36B1. 
Monday to Friday at S D jn 
Sat. 3.50 and 8.45. Mat. Thurs. 3.00. 
GOOD FRIDAY ONE rfcRF. AT 6 0. 
'■ HILARIOUS COMtDY MUSICAL " 
—The Sun.' 

I LOVE MY WIFE 
Starring (to April S) 
RICHARD BECKINSALE 
and from April <0 
ROBIN ASK WITH 


i o' " ContesFiDns Of " bins tame' 
CREDIT CAR[T HOOKINGS 930 0846. 


WHITEHALL. 01-950 6692-7765. 

£vgv 8.50. Sat. 6.45 and 9 0 
Paul Raymond presents the Sensational 
Sex Revue of the Century 
DEEP THROAT 

Due to owrwhelmliia PuDHc demand 
Mason extended. Plus extra oerfc. on 
Frl. 6.45 and 9.00 from Marsh 31 m. 


WINDMILL THEATRE. CC. 437 6312- 
Twite Nightly 8.00 ana 10.00. 
OPEN SUNDAYS 6.00 and B.OO 
PAUL RPYVOND presents 
RIP OFF 

THE EROTIC EXPERIENCE' OF THE 
MODERN ERA 

" Takes la unernredenred limits what n 
D^rmissihie pn pur Maqes." Cvg New* 
You may drink and smoke in the 
Auditorium. 


QUEEN'S THEATRE. CC 01-734 1166 
Ercnines e.O Sals 3 0' nd 8.30. 
ALEC GUINNESS 
BEST ACTOR Of 1W TEAR 
Variety C'ub cl CB Awara 
THE OLD COUNTRY 
A New Play bv ALAN BENNETT 
Dirert-0 bv CLIFFORD WII IAMS 
BEST PLAY OF THE YEAR 
Pfavs and Plavers London rntici awara. 


WYNDHAM'S 3*6 3028. Cred.t Card 
ha-.k-ng 836 1071 ev. Xat.l. Mon.- 

Thurs. 8 Frl and Sat 5.15 and 8.30- 
" ENORMOUSLY RICH 
VERY FUNNY “ Evenino News 
Mary O'* 1 •"•v’t smash-hit 'omedv 
ONCE A CATHOLIC 
” SureAre co-nrdv on s> x nd reliRion.** 
DaMy Teleorapn 

"MAKES YOU SHAKE WITH 
LAUGHTER ** Guardian. 


RAYMOND REVUEBAR CC, 01-734 1593. 
At 7 p m 9 p.m 1 1 p m. -Doen Suns 1 
PAUL RAYMOND pres* IIS 
THE FESTIVAL rtF 
EROTICA 

FuHy Air Conditioned. You may 
drink and smoke In the auditorium. 


ROUND HOUSE. 267 2564. Prev. Tumor, 
at 8. Opens Wrt. at 7. Subs. Eves. 8- 


No pert*. 24 Manh. 
HAUSER 


ER ORKATER 

present the London premiere of 
THE HUNCH . 


ROYAL COURT. 

6»BS 8 O Sat_ 


HULL TRUCK . 

OF ROSES 


730 1745. 
S.OO and 8.30 


a eep - 

*■ Made me tee’ gjad id be alive. ■ □. Exp. 


See also Theatre Upstairs. 


ROYALTY. Credit CartH. 01-4QS 8004. 
Mondav-Thursitay Evenlnps 2.00 Friday 
5.30 ana 8.45. Saturdays 3 0 . nd 80- 
london's critics vote 
BILLY DANIELS in 
BUBBLING BROWN 4UGAR 
Ben Musical of 1977 
Bookinov arrnoted Malar ’reou raids- 
Easter Prrt*. Good Fr'dav 8.45 
Bank H oddiv Monday S.OO 


01*836 8888. 


Nlghily at B.OO. Mat. Wed. 2.30. 
Sat. 5.00 and 8.00. 
PAT8RICK CARGIU & TONY ANHOLT 


SLEUTH 
rid Famous 


The World Famous Thriller 
by ANTHONY SHAFFER 
“Seeing the oWy ssain & in fast an 
otter and total Joy/ - Paneh 
" » will run and r Un again." S. Tel. 
“ Blend of comedy, oameunanship and 
dlsgvne. Times. 

^ *0 M «* Cl to £3. 

Good Friday and Easter Motidav a o.m. 


SHAFT ESSIHtY. 836 BS96. 

John Reardon and Joan Oientr in 

That legendary musical. Preview Ton'L 
at 8 o.tn. Ogm Tamar. 7 a. sub- 
Evgs. 8.0. Sate. 3.0 and B.O. 


STRAND CC. 01-8X6 2660. Eveninas 8JW»- 
MaL Tnuo^.O^ 5 aB. A S JO fend a -30. 

we're temsiT 

' THE WORLD'S GREATEST 
- LAUGHTER MAKER 


. . 4 Piaster" Son Tlnw-I 1 uw* wnnrn m Keirn Ltewnur^ 

m JRfrrr 1 i tr^n Flora Thompson's book 'Prom, perf.t 

HI^BIOW-W NNY.^W. or Wong , j 

DRURY LANf, CC. 01.836 8108. Every I 
M^ht 8.00. _M»m*e_Wetf. a 50 Sat. 3.00. ■ OLD. VIC- 471 7616- 


A CHORUS LINE 
•• A rare “r«4stltlng. lovout astonishing I 
sterner • Sondav Time. 


DUCHC5S. o-'C HZ43 -Ran. Is TNnt. 

E ^' 9ttr, wTe&tmiAi " d 9CD 

“T*“ Tk 


Pro^eert at The Old VK 
Swmu Season- — last week 
. ANTONY lr CLSQ*ATRA 
Today- Tuev. Wad. 7 JO 
ALL FOR t-OVt ThurS. 7 30 
SAINT JOAN 

Frl. 7.30. Sat. 2.30 A 7.30 
Sundmr. Marrh 76. 41 T 30 
THAT MIGHTY HEART 
wRn Barbara Jeltord A. John Turner. 


ST. MARTIN-5. CC. 836 1443. Evft. 8 00 


Mat. Toes 2.4S.^5eL,&_ Good Frl. 5 A 0. 


AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S t ONGEKT-CVER RUN 
26th YEAR 


YOUNG VIC (near Old Vic). 928 6363. 
Toniaht 7 45 TWELFTH NIGHT. 


CINEMAS 


ABC 1 A 2. Shaftesbury Are. 836 8861. 
Srp. Perl*. ALL SEATS BKBLE. 

1: SILVER BEARS (AJ. Wk. A Sun.: 
1.43. 5.00. 8.00 (last 3 davs). 

_2: THE BOYS _IN_ COMPANY C (XI. 

Wl. and Sun.: 2.00. 5.15. B.15 (last 3 
days). 


CAMDEN PLAZA (ODD. Camden Town 
Tube). 485 2443. Robert Brnwn'l 
masterpiece THE DEVIL. PROBABLY 
'Xi. 4.4S. 6-50. 9.00, 


CLASSIC 1. 2. ■ X. 4. Oxford St. (Odd. 
Tottenham Com Rd. Tubei. 636 03 ID. 
1. ABBA THE MOVIE (Uj. Stereophonic 
Sound Progs. 1.30. 3.SD. &.10. BJO. 

5-nI M£ c l i!? ,, l*Lr tACE (AJ - S«- MK>. 

2- 0O. 5.00. B.OO. 

3. Last 3 flays 1 LOOKING FOR MR. 
GOOOBAR (X). Pro«. 2.30. 5.0S. 

)3D. 

4: SPIDER-MAN (UI. 225. 5-50, 9.10. 
YOU yBHT UP MY LIFE (Al. 12.45. 


CURZON. Cunon Streer. W.l, 499 3737. 
PARDON MON AFFAIRE 'XI -Engllsn 
sub-tltleO. “A sparkling New French 
Comedy. Dlrectco with Iknesse b* Y*es 
Robert Sunday EnrtS. FlMV at 1.50 
mot Sun.). 3.55 6.10. 8.30. 


GATE TWO CINEMA. 837 117718402. 
• Formerly E.M.l. international. t Russell 
Sauarr Tube. DEREK JARMAN'S 
JUBILEE (X). Sea. Pens. 1.00. 3.3a 
S.OO: 7.00. 9.10. CHINATOWN IX). 


LEICESTER SO U A RE THEATRE £930 _E 2S2) 


OLIVER REED. SUSAN GEdRGE and 
i** 1 *- TOMORROW NEVER 
COMES fX). Sen. progs. Mon.-Sat. US, 
4.SD. 8.10. Seats bVble. lor 8>10 prog. 
MoiL-Frl. and all proas. Sat and Sun. 
except late shows. 


ODEON. H Bymarket. C930 2738)2771 J 
Jane Fonda, Vanassa Redgrave in a 
Frad Ziinwmann Aim JULIA (A). Sea, 
progs. Dly. 2^0. 5A5. BAS- Fuatura . 
Dlv. 2.45. 6.00. 9.00, An seals bookable. 


ODEON. Leicester Sonare. gso Gill 

S^S?rff K ? UNTERS OF THE THIRD' 
KIND (A). Sea. progs. Dly Doan open 
00.00 Nat Sun-J- JJ05. 4.1 S. 7A5. 

s j^ Ti Juec--Sats. Doors open 
11 *1S RJ"- *11 seat* may be booked 
excctt 10 00 a.m. prog. rNo iq.oo a.m. 
prop, on Friday. 24th Manch.J 


ODEON. Marble Aren. (723 201112) 
5T4R wars (Ul. Doors ooen OlV 1.30 
per?' WW ' AH ■**'** ’ ,ltb,e 1.30 


; pb,m « "m A11 8,Bt 

734 5051. J | PwJJL Dly. i|nc. Sun.) 2 4S, 6.15. 


TALK Or THE TOWN. CC - _ 

8 .00. Q’tUBft Oaucing 9.30. Super Revue | '-»lr Shgw fn. inj) s,t. ii.ss'. 


RA2ZL8 DAZZLE 
and at Ham.' 
MAOELINE BELL 


Sean Bookable Licensed Bar. 


THEATRE UPSTAIRS. 

Evening^ 7 30 
CLA5S ENEMY 
ov Nigel Williams 


730 2554. 


*^£55® a '_*£ ,E Sq. War dour SM. 439 
! 7 ^ E . PIN 5 PANTHER STRIKES 

AGAIN <U.. So.- -Tiun l.t(| S SS 9.35 
1 £r<- and Sat. 12 £0 4 45 8 45 12 4V 
RETU RN of THE PINK PANTHER 
.. 3 25. 7.30. FrL and SlL 


Sun -Thur _ _ . 
2.35. 6-40. 10.40. 






FINANCIAL TIMES 


... ' Financial Times Monday March 20 1978 

The Soviets are in a hurry to exploit Siberia’s great natural resources of oil, 
gas, iron ore, asbestos, nickel, copper and gold 


BRACKEN HOUSE, CANNON STREET, LONDON KC4F 4BY 
Telegrams: Finantimo, London PS4. Telex: 886341/2, 8S3S97 
Telephone: 01*248 8000 


Mondav March 20 1 978 • 


The Russians arouse then* 


Israel and 


the U.S. 


By DAVID 5ATTER Moscow Correspondent- 


ROM THE WINDOWS of f 
the Trans-Siberian Express I 
the snow-covered btrch I 


RAILWAYS TO DEVELOPMENT 


was expected even before their thereby escalating the conflict i og cabins form a foreground 
-- meeting was pusiponed as a re- and .increasing the chances of to^building cranes and modern 
__ .<u/r of the Fatah incursion into dragging Syria into an open apartment blocks going up 
Israel. Now. one week later, conflict.. If they intend to "pro- along the horizon, 
following Israel's Invasion of caeil as far as 15 miles, the The unrelatedness of old and 
. -the south of Lebanon there is ranee of a Katyusha rocket, the new is Si of toe So?i« 
a possibility of an angry con- risks of wider hostilities will be Union, but ■ nowhere more so 
frontaunn that will not be dis- very great. than in this vast region where 

euised in any way by the faml- ^ f orccs advance towards the new is embodied in the 
““ !/ ar references t« the special , he pj ver L itan j ; Igrael has Soviet programme to develop 

*” en , . ip _J? etwee , n two m ade adamant! v dear its opposi- Siberian resources, and toe old 

countries. TTie scale and ruth- ^on ro t h e en tfy of a UN force, seems dictated by the require- 
Icssness of the Israeli operation. too hav6 t j, e paies^tans ments of nature itself. 

- Si rJ.,l' ? S agmnmT ^rV,°r S, “ ire h Tfd' 

- Palestinians, may have killed off .EES* SS, "SSSJfJS, JM2 

* the peace initiative launched by somp justification, that a UN Siberia ins teem the oil and 
«. r ”' dent -‘- n Y ar f ada ; nf E&Pt force on the scale emlsaged gas base of the Soviet Union 

which was already foundering W0U jd be incapable of prevent- f n the past 20 vears Steady 
—causinc crowing friction be- t n g Palestinian penetration and industrialisation ' is planned 
t.veen Washington and Jeni- keeping .the Katyusha rockets W itb Siberian expenditures 
Salem in the process. Mr. Begin at bay. Instead, Lieut-Gen. accounting for perhapsbalf the 
can hardly relish an encounter Morderhai Gur. Israeli Chief of total Soviet budget by AD 2000. 
that will take p*»ce under the Staff, said yesterday, it wants 

shadow of an American- a collective '.airangeme nr: first. The key development over 
spn- :nrcd U.N. Security Council with the Lebanese Government: tM hext ten years is the 2,000 
resolution calling upon Israel second, with “the Christian onile Ralkal-Amur Railway 
to withdraw its 20.000 troops communities. all over Lebanon”; (BAM) wliieh. when complete 
and for their replacement in and third, with the predpml-. in 1983. is expected to open 
the area snuih of the River nantly Syrian pan- Arab peace- the way to the exploitation of 
Litani b;- a UN force. keeping force. Israel can make some of the world s richest 


Norilsk 


BAIKAL-AMUR RAILWAY(BAM) 
•H+r Trans-Siberian Railway 




Urengor 


Yakutsk 


Surgut 


-Tobolsk 
S) ® 
Tyumen 


^Nizhnevartovsk J 


Komsomolsk 
-on- Amur 


iovetskaya 

Gavaim 


list Kut 


Bratsk; 


Taishet 


1 Nizhni - 
[Angarsk 


1 Khabarovsk! 


Novosibirsk 




C H I N A 


500 Miles 




■ H(i> •••••• 

Mongolia 


• M 

Vladivostok 3 


Korea^ jjjgiya 


tani by a UN force. keeping force. Israel can make some of the worlds richest ' ' 

rT a proposal knowing that de ^ os j} s of iron ore, coal, gas. ture> p i anners have adopted the including the Tyumen- province verge regularly at the bridges terms of geological exploration 

Unresolved Syria cannot, in political and asbestos, nickel, copper and princlple . ^ “territorially ca- of western Siberia which will built to traverse scores of wind- and an utterly remote region 

Before the invasion of ?7.5? bly "L 1 , 11 * 1 !* tenns - SS h ? w S? l f SL“ ^ ordinated production com- produce half the Soviet oil and mg rivers. A wooden builders’ with neither landing strips nor 

“banon there w-re unresolved V* 1 ? P® pale * tin,ana and uninhabited re gion. plexes." A typical complex in- a third of all- Soviet natural gas village was visible, along the roads, roughly the size of Scan- 

fferences ‘over Israel’s deter [51? nit?™?™ Ec ? n ° mists »* Atadto- eludes a set «ftrtorieTand an by 1980, and the Angara River rail bed on the side of a bare dnmi and Western [Europe, 

inatinn to continue the devel- n3ri r 3 or °dok, near Novosibirsk, en6rfo source aJd served by a region where Bratsk, a pioneer hill, but even from a consider- Some Soviet geolog sts believe 

meot ££ * ,2 " 2 ? ?*MR**Ji £3? SSite ron- P^ect of the 1950s > to tenfa, able altitude _ on a brilliant it coidd — * and gas 


iSSZ th - re "** U " re *T 1 ! e(I that the Lebar 
differences over Israel’s deter- vet . 

minatinn to continue the devel- rPspnn 'fb</ifv 
npment-nf sites not only in the Israe , intends j 
ttest Bank but aIso : ,n Sinai. indefinitely. 
This -was one important -factor . 

stalling the peace dialogue with Interim role 
Egypt. • 

Equally sharp and central to ha 

the Middle East problem is the P^bing throufi 
dispute over UN Security Coun- c , alli ng for ai 


Sinai- itS - trb0ps 10 rtay the Of sciences, told * £i TlS^ ‘i’iSK.B morning, it was the only deposits richer than those in 

his -was one important- factor ,ndCflmt ®* y ‘ “>■ because of expected.^ ^ error. °The Uve city of 250.000, Develop- sign of human, habitatiop for as Western Siberia. 


|i«Sifclri“ d ™» r mfrerliT“e lam «dmi for 'many Jhe wen oU farji' th« «e M“ld t-J . 


cil resolution 242. the basic and ana .H , . e des P*tch of a union, aimougu con^irucuon is ** -niant and ^ as deposit are being-dis- is to grow from several hundred 

globally accepted framework for J-HKHnan W lorce as an severe! times more expensive ^ covered in- the far northern thousand to 1.5m. Construction Soviet planners are also con- 

an Arah-lsraeli peace agree- l . nt ® nm elution until the because of climatic conditions Yamal. But xhe focus of deve- 0 f the railway, at an estimated sidering building a series of 

ment. Mr. Carter will not give Lebanese Army, now being and the lack of infrastructure. The poUgy ^ ec “Jb* : fact Iopment now ^ ^ BAM rail . Mst rf 10bTL roubles, will pre- east-west railways across Siberia 
much sympathy to Mr. Beein's 080 u “ derta f :e tbe The scale of the development ^ f hrpl wa Y which will form the pare the way for the construe* to compensate in part for the 

contention that the resolution ro 1 ^- With six countries alreadj* ^ the obstacles it feces transportation and commiinlca- tion of between six and nine lack of an east-west trans- 

does nnf necessarily apply J a ^ng agreed to supply troops. are amjarent. From the H. raes . ra °i e e ^? ai ®^ e in i5lbena tions backbone of a wilderness major industrial territorial Siberian highway and .to open 

the West Bank because it does 2_L*N force could be on Oje lQwers ^ lights of Tyumen, ,n Eu V >pean Russia. area three times the sire of complexes along the route. They u p new. more_remote areas of 


.. nnt specify this territop- by JE th* oil metropolis of western 


:• r£ ; in addition Washington Siberia. oil 5T5 

. has been angered by Israeli pro- ^ despatC hed by 

'■'if i US™frJS>t “terJiiJ l»pwp»™d to-ight thrroef. w wk in raakMfrfft 

..or c.o aircrait to ftgj-pt ana settlements in the far North, to 


Impassable 

marshland 


. ■ France. , will include a pqper plant coin- Siberia in much the same way. 

Ip About 660 miles or 35 per plexat Ust Kut. just west of Jhe as K is. hoped that the area 

cent of theJBAM route has been northern tip of Lake Baikal, : a between the northern shore of 

d finished and construction Is pro- copper complex -at Chara, dfiaw^ Late Baikal and the Amur rivar 
< . - ceeding in both directions from ing on the huge Udokan copper -will he opened r py BAM, They. 

f a trip Tinda whW. is KV^^"end f TBAli: 

s across along the route and destined to richest copper aeposip I s . to Tvumen a raiiwav across 
he I was be a major- transport centre and believed to be capable of eVentu- L -Hi cfhprta m ihe west 


operation the n; 
changes wiJl ini 
on the problem 
from Lebanon ai 


i images 


through 


o ^ . . . IJ J. / t UUWUfill UlVUiUOlOi} oiuug -*• -O 

of gravity eastwards. It is also formatting Decause .temper- j he route. BAM construction Besides completing BAM and The Soviets are confident of 


Anomalies in 
State pay 


estimated that 70 to. 80 per cent, "atures in Siberia's great finest srtes ^ not .f Me jy accessible creating industrial complexes in the . natural wealth of Siberia, 
of norential Soviet resources, in- and,, permafrost hrhtemnd «.«r»rn. -inumniictc htir a thA TtAM annp. which .the The .limits to what they can 


SIR DEREK EZRA, the chair- nationalised industries has 

man of the National Coal Board, falldn way behind the private 

said recently that he would be sector; there are also anomalies Blpll JB 

just about as well off if he were within the nationalised indus- Itffl W Mm IU 8 8 

the manager of a West German tries themselves. There is the 

coalmine. At the same time, now frequent case of full-time 

his nearest equivalent in the Board members receiving lower _ f 

German coal industry wnuld salaries than other senior Labours pains 

have' an after-tax salary at least executives. _ n 

three or four times his own. Yet there is another anomaly VrlyutS 

Similar statements have been which has received less alien- Bugged weather up on the 

coming from chairmen nf other tinn. It exists between the Clyde yesterday led to an 

British nationalised industries, .mainstream nationalised indus- unseemly ending to the confer : 

Sir Denis Rooke nt British Gas, tries, such as the NCB or enc * of tbe Scottish Council «f 

for example, told a House of British Gas. and those which ,he Labour Party. With the 

Commons Select Committee last have ^me into State ownership Scottlsh Nationalists champing 

month that the corporation through methods falling short tl ? e hor ««*n «nd «nou® by- 

which he headed operated nn of nationalisation The most e,ectl0n $ round lhe corner, the 

the «cope and scale of ICI. The extt^me casc is BP where State 400 de,e S at « wer e subdued in 

chairman of ICI is paid £99.000 oSt iStal IS their critlciSTtI Qf the Govern ' 

a year; Sir Denis is paid £23.000. Srf^art from nlv Joltev ment ’ lT was t0 a de,esa ‘ 

™ r *'. a P art f rom pay policy. rton of wor kers from the Clyde- 

DlSCUSSton l r here is no Government inter* bank plan| of Singep ( UJC) to 

It u important not to get fe JT e , nc *J n lhe T f a ai ? structur ^ make the most anguished enm- 

tho.se complaints nut nf perspcc- ^ n r? on p,aints ab . nut scheduled lay offs 

live. Both Sir Dcrcfe and Sir S,n rrT mnrl ln lhc Pr ' me Master ^ €n he 

Denis after all continue to do thc ■ I r I !' . E ' e " mocc crossed the Clyde to Dunoon 
their ’ jobs, though whether a ^^ ous 1 f. lhe ,act * at any in Argyllshire on Saturday, 
ihpv would have taken them c 0 " 0 *™ other partially or Callaghan received the stan- 
had' thev known how rigidlv fui, Y own<>d by the NEB can dard standing ovation from the 
their salariw were coin- to be *** lls tnp P e ‘»P le "'bat it likes delegates when he was played' 
£&d ““otowS!;. the ]irafc »f «“ W in by , piper. The piper b.d 

do either they or their fellow Policy. been due to sound off Srotiartfl 

chairmen appear to be demand- T ether ? e Br ? vet , bu J ’hSiS? 

ins that their pay should rise to Together discussion about whether this. 


of potential Soviet resources, in- and., permafrost hmteriand t0 journalists, but a toe "BAM gone which . the The i .limits to what they can 

eluding at least 80 per cent- of regularly drop tb “W'degrees section' of the railroad not fkr planners would like to see. achieve -are limitsof manpower 
the oil and gas, is located in • cent! grade in' winter and during j rn m the "town of Chulmari, finished by' '1990, the Soviets and limits of resources The 
Siberia, although 80 per cent of toe Short, hot summer, toe wilds about 100 miles north of have other ideas . for the birth, rate is falling, prompting 
Soviet industry is still in Euro- are transformed into impassable Manchuria, ' is clearly visible development of Siberia’s wealth, greater emphasis on mechanlsa- 
pean Russia, thousands of miles marshland by. excess,- yfaXer from the - air. Two. narrow Perhaps the most intriguing is tion and on improving the pro- 
away. trapped on the .surface by toe troughs, one of them with the the exploration and develop- ductivity of labour. In Siberia, 

To save transport costs and permanent? frpten subsoil rails already laid, cut precise ment of possible oil and gas however, the problem is not 
maximise the effect of expendi- . The Soviets havfe successfully geometric, .ribbons through the deposits of the East Siberian simply finding people, but per- 
rure oq permanent infrastruc* developed new areas x/t Siberia forest aroiihd hills, and con* plateau, now a “white spot” in suading them to stay in a 


remote, inhospitable land where 
the social facilities and standard 
of living are still generally 
lower than in the European part 
of the country. 

• In an effort tn hold people to 
Siberia, a salary coefficient is 
paid on salaries which vanes 
From 20 per cent in relatively 
settled Khabarovsk in the far 
East to up l« 100 per cent, in 
Nizhuifcolimsk near the Arctic 
Ocean with 10 per cent, incre- 
ments every year or six month*. 
For the approximately TOO.uoo 
workers who are building BAM, 
the immediate salary coefficient 
is 70 per cenL Because *ot toe 
almost total lack of anything to 
buy other than basics it is 
often possible to save the pur- 
chase price of a now car with 
money earned during three 
years on a BAM construction 
site. . 

Despite the high pay -and 
other incentives such as '36-day 
holidays and a free trip to Euro- 
pean Russia every three years. 
Siberia continues to lose popu- 
lation. exactly the opposite of 
the trend which the Government 
wants to encourage. Sociolo- 
gists at Akademgorodbk said 
that in the last three years the 
difference in numbers between 
those leaving and those arriving 
has been getting smaller, but 
the mobility rate in Siberia is 
still 6 per cent, per annum, 
compared to between 2-3 per 
cent, for European Russia. 

Many who come to Siberia tl» 
so only for a few years for the 
extra money and then return 
to the western USSR. In 
1959-6S, western Siberia, lost 
282,000 inhabitants. During the 
same period, eastern Siberia had 
a population decline of 147,000. 

The process is very costly to 
the State because of the high 
cost of moving and settling new 
residents. But it is likely to 
continue unless better facilities 
and particularly better housing 
are provided in Siberian towns. 
Labour shortages, in any case, 
aggravate the general shortage 
nf resources which inhibits 
Siberian development. 

It has been estimated that 
moving a man to western 
Siberia, for example, and pro- 
viding him with all the neccssi- 
Tiea of life costs 40.000 roubles. 
Road building in the taiga and 
swamp costs roubles Ira. a 
kilometre and. given the. high 
labour costs necessitated by the 
difficulty of keeping workers in 
Siberia, the strain imposed on 
the already heavily committed 
Soviet economy is enormnus 
even acknowledging the hand- 
some- return which that invest- 
ment is expected to bring. 

Thc-.Soviets are in a hurry to 
exploit Liberia’s natural wealth. 
That is why they looked for 
western partners and advanced 
technology.' For the moment, 
however, having had mixed 
success in gaining European. 
Japanese or American co-npera- 
tion, thev are pressing ahead on 
their own. 


iuniK- 






>Vv. - Frederick Barbarossa: its pair Sinclair used to run a 25,000- 

. " - /;• . '■ - . is in the Lotivre. circulation radio magazine. 

* - ' ;-- ■■■ When - the Nazis came to Popular Wireless, while still in 

power, von' Hirsch gave Goer ing sixth form. His firm makes 
a painting by -Cranach to be pocket televisions and is devel- 
al lowed jo .go to Basie. After oping these together with funds 
the war he re-obtaltied the from the ; National Research 
Cranach. Yon Hirsch made his Development Corporation, 
fortune from the .family’s- ge said that the link up of 
leather processing works. Im- ca i cu iator and cassette re- 
probably. one Italian newspaper corder would give you a unit 
has. juft described him as a whjrb d0 same 0 f the 

shoe maker. . When I mentioned tasks -nbvf performed by a com- 
this yestettlay pH the telephone pu ter- 1 — storing data and con- 
to Nichol R&yner. the director trolling stocks, for instance, 
or Sotheby’s jewel sales in Thirty minutes of tape could 
. Switzerland, he scoffed. “How s tnre a -programme of some 600 

could a cobbler build atr the steps, many times more than 

biggest collection .of art to OI j (he normal programmable 

appear In. a London saleroom calculator, though the steps 

this cenfury ? " would be relatively slow by com- 

■ . ■ ' ■ puter time. 

• \,-f Apparently the new unit could 

“ That’s the 'FOURfk'-cloatt' Homely Computer also have some medifcal applica- 

Anennnter nf fhic kiiui we've .. . ■ tions such as reminding women 

encounter of tins kind we^e It 1S good . to .see -prices „hen to take the pm. It vjili 

tumblii^ -m . the field of efec- alsn a j low huffs t0 p iay games 


chairmen appear to be demand- “? e Jsr * ve ’ ou * 3 . . tronics but I never thought that aaainst their calculator though 

ing that their pay should rise to iO n ether discussion about whether days centuries seem 4- be- last- for an outlay of about £60 I somehow I question whether 

the ICI level overnight. .Sir The oddest case of ail is jnwht not *pra to M tigdng to tng a short time. For/On -Wed- could have my own computer, ihis Is how the commuter of the 

Denis merely told the Commit- British Leyland. a company that ** more wtJjWU! « J ntsflay a coUection which could even if a veiy smaU one. Blit. flltlir ' e wil] be spending his train 


quarter ur mat 01 uie 

chairman. 

The complaints arc. liowi 
worth serious consideration 
time when the future of 


XnS industries C is"*much ****** StS JStfSE f^ a TeM KZ 

under discussion. This week ment must . surely apply io fjop its «r ^ferrj and aught wi „ putt i ng it ^ the the spider’s web of wiring ! C S Stanlev rih 

hrircN fhr Government's stale- British Gas and the rest of the ? t0 P passenger ferry too. A hamm g r between June -20 and diagrams in the magazine hvS Ji j ! 


luck to 
Carlo, 


brings the Government's stale- British Gas and the rest of the ^ ^ hammer between Juae .HO and diagrams in the magazine but w " s has just opened a new 

ment on the British Steel Cor- State sector, some of which per- host of delegates, fearing toe* 2 7. V .- the basic points are simple- * rhl ^ 

poration and possibly the White form markedly better than be stu< * !" Du s n 0 °° w heS ' Th u e g»*l«ction was' WHt up that j-our tape recorder needs Momf cario J short Sn 

Paper on the nationalised Indus- Leyland. • Jntm the hall So ^ ^y the Swiss ^HectoG the^ate no modification, your calculator f ro!> the wLd famous Sino 

tries as well. Next month there For thp Governmenl it ls ™ “J S! Sf 5 ? v0 ^Hl r sch., Rubens, needs only two connectors^ newrompa^y^llS 

should be a new report, from almost always a dlffiCBlt ^ gj? “J onJ ™ a ™ ® Greco Tintoretto-,.’ added, and- you need some Si; in rare stamps and 

sm* c “ e nn p rasyrwpsr s -- - 

Many of the anomalies. instate ^ well enough off 1 by normal c to Monaco. Southern France 


Li . ji ui. hiiiviil 11 ig 

should be a new report from almost always a difficult time 
the Boylfr Committee nn top t0 gmnt large pay increases to 
salaries. . a Tatooritj- who-maj- seem to 

Many of the anomalies in State ^ ve ii enough off bv normal 


7 per cent, since me v 
ment turned down the_ 
recommendations nf 197 
those - recommendations 


Uie uo«m- inuKStries represent an im- as autuuo... >.»«% nicy T arrp4t . of rare stamn^ ” 

i-n the Boyle portanr part of toe British song which is meant to be toeir hundreds of objects- cMmped bad not yet given any thought ‘Lf 5 ! 5T T 0CB Mi( , hieI r qJJSE;' 
nf 1974. If economy; ail of them have to creed. . into his Basle home von Borsch to making calculators with the Gtobons iSSS 

. . .. • V.nrl , mariUiml irftltch tTMlrilflMtinnE nnraEMn- tn lillCl nU- 


had compete, at least for staff,- in 


— had a mediaeval showcase which modifications necessary to make ^ e 5|\ a ' 

included such objects as’, in the link up a simple matter of l ust h3ppe " s t0 °” n 

' Enamel ‘ arm ' onrament'^eKfeved pushing In a. .plug, though he 

10 to have been pah of 'the. im- added that .they would bfe doing. ObS&ffldl* 


►Jbi 


(J* 


%» 


i 

1 







Financial Times Monday March’ 20.1978 






SURVEY 


13 


Monday March 20 1978 


Saudi Arabia 

The world’s leading oil exporter now has greater influence than ever in the 
Arab and developing worlds and the West. This two-part Survey assesses its 
ambitious development and the. related effects on politic and social affairs. 


Limited 

room 

for 

movement 

By 

Anthony McDermott 


ARABIA HAS probably not had 
such influence in the world as it 
has to-day since Islam was boro 
there in the seventh century 
and spread rapidly westwards 
to north Africa and eastwards 
beyond Persia. Biir Saudi 
.Arabia's rise to pre-eminence 
and influence to-day has been 
in many ways more dramatic 
and certainly swifter than the 
early Islamic conquests. 

This new status is proving to 
be a mixed blessing. Saudi 
Arabia, given its political, social 
and bureaucratic make-up. has 
been — and still is — singularly 
ill-equipped to cipe with the 
importance thrust upon it. One 
example will suffice. Saudi 
Arabia possesses one quarter of 
the world's proven oil reserves, 
and at the same lime, because 
of its size and the comparatively 
small numbers of its armed 
forces, it is almost incapable of 
protecting its valuable assets. 

In their less openly patriotic 
moments, .Saudis would admit 
that their important position in 
the world is not immediately 
and directly the result 'of their 
own efforts, but more the effect 
of their colossal oil wealth. The 


real achievement-^nd this is 
a prolonged and unfinishing pro- 
cess — is to come tp terms with 
the effects ot this wealth. This 
involves economic, development 
inside the country; investment 
in the west and the resulting 
exposure to alien', social and 
political systems. .Without dam- 
aging the fabric of Saudi 
society, which is' based on the 
tight rules and regulations of a 
fundamentalist interpretation 
of Islam. ■ 

The turbing.poiBt.fr) Saudi 
Arabia’s modern . fortunes is 
well-knowri— the oil price rises 
which followed the 1973 Arab- 
Israeli war. An important de- 
velopment thereafter- was the 
consolidation of an increasingly 
close relationship with Egypt, 
the most populous and in- 
fluential of the Arab states on 
Israel's borders. Following the 
assassination of King Feisal in 
197.1. Saudi Arabia’s - foreign 
policy has taken an Increasingly 
flexible and active role. At the 
same time it has not abandoned 
its traditional characteristics of 
moving on the whole, with ex- 
treme caution, and reserving its 
public position on key issues so 
as not to exclude the ability to 
influence ' all the parties to a 
conflict. . " ' 


Tenets 


The basic tenets of its foreign 
policy have not changed that 
much over the years. Its 
primary concern is with the 
spread and support of Islamic 
values. The second, a corollary 
of the first, is open opposition 
to Communism and elnse 
alliance with the west. The 
third concerns a solution tp the 
Arab-Israeli conflict aprfjt the 
need for Arab unit?- The foferth 
is identification' with thetjsrfra- 
tions of the developing 


countries. It believes strongly 
that it should be able to alter 
the existing economic imbalance 
against the Third World by 
using its wealth — in its role of 
a country - still . underdeveloped 
in terms of infrastructure and 
the shape of its domestic 
economy — as aid and as a ne- 
gotiating ■ lewer against the in- 
dustrialised countries. ' 

One result of these far- 
reaching principles is that 
Saudi Arabia receives a con- 
stant stream of vistprs from all 
parts of the globe (except the 
East Bloc) on a scale perhaps 
unequalled eleswhere. It has 
meant, too. that in die Arab 
world, it has bad a hand in 
bringing Egypt and Syria to- 
gether after the acrimony of 
the second Sinai agreement and 
the Lebanese civil war. Its 
mediation efforts have involved 
it, too, in Western "Sahara and 
between - Syria and Iraq. Its 
concern: with the spread of 
Left-wing influence has led to its 
wooing the People’s Democratic 
Republic of Yemen in Aden 
with aid, and cheeking the Gulf 
states and North Yemen for 
signs of internal subversion 
and hostile policies. With Iran 
there is a nurture, of competi- 
tion — Saudi Arabia is keenly 
aWare of how much more 
powerful militarily the Shah is 
— and shared Interests, for both 
countries are apprehensive of 
the effects of the Arab states 
becoming radicalised and the 
spread of Soviet influence. 

Saudi Arabia’s aid policies 
tend to be dominated by con- 
cern for countries with Islamic 
connections, stretching from 
Niger in Africa to Pakistan 
(where the reassertion of strict 
Islamic values is no mere coin- 
cidence). to Indonesia in the 
Far East. 

-In the past six months Saudi 


Arabia has suffered two dis- 
concerting experiences in its 
foreign policy. These emphasise 
the fact that, while there is con- 
siderable confidence that domes- 
tic developments are making 
satisfactory progress, it is events 
abroad which cause most 
.alarm. 

The first was President 
Sadat’s decision to go to Israel 
last November. It is anproven 
whether Sadat did or* did not 
consult King Khaled before 
going. But the statement 
issued by tbe Saudi Govern- 
ment at the time reflected less 
concern with the taboo-breaking 
exercise of an Arab leader 
negotiating directly . and pub- 
licly with Israelis than its con- 
cern with the effects oa Arab 
unity. 

Sadat's initiative pat the 
Saudis on the spot, for their 
aid to- Egypt had been on a 
massive scale and virtually 
ensured that the President 
stayed is power: (Saudi aid 
goes on a- considerable scale to 
all the frontline forces such as 
Syria, Jordan ■ and the Paler 
stine Liberation Organisation 
besides Egypt) But by deciding 
alone to go to Jerusalem, Sadat 
had awakened Saudi Arabia’s 
worst fears of what might 
happen in the event of failure 
and diplomatic deadlock — a pro- 
cess which has been stimulated 
further by Israel's large-scale 
invasion of south Lebanon. 

Saudi Arabia's worries about 
what might happen if President 
Sadat were removed or forced 
to resign mean in effect that 
he has to be supported in almost 
everything he does short of con- 
cluding a bilateral deal with 
Israel. Otherwise they see a 
somewhat alarmist sequence of 
events whereby he might be 
replaced by a ruler pf the Left, 
who would invite the Soviet 


UhlBH hack in with political 
and military support. There- 
after a radical alliance with 
Syria would be forged to wbieh 
Iraq might attach itself. King 
Hussein would be isolated in 
Jordan and Saudi Arabia left 
alone as the only sturdy bastion 
' against anti-Western and pro- 
Communist Arab countries. 

One. of Saudi Arabia's aid 
techniques is to provide coun- 
tries such as Syria with compara- 
tively limited supplies te en- 
sure, as it were, good behaviour. 
Hus method had its desired 
effects on Damascus last year 
when Riyadh wanted- to show 
its disapproval of Syria’s role in 
Lebanon. But in tbe - present 
mood of discontent and dis- 
array ru the Arab world, there 
are limits to this approach, too. 
it remains a possibility that in 
the' absence of Saudi aid ei&er 
President Assad or Hr. Yasser 
Arafat the P-LO leader, might 
be; tempted te turn to tbe more 
radical Libyans for assistance. 

Tbe second setback has ben 
in Somalia, where Saudi Arabia 
gave aid wbieh contributed to 
the decision by President Siad 
Bar re to eject its last Soviet 
military advisers last November. 
The outcome, which Riyadh does 
not seem to have considered, has 
been that Somalia has suffered 
a heavy military defeat and the 
Harxist-LeDinist Government in 
Ethiopia, far from being over- 
thrown, has consolidated its 
position. This could well have 
the effect of convincing the’ 
Saudis that to step outside its 
usual cautious procedure is 
highly risky. 

But. another aspect of the 
failure over Somalia is that 
Saudi Arabia is aware that it 
failed ip receive tbe. follow up 
.Arabia Senses ’-that it is not re- 
ceiving the returns it would like 
for its generally moderating 


roles in the Middle East and in 
the Organisation of Petroleum 
Exporting Countries (OPEC), 
it might ha-re expected from 
the West in its anti-Communist 
drive. In wider terms Saudi 

In this context, Saudi Arabia 
has controversially put the 
broader issues, of the Western 
economies abnve the narrower 
interests of the oil producers. 
It attempted to put the weight 
of its enormous oil productive 
capacities last year to preserve 
the two-tier pricing system 
after the OPEC conference in 
Doha in 1976. At the Caracas 
OPEC conference last Decem- 
ber, Saudi Arabia put its weight 
behind a price freeze for 1978, 
a position it .has endorsed since, 
in spite of the loss of earning 
power from the weakening of 
the dollar. 

Frustration 

But wbat has Saudi Arabia 
obtained in return? At the heart 
of this frustration lies its rela- 
tionship with the U.S. The U.S. 
now depends on Saudi -Arabia 
for up to pne quarter of its 
supplies of oil, and Saudis have 
put as much as $40bn. into the 
U.S. economy in the last four 
years. In return the U.S. is 
undertaking massive efforts, to 
develop and modernise the 
Kingdom’s economy and its 
armed forces. 

At the same time, the U.S. 
is pressing Saudi Arabia to 
raise its oil production capacity 
to meet its- demands in the 
middle of the next'decade and is 
urging it to continue its mode- 
rate role in both the Middle 
East and ' OPEC. But it is 
becoming increasingly clear, 
too. that Washington is not 
giving Riyadh the public 
acknowledgment that it desires 
for its efforts so far. For 


example, Saudi Arabia will be 
deeply distressed if Congress 
blocks the sale of 60 F-1S 
fighters. Saudi Arabia is 
obviously anxious on the one 
hand for the prestige and fight- 
ing power of the Air Force to 
be enhanced. But they will not 
be delivered before tbe end of 
the decade. 

What is of more immediate 
interest — and the delicate but 
important matter of pride is 
involved — is that Washington 
should be demonstrating pub- 
licly that the joint interests of 
Washington and Riyadh are at 
least as important as those of 
Washington and Jerusalem. Bnt 
again, the Saudi room for m an - 
ouevre is limited- It cannot turn 
lo the Soviet Union as an 
alternative for it has no links 
with any members of the East 
Bloc Furthermore the econ- 
omic fortunes of the two coun- 
tries have become so inter- 
twined that any violent reprisal 
could ultimately be counter- 
productive. 

In the end there is probably 
only one set nf circumstances 
which would bring Saudi Arabia 
into direct conflict with the 
West — another war with 
Israel. Then it would be forced 
to choose between remaining the 
friend of the U.S. and the West, 
or playing a pan-Arab role. 
Logic could well present a 
reasonable case for holding back 
from an oil embargo or military 
involvement But Saudi Arabia 
cannot operate as a key influ- 
ence behind the scenes in the 
Arab world during times of 
peaee and then opt out in war. 
The perils of such a dilemma are 
obvious. 

In any fighting, Saudi Arabia’s 
comparatively inexperienced 
troops and new equipment 
would be likely to suffer heavy 
losses. This in turn would raise 
domestically some difficult 
questions about the wisdom of 
having spent enormous sums on 
the armed forces. On- the econ- 
omic side, the inevitable call for 
the imposition of an Arab oil 
embargo would be almost 
irresistible — with the problems 
this would inevitably cause to 
western economies and Arab 
investments, and at second re- 
move the Saudi economy. 

This conies back to the heart 
of the matter for Saudi Arabia 
is balf-way through a Sl42bn. 
five-year development plan 
aimed at reshaping the King- 
dom and demonstrating the 
Government’s concern for the 
welfare of its citizens. As the 
article on the economy (Page 
IV > indicates, the Government 
has ’been having - success in 


CONTENTS 

Politics 

n 

Aid 

m 

The economy 

IV 

Defence 

VI 

Capital market 

VII 

Banking 

VTO 

Insurance 

IX 

Minerals 

X 

Telecommum cations 

X 

Manufacturing 

XI 

Ports 

XU 

Shipping 

xin 

Architecture 


The business world 

XV 

Manpower 

XV 

Expatriate life 

XVI 

The law 

xvn 

The Hajj 

xvn 

The Islamic community XVIII 

The House of Saud 

XIX 


Part 2 of this Survey, to appear 
on Tuesday, March 28, will 
include articles on: 

Oil 

Gas 

Development 

Industry 

Agriculture 

Water resources 

Trade 

Contracts 

Merchant community 

Electricity 

Roads 

Saudia 

Education 

Bedouin 

Sport 

reducing inflation, breaking 
down bottlenecks and establish- 
ing the basis of an infrastruc- 
ture to cope with proponed 
scale development 
There is, too. confidence that 
the existing political structure, 
led by King Khaled, Crown 
Prince Fahd and members of 
the royal family and an infor- 
mal and traditional system nf 
consensus, and guided above 
all fay the principles of Islam 
is sufficiently capable of with- 
standing the strains imposed by 
rapid economic development, 
broader education and experi- 
ence of the nutside world. But 
this internal confidence could 
be shaken if Saudi Arabia feels 
it is not receiving the support 
and acclaim it feels it deserves 
from its friends outside the 
Arab worid. 



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•:«"> fi &•«.->»«* *** . J*.? » * #1-1 %‘fc It *S- 8 •fctP'Sif r *“ 


14 


.•• ■ Financial Times Monday March 20 19 »S ^ 


\ l 



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Political life in Saudi Arabia is dominated by 
tbe royal family, headed by Kmg Khaled. The main, criticism is 
that the country’s approach to development is not adventurous enough. But Saudi Arabia 
is too well aware of its position as an. Islamic leader to allow outside 
pressures to change its traditional methods toio Swiftly. 



EARLIER THIS year a Saudi 
newspaper published the text of 
draft proposals for municipal 
elections. Some observers, parti- 
cularly in the WesL have taken 
this' to be an acknowledgment 
by Saudi Arabia that its tradi- 
tional monarchical system feels 
some pressure for the need to 
evolve, and to become more ob- 
viously responsive to the voices 
of its people. 

Such a view is generally mis- 
taken. An important point to 
be made about the political sys- 
tem of Saudi Arabia is that as 
the Kingdom bas increased Its 
influence in the Arab world and 
outside, throuah oil, money and 
Islam, so its whole way of life 
and values have been increas- 
ingly passed under a microscope 
for detailed examination by the* 
rest of the world. There has 
been, a tendency for people to. 
conclude- that . the existing sys- 
tem is an anachronism and will 
therefore have either to’ adapt 
itself or be cast aside. 

From time to time, mention 
has been made nf introducing 
new governmental bodies. In 
1975. for example. Crown 
D rince Fahd talked of the 
fo-marinn ~ of a consultative 
assembly to bring -in. ynimser. 
non-royals into the decision 

making processes. But. nothing 
has developed since then. 

Indeed, there is no evidence considerable stability. It sur- 
inside the Kingdom of concerted V j Vec j rrmimj of the formal 
moves to change the e™nng d j , ion in NoTernber . 196 4. 

5 King Sand and h.s replace- 

ahout their reactinns to the b King p eisa ] through 
article about municipal elec- ' 

5 SHS ™s~r e o f r r sisk 

of initiating a fonna] voting re i igious leaders. -It survived 

process. even into local Jn J une and September , 196 a, 

government. two abortive coup attempts. In 

Saudis nave an innate sense March 1975, King Feisal was 
j of confidence in the way King ^ssinated by a deranged 
Khaled. the royal family and ^phew. Nevertheless, the suc- 
ministers run the country, in ces3JI>n t0 tiie throne passed 

!S t6 i of «j eK ^f SUr ® ? rou Z-'-smoothly- to the- present- King 
travel, education and. the -7 »■ - 1 - - - 

transfer of technology to other '* v - 

political systems and mores, 0 v > 

and -in. spite .of_rajHd economic oP0CUl2UOIl 
change and the emergence of' , . .. 

new social attitudes and classes. During the period of King. 

Saadi Arabia has in the last Kbaled’s ill health last year, 
quarter of a century shown there was speculation that he 




Left. King Khaled: Now in better health.. Above. 
Crown Prince Fahd : an experienced number two. 



...that backs technical ability 
with local know-how to get even the 
most difficult jobs completed on time 



CAT & MQTHERCAT 

Pipeline and Proc«« Plant Constructors and Civil Engineers 

;-F O. 11- !■»'• S-fl'Mt Lena non. Tf>Ic» \.h T 2061 n LE 
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C‘0 le.;ctss Ltd.. 1 u». Cu-TDgriand Flace. London WIH i AL Te.ex- 21 1 -6 


might step down in favour of 
Crown Prince Fahd. His health 
has now improved and the 
rumours have subsided. But 
more important than the specu- 
lation were two points. The first 
whs that King Khaled continued, 
in spite of his ponr health, to 
be treated fully as the King 
when important decisions were 
involved. Second, he has in. 
Fadh a man . able and 
experienced in politics, and not 
reluctant to govern if called to 
succeed to. the throne. 

. There are useful parallels to 
be drawn with Kuwait; where 
the Ruler died-on the last day 
of 1977. There . as in Saudi 
Arabia,- were a similar develop- 
ment to occur, the transfer of 
power to an experienced num- 
ber two would almost certainly- 
be smooth; If there was to be 
political jockeying it would be 
on the third level— for the posi- 
tion of Crown Prince. Princes 
Abdallah and Sultan are those 
most frequently mentioned as 
contestants for this position. 
Blit both royal families have 
made every 'effort to ensure 
that there would be contiuity 
and stability in government. 

At tbe heart of Saudi politics 
is the 'royal -family. Thanks to 
the prolific King Abdel-Aziz. 
who bad oyer 40 male heirs at 
the time of his death, it may 
currently number between 4.000 
and 5.000, including grandsons 
and- daughters. The family, 
through its country -wide tribal 
links, acts both as a channel of 
information For people’s feel- 
ings and as an informal but in- 
tensely loyal security service. 

Tbe .royal family is blgbly 
sensitive to what it regards as 
impertinent probfng into its 
private affaire and its running 
of Government. But with Saudi 
Arabia's influence on the in- 
crease it is inevitable that out- 
siders. and foreign governments 
will .seek more and more to 
understand ,how - decisions are 
made and' by whom. But Saudis 
remain extremely secretive 
about the political processes of 
the Government 
King ' Khaled ' and: . .Crown 
Prince Fahd work well together 
in tandem. A certain ' pro- 
minance -bas been given to the. 
notion that Fahd' is the real 
power behind, the- throne. This 
derives' from; .the. Lari: of the 
King's ill-health and Erom hfs 
being closer to. the tribes and 
not -as instinctively inclined as 
Fahd towards ' international 
politics and the day-to-day pro- 
blems of modernisation- Never- 
theless, Whaled is now deeply 
involved* in- the resolving of all- 
important decisions; . 

Through" the extended royal 
family and its connections, deci- 
sions, are arrived at- through a 
process of consensus and is 
response to popular, attitudes. 
The decisions ' themselves are 
made in a series of conclaves, 
whose exclusivity reflects the 
importance . and nature . of the 
issues under discussion. For 
some of the most, intimate dis- 
cussions, the King might con- 
sult only his three half brothers. 
fA detailed, analysis of the 
family’s aenealogv is given on 
Dase- XIX.) Other meetings 
might include Prince Fahd nr 
Prince Abdallah, the second 
deputy Prime Minister, and com- 
mander nf the National Guard. 
Others micht involve the 40 nr 
so members of the Council nT 
Elder Princes At carh stase. 
professional advice From rele- 
vant ministers or advisers would 


. ISLAMIC CALENDAR 

This is based on .the Hijrah, the migration of Prophet 
Mohammed from Mecca to Medina which took place on 
July 16, 622 AD, which is year one in the Islamic Calendar. 
It is the official Calendar in Saudi Arabia. The Calendar is 
lunar, and each year has 354 or 355 days, the extra .day 
being intercalated times- every .30 years. 


There are twelve months: 


L Muharrant 

2. Safar 

3. Rahil I 

4. Rahia a 

5. Jornada I . 

6. Jornada n 


30 days -, 

29 days 

30 days,. 

29 days 

30 days-,*-. 
29 days 


The Hijri year begins on the day of the month indicated: 


ISLAMIC 

. CHRISTIAN - 

- - 

1390 



March 9 : 

1391 


1971 

February 27 

1392 

..J 

3972 - 

February 16 

J393 

J 

...... 1973 

February 4 

1394 


...... 1974 . 

January 25 

1395- 


1975 V 

January 14 

1396 


1976 

January 3 

1397 


...... 1976 . 

December 23 

- 1398 



1977’ ~ 

December 12 

1399- 



.December 2 

1400 

■ 

•■*•••« mmmm 

1979 - * 

November 21 

- 1401 


...... 1980 . 

November 9 


..Festival dates are determined by.the moon, and there 
are many local- differences. It is therfore advisable to avoid 
them (especially Id al-Fitr) by some days both before and 
afterwards. 


Meulid al-Nabl (Prophet’s birthday) 
Leilat al-Miraj (Ascension) • 
Ramadan begins - 
Id al-Fitr (end of Ramadan) 
National Holiday 

Id al-Agba (Feast of the Sacrifice!) 
1st Mdharram 
Ashonra . 


FINANCIAL YEAR 

This is' of 12 months’ dura tioivbut begins in Rajab, the 
seventh' month of the 'lunar Hijri year. Thus, the year 
1396-97 lasted from Jane 28, 1976, until June 17, 1977, ‘and 
the year 1397-98 will last from June 18, 1977 to June 7, 1978. 


ficant that the ministries ’ of 
Justice (Ibrahim el-Sbeifchi. 
Education (AbdeUAri* Khu 
-waiter) and Higher Education 
(Hassan el-Sfieikh). all of which 
arc closely connected with Islam 
and the shaping of future Saudi 
society, are held by people 
known for their conservative 
views of Islam, 

The royal family has dele- 
gated some control of Govern- 
ment positions and offices to 
people outside its immediate 
circle. In the present cabinet 
princes occupy eight — admit- 
tedly important-posts out.nf 
26 (and all provincial governors 
arid their deputies positions). 
But as a sensible insurance 
against the -Future they - have 
worked to have young princes 
well educated to occupy import- 
ant governmental positions. At 
the same time, there have come 
to the fore in the Council of 
Ministers a number of hlgtaly- 
talented nan-rnyal technocrats 
such as Ahmed Zaki Yamani. 
tbe Minister of Petroleum -and 


Mineral Resources. Dr. Ghazi 
; el-Gosaibi. the Minister of 

industry . and Electricity. 


Industry and Electricity. 
Mohammed Ali Abu’l-Khail. the 
Minister of Finance and 
Economy, and Hisham Nazer, 
the Planning Minister. 

It is believed that in the cur- 
rent major debate behind the 
scenes about how far Saudi 
Arabia should push its role pub- 
licly o a such crucial Issues as 
oil, relations with the U.S. and 
the Middle East conflict that the 
royal family is advocating 
-characteristic caution, while the 
non-royal technocrat, compara- 
tively. without* political power, 
seem tantalised by the politics 1 
challenges whicb raising, say, 
the productive oil capacity to 
meet projected long-term de- 
mand levels might bring. 

The. Council of Ministers was 
initially set up by one or King 
Abdel-Aziz V last-decrees bofore 
his death In November. 1953. Its 
duties were more carefully de- 
fined in statutes issued in May. 
1958, but then as now. even 
though there is morfPtheoretiial 
responsibility an the: monarch 
foi decisions, the council's role 
is largely to formulate- .policy 
and to recommend its execution. 

' Hitherto this system showed 
every sign of being able to cope 
with the increasingly . complex 
decisions which are being asked 
of it. One key will lie-in ex* 
ponding the dialogue between 
tbe royal family and the grow- 
ing ranks of Western-educated 
technocrats. There are three 
possible areas of. strain , which 
will have to be confronted in 
coming years. -The first will 
come with the increasing sophis- 
tication of the economy and the 
problems of runnings changing 
society, which will inevitably to 
crease the influence of -the tech- 
nocrat. Second, the traditional 
rnajUs where any person of any 
rank may come and proffer his 
problems, complaints or -sugges- 
tion to bis sheikh, tribal-leader 
or even the King himself, may 
be weakened as Government be- 
comes more bureaucratised and 
centralised. In this process the 
direct and traditional link and 
accessibility of ’the . ruler and 
his subjects may become eroded. 

The third challenge is likely 
to conie from the emergence of 
new social classes, from people 
who through their jobs as 
civil servanto, businessmen, 
engineers, army personnel; .and 
skilled workers ..may ciaim 


7. Rajab 

8. Sbaaban- 

9. Ramadan ' 
r r. 10. Shawwai:-. 

• jU.-.Mm’HIi'da 

- 12. JDhu’l-Hijja 

29 or 30 days 


30 days 

29 days 

30 dayr 

29 days 

30 days 


February 20 
Jidy 3 
August 4 
September 4-7 ' 
September 12 
November 11-14 
December 1 • 
December 12 


be sought, but tbe ultimate Corp of the U.S. Its importance ,. r . . . 

decisions would lie with these lies first in its being made up mSfiSimn 3 ^ S -! „£■ 
groups. of tribesmen, prirnirily from « 

. If a division is visible within & e «?&al Nejd province, well- of rhe^flo/n^ § lev 

the family it emerges over the known for their fierce loyalty 

.. «K W*hhaM d„ Mty <thg 

□isation. - It also reflects the lia , v * : responsibility, too for the DacK 8 rouot * or *ibal hnk*w ; . 
overall political balance in the °“ ®® cond > with an eye 

family. On the one hand, and M'my-bawed coups In other Poi-f-Arn - •i.t*',. 

in favour of a more adven- Arab countries, it constitutes a 4 ailc,u 
turous approach towards .devel- check as The system keeps gotiifc^ind 

opment, is a group led by Crown 11 ^^ plemeDt t0 fbe will . continue thus fot;. ^baie 
Prince’ Fahd, -He can look to forces.. . . tiroe-^for varratis reasonsiLFil^U 

the support of six other princes. Abdallah’s appointment as even if il does not fit ■ odafljr 

all -boro -of the same mother second deputy Prime Minister int0 patterBS.:? jof 

and .known as the. “Sudeiri has .much- to do with Khaled *s “Mutability, it.' is broadly 
Seven." These, are Sultan desire -to counterbalance the fesponsive to aod^ware of Wfigit 
(Minister of Defence and Avia- Sudein^clani and Abdallah en- ^ Saudl Public wants .Second; 
tion. and therefore in command joys, (n . addition to the Kine’s there Js considerable pride -«i 
of the armed fores) Sd™n. stfpport.'fluj ofhlshair.hrother. Saadi Arab: 4 's joaitl^a 

(Governor of Riyadh>, Nayef Mobamnied.iffbe Governor Df in tbe world bas been enbamr* 

(Interior MinistCT). Sultan Medjnajy ahd Mishal (the Gov- and ' ^ ls attributed »;lslp 

(Deputy Governor of .Riyadh), ' ernor -. of Mecca) and the late motar ^ dance - Third-, -1 
Turki (Deputy Defence Minis- King; :F£isal*s son Saud (the c ^ ear thai whatever the 18*“* 

tar anil mnnnnrMl on HiwilT) n — T- — '. UJC contradiction bCtWMQ 8 1 



n*: 


tor. and as annonnred on Riyadh Foreign Minister). 

Radio on September 6 appoin- , dominated by the ruyaf'.tfi 

ted the head of Intelligence), At -the Mnie time it is import- 31111 ^am and the emais&i£ 
and Ahmed (Deputy Governor ant to feed Into the Saudi gov-. of a more materialistic 
of Mecca). .. .ernmental system the role°.of there ' arc few indications- 

the ulema; the religious leaders. di8 co n teiu with the way it workS. 
Trarlitfnfl v 11 ia a source of current spiecu- Four fb, there is the ultima** 

8 a ,, ” u latlon -whether their influence, sohdarlty of the royal, fatt^jf 

The King is associated with. which has. in the past been ^^f. Invariably 
the more conservative and especially,, noticeable on the dlsa ^ meilt -vhutin-.thei te^- 
traditionalist- grouping. one of upper .echelons of the royal Personal ambitions are liksfcte 
who« other key figures Ut ^ family and^ ^ a. coiniterivelght be subordinated to the 
Prince Abdallah Ion Abdel-Ariz, fo th’e^ modernising tendencies ? f the family a* a whole.-V^p 
His mother belonged' to the im- of the Council of Ministers, is jt Tehuires limited insighf;^ . 
portant . Sharmmar tribe in waning.. '-.Some observers hav^ understand that a -ipnpus^piVt' 
northern Saudi Arabia and sinre concluded that the apparent re- ,n House nf Sauj . W’nbfft 
I9R2 has been ip charge of the lnfnrcing of Islamic edict* on ^danger ihc sim-val nf the 
National. -This is in-thp -^^-h -thwigii- as western rfre.-w whole pnliucal edifice. -• 
prncp.ss of being re-equinped are sops to keep: them con- A , 

and retrained.by the Vinncll tented. Nevenheless, it is signi- AntnOny McDetmott 










Financial Times Monday Mar* 20 1978 


ARABIA III 




Although Saudi Arabia’s emergence as 
the biggest aid donor in the world after «ie U.S. 
envcs partly from a hnmanitariii dfesire to assist poorer nations, the direction of 
this aid is also influenced by political considerations and . 
is used as a. foreign policy. tpoU . 

Aid policy 


n,enl (IFAD '- Bot these sums 


t jQg 

the ord ers/c^^Seaior 
: Aynnr , n .. Government merabBra^to''«iui3- 

jimong the motives for Saudi Wes -in- areas where Saudi 
o'*? ba f lc humanitarian ; Arabia has a major- policy 
aesire to benefit poorer nations interest - - Two obvious' such 
—an extension of the Muslim a«as are the Mid^ East-con- 

pnnclple of zakat' or — *"*»•»««- 

giving. Another is the 


AID COMflUITfeb AND DISBURSED BY SAUDI AR ABIA, $bn. 

■ 01693 - &Z8 — • fi t - -■ ,■ 



' “A£34~/ V.^37--' 337 


Source:' UNCTAD rand. DXe statistics. 


_ ^e>uu V*' ... 1 

or alms frop tation ■ .zone — - whfrr ^ Egypt. \ " \ - 

he belief Syria/ 1 Jordan . flair: the PLO ■ ’finance) and is understood to Tie its agreed loansris SJa x 
rice revo- . r .® cew e ^ Saudi assistance — and Paying; for the gradual re*!!ir*rtru*h-t>>#x 


- ln whnrh Saudi Arabia the /Horn- of Aft j c k, .where equipment of the armed forces. dover^£s costa) '!. 
gK? a u ey pa ?’ was a blow. SamS/Ar^b^a last : yetor not_ only The Kingdom appears to be A -'The- Arab ^untries. led^v 
sttruric. - .. by all developing big. part wooing anxious for- . the Sudanese. Egypt and Sudan, are nafiirjnfc- 

at ** v '®® tej T | world’S'.^Om^lia aVfeay from’Sim -^Soviet Government ■ to' restrain its ithe largest sinele 
?,2 ^ IC ,- systen,; wi5ich the m:- also 'toi’ev' -large spending in order to. improve. 

industrialised cmintTrac eCttent^.fiiumpod. .its halanro np nonmaVi«n - ..j . . untries wiui wnicn the SFD 


•• l*"" t"ASbmaIU,:SgS ■ 


cheaply for raw materials while d M*®tjbns'-war 
largely excluding the develop-' vri / ' ^' 
ifig countries from the manufac- 


turing proeess bn which mudiSSr 
of their wealth was based.' Until *pnly par 


since 1974 a^brnSr-^nbe- ^ *■•<*“■* 

- Arab League, begarr relatSvely 3 ®^^^' 6 ^! 5 ^^ 1 ^ 7 .IndM^ual 

— „ w«u* pflit of Saudi: grant aid late » the Kingdom. ; only '.oyer- aJSP^Skdll?** rome the/non- 

such -hme as other developing ft these states is a regular sub- coming most pf itfr 'juspAtozis- Srt&F?* 11 ,.*5??* .' WIth 
countries- can change the rern)s .which can . be., lised as about the - formerly* - Mfluftiw. T (yhapfe) .; Vang! 

of trade as dramatically as- have 'ibalance of payments support or oriented 

thfi QTmr* ni. .. i_- ■_ jTa .. -n. j- 

Arabia 
them 

-believes that the real responsi- 35 President Nimairiof Sudan devoted to*S^puffi ..SRlMm. C$55.4m.). 

• biHftr for aiding them lies with °r President Sfafd Barre of war effort going:' Saudi 'Arabia ; at the.Eund point 

the industrial countries. ■■ Roman® . • — ■ - - nrondiw ■+«■ +j» *««*■ «•«* « — 

An extension of this 
is the - feeling that 
states lh particular 

suffered in the past at the hands su ar <* against aid being wasted presence in Ethiopia- being given" to countries^ a 

of the: western countries. ■ New on such things .as luxury Outside the Arab world the Dational income- of less tbanl 
the Arab world has lfae oppor- i mport s, although iffs hard to fo cus of S wr «m * n ^ .$250 per head a year:, about 32 
tumty. to strengthen'! itself . as accept that countries as a whole on Islamic countries, of which Pe r “ntto those iniiie Sgod-SOO' 
part of a general Arab revival, would not benefit at aD from Pakistan f where the Saudis '™ 26 ’ 211(1 50 °n cthta only about 
;For Saudi Arabia this- Arab regnlar budget or'.balaiice of played an : iinportant part in last ^ *** ccnt Sb^ to' those in 
■revival extends logically to a payments support. .The Saudi vear's political crisis) appears ae st ' 000 plns range, 
wider Islamic revival. of ff^ng ensures to have done best by the Saudis. . ^ Fund . is expected to 

-. Sajidr Arabia ■ does :not see *he.-aid donor has: maSci. Indoneria and Malaysia in Asia. handle ^ $Ibn. Saudi Arabia 
.itself :• compensating • 'poorer mum f political-leverage over the and Mali. Niger and Uganda in P led g®d to the African states at 
countries for the rise in the beneficiary. • Africa are- examples of Islamic Afro-Arab summit in Cairo 

cost of their oil imports for ; Because'. of. its irregular, polh beneficiaries of Saudi aid. Congo las t-«P»^ng. 
which, the Kingdom was to. a i’™! and often clandestine * Brazzaville) 'and Guinea 
large extent responsible Instead narure it is virtually impossible (Conakry) axe., among the few HPaflnilSir^rc 
« prefers to look on aid to t0 arrive at figures for total non-Islamic recipients of Saudi AACaui |U«J Icrt 
countries: badly affected- by the Saudi-aid to individual ^gin. aid.. " . - .. ' ; - Although St' is W a dirflrt in- 

oil price rise as an obligation J ^ deed - The' SFD has now. disbursed *trinneiit of ‘Saudi kid. policy, 

SSS? 116 from . . the K] ngdonx’s abo*t-' SRIbn. compared ' with Islamic Development Bank 

sudden acquisihan of wealth .JJfJJSj,' iatgorjose Dhm commitments of : abotit' SR9bn. bas *e- Kingdom as its" largest 
■rits aid _ programme barely gSJ* ; , JSJ* L,S? oa2il and» aid Agreements shareholder, is : housed ' in a 

existed before this decade). ' " si^ietf Tiy nrid-Frtruary' this former.. palace. op^the'late Kihg 

n. ' '• 2JS fSfri2r P ^Sf Its? year - of SR5 -8bn. (5L7bn.). faisal and. has been given land 

Strength ; ■ • f £° nt Considering, the problems asso- J j .,2 e ® tet » : '- 0B 'Which if' is 

wJL ^ a -f h 'f . assisted in a C iated with the rapid disburse- building its new" headquarters. 

_ But -the. fact is that the Ia ? 6 JJ # ura ^. r Sf 0 5T ar “ te J? , ? ,B ment of Project finance— indud- It is an international organisa- 
dirccuon^of Saudi aid is to a ^ ne€d to evaluate pro- £ on * a bank .operating on 

considerable extent dictated by ^ t ?/ r Sh^i.hS b £' '^225 jects - arra nge aid packages and J?amic. principles with about 30 
polirical considerations.- While Arab. .^uut x °. Rah ^ pa & out only at the rate Muslim countries- as -• -share- 

Saudi Arabia's power with the ** re^Pieot country can exe- holders. Its.. subscribed capital 

industrial countries derives SP DE ’ g ? nts for . P®* cute the project— ^this represents ** 765m - • Islamic Dinars, an 

more from its role as an oil f ^ ^ a «««*»• *M^2S5te ^c. Dinar . being * £ 

exporter, its influence both tit KSSjL i 1 S? ? 5LJ?i. *** SFD, which began operating equivalent of an SDR. • 

the 'Arab world and within «ontline.state wants to reveal ^ 1975 , ^ • The IDB began operating In 

non-Arab Africa and Asia is n “!??_2^? btains from eac ^ The Pond accepts that as a October, 1975 and a dear 
based largely on its fihahdal nno relative newcomer! -to project Pattern of its operations is now 

strength. i ****<* * cannof^e the staff emerging. - It. does nbt .charge 

Aid is used, in part, as fl .experience to-do much pro- interest— in accordance :.vr§b 

foreign policy tool.- This barely n ^ a n ?®ff.S® Ject evaluation itself (and its the Sharia— and instead finances 

applies* to such institutions as technical -assistance -programme itself' by -the proceeds of trade 

the Saudi Fund for Develop- J^ro £ceT ? nd Sf- « ^ now beginning).^ Kcol- financmg leasing: profit sharing 
ment (SFD >, the State’s outlet *• ,JE2w2S TaMrates on proiject ■ financing and -direct and indirect' equity 

for direct -project aid; although with : offier & organisations Partidpatdonm projnrts. By the 

even .he SFD does not and actepts feasibiLV studils <* Frtntarr this Sear it 


. . «r : C v C uMts uul *^ r 3M—fiBally-.4ho- --social- -sector v / c ? rg0 

to the capital pf OPEC and expenditure rising, and the SFD (health and education). It does a ^ rac ' 

^FEC aid and .flpnnrial in- ^ tb finance a major deveh^. ?9? ; lend to manufacturing nor JJJjKToW SS^-^SUS 
stations such as the General men t project for building new keen to back commercially. 

Organisation for the Develop ^ ^mads and administrative centres ,-pWBtdWe ventures- (vriiich can' eig ^l. d3ffere P t 

meirt Pf Egypt (CODE), the j n -Dbofar, where the -war wtfh’.'oWWi :-. funds eisewfaere). ' A 

Arab Investment Company and guerillas of the Popular Front .recent analysis. of its dnari agree- - - 

the Arab Bank for. Economic for .-the Liberation' of. Oman' meats-. shows .that -'the .< average' 'JSf p ”: 

Development in , Africa, ended only in 1975. . ' grace 'period is just oyer five' cSJn r ^?S'T ^532^ 1?s 

(ABEDA): it is. also paying, a in Sndair, -Saudi Arabia has yeafsT toat nearly 40 per' cent g-JiJ px % 
laite sum (SlOS^ra.) to ■ the given some short-term financial of the finance in its agreed ramnrttmpntc spP^ved 

OPEC / OECD International assistance tin addition to eom-_ loatis : is on grant terms, and that conun, “ nents of 5273m. 

Fund for Agricultural Develop- mitting considerable projeA th e' average interest rate pp' all ‘ James Bnxton 


'£if i:- ; . ■ 
















JJA'iJ;:'".*.' 


=• • ' • ■ ■ ■>.' ' v-.i • ■■■• .-. y f- •:& Tili:; - ■ ■*' / - 




&*&-%** 

m 







' TVie new £20m. civil airport at Abha is being bidk-by the, joint venture of Laing Wimpey Alireza^ 



1 5 



WDUSTR1AUSAT10N 0F SAUD1 ARAi !l 




THE FIRST DRY CELL BATTERY 

FACTORY 

PENINSULA 


■■■■■• -A, ■' 


- V 



ARABIAN BATTERY CO LTD 

JEDDAH, SAUDI ARABIA 

PRODUCTION WILL START EARLY 1979 



m? j 




Factory located on the Industrial Estate , Jeddah 


“AJLC.” 

ARABIAN BATTERY CO LTD 

TEB r : 28011 28022 ; TELEX;. 40110 SAIDTIG SJ 

P*0. BOX: 2500, JEDBfAH. SLA. 



Financial Times Monday March 20 1978 


SAUDI ARABIA IV 


The Saudi economy has settled down. Inflation 
has fallen, demand has eased, while goods and services 
are easier to obtain, and this has been achieved without sending the 
coontry into recession. But some sections of the community 
have still to benefit from Saudi Arabia’s enormous wealth. 


The economy 


SUPERFICIAL IMPRESSIONS 
can be significant. Saudi Arabia 
is a far more pleasant place to 
visit now than it was, say a 
year ago. Yon can usually get 
a hotel booking and find the 
room waiting for you when you 
arrive. Taxi drivers are a little 
less rapacious — though more 
expensive. The food is better. 
And for the most pan service 
in hotels, restaurants and shops 
is strikingly improved. 

This microeconomic situation 
accurately reflects the whole 
economy. In the past year, 
mainly as a result of Govern- 
ment action, the pressure of 
demand has eased, while the 
supply of goods and services has 
increased. By (he end of last 
year the annual inflation rate 
had dipped below IQ per cent., 
according both to the official 
cost of living index and 10 in- 
dependent measurements. The 
official index (whose weight- 
ings are out of date) almost 
reached 4(1 per cent, in mid- 
1975 and stood at close to 36 
per cenL in the third quarter 
of 1976. 

Yer although the economic 
growth rate has slowed in the 
past 12 months there is no 
recession or stagnation such as 
is occurring in some of the 
other surplus revenue oil pro- 
ducers in the region. Although 
businessmen are now making 
smaller profits and have far 
fewer opportunities -to make 
windfall gains out of specula- 
tion, there appear to have been 
virtually no bankruptcies. Con- 
struction is forging ahead fat 
one site in Jeddah about 30 
tower cranes are visibly in 
operation) and last year’s im- 
ports through Jeddah were 68 
per cent higher in volume than 
those of the previous year, with 
equipment and machinery' im- 


ports up wore than 12 times and 
construction * material imports 
double. 

Bottlenecks have been broken 
and Saudi Arabia has a work- 
able infrastructure, though it is 
by no means complete. 
Economic growth now produces 
fewer strains and with the infla- 
tion rate having reached the 
target It is generally expected 
that the expenditure figure in 
the coming budget (for the 
June. 1978/June, 1979 Hijti 
year) will be raised for the first 
time in four years. The years 
of large-scale expansion in the 
Saudi economy are still to come, 
when the Government may get 
closer to spending its revenues, 
even though GDP at constant 
prices grew by 15.6 per cent, in 
the 1976-77 financial year. 

The Saudi Government is now 
in a somewhat better position 
to cope with further expansion. 
It has learnt from some of the 
alarming experiences of the 
past four years. It has gained 
in confidence from seeing 
measures it has imposed 
actually work. There has been 
some infilling of talent under 
the few 'but able senior men 
(though decision-making is still 
highly centralised): and there 
is a rather clearer appreciation 
of what needs to be done and 
where the Kingdom is going. 

The fact that-the economy has 
become a little more mature 
and that information on econo- 
mic trends is, at least in theory, 
more readily available, has 
enabled the Ministry of Plan- 
ning to start drawing up the 
next five year plan (covering 
the 1980-85 period) with rather 
more sophistication than its 
predecessor. The British firm 
Cooper and Ly brand is building 
the first computerised input/ 
output model for the economy. 
Apart from pressing ahead with 


GOVERNMENT REVENUES AND EXPENDITURE 


Revenue 

1974-75 

(SR-hn.) 

1975-76 

1976-77 

1977-78 

Oil Uctnal) 

94.1 

95 

993 (cst) 

rna. 

Non-oil (actual) 

53 

6 

. lL4(est) 

ma. 

Total (actual) 

100.1 

101 

1103 (esL) 

146.4 (esL) 

Expend, (actual) 

35 

77.4 

- — 

— 

Surplus (actual) 

65 

23.6 

- — 

— - 

Expend. (esL) 

98 

111 

111 

U1 


capacity (where defence im- 
ports have had priority) with- 
out in many cases spending xhe 
money on breaking bottlenecks 
that would free resources in 
the rest of the economy. It 





Source : Ministry' of Finance and National. Economy. 


COST OF LIVING 

PciunUtt chstige 


Yaar 

Index (1770 
equals UQ} 

wtr 

Fnr quarters 

1973/1 

124.0 

— 

1973/2 

123J2 

— 

1973/3 

127.5 

— 

1973/4 

133^ 

— 

1974/1 

145.4 

173 

1974/2 

148.9 

203 

1974/3 

. 159.2 

24.9 

1974/4 

163.4 

22.6 

1975/1 

191.4 

31.6 

1975/2 

207.8 

39.6 

1975/3 

2073 

30.6 

1975/4 

223.1. 

36-5 

1976/1 

249.0 

30.1 

1976/2 

269.7 

29.8 

1976/3 

282.4 

35.8 . 

1976/4 

291.1 

30.5 

1977/1 

. 297.4 

19.4 

1977/2 

2973 

103 

1977/3 

308.7 

93 

1977/4 

— 

8.6 




11 Bl 

INK 

AL Si 

AUDI 

All 

BANS! 


tf^ I 


| A Saudi joint stock company with 
£ a fully paid up capital of 
Si SR 100,000,000. 


HEAD OFFICE ;? 

? Jeddah, P.O.Box.1 | 

% BRANCHES I 

Jeddah-AI Khobar | 

it Dammam & | 

Riyadh (to be opened soon) | 

Al Bank Al Saudi Al Fransi * | 

provides full banking and j? 

; financial services in the Kingdom i 
of Saudi Arabia in association § 

■ : with | 

■ Banque de L'lndochine | 

S et de Suez (Indosuez). I 


State industrial complexes at 
Jubail and Yanbo (where the 
infrastructure is now in place) 
the emphasis of the new plan 
is likely to be on other manu- 
facturing. agriculture and ser- 
vices, especially the mainte-. 
nance of. existing installations. 

Econom ic strai ns were i n- 
evitable as the surge of govern- 
ment spending following the 
1973-74 oil price rise hit an 
underdeveloped economy with 
a weak infrastructure. Actual 
government spend i ng suared 
from SRlO.lbn. (SJ.9bn.) in 
1972-73 to SR77.4bn. <$22.1bn.) 
in 1975-76. still leaving a surplus 
of SR23.6bn. (56.7bn.). Strain 
was most obvious in the rela- 
tively small and poorly managed 
ports, where in mid-1976 
hundreds of ships queued for 
months to unload at congested 
berths. The sudden influx of 
money pushed up land and pro- 
perty’ prices many times over 
Companies bid up the price of 
labour. Shortages of both com- 
modities and housing led to 
immense speculation pushing 
prices even higher, while 
foreign companies put in larger 
tenders for fixed price contracts 
partly to share the enormous 
profits local merchants were 
making and partly to protect 
themselves from unpredictable 
inflation rates and bottlenecks. 


Unable 


[ > !. A! Bank Al Saudi Al Fransi 
? use the world-wide network 


if* and international experience of* 
Banque de L'lndochine 
etde Suez( Indosuez). 


wa 


Inexperienced, lacking infor- 
mation and having little under- 
standing of the processes 
operating, the Government was 
at first unable to halt the 
developing chaos. For reasons 
oF pride it was reluctant to 
slow progress towards the . tar- 
gets of tlie 1975-80 Sl42bn. 
development plan. It was not 
until mid-1976 that it seriously 
began imposing a set of 
measures aimed at reducing the 
pressure on the economy. 

The first major step to take 
effect was the clearing of the 
ports. New port capacity was 
already coming into use at 
Jeddah and Dammam, and 
management methods were 
gradually being improved. But 
it took the appointment of a 
tough administrator. Dr. Fayez 
Badr. former Deputy Planning 
Minister, to force through a set 
of draconian regulations of 
which the most crucial was 
ordering importers on pain, of 
having their goods auctioned, to 
clear cargoes from the ports 
within 15 days of arrival. That 
done, in the face of some 
powerful protests, it was only 
a matter of time before the 
backlog of ship$ was dealt with: 
waiting time at Damman eaded 
by the end of 1976 and the de- 
lays stopped at Jeddah two 
months later. In the following 
12 months the economy saved 
about SB2bn. (SO.Sbn.) from 


1 not having to pay congestion 
surcharges and demurrage, and 
the indirect savings were prob- 
ably far greater. 

When the 1976-77 budget was 
announced in June, 1976, the 
upper sheading limit for the 
year was fixed . at SRlUbn. 
(S31.7bn.), the notional figure 
for the previous year. In fact, 
spending the previous year had 
reached SR77bn. ($22bn.) but if 
it had continued at its current 
rate of growth, it would easily 
have surprassed the limit The 
imposition of the same upper 
spending target made it neces- 
sary- — at least in theory — for 
the only Ministries which cade 
dose to spendim* their full allo- 
cations — defence, communica- 
tions and education — to curb ex- 
pansion, while it had an impor- 
tant psychological effect in re- 
ducing inflationary expectations. 

At the same time nothing was 
done to overcome the normal 
bureaucratic delays that hin- 
dered getting certain develop- 
ment projects off the ground, 
and the more marginal or ex- 
travagant projects were quietly 
dropped or postponed. Though 
no figure has been released for 
actual spending in 1976-77, it is 
understood to be well below 
the limit The same spending 
limit has been set for the cur- 
rent financial year. In an eco- 
nomy where 75 per cent, of 
liquidity is the counterpart of 
Government spending, this 
would inevitably, if gradually, 
have an effect on inflation. 

Inflationary pressure forced 
both Government and business 
to put as little extra strain on 
the infrastructure as possible 
and to try tn skirt bottlenecks. 
For example, there has been a 
rash of prefabricated construc- 
tion in Saudi 47 Arabia, cutting 
down on labour cos*s and bulky 
shipments of cement -and aggre- 
gate (even - sand has to be 
imported because Saudi sand Is 
mostly too smooth and 
chemically corrosive). There is 
a prefabricated dental hospital 
in Riyadh, prefab schools are 
going up ail over the country 
and a prefab air terminal is 
under construction to tide 
Jeddah over until the new air- 
port. in area the largest in the 
world, comes into operation in 
about two years’ time. 

. Foreign contractors working 
in Saudi Arabia are now 
responsible for housing their 
own labour force. Special 
“temporary" ports are being 
built and are nearing comple- 
tion to cope with imports solely 
for the Government's housing 
programme, which is shortly to 
get underway on a large scale. 
The Ministry of Defence is in- 
creasingly imparting its con- 
struction materials through its 
own port facilities. 

But while the Government 
was taking fiscal measures to 
reduce inflation, spending was 
barely restrained at all in some 
fields and some quite pheno- 
menal sums of money were 
spent. Though making up about, 
a. third of budget allocations, 
actual spending on defence in 
1975-76 and 1976-77 appears to 
have amounted to no less than 
about half total Government 
spending, since most other 
ministries underspent Some of 
this has gone abroad on arms 
and equipment purchases and 
in remitted salaries for ex- 
patriates employed in Saudi 
Arabia. The bulk of it how- 
ever, has been spent on con- 
struction projects— such as 
extravagant new military cities 
(or garrison towns), airfields, 
roads, naval bases and so on. 
The defence establishment has 
been bidding for precious con- 
struction supplies and for port 


• '^commercial centre of Jeddah , . v, 

to^^so^Tpart at *r cent of the debt the Saudi e«nomy^ 

S? S'pZ n 00 , charged) been able to absorb such un- * e meanS , 0 * 

its housing programme and its encouraged People to keep :mense sums of money. Butwhat hisher standard 
military hospitals are used by bouses empty to see if Prices achieved in terms of st2te housing project follower 

civilians. rose - ■. , v . .-physical assets has cost much income groups is only jnow 

Another- exam ple of money Th t than it would have-done gettlng un der way. « year^md 

continuing - to pour info the hy t ^f 55- anywhere else. It is i ate . The littie-shatk* made 

economy at a time of supposed t0 tbmk of the furore ^ tiDf woo d or cardboard that 

restraint has been the Saudi ™ * m4 J or factor m slawih ^. expense of servicing the highly dusler m the waste- dreas 
Real Estate Development Fund unction. sophisticated infrastructure now betwecn the homes and - offices 

tREDF), whose task has been _ . , » 'installed, since in a 'country with ^ are a cdhstani 

to channel Government money TjlSblirSGtl V - a , small indigenous, population remitlder 0 f relative poverty, 

on highly generous terms to . ... - , . ... it- will depend largely But with the economy now 

house and flat construction . Spending by .the funds is in ;Wate labour. And although the ^1*01 the prospects for 

both by individuals and com- addition to sums disbursed by administration is improving group look better, and 
panies. - -in. the 20 months ministries and other or ganis e- are still some frightening* gau^j Arabia is lucky to be; able 
hufrtwa ' rmpraHnne wprp tions listed in the budget.-. _ D f lack of co-ordina- Ki.mh future Growth nartlv 


panies. . In. the 29 months mnusuriw, there are sou some Saudi Arabia is lucny to oeaoie 

before its operations were tions listed in j the _ bmigetj- examples of lack of co-ordina- build its fixture growth partly 
temporarily suspended in May, Another big fund is the Saudi. ti(m within the bureaucracy; on a sturdy and efficient Jbusi- 

tnrrr- u i a . j.j TnrfiKtnal DSVPlODIUBIlt Fund. ' nvamnlD wflrk had • . TViC ^ pK/uil 


temporarily suspended in May, ^ tion within tne uure- on & sturdy and eminent .ousi- 

1977 it had succeeded in’ com- Industrial Development recently, for example, work had ness community. The difficul- 

mitting a staggering SR23bn. which lends to private rndust^ to - be halted on a SR335bn. tfes . of tbe past year and s’haif 

/u ai \ - . J} and hsc rtishlirRed about a, , «^nanr nvnandfin . V i .. 


get through jn five years. The strict project appraisal, iea ™« !j ecjms e it was finally accepted cases go t long inventories 
money led to the rapid building aside loans to electricity utili- ^ refinery was danger- there are parks full of 

of more than 100,000 badly ties. Another is the Public Jn-. mtg ]y c| 0Se both to the port and unuset j road-making equipment 

needed housing units, mdinly , vestment Fund, set up m 1971 a nav al base. ' a victim of spending cuts! But 

for higher income families and to make interest-free loans 7 tp... _ . . n that msnv the non-oil private .' sector, 

expatriates, but at considerable parastatal o^anisa.tions— pr^ Itis al^ ^sturbmg toatm^y ^s^ . q 197fr77 far 

cost to the economy, since dominantly Petromin and thejDf the poorer exceeded the plan target, 

demand pressure pushed up the airline, Saudia. It has now ex* community— mosto . be ready Tnd indeed 

costs of construction materials hausted its capital and has hut also some JSwSToT the 

whtie the low debt servicing disbursed about SRllbn. benefited as much, from the anxious itor iok 

St (rwmenS wSf ($3Abn.) f almost aU of it since boom as have richer members of Saudi economy to resume. 

scheduled over 25 years after a the 1973-74 oH price rise. '■• the ^P u i at ^v^ 0 ^ n W S^ James BuXtOU 

two-year grace period with 20 In a sense it is impressive -have in many sectors been rela 


GROSS DOMESTIC PRODUCT 

gRm. at constant prices 1389/90 


Fiscal years 

A— Industries and other producers except of government services; 
Agriculture, forestry and fishing ,— r . 


1388-89 1389-90 1390-91 1391-92 1392-93 1393-94 1994415 
956.5 984.1 1,017.8 1,050.1 1,088.7 1,129.6 1474.1 

6.0 ’ 5.7 5.1 . 4.6 4.0 - 3-6 J 3-6 


Mining and quarrying: 

(a) Crude petroleum and natural gas 


7.084.9 8,106.3 9.922.1 12,427.0 15,556.0 18,158.1 17,339.4 

. _ A pm #■ e»? .a •' co *> 


(b) Other 


44.5 

46.6 

49.S 

54.1 

56.B 

50.4 

46.7 

483 

553 

77 A 

0.3 

. 0.3 

. 0.2- 

.03 

0.3 


53.3 

122.0 


Manufacturing: 

(a) Petroleum refining — 


(b) Other 


Electricity, gas and water 




Construction - 


1,015.5 1^40^ 1^55^ 

6.4 ■ .7.1 6^ 

385 431.2 483.6 

2.4 2.5 2.4 

247.0 273-1 .2973 

.X6>’-- ; 1.6 ■' 1.5; 
.. 1,027.8 -933.9 957 J 

S . 6.5 . • 5.4 • • 4.8 


1,304.4 1,378.4 1,417^ 1,337.0 


.5.7 

5.0 

• 4.5 . 

4.1 

543.0 

599.1 

665,0 - 

739.5 

2.4 

2.2 

2.1 

• 2.3 

32S.6 

3813 

416.6 

45817 

:i;4 

1.4 

1.3 

1.4 


1,052.7 1,395,8 1,737 J .2,189.0 


Wholesale and retail trade, restaurants and hotels / 


960.7 1,007.5 1,051.3 1,143-9 - 1,375.1 


5.5 

1,622.6 

5.1 


6.7 

U9iS2 . 
6.0 


Transport, storage »nd communication * W39.5 12 4 8 5 - 1,467.7 1,544.4 1,848.5 

* ® jf • e* n 1 n m C T 


Finance, insurance, real estate and business services: 
(a) Ownership of dwellings 


<b) Other - ' 3«-5 

f 2.1 


Community social and personal services 


6.7 

. ' 6.7 . 

7.0 

731.9 

787.4 

864.4 

33 

2.9 

2.7 

377.6 

4193 

473.6 

1.6 

2713 

1.5 

2873 . 

. 1.5 
3103 


2,224.2. 2,720^8 
7.0 8.4 


' Less Imputed bank service charges —44.9 — 46.0 — 47.7 — 46.0 —41.9- —46.1 . — 50.7 : 

02 — 0.3 — 02 — 02 — 0.2 — 02" i— 0.2 j 

Subtotal 1328L5 15,4742 173602 20,786.7 25,152.5 29,0693 29,796.6 | 

87.9 88.9 89.7 90.5 - 91.5 92.2 91.5 I 

B— Producers of government services sub-total .3346.5 ' 1,678.4 1,722.0 1,834.4 1,980.5 , 2,176.6 ■ 2,4372 ! 

10.4 93 8.7. &0 » 7.2 • 6.9 . 7.5 

GDP in producer’s values 15328.0 17,152.6 19,582.3 22,621.1 27,133.0 ft, 246.4 32234.4 | 

Import duties 276.3 246.0 324.5 3422 “ 362.4 296.7 ^ 326.4 

.. -1.7 . 1.4 L6 - 1.5 1.3 0.9 ‘ 1.0 

GDP in purchaser’s values 15,9042 17298.6 193063 22,9632 27,495.4 31,543.1 33,560.8 

. 100,0 100.0 100.0 100.0 100.0 100.0 -100.0 I 

Note: Figures in light face indicate the relative share of each activity in total GDP. * - 

Source: Central Department of Statistics, Ministry of Finance and National Economy, National Accounts of Saudi Arabia 1386-87 
through 1393-94 A.H. March 10, 1976 and preliminary 1393-95 estimates. - - 1 


BUDGET GOVERNMENT EXPENDITURE SRm- 


Flscal year 

Total expenditure - - 

Council of Ministers and related headings 

Planning ...; 

Municipal and rural affairs 

Public works and honsing 

Information * 

Foreign affairs 

Defence and aviation 

Interior 

Labour and social affairs 

Health 

Education : 1. 

Communications 

Finance and national economy 

Petroleum and mineral resources : 

Commerce, industry and electricity 1..... 

Agriculture and water resources 

Pilgrimage and endowments 

Justice and religious affairs 

Foreign aid 

Subsidies ....' 

Public Investment Fnnd 

Less: Earmarked project expenditure 

SAHA: Statistical 


1391-92 1392-93 

10,782.0 13200.0 

977.5 1,135.1 

123 13.5 

6442 . 8862 

15.4 45.5 

1182 165.4 

■ I9JL 1072 

23462 3,547.4 

. 735A 9802 

3092 347.0 

2792" ' 420.9 

' 12562 1.600.0 

1,4822 1,435.1 

'5262 • 773.6 

V 1073 117.4 

.493 70 J. 

t.5683 7082 

;882r 1202 

■932 108J. 

680.0 - 680.0 

T403 1552 

-mo 250.0 

— - 467.8 

Summary 1977. 


1393-94 

22310.0 

1.708.7 
■ 23.0 

1.933.4 
832 

249.7 

153.0 

5.408.4 
12942 

5252 

582.8 
22432 
2282 2 

1.340.7 
1743 

90.7 

1,0313 

' 1422 

132:1 

710.0 

147.0 
' 2,551.0- 


1394-95 
45,743.0 
5,4512 
- 33.4 

4293.9 
236.0 
321.8 
2213 
8313 2 

2207.6 

1.406.6 

1.163.0 
3,7812 

.4,5582 
2,0522 
211.6 
’ 1642 
-13032 
■ 243.8 
. . 204.5 

4.758.0 

1217.6 
3,000.0 


1395-96 

110335.0 

10,009.5 

984 

14296.3 

222.1 

8023 

3272 

23,723.7 

4.882.6 

3,8913 

3297.4 
123733 
01,5643 

7,4314 

401.4 

8413 

2.178.4 
.4553 
-353 2 
4,6583 

6.924.4 
1,600.0 


189607 ! 
216335.0 j 
9392-5 : 
r l 77.0 I 
16377.6 i 
. 9; 1303 : 
~ 1,164.7 ! 
; .351.5 ; 
21306.4 

■ 5353.6 ! 
3.693.1 | 
2,972.7 ! 
143293 ! 
163673 
..'43723 
: 429.1 
: 1*4303 
v2336.0 
_:{J5572 
^19.1 


■ ja 4 ia a 


-6346.4 

'•:I300.0 

—30,36 LI 





aft~ridit in the Gulf. 


A .. 




~ -1 




The SaLriiArdaanRrarrierForc^h^ sawed i 

hundiedsof lives in the past sevenyears ; \ .r. - | 

uar^BritishHoverc^SRN^,- if. I 

Now, thelwin 6 ~ forger ' ^ 

TheCoastguard for the Gulf / ~~ j| 

in the I 980 fe. _ _ 

1*^ British HoverarafT ^ 

V -V- : East Cowes. Isle of Wigrtt; ErisfiahlS; ; . , 

‘ . Tel: Cowes 41 01, Tetex: : 86761-^-.;.' 

. A Westland'&jm^any j / \ 


A Westland^CoffB^arty 






o* 





I 


tii; 





CONTRACTING— MAINTENANCE— OPERATION 


A 




n 

INF 



m 

mini 

3| 'ffi i 

ill 

DUlXI 





RIYADH HEAD OFFICE 

j. NASRIYA ST. 

2. OLAYA ST. 

TEL: 24899 
P.O.B.: 1438 

TELEX : 20036 DALLAH SJ 
CABLE : DALLAH RIYADH 


JEDDAH BRANCH 

PALESTINE 
STREET 
TEL : 55422 
P.OJB. : 2618 

TELEX : 40482 AVCO SJ 
CABLE: DALLAH JEDDAH 




I. MAINTENANCE & OPERATION 
ACTIVITIES 

il. Air Defence Facilities 

2. Government Administration Complexes 

3. Government Border Centers 

4. Government Complexes Training 1 Facilities 

5. Hajj (Pilgrimage) AirTerminal Facilities 

6. Traffic Lights^ Controllers amd Systems . 

II. CONTRACTING ACTIVITIES 

A. MISCELLANEOUS 

1. Distribution of surface mail throughout 

the Kingdom . • 

2. Unloading of cargo from ships by 

-helicopter " 

3. Establishment and operation of four 
modem driver Training Schools in the 
Kingdom' 

4. Road and Civil Constructions 

B. ELECTRONIC, ELECTRICAL AND 
MECHANICAL 

il. Installation and commissioning of turnkey 
facilities involving electronic, electrical 
and mechanical facilities and installations 
like Weather Surveillance Radar, Radar, 
Runway Visual Range -Systems, Trans- 
mitters, Automatic Stations, etc. 

2. Installation and expansion of permanent 
and interim electricity : networks for 
Government Centers arid Complex Facilities 

3. Power Generation Plant and Stations 

HI. COMMERCIAL ACTMTIES 

A. Representation of ■ leadirig international 
concerns and procurement and. commissioning 
of Electronic Equipment Systems and complete 
Turnkey Projects in the fields, of : 
il. Traffic and Instrumentation 

2. Meteorology arid Electronics : ..Radary 

Equipment and Turnkey . Systems, Naviga- 
tional Aids, Avionics, Satellite Systems and 
Weather Stations . ’ 

3. -.Air Traffic Corifroi ?qui|irififent . ’’ 

' 4. Instrument Landing SystenxS ; ' ■ 

5. Telecommunications: 

a. Telecommunication . Operations and 
Systems • 

b. Public Telecommunications Systems 

c. Private Communication Systems . . 

d. -Microwave Systems.^ 

6. TV, Supply and Marketing of Videotape .* 

7. Simulator I^uipmerit^^idv Electronic 
Teaching Aids for Driver Instruction, 
Awareness and Traffic Safety. 


B. Representation of leading Arab TV 
organisations 

C. Production and distribution of TV Programmes 
and Series 

D. Representation of .7 Heavy - Motorcycle 
Manufacturing concerns 

E. Light and Heavy Mobile Workshops for 
various uses ' 

• • . . , ■ ••*!*:*. *■ 

IV. AFFILIATED AND ASSOCIATED 
COMPANIES AND PARTNERSHIPS 

1. DALLAH AVCO TRANS ARABIAN 

COUNTRIES COMPANY LTD. 
(DATACC). • \ 

Undertakes the maintenance and operation of 
• vast civil, mechanical and electrical facilities 
in the Kingdom of Saudi Arabia and the other 
Arab countries. DATACC is. currently imple\ 
menting large projects in this field, some of 
which are : 

A. A five-year contract concluded with the Civil 
Aviation Department for the maintenance and 
operation of the civil, electrical and 

. mechanical facilities, installations and terminal 
buildings and for the implementation of capital 
improvement programmes of (14) Civil 
Airports in the Kingdom. 

B. A five-year contract, with- the: Ministry of 
Defence’and Aviation for the maintenance and 
operation of the • civil, electrical and 
mechanical .facilities and installations and the 
implementation . of capital . improvement 
programmes for five Royal. Saudi Air Force 
bases throughout the Kingdom. 

C. Various . other maintenance and service 
contracts with Government Ministries, 
Agencies and Aramco. 

2. THE MEDICAL CENTER COMPANY 
. LTD. (MED-CENTER) 

Specialises in the supply, installation and 
.maintenance of modem electro-medical 
. equipment with the co-operation, of Philips and 
. Siemens Companies particularly in the field of 
X-ray equipment: The activities of the Med- 
Center Co. cover hospital furniture, in-patient 
■and out-patient clinics and turnkey hospitals 
*and mobile hospitals. 

3. THE ARAB MEDIA COMPANY (ARMED) 

Specialises in Public Media Services and the 
representation of leading Arab TV organiza- 
tions and the production tod distribution of 
TV Programmes and Series. 


4. THE SAUDI PREFAB & PRECAST 
HOUSING CO. LTD. (SAPRECO) 

Specialises in manufacturing prefabricated and 
precast housing units of various models. 

5. DALLAH INDUSTRIES COMPANY LTD. 

Undertakes the study, survey and implementa- 
tion of medium and small scale industrial 
projects in the Kingdom of Saudi Arabia. 

6. ' THE CONCRETE WORKS COMPANY 

Specialises in the production of concrete and 
block elements for the Civil Construction 
Industry. . 

7. THE SAUDI AIR-CONDITIONING 
COMPANY 

Specialises in the representation of leadirig 
International manufacturing concerns in the 
field of Air Conditioning Equipment!. It also 
undertakes the design, supply and installation 
of Air Conditioning Systems for miscellaneous 
installations. 

8. AMARTEC COMPANY LTD. 

Specialises in Rendering Services, Research and 
Technology activities related to the 
Environment. 

9. THE SAUDI MARKETING AND 
TRADING COMPANY (SUMATCO) 

Specialises in commercial activities with 
particular emphasis on the- supply and market- 
ing of Chemicals and Medicines. 

10. Dallah Establishment is also involved in the 
activities of several leading concerns like 
Tihama Advertising Agency, Okaz Printing 
concern. Okas Publishing concern, The Saudi 
Arabian Hotel and Tourism Company, among 
others. 

v. STAFF 

The staff of. Dallah Establishment and some of 
its affiliates amounts to about 4,000 employees 
comprising' a. large; number of engineers and 
specialists in the various fields of civil and road 
construction, sanitation, power generation, 
air-conditioning and_ mechanical, electrical . 
and electronic installation and maintenance 
activities. The staff also comprises about 1400 
specialised technicians and assistants to under- 
take the arduous technical responsibilities of 
maintenance and operation activities and the 
other concerns of the Establishment. The 
■ administrative staff comprises Top Manage- 
ment Executives, Directors, . Accountants, 
Translators and Study and Analysis. Personnel, . 
. the remainder are Skilled Labour, Semi-skilled 
Labour, Ordinary Labour, Drivers, Watchmen, 

. etc. ■ 



18 " 


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the job site. Once initial needs are met, there will be capacity available for other work in the area. 

Raymond have been working in the Middle East for nearly twenty years. Among tHeir 
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db u b irai 



financial Times Monday March 20 1978 

SAUDI ARABIA VI 

Defence expenditure accounts for the lion’s share 
of the Saudi Arabian budget -77 but the defence forces are 
expected ta fulfil a protective role. . They are necessarily small 
because there is a limit on the amount of manpower that can 
be drafted, into them, although there are incentives. 


<1 ■ 
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SAUDI ARABLE has spent more 
money on defence since the 
1973-74 oil price rise than it 
has on any other single item of 
expenditure. In the current 
year’s budget defence, spending 
comes after only the total alloca- 
tion to infrastructure develop^ 
ment but the total of SB2&96ba. 
($7.63bu.) is .still only just 
behind Iran’s' $7.8bn. P even 
though Iran has far larger 
armed forces and aims to fulfil 
a much bigger defence role. 

When spending on the 
National Guard (SR2.6bn.) and 
the frontier force (SR1.39bn.) 
is added 'to defence, Saudi 
Arabia's defence and security 
bill comes to SR33bn. for the 
current year. Defence spending 
looms even larger than mig ht at 
first seem because the Ministry 
of Defence normally spends its 
budget allocation, while most 
other ministries do not 
The oil price rise has enabled 
Saudi Arabia to pay for a far 
larger defence establishment 
than it previously could: it also 
increased dramatically the value 
of the Kingdom’s : main assets 
(its oilfields) and gave Saudi 
Arabia a far greater interna- 
tional and regional role which, 
it felt needed to be backed with 
a bigger military force, mid 
emphasised the strategic vulner- 
ability of the vast but sparsely 
populated desert State._ 

The stated alms of the Saudi 
militarv effort as declared in 
February. 1975, are to defend 
tiie Kingdom and . repel aggres- 
siort It does not have aggressive 
intentions itself — and if it did 
it would not have the means to 
f ulfil them— but it does preceive 
threats around its borders. 
First, it does not rule out tiie 
possibility of a pre-emptive 
strike bv Israel in the event 
of a Middle East war— an attack 
aimed, for example, at- making 
Saudi airfields and its airforce 
unusable either by the Kingdom 
or by. another Arab state. 


Strength 


Second, it fears the military 
strength and political radicalism 
of Iraq on its north-western 
border. And third, it is appre- 
hensive about the military 
power and the subversive habits 
of Moscow-oriented South 
Yemen, especially in view of the 
growing Soviet strength in the 
Horn of Africa. Recently it re- 
inforced its troops on the border 
to meet South Yemeni 
skirmishes. The State must also 
be on guard to protect itself and 
its economic- installations from 
Internal subversion and guerilla 
attack. 

Saudi Arabia- has the per- 
ceived need, the desire and the 
money to acquire - the most 
sophisticated western' military 
equipment: but it . also has a 
small population (and thus a 
very limited catchment area for 
military recruitment), and 
organised secular education and 
a reasonably modern way of life 
have only a very short history. 
The problem that the Kingdom’s 
defence administrators and the 
many expatriate training teams 
and advisers face is both of the 
quantity and the quality of the 
manpower. - 

Because of the manpower 
shortage the armed forces are 
relatively small in number: the 
army’s strength is 45,000, the 
airforce 15,000 and the navy 

1.500, with the national guard 
35.000 and the frontier force 

6.500. ■ Military service is volun- 
tary and recruitment is a prob- 
lem, with all three arms under 


strength. Last year the pay of 'centre of Nejd province where 
the armed forces was virtually- it dtews most of its recruits, 
doubled for most men, but .it ^ Military cities are really 
is still barely enough to compen- garrison towns, housing both 
sate for the relative rigouirs of array and airforce and provid- 
military discipline, service away ing barracks, married quarters, 
from home in fairly inhospitable hospitals, recreation areas, etc. 
regons of the country,, and beng They, appear to be phenomen- 
unable to enjoy the financial .ally expensive: King Khaled 
rewards on offer in the private, military city is officially said 
sector. . to be costing between $9bn. and 

Yet as the country buys' more $12bn.: unofficial estimates from 
equipment of a sophisticated Government -sources go up tb 
kind and builds a larger and twice 'as much, 
larger military infrastructure." With the building of hos- 
tile forces will need more and.pitais, housing and military 
more manpower. Recently the cities, a large part of military 
Government denied that it was . expenditure goes on relatively 
planning conscription, but many mundane infrastructure The 
people in the Kingdom see it as U.S. has the lion's share of this 
inevitable. : . work (although British con- 

. stractioo companies are in- 
'• -volved in a small way) and its 
. corps of engineers has the 
One way to encourage recrmt- jj^jQj. supervisory role as con- 
ment is by making the social .5^^ on many large projects, 
services available to members Actual equipment supplies 
of the armed forces and their protablv make up only a tenth 
families much better than those T0 tal defence spending; 
found outside. A large proper- much . 0 f the rest goes to dif- 
tion of the- Ministry of Defence f erent expatriate groups to pay 
budget goes on ■ operating; - {or technical training, 
lavishly - equipped and well- u.S. has a military 

staffed hospitals and building ^sion in Saudi Arabia which 
high quality accommodation for co-ordinates the work of differ- 
militazy men and their families. en t defence contractors in the 
The armed forces also, toy to country. Up to 10,000 U.S. 
provide superior education to civilians are employed on 
that available from - . th^ defence projects, for the U.S. 
Ministry of Education (indeed at j east so per cent of all 
education is a key part ... of defence work in the Kingdom, 
military training at almost alL.in; the army the U.S. is re span- 
levels). slhle for mechanising two of the 

The Ministry of Defence has; five brigades which are to have 
fairly small hospitals at Tabuk, _a totaI of 260 American M60 
in the north-west, Jeddah, .and tanks. The army- already has 
Khamis Mushayt (north of the some 400 French AMX30 tanks, 
Yemen Arab Republic border). -_on which the French military 
A large one is to open later this mission is continuing to 
year in Riyadh, maintained and- instruct the Kingdom's existing 
staffed by. the British company armoured brigade. Saudi Arabia 
Allied Medical. -A hospital .is- is- thus in the luxurious, if 
proposed for Al-Kharj. South of somewhat complex, situation of 
Riyadh. . Meanwhile the having two main battle • tank 
National Guard is building 6 systems, 
hospital in Riyadh which wUI ■ The Army has some 150 
also serve as a disaster relief British-made Scorpion light 
centre— since disaster relief tanks; with • a further 100 . on 
would be handled by Jhe -pnier^ -as. well.- .as . much other 
military anyway. ' ' - ‘ - British equipment (^specially in 

These military hospitals ire communications). The Army is 
naturally designed to look after also - responsible . for . the 
the wounded and sick in ,-Vrari 'Kingdom’s surface to_air missile 
time, but in peacetime they take system, which employs the 
patients not just from the American - - , Hawk ~ missile 
families of servicemen .jbut also and maintained by Raytheon, 
patients from the surrounding For protectioh against low-level 
area, and they provide out- attack— for which the Hawk is 
patient services and maternity less well-adapted — the British 
facilities. This is. one of the 'Aircraft - "Corporation has bedn 
ways in which military spending trying to impress the merits of 
directly improves the life of the Rapier. system on the Saudis, 
non-military Saudis. Britain’s most important role 

With a . view to the three in. the ;Saudi armed forces is 
areas from -wteob Sauda Arabia with, .the Royal Saudi Air 
pereceives threats, defence, is Force, 'list year Saudi Arabia 
partly concentrated on awe- renewed its contract with BAC 
somely named “ military cities ” for a noth e r four years: worth 
in different parts of the coun- about £5Q0m. (with the possi- 
tiy. Those at Tabuk and - bility of inflation; contingencies 
Khamis Mushayt already exist, and additional requirements 
although they are being ex- taking itup-to a possible £850m.) 
panded: at Hafar al Batin in the it is considered Britain’s biggest 
north-west construction is now ever export deal. 

"beginning on ti ic Ring Khaled BAC ? association with the 
Sary city, while there are ?*AF began in the 1960s when 

plans to expand the existing ** ^ v,^M? tlronS of 

military areaTAl-Kharj, which Ughtnuys ^hich still comprise 

already has an oniance depot the , mterc ? ptor 

and ammunition factory, into a c ? pa c ^? ) *3* two s ? ua . drons 
Wrnr of Stnkem aster emmter-msur- 

larger armaments producing gency tedaing squadrons . ^ 

1X16 air forte has not bought any 
more BAC aircraft — it is 
acquiring 70 Northrop F5E 
fighter bombers, plus 20 F5Bs 
„ 811(1 20 F5Es, and President 
National Guard announced carter has said the U.S. will 
recently that it was to build the Saudis 60 Fl5 Eagle 
two military okaes of its own: aircraft for delivery early in 
one ait Hofuf, close to the oil the next decade— Congress 

fields where one of its main permitting, 
defensive functions lies, and Still, BAC plays the major 
one in the Oasim area in the role in basic training both in 


centre, possibly handUn 
electronic equipment side of the 
Arab Organisation for (Mili- 
tary) Industry (AOI). 

Not to . be outdone, the 



lit 

. T?t 


3 


flying and technical stefis, twdn 
nical support of aircraft' (inctu* 
ing to an extent the nowBritfeh 
ones), armaments support,.' con- . 
struction supervision, ■ vehicle 
maintenance, medical services 
and provisioning of atf kinds. 
The scale of operations *ls 
colossal with about ;2,000 
expatriates in Sandi Arabia - and 
a constant flow of suppUesfrom 
the U.K. A major objective is 
accelerating the taking oyer bf 
jobs presently filled by BAC 
personnel by Saudis. BAC pro- 
vides flying instructors for 'the 
King Faisal Air Academy bs 
well as technical instructors..' 
And it runs the Technical, Ser- 
vices Institute (TSI). . at. 
Dhahran. where teaching begins 
with English instruction . lin 
technical subjects and proceeds ' 
to technical education and. On 
the job training. _ " 

The programme is directed 
from Riyadh by Air Chief Mar- 
shal Sir Frederick Rosier, arid 
.is also monitored by the.’ British 
Ministry of Defence, with which 
the contract was technically, 
signed. Although Northrop and 
Lockheed both have organisa- 
tions to service and' .train, the 
aircraft and missile systems 
they operate,. BAC provides; a' 
service which, assuming it con- 
tinues' to . operate efficiently, 
should L be asked to continue' 
after the present foux-ypar 
period is up. - Its position would • 
be stronger if it were to aeU 
the air force more aircraft— for 
example' the Hawk light, attack/ - 
trainer. . " . 1 • 

Smallest 

The Navy is the smallest nf 
the ' three seririces "under the. 
Ministry of Defence and is being 
built up almost, .from scratch 
under a package . agreement, 
reached with the U.S. in 1974. 
Its ambitions cannot not. be. 
called excessive: it will consist - 
largely of coastal patrol craft', 
for coastal operations along, the 
Kingdom’s long littoralA- JfavaL. 
bases, one . ar Jeddah ' and' 
another at Jubail, are -. being* 
constructed. 

The National r Guard " is 
entirely ' separate - , from - the 
Ministry of - Defence.-faas 'a. -dif- 
ferent logistics and: training 
system and reports' direbtiy to 
Prince Abdullah 'Bin Abdul 
Aziz, rather, than to the Defence 
Minister -Prinee -^Sultan -.‘Bin 
Abdul Aziz.. It has grown out of 
the loyal and ffmati rally-religi- 
ous Ikhwan; which frirni having 
won battleS^or Klng Abdul Aziz 
Ibn Saud became - a - oopnter- 
weight to : the - newly .formed 
conventionei '..army! r tt is 
organised, on tribal liinfes witli 
tribal leaders In charge 'and hot 
all of it serves 'full 'time. Among 
its tasks are the protection of 
the oil -fields and associated^ in- 
stallations... Britain has a s&all 
military 'mission to it. a$d ap- 
plies some' of its equipment, 
biit the contract- for mechanis- 
ing four of its battalions is imld 
by the American company ^in- 
nell which is supplying them 
with compiando - armoured 
vehicles. : 

Despite mechanisation it: is 
deliberately being transformed 
less fast than the other part? of 
the defence -.'machine, The 
Saudis are uneasily aware- tjbat 
the more modem a unit becomes 
the more the traditional values 
of its members tend to ;;be 
eroded, and with this their 
instinctive loyalty.'- 

James Buxton 




UK, 


•muss 

in'3 










R&iancial Times Monday March' 20 197§ 


l£ 


SAUDI ARABIA VII 


Because the necessary infrastucture has not yet 
developed, Saudi Arabia still has some way to go before 
a true capital market can be established. But the banks have had 
the advantage of the lack of alternative capital instruments, 
and have managed to fill much of the gap. 

The capital market 







A CAPITAL MARKET has yet 
to emerge in Saudi Arabia, and. 
given the cautious attitude of 
both the monetary authorities 
and most institutions and. in- 
dividuals, with available capital, 
ohe is unlikely to develop for 
some years. 

A society geared to cash 
transactions, and still growing 
accustomed to the idea of 
cheques, will obviously take 
time to progress towards longer- 
term and tradeable forms of in- 
vestment. As one banker put it, 
“A market presupposes plenty 
of buyers and plenty of sellers 
and there’s no sign of them yet.” 
Another, commenting on Saudi 
riyal bond issues, said,' “People 
look at securities as investments 
to be stored away rather than as 
instruments to be traded.” ■*' 

The lack of capital market 
in the -Kingdom is paralleled by 
the growth in the capital mar- 
ket services being offered to 
Saudis by the offshore banking 
units in Bahraini-direct and 
syndicated loans in Saudi riyals, 
for instance — and by the emer- 
gence of private-sector Saudi 
borrowers on the Eurocredit 
market last year. For example, 
in December the Saudi Research 
and Development Corporation 
(REDEC) raised $14m. through 
an international syndicate 
headed by A1 Saudi Banque in 
Paris. Earlier four associates of 
Transport and Trading Inc. 
raised a 540m. five-year Euro- 
loan. r 

All the basic infrastructure 
for a capital market is lacking. 
There is no stock exchange. 
There are few companies in 
which the public holds shares, 
and the dozen or so that do 
have some public shareholdings 
are traded only very fitfully 
through one or two brokers. It 
is mote a. question of private 
placement of share. A local 
inter-bank market is still in a 
fledgling state. Medium-term 
lending by commercial banks i6 
limited, though the newly- 
formed Saudi Investment Bank- 
ing Corporation (SIBC) ■ and 
National Commercial Bank are 


working Lo build this up. The 
rolling-over of short-term credits 
Is still the most usual form of 
longer-term financing ■' in the 
kingdom. Commercial banks are 
restricted in what they can do 
medium-term by the concentra- 
tion of the deposits in the very 
short maturities; by low .capi- 
tals; and by high ratios that 
have to be maintained-r^as the 
Saudi Arabian Monetary Agency 
(SAMA) require — between de- 
posits and capital reserves 
(15:1). 

In Kuwait— which 3s years 
ahead of Saudi Arabia in its 
financial development — banks 
have started issuing certificates 
of deposits (CDs) tq-lehgthen 
the maturities on their liabili- 
ties side and to help them do 
more medium-term leading to 
satisfy a demand growing 
throughout the region. But. in 
Kuwait the private, sector is re- 
latively much bigger - and more 
dynamic than in Saudi Arabia. 

Government initiatives . are 
needed in Saudi .. Arabia to 
stimulate financial. development, 
yet official moves arie inter- 
mittent and policies somewhat 
ambivalent Establishment of 
the SIBC — the first new bank 
for 23 years — was encouraged by 
the authorities but they let 
negotiations drag on-for years 
before the bank finally opened 
last April and then they saddled 
it with a capital of only.SRSOm. 
($S.6m.) — very low for an insti- 
tution with such -ambitious 
objectives. These include deve- 
loping a capital market, as well 
as acting as a merchant bank 
and. lending medium-term to 
assist the country's industriali- 
sation programme. 

Studies have been done on 
setting np a formal stock 
exchange, but it is doubtful 
whether the private sector 
has the capacity to organise one 
and therefore the Government 
would have to take the 
initiative. Another wayencour- 
aging financial development 
would be to issue Govemmefat 
debt instruments (though 
obviously the funds are not 


needed) and to try to stimulate 
secondary market activities in 
these. 

But since Kuwait is only now 
talking about . possible Govern- 
ment CDs or treasury bills later 
this year, it is clear the Saudis 
must be years behind. 

’ The conflicting policies of 
SAMA on “ internationalisation" 
of the riyal have helped create 
the means by which Bahraini- 
based banks can now offer an 
increasing range of capital 
market services to Saudi 
borrowers. SAMA is theoretic- 
ally opposed to any development 
which might lead to its losing 
control over the currency,, and 
to speculation against it -in 
overseas financial centres. Yet 
by insisting that contracts 
awarded within the kingdom 
and import contracts be priced 
in riyals, the authorities have 
prompted the growth of healthy 
forward markets in riyals out- 
side the kingdom. Foreign basks 
have also sought to circumvent 
the 15 : 1 -ratio on deposits by 
diverting clients’ funds to their 
OBUs in Bahrain, from where 
they can be lent back into. 
Saudi Arabia. 


The new Saudi Arabia Monetary Agency building in "Riyadh . 


Deposits 


Armed with substantial riyal 
deposits, the 40 or so OBUs 
have been quick to detect lend- 
ing opportunities In Saudi 
Arabia. Considerable direct 
lending to the ' Sautti private 
sector has already taken place. 
Medium-term- operations in 
riyals have been relatively 
cheaper to do from Bahrain 
than the ldnd ef - overdraft 
facilities available in Saudi 
Arabia, since for some months 
interest rates in riyals have 
been lower than in dollars. The 
companies benefiting from 
lending front Bahraini OBUs 
have tended to* be joint- 
ventures, especially those with 
a reasonable go-ahead foreign 
partner. - 

Publicly syndicated loans in 
riyals began last year. Amiantit, 
a Saudi company, raised SR50m. 
through a syndicate of OBUs, 


with the Al-Khobar branch of 
Banque de ITndochine et de 
Suez (now Saudi-ised into the 
Al-Bank al-Saudi al -Frans i) as 
the. agent. The choice of this 
branch raises the interesting 
possibility that, as more foreign 
banks Saudi-ise and are allowed 
to open branches all over the 
Kingdom, the Eastern Province 
could develop as a financial 
centre to rival Jeddah and 
Riyadh because of its proximity 
to Bahrain and, to a lesser 
extent, Kuwait, from whence 
more and more of the financial 
services and funding for the 
Kingdom are likely to be 
provided. 

-The Amiantit loan was a float- 
ing rate deal, above the Bahrain 
inter-bank rate for riyals. A 
SRSQOm. credit in preparation 

for the Saudi Research and Kuwaiti bank, Burzan Bank, tee set up to decide on ways, but the new' bank is still where the rest u-ould be made 
Development Corporation According to BAH, this method allocations favoured the. more fighting against the odds to up by an SIDF loan (up to 55 
(REDEC) wai have a floating of borrowing is cheaper and prominent members of the com- achieve its objectives. SIBC is per cent), equity capital and 
interest rate of 2 per cent above carries less documentation than munity. Further opportunities allowed a deposit ratio of 30:1 working capital from commer* 
the Saudi inter-bank riyal rate* a bond issue. for the public to buy shares in instead of 15:1. and it can rely cial banks, 

with a 7$ per cent minimum.- Not all these riyal. trans- banks will arise when capital on three-year deposits from the Chase had for a Ion™ time 
Lead-managed by BAIT -(Middle actions have been entirely off- increases are needed, but, as General Organisation for Social wanted a commercial banking 
East), the- loan is for five years shore, but there is little SAMA already noted, SAMA is un- Insurance, as well as fu^ds from operation in Saudi Arabia to 
and is for general corporate can do to stop them if it wants likely to rush into approving other government institutions ma tch its rival Citibank’s ex- 
purposes. An earlier attempt — to retain the freedom from such- moves. such as the Saudi Fund -for tremely lucrative business 

i® 51 SIU00m ’ foreign exchange controls which rifforSrarrc Development But it still has to there. and cynical bankers 

loan for REDEC at 2* per cent exists at present UUciillgS compete for funds in the have remarked that SIBC will 

above the Saudi inter-bank rate The main plank of Govern- One of the most professional market-place and pay commer- be a commercial bank in a dif- 
over 6-7 years fell through. ment policy towards developing public offerings of bank shares ^ rates. ferent guise. But the conces- 

That deal — to finance a fertili- a capital market at the moment was done by SIBC. Although it SIBC’s biggest handicap is the sions made to it by the 
ser project — was beingarranged appears to be the process of was setting up from scratch, it lending limit per client of 25 government seem to argue 
by National Commercial- Bank. Sandi-ising foreign banks, which still had to conform to the per cent, of its capital, which against this. How it fulfils its 
It is not dear whether problems enables the majority of the majority of Saudi pattern of means a maximum of SR7.5m. It role may well depend on how- 
over the project itself or over shares In these institutions to ownership. The 65 per cent of can, of course, get round this by the relationship with th« 
the funding led to wi thdra wal be offered to the public. How the shares not owned by Chase syndicating loans with its share- National Commercial— a share* 
of the deal before Christmas, widely the shares are being Manhattan, Schroders, Indus- holders or even more widely, as holder in SIBC but the closest 

A number of bond issues have spread is difficult to say. The trial Bank of Japan and Com- it has already done, and some rival— works out 
been floated in riyals, mostly general public in any case only merzbank was split between the would, argue that this is a better 1 Until last year. NCB’s invest* 
for foreign borrowers such as gets a proportion of the 60 per public (36 per cent) and the strategy initially, so that the ment department was advised 
toe Algerian shipping company cent allotted to Saudis. Mem- General Organisation for Social bank’s name becomes known by First Boston, but since then 
CNAN and toe Moroccan re- hers of' toe royal family and Insurance and the National and relationships can be a number of staff have been 
finery company SAMIR, but other wealthy individuals tend , Commercial, Riyad and A1 developed with other banks, engaged from various Western 
REDEC has also tapped this to take up a large part of the Jazira banks. Three hundred With the Saudi Industrial Devel- banks, including some with ex= 
market too. Last month a new capital offer: in the case of thousand shares were available opment Fund like SIBC, man- perience in project finance, 
type of deal was announced Algemene Bank Nederland, 31 for public subscription, but a aged by Chase, providing Most probably SIBC and NCB 
for the Banco Nacional de Obras per cent ' of the capital of Al- limit of 163 per person was long-term concessional finance, will co-operate, with NCB tak- 
of Mexico: a SRlOOzn. five-year Bank al-Saudi al-HoIlandi was imposed. As a result, some 1,800 toe idea behind SIBC was that | n g on" parts of SIBC’s larger 
.loan deposit, with semi-annual subscribed by three princes and Individuals became investors in it should fill the gap between loans and NCB providing 
interest payments, arranged* by several leading merchants. SIBC, with several hundred of the Fund and the mainly short- shorter-term finance for pro- 
BAH (Middle East). Funds were The 29. per cent, ou offer to them holding between 10 and term finance offered by the j ects where SIBC is looking at 
provided by the Banque Arabe . the publicjtlargB. was ten times 50 shares. . ... commercial banks. SIBC ; would- the'longer end. • 

et Internationale in Paris, SIBC, oversubscribed, but it was sus- The government has shown its thus supply 10 to 20 per cent B 

Riyad Bank and the new pecte^'toat toe special commit- commitment to SIBC in various of toe total -cost of a project tSnafl iflOffipSOE 











■ Pteandat Thbes Monday Marctf 20 1^78 


SAUDI ARABIA 


. ■— •IwSSsSi. 




.. •- v > r-- .v . - ... -n .• *v . •. • • ■ 




* Saudi Arabia? 


nn 


Lloyds Ra nk Int ernational, the international bank in the 
Lloyds Dank Group, provides through its offshore branch in Bahrain 
the full range of specialised banking services available from the 
Lloyds Bank Group on a worldwide basis. These services indude:- 


Bid and Performance Bonds. 
Advance Payment Guarantees. 
Letter of Credit Facilities. 
ShortTerm Trade finance. 
Deposit Facilities. 

Foreign Exchange Transactions. 
Project finance. 

Eurocurrency Syndications. 
Export Credit 



LBI has a comprehensive knowledge of local conditions 
and is able to provide the necessary technical expertise to arrange 
financial support of allkinds in this vital area of the Middle East 


The hew National Commercial bank building in Jeddah. 


In addition to our presence in Bahraiiywe have branches in 
Cairo and Dubai and arepresentative office in Tehran. 


For further information please contact our Bahrain branch, crur 
Middle East Division inLondon or any branch of Lloyds Bank Limited. 


Sandi-fsatfon is the developing theme among 
banks in Saudi Arabia,' and it brings benefits with 
it, such as the ability to open branches all over the country. 
But the new growth area is overseas, with an increase 
in the amoniit of riyal financing -abroad. ■ * - 


Manager, Bahrain Branch: Graham M. Harris, 

Almoayyed Bmlding No. % Government Road, Manama, Bahrain. 
Telephone: 50069, 50453. Telex: 8641 



LLOYDS BANK 
INTERNATIONAL 


4q/G6 Queen Victoria StLondon EC4P4EL Tet Dl-248 9822 
A member of the Lloyds BankGroup 


LBI, the Bank of London & South America and their subsidiaries have offices in: Argentina, Australia, Bahamas, 
Bahrain, Belgium, Brazil, Canada, Cayman £siands,Chfle, Colombia, Costa Rica, Ecuador; Egypt, El Salvado^Franoe, 
Federal Republic of Germany, Guatemala, Guernsey, Honduras, Hong Kong, Iran, Japan, Jersey, 

Malaysia, Mexico, Monad), Netherlands, Nicaragua, Panama, Paraguay, Peru, Philippines, Portugal, Republic of Korea, 
Singapore, Spain, SwitzerIarid,United Arab Emirates, United Kingdom, USA, USS.R,Uniguay, Ve n ezuela. 


The international bank 


with special expertise in 


Saudi Arabia 


SAUDI COMMERCIAL banks, 
one of the great growth areas 
in the economy, have a strict 
tutor in the form of the Saudi 
Arabian Monetary Agency 
(SAHA). It controls their size, 
liquidity, lending ratios and 
their activities' abroad. Bank 
business has expanded commen- 
s [irately with the growth of the 
Five Year Development Flan. 
Money supply at the start of 
the plan in mid-1975 was about 
SBS-Sbn. (82.7bn.) and in- 
creased to SR21.6bn. ($6.2bn.) 
by October, 1976. Demand 
deposits at commercial banks 
increased from July, ■ 1975 to 
June, ' 1977 from SR4.5bu. 
($1.3bn.) to SR16.7bn. ($4.8bn.), 
while average monthly bank 
clearings between those dates 
increased from SRSJhn. 
($0.9bn.) to SRIS.Tbn. ($3£bn.). 

Many would say that Saudi 
Arabia is under-banked. It has 
12 commercial banks, and there 
is little prospect of new banks 
being allowed to open there, 
either- on-shore : or off-shore. 
SAMA has not been persuaded 
to open up Jeddah as another 
Middle East hanking centre to 
vie with Bahrain or the. United 
Arab Emirates. The sheer 
volume of local business has 
not been and could never be 
handled by the official banks 
alone. As a result; many of the 
mechanical activities such as 
money-changing, tra deJin an ting 
and real-estate lending are done 
by the well-established and 
generally highly respected 
money-changing houses. They 
have the advantage, over the 
commercial banks in at they 
do not have to adhere to 
SAMA's strict regulations on 
liquidity. SAMA stipulates that 
a bank’s total deposits may not 






short -term,- It would be difficult 
anyway tor them to lend long. 
Bot. : with' the risingpopularity 
! -of syndicated ‘loans and* bohd 
. - A issues on the international mar- 
ket ■ the National . Commercial . 
; Denlr and tbe Myad Dank have 
begun t<r participate .as 
k- *<*3 "comanagers and providers. Tbe 
National' Commercial Bank all 
but managed -a' SRIOOm. 
-Lj ($28. 6m.) syndicated .'Joan by 
""U itself last December." .The loan 
W .i was inr favour of a Saudi ferti- . 
‘ liser venture between the SaryjU . 

) Research and Development Cor- 

* po ration . (Reflect andrji' .Leba- 
* T - nese - partner. ; The L£bati&e 
partner withdrew from the pip- 
feet, however, and *the loan ;v$s 
never brought to the public. *‘ 


Reluctance 


f 'I 

* 1 * *■■■ ' «, 




. SAMA has lKen. thought re- 
vS luctaht : to ; see the; Saudi ;riyal 
■$} becoming an toternatiohal ak- 
. I renCT. hut the v last veaf has 


■ 1 1 *- ’ c- •/*; ** *** v ■; i v . 

• •• -. ; • •- • t cross. 




: i rency, hut the ' last year has 
seen, a mupber of Wg. riyal 
^Joans' 1 made' 'abroad, with par-, 
titipatiou . by , the ■_ NCB. tie ' 
Arab .Investment Cmrrpany abd 
the Riyad Rank. They joined ; 
- the . Banque Arabs \ . and 
Interriatioiiaie dlnvE^ti^ern^t 
(BAH) , of - ^Babrqjiq ■ ' jn .a 
SRIOOm. fS28^m.)r r boiidT, issue 
in March. 1977, for^ the Morci- 
/t can .refining company . SAiyilR. ; 


The Riyad. Bank -arid; Aiicofp 
Joined; .BAH in ! May' ; Tor; ja 

SRI50ml -($^2f.9m.) "bond; issue 

for thq .’Algerian stepping com- 
pany CNAN’ Last tinker sir 
L - f ' t Bahrain .offshore . banking. units 
^ led by the.. Banque“ L de. Tlndo- 
chine ' et. de Suez syndicated .a 
SR5Cra. : ($ 14.3m.) '. loan Jo 
finance . Indnstrial plants -Th 
Jeddah and --Dammam ’being 
built by. Saudi' Axa^fan 




Citibank’s office tn Riyadh. 


to an order by SAMA finance of up to 50 per cent tit. The Redec group .was. fte 
issued when the Banque de at a nominal 2 per cent interest first Saudi company;. tq-Tai% a 


I’lndochine was' Saudi-ised in Between : March, 1974, when it -riyal loan outside the cpnntiy- 
rrmst be kept as liquia assets. „ _n r . 3 , ■«» - ■ 


May, 1977, all remaining foreign was set up, ana September, In May, 1977 Redec^gu^rmteed 
banks in the country Jbad to be 1977, the fund made 325 loans a SR35ni.' (^fOin.) ' note/ issue 
Saudi-ised within a year. That with a total commitment of . for it? affiliate Interdec. (Ber- 


■■ : epn^ailv° i |^en giws-them at least two months SR7Jbn. 4$2JJbn.)> JThe. Agri-^ muda>. _ -arranged hy^-tfie 
tolerant Of the monSSanser? to mabe their intentions clear, cultural Bank does the same Luxembourg - based ^Arab 
?=w5« 0f S' aTSi After Saudi-isation, the }°» agricultutal sartor. FJoonca CorporaHorr Tto 

Ministry issued a warning last foreign bank retains manage- 

October against unauthorised ment for at least, eight years. l9J6-;7 totalled about 


activities, but the Commerce 
Ministry issued a warning last 
October against unauthorised 


banking activity, and SAMA but naturally has its share 0 L (Sl^ Am.L The RFDF nr^MTprpd 

has been moving to bring their the profits reduced by 60 per »?terest-free loans of up Redec, SAMA ha-s not offered 


operations more tightly under cent A major advantage is the per cent to individuals o^»\ious ^esistenee to these 


Domestication 


Saudilntemational Bank 

al-bank al-saudi al-alam umtted 

99 Bishopsgafe London EC2M 3TB. 
THephone: London (dO 658 23Zi Telex: 8812261/2. 


its controL - freedom to open branches all bujMing new homes, ^ ^ and also, Toaxw^^utvth^y -f ^ 

over the country. Citibank and be, P s to finance commercial real for projects related either to 

Domperipfifinn the Banque du Caire were pre- estate Investments, . -From May.-^Saudi -development or to de- 
uomesneduon to^l*** 3977. the REDF suspended 5tp : vefojment.^ the Arab world^ 

Two. of the 12 banks are 100 allowed to have branches' in lending “activities - 'for - nine Perhaps A would be 
per cent domestically owned. Riyadh, but in March. 1977 the months to cool inflation in the silent if offshore nyais were 
the National Commercial Bank Bank al-Jazlra opened a branch building sector and to rethink -amass ed . for speculative pur- 
(NCB) and the Riyad Bank, there, and later in Mecca. Saudi- its lending policy. Lending poses rutber , titan for definite 
Four of them, have been isation is regarded as fair on be « an again in Febiuaiy tbis projects. 

Saudi-ised, that is, have .been the foreign banks since they are year , w ^ ^ 05611 monitoring on ■. with the great volume of 
taken over. 60-65 per cent by not using their pwn capital from the 8526 l Qaas given. A flat jumbo contracts priced in riyals 

Saudi interests. The Bank abroad to generate local busl-' ra te ceHing — of — SR500.000 being awarded to foreign firms 

al-Jazira used to.be the National ness. ($85,700) a toan was abolished there is no way of avoiding the 

J* , Bank business, like that of the ■ ***? *"L d 


MXi 

Let’s 


Pakistan, al-Bank 


al-Saudi al-Hollandi ™ the m0 MMhMoere<»ncenteate s on *® ■ trtB l0 “ ti(la “ t0 : martets. Again these riyal, are 

>5*., *2!?^ IZS&L T. *» .»»? V-..IM1 


ae British Bank of “ ? na certainty. AU Ck.vernn.ert enn- 


Issued and paid-up capital: £25 million. 

Shareholders: Saudi Arabian Monetary Agency 
Riyad Bank, National Commercial Bank (Saudi Arabia), 

Morgan Guaranty Trust Company of New York, The Bank of Tokyo, Banque Nationale de Paris, 
Deutsche Bank, National Westminster Bank and Union Bank of Switzerland. 




►jsjv j 


~ . Tees tor wnicn toreign guaran- \- - — - 

the. Middle East tore must have a local advisory hn " SSU, - 3bl1, < S0 - 46bn ->: ...tracts are underwritten by on- 

The Banque du Caire has bank. It is bere that the foreign The . international develop-- de ® 50 d advance-payment and 

already signed articles of banks score in their relations meat funds based in Saudi P^omaance OT2rantoes adding 

association with its Saudi with parent banks and their Arabia hardly affect domestic °P t0 as much as -o per-cent, 

partners, and will be known as countries of origin, although the market patterns, but they, do the contract value. A 

the Saudi Caire Bank with a First Boston Corporation has a bring added financial expertise facility of SRl-Tm 

capital of SR150m. ($42.gm.), management contract and a good intoTthe country. . There 
five others appew to be resisting relationship with the National the Mamie ^ ^ Development ^ Bank 

Saudi-isation. -at Ibanfc has been Commercial Bank. in Jeddah, the Arab Investment November for 

most dearly opposed to It but Most of the long-term private Company end the Saudi Rihff -'gj " n JL*2 "a 
an announcement on its decision financing in Saudi Arabia is for Dewiopment in Riyadh, and ^ ,^ h n ) 

to go Saudi is expected before done by specialised funds set the Arab Petroleuin Invest- tot ^} L SR1.9bn. tS0.5bn.) 

Jordan-based Areb U p by^th? Government ’ ^ 

Bank is about 20 per-cent Saudi- chief ones are the Sauru -* ? . - ' _ dOT Philips and L M EriMSon 

owned and claims it is not really trial Development Fund fSIDFi ‘ 1116 presence . o£ ^>edal low- for their SR7.9btL ($2.3bn.) 
a foreign bank. The attitudes the Agricultural Bank anri th* interest funds tends to. keep the share of a contract to espana 
of the. Banque du Llban et Real Estate Development Fund domestic banks even further Jh? Saudi telephone system. 
d’Outre Mer, Bank Melli Iran The SIDF, whid, is manaeJi aWay &*&<*** iending. ^Th^ are only two exampl^ of 

and the United Bank of Pakistan h y the Chase Manhattan Bah? most bank ; arertiiejiuge Bam of gua^ardees OUt- 

are not publicly known. Accord- can give industrial project . CONTINUED ON-NEXT PAGE . 

^ v. • • .. V.V 










IfrtoanCK* Times- Monday March 20 1978 


ARABIA 


21 



Sandi Arabia presents the contrasts of a yery 
large insnrai.ee market with very little in the way of 
a local insurance industry, or for that matter of governing rales 
and regulations. Virtually all business is thus transacted 
oflshore, involving multinational operations. 



i *■£"* £*■“» *“« “W™"* ••PMfcm ' «t - sub-economic 

-r now. Probably one of the fastest' mediary. onal ^ & lnter - either their usual broker, or premium rates -on which the 
growing insurance marketsany- ■ « ■ •!« ' '' tUrec ‘' insurer m their home established underwriters nver- 

i whwe. and certainly the biggest therefo^Thl!* >£S?!r country or,: if known, the Jead- seas could not avoid losses let 

'■ wtittnal market' in the Arab for - bn *er_ or. insurer Involved alone make a profit.. 

world, if . only by a fairly short binding authority of m the management and re- * 

-■> heath, A reasonabfc estimate d ! ifP msurers and- reinsurers insurance of the- chosen Saudi f * f ^? her *“ der] Jro* difficulty 
that insurers’ dirw^Smh.m business on their company. In this va£ all aspects i? ro ander ^ nters « the virtu al 

. income on Saudi-resldenTrisks u b de . rwritin g of the Insxiraru^-^tihi imder^ lSS-^h°^^iF P S^ 0rial in i' , r 

• has risen from, shorn iKtanm agents. The brokers - view now writing arrangements and (so ances ‘ 18 ^ course no life 

*** bad this step. not been ^ “™“ busing worth 

; tbjeihaps $250^00mflast vel^ take .°? much ‘ Df the -business World insurance) plains hand- * s md - httr< L revenue 

Judging ^ftevervS’MS n * v * r have been written ling— can be organised and classes as household 

^ volume (if cnnstruSiM tIK a f d bo ^ - Saudi employers and monitored centrally. comprehensive insurances. 

£, &sz 4^2£sr SSSStSS "'nSiS 

£ehsis mmm mmm mmm 


‘ insurance =*, K 1^2^ ££*» «« ^on.pu.soxj,-. m „tor 

insurance indust?" Se m -^ udi ^ b „ ul of 8,1 tune - »*“ WbmJubafl J?. 1 !* md marine car * 0 “ d 

Kingdom has so. far developed SSt 1 ?« - le8 S y !1 l dustrf al Port project, came out tra j lslt 

as a very substantial insnranw ^? slden J . t ,n *b® Kingdom. The of Saudi Arabia. While the -Because of downward .pres- 

market, but with no coherent c 1 comfort with which leading neighbouring Gulf states go into sure °n rates, port ^congestion, 

nationally-sponsored insuranri . • traditionalists v regard something very like eronomic the acute shortage of vehicle 
industry to serve that market insurance, on religious and recession, with major projects repair facilities ftoo many 
This situation may be a£t 5™ t , gl ? un . d ?* ■ * ■ • noW reconsidered, ; Saudi vehicle casualties become total 

to change. ■ There is currently “” )roug h*y familiar in. the West. Arabia’s insurance needs seem write-offs) and other problems, 

renewed talk of national leeijda- * e .. yQ , un . ge . r generation of likely to go on expanding apace underwriters’ experience of 

tion on the reeistrsri " ^midi administrators and tech- for some lime to come, Saudi business in the past four 

licensing and supervision * nocrats, however, now deny that or five years lias not always been 

fS^SLSSS :^ s Mn u .° Professional tt 5 SgEr£S% 

bllity'Uat * «-ffS * 'LTJXT W * * - ™* ^ & 




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the Kingdom’s Governmentand * ■ • eveat I 

business eireip* ’ t n » foreign-managed 


_ the 20 or so been strong: In general, how- 

business' cirdes T fDr“^t“‘iM^ foreiS^nauaged Saudi . “off- ? f ever, underwriters and manag- 

Sree yaii for at least insurers aow almost all m tag Agents have stuck to their 

. In- the meantime in contrast h 5 ve a Saudi “ajority. among £j aod are beginnidg to lay 

with almost all other ^lidd I p tbeir shareholders. At this stage, groundwork of an efficient- 

^EwSlShS i heref0 “- . sowing - Saudi “ vAuSStl ^Sull and ^ andin " national indu ^ 

^noin^nce regulatory ^agency tion - STdlT t2.IT??!! 5 


and no body oMaw Sp^cablJ ““i™ 1 °^ 'inderwnting tand k ™ 0Sl lu 5 StS? 1 A n ™ sin g acceptance in Saudi 
to the insurance. busing SomI share in the companies’ earn- at J^ ed . SO me “ouiS <* ntns of P° wer *at 

..provisions of customary’ law infiB .J- ls ^ satisfied through FPreim intererts ,nsurance 18 essential in an in- 

and conditions which the f qui J y pal ' Ucipatioa rafter than vv^S ^tabtiSi^aKracilT^ dustnal ^ely. This should 

a “ d K other local S^enL “ t6Chai “ 1 Saudi Arebft fo^ two ?r ftree 

im^se 9 on h *what has-been Tb® first of these Saudi “off- i'VMidasfflow^and the&witlf must encoura ^ e international 

essentially a buyers’ market ^Of®" companies was th© Red drawine have°'p^te? € an W iin! insuranre interests 'to heip with. P . © 

tt« te S"* ^■w.{S ta iSrtIIoJ ‘h* nation of more Jocal .^^^^^^^^^gM^g^ecggMeoosoooaoooooooesMSMOBssacisssesscseo^^s-MeBecBMg 

’impormnt effect SSSSSn mSSSJS' the^ket — — 

. writing of contracting and other ¥? “. 1974 » 11 ^London Doyd s off€rad very broadly 


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The Riyad Bank.Your ideal introduction 
to Saudi Arabia's growth economy. 


The Importance of Saudi Arabia in to- 
day’s economic world is obvious to any 
informed individual. The problem far 
many Western financial people Is how 
to make direct contact with this si&ni- 
■ Ucant growth area. The RIyad Bank 
could provide the Ideal introduction. 

The Riyad Bank Is one of Saudi 
Arabia's leading Banks. And like the 
economy of Saudi Arabia itself , it is 
growing fast. Today it numbers thirty- 
four branches throughout the oil-rich 
Kingdom. Ultra-modern new batik 
buildings ore rising at Jeddah - and 
Riyadh: and in human terms, the bank 
Is " building on both the quantity and 
quality of its personnel. The Riyad 
Bank's balance sheet fully reflects Saudi 
Arabia's rapid economic progress. 



Balance Sheet as at 

29.6.1397 (16.6.1977) 


r, "" ' '*" " J ii i ji'inn nimmime 

seW ^ v -yi" • *« -'a 

1 • 



Capital and 

Reserves 4T7 millions SR. 

4752 millions SR. 
Total Assets 1 1 536 millions SR. 


The Riyad Bank lid. 

Head Office 

P.O.Box 1047 Jeddah Saudi Arabia. 
Telephone 32416, 32417, 32418 
Cables RfYADBANK Telex 40006 R1YADEX SJ 


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J. J. Pryor 



continued from previous page 


writing of contracting aid other broW^aou^G^T^B^rfte broadly", wonied 

property ud liability riste. . 

TTicfnrir Firemen;® Fund of. California • 

4-SA31U1J . and brokers Anslow- Wilson and 

_ _ _ Amery. also of London, sharing 

The uneven development of a 22 per cent minority of its 
Insurance in Saudi Arabia is in. equity, with. local businessmen 
large measure rooted in history, homing the majority. Similarly, 

Before the 19<0s and indeed Lloyd’s brokers. Stewart Wright- 
back in the interwar years, the json, with its Lebanese affiliate 
relatively small general Nasco-Karaoglan Group (at . ‘ • 

insurance needs of the then present Paris-based) manages standing on contracts for ports, and March 1978, SAMA adjusted 
newly unified and independent Saudi General, which is a Mrports, roads and other infra- the riyal minutely seven times 
Kingdom were served entirely Bermuda-Incorporated company, structure: What would happen upwards from 3.535 to 3.46 to 
through agencies which leading Other primaiy companies iih international contractor, the dollar, a total of around 2 
London' and European insurers, dude Saudi Arabia Insurance : or 811 contractors from one per- cent SAMA was approxi- 
and later Lebanese- and other (Bland Payne with its Beirut-^- , ““itox fell out of favour with mately maintaining the riyal’s 
Arab, U.S. and Japanese com- temporarily Athens-based — affi- t&e. Saudi government and the parity with the IMF’s special 
panies, granted to : the leading Bate Arab Commercial Enter- Kuaxantees were called? Would drawing rights (SDR) to which 
Sandi family trading houses, prises); Saudi ; United. (Commer: world banking community it has been linked since 1975. 

The biggest risks were largely dal Union and Swiss Re) and be able .to mobilise resources But it did so with some reluet- 
connected with the development the National- (Munich Re). and 611(1 enough riyals to pay-on ance, since any fall in the value 
from the 19305 onwards of the Saudi and neighbouring Arab deraand » as they are bound to of the dollar means that oil 
oilfields, and these wfere dealt authorities and enterprises and 4°?. What would happen to the revenues have less buying power 
with through the in-house facili- resident expatriate managers of international market rate for and that Saudi dollar assets fall 
ties of ARAMCO. ‘ projects in Saudi Arabia are riyais?< ^ z,t::ractorsare ' llsuaU 7 in S lobal1: ® rins ’ 

A second stage of development able to deal on a continuing ■ c0 ? u ** ftr guaranteed by their gov- 
saw the arrival over the past basis with the local general .eniments, but the banks would OvprCPflC 
decade, and particularly in the agency offices which the new have to find the money im me- V/VCl»Ca^ 
last five years, of professional “off-shore” companies have set dihtcly- .Because there is no 

brokers— often Lebanese' * ~ n ”‘ /v °' w 

other Arab affiliates 

larger Lloyd’s brokers in Lon- usually strongly 

don. It was quickly discovered that foreign contractors and rorosee what they might 
that there were fundamental suppliers seeking insurance lett hiS themselves in for. 
market problems, which meant packages to cover major works, As. the riyal becomes more 
that in the absence of local the labour force (largely ex- international, world 
capacity and local expertise, it patriate) and the transit of forces affect its rate more 
became impossible for the goods needed for such projects strongly. Between July, 1977 


You knowyour business 
V\fe know Saudi Arabia 




Al Saudi Banque 


49/51 Awnue George^ V75008 Paris, France. ’ 
.Telephone 7208608 Tetex630349F ’ 
REPRESENWnVEOFRCE: ' 

. Sods Bdstigei OfcTBroad Street, London E(2NML 

• 7 deohoneGl- 5884322 /a /4 Taex 8 S 13438 . 


be *> share of the action. The Baudi 
International Bank, owned 50 
per cent by SAMA, 45 per cent, 
by foreign banks and 5 per cent 
KeI by the NCB and Riyad Bank, 
was set up in 1975. It offers 
expertise In riyal financing 
besides being one of SAMA's 
placing agencies abroad. Saudi 
and Gulf Interests will have a 
50 per cent state in a Saudi- 
SpaniSh bank to be opened, in 
Madrid. Al -Saudi Banque opened 
in Paris in 2978. It is 75 per 
cent, owned by the private 
Saudi Arab Finance Corporation 
in .Jeddah. Al-Saudi Banque 
and one of its shareholders, the 
Arab* Finance Corporation in 
Luxembourg, this February 
opened . the- Saudi Finance Cor- 
poration (Saudifin) in Geneva. 

Two Saudi individuals are 
internationally known for their 
banking activities, Mr. Adnan 
Khashoggi and Mr. Chaith 
Pharaon. Pharaon used .to own 
the Bank of the Commonwealth 
in Detroit but resold, he said, 
because of management prob- 
lems. He also sold his interest 
in 'the Jeddah-based . First 
Arabian Corporation just 
before the demise last year of 
Edward Bates and Sons of 
London. Mr. Pharaon recently 
bought a controlling interest in 
the National Bank of Georgia. 
Mr. Adnan Khashoggi has been 
known for bis interest iir small 
Californian banks. He still 
owns the Security National 
Bank there and in 1976 opened 
an. International Institute of 
Banking and Finance at St. 
Maty’s College in = Moraga! 
California, to teach banking 
skills to Middle East and OPEC 
nationals. Mr. Khashoggi -was 
due to open a new bank in 
Seoul, South Korea, on March a 

David Shireffl 



British Bank 



Middle Eas 



A Member of The Hongkong Bunk Group 


United Kingdom 
Near & Middle East 
India; 

Switzerland- 


Branches in SAUDI ARABIA 
Jeddah - ATkhn har - Dammam 


Head Office & London Main Office \ 
99 Bishopsgate 
London EC2P2LA 
Tdephome 01^38 2366 
Telex: 884293 

andat 

Falcon House, Cnrzon Street 

London W1Y8AA 

Telephone: 0K4938331 Tetex27544 










22 



National Insurance Company S.A. 

Incorporated in Laxembouig 


Offers an across the country service 
backed by professional expertise to the 
Commercial and Industrial Companies 
in the Kingdom of Saudi Arabia 

We transact all classes of Insurance including: 

• CONTRACTORS ALL RISKS 

• FIRE 

• PERSONAL ACCIDENT 

• WORKMEN’S COMPENSATION 

• MARINE 
® MOTOR 

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General agents: E. A. Juffali & Bros. CR 236 


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London ■ Copenhagen •Riyadh •Jeddah*Teihran «Dubaj •Animan 



SAUDI ARABIA X 

It will be some years before 
Sand! Arabia 5 ^ mining industry becomes 
productive but it should be profitable before the end o 
century. It could also help to reduce the 
Kingd om’s dependence on oil* 



ms IS THE fourth mining 
era in Arabia’s history, and 
ironically so far the least pro- 
ductive. The first was in King 
Solomon's time in 1000 BC, the 
second in the Abbasid period 
between 730 and 1258 AD, and 
the third, during the operations 
of the Saudi Arabia Mining 
Syndicate between 1939 and 
1954. 

However, a profitable future 
is promised by the end of the 
century. Sheikh Ahmed Zaki 
Yamqni, who, it is often for- 
gotten, is Minister of Mineral 
Resources as well as of Oil, told 
Saudi newspapers last July that 
Saudi Arabia expected “to 
begin exporting mineral produc- 
tion in the 1980s, to build up 
income from minerals in the 
1990s, and to reach a very high 
level (of production) at tbe 
beginning of the nest century 
when our oil income will 
gradually taper off.” 

At present the contribution 
of the mining and quarrying 
sector to the economy is 
limited. Indeed, the bulk of 
its contribution — 849.8m. or 
0.12 per cent of the GDP in 
1974-75— came from the quarry- 
ing sector. Under the five-year 
plan the mining and quarrying 
sector is to grow by 15 per cent 
a year to SlOO.ltn. in 1979-80, 
but will still form only 0.14 
per cent of the GDP. 


Created 


The origins of the Directorate 
General of Mineral Resources 
(DMGR) can be traced back to 
1947 when a Bureau of Mines 
and Companies was set up with- 
in the Ministry of Finance. The 
present organisation dates from 
1961 when a separate Ministry 
of Petroleum and Mineral 
Resources was created. 

The mineral resources section 
of the Ministry has a consider- 
able staff of Saudi and expatri- 
ate geologists and geophysicists, 
which is supplemented by tech- 
nical services "contracts, the 
largest being with the U.S. 
Geological Survey (USGS), the 
Bureau de Recherches Geo- 
logiques et Minieres (BRGM), 
Riofinex (a subsidiary of Rio 
Tinto Zinc Corporation 
Limited). British Steel Corpora- 
tion (Overseas Services), and 
two Saudi French groups— 
Arabian Drilling Company -and 
Arabian Geophysical and Sur- 
veying Company — both subsi- 
diaries of the State Organisation 
Petromin. 

DMGR is involved m basic 
mapping and some mineral 
exploration. BRGM, whose 
sixth two-year contract, worth 
$U3m., began in June last year, 
is predominantly involved in 
exploration. Riofinex is unlike 
the other bodies, which are 
governmental or quasi-govern- 
mental, and was introduced in 
September 1976 to provide a 
more commercial outlook as the 
mining programmes moved 
towards the final ‘Stages of 
feasibility studies. 

Finally, tbe BSC was in mid- 
1976 awarded a 50m. riyal 
($14.3m.) contract for four 
years, specifically to Investigate 
tbe iron ore deposits (estimated 
at 400m. tonnes of 42 per cent 
iron) at Wadi Sawawin in the 
north west near the Jordanian 
border. It aims to produce a 
feasibility study to determine 
the economic viability of the 
deposit, particularly in relation 
to local industrialisation. 
(Estimated at 300400m. tons of 
42 per cent iron). 

In geological terms, Saudi 
Arabia falls broadly into two 
halves divided by a boundary 
which snakes through the centre 
of the Peninsula and curls west- 
wards towards the south 
Jordanian border. The western 
and older area is known as the 
Pre-Cambrian Arabian Shield. 
Apart from gold, diver and 
copper, which were mined in 
ancient times, lead, zinc, iron 
and nickel are known to be pre- 
sent. 

The East part, which is of 
much younger geological age, 
could be a source of minerals 
such as lead, zinc, copper, 
uranium' and barytes, and large 
phosphate deposits are known 
already. Various non-metallic 
industrial minerals have been 
found in both geological 
environments. limestone, day 
and gypsum are already mined 
for -local industrial purposes, 

The starting point for any 
systematic mineral exploration 
is accurate geological mapping. 
The first -geological map of 
Saudi Arabia was produced by 
the USGS and Aramco in 1963 
based largely on photogeological 
evidence. More detailed map- 
ping was started in tbe 1960s 
and now some 65 per cent of 
the shield has been mapped at 
scale of 1:100,000. 

In the Eastern Provinces, the 
programme of searching for 
metals is so far based on the 
hypothetical model and concept 
that because in other parts of 
the world where oil has 
migrated through carbonate 


rock and significant deposits of, 
for example, lead and zinc have 
been found, the same -might 
occur here. ' 

The concentration is thus at 
present on building up as com- 
plete a picture as possible of 
Saudi Arabia's resources rather' 
than on production of minerals. 
In the fiscal year 1976-77, 
DGMH, USGS, BRGM, Riofiner 
and BSC were involved in about 
120 different activities mainly on 
the precambrian shield ranging 
from detailed mapping, the. ex- 
ploration, exploitation and drill- 
ing of .deposits, compiling 
aeromagnetic surveys and 
evaluating water resources (for 
their own mining purposes). 

The collection of this ma te rial 
and its storing in computerised 
form has become increasingly 
important to the way in' which 
Saudi Arabia runs its mineral 
operations. 

Fundamental to the govern- 
ment's attitude is that opera- 
tions should be carried out by 
the private sector,' including 
foreign companies. Private-ex- 
ploration and mining is 
regulated by a modern mining 
code. 

Three documents can be 
awarded: the reconnaissance 
permit, the exploration licence, 
and tbe mining lease. The first 
has foe advantage that It acts 
as a basis for a work permit lor 
foreigners, and allows the 
holder to import equipment 
duty free. 

The second entitles foe holder 
to have exclusive rights for up 
to five years over afi area up 
to 10,000 square kilometres. 
The licensee undertakes .a 
phased exploration programme, 
and guarantees minimum expen- 
diture. Such a licence is 
granted normally only after the 
company has itself inspected 
DMGR's files, carried put field 
reconnaissance and concluded 
a partnership agreement with 
the state organisation Petromin. 


" Most existing agreements ^ 
oh a fifty-fifty basis. ExptotntioR 
costs are capitalised; expenses 
on the area by the government 
before the SrtJ tmg of {he 
licence are credited to the 

^cS^he 1 * third— the mtoljjS 
lease— no royalty is charged. 
Taxation is either through 
income tax (after a fiv ®**** *5 
holiday starting from the date of 
production) or through a pre- 
viously agreed profit sharin„ 
■arrangement. 

Arabian Shield Development 
of foe U.S., with the National 
Mining Company, owned by 
Saudi Arabia, have been ex- 
ploring since 1970-71, nickel de- 
posits at Wadi Oaten and l zinc- 
cooper at al-Masam dose to the 
Yemeni border, where foe stage 
of starting underground ex- 
ploration has been reached. 

Underground 

Since 1973-74 Serem of 
France and U.S. Steel have had 
a concession to explore for 
copper in Jebel Sayid between 
Mecca and Medina. But here 
as elsewhere in foe Kingdom, 
the low world price of copper 
has held them bat* from pro- 
ceeding towards underground 
work. . _ „ , 

Consolidated Gold Fields or 
Britain has since 1976 been ex- 
ploring King Solomon’s mines 
at Mahd al-Dahab (they were 
successfully mined 1938-1954) 
near Jebel Sayid and plans to 
tarn to underground sampling. 

Noranda of Canada has 
halted work on copper deposits 
at Kutam near the Yemeni bor- 
der because the grade and size 
did not warrant further work 
at foe present price of copper. 

Granges of Sweden is to start 
a drilling programme to ex- 
plore the phosphate deposits at 
West Thaniyat (estimated at 
190m. tons of 23 per cent ore) 
near the Jordanian border. The 


same company is in 
licence to obtain a waw-ssjQ 
ivughly similar Jo OM/ceda 
in 1975 by Nippon fttigtagrt 
Mitsui and subsequently;;^ 
rendered. This tioeiicftJsliL.'E 
to explore a < _ 
silver ore body to foe... 
area northeast of Medfoi 
Finally. BRGM is flipping 
two advisers to the Sard 
Sudanese commission; whS* fcj. 
awarded contracts to 
of West Germany and Argasa 
study metal-rich mute situa^ 
in an axial trough 2,000 met* 
down in foe Red Sea. Probfoaj 
include raising the metallifeioj 
mud, concentration of the oq 
and disposal of waste. .. 

It is still some years befog 
Saudi Arabia's mining indssix 
will become productive . *3 
then profitable. Much _ nun 
exploration and evaluation.^ 
finds is needed. The openings 
a mine requires foe extends 
development of infrastrucbm 
transport and water supplies;, - * 
Which mineral is most 
to be produced first? Were ft 
price of copper to double fcj| 
its current level of around 6&g 
cents a pound it would beco® 
economic to develop coppa 
deposits in Saudi Arabia— am. 
inevitably elsewhere. At-pri 
sent, gold— a mineral relative! 
undemanding in transport faefl 
tie9— would seem to be tS 
quickest to develop and nral 
be in production in three j 
four years. It is reckoned thi 
iron and phosphates, subject t 
feasibility tests, would tali 
between five and seven year 
Others might take longer. ; 
would seem that Sheik 
Yamani’s forecasts need not t 
that far off the mark and th: 
Saudi Arabia could have on t: 
in a decade the beginnings i 
an industry which eventual! 
may help to replace the Kirt 
dom’s dependence on oil. 

A.McIj 


A massive contract signed 
fa January aims by 1980 to give 
Saudi Arabia one of the most modern and 
j efficient telephone services 
In the world. 


m r 



SAUDI ARABIA has to-day 
198,800 telephone subscribers. 
By the end of 1980 it expects 
to have 670,000 automatic tele- 
phones connected, providing 
one of foe most modern and 
efficient services ui the world. 
The contract for this great leap 
forward was signed in January 
with Philips of the Netherlands. 
L. M. Ericsson of Sweden and 
Bell Canada. At a cost then 
estimated at $3.1bn. the three 
companies have undertaken to 
expand the network by 470,000 
lines in three years with addi- 
tional management for five 
years. The price has already 
gone up because Bell Canada, 
handling foe five-year service 
contract, has agreed to do an 
extra $400m. worth of building. 

The present Saudi telephone 
system for both domestic and 
international calls is heavily 
overloaded but nevertheless 
gradually becoming more work- 
able. In foeory, there is direct 
dialling from the main cities 
to London and elsewhere, but 
the only way to guarantee a 
call is to book it through tbe 
operator. Direct-dialling to 
Bahrain from Saudi Arabia was 
introduced recently. Until Saudi 
international "links have im- 
proved, Bahrain, with its near- 
faultless service, may well be 
the best channel to the outside 
world. Saudi-based companies 
could be tempted to open relay 
offices there. 

Inside the country the tele- 
phone system installed by L. M. 
Ericsson between 1964 and 1974 
is severely stretched. As phal- 
anxes of new buildings spread 
out from the towns, telephone 
links have been outpaced, a 
few lucky companies outside the 
main cities have been allowed 
to use radio telephones instead 
The rest make do with telephone 
lines that can go dead after a 
sudden rainstorm, or after a 
trench has been dug by an over- 
zealous contractor. 

Delays in awarding foe big 
telephones expansion contract 
have not helped the situation 
Philips was originally called in 
to negotiate the contract alone. 
Rumours early last year that the 
asking price had escalated to 
$7bn: were followed by the news 
that talks with Philips had been 
broken off and that the work 
would go out to public tender. 
Two U.S. companies with good 
Saudi connections set up con- 


sortia, feeling that Philips was ing system, while Ericsson wfij 
finished. International ■ Tele- update the ARF 102 switching 
phone and Telegraph brought irr equipment it has already ., in; 
United ' Telecommunications of stalled, and the. ARE 13 syste®) 
Kansas, and Western Electric it is at present Instelfifig ondfij 
led a U.K. team of Plessey, another contractrand totei 
British Insulated Calendar’s them with its roost. 

Cables and Cable and Wireless, system, the ARE . . ^ 
with the British Post Office in Bell Canada's side pf ifea 
a consultancy role. Nippon tract will be doiu^hhder 
Electric Company of Japan also mantle of a new state concern 
tendered for a part of foe con- called The Telephone Company 
tract Philips worked quietly at which Bell Canada will manage; 
patting together its own con- The Telephone Company is 
sort! um. When foe bids were handle operation and mainiefe; 
opened on September 27 there ance of existing as well as future 
were huge discrepancies in foe lines. It inherits 1,800 staff 
prices. The Philips consortium already working for foe tries 
was the ' lowest overall, but phones department and 
mainly because its bid for part employ and train others.. Tb$ 
three, the five year operation ultimate aim is to Saudi-ise th? 
and maintenance job, was half entire telephone network, that 
that of Western Electric's and is. to have it flin predominant!# 
four times less than ITTs. by Saudi personnel. Tele-Plan* a 
Clearly there had been a prob- subsidiary of. Norconsuk of 
lem with interpreting the tender Norway, is doing overall plaS-' 
specifications. But Philips had nin S supervision of th®. 
won in a straight contest and in telephones project for three; 
three months, after the pro- years, under separate contracts 
posals had been evaluated by wort h 3185m. awarded la£t 
experts from Arthur D. Little, December. 

Norconsult, Swedetel, Preece, TT • • - 

Cardew and Rider and foe U D&TSIQCtl 
International Telecommunica- nro 
turns Union, Philips was The infrastructure of Saudi 
promised foe contract telecommunications Is being UP' 

The Philips-Ericsson proposal graded under another contract 
will provide the average sub- awarded to Western Electric in 
scriber in Saudi Arabia with a May last year. Western Elec- 
standard push-button telephone: trie's $400ni. job is to set UP 

400.000 specially-designed in- microwave links across th® 
struments are to be provided, country, in two 1, stages. The 
There will be revised systems first stage- covers tM northern 
for telephone numbering, charg- region, the second foe -south® 01 
ing, subscriber services, and region and eastern -province, 
telephone directories. About linking A1 Wnjh r JliaB. Najran- 

2.000 public raU-boxes will be Abha, Riyadh, Dieinroato 
installed. Philips and Ericsson Arar. Sirti of Italy has alrwoj 

nave planned integrated produc- completed a uderowove UP* 

tion for switching systems and between Jeddah and - nearby 
other Philips will Taif, the govemnient's sowm* 

SS ^^i PrOC< \ SSOr “■ ca l >ital - and laid- * eoariri 
troUed Reed Exchange) switch- between Dammam and Biyadfc- 
CONTINUED ON NEXT PAGE 



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SENATEWISE LIMITED 

International Staff Omsultants:^: ' 

To Trade Industry Banking Shipping CdostrartJda- 
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Licensed by the Department of Employment ... 

£ Boad. London SW13 SLW TeI:-4HS573 

Cables: SENATEWISE LONDON SW12. Telex? SJ956#B? 25* 









financial Times Monday March 20 1978 


SAUDI ARABIA XI 


Industry in Saudi Arabia is so far on a small scale 
only, much of it in the hands of non-Sandis. However, Saadis 
are lsin S encouraged to take a greater interest, and the country’s 
resources are being mobilised to build np (he 
infrastrnctnre that will be needed. 


t '-v .. YvjvV V.'. i -V 




L*!? ' "■ "> • ■j dmf ig i. • • V . >■**;" “• *. iv.™ • » Mjf- ' •. ■ K* r -~‘ 

~ ..... -H 











wZ*Wm * ■■ -' • *- va?'. £&; 

W$9r; •■■.Pi - 


j Arabia,** was Hie para- Year^D^li^^ otto of^iie pleased that applications have 
comment of a Saudi 0975^ iS^ P ?“ e K ^ ? een made at all, apparently 
alxst last year. Although wre ^ feeUng tbat the sight of factories 

i little tradition among » . «P * designated 


* Ut tie tradition among prajectZt ffi up * designated 

rchant class of getting ^roind, mdustriaI *ones would en- 

smess at the manufa* t? retiml ““»«* others to build. But 
stage the Government chirf J at< L fa 1976 tte smF did move 

•n making efforts since industry is the Sairfi^nrSSSit t0 rtop enc ouragtog projects in 
lead them by the nose s °“! that might become 


f SS wS=«5=S-SSBi« Cement 


f foreign brands and Accordion to last 11118 was Particularly true of 

. the base of the Saudi figures t£? sm? S h?<?^!Sia cem J ent ’ building block and tile 
r - iST £tam?J ^^^fP^duction and for. some metal 

esult has been the rapid ($2^bn.) fS?3?5 proje S ^'S c l ? nstr ^5° n r Ey 

ment of light consumer had positively rejected H7 out StS ban ^^J been 
ruction materials indus- of a total nt 7 ns e nn i;»c.:. At extended to. i4 products m 11 


J* by the Government, for the production of buildfog meml and oilSJT? matenals, 
the heavier industrial materials, 77 for electridtfiS? tlr.lh , 

> are left to be tackled durtion. 38 for roefrn oroduS u de “M d thus salted, 
autonomous State enter- 15 for nlartim '19 f«r LrrfS it was clear that future investors 

.he General Petroleum WSSS'* ZEitS** “K 

Mineral Organisation gas products and medical goods, Se^nti«ml^^ d c??S ap l add 
un) and the Saudi Basic 10 for furniture nine for riaoer'!!* 6 enllce,ne * , t to SIDF officers 
« Corporation CsSfc)' prociiT^ h * l 5 

diate industries, al- seven for motor enrin^erto^ Ind ustml Studies and 

banned, are mostly still The SIDF lays^k^ criteria ^ a? m »W wTJEl 
for the development of for a project's eligibiltf. The bSThnu^ 
jeture, or of the oil venture's Voting stock must be^ £■ SL™? h. *£? StI L 0 * 

-a srssr- ss sasss ™«-2S 

Vino- ront^ „ be . a f, lQW ^ S , 25 P^ Projections of cement demand 

Ving cent- The project must be con- over the next ten years to a 

J'J* 1 ^ Kingdom’s view of the potential for a motor 
■ other end of the scale industrial development policies, cycle assembly plant 
re an estimated 9,000 »t must provide a “reasonable while some inWwrc *r* 
thriving “industrial” assurance" of repayment, pro- foTt£ e 

jes such as bakeries and vide for comprehensive training to bebmit 
shops which, according of Saudis yield a satisfactory eventslto i^Srial aon^ « 
1 ) estimates, contribute return to the investor and assure Jeddah, Damman and ffiyadh. 
tiurd of value-added in competent management ". which are still in the 
oil industrial sector. . assistance cannot- Stages of pr^ration.^ne^ 

af these enterprises are exceed 50 per cent -of the bor-. private factories are already 
have not been, in the rowers needs over the first going up Sites for another 
Saudis at all. but were three years but must be more 112 have been leased!. Three 
by Yemenis or other tiian SR500.000 (S143.000). The other zones are 
its A ruling early last Fund insists that it plays the Mecca. AJ-Ahsa and Ai-Qassim 
mod non-Saudis from role of chief creditor in any pith besides the two major ones at 
;uvh concerns. As weil jeer it helps to finance. _ :the future industrial cities of 
ig to solve the man- According to sources inside Job all and Yenbo 
ortage in the construe- the SIDF the criterion of .a. : The incentives offered by the 
tor. that - mhng may “ satisfactoty return” has nbt Government to new manufac- 
otiraged Saudis to take always been stringently applied, hiring enterprises include al 
r interest in industry The Ministry of Industry aryl tow rent in. industrial zones of 1 
viots level. Electricity has often been SRO.OS a square metre; sub si- I 


r e dised power and water; duty 
y exemption for most imported 
is goods, exemption from com- 
d pany tax for. 100 per cent. 
*- Saudi cwnpanies (apart from 
it 2.5 per cent. Islamic zokat on 
e liquid assets): a ftve-year tax 
a holiday for joint ventures at 
e least 25 per cent Saudi-owned; 
and a preference by the 
Government to buy their pro- 
ducts provided the price is 
within 10 per cent of foreign, 
f competitors. Certain foreign 
® products also face a protection 
1 barrier of 20 per cent added 
7 to price. . 

i The Ministry of Industry 
L appears ^to have decided that 
.. current incentives are'- not 
« enough. It has drafted plans 
to increase the tax. holiday 
» from five to eight years in cer- 
5 tain cases, at its discretion. Its 
preference policy for local pro- 
1 ducts is also to be enlarged. 

1 Domestic goods may be pre- 
| f erred in some instances even 
1 if they cost over 10 per cent 
• more than their foreign rivals. 

[ ' Protection barriers, will not 
be erected for all domestic pro- 
; ducts. General Motors .pulled 
out of a truck assembly venture 
two years ago because it could ; 
not secure protection guaran- ] 
tees. Mercedes Benz, faced with j 
the same hard fact, has gone 2 
ahead and built a truck plant 1 
with E. A. Jnffali and Brothers 
in Jeddah. Realists fear that a 
venture so dependent on 1 
imported materials will never 1 
make money. In fact JnfRUi does . ! 
appear to be having some diffi- ? 
culty selling its output - ; 

The age of Saudi heavy J 
private industry is not yet here. : 
It is Sable's to lead the private j 
sector into it one. of the [ 
methods being to 'form joint s 
ventures with foreign com- 3 
panies to invest in. industries t ] 
which involve heavy long-term j 
capital outlay and some risk. £ 
Sabic has signed interim agree- n 
meats for ethylene, methanol, t< 
fertiliser and steel plants, but a 


its foreign partners are hover- 
ing on the edge of firm commit- 
ment 

Sabic is supposed to devolve 
75 per cent of its shares to the 
Saudi public in four years' time, 
but considering the delays that 
time-scale may he lengthened. 
However, the principle behind 
Sabic has already been taken 
up by one Saudi entrepreneur. 
Ghaith Fharaon plans to offer 
the public a third of the shares 
in his joint venture Saudi 
Chemical Processing Corpora- 
tion three years after it has 
built a phosphates fertiliser 
plant Unfortunately the pull- 
out of bis Lebanese partner last 
December has meant the project 
is in abeyance. 

David Shireff 








^ "" " ^ ^ ^ 




The Saudi Arabian Plastics and Piping Company factory at Riyadh. 


T elecommunications CONTINUED 


FROM PREVIOUS PAGE 


Ericsson has laid a coaxial 
cable linking Dammam, Juhail 
and Kuwait, and established a 
microwave link between Dam- 
mam and Bahrain. The aest 
international connection to be 
made should be a co axial cable 
under Ihe Bed Sea to Sudan. 


Saudi Arabia is involved in 
three satellite telecommunica- 
tions programmes. The first is 
the world-wide Intelsat system 
for which three big dishes have 
been built at Riyadh, Damman 
and Jeddah. The country 
belongs to Arabsat, which will 
eventually, link all Arab states. 
Domestic links are being 're- 
inforced by 11 ground satellite 
stations built by Harris Inter- 
national Telecommunications of 
the U.S. Unmanned stations at 
Jeddah, Medina, Hail, Abha, 
Bu raids, Tabuk, Baha, Jizan, 
Najran and al-Jouf are Hnked 
to the Intelsat network through 
a central station at Riyadh. The 


stations, incorporating Harris's 
Unitel system, were due for 
completion around March . this 
year. 

An expansion of the telex 
system is being undertaken by 
Gentec, part of the Saudi 
Alireza group, with assistance 
from ITT. There were about 
6,000 operating subscriber lines 
at the end of 1976 and those 
should be increased to 9,000 by 
tire completion of the project. 
Another contract is beiog 
negotiated that would give 
Saudi Arabia the only multiple- 
exchange fully electronic 
national telex network in the 
world, with the setting up of 
two computerised stations. A 
strong contender for the con- 
tract is said to be Gentec, which 
would thus become the first 
Saudi firm hired as a prime 1 
contractor for a telecommunica- 1 
tions project. a 

Radio and television networks ! 


i are being expanded. Medium- jtet, to finance subcontracts 
• wave radio stations are/under awarded to French contractors. 

: construction at Jeddah,/)urayaf Thiimson-CSF and Television 
and Duba by Contmeyral Elec- de 'France have a $400m. con- 
tronics of the U.S. sad Edok- tract to supply and instai tele- 
Eter of Greece. Thf contract vision equipment. Thomson is 
for a fourth mediufl-wave sta- also involved to«*ether v*® 
tion at Jizan in ty south-west Electronique Marcel Daf- 31111 * 
is expected to go At to tender and other French com'"* 0 ”®®' in 
soon. Tenders w/.Also be in- a $243m. project' build a 
vited shortly fo/a number of nationwide and military 
sound radio ouh de_ T>roadcast- aviation ^- jar - electronic and 
■ing units. 7 wireW" cover network. 

/ this year Pye TVT of 

Tp1pvi«OH Cambridge was able to break 

A ^ Frencb television monopoly 

The devafcnent of a nation- . * contract to supply two 
wide colo/ television network if. e T 1 f' on . ti‘ ansi nitters to the 
is in the A nds of the French. ™ nis try of Information for loca- 
Work on Ae project was begun ]* ons n °rth of Riyadh. Until 
in SepJber 1976 by a con- nationwide microwave sys- 
sulting /consortium. Agence 18 built tb ® re js still a mar- 
FrancaP Pour le Dereloppe- ^ t for .„ moblle transmitters, 
ment/ia Television eniArabie ZSfJ L ? lU m i Ve t0 more remote 
Saoudfe (ADETE). Thf Sauai TirS? as ^ system is 
gove^nent established especial ™ ea_ 

$L2y. credit fund for pe pro- D.S. 




EXPERIENCE + 
42 BRANCHES 


jinking of settin/ up in Saud Arabia? 

Looking for busr/ess opportu«ities? 

Seeking adviee? 1 

We would be pleased to hsp - apart from 
proviairig you witn an introduction, we can 
offer tne complete financil services one would 
expect frtjm a leading ccnmercial bank. 


1RST CLASS 
BAIK1NG SERVICES 
fflROUGHOUT 
HE KINGDOM OF 
SAUDI ARABIA 



ihe mmiiiiiii ammiBiiait iBiai 


P,0- Box 3555 Cable: Banksaudi Telex: 4^2 WCB Forex 

Jeddah, Saudi Arabia 


i 





24 


SAUDI ARABIA XO 


One way or another Saadi Arabia plans to have, sufficient 
port capacity and facilities to prevent any check to the Kingdom’s 
huge programme of industrial construction and development. Congestion in the 
main harbours has been cleared, leaving the way ahead clear to provide . 
increasingly efficient berthing and handling space. 


SEVERE CONGESTION is a projections suggest that, 
thing of the past for Saudi ports eventually, probably within the 
—but will overcapacity arise in next five years, about 30 per 
the future? That is the ques- cent, of all cargo through' the 
t«on at the heart of the King- port will be boxed. ' When it is 
dnm's present ports strategy, considered that btff the 
The answer to the question, tonnage through both Jeddah 
according to Dr. Fayez Bade, and Dammam is /building 
the planner who turned ports materials and cenfcnt, this 
authority president 18 months represents 80 per /ent. of all 
ago. is that there will be slack general cargo tonnage. Others 
capacity, but that this will- be in the Middle /ast shipping 
no more than the usual buffer trades would argue that Dr. 
allowance common in European Badris estimates are. if any- 
ports. thing, too caunous. Ro-ro trade, 

Dr. Badr. who along with in the Badx jorecast, shows a 20 
the predominant European con- per cent, growth over the next 
sultants and management teams decade. yWe won't be taken by 
employed at the main ports of surprlseAe have prepared our- 
Jeddah and Dammam can take selves/phe says, 
credit for the rapid clearance of T _ A » j. 
the nine-month waiting period I javISllcfl 
for ships in 1976. is firmly com- 7 

nutted to expansion of the ports M ar * s shipowners are eon- 
in line with the Saudi five-year the only aspect of the 

, 3n debate about capacity in Middle 

But Dr. Badr is not entirely P orts in -general which 
satisfied with the 150 per cenL/MUy concerns rhem is the fear 
: ncrease in capacity implied* i/ ‘ hat eventually they may have 
tlis plan. He believes that Je/ w 1 pay dues which reflect the 
dah. which has an unstarted orf- immense capital expenditure 
line plan for a fifth stage of cfn- .on the ports ail round 

si ruction beyond 1981, will/by the Gilf and Red Sea. 
then have reached the practical On pist experience this seems 
limit of its development in unlikely, Although Dr. Badr has 
terms of hinterland infrastnic- variously spoken of two and flve- 
ture and that two “satellite” year tar ie ts to make every 
Pu.t s will be needed. Saudi por. self-financing, there 

su*, have already been ear- has never i»en any real sugges- 
. marked <y) kilometres to the tion that Mf-flnancing meant 
north and b», tjjometres to the covering caital costs. M Our 
south of Jeddah v, r ^ese ports, ports- are tiuynost economical 
which would have _ minimum in the world,’ says Dr. Badr, a 
annual capacity of 2.5m. *twt. point he 1 bccas wa iiy ma kes to 
Critics of the outspoken -rid the shipping lin, in requesting 
sometimes imperious Dr. Badr. them to. . reduct their tariffs 
who communicates with ship- This year’s budge f 0 r the ports 
ping lines in peremptory style He puts at SR8b ; against a 
through long telexes or even total revenue in 19?’ 0 f SR250m 
newspaper advertisements, say pearly there is stil* i ong W3 y 
that the projections op which fo go. ’ 
this growth in capaciiy is based I Improving produevity and 
do not take full account of the Eliminating waste re Dr. 
very large savings in discharge Badr's twin objectives - ow that 
time certain to be achieved cbngestion has been be&» D; One 
through containerisation of rf his favourite example. the 
cargo. financial improvement my that 

Estimates of the future degree ttie{Gorernment has bee a 6fe 
of unitisatlon at the various tti suspend the exce* V ely 
ports differ, but Dr. Badr's own costiyA programme of l^jng 


W'V'.tWffi 






=KnaOTal;Tim^ Monday Bfltarch 


<■ ■ a.’- . ■ - • 

"T 1 






mmm 













msxwM 


■.r'-yV-’; The port of Jeddah. 

PORT EXPANSION PLAN ' ' : . . 


—1977— 
(a) <b 


Jeddah 
Dammam 
Tanbo ' 
JubaH cor 
Total 


<b) (a) 

83 31 


(a) = berths; (b) = tonnage in m. 
— 1978 — — 1979— — 1980 — 
[a) (b) (a) <b) (a) (bl 


aerrial harbour 


10.6 32 

7.1 37 

1JS 9 
0.65 16 
20.45 98 


9.1 40 

2.4 9 

3.9 16 

29.5 105 


(a) , 

40 

.9 : 


The pierhead at Yanbo, with a freighter discharging pipes. A. desalination barge 

is also moored alongside. ■ -• 


Tonnage levels, in m. dlwrt.. refer in all years except 1977 to theoretical capacity, 
dude livestock. • . - - ■ 


cement from ships in the 
harbour by helicopter. This 
operation was costing the 
Government SR250 per ton of 
cement, but has now been 
replaced by specialist cement 
handling facilities in the port 
operated -by Saudi entrepre- 
neurs. The result, says Dr. Badr, 
has been a reduction from SR40 
to SR 12 in the price the 
consumer pays for a bag of 
cement 

Likewise he claims significant 
gains since he outlawed 
stevedoring in the port of 
Jeddah by ships' agents and 
placed a contract directly for 
the port authority, - using 
Filipino labour supplies by Phil 
Sing Ports. He says the unified 
system is up to 50 per cent, 
cheaper, is faster and has con-, 
tributed to a three-fold improve- 
ment in productivity. 


Dr. Badr is reluctant to give 
much credit to his expatriate 
assistants for the improvements 
which have taken place. He has 
a somewhat niggling relation- 
ship with. Gray Mackenzie over 
its role in Jeddah and has 
recently, in connection with the 
Phil - Sing-' contract, reduced 
payments to the company from 
their original maximum of 
SR38 per. ton of cargo handled 
— a figure which gives a hint 
although by no means a precise 
indication, of 'the value of the 
three-year contract to the U.K. 
company. 

■ Gray Mackenzie, part of the 
Tnchcape group. employs 
between 1,500 and 2,000 of the 
5,000 people working in the port, 
a fact which suggests a wider, 
role than the merely advisory, 
but Dr. Badr insists that he does 
not employ port managers. Gray 


Mackenzie does, however, like 
the other consultants, have a 
training function ' and has 
recently set up ;a training 
school At Dammam, where 
the consultancy /management 
contract is much smaller and is 
in 'the. hands of Gulf Port 
Management Services, a con- 
sortium involving Scruttons of 
London and the Mersey Dock 
and Harbour Company, the pre- 
ferred style is to double up oil 
every management job with a 
trainee Saudi working alongside 
his British counterpart. Gulf 
has just over TO staff in the 
port. 

The main container berth at 
Jeddah is operated by the 
Marine Transport International 
Consortium, which involves Man- 
chester Liners and a number of 
Saudi companies. In the .$lbn. 
fourth stage of .construction, still 


on schedule, there will be two 
more large container berths, 
each 250 metres long. A total of 
19 conventional berths is in- 
cluded in this stage- of . expan- 
sion, which should he completed 
by 1980. 


Complete 


At Dammam the western.port 
development is also proceeding 
to timetable, with the eastern 
scheme now complete: Through- 
put has increased by around 60 
per cent each year since 1975 
and is expected to reach 8m. dwt 
this year — a figure slightly in 
excess of the port’s theoretical 
capacity. Only 7 per ’cent of 
total cargo (14 per cent, of all 
general cargo) is currently con- 
tainerised, but this is expected 
to increase sharply as- Japanese 
boxes come on stream Inter this 


year. Seal and will shortly com- 
mence a public container 
handling service, under contract 
from the port authority; from 
berths 31 and 22. 

The total workforce at 
Dammam is. just -over 6,000. of 
which 50 are the Koreans, who 
are legendary efficiency in the 
Gulf. They work for Sakos, a 
joint Saudi-Korean venture . 

Jubail port is situated 90 km 
north of Dammam and is under- 
going transformation from a 
simple fishing village, to a 
sophisticated Industrial complex 
involving, eventually; refineries, 
steel mills and .an aluminium 
smelter. Two harbours are 
being constructed — a com- 
mercial harbour specifically as 
a' satellite for Damman and an 
industrial harbour to serve 
JubaiTs pwn industry. There 
.will 'also . be a sea tanker 


terminal some distance fre 
harbour with a depth ol 
The total 1 contract is val 
$l.bn. and is due for 
pletion . by 1980. The 
mercial harbour is plani 
provide 16 deepwater! 
two for containers. 

'Yanbo on the Red Se 
offer as its main facility'! 
the biggest cement termix 
the world, capable of ha 
700,000 tons a year. Apar 
the cement berth, there % 
eight general purpose ber 
As Dr. Badr says, thert 
possible reason why the 
economy should ever ag; 
blighted by the fact that 
cannot be moved throu; 
ports fast enough to me^ 
sumer demand and servft 
struction programmes., \ 

Ian Hprgrt 

^Stopping Cirrespq 




<<r 


* 


P 


% 


l-C 


iV 




* 


P 


of 




fc 


Saied M. EAbuljadayel Est 
r provides a variety of Aircraft related 
services.. In the Aircraft cleaning field 
its International customers include Saudia 
Airlines, British Airlines, Middle East Airlines 
and other assorted carriers. Excellent cuisine 
is served by this establishment in numerous 
Airport Buffets, the five buffets in the new 
Jeddah terminal are under their direction. 
The quality food served by the Saied 
M. EAbuljadayel Est will soon be available in 
flight as the catering at several major 
airports in the Kingdom is being handled 
by this establishment 


SaiedM.EAbuljadayel Est is ; 
BpS)) the exclusive agent in the / 

iiforiifK Kin § ( ? om for uttra Lifts - Trip, 
JjjPIMrcl interiiationally renowned 

organization provides lifts for a variety of , 

different types of buildings. Both irifemal afad 

external lifts are available. Lifts and cranes \ 

for. construction sites are one of, their \ 

specialities. A fulfyequippedjrraintenance ; 

facility with trained personnel has been 

established in Jeddah. 

SAID M.F. ABUL JADAYEL 

P.Q. Box 4829 Jeddah Telephone: 23302 . •* 

Cable. Lina Jeddah Telex 40532 SJ . ' ' 
















incial Times Monday March ' 20 1978 


SAUDI ARABIA X 


25 




Saodi Arabia is the sleeping giant of the 
shipping world. With one eye trained on the 
industry’s chronically depressed markets, it seems to be 
awaiting the first hint of a revival. When it comes 
the Saudis will be well placed to take advantage. 


* V 




petro dolla r quired to fulfil their ambitions It was in this- period that most in a number of areas.- It still 


-SCT. ITS..- large 

txxs and well-knnum auiu^uwus it was in uus-pencM 

^downstream ^ w "£L be ° f ^ mor e than . 30 registered does not have a maritime law 

' idT lddiat ry Saudi AraS * contradiction of the ambition Saudi shipping: companies, as such, and although it has 
. “»» * ** 4 *-"» W»^»b training 


date Camonff tho ««.« «*«». were lonaea. in recent estaonsomeuts, sucn as the > -. 

rfor^Wr? fl rnw h2S? the many private months there have only been Alexandria Maritime Academy, m 

‘ into world shinni™^" individuals in Saudi Arabia -Who two prominent additions to the it has not made as rapid pro* ^ 

themselves -ffiter- list: the Saudi -nuenartional gross, with its own training 

ocean its ested m shipofwning in prin- Petroleum Carrier company establishment as- was originally 

Hose tUl S. pIe b ^ aTe b€gun 10 appreciate formed by Texaco, the Saudi envisaged. However, a site has 

-ovmed ? at their shipping objectives Industrial and Real Estate now been selected for this 

Mineral ot an attempted re- Investment Company and two academy, also . OAPEC-backed, 

ip of a vi^i aS Structunn 8 of the way. the Saudi individuals; and a general in Jeddah, and a design contract 

mert- ^ worid trades its petroleum and cargo venture between Saudi has recently been placed with a 



AVEt 



ff ~ I ~ 'la. J J 


me Jc Xr it2^ r °~ f* 3 Products. At the moment, interests and Jebien of "Norway. British company.- Completion is 

w f 100 Pro- for example, there is gross About half of these companies expected by 1982-33, when the 

earners, a» gas. earners overcapacity - in refineries. -have never traded and whether Jeddah Academy will have a 
•J* Iar ® e especially in ■ Europe, and the they will ever be elevated from capability to take 1,000 students 

i earners (VLCC). It was Saudi plan for two large re- PfP e r status remains in doubt a year. It is still a rather long- 

pectacuiar 10-year pro- fineries by 1980 will depend for None - of them is large, even in term programme but the 

me. which would have cost its success on the producer “ the context of a national feet Saudis insist the right way to 
where between $U.S.6bn. being able to arrange cost whie h « less than a third of -build up a sophisticated" fad ntv 

lbDn - to implement. effective transport to markets in 1 per cent of the world total, which will take its place along- , ms , s - uarl or . nms 

e present reahty isthat the the U.S., Japan and Europe to How Justified then is the per- side the- Petroleum Uciversiri at^SS’s atomot to ^ 

t fl Mir fle nf Snm enable 11 to compete. with con- f]?™* confidence about expan- as a leading educational -estab- 

At pair .of VLCCs . from sumer country refined goods. ao " ? lisfament in the Arab world 

.M for a joint venture com- Because Saudi capital costs in The first point is that the — — ! . - , 

between the oil company refinery construction .will be Saudis still have the cash at a Jr 3VOUr3bl6 the 

id 3m. deadweight tons, economy^ scSTta peSw ^peciaUyteitoSSdo^er The initial enthusiasm among earlier this year that toe fuUy paid up. member of both, a good example is that of to toe^Us^ywr 

imm itself, through .its product shipping— in . other companies, are faring increas- Saudi investors for the shipping Government would support the So fir as AMPTC is con- National Saudi Shipping Lin< i_ te _ bave d b ^ 

.ship subsidiary, has just words the development of the ing liquidity problems. Although industry also had something to formation of a single national cemed, the Saudi view is that a (NASA) which, in spite of s ' ^ “ ,?*!! 

: sh^. a 20-year-old mini- first very large products jar- “ the case of the country most do with the prospect of getting Saudi tanker fleet Perhaps national and Pan-Arab tanker title, is a private ventre Sis situation^ which Drmnnted 

» tanker of 27,000 tons and riers, in toe 100,000 to 250J100 severely affected so far, Norway, favourable terms . from the along toe , hues of toe Kuwait and gas earner fleet can co- company owned by the 1- p 

1975-built product carriers d.w.t range. . a Government Guarantee Insti- authorities, especially the possi- CHI Tanker Company, in which exist happily as the Arabs begin Quxaishi family. It has piis 

.000 tons each. 


The container terminal at Jeddah, which. is being constructed by Costain utemational. 

This is-, all part of Saudi- Arabia will back the "two who feel that the Kuwait-based ren their margins cut 10 the 

Pan-Arab shipping venture is a threat to their own one and in some cases well into 
balance 'between public and ventures: the Arab Maritime ambitions. be marrow, 

private sector in shipping as in Petroleum Transport Company Since 1975, carrying capacity 

: other areas. It lay behind the and toe United Arab Shipping Privfltp . on U.K.-Jeddah, for example, la 

— vague announcement Company. Saudi Arabia is a . 1T “ lv 


estimated by shipowners to 


10 container lines serving U.K.- 
Jeddah to impose a minimum 
$1,800 a box from 


tanker fleet perhaps national and Pan-Arab tanker title. 

, the along the lines of toe Kuwait and gas carrier fleet can co- company 

a Government Guarantee lnsto authorities, especially the possi- CHI Tanker Company, in which exist happily as the Arabs begin Quxaishi family. 

. . tute has helped to prevent wide- bflity of getting cheap bunkers Petromin would have a 30 per to make their breakthrough as to expand rapidly from its 'bac p^'ce^of a 

t the great plan is, Saudis' Tpphnnlmtv spread collapse, there is a of the type available to Saadi cent stake and toe rest would major shipowners. Also, the Europe-Red Sea-Gulf operaon h tn tbpil . rpiipf 

. dormant not dead. They * CUHIUlUgj .strong feeling in the- industry coastal traders. be subscribed by private AMPTC philosophy of boil ding into containerised serves ^ rice stuck and h * 

fc that they were right to’ Such a plan not only involves that during 1978 Scandinavian This theme of preference for investors, including existing a whole shipping industry, between Saudi and the U.&«nd recen tly been edged upwards to 

heir expansion plans into an element of new technology and some other bulk ship- home shipowners, either by tanker companies. involving maritime law, broker- Saudi and the Fir East—a ove $2 000 a box although this is 

store when the markets In designing or converting such owners will be reduced to the cargo reservation, berthing Government direction is also Protection and indemnity, which if it happened wild ^ weU sho ^ of ^ g2 300 a 
)scd in 1973-74 and. so far vessels, it involves getting the traditional method of cash priority or cheap bunkers, is one ^ PflT ^course in toe timing shiprepair and perhaps embarrass not only UASCbut q,™ were able t0 get lg 
have not judged toe consuming countries to provide generation in hard times by which raises some confusion to f and U ofied ultimately shipbuilding, rather a lot of other well-establhed roonths ag0 North continent 

mt to be right to re-acti- suitable off-loading points. The selling their ships. the outside observer. In theory, Det _ o]eum * develomnents. 0,80 hmsdng in ships, operators as well. »SA t0 Jeddah operators have 

them, in spite of a am- problems are even greater in The sale price of a 1973-74 Saudi Arabia has, for example, refineries one on each “ very much “ fine with the certainly could not be acised {ollovted suh a slightly 
us current of advice from the gas carrier field, where the built tanker tevday would be a legal requirement that Saudi- * intended tn he nn official Saudi view. modesty when it dainri In nifferent pricing level and lines 


and Saudis are talking of building about a fifth its new building registered tankers are to receive SST^each ivito an Membership of UASC how- L° ndon ^recently ftat Its 03 ec- j other Middle East trades are 

should vessels up to -100,000 tons in cost even for a vessel which preference in auction ev* vS* Sth M watching progress with interest. 

W “ ^ r<£TE But for all the difficulties 

------- - -• — - — — : growing sea Dome traqe. ai presenled by overtonnagmg on 


consultants 

irs that expansion _ 

size. ‘ - • ' ' . may have seen little active ser- cargoes of Saudi crude. 

‘t of the explanation for So ’Saudi 'maritime goals are vice since delivery because of In practice, this edict 


is 


audi hesitation goes deeper far front simple to ''achieve. Poor markets. Some industry tempered by a proviso that the h eT involve P a * Li miSti P^L 111 ? company b ppm- Middle East routes, they 

simply waiting for ship- although this was certainly not sources believe that by the early shipper must have toe freedom rp G on ’the size of anv national UartSSfiif »w!!? 7 flcc of remain among toe brightest 

once more to become a fully realised by toe' many 1980s one third of toe bargain- to choose toe more efficient ship be lhp baqjs }£ C ' general cargo shipoinff tine of h T?r P J prospects in the shipping 

able area of investment, entrepreneurs who sought to priced world tanker fleet will and the most competitive rate mS 1M000 ^ons ^ThS jimit ,-J h SJSfSSi e *2LSJ H indurtry-* fact which the 

.* has also been a fairly leap aboard toe shipowning be in Arab hands, compared unless competition be- feet of much .larger 1M.OOO ^ JM* in general and toe 

... realisation that Saudi bandwagon in toe period before ;with less than 3 per cent. now. tween a Saudi and a foreign 1 ^ ^ r ru ^ r ^ o&ri^pSbtic SXSe Saudis ln Particular are bound 

- ^ like the other Arab a .traditional cjctieal downturn Progress has also been made owner for cargo is on identical ” p r i?F„ a ^ g ^ S^cfudf^rahif t0 to increasingly 

, lacked shipping manage in_The bulk markets' jr^time infrastructure for terms, the cargo reservation wo ^!£j4f -£f the months and years ahead, 

“’'expertise and personnel in itself as the worst slump in the Arab world, although Saudi procedure never comes into Government policy also deter- lmtation to some private stop- Has been a year ■Jen toose 
ing like toe quantities re- living memory. /■ Arabia lags some way behind operation. mines the extent to which Saudi ping interests in the country lines serving Saud Ports ha\e 



Between the Red Sea and the 
Gulf an ancient race of people 
are changing the face of their 
nation virtually overnight. 


Today, the Kingdom of Saudi, Arabia is the site of one 
fourth of the free world's construction activity- 
An essential element in the Saudi Arabian - development 
plan is the construction of commercial ports. These" ports 
are being designed, constructed and operated under the 
supervision-^ the Saudi Ports Authority. Making a'signifi> 
cant contribution in this regard is Archirodon Construction 
(Overseas) Go. SA., the major contractor in the construc- 
tion of the- Jeddah, Dammam and Jubail Ports. 

JEDDAH ■ 

Jeddah Port is one of the major projects of the Kingdom's 
long-term economic programme, it has traditionally been 
the primary commercial port of the Kingdomand the closest Saudi Biyals. 

to the Holy Pilgrimage centre of Mecca. The Port has had -J. JUBAIL. 
to meet the phenomenally growing jmport rfeeds for thf / 
development of the Kingdom and millions of. pilgrims ead 
year. 

Since 1 975, work valued at one billion Saudi Riyais 
been completed on the port Today, Jqddah Por is 
satisfactorily meeting the Saudi Port Authority's recto?- 


Ian Hargreaves 

ments with mfnfmtim waiting time for the unloading 
vessels. 

Presently, t® Saudi Port Authority has initiated plans for 
new exten'On works valued at 3.7 billion Saudi Riyais. 
This w|ll-*olve the construction of twenty new deep- 
water be>hs, administrative buildings, warehouses, etc., 
it issch?uled for completion in 1981, and will practically 
double as port's capacity. 

DAM RAM 

The PA of Damman. is another key component in the 
SaudiArabian economic programme due to its strategic 
locat>n on the-^ulf coast, which serves the oil rich and 
rapipy developiti^jE^etem Province.^ 

Frtyi 1969 unti£ihe pfesent day; deep; and shallow-water 
' ^ing facilitres^warehouses, administrative buildings, 
II craft harbours and other pprt facilities have been 
cted with a value in excess of one billion Saudi 
Is. today Dammam is a fully equipped modem port 
are waiting time for unloading vessels has been reduced 
three months to two days, 
he expansion of Dammam Port continues today with the 
instruction of the West Port which is valued at 3.4 billion 


An excellent illustration of . the dynamic growth experi- 
enced by Saudi Arabia is the Port of Jubail. The once small 
fishing harbour has been transformed in two years into a 
large commercial port, serving the needs of the massive 
industrial and petrochemical development programme 
underway there. - 

The transformation began in 1975, with the construction 
of a breakwater, four berths, a building complex, roads 
and other port facilities. This project valued at 550 million 
Saudi Riyais was completed in December 1 977. Today 
the second phase of the project is being implemented 
with its final goal, an ultra-modern port. 

Today, throughout the .Middle East the name Archirodon 
Construction (Overseas) Co. 5.A.. is synonymous with 
consistent quality, reliability and superior standards of 
performance. At the ports of Jeddah. Dammam and Jubail 
Archirodon has combined its resources of highly special- 
ised technical equipment, and a wealth of expertly trained 
professional personnel to make the dreams and ideas of 
men a reality— -the miracle of Saudi Arabia. 












26 


T 










\ Helping to turn 
the wheels of Saudi Arabia's 

\ economy. 

The people who reallyuve a boost to a country’s economy are its business leaders. In Saudi Arabia, and 
all over the Gulf, Kanoo is *1 leader. Take arty business in the area.Kanoo is there. Shipping travel, construction & 
mechanical equipment, oil fin supplies, freight handling, insurance, computer services, Joirrt-verrtOres — think of any 

1 business activity and Kanoo comes first 


YUSUF BIN 


Eastern Province 


KANOO 


utr, 




Central Province 


Western Province 


■HJBAlURASi 
HAS ALKKAF 


JEDDUVJIZAN 


Yusuf B»i Ahmed Kanoo, P.Ol Box 3? amount; Catfes.- KANOO DAMMAM; fcfeoGOl0U*XANC]O&I; 

fcr via Bahrain 821 S KAWOO GJhrefeptaie 23011 

YtoufBinAhmedKanoa‘KanDo Cgnt»c.*AIKhotBr:Cahfgs.- KANOO DAMMAM; Wae 601 Oil. KANOO SJ;raBA3D2QMagI 

MAH yuwfBin JMned Kanoo, Aramco Bo* 711 Ras Tanura; Catted KANOO HAS WNUKAjfefec 600Z28 KANOO SJcrtOiOu" 

KANOO SJbrwaBahrMn 8215 KAWOOgiL-M733270S15S7l4y 

AR Yuait Bin Afancd Kanoo, P.Ol B ox 32 Dammam 

tALMSHAB YUWdBinAhmedKanouRBAllOm^wj Kuwait; aftynone: A0MQ2 


Moot Bin Aimed Kara, fid Bex BIZ Jeddah: CatlesYUSUFKAKOO JEOOAH; S*tt401£B9'KAN00SJi »r*2«V71S08f7tS32 


Yusuf Bin Ahmed Kjnoo, P.O. Efcw 8ft, fenbo: Cafifes: YUSUFXANOO YENBO; hfPOTxf ^ 461 • • 


■SHARIAH KHORFAKKAN ASUDHAM JEBELOHANNA FIASALKHAillAH ALAIN MUSCAT LONDON HOUSTON 



BANGUI DU CAIRE 

SAUDI ARABIAN BRANCHES 
PASSED TWO IMPORTANT OCCASIONS... 

Banque Du Caire has become notable In Saadi Arabia over the last 25 years by 
offering its best service to the Saudi Econcuay. Last year it passed two important 
occasions, first celebrating its Silver Jubilee, Yecond the signing of the Article of 
Association with the Saudi partners to transf ek its branches in Saudi Arabia io a 
Saudi Company with a capital for 150 mflliDns^audi Riyals divided into 40% 
for Banque Du Caire and 60% for Saudi partners under the name: 

SAUDI CAIRO BANK 


This new development will enable the ban$ 
based on its long experience and hope for more 


make greater achievements 
ansion in the near future 




vv 

, 01-4 iv'.Vr.V' c 
Iv'T^s / *ssv*. >: 

ft • 

M . . . . / '^5 • *•* * -s; 

-V. 

utaar^irv'ii • •< t-* 

The Old Gate of King Saud’s Palace in Jeddah. 

Dominated by the observance of the laws of Islam, 
architecture has never been regarded as a decorative art in 
Saudi Arabia. This is one reason why architects now have to be 
imported from abroad. The vernacular architecture that 
remains shows how much has been lost. . 



FEW TRAVELLERS to Saadi 
Arabia before the diacovery of 
oil found anything worth prais- 
ing about its architecture, even 
in topographical descriptions of 
the Holy Cities. The country 
was identified in everyone's 
mind mainly with deserts and 
rough shelters. If there had 
once been- fine buildings, erected 
by the Abbasid or Mamtuk, 
Rasulud or Ottoman dynasties, 
they had been destroyed by 
Wahhabi religious extremists, or 
had collapsed through neglect. 

It is hard to explain the re- 
fusal these days to acknowledge 
fee indigenous architecture, or 
to understand fee kind of snob- 
bery which could not appreciate 
an architecture unless it was 
built of stone or baked brick, 
or unless it showed some con- 
tact wife fee metropolitan tra- 
ditions of Home, Paris, Cairo or 
Istanbul. 

Saudi Arabian vernacular 
architecture, where it still: re- 
mains, is one of fee most arrest- 
ing.in fee world. Wife few other 
material possessions to be proud, 
of/ fee sheikhs and merchants of 
fee towns and ports had evolved, 
after hundreds of years of de- 
ivelopmest, houses and forts 
with - unique qualities of 
strength, order and utility. They 
maintained these largely mud 
brick buildings 4s their pristine 
state by frequent replastering 
and painting, which imbued the 
Obviously perishable materials 
with the qualities of human care 
and concern we normally asso- 
ciate with works of the potter 
or the sculptor. 


Varied 


The styles of building varied 
across this vast land. Low and 
expansive in the north east, wife 
high narrow rooms around brick 
paved courts, two or three to a 
dwelling, they had risen to two 
or three storeys in the centre 
of the country, wife narrower 
courts to ensure shading in the 
heat of fee day. Growing ever 
higher as one moved west, fee 
houses were three or four 
storeys in fee hill towns of fee 
Hiijaz and Assir, and often even 


more in the crowded towns on the same sources that give rise, 
the pilgrimage route, such as to the modern religious .and. 
Jeddah. . political strengths ..bf ; -‘-the 

Mecca and Medina pr es erved C0 H n * 1 ?r . . . .... - 

a dignified and austere 'Urban Saudi Arabian attitudes to 
architecture, with tall town architecture are dominated by 
houses supporting, on the upper the observance of Islam accord- 
levels, projecting wooden boxes m S to the Hanbali rite, which 
with screens, to allow women * favoured by the ruling f ami- 
discreet glimpses into the lie s. T his has determined the 
streets below. Jeddah evolved /Culture of ■'most of fee country 
bolder and more adventurous for 300 years. The Hanbali rite 
dwellings, so broken by ^bedien; is practised .by a strict. puntanfc 
latticeworks and shutters^ onrcal sect which, believes feat 
every side of fee up^er storeys Jklam .in its formative -phase/was 
that only the corner piers * religion devoted to the war- 
remained in masonry. At fee stop of God alone in the most 
end of the 19th century, simple and direct way. For 
storeyed wooden balconies with Mohammed — if he wanted build- 
an incredible richness and com- isgs at all and -there is- some 
plexity of carved and fret- evidence feat he did not believe 
worked carpentry were added, they were necessary as -far as 
projecting further and further religious^ observance was con-, 
out over the street as they went cerned — is believed ; to have 
up, mwn they began receding favoured an unostentatious and 
at the top into delicate roof tumble architecture, 
galleries and frail shade awn- « . ,, 

lugs against fee sky. . JS}TDpHUl6tlC 

In the south west fee narrow v 
fertile valleys in fee high moun- This view of architecture is a 
tains have an architecture sympathetic one. The practical 
related to that of the neigh- results of the policies of the 
homing counter, Yemen. The sect-have had three unfortunate 
clay walls are protected against effects, however. First it has 
monsoon rains by closely spaced resulted, in the* wholesale des- 
bands' of slates, which project traction of a great, deal of fee 
far from . the wan surface. - architectural heritage, particu- 
The clorv of all this domes in mosques, tombs 
indigenous building was brought 

to So end by the advent beUefe ot .aiien rites, winch 
cement in the first age of the most 

new prosperity. This became ntes 

widely nsed over the old build- ‘te.Wahhab^ in vanony parts 
mgs, removing their lustre and . o£ £5, dl *•£>“ during the lTth 
reducing them to anonymity. It ’ centuries 

then rendered than obsolete in ri ^ ec ®? d Z h lt 
their owner’s eyes as flat-roofed no “ of at * tn ?? fi ? e 
International Style bungalows , s 3 50U jf 

and apartment buddings spread ^ njo f e( ^ ^ ence 

inwards from fee nw suburbs. ' enroi^gement of *5?'' 

- _ ■ . - . , tudes for contempt; both for the 

That phase provoi only tern- material heritage of fee past 

P°f ar y* Iantl va ^ ue f ros ® 50 and for the preservation of it in 
fast feat the centres of most of ite environment 
fee old towns could no longer Third this has also stimulated 
hold pnrate houses, even those contempt for fee work of con- 
of the fabulously nch, and non- temporary architects. This third 
desenpt tower blocks took their unfortunate effect is probably 
piace. the reason why- there have been 

It is interesting to speculate surprisingly few Saudi Arabian 
feat the causes .of fee lack of architects to serve the country 
direction in modern Saudi archi- since its rise to real prosperity 
tecture may be ultimately traced and. this has forced the Saudis 
back several hundred years to to resort to importing architects 


from abroad. Architects arc 

a r result treated as technirii \ , • 

basically ot practical value 

purveyors of technology, : \ ■ 4 

little else. Quick to sense t 

architects, have made Sa 

Arabia a field for fee operal 

of a new kind of arcbitecti 

colonalialism, in which ‘ 

signers based in other count! 

make quick visits to Jedfl ^ 

Riyadh, Dhahran or Dam 3 ? ; / 

and" then produce expensiv*J ; A / 

frequently unsuitable scJWi yu 

in materials which have-ir^ i ▼ , 

imported almost to the la/ dor 

handle or glazed tile. II is A 

architecture which is 

extremely inefficient nd 

suited to fee climate. : 

To-day the vocabulatf.of^ 

International -Style in arcldt^: 
ture predominates as a dfae 
'trously alien -languageln aM 
of v bui3 dings where tridifemAK 
wafe were solid, «reens j*. 
penetrable/ and «amSeverasl- 
overhtogs jwere urknwUviil, 
few reVnt hutidins-managel 
escape fen aU-pervilihg -menij 
rity. Ya)nasaki>«Dhahratf Al- 
port is on\ example/ butHM 
for Its initial visual impress^ 

Trevor Dofipatt's - ConfOTW* 
centre in Riyadh makes ajW, ‘. 
attempt at an iqterpretafeftr-'t 
fee rinfele dramkof Sau&4 l > .' 
ditions. But most' reflec&fe . 
pragmatic reactions 6 f design^ 
to the vague and changi$* • 
wishes of their clients. ’ ‘ 

Attempts to revive an Ishm : 
architecture have resolved ^ : • 
feeble pastiche, or have'i^'' 
characterised by. sighal 
derstandings of tradMbfe^fcsr z^--, . _ _ 
example, courtyards; join&gjvi ^ ^ ■~~- 
gronp of houses instead & A ST 

ing as the veiy kernel of u „ 
in each living spaced. ' ? 

So . that when one wanefe A - 
into the ruined old j* : ■ , , 

Jeddah at night;, and : lbolkX 
at fee lightmMvellously.styfi®. ' - 

ing out through fee Iattlte"-, . 
musharabiyyah, which 
almost all the wall surface^ - : . 
the top storeys—^ delicate: ti»* .. - 
parencics to 

sage of cool -air-r^ne ean'<w ‘ ; - 
lament the heritage, that'40 -. . 
been lost . ; :■? 

Dr. Ronald Lewco(i>*- 1; • 


INDICATION OF BALANCE SHjEET 
DURING THE LAST EIGHT, YEARS 
MILLION RIYALS (THE NEAREST <We MILLION) 




LIABILITIES 


CAPITAL & RESERVES 
DEPOSITS & CURRENT ACCOUNTS 
BANKS & CORRESPONDENTS 
HEAD OFFICE & BRANCHES ABROAD 
OTHER LIABILITIES 


TOTAL LIABILITIES 
CONTRA ACCOUNTS 


GRAND TOTAL 


CASH FUNDS & BALANCES 
WITH BANK & CORRESPONDENTS 
LOANS ADVANCES & DISCOUNTS 
OTHER ASSETS 
















































Financial Times Monday March' 20 1978 






SAUDI ARABIA XV 


27. 



Although many, of Saudi 

Arabia’s business organisations are now run on a 
vast scale the family tradition still remains. The 
European needs to appreciate the characteristics of the 
business community in order to succeed. 

The business world 


1. 

ssas?--'* VO 



-*V : ' L 


.> gl. 


•{ — — 


~ V* . -V 



LEAST one Saudi business 
use is. in the top tea of -the 
grid’s mammoth, businesses 
;i several others are not far 
^aind. To the newcomer mov- 
*t for the first time into the 
:ti& of .S&udl business they 
tjr appear initially not fir 
it- from vast business 
i" elsewhere in the 
In fact they are very 
’ Sfereht _ These , huge Saudi 
sinesses have been built up 
individual families in the 
arse of one, or at most two 
derations. 

The businesses were built up, 
rhaps two or three decades 
o, when Jeddah. Riyadh and 
lahran were small towns 
ierc everyone knew their 
ighbours well Business 
^msactions were carried out 
tween, friends and acquaint- 
ed and the. social aspect of 
s deal, sitting and drinking 
flee and conversing together, 
is as important to the 
?rchants of those days as the 
)ney which changed hands. 

- often, which did not change 
nds. for much business was 
<en on trust. As one young 
udi businessman remarked, in 
? days of his father it was 
fficient to give one’s word that 
e would pay; there was no 
slant reaching for a cheque 
ok. 

Saudi merchants to-day are 
11 firmly heirs to this tradi- 


tion. The older men have grown 
up with it and like It ... Their 
sons, back from America -with a 
PhD in economics or' business 
studies, have never.- lost the 
strong Saudi attachment. ' for 
working with their relatives- and 
doing business with -personal 
contacts..., 

This means tharthe European 
businessman, keen to extend. his 
business to Saudi Arabia, is 
wasting his time if -he ' simply 
sits in his office at ; home 
despatching batches of letters to 
Saudi business house&>' JKost 
probably they will receive ho 
answer at all; they, will certainly 
make no impact. . ' :i 


Urbane 


There is, unfortunately, no 
alternative to going out to Saudi 
Arabia, and to going frequently. 
Unfortunately— not because a 
visit to a Saudi businessman is 
an unpleasant experience; on 
the contrary, Saudis are urbane 
and charming hosts. It is, how- 
ever, expensive and complicated 
to arrange. Visas take time to 
obtain, hotels are hooked weeks 
in advance, a room can cost 
around £50 for a. night , A. visit 
to £audi Arabia is a major ex- 
pedition, which requires careful 
planning and patience if it is to 
be fruitful. . . 

Once there, the businessman 
should call on all his Saudi con- 


tacts. Saudis at all levels -are foreign businessman has taken 
surprisingly accessible; even if the trouble to learn a little 
one has not been 'able to make Arabic, even if he can go no 
an appointment in advance further than the usual, greet- 
(which is usually the case) they ings. A fluent Arabic speaker 
are quite happy Jo receive a will 'probably find it easier to 
visitor at virtually no. notice. establish close relations with 
Once he reaches his goal, after his hosts, even though most of 
waiting in - . a crowded - ante- the conversation may still be 
chamber or among the throng in held in English, for he will 
the merchant’s of' official's understand their culture and 
office, the visitor may feel .that conventions and feel at ease 
here is a busy man whose time with them. Back in England, 
he should not waste. But he an invitation to one’s own home, 
must suppress his longing to a football match or an evening 
come to the point, to plunge into on the town, 'will be greatly 
the matter close to bis heart appreciated by one’s Sauhi 
and for which he has come so acquaintances. 

far. His host will take it as T _ . . ... . , .. i. 

simple courtesy that tbeconver- .!* ,s a * *** “t**®* ***" the ' 
sation is held as though there ^siting busmessman begms to 
were all the time in the world. >“ *? e ca * 861 

Everyday matters are discussed, abo °* 1116 o fc hoosinga 
bitter green coffee or sweet ?audi agent or partner. U he 
milk-less tea is served. If the 18 to establish^- presence of his 
visitor happens recently to have own ®* ud i Arabia he will 
seen his host's brother or cousin ■ certa,7 “3’. need the assistance of 
in some distant city it can be a ® au< |* colleague who can 
a good talking point to set the advise him of business oppor- 
bali rolling. The host likes to Tumties, help negotiate con- 
feel his way, to see what manner tracts, handle problems and 
of man his visitor may be. formalities at the Saudi end and 
This pm-sonal contact may go b 00 * dr tickets and hotel rooms, 
well beyond the brief meeting (perhaps the most vital service 
in the business office. Many. all)- A short list of business- 
Saudi merchants invite their 1° a particular field can 
foreign business contacts to a 50011 ^ compiled; the foreigner 
meal (usually an all-male should then get to know each 
function), or to a day by the of examine their track 

sea if they are in Jeddah or the record, check that their help is 
Eastern Province. They will be actually likely to be effective in 
pleased, and flattered if the 1115 own field * 

Many foreign contracting. 


industrial and business firms 
choose to go into a joint venture 
operation with a Saudi company. 
Providing that the joint venture 
company is 25 per cent. Saudi- 
owned it qualifies for numerous 
benefits. First and foremost of 
these is a five-year tax-free holi- 
day under the Investment Code 
(which may in the future be 
extended — eight or ten years 
without tax ere - under con- 
sideration). 

A joint venture is also 
entitled to benefit from the 
assistance offered by the Saudi 
Industrial Development Fund, 
where it concerns a private 
sector industrial venture. The 
Fund is empowered to lend, on 
very easy terms, up to 50 per 
cent of the capital cost of the 
development (excluding the cost 
of land). The Saudi partner may 
regard access to this loan as his 
'Share of the capital of the joint 
venture; it ‘is important .there- 
fore to darify ' the terms of the 
venture frofirthe start' 

Better access to market 
information is one of the great 
attractions to establishing a 
presence. in Saudi Arabia. While 
some Saudi firms will keep their 
foreign partners supplied with 
information, many do not have 
the time' br inclination to do so. 
Information is as. valuable as 
oil in Saudi Arabia and harder 
to find. There, are few official 
publications, and such as exist 
are usually too outdated to be 



Money dealers in the Jeddah Souk. 

of much value in this rapidly up 1 into an intelligible picture, per cent, according to a recent 

changing environment For - Many firms find that tbe only Executives Resources Interna- 

instance, trade statistics date way to keep in contact with tliei tional survey, 

from two years ago, telephone market is to establish their own. The average period spent by 

directories from three, and there presence in Saudi Arahia. It Is,- expatriates in the Kingdom is 
are no trade directories. The for many, the ideal solution but about IS months according to 
only way to contact a senior one which requires careful con- the headmaster of one of the 
official or businessman may be sideration beforeband for the English language schools, 
to know his direct. line telephone costs and problems involved are Finding accommodation, ob- 
number; the only way to obtain daunting. Rent of a three bed- taj rung a telephone, getting to 
this may be to ask him person- roomed apartment runs _ at know the right people, n ego- 
ally. ' £10,000 to £12,000 per year; a tiating for a contract, all take 

Saudis shun publicity and small villa will cost some a long time. The return on one’s 
seem to prefer a somewhat £15,000, an “executive” villa investment will certainly not 
reticent way of managing their £30,000 a year. School fees are be instant. On the other hand, 
affairs. They hate to give pre- £1,500 to £2,000 per child per this ls one ?f the most interest- 
cise facts and figures, which year, food and living costs about tag and exciting markets in the 
might help their competitors, twice London prices. world. A paint salesman Te- 

One young businessman Obtaining suitable office called visiting a Saudi business- 
explained that his family owned accommodation with a tele- lr ! an who said: “ WeH 1 wi u 
so many small and larger com- phone is a major operation in s * ve a sma11 order just to 
parties under different names itself and the cost of buildings ^ y° ur product.” The happy 
because his father was a modest neB r the city centres is salesman went away with the 
man and thought it wrong tD extremely high. Labour , is largest order he had ever taken 
make a display of his wealth, among the most expensive 1 in and dreams of a golden future. 

the world, with day labourers Another a small manufacturer 

of wool cloth, visited a tiny 


Grapevine 


earning some £9 per day, . . . - , . 

chauffeurs (necessary because * h °P “ a Provincial town and 
Under these circumstances women may not drive) costing wa f S ivan a surprisingly large 
the businessman needs to keep £3,500 a vear. a maid £2,000. °™ ep - CouId hls c i ien , t Perhaps 

his ear to the ground if he is The employer must cushion °JJ?JS S1 t 

not to miss opportunities. The his expatriate personnel more ® 
only way to do this is the way than right be the case else- 

adopted by the Saudis them- where. Expatriates expect to fj.® %f e fSL P SiL ll, 5ii!? t JJ 
selves: to keep constantly tuned earn two to' four times their 

into the grapevine by chatting home salary with all found. doth ’ from whlch he counted 
to as many people as possible Even so, many find it im- 


out several thousand pounds 


w OO psvioc n nwoiuic men au, iuaiiy fluu U JOl- wnP *>i, -f _}iml nnipe 

as often as one can. Gradually possible to settle down and the won r cr Ji™ 


Shortage of manpower is 
proving a serious constraint on 
the country’s development programme and Saudi 
Arabia is now recruiting workers 
from all over the world. 



' IS ironical that a country 
tich. over the centuries, has 
en a net exporter of popula- 
ms, should find itself in the 
.iment of - destiny with an 
,itc manpower shortage, 
.-dbia has always produced 
ire people than it could sup- 
ri. The most important 
udus from the peninsula was 
the seventh century when the 
.ole Islamic empire was staffed 
ih settlers from Arabia, and 
sufficient number to give the 
*ab world its character. Since 
it time tribes pushed out of 
e penisula have continued to 
tile in the neighbouring lands 
Iraq, Syria and Jordan. 

To-day the boot is on the 
nor font. Saudi Arabia is 
awing in manpower from all 
e neighbouring states and, 
Seed, from the furthest cor- 
rs of the world as well. The 


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urge torachieve rapid develop- drive to extend medical facHities 
menf -Vf a land some .900,000 and education ran certainly be 
square miles in extent,’ which in expected to reduce mortality. 
1940? had but one asphalt road, ■ ’The drive for an increased 
has - created an urgent demand Saudi population will not, in the 
tor labour at" all levels of the short run, reduce the need for 
economy. foreign manpower. Saudis, with 

■Saudi Arabia itself cannot ^ ie * r tradition of proud in- 
provide the manpower reservoir de P®ndence, are notably ehoosy 
which is needed. Figures for the ^ whlch Sl ey are wm ,* 

indigenous Saudi populations ^ accept. The general 
have not been published but are P^sPf nty which has swept the 
believed to be low. A census **■*» « P ast . few 
carried out in 1W4 clearly pro- 

duced disappointing results. S El 

When the figures were finally fnr thP nti 

___ * flocked to work for the oil com- 
publishwi m 19/6 a to tal popu- pany j n years b u t now 

atlon of 61m. was quoted, but they had n0 need y of the money 
there was no breakdown of the and j^y ftad returned to the 

ft*™* 8 . * nt0 ? aodl j non ’ easy-going life of the desert or 
Saudi citizens: Informed sources bought themselves a taxi, 
estimate that the indigenous Saudis prefer to be their own 
population is between 3m. and b 0S6L At toe j ower levels of 
■*n». society they are happy - to work 

. as taxi or truck drivers or even 

( hnif*P3 as chauffeurs, and over half a 

million have remained in the 
Faced with the need to in- desert as pastoralists. At the 
crease its population, a state has other end of tbe scale they pre- 
two choices: it may create fer to be managers and adminis- 
instant citizens by naturalising trators. As one diplomat put 
desirable foreigners, as some of it; “Many Saudi offices seem 
the Gulf states have done, or it to be staffed by a highly quali- 
may attempt to boost the birth fied, competent senior official 
rate and reduce mortality. Saudi and a highly competent tea boy. 
Arabia has for many years with nothing in between.” 
refused to give Saudi citizenship Middle and lower ranking jobs 
to foreigners; Palestinians who hold little attraction in offices, 
arrived in the early years of while in schools and colleges it 
the exodus were often given is the administrative rather 
Saudi nationality, but those who than the teaching posts which 
eame after have not been able appeal to qualified Saudis, 
to obtain it. An attempt was. Labouring jobs also fail to 
made to boost the birth rate attract Saudis: few are found 
by officially prohibiting contra- working on development sites or 
ceptives, but the familiar road construction, and by and 
packets of pills soon reappeared Targe they are not interested in 
on the chemists* shelves. The industrial labour either. One 

Saudi factory owner commented 
sadly that he had hoped to pro- 
vide both skilled and unskilled 
jobs for his fellow countrymen 
and that he had been very will- 
ing to train them. He had, how- 
ever, only managed to attract 
One Saudi worker and he was a 
cilppip. ... 

Thearmed forces provide .the 
major exception to the rule that 
Saadis like to be chiefs rather 
than' Indians. Fighting = and 
handling ^weapons have always 
been -considered manly occupa- 
tions by Saudis. To-day they 
are -j- quite prepared to go 
through long training pro- 
grammes to learn - to handle 
modern hardware, and are 
proud -tp serve as ordinary 
soldjeri 

..Hajf the Saudi population at. 
.present makes virtually no con- 
tribution to ’ the economy. 
Women are narrowly restricted 
ip -the work which they may do, 
in that they may not work in 
proximity -to men, and it is 
estimated that only about 1 per 
- CONTINUED' ON . 
a MEXT PAGE 


Agents. 


;o Mcvir/n . . r,i 


jTom j o c c t Tvt e nt.t: i c rJ. 


;S-Ofl C liCRVICES. 


the shreds of information build turnover rate is very high: 65 


Edward Alexander 



• Tlie Arab world is the richer for a new and powerful bank, the . 
Albank Alsaixdi ADioIIandi. As the name suggests the Saudis and the . 
Dutch have joined forces to create a new bank. This marriage of Dutch 
international banking expertise and Arab wisdom and influence 
promises to Bring many benefits to Saudi Arabia. 

Tbe Dutch partner in the new bank is Algemene Bank 
Nederland which has been in business for 150 years and has already 
been established in Saudi Arabia for 50 years. In addition, the ABN- 
Bank has vast know-how throughout its offices in 40 countries on the 
five continents. ' 

To this fund of banking knowledge Saudi Arabia now adds its 
potential and its Arab influence, together with the value oflocal Arab - 
involvement that offers so much to the international businessmen. 

' The banking skills and financial influence that make up the 
Albank Alsaudi Alhollandi introduce to the Middle East a truly 
modem bank of international strength and sophisticated facilities. 


^ Ap twlfjgliji I Albank Alsaudi 

Alhollandi 



, * • . The Albank Alandi Afliollapdi is locartd in: Saudi-Arabia - Jeddah Hieado nice), Cham King Abdul Aziz. P.O. Bos 67, relephcn* 29455, 296351 

telex 40DLi Danunan. Main Suert 1L P.O. Bo* 70, telephone 23212, 23700, 23574, 25529, 25530, 26921, teles 60015. .Mkhobar, Prince Nawrir Sneet, I’.O. Box 342, 
telephone 41207, 42544, 42 » 49, tele* 60015 (pajamaa -.Ri>-adh soon to be opened. The ASK network: The Netherlands. Ireland, Great Britain, Belcmm, Prance. 
Federal Republic of Germany, Sm^iaod, Gibraltar, Iialy,Grwce,Turi:eyfHolanise Banh-On’O, Lebanon. United Arab Emirates. Bahrain, 
lrto r.Nlcramae Bankoi Iran and Hdbnd^Pafetan, India, Malaysia. Singapore. Indonesia. Hongkong. Japan. Morocco . Algemene Bank Alarokko SA\ Kenva, 

OpcrJfeB MKter name Bmco L'^d. in; Aganit' 


1 . 





28 


Financial Times Monday March 20 1978 


SAUDI ARABIA XVI 





Saudi Arabia offers bigger financial rewards 
for the foreign worker than almost anywhere else, 
especially fin* those who are prepared to give up leisure time 
in favour of hard cash. But it also presents bigger problems 
for. those who have not made adequate preparations. 




SAUDI ARABIA continues to be 
the “Gold Rush ” state par 
excellence as far as the foreign 
worker is concerned. It offers 
more jobs for expatriates than 
almost any other country* and 
for unbeatable,, tax-free salaries. 
Small wonder that so many 
newcomers' are prepared “to 
give it a try,” more often than 
not With the mental reservation 
that “ it will only be for a couple 
of years anyway." 

The hardest days for 
foreigners are now perhaps in 
the past. These were not, as 
one might imagine, ten or 20 
years ago when foreigners were 
a rarity and facilities minimal. 
On the contrary, those who have 
stayed on from those days are 
all bitten by nostalgia for the 
good old times. The small size 
of foreign communities led to a 
dose and easy relationship, 
regardless of rank, among com- 
patriots. They also spelt easier 
social contact with Saudis. The 
foreign community in those days 
consisted of people experienced 
in living abroad: for most it was 
their chosen way of life. The 
Saudis felt at ease with this 
relatively small group of cosmo- 
politan foreigners. 

When the boom came into full 
swing, four or five years ago. 
the Saudis found themselves 
suddenly overwhelmed by an 
influx of foreigners wbo seemed 
more alien because theyjwere 
less accustomed than their pre- 
decessors to life abroad. The 
two communities drifted apart 
and many foreigners were dis- 
appointed to find that they could 
establish little social contact 
with their hosts. 

At the same time the large 
numbers of newcomers lost the 
easy acceptance into their own 
community which had pre- 
viously existed. People no 
longer “knew everybody” in 
their own group: newcomers 
often felt that they knew no- 
body. There was no ready wel- 
come, nowhere to go to meet 
people (for there are no bars 
or social dubs), sometimes no 


houses, to be found and no 
school places for the children. 
For ordinary young families 
who had not been out of their 
own country before it took con- 
siderable resilience to cope with 
such problems, loneliness, and 
the struggles of day-to-day 
survival. . 

To-day the foreign communi- 
ties are larger than ever before 
and some at least of their prob- 
lems have disappeared, either 
through sheer weight of num- 
bers' or through the increasing 
experience of employers. It Is 
noticeable that the two firms 
employing large numbers of ex- 
patriate who keep their foreign, 
workers longest are the two 
with 'most experience in the 
fie Id— Aramco and Saudtiu 
Saudia can offer the incompar- 
able benefit of frequent free 
flights home to its employees 
and their families. Aramco has 
no such attraction to offer and 
must keep its people happy in 
often adverse circumstances, in 
desert camps and on oil rigs. ' 


Welfare 


Its concern with family wel- 
fare in quite small things 
makes people feel that someone 
cares. There is an office to sort 
out problems (staffed by one 
of the salaried wives): free 
plants are prodded for the .gar- 
dens: families may bring in one 
piece of their own furniture 
each year (freight paid): wives 
are offered jobs in the com- 
pany’s' offices; camps are made 
as comfortable and attractive 
as possible: there are pools, 
schools, sports facilities. Under 
complete Saudi ownership con- 
cern for families is expected 
to be even better: one group of 
ladies is already looking for- 
ward to new kitchens which 
they have been promised. 

Of course -these facilities cost 
money and can only be pro- 
vided on a large scale by large 
companies. Many smaller com- 
panies. however, are finding 
that help with their homes and 
surroundings may persuade 


their workers to stay on; that 
those who arrive at' a camp 
“ with a swimming pool " to be 
shown : the place ■ “ where the 
pool la- going “to be ” are more 
likely to turn round and go 
home. 

Newcomers are' rather less 
likely to spend lonely months 
before meeting anyone, simply 
because there are so many 
others In the same boat to-day. 
Embassies and women's .clubs 
often- organise tea or coffee 
parties where new wives can 
meet, companies introduce their 
people, to each other, there are 
more communal activities which 
offer some sort of a meeting 
ground. 

In theory clubs and societies 
are not permitted in Sandi 
Arabia, and four or five years 
ago tho$e which did exist, such 
as sports and dramatic socie- 
ties. kept a very low profile 
(which alsq* made it difficult 
for ‘ newcomers to hear of 
them). • To-day such associa- 
tions are more. openly tolerated 
and the cultural ones especially 
seem to he quite favoured. Arts 
groups flourish in the big towns 
and their exhibitions are re- 
ported Inr the Press, as are the 
performances of • the dramatic 
societies whi ch now attract 
numerous Saudis to their 
audiences. • • 

Schools for non-Moslems were 
also theoretically not allowed at 
the time of the great boom and 
those which did exist struggled 
to remain unnoticed. Expansion 
under those circumstances was 
difficult and for several years 
there was an acute shortage of 
school places. Four years ago 
the . Saudi Government 
announced a project to found 
international schools, which was 
tantamount to recognising the 
need for non-Moslem education. 
For a while existing schools 
waited to see how this would 
develop and over the past two 
years they have decided on a 
rapid expansion of -their own 
which ’ in * this school year 
“provided ample places. In 


Jeddah, for eiample. where the 
school situation had been, 
particularly, critical, the number 
of English language school 
.places expanded -last autumn to 
over 2,000, from less than 800 
four years ago. The new -Con- 
tinental School, was opened by 
a group of parents, some of 
whom had hot found places for 
their children in existing 
schools: it started - with 80 
children but; with a potential 
of 400 placed . 

In -the other cities also school 
places for western children have 
caught up with demand, and 
there is now a far greater 
choice of -language of instruc- 
tion and, school system. Most of 
the schools cover primary level, 
or just post-primary (up to age 
13 or 14? only, and older 
children must go away to board- 
ing school. The fees for these 
day schools , are not low either, 
ranging from some £1.500 to 
€2,300 per. year. 

School fees are just an indica- 
tion of the. expenses involved 
in living in . Saudi Arabia. 
Apparently . very high salaries 
can rapidly., evaporate if the 
contract does not cover 
provision .of . housing, schooling, 
medical insurance and fares 
home. House rents are particu- 
larly high, with a small apart- 
ment costing ' from £10.000 to 
£15.000 per year and comfort- 
able villas reaching as much as 
£30,OOO-£4OJ)OOr.Last year there 
was some indication- that the 
rents might have peaked off, 
especially for apartments. There 
were stories .of dramatic drops 
in the. rent Of .some apartments 
where’ new. r-buildings had 
saturated the market. 

Despite the definite, signs of 
easing in some fields. life for 
the expatriate in Saudi Arabia 
remains tough by most stand- 
ards. The’ climate with its 
extreme heat and, on the 
eastern and .western seaboards, 
humidity, is tiring and “strain- 
ing. The strictly • religious 
Saiidf 'society is*' very different 
From that of most other coun- 


tries and the expatriate -is 
deprived of most aspects of his 
own culture. With no cinemas, 
theatres, concerts, nightclubs or 
bare- (or. alcohol other than 
home-brewed) to which’ to turn 

for evening entertainment, he 

must build a social- life in the 
homes of a group of friends or 
simply work at night until be 
drops. Couples usually man- 
age to adopt the former option: 
for- those on bachelor status it 
is more often the latter. 

A family may cushion the 
expatriate from the worst 
extremes of loneliness and bore- 
. dom, but moving the family as 
a whole is no panacea. Women 
in Saudi Arabia find themselves 
more restricted than in any 
other country of the. world. and 
. this is initially .a depressing 
experience. They must -dress 
. “ modestly " in long dresses 
with short sleeves or trousers, 
with a- loose shirt over them, 
they are not allowed- to drive 
a car, to travel by air without 
a male escort from their' own 
tardily, or to take, a taxi 'alone 
(although most at least do this): 
They cannot ride a bicycle or a' 
motorbike “and buses do not 
pick up women. 

Such transport problems can 
mean that many, women spend 
their days confined to their own • 
homes, especially in the early 
month's when they have .not yet 


found friends nor the confifi- desert camps °S£d 

enceto walk around by therf on, three week* off whh 
selves. Naturally the majority home lease, ine D ^ ramC0 
quickly look' for a job and here seems to be that of™ wh0 
the opportunities, especially for payers, rjg ™ ■ ^melting 
office jobs, are extensive. . Pay. -work a solid 28 b 

iTgodK secretary .can earn ^mstonces. compensated by 
£5,000 -fS.OOff tax free— but the 28 days back home, 
work is illegal since it must be Those working under more 
in offices where they will come comfortable circumstances nave 
Into contact with men. Every leave less frequently, out m. 
now and then all thewbmefc are westerners without famines sy 
expelled from a set of offices home twice a year at- any »» 
by ■ the '- labour authorities The large number of_eantern 
.occasionally, they are fined. -r labourers, especially 

Increasingly Amur are ^bringing- have less easy ten»s ; “gome 
in men on "bachelor status." home 4 only once a year, om^ 
This Is less expensive for the even forego this r 

employer, avoids all the prob- collect the cost cot the 
S of keeping the families as a bonus. ThW. too, set the 
happy, and pleases the Saudi pattern for opnng 
-authorities who see their faciii- throughFnday onove^mc. ^ 

ties strained by the need to Men on \ash&w ** 
provide housing, western style strictly in it it Actin'* 

S A MS. for' Hise They. are protaMy 
number, of deject, « with 

■ _ _ _ ."no distractions they are P re ~ 

Pre-fab - ■ pared to work for the money, 

JTIC taw . , ::indfor any bonuses available^ 

At the top of the scale tile It may be a ease of “all work 
•single men may live In hotels or d n0 p iay makes Jack a dull 
luxury fiats. For. the great •» but they have the consola- 
majorfty, their stay in ..Saudi ti0 Q ^at they can buy the home 
Arabia will' be spent iir prefab 0 j dreams, cash down, at 
accommodation on a wotk' site a, en( j of it— for not more, 
with, little scope for leisure pn) bably, than their employer 
relaxation. The companies pro- pay ing for their years rent 
vide leave at frequent intervals ^ Riyadh, 
to compensate for the harshness 
of conditions: those in remote ' 


yadh. 

Edward Alexander 



CONTINUED FROM PREVIOUS PAGE 


cent of women are currently 
working— one of the lowest par- 
ticipation rates in the. world. 
Some Sandis point out that in 
the early days .of Islam. women 
played a much fuller- role in 
the .economy and - that the 
Prophet Mohammed's Own wife 
was a merchant caravan owner- 
and initially his employer. They 
fetf that Saudi Arabia cannot 
escape from its dependence 1 on 
foreign labour without making 
use of all its own population. 

Traditional restrictions- are, 
however, very - deeply rooted, 
and the majority of Saudis still 
feel that a woman's place is in 
the home. They consider that, 
in' this time of sweeping 
changes, it is particularly 
important to preserve their 
Islamic values and that 
seclusion of their womenfolk is 
an integral part of these values. 
The rapid expansion of educa- 
tion for women, and particur 
larly of higher education, is 
putting a strain on these tradi- 
tional attitudes and. it is - diffi- 
cult to . see how titis- will be 
resolved. “We 'hope- that 


change will, come gradually, 
without upsetting society " sfiys 
a young educated official. 
“ There has already been .great 
change," ..Comments a young 
woman graduate, "many of my 
fellow graduates now work as 
I do." v. ■ • 

Meanwhile the Saudi Develop- 
ment Plan is being carried out 
at a cost (labouring tatei are 
some £9 a .day) by several mil- 
lion foreign workers: A further 
half a million skilled foreigners 
are being brought in under the 
present Five-Year Plan. . Most 
numerous of these . foreigners 
are Yemenis, whose numbers 
are thought to be between lm. 
and 2 m. The ' impoverished 
economy of the Yemen: Arab 
Republic (North Yemen) has 
received a welcome boost -from 
remittances from these workers: 
The spreading prosperity in 
this neighbour state, with its 
relatively large population, is 
also welcome to Saudi Arabia, 
which has viewed with distaste 
the considerable Russian- and 
Chinese presence there in the 
IBfiOc and earlv 1970s. v 


. The slightly-built but . tough 
Yemenis are willing to provide 
the bulk of Saudi Arabia’s 
manual labour. They are seen 
on all construction sites, work- 
ing doggedly through the heat 
of the day. They also provide a 
near monopoly of male servants. 
Some, with entrepreneurial flair, 
had flourished as small shop- 
keepers until a tightening of the 
regulations a year ago sent them 
back to the labouring jobs for 
which they had been admitted, 
or at least left them working 
for a Saudi master. 


Pakistanis also provide a large 
labour force. They are thought to 
-number around 100,000 and are 
acceptable as fellow Muslems. 
Educated Pakistanis work as 
clerks for relatively lohr wages, 
but the majority are labourers. 
Their numbers may be far 
higher, for many illegal immi- 
grants stay on after the anuual 
muslim pilgrimage to. Mecca 
and make their homes in shan- 
ties in tbe major cities, always 
hoping to obtain a work per- . 
-mit. They are far from the only 


Illegal immigrants who stay 0 
after the hajj: ships from vhi 
ous countries which had arris* 
with a thousand or so pilgrfcj 
were said to be leaving ^ 
only a quarter of their wap* 
ment last autumn. . 

Among fhe other major eat 
gories of foreign workws a: 
the Egyptians (over 150,001 
who come as teachers, scientist 
doctors, nurses and other skill, 
positions, and South Korea) 
(some 25,000) who are brous! 
in by Che numerous 5otr 
Korean , contractors to woi 
largely on road and other eo 
struct! on sites, and wsiernei ■ 
The westerners are fewer : 
number (some 35JW0 America •' . 
for instance and 15,000 Brititk 
but iftey occupy;- technical 3 : . 
man agerial positions tad tfa?,- 
influence is greater. - v. 

From an eariy ..and ck* ;; 
association with -American tKB - ’ 
panics and Government bodJt ' 1 ' 
as a result of .-the: storks. ' 
Anunco to toe deyelopmeigr - 
the oil “ industry, 'the Sa& ' ‘ 
Government has trie&itftrspffc. 11 
its favours, to avoid putting^., 
its eggs in one basket Btitfe ... 
German, Italian ^nd- Frea 
consultants, .contractor^ 7 
times military »dvisgra_ hi> - 
been .chosen. It. Is still cj#, ; 
however, .that. Americana. 
the lion's share of botft ejvil;*: • 
military development work.;tJ ■ 
in major developments suNto 
Yanbu. and Jubail they, are-/ 
play the leading role, . and rflf. • 
in the education, of their . 
young men SaucRs nine tjjp 
out of teft 1 will _ choose . 
American university,;. -/j . 

Nevertheless, the Saudis ha 
no intention . _of becony 
“ Americanised or • iiyje • 
subject to any /ptber nuts) , 
influence in so far,as titeyjr 
avoid It. They>._are . -acMH* - 
concerned at the possible -e& 
on their own socktS of s? . 
influx of foreiBnm. now lisi... 
among them and jSTO. incre'. 
inely preferring that the ifft 
should come in alone withf .. 
their families..- - . 

. So fee the Saudi autheni 
have managed:^ keep (fc 
verj- ■ larte numbers of (orei 1 * 
workers under remarkably ' 
control. Strict lahour lr<" 
enforre tight visa irequlrenn'i ‘ 
Strikes are .illegal - and s<r’ 
Smith Koreans who attemp; " 
to strike last year were rapii 
deported. 

An occaannal tightening 
caqtrols.- such as the rcci 
expulsion of . large numbers - 
illegal immigrants and - 
fining of foreign compar 
employing - women in tt- 
offices, reminds the foreign - 
that they are there on Sa 
terms and are expected toai 
by the local rules. 

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Financial Times Monday March 20 1978 


29 


SAUDI ARABIA XVH 



Saadi Arabian morality as encompassed by the religions 
s legal system is often seen by people in the West as being 

unnecessarily harsh. Bot it has the desired effect. Saadi Arabia 
is comparatively free of crime, and Saadis’ abroad are often 
shocked by apparent licentiousness in the West. 

Upholding the law 


i 


I'OU WILL HAVE to be 
reful when you leave Jeddah, 
s not like Saudi Arabia, where 
u are going,” a Saudi friend 
marked seriously to a some- 
iat casual Englishman who 
rely remembered to lock his 
rose or car. In the course of 
veral years in the city he had 
st nothing, his shopping and 
s brief case remained wi- 
nched in his unlocked car. his 
eturea and silver safe in his 
len house. 

So good is security in Saudi 
rabia that the inhabitants tend 
; assume that a robbery could 
sver occur. I have seen, aban- 
jned by an extremely remote 
3 sm track, a neatly packaged 
indie' containing a bedouin s 
itire belongings: his tent, his 
imel saddle, his cooking pots 
id water skins. It was covered 
ith a dusting of sand showing 
tat it had been 1 there some 
me. One day he would come 
ack and recover it. 

In fact there are occasional 
lefts, usually only involving 
Icohol and therefore hushed up 
y the victims. Robberies from 
hops (such as a spate which 
ccurred in Jeddah last Rama- 
an) are rare enough to be a 
liking point for months after- 
wards, a subject for concern and 
ondemnation. Small shop- 
eepers in the souq, who close 
heir shops for half an hoar at 
rayer time, simply hang a net 
cross the open front, or just 
o, leaving the stall unattended, 
ts goods available for any who 
rould care to touch them. No 
■ne does. 

Despite the large numbers of 
oreign workers and the unpre- 
cedented npheavels in Saudi 
ociety itself, the Kingdom has 
ucceeded in maintaining a 
iniquely safe and peaceful 
•nvironment, both in the mush- 
ooming cities and in the empty 
t astes of the desert. - 
Life was not always so in 
Vrabia. One cannot say (as one 
light perhaps of Switzerland 
ir instance) that to-day's 
lizens are heirs to a long tradi- 


tion of law-abiding self . disci- 
pline. They are not The 
peninsula was known, in the past 
as a seat of anarchy and Warring 
tribes, among whom the weak 
went to. the wall, or. paid for 
protection. - 

This state of affairs wa& first 
taken in hand by the Prophet 
Mohammed in the " - early 
seventeenth century.' In preach- 
ing the religion of Islam he 
also preached a social aide 
which would provide a secure, 
orderly and dignified .life for 
his followers. This was upheld 
by a system of religious law, the 
Shari'a. Such a legal system, in 
a land of believers, has the addi- 
tional strength that it is obeyed 
not only as a civil duty but also 
as a religious one. 


Waned 


Over the centuries, however, 
the sway of the Islamic social 
code had waned and anarchy 
had largely returned. The tribes, 
who were the majority of the 
inhabitants, were their own 
masters and the droit du plus 
fort often prevailed. Foreigners, 
be they pilgrims, explorers or 
businessmen, travelled at - their 
risk and peril and were not in- 
frequently robbed or assaulted. 
The numerous travel accounts 
from the last few decades of 
tile past century and_the first 
one or two of this, paint's pic- 
ture of fear and wanton attacks 
in what now seems like a quite 
different world. \ . r 

The man who brought law and 
order in this century was Abdul- 
Aziz Ibn Saud, unifier of .the 
Kingdom and its ruler, for half 
a century. For any man to rnle 
the unruly tribes of those times 
it was essential to ensure that 
his word was obeyed. Harsh 
measures were called for and 
used. When a section of the 
Harb tribe disregarded bis ban 
against raiding caravans, - their 
camp was attacked and the men 
massacred. Similar measures 
elsewhere brought - control 
throughout the land, for the 
word soon spread of the punish- 


ments meted out to those who ally Jo command respect: Mus- 
disobeyed. lems are constrained to eat 

Abdel-Aziz was a proponent of -w * th the right hand and a thief 
the Wahhabi doctrine of a re- wbo 1“* Iost his tand “*y 
turn to the pure teachings of never again eat in the company 
Islam. The state which he others, 
founded in tile heartland of More frequent, it seems, are 
Islam is strictly ruled according beheadings for murder and 
to the social tenents of the reli- rape. These are carried out, by 
gion, and by Shari'a law. Rigor- the sword, in public, on a 
ous application of this law, and Friday morning, the crowd 
the certainty - of harsh physical being summoned by an an- 
punishment for malefactors wbo noun cement shortly beforehand, 
are caught, has brought a re- Pleas of mitigating circum- 
markable degree of compliance stances appear. to carry little 
in the environment of a society weight before the court. King 
deeply imbued by religious Faisal's deranged assassin was 
teachings. still executed, as was a 

At a superficial level social “urterer who ran amok in the 
morals are maintained by the sout l 3n Jeddah « o f - vears 

Mufazcarfn, a t»ia$y of elderly ®20 ^nd killed at random several 
and religious men. armed with by. 

sticks, who patrol the souqs to The recently much-publicised 
ensure that the social code is execution last July of a Saudi 
visibly obeyed. A bang on the princess illustrates the way in 
counter obliges the shopkeeper which execution can still be 
to abandon his last hasty sale used to uphold other aspects of 
and make for the mosque at the social code. It was excep-. 
prayer time. A woman wearing a tional. however, in that it was 
short skirt risks a smack on the performed without a royal de- 
leg from the mutawtoa's stick, cree but on the authority of the 
A youth with long hair may find princess’s grandfather, '• Idest 
his head shaved. Shortly before surviving son of King Abdel- 
the last pilgrimage there was an Aziz. Unusual* too, was the fact 
announcement that anyone that this execution shocked 
found immodestly dressed in moderate Saudi opinion which 
Mecca would be subject to whip- is generally in favour of tough 
ping. penalties. 

Punishments are carried ont lu the past few years there 
in public, to add the shame of have been several executions 
exposure before a disapproving f° r rape, some of them involv- 
crowd to the pain of the sen- big more than one man. Discuss- 
tence. There is the added deter- tag one of the earlier of these 
rent factor for tile crowd them- executions, a well educated 
selves, who can thus envisage Saudi commented that the King 
the reality of the punishment was right to decide on the 
Whippings are not infrequent execution of the three men con- 
and many prison sentences also cerned. With the rapidly 
involve several public whip- changing state of society and 
pings. the very large number of 

One of the most discussed of 

Shari'a punishments is the em- 5*?.^ 0W n . V omen ' 


the past women were totally 
secluded, married young around 
the age of 13, and were there- 
fore excluded from risk. To-day. 
with .Western influence and 
changing mores, many families 
cannot, . and have no wish, 
totally to cloister their women. 
Even the most modern of 
families, however, dare not take 
a risk with their women’s 
reputation. They still carefully 
look after their wives, daughters 
and sisters, and mixed social 
functions are generally only 
within the family or a close set 
of friends. 


Narrow 


putation of the right hand for 


’ it is vital that we protect our 


theft This seems to-day to be women now.” 
one of the least frequently ap- Protection of the women has 
plied punishments, for it is only *lways been of central concern 
for repeated theft and there to Moslems for. a family’s 
must be witnesses. It is. how- honour is seen to reside in the 
ever, a sufficiently terrible pen- Mutation of its womenfolk. In 


Officially women are not 
allowed to take jobs where 
they will meet with men. This 
leaves them a narrow choice of 
employment consisting of teach- 
ing or management in girls* 
schools and colleges (they 
strongly prefer administration 
to teaching), nursing in 
women’s hospitals, and medi- 
cine. The Government is 
actively encouraging all these 
careen. Nursing is not at 
present favoured by Saudi girls, 
although it can now be taken 
as a university subject, but the 
brightest students are notice- 
ably going into medicine. A 
few Sandi women doctors, 
specialists, and surgeons are 
already practising In the 
Kingdom. 

Education is now widely 
sought for middle- and upper- 
class Saudi girls whose families- 
realise that even if it may not 
bring their daughter a career 
it will probably bring a better 
choice of husband. Young Saudi 
men. who now find it difficult 
to obtain permission to marry 
a foreign wife, are more likely 
to choose a Saudi girl if she 
top has a degree. 

There is no clear cut opinion 
over what women’s role should 
be. While some Western- 
educated Saudis feel that if the 
country is ever to reduce its 


dependence on foreign -labour 
their own women must play a 
greater part, the majority of 
men still feel that women’s role 
is in the home, as wife and 
mother. A few educated girls 
are now beginning to take jobs 
quietly in offices, but the 
majority stay at home trying 
to get through days of almost 
total leisure. For many it is a 
frustrating experience. 

Saudi attitudes to ' Western 
society stem from these vary- 
ing views. While ' the men 
happily seize the pleasures 
which the West has to offer, and 
spend increasing amounts of 
their time in London, Paris or 
New York, they do not want 
their own girls to be like 
Western women, or anyway not 
entirely so. It is agreeable to 
have as a companion a sophisti- 
cated. educated woman who 
knows about the world, but just 
how far should they let their 
own female relatives go in that 
direction? Some repeat the old 
saying that “the woman is the 
pan in which the nation’s food 
is cooked: if the pan is clean 
the nation will be healthy.” It 
is safest, they decide, not to 
compromise. 

The Saudi condemnation of 
the “moral degeneracy” of the 
West is perhaps more unani- 
mous when it comes to the lack 
of public security there. Many 
Saudi families have now ex- 
perienced robberies of jewellery 
from European hotel rooms, an 
attack as they got out of a large 
car in a dark street, even a new 
London home lost temporarily 
to squatters. “Why do you allow 
such things?” they asfc: “Why 
let the lew-breakers make life 
uncomfortable for peaceful 
citizens?” While the West is 
shocked by the medieval nature 
of punishment in Saudi Arabia. 
Saudis are shocked by the mild- 
ness of Western punishment 
which seems to them to en- 
courage crime. 

By Our Foreign Staff 


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Religions observance is central to Sandi 
society, and the annual pilgrimage to Mecca, the 
’ Hajj, is an important element. It also gives Saudi Arabia, 
as guardian of the Holy Places, a unique position 
in the world of Islam. 

The Hajj 


EVERY YEAR, some one and a 
half million people gather in 
an area of a mere seven square 
miles for the world's largest 
religious ceremony: the pilgrim- 
age to Mecca, known in Arabic 
a ' the Hajj. 

The ritual for this unique 
ceremony, as laid down by the 
Prophet. Mohammed, has re- 
mained unchanged for nearly 
14 centuries, although many 
other aspects of the Hajj have 
changed* The numbers have 
gi wn enormously, particularly 
hi recent years, and the inven- 
tion of air transport has added 
a r.'vt dimension to this spiritual 
lourney. 

According to Islamic tradi- 
tion. the Ka’aba. the cube-shaped 
shrine around which the 
pilgrims eircnmnambulate as 
part of the ceremony, is built 
on the site where the Prophet 
Abraham established a mono- 
theistic place of worship. Hence 
the Ka’aba is also known as 
al-Bait al-Atiq (the Ancient 
House). 

The well of Zamzam. from 


which the pilgrims drink, is .the 
one from which Hagar drank 
when in the desert with her 
infant son Ishmaet, Islam 
believes. The sacrificing of an 
animal on the day of the pil- 
grimage known as Id al-Adha 
(“Festival of Sacrifice”) com- 
memorates Abraham’s willing- 
ness to sacrifice Isbm&ei, his 
first-born son, at God's command 
(according to. the Biblical 
account it was his younger son 
Isaac who was to have been 
sacrificed). 

The pilgrimage, symbolising 
Islam’s continuity with the 
monotheism preached by all 
prophets since earliest times, is 
compulsory for aH Moslems w&o 
are able to perform iL It is 
known as one of the five pillars 
of Islam, the others being: 
belief in only one God and 
Mohammed's prophetbood; 
prayer five times daily; donat- 
ing 2| per cent of one’s income 
and capital annually for the 
welfare of the poor; and fasting 
from dawn to sunset in the 
month of Ramadan. 


Thanks to modern means of 
transport, increasing numbers 
of Moslems are now able to pe> 
form the Hajj. The caravans of 
horses and camels which less 
than a century ago used to set 
out for Mecca from Damascus, 
Cairo and Baghdad (sometimes 
with an armed escort to protect 
the pilgrims from robbers on 
the way) have been replaced by 
Boeing jets, buses and modem 
passenger liners. A journey 
that used to take pilgrims from 
Kansu in Cham up to three 
years is now a matter of hours. 

The effect of rapid transport 
is shown dramatically by the 
increase in (he number of pil- 
grims. At the last pilgrimage 
season, 739,319 non-Saudis 
entered Saudi Arabia for the 
ceremony. Added to 392,129 
Saudis and 496,141 non-Saudis 
resident in the Kingdom who 
also performed the pilgrimage, 
this brought the total number 
of pilgrims last year to 1.827,589. 

CONTINUED ON NEXT PAGE 



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Saudi Arabia takes very seriously its responsibilities 
as guardian of the Holy Cities, Mecca and Medina, and as 
defender of the values of Islam. But the danger of major conflict 
between these values and those of 20th century Western 
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THE KINGDOM of Saudi Arabia 
is perhaps the nearest equiva- 
lent in the world to-day to the 
old Islamic ideal of a theocracy: 
a community of believers who 
have benefited from divine 
revelation to the Propber 
Mohammed, and who seek to 
implement God’s will through 
the application of the Holy 
Law, or the Shana. 

Development economists may 
be somewhat surprised by the 
initial presentation of the 
current Five Year Development 
Plan, for the first of its guid- 
ing principles is to maintain 
the values of Islam, and the 
second is to ensure the defence 
and internal security of the 
Kingdom. While this may seem 
a peculiar ordering of priorities 
in the context of the economic 
development of the country, an 
Islamic political theorist would 
find it quite natural. For. 
if the Islamic community is to 
prosper, there must be constant 
interaction between religious 
authority and political power. 
The religious authority gives 
legitimacy to the political 
power, and the political power 
is in itself a form of religious 
prestige, for it is through this 
power that the ruler maintains 
the conditions in which the 
Sharia may Sourish. This 
explains the interdependence of 
State and religion in the tradi- 
tional Islamic community. This 
is the situation which the 
modem Kingdom of Saudi 
Arabia seeks to preserve. 

In the Kingdom there are 
constant reminders that religion 
is not something relegated to 
the realms of private conscience 
or restricted to a domain set 
apart from everyday existence. 
In Government offices inter- 
views are interrupted with 
courtesy and dignity, as the 
officials withdraw temporarily 
when one of the five appointed 
times of daily prayer intervenes 


in working hours. Television 
programmes are suspended with 
scant regard for moments of 
dramatic tension, whether they 
occur during the latest 
romantic serial imported from 
Egypt, or during the screening 
of a key soccer match. Classes 
in schools aod universities 
adjourn for prayers. Whole 
troops of soldiers can be seen 
performing the ritual prostra- 
tions with military precision as 
their transport lorries stand 
motionless on the verge of some 
desert road. Perhaps most 
dramatic of all is to be in the 
main souq or market of the 
capital. Riyadh, during one of 
the busiest shopping periods of 
the day, towards the end of the 
afternoon between 4 and 5.30. 

The souq is a frenzied hive of 
buying, selling, bargaining. Its 
labyrinthine alleys reveal under 
garish electric lights all the 
trappings of a voracious con- 
sumer society where money is 
the most abundant commodity. 
In the gold and silver souqs. 
glittering banks of jewellery in- 
vite the citizens of Riyadh to 
display the traditional status 
symbols of their world : many 
are the women who conceal 
themselves artfully behind the 
dark translucent veils which 
cover the w-hole face, while their 
forearms appear almost solid in 
an ostentatious display of gold 
bracelets. Suddenly the religious 
police appear: the Muiawuri’ in 
(“those who demand 
obedience”). Imposing figures of 
authority, usually dressed in 


brown flowing robes .edged with Arabia,, and a member of a The modem- ° 

gold braid, they carry long canes notable family of theologians Saudi Arabtabasrts 

and stride throughout the mar- who followed the HanbaU school this retosw^iofatical dynasty 

ket ordering the shops to close of Islamic law. He travelled created in the ISth-ceotuij.; 

and the merchants and their widely in order to visit the The fortunes of the Saudi 

clients to prayer. Their canes main centres of Islamic scholar- dynasty fluctuated spectacularly f 01 ? 1 !? tV __ 

rap sharply on the shop fronts, ship in his time— Medina* Basra, during the 19th centur y. Ab d 

or on the very heels and shins Baghdad, and as far as Isfahan. al-’Azia Ibn Sand recaptured 

of the dilatory, as their strident He was deeply influenced by the Riyadh in 1902. This was the 

voices urge to prayer. Shutters intellectual tradition o£ the prelude to his ultimate triumph, extent of the mnueuce wiemeu 


The 

Hail 


CONTINUED FROM 
PREVIOUS PAGE 


crashes, the lights are switched When Mohammed ron am cities of Mecca amraiecuna in ««« 

out and the fruits of the aJ-Wabbab returned to Nejd, he 1926. Finally the Kingdom . of by the Islandc- woriA. 4or 

economic miracle disappear from started to preach doctrines of Saudi Arabia was proclaimed in example, the ursz century^ot 

view. OF course not everyone fundamentalist Islamic revival. 1932. Throughout its history fee ^basid Cahptete nwn 

goes to the mosque to pray, and It was aimed at the desert until the triumphs of the 20th /50AD, i**. >he 

there are those who answer the tribesmen of the area, on whom century, the Saudis never .* 

Mutate*' in with good-humoured Islam sat notoriously tightly at abandoned the moral code of Magnificent _ ■ 

banter, but they too close their the time. It was also violently Hanbali fnndamenWllstn as .Now tte ^oU S 
shops. The souq will not begin against the mystic snfis, and P«^f ^. K M ollammed ** LvdSStS 

to re-open until about an hour directly anti -Ottoman. In his Abd al wanhab. _ _p *rL v means ^hat the 

later. eves, the Islamic community. The Saudi-, state was (me means _ that tee 

Creative SSSSSSS 3EK MBE# 

he^e^n^rorTauS JSJSS^SSS- S3? rtSTSSSii.'BSE ES^SSSE 

Arabia can be traced back over iT1 _ -v. _.i„ rhe forms of religio-political acti- mfrastrucrare. the .stiU ,simJ1 

some 200 years, and the religion ^ 7*h^entiirv ah 'rism- Because of their opposition Saudi intellectual eUte- ^b 

of Islam played a vital creative to the mainstream rilling acutely, aware of ti» need for 

role throughout. In the 18th ?? erefore lt regimes, as a Tide they existed ..the constant re a ss e ssment apd 

century, the desert regions of the regime which darned tu be ^ far . flung peripheries of refutations of .. Islaqm_: 
the centre of the Arabian Penin- lts fita^an. Thr^^ analh- ^ Islam j C world, such as tradition as they.pr^sah^a 

sula constituted a nebulous at ^® with a iMal ctaeffcain, North Africa, or the less fre- with gas collection projects, i^ew 

bonier area of the Turkish Mohammed Ibn Sami, he pro- quented regions- of the Arabian transport systems, ports, . ^n 

Ottoman Empire. The Ottomans a new revolutionary p en insula. They were remote ports* and all the trappings- flf 

exercised nominal control over theocracy. Its political and from areas of dense urbanisa- jan Industrialising society. : .. :f 
the Western region of the Penin- “Jittery power was to be pro- tion, significant economic n 

sula, the Hijaz, and considered vided by the House of Sand,. and activity, or sophisticated systems JtvlfiQFOlIS • : \ ' . '*i 
themselves the guardians of the its Islamic legiti ma cy was pro- of bureaucracy and administra- inw school which.-mevailq 

Holy Cities of Mecca and claimed through the most rigor- tion. They existed most readily - , eountrv in: thatf creaflW: 

Medina. Muhammad Ibn Abd ad- ous application of Hanbali law, in those milieux which presented nriBim . llv hv Ahmad 1m Hairtfal 
Wahhab (1703-92) was a native as interpreted by Mohammed a minimum of distractions from . centurv AD aM 

of the Nejd province in Central Ibn ’Abd al-Wahhab. • the uncompromising , poritenism Ibis the’ most 

of their ethical codes. It was rigorous and unyielding o£*the 

"OFF ' Jf -four schools of orthodox Islamic 

authority and political power to.. * th 


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This dwarfs the figure of 
75,614 achieved a mere 30 years 
ago, or the 107,632 two years 
later, when for the first time 
the number of pilgrims enter- 
ing Saudi Arabia topped the 
100,000 mark. Since then, the 
pattern has generally been one 
of rapid and steady increase 
year by year, culminating in 
the record figure of 918,777 
pilgrims entering in the 
pilgrimage season at the end 
of 1974. 

The following three years 
registered lower figures for 
pilgrims coming from outside 
Saudi Arabia. The main reasons 
for this drop are believed to 
be increases in transport costs 
and inflation in Saudi Arabia. 

In the last pilgrimage season 
(which fell in November, 1977 1, 
461.450 pilgrims arrived from 
abroad by air, compared with 
374.751 the previous year. The 
popularity of other means of 
transport fell considerably. 
Pilgrims arriving by sea 
totalled 63.663 last year, com- 
pared with SO, 906 in 1976, and 
arrivals by road were 214,206, 
compared with 263,383. 

The trend towards air trans- 
port is likely to continue. So 
also, in the longer term, is the 
general upward trend in 
pilgrimage figures, despite the 
slackening off in the last three 
years. The Moslem population 
of the world, now estimated at 
over 500m., is increasing hy 
some 12in. annually through the 
birth rate alone, apart from 
conversions. 

The Saudi Government has 
already had to make great 
efforts to keep pace with this 
increase. A country with an 
infrastructure still relatively 
undeveloped. ports over- 
stretched by 3 rapid rise in 
imports required by economic 
development. Saudi Arabia 
annually achieves something of 
an administrative miracle in 
providing fond, shelter, guides 
and other services for an influx 
of so many people. 

So far. the Saudi government 
ha? coped by carrying out large 
development and - expansion 
schemes for the Hajj facilities, 
building pilgrim cities to accom- 
modate the inflow of people, im- 
provement of roads and 
airports, the provision of 2.000 
buses i which remain idle for 
the rest of the year) and mas- 
sive catering, medical and other 
services. Fortunately, last 
year's pilgrimage had no serious 
mishaps, despite fears that had 
been aroused by a cholera out- 
break earlier ' in the year. 
Previous epidemics among pil- 
grims have led ihc Saudi gov- 
eminent to br very strict in its 
regulations about* vaccinatioa. 

The Holy Mosque at Mecca, 
which surrounds the Kaaba, 
has been expanded to accom- 
modate 300.000 worshippers. 
But it wili need further expan- 
sion as the numbers o£ pilgrsms 




, X :• aynahiy we jsuaxuiau- . f -otiiftr • f tine iir «V 

W- sums® re SJrsSS 

Soft ^ 

*;■ p J ?g£ nB8 ®i s MedlM.-tiig-MBfae tatton and, Jf- - -neoM* 
&& ^ThS" 1 re-formulation of the tradfcG. 

m f '*2?L 1 2?2!SfSS5 is thc means which ensured 

nature of the Saudi Regme-and isiaa retiuR^ relevance » 
iter assomtionsjwh the Holy ^ evolVing so?-- 
Cities have created an ideal ^attorn. If thildoeH 
m ^^ happen... Saudis .will- findg 

in Qanrf? increasingly, difficult te reL^ 
Man y of Hi 0m see 1 m Saudi x Jawoi/m str 

- - and develop its special iden v > v 


-.rv- •*’ V •• Z develop its special idenjtey 

Pilgrirtis returning home at the Fort of Jeddah. satisfy the rigorous demands of lart 

grow as will the various accom- ing the Kingdom, earnings from ££ te^dTheSte^arlt P-S^S ''itt uSSfel! 
modation, transport and other them were estimated at CraoU be qttite unworkable in 'VSSEi' 
facilities. As a result Saudi SRJL8bn. (3511-lin.). This is their own social situations. ' 


Arabia will certainly have to go dwarfed now by earnings from until comparatively recently, ””.-v thx , » 

on investing substantially in PU- oil the reli^ous prestige enjoyed *™ 

gnmage development projects The pilgrimage is a symbol of by the territory surrounding 

for the fnreKeeahle futiirp'. t-hu hnnHc that lint- Mnriam. ar nn 4 neganve resiricuuns. 


as a source of creativity \? 


the bonds that link Moslems Mecca 


Medina 


Overall organisation of the throughout the world, whatever flourished to an atmosphere 
Hajj is the task of the Ministry transitory disagreements may uncomplicated "by any great thjlt . : R „™.ijr ltw f 

of Pilgrimage and Religious arise between their respective political, economic; or strategic j ose r 

Endowments, a remarkably governments. It gathers together significance. But in 1938 the *v ■ p 1 J^ rui? 

efficient planning and logistics people of all different races, first commercial quantities of - LIF* KODH1 

• . colours, languages and cultural — 1_ — » 197S, 

NON._SAL DI PILGRIMS hdOT J"S ,re town ^ TTlSW 

»» 1«S IT^nifV * com,no ” 14ea “ d / Tain : 

SS SS In last year's f ffi® RStrOMOneVfBD^ 1 ^ 

}2S HSJR 425,630 came from Asia, 309.678 » 1 V/U ^ 1 V 1 hish 

1 : Ef 

1972 645JS2 from Australia and 89 from un- I PetToMoney Report, a Financial Times 

S5SJ? BrfSJS'lSvidM’™ l»Business Newsletter, reviews thfe financial Insult 
1975 894^573 largest contingent of 1^09 pii- i unplications af oil money flows. Regular 1 \ 

1977 739JI9 I features include: 

organisation.' 'The State pro- S? nSbeffillS X ■ SPOTLIGHT TTie big stories of the fortni^, ISS*. 
rides funds for this ministry's Asia dropped by 41,317. Those 1 - often with'aii exclusive PetroMoney angle. ; •. 1 th ’.'- 

work- SRibn. fS294rn.) in from Europe increased by 1,050 I - . A ‘ •' . ' Kt in 

the 1977-78 budget. and from America by 371. - -I ANALYSIS An important but not necessarily 

r„tnn> nil. Since it brings together such I trmiraT fl.«srM»rr rif nil morie.v iwpivps iTt-rlerif’h 


NON-SAUDI PILGRIMS 
1945 37.630 

1950 107,652 

1955 232.971 

1960 253,369 

1965 283.319 

1970 431,270 

1971 479,339 

1972 645.182 

1973 607,755 

1974 918,777 

1975 894,573 

1976 719,040 

1977 739.319 


1 1973, 
prove- 
prtrv's 
Pd. i<\ 
y th** 
nrluri- 
hish; 
■rency' 
c cost 


organisation. The State pro- numoer or pilgrims tram 
rides funds for this ministry's Asia dropped by 41,317. Those 
work: SRibn. fS294m.) in from Europe in creased by 1.050 
the 1977-78 budget. an ^. from Amen ca by 371. - 

How future increases in pil- , SELFS* 

Srim - C , a V S b a en C T d r W Ji h te H^i p“ i c25 

remainstebeseen, ItBachal. cn^eSlIsatibo. an -oppoS 
ienge the Sairfi Government ^ ^ erehange ■ 

will have to meet, and circura- ideas trends be- 

stances tonit us choice of ways different Islamic coun- 

to do so. The Hajj can only be tries It raables a West African, 

performed at a certam time of for t0 learn about the 

tb l ^ late sf cultural or intellectual 

1 p th nfi Hij]a, the Month dev^bpmauts in . such "distant 
of Pilgrimage. The Umra, C0lin tries as Indonesia -or 
or lesser pilgrimage, can be per- Bangladesh. In . the. devetop- 
formed at other tunes- of- the raent of ^ great: ; Isl^c 

year, but it does not hare such civilisation, to which the world 
high spiritual value as-the Hajj. owes a gre3t debt for dis- 
Pilgrims usually stay on for coveries and inventions ranging 
longer than the Are days of the From algebra to many-stringed 
actual Hajj ceremonies and also instruments, the melting-pot of. 
visit Medina, where the Prophet tpe Hajj was a major factor.' . 


PetroMoney Report, a Fin antial T imes - ppjj; 
eBusiness Newsletter reviews the financial! result 
implications of oil money flows. Regular 1 j ‘ r 
features include: ' • * r “ ; " • ; • f" fTO S 

SPOTLIGHT! Hie big stories of die fortnight^ ISU* 
■ often with'aii exclusive PetroMoney angle. ‘ , : : ( 
ANALYSIS An important but not necessarily 
topical aspect of oil money receives in-depth ember, 

jyiyestigation. . . .. . _ - - 

iri^J£utioj«;iid the’ Middle ^^arufotiir \.;t^>^Sr 7 - 
i&na^cial centres-^ OPBCsuri4uses ^■ioans.'by ! ; f r-}l :Gar ' 
'and to oil exporters— ||lacem^t^of petrodbpii;^end- 
d^osits. =V^-v 

expenOItCre 

Reports frdntea^i Middle East countryori?y? ^ 


mu Mwiia, nuinisi ine na]3 was a major factor. v_i 1,57-7 zy r ~ - 

Moharamed's tomb is located, as The Hajj has also .played /gt'l xheSooney_w^^»eat*tiitB&aoiW>ilAiw;'* 


bigeontracts 


■ ’ > 'vii 


fees, which are normally identically -in the ihrain' two 

deposited in advance with the lengths- of seamless white 
Saudi National Bank, cover ser- which must not be“df siDt- The 
rices like lodgings, a guide and Guardian of the Holy Places, 
transport, which the - Govern- who is- now the King of Saudi 
men t provides. Arabia, is considered “ the ser- 

Untii recentij-. the pilgrimage vant of God's house,** and is 
was Saudi Arabia's largest required to -wash- out -the- 
source of foreign currency earn- .Kasha at the beginning of the 
ings. Despite the huge increase pilgrimage.- ... 
in the number of pilgrims enter- Guardianship of the Holy 
ing the country, and • con- gives Saudi _ Arabia a 

sequcntly fn the volume of Posmon in the Islamic ..Worj^ 
foreign currency tiiey bring, the no . °* e , r sta t e ca p occupy., 
relative Importance of pilgrim- “J® 11 fro ‘T 1 ,ts wealtiii 

age earnings has declined owing tbe ^ in Sti° n3 . f ° r this reason 
to the dominance of oil over ail influence of 

other sectors of the Saudi to. say. tbe ri^e 

eco noray. ^ 1Cs population or its military: 

Thus in 1975, one of the. two 5tren ^-...' . ■ • . . 

peak years for pilgrims enter* " Jr atlS blQOD 


T^EWSI£Tp»S 

eeceive specialist 




compfefe and JorWard'. rtKis acJvert^racnti and.i^wiK;r 
sefld^pbu a free sample <S)py^ • 


Name - . 

Organisation ■ 

AMtesa' 1 ' ‘ - " 




- . - . 


I -rT 1 / . \ c \ ^ 

ii-U- " \ Utf A 




■ ?•' 6 -j 












Financial Times Monday. March 20- 1978 


SAUDI ARABIA XIX 



1 


• The. structure of Saudi Arabia's royal family 
. is, to put it mildly, complicated. It comprises perhaps 4,000 

P ® 0p -5 , ° f wilom onIy havc influence. On this page we unravel the 
rules of succession and give a guide to the most 
prominent members of the family. 







4* 5** aI ; Rahman ]im al- mothers. 


“BLOOD IS 

itex«” The rlirh^ awsaoman ltm Feisal aJ- n 

^in Stmdi A«,h4j S '^ peCi rJ y Sa ud( known correetly .'as. : Ahd (Mjven) of full “brother*: wh n« Sailrfi I *"? me. young rake nf m s youth.; Before 1952 

-val. family h*« h-o« ^ ]Z and: erroneously as.Mbn mother was Hussah WmAbmad ind President of the -Councirnf hfeitfed ?or eed ih‘funT Simei^bv l>C lwusm “ and 

tin. are known infnrmaUv M inlet ere .vr ; : -•■ ,, V ne ». coosumea. . »> 


^ bS£ SE? 1«2 J* **»* rate of his ynuth. ' Kefnre' 1352 


jal. family has been the* i ~' AZI * . ana -“ erroneously as.Mbn mother wa 

jCjaK institution for centuries ^■•Sudairi. are known informally Ministers Lover of 'came i"races 1076' 

. .. addition to signiBeant- cul-- 'famu rCI H- aild i:eS£0 n d1hErSaUd as 4he “ Sudairi Seven." a and falconry sports rather than nam-TAu ■ D 

■ral.^fferenges- in^ faninL P« we r.-^ captured somewhat misleading term in statecraft but recognises bis c 9 ~ S F ( J A ^~ Bnrn - 1»24. f W«?es m iso-k in that year. 

in. family tire Hijaz fRted. SeaL coasL- iii- l hat . several of ' Ahd ai-Aziz's own limitations and hfi •'Erown” Sew " d Sudain Seven . and however, Mishan paid a late 
: ^^^.sana oas grown^ fuJ , , _ * to-* Bldtish family in 


mm-Muslems 
(that is largely ARAMCO eni- 
1924. ployees in 1952.1. In that year. 


. vwtergs, however, the westerner CQ ^ t ' in i ‘ hal seve ^® l or AM -al-Aziz's own limitations and has “'grown'* 

.tempting to unravel Saudi *« U ^: ^Bah.- Mecca and *-'es were also from branches into monarch's role: Not- in the -j „ . ■ *r ■ -r . . . . - — — 

•-.Wl'fSgttm m4ftrr«S?S ; .!!? ,, “ r i!“ J«#..ao«Sd‘-tl» "f rheSudsiri ftmily. ■■ bvsl or.hMlih and spem a n.l^T * "A *>: . Mm.srer of Defend . ; Ieddah r«inrat.iia lo . speak 10 

-irrwmion must i h*. present Kingdom in J932rand The Tist 'below .outlines'' the her’ of weeks in -a London and . Amnion and powerful- t^etr ■female, visitor. . The 

fd . because 
was clearly 


Hcreseion must understand k‘ -v F Jvmsdom in I932rand ■ «w fist “below ouffines' the her of weeks in -a London sna ,^Ti." and Powerful- -lemaje. visit 

w basic rules-—. aerstand a & the- father of the present and first two sons of Abd Am who hospital in 1977, Agreed to me raber of the Family. A pus- Engbshraan . refused . 

' ' ,a ^ rs *'- •' became King, and the 32 surViv. accept throne in place “of his S,M * «*W« kin S. >r age and >. he young prince wa< 

#,n S pons. All the latter are older brother f no. li: Generallv fami,y politics aIInw - It may «nfbnated. He ■ - it 


1— The Saudi * ~ _ last two. Kings- / undine fvmg 

■veTowd ' Abd al-.^ziz uscrf TrarViii as '^' ?ons - A1] the Mtter are older brotber fno. l jTOeneraJlv family politics allnw. It may inebriated.; He ■ - instructed 

t ! iat iusi ^eoreUL-ally . eJrgfble for the conservative hut recognise'* - h * v f . bBe "^ u i , * n ^^chronological M «han to come bark when 

positJap:in. the hne-up that- led sober. The prtnee left, came 

‘Deputy “back with a gun.“ and put 
r - several shoLs ihroHgh the I 

_ British family’s dour, killing the 

-^rapte.-tireen). the. Saudis ® E wnom^^Ull arp businessmen or ‘-genjlemen^ t Qvemorof Riyadh ^ ^buf.has now. lit— ABD AUMUHSIN— Born Englishman. The religious- 

rapJy use the father^on linage *l ,v !/. also ^..-^rg^numbers nr leisure -within the Kin^dnm ? een ln succession 1925.- Fuli brother of 4 end 8 ,e *ie»“s considered the case 

. ‘ eSsa ®P Ie " ^Tosether.all.Ihese Except for those that areexcep- lme “VP- Governor f of Medina. Abd al- carefiilJy. They finally decided! 

nalid-. bm Abd al^Asik bin -Abd *; av ? n ® w spawned royal tinnally prominent, grandsons 4 - SA'AD — Born 1930.. Full Muhsjn. sees that both of his rhat thehomicidewasacciden- 

’■ ^ -Rabmais). ^ ^ The : ^biiY. w “. or farmly-of .several . branches.- that of Abd al-Aziz are- not men brother of 8 a - v “' 1 - ’ ’ - 

ibn ” simply means .“-son of." P« r bap^nlimbera. 4J)00 of^whom Doned. . for succession, #MMV , 

; 2— The institution- of ‘ rpoLv- 2 °l“5* ve BAUD— No full .brothers 5. PAHD-^Bom 2921. Eldest t “ Te 'He tff also evhlenTly of ^^ed- 'The.y thus spared' him 

imy m tfe Arab world J'S 1 long- ' many succeeded his father to the of the “Sudairi Seven” and full the °W BIftn >bat lie is really, {rom beheading on the charge 

tablished. Moslem law allows ■ »nh?naa«TF, : . thus throne and reigned as 'KIne brother' of » 12 17 10 22 ?5 older tliaj1 -' Sultan {lack of murder. From lhat time, 

lito .four wives, tat OM - Tum 1953 t0 lA.Dted-.l869* Crow " Prince. Flrs’roSJly r^^contn baling rn thecon- aU . alcoholic drinks 

■rn ' n * 4 ”" k * — CDUifl . otherwisp be * Premier and Firs? Viw» pv«ci f usionV and is. therefore reallv"b ave been absufutely forbidden 

• _ . 31 . ll " c 1 artax f.SJ i ■ LI.. . .' iinifai*. Cai.j; I ... 

ir citizen 

“ Mishan 


— •-> lu.pw.cnut — — ™ •■'v — - — “ xm, ratner of more than men-T. i>ne son Feioal it w*... SJU4 . unawn tor we Fhnnh af ih» c , . 

.an any full ; brother/^lf- spr«d ihroughonttheJUngdom 40 sons who wore once seen as iinportarriiy President “JfYouth ( '" ee , nun } bcr ,4 .bro*er tn 5 fl 

. -° ther relationship. . 7 . ■ wdh act-, in :th.e- absent*- of a possible threat to the succes- -Affairs For the -Kingdom. Twu ^ , . 0W t K /> Ewn . tJ,n “* h Kin? MimRler 0/ the Interior a 

. 4— Age . is important. .Elders ?}*?** or.representatiye 'insti- sion as laid down by Abd Al '>the r sons. Mohammed ' and ^ e . lsal ' the Free poWerfur -position dea^in "^ ^ith 

■e respected, whethen they futions: as a smimfingboard for Aziz. None of Satid’s sons are Saud. are graduates of Calif??. P^ncw-Wd Abd al-Muhsin“ is i mm i Pr3 ,iJ n ^ 

grandfathers. . uncles- or tho^ ^ popular w-ilL The}t. reEay. : via now in- the Government; thev oian universities and very siic- P 31 ;* V 1 'family good gr 

others. - ••-.-■ ■: ? - the family grapenht;-," the- continue to -receive royal cewful businessmen Moham- U - ls de4,b1fu if his ar ^ ua 

■5 — strong oral xsthee: than and <isw>n- stipends and are allowed gener- med was the Saudi consultant J!"- 1 lh L ey internal seniritv and”ihe“Cn a ^ 

ritten, tradition; ■ plus the. ^nts of the popuUce- to -their ally in come and go as they 10 the Western consortia that h ® 0rv 7 E d i T ,° keep r J,' s . Guard. ^ ‘ ■ L M 

gnurs nf nomadic desert life. "^J'relUtives in the Govern- please.. recently won ihe multi-WHion fa " 1 ' , - v . aCT . eeahle : I8 _ N4WWAP R ’ - nn 

ave resulted in few written ment. The procesAundouhiedly FEISAL— Kin^» of - Saudi do,lar "’rn tunica turns contract S H eTer L Abri aJ-Muhsins son Ful f7”;''^ VA f F 7: Bn ? f , ^ 34 , 
words and thus some confusion contributes to thr ; staWlftr of Arabia frora 19 g4 t0 f , gn ^v' wthi " the Kingdom. 5 ,l,d « n(,w b ” n :* 1 ™* p , f,it r th n P P r U ,J. l4 ‘ - v - former | 

sssass mmm ss ss« 

pSS ^ OT ; s ilSi K2H ™ 

^earormore... ■ “ . ^UtC^SIOJl , • v and later as Foreign Minister Second in-line for the S G^e^M MiBmSSL P^ F ^ VWA ?T Barn 3934 “ 

•—Consensus, rather than Abd .al-Aziz, ihe great. King , rnc ^ngdnm. Visited Keeps inclose contact with the 12 — ABD AL-RAHM.VN c- u : br ° lher 3 and 7. Now 

mal legislative proceeding's, and unifier (jvhn- hgd assumad ^nnaon -at age 14 and groomed traditional Bedouin tribes that Born lD2fL Third nf “ RnVam fcj,rijr Jcdclah/Mecca. Wasl 

Jems “the decwion-makms. the family.ieadensh^i: re * 

«ccss within the royal honse. Anally died hi .1953 xt \ 
in as in any family. The fact of ,7J. . .He passed" the 



Hie Expressway 
into Saudi Arabia 

Saramar is not onlya major Saudi shipping line with roll-on 
roll-off services to Jeddah, k also has its own private terminal by 
the port. MID the biggest road fleet in-tlie country for fast 
deliver) 1 of trailers anocontainers anywhere. 

London brokers: .Vielphi \ergottis Ltd, 70-74 Citv Road, 
London ECl Telephone 01-251 4021. Telex 2? 182. * 



AT YOUR SERVICE 
■ . IN 

SAUDI ARABIA 

• PIPELINE CONSTRUCTION 

• DRILLING ; 

SAUDI HOUSTON CONSTRUCTORS 

LTD. 

P.O.Box 1622 
Alkhobar 
Tel: 44360 

Teles: 67015 iWSTLAQ S.J. 


(seDcd) 


v tr y 


*^1 * ^ tfllU 

Now Governor of Riyadh and us 

.„. - . ^ JJT .. . Environs. 

known eithor about- the exact abfliiy, 'training and fitness jo fEoreian aflnister), Turki numbers 7- and S. ' • : r - a^imiems ^betweeiT V \£ser\ 23 — MAJED — Born 1»37. Full 

■viMoii-making process or whn sfrve.. Family .consensus .and J . e ^f n V>‘ succeeded Kamal . 7 — BANDAR — Born Eaypt and Saudi Arabia- over broTjier of 30 - Now Minister of 

ihmWfamily is of rising or ^compromise -would have to « head of General Full brother^ nf 3 and /^ th?YeSn S du^ / UmeV^ and ' Rural 

imng-tMfluence. . determine leadership • and Intelligence), Khalid iGovernor Believed to be somothinJ iff no little crisis as Kine Sand Afrairs - 

t ran si iteration power-sharing. : «h« < Soulh-weatem province of a religious zealot. Passed u Ve? ‘he end ofh? ‘free- Fl H?T T " AM1R r' - ,- nrn • ' l9 ^ 7 

nac .• ftrnn .Anbir -to • The.-ffst™ h„ wirkrd 'nit. k' ■"*! -Shammed. (unU! fllr ramralon. s-penrtins >nd incompeiem "TS!" £ *' and ' 2s - 

tel ish is an imperfect artnvnth lively well Th P ' Kinvrfnm and • I ® e ? n G3> . bead of- the saline - « refrnl Talal^ rpnmif«>erl hie - 25— AHMAD — Burn 1937. 

n little siandirdisalion. 4 linn- the familv are dttll nfiact hav ? r,te r : "- 'conversion programme F : AD— -Born. 1923 - princeiy title backed Na«wer of the .Stidairi Seven. £ull 

rT„ s, n r cs ,s cncicm,c ** 25XSS.-1? 1 .rr-.b's im £Lz he y r r yy s „i°- m ^ ^ «. ». p I9 . a 

crises, described below. l^WORAMMJED. Eldest sur- The drat k^id Hp ' hx * hecame leader of the N, i* V , ^ M,n,5le r or Interior. 

We only need to note that To-dav the — ■*— - viv-me brother. Rnm 10m p.rii .. arsi -. Iwn " ,a ’ ^ed by.«- 

e Sands have ntled parts of Mrongcr than 
■abm for over 200 years. One family leaders 
the present Kings ancestors. rar y compromises 


26— ABD AL MAJED— Boro 
Fuli brother of JB and 


AMOUH — Born 1940. 

brother uf 24 and 29 

28 — HIDETLUL — Born 1041. 
No full brother. - 

29— MASH HOUR- Boni ISC': 
Full brother nf 21 and 27. 

3n — SITT AM— Born . 1943. 

nusy DUsiness rwl,i of 23. Now 

frequently travels Governor of Riyadh and 

: environs. 

15— >nSHARI^-Bom -2932. f ?, I T MI 5 ,BIN ” Bnrn lfl43 - Nn 

0 full brothers, Wish^rr L 0 ! 1 hr °thers. Now Air Force 

Reposed . King -5aud and this undoubtedly ‘ the 


lernecine strife and cdhquer- change may still be some powerless to intervene or . 10 _> 

S Turks. The present King’s distance away. - a>ier his - elder brother’s <n- ™ Jj „ 5*: * ne >^ un 8 Emsal was 1M .^. 

andfather, Abd al-Rahman Ibu There are now 32 nf the^..*“c®n«n4 <rf -the Sharia. w,rfc d ^ gbter ° f l u he K ° fuil brothers, Mishan is n f l r ^ r thers ' 

a--Sand. Sdally -found 6nS 3r so^live" 1^.. ^^iKHALED-Bon. 1W2 Full ISTSoS? "" d o?' btedly 1 ‘; ,, ’ e ™ s < ™- “-hamoi®-,.™ 

w!f in ^.e in Ku^it .n were .,, f,.hered by Abd broker of No. K,n g of £$ S^SSf - B5SS. r,W SiE5? S’ 'Xo 

»1. Hi> ™. Abd ol-ta, lb„ Ab ? bo, hav, 14 difforem Aabia. Prone Mmiaer. .rib, .led- „-.he regfcldo. Zgg. dff tofwr .K By a Correspondent 


1947, 



Equipped to house inteniational exhibits, 
trade fairs, seminars, conferences, etc. 
Auxiliary services include: 


. Advertising 
Secretarial 
Telex/tcJephone 
Marketing research 


Arrangements for: 

Accommodation 

Transportation 

Airline ticketing and 
rese nations 


. JEDDAH DOME, c/o AMIarithy Esf., 

. P-O- Box 6249. Jeddah. Saudi Arabia. 
Tel: 58193/4. Telex: 40103SJ DABBAGH. 




32 


Financial Times Monday March 20 197$ 




//. Alharthy & C o . Qi 

d_<^ rrll j , jiu/Uj n 

Riyadh, Saudi Arabia 




■' •■■•*.■■ •”.; s -. ••••.■. 






WHAT IS NADCQ ? < 

* WHOLLY OWNED SAUDI COMPANY ' 

; * AMONG THE BIGGEST CONTRACTING COMPANIES IN 
SAUDI ARABIA 

* TURNKEY PROJECTS : CIVIL, MECHANICAL 
AND ELECTRICAL 

* INDUSTRIAL CONSTRUCTION & MAINTENANCE 
(PROCESS PLANTS) 

* COMMERCIAL ACTIVITIES 

* 

SCOPE OF ACTIVITIES 


■s- 3 
& . m- 



HEADQUARTERS 

NADCO/HUSSEIN ALHARTHY & CO 

AIRPORT ROAD, RIYADH, SAUDI ARABIA 
P.O. BOX : 789 

Telephones: 69963, 69888 (10' lines) 

Telex : 20118 NADCO SJ 

SAGE 


SAUDI ARABIAN GAS ENGINEERING COMPANY 

DESIGN, INSTALLATION OPERATION AND MAINTENANCE 
OF GAS PRODUCTION PLANTS 

INDUSTRIAL GASES : NITROGEN, OXYGEN, HYDROGEN 

MEDICAL GASES : OXYGEN, NITROUS OXIDE, 

SPECIAL GASES 

PROPANE, BUTANE, ACETYLENE J 


CIVIL CONSTRUCTION : 

— « 

* HIGHWAYS, BRIDGES, TUNNELS 

* AIRPORTS, HARBOURS 

* INSTITUTIONAL BUILDINGS, HOTELS 

* HOUSING DEVELOPMENT SCHEMES 

* INDUSTRIAL PLANTS 

MECHANICAL CONSTRUCTION 

* STORAGE TANKS 

* STRUCTURAL STEEL WORK, PIPEWORK 

* EQUIPMENT ERECTION 

* AIR CONDITIONING 

E LECTRICAL C ONSTRUCTION : 

* POWER STATIONS 

* ELECTRICAL INSTALLATIONS 

* COMMUNICATION SYSTEMS 


MAINTENANCE : ~ 

* OPERATION. & MAINTENANCE OF AIRPORTS - 

* PROCESS PLANT OVERHAUL/TURNAROUNDS. 

* POWER STATIONS ' 


ff00C0 


SUBSIDIARY COMPANIES 
AND JOINT VENTURES 


NADCO/JONES (SAM EC}.; 
Saudi Arabian Mechanical and 
Electrical Services Co. 


NADCO/BOC (SAGE) 
Saudi Arabian 
Gas Engineering Co. 


NADCO/AVCO 


NQC, 

National Quarries Company 




/ ■ 



mSW 


mmm 


tm 




>yv - 




m 




jftl 


FUEL GASES : 


P.O. Box : 789, Riyadh. Telephone : 69888 
Telex No.: 20118 NADCO SJ 


Saudi Arabian 
Mechanical and Electrical 
Company Limited 


ENGINEERS AND CONTRACTORS FOR 

• AIRCONDITIONING 

• WATER AND SEWAGE TREATMENT 

• FIRE PROTECTION 

• PLUMBING ■ 

• ELECTRICAL HT & LT 

• POWER STATIONS 

P.O.Box: 1001, Riyadh. Telephone : 65920 
Telex No.: 20113 NADCO SJ 



NADCO'S DHAHRAN INTERNATIONAL HOTEL 
OPENING NOVEMBER 1978 

LUXURIOUS III 

• 200 BEDROOMS 

• 13 SUITES 

• MEETING HALLS 

• RESTAURANT 

• CAFETERIA 

• SWIMMING POOL 

offering traditional Saudi Arabian hospitality 


NQC: 

National Quarries Company 
Leaders in # 

Granite — Marble-Limestone 
Quarried, Sawed, Cut & Polished 
in Saudi Arabia 

Multitude of Finishes: 

Pol is hed^-honed— thermal . 
Any size you require 
Detail specialised jobs 
Technical staff available to help 


iiihrca! 
l$w uor> 




National Quarries Col (N.Q.C > |. I 
P.O. Box 5953 - - . : > 

Jeddah, Saudi Arabia 
telephone 86485 
Telegram : GRAN1TEKAN 
Telex No. : 2011$ NADCO SJ 




notice 


BRANCH OFFICES 


Jeddah Office 
P.O. Box'2424 
Telephone; 58081 


Taif Office 
P.O. Box 400 
Telephone: 23822 


Tabuk Office 
P.O. Box 170 


-Dhahran International Airport 
P.O. Box 119 
Telephone: 3132 


Dhahran Construction Section 
P.O. Box 428 - 
telephorie: 2523. 2614-1 5 


Al-kharj {Military Factory) V V«’“ 

Office, A'lKchafji ‘ ‘ 













-rs" 


' Financial Times - ‘Monday March 20 l£f7S— ’■ 


33 



Rust 


the Steel Man of Shelton 


BY ALAN PIKE, Labour Correspondent 


TOTf steelworks JfiRds, a? by . semHfnished : steel from saved. Two new electric arc 
Dias sidee: the early Jays ef Scunthorpe, but only 958 out furnaces were to be Installed in 
: IndustSal Heyplutio^nr a pf^fae casting 2-.6D0 jobfr would place of the old iron- and steel- 
ley near the . , Centra Of ther survive. . '■* making plant — a plan later 


' - rv 


» «- 


ffordshire Potteries towns The action committee's total modified To a "single Tupcr'arc 
de famous by the novels of rejection of this was supported furnace. This would' still mean 
'%•, n01 “ Bennett. - - by the local authority, the busi- the loss of some jobs, leaving 

*■ • : Sven its location must have ness community and the people an eventual total of about i.650,. 

T k ^.'-itributed to the intensity of of the Potteries generally. SOS but there was jubilation in 
seven years’ campaign — -Save. Onr Shelters— stickers Stoke. 

.ich has been waged to .retain became familiar around the All those who had helped in 
elmaking at the works. M idlands. . the campaign were invited to 

elton Is not on an obscure In spite of Shelton's strong a huge celebration dance and a 
lus trial site, visible only to historical and emotional links local businessman contributed 
i people who go there to with the area the action com- the Steelman, a stainless steel 
rk. It stands at the physical, mittee's case was based neither statue which now stands in the 
' o. itorlcal and emotional heart on memories of the past nor centre of Stoke. Today it com- 
tl . a tightly-knit community appeals for sympathy, its mem- memorates a famous victory but 

* -c jiich united to try to save It bers set out to prove that The It may soon become an 

'reets of typical Potteries Plant was economic and the incongruous reminder of a lost 
using lead the short distance closure' of steelmaking unneces- cause. 

>m Shelton. once a village, sary. although they have always Relieved' men- say Shelton 

to the main shopping centre b«eo prepared to accept man- workers, took on new commit- 

Stoke-on-Trent. power reductions. raents — some married, others . 

The Shelton campaign is One of the landmarks, of the moved home and increased 
sured of a place in modern campaign was a costing of mortgages as they planned for 

* dustrial history whatever BSC's economic arguments for a more secure future 

~ ture is left for the plant after the closure, commissioned by the Fresh complications were to 

is week's Government action committee from Hambros follow First as its financial 
.nouncement on in- Bank which. . committee mem- position deteriorated BSC made 

wiry- But this will be little believed, supported their a renewed attempt to dose the 
: isolation to the campaigners case. Another was the docu- existing iron and steelmakin* 

' The result is a defeat made mentary play “ Fight for Shel- process at Shelton ahead of the 
e more bitter by their belief ton Bar ** which drew andienecs January 1979 date set by Lord 
at—against huge odds — the to Stoke's Victoria Theatre. Beswickl Then the workers were 
‘TTle had been won jit 1973. Throughout the fight committee ro id that the new arc furnace 
•’lVe're been making steel at members prided themselves on would provide far fewer jobs 
S/icIfon Bar since 1839. their commonsense and modera- than they had expected. But a 
And through the gears 0 / tear tion and were determined to strong element of hope still fe- 
ond stri/p we've . stood the resist detailed. considered argu- mained alive until recently. 

test of time ..." SdJ^d° et ^n^nmk^ 14151 Mond *y BSC announced- 

So begins the song, Fiflfct for 2? that it wanted to end production 

Belton Bar, one of the relics of trades were united by the of iron ^ by traditional 
ie campaign. Time began run- ffj 0 " and Shelton s recent mel f, ods at Shelton not in 1979 
ng out for Shelton in the early rtdustnal relations record 
itiic r„ ion ihA something of a model 


closure of the ironworks and the 
implications for the workfnvce. 
Although no official decision has 
yet been reached on the arc 
furnace Mr. MacDonald's refer- 
ences to it in his letter were 
not couched in terms calculated 
to raise hopes. 


“ When a decision is 
announced the Corporation will 
be in a position to undertake 
similar discussion with the trade 
union steel committee covering 
those employees affected by this 
decision,** he wrote. BSC's in- 
tention is that the Shelton mill 
will continue to operate and 
will, says the Corporation, be- 
come more competitive- in cost. 


Deep anger 



ls but early next month; And it- is 
expected that this week's state- 
ment by Mr. Eric Varley, the 
Industry Secretary, will 
announce the end of the electric 

. It was almost two years after arc furnace project. 

Steel Corporation, the Melchett announcement that A letter from Mr. N. £>. 
Stoke and made the Lord Beswiek. then a Minister MacDonald, divisional managing 


170s. In 1971 the workforce 
irmeri the Shelton Action 
ommittec. 

In 1973 the late Lord Mel- 
lett. then chairman of the 
ritish 
isited 


High cost 


■ 1 V. ** WIVWI, Wliu uiqu\# LUV M uuntwv, LA A V Li A JMVUUI iVLaWd/VUtUU* UJ VIOIUIUU 

idely-expected announcement in the Industry department, m director, told employees last 
iat iron and steel malting his review of the industry’s high- week that BSC had requested an 
ould cease in 1975. Shelton's cost plants, determined that early meeting witlj the TUC 
riling mill would remain* fed steelznatung at Shelton would be steel committed to discuss the 


- The plant is again -suffering 
from the depression which ir 
went through in the worsi of 
the old days but there is now a 
deep anger - as well. Men use 
words like “ betrayal " and talk 
of a -dirty tricks department" 
loading the argument against 
Sb elton. .Named B$C -officials 
are accused of resenting the 
action committee's victory in 
1975 and of using the present 
general public acceptance of the 
need for steel plant closures to 
get their own back. In a letter 
to a Ideal.' MP in October Mr. 
Gerald Kaufman, Minister of 
State for -Industry, - gave an 
assurance that “ Shelton will not 
be singled ouL" To suspicious 
minds at the plant where, unlike 
Clyde Iron and East Moors, the 
workforce was not consulted on 
the proposed advanced closure, 
this is precisely what has hap- 
pened. 

The Shelton meo say that 
their plant's' losses are low and 
would disappear If they did not 
have to take unprofitable orders 
from the Corporation's Scun- 
thorpe. worlds.. .They point iq. 
the good 'Industrial relations 


record of Shelton in comparison 
with some of • BSC's larger 
plants and quote a BSC 
accountant as saying that with 
the new- electric arc furnace 
Shelton would be able to pro- 
duce .the cheapest steel in 
Europe. BSC's reaction is that 
however the action committee 
may present the figures, a new 
investment at Shelton is not 
economic when viewed in terms 
of the state of its operations 
and the industry as a whole. 

The Shelton workers have 
been so closely involved with a 
fight to save a single plant that 
in some - cases they; probably- 
understand, the economic^ of 
that plant better than "some 
London-based BSC officials. It 
is understandable that they 
cannof accept that, profitable ty 
not, the. plant may not figufe 
in art overall strategy Eor a 
nationalised industry in a state 
of financial crisis. Thousands 
of pounds collected in donations 
and from fund-raising events 
have been spent on presenting 
the Shelton case and fighting 
the closure. Action committee 
members have spent countless 
hours in discussions with poli- 
ticians and, in a sense, have 
become- politicians themselves. 

The question to which BSC 
will be anxiously awaiting the 
answer js . whether the action' 
committee’s outright resistance 
to the moves to end steely 
making" next month will be sup- 
ported by the whole workforce 
or whether, with the peaceful 
Clyde Iron and East Moors 
exercises behind them, a large: 
body of Shelton workers will, 
admit defeat 

Such evidence as there is 
suggests that the Shelton work- 
force is not yet ready to give 
up. In a ballot conducted in 
January, 77.5 per cent, favoured 
contAmdog the fight in an 82 per. 
cent, poll. There are, after all. 
significant differences between? 
Shelton and the other two 


plants. East Moor* and Clyde 
Iron were condemned to close 
anyway, and their premature 
shutdown is simply hastening - 
the inevitable in return for 
enhanced redundancy pay. 
Shelton did not see itself as a 
condemned plant. It believed 
it had a new life ahead with 
the electric arc furnace. 

Another difference, which 
cannot be overlooked, is the 
solidarity created by the last 
seven years' campaign. 

Shelton Bar — the name is - 
still widely used 'locally 
although Bar disappeared from 
the official title almost a century 
ago — runs vn families. Mr. 
Ted Smith, original chairman of ' 
the . action committee and still 
a leading member, has worked 
at Shelton for 23 years having 
followed his father into the 
plant. He met his wife at 
Shelton when she worked, there 
as a nurse. His own- two sons 
are now employed at the plant 
and he. has four cousins and 
three uncles who have also been • 
Shelton steelworkers. Tills ex- 
perience is not unique. 

“1 have never been-' -on the 
dole. I do not want to go on 
the dole. I will not go on soma! 
security," he asserts. ; 


Redundancy 



The unemployment rate* .in 
the Stoke-on-Trent area is not 
as high as In ' some of the other 
places where ^teei-works are 
scheduled for closure. None- 
theless., the effect of redundancy 
among ’ a- majority of the 
Shelton workforce would be 
considerable and. say 1 ' action 
committee' members, job losses' 
in companies dependent upon 
the steelworks would, double 
the direct -impact. 


The Steel Man statue which commemorated a victory hut 
-■may now remind Shelton of a lost cause. 


What, though, can they do to 
.prevent it? The Shelton- action 


committee was founded in the 
days "when workers' coopera- 
tives and ' occupations of 
threatened factories - were 
fashionable, bur the men know 
that this is hardly a realistic 
action when you arc involved 
with part of a nationalised steel 
industry. They have the sup- 
port of their union leaders in : 
resisting any * changes- in- the 
Beswiek timetable made Withnat 


the consent of the workforce; 
but people like Ted Smith say 
that they would not ask for 
strike action at other BSC 
plants in support of their cause. 
Sheer determination and a total 
refusal to admit defeat, the 
qualities which ensured that 
Shelton did hot stop producing 
steel in. 19731 remain their main 
weapons .is' they vow That they 
will figh t on. 


Letters to the Editor 


The threat to 


landowners 


*rom Mr. It*. Legge Bourkc 
.Sir.— John Chcrrington (March 
speaks of land ownership 


front personal experience. He 


tried his fanning life as a 

J aani and eventually progressed 
owning bis ow®. farm. Many 
hire farmers wduld dearly love 
tread the same mad. The pro- 


jpsals he accepts so lightly -wj!J 
> difficult ',, - 


Si U ^ 


ake ji a|l the more _. „ 

How the‘'''structi*rc- 
fwntr.ship aros$ is academic but 
also generally accepted 
Icademloally that the. structure 
-r land ownership played a major 
otc in the creation of the present 
iiehly efficient state of. British 
griculturc when compared to 
-olh other industries and to 
ther countries — including 
Vance. 

Of course trends an* changing 
nd will continue to dn so., hot 
trend lowards state acquisition 
f land in lieu of capital taxa- 
nn. as accepted by Mr. Cherring- 
in and proposed hy the National 
'.xecufivp Committed of the 
- .ahour Party, should be seen for 
•Ii3t it is— ah interim f if ex* 
remely shrewd) tactic in the 
iratecy for the eventual national- 
;ation of all agricultural land. 

Docs Mr. CheiTinqton, as ait 
rwner occupier, really accept 
hat prospect happily? It could 
nmo far faster than he might 
-Xpert. The corollary or buying 
and -in lieu of tax is fully ex- 
•tained in the NEC document, 
“he essential concessions 
tranted to farmers under capi- 
• at transfer tax (and envisaged 
in dor a wealth tax) are expen- 
se in lost revenue, to the 
^rcasur)’. even if strongly 
•rested hy NEDC. the Country 
.lanslovncrs Association and the 
<3110031 Farmers Union alike, 
f. however, the stale would 
Iways take land in lieu of tax. 
here would he arguably no 
eawm tn continue those couces- 
ions. Indeed, the aerual rates 
f tax on land cnuld well be in- 
■rcased above the norm. Only in 
his way cnuld a fair balance be 
hown against thnpc who have to 
lav tax in actual cash. 

| This is the threat which land- 
Kvners, occupiers and indeed 
pnants now face. It is-ihe thin 
■nd of a very large wedge. 

Of rnurse. tenants can he ana 
re as efficient as owner occu- 
uers. but Mr. Cherrlngton 
dmits that the hitiorieal trend 
i as been and still is towards 
mter occupation. This trend has 
icon accompanied by an unpre- 
cedented increase in. prouuc- 
sviiy and efficiency in the in- 
. lustrv aver the same period. The 
,v«itefn clearly work*. Mr. Cher- 
•ington seems content to see 
hat system to ihe wall. 

These propnsaU; do noihing to 
•nrmirage cither landlords, 
enanto or owner-occupiers in 
n crease productivity, provide 
•(intinuiim- capital investment or 
•>el any sense or security for 
■he future. Quite ihe reverse, 
ncvitably, it will be the house* 
v\fe who suffers in the end-r« 
isuai. 

,v. N. H. I.egge-Bourke. 

JiAKiufe Park, 

'.rKkhaweU, 

?o tens. Woles. 


A reccpt- survey by the Con- 
federatidu uf British Industry 
sugsestedi.ftst 61 “per cent of 
managers tp' British industry can- 
not explain adequately how profit 
is caleidated. This 'Is scarcely 
surprising since it Ts probably 
also true- that 90‘ per cent, of 
the qualified accountants are in* 
capable of. explaining this con* 
risely fir terms which the rest of 
the world, <an mittarstand. This 
is reflected, in tfi#&bor quality 
of presentation, layout of 
the accounts pf inany sxnall busi- 
nesses: 'Someb'mes one has the 
impression ^at; these are set out 
in such a fiiay aft.to conceal the 
truth rather than reveal it For 
examplafii lx morg.-'bften than 
not- impossible to : calculate a 
mwudRglul gross profit - mat- 
8^’jT 

Managers in industry, and the 
owners of small businesses, are 
among the better educated inde- 
pendent shareholders. If they do 
not undemand the basic con- 
cerns of accounts, cannot ex- 
■plain the difference between a 
profit and loss account and a 
balance sheet, it is certain that 
the majoritv of shareholders are 
just as badly In need of help as 
arc employees.' 

The work which has been done 
to improve accounting standards 
and to extract better and more 
complete information from pub- 
lic companies is laudable and 
worthwhile. City and business 
managements, however, should 
recognise that they .might as well 
be talking In Chinese to the 
majority or their audience. This 
situation will not be remedied by 
tartingun reports with pie charts 
and bright colours. The intelli- 
gentsia of the financial and 
accounting world should realise 
that it must go hack In school to 
learn how to talk to the rest of 
the world. , 

This is not just a maMer of 
public relations. The lack of 
understanding of financial mat- 
ters. which is so general through- 
out the population, must be one 
of the obstacles to economic 


the real cost to the taxpayer will' 
then become apparent. 

The only way to offer com- 
parable indexation to the private 
sector, is for the Government to 
issue a fully indexed security 
carrying a reasonable rate of in- 
terest This would realty bring the 
comparative cost of indexation 
into perspective since the 
Exchequer would lose one of the 
few benefits of inflation, namely 
the annual reduction in the 
National Debt, represented by 
the fall in value in real terras of 
Government Stock held by the 
pension funds. 

Perhaps also the Government 
Actuary can work ipe out a 
scheme for a self-employed .in- 
dexed pension with the maximum 
contribution permitted Wing 15 
per cent, of current Income. 

J. E. B. Hissey. 

STafford Knight and Co. 

(Life and Pensions). 

Sferirwon House. 

■15$. FcnChurch Street, E.C.3. 


: A question of 
immigration 


Powell was always allowed to 
get away** with certain phrases. 
In fact, as was noted -in news- 
paper. reports. Mr. -Powell was 
repeatedly pressed by myself 
and others about the meaning 
and implications of his policy. 

Judging by numerous viewers* 
comments ' to me in praise or this 
programme, many more. people 
would agree with the headline 
over Mr. Dunkley’s. article 
r Getting it almost right'**) than 
with the Ill-founded criticisms 
which the article contained. 
Robin Day. 

do B8C TV Centre, '• 

Wood Lane, W.22. 

Chris Dnnkley writes: ‘Wit- 
tingly or not Robin Day con- 
cedes the point when he admits 
that The question put in the pro- 
gramme — and throughout the 
discussion — confirmed not immi- 
gration in general as the title 
implied, but coloured people. It 
was precisely this hynocrisy that 
upset the lady protestor 1 
mentioned. 


Wealth must 


procress. 

A. St. J. Price. 

Prudential House. 

28-40. Blossom Street, torn. 


Index-linked 


pensions 


Frmn Rfr. J. Hisseg 

Sir.— It does seem that spine 
letters on index-linked pensions 
rather miss the two main points 
at issue. Surely we muri first 
compare the pension benefits en- 
joyed hy Past and present puouc 
employees, with tho$e permitted 
in the private sector and maxe 
some attempts to estimate tne 
comparative costs. 

One client of mine is a long 
retired regular soldier rfhose 
pension has risen over the years 
to well in excess of hi,% pay at 
retirement, While most others 
who have retired from the private 
sector have had no increase. 
Furthermore, the Revenue rules 
for schemes . of that time did not 
permit provision for indexation 
and 1 bcliev/a still do,not do so. 
but merely permit an assumed 
allowance which may or may not 
be sufficient. 


From Mr. Robin Dnv- 

Sir, — Your TV critic Chris 
Dunkley (March 15) has attacked 
my handling of the BBC 2 pro- 
gramme “A question of immigro- 
■jtjoEL*’ J make no comment on 
his more personal remarks, but l 
km entitled to point out that 
much of his criticism is totally 
rmisConcelvea, bears, no relation 
th the facts, and Is unworthy of 
1 a -serious newspaper. •" - 
- Mr. Dunkley ’s first and most 
fatuous /criticism was that “what- 
ever the main question under 
■disejussion was. it . certaJhly 
wasn’t 'immigration." As any 
rietoer other than Mr. Dunkley 
■'will have seen and. heard, ! mm i- 
; gratiQp - was clearly the main 
question .and was put .to the 
participants as follows: “Are the 
numbers of coloured immigrants 
;Jww being accepted Ida high ? 
: Could those numbers be reduced 
■ by ’stricter controls, and if so. 
bow? .What of Mr. 'Powell’s 
argument that the numbers 
Jikely to continue coming In can 
only be effectively 'reduced by 
redaring. the .numbers living 
here? "- 

If Ur. Dunkley still persists in 
his perverse opinion that the 
main question was not immigra- 
tion, I can only remind, him: that 
-some of the participants pro- 
tested for the very reason that 
the question was Immigration, 
instead of what they would have 
preferred to discuss, namely 
race relations or rerial 
discrimination. 

Mr. Dunkley describes me as 
"deliberately obtuse " towards 
the speaker who thought it was 
hypocritical for the debate to 
centre on “coloured" immigra- 
tion. Any obtuseness on this 
point is Mr. Dunklcy's. What I 
did was to toll the speaker that 
the Home Secretary had 
admitted that .immigration con- 
trols were "to keep out un- 
wanted coloured people." (The 
Home Secretary nodded his 
'agreement-) Would Mr. Dunkley 
have preferred the debate to 
have been conducted under the 


be created 


Simplified 


Costs are of course impossible 


npoj 

to 'compart, since even (be Gov- 


pretence that it was not about 
“coloured '’immigration? "Would 


accounts 


From Mr. A. Price . 

Sir,— Mr. Martin Gibbs fMareh 
31 called far support For his 
belief that simplified versions of 
annual accounts would be appro- 
priate for most shareholders aa 
E wp‘l *s for employees, f boheve 
that He 'is right and that both 
those m high places in the City, 
the professional institutes, etc- 
i.tid the Government would do 
well "to read bi$ rdmarKa 'eare* 


eminent Actuary csjnot w* *| s 
the futurg rates of inflation. Since 
there is mo public employees pen- 
sion fund in existence, all thal 
has to be done is to balance to- 
day's actual pensions payable 
with the contributions of those 
still working and charge any 
difference to the , taxpayer. 
This difference has been Kept 
withib reasonable limits to 
date, simply by the farce 
increase ip the number of publie 
employees, and hence their contri- 
butions. The. trouble i* So^Sjf- 
arise When the numbers levri out. 


that have been less hypocritical? 

As .to the councillor who 
angrily shduted that he had been 
ignored. It was necessary for me 
to remind him tbat he had been 
invited with no guarantee of 
being able to speak (which be 
agreed was so), and that an im- 
poatble situation would arise if 
'everyone present insisted on 
speaking- Mr. . Dunkley would 
have been the first to attack me 
if the programme had_ been 
allowed to degenerate into an 
ugly brawl. 

Another of. Mr. Dunklcy's non- 
sensical criticisms, referred to 
"the ease with which Enoch 


From the Director , 

Centre for Innovation ' 

wwi" Prodnctioitif. 

ShPrfftelA. Git?/ 1 -Polytechnic. 

Sir,— Mr. 0. R. J. Lee (ManrH 
ill" exposes the real issues in 
the perennial argument about the 
function of ' industry with per- 
ception. But he is five, or ten 
years ahead of most other people. 

The problem is that- in large 
organisations: people *do . -not 
understand - the Fundamentals 
that are-obrious to the small busi- 
nessman. In a ohe-man business 
the owner-manager-worker real- 
ises that he earns his living by 
serving his customers. He exists 
on the gap between the income 
from liis customers and the bar- 
gainee to . his suppliers. Th3*4 
profit., the wealth be has created, 
is subject to tax. : T%^:'rbua?rie'riS-, 
man spends : part .«Vr)fls: profit; 
after tax- on food, clothes and 
perhaps some luxuries. He' re- 
tains part 61 the profit to replace 
the fixed assets. (If he. derii’t 
his business Will not survive -in 
Lhc Ipn§ ■ run.) - He may also 
retain' enough profit to finance 
expansion. But he knows full 
well that his only source of 
income is the profit that comes 
from serving the customer. 

' Whe-n “he ' recruits sameone"to 
work in the business for a wane 
rather than a share of tbe profit 
the businessman takes a risk 
that tbe extra profit will at least 
cover the wage. At that point 
both he and the taxman redefine 
profit as the sum left after pay- 
ing not only suppliers but also 
employees. But the employee 
cin recognise that his wages 
depend on serving the customer.-] 

Ev*mtuaily the business "rows 
eo largo thal the profit is 
measured in millions of- pounds 
and tbe wage hill in hundreds 
of millions. Then people lose 
«ieht of the idea that tbe fnne- 
lioxi of the business is to serve 
the customer. Customers can do 
without any one business bat' no 
business can exist without custo- 
mers. By serving the customer 
a business creates wealth which 
can then be shared between the 
employees, the investors and the 
Government Some of the wealth 
created must be retained to re- 
place assets and. if necessary, to 
finance expansion. 

Unfortunately, successive Got- 
; emmeiit5 have tampered with the 
basic rales of business to the 
point where ihe ordinary citizen 
does not understand that- wealth 
must be created before it can be 
shared out. Somehow, we need 
to gel this simple message across, 
not iust in industry but in the 
public services which are. ot 
should be. creating wealth. 

E. G. Wood.. 

"Halfords House. 

18, Fitzalan Square, Sheffield. 


GENERAL 

EEC Finance Ministers meet; 
Brussels. 

. Chairman of House of Com- 
mons Select Committees discuss 
recent removal by Government of 
outspoken Labour members from 
PubUc Accounts Committee and 
NationgM&d Industries Commit- 
tee.- * 

TUC Finance and General Pur- 
poses Committee meets. 

Joipt management-union Steel 
Committee meets and is expected 
to discuss further BSC plant 
closures. 

National- Union of Minework- 
ers* Yorkshire. Area Council holds 
annual (feting, Barnsley. 

Negotiating conference for new 


To-day’s Events 


International Wheat -Agreement 
continues in Geneva. ..... 

Third and final Cantor Lecture 
on the theme The Creation of 
Wealth, Royal Society of Arts, 
John Adam Street. W.C.2. Sir 
Momy Finals ton. chairman, Sears 
Engineering, speaks on “Creative 
Management." Sir Leslie Murphy, 
chairman. National Enterprise 
Board, presides. 

USSR— the Outlook for British 
Business, a CB1 seminar, will be 
opened by Sir John Methven, Us 
director-general, at Quaglino's, 
S.W.L Speakers include Dr. J. M. 
Gvishiani. Deputy Chairman of 


the State Committee for -Science 
and Technology under the Council 
of Ministers of the USSR. 

Sir Peter Vanneck, Lord Mayor 
of London, receives Mr. V. s. 
Alkhimov, chairman. State Bank 
of the Soviet Union, at Mansion 
House, E.C.4. 

PARLIAMENTARY BUSINESS 
House of Commons: Consoli- 
dated Fund BIO. 

Boose of Lords: Shipbuilding 
(Redundancy Payments) Bill, 
third reading. Northern .Ireland 
(Emergency Provisions) Bill, con- 
sideration of Commons amend- 


ments. Civil Aviation Bill 
remaining stages. Debate on farm 
prices and flic Milk Marketing 
Board. 

OFFICIAL STATISTICS 
Gross domestic -product (fourth 
quarter, provisional). Construc- 
tion new orders (January ». 
COMPANY RESULTS 
Booker McConnell i full year), 
British Ley I and (lull year). Hep- 
worth Ceramic (full yeari. Willis 
Faber (full year». 

COMPANY MEETINGS 
See Week's Financial -Diary on 
Page 39. 

SPORT 

. Rugby . Union: Schools Sevens, 
Rosslyn Park. Golf: Sunningdalo 
Foursomes. 



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Growth hopes at National Westminster 


MR. R. LEIGH-PE1TBERTON. the 
chairman of National Westminster 
Bank, tells shareholders that he 
considers that interest rates. 


BOARD MEETINGS 

TBa following companies haw nodfinl Cloxnrrv 


Mon ca ed Boston 


rentage of the trust's funds held 
there. 

The trust has continued : to hold 
investment overseas stocks partly through 


lower than in recent years, and daiea of B wnl Mowlogji to the Stock Trim. nitturi. sale TUney. Tate or* Leeds! f he nVestmcn t curnmcv nremium 

■ sma mwUiizs are usually Williams- and James, trims Faber- * — 


rising costs will continue to put Exchange, such mcftiun arc 

pressure on domestic banking JJ* - , ^ m J , WW9 e ' of unigderlns 
orofltability. but this can be 


-future bates and means of loans. Because 

dividends* Official Indications "are not interims: - the Strength Of the Swiss franc. 

, h _ avadahl'* whether dWdaads canwrn«S lagan vmsastrtrs . .. Mar. 23 the coat to the company of the 

alienated if the hank obtains an arc interims or final* and uw mid- lwt* — Mar. m SFLOm. loan considerably In 

elective snare OF tne hoped-for division* shown' below are based maloly Smiths . industries Apr. U creased, and was therefore re 

growth In activity. oo la« roirt timetable. ; .. _ nlaSd an NoYembW 21 by 


The chairman says In his annual 


to-day 


Awi Sin S r ouehiy equivalent donarborrow- 


Mar. no 


review that inflation remains the interim* i—chambm and fanms coun- — till'tH inm - amountln«"to tFcm 5m’ 

main threat to the UJC. economy. Tn»m. 52? oESSk* ]nmttaa ”” &?■£ “?■ t0 - 


Ubmk ... «S!'a As reported on March 1, net 

Mole <ii. > 1!““!!!!“"""" Mar! 3a revenue advanced’, from £783,834 


but ihe continuing pursuit by the 

p^clM^^roortS^by^oderation a *^’ B<wfer Mccw- sc^ntf'era' s!^!!!!!!;;Z!!!!i;!!!!!!!Z!! s to £888.520 for the year to Febru- 

uf wace RAtUements can generate ^ 4 t' u ' 0rtJl Coramic, Transati antic Market Trust Mar. 3D ary 1, 197S. Stated earnings were 

m wage settlements can generate nwio<* Jomwen. u» and sonar. Metal watnwngta Mar. 21 up ' 2 ^ p l0 2 ^6p per 25p 


the confidence necessary to In- 
crease economic activity and fin- 


share and the dividend total is 

prove ultimate prospects for a profit before '-lav ■ an d extra- For example, an investor aged WTed t0 ?‘ 85p (2 - 55p ? neL 
sustained reduction of uneroploy- ordinary Items of £228ra. (n88m.), 34 could take out a plan provid- At February t investments 
mem. less free capital £47ra. <£46m.). ing a. basic life cover over the amounted to £39-28m. (£37-39m.) 

. He warns that some increases depreciation Bra. i£7m.> and test 20 years of £4,000. On current A statement of source and appli- 
m interest rates may be neces- share of associated companies bonus rates a sum of £1,000 would 031,00 of funds shows liquidity 
sary if money supply grow* but £jm. f£5m.). be paid after 10 years £1.300 after had decreased by fl 72,000 (£93,000 

“it is hoped that they will be The diaintMn points out that 15 years, £3,000 after 30 years and hjerease) at the year end. 
modest and nol deter the much an adjustment for .the ihainten- £3,000 after 25 years. On death Meeting. Dundee, April 11 a* 
needed unturn in industrial anco of free capital ha* been the basic life cover plus attaching noon. . . 

iri nn < l ‘ 1 .u '... i:... 1 j «_ n \ s . de in P r ^fc rente lo the scaring bonuses would be paid. The net 

. 9 n . Jr , £rr a V« na adjusirowrt. This is considered 10 monthly cost over the first 20 

Kri sh ^iTI?,o J „ h l d Z ! ** ml>re W'Prtaw 10 ttie cir- years would be £14.92 per month 

eu instances of. a bank which, reducing, to £8.66 per month over 
JnanJ particularly la rimes af in Ra Sion, the last five year* 

^^riK. b fnr An^r^rfpSplnr^pm' 15 COBC * rned preserving the Mr. Paul Burt, managing direc- 

^iiSLof i?iL® °L? nt f ,ei - r sto fs 

plan will cater for toe needs oF 


While striving for a full share of assets 

this and other business, the bank roone ^ 
also exnects lo share in financin'* 
some of the payments imbalances 
in the World economy. 

As reported on March 1. 1978, 
low domestic activity in 1977 was 
more than offset by growth else- 
where. notably overseas, and 
group pre-tax profits ro«e bv 21 
per cent, to £227 jfim. After allow- 
ing for a reduction of £20m. in the 


Cash payment 
plan from 
Sentinel 


the younger investor requiring 
both cash and protection. It repre- 
sented a modern approach to -the 
use of fife assurance in its most, 
flexible .form. 


The Sentinel Insurance Com- 
pany Iras launched a new life 


Nationwide 
helps low 
income 
buyers 

Bjr Adrienne Gleason 

There was fighting talk from 
Sir Herbert Ashworth, chairman 
of Britain's biggest bufidin 
In his annual statement. Mr. society* Nationwide, at Saturday* 

_ . , _ .. . R. Guild, the chairman of the annual general meeting. He said 

contributes 30 per cent, of total Plan, it combines two with -pro fit First Scottish ■ American Trust t “ at u,ere waa no need for 
profits) lifted irs contribution by contracts— one for 20 years, the says that within the constraints s 011 of measures that would force 
22 per cent, to £33 .om other for 25 years, designed for imposed by the need for rising building societies to lend a pro- 

The chairman says -that the the carls- payment of the declared income so that an upward trend P° rtion of tbeir money to local 

group’s customers include a very bonuses. The 20-year plan cashes In dividend can be continued, it authorities in order that the lat- 

large number of small firms and. in the bonuses after 10 years and Is not the directors present inten- ter nught help potential house 

“we recognise the cumulative the 25-year plan after 15 years, tion to repatriate funds and so re- buyers who earned less than the 

contribution which such bust- The payment after 20 years arises duce the overseas percentage. average wage, -or who wanted to 
nesses make -to the country's from the maturity of the 20-vear Members are told that the ® uy °* der property. The building 
economy. It continues -to be our contract being the sum assured American economy could be basic- “cieUea were, he raid, quite cap- 
;us tamers." plus bonuses from the IJth year ally sound provided action is ab,e °* u° m £ “® J°h themselves. 

the energy situation. Sir Herbert backed up his asser- 


pro vision against ad\-ances the aissuranw package over 25 years 
profit contribution from domestic designed to provide cash-free 
operations showed a 10 per cent, sums every five years from the 
increase, while the International 10th year onwards. 

Westminster Bank group (which Called the Early Cash Payments 


Policy 
at First 
Scottish 


policy to assist these customers.' 

he says, "and our managers and the 25-year payment comes taken over 

devote much attention to Identify- from rhe ,sym assured plus which would help to stabilise the tion with figures for Nationwide 

ing their financing needs and the bonuses from (he loth year. The dollar! Japan appears to be adapt- .showing the amount lent to first 
best ways of satisfying 'them." plan bas been designed *> that ing well to the difficulties it has time buyers — about half of ail 

On a CCA basis, the group's it -is eligible for tax relief and had to face, states Mr. Guild, and loans; the arnopnt lent on older 

adjusted pre-tax profit is shown this i< not forfeited when the the long term outlook for its property— about 30 per cent of 

as £16Sm. f£i30m.). beiWT group bonus** are encashed. economy fully justifies the per- aB loans: and the amount lent 

to those with Incomes below the 

national, average— about two- 
thirds of the total lent to first 
time buyers. The society was. he 
said, doing everything possible to 
support the Government's policy 
of restoring the inner city areas. 

Sir Herbert also revealed that, 
although the society has agreed 
to cut back on its lending for 
house purchase, in accordance 
with the Government's wishes, it 
is stepping up its advances for 
improvements and for the replace- 
ment of expensive local authority 
mortgages with cheaper buDdlng 
society money. Last month -the 
society revealed that 'it was -allb- 
eating ISm. a month for these 
purposes: but the figure is now 
to rise to Illm.V 
Nationwide’s assets increased 
by 23.1 per cent, last year, to 
more than £3Bbn.. thanks to a 
40 per cent. Increase in net . In- 
vestment receipts to 1485m; 

The amount Invested jri shares 
of the Portman Building -Society 
rose from ni7.8m. to £141^m. 
during 1977. permitting the 
society lo increase its mortgage 
lending to the highest total ever. 
At the year-end outstanding 
amounts lent on. mortgage 
amounted to £13?.4m. fas against 
198m.), while investments and 
cash had increased from £25 .4m. 
to £335m. 



is pleased to announce 
the opening of its 
MIDLANDS OFFICE 
at Wellesley House 
37 Waterloo Street 
Birmingham B2 5TJ 
Tel: 021-2361641 

Director: 

Gordon S. K. Huntly. 

Locai Director: 

Robin C, Holliday 

Natk)n«iWB s tinins*erBarikGroig}a 


FT Share 

information 

service 

The following securities have 
been added to the Share Informa- 
tion Service appearing in the 
Financial Times:— 

BritVi Empire Securities and 
General Trust (Section: - . Invest- 
ment Trusts). 

Connecticut General Life Ins. 
{Section: Overseas-New York): 

Daon Development Corp. (Sec- 
tion: Overseas-Can a dab 


; . Financial Times Monday March 20 1&Z8 

FT Survey of Consumer Confidence ;^T 



BY DAVID CHURCHILL 



CONSUMERS ARE still express- Those consomers who fell more '■ ABCl women indicated^ 


Analysis of the SOrWGP Allows.^ 
ABCL men wbre most -j 


art. sail express- inose consumers uiyic v . nMeiwrifr that 

ing caution about the future des- pessimistic about the future be- sharpest rise in past P™ P® J l0 buy large goods at* ' 

*® *» while wortang-class men felt they , * 


p i tea continuing: improvement in lie ve rising prices — 

relative’ prosperity, according to reason. Over the last month, mis were about the same, 
the latest Survey of Consumer 


lowering of the tiix rate ’in the 


As with last month London. 


reason has increased' as a -factor - The under-34s considered .them* . 

Confidence carried out for the by' 3 per cent, although it js selves better off than a year ago. t. ■- 

Financial Times. . almost at the same level as at .compared with older age groups. As wit „, n - -s . 

During March, consumers who last October. • - . Regionally. Wales and tlw. cm^uraer^ wormed 

thought conditions -would However, there appears to he lands seem to be among the best to buy large OTods at thi> Ume.^ 
improve outweighed pessimists greater conrem over the Govern-. an ^ f or past prosperity. The number of consumers*? 

by 7 per cent, the same margin memfs handling of the economy '- expecting unemployinent. to t 

as for February. in ti)e future. . Reluctant increase fell slightly this month % 

This Is still substantially down This reason for pessimism rose : > „• in ^ sU rvcy also t^,. 2 ^ 

on the January margin of 27 per by 7- per cent, last montli (up ..consumers in as t0 misttc outlook jbromploj mem 

cent, but optimistic consumers 3 per cent over sis mon Vw)..^££ A his was a ao od time to was sUl1 lb ma feature. • ^ 
have been in the majority for and among ABCl men surveyed, d for ^ house. Some 34 per cent, expected * 

eight successive months. This over a quarter mentioned *he .c™ 0 “t2 c * thought so. unemployment to rise,- with only ' 

followed a long spell of Government as a reason tor JJJ e ,. w ' ccnt pessimistic. 13 per cent, expect^ d fail. 

pessimism. pessimism. . margin was The survey was carried out by ... 

The survey is designed to find Among age groups, future coiw^ 3 per cen t. on last month the British - .lftMjet ^Research r . 

»le feel about the fidenee is more marked among and g Dcr renl> on the January Bureau. A total of . l-.ffi® adult*;. 


I ALL ADULTS. . 

• S 

/V 



OUt how p6Qpl& <> v V ■ kuv mmm ■■■-• — - ■ 0 ann w ULTI L L'lltt uu — * * ■ . ' 

future and their present financial under-34s than older groups, \\ was still higher than were interviewed tween March 

position. Movements in tne Regionally, the Midlands and quarter of 1977 •» -.nw s 

indices usually take three to Tour Wales are rather more optimistic • 
months to be reflected in buyina than the. rest o£ the country^ 
patterns. The survey reveals . that' the. 

- Over the past six months, trend 0 f families considertpg-- 
reasons given by consumers for themselves better off than a year 
optimism have fluctuated. Con- a gn is improving. This, month: 
sum era who felt North Sea Oil some 31 per cent of consumers 
a basis for improved confidence surveyed thought themselves 
have dropped by 5 per cent- since better off than a year asp, with! 
the beginning of the year, and 33 per cent feeling worse off, 
confidence in .this is now back This 2 per cent, negative' 
at the same level as for October, h ai an w of past prosperity was. . 
fy however, an improvement on; the 

Concern s per cent, negative balance last. 

The fall in the inflation rate mont b- 
has only resulted in a small in- Last November, the gap- 4a -■] 
crease in confidence over the past past prosperity was —22 per 
six months — from 15 per cent, cent — with twice as maay. 'con- 
to 18 per cent. sum era feeling worse-off than in 

The Government's present the previous year. The im pro ve- 
in an agement of the economy has znent since - then indicates that 
also risen in consumers’ estima- people are feeling more secure 
lion as a basis for confidence, than previously. . 



CONSUMER CONFIDENCE | 
wsTPMsrearr 
HOD in UK TO BBT 


5i G - mw, ‘ ! 

M Lu 1 

aniA 


6- month moving averages 


1970 1971 1972 1973 ~ 1974 1975 1976 1977 "» 


National Survey shows 0.1% dropinp rices, but. 


Real value of food spending up 




\\i :rk- 


BY RICHARD MOONEY 


t0 ,v- 


expensively, the Ministry 
Agriculture found, in its latest 
National Food Survey. . 

The survey, covering the 
October-Deceraber quarter last 
year, shows that in spite of a 0.1 
per cent fall in average prices m ore quantity, 
compared with the previous • Consumption 


SEV1CO MONEY FUNDS 
' (Saturn Investment 
Management Co. Ltd.) 


Rates of deposits 

of £1.000 

and upwards for w/e 19.3.73 

7-day Fund 

.% P-a- 

Mon. 

6.0S6 

Tues. 

6.093 

Wed. 

5fi65 

Thur. 

" 5.967 

Fri./Son. 

3-Month Fund 

5.950 

Wed. 

" 5^75 


This announcement complies with the requirements of the Council of The Stock Exchange in London 

• • ’ : x • * - - ‘ ■ - • 

'V : - J * r-r. 




HOUSEWIVES are feeding their increased slightly compared with rose by 24 per cent, over the covered by 10 per cent, 

families better. Or at least more July-September last year: to 4.14 year. Only 16 2 ozs of fresh 2.03 oas a person weekly. 

the Ministrv nf ozs • but was still much low'et fruit were consumed weekly on This is still low compared with ' 

than a year earlier, .when ajL average, against 37.03 os in, the 2.13 ozs consumed in the-" 

average 5.64 ozs was consumed- ; October-December. 1976. The’ same quarter of 1976. 

Among vegetables, potatoes Ministry blames this mainly on instant coffee's average price • 

were 65 per cent cheaper than Teduced su PPbes or apples and rema j n ^| a t £4.35 a pound, and 

in the fourth quarter of 10?8, P ears - *' purchases at 0J1 ozs a person-- 

were consumed in 21 per cent. Housewives paid an aiferase weekly compared with 0.33 ozs 

. of £1.13 a pound for tea.' 5 p%r in the July-Septe ruber quarter 

of green cent, lower than in the.-pr-evious and 0.57 ozs in the-final quarto. 

quarter, food expenditure in- vegetables. 13 per cent, cheaper, quarter, and consumption re- of 1977. 

creased by 4-9 per cent, to £5.31 
a person per week. Compared 
with’ the final quarter of 1978, 
expenditure was 13.7 per cent 
higher, though prices rose by 
only 9.5 per cent. 

The Implied yearron-year 
spending increase is attributed 
by the Ministry to “ exceotionally 
farce purchases of bepf by a very 
small proDortinn of those house- 
holds in the sample which owned 
a deep-freezer n - 

The deep-freezer families also 
had a disproportionate influence 
on the increase in real expendi- 
ture between the third and 
fourth quarters of last year. For 
households without a freezer, the 
survey shows, that the real value 
of fond purchases increased by 
only 32 per cent. 

Liquid milk consnniption re- 
mained low. The 4.52 pints con- 
fined weekly by ‘the average 
Triton ensured that the average 
for the whole year was the lowest 
recorded since rationing ended. 
rhee«se ennsnmotion fell silghllv 
to 3.81 nz a person weeklv. but 
the average for the year was 
similar to I976's. 

The most buoyant sertor of the 
dairy Industry was butter, where 
consumption increased appreci- 
ably more in the fourth quarter 
than, largelv In response to the 
KEC subsidy, in. the previous 
three months. 

Nevertheless.** the survey 
saw “Butter consumption, at 
.02 oz per person per week, was 
nearly 2 per cent lower than in 
the fourth quarter of 1976. while, 
mainly because of the suhsfdy. 
the average price was nearly S 
per cent. lower in real terms." 

Average weekly purchases of 
sugar rose to 13.34 oz a person, 
the highest level for over three 
years but still below that imme- 
diately before the shortage of 
1974. 

Weekly consumption of meat, 
including supplies taken out of 
domestic deep freeze, averaged 
15.96 ozs a person in the last 
quarter of last year compared 
with 15.86 .ozs in the previous 
quarter and 15.03 ozs in the 
corresponding period of 1976. 


-TiCENT ISSUE 


U.S; $125,000,000 8 V 4 per cent. Notes 1983 

Issue i Price 100 per cent. 

The folk* wing have agreed 10 procure subscribers for the Nolen: 

Hambros Bank Limited 

Credit Suisse White Weld Limited Deutsche Bank Aktiengesellschaft 

Societe Generale Swiss Bank Corporation (Overseas) Limited 

Union Bank of Switzerland Westdeutsche Landesbank Girozentrale 
(Securities) Limited 

Bergen Bank Christiania Bank og Kreditkasse Dta norske Creditbank 

w Sd'fnSlSSnglSlSriK 1 978? from^c'ffolMm“iS I ai?£Sic , r— 0,WainBd 


Rowe ft Pitman, Horst-Brown 
City -Gate House. 39/45 Finsbury Square. 
London EC2A 1JA 
and The Stock Exchange 


Strauss, TmuboU ft Co~ 
3 Moorgate Place, 
Loudon EC2R6HR 
and The Stock Exchange 



EQUI 


FIXED I NT LI 


V: 




cl-':’: 



I 





The two independentpublic relations companies 
within the Lopex Group, have converged on 
Hulton House,in the heart Of Fleet Street . 

From City Road,EGl., CIPS (City <Sr’ Industrial 
Publicity^ Sendees) eameWest while Forman 
House moved East £rom.the Charing Cross Road. 

Together, CIPS and Forman House can now offer 
the foil range of public relations senices irom 
one building. 


CfP.S a nd Forman Hina# provide a . . 
cumprch«?ruErt’ ^l^I^ulLIJi^s^^pia , incLuding 
Corporate programmes 
Employee commnnications 
Industrial public netatioiis 
Property nrarketingsemccs 
Political and public affairs 
[UK, EEC and Yttishington) 
Salcsforce support 
Shareholder and investor relations 
Trade and consumer marketing 
TVand radio training 
Ovcn-ea* our public relations operations 
indudeaffiluucsinEnis.selsandAin-.ierdam. 
an d assuua iccompanicsibFrance,C er mams 
Italy. Scandinavia, the USA?and Mpan, 


dty&industrial 

PUBUOTY SER\7CES LTD 

fbnnan House 

PUBLIC RELATIONS LTD 


M 


HULTON HOUSE 
161-166 FLEET STREET 
LONDON EC4A2DP 
TELEPHONE: 01-353 77S1 
TELEX; 881299 
















**• C- ■ /* .— r J" 


* 



Financial Times . Monday March, 20 1078 

’ending dividends 
etable 

he dales when some or the more Important company dividend 
nems may be expected in the nest few weeks are given in the 
■mg table. Bales shown are those of la« year's announcements, 
^ . the forthcoming- Board meetings (indicated thus*) lave 
officially published, ft should be emphasised that the dividends 
n^ESsarily be at the amounts or ftues per 


33 


notary 
ineflmonts. 


in the column beaded 
profit figures usually 


Announcement 
accompany final 


st year, 
dividend 


Dies 

Mrtal . Mar. »' 

-American 
:orpn. S*. Apr. M 

Mar. 30 

irons 

Equip- ..Mar. 31 
pmum .. ...Alar. 3 
tek and 

WOro* ..Apr. 13 
or. 

In-land May a 

toll ... — Apr. 2fl 

- ..... Mar. 3 

wood 

lloitec ..Apr. 17. 
■r 

\K-ConncU Alar. 20 
n* iC.T.t...Uar. 3 

trr Apr. 8 

Apt. 5 

h Homr 

, Stores .May 1 
EN«le..Alay 5 
x Watson.. Apr. ;s 

lot -Apr. 35 

JIT - 

ichwt'ppcB . Mar. 31 

Inds _Anr. 4 

. Ditpotmt ..Apr. 30 
■ fined Eng. 

srows ...Alar. 31 

• Leisure ...'Mar. 31 

■s Apr. SO 

... - Apr. M 

Moral Apr. 30 

■P . . -Apr. 31 

• Star Inf. Apr. 30 
rr Stores. 7.. Apr. IS 

B Apr. 37 

■0 Mlnvp Apr. 27 
Bans (land. 

S.WJ»..JMar. S8 
irrt and 

. Discount... A or. OS 
■ ..Apr. 13 

Duflus.. Apr. 59 

r«i Apr. 13 

dint) Royal 
' Kt change ..Apr. IS 
■onh 

Ceramic- -Mar. 20 
e of 

Fraser . Mar. 30 
■'Njoke ......J4ar.» 

i <J.i Aor. 35 

rte May 3 

Land Jdar. 20 

Inds. Apr. 28 

and Goal. 

Asset-. Mar. 39 


Announce- 
ment last 
year 

Final 9.177 

inis, dur 
F inal 6.0381 

Int. 0.723. 
Final 5.7744 

Final 1.0558 

Firulllp 
Final 5 .ami 
1BL 0.6973 

Final 2.15 

Final doe 
Final J .82583 
Final 5 j 
F inal 42* 

Final S.l - 
Final 04317 
Final l J 
Final urs 

Final 246675 
Final 4.787 
Final 3-3 

Final 14270 
Final 3 
Final 4.06439 
Final 345 
Final 2.87S 
Final 2.6 
Final 2.73S 
Final 14 
Final 4.T 
Final 5 4071 

Final 3.1211 

Final 4418 
Final 145135 
Final 3.12 
Final .4475 

Final 54513 

Final 1-1284 

Final 2.735*3 
Final 4 forecast 
Final 2.01X75 
Final 343931 
Final 1417 
Final 346 

Final 340 ' 


• . ’ - Ant»imc«- 
Date inert last 
war 

•Llwwwl 

Dally Post. -Mar. S3 Final 4489 
Undue Bricfc —Mar. at Final 1,7376 
“Unc and Bomr...Mar. 20 

•i.uwb Inds. Alar. 30 

Marts and 

Spencer... Apr. 28 
Met toy ....,-,:...apt. 28 
Mlnrl Bids*. -.Apr. 28 
'Morgan 

Crucible— .Apr. 6 

Mat be rear? .May 1 

Natl, and Camd. 

Bank.. .May 5 
P t O . ....... JJay 4 

■Pearl Awe. ...Mar. 28 
Pearson 

Loncman..Apr. 28 
Pearwi -S.I ..Apr. SO 
■Prudential 

usce-.-Mar. S» 
rye i Hides. i ..Mar. 25 
■Recfcltt and 

Caiman... Mar. SO 

•Roefcware ....Mar. 32 

Hove® Apr. S9 

■Ruby Portland 

Cement.. Apr. 17 
Sainahury fJ. '..May 4 

-Schroder* Mar. 22 

-Scottish Met. 

Prop... Apr. 4 lot. 44 

Sears Apr. 38 

■senior Eficng. ...Apr. Jl 
-Simon Era's, ..Apr. 25 
•Slounti EsisteS-.-Mar. 29 
Smurfirt ij.> ...May 2 

Sorters Apr. 27 

•Stone Ptati Mar. 29 

Tarmae .......Apr. W 

•Tele. Rentals ..Apr. 28 
Tozpr Kentsler-Apr. 26 
Tin me fThos-i ..Mar. 52 

Trieemroi Apr. 19 

• Triplerest Mar. 31 

Tube bnr. Mar. 22 

Vickers .Apr. 28 '.Final 54886: 

-Weir Group Mar. 21 Final 3.19 

■WffllR Faber ..Mar. 28 Final * 

WTInHK- 

Breeden. ..-Apr. 1$ .Final 
■wunpey iG.) ..Apr. 27 Filial 
.Yoasbai 

Carpet — Mar. 23 . Final 4.9 

•Board meetings intimated. -fSisha 
isaue since made, t Tax free. F Scrip 
Issue since made from ruservetr 


Final 8.5 
IHL s.m " 

Final 2,48.-. 
Final 0JH~ 
Final IMS 

Sec.-Utt. j.974 
Filial 3.414 - 

Int. 145 
Final S.3374S 
Final 7 MISS 

See. int, Irae 
Sec, int.-.4UMSS 

FIMJ4.733 . 
Final u; 

Final 54SSS 

Final s .vnr 
Ftnail®.-- 

Flnal 1.B ' ’ 
Final 347 
Final 74435- 


Final 2ja. 

Fin. 4.5838 lest, 
Final *4923. 
FlnAl T478. 
Final on 25 
Final 1.WK3 

FiSa ur 

Final 543a . 
Final 345 
Final 1.7658 
Final: 1-51* 
Final U973 
Fhnl LHl . 
Pinal 9.80) 



ublic Works Loan Board rates 


Effective fjjpin Marcb 18 


Qom taara repaM 


IknKMta lena A-tiHM 


Yura 

by EiPt 

bjr ERJ 

maturity 

tafEIPt 

by ERt 

maturity 

0 5 

9 

01 

9? 

10* 

10* 

-m 

5. up to ID 

91 

10* 

m 

11 

m 

HI 

TO. up to 15' 

101 

ni 

hi 

Hf 

ni- 

Hf 

15, up to 25 

III 

ni 

Hi 

111 

Hi 

HI 

-25 

HI 

i»S 

12 

Hi 

HI 

-12* 


- Non-quota loans B art*' I per cent higher in each case thob non : 
i loans A. t Equal instalments of principal t Equal repayments. 


DECENT ISSUES 


EQUITIES 


KR NATIONAL COMPANY NEWS 


Gulf Oil sees further 
problems in chemicals 


MINING NOTEBOOK 


Western Mining, to buy 
or not to buy 


PITTSBURGH, March IB. 


BY LODESTAR 


GULF OIL corporation said that of expectations as a number of The retjuctipn ■ in cash and 
Us chemicals business, which was significant 'operating achieve- marketable securities repre- READERS’ inquiries continue to side ef the business is restored te permission. So Western Aastra* 

sluggish in 1977, will continue to meats were not matched by -earn* seated the first decline in these *‘ ow ^ Tm* 'the current list is fuD health. So |t might be best Uaa . Mines Minister Andrew 

be a problem this year. ' mgs gains. items since 1970 and the first Western Mining the shares of to accumulate a holding by Mensaros cancelled the prospect- 

r.,>r /I T.- U u . . The mmiunv alsn said that tim® that cash and marfcptahlo which seem to be regarded as degrees rather than buy the full Ing rights of De Beers’ Stockdale 

nnanri ^ s w 5 5 m 6 chemical , - rf-K* ~e gi at aomrt rifK were less than inns- hKrigiring on the theory that the amount required now. And if you Exploration in the state's remote 

operating profits fell to S75m. flrtt of Sl^Wn. at «roe less Uian long- woc ^ l m J y nOW ^ ve ^ ^ flre a,,, optimistic about a nickel and desolate Kimberley region. 

last year from Sl82m. in 197B as ^ .. ^ 1 ® ud ' of the dump in nickel. a theory revival why not go for the shares ’RUs is where the RTZ group's 

a result of global overcapacity in from December 31., 1876- Significant progress was made that is leading to a search for or Inco itself whieh could also Conzinc RiotJno of Australia has 

the petrochemical industry. This marked I. the first year debt last year at_ the Mount Taylor long-term recovery stocks In tins be hauled up by any general high .hopes of finding diamonds, 
TLo “US increased since 1871, it said. Mine, in New- Mexico, where sector. revival in the Wall Street market, in commercial quantities as out- 

in ihn GuIf attributed the increase Gulf is developing a uranium it seems to have been touched lined here on March 8. But they 

norr in 1x1 loas-tcnn debt to increased deposit estimated to contain off by the recent modest raising Susntinded 3X6 311 tf ghl - They have the Oom- 

S ^* borrowings by -its Canadian more 100m. pounds of ore. of te nickel prices by France’s ^ s PP aaca hulgum’s backing. TTus aboriginal 

ni>»fwi« j 0U i- ^ subsidiary, whose long-term debt Full production is not expected Le Nickel. Moreover. It is now It Is not often that the long- tribe apparently takes the view 

010 decline in chemical increased S140m„ and by the- until the early 1980s, said the reported from Perth that Western running “whatever happened to" that they prefer to deal wuh Just 

earnings, are- expected to con- fncJngiQQ of • SSUn of long-term report. Mining may be following suit In series gets round to a South one mining company not several 

debt incurred by Kewanee Indus- It said that the Mount Taylor customer quotes for the second African company but some cries competing [one*. 

Im Cs difficult^ Unwr. quarter of the year. for help have come from share- _ The Westevp Australian Gov- 


tipue into 1978.” 

Gulf Oil’s earnings declined tries before its' acquisition. project pwes difficult engineer- 
7.S per cent last year to 5752m.. The eompany said that its cash lag problems, and it will be the 
er I? ® 6 per fihar ®» from *8J.Bm. and marketable securities de- “ most costly single project in 
or S4.19 per share in 1976. creased in 1977 by S825m. to the company’s 76-year history.” 

It said the past year fell short $LJfibn. . . Reuter 


Inland Steel 
hopes for 
profit upturn 

CH1GAGO, March 19. 
INLAND STEEL expects 1978 
results to “substantially surpass" 
those of 1977 if Uie cOal strike 
ends " reasonably soon " said the 
ebairman, Mr. Frederick G. 
Jaicks, in the company’s annual 
report. The report reaffirmed 
that Inland is experiencing 
strong demand for stadl . miU 
products. 

For 1978, Inland reported 
earnings of $S7.8m. or $123 a 
shave on sales of 52.7b n. 

Capital expenditures in 1978 
wGI total about 8290m^ up from 
8282m. ip 1977. 

Outlay in 1977 was bdlow the 
S350m. originally planned, due to 
delays in its $800m. expansion 
programme, the company said. 
Agencies 


Banque Rothschild slips 


PARIS. March 19 

Frs.26.35m Obe bank's cash-flow] 
followed the same pattern, fall-] 
ing to FrsL2B^7m. from "Frs. 
45.45m. 

The Rothschild family’s! 


BY DAVID WHITE . 

BANQUE ROTHSCHILD, the 
deposit bank controlled am} run 
by the French branch of the 
Rothschild family,- suffered a 
sharp setback last year with its 
net earnings almost 60 per cent, presence on the - Board was re- 
down at Frs.8J>3m. (about in forced with the appointment of 
51.7m.). • M. David' de Rothschild as 

However, the bank, which Director General, replacing M. 
registered a net' profit of Francois Caries. 

Frs.20.93m. the ' :year _ before. ■ 

announced that it would keep its 
net dividend unchanged 
Frs.16. 

The dividend payment was R. J. REYNOLDS INDUSTRIES 
made possible bv the carry-over said the company 1 and its presi- 


at R.J. Reynolds suit 


.Whether such increases win holders in the old Johannesburg eniment is having second 
stick depends on the attitude of Consolidated group sold mine thoughts about the affair by 
that arbiter of the nickel Indus- Government Areas. Understand- framing new legislation. So the 
try Canada’s Inco. And that eon- ably, because dealings in the members of the Aboriginal Lands 
cem bas been piayAng rts cards shares were suspended in Septem- Trust are threatening to resign, 
very close to ite cheat since the her, 1974, and still are. This was JTie 

cut-thrtte; 1977 prtee war. after they had run up to a30 cents cwbes which raining companies. 

In its recent half-year report in Johannesburg during the 3974 
Western- Mining went no further gold boom. Price at suspension i? „ Th ® 

than saying that the outlook for was 255 cents. iSS!i 

nickel remained “ subdued " - At that time Government Areas' 8b 1 ? risu, ?* } ri Chts. In fwt. 3"y°ne 

although it was added that prices control has passed from * h ® e r il e r 

had stabilised in recent months. ” Johnnies " to Mr, Desmond 

At least the company has re- Fisher who was waxing optimistic l£! n ®® ,f l , 

mained in the black on its nickel about the mine’s re-opening. Jim ” f , I?„ y t 

operations. In marked contrast Slater's Lubok was interested iq u™° 1 " 5 , w ®^u 

with Canada’s Faleonbrldse and taking a 20 per cent, stake. But 

others. There Is also the offsetting Government Areas ran out of fi™*** 1 . °S “i*® 

Tactor of increasing revenue money and at the end of 1974 a ' £ - „ ^ 

from Its gold and aluminium fudiciai manager was appointed. p c 0 ^_ b * ? alj 
Interests. Control was ' subsequently ?„) ir K l 2Li?5i what 1 ever,lU * 

Medium-term earnings prospects acquired by a local entrepreneur a ^ cramea. 
must nevertheless be deemed tin- Dr. Charles Ferreira who seemed r° ‘*‘ p ’ .Chester Beaity w tn 
exciting with 1977-78 profits more interested In salvaging the a weU-eamed pasPinu 
likely to be little more than fi company’s property holdings than ot,e „ r . the Selection Trust reins 
cents a share. So there will he in the mine. 10 ^ Ir - J°bn Du Cane. But don t 

a cut In the 5 cents dividend as jt is occasionally suggested rtish ta an d buy the shares 
has already been indicated by a sarcasticfiJIy in Johannesburg that because of any <heory that Ws 
halving of the interim to 14 cents. Die shares will be re-listed in departure wM dear the way for 


Looking further ahead there vs time for the next gold boom. The Charter Con^oHdated to mafce^n 

of FrsJ .76m. from the previous dent, Mr. j/ Paul Sticht. have Yeelirrie uranium prospect in company was last heard of when outright Wd for the company. This 
rear's profit to make u£ the gap brought a-auitin a Federal Court which Germany’s UranResellBChafi j t so ld some of its slimes dates to ii 3 “ nl ^ y f Ter ‘ 

between 1977 eqrniags and the of North Carolina, seeking relief « s ® el ;! > ng ? stake .and the Mg Anglo American's Ergo operation them when under 4Wp (pre- 
amount needed to. keep up the from a 'Securities and Exchange Kin far CMh i Ikfr - »■* meBns 

Iawa] of rif^rthufinn ^ South AustniHB to be tskffn in lo heard of ds a loc al franchise out not for tills reason. 

‘ Comxnl^op (SEC) investigation BeC ount plus the chances of the holder for Kentucky Fried Mr - Beatty’s Intere* in cancer 

Clpera ting pTofitiast year, after and subpoena relating to Us Sea- joint venture oil and gas search chicken. But. as our Johannes- research and farming is well 

write-offs and proyjnons, drop- Land Serrtcesubsi diary, reports w fth Esso producing somo share burg correspondent rays, it .is a kwwn. Less well known is his 

ped to Frs.l2.l8m. - from Reqler from Winston-Salem. market stimulating results. Last moot point whether Government fc>r mimicry. When he is in 


MONEY MARKET 


Technical problei 


; week's news of hydrocarbon show- Areas’ shares will ever be finger- 
ings In the first offshore wildcat n C kin’ good again, 
did wefiL .In fact, bring In a few 

buyers of Western Mining, push- T): ainrm J Imhrnolin 
Ing the rimes up 8p to I02p. UlHmona JmDrOgHO 
All in all, I would not like to . Ever heard of the OoombulgurTl? 
deter would-be purchasers al- De Beers has. It landed a hell- 
together but it could sdll be a copter crew' seeking oil samples 
long haul before the vital nickel on their tribal lands without their 


full spate at a lunch journalistic 
guests tend to be laughing so 
much that >t is only &Tlerwards 
that they remember the very 
pertinent (or impertinent?) ques- 
tions that they haven’t asked. Mr. 
Beatty's fareweH annual meeting 
is- on June' '8.- He could pixy to a 
packed house! - " 


Since the beginning of the year l INCUR A NCE 
weekly Issues of Treasury bills! M 

Lord Pearson supplies mass 
of detail on injury claims 


BY OUR INSURANCE CORRESPONDENT 


1977* 


■» , High i Lev 


Sloe* 


i c - i « plp*=r» 


Nil 




FIXED INTEREST STOCKS 


i srn* 


« \s W"- * ’ v - 1 '- 


Hub ■ Luo 


Block 


1| 


■Agrtf. MorCYar. 1955...-.'. 

" IMW-Wi ' 


100 i 100 w 

litu I lii Aumn>*t*l Sf<-tu EX Cn v. Cum. Frol :t37 

t06j! 100p HoilrpiirfYwkrfi Ire lO^Cum. Pnrf._ > IB2|oaJ 


IQBj i 99svC«uwr»y Lt% Cum. Fret .-16S4ol 

101 MUjOrempfan Kfjf. 10} 1B6& 1001, 

103p: lOlirQreatall Whitley 8$ Prf. i lOlp 


lOIpl—1 
.11041*1 + 4 

lliMj { 


20 Jl 
24,2 
;41.« 

F.r. . 4/a 

F.r. i ~ 

Y.V. 24 ‘SI 106 4b] 100ig|K»B«ln«twi a Cbefcm Il]g8&e7 

F.r. — I luuiJl lUO V*rW)loW82« 

£10:28,7; 1SI*i . IS lind-tfuMM WBiw7*ged. Prf. U85 :... 12 | -. 

F.r. ,2di4 ! iw j IW) n\«rM0 lS.1 104% Pty. Cav. lo. lflB3eB...tl04 ... 

r.H. • — | S97 1 9% (Uhell liu). Fla. XX. 8Jg Otar. Vote* 1990-1 JJH6V ... 

F.r.: •• 101 pi 97 sTaibex llijg Cn v. fne. La. 1885 .....I 10 Ip + 1 

F.r,. - ! HUj 98*4 jTkmeoklo V triable ISfiS. llOOls: ... 

l- 50 28 4 1 &I1, 47l £ | Do. lOHHedW-5 ...... ! 5U«| ... 

F.r. - ■ lliipl XlSp^r. BromWch Spring ll^ft Pn ill7*p-. — 

F F. 24r2 ; li'-i ! I0i]* Whheiiow (G .> lli Com. PreJ 1 109p; — 

J25 - . zw*' au York Woto- w% Deb. loss i 864 


“RIGHTS” OFFERS 


si! 


UtlL’hl 

Kenunc. 

Dow 


vstrw 


Hurh ! l*>* 


Stock 


ICumiuj- 
: Prioa " 
i Vi 


;+.« 


90 J-i 


F.r. I 13:3 4.<| 90 7B * .Bwamont PmperTiM. — J 

ml | 301- 11:4; upni 4l;pm'C. R. IwtiHlnal* — .1 4l;ptn, 

F.r. • a:3’"41rS W »4 jCm<rttaic -v — 1 j 

•F.r. I 2o-Z. SUiJ, rt . US [lIurfartiruiiifK* - J 28 . .... 

F.l*. I 21 2 Al/S, 3b5 ■ SSO frlfUinH Bant ; ; 352 — 1 

F.r. | 17-3 7.-4, n ; 70 .Ullhuiy 1 70 i 

ml 29'3' 10'S Iripra H(>oi 'WitimMalw i 16pm' 


iiincuHon date urailr lam d » (or dr a I inn free of stamp dm. 
m prospi-cius estimate, a Assumed dividend and Field- u Forecast dftHKWl: 

on metinn year's earnings. vDWMntd and rield hand otiprospecna 
r official i-Mimates lor 1978. o Cross, t Figures nssmncd. ■ Cover auows 
version of shares not now ranking far dividend or ranking only for restricted 
Is s Placing price lo public, vz Peon unWta oUnnvue Indicated- 6 lssud 
Icr. :j Dflcrcd to holders of Ordinary share* as a “right*.- •*KighO 
• ni cajntnllsavion. t+MIntaiMm tender twice. H SeWtredwad. flttssned 
.■iiion with reorKanlsanon merger or take-over, W? itnvotfoctton. □ i ssued 
n-r Preference holders. ■ Allotment letters tor Rdfr-pald). # Provtoonal 
li -piid allotment loners, it With trarracu. 


BASE LENDING RATES 

-B-N- - Bank - Samuel 5 






Hied trah Banks Ltd. 61% 
m erica n Express Bk. 

;mro B»nk 6i°o 

P Bank Ltd. 

rnry Ansbacber 6}% 

anco de Bilbao 6*^> 

ank of Credit & Cmce- 

ank of Cyprus 6**5> 

ank of N.S.W 6J®& 

anqiie Beige Ltd. - 61% 

undue du Rhone t %■ Samuel Montagu....;*... 

fapewt 'Bank Morgan Greufeli. 

jRriWtV Gtvrtst«Ltd..;v &{% National -Westhdusti£r 
rswiar* foldings Ltd, 7f% 
rii'BMfc of MML Easrt 61^ 
qr.Snpte3hM'-«.«. = .,01*!* 

da BenaaneiAt 
tql'U <tCTin,iHfc : 9 
. 7 

dir Ufildiagii v.. ...... S % 

Krtwhowe - Japbet-- 8 
ihbulBTtBmi 8i% 

Coates 

i dgied Credits... ..Bl 

operative Barik'l'.-i-f.WS 


afWao Securities."..'; united Bank of Kuwait 
? !SiI Lyonnais *-.•"••• ®|^ W7iiTeaw*y LaWlaw — 
eCj-prus Popular Bk. . fiij ; wUlUms & Glytfs, . 
-lUBcaa.lAwrie. . Yorkstitre-Bank BH5’ 

' iVTrast , - -.jljr-. , ■ . ■ ■; 

ildir^raffswm L.1~V. *. S, Op MnUbcte ' vT the Awtotm# Hnu*rt; 


C. Hoare & Co. .;t 8*? 
Julian S. Hodge : 7^% 

HongkOBS * Shanghai Bi% 
Industrial Bk. of. Scot. 64 *5 

Keyser Ullmaan 6*^* 

Knowsley & Co- Ltd — 9 % 

Lloyds Rank 61% 

London & European ... S % 

London Mercantile BJ5 

Midland Bank .,.-... 64% 

64% 
6**% 
64% 
6J^ 

64% 
BA^ 
SI* 

9i% 

n 

64% " 
74«; 
64°n 
7% 


Norwich Generai Trust 
P, S, frcfcoh & Co. ... 
Rossminster Acccpt’cs 
Royal Bfc.^nada Trust 
ScHesinaer. Limited ...- 

E, S. Schwab;. 

Security Trust Co. Ltd. 
Shenley '^Tist , 

Standard Chartered 
Trade Dev. Bank ■—■ - 
Trustee Savings; Bank 
- Twentieth Century Bk-. 


84 %• MHi r.„ VBwath 

o m *|«3,. ‘ - 

*.2t J-dJUf tewxft* im tunis oriH^W 
OIto am] ' under 3 1 .- us u> 15JJW0 

64^ gnd over CO^oo WJ- • - 

■ n__i, t cafl.iWhOMii «rer n,®* *>• .. • 

indlays Bank — "’S'*, ivmwi ihywins 4>‘ • 

minros Mahon v o*2»« B*re. «iw umlnw » su»i«w Tnd.. 

JUMO&. Ba'nlr. ‘ .. ■ • .. -- . - - ; • ; 


Jritf Ltindnn Secs.'. 
iKL'-smt. Fin. Corpn.. 
jistTCat. Sits. Ltd- — ■ 
ninny Cibbs ........... 

iroy hound Guaranty... 


BY COLIN M1LLHAH- 

Management of the day-to-day to maintain as high a monetary 

running of the London money base as possible- ■ • _ __ 

market has praved rather difficult Last Wednesday the -banks again have teadidto be lower ' than "the" 
for the Bank of England recently, preferred to lend money to the amount maturing, but demand 
The money market, which - is discount houses, since this counts from the houses has increased 
never easy for an outsider to as a Reserve Asset end does not 

understand, has become so beset reduce eligible liabilities. . „ j are 

with iprhniKir nmhiMnt thnr it <«., . ^ » . approaching the end of the finan- 

wim tecrrmcai prowemstnat it This was good news for the dal year, - and ' by holdin* bills 

alnmst defies any understanding houses, but the underlying factors which Wflf not mature until the 

Vi , j . , ' . ui the market were not so 'good, next financial year thev can defer 

Sales of gilt-edged stock by the and when air overall shortage of the payment of tax. 

Government Broker have had an money • became ■ ev id ent some . . ■ . 

adverse influence on the avail- . houses were either reluctantly A ° 0I1, * r **ctor is that the yield _ . 

ability of funds on some days, forced* to sell Treasury bills to the on Ireasuiybuls has fallen at the . .. .. _ . , . 

but the underlying situation has authorities or Hsetalanre their ,ast W weekly tenders, and AFTER FIVE anxious years the the Pearson Commission should 86 per cent of ^11 claims are 

not been tooiSfficutt, and in boefts by borrewtet at very high hou “s- *** understandably unwill- British insurance industry has be thanked for setting down Ibis settled without recourse to legal 

different circumstances the rates, perhaps up to 35 per cent L ng 10 l£! duce their running Profits stopped waiting for Pearpon- wealth of detail- proceedings, 

market would «dck along quite in the Interbank market ’ by parting with oWep higher yield- Lord Pearson appeared at the In the abort time since .publi- Many of these are settled 

happily. , T j,_" I,.,'; fn - Royal Commission’s offices in cation T have been dipping into before or during trial and just 

Conditions have become dls- rreasuA Mis l^fbTjt^ESiv of * Ban ^ °1 ‘"Ip F-^tatriMjiev- thdf-statistic^ajid coS|ings;aBd moM^Oyer 2,000 actions.a ye«r 

toned by two main factors. First reason? 7 Discount hoiuwsrSuire !h» SSSS^in ~ W report on .particularly tbosgcSpters which Jndgnient’ Of, th^e, less 

rha banks ar« «H*i wnti-inrf ahnnt * _ , money to the market in case this prnnhpnoflrirYn -.I ..fair PersotS - deal with the inOdenee and cost 10 percept are sut\Jectj 

■of personal .Injury claims under Its superior courts. ~ 
our present liability com pens a- two or three appeals to 
tion systems. House of Lords a year. 

The commission quickly fonnd Settlements of less than £500 
that thefe were no reliable are made for 59 per cent, of all 
statistics produced on a national claims A further 19 per cent, 
basis and that estimates had to are settled between £500 and 
be made using a variety of data, £1XP00. Only 3 per cent of all 
to calculate the number of per- claims cost more than £5,000 


the banks are stttl worried about bffior dM-t^ *** Compensatiq* V vfor" 

possible reimpos4^oof - corset" SSliSJ the* mSbe? tediSia- Sse^tefS^ relMWhteh 5 Jait . 

E U ?nSft th f OftIiel I ti0n tas been failing, partly, obviously not fteSre «t pSSUt I”S B SS n s thr ^ 
deposits, in the light of recent because the authorities have an it Is all rather com dS 01 standard SO size and printing, 
money supply figures, and alternative source of revenue from causing various problems as fv CD,er ^°S about LlOO pages and 
e _ not enough company' taxation in the early part the authorities* market mun»eZ. 



wrendJy there are not enough company^ ^ taxation in the early part as theSulhori ties* market manafifr-i C0 ? Un S although three 

^easmy bffis in circulation at of the year, and also because the ment Is concerned. The overall 1 volumes can be bought 

th® moment for the requirements Bank of England has bought a. effect of these factors on the 

ol the discount houses. large amount of bills recently to growth of the money supply is 

m They may be wrong, but if the relieve market shortages of money, probably very limited however, 

** ** PO^^oduced banks The authorities have helped as and market sentiment has been 

espen tn* reguiattoms to be based much as possible, by ‘buying bills largely unaffected. Minimum] publicity in the short time since 


separately. 

The principal features of the 
commission's recommendations 



0*aroight... 
i (uyi node*.. 

7 day or 
7 d*y« notice.. 

One month. 

Tvo nymlta... 

Throe monthn. 

ilx moftth*...- 
■Vine month*- 
Ooayaw.. 
rvoyeoro.. — 


M-6J4 

7tV^T8 


Intertbaak 1 Anihority j n«cotl«Wei 
I riapoaUa j tonrfr i 


8 64* 


fliB-OS* 

®A-0*8 

6l|6J« 

6?b.7Ib 

7A7! 8 

’V7» 


6i 8 -ei« 

6^-6 Sa 

. 61* 
BTg-7 

8Tg-9 


6H-6s« 

66ftr6S* 
64.-088 
7 >b 65, 
71**7 1* 



I Direouot 
CompAny ! market 
DepofUn rimwtt 


BUelble ] 

Uuik rtneTiBm 
Bfllr^O ! UHk# 



ha e been given ^ s °&*b]e songl ciaims made in any each, but these involve 34 per 

one year. cent, of all payments. 

The report records the time 
taken -. by insurers to settle 
cteinis,' with 48.9 per cent of all 
claims being settled within the 
yea^;ef Abe date of Injury and 
anpthtfr-alH per cent, within the 
next' 12 months. But at the top 
epd 0.9 per cent— those cases of 
serious- injury or where serious 
dispute is made on liability — are 
still not settled after five years 
have passed. 

In the U.K. there are three 
maifi legal juristietions and the 
commission bas analysed court 


£ocal inUiotitle* and finance houses seven den* MOW. rtberx seven dm fixed- Loa*4enn loeai amhorttv naartnss me 
nojnlaalljr. three ran >l-l# per cent.: four years 155-161 n 
burin*' rafes rur prunS paper. Buying rate* far four-knomh 

AtmraxfuuiB seUtnE rate* lor one-motuh Tre*tajr> sals H-S>'h per cem.; nnHaonth per cent; IM tfiree-mnifh I bv 00 the spot inquiries by its 

St per cent Apprnxlnute seSlra rate Ur onb-mautb tarts MB* Blje-rt per eert.: two-month M per cat: and Otree-ntnnth 1 members. 

VmtM mt fat One-fDomh trade tnUs U per eat.; twtupnmti bj oar cent: and also ttvee^oomh M-al p*r otnt 

Ptamce Hum Vale Rates ipnbtlctiBd by the Ffnipce Home* Association) 7 per cem. frtan March t U7I. Clearing Bata 
Depart* Rams (Cor small stuns 8t seven days* nadee) 3 per ctat Oearia* Vartc Owe Rates for I end In* 84 aer cent Treasure 
Bllla: Avenuw tender rates at dlBcouM fijaHfi per eaq., 

GOjLD MARKET 

jssrvr — 

FOREIGN EXCHANGES otrkr markets 


, . J . . changed mneh since then. 

for anyone to expect instan- . 

laneons reasoned comment from Pmmu . j ~ ‘f > £ * 

affected parties such as insurers, ra y» Deni - ' ,,Y ’ ‘ 
lawyers and so on, on a report The commission estimates that 
which has taken so many eminent 2-10.000 personal injury claims 
men so long to produce, are 'made each year, incTudlne 

The essential task is first to 117.000 elates in respect of 
read Pearson, so to speak, in the working accidents and disease, 
round, and then to examine par- and 102,000 after motor, 
ticular details— and until then to accidents. 

hold one’s peace. - Of these the 215.000 are com- .™. IJlUKUUU UflB BUrtIJBCU tuuI 

The first of the three volumes pen sated by paymOTl-ofdamape^^ry^wtirda made in 1974 
contains the commission s reconi- 92.000 are working accidents, TWg show the average Scottish 

mendatieM The other two deal 98.000 are motor accidents. In SSd w« EL HO fife St 

2?^ SrSKfilifSfSB ^ A 


r nmw. ™trj WHB aim «»». UW«nD IPO! ■MOW nramw niri th _ ^ tUVIUl* ill .nu^.a.iu auu n*res, 

i54-i w p*t ««.: aw veof* \M-iw w «»w. 9 u® rate* « t*n]e «re I ^ commission, amassed the amount of liabuity compensa- £i rjo and the average Northern 

wr-toma* uak WQs 8S» per cbbtj touMnoaUi rrad* WHs 61 par cam. | m written and oral evidence and tion paid is ab6ut £200m, a year. i^Tv, 9unn1 rvo-vi 

Insurers deal with 9 per cent. and lawyers 

of the claims on behalf of policy- lawyers 

Volume 2 deals with statistics holders. The other 10 per cent, 
and costings. Volume 3 with Tall on uninsured individuals or 
overseas systems of compensa- organisations choosing to carry 
tinn. If they are thanked for their own risks. Only 1 per cent, 
nothing else, the members of of injury claims go to court and 


Wit. 17 


jftata 


D»y’« 

Spread 


Ckna 


A umaBaJl.888D-t.6S47.' Austria (-Into 
Brwil. — t 8U6J2. IS Begins 6MI4 OmmIST — 
FlulMd.... 7.SS-7.B6 : SA4C 


S185lt-]U4 


IS 180- IBS** 

SIwb1b« n*'*!S 184 AO 
■(£86.124] 


Ninr Yirt .i El, I] J08B-1 J215'I-987B-1.S«85 S re **t- ’I* 

Mom real.. „ ' 

\autentam 
BrvMb. 

CnpentanoB 
Fraakhirt^.i 

MeiX* IS ! 77.0D-n.S0 1 77 .05-77 ,5b 

Uidrid- 
Milap 

Orta. — — a=5Erj» 

Cta wiita ; *»jWh0d.|.aM.7fi _ ... .(£31-82. 

480-443 C*1 — ‘Uj? ,.J l.S0«-J3 

HJ0-S8.1B . H.H II.S8 iTogoUuria ES-ETj, Uo~i unnk... 


unwn rg wi^mihb utwct . M-n 

Matavrta.:.: ;ItOljr JUW-IOB dnmf>no»N\ 

... 11- Zealand I.8&24-1.B/M Jafflm. 448.4ES KropWrwrt. *1M»«-If01« 

Udrid"J!!_"| 8 ilsijW-lsi.10 I52JIB-I52.lB taodl Arajv S.Bfl^.S8 [•VelWl.o-l- 410-420 

Lilap W U®-1^4; I.S88-1.SW Norway IOJO-JO -Wswm (»“»?*. 

Hid. It i ia.I5-I0.ia 10.14-IM5 hj Afrlro....|.M8fl-Lera7 1 PttrtJlBBk_. 7?.at 


Part* . 01* 

rfux>kholni„| ■ . . 

Tbyjto. ; Jig 

Vlaona j -fiiy 

Znrieh...... J 1 



i>0^5.8S4 ri-EU-tm ■ “ 


iRutcs ttra ir mr «nv erTlbto- franes. 
FlniflrtiJ franc 80.4tM0.B0. ' 


Jure atrea for AikoUob lit 1 Ire* mu. 


lllpWTrft'llV!, 

kmjam aiC 1 5 IBW* J ®0 1 b 


EXCHANGE CROSS-RATES 

M*r. if iFranktmt 'Nsw v<wk| ■ ftfi» ~ r BnpMl* , Izsidoa' Anu'il'm ; ' Zurich 


N'w{*o* - rni . 

ipumu-iom 
OW x>w'aqF,S5Sli-614 

* fjC31 62. 

S80 Bwv ...'5286-29ff 


_ V 188-191 
Itfla >4-98)4} 4129814 99.(41 
;S£»wi^ SfiWe 681* 


"jerrr 


1X8314-184 

hie5-l89»4 

5166-56 

7.10IJ 

$1844.25 

k£96J5DJ 


1189 19 1 
rcsai4-9Bui 

*86l?JS8i E 

TCfiWs-iOlj 

aaei: ei>s 

ICS 1-B2I 


1466^681* 
H£291b3UI]i 
S 6918 6li. 
WSl-481 
1*297-300 


Windscale plan 
to be opposed 
by Liberals 

[MR. DAVID STEEL, the Liberal 
leader, said yesterday his party 
1 would divide the House at the 
end of Wednesday's debate on 
the Parker report on the Wind- 
scale inquiry. ' "The' report said 
the £600ra. reprocessing 
should gb ahead as .soon a s 
IsibJe. • 


have 

long known of this pattern hut 
there surely is material here for 
economists and sociologists to 
investigate ? 

These are some of the basic 
facts of liability compensation 
- - ■ • .... to which the commission’s propo- 

~ T ’ sals refer. The commission's 

recommendation to move some 
Hpnipv’c t 1 compensation from the liability 

3 sector to no fault compensation 

TJ7RD ttpntttv administered by the Department 

LORD HENLEY, of Scaleby flf Health and Social Securitv 
Castle. Carlisle, chairman of the rnieht eliminate ISOm. worth of 
Council for the Protection oi liability damages principally for 
Rural England since 1972, who sh0r t term claims (redistributing 
died on December 20 aged S3, left ***** ,? tot e sector), 

et RRSwn mwe m «a»oec but > l not relieve insurers 
a BWJSB gross (n.508B28 net). of long tail burden which 

It L ^^ era ^ spokesman for poses insurers such a problem in 
the Environment In the Lords, costing .and.. reserves. _ ; 


FORWARD RATES 

One nwalb 1 : T6reetnc5t2ii 


on ' the 
[adjourn 


technical motion 
'it will provide TM 


fniiklaiw 
W Yurt,., 
frtrti4,'..-.u,( m«Mi0 

AArt'4*w.. , I0BUMB 
ZiuJrt 82^6430 


- 1 SLJ3o7J339 


«.6«W78 

31.71-76 

LW7-W8 

2.17*7-73 

1J01-90G 


43JSM8- ; . iSWO 95^840 ] KM.U>65 

21^60 i 3J5.B7S -IJOTO-SOtt 46.734J ;-6t6M3 
- 14.7IS.749 E.9£96-943t HUO-ia ■ 248.4222 

6.TM1 - : 6007^4 I 1466^1 r ZAJM-93 

M84#>4 1 BMMb 1 -- 4-1^17 ; 3^LJS2i 

*6JI4&«e*^7Bb«lfi4jB5MW& - , r — 

40^753-7705 593143164 3.82G&63TB87.U1U61 


' > 

7iwV«k.lUlM,Kv.^5 
Montreal .OJJSi-0.15 el til* 
4 net 'dam 1 e. pm-par- 
Bruweb.-Sc. gm-& e. dti 

.71* wedtt 


.10 a. nis 
e. 4is 

ilO-Se. pro 
17-19 «5 01* 


mwij-wwb 1 yifc-w w 1 — 1 Ctyt Tfltypr. f Si3-^. — t - — - - — - — - - 

<6JW&«e«^7Bb«lfi 4jHiMW& - I1600M66 Flenkfin 

WA763-77M J03I43I64 3.fi2St6376Sff.WlW61 - {**«» --■ W*}5? ®* ^ ' 125“®^ & 

3U4rW 60-140 c. dl* 22S-31S c. db 

Milan S. 14 Hr* tilt -Z6JW Ui«>ti» 

(hln 6i*-7S4 wedtt. i 13*-1B* orotil* 

Pkria 1*4-2** c. <Ua S4-6I4 r. die 

6Jokbo‘lm'2S*-43* oredlfl 'ty-SloTO di* 
Ving»....:unl9 CHHlii, [4-14 btjj <jl* 

Zurich 213-1 ia e. poi Aie-firo e- pm 

StiL-tama rurward "piHLiOc diii 
ts-nqinm 9A-8.UC pnu 

CUPRENCY RATES 


t:j4. f In Tw*B« O f-. S— UX56-SS Ouadiaa riUn*. 
Canadian 8 in Kwr Tnfk=28^Z** eeoti. Cji. t ju iltima BtbjO. £Sk 
a'terilog la AIHaa LGM,7>1.636.75. 


EURO-CURRENCY INTEREST RATES 


from the proposition that 
reprocessing plant be built 
Windscale.” he said at t 
National Liberal Club. 


at least until the report 
[ President Carter's - program 
to investigate alternative I 
‘cycles was published,- 


* 'Vat- 17 ! Pttrling 


CanwUao ; ! Dutcli 

Dollar }l’£.De4lar,. GitiWef# 


*rl» 

iauac 


W.Gti mn 

mark 


iShwt'm -.,.1 &I4-SM i 

I5:? 41 j 

.TTuwmrortwj 6ii-7ri 1 

six-rpcnth*....; ?s%-7$a 1 

■OH# war. 7«fl-7T( 1 


fillet, 

6U-7I* 

7.73B 

714-788 

WS6 


6*4-7, 1 

8M-T 

7U*7*e 

715.78b 

Tls-78* 

78b-7:b 


. . 

-O’* \ 
eu-fii* - , 
5-BU 1 
478-Slf ; 
088-58* •* 


fast 

vr^f 


51b -5 5* 

3lt-3*i 

SfirS.v 

3U-3J, 

5U-518 


. Jh'v 
iiin-tf ir 


Buniat - 

L’^L tijllar ... 

(jAoadian 1 

Amir* V'h ... ; 
Uaiifhui inn ! 
Danbh krMia. J 
t>eni"*fctm*rk • 


^urt> French drpoaK raw fwwjw Ifli-UU per not.; tty to-day 1BHM per war,; 

MBfOtnmh 81-10 sc r near.: Uiree-mmnti W-m p*r cem.:. eomhoh* 10-IQI per cem.; 
m»#»r tU-18* tot- cmi. 

EunwoHar d*pn.<rtT« two- fears fcSt-SiH Bcr wnL; «(r» rurt Slu-SJra 1 

wr pwu.: row ran SS|b- 8* pnr ««,; fiw itan fis»-S7 » a*r cam. ,n,n '- 

. Tht ronawtmr nominal ram we nwawj for Umdos dollar wrrtticarrc of daown: l f “ ,wl s 
noe-mmuh .A94-T w qw oenr.; Uvra-mmah -uBi-7.15 afc- =ttu. »ix*mnaPJ T.2B-7.4S J »P* , w»"“M 
jXrwf.: one-rear 7 . 3-I.S6 per ««. **nra**i*w ( 

'•Rate*. a** Miiihnl eallina run »L*fb tod*... 


Rltea are Bmn&al eaUiaa rate*. 
>H7'Nnii rains att rail Wr »t . _ _ 
diyi* aaura Ojp aad Swias ft uca. 


P«fii pte-t**- 

Sfr w 7-tw a> rains att ran'frtr trarlms. U'6. dnHara iod Casadiaa dirikn iwii 

’ *“ • ■ >m«M mn- .... I 


0.645868 
1.25X72- 
1.38613 
10.0201 
39.0200 
6.90579 
2.60569 
2.68023 
5.75460 
1055,67 
365.296 
6-65068 
98.1077 
5.67084 - 
3.50386 


Jsaropno 

DU'o 

ATonn 


lit. 


17 


0.655460 

1-26833 

1.41151 

18^X16 

59.7694 

7.04595 

2.654B2 

2.75223 

5.89652 

1072.65 

288.550 

6.695596- 

90^896 

5.77878 

2.56461 


Cherbourg ferry 
start delayed 

|TEfE SEALINK summer car 
ferry service between Weymouth 
and Cherbourg will not start to* 
day as planned said British Rail. 

The ferry MaJd of Rent, which 
would have started the six-day- 
a week service, is still in dry 
dock undergoing repairs to her 
tanks. She will not be ready un- 
til at earliest April 10. 

Efforts are being made to 
bring the ferry Lord Warden 
from Newbaven to start the ser- 
vice by Easter weekend. She too 
must be dry docked at South* 
amptQu before she can take over. 




LOCAL AUTHORITY BQNB TABLE 

. . 

Annual 




Authority 

gross 

Interest Minimum Life of 1 

(telephone number in 

interest 

payable 

sum 

bend 

p arentheses) 





' 

% 


£ 

Year 

Barnsley Metro. (0226 203232) 

10 

i-year 

250 

4-7 

Kirklees (0484 22133) 

10 

i-year 

500 

4-6 

Reading (0734 592337) 

10 

**year 

1,000 

5-7 

Redbridge (01-478 3020) 

10 

. i-year 

200 

5-7 

Southend (0702 49451) 

Si 

1-year 

2S0 

8 

Thurrock (0375 5122) 

. 10 

■ 1-year 

- 300 

.. 4 

Thurrock (0375 5122) 


4-year 

300 

5-7 

Wrekih 10952 505051) 

8 

1-year 

500 

2 

W re kin (0952 505051) 

10 

yearly 

1,000 

4 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000*£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates, for deposits 
received not later than 3L3.78. 

Terms (years? 3 '4 5 6 7 8 9 10- 

Interest % 9} 10. 10* iO} 11 11J 11* nj 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier, Finance, for Industry 
LimitPd. 91 Waterloo Road, London SEI 8XP (01-928 7S22. 
Ext. 177). Cheques payable to “Bank of England, a/c FFI.’’ 
FFI is the holding company for ICFC ’and FCI. 


36 


' Financial ’ Times Monday-. March 207197 S 


OVERSEAS MARKETS 


EUROBONDS 

...... y 

New issue flow causes problems 

BY FRANCIS GHILES AND MARY CAMPBELL 

THE RELATIVELY orderly pro- that, io the event of a conserva- lacklustre. It was .being quoted was Widely expressed that It had thraughout last week and", by 
gress of new issue activity in the tive victory in the . run off of on Friday, at 0S/fl$i. . been -mispriced. Friday the immediate horizon 

D-mark sector of the Eurobond “ e French elections,, a top A bond for a sovereign ,bor- ori prospects for the yen, was no clearer than it had been 
market was thrown into- some E? as f^ nam6 .W rower is of course more attractive .convertibles were an at the j begmniag. of the. week. 

«♦ a. a* wub be added to the- new issue than one for an agency of- the exceotkm NLvshin Steel finished The talking up of the dollar 

confusion at the end of last week caleudar for this month, for same sovereign state.- But the the^week flE? noints uu at which had been going on since 
Some bankers felt that they bad DH2Q0-250m. questions .remains: is- that differ- losj-s . p P "the end of the prenoas week 

become, in the words of one of The terms for the Mexican ence in quality work as much as' . , resulted in what, in .the event, 

them, “ victims of the very high "b 011 ^ which Deutsche Bank will half a point less on. - the coupon, . , °™* r issues expeaect proved to be a damp squib: -the 

level - ' of new issue - activltv of m “ a?e ' are' expected to include especially in current uncertain « store .March « out are IWKDOra. u^-Cerman communique issued 
mnnrht .n fruav thmiorh* a 6 wot coupon and a bitilet market conditions ? The next few * or Kingdom of Spam, *o be Monday afternoon met with 
recent months. They thought maturity of- seven years. Whether days will no doubt provide some managed by Deutsche Bank, and an unenthusiastic response and 
it would be useful to Btretch the such terms are right or wrong answers to the question. a DM5C ^ n - private placement for dollar bonds fell back by a 

queue of issues due for the past is impossible, to say. What is otherwise the D-Mark sector Thailand, ;that country's flm quarter of a point that day. 
two weeks of the month* certain ' is. that they are coo- was ■ dominated by uncertainty fora Y hrto this market to-be Turnover was thin throughout 

. s‘tuaUon was discussed at siderably tighter than those of surrounding the currencies managed -by the.same bank. The the week, except on Friday when 

length by members of the Capital the Co mid on Federal de Electa overall fell by about half iacrease in' the calendar of new dealers reported a “ perking up ” 

MOTkets- Subcomumtee, which cidad bond which was priced last a n^ot on the week despite stag- i^ ue s led .rale; banker lo com- or activity. Prices moved up a 

sets - the timing and amount of week. They will- -certainly put jng a recovery on Friday The ment riieAdiy: ' **.U is a case little on the week 'but there was 

nevr foreign bond issues each pressure on the DMlflOm private ^rst performer of the mk was trying to care drunkeness little to convince 
mopflu dunng an !£onnat meet- placement- due on the 29th of wShout douS the torkLforto with morl drinkP this trend would 

ins-held in Frankfurt last Friday this inontii forliie. Mexican Stole Philippines: it was priced at 99* ‘ ““ ^ “ 


CURRENT EUROBOND ISSUES 


Borrowers 


Amount- Av. life- Coor 

m. . Maturity year* •/ 


Price Lead manager 


US. DOLLARS 

JJTEL . - 15, . TW8 

{Norway IIS . tWJ 

EC5C 2F ' W3 

ECSC 25 1998 

rsrer . 

.f Costa Rica 20 1985 

fBanco Union 25- ' 1982 

MicMRIan BJoede> SO . , 19?3- 

ft Canada 250 - 1983 

ft Canada 250 1985 

tt Canada 250 1998 

Australia 300 1982 


IT 

5 

11.43 

13A8 

5 

5* 

S 

m 

5 

7i 

20 

4 


91 

Si 

9 

9J 

8 

yb 

91 


ISO 

100 


100 

130 

ICQ 


100 


ft Norge* Kommanalbk 
(g’teed Norway) 

7sr ' • 

1998 

13 

*■ 


D-MARKS 

{Philippines 

1 Com. Fed. d# 
Bcctriddad 
Eleccrobraz 
’•1SCQR 

.150 .. 
ISO ' 

: 

1985 

' 1988 

1986 
1982 . 

7 

8 

8 

34 

6i 

il 

a 

7i 

m 

* - 


STERLING 

Gestetner 


•HE 


1988 


m 


Kidder Peabody ' 

Hambros 

Parisba* 

Parisbas 

Kredietbk Luxv Orion 
BNP 

Morgan Stanliy’InL 
Morgan Stanley Int. 
Morgan Stanley Int. 
Morgan Stanley Int, 
Morgan Stanley. Int. 
Deutsche ‘V 

Smith Ba rney: 

Dresdner 

WestLB 
Dresdntr 
Bayorisdte Vcmna&tnk 

N. M. Rothschild. 
Morgan Grenfell 


Within this 


most dealers 
firm. 

overall picture 


vs 

of lie monthly meeting of the ancient and which are currently in tKa sftnnnni-bot TVi, nnininn HMiar sector of the marVat demand for the short term too 


SWISS FRANCS 

JA5EA .100 1993 

JCia. Vale do Rio Doce 30 - 1990 


YEN 


Capital Markets committee. scheduled to include 
Contrary to some market ex- of ,6j per cent, for a. seven-year 
peemtious. which had forecast a maturity, with - pricing below par. 
decision to cut back the flow of This placement is being arranged 
new issues, it seems that exactly by Bayerische Vereinsbank. Medium, term 
the contrary may b ape n. Not only The Comiclon ’ . Federal de Lo °* tMm 
is the DM200ra. bond for the Eleotricidnd. bond, which boasts 
United States of Mexico,, which a coupon of 61<per cent, and a 
was widely awaited last Friday, maturity 'of. 10 years was priced' 
now expected to be announced at par but its performance in. Bm»de*r 
later to-day. but rumours suggest the secondary market was very -S*3i 


cujrcatiy in thh aftermarket. The opinion dollar 
a coupon 


mar ket demand for the 6hort term top {♦"■Panama 
quality paper on offer — Australia, {**IMD8I 


BONDTRADE INDEX AND YIELD 


Man* 17 Mush ID . H(fh 

fMl 7.85 79,56 7.17 99.81 (W/l) 

93.75 IJI 93.44 U9 U44 ( 2/1 > 

EUROBOND TURNOVER 


1978 


99.15 

93.03 


Low 


(nominal rahra In 5m. 1 - 

US. dollar tend* Other bond* 

loimak previous w**k- ■* last week pr**too* week 

IJM9 1 52-5 448.0 337.9 - 

4183 OT.I 3MJ 15X.T 


Norway -and the shortest tranche 
of the Canadian bond. The Nor- 
wegian issue was. increased from 
the scheduled SlOOm. * 

Demand for the two tranche 
ECSC bond was reported to be 
steady. The two tranches are 
expected to be priced to-night, as 
also the floating rate note-fer 
Costa Rica. 


{Philippines 


10 , 
10 
.IS: 


1988 

1988 

1988 


n*. 

nJ- 

853 

9 

9 


7J8 

7^ 

A7 


99 

99 

9«1 

100 

998 


UNITS OF ACCOUNT 
IntL Bank of Finland 
(gteed FhUand) . ' . 


15 


1993 


10i 


71 


UBS 

SBC 

Yamaichik Bank of Tokyo 

IBJ 

Nomura 


Kriidietbank 


LUXEMBOURG FRANCS 
JCopenbagen Telephone 500 -1988 

• Not yet priced. t Roel terra*. 




loo. 


** rbcxnxnt. t riortfae raw 
tt Refbtend wWi U3. Secsrttk* and ggj f Ownmtetart. 

Now? Yield* m cakwtawd « AIK> tew. 


kredietbank 

ti RMwq: 

1 Pwcta* fund. 


Indices 


N.T.8J. ALL C0XX0H 


NEW YORK-dow jokes 



- ' - • 




1 

Mar. 1 Mar. 
Id 1 15 

Mar.*; Mxr. 

14 ] 15 

Mar. 

10 

- 1977-79 Since compilafn 


11 

High 

Low 1 High | 

Low 

Industrial... 

H'nwB'aila* 

Transport.... 

L'tihtiM 

rrarilnjj mi 
tuo 1 ) r 

7U.71 

89.72 

2D7J9 

106.19 

28,470 

i 

782JS 7BB^a! 762.56 759.96 
1 . 1 1 

B9.7S 89.80? 89.971 88J6 

205.54 206JHI 206.10] 201.46 

106.46] 106.60 106.19' 106.45 

r 1 1 

25,400: 25,340! 24.500! 24.07D 
! J 

7&8J» 388.75 

1 (3ll/TT) 
89.72 95.87 

1 (7/91 
20U9I 248.64 

1 (18/6) 
IDSJttj 110.87 
(22/2/77) 

27,09oj - 

742.12 ] 1061 Jol 41 31 
(£8/2/73) j til/ 1/73 jj (2/7/K) 

(29/1/76) ] 

188.31 279.88 1 15.25 

(9/5(73) : (7/2/88) | fl.'T/JE) 
102.54 | 165.32 1 18.58 
(22/S/78)j (20/4(69): (28/4/42) 

i . 


Her. i S«r. 

17 j 16 

M^&| «aiB7j 4B.65i 48. 


.» • ' 1 1977(78 

liar, i M«r. L 

U> I U I High 


Bowapd Jails *■ 

| JUr; 171 31>r. 16] Uir. 15 


* Ken* of index eramnn from Aibrasi u 


7bI 67.97 

1 


*8.57 

(&*5;78J 


L'[U>bsnift»l_ ^ 

New 

Kow Ltn»n-.. . 


1,806 

871 

438 

397 

76 

13 


1,837 f 1,867 
857 , 673 

506 7 IB 

484 | 470 

64 4* 

35 i 28 


KOHT&ZAL 

Uar. 

Uar. 

Uar. 

U«. 

1977-78 _ .,j 


17 

_ 16 _ 

15 

■» : 

High. 

Low 

Inriustrlai 

Combined- 

171J24 

178.87 

17BJfr 

178.59| 

169.74j 1G8JK 
177.8+ 177.18 

198.47 (17m( 
187.85 (19/1/77) 

165.02 (25/ ID) 
165.68 (26/10) 

TORONTO Compcwite 

1046.6 

1044.2 

1059.4- 1054.1 

1067.4 (LB/7) 

961.0 (26/10) 

jOhamhksbukk 

Cirikl 

200.fr 

205.1 

206.2 

207.9 

21B.7 (1/2/78) 

158.4 (24/Q 

Intminiw 

isr.fi 

187.0| ISaJB 

194JS 

914.4 (4/1/78) 

159.1 (^4) 


lari. dir. viehl % 


Uw- 10 I Mur. 5 ' Feb. 3* ^Tiwr aqo iapprax.1 


t Uu. 


lu. | Prer- lB77-7Bilfl77-7B 
17 r icnu 1 High | Low 


6^2 | 6.14 


4.43 


STANDARD AND POORS 


I Mar. 

17 ' 


Mar. 

16 


Mar. 

15 


I laiimtmutj 9!L2G| 96.46! 97.99 


Mar. j Mar. j Mar. 


T37T7T 


M 


9939 


ICompnaiM | 80.2ft 03L6lj 89.12| BSASf 


13 | 10 | High | Low 


97.941 97. TO 118-92 ! 96.62 i 194.64 < 3.62 
I j 3(L7rj f (6(3/7S) '(ll'l(73); (50(6(32) 
98.99 8B.88 (187 -00 I B6.B0 • 12B.85 1 4.40 
I ! (3/iffi) ) ffiii7S( , n 1/1(7 j.l q)6 ,aa 


Australia^) WS.oS 447A0 479.43 -« 19.126 

(di U 7hi,il6(2(77 

Baleimn r-r* 93A4 1 93.46 99.13 - 90.43 

(1*1/77,112^(78 

m- T PS—si-p (Denmark” 9*A3 ! 96.06 107 ja i 94 ^0 

.More Compilat n • ! . (9 ^ i , { 6,ZfKi 

! Hiirh i France on 5B.9' 67.6 : 66A I 45 j3 

H « h I ; (17/3 /7^ 

Germany^) 782-3 1 788 J . 813 J • 712.6 
J ' '(17/11,1(10/3/77 

Holland «#> 78.0! 77 J B3^ i 75.6 

I i i«/bi i (29(9, 



Mac. 

17 

Pro- ;1977-TOlfl77.78 

vious 1 Hiuh ! Itm 

Spain uO 

Sweden in 

SwitserTdtf 

K7JU 

566.60 

2RL2 

88^7 < 100+10 a7.t3 
! (50/12) f 17/5(76 
567.13 141*+* 266^8 
! (2 £») (»/Ll) 

2922 1 325.7 2606 

1 14.-2(721(14/3/71 


1 

March 16 : 

1 Uar. S j 

Uar. 1 

[Year «i*> (appnix.) 

Inrt. rtlv. yield * 

6.47 

5.66 

6:67 

4.17 

ln.i. P/E Karin 

8.43 

8.46 

8.40 

10.46 

Line: Oviv-t. bo nil yvht [ 

8.16 j 

[ 8.30 

8.23 

7.76 


Hone Kong 1 «?5-46 1 417A3 436.17 1 3H.“ i!'v Belgian SE 31/1 
(7*1 : (lllbj (13.1.78 SB 1/1/73. (tt> 

Italy (,.i 61.26; 62.06 ti.71 o4S0 ir;i Commenteok I 


Italy 

Japan 


(bil/ 77 , |? 3 /ia 
(a) 399 jI ! &99JS8 1 389AB 1 350.49 
, • (3B/3/7& (34/11) 

Singapore 1 Z75.1S I 273-lfi ,27160 im 2 H 
16): ! .(16(3/78, (3(6, 


indices and base daces (all base values 
100 except NYSB All Common — SO 
Standards and Poors — ID and Toronto 
u/u-LWM. iba last-named baaed on 1916). 
t Exdndtai bonds. 1400 Industrials. 
1400 Olds.. 48 tlttUtfcs. 40 Plnaoce and 
SO Transport, (f) Sydney An OnL 

51/12/BS. t”» Copenhagen 
. Pins Bourse UNO. 
. Dec.. 1953- Oil Amster- 
dam. Industrial 1970. (Ill Hang Seng 
Bank si^/64. i® Milan 2/1/72. (a) Tokyo 
New SB 4/1/68. (hi Straits Times 1968. 
le) Close. uD Madrid SB 30/11/77— high 
and low for 1919 only. (<r> Stockholm 
industrial 1/1/58. U) Swiss Bonk Conx. 

■ h) Unarallable. 


GERMANY ♦ 


Mar. 17 


Wcea;+ 

Deo. I - 


(Dlv. 

% 


ABU. 


.J 87.1+0.1 

AUtanz Vararch-- '463 i+3 

BMW I 226.6—0.5 

BASF 159 ' + ZJS 

Barer. I U8A+1A 

Boyer Hypo i '282 ! 

fk^er VmrnMt! 315.5 

Oma.luLNed.wTta! 188 ' 

Commezztwnk — J 250A{+1A 

UoniiOinnmi ~ 76.31 + Ui 

UalmierUtsiz ‘ 303 A* +2.4 

Deguaat | 271JS + 1A 

Uffln; ; I isa^ 

Deutsche Bank 3\.6 Ait1.7 

UnadnerBans — ! 24Sn^+2 
Oyckerbofl Zemt-1 144 i.__ 

OtuehoOBiuii I 200 |+ 13 

Hapm; Lkryd ; 112 >+l 

Harpener 1 270.3.4.4.8 

Hcechat " 

Hoe«*_ ' 

Hnnati 

Kali und Sai4._J 

haretndl ; 

kanitirJ .. .... . 

iOocfcnerDra 100- 
KHU._ 


130.314 1A 
46.5! + 0.6 
120.&+0.7 
148 | +2.8 
29b —0.2 
203 1+1.9 
9Z.5 4-0.4 

175^ +1.8 

97 1 

238-5- 


hLropp 

Linde-. 

Lowenbtxu 100 ! 1,500) 

, 1Q6AI + 1.4 

mam . - —| 188 i+1 ' 

16A2;+l.7 
214AI+2 

616 | 

108.8'+ OA 
108 + l-o 

KlMinW^tJllect.!l88ABr; t 1.3 


HluHMMiwnn - 

UetaliKo- 
Moacbaner Buck J 
Beckermann 
PnuMtfUU 100 l 
tUMnnWn 


V/6AI+2A 
J882A;— 6-a 
247 U2 
125-8- — OJ, 
177 1+8 

108J2'+l-2 

VereinsAWeRBkl 30a 

Volkswagen.^.. .1 818 >+SA 


Jcbertn/j 

temezu . 

8od tucker. 

L'hywen A-Q_— 

Varta_____ 

VKBA. 


4 IB 
20 
17 
16 
20 
20 

is 

IB 

17 
14 
BO 
80 

4 

18 
18 
sS 
IB 

4 

10 

9 

20 

80 

18 

16 

UU 

7 

f 12 
14 
I 10 

J.18 


16 
8U 
16 
J 17 
1 U 
14 
I 19 

! 18 

I 10 


Yid. 

% 


L9 

4.4 

6.1 

sie 

3A 

£9 

£2 

3.1 

4.5 
- 3A 

4.0 

1.4 

3.0 

6.4 
3A 
6 JL 
+.4 
4_2 

3.1 

3.4 
5.0 

£4 

£4 

1.3 
3-3 

3.2 
4J2 

8.4 

1A 


4.3 
4.1 
8A 

3.6 

4.4 
4.0 

6.7 
2J9 

8.4 


JOHANNESBURG 

MINES 


March IT 


Rand 


Anglo American Corpn. — 

4. IS-' 

+4-0S 

Charter Consolidated 


tiAO 

-OJB 

East Drlefooiein — 


KM: 

-OJJO 

Etsbarig — 


SJ»'- 

.—6.10 

Harmony 


e-M 

“fclt 

Kinross — 

r 

6.75 

-8J8 

Ktoof 


7JjO . 

.-OJN 

RusTenbnrc Pfatinmn 


L47. 

~0.88 

St Helena - — +. 


1L» 

-fl.M 

South Vaal — 

7.73' 

-OJB 

Gold Fields SA 


19 A3 


union Corporation — 

4^8 

—0.05 

De Beers Deferred - 

*-.^33 

ftJBB 

r-Bjp 

Blrroondtzlcbt 


5.45 

•-e.45 

East Band Pty. 


5.05 - 

-1+H 

President Brand — 

— 

16.00 

—0.73 

President Steyn 


11.99 - 

— 8.50 

StWontBin 


2 JO 

-0.05 

West Drietootein — 


«Jt 


Western HoMings 


rsjo: 

-Loo 

Western Dues 

.. — 

ULM 

—430 


OVERSEAS SHARE INFORMATION 

NEW YORK 


Inv. S Prem. at $2.60 to £-91*% (921%) 
Effective rate at (L9075) 40*% (42*%) 


1977-78 

High i Low 


Stock 


Mar. 

17 


66 In 
18's 
*38 U 
347a 
44 
29U 
69 '« 

- 365a 
22*4 
60T a 
235* 
335* 
59 ip 
37 >a 
145s 
48 
47<a 

41*4 
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8558 
4158 
31^4 
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37 
36*1 
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33 
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13 

38*4 : 
30'; ; 
321; 
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19*4 
235a 
571? 
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301; 
121a • 
22 . 
615* 
39 •« . 
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411* 

38 in 1 
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47 

3ir . 
391? 
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34‘. 

33 la 
36 ■>, ' 

33 V. 

1112 
141* 
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121; 
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31V : 
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62 

525* , 
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28-8 , 

34 

34: j 

47 

26'« : 
431 - . 


5558 

Iddreawwnipb ...! 18 lg 
Aetna Lite Jc Casa, 35 

Vir Producta 27 

AliW ! 43 

23 jAtnoAlumlnimm 247s 
385* [Alcoa _! 


39 i Abbot a Lai* i 

10tp 
281; 

2ll| 

26lj 


17 AUegfaeny Ladi_: 
18la I Allegheny Power 
34U iAilledCbemfealJ 
183* i Allied drores. ' 
221* 1 1 Ilia Choi men... 

31U |AMAX ! 

22 Ta ;.\iuerada Hew-..] 
Big Amer. Airline.-,.; 
3912 lAmer. Brands 
34 Sg Amer. Umadeasc^ 

345* |,\iner. Can— 

223* iAmer. Cyanamid 
825s I.Vmer. Elec, ftnrj 
317s .Amer. Kspraea...] 
25 is -Amer. Home Prod] 
Ilia 'Amer. MaiUcai-. 

3Sb iAraer. Moure ....I 
391* 'Amer. Nit. Gaa-J 
263* ! Amer. Standard. J 
27i? Amer. tames.— 
57 ig | Amer. Tel. k Tel J 

37 i.Ynietek— • 

AMP 

AMP. ! 

Auipes I 


165a 
241* 
7ifl 
253s 
17 'a 
19.8 
17i a 
8 


•Anchor Hocking- 
■AnhouHer tbwch.J 


'.VmmiMool > 

AA.A 

Anntfn Oil— 1 

13 In ,.*nnn ' 

37i* Ash la nil Oil 

431* Ati.llicJnu.Hit | 

211? Auin Dale Pn>... ; 
8.'-* | A VC 

13 , Ivin 

44 Avon Pp>1iki>.... 
247a tWItOsr Klect....; 

203* Hank America 

34 iBuUwnTr.K.Y., 

25 SB ; Berber 1MI-.. 1 

2B»2 . U*xt»r Traremti.. 
22 itkwim-e Fuuii.^. 
8B7 b tkvxonDickensnn 1 

14 deli a Hn*en„..; 

53 .iJcnriix ......... 

1 ; 3 
IBSa 
141* 

191# 

22-V 
28x> 

25 '* 

7Je 
107s 

28ift 


rienguet Cons -B.l 
dethlcbeni Bteel > 
dlaukA Decker . : 

ik <cing 

,d 0 DC OitBcartC.... 

minleii 1 

non; Warner _ 

diaiiin I nr * 

•ilraruau *.\* 

drieul JljTTd 

I3is dm. Pet- ADR...- 
26 1; ltfnvkv*.TrilM>.. 

111? HriiUKwtek 

I 6 S 1 I Hut 1 * riu Erie , 

183* riud'l 

5 iluitm Watch ... 
36U 'diirtiiigion Atliu, 

65>« Aurrmighs ( 

31-** ii+tnpiw>ii taHip . j 
145* i- amdis □ Puihi'- 
8 Canal Ksnriultib^: 

253* Cnmalkiu 

Ill; mcr* General ■ 
ISia Carter Hs«fey-.| 
47 'Cater pll'ar Traci. 

«3ig . 139 ' 

36 ‘.'u'etiCW 
J4 : * .Central 5c s. w.. s 

18 'n . .errs int coil > 

2Q7fl itrsf/ui Ainmut..' 
271» iCnsweMaiihartan ‘ 
37 lg .Chemical Bk.M 
20U L.m.’-wrgli Point. 
31is - C»ie-*K*>y*tcm.. 


boJH 

42 

kin ^iinllrtlcC... 

1711 

14ia 

b'lnxiunlluv 

a i*» 

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l»t 

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23 

15 

Cm-. Miiarmn... 

54 

19 '3 

«. itiervp — 


451; 

nun- wme.... 


11.1ft 

t ny lurmiTu;... 

8QU 

3SU 

I'taljui 

271; 

193ft 

l+ftgt Palm 

13 

10<a 

ivviiuo Atkiiisu.. 


jb'a ( 2 1 is Columbia Gaa_... 
201 j j 73i Columbia Pm.... 
17Ij : 13?e ! Com. ImiCo.ot Ant. 
40 -a 26ift .combuatlon Kne. 

30 >* : 133* UomtaiBtkwJ hq— 
321? ■ 2878 •ITinVrU Bdiwm 
8 jb ■ 2t; i_Oiii‘w'tb «-'li Ke. 

37 Zfl3j i^unm. spietnte. 

9^ fill j’lnwil*' i»n i- 

5q: 4 da tj o-nnr. Life Ins . 

25'* 18 ■ □ Aiirj ... 

25'; 22 Con. 

26 ! 22 Jjiim- Kivu- 

47 34' * Cihi+> AhU C»* . 

2o'i 8U* JoitBirrmr Pnwrr 
37/i 29 ‘* .‘ntu i lu-uia- Gr*f. 

34 i t 261* CminiiHiits 

17-1 14is ■Com mem* Tow.- 

28*1 Ifli* .Amir*’ - l*»l* 

491* . 36*s iCooper lndu» 


413* 

177g 

19 
38*3 
20 1 8 
26 1 a 
355e 
261* 
101 * 

. 46 1* 
38 
351* 
2453 
235# 
339a 
281 a 
20Vs 
*»■ 
407b 
35>s 
303* 
fil>* 
303a 
16ia 
263* 
13 
255* 
IBSa 
275g 
ZHa 
lOTfl 
175a 
29. V 
4gr a 
27 1? 
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217s 
46 u 
261s 
225* 
355* 
271* 
36U 
2358 
36 
191* 
3378 
3U 

20 ifl 
165 b 
34t 8 
25*e 

£8.g 

26'* 

111 ? 

13 eg 
311* 

14S* 
27 1 1 

14 . t 

181ft 

32 i i 

S1>8 

37i a 

filSH 

335« 

155fl 

10 

261] 

11-* 

16i. 

471? 

465g 

37.8 

ls?a 

215* 

33 >a 

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221 * 
32 V 
481| 
17 
1218 
23a 
23 
19V 
475s 
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30 To 

aui* 

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28U 

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27 

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555a 

9'* 

46U 

197ft 

22 7j 
23l'j 
38 is 
231" 
29 1 4 
28"* 
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44 U 


1377-7S 

High i Low 


Stock 


• Mar. 

( 1/ 


7058 i 
64/ a 
35r a ! 
29 
4B 

5858 . 

195a J 

295s 
387a : 
351* 
294 
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177a i 
386 b ■ 
135* | 
525* l 
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425* 

33 
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938 
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465a ; 

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3150 
36 

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41* 1 

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35 

225) 1 
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40 1 1 
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23 ; 

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43 


451a :UortUiii;Liaa* ] 487g 

421* CPC InCn’oona- 451a 

245* Crane 28 1* 

22‘a ICrwkerXat. > 247g 

291* :CrownA»iierfja.-h[ 3 lag 
3Ua .CumniiDr Ensliv i 3fiJi 
,ljurt>Wtti:hi j 


13ia 

195* 

301? 

23 

223* 


'Dart Industries.. 

1 Deere 

Dtk Monte | 

4 ia 'i/eiWTw 

166* iDentMHj- Inter-. 
15 lg | Detroit Edison... 
245* : Diamond 3 hsmrk 

10 'Dictaphone — 
381j : Digit** Equip.-.. 

32 1* 'Disney iWsit) 

35 'Uover Corpn..— 

225g ] Dow Chemical 

237* -Drava. ' 

361s ‘Drowter 

975* I Du Pom 

97# 'DymoInduMrivs 
lfii? 'Usgte Ptcher— ... 

Big Uut Airtmes. 

411* jtestman Kodak- 
33 [ Baton 

16 iK. 0. A (I 

143* 'hi Paso I 
227 B I Ultra. 

296g jKnteraca Biertrul 
33 jBmeo'AIrFr'lgbu 

281* iKroli/ut ; 

25* jh.M.I f 

223* ibniteilian,..- * 

251* jta»n«rk ' 

181 ? 'Eihvl i 

43ii Ifexxon ; 

21 is [PNiruhihi Laaieni, 
33 1 1 Kifti. Dejit.blinrv 
13 'Pirwrtone Tire.... 
23 .'g !P*U Aat. UuMoti 

1 1 ’Piesi Van ‘ 

Pllntkoie 

I-'loiidH Power... 
rliwr j 


. A II | 

aso Nat. Oa*j 


22ift - 

47 ' 

19 

36 

291* ( 

30 7ft • 

3Uft 
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13 i 
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34 ; 

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355, | 
34* I 

77 | 
21 M 
29 1-. I 
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37>i I 
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301* • 
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67 
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17 'a 

29 

301* 

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15 

27J* 

71, 

17: a 


F.M.C - ..- 

;Kort Moliir 

Kniunwa Mck— .. 

jj'nvkmi 

Kiuukiin Mini....; 
Piee,»m Miuera : 

Mia • Printout ' 

75, 'Fbxjua I nd> ■ 

9 in ICUA.P 

32ift itiaiinert 

85* lifteri-ARMT. Inu.-i 

225, JG.A.T.A 

lOia Si cii. Caliie 

571* iQmi. Dyiiainu... 
44 1; iGcu. hiednct..... 
26 -^ (Oenerai r*»la_.. 
26U jUeoera' Mllia— ■ 
57 Ja iOteneral Mniota...; 
185ft :u»i. Pub. Cl II.... i 

231a Kiwj. alptmi 

28 U l-ienl Tel. Uleefc...' 

22 ig , lien. Tyre- ; 

31) iGeneaco ; 

235* jMeorgla 


187, 

20*a 

36 

25 

235* 

67b 

174* 

16is 

24i b 

135* 

40U 

p3** 

395* 

24 

£75; 

387a 

10280 

151ft 

19 

7 

43 U 
337a 

21Sb 
151ft 
287 b 
305* 
38 
305s 
£•0 
23 h 
275* 
19 
46 
£67ft 
34 
l3aR 
£6 ; a 
195g 
£11* 
301? 

32 U 

211* 

44ij 

181ft 

33 

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19 

251a 

105s 

1 1 
38 
9i« 
23 lj 
Id** 
42 
471* 
28 
£8 
60-Sft 

19 »# 
£4! S 
30 
251) 
6#a 
23U 


1937/78 

High Low 


v ff- 


148 jUetty UU....,,.,,; 158ia 


235* iGiiiette- • 

18 >0 i&MrirfebF.F. 

137ft (jnrdymrTire.— 

25 (Gould i 

217ft ;LrraceWjc 

7aa '[Du Atiau PkcTpa 
19 U llxruMonh Iron... 

12 U Airpynonnii 

101# IGulli tt'eatero..." 

23 T * [Ouil Oli— 

645, ttHiihurtnu 

39U 'liaiina Mining. ... 
145, .Harmsuiifeger.... 

88 iriamsCvrpn. — 
287a 'Ueiu* H.J......... 

22 iHm/Wein - 


63 
lljfl 
31 
42J« 
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215* 
23 U 
10 
10-'* 
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341* 
61 
335* 
125, 


•Hewlett Ita'lur.!' 

; Holiday Inn* 

‘LhHMSfeke - 

;Himer"M. 

iHunfr . .. — . ... 
^Hosp Cerp Anici . 
iiivuonn Nsi.tia- 
duiitiPb-AiCtim 
■ttiiiu«i ib.l'.i.... 
'I.C. UeiiMr.ei-... 

INA 

,'ingemn Ifenii— 

'inianri stcei 

■Inatfaw...— 


275ft 

191, 

165, 

26i 2 

261* 

9 

251) 

13 

13 

£55) 

595g 

3/1, 

151* 

4ni, 

361, 

£65* 

64 - 
165s 
33J* 
4BU 
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£6ia 
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117* 
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38 5ft 
Bl»a 
365a 
la 


3810 I 
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305« , 
49 

4012 ' 
595, ; 
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28nft 
3150 
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361ft J 
471* j 
175 b | 
181- ! 
235, j 
205a 
31 lg I 
37U 
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ilia ; 

399* I 

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47 j 
58 1« ( 
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285* . 

67 

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39 it 
53 r a i 
34 V) 
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481* i 

30 >1 • 
501? : 

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31 I 

421? I 

211a : 
22 


275* iJobn# Manrllle-.j 
626ft [lofaoxou Johnson. 
211 , lubosoo LtwiniJ 
295* Jot Manufecsur’i'l 
226 b IK. Man Corp—^.j 
275* K+laerAiumlnl'nil 
lift iRairai Imtui+rle'l 

20la ■ tv-alr-ei stem ; 


4i a 

186ft 

401ft 

231* 

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1912 

42 

£3 

25 


Ka.v 

twain e. tin [ 

+ err McGee 1 

tvuMe Wa.ter....! 
hlmbeny Clark.. 
Koppet* 

Kraft — 

a.ioi,rar Co 

Leri Stuunr- „ 


256ft l UbbyUw.Pood— 

26ae iLigscn Group— 

33 |uur(Biil 

111* j Litton Indu-l— 
9 . 'LtckbeeUAirorlt 
165* [Lone filar I nrt-, 


17T, 

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Lubri-o.-. 


iLucay taoito — - 
L’lu* X'umM’wn 

77s [MwsMUliaa 

316a Macy K. U [ 

29 .Jltr Hsoucer.— . 

31 )\Upco 

405ft ' M a raih on Of— ... 
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17U 1 Marshall Field ...j 


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313, 

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195e 

16i 8 

24 

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Uav l>epc.* , tnnet: 

MCA 

51 eDerui.it l. 

Me l> jin lei ■ Done 

ilriinw Km.... ' 

tle/ni.ftea 

Mni-k 

'lernli Lwn.-ti.. .' 


309a 
69 t 8 
£7 la 
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247ft 

30t| 

2 

221, 

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27 I P 
467ft 
295* 
417 3 
211, 
453a 
2'i7 a 
297ft 

266ft 

281ft 

406a 
173ft 
165, 
19 
18** 
22fe 
37i B 
14 i a 
STb 
UU 
56 Li 
313ft 
35 Tb 
43 t b 
136a 
£35e 

227ft 
a85ii 
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25Jii 
1631 
£9 ;» 
61'a 
1650 


1977-1B 

High : Low- 


■stock 


Mar. 

17 


457a 
446a ■ 
706a 
264 I 
365ft I 

511ft j 

61 I 
15* | 
141ft i 
18 

60sa 1 
434 , 
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429ft 
8 

61, 

18 

74 

25 

205a 

234 

8 


36ia jKevKtti.. 


31 

Ue* Pptnu+tini.; 

33Tft 

lb 

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if/ S3 

44A, 

U lllJl 11 IIU; A Ml*!.' 

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68Srf 

Mobil lorp 

62i| 

441- 

Monrauiu ■ 

47*ft 

59b3 

MorsanJ. P 

4l'« 

354.1 

Mfe'wi* 

38 U 

23 

vt m+ti v up. 

A3 7ft 

46 

.\dllW 1 

47 r 3 

247 a 

Nn.i«> Chemical..', 

27 '■} 

18U 

.iNatiunai Can. 

145a 

SOU 

'.Vat. Dv-iillera_. 1 

22 u 


13>* Aa*. service l*M-j 
£94 Aatmuai meet—' 

314 ..Valunmv.. — 

324 ■XCK 1 

124 .Ae|+uae lmp^...> 

211* Aeu bn^iMiid bi.‘ 

Slaa ••New Bngtan-iTei; 
145s NUfeara Mohan K' 
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94 

234 

34Ja 

25 

19i 2 

215a 

165* 

20 

51 

18 

131, 


.V L. Iwlii’tnex J 
NortTrik A Woo urn 1 
Niftib >M.Ua».... 
XUm Sliltb P»i 
Mbweei AirlinetJ 
Athwart baueurpi 

Norivn fiimtio | 

UAhitmui Petrol! 

'Ogllvr Slather ' 

■Uhio LdibKi j 

iUltn >.l 


UU 

£B'a 

374 

435ft 

15 

£14 

344 

15 

Gift 

16 
£6sa 
38 
£64 
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227s 
424 
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164 


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7 

2594 IBM 243 Tft 

184 ilntl. Klevnuia.—. a\ 
26 4 Inti. HaivwOr.... 

35 1 * 'lull. Mi 11 A Chem. 

174 lllll, MillHInml’.. 

151, dlllX).. 

36 ia ‘liiif, pH,«*r ; 

22 '? [IPG 

•I mi Urisiher. ..... 

Ini. Tel. i In.... 

‘ll|1V|lt ’ 

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,ii tnixtimnonHi. - 

jJira Waller.. ...... | 


27 

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30 
1 1 

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£7 

379* 

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15'; 

384 

294 

Id? 

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29:, 
1 1 v. 
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33 lq 
734 
294 
25 Ss 
214 
24 
64 
285, 
27 
241, 
524 
361’ 
114 
391? 
284 


217 3 
39 U 
285* 
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21 
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'Uneuif CoralOg, ... 
•Cwftus IWlaniB.,..) 

ISiclItu (iib..,. 


205* 

584 
221 -; 

1970 

18*i Paunclrtithtuig.l 197} 
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4 [PanAiuW.jrio All! 5 
20 S) Psjhei Uannimi.i 22 'ft 

194 Ktotmly Ini J 

Sill? Pw.l’w.Jk Ia. 

224 'I’ennv J.C i 

264 Pcunmii 

7 People* Hi "ii 1 

323s People* Gas. ; 

22 1, Pepsito j 


22 

604 

201s 


£14 

211s 

354 

2959 

713 

354 

£5 


295ft 1 

24 1 

1350 
34 [ 

4113 I 
36is 
441 b 

344 ■ 

40 

16U i 
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25 
£7 
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34 1 

38 

621, . 

274 ' 
27 
205ft 
43 

29Tr 1 

30-4 . 

45 . 
675, 

91 

49 7g • 
1660 ' 
51 1 8 ' 
48 
424 
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746, ■ 

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374 ! 

174 : 
30Sg 
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34ij 
224 , 
3B*s 1 
255, j 
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165* j 
234 ' 
385* : 

274 I 
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294 

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377a 

284 

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35 4 
256a 
263* 
334 
31, 
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129a 
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6 

125ft 
194 
107ft 
241a 
28 
284 
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24 
307, 
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UeyncHd* MeralsJ 
{feynokls.K. J^_l 
Wcfa’son Metre* 1 4 
HntknraU lour-. I 

tfntimVB... | 

Hon* Dutch , 1 

itfK-; — J 

dun Logs 
Ryder fiysiem — 1 
, leleway fitoraa-.. 
!3u Joe Minerals, 
it. Regis Paper™ 

dama Fe lodu 

iau* lnw.M 

'fiaxoo Inds.. 

aofaiita Browing 
Schlumbergei— 
1M 


fiomt Paper 

auori Mrg 

xwdr 1 Duor Vest 

(Sea Contataera.. 

aearw itochuck — | 
dBDCO„ 
jfibeli Oil. 
phel I < &tair>pasv..{ 
(fiignai. 


plgxwrie Cornu- J 

plrapikitv 

!-i'ngier„.-_ j 

[smith Kline .1 

15* j soil iron 

13 4 pnnibiinwn_ ; 

219s fioul been Cal. Jin.. 

18 r B ’x’litberu Co ! 

28 ptfau. >st. Ues^.i 
314 i>niib0*n 'Pst.-l|i i .j 
455e , southern Kail wav i 

204 ;3out bland- -■ 

301, ja'w’t hfmshare*.' 
16lft ’jperrv Hutch — 1 

295a i3pen-T Karni 

215ft «quib 

£ 21 , iMoDilartl Branos 
34*8 Sro.lHKJailkmi* 
44 >hi.UH Imliana..; 
684 ;»td. Oil Ohio — J 
311, lstauD Chenical.J 


404 

28Ta 

664 - 

234 

314 

31 

694 

16 

114 

164 
3B<ft 
27 4 
264 
544 
34 

63ft 

115ft 

664 

154 

134 

215ft 

64 

854 

224 

126s 

249, 

315* 

314 

385ft 

321* 

324 

121 , 

184 

65 

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245‘ft 

265ft 

169* 

32 

335ft 

464 

245s 

24 4 

164 

395a 

2a 4 

2aSft 

39 

484 

695b 

37 


1B77-7H 

High [ Jxiw 


Stock 


265s 

24 

57Sft 

189* 

267a 

Sf* 

86 


17Ss 

41 4 
104 
114 


Woomotsn. 

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Mw. 

17 


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— Aenltb Radio. — j 
925e C.SLTroas 4%J9tsO| 
— . t613fl 'l/fi.Txea»4iWTO 

6^4a 4 0 Jj. 90 Day Wlis^ 


lass 

04 
434 
167a 
14 
1944 
1824 
6JI3J 


INDUSTRIALS 

AECI 2.13- 

Angfe-Amer. Tndusmal — 8 jS4 

Bartow Bind — 330 - 

cna insestmema - ...... tl.TO 

Currie Finance #.62 

De Beers Industrial - .. .. 6+9 
Edgars Consolidated . lor. +l.«6 

Edgars Stores 120-09 

Ever Ready SA L65 ■ 

Federate VoUtsbeteggines . L4D . 
Greetermans Stores ... — LOS 
Guardian Assurance (SA) 1.65 . 

Htdetts 2-00 

LTA — - tlJO 

McCarthy Rodway 0-B2 

NedBank iOO 

OK Bazaars 633 

Premier Mining 5JS0 ■ 

Pretoria Cement - 2.73 

Protea HohUngs LO® 

Rand Mines Proper tie s — 1-H 

Rembrandt Group - 7S.10 

Ret co - 0-35 

Sage Holdings L9B 

C. G. Smith Sneer 623'. 

Sorac 921 - 

sa Breirarlea U7 : - 

Tiger Oats and Nat. ilUlg- 8.7®. 

Uniaec 1.07 

Securities Rand SU-S-OtS) 
(Diawrant of 1LM%> 

AMSTERDAM 

+ or t Div.Zia 


-920 

-0.08 


-HfcOS 

+6-05 


+0.08 

-ojn 

—9.08 

-0J5 


-923 


+(U5 


Uar.17 


Pi*. 


CANADA 


12<0 Sicrlioa Drue 1 l35a 

37 dtuiictiMcer. Bl»* 
35’, ;miq Go. 1 394 

31S nuudMrasd 37 

16 1 * ‘fiyntea j £4>, 

54 'I«bttB4lDr_.....i 91) 

281* 'liektroolsC ' 3a 4 

474* ^Wedyne. 734, 

£ Teic* ! or 8 

fen ecu — — j 30 'a 


284 

6 

254 
154 
61 4 
825g 
187ft 
314 
20 
414 
31! 8 
13t„ 
17 
384 
21 
T'a 
261, 
184 


I feanra PecnMuni’ 
’ feaannw - . - — — — -J 
Teaiuguit — ... I 

! leioe iQBtm 

| Ten* Oil 5t (ras . 
Cezoo- Utilities ...[ 
lime Inc — : 

Times Mirror ^ 

I I m ken — . i 

I rang [ 

Inuumerirau..— ! 

I tranaco. ! 

Iran, - Uni o n 
Tnm-wr Inf mil 
Iran* Pferwi Air".! 

I'nivehers' I—..' 

IlYi ConcUnncai..] 


16xi I'omm Elmei 184 

294 Pri, 347a 

24 PTuni ...... £.7T a 

174 ; Pheips Dodge 204 

174 Hhitsiiei|rfiia fir., 1B», 

SI), Pblnp Morris 1^84 

27 Philip) Ppirn'n- 30c 

3Bl, Plnhurr , »7)a 

134 Pitiwr How ft* 18<a 

214 'PiliiTvn- ' £24 

104 Piessej-Ud ADK 17ia 

23i, iPi»mn*ni 294 

154 .KHuinac bnv... . laJ, 
23(, ,PWr UKi'iiiUie?.. £6-ij 
73ift 'i‘i*» id (itnitHr- 77 1 * 
2156 PiU ■WfHfti, Hrf. 1 -, 

24 'Piixmhi £8'; 

164 rNl n:J .. Ib4 

204 >j>Mkei C4t«. ale 

®ag lUpi ■ Amm+n. V s 1 

28 •it«*h“*'i (6‘i 

324 .MCA .. . fc«4 

214 1 £*• polk it Slew-.* 231) 


404 

871,1 

273ft 

229) 

294 

SOI, 

434 

564 

131, 

62 

9 

59 

ea 

i “ l f 
10 

324 
261, 
i 265, 

: 49i, 

; 41 

j 394 
154 
1 19 * 
j 34 
3Un 
[ 31 Ts 
287ft 
«4 
874 
204 
j 224 

; d3« ' 

I - 274 

28 
294 
324 . 


274 l.IC.W..;... :. > 

10 -Mil Omurv Ffrx, 

167a LAU...—: 

174 Url I 

13Jj lUP | 

274 >. 11 never 1 

471, — ; 

11 .uim tencorp...; 
37 ra 'luiuo lisridde.^ | 

61, onion Commerce 

453, '•. n ion Uh Cali l...[ 
41 Union rttdrtc. ; 


74 

6 =e 

254 

214 
184 
8 b 4 
321, 
174 
135, 
15 


lUnbQyaL — -! 

United Brands — , 


ufiteJKorp^— — j 
Lifi-Grpeufe-^— | 
•lid. 

lufi.isteel.-~~~— j 
Tecbnofcutee- 
UV Indtutrios— j 
VitBinb****®^— ; 
Wncreen.-..—...'' 
25a, .Waroet'Cnniipn- 
24 U ■\Vamei i »liuiihrr 1 .i 

124 iWignL'MaiPnieni' 
24 c A'tisJUrao— .[ 
25 b(| WeviRTi iter nn - 
14i) ll’Hitiii V Ann 
154 U'mmri UnnHi.. • 
lbi, ,WiiMin*5+ Hied . 


25m 

20>i 

201 # 

194 

16 J 


[Ww.liiyun...-. 
iligmi lMrti-+- 
’ IV, ,i.i I*** .. ...' 

'Vinin.iin.li» 

IV n :tain -I 


265) : Wuuonaixi-li*t l 


9'a 

87 

17 

544 

31 

194 

38 

2o4 

44le 

321a 

14 

194 

354 

28 

144 

301, 

iei 3 

34 ig 

£7 1ft 

214 

214s 

2£i, 

20! 3 

afalft 

&44 

139ft 

404 

06ft 

60 

441, 

71, 

o 71 * 

28ia 

2250 

264 

26 &ft 

3S7 a 

20 

J 44 

194 

334 

2*#5ft 

2170 

£bl; 

31Sg 

£3 As 
16 1* 
1/ 

241, 
£4 4 
£3s) 

£l3ft 

17c 

274 


124 

8 

309a 

lfli, 

424 

19 

224 

105, 

664 

269* 

174 
1560 
; 5.o 
38 
174 
10 
144 
267) 

204 

194 

194 

699s 

3.70 

99* 

214 
384 
294 
171? 
84 
94 
84 
624 
789* 
63 
2 a 4 
154 
154 
394 
95 

274 ( 
145a , 
304 
64 
534 
47s, 

58- j 

484 

183, 

314 

834 

344 

104 

164 

1670 

159, 

5'a , 
4.1a , 
26 
244 
394 

37 

337ft 

if’ 3 

8351, 

64 

3.10 

434 
46 
20 
74 . 
1.43 j 
234 ' 
111, j 

134 I 

1-6U 1 
31 
10 

38 

284.1 

18og 5 

104 J 
254 ! 

174 . 
65a | 
331* | 
04 | 
284 * 
3.D j 

194 i 
164 | 
124 
1E4 > 
Jfi4 : 

.84 , 

Ollft 
oalg. 
20', , 


84 lAtntihl Paper, 
3.66 lignioote«ie_ 
239ft J A Icr-ii Am minium 


137ft 

194 

134 

174 

.5 

43 Sg 

114 

®» 

59 

314 

84 

!- 

014 

174 

16i b 

164 

394 

8.31 


A ftoma men'. 
Aabetuoa. 


Usaaoi Mrauaesil 
dank Nora eotiai 
dosks UeanunsesJ 
Bai> Twapbone—I 
dow Valtey lnd»4 

BP 

firaaran, 
brioto. 


Wk-tiMV Power -. 1 
Uamdo Mine -A.I 
Ikuuuu. Content— | 
Uan&ibi NWLanr 
Dan Imp link Coro 
Csnada iBdcnt —1 

Can. PadlL 

Cdn. PsiJtt Iqv.I 
!Con. Super 01 . J 
Coning U'KeeteJ 
I 64 i^+mnar A)besuw-| 

; 8 >a [unienam , 

• 234 ■uominm.- ! 

i 194 'tkaw Bathurst.....! 
i 1 dig ;uMtecunar 4ns-..: 

4.19 l '/wk»Hewiii«ti| 

ffi 4 ; V*o*m Kli-h , 

i 610 ;Daon Dculmt 1 

4o9b [Douimmi ftinm....! 

• 424 Dome Mine*..—., 

j 38 1 Dome Efetrofeum! 

• 17 j Dominion Urtderi 

I 127b lUomiar- j 

.114 (Dupont- 

! 164 -Paicon'jie fiickei.; 

! 694 1 'ord Motor Can. .j 

2230 rDenatar.... 


124 

54 

28 

18 

t*64 

187s 

l V 

64 

2S4 

145* 

154 

t5.2a 

364 

14 

96a 

104 

263* 

tl94 

1*4 

194 

fifiU 

3.70 

84 

20 4 

£4 

£6 

167ft 

64 

94 

74 

624 

76 

624 

264 

154 

124 

174 

744 


.- 264 
5 ig (Uwnt I'ei.urkiitrei 12 4 
234 Guo On Canada.. - 274 
4.60 UinterkiK. Uii.i 64 
274 Hotiiouer _—....( 1294 
264 Home On ■A'_— , 3SI, 

14 Huuaui Hay Moa 161, 

14tg UmUoa bay I 184 

33fe Hudson Oil A Oa, 43 

15 LAJJ. I 174 

24 Iraorco 1 dll* 

184 [imperial Oil I 196a 

154 ilncu— 17 


64 (loda. 

9 

12Ss 

124 

64 


2.85 

154 

104 

204 

264 

196) 

104 

161* 


aland Aai.Gua-l 
na* -*-“*“ »*— * 
Koii 


Ins* pPy PtpeUne] 
'ter HeaourceB 


lauonn'kPJliCrapI 


Lohiaw Com. -U 
Ma'miu'n utoedl.j 
Uaaaesr Ferguson 

Main 15 -re „! 

Moure Conor j 

fioraadm M.isiea._J 
Noroeo gMrgy— 
_ , NthruTeteeam— 
104 iJiunmeUli it™ 

1^0 Uskwood Perr’m. 
0^6 1 Pkci Be Copper M. 

264 
184 

tl3 1 Put 
5.90 


1U4 

KM* 

137 b 

1370 

84 ■ 

■3.0u 

1750 

104 

234 

344 

234 

lasa 

£74 

23 

4JK) 

2.00 


PartflcPetrole iim i 387a 
VhO. Gan Pet'mi 344 


rieupm Dept, a J 
0.40 (PtaveCas (c Oil-/ 

174 ! Placer De rampant] 

74 'PowerConont'nj 

SSfl :prt-e „.J 

0.62 (Unebee aturseoal 
144 Uanger O 11 — .-. 1 129 

69* | Kesri fihaw I 9lg 

329s iKIoAigmn— j t26l, 

234 illapalBk. 01 Coa^ £89* 
144 ittovai lniat. 


tie 

3.90 

UJ* 

214 

114 

154 

1.36 


6 

204 
13 4ft 
4.06 
154 
4 JtJ 

22 4 


fiuaptrairseurctif 

uHft raiwa 

, hen Canada 


ahemtt ti. Jlinctt 
3 iefietuO.(r. 
SifflpfcHU— . 

- di Canada— 
1.76 ■•iieftpUu* Inn, 
844 I Lexsoo Canada-. 
1 6 I loam to Dura Jlh, 1 
! 1 nuisGbn PipeLn; 
11 ran* Minim i»i r 

jinw.__ 

'uiibtn tun....'....' 
[L:tiLfiIa*.w .Uiumj 
•Wu.iier Hminl— ■ 
•d'era LVaui Tnu.l 
iffnlai fcreo.- .... 


124 

84 

94 

87) 

59) 
28 , 
864 
9») 


174 

84 

254 

164 

4.60 
33 4 
4.90 
234 
2.3u 

397* 

174 

1470 

« 

TlOSg 

1090 

7 

314 

3*4 

I 64 


t Bid. ; Asked. « Traded. 7 New Sick*. 


Abend IFL201 ! 

Aaro/ Pl M|-. r ! 

Algem Bnk(Pi.lOoj 
ASLEV- (PLJO)— ) 
Amipbank (Fl^Qh 

dljenkort — 1 

■waaWeat ’ m( P jol 
HarhrnilfetierodKj 
Klaevier(PL^O).... 
KnaiaN.VJtearerj 
KuroComldtPl-lOj 
Hist Hrocadee(P10| 
Hehwkea(FCEfi)J 

Hoouovea* (F l_20*l 
Hunter Djpi.lOOu 
K-I. M- (F.JOO). 
lut Uulte 
N Harden (FiJQ. 
NotNeii Ins^Fi. 
NedCredBb(FI. 
Ned MidBk(P1j 

Or»(FL20) 

Van Ommenm— 
Pakhoeo 1 P 1 JML- 
Philip (Pi.lfl, — 
KjnfiehVerXF'.UX 

KobeooiPI^O, 

KoUnou iFluOc.— 
tioraoto (Pi. 
KoyaiDmcbcP' 

aUiP enimrji 

ThevinOrpiT'. ... 
Conyo Poc.Uida.fi 
Unilever <Fi. 20 )_] 
PIUnxKea.lnt(6J| 
WMlw'ilo. Han a! 


— * 


99 , 
£L9 


U9— u.l 

70 . 2 J— ae 
. 80.31-OJB 
lw6^)+l 8 

gg * rik era 
880 

136.6]... 

62 L. 

56 

102 


* 


| j «8l 1 3.6 

+0.7, 

348.6 ~ — - AMJI 6j 8 
80J9|— 0.1 A #44] 5.4 
|23j» * * 
: £d 
70 
26 
1H1 
j 52^| 
[944 

B 


J.UI fro 

3.4r— 0.7 ! 

3 +1 il 

5.BI ! . 


24.6[+OJS (I .J!t| 
2l.3|+0.3 — 1 

138.6+0.3 
3 7.1 1 — 0.4 
36. li — 0^ 
l07J [ +0 2 
54.7 1 — .6 
1B8.0I — 0.6 
153.6—0.4 ] A3+j 
135A.+5.0 
35.0; + 0.6 J 
24.4 + 0.1 1 
71.6 1 — 2 -j 
162.6' + 0.1 
116.1+0.1 
Id .6—0.1 
128^; + L2 
246.51 

137.0 — 1-9 i 

M.5; J 50 | O.z 

119.* -0.2 ,A4ji 7.0 
a8.0l'+0J 

411.0- 2.8 


AUSTRALIA 


Uar. 17 


. :+<* 
Aart.8 i ' 


ACM I L (26 cent, — [ 

Acme AnatraJla— — 

Aineii Unt-Trdft lndna Slj 
Ampol Kxploratioa— — . 

Arupui Petroieom— 

Aaaoc. Itinerant. 


Aaaoc. Pulp Paper 81 ( 

AaKc.Coa. Indnatries. 
Ann. Foandadcw Inroet— 

AJf.i 

Audlmco-. 

Aunt. Oil £ Ga&_ 

Blue Metal lad. 


E~! 


BougainviUa Copper j 

Broken UiH Proprietary-..! 

BHfiuath 

Carttoa Uniiari Brevraiy— 

C. J.Colea 

OSH 18 1, 

Com. Gold field Ana. - 

Coatainer(51, 

Uonzlw KIritinto ! 1 

CoilUD AufTaMa 

Dunlop KutfierV^l). ... 


Kider Smith — . 

tiJt, lnduatrlea— . 
Gen. Property Trueu 
Hamerstey-. 


Hooker. 

1.0. 1 . Aurt wH# 

inner- Copper- 
Jennings I nrintrisL. 
Jones (David) 

Leonard dll— 


Metal* Exploration ++.f 

M1M Hnuiinp --t 

M.ser Kmparima, 

Mew«_— I 


io.ee 

1086 

78.15 

tLia 

10.72 

10.73 
tuoa 
tl.60 
10.90 
f L38 
tO 35. 
«L36 
tl.Ol 
11.05 
16.70 
10.78 

. 11.78 
11.88 
18. bO 
J2.3S 
18.12 
11.93 
11.30 
tl .46 
11.02 
11.68 
tl.73 
tl.33 
Tl.95 
10.72 
M.uB 
10.09 
tt.*5 
tl.Ol;- 
tUw24 
1JJ2 
tUj9 
TJ.75 

■ 12.18 


|— OUOl 

i+5ji 

1-0.02 

J48B1 

U.05 

Koi 


1 + 0-02 

+8.04 

+0JJ2 

-ois 

-0.96 

-9.06 

1 

1+0.03 

|+£bi 


- 0.02 

+ 0.01 


t „... 

i*OM 


PARS 


Mar. 17 


Hearer. 


AlriqiWOcclUl'iC 
Air LiauM..,...-.; 
AquUalno..— _ 
BIC 


•405 1+7 I37JIJ- 
1.620 40 ! 76 1 


K k-hoiaa internatlomi. .! r '? J.90 


North Broken HMImn I 

Oakbridw.. ..... 

DU Search . 


lxpi>mloa 

Concrete. 


Utter Exp 

Ptotte 

KecMUA Oaimaiw.. 

H- C. aleJgfa 

fioathlaad Minlds~.. 

*xwh iSDm : 

wftitona....- 

ffertwn Mmnnj (60 cental J 

Wnnlai^i l:ha .. ir . 1 lllr r . j 


—( 
—4 
I 


TLU5 

tt.78 

iaoe 

tai7 

11.42 

ta.bo- 

t0.72 
tO. 19 
11.68 
ro.b4 
11.19 
tl.47 


1 'H 

i*iun 

+«B 

i+Q.06 
1 ...... 

I+OJK 


~i*nca ; + ur fiiirS 
■ ^ 

717:1-^8.9 41; r 

aaai— i^.zLib; 

277.6 + 5.6 1 16Jif 
- 5Q6.lj+3.6 I M . 

848 H+ 12 II3.TO 

Houjcuea. ;~4 823 )+18 \S\JBt 

HA.VGerrahu: 

Curefonr 

C.GJ4 

U.I.T. Afcatal.-. 

Lie Ukuc&ue. 

Clnb Mellter......| 

Creriic Com PP. ri 
Creavot Loire— — J 

H iimwi 

fr. Petrol?* — 

Genl UocirientgteJ 
I mecs! 

Jacquea Bond ' 

Lalnnra„„ .... 

UOraal 

Uvrend„ '1.510 +12 

llauana Pheidx.. 1 926 
Micheim . 1.290 

437 J 

iww 178.6 -^4.7 

PftDbBB 17B.1 +0.6 

Pfiihinev 86 . 1 + 2.6 

riraud-ldtaini 236 , + 11 
PeugootA;itroen.. 318 i+8 

Puclaln 

HodU> T ecimlQue .' 

Monte; ..... 

Ubooe Pouteuf- ^ J 

fib. UcMu. ... 

akli ItmHenni ™: 



5 CdnVerdMa. 



123.4 +3.4 1£ ] 

655 |-15 | 7Jt- 
116 1 + 1.6 '14.(0. 
190.0. -OJB r dJ0B; 
65 +1.2 J a. A 

88.1-0.1 

1S2 —2 

630 i + 5 


lo.fi 
1L;7 , 
3I.M| 
+46 39+ 
16 idLut;- 
1 At. 

5 • 
La.Sb' 
7 j: : 
7.6 
la ; 


+ 16 id 

+ 12.61 


2 fi.b 


!+a.ua 

I-40T 

+0.01 


143 J f-3.51 
417 : f-17 | 

669 -+9 I , 
' 64. B + 1.8 ■ 9 

147 +6 Jli-bS 
1.644 mi-r 66 AH 

auet ; _h65 >-10,jfi.t; 

Teiemeouuune—.! 697 ' + 22 ! i2.7S 
Ounn-on Brandi^ 177 <t 9 jib. 16 
U+t+y ! 23 ‘ + 0.21 — i 

VIENNA 


Mar. 17 


r j a* 1^-0* 
* — 


Dir... 

* *• 


CMdiiaoMalt uu ..j 

Penmooaer — < 

aewet a_ 

Sera pent 

fitevr Ihumler....! 
YenMagwedl- ... 


360 

266 

673 

B8 

180 

258 


...i*..... - 10 [ 

• ■ ........ 1 i9 

+ 1 48 1 

i+3 , — : 

*7 

+4 14 ; 


>5 


- \ 


TOKYO f 

• •. 

Mar. 17 

j^tricra • +or . Dlr'YIrt. 

1 Sf« - ; % ! 4 

1 


BRAZIL 


Uar.17 


V'PriciT 

Crue 


q^rDf-r. 

— ;Cruzi 


ActMtbL. 


LB* j— OJSU.li ^ 


Casio. 

Ohinon j 

Dai Nippon Prim | 

Fuji Photo 

HllJirthl 

Honda Motors^—! . 

Horae Pood LH30 

U.ltolu — 

Ito-Yokndo. 

Jxocsl. 

JJUE: 

Kanaal Hfeot. Pw 
h orna o U'... 


IT* 

3. 

1-2 


COPENHAGEN + 


Mu. 17 


I Price 
'Kroner 


+ or ; - D1 t. Yld 


AndeavtankBO-..., 145 

iMirm'oir W. 44 1 igj J 

UmaoBe Hank... 1251, m ! 

Eui Aatan-Ui—: 0 * 33 ,! • 

riuanotwaken — | J4-J r_t, ; 

Pot. Bymraner ...| 353 < 71 , > 

Por.Pkptr J 731 ,! ! 

Handel abank J127 I,a! + I* ' 

j.Vrb-oH.lKrfllO, 856 j— I* 

.oordKspei. :..'■ 349 1 — 111 )' 12 

Duorghrlk. ; 81 i— 1 j _ 

PnvftUMnk_... 1311«M T <i 11 

Pnnnnstiuik - 1491* 11 

aaph. Herenriben. o69ii;— l, 1 12 
pert as 1803*>— 27* l lg 


, 7.6 
3.4 
; 9.6 
3.4 
; 9-5 
3.6 
|UJ< 
, 0.6 
i 4.2 
1 4.8 

'a. 

: 7.4 
: 3-2 

! 6.7 


STOCKHOLM 


Mai. 17 


rru« t * or 

Krone I — 


Dlv. 

Kr. a 


KjwxvCeramic— 
Mnfeuahha Inrt... 
Miwma«hi Hank- 
M m obiahl Heavy 

Hlsmbfehi Cmp- 
UtauiaOoJZj 
Uitmaoshi 
Nippon l>enaoi._. 
Mppon 5hwp»n_ 
NtennMowra_j 
Pioneer 

fianjo Rfeccrtc — ! 

fiefeisnl Prefab 1 

fihlaeMo 

Soul- jL7lO 

Ealabo MarUw 236 

XteadaCbemkelj 428 

rpK :1.7u0 

...... 1 117 

lottfo Manne 907 

lokla (Meet PawV 1.2 10 

ti+tyo Sanyo 1 313 

tbk.VoHbthanra._t 139 

126 

rpyota Mraor j 933 


fieoooHnutl PP-1 . 4.20 ,+0J2 . .18 

dtuiro Itau PN — j 1.1b ■+uj4^.1fi 

Helco MlncraOf 2.10 ! lu.li 

Lota Amer. OP J 3J5a i-0.02u.hi 

Patrobraa PP .7 8.74 (-0.09 U.L , 

Pirelli OP.; _■ £.78 +0.031*46 \ 

tanaaCn a OP...,' 4.38 i 

,1/nipPE -.j 64*5 'L.. :uJ3. S 

Vole Kio Dnoe PPj L78 1-OJH ■■! i » 


VoL 173 An. Shares ,73.7m. 
Source: Rio do Janeiro SE. 


(OSLO 


Uoi.17 


Pnoe - + dr 
| Kroner j — 


1 heqten Bank....-..; W1.0 

■torro^Jiard 1 B&. j+l 

Credlchank 10610 , 

Kramo. 1 272J5C_a.5 

KndiUameo — 1-& 
NorakHydrokrjn 178.6-4L6, 
tawebrand — a J 8646) +04S| 


u+r: 

* 


' : . j‘* - • 

id!?;. 


< i 


'•'i.rit 


16 J LO 
48 1.6 


Percent, 
. HI 
239 
200 
» 


Sonrce Nlkko Secnrltfes. Tokyo. 


SWITZERLAND • 


Mar. 17 


Price J + or ; Dir.,T«d. 
Pro. I — ! + * 


Ali A An iAr JUj.j 
A lia InV) BlKrSCi 

A;SA (Kr.oD) : 

Atbua Cop.-otlvrta' 

9Ul«ui.~ 

Canto [ . 

UeUnkna. i 

Blect’ tux “B’tKCOj 
Hricecra 'B’dubCi 

Haem •*£" I 

rtgerara. . 

HmogVa (<r«« 
UaitoeMHaKen.^ 
Uinhiu ............ 

MoOch Diinnu. 

■on c\* A_b 

fi.K.P. -B’ Kn«. 
ikamlhnskiktt.. ’ 
raminrik ’tfKr«J 

Cririehutm - 

lelTn (Kj. oOi...... 


177 ; + l ! 
159 i*. 1 • 
81 Ad' | 


3.3 


113 
82 1-1 
125 j + 2 
179 zej — 2 
213 i — 1 
139 
141 

230 | 

106 T 1 
47.0—1.5 
287 nr 
Z2a 


Ef 


& 

, 6 
|A6jb 
4 

1 


3.1 

3.1 

6-8 

6.5 

8.3 

3J 

5J5 



Arumimum '1,208 I— 26 I a 

DBC'A’ ;1J615 -20 1 lu 

CibeGeigytP'r-"*' l,i7S — & i *n 
Da. ft. Cert*.... 878 .—16 ' 22 

649 'r—Z a2 

ored W. -uto e. — <2.30u 3fi { \e ; 3.5 

« w «Cr , !55L- J -“5 i — 15 I ID 1 3.0 

iGeor^)„i 670* I— jq . j a , 3.7 
Hon rasa ftLert».r B0.600i-2.TOU 350 1 ^7 

IA+ (finwl) =8,025 

Interfood £ ,3.460 

•lahaotl (Fr.l 00 )... l.aao 
NeauecPr. ICOl -.13.030 
Da, Reg— — -£.300 
Ueclihea BJFJKG 2.040 
PfreiBSIP(P.160> 873 

fiaadaa(Fr.260|_]d ,500 
Da. ftrt Certft.' 457 
ScblraiiarCtsriOu! 305 


Banco Bilbao 
Banco AUanUco (1.000) 

Banco Central 

Banco Exterior 

Banco General 2R 

Banco Granada T 1 .BM> Z5L 

Banco Hispano a* 

Banco Ind- Cat. n .0001 US 
B. Ind. Uedlrerraneo— 322. 

Banco Popular lkfc 

Banco Santander <250 1 320 

Banco Urqnuo n.OWJ . 210 
Banco Vizcaya 202 

Banco SSaragezaao ..— . 215 

Bankumon ....: :.... 132 

Banns Andalucia 22 k 

Babcock Wilcox ....i- • 24- 

cic n 

□nusados 200 

Imnobantf : 7« 

E. L Aragonesas 4U> 

tapanola Zinc - : - ■ 101 - 

Fccsa 1 1,0001 ' asa 

Pecea ( 1 . 000 ) . 67J» 

Fcnosa ( 1 . 000 ) : 67 JS 

Gal. Predados — 37 

I Grupu Velazquez (400) - 263 

2 7 Hldrola mn 

I ibcrdOero ........ IV 

? » ! Olarra 16 

52 ~ [ Pont teras Resntdaa ... ' 0545 
PetnUlhcr " 134 

Samo Pawflera 57 

soiacc ;; sem 

Sostfls+ 220 


1 -i;- 


-r-.i' 


-J 


X "'til iiu, 

-p 


‘!'l 


fiatzar Cu.iP.lOOl 
fi^tealr (F4fift. j 
Swiss Book (P.IQO 

SSS’SSSfLi 

i!or*cfi Inn 1 IO. i 00 1— 2B 


[— 300| 35 1 --'.7 
I + 5Q ! 20 . 2J» 
20 u4 
i— 40 r*i6j| 2.8 
10 iaiLaj a.7 

1(16 118.4 
15 
26 
26 
» 

14 


ti 0 

i— 8 


o-5 

1.9 

2.8 

l.b 

4.0 



BRUSSELS/LUXEMBOURG 


Mar. 17 


; l>ir7 

I'nw ' + or j Pie. |)fi . 
Fn- ■ - | N* J i 


Aided '£,320 

uq. tirx. Lamb— l.tl2 

oekeri “IT - ! 1.7 nu 

UJIJt Cranatl—. L274 

Cockerli 1 o46 

Maiss ^3,360 


Bteetrohei 

fthrlqiieXar— 
u.b. Inno-Brn- 
(ievaerr. 


Hoboken ^..2, 180 

Lnureoo 855 

6 redietMtnk lo,4 10 

La ftnyajt Beijp?. J6.450 

Pan Hokllnc id.o60 

Prti uii.ira — _i3.840 

an; Gen Banqiie.44.930 
xc hen Hei£i(jue|L>65 

»6na — — ,3.' 3b 

>»v ....... -£.320 

1 nurt loo' hie.4_.. :*;^00 

ULU b38 

n SI ID. r[ *ltii li 1 

wane 31unmgae'1.512 


15 ! - 

;+io eu 

ILU 

t+10 j 90 

i+6 177 
.6,030 1—30 Sdu 

ik.400 ... U70 

: 1,800 .i-g -IdO 
!1,£34 j+10 j tit) 
+ 45 |L7U i 
U.~...il42 


4.3 

6.4 

7.0 

~.3 

7.1 
7.1 
7.0 
BJ 
7.8 
1 6 

SO ;1S ! ti 

r;i5*it^it : 5 

i+3Q '204 I 7.0 
-IS U. 1 j 
+ 6 21S ! 7.1 

—90 'A*a . . 6 
.— 15 I6r I 3.5 
+ 14 • - ■ _ 

,* w : bo ; 4.5 
— - tDo I l« 


1 - 


128 

Hratori.-— — 1 497 . __ 

Pia* . 1.932 —13 

Do. Prira. — 1.B87 j— 3 

PTnsMer 77 1 + 1,5 

Italcemenu: laSSOj— 2Q. . 

Italaider 134 +3.7B 

Medio banca IZJ32.400 1 Jljaoei » 

MooreUsco 164 1—1 . 

UifoetU Frit — B21 |—8 

2,186 +29 
LOIS U 3 
626 -IB 


-l--. 

rv 


+ *■:' ; - 

-J ' 

-I 


TelelorUca 

Torraa Hosreneft r„ 

Tnbacex — — >— 

Union Elcc, ti — ~— 

HONGKONG 


Ml2S -J 
45 

1* -**' 

t* ~ l-.v 



Hong KengS 

dim. Loan 1848 
Amalgamated Rubber 
Ht'WWCrt. — 

China JLdgbB 8 Rawer, 

City HaLebL. 

UtnnomlltaD 

Grow aarbour; 

K. A«ta Kavifiadoa.. 

Hong Knug Aircraft 
Honq Kpofl Klecnrtc 

Hong Hour Kowlnoal 

fflrilB Koo~ Land In^enCJ : -&W 

Hong Kangfi toqgha|te|ik| 17^0 

Hutchtion iVhatnpra ' iiw 
W' I’aralhnsokuttie#-., 

Jardlne 5laD»»on 13.BQ 

Janlmofioia — J— -i^r 5.76 
I Rubber -| .1.88 

t7M 


}50j 7.7 aline Darby — 

IbO 9.4 Suutlm. Pao.P mfVL.- — 


PlraniACo. 

PlrtiH Spa— 

Seta Vlaeraa „> J 


1^ 


6.0 

7.8 


*aUuea T+xHlu 
I owlre FacUta a ’ 


-11:13 


III ! 

iPHl!.' - " ! >! i! 

J«h.- T, . f 

Alii,,., ;-'!«i.r 

n , h "'"I 


f 

flV 


JiS 


LKrtDeAUlatice a 

fcxtlieCorp «X 
WiwekMk 

AUnU 

wiinsr InlsdtU «, 

Vi'yawr — 1 I 1 . 

T.BWFBt . ++ UMaewb ifSafler. 
'nNaMtitcA - • 



nnces azqiuda S premtam. Belgian .oiritteatti are 


. NOTES! u+wn ea a 

wnbitoWnM lak. .... 

«, 6( * 0M 3J ♦ P^LSflB denonL ' ullewi Mtf" 

aaja 

!ISK£in c * BUl . 1 afrnr. wradmg r 

— :?g~ ^ iriaflfd. jailer lAmnug arRx m&lti * 

dividend. *c Br *aru> tua *» «a gu. aliwenm smStnora^ rT- - -- 




”My firm has had a happy. relationship with 
NatWest for many years, basically, built up . 
through our branch manager. How do you see the 
managers role continuing and developing in the: 
•future?” 

'"The role .of the branch manager is fundamental to 
NatWest, indeed to the whole BritisKbanking system. 
All our senior people started life in. High Street 
branches, and the standard of banking they learned / 
there: is as good as' any in the. world; So-we would be - ■ ■ 
foolish to change .this system, wtocfiis.the basis of the 

':v_ a? i .1 . j • : ii. i i . i -i L . ■ ■ _ rt 


;; "I’m fortunate because lbank at my husband’s 
u branch, but many customers, ^spepially women, 

— don’t even know who their bank manager is - " " 
.perhaps because they have no real need.tameet 
L him? • / .. ...: . . 

: Tm sure you wouldnT expkrt to find: the manager 
. himself behind the coasteiCdealing with the everyday 
process of pay! rig money- iri or "dra wing it out. Bub if you 
do want help on a financial matter* and you- ask at the. . 

' counter, they will arrange for you to see the manager—* 
" or ail assistant manager in. our bigger branches! . 

"Do you think somebody, say a small: - 
businessman, would think of asking the manager . 
about the services you offer, or would they think - 
that he would not know anyway?” * ' 

"I find it difficult to believe that a small ; • ; 

businessman who .has a banking relationship with us • 
willnot sooner or later say to the manager ' Well, this. is 
my problem, is there any answer to it?’ Wehayethe full 
range of commercial sendees- that the smaller' ■ 
businessman requires and our managers .can. give a 
complete outline of them. In fact I am referring in my^- 
annual statement to the problems of* small businesses! 

"With interest rates where they are at the 
moment, do you think we can look forward to a 
reasonable rate of industrial investment in the 
next year?” . *1 

’I hope so. but it is nbt really taking plate yet in_the 
country as a whole. I think businessmen are : still a little 
lacking in confidence about the long-term prospects, 
and therefore reluctant to commit them selves 

'If inflation is brought further under control and 
wage rates are held, this will give everybodyaiot more 
confidence, and .a lot more incentive too. I personally 
think that this question about expansion: arid 

* investment is arreally fundamental one. It is, in fact, ; one 

• of-the great attributes of the clearing banks that we -can 
harness our customers 1 money to increase the countiy s 
exports, exploit its new energy programmes - arid 

contribute to its industrial- investment! .. 

"In view of the proposal that the big banks 
should be hationalxsed, how do you see NatWest 
survi vingand justifyingits existence?”^ 

"Well, we shall survive by the quali tybf the service 
•we are able to offer. Thereat danger of nationalisation 


is that there wouldn’t be the same incentive to maintain * 
that standard of service. I hope you are as desperately 
anxious about it as we are. We would see it as a grievous 
extension of the States ability to encroach on the 
personal and financial aspects of everyone’ s life. - 

^Nationalisation could also reduce foreign confidence 
in. the integrity and skill of bankingin this country, and 
in this country’s ability to manage' its economy.” 

. "How do you answer attacks on the High Street 
banks as to why you have so many adjacent 
branches?” . 

• 'Well, l ean really only -speak for NatWest on this. 


network for some years, by closing branches where we 
■ think they .are. nolongemecessary^and opening ... 

• branches where we think it would be wise to have new 
ones. On the wider issue, it is right that there should be 

competition between the banks in any one town! 

.■* . . " ‘ • «'■_ ■ < .... 

-.;••• "I believe you are involved in a lot of activities 
outside the commercial field. Can you tell us more 
about these?” 

K A-large commercial organisation like NatWest not 
- only has a responsibility to the country in a commercial 
sense, but it must also try to do something to improve 
the quality of life in a more general way. We are giving 
help to. the Arts, Sport, Education, job creation schemes 
and so on. One scheme Fm particularly proud of is our 
' Project Respond, through which we encourage schools 
to submit social and community projects for their own 

• area!We then provide the money so that the best ones 
can be implemented! 

"We understand, as shareholders, that there is. 
a ceilmg on the dividend. What happens to the 
remainder of the profit that isn’t paid out in 
dividend and tax?” 

"Thismoney is retained in the bank to build up pur 
' reserves and to act as the foundation of our. future 
increased operations. As customers’ deposits rise so 
must our reserves, if we are to maintain a. prudent ratio 
between them. • - 

• "Secondly, retained profit is used for expanding our 
. operations. bdth in this country and abroad. 

. "We are pleased with our profit performance this 
year. -but it is no more than is necessary to achieve these 
aims. To put the figures in context, our profits represent 
little more than l c ( of the total assets used in the Group, 
' which have risen to something over £19,000 million! 

. "Do you see a lot of the profits coming from 
overseas operations next year?” 

"Yes, I dp. We are now a widely diversified group, as 
our report, to shareholders shows very ; dearly. We have 
deli berate]y been expanding our activities overseas, 
and in a wide range of sendees in the U. K., with the 
, purpose of increasing profits from these sources, and- 
-the benefits are flowing through strongly! 


A 




Salient points from the Chairman’s 
Statement to Shareholders 


Banking wilt always be an industry 
dependent for its success on the people who 
work in it. I am sure I speak for shareholders 
too in expressing my own appreciation and 
that of the Board for the contribution • 
members’ of the staff have made towards 
the Groups continued progress. 


isbecoming more clearly recognised 
-that the progress of small businesses has been 
inhibited less by lack of finance than by a tax 
system which discourages the growth of capital, 
and by the weight of new legislation which 
has left many small businessmen bewildered. 
This is not a prescription for expansion. 

€4# We have continued to improve our services 
-to UK exporters, and 197-7 saw the arrangement 
of a number of large ECGD-backed facilities 
either to exporters themselves, or direct to 
overseas buyers, to finance British exports. 


4^4 The Wilson Committee’s summary of the 
evidence which it has received so far indicates 
that, broadly speaking, the financial institutions 
are performing well in meeting the demands 
made upon them. 


tvf£54 


|w National Westminster Bank sees 1978 as a 
hopeful year, and we look forward to the prospect 
of making a significant contribution to an 
improving industrial scene, both at home and 
throughout the world. 


Figures taken from the Group Accounts 1977 


: Ordinaiy share capital 
Reserves 

Current, deposit and other 
accounts 

Advances 

Group profit after allocation 
to staff profit-sharing 

Tax 

Retained profit 


£225 million 
£787 million 

£17,603 million 
£12,042 million 

£228 million 
£117 million 
£81 million 


. - .Copies of the Report and Accounts, which include the Chairmans Statement, may be obtained from the 
/ Secretary’s Office, National Westminster Bank Limited, 41 Lothbury, London EC2P 2BP, 


■rag 


v 







INSURANCE, PROPERTY, 

BONDS 


AUTHORISED UNIT TRUSTS 

| Abbey 1. nit Tsl, Mgrs. Ltd, (»■ '*• Garirnore Fund Managers V take) Perpetual Unit Trust MngmLV Is) 


Financial T imes Monday March 2a 1878 

OFFSHORE AND 
OVERSEAS FUNDS 


Abbey Lire Assurance Co. Ltd. 
1 .ISi Paur'.Church.'Tird BOI 01 & 


Equity Fund.- 133.2 iS'lri . -■ Property Bonds 

KquiliAcc.. ... 28 8 795 . 

Property Acc. . ”.. ..." 149 5 in.l".. — Hambro Life A 

Selective Fund .83 6 88 2 — 7 MM Park Ijmc, Lo 

y'nnvcniblcFiind. 1M7 igj _. . - F.xnl lai Dcp. — 

•Money Fund . U96 125 9 ... . — Kquitj _ . .. . 

Ton: Property . . 167 9 176 8 - Prfipertjr — ~ 

■yn» Selective . . 78.8 83 D . — Managed Cap ... . 

Pin -..security 173.9 MM . — Manned Aec 

Pen. Manaeol 2694 178.4 . . — iH-erseaa _ 

rpi»>. bqillli 1425 150.1 .... — i, Ift Edged ‘ 

*l*r©P Kd Ser 4.. 1233 1298 — I'Mi.KTfMpCaB . 

• Man Fil Scr.4 .1283 135.1 .. . — Pen F I Dcp Act _ 

•Kquily K.L Srr 4 312 32.9 .. - Pen FropCap ... 

•Tnnt.Fa. t-cr.4 .., 1999 1157 . — Per Pr.ip.Acc 

•Mono Fd. Scr 4 1981 113 flj .. — Pen Man. Cap 

Tncphai 31a:rP. 14. 1 aluaucuiK normally Tu«. Pcu.Man.Aov 

Albany Life Assurance Co. Ltd. p ra nut Eds aw. 
31 Old Burlington >I .Wl. D!-W7i»82 E5-&& * " '! 

VHnitq-.nL Are I169S ITS* . I - £*■ I 


Ltd. fiuardian Royal Kx change Norwich Union Insurance Group 

a,MMm RnioJ Kvcfunfie. K.C3 1)1.20 7107 pfl BovH. Xurmeh XRIS.W. 0fflO22W 

- Properly Bonds — {168 3 175.21 . I - Managed Fund .- 002 9 2133 -0.11 - 

, Equity Fond . .... «12 3 32S7[-ig — 

_ Hambro fife Assurance Limited V fiHPH'.'SEi. • -Bgi J2S '? 3 ~ 


73en i.iaie houyc Rd . a vlesburv. 'tSri 1 2. Sl Mure Ase KT3A RHP. 

| \bbey<Mipitol — ,130.7 K.71 .[ * 08 ■ *. xiuenranT-.r -E23B 

Abbey Income . lit 8 591 -Oil 5 71 Rrtti«hT<I .Avr ■ W92 

Abbey int.TM. l-d. Slo 33ffl-0l| 4 63 t.'oimnediti Share. .|13&Z 

Abhoy Go. T.x! pit 45.3-0 J 1 Par Eaa Tra.+fc. [28 2 - 


M.2fh XSl- dHUmrSt. IlnMvnn Thames. 04812088 
I *021 0 81 I'peualUp « h.... Bt> 387| . J .1 374 

-rfi'3 359 Piccadilly Unit T. Mgrs. liif taxb) 


F ,, rf?L^ flC - u s^ WI KKd"'.:. 192 3 ffia ;«i 

Fixed laL Dcp. — |123» 1305. I -• Nor tail Mar in . 1914 1 


!*!“>«>; - 1637 

PmpeiU...... 1573 

Mae aged Lap an 

Manaeed Aco 1628 

ilvenea* ._ . . . 112.2 

Gin Edged ... 122.8 

1'Ht.F.I.PopCap . 1266 
Ten F.l.Dep Act — 146 3 

Pen Prop. Cap 20132 

Pen Prop. Acc Tie 1 

ren Man. Cap 1996 

Pen. Man. Act. ZM| 


•KqiiUT Fd. Arc 169 5 17841 . 

•Fixed Ini. A« 1376 1441 

*i.ld .MonwKd Ac 1139 11B.9 ... 

•Inti. Man nt.U-iB 988 1039 ... 

♦Frol. Fd Acr 106.4 111 9 

• M pielm.Acr ... 156.2 1644 

tamtr Pm Fd A« 1985 208 1 . 

Used I.FMJ Acc. 172 6 1816 .. 

•• td Mwn.rVtiAiv. 1266 1332 

Inti Mn PnFdAir .1044 109.5 

Prop fen A« .1194 125.2 .. 

W pfe lot Pen Acc 189 S. 199 51 . 

AM FA" Life Assurance Ltd.V 


Ltd- Pee ffllt Eds Aw. 

SS8£S8:.:.i: 

• 1 — Pin IUF Cap 

l ■” Pm. l» A F. Acc _ .. 


i 9 1305 

7 1724 

A 165 6 
.6 1386 

t 170.6 
.2 1312 

a I29J 

6 1333 

3 1500 

2 . 210.1 
J 2681 
6 2102 
6 2680 
6 132J 

1 138.0 

4 1286 

9 1448 

190.4 

100.7 


— Phoenix Assurance Co. Ltd. 


Allied Hambro Group ia)lg)V 

Hamhra* lb-<?, Rnitoo. Brcnravod. E»c* 
(II SB 2861 or RiVfiWopd (02771 2I14W 
BalBAml Fund. 

Allied >« _ ,]6o b 649.4 +011 5 

Bril Indi Fund 160 3 64 4-0 2) 5 

(Jrth.ii Inc ffii 37 jj -0 l( 5 

Elect * Ind Dei.009 333 -0-1] 5 


High lucerne Tit--. 545 

Imtxnc Fund. 659 

1*> NxoBe 1236 

Inti FjkeaipV Fd — 81 5 
1 -ini!. TjC< A ct. 1 26.4 


4-5. Kirur William Si . KCiFiHR. 01-6309678 Allied Capital G 9 

Wealth .W .11061 111 8 ... J - I IIaniF«.Fund ._ ,kg4 


Wealth. W . 1061 111 

Eh> Ph ,\«, W5 

EJi'r WlKqK 698 73 


Prop. Equity Sc Life Ass. Co-V 

— ■ I IN. CrairfDnl Street. Wl II 2AS. 0I-4880S 

— it. Silk PtonBd. ...J 1729 J. I _ 

— Ix» Equity Bd 1 684 -.V? _ 

— Pa Fv Stay. Bd. FdJ 1514 I ... .1 - 


“ Property Growth Assur. Co. Iid.V 
Irfoo Hdum-. I’rnvdon. (TtA 1 1.1 r rtl -dm a 

__ Property Fund . . — | 1752 l I - 


' •Pmpenyl'nlle. 

AMEV Life Assurance LttLV shUS^SuSita A 

Alma II v-. Alma ltd. R)'' gate Ri*igale4QU11. Managed AetHca A 


Hearts of Oak Benefit Society 

Eu«on lload. London. K» 1 1)1-387 S120 PropJrtj. Fund ‘A>~ 

Heart <n{i>ak — . — f36 1 38 1| . | - AencuRunl Fund. 

.tcric Ftind'Ai 

Hill -Samuel Life Assur. Ltd.V gg™*,- 

\LA Twr- Addiwoaho Rd„ Croj- 1)1 -6884.135 Invcnik-nt Fund .? 

154 8) I — InvcMlmi-nl Fd 1A1 


... J _ Hambro Fund -N84 

Kamhro a*«. Fd ftitj 

• • Inmnr Funds 

High Yield Fd 1633 

„ «! High Income .-_.. 53 q 

a “ AH.Eq.Ine I35.9 

01-4890637 intwaaiewd Fank 

— International - - r (23 0 

-- 'I — Sccv at. Unerica j .. (465 

— I — P&cvOy Fund !_f33.4 

* iSpcciana Fuads 

I JH m Smaller Co. 1 Fd 1313 

* SndSmb-.CosIM.. »o 

ni-emww Rocovcn-Sits .. mi 

. I — Mm Min.*Cdt>.. 366 

......I — OiTTHer' Earning* 30 O 


-0 2J 5 76 
— 0 1| 5 33 
-O.y 515 

-01a 453 

-0.4] 5.42 


. . - •seenritie? lC.Lt Limited Ke>wlPY !Ho««. Jmey Ltf. .. c„ j ■ 

Arbulhoot twcnrxu osmtsitt i-o [UivBR.m. ih-Ikt 3»Tiey rcnij0j«-R8i 

p o. sex =64. Si „ , 301 FapM-lev - - RU» : -..i£ jS 

CBp,T»L iJerrf) Jl” 0 P L, ■ Kcix’li-xlnf' 

-( 1,1 JSssStW.-a&'-^.g^ 

. , sub March 30. K ,V»i.-. Jawe — 19™ - JAM 

Australian Sel«tlon Fuad MM* r 

JtrtM i . p ,.. rtun , . i .-. eo Insh >oun B * KiaC & SlttXMn Ugti ■ * 


• *. rr ■- 


533 'b-A-O Income-.. H8 9 4J.n I 860 Amcncim Fund &1 233) .....1 2.< 

tU ia a c' i-S'SS-Z pc 9 s.« 0J0 Practical Invest. Co. LttLV (yMc). 

5 « cieal mg Tucs. ttW'ed. 44. ploomxliur> So. WCI A XKA 0183 88 


678nJ -031 8 40 

wt tS 

24.61 -0JI 2.76 
49W *01 391 


irunu. 1 jL< A ct 1. .15,4 Za^ ■ ' L93 fSSKir^E: Sfl.oa AuitratlaB Sclcctlw. Fund N1' I •, 

"siish. II I ^ 11 . sssisrigt-.. 

-S5R-.B5 ^ . vsassasi bwk 

'gsir^L,„d- J « fwHira 

llnhnW PrurticalBlar L5 _I134 5 1427} . ... I .AM » SwilMBrd ‘ „ Odl Fhd Giwol^aCUJS U.H] 

:&tB? m Brtk..of Lniln. & S. Ainericn Ud. 

Next dealing da> April 7 . | To i{rIcLri^__|7ZJ. 773*011 ^ 4(MM.l7u«-n Virtund 01 K» 23 13 KIrinWOrt BetUWB Lttniteff 


Goveit iJohnW 

T7. Lonrion Wall, £i’2. 

S’ hi dr Mar !7 1124.3 


44. PloMtlxliurySc. WCIAXnA 01-838883. , , Jlkl . (0 H OU1( it |i 


sw dr «ar 17 1124,3 uioi*62i 238 Provincial Lite Id 

Do. AccWB Unit- |W87 ’ 1567} -7.4{ 238 Buhopsgalc, Kr- 

Next dealing da> April 7 m . 


1 rhanne IWier.Jcrirr. '.UEMiTntt 

Vat lev il-a- M IVtcr PMrt. Lrusy.ltMati 247 b 
1 Thoma-Sjb'it, lO OI lJ 

Hill Fund iJer-evi. }MM .- Ug . 

liUl Fnd G««09ej>}aai*.- HS| ..^4 Jiff 


2.76 Grifevcson Management Co. Lid. 
I Sr tiSlrtcsJum Sc. EC2P2IX5. 0I-6H 

" fueen March t5_ll91S 200.91 

' taxn Units*.. - M79 217.7 

f - -. 5 20 3 tga HY Mar. IS— 179.1 1792 

*01 540 lAeeum. I'aitsi . 10J.0 2000 ..... 

*0J( 5.79 Ernhrav. Mar w._. 1659 ■ 1738 . ... 

585 1 Accubl L'nlUt 1714 179 S 

5 29 Itroehitr Mar. 17... 799 . 83.7 -2.6 


' • Prolific L Bits I7ZJ. 77 a *04 363 -WdS.Uun-n l I 

Ltd- High Income „ . ^|103 3 1107] t 0^ T86 Alexander Fund- M ~ r p 

016064433 PrutU. Portfolio Mngrs. UtLV teKbWd . M ***" 

— -I lWfe«Bar».B. iN2NH Owosns RmxeUes Lambert 


AMEV Manacl'd . 1125.6 
VMKYMgd B~ 94 9 
AMEV Money Fd. 1D38 
AML V Equity Fd. B6 8 
A 1IKV Fixed I di .. (965 
AMEV Prop. Fd .1950 
AMKYKgd Pm Fd.N84 
ASIFA- Mud IVn. R' 990 
Flruploc 199 9 


Managed Serf e«C 
Mcncvl'nitv- 
Moner Senes A 
Fixed f nt Ser. A 
Pnt Ugd. Cap 
Pnv Med Acc 
FVim Rtd.Cap 
Pus Old Acc. 


Equity Fund . . 

Kquil) FUBifiAi . . 

.Monev Fund. 

Mane) FiindtAi... 
Aciuarlal Fund 
(ii If -edged Fund 
«>iB EdcedFd »A«. 
•Retire Annuity . ... 
♦Immcd Ann'ty . . 


»rt Min.*Cdty._ 366. 39 U -J 585 . Amo. Lnlu.^ 1714 179 5 1 26 

OirnieinEanifngaBoo 53 a\ *0.4 5 24 (Imelutr Mar. IT — 79 9 . 83.7 -26 3.08 

— [Expt Sinlr. Cg* ..♦(Wj, Z096j-07| 5.72 •Arena Unas. . . 823 862 *27 3 08 

Ln&Bnls-Uar 15— 675 7D6 3B3 

Anderson Unit Triist Managers Ltd. 'Acewn. Cnbu 7on 73i| 305 

isr Kenchurch sl EC3M baa «na23j Guardian Royal Ex. Unit Mgrs. Ltd. 

AadenaaL'.IV. ...|452 480) | 488 Rnyal E\rhan;a." EU3P3D.V 01-628901] 


775 Pnideittlol 11170 .. .1 v’ I* R „. , h . im u t -gi>r.kv B imw wn»?»™» »Ei7f KELJ "* ' l «i7oibr 

7-75 Quitter Management Co. Lid.V j Rcpia Fund LK. - 11959 7.019) -J) 9-39 ^njapno Funj'“. { S'.'jjTj 


yyani Ban q lie Bruxelles Lambert 

1240!.. ,| 4J7 * rJ; y,, K «er.w bWOO Bwk4b 


jii Ken« hutch M . FC3 "■ 
Fun mol In'-F-L W- 
1 Uipfliwy Inc. — --436-5 “ 

IV Accutn. . --«92 7 

KM Far>Jt-i Fd . f 


: •' 8ro33q»:' 
; J *J| 3JX- 


KR japan Fund 

kSli-ag**- tt* 


UaaffiarJH iM.nl 

.oq 469 SclrfordeT. Inc . 138.3 41.0| -0.l| 606 lTbnmasSt.lwiglas.I.u.at | 2M Nc-cl ihriding date Apeirn. , ■ 

iXz> Ridgefield Management Ltd. - - ■ JWSS-JgS-^KS --'--j 2» LIo>ds International Mgmat S^. 

sad. . PO Box 419. Bank Hae_ MaachAr . 091238.8321 Da Gnr. Pacific - -H-5 S9 j s 60 V Rue du llliwii'. Pll BOX ift>.12U Geneva it ’ - 


03k an**. 

■—I m 


Ansbacher Unit MgmL Co. Lid. ■»«« T *-I«7 ««,*»* 

1 Nuhic ml. EC tv 77 a. oi-fl23B3m Henderson Admiulstration(aMx) 

Inc. Monthly Fund. 1154 0 164 041... .4 9J Premier I'.T- Admin, Rayleigh’ Road. 

Rroimroad. E«es. 0577; 

- | Arbulhnot Securities Ltd. (a Mcl tsiAimrdtaa U70 2»«*0.U 

37.«ueenst lx.ruhmEC4RJBV 01-2MS2RI cSrtJSSSlX.T: 372 +o| 

W ::: ] T2 affflE= *1 » ^3 


— Prop. Crawth 

- .Mnrther Ac 


Arrow Life .Assurance Impend Life Ass. Co. of Canada 

.m. I'xhndge Rn,d. W 12 01-748*1 1 1 74 *t II 7,255 

KSSSWfr w i23 7 1 :: **-*&$& _ 

Barclays Life Assur. Co. Ltd. - i?ol • "1 Z 

2W RomfaH Rd . E 7 0I-A34.YM4 Equity Fnnd (95 2 | — 

rj^!^ bond '' lain itfShi ‘ Irish Life Asstuxnce Co. Ud. 

liHl-cilEed ’. 113 3 119 3 -0 1 — 1 1. Fin>4iury Squarr. EC2. 01 -<£3 823 

rro peril / 1020 107.4 — BIUc«2lipFeb.3* 1665 78.0J .1 46! 

Managed „ . _ . . 103 7 1092 -0.3 — Vin JJed lAmd bl2a 224 S 

Monci ... 975 102 7 . .. — Prop Mud Feb l _ 11672 176 0 ... I — 

Man FYo.vAcmm 982 103 « .. — Trop Mod.iHh [mi 190.6) | - 

Po Initial 96 9 102.0 — 

SWr 8! iSi-:= ^ t l fS“ ttJAd * 

Mane-- Pm. Acc... 984 1036 ... — 52. '. ornbll). EC3 0142354 

Jia Initial . .. (96 8 10L9| ... — Bond Fd Exra>M.-tLU59 114.481-082) - 

■Current unit laluc Mar. 15 Next dcilinc date April S 

_ .. (imt.Scc.Bd _.|fiBa 13*301 | — 

Beehive Life Assur. Co. XaiLV 

ti . Lnmhard Si . 7X71 01423 1288 Langham Life Assurance Co. Lid. 

Black lion* Mar. l.| 12717 ( .. . | — l^nghsm Ha. Uolrabruok Dr. SW4. DI 2D352 

Canada Ufe Assurance Co. •pS^*Snd (mo°o j^3 ' I Z 

2 6 High M . Potter* Bar. Herts. P Bar 51122 Wisp ii*P) Man Fd 173 4 7731 ' .'.J — 

t.tlh Fd Mar I I 550 I.. ..I — 

r.cinu Fed Fob 6. \ loss | | - Legal & General (Unit Assur.l Ud 

Cannon .Assurance Ud.V Ki ngw-o od Haue. Kin^mmL Tadweri 

1. Olympic Wi.. Wcaiblcvll.lSONB 01-093 M78 r^h‘^,I'(S° tK 2 Hcal h S ^ J 

■ ■ -ISS*” — — " no Accum. 5 1 1012 - 

rtnw. iTib ~ Equity InWal 1U.2 U7.1 -0J - 

p‘2?« l nSS5 d sf^ - S Hi? — Do Accum . .. — 1122 US2 -0 4 _ 

E5? P «5°S^ SI'S JlSfl ~ Fixed Initial 116 2 1224 -0.2 _ 

n?L5?;t^H l “'Sa? 8$ ■ — Po Accum 1373 1233 -02 - 

• ifct 8 llb - “ Manaoed Initinl — 113 j 1197 . _ 

Kquil; Accum 163 — — Do. Accum.. . ..1148 120 9 >01 — 

ini* ~ Property Inlllal .. 951 1002 . - 

Mngd Accum . 1534 — -1 — Do. Abeam. 960 1011 . . _ 

2nd Equity .. .1868 91.61 -0 1 — Lew! * General rlVtit PtafiBaalUd. 

2nd Ptofi-TIi 101 1 107 C — 

2nd Managed ...9*4 99.9 -01 — Exwnpl ('ash Imt - 95 « 1805 ... — 

2nd Oi-poMi . 95 7 10L3 . — C<o Accum.. . _ . 95 4 101B ... — 

2nd Oili ... .935 98 9 - Kxcmpi Eqty Inlt... 10L9 1073 . _ 

2nd Kq Pm* Arc. 87 8 924 -0J — Do Accum . - 1125 107 9 — 

2,-idPTp Pen* Acc .103 2 1092 — . Exempt Fixed Ini L 1027 " 108.2 — 

2nd Mgd Pun* Acc 96.1 1017 . . — Do. Accum. - 103 3 1048 .... — 

2nd nrp.Peii*Acr 965 2021 . . — F.imnpt »Tn««L lull 1019 1073 . . - 

2nd Cill Pens Acc. 93 4 996 ... — Do Accum. .1025 107 9 .. — 

I.AKS.IF. .36 5 390 . — Exempt Prop, frit 954 1005 . — 

L&ESIF2 «4 0 27 5 -05 — Do Accum. 1959 lOLO ... — 


-Ml WtherAc VU 
•All Waalher Pap 
•tnv Fd. l‘i> 

Pi-DiHna Fd. Gtv. 

Cant. Petui Fd. 

t-'m . Pds Cap . I 'I 

Man Pen* FA 

Man. Pons. Cap l'l. 
Prop Pens Fd . .. 
Prop Pc Hi Cap ds 
Rdea Soc Pen CL 
Bdg.Soc.CBp. L'L - 


Pennons & Annuities 


9 1336 

1 127.5 

1322 
1272 

1421 
138.1 
1413 

1317 

1422 

1318 
1281 
1196 


28$ *«.: 

39M*q; 


451 

26S .... 

60 0 

47 7 *0 *j 

23 64 “■■■•! 


•E\tra Income Fd ..11091 
HJ«b Inc- Fund ._392 
♦(Accum. L'tiiui.._ 529 
iBl;^ Wdrod.Uu ) 329 
Ptf/creni-e Fund - 257 

' Accum UniU) 58.1 

Capital Fund. " 167 . 

Commodity Fund... 52 j • 

tAccum. Vnltii 734 

flO*4Wdrwl.a.i 47 0 

FlniPropFA 16.7 

KUnla Fund 322 

■ Accum. I' Hi tsl 44 2 

uromh Fund 53.1' 

(Accum. Doitai. 393) 

Ionian Gth. Fd 51.9 

Eastern & Inti Fd.. 211 


118 g . .. 
427 ... 
57 5 
57 5 . 
27 7 -9 

410 *0 
18.1 .. 
56J . 

79* ... 
507 

10 1 ... 


3s 7 «i 


9.25 'KJ Far East 63i 68 4-05 

. . 9K unFlnaaim: 23.6 2SA -MU 

• , 'K'Hlgh Inoamr — S5J 59.0-0.1 

“?! ??SS flDloe- A Assets. - 298 317c *01 

*01 1200 LOLdttnuLienal 265 ' 28 0 . ... 

-- f BIN ih. American 33 5 35.1 . . 

597 NAUmb ilar. IT. 1064 110 J -*34 

.. .. 5.97 Oil & Sat 236 25.1 .. 

5 97 W WM Mar. 17. 70 7 75 6 *0 6 

.... 3 2D iu Cabot 72.1 768 *02 

*02 336 Cahxtf Extra Inc - .(52 7 55 5^ *0.3 

*D 2 3 ib 'Far tax oxempt fund-, only 

—02 303 Hill Samuel Unit Tst. Mgrs. 7 (a) 


-• Do. Manx Mutual — |2L9 «36m 1 • 

fa*u Bishopsgate Commodity Ser tti 
3.ZT P.O Bo« 42. Uouqlax. I.n N. «*=*-. 

-2.9S- ARMAC*F«4i B. . |H«j4l 3W - 


Provincial Life Assurance Co. Lid. Eastern k inti Fd.~ 

222. Biatiophgalc EC2 01-8478333 18% VTdrwI.l'tti. J 

Prm- Managed Fd 1110 3 116 1J ...I - Fonricn Fd. -„. - 

Prnv. Cash Fd 7103 9 109 2 — N. .Vner.&Snt.Fd.. 

Gill Fund 20 . . ..1260 1327} .... — ' , 


5$J 45 Beech St.BCSFSLX 
ibiBmlsh Trust. 
i-7? •gilntlTnnt _. 


ui-8235433 Prudential Pensions Limited*^ 


Hoi born Bars. RV1N2NH. 
6^0 it. Fd Mar 15. IE2298 
Fid. lot. liar. LS_ . E1944 
Prop F. Mar. IS ..KM 59 

Reliance Mutual 
Tunbndae Wells. Kent. 

Bel Prop Bd«... ,| 191 


N.Amer.&im.F't'.fey 23.^ -Oil LOO JR?SK?i55i 

Archway Unit .Tst. Mgs, Ud.¥ laMcl 
317. High Holbom.WaV7NI- 014CI 6233. 'fe'SS^S-' 
Archway Fnnd ... .J76.7 81 6).... I 6 IB ,DI Hl Chl mid T**.. 

| Prices at Mar. IS Next %ub. day Mar 29. Intel.? (aHgl 


856=1*0 ^ 458 SeWordeT. Inc . (383 4l.O| -u.q 606 lTbomaaRt. Uduqiai. .. 

ition(aMz) Ridgefield Management Ltd. ■ - 243 

rich Road. . TO Bax 419. Bank Hse_ Manchslr . 0012388321 DaGttr. Pacific.-- DJB 68 g 

ajZs'TS asssasiaiiBi WdiiiasHatrg «J*» a 

*8f II tto.hKhlUL.-UK.Maa™™. ® V r^iK -w'ud. 

36 S -02 ss TS^o. Gatehouae Bd .Aylesbury. 02M3B41 Bishopsgate Commodity 8>e r ■, 

68 4 -05 176 N.c Equity Fund. 1560 165.01.... 3.ZT P.O Bot-BL Uou*tas.I.»M. 

254*02 434 Nr.EncyRw.TA.tSJ 99 7 -05-2.9S- ARMAC* F«*b B . . • ,353 1 " 

59.t -0.1 845 N.C.lDcomoFund 1426 . 1S17 7.16 LAXRHO’V'lar.6 (Q0?5 1 06S| J — 

317a *01 653 NC. (qil. Fd.llfic.i74 9 796 -02 _L* CO t’NT-- Mar. jttlTS I 2333J 15 

28 0 . ... 192 N.r. iml Fd. i.\cc. 74 9 79A -02 .1.9T Originally issued at -S10 and ••£100. 

35! .. 126 NX*. Srallr Coy* Fd 1422 15l3+0Af'd6B 4 . 

It tl if RDthachi,d 4 Lowndes M » nl (a > ???.! S^SSS^cw-i- 

J 31 I mSSoiid .a- 1 - 

mTanly'^ ft'li - * oallKii |£nmi deallnq A^U JJ. Nippon W. Mar 15gMl9 15.461 | 0» 

r (ai Rowan Unit Trnst Mngl- Ud. . • Ex-Stock Split. 

' aijwmii rltyJJatc H?e.. Finsbury Sq .EC2. 0140*1088 Britannia Tst. MngmL (CD Ltd. 

i<aa r*fl 1 RowanAihMar. 15*10 , J&J -- U2^ ^MBaihSi .St. Hel.ee. Jemcjr. .OSHSaiM 

I ill "®=. w Sir- & 68 3 ^^ ?jg 

Mi 31 il ‘MBiasvcrM . i » 

’27t*01 7“ 1. Accum. Unltsi. — 1^6 87.« ... 1 4.Q7 ^Jl sTta.ag .lat7 2 fltMJ 111 

i2Jc *02 539 Royal Tst. Can. Pd. Mgrs. Ltd... . ■ - Value March I- Next dealing March 20. 

299)-ci.iJ • 47 j^jgnnpn street. s.w.i. 01-82&8B2 Butterfield Management Co. Ltd. - - 

Capital Fd [63A 6Mrf 1 3.91 po> ^ ^ Hamilton. Bcrmadx. 

k* MccTm Jlirfl^fext dealing Mat 3L 78 Bonroas Equity. — IJ06 1 991 [ 19* 


9 » Lloyd* InLliULFiI 
1.60 LloyiLilaL Income. |i 


Ha 


. u± !H & C Group ■ “ ■ 5.- 

ftCMMil -Three Qum;. Ti«rr UHTIX2R«Bty «M28 438g 


, Bridge Management Ltd. Samuel Moatagn Ldn. Ag^S. . J-’”-* 

43M PO- Bpx MB. Grand Cavman. kayrnm is. M BWliag , . er2 . Oi-sagM* .- 

§ o» ssssa-^BB 

l * ■^ nib i2Br+£ m 1 *" J3::r la- ;.-: 

1088 Britannia Tst. MngmL (CD Ltd. li7JwyU»Mar.l -iUflU UM4 f,.\« 

J-12 ' so Both st. st. Holier. Jetvy. . o&i ojiM Murray. Johnstone (fnv. Adriaen' 

T« pw>w*6!n\<nl g* J 168. Hope St, Glasgow. C2 IML3M3S3J.- ' . 


»•« ' °* 


ot-628 am 
*19) 530 




langham H*. Uolrabruok Dr. SW. ni 2D3o2M 

Ungbam-A Plsn, 164 0 6731. | -• ««™ c e Mutual - 

•Prop Bond Il40 0 147 «. . — TUnbnddeWell*. Kent. 0R92222 

Wisp ..sPI Man Fd [73 4 77 if J - Bel Prop Bd- ... .| 1922 | . ... | - 

iSlLi 0 ^ Rothschild Asset Management 

SurnTr-KTSOrou. ' '"^Duroli Hcath5St5d SL Mull hum lane Lwidon. I9.'4 014 

(Vuh Initial MS 2 IOaJI . | - N l' rrop I«ec 31 |U4l 1224).. 

no Accum. . 196 1 1012 I — Next rob day March 31 


Current value March 16. 

Capital Life Assurance* 

• 'wtirton H.miv L'iiapcl A«hU'iun 000228511 
Key In» C.‘I Fd I 9628 | .. I — 

Paremakerini FH | 181 88 J . .. | — 

Cbarterhouse Magna Gp.V 

18 t. hcquci>Sq . I xhrtdce l'B8 INE S2J91 


no Accum . 96 1 1012 

Equity Initial— 1U.2 a7.1 

Do .Accum ... — 1122 USJ 

Fixed Initial- . — U62 1224 

Do Accum U73 123 5 

Mananed loitlnt. . 113 7 11971 

Do. Accum-. ..114 8 120.9 

Property Initial .. 951 1002 

Po. Accum. 96(1 1011 

Lew! ir General il*nit Frarionxl 

Exempt i.'aab Init - [95 4 1805 

Do Accum... 95.9 Hit 

Kxcmpi Eqty Init... 1019 1073 

Do Accum. . 1825 107 9 

Exempt Fixed tniL 1027 ' 108.2 

Do. Accum . 1033 1046 

Exempt lined, fall 1019 107 3 

Do Accum 1825 107 9 

Exempt Prop. tair 954 1005 

Do Accum 95.9 1020 


-0J - 

*0 4 _ 

-0.? — 
-0 2 - 


Next rob dai March 3 

Royal Insurance Group 
N'cw Hall Place. Liverpool. 

Royal Shield Fd .. [1314 139 0( 


Save & Prosper Group* 

4. CtSi Helen's. Lndn . EOP 3EP. 01 -SM 888 
fWI 1m- Fd . . 121 0 128 -0 11 - 

Property Fd • ... 1486 1573 — 

Gilt Fd. 1229 1294 - 0 R — 

DepoulFdr ... 1216 mi . . 

comp Pens Hd.T .198 2 2087 — 

^iiftyPcni Fd . .. 168 8 178 2 *0 J — 

Prop FVnxFd ■ 209 3 2209 — 

liiHPcux Fd.. _, 957 100 S ... — 

Depoo.Fenx Fdf .96 8 101 9) .... — 

Price- on 'March 14. 

Weekly dealing:.. 


Barclays Unicorn Ltd. (aNgNKc) rniefb^^S 551 ^/ CA 93 a 'starrfluJfem doaUag Mai ai 

I'nlcorn Ho. S2 RomXurd Bd. E7 OI4SHS8M-. ~ . ' ' Save & Prosper Group 

Unicom ,>UBcnea...e9.3 3X5) 1 1.31 ***> Fund Managers LUL (atfg) a -Z. „T siHebm- LZrfJn EC3 PTFP 

Do .\U*L .Vcc, 56.5 614 -0J] 221 25. MLikSl.ECJVSJE. 01^06707a i. JT*? 1 SL ^ 

<wWV . - , . Do Aim Inc.. . UB 4fi 7 — 0 li ? T\ Vm Pnam tei TM (Ai • -rn oT n 3 1 Of 68-73 Qucfn St_ Edtlbaisill EH 2 4NX -- 

I Do.CapitaL wl UJd -O.a IS KSESStyiceS'&l -01 IS *»« l 'Wlo 01-354 8899 or 031 228 7301 

I I “ nS' rr* 7 a« Wta/aSpi FH a r.M74 l«'ij ... 6bs Save & Prosper Securities Ltd-Y 

, US fSSlSrL- U 3 7 fl3 :g1 IS Jl * D : ifi? *RWm«(oml Frad. 

K-SUfi-- Ml n A- ; *1 » Bag&a-R! 8l3to.il fa HJ §| ;H i 

i _ Do. Grouth Acc. . 3ao 411 *02] 431 Kieinwort Benson Unit Managers^ Umv.GroMb |6o.2 ■ 64.7] +o.4| ; 

\ ‘ C^irivair^Tsi .. 371 H2*a4j 661 20.FenehurchSI_-E.C3. 01«38t«O locreaBiBS lncahue Fund 

Sha March f BAm.Fdtac .|77 9 M4d ~. I 4 77 High-Yield . fSSA . 57.4[*03|-l 

Do Recovery .. ..118.9 4211 -0.11 S73 *h-B LmlFd-Ac ..|97 3 105.3] .. | 4 77 High Income Fund* 

0512374422 £ Wshsjfr 3% HS h*? T «^ sl Management Ltd.V ffiSETTz^JU 44^ « i 

.] — B*M3n.FdInc R.4 61 91 *0 3 4 99 The Slock Echange. ECSN 1HP. ul-568 2900 u ^ ^ 

Do. Accum. [66.7 695 -0 3] 4 99 LtCInv.Fd 11274 13L4*d . ..J 785 . 

L&Clntl&Gen Fd 1862 .. S3 9^ .— 1 260 LhEquIO (<1.4 445| +0.1| 4 

Baring Brothers & Co. Lld.¥ tax*) Lawson Secs. Ltd. Via Me) eSSS?."^ |78 5 64«*osi 2 


Bumn Equity*— jjj|$ J2S1 1 *22 N'eflt lid , 

IfStar.' 11 Next cub. day’ April 10 tbmk of Fen 


NegitSLA. I’ 

10a BOuUjxdtd.Roi-aLTJixombourB ? 

NAVMulIO— . _( SUS1831 | — J — J > ■ 


66 Ja —0 3 
1091 *03 
29 4 -0.1 
613 -02 
721a *06 
315-0 2 
411 *02 
82 9 — Q 4 
132 9 ... 


Baring Brothers & Co. Lld.V taMvl Lawson Secs Ltd. 
8R.LeadcnhallSL 1 E.C3 VI-3K-JB30 toOorpea Edinhurrt 

— RSSS stt a ■ • ■ | 1 g 

no Accum ™ ri98 4 206 5[ .. | 382 *, Accum I niLn.. _ 38.6 

New rob. day March -t;ro«rth Fund 55* 

. '- Accum InlLi 603 

Bishopsgate Progressive Mgmt. Co.V «'Rlt and wamhl 3<i 

9. Rl-hnpstalC, EC31. 01 5RR8280 t'wrtcxn Fd.. 204 

17201 I 3.55 


. prices at Mar. 11 Next sub. day April u 

• : Capital International S.A. 
tti 226 730l"" 37 rue Notrc-Damc. Luxembourg. ■ 

ties LtdLV InL Fund — [ SUS1569 J .—.J — 

Charterhouse Japhet 

S5S [ 3.18 J.PnlrrTKtetcrRoa-. BL'4. 01 2183P 

Sl •« J 5 31 - Adlropa tom. 10 H.7JJ+0HI 5( 

•4.7) -*0.4| ilO Adlvrrha UgLX gjfl 5J 

- FOnddk «££} 330eJ*JULH 6.C 

57.4[ *031 • 636 Fundi*.. , Wffl" SIW ..- 6.1 

• • Emperor Fund — JJ-.5LM 24R ~ 

wlo wnn .. . HJS4362 45JZ| 1A 

66JI*04l 868 ^ 

9 9i4*a3.*av Cornhill Ins. (Gnernsey) Ud. 

PO Bax 157. St. Peter Port. Guernsey 
4431 *0.1| 438 IntnL Man. Fd -HS6.0 17B.D| .....J — 


66JI*0« 
W9n( *0 l2J. 


- April 10 Bank of Fermndj BMb«- HamUton. Brmda-* 

N.W Match 3_.._.fct.69 — | _..J _ | 

Phoenix International j .'• 

.—.J — m Box 77..SL Peter Port. Guernsey. 

1 uior- Dollar Fond. (SCS221 239HMK] — z , 

01 248 3iv«a Property Growth Overseas Lid. 

■0 Ml 5.68 38 Irish Town. rribral tar (GibiOIOg 

... f-» UJ? Dollar Fund.. | srSSB.27 I I » 

41 M 616 SU-rlinfiVund ( U2830 i \ 

-■"» Rothschild Asset Management (C-l-t 

iW P O Box KB. Sf. Julian* fit. GDonsry 0481 ZBXZf 

i O r.Kq.FY, Kcb3B._|49.« 52JJ .. . J 2B.;"; 

nfior • l> r.lnr Fd.Mw.l -R493 3582} *W'. v • -. . 

,sc ^ OTlnlJFd. JUr.l3W53 "w3 -i -- 

J — OL'2>tBCoF<LFcbai|m9 HU| 3JC ... 

ZdBi. 


Lawson Secs. Ltd. ViaMc) Europe ms 

03 George St. EdinhurshEHaUH 031-2363911 Jpg*" ®jj£ 

♦.Raw UalcriaU - |34 6 36 81 .... | 710 b s — — 1663 


Next xuh. day March 


1 hrtlue Energy. 
iTirth.^ Money 
>*hrthx« Maiuitcxf 
rhrthM 1 . Equity 
Ma^na Bid >i<v 
Magna Manaccd . 


33 2 3581 

292 38.8 

36 8 38 8 

32 2 331 

1246 
1536 


Legal Sc General Prop. R Mgrs. Ltd 
2jpii ' 1. Queen Victoria si . EC4N 4Tr 0 1-248 Mrs Schroder Life GrounV 

= LK,v,M JaiPL*ai" : - 1 - s^sr,rr.r»:( h ' 

. ., . _ . _ , , Equity 2 Mar 14 . Z05 0 2I« 

Lite Assur. Co. of Pennsylvania Rquiiriiiar u ill 9 111 

SUM 39-42 Sen Bond St.. WITORq 01 -m 8305 Fi*odlnL Mar H . 140 6 141 

- LACOP Uni!* [1015 1066[ |_ ?»' 14 Sl® ^ 


84 * -0 
92. Qt -D 
70M ... 


Bridge Fund Managers Vc a Kci dVSCT - W* 57: 

King William SC. Et’4RPAA D14Q34951 lAccum. rnltsil" 1678 TLI 


City of tVestminstcr Assur. Co. Ltd. 


l “ InLLTMarM . 1188 

Lloj-ds Bk. Unit Tst. Mngrs. Ltd. K t s Mar. u Ho o 

7l.LombanlSt.ECS. Ul *11 1288 ”"5 h l4 ' 

i*. inf • liii af it bl 3 Alar. I4. n • 139 0 

Exempt. . 196.6 101 6| . ... | 7.96 Money Mar 14 ..1061 


— Rrtdcclnv ■ M68 50' 

— Bridge Cap Inc. t._ Jig- 

— RndKc Cap ,U-c T . Hg 36 1 

— Briduo ExempLt... 126 13! 

— Bridge Inti Inc t. 139 14 1 

— Rndcclntl Acct. 151 16 

— Prices March 14 A 15. Dealing 


**HlRh Yield M2 52 S +0j 10.60 

"■Accum I nils.. J67 7 7Za(*0 6| 10 60 

Deal. jtMop. "TU«> ttWed. JThurx. **Fri. 

Legal i General Tvndall Fund* 

18. Canynqe Road Bristol. 0S723EM1 

Di* Mar 15 -__|S4 6 57 81 J 5 10 

i .Accum. r nils ■ .. (678 7Lfl 4 5.10 


7 0S NexL rob. duy Apnl 12 

3 41 Leonine Administration Ltd. 

5 95 2. nuke SI. London imiOJP. U1A885981 

*15 LeoDixL [70 2 73* . ..] 536 

l*o Accum [748 717] | 503 


7 la Sector Funds 

3 06 Commodity 165.1 70M'*OJ2I 

3 06 Energy.-. — 603 M&S *o3 

192 Financial Sec- £63 7X2] ™] 

■ — 0 26 it Ipb- Minimum Finds 

iji|ggSSSiS!SK“B # n. 

ir*. **Fri. Scoibits Securities Ltd.¥ 

und¥ Scotbits 1368 39. 

Scotyrteld - kli 533 

Scotsharex |S23 56 

— j liS Scot Ex Oth*0 1199 9 2093 

— * »•» Scot Ex.Yld ,.|l46 9 1539> 

•Prices at March R Next «ib 


228 Delta Group 

3-S P.O. Box 3U12. Nassau. Bahama.'. 

*8* Delta Ini Mar. 14... IS134 X41[ . — I 

439 Deulscber Investment-Trust 
235 Eh,o4r>«haAt3Ri*be«!asae6-lfl8n0l}Franl 


. n.f. r>uu modi ly*„ 1122 2 329.9rf ...... 491 

O r. Dlr.Connlty.t._[5Z5 34 26.951 . \ — 7- 

•Prices cd Mur. J-t Next dealing Mor. 31.S- 
IPncc on Mor. 7. Nest dealing Mar. 21 I 

vs i rr <nit rj -Mw4 IM * 




fD'jJ 73' preyfus Intercontinental Inv. Fd. 
TO. Bov N3712, Noxsau. Bahamas. 

I j^' NAY Mar 14 ..KTS12JI 2M8| 1 - 

3 Emson Sc Dudley Tst JHgUrey-Ud. 


Prices at March u. Kerf dealing April 14.* 

Save & Prosper International \ 

I'cHluiff ttr ~ • i 

TT Broarf^L. St. Hclicr. Jersey . 0SM-20SH 


Scot. Ex -7th -o (199 9 2093d | 230 

Sent Ex.Yld *♦ -|l469 153^4 ..[ 738 

•Prices at March R Next *ub. March 22. 

SchlesUiger Trust Mngrs. LUL (aHz) 


P.O Box 73. SL Heller. Jcrroy. 


c u. i Incorporating Trident Trust* i 
140. South Street. Dc-rUng. 


IlmcMrad House. 6 Mlutehqrse Road. 
I'roydno CROZt.V 01-41 


Exempt. -196.6 1 

Lloyds Life Assurance 


West Prop Fund 
■Managed Fund 
EquityFund 
Farmland Fund . 
Money KUnd. . 

■'ill! Fund 

'PULA Fund .. . 
Pens. Mnjrd. Cap 
Pens, .'tnfid Acc. 
Tw Monei Cap 
r«l-- MMcr.tK 
rtuiN. Equity Cap. 
Per.*. Equity Acr 


60 ffl 
173.5 

1260 
67.9 -0 
17*2 - .. 

115.0 ... 

4 

- 43J . . 


01-W480S4 20 auum Sl. EC2A 431 X 

_ MlLOtb-Mae, 16 .—I 124356 

_ Opts Prop Mar. IS 122.7 129 3 

t0 J — DpLSEqty.Jttr 14. 1189 1252 

— Ope Hr Star, la . - 160 0 1685 

_ Opt.5ftaitJtnr.l6 .. 1420 1495 

-0J — OpLSDopcMar 18 120.2 1266 


Mnfld 3 Mar. I4._. 1390 
JWoci- Mar 14 ..1061 

Money J Mar U . 1160 

nepOMII Mar. 14 . 1124 
Property Mar. 7 . 14*4 

Property 3 Mar ~ .1471 

— BS Pd. Cp. Mar 7 118 7 

- RSPa Arc Mar 7. I 

— Mn Pn.Cp Mar 7 189 8 

- Mn. Pn. Acc. Mar. 7. 223 3 


1 *■ -- ■ Am. Exempt' 

Lloyds Bk. Unit Tsl Mngrs. Ltd.y (a) Am. Growth — . 


19991 ... . 
235 1 


Scottish Widows' Group 


. Fund rarrenliv closed lo new imonmenL 

Pe rform l-nl^ . .. ) 1883 | . \~ The London & Mancb 

City of Westminster Assur. Soc. Ltd. The Lea*. Folkestone. Kent 


— London Indemnity &Gn I. Ins. Co. Lid. po Box 902. Edinburgh EH 165BF. 03l«weooo 'JrowtK--.. 

_ 1820. The Fortiury. Reading 583511. Ini PtySericx 1 .970 47 81 *1 91 - 

- Mongy Manager.. [30 1 323 ... .[ -- Im' Ply. Sines 2 .... 924 97 3 *1 ^ " 

_ M.M. Flexible ...._ P62 27 U -03 - Inv CaA Mar 17 96 8 101M -0.2 — 

_ Fixed Inlcreat fi* 6 36 9.1 - Ex l'l Tr Mar. 15. 1335 139^-5 3 - 

lent- 1 Mgd. Pen Mar 15 .|2449 252l| *5.5] - j&iSSJU'ZT 

“ The London & Manchester Ass. Gp.¥ Smth American ' 


Telephone U|4M 9SW 

nil- . |1W0 319 77 ... . | — 

TTopotty Lnrti |S3 5 SS.M .... .{ — 

Commercial Union Group 
Si NcicoV 1. 1'ndershaA. EC3. n I -283 7500 

Varkn.\cl : l Mar 18| 50 71 [-138] - 

Do Annuity It- .... | 1692 | .Z| — 

Confederation Life Insurance Co. 

SO Chancery 1 *up. Wril\ I H E 01-242 0282 
•Equity- Fund 1419 1440 .. — 

•ManaCed Fund . 174 0 1827 .. . — 

rcrroual Pen Kd 69J 72.7 ... . — 

Equity ren Fund 30S3 . .. —• 

Fixed InL Pen Fd I96 0 — 

Manaccd Pen. Frl 176 1 — 

Property Pen Kd 129.0 ... __ 

•Protected In. Pol. 352.4 — 


C ap. Qrow ttL_Fn nd 206.2 -3R - UPCheapuide. EC2V6DI 

2f£25™pS£ pS' W *0fl “ -Solar StanacedS 1254 

♦l^nv/rS'.Fd 1358 -o2 - SS&SSSSV*- ‘ 

Flexible Fund . 103 7 *o3 - SJor Ftd'lnLV U9 5 

lm. TruM Fund _ 1194 -O.d _ ' SV 

Property Fh od ... . 796 *0.4] .. glSftati’s'-./Z gj 

MAG Group V sS’ar^Styp'Z IMS 

tBQ ASa *5Sf SS'K p. iwj 

Conr. Deposit- U6 6 1225....'. - fSinlnlLP 5 9 

Equity Band'* — 1241 1304 ... - ^ ^ 

Famlty7M0" 147 8 — .... — 

Famity si -86“ . .. 1641 — — Sun Alliance Fund 

Gilt Bind— ... 106 9 1123 *0 b - * *. “t, 

IniernatnL Rand—. 86 9 9L3 . — Sun Alllaoie Houmj. Horn 

Managed Bd—... 1221 1283 *1.« - 

Property Bd- ..i486 156 0 ... . _ lot Bn. March 14.. .| £] 

Ex. Yield Fd Bd * . 75.4 79 3 .... - 

Recovery Fd. Bd • 582 612 — ~ Alilw ti-6*. 

American Fd Bd.- 452 476 .... — Sun Alliance Linker 


Flexible Fund. . 
„ _ Im.lYujl Fund _ 
n 1-283 7500 Property Fliod .. . . 
■138] - 

I - M Sc G Group V 


030357333 Solar Life Assurance Limited 
-J3 — 107 Cheapoido. EC3V 6DV . 01 

~ Solar Managed S (1254 1321) *0. 

.S 2 ~ Sotax Propei - 

♦0 4| — 0.11- 


rerronal Pen Kd 693 72.7 ... . - 

Equity Pen Fund 2083 . .. ^ iaiti£S— 

Fixed InL Ten Ed 196 0 - { J n ,!®Sro, «* 

Managed Pen. Fd 1761 - 

Property Pen Kd 129.0 ... _ 

•Protected In. Pol. 3524 - J 

Cornhill Insurance Co. Ltd. vSSS Fd 

32 i.'firnhiVl. F.C '.I 010265410 japau Fd. Rd, 

I'apital Feh. 15 .1133 5 — I. I — Prices on ■: 

iISNPei- Fch 15 465 •• ...| — 

Mn'ith Fd. Feb 20.|1S9.0 1675| |- Merchant! 

Credit & Commerce Insurance l23.Hi*hstro 

1 an Rr-cem Sl . I -nod-in Wl B 5FE 0 1 4.30 7081 


. . — Axacbf... 1639 

— Capital Acc. 471 

— Comm 8 Ind . „ 505 

. ... — Commodity — 67.2 

— P«>me-4ic ..... 362 

— ExerapL. 156 

.... — Extra Income . 377 

Far East 16 9 

Financial Sec* . ...634 

1 iold k 1 Icnerxl BS.4 

13 J -OtfSOOO ; ;ro ^V - J3 5 

Inc. L l.rowlh ™ . _ H 4 
97 till 3 ” IWliiroxrUl — ..53.0 

sttoi- stssyrz-.ai 

N'nnh American . 26 5 

_j ProteoaldBal 457.4 

Property Share* .. 13 3 

01 <06 047 1 Shield.. 426 

*0.4) — Status Chance Z7J 

-0.71 — E-niv E^iersi B9.7 




Lloy ds Bk. Unit Tsl Mngrs. Ltd.V (a) Am Growth — . » 5 
Britannia Trust Managementiaugl Heci-tror . Dcpi.. Gonng-by-Sea. , H n lgh .X M -‘ g-g 

3 london Wall Huildlntb. London Wall. Worthing. Wrol Su**«rx. 014133 1308 k^?L ric^ mo 

London BCSM SQL 0|3r«.M78Oni FlrwiBalnvd. 147 4 50 91+0.21 rturimcDLsL 382 

•Mmew. f»9 • fc*7l -o i| 536 Sf« xS Inc. KrtiWdmr'l ... 29.4 

*03 443 £«mri-cap, *bB 503*0.1 3A7 IntnLGtxroUl , . 41 9 

-02 4 hi — 5B2 b25 *0^ 3i7 f n . -tv. ir ml£ 324 

-0^ 511 2' l ft ,lll< r nCL Jtf* ifrta Morkrt Laadm 'S. 272 

*08 808 gWMiiEilae. 1 -- *3 “7*01 7.» ^Sfroir.-gJ 

-0 1 9 82 TO-iAcwmi i 1626 . 673| *0.u 7.93 Property Sham 2S£ 

:5i <37 U°yd‘s Life Unit Tst Mngrs. Ltd. ^ 

-2b 3 03 ‘ 72-80. Gatehouse Rd.. .\>1eabury 02663941 U-K.Gxth.Dlit . 18.0 

+04 4J8 Equity Accum. |J*16' 149.0| ..... | 4.25 -Nest sub. ! 

*o ; 277 M St G Group? tvhcUxt J. Henry Schroder 1 


r 1 MJ. * ACCIim. I ......... M2 

44? Sect-nil 'Cap i 46 8 

4U tm.* Accum.' 582 

5 ai Thud c Income l 769 

4 17 DO. i Ar-cum. i_ 103 1 

808 FdwrthiExliic.i 565 

9 82 i Acvum i [62.6 


.. q. . Excmm HiCh Aid.- 

tT, 

gj «!f lSSwSkwfcx'iZi 

Sa tS'i fntnLGPOxrth _... 

*? x tS-i l'l? I" 1 Txl Umu 

iS Market Loaders _ 

42? ? 52 'XilYleW 

Sl *2J I'S Prat * cut Trust . 
673] *0.1) 7 93 Property Share*. 


193 ...J 207 
263n *0.1 _22S 
253 .... US 

24.0 4.97 

> 60.1 ... 1020 

415 +02 982 
320 +02] _ 

45.1 +53 3.10 


Fidelity 


063420551 Kh. DeUhNdnmnimied FKnW 


I 2 ®* FnirT IlilO 122JU I — I'lrFxdlnt" Mar. 15 [9.44 • I0fl ; 

758 E.DI.I.T. 11149 12ZJ) .... I — ipt/mai.Urt ...... 612 66J 

21 F. & C. Mgmt. Ud. Inv. Advisers W 1 ’i n 

-■td. (3 Hz) | .* Laurence Pmi Jitney Hill. EC4ROB.A. - . Srpro'-t . |l295 143! 

(03Qai«Ul C^fJmut & — | 51S431 \ I - lx 

+0.4 ^ Fidelity Mgmt. Sc Res. (Bda.) Lld.'‘ ^ 




938 PO. Bov 070. Ham 
Fide 1 1 tv Am. Axn 
H dclilv Ini. Fund - 
,a2 Fidelity Pac. Fd _ 
r*. _ Fidel I ty W rid Fd .— 
5 Fidelity Sicr. Fd* .. 
■J?? Series A i IntnL i ... 
?•“ .SenuxB.Pac.hci_ 

+ Series D lAmAu.’ 


5VS1B67 +0. 

SUS4L03 
SLS1204 +gi 


r IR .(1228 1299 

iliurli 13. • ‘March & 
ZlVcckty Dealuic* 


|:sji it. : 


iota — _ Schlesinger International Mngt. Lid* 

...I “ ' 41. lai SUAIs St+M.Hehvr.tarvcy. .0534^35881,-'. 

O.OI — «... tra ml I IOV 


SK liity mil Srrtw.x ilnttiL* —.1 U21 4+(w< — * s < « > m n.'sos 

S»,:Td= 

B 2 - S “““ m** i 

194 . SM 062-1 4681 lain Arfs. T«nhar 4 Co. IJd.. Schroder Life Group ' • 

I 22. - ■ S3. Pall! Mall, London SHI. SIR. 01-0309887 v-t*— rta6Honxc.Itetainaath. 89063731'^ 


36 7m -1.0 
771* +03 
35.7 +0.1 
285 .. 
4715 -*4 J 
143s 

45 Ss +0.: 
29 6» +0J 
JL9 +o: 


4 D7 Three Qo jvx. Toner Hill. EC3R 8BQ. 01696 45R9 130. Chen pride. EC2. 


-Nest Nib. March 22. ■ "*™U«ail.l^a 

J. Henry Schroder Wagg & Co. Ltd.t FBiAaJ)hfi>p^i'_U.w 


Schroder Life Group 
Enterprise Uoaac. Poctsiuoolh. 


8705 sro* v; 


25 See a bo Stock Exrhani 

J5J American WL3 

S S lAeeum. fniuii 421 

5-27 Aiwndanan . . ..*11 < 

39J ( Accum Lnitai ..... 41.9 

Commodity.. . W7 I 

*75 lAccum. I nits i. .. 55.4 

d±± Compound ilrouth 95.1 

+ *» I'cmerjIOD i .rnilh 488 


Compound C.rn«t*i K 
comeroion r.rnaihp 


IZ5 ^ -O.fl 
105^ +0 1 


- The British Life OHice Lld-V la) rritldeod!^ ,DC Z:J 

Reliance Ityc . Tunbridge Well*. Kt 0*3C2=m •&*** V n,t ' - - 

RI. Rrlli.h life 1*73 Mil I 171 European. 


_ RL Bril .»h Life. 1*73 501].-.! 5 77 ,, 

BL Balanced* ._p3 4 46.fl 1 558 U 

_ BL Dividend* WL7 44.6| ... | 9 26 

— -FVi«-, March 15. Next deal mtfri ay March XI. p. 


116 6 1225 — 

1241 1304 ... _ 

147 8 - .... - 

1641 - . . _ 

10*9 1123 +0 6 — 

86 9 9L3 — 

1221 1283 *1.0 - 

1483 156 0 .... — 

75.4 79 3 .... - 

582 613 — 

452 471 .... - 


— S-ilarlntLP. f 


Sun Alliance Fund Mangmt. Ltd. 

Sun Alliance Hoiim*. Horxhajn 0403 64 141 j 
Exp.Fd.lnl Mar H. (£254 30 164.401 ..|- 
Int Bn. March 14.. .| £31.84 | . ...| _ 


•Frtcex March 15. Next dealindday March 

Brown Shipley & Co. Ltd.* 

MnRTV Founders Ct.. BT2 01-6008 


RS UnJtx Feb27 ....Q098 
no.iAcc 'FCb27. WL7 
Oceanic Trout* isi lei 
Financial ............ |39 5 

General... |l7j 

Growth Accum. __ (41.7 
Growth Income 33 9 


Prices on -Mar fs. "Mar. 16 . —Mar. 

Merchant Investors Assurance? 

125. Hifh St red Croydon 0 1 -89l 


CdOIncI Fd 11220 1320] | - 

Crusader Insurance Co. Ud. £££. 

Vim-uia Hihki- Toner PI . 1ST! 0I4C68O3I prop 
Gth 1‘rop Mar T . 167 7 74 4] | ^ Man 

(•[gut 

Eagle Star Innur/Midlajid Ass. t'otn- 

I rhi-exilnccdlnSi . H: ni-.W812l2 Mao - 

Eagle Mill l nit-. (49.0 50 8] -0 4| 6 09 

n£| 

L'quily Si Law Life Ass. Soc. Ud.0 MiUo 
.Vnu-riham Road Hich Wjcomhe CHM 33377 NeJn: 
Equity 3 rt (104 9 11041 +0 41 _ NHe 


. Mono-MrkLFd 

Mcr. Inv. Man Kd 
Her Inv. Ply Kd 

*68031 - Z 

| ‘ — Man Peoi 

Itojolty Pen. 

I. Conv.Dep Pens ... 

. r jm i + 1 ■* Moo. iBt. Pern . 


. J _ Sun Alliance Linked Life Ins. Ltd. Growt h tae om e-- . g9 

•I — Sun Alliance Rouu*. Hnnham 040364141 | T U 18 0 

-Mar. I,. Equity Fund . [1016 107.01+0.1 -. Index" ’.ZZ!” 221 

FixedlnlerertFd. _ 103 2 108.7 -0J — Overxeit-t 16 4 

ICCy Property Fund .. 102.0 107 4 .. — Performance SLO 

nijaurai-T Inicrnaticnal Fd . 923 .972 -LO — Recorcrv 20 7 

« u 9 ‘ 1 DeporitFund 95 5. 1008 - Exmpt Feb. I0-. ... 59 2 

M - ManaccdTund 100.4 105.7 -01 — 


Overmen* |16 4 

Performance... |5L| 

Recocerx 20 7 

Exmpt Feb. 10 159 2 


‘ "1 sen •ACcum.l : nU>i.._ . 46 1 

| 22? Extra Yield 77 9 

.V«.LJ tt '.vecum Cpity. . .. 104 1 

r March XI. parEncrn 59.9 

l ACcum. I'nlLsi 43 7 

Fund til Inv Tn>.. 54L 
0| -60C tti3Q lAeeum. Cnitai. ..65 0 

J a 7« 'jCtieral .. .. ... 151 6 

,n ■ \ccura. t_ nil-. i 23L4 

Hich Income 944 

_ „ lAccum. I'nlui 153 5 

*2-2 *27 Japan Income 1343 

J *1 i Accum L'mm 1347 

, | JJ XIafinum 1774 

f ?3 519 <. tecum. Unity; 22L1 

+0A 9 86 Midlnml 2 . ..150.4 

lAccum Unlb-i 243 0 

+0 3 . J 80 Rccorory . 73 8 

3 61 iACcum.Uplty|^ 7* 6 

+0.5 4 38 Second Gen. 15L6 

5Sf lAccum. Unity. 226 6 

d 94 Special 14L7 

lAccum Unity; 170 2 


523 -0 
56 i« +0. 
1162 -D 
2153 -0 
488 -0 


Capital Hxrch 14. .1933 

UN .(.Vrcum.1 112.0 

X09 Incxune March U— 1469 
248 ■ Accum. Unit* i _ ._ 2473 
2.48 GenaralMar. 13 — 766 

439 ■ Accum Unlui 943 

439 Europe Morel) D — Z74 

409 'Accum Unity) 29.9 

>FTiVhvFeb.2l. . 1547 
•Sped Ex. March 7. 205 0 


9661 0l " 3 * 0 2 A 3 Hemtng Japan Fund SJi. ■ 

11A0 243 37. we Nntrc-DajBC, Lnxembonrf; 

176.0 '6.99 F1m&M«r.7 | SUS43JJ1 ] | — 

2l I S ?*** World Fund Ltd. 
mi in Butterfield Bid*.. Hnmlltcq. Bermuda. 

ni ::z: lm xM m r*,.v 1 svmt,t& i I — 


L2 Internal tonal fund* „ 

. £ Equity-.. [107.9 

. -SEquILv si — hl4 0 

CFIxcrf Interest [140.4 

5 Fixed Interest [103 4 

“ fltanoRCd „p24.7 

S Managed — [1007 


3147 -+- *..., 

12L2 .... — 5 

1493 — I 

109.9 „Z. — ’ 

132.6 «... — ; 

115.6 — I: 


J. Henry Schroder Wagg Sc Co. Lid 
120. Chrapridc. E.C.2. - 01-568400] 

Cheng 5 Mar 16 .. .1 10SB_ l+tD >74 

Trafalgar Feb. S8_|- SU510752 -1 


2SL1J -0. 
U»3 . . 


236.6 -13 
11A.7 +0.4 
2621 +06 
78.6 -03 
794 -03 

16A5 -or 
245.9 - 03 


Asian Fd. F«h.2D_. IPSUJ2 U« 3.59 

Dari nut Hid SAL 78 LOI . . . | S2H 

Japan Fd. Mar.9.. .. SE5582 L23f ) 016 


— Sun Life of Canada iU.Ej Ltd. 


r Accum Unitsj-.-~. [170 2 

Canada Life Unit Tsl. Mngrs. Lld-V specuum Fn»ta 
a« High St. Potters Bar. Hcrt.i V Bar5l 122 Trustee [132.6 


+5U 950 CT. Management Ltd. Ldn. Agts. fflBS5S5 &: wMn 7*1 

—02 833 ' Recovery Mar 7.... |i*7.2 17Urt -J 548 Pait H*e. 16 nnabuiy Clrcm London ECt . p- ._ Kiwt „ 

-0 3 033 -For tax exempt funds only Tel. 01-828 8131. TLX: 888100 “H 

Zti Scottish Equitable Fnd. Mgrs. Lld-V «■«■*».-.[ » ««l - i^fuMaroZ:^*” | 

tU Jg 5,1 - ^“^so 9! 031 'f , 5 « Rmda. Seotor Assurancc International 

+01 |g Doling day Wedoraday. CT-B^mOali V Managed Fund _ ..fKSUU 1«7« ... | 

505 Sebag Unit Tst Managers LttLV (a) Bt'of Bermuda, Front st. Hamlnu Bmd.. Singer Sc Fried lander Ldn. Age 

*21 H? TO Box51L Bcklhry. Hsc., E.C.4 01-2369000 L n J ^ ?0. Cannon SL.ZC4. * 01-24 

" 0< eg SebMCapKalW..a* 33.1rf +0.2 3.91 GT SI ^ 1 5U5fcW |0(MI Dckafonds.. '... _.|MI24J8^ **4fl.MI 

Ig'x 905 Sebag Income Fd. -P83 29A^ .....T| 816 G.T. MgL (AsUl Ltd. TofcjT.TstFcb.28-i 51S3L00 | .."( 

J ® Security Selection Ltd. Hutchison Hm., Hareourt RdL Hong Kong Stronghold Management la mite 

:U 4 47 15- M. Lrocota'a lun FMds. WC2 0100169960 GT.AriaF— ]W|7tt 7«( I 188 p.o Bot 3I&SL Holler. Jerrity, 0534 

-13 4.47 S-fl f is 6.T. Bond Fnnd _| 51S12.17 |.0,1D[ 530 Commodity Trust ,.|07 HI 9243[ .. . .] 

&a 7S slim uISw WmaTm li. M GTt Mana « e,ne2,t Uersey) ^ Snrinvert (Jersey! Ud.-(xl . 

-0 3 5 03 S,ewart Unlt Tst - Managers Ltd. la) Royal Tit. Hse.,Calomberia. St. Helicr. Jersey p o. Box £«. Sl. Metier. Jersey. OSH 

-03 5ra 45. '.TiarloRe Sq, Edinburgh. 031-2263271 G.T. Aria Sterling.. [Ell 42 12.11) — 4 L65 American Uid Tst . [£726 7 411-11831 

‘St f ZJ Strwan American Fnnd Bank of Bermuda iGnenuryi Ud. CoppcrTriist. Jtio.45 10.67 +0 Qd 

lift |-5 Standard Unity- .Bb. 6 603) J L62 31-33. Lc PoUcf. Gcwrasey 0481^8268 . ... Jap. Index Tst. . [W75 9 9SJ-034] 

-0 | 4.52 wiSSraw5l“nIty"»2 iZ J Z SlSt^aR^iwZW0.75 


i M Security Selection Ltd. 


LMhStat Fd to ‘ iCsj* " 4i3 — ■ po. Box.-OS. Ha rut lion 5. BcumiAa S 

Anc hor tat Fd ^tSL-SlB 411J ] J.96 M^od Fund _ _.*>**, ios]...| . j 

Bfc-oj Bermuda, Front st_ Hamlnu Bmd.i Singer Se Fried lander Ldn. Agents ? 

BCTt^cF. ^ Ln J } ™ ?n. Cannon SL.EC4. * 0I 24B9W#; 

G.T.SFU. 1 SUS6.48 J+O.W) 1.Z3 0,.^^. . .1 DM74J8 feqfr 

G.T. Mgt. (Asia) Ltd. TofcjT.TstFcb.28-j Sl’SSLOO | .. v | ZWf 

HutehiMB Hm., Hareourt RdL Hong Kong Stronghold Management Limited j 

Ft mSrnKSd — it *1 n ml s « PO Bo * Jerarj-. 0534-71401. 

G.T. Bond Fond — ] 5LS12.17 |.0,1D| 530 Commodity Trust ...|07 HI 9243] .. . .] -Zl 

G.T, Management (Jersey) Ltd. Snrinvert (Jersey! Ud.-(x) . .4 

Royal Tst_ Hsc., Colomberic. St. Helicr. Jersey p.o. Box Sfl. St. Ucbcr. Jersey. OSH 73673 


5-71 Stewart American Fnnd 
2 y Standard Units.- . Bb.6 
4.B fJm ty. 


2.3. ACockfliurht .SW1Y38H 
Maple 13 firth. _[ 186.4 

Maple U MJuigd .. 1327 

MnpIMJ EMjr . 1199 

Persnt Pn Fd 199.8 


0l-m)5400 Can. Gen Du4 

Do.i>n.A«mn-.. 
M — Do Inc Dirt . .... 

■ ■ •[ Do. lot Ar cum. 


+03) *65 *. 
+03] 4 65 
+ 0.l| 7 58 
._.1 7J58 <> 


i \crum. Unity) [253-6 267. 

C bun bond Mar 14 U6 7 

i.'harifd Star. IA_ . 137 8 139. 

lAccniu. Units) 167.7 170. 

Pens. Ex. Mar. 13 _ 120.9 127. 


139 9J+0] 
267-5] -rOJ 


Accum Uuiia IfLB 

Withdrawal Units -[466 
Stewart British Capital Fund 




i.75 ins Snrinvert Trust Managers Ltd. (xi 

Stewart British Capital Pkmd AncftorlnJ«y.Tst_)Z>0 246] +0.51 3.17 48, Athol Street, Douglas, LuM. 0824 23014 

6 §9 -standards 0262 136.71 ....J 3M 1 t The Stiver Trust. .11086 110.91+101 — • 

Accum. Unit* ™ |l43.0 154.9] ... 1 3M Garunnre In-vest. lAd. Ldn. Agts. Richmond BondB7. 1922 2ClS +03 1081. 

c . ■ - , „ . „ . ... 2- SL Mazy Axe. London. EC3. 01-2833501 Do.PlailnuraBd. .. U21 ll8M-0a _ 

812 Sun Alliance Fnnd MngL Ltd. Gartmore Food .VngL (Far East) Ltd. f5' j— " JSH ~ l A ,r M 

fit Sun Alliance Hse- Horsham -040364141 1503 Hutchison Hac. 10 Hareourt Rd. HJioog D®. Em ^TOSHd —.. 1725 10Lt| [1135 


Copper Tins*. 
Jap. Index Tst 


1 Tst . £726 

(Ofl.45 

t. . U975 


741-1031 1J5 
10.67 *003 _ 

9 9S-B33 - 


NEL Pensions Ud. 
Milton Court. Dorking. Surrey. 


General Portfolio Life Ins. C. Lld-V 
f*> l'-art holtimcw '.’t . W alihnmi.'pv-; U \'31P7I 
Perl Inlin Fund | 129 1 _l . I - 

7nrtt' ,, i | i | .ipiJ.il [41b - 417] . I — 

Gresham -Life Am. Soc. Lid. 


WM 33377 NctasEq.Cap . 172 2 75 91 

■ 0 4| — Nricx Ei|. Accum. . IDS 1 110 6 

— Ndes Money Cap . 161.6 641 . 

-0 9| — Nelm Mon. Acc 1644 677 

| — NtHevCKh Inv Act |44 4 467 . 

,| — NcIciGth Ino 'jp [43J 46 6 

,, ..... Nv\l +'i h day Ifarch 2S. 


Target Life Assurance Co. Ltd. 

SOI I Target H«ru*e, Galehouw Rd . .kyletburj*. 

_ Bucks Aylesbury ilC06> 564 1 

— Van. fluid Inc |941 996] 

— .Man. Fund Acc 1115 118 0 

— Prop. Fd. Inc _ 107 2 U3A ... . 

— Prop FU Arc.. . 1320 

— Prop. Fd. Im 1D3 0 

Fixed tat. Fd Inc IOT 7 116 0 .„. 

Dep Fd. Acc. lac 97 5 103 0 

_Rct Plan Ac. Pen.. 69 4 752 -LO 

flcl.PianC3p Pen- 574 627 -OB 

Ret PIonMhn Arc.. 1219 129 0 . .. 

IMManMan Cap. 1133 U94 .... 

1 i»0 P""- A«- - ■ 138 0 145 7 .. .. 

4300 ^j| ( jvn-t'ap 1320 139 4 


Bi2 Sun Alliance Fnnd Mngt. Ltd. 

Sun Alliance Hse^Horaham -040364141 

WMBfcBr i,, *aaal £8 


Gartmora Fnnd .Vart rFar Ean) Lid. 
>040364141 1 iC3_ HuUhuon Hsc. 10 Hareourt Rd. HJione 

I 4 77 HKfclJs.l'.Trt—PrSUaS 27W-0.0H 290 

+o4 393 Japan Fd.. .RL5119S5 1126+0.10) _ 

N. American Tst BCS9J7J lliW I — 

Kg) Tna Bond Fund... KC5UIZ IS 5® ^13® — 


Far Vca Court Property **< under 
ReLhschUd A net Hungcment 


NPI Pensions Management Ud. JB* «an>lanCap -|1133 rJ23""| ~ Charterhonse JaphetV 

48 GraceehurchSL F7'3I>3IIH 010=5 4200 iillt riSoan ’ ' ' El 139 3 " '1 Z GPutemneicrRow Ek'4. 

Managed Fund ... )14ll 147 « I — K ' 1 CJ Imernat l. _ ..120.6 

I’ll ocx March I. Next dealing Apnl 3 Accum Unity 238 

Transinternational Life fas. Co. Ltd. rJ income 54 

New Zealand Ins. Co. (U.K.1 LttLV 2 Bnram Bldg< . HC41NV. oi-*o»487 VdLSPV-JE£ — 

Maitland Houec. houlhimd SSI US 070262953 Tubplme-l FH . flMT 117.21 . . ] — rj Fd Inv T4* 244 

Kiwi, Key Ini Han. 1134 6 134 « .... I - Tulip MansdL Fd IMS ?”3 ■ ■■ I — ‘ Accum. Unite . 272. 

KnudlCoaFrt . [950 100 H I — JUn Ron d Fd .. 107 I 112.71 ... J ~ Price March 16. Not dei 

Technology Fti. -te.8 lMDj .. .J — S“ {& £2 '.* p • ff ? I }i5S 1 

Extra Inc. Kd . M3.8 98.9..,.] — Man IVe. Fd -Vcc. . 115 2 1^121 J — ri.irii.ta T n „i 


2 jTincr \V.i|r . Rd . M mouth 0202 7ff7SS5 Managed Fund ... |14ll 14701 

' ■ 1. I '.Wl KiuhI 195 4 100 41 . I - l*HOCi March I. N'exi dealing 


752 -LO - 
627-08 — 
129 0 . .. — 

U9J .. .. — 

145 7 .... — 
1394 — 


Capel (James) Mngt. Lld-V ManuUfe Management Ltd. orReFaraUy fclZIkSi 52J4 + 0.4I 393 Japan Fd.. ._m^iS5 12. 

.0.™^^.^,", ..MJ.. «wi Target Trt. » Dgrt . Ltg.* (a»g. SatSSlUlrEajSi SI 

1 dcoSc..“ . _ I 70.8 72 AM .. I 009 l ' tW1hl ' nlLS WJ 50B|+L0| 400 3LGreshan,SI.EC2. Dealing*: 0296 5B41 G»tmore_toye*oneiit Mngt. Ltd. 

Price* on Mar. 13 Next draltng April 3 Mayflower Management Co. Lid. Tarjt« Commodity. 

cm., c»ir Fd. ud* w, agg®£ 

Milburn Houie. Ncwcartle upoo-Tyne 21163 i+efieral Feb 21 — (642 6B2iq .. | 5A4 ^po! Acc. Unity. . 

nS!Siai ;H 2^ Mercury Fund Managers Ltd. r^S^tT 1 

Do 1 Ugh Yield ...B94 4L9I .... ( 861 30-Craxham Sl. EO!P2EB. 01^0045.15 Target IntL 

Do Accum. Unity W7.9 58<l -| 0.61 Mexc.Gen. Mar LS-I1M5 170.7rf .. .1 Sin Do. Renm. Unity 

7.e*t dealing dale April 5. Ace. Uta Mar. IS.. ..[209.1 222.4] 1 5J0 Target Inv 


1. i .i‘h KiiimI N5 4 100 4). | - l-riBCi Ms 

■71 Fqinli Fund 99 0 104 2| — 

1.1. i-.ili Fund 115 4 121 a . - New Zeala 

'.I. Inll blind 99 5 104 7] [ — Mini land Hm 

til. I’p»> F..n.l 954 I'M _. 

Kiwi hey lui Plan. [1346 
Growth & Sec. Life Ass. Soc. U«LV , - feS 

W^rftank Pr-i on Thamrv.lK-rfc.- T+l Jljl Ext Stated ' ' ."ffij 

riciihlc 1'inancc I ilD69 I . | AaericwiFd 

L.ir.ilhank S*-v. [ 55 4J J . . (.-a, eS, 

l-w..|Mnk s, + Ace 116 2 119 d ii.lt Edged K, 

• > A > >iipcr td. | 17969J | . | — Eon Deposit 


ITiocx March I. Next dealing Apn) 3 

New Zealand Ins. Co. (U.K.I LttLV 


i .._ j 861 30.Grexhain Sl. EC2P2EB. 0US 

8.61 Herc.fJetL Mar IS - [1605 270.7ri 

5. Ace. Uta Mar. IS.. .. 209.1 222.4 

Merc. InL Mar. IS.. 5S7 62.4 

.AccttlUis March 13 63.0 67 C 

Merc. Exi Feb 23.. 1*77 2C59«i 

01-246 3899 Aceuml'tS. Feb 23-1235.9 245.7] ....„ 

:::.J IM Midland Bank Group 
— J 7.43 Unit .Trust Managers LttLV lai 
-I 3 07 rmimnvul Unnu eilvar Kt+c+i 


Extra Inc. Kd . *3.8 
Amerlewi Fd 92 f 
Far Ear* Fd — 95.0 
Gilt Edged Kd ..*58 
fan Dope-lit Fd . . 95 1 


333 -0-3 
. 62.4 -0J 
373 +0 3 
2115 


TSB Unit Trust Managers (CL) LUL 
Hagai pile Rd.. SL Sai iour: Jerary- 0S34 73W4. 

Jersey Fund WJ.l 45.4) | 4J2J 

Guernsey Fund --..-143 1 45*J .. J 4J3 

Fricos on March IS Next sub. day March 23. 


Pc.Mar.l5_ 


CtPrrf. 


1263 -Oj 
28 Aa +0: 
24.9 .. .. 
VI . .. 

J?! T°; 

Tz T.°: 

u.9| +0.: 


6.S Hambro Pacific Fund Mgmt. Ltd. 
3.00 2110. Connaught Centre, (long Kong 

Far Earn Mar. 8. (SRKUK IUI I _ 

2-18 Japan Fund... fft'SUl 6i9 ..... — 


4J9 Coyne Growth Fd 

Target Tst. Mgrs. (Scotland) (agb) 
19. Albol CreacesL EdSn. X 001-228 882 


3n4 Caurtwood Hou«e. Sliver Street Head. TargCtEorie 033 253-031 UA 

— 3J' Sheffield. SI 3RD Tel. OT4279S4Z ThrgetTTiIrtio 380 M+ll 356 

425 Commodity * Gen ,|57 6 62 « .....| 5.92 Extra Income Fd....|57.7 62JM +0.1) 1056 


Trident Life Assurance Co. LitLV 

Itenilaale Hmw. Gloucester 0452:16 


r J Fd Inv IM [24 4 zbXj J *25 . 

Accum. Unity . [27.6 2M| . —J 425 Uomotrity *Gen . 57 6 

Price March 18. Next deaiinR March 22. o? 0 5jh WOV " “ * “ ^ 

Chieftain Trust Manager* Ltd-Viahg) 

30QI Queen St . EC4R 1 BR. 01-2482832 Do. Acc inn. 26J 

Amort can [i/iTOIO ZLiOJ+OlJ la 55 

Hieh Income . . W02 43.21 .. .1 9 56 1,0 Accum 541 


FINANCIAL TIMES STOCK INDICES 


li»i l»1 llllil-lil Sc-* 

• ‘ip ■ IniP'M 

i-ilurtrui llnliiuirv... 

i. ni.l Mine- ' 149.6 155.5 161.11 166.3 161.5 157.8 136.5 

-'r|. l»u. Yield ' 5.91 5.90 5.9&: 5.89. 5.89 5.91 ; 5.19 

Larnnuj- Y'lil - ! .lullu-. 17.3B 17.36 17.S2. 17-31 17.32 17.37. 16.33 

r h Itath.inrl. .. 8.07 8.06 8.00- 8.10 8.10 8.07 8.97 

itonins'-nwknt .... 4.935 <1.824 S,66J S.523 5.597 6.401 7.040 

h.imlv i.nin-iei Eiu.. — 68.01 71.80' 77.01! 84.07 100.05. 75.80 

hijiiiir t-»rg3in- l>4xi..: 14.465 1 4.966 16.298 16.368 Z6.597| 18.308 

la'a m.‘ 461.3. 11 a.tn. I58J. Nuon 437.5. I p.m. 437.5, • 

2 p.m. 437.8. 3 o.m. 457.7. 

, Latest Index 01-206 Wl. 

- ila-cd nn 32 per cent, corporal loo ta^. ; Nil =5.82. 

I»J«1< 10h 0-11 : Spcn ia lllr?- FLxed InL 1*25. ind. Ord. 17 +3. C«W 
Mini!' :+/4 jj SE Actlrity July-Ooc. ISC. 


XI x - 


Mar. - 

Mar. - 

.Ua:. 

Mar. i 

17 

>* , 

b 1- 

14 

L5 

10 

75.54 

76.03 75.96) 75.82 

75.65 

75.66 

78.25 

78.38 

78.42'. 

78.25 

78.12 

77.89 

457.2 

458.3 

453.9 

460 4 

459.6 

459.0 

149.6 

1SS.5 

161. ii 

166.3 

161.5 

157.8 

5.91 

5.90 

5.95! 

5.59. 

5.89 

5.9 V 

17.58 

17.36 

17.52 

17.31 

17.32 

17.37. 

8.07 

806 

8.00- 

8.10 

6.10 

8.07 


Managed .. U9 7 125 

Gid Mrd. — 1515 160.4 .. 

Property.. 146 0 154 6 

Eouitv Afnrncjp . . 77 6 82 2 

I K Kqnilv Fund . 10L1 107 1 +0 2 

High Yield .. . 1382 1464 .. 

*T!ti Edged .... 125 7 1331 .. . . 

Money - 120 9 127 4 . ... 

International ..92 1 97 5 .. . . 

Ktaeal- . USB 1332 

Growth Cap 126 7 1342 ... 

CniKtb .Arc 129 6 137 3 . 

Tens Mngd. l ap 113 0 11917 

Pens Mngd Acc 1164 121] . _. 

I’ens.utd Dopfxp 100 8 107 01 

Kens Gld Deb Acc. . 104 0 110.2) . . 

Pvnx Ppty.tSp .. 1118 IMS ... 

Pros. Pty- Acc . „ 115 1 122 m .. . 

Trdt Bend . ... 35 7 37 71 

-Trdt II I. Rond 101 5 | . 

-Cash value for £100 premium. 


x.ujviu..n , rus » managers Cap , u , 24 4 261+01 3B TUUTNtrl ..--(95.8 

30Ol0ueenSt.EC4RIBR 01-«B2832 Do. Accum. 26J 201 . 389 . „ 

120-T | American.. b/iMlO 2lM +0 1) la Income 47 5 50! -03 6iO Transatlantic and ‘ 

0452 :«4t Hurti Income .. W02 432] .. ."j 956 5?x 22^? S-f? 91 « New London Rd. 

i z Isssr^si^Ey 22 " MM is |- giK n 

Confederation Funds Mgt. Ltd.V lai gS iffj *° 3 S3 II 

HOChancery Lone. Wi-\ ike 014142(1282 Do. Accum-. — 98 0 103.^ . . 5M . - ■ 7tJ.. 

Growth Fund (382 40.1] I 4.76 -Pncea at Feb. 2d Next dealing March 31. \SSS?umni ' " 09 : 


Sl ioi m trades Union Unit TsL ManagersV 

40 0 +01 3^ 100. wood street. E.C2 014SB80U Japan Fd ,_]1602 16 ; 

261 +01 |a TlitlTMar 1 — I45.B 48 8u( — ) SSJ pHoob on Star IS Next dealing 


' q aa l P.O. BoxO, Douglai*. loM. 062422S>11 Trices on March IS Next sub. May March 23. 

J£ KBSEi^gB I i\l T«k» r«inc N.v. 

■ _ . " _ ._ _ . , 4 . .IntlmlM Nanoccmcnt To. N.V, Ciiraenn. 

Hambro Pacific Fund Mgmt. Ltd. NAV per shore March u. SUS4731 

PtarEuaMvOL 1, C ffiw fon H«“ g I _ Tok >T* pa dffe Hldgs. (Sfeaboanfl N.V. 

Japan Fund.... Z—pi'SUl US IZ~| — lnumlx Managemcjit Co, N-V . Coracac 
h™*™ 1CnOT «y, Ud J - K*V i r di«»„baroMl 

*■» sSs&Feu irft 
sE&“"”ip fe *4~ II aesaimfcH 4^ - 

M-lwf 'A' SL<£di Lq 3: :'. 850 SLHdirr. Jerafy . 0534323313 

Jut Sre*. Sf sti^99 l53„ . 250 TO Ki> Liter. 16 £6 55 6.951 (Tig. 

Prict* on Mac. B. Next dealing Mar. 22 nvfSffi',5 *““7?' ' — 10 751 .to... I 600 

' _ _ 1‘wFMM'. lo ... 770 ' 805|- Ilrt , I — - 

Henderson Baring Fond Mgrs. Lid. ‘Accum Share*. . . no oil ..._J — 

_ a w. — __ . Jnruii’ kd unp T x IQAd 1 7M 


a* 02 12 H am bros (Guernsey) LtdJ 
I -*0 2 8.48 Hambro Fund Mgrs. (C.T.) Ltd. 

^ .. . 1080 P.O. Boxes. Guernsey 0481-283 

•*lril.U 458 CL Fund 0353 144 1| 4.1 

uf] la Kin Intel Bond 5DSp0372 10693) u 

W* D> lot. Equity SC&957 lO.lB 2J 

0Q1-228 8621 n tat- Styja..*A’ SL'SLDl LM ... . 85 

3 -0J| 154 lot StyJN *B’ SUSM.V0 1 B2j .. . 2i 

^ +03] 586 PHee* oa Mot B. Next dealing Mar. 22 


|iri 20 lo 2 lM +0 li 18 

Trt P 2 223 a ^3 33 

. Trt \733 asirt +0 1] 4.9 


630 Transatlantic and Gen. Secs. CaV HHI-Samnel & Co. (Guernsey) Ltd. 
!?? 91 « New London Rrt Chelmsford 0245 61BS1 8 LeFebxre St, P«er Port Gurrntey. CM 


^^Tan, , SE5.MSt?:gS 
li-^dcai^ioLr^ SSWrtKJKrSB 


Jnracy Kd. Mar. 15 ..1189.9 20L2} J 7« 

‘Vjt+.I.ACc.Utyi ..0605 ' 7KU 1 7 JU 

oni Fund Mar 13..^16 114.6jSI i U47' 

l Accum. Shamu ... [14L4 M40| .( 10.47 

Victory House. Duuglaa, laic of non. MU 2S8S8 
Managed Mar 10 ...[127.6 134.^ +2.Q — 


— I Cosmopolitan Fund Managers. 


1 Tyndall Assurance/Pen si ousV 
l ft. Caninec Rnad. Itrirtnl OS! 


HIGHS AND LOWS 

IdiV-ib ‘binco Cyoipllatlun 


S.E. ACTIVITY 


Furl lul.... 81.27 
!9 IX) 


1*J'2 i 205. S 193.1 

19,1 abi ,0.J.»3I 1 i nlu , tne , 1587 ia04 

' 160.4 ■ S0.S3 ’ »)<r.ul»tivc„. 44.5 48.1 

(ZS-II4 ii |A1,I0> ; i-Ui» 112.3 109.8 


3 way Mar. IS - 

Equity Mar. IS . 
Band Mar 16 
Property Mar id . 

Delimit Mar W ... 

3-n-ai. Per Mar is 

' i'«a*l3v.)lir IS. 

Mn lH .1-W Mar I 
Do EqurtJ Mar 1.... 

Do Bond Mar 1 

Do Prop. Mar. I 


Vanbrugh Life Assurance 
1 1-43 Maddox Sl. Mn IT! R Pi. \ 

ManaccdFd [1404 147 S 

Equity Frt „ . 314 2 22S JH 

Ininl Fund 89 1 93 ft 

rued Intcra Kd.. 1717 l«S 

PrmjcrtyFd.- ^..1371 14si 

I'aJE rand .. 116.7 122. « 


OSn35S41 
*18] — 

+ 0 4 — 

-2^ - 
+ 32 — 

+0.4 - 

*Z< — 


— Crea, Reserve* . ..[313 qUl— T[ 4 30 IS.Copthall Aic. EC2R7BU. 

Mirtoal See. Pluf ...148 0 

Discretionary Unit Fund Managers LT t ?u ' - Rf-f 

22.BlomflcldbUE<.-2«7AT_ ; 014384485 SUSS! M.Sh ^4.9 

Ihxc income- _ -11481 156 of- - 1 5-57 .. ,■ . „ 


w -Pn^ Feb: sTncx, dS ^:|S is 

Minster Fund Managers Ltd. runic. Mar. is — slj 542 676 

KBS. n '- 6 f 3 i C £? c1e“surohS’.T' 49 6 S.1 i...:’ S.H 

T~r- MiniaierMarlh — 033 353] .... J 5.22 lAccum L'nityi .62 5 66-5 . ... 5 a» 

5 05 Exempt Feb aa._|£a »2 .. 1 6.08 Marlboro NS 14... 4M 49 ... . 196 

Kg, MLA Unit Trust MgemnL Ltd. %21£S?8&:ii: Sl 47 Z". 

4Stn Old Queen Street. SW1HWC. Qig»T333. lAeeum. VmU» .- 967 59.1 364 

4 30 MLA Unit. _.[34B 36.6] .. . | 4 64 WHyl Hv. ,14 .. . 67 J 70T . — 7.99 

25? Mutual Unit Trust ManageraV lahg) . Aecvm. itut» > r '. 494 4M &q§ 


GoerowcyTst — .|147 7 15801 *i 9] 350 Iftd Irtnl Mnffnnf ,rfi Thl 

«U r FlU,d S A ' M ' Alulca *« Siren. ». Helicr, Jcraey. 

JU 4T. Rj»e Notre-Danw I.uxemboura V.! R. Fund ... SU5300 I | IB 

, *2.“ , ,73Z, ‘ 00?1 -- United Steles Tst. IntL Ads-. Co. 
International Pacific Inr. Mngt. Lid. u Aidrinscr. Luxemlxnirs. 

TO Box R237. SB. Pitt NL S+dno-. Ag s L VS. Trt. Inv Knit. | STJS964 (+0.08 0.96 


3a BratStreet. London SW jxbEJ 0I-S358SC0. utalB ., ... ' itu Ttii oien Marorix -- 

Ce.mopeln.Clh.Fd. 06* J8JI I 5.05 ExSwiTf O il Z ] *M Marlboro Mar 14 

Crescent Unit Tst. Mgrs. Ltd. (*Xg) MLA Unit Trust MgemnL Ltd. eSSFWaLTSSrZi 

4 MelxilleCrc- . Edlnbiire'r, n D31-22e 48tn Old Queen Street. SXV1KW<1. 01.8307333. (Accum. Unity* . 

Crroront Growth pi 0 27 J ... J 4» MLACniU — 134 8 36.6| .. . | 4 64 

SS-HbtetaiZK ““ Mutual Unit Trust ManageraV lahg) 


Sl69 J-fVellb Equity Trt.. IS1BS 1 951 

J.E.T. Managers l Jersey) Ltd. 


Not wirt March 16. 

S. G. Warburg Sc Co.'LuL 


(+0.021 0.« 


296 I PO Box 194. Royal Trt. Hso . Ji-r+evOAIi 27+41 3U. Oreiham Slrcel. UE2. 


01 008 4003 M » r ** g J 

i am i Accum Into! .. 665 
+04 775 Wick Bli. Mar. IT .. 64 5 

ISs IS Do Accum .— - [71 2 


5121 6*3 U 

68S+C4 775 5 

43 9| +0 q 6.92 0 
59 2| +0 3] B96 T 


S«IZ Ml istor J Is? ““‘«""^Md-(54.9 592) +03( 096 TVndaU Managers Ud-V 

nro ... -MW I 156H — 4 Naiiaua! and Commercial ta.c4n1xiMR0an.Bn4m. 

EL F. Winchester Fund Mngt. Ltd. 3I.SL Andrew Square. Edmliurjrh031^se9isi Irwomertar li . — W0 lmj 

'JldJewrj' BL-J .. 01-6082167 Income Mar IS.. . 1442 W96I .1 612 CafTitar i 5 ' m* if 

Ureal U'liK'herter H70 l*5j ..... I 6 60 117 4 m a " ‘ I I m 1 Accum (rtSuiZLJ 161.4 W 

UW.ueh'ororooJSu l® I » Sg&ftfelV »2 Exempt FAS. 1U 


• • 5,50 

+0M 900 
+0 ?i 900 


«m 32241 
- ] 7.4* 


3.64 .1 ersey Erf ml Trt . .1125 0 133 oj’ ( _ 

7 qq Fdh. SB. Next mb. day Mar -.H. 

648 Jarditie Fleming & Co. Ud. 
fS 4t#N Floor ..Comuiuqht I’entTC. Hone Konc 
556 Jardjna&tn-Trt ..{ SjtKZlOM (....[ 340 


i jn Brt FA Mar 18 I IIWM! 1-0021 - 
hncvlnt Mar id .1 Slrsfi^ +015 - 
f.rSt 5Kd Fob 2R_| SlU5(Sl .. 71 - 
Mer.Eur Fd Mar.lS RCSUJ4 KJSj ... I - 

Warburg Invest. Magt Jrsr. Ud- 


Jartlnerwi: Fd*- 5HK28304 J iio 1 I’lmrim: Crow St Heller . ley Cl 0KH73741 
JjrdineSiA-... . SI SUM I. 3«l f»PUit Kch a. .RTBUI • UM ..I — 


(•1-4994923 
+ 01 ] — 


m cromfr* i5a s.« ffiSufeivBffi wS I i« 

Emson & Dudley Tsl. Mngmnt. Ltd. National Provident Inv. Mngrs. LuLV ''“nyrnw star is - *l_6 

20. Aril melon St .SW.l . ' 01-4987551 4a.GraccehurchSL. EC3P3HH Ol«42M I'nLBwi ai 

‘Emson Dudley T.L (60 7 654] 1 510 NP.LG4h_Ur.Trt. (44 2 47.11 J }.» i.toWB^’nltat 

'AcrtteL LaJisr . . 56.W .... 1 3 JO SootCap 1 Star. 15131: 

Equilas Secs. LUL Via)|cL. - Hf? 1 ^2a •• ' A «um. Lnitai 154.1 

MJ fcl2|s-0.4| 437 -Pncm on March 15. Nett dSm* April 5 J 

Eouitv Sc Ijw I 'n Tr' hm* (aMhiiri National Westminsterifta) lIl- Z5? 


JardiueSiA.... . SI SUM Z " 260 

Jardlne FIom.Inlt.1 SHK894 _ 

•YAV Fch 2! ■ Equivalent SI'SC! 40 
• •• ■ Next miIi. Narrh 31 

Kemp-Gee Blanagemcnl Jersey Ud. 

I Hinnn J Croxs. SL Holier, Jenm- 0.VH 73741 
Kcmp-Cev Capital [79 7 82 J| I _ 


a JQ I\vuijrvw«:».4»piuil 

jjq j Kcrap-Goe Income 


260 FJiFUit Fch 23. .RTSUV ' 12W '.. . 1 — 
_ rilT Lfd Fell as. : Oi6Z 12.« . . .j - 
JSSJASkW Ul 40 U7S...J - 

TMTHarP. IPMU *CI 1 — 

. T-HTUtl. Marn_ ll*2B '.C*52j . ... 1 — 

1741 Worlrt Widp Growth MUagea»)f4 

_ 1«a Uvuk-iarif Rnvai, Uwewbour:. 

855 MorldmdrtGth Fd[ SU81ZJS '■ |tO03[ - 


NOTES 


Equity & Law Un. Tr; ftt (aKhllc) 
Amcrabam Rd . Hl«h Wyi-omhe.- . OW4 3337 
Equity &La« — .(605 6404-061 at) 


— I — Framliaglon Unit Mgt. Ltd. <*> 


lll>l. I’ril 

: a49.2 
ill'll. 

357.6 

liili 

549.2 49.4 i 

iU.9f?y i3b,b.40i 1 

1 3- uiv A v'm ji 
\ 6ilt-L.tcl .. : 193.7 
UvlusMhn- .... 175.6 

165.4 

178.5 

li.uii Mioe-. 

174.5 

93.1 

442.3 : 43.5" j 

I dpeiaiuiira . • 49.4 

51.7 


lloi 10 1 

i l-2i 

' C2.0'7hi<i36/IQ il» i 

I'nral... ■ 120.8 

122.9 


Vanbrugh Pensions Limited 
-H-43ybddnt.SL.Ldn UIR9L.1 Ol-HrtOD 
Managed .. . [953 100 4 .. . | 

Eqaity B5 3 IMfl I — 

Fixed Intere+t ...__. (96 4 1015) ( — 

Property— .N52 100J) — | — 


Sn'hik Jj 0 


I .Capital Trt. In B 

nil ftp rota JocomeTa.. — 96.2 

U1 , InL Growth Fd. 94 o 

— Do. Accum. |*62 


(irowth Inv h 


Guars Bleed see -Iita. Rase Rates' table. 


FINANCIAL TIMES STOCK INDICES I Welfare Insurance Co. Ltd.¥ 


Friends' Prov*. Unit Tr. Hgrs.V 
PiKham End. Doritlnt 0306 now 

Friends Prov. L'ta . HO 1 «2.8j +02) 450 

Do.Acewm. . . „.|s5.9 54^-*-0-H *** 


G.T. Unit Managers Ltd-V 


Star, l Mar. 
W i 13 


Industrial Lrcup 196.42 106.78i 198.BS. 197.56] 197.02 196.04 160.38 

sOJ hbai-cr 216.BS 216.60 215.67 217.81 217.15 815.81 192.73 

Uiv. 1 lel'l !+■ «...; 6.7«t 5.74P. 5.77 3.74 5.76' 5.75 S.63 

P;E itetirt met* ' 7.98 7.96 7.92 8.01 7.98 7.93 9.66 

.Vlbhur* ZOI.77 201-45 200.80. '203 63 202.12 200.81 179.19 


The LeBa. Folfci+itorie. Kent. 
Manerqdkcr FA - 1 97.7 

For other lunit-:. plearr relcr to i 
Manche+ier (iroup. 


08>I3S7333 16. Fiturtiury dnujELIM TDD 


J +0.6) _ 
The London t 


I Windsor Life Assur. Co. Ltd. 


G T Cap. Ine [778 

Do Arc _ _ 916 

(IT. Inc. Fti L n — 1515 
CT.L'S.t^n — 1315 

GT Japan & Gen... 3535 
Ortl P«ta.EvFd 1293 


WB45D77 r , S.3®fr l «a[ , , <W - °Lffi 4 „ * 1 V. 

*«-**■ 848 Sl* 3 li B 

I «D4 Po-tWinhi Kd._K.3 Toi+ol Ju Spcetal Slta. 12&4 30 

•••J L'n.ieraolFdJdi. .]9I5 5<3| -+0^ 2.76 TSB Unit Trusts (?) 

z.57 NEL Trust Managers Ltd.v (aXgl 21. Chantry War. Awtoxer. Hants 
* J7 Mllirm I.’mit [lorkintSurrej- JBI1 Dealinc*. ta_02S4 OK 

’ sKwwwdss jasa is S 

450 For New Conn Fnnd Managm Ltd. "» I^Aceuai— I.&7 62 

see Rmischild ASJWI Manag ement TSB Scottish pi 3 78 

Norwich Union Insurance Group (b| 8 83 

PaRm4.Nonmh.NRl3NC. 0603222DQ 1 lslcr *“ n,tT ,81 ' 

i.rnup Trt. Kd...... |313 6 330Jti| +19[ 5J5 worinnSirrot, Belfart. 


Iio uid) rated ^ arc m 

jji rasa ss?ssfi,i™j r 7;^“ i w?*> sraara srasgatfg 

its ’ 


■Suapcndcd. 


-w i«a rumviinint ru. _noj iu of tU.*H 1 

L'n.roraaiFdJdi. ..fell 5 5»3\ +0^ 3 

257 nel Trust Managers LftLV (aXgl 


0284 62188 

13 

1 *021 353 
*02 3^3 
+0} 7^4 

-01 724 

-01 277 

~0 H 2.77 


-OJH 5 80 ^ 

— ojI I'm Pearl Trust Managers Ltd. 
"}■!} 23 25CHlsh Hoi horn. UVIV7EB 
+S3 100 PcariOro»lliP4..g7 2341 


oiAffiMl tnU Trust Account 8 1 Mgmt. Lid. 

+Q.B 621 Kins WiHiomfit WAR S aR 01-6234051 

+03 621 Fnan- H pc. Fnnd_|130 0 137 (H .... 1 iu, 

fCJ] 7.67 Wioterr.rth.FDd— B7.7 292rf ... . 3 54 

*0l| 521 »o Accum. [32.2 33fl | 3J4 


(tuf tater Growth p55 


023233C31 ' 
3021-01) 533 ' 


I Riah Srnrot Wndirir 
Ulc Inv.Plam . ..[663 
FUUITT-As.nl Gllva [ 17( 

FiKUTeA+Jri Gltab' l 40 E 

Rel.A-.wl Dcr.-, L26J 

Flea. lnx. Growth _.|1D3 4 . 


Wi ndsor 8*144 J’’ X L"T?i 


««l — -I - 


Wi :.z\ - 


I.T Four YdsXd _ (51.2 

VG. & A. Trust (ai ig) 
S. Ray tel oh Rd. BrenMtoieti 
G. it A. ■ . 1HU. 


H Iiol im TVari fTromli FH . ,|2l 7 23 4] -aa 621 K»n8 w iH>i»mStEC4R6AR 

+3 '° 5 5 Acmm Unity L25 0 26* +02 621 Fnaro Hsc. Pnnd_|130 0 137 fl 

jig Part Inc . ^02 325 +0J 7.67 WioterGrth.FDd._b7. 7 29.2*2 

■ n 750 Part lull Trt 332 357 *01 52 1 Do. Accum £2.1 33fl 

Sronr’-rS 1 - 521 Wielrr Growth Ford 

0 -—,++- IS to . ln '« Adm,n - Ufl - Kme William St EC4R9AR 

l0S7752a73(*l 81 Founlnmst_Man*heAcr 001=38 a«a Income j r nl lr |27 7 ' 

32.1) +0J( (H Polivan L'asta — _[77.i E2^ [ 527 Actum. Lnm Jail. 


01-fl2348.il 

. ill--] 3J3 


to . _ , CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel ■ 01-283 UOL 
.fadex Guide as at Ttti March, 1978 (B^ 100 at U.L77) 
Clive Fixed Interest Capital ... iisri 

Clive Fixed Interest Income -11:“ 1 §!b3 

CORA L INDEX: Close 433-138 Z 

INSURANCE BASE RATES 

• t Property Growth ix®. 

t Vanbrugh Guaranteed 719% 

mown U0d.:-r Inaurance and Property Broil' TahK-Z 

I.G. Index Limited 01331 3408. Throe month ^ine 271Q-??4. 
29 Umont Road. London, SW10 ons ? ^ 

1. T^c-free trading on eomtnodity futures 

Z. The cwnmyduy fotures market for the.Sialler iaveswr. 









Mr. Masao Matsumoto, Representative 
Mr. Hideaki Kuroda, Assistant Representative 




atlantaV 

CsAiANlW] 


la a world crowded with con-. 

. gestion and economic uncertainty, 
Georgia U.S.A. is fertile and se- 
cure ground for joint ventures, 
licensing agreements, sales and 
distribution. In metropolitan areas 
like Atlanta, or m rural settings 
like Plains, the home of our 
39th President 

Our government is fiscally re- 
sponsible. We've raised corporate 
income taxes only once - a total of 
IS? -in the last 12 years. Our work 
force is eager and able, and bylaw 
can decide whether or not to join a 
labor union. Our capital city is the 
transportation and distribution cen- 
ter of the Southeast, and our port 
city of Savannah operates one of 
the largest container cranes along 
•• .the eastern United States. 

Just as important. Georgia is 
• an. international financial center. 

Since enactment of an intemation- 
- al banking law last year, six foreign 
banks maintain offices here: The 
Bank Of Nova Scotia. The Bank of 


Tokyo, Credit Suisse, Barclays 
Bank. Algemene Bank Nederland 
and Swiss Bank Corporation. 

Governor George Busbee and 
Georgia lawmakers encourage in- 
ternational business in other areas 
as well They recently established 
a custom-free ForeignTrade Zone 
which permits duty exemptions on 
materials and manufactured prod- 
ucts. And Gov. Busbee 
will give your 
inquiries his 
personal attention' 
and confidentiality. 

Join the more than 188 inter- 
national companies which maintain 
facilities here. We have office space 
and buildings available for immedi- 
ate sale or lease, and office space 
available for reasonable prices. 
Plus miles and miles of untouched 
nature in which to live and play. 

For more information, contact 
the Georgia Department of Indus- 
try and Trade; Mr. JohnTurbiville, 
Square de Meeus. 20; 1040 Brus- 
sels. Belgium; Telephone; 512- 
82-93; Telex: 230&31NSE BV. Or 
Mr. Milt Folds, Commissioner; . 


P. 0. Box 1776; Atlanta. Georgia 
30301; U.S.A., Telephone: 
404-656-3556; Telex; 54-2586, 
Cable: GAINTLATL 

Georda 

ILSLA. 


DAI-ICHI SECURITIES CO.,LTD. 

has pleasure to announce the opening of 
its London Representative Office 
on March 15th,1978 


4th Floor, Warnford Court , Throgmorton Street, 

London EC2. England 

Telephone: |01) 588-1412, 1413 

Telex: 8813944, 8813945 

Cable: SECDAICHILD, LONDONEC2 


Georgia’s open spaces are filled 
with sta; le opportunities. 




\ S, 1 M - : financial Times Monday, March 20- 1978 

-ft ■ 


Description 


Telephone 


t97Z DECOIL, FLATTEN end CUT-TO-LENGTH 
line complete with automatic sheet stacking 
unit ancf coil reservoir. Mart, capacity 1525 mm 

• V,L mm Eauge rt 15 tonne steel coil. 

B IhP/flLl? 00 rT,m ^ IN MNE, NONSUP WIRE 

MACHINE in excellent condition 

rJolS, /mm v *^* ble JO hp per block 
f (768). f 

24" DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton (1972), 

ROTARY SWAGING MACHINE 

• by Farmer Norton ( 1972V. 

SLITTING LINE 500 mm x 3 mm x 3 ton capacity. 
TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex. 6-50" wide razor blade snip 
production. 

MODERN USED ROLLING MILLS, wire rod 
- and tube drawing plant— roll forming machines— 
slitting— flattening and cut-to-length lines— 
cold saws— presses— guillotines, etc. 

7974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

7970 CUT -TO -LENGTH LINE max. capacity 
1090 mm 2 mm x 7 tonne coil fully 
overhauled and In excellent condition. 

1945 TREBLE DRAFT GRAVITY WIRE DRAWING 
machine by Farmer Norton 27" — 29" — 31' 
diameter drawb locks. 

STRIP FLATTEN AND CUT-TQ-LENGTH LINE 

• - by A. R. M. Max capacity 750 mm x 3 mm. 

9 BLOCK WIREDRAWING MACHINE and ■ 

1000 lb spooler — non slip cumulative type wrth . 
double tiered 22” dia. x 25 hp draw blocks. 

2 75 DIE MS4 WIRE DRAWING MACHINES 
5.000Ft./Min. with spoolers by Marshall Richards. 
i~CWT MASSEY FORGING HAMMER 
— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
l.7Q0.mm wide. . 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARDr CRANE 
6-to’rr capacity lattice Jib. 

RWF TWO STAND W>RE FLATTENING AND 
STRIP ROLLING LINE. 10“ x 8" roll* x 75 HP 
per roll stand. Complete with edging rolls, 

. turks head flaking and. fixed recoilpr: air 
. gauging, etc. Variable line speed 0/750fi./min. 
and 0/1500 ft. /min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroe. 


0902 42541/2/3 
Telex 3364 H 


0902 42541/2/3 
Telex 336414 
0902 42547/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 3364)4 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Tekx 3364M 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex -336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42547/2/3 
Telex 336414 


SCHULER 200 TON HIGH SPEED BLANKING * 
PRESS. Bed 48" x 40“ 200 spit. Double roll 
feed stroke 35 mm excellent condition. 

TAYLOR A CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 

VICKERS 200 TON POWER PRESS. Bed 40“ x 
36". Stroke 8". NEW COND. 

200 TON PRESS BRAKE 8' x {" by Sedgewlck. 

- Air brake, air clutch, light gauge. 

’ . EXCELLENT CONDITION. 

54“ Dia. COLD SAW, NOBLE & LUND. 

Max. capacity 40" x 18“ EXCELLENT. . 

AUTOMATED TURRET DRILL— HERBERT 
6 station. 2 M.T.. Plugboard control. Co-ordinate 
table. New 1974, Almost new. 

MACHINING CENTRE. Capacity 5ft. * 4ft. x 
3ft. 5 Axes, continuous path 51 automatic tool 
ehanges. 5 ton* main table load. Main motor 
27 hp. Had less than one years use and in 1 - 
almost new condition. For sale at one third 
of new price. 

'ACME G RIDLEY (BSA) 6 SPINDLE AUTOMATIC 
2f" rebuilt and not used since. Will turn 
and index to maker's limits. 

rWICKMAN 3\ SINGLE SPINDLE AUTOMATIC. 

• Extensive equipment. EXCELLENT CONDITIOI^ 

WfCKMAN 21“ 6SP AUTOMATICS 1961 and 1963.-1 

- EXCELLENT CONDITION. 

CINCINNATI CENTRELESS GRINDERS. 

Sizes 2 and 3. EXCELLENT. 

4,000 TON HYDRAULIC PRESS. Upstroke 
Between columns 92” x 52" daylight 51 ”. 

- stroke 30". 

HEENAN FROUDE DYNAMOMETER, 
model. RFA 1 3. Test capability: 20,000 hp ,-' I 
at 450 rpm. £40.000 ex works.. 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 267771 
07-928 3331 
Telex 261771 

01-928 3131 
Telex 261777 
01-928 3(31 
Telex 26 1771 

01-928-3731 
Telex 261771 


0I-92B 3131 
Telex 26 177 K 

01-928 3131 
Telex 261771' 
01-928 3131 
Telex 261771 
Ql-928 3131 
• *T*fw'2€17Wr 
* 07-928 3I2T 
Telex 26)77) 

01-928 3131 
Telex. -261771 
Tel: Burton-on- 
Trent 79Q333 
Telex: 336I0B 
Leavlite Toxall) 


WANTED 


MODERN USED ROLUNG MILLS, wire rod 
and tube drawing plant — roll forming machines— . 
slitting— flattening and cut-to-Jength lines— ; 0902 42541£Z/3 
cold saws— presses — guillotines, etc. * Telex 33cMl4 


WEEK’S FINANCIAL DIARY 


Tbe following is a record of the principal business and financial 
engagements during the week. The. Board meetings arc mainly 
for tbe purpose of considering dividends and official indications are 
not always available whether dividends concerned are Interims or 
finals. The sub-divisions shown below are based ' mainly on last 
year's timetable. 


TODAY Schraders 

COMPANY MEETINGS — Tilling /Thomas) 

B&aumont Proas.. Winchester House. Tuhe. lew, 

2.30 interims: 

ISarl nire S m c tm .T"* ««"•**«> ffldg. 

WARfi MEETINGS— ?,OC '--- - - 

_ hiitait- 

{teuton Clark — 

Booker McConnell 
-Jiw -oea Mtul 
h*p worth Ceramic 

IbltbCk JgkftMn 
Low and BOnar 
M«»i closures 

SSSSP" Bcaoa lw - T «- 

i*le Tllner . 

T*tc or Leeds 

wis irwff 

_ Inierlmsi 
Char. EM>ri aird Fargo* 

Cou-inny Pooo 
Finance ihd I no. T«. 

Lawtex 

London and SCSRUn Finance 
Newrua^Tonks 


Rod. 22"37B | 


Aliardai*- lotapddi. Red. 21 - 3 .T 8 
ES- 5 S 17 

Associated Paper Inds. 1 . 7 S 17 P O.OlSSp 
(Addition*! Payment o.'a yr. tnOed 
1 .S 7 B) 

Barertev lO-'vpcBda. R«*L 22 . 3.78 85.551 7 1 
BIWkDurn IQ^pcBds. Red. 22 '3 78 
£S-S 517 

Blaenau Gwent tOStscBds. Rod. 22 ' 3 i 78 
£ 5-8517 

Bradford iQfcpcBd*. Red. 22 .’ 3 , 7 a £ 5.5517 
Brentwood iD-tapeBds. Red. 221378 
CS. 1 S 17 

SullOnSh 2-85840 
Cnallanoe Coro. 5 «s- 
Oontutar lOLpcKA. 

Aa,£S 17 

Eaunoton KH.pcSdt. 

CS.U 1 7 

Elsetra Invest. Trust 6 pcDb. 84-89 £ 90 <«. | 

Pretsac EKM«*r _ .. 

DIVIDEND A INTEREST PAYMENTS — Geglins IDSdXBdS. Red. _ 

Beaumont Props. 2 . 31 14 p Otaasow Swsknolders Trust USp. 

f*on£*S. 7 s£ *?“■ 0,45p Greater ManchastPr Puseoger Transport 

Ellul and Everard 2 o' §£*E 5 flP 101 «oeBd*. Red. 22 - 3 'rt 

csnerama Trade and Transport 2 e r-SSrJZ. 

KAnivwpii at ■« itc Gr embank Trust 3>T p 

M. and G iJn^an ana General Fund « 5 rimsliv 10 » 4 PtBds. Rad. 2215 78 £ 5 _ 5 S 17 
o.so rvwican ana General Fund Hirt ioVbcBos. Red. 1213.78 SJ.S 517 

Morgan ?ChrtephS') ^“lo , " C- 3 ’ Bb KirjSS ioaocBds. Ren. 22 : 3,78 £ 5.5517 
Frnsmn, 2 57 ^ ^ uO Carrttk 101 «peBds Red- 22/378 

Ran™™* Sims ,„d jeflenas SUecPt. tSi^^DIdicBds. Red. 22/3 78 £ 8.5517 


Rea. 


22/31781 


Eunnu*' 9 v*pc 1982 «s*p£ 

- " ~ d. 22 3 78 C 5 J 517 


5»e 


, . 925 PC 
Tanlono Tin OredBlnfl 2Jo 
Western Canada iny. dp 
w Intrust 1 .05420 




ouflh lOXtPCBds. Red. 22 ' 3 r 78 


1 Di,DC*ds- Rod. 22 ( 3.78 1 


North East Fife IDJwcKdS. Red. 22 / 3 r 78 
SL &3317 

TV-MDRROW Radnor IDVPCBdS. RecL 22 '378 ts. 5 SI 7 

COMPANY MEETING*— gS« .'B** 10 a.pe*oa. Red. 

■ Blte R «*- »»»• 

tlfljr TrMt - 13 °- QWW, ‘ W ' S^VdVo*aPC 8 ds. Red. 22 / 3,78 8 K 517 
County Ba nk . Ponman Hotel. W.C.. 3 22 ' 37 B 

o^ih^Ti AWtav H0,el - w#Jt «- sSSl? 

°Souare. Tr w!; 1 5 ° rtrnM Hole, ■ J ’ ort/7, * n subeioiuTrent loiaPcBtb. Red. 22/3178 

BrpVrFry. t r 1 1 tS. 5 Sl 7 

Essex Water. Caxton KallS.W.. 12 |urte* KUapcBdc. Red. Z 2 ' 3|78 £ 5.5517 
Glass Glover. Connaught Rooms. w.C.. is ioa*pcBos. Rea. 22 / 3-78 

ara 11 SSfttn* 5«- H”* 

imperial Group. o«« hM «r Hotel, w.. ES***" ^■ a51 

‘Jg-I.K-P-r. 6. Belprava Souaro. M 5 £f S5 ?? rMt ««- 2213/78 

L i£ir* w 3 POrtma " Mate, ‘ Forman lO^cadj. Red. 22 / 3:78 

MenaHtl Bounrwtiwiith 12 3 a Wrakin lOSapeBdi. Red. 22 / 3/78 £ 5.5517 

Meld rum ImsLTrutt. StT Urn A>. THURSDAY. MAr 6 | 23 

E.C.. 11.30 MMY COMPANY MEETINGS— 

SK.vSe-na uoper «*—' 

*EL£ m **£ ConiercrSJ 1 * Coreneryf*^ 1 z” ^ ”' S ° 

Deimdl i ^ 1 - 2 . Laurence Ponittney Hill. 
Pride' and Clark Winchester House. 3 


BOARD .MEETINGS— 
Finals: 


gemrose 

B-d in etont Breweries 
Fl»st Guernsov Seu. Tit. 

^P”'son 'Wm.i Supermarkets 

ysxrvsn « tnw * M 


Jeloe* 

Tcmatln Olsts. 

Trade Indemnity 
Turner IW. E.J 
WatmouBht 
We-’r Grp. 

Western Motor 
Wert Eiec. Toola 
Interims: 

Armstrong Equipment 
CaPMalt 

Cope Allman tntnl. 


rriM and Clark winchester House. 3 
Romney Trust. 21 . MooriicKiis. EX' 2.*S 
Scottish Agricultural Hid.. Eolnburnh. 12 
Spencer Clarke. Sheffield. 12 
BOARD MEETINGS— 

Finals: 

Brown and Jackson 
Coates Bros. 

Frieeiand Oosgart 
Jamesons Chocolates 
Mackey (Hugh) 

Phil (os’ Lamps 


Ptom and Ewell 10*lpe8ds. Red. 1SW82 
f IrpC 


Williams and Janes Eng. 

Hoissrgffi 

Utd. Chy Merchants 

DIVIDEND * INTEREST PAYMENTS— _ D[VIO«ND A 'NTERBT PAYMENTS— 
Amoclatcd Television Coro. A Ord. 2 - 772 p Braahury WIT H In son 8 ncPtg.PI. (Free Of 
Barking t-ipcBdS. Red. 27 * 8.78 S'lSBt 'IWW* tW* 4 K 
Basildon 10 ’socBds. Red. 15 ‘ 9.' 82 5 »i«pc Cardinal Invert- T>u« Wd. Ord. 2 An 
Boston 9 I/PCBS 4 Red, 17 ' 5 ; SO 4 -*, pc Chaoman (B alham l • Db- 4 id»c 

cimhorpes fiqocBds. Red. 27 W 78 rispe GUrveiapd iHtPeSds. Rtffi 21 ( 3,79 3 -nc 

Darlington S'lgcMt. Red. 27*9178 Func C ydebnnk H qPCBdS. Red. 21 J 3-79 Sw 

Darts Mds. 40 oL * Commercial Bank el Australia Orffi /Lon. 

itiiq.v a eta. Pt. ( 4 neJ ruon. Rtg.t 40 ets. 
Dunford and Elliott Dbs, 2 d 3 -i 4 W AH 
6 and 5 Unc 

Essen Water 3 . 5 k thnly. 5 uO Cons. Ord. 
l.TSpc.- 3 . 5 k rfmly. 5 bO New Ord. 
1 . 7 IK 

Great Ntrrhern invert. Trust Ord. Units 
). 72 p 

Graen Group / 3 . 3 ' 7 B} Temp. Susn. SM 
2 i«peMs Red. 19 3 90 0 >SK 
.... Trust Ln_ 3 tape 

SrtS sw| 

’’Wffi'ra ^ &sh E A^n P ;S. B i. 1 ° 7 n 5pt 

ssar esssjsr ^ ft-as'i.w — r »i«i 

27 9 78 s-„pe E ‘ — 

ICrth f ‘ - 

Drknev 
5'-nc 

Pr-slon 6 'iKBdv- Red. 27 g. 79 _ 8 >K 


Gpieshead lOtaKBds. Red. 18 ’ 9 ;B 1 SVtpc 
Greenwich 6 >«u:Bds. Red. 75 - 7 B 3 Noc 
Havar.t fOUocBdt. Red. IG 91 BO BitPC 
imperial Continental Gas Association 
Can. 4 . 08122 s 

Kettering 9 :-peBds. Red. 17 ' 9 ’BO 4 >»oe ^ ^ 

Lambeth 6 WBds Red- 2 T- 97 B S‘»rt Green Grj 
La-caster 6 ''PcBdS. Red. 27 9 7 B 3 *ibK Hkltw 1 * 
L/Mi 6 'ii pc Bek. Red- 27 ' 9/78 J'wk HanspnT 


North Wolds 6 VoeBds. Red. 27 978 3'i*M 2; 
• islands 1 0*oKBds. Red. ir9/*1 | 


Redbr.dne 8 tape. ...... . 

Si. Alnan* 6 *jpcBdi. AH. 27 9 78 


R«J. 1919 79 4 UPC 
run 


5 **pc 

Sun hope and General Inc EkJxPt. 2 . 275 k | 
lerluiu Credit 0.73720 
. hrogmorton Trust 237 So 
Vereenivmg Refractories 21 cm. 

Wades Departmental Stores Ord. and A 


S ilf 3 rd % 7 r\ 7 ” w“«Sn Inp. 3 P 

South Derbyshire gupcSds. Red. 17 9 80 V * 0 *' 1 fllxBds. Red. .20 9 78 5 .jK 

FRIDAY. MARCH 2 * 

DIVIDEND fr IWTERWT PAYMENTS— I 


4 ‘me. 

Strathclyde E'tKBds. Red. 27 97 B S'i»k 

wilSam 6 *rtr«st' ■' 2719)78 Adficuliural MtB- Coni. 13 !<pcDb. 22 9 78 J 

*NSPC ' ■ J I«K I 

Wiltshire 6 -HK.Bdl. Red. 27^/78 Fmc ChWb’OUBli Poruli 23.5 CtS- 

UiBnuctna v - - - — — - WSOrKLil *U» * 

WEDNESDAY . MARCH 22 Ptoer Inc. 27 cU. 

COMPANY MEETINGS — SGB Ln. 4 RK 

Birmid Oualcaat. Midland Hotd. Birmuw- Snlakwe Gold Mining and Finance 0 9*90 
l»arn. 12 Sldiaw Inns. tn. StaK 1 

Bui rough . 20 . Cannon Street. E.C.. 10 . IS 

Orak! and ScuH. Churchill Hotel. W.. 3 SATURDAY. MARCH 2 S 

C?InSS. S «wi: 30 e . DIVIDEND ® INTEREST PAYMENTS 

Granada Group. Golden Souare S-W.. Annluge Shanks Ln. 5 k 

jmwk ”■« Br,,,sh FKKW Lmu 254 "* l 

Mocwslde Trm? r 2 C CentrOTipcJal Estates Ln. 3 i|pc 

wc 44 ‘ ® ,oom * 6« r 7 Souare. -charlwood Alliance Ln- 3 -'«pc 

"TSS*”" . M,ni,f#C,0,,AO - Mansfield. Manch^er ^."^arp.^rVff^Gtd.^lMd. 

Scottl'ih ' Arnt'rttsn vJua'. ,, Martin fh?* Newsagent Ln. 4 'rfc 

* 55 ? 5 wiiS - iS b “I? h , Mlfl-Suipn Water ) 3 A tinny. Ski , 
Thgwmorton Trust 25 . Milk Street. E.C.. p». aS -87 1 . 75 k. 3 . 5 PC rtmly. 5 k) 

VnSurnga. Abercorn Room*. 12 ^ >***■ 3 " 5 * t,mlY ' 1 


B^ARO MEETING*— 
Finals: 

Bar* a Consd- Inffs. 

Barton and Sdns 
Rcwtlrm tt. t.) 

BrR. Alumi nium 

Cmrsoani* TKR) Estate* 
Hanger lnv». 

JO-M 'A. A.l and Shlonwi 
IWH-Pool pdllv Post 


Melina 
Montfort 1 
Rock ware 


Knitting Mills) 


4 ?*pO I it. Pt. 1 . 6625 K 
Rencld Dh. doc 

Pusseil'B Grawsend Br*w. BkH. 2.1 K 
Tend ring Hundred Waterworks Dbs. 2ta I 
and 2 Vk • 

Trahtlur House Lbs. 4 ana ***PC 
Tysaefalorw Hydro- Electric Power Mtg. 
pi. 3 k 

SUNDAY. MARCH 28 
DIVIDEND * INTEREST PAYMENTS— 
Anrlcultural Mtfl- Coro IStaPCDb. 1984 
7 '»k 

British ElaetricHY 4 taoe Gtd. 74-79 2 '*k 
E ncnaaoer in. 5 k 76-78 2 '-? pc 


This announcement appears as a matter of record only r 


Gorges Kommunalbank 

.Oslo, Norway . 

Ms 100,000,000 

7 % % Bearer Bonds 1978 due 1984/1993 

Guaranteed by tbe Kingdom of Norway 


Amsterdam-Rotterdam Bank N.Y* 

Algemene Bank Nederland N.V. 

Bank Mees & Hope NV 

Pierson, Heldring & Pierson N.V* 

N.V. Bank vobr Nederiandsche Gemeenten 

Credit Snisse 'White Wdd Limited 

Den nonikfi Creditbajdc / 

Kredietbank S.A. Luxembourgeoise 

Union Bank of Switzerland (Securities) Limited 

Westdentsche Landesbank Girozentrale 4 

March IS, J97S 


DAI-ICHI SECURITIES CO v LTD. 

T*6. Mwonwchi, MihanbbShl. Choo-ku, Tokyo. JBpon Formgn Departmdnt Tdephone 03(244)2945 Tctov- J26608 ICHtSEC 0222389fl DAISCJ CablrSEOIREOAIICHITttKVO 





40 



FT SHARE INFORMATION SERVICE 


Financial Times Monday March 291978 
HOTELS— Continued • 



Henry Boot Construction Limited 
Sheffield Tel: 0246-4101 1 1 


**BRITISH FUNDS 


Interest 

Doe 


Stack 


Price 

£ 


last 

4 


Tidfl 

Int I Red 


T4J 

asu 

9M 

1731 

2fiM 

1M 

i5U 

3M 

1431 

15J 

25J 

2SM 

15J 

I5F 

1A 

111 

■IF 

2IF 

17 M 

sni 

Z5J 

15F 

16M 

15J 

5J 

22H 

SJu 


Shorts” (Lives up to Five Years) 


f easutyiffipcTHtt— 

ch.Spc'^Slt 

NSUry 1 1 1 vpc T9H _ 

easurvSpcTSti- 

ISSJElectric iupcTMl .. 
l.N'measuiy' _ . 

1 j.\]3ertnc Sijpc ”6-73 

3S|Treasiirv 9w I98K* 

HNrheasicv Wipe TOtt — . 
ISDfTrwisijiy 3*:pe 7180.. 
13DiFuodin-:5*«pc7£fl0rt , 
25N[Ev:beqner 13pc lSWjri 
IfiJalfreasiuy Ilijpc 1981*?. 
ln.MTreasoij 3s* 1S7MI.. 
!U imettnrvSltpc 13gia_ 

liaEwt-^pclBgl 

4Ate-.c63*;pel«l 

2!A]EscJi3pc18B1 

lTNTrvus Variable 

23Nl£wM2'4pi-lSa’4t 

laJafrrcai0 ! s* , 5MSi~ 
15ArTfeosiijy Jjc 


16S Treasure Hpc Rat — 
15D Treas. Variable -K!f}_ 

SJu TreasrniffjpcRZ 

22SEidi9*«pclsC 

5J EkU 8%pc 1383* 

21F11A Escb3pc1D 

1TM 17S|TrasmTl2pc 1983ft „ 



5.72 
595 
688 
5.19 
599 
7.84 

5.73 
7.90 
849 
6.07 
754 
920 
9.17 
692,,, 
9.131} 
9.17 W 
928 
7.10 
744 
957 
9.14 
7.95 
9.62 
754 
9.42 
952 
961 
707 
954 


Five to Fifteen Years 

12J2I 9.42 
912 652 
512 9 08 
26W 7.79 


IBJu Treasury B%pc TO 

J5Ja Funding 5| tx" " 

lOJu TTeasuiySax: 

IN FiradJngS’pe 1 
26Ja Treasury Tupc 
Uu Transport 3pc988a_ 

150 Trea?my5pe'8M9 

15Ja Treasury ljpcl99Qt}_ 

15D Treasury 

IQJa Treasury ll%pc 1991— 

50 Fimfirg5ipcW-9W_ 
22Ja Treasury 12%pc’S£tf_.. 

21 A Treasury lOpelSEi. 

25A Exch. U&pc R2 


S' 

95, 

{S* 

871* 

tt 

’Hi 

1035, 

69V* 

10*4 

91 l 4 

104H 


2012 9.00 
311 458 
93 711 
9.12 11.81 
811 9.74 
5121159 
13 8ft3 
16121189 
161 1105 
1911180 


969 

135 

953 

9.23 

9.99 

7.99 
922 

13.41 

10.49 

1152 

9.92 

1167 

1157 

11.69 


Over Fifteen Years 



I7M iTNPTrea 

25Ju ZSJafcejsury 

1M INt;is 2 pc’ 80 vei 

213a 213feich.«j;4Wl«9* .... 

1 5VI 15N grea.-ur> lito ‘Wft 
15M 15S)rreasaiT ape’s: Wft- 

3M SNtTreasury Wipe TWS _ 

ISM. laSfodvequefl&pe'm 1 

l.\ 10R«knpliffi3pel98Ma_| 


riF 

IM 

IM 

30M 

15J 

13M 

14J 

SA 

10M 

26J 


J X Tressun (Pipe ■‘MSet 
MSTreis-loiipciajJ .... 
15Ja Treasury (w iinp=j_ 
ION Treasury KUjc I3W„ 

I-Uu FundinsoVpc SpJX... 
PlhTresenirySr,.- (C-neft . 
ICS Treasurj 5tpc u£-I2C 
26JafTrtasuJy 7%pc ' Ll-laft. 


1075a 

67 

117% 

119 

10b 

873a 

104 

50 

9m 

m? 

835a 

129% 

115 

47%rt 

1125, 

92% 

8Ua 

6°^ 

1257am 

8 h 

93% 

433* 

7434UI 

53% 

73% 


81211185 


63 


171012.14 


23 U 
161 
lllOj 
1912 

10 T 10 I 

it? 

\m 

232 

1613 

161 

23.3 

269 

k 

a ia 


897 


12.26 
1LS9 
10.67 
1L74 
614 
1137 
11.91 
10.78 
12.36 
11. §9 
632 
1198 
1143 
10 SI 
10 10 
12 27 
1102 
1L«6 

L3'10.72 
UjlO 35 
20.141073 


1L14 

12.04 

1153 

8.80 

1L83 

1156 

1117 

10.34 

12.02 

1121 

1155 

997 

10.91 

10.62 

1051 


AMERICANS— Continued . BUILDING INDUSTRY-Cont. DRAPERY AND STORES-Cont ENGINEERING— Continued 


Dhufanfa 

Paid 


Stack 


If 


Dip. 

Gras 


\i. Ad. Jv. OjFlunrCorp.5% . .. 

ForiUotorSZ 

[G.ATX 

TeaHectH 1 ; 

If.ilkneSl 

[HomftretlSuSO— 

HuttouLF 

TBAlfaraSa 


ip. Jv. 0 
Mr.Te S.D. 
MrJaS.D. 
Apr. Oci.1 
MrJu.SD. 
MrJu.S.D 
MJSD 


UrleSeoDt 
uSD. 


MrJu 
S.D.HJu. 
MrJeS.D 


F MyAuN". 
Ajui 


. JuOJa 
JuApJy.O. 
.VFSi.Au. 
MJn.S.D. 
Ju.OcJ.A. 


Int SyrteEHdfonSl 
il lUijrenjauonalll 
Kaiser Al Sy. — 
Maul Hat LSS7 30 
MorgjniJP'L'SSZS 
Vrius Seen Ire 51. 
CnenvIU 53.123.. 
ijtukcn'jots l"SS5. 
KdranwStL»..„ 
J.A J .0 Rtf :< Y. Corp S5 . 

FJdvAuN. Rirjrardli 

S D.llrJu. taciufc.3. liMl-SF* 

MrJu.S.D. Saul-EF'Si 

MrJe.S D. Shell Oil SI 

Mr Je S Uw Sineer-'Ilfl- 

AulMFJfiy. Snern- Rand 5050. 

MaJoieDet TR’^Ik Sl% 

Fee Aa :<flv Terntfco 

une Dec. (O^aLn. Stk.31-95 
|J. Ap Jv O. restiePLrSSOJPi . 

MrJe.S. D TecccSJ5 

MrJu.S.D. Time int 

JaApJuO. TreOMinencaS] — 
MarJnSnDc Ltd TeciSllSS — 

MrJe5.D. CS SwetSl 

MrJe.S.D. SonhCTrthsSJ?— 
ApJy.OJ. Xerox Carp SI — 
— Xoni nine. 10c — 
OJiApJy. 2 ap 3 aCtrp.se 


1st 

204 

33% 

845p 

179%rf 

833p 
221*4 
22% 4 

12% 
14J 4 id 
1 16% 
224 
24%/0 

4g„ 

2=S 

135 

667p 

19'jS 

list 

27a 
19J 


12%S 


31135L20 
m S3 20 
■61 52.50 
U2 SZ2C 
261 SL50 

20.2 SI* 

- SC;.., 
32 $1152 
12 53.00 
268 25c 
82 90c 
. 62 5160 
31 SL52 

15.3 52.20 
311 7oc 
15 2 HSLQ6 
20.12 51.04 
242 15c 
5 J $ 1.00 
9: 8Qc 
72 90c 

1174 - 
12 hS1.60 

162 60c 

22 SL12 
62 SI80 
72 S2.00 
ail l(Re 
K9 - 
12 S2 
222 SI 30 
2812 80c 
172 £2.00 
62 51.60 

261 SL40 

262 52.00 


Cxr 


2.9 Not. JulytCai'nder.GM tOp J 

5.5 Jan. July CamJotaL, — 

84 June Jan. Camsi 

3.6 May Nov. CwseatBcadawe 
44 Msr. SepLConbentRuOp. 

32 Nov. JolyCostalnR — 

4-6 S«pt Apr. C«mtrjsute5p-, 
34 May Oct. Crosses Bli' 

4A Oct April CrouchflXi 
10 May Oct Crooeh Group — , 
6-1 Apr. Oct Douglas Robt M, 

4 0 April Oct D^raLogOR 38p 

4 7 Mar. Sept Ecoaa Ulp. 

4.1 Feb. Oct. EllUfcEeenir<L 
>2 Nov. May Enth. 

40 Dec. 3 umF.PACwbi'u-„ 

33 Dec. Jurn? Fairelough Criis. 

, Jan. July Feb IntLlOp 

2.6 Jan. July Dg.‘.YHp 

3-§ Nov. May Fed Und&Bid . 
2.9 _ FmJjniMnilOp.~i 

— Mar. SeptFlanosI%r._. 

3 9 October TnuiiiGiLlw.. 
2.4 lajL July French Her — 
24 Jan. July uid Ilford Br.5p_ 
40 _ idbtsD'&Al 

54 July. Feb.Tjfce5Mr3IJ.il9p-.! 
f7.6{Joiy Oct Q»*sopV?.il__ 

Feb. Aug. G'gb Cooper 20p_ 
Mar. Sept HAT Gr^. iop- 


Feb. 

Feb. 

Jan. 

Jan. 

Jan. 

Jan. 


S.E. List Premimn 41*% (based on $1181-9085 per £> 

Conversion factor 0.7095 (0.7017) 


July Hentfsn.'A’lOP-i 
July HMdenratf.fflU 
June Hewden St 10p_ 

July Da7pcCour 

Heywd'ffm5Qp_ 

Dec. June Higgs 4 Hfll : 

Jan. July Ho«rln^«n_ 
[Jan. July DaRes.Vtg — 
Mar. SeptHowdSmtlflp 
Apr. Dec. LD.C30p_ 

Nor. May ttstockJota 
Apr. Oct Int Timber _ 
[Jan. July J B.Hcddii^SpL 


CANADIANS 


Uridrsds 

Paid 


Stack 


MaSJ.D. BfeMontreaJ !C — 
F.MyAitN Rk.NovaScotiaSl_ 
AJy.OJa. Bell Ganada 25c — 
May Nov Bow ValleyfU- 

Oct Brascanl . 

F.MyAuN. CanJmp.Bk.S2 

July Jan CanPacdfcS5 

July Jan. Du ^pc Deb. £200- 

J Ap.Jv.O iJuli i.blCan 11 

Ap Jj.OJi Hauver S:lCattR- 

1173 F.MyAuN rwllineerta 

law Apr, Oct Hudson's Ray ||_ .. 
1186 ■ ian - July iiudROilri jSj- 

Uqi Mr.Je.S.D Imperial Oi!l| 

11.79 JaiLA%J.O I two — 

II 07 F.My_\u X IrLNatCaaSl 

11 MrJe S D. JLfc.ai-v'Fercli-— 

gnt June Dec racineTetSl 

US 8 - FUwCisSl 

1179 June Dee Rk- aIiocb. ... . _ 


J4.Je.S D. Rir.-ai bkCan. 52_ 
SeDeMrJu Seaframro CYl ,. 
F.MyAuN. Tor Bk.51 
J.Ap-ly IJ. Trab Can 


P 

17% 

3 B£ 

Mi 

r 

70Op 

6 a 

11% 

& 


last Di*. 
d Gran 

254I5L06 
,2912 92c 
142 544 , 

« zocH 

63 SLOO 
2942 5L44 
29.12 97c 
14 11 4»o 

222 5106 
Ml 40c 
251 52.06 
69 69c 
?U1 SL60 
232 B6.4c 
lfl.2 SL25 
12 60c 

an - 

LB 86.4c 

kin 5103 
134 $1.46 
az 92c 
3.1 76c 
24.10 103c 


Cn 


ra 

Gris 

40 

3A 

5.6 
0J 
0.0 
39 
4.1 

10.8 

2.8 

4.8 

5.0 

2.6 

2.7 

3.1 
54 
5.4 

L6 

II 

3.7 
26 
3.1 
5.0 


Undated 


IF 
1J 
1A 
SA 
SJaAJu.0 
1A 


fOmsrfs4pc- 


L4 

ID War Loan3»3>ctt 

10Coov.3‘2Pc‘n.4Jt 

50 Treasury 3pc 66 .4ft — 
Consols 21-pc 


35% 

37% at 
25%m 
22%m 
21%rf 


28421139 
2541 984 
Z32 9 40 
U 11.53 
141112 
2121151 


Dirideods 

Fa* 

Jan. July 
Apr. July 
May Aug 
Oct Apr 
Dec. June] 
Uaa Julri 
pub' Nov. 
July Jan.1 
Alar. Sept 


^INTERNATIONAL BANK 

15F 15A.ppc Slock | 85 | 64J 5.88 ] 

^CORPORATION LOANS 

UM 


9.u 


IF. 


LAtRinn'hara 9>*nc T98l_ 

lN|Briaal TkpcVMl 

SSN “ 


K.LC !2«3icXl„ 
Da IJJjx 1883. 


10F lOAug , 

15My llN ula.'ttnvtfi 8082 

Hcris.^pcTFSO. 

Uvtrroofsiqpc "6-7B - 


22M U2N 
lAp lOet 
1939 I5N 
. IJAJ.O 
10F 10A 

l.\. 10 

28F 28Aud 
15M lftS 
15J 1 51 

1U 11D! 
UU IOJ 
1MJ.S.D , 
15M IRS] 
lOMr. 10S 
15M 19N 


Pn 3.-,?c ®W .. 

Do S^rLiel ... ._ 
LoaCorp.6>;pcT5T3.. 

Daptpc-SWS 

LC.C.6pe“&79 

DoSppcT,'!!. — 

PoSScflMl 

Do 5 jw 2507 

DoPapcSMO 

Do 2pi > '2u.Ul 

yjddv.S’apclKn 

XewalcSLpc TB 8 U. 

Warwick 1B8D — 


107 

108 
97% 
93 
99>r 

JZ 

971* 

90bm 

82 

74i; 

75 

25-4 

93%ri 

991-* 

10 fr. 


9.29 
HiC 11 73 


9.75 
10J7 
1039 
10 7 B 
9.:3 
B 32 
6.65 
1037 


S.E. List Premium 41 *7 (based on $2.1480 per £l 


BANKS AND HIRE PURCHASE 


Slack 


May Aug. 


Aug, Fe! 
JNov. July 
(Nov. May! 
iA. J. O. Jaf 
Apr.Oct , 
Nov. Julri 
(Jan. July)* 
May Nov. 
Feb. SepL 
Wav 
March 
(July Oct 
May 

lyn. Apr 
May 

Uan. May 


ANZSAl 

Alexander? D£1 
AleeneneFLlOO 
Allen Harrev Li. 

AJUed Irish 

VbuthootL£L 
lEankAnKT SLafiS. 
|Bi.Ireland£l_ 
DalOpc CVjm._ 
Bk. Leumi I£l — 
BLLecini(UK£: 
]Bt N.&W SA2— 
Bank Scotland £1 
[Eaidien V.Y510. 

Barr! ays £l 

iKrawDaniptcj-fJ- 

ICaierfWerEl- 


6 3J 

10 32. 

8 04 May 
BbniMar. 
9.53 
10 02 
1C 53 

i!i>3 


C0KM0NWEALTH & AFRICAN LOANS 


1A 

1C 

■MuslNjjc"I>78 — 

99* 

752 

5.54 

684 

1J 

IJ 

—I 10 PaxTT-su. 

93% 

«UJ 

b El 

£./■* 

1A 

IO 

■•DaS^cTl-C 

85* 

2U 

6.45 

9.95 

11J 

up 

"XZ4pf istota 

98*s 

LIU 

4.11 

1 111 

28 r' 

28* 


w 4 

»J 

639 


ir«J 

isr 

"Do TljpC JS-.® . 

87k 2 

15 U 

8.75 

1009 

IM 

IN 

Sth..L'rk'a9*:pi- Tft-Rl 

94 

Z7S 

10.49 

12.81 

IA 

;ISJ 

I'J 

ljj 

fth.8hvd.:*:pc 63-70. 
Do fipcTMl 

60 

94 

ieb 

1I6&I 




LOANS 

Public Beard and Ind. 


\3 

3CJ 

1M 

901 

3t*J 

30A 


I.M\entMtap: »s3 . 
31 Dl \i:an liUjpc m3; . 

iSl”M<.tWL' T'ocB'. ....• 
31L'!L‘S.il.<: !>pc 16C.. . . 
7.10 Do wvt.wK Aarearfts 
3'.u|niraraar7p: .a-7? .. 


Serdember 
lure Dec. 
Nos 
Aug 
March 
Nov Anri I 
April Met. 
Dtc. July 
iDec. July 
9451 — 

Mar 
[June Nov. 
June Nov 
Feb. Aui 
[June Dec. 
May Nov 
Aug. Apr. 
pan Sept 
Sept 

,5>eFt. Apr 
, June 
June Dec| 
pan. July 
[June Dec. 
pun. July 
Aug. Mar 
May 
par.. 

Njv Juaef 
pan Aug 
June 

iSept. Mar 


62 
90 
52 vd 
113 
94% 
100 


UZj 819 
14.111240 


14 
14 4 
3142 
540 


9.33 

82A 

9.85 

743 


Financial 


SO! 

ir-M 

20 J 


3Wl“Fn Upc'B' 

J5V Dn Hpc <9 

SODiDp MkW 

31 Mr 30 SiiL'FV.TjiC Dch VUC 
aiMy 30N,:>» 6-jpc’.)b.m4M 
11 j n.i •- ’ • 

1 1 J 11.1 

J1J 11.* 

3U ,!e ?A D| 

3lMr 30S 
aiMiSOS 
■28F 31A 1 


U' lit-jK- Cm In. TS 
Iw HacL'nsLn 51 -. 
It) ilVlmlii i* 
Dn ~apc.\Dcb 9WC 
:Da7%pcAPh ‘3194 
Po!k>r VVl-M .. . 
faiftpciji ic-f: 


106% 

3012)12.16 

110 

1J 1ft 13 49 

114*4 

2L11J12M 

83* 

132) 6.63 

Tib 

3U« 8.09 

99 

3PSS 

99 

3J1L35 

MUj 

iaiiB7 

69% 

1411)10 76 

67*4* 

15.3l0.7S 

79J?rt 

132(1132 

76*.’ 

16)1 1176 


1115 
12 50 
1C 

6 -a 

1150 
12 4C 


1021 
11 ZC 
1U1 
10 30, 
11 20 1 
1110 
11.5C 
11.90 
UQOl 
1103 
1190 
12 30 


FOREIGN BONDS & RAILS 


Intrrrst 

Due Sort 

— Anlofj 

1J 1J DaSpcPn-i . — 
]J ]J Chilean Mrvc*i — 

7 J ID iJenaan Ynt 4*aw 

IM IN GradtTpc.Vr. 

IF I A Po6pc2B5ut Aj*_ 

JA 10 Do4pcMiwd Ass- 

May 1 ffuni^.tos 

304 31Dl«laffi6iaic , 8Ma 
IrclandD’pcV103 
DoftpcIftBS — 
Jajcn4pcTuAsi_ 
DortpcTC-fS- — 

Peru .Wipe 

SCI »■;< 1SS0 — 

May 1 Turin 9pc 1991 

ISA 150 Turin 6>:prl»l— 


IOJ 

111 

1J 

30J 

1A 

30J 


IOJ 

ID) 
31 DI 

3 ;a 


1FH.AJS. 


L'ruytuj 313 * — 


Price 

£ 

19 

33 

98 

370 

OX. 

4Rol 

40 

43 

70 

87% 

1 ST 1 

86ij 

150 

75 

596^ 

DM81 

94* 


U.5. S & DM prices exclude inv. $ premium 


Lm Dbl 
4 Grass 

8711 - 
2811 B— 
31 3 

112 
111 
12 
3.10 
25 
2841 
1212 
154 
L12 
3.1 
34( 

34 
25 
1741 
U 


4*2 

’ 1 ? 

4 

4»a 

df 

“8 

3 

% 

V 1 


Red. 

Yield 


0.08 

(751 
ffi 25 
15.00 
6.43 
11.80 
10.91 
1187 

8.67 

9J3 

1125 

3.80 


[Sept Mar 
Feb. Sept 
Uan. July- 
Dee. June! 


AMERICANS 


DnUenfe 

Pad 

Apr. Octl 
September 
MaJu.Se.De. 
J.AJ-A. 
April 
December 
NefellaJa 
Mr JU. S. D. 
DAIrJu.SP. 
MJe.S.D. 
JaApJy.O. 
FJdyAuN 
AnJy.OJa. 
MrJuSeDc 

■ JApJy.O. 
F.MyAu.V. 

F.MvAuX. 

MrJe5D. 

MrJaS.D. 

SfyAuN.F. 

MvAitX.F. 

.MyAuN.F. 

• FJIyAitN. 
MilaSeDe. 
JfcA-X.Fb. 
MrJfcS.D. 
ApJy.OJ a. 

■ SLlu-SJ). 
FALA.X. , 

3Jl J.oi; 
MtJbuSJJ. 

JApJy.O. 

ApJy.OJa. 


Sock 

|AS.\ 


ASr B-vCeBV.Mi- 1 

Araa>S: 

Asur.can Express. 
Amer. Medic. Int— 

Asarcolnc 

Biter lrtnJ CnpSIJ 
Barnes Grp. Sgy.-.. 
Beadm\gp.a — 
Beth SieeiSB— «. 
Brown'g Fer.cIPj. 
Brunswick Corpus. 
Burroughs Carp. S5 
CBS 250 

CatSsiIII 

CbaseMlituS12S_ 
CbesebnnEbSt — 
Chrysler 96*i 


WticorpS!- 
Kbtar.SLS _. 

Ita.Cm.Prf.BSl J 

Ceigate-P.SL 

|i:alt luds Si 

(fuRtUlunuiSlO— 

iContOBSS 

jCnpraZelLSS— 
Vut1er-Haw«r£. 
[Eaton CrpL SOSO — 

lEsmart; 

lEcwoB 


Firestone Tire B — 
First Chicago 


Lass 

* 


Kv. TT4 
Gross Cn Gris 


10441 80c 

*74 S175 
3012 5H0 

22 30c 

U 40c 

311 64c 
2*2 90c 

63 S2.26 

62 SLOG 
163 40c 
3)4 7& 
2942 SLOO 
?7f S2.40 
2942 ai0 

d.i n.OT 

264 52.20 
2Ri 94c 

62 5100 
2842 5106 
3042 51.00 
3042 E 
, 194 5100 
134 52.75 
2R1I 5132 

62 SL40 

23 5190 
232 51.40 

M li '10 

63 96c 


Clive Dis'iU20p_ 
Coml AOS.WA1)- 
ICom'rbk D3U04. 
ChoiHbtKrl 
C'inntbi&D I0p__ 
CreA Frante n3 

.Dcweidl R.I.. . 

ifcuurteScLim 
F C Finance — 
First Vat |9p — 
H VkTrts 7:^B 
Fraser Are. lOp. 
Gerard .'vatnl 

GDA? '.A' 

'jilleuDro&EI-. 

ijo^leDt 'Jrejp 

ilrmcfl j-> 

!Gc!xw$ 3 Pest... 

Hantrcrs 

iH:U SsTj* 

[». Warrants . 
RoncSnugiiai. 
p£fselTiJMibee_ 
pcsepbiUo»tl _ 
’.'e^ser CUmann. 
Erne 4 Shu? :*0p 
KJeuncnriBL-.. 

.Usydstl- 

planscnFia Zip 
MereuySecs.— 
Midland fl— 
rw D.*'«53-£3_. 
l«o lC?,%»-98_ 
Minster Assets... 
NDliiu'UStSAl. 

fill Com Grp 

___ NMWrtEl 

Nov.!&hn«ert £1 

J u I vpccwn jv MC D . 

vaitJiSl Aub 

|SiarrJ'd'7!ian£l. 
Tra'Wrw.SUO. 
Caiaa Piictl 


Mar C-ctrC.RT . 
I. A. 


.. Jy. O TiVe , ':s Fa;:oS5._ 

. JuRcpwtraR'JJp... . 


nice 

215 

,235 

£117 

480i 

167 

155 

V 

170 

425 

273 

£26% 

330 

200 

285 

75 

195* 

06% 

£45* 

20 

£19% 

65 

£111 

68 

2% 

ir>4 

170 

38 

250 

241? 


175 

W 

450 

273 

75 

IM 

45 

66 

ICO 

272 

45 

116 

550 

£23 

£94 

59 

192 

71 

275 

360 

220 

78 

410 

S9% 

415 

37 

£19% 

61 



if® 

S7i 0.03 
17 10 jeS 17 
510 2.00 
212 1548 

mw, 

30J tl0.0 
ran ts.52 
;2£41 7432 

191 Q65c 
5140 C4.03 
,2611 T80i 

271 0.32 
14.U 13.39 
3411 4.12 

272 909 
504 »279 
255 339 
50-1 14.75 
UilQTifo 
14.11 gufts, 
14.11 13.55 
Mil VJWiC 
1212 7.63 
133 11.49 
17“ 1040 
2311 12.06 
3110 t4 55 
1112 tl7 39 
315 Q55c 
304 2108 
2S7» _ 
2842 
Z2 


71 


a 

210 

22.0 

15 


rid 

Gris 

H 

5.0 

9-7 


j.O - 

9.0 

f6.7 

li 

4.4 

53 

6.5 

5.1 
64 
93 

9.6 
51 

H 

15 
3 3 

18 
3.4 


0.4 

if 

3.9 

73 

82 

73 

?6 

82 

76 

1.1 

7.8 

a 

9.4 

4.4 
6.4} 
f93 
el2D| 
91 
4.7 

L fc 

4.4 

8.4 

38 

6.5 
56 


P/E 


83 


152 

67 

SA 


7.6 


18.8 


Kridends 

Rod 


Start 


Price 


U.C.E.G.. 


[Jan. 

Apr. 

ffi. 

[Jan. 

Nov. 

Dec. 

Aug. 

Mar! 


1 60 

412 


Jan. 

OCL 

iS 

'ffi 


Nov. July- 
Mar. -Sept 
Feb. AuftJ: 
Jaa. Jure] 
Uan. 
pan. 


Mar. Sept] 
Mar. Sept 
Feb. Aug 

B an. Jure; 
an. July 


10.9 


Feb. Au£ 
May 


AW. Jan 


CidesiHmi l(W 
jcif a\T-; Fr 1 W. 
fVedd lw V.? . 
Llo; J' i .'••■/Jjj? _| 
'Feb Jun.-'Ln-JSivlV'ir. 

— |‘.t H**c ipp! 

,Fr.r. Financial.., 
trie Credit top. 

SktIb «L' I0p J 

ft-ion Finance.. | 


Hire Purchase, etc. 


? If h3 03 
1531 Q129i 

4195 


•let 

Jan. 


Mar 

No 


April 


36 

£51 

84 

9S 

35 

12 

90 

24m 

20 

94 


3 i H 

HtB? 


443 


17! 


23i 


7.4 


66 , 


105 


6.1J132 


72 


B an. 

an. 

,Dec- July 
pan. Julyf 
May Nov 
Aug. Feb 
June Dec. 
June Dec. 
J3n. July 1 
[Feb. Aug 


217 Duly 


4 

166 ) 


9.9 


BEERS, MINES AND SPIRITS 


May Dec. 
Ian, July 
Aug. Feb. 
|Jan. JuW 
April Aud 
August 1 
Feb. Aug 
Apr. OcL[ 
Feb. Oct 
Oct 
Oct Dec, 
Nov. July] 
Aug. Feb 
Aug. Feb 
Aug. Feb 
Uan. July 
Pan. Aug 


Allied Brm. — 
,\aul Oct Tr lOp . 
iBassOuriCum— 
Bell Arthur Mp.- 
BeUuneoBme^ 
iBoddinctous — 
iBcriecUrcWs- J. 
Brown (Matthew >{ 
Buckley's Brew... 
BulmenRP.i— 
Button awid- — 
JCUyLouDef. — 
kTarkiManbeai- 


Apnl Nov 
[June Jan. 
[Jan. June[ 
Aug. 
Apr 
Mar. Aup. 


Ian. 

pan. 

Dee. 


Ju 

June! 

Ju\ 


|Eri5tin*3*5ft* — 
[EUlsiRichni dr5p. 
iGordoniLilto— 
Gough Bros. 20p- 
Greenall Whitte? 
[Greene King — 

tGunness 

Highi'd Dtst 39p. 
tavereoroon — 


Aug, Feb.UnshllfliUns- 


tfxallu. liter— 

MoriandU- 

Sandeman 

.Sfrtt&NeffMp- 
Tcnunn 


Vaut. 


ftVhi thread - A' — 
Rolv Dodley — 
|\auagBce»'A'58p! 


217 

168 

142 

86 

122 

Z75 

435 

60 

64 

98 

100 

84 

187 

157 


16.1 3.93 
304 m025 
21S 9.89 
3140 b4.78 
3L7i _ 
1441 t3.91 
,2843+3.19 
1222 392 
1242 TIM 
137 1*66 
88 340 
164 24 
-133 «21 
54 654 
5.9 4U2 
37b - 
17. ID b28 
34 262 
164 t653 
34 7.02 
3140 29 
Z&U +203 
1242 355 
,1741 4.62 
1212 1245 
31 1C Z34 
274 t3.1 
340 272 
34 4.02 
MU t357 
1212 5.74 
28.11 1289 


19] 671 

a a 

23 3.4 

19 65 
22 5A 

27 5.8^ 

28 75 
5.1 3.4i 




35] 64 

»a 


85 


121 

jn 

13.4 

162 

,122 

121 

95 

82 


(Nov. 

‘Feb. 

Im5‘ 

Feb. 

Feb. 

May 

[Apr. 

jNov. 

[Apr. 


9.4 
3.7 
4 JA 

M 7.9 


212 

(TW» 

BJ 

195 

135 

46.7 

1021 

223 

102 


6.H 9.0 


110 

,145 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


June Kor. 

July 
June Oct 
Feb. Oct 
Oct May 
Oct May{ 
Feb. Aug 
Febmaiy 
May Dec 
July Doc 
Jan. Sept 
May Dec 
Feb. Aug 

May Oct 1 
Mar. Aug 
Aug. Oct 
Apr. Nov. 
Ooe. Apr 


Aberdeen Coast. 
Aberiha?fC<3iL_ 
Allied Plant lfllt 
ArmiraseShnks.. 
LtP. Cement El- 


May 

Jan. 

Dec. 

Aug. 

OcL 

Jan. 


Nov. 

July 

May] 

Jan. 

Apr 

June 



ley Ben lOp_ 
Bai nbndgel ly- 

Barabergffs. 

BarraflDer 
ReerinHxd 10p- 

BeaIox 2 Dp 

BentorfiliOp— 
Belt Bros. 33p— 
|Blortleys20p— 
[RioDdeilPerra- 
rjrtdonLuBB— 
Brit Dredging— , 
Brown Jksn. iSJpf 

lBnTOnke._ — , 
iRrcsBlHW®. — 

SuroeOAH 

Run Eoultan£l_ 
C.EobeyA'lOp- 


86 

A 

120 

% 

14 

43 

47 

108 

241a 

19 

54 

67 

68 
64 
82 
28 
38 
51 
51 

153 

180 

23 


341 +4-18 
Mil +6.14 
132 th0.7 
Z72 4.26 
5.9 +&49 
, 2Zi 4+226 
[2843 +6.93 
54 233 
3140 d055 
1241 4+169 
1212 T29 
341 t806 
34 183 
875 t0.75 
5.1 hL62 
304 d!7 
340 +3.46 
304 289 
3.10 M 45 
1176 +03 
124 5 23 
1212 4203 
3LUJ 126 
1212 +d26 
132 dlO 15| 
1441 152 


3.M 74 5J 
3-7^ 64 67 
74 4.7 
Inn lira 

54 

29 245 
46 4.9 6.7 
14 10.7 104 
IS 1 145 
37 6.0 69 
34 9.4 55, 
25116 4.7Puly 
20 ll3 7.0pan. 
60 

4.4 4,6 75! 

5-4 3.8 75 
34 7.7 65 
34 68 62 
19 82 95 


28 6.0j IT 
21 6 . 1(1021 
9.9 


site 


May 
Mar. 

. IS 5 9pan. 

z3iln 65 


Feb, 

Feb. 

Aug. 

Bar. 

Apr. 

Dec. 

July 

Jan. 

Jan. 


June Sent 
Nov. May 


Mar. 

Oct 

May 


Ramson J _ 
Bar. 


April Sept Jarvis (J.) 

Apr. Sept Jerarina SM3Q- 
iFeb. Ang. JokastiiRidaitb- 
JuJy Dec. Joses EdwtllDp. 
May. Nov. Kent (HIP. 1" 
Dec. Ju^Lafar^SJL... 
iNcrs. June Laiag,(Joim5“A.". 

Jan. Aug lathaa Olfel 

Jan. Lawrence W.i— 
Aug. Dec.LeecblWnii2bji_ 
Apr. Sapt I^riandPaM.— 
Nov. June LiiWFJ.C 

July London Brick — 

Nov Lovell 'A'. Ja 

NovJlIrNeilJ Gronp - 


AugiMagnetiSthns- 
June Malllns 


inson-D^up- 
June! Man den>H14gV. 

Apr. Marrbwiel 

liar. Harley 

Oct Marsh,iliiiBfx)_ 
Feb. Aug May & Hassell— 

Mar. Aug. Hears Bros 

Jan. Ju& MelnlleD 69J._ 
Feb. Sept. Merer (Mont L>- 
Oot Feb. JiJbnl? — 

Apr. Nov. MiUer'Stani ]0p. 

,Oct Apr. Mixeoncreie 

Nov. Ma> Mod Eneineers - 

IJan. July Mon k ■ A 1 

Jan. July Mowtew J i. 

Jan. June Newartinll£I 

Jan. July Nonresl Holst 

Aug. Feb. NotLBricJt50p. 
Apr. ilct Grme Here 10p^ 
Nov. July ParkerTunber— 
Feb. Aug. Phoenix Timber 

Jan. July Pochim 

Mar. Sept Rawlings Bros— 

June Dec.RJLC 

Jan. Qct Redland 

Oct May R'di'ds. Wall l<ta 
July Dec. RobmsAdiari, 
Dec. J uly Rovthaon 10p6_ 
J uly Nov. Roreo Gnwpu 

,Nov. May Ruberdd __ 

Jan. June RugbvP. Cement 
June Oct SGB Group — _ 
Dec. July Sabih Tnaoei top 
Oct May Sharpe ft Fisher 

Dec. June Smut 1 J .1 lOp 

OcL May Southern Con. Sp 

Nov. July Stacies lOp 

July Nov. Tannac 50p_... 
July Oct Tael or Woodrow. 
Slay OctTflbmyCT££L_ 
OcL TravU 6 Arnold. 

Aug TtnDjdB50p 

Aug GBM Group. 

Feb! Vectis Slone lOp 


Oct VibrjpianL. 
Oct Ward Bdcs-lOp 

July Warrin^oo 

Nov. Witts Blake 

July Westhrick Prods. 
June WetteniKros. 


Oct WIcgufct 
July HlL<wiiCoo-wlJr 
Oct Wunpey tOeoi 



SW? 

133503 
14S7 

1 17 Ml 2 4 s1 
mull - • 


I™ 

rtrlGTi P/E 


'll 5.4 


Dan. OetT 
Sept- , 
pone Dec., 
Feb. OcS 
May XevJ 




teal 


1^t2.03 


121 7.8 
7 3 7.6 
87 12 
113.7 66 
b8 65 
iOd 62 
14 104 10. 
3.1 84 41 
4.8 bJ 4.1 

UnStt 

25 8.2 8_ 

, 4.C 3.7 10.0 
2M.4 £3.2 

b63 60 4.0 
33 44 114 
33 4510.0 
33 9.1 4.4 
0.7 118 17 A 

3.5 60 12 
, 28 £4 63 
117 29 45 

19+85 

25 7i 60 

rJ lanj 
1816* 8 2 
18 7.U1L9 
35 8.3 3.4 

4.6 3.*9.6 

26 9.3 55 
l aoJf 72 

10.4. . 

til III t.6 


3J«tCT24 



■M 

83+5.9 
3JC 1819 
, HI 13.46 
12 12 +9.9 
1U1 4 26 

iM Jmi| 

Id d ^ ] 

193 {4.0 
1212 *2.56 
13 fa «25 
30! 257 
285 0.99 
132 tl55 
19? +2 26 
95 0 62 


16) 9ijl0.0 
lA 65 91 

-i: H 

h !o 

48 

2 . 2 10 .U 
22 ill 
28 

y 8.6( 7.0 
lu 9.| 93 

0 5 93 I 29.9 
3.7 42] 9.6 

11 si.l M, 
bi . 

3.{r 8 . 

45 5.8 74 
22 9.8 70 
9D 2.6^ 6.0 
123 15 93 


Krideods 

P*d 

JuJy Feb. 


Dee. Jane Goodman fir. SpJ 
GrattanWare — 
Gt Universal — 

... Da ‘.VOrd 

Aug Apr, Gre. JfiDeoalOp. 
Jan. Oct Hardy (Fun; — 


Stock 
[GeWbersA..... 


, DftWNV 

[HateaLoilOp- 
Da Ope Cm’. Fa 
■HecdenKESj-l 
sitruesAiOp. 


r - 

iHep*ant:.iil3F.. 
itameCtemWp 

HouseolLense. 
Kttarf Mill Up . - 
Oct. Apr.[lad;»Pride5lp 
Jan. Juhii/rCooper— 

May Nov. Liberty. 

’May Nnv.l DeNa VqtK^ftu 
Sept Apr L-arroftK.10p— 
Nov. Apr. r MF!Fs.Tiiire10p 

— Maple 10p 

Jen. Julv ilarsai spencer 

Feb. JulyjMartiaNe*! 

Jan. July MecnesU 1 — , 

- VuefcodcJjCh 

Feb. July MM. Educate 
Jaa Julv Morris Haiff 
Julv Jni Mothercare l2. 
Feb. SSS New I0p_ 

June Dec. Owen Owen 

[Jan. July ParediseiBl !0p. 

fcwsonlW.Li — 
iJaa Apr. Pass Stores Wp 
PdiyPertWp.- 
Feb. Sept Pretsic'AlfredU 
Dec. June Samar Teat ^ 1 - 
[Mar, Sept Hatoeo" 

Mar. OctRaybed 

Dec. July Beatttcq. 

Apr. Dec. Reed Austin ‘A - 
Apr. Sept Hjriu ODftSl HftCj 

SsbwL 

D025HPLI 
Feb. July SsmaediHTA 
Dec. Jufe Se5s«>Dri5p 
SbenmniSll 
Feb. JniySnMff.EL'A' 
May Nov. Stanley AG 5 
Sept Apr. SLsUBLftsctl . 
Oct Apr. Steinben lllp — 

July Smmeata 

July EraeRiSS. Mp. 

Joly UDS Group , 

Dec. UptcoiEiW — 
May Varioia 20p — I 
July VereoaFaUL lOp J 
May Wades-4'20p^ 

Nov Walker 1 Jas.i 

Nov. DaNV. 


June Jan-^allbUi 

3lay. Nov.fWzrtng&Ciliow. 
Jan. JuneiWeanreUap 
I Jan. Sept robarf JEi II 
May Nov.WilknsiWarl 
Apr. OcLfBoolwonh 


Price 

67 

liPz 

124 

290 

2S2 

V 

^2 

156 

69 
21 
56 

107 

333 

60 

18 

50 

115 

£20*? 

£ 20*2 

* 

15 

146 

241 

315 

11 

88 

42 

160 

107 

70 
20 
34c? 
36 

ef 2 

83 

15 

88 

IT* 

74 

1412 

If 

aif 

24 r 
10 
151 

no 

145 

if 

113 

89 

30 

74 

40 

80 

77 

50 

86 

g” 

61 

65>3* 


last 

a 


He 

Nit 


nj+iB 


1318 

UJ£ 

1161 

161 

113 

85 

-as 

I2S7 

2811 

1132 

31-10 


nig 

3U0 

67fl 

2?i 


nifflthliS 


via 

173ft 

27| 

b! 

SM 

1430 

3.3 

14.U, 


■3Jj 

125.4] 

1512 

■DM 

2Bj3| 

Ira 


Mil] 

Il7^ 

2 mjJ 


M.75 

+55 

T7.43 

t7.43 

175 

02 

02 

0.62 

1?. 

am 


dLB3 

23 

HB? 

t434 

td3.9Z' 

2H 


♦2975 
+29.75 
3.49 
hfdlttj 

3.86 
66 
1426 

1424 
,407 , 
1431th266 


212 

+25 

dlOO 

t£fi5 

0.53 


3m +h058 
iLi mm 


n .44 

tZJ> 

$119 


♦7^1 

b!22 

h!98 

td5J 


nm4.06 


27 1 

IO 
M a 

272 
393 
19* 

_ 

12751 -- 


3® 


dD.87 

127 

t!52 

457 

228 

5.15 

12.79 

+2.01 

g232 

& 

h323 


144 

457 

4.18 



TM 


Cw 

ort 

WE 

L4 

Si 

13-0 

32 

104 

45 

25 

65 

12 

3J 

3.9 

12.6 

3J 

4.1 

123 

35 

5.t 

IBS 



U 



1? 


5? 

6f 

45 

11 'J 

LU 


4fl 

49 

43 

21 

13.21 

57 

22 

6.2 

90 

9’ 

4.7 

9.9 

2.6 

49 

121 

25 

99 

9B 



3L1 


7.0 

2? 

h 

87 

7? 

7 9 

67 

?•? 

74 

34 

9.7 

30 

ft9 

4? 

12.4 

21 

4.0 

176 

4.S 

42 

5.7 

5.6 

U 

13J2 

25 

7,3 

~S3 

10 

151 

99 

36 

25 

16.7 

91 

3.0 

9.7 

3.9 

5.7 

7.0 

L3 

ii 

4 2 

277 



19JL 

52 

52 

12.0 

4.e 

54 

3.51 

126 

LO 

9.0 

2.] 

67 

106 

3? 

7.0 

68 

37 

55 

7.7 

08 

+ 

OBJ] 

29 

Ti 

iTa 

43 

7.7 

A6 

44 

To 

177 

L6 

7.5 

126 

f. 

4J> 

9.1 

I 2 

1 ? 

04 

15.0 

87 

2(1 

8.5 

13 

83 

12.8 

01 

<+• 

11.5 


68 

9> 

29 

57 

91 

38 

76 

5? 

45 

4.5 

63 

46 

46 

60 

44 

76 

45 

55 

M 

6.9 



Ml 

15 

99 

102 

77 

i 1.4 

60 

qu 

9.7 

1L8 


ELECTRICAL AND RADIO 


[AB. Electruoic.- 
. VII ted Icsulalors 
_ Audio Fidelity ldp 
Nov. Mayj.vntoted Sec. lOp 
■ ififCCSOp 

MarlBeaiKaylOpJ 
rthorpe 10 p_ 


[CsmpbeU __ 

o] wide Grp. 

__ |CraietRSev.5p- 
April NovJCmertniaictfti.- 

Apr. OctlCr^lai Up 

Dee. Mayjtteie Elect 10p_ 
Decca— 

Do.W. 


July DerrimmlOp, 

Sept Apr. DewnuratwjQp 
“ DcwUngAStSp 

ItaeamlaDdlOp. 

July DubBierSp — 

JanJEJG50p 

lV 



Mar. Aufr| 
August 

July Jan. 
June Nov. 
July Jan. 
Mbj- 
Mar. Oct| 
January , 
Oct .\pr3Ji 


CHEMICALS, PLASTICS 


May 

Dec, 

June| 

Sept 

Not 

Nov 

A 


M bright WUson 

.Meuctelnds. .. 
Alula Pack 10p.. 
Ail'd CoUoidlOp. 
-tachorCTicni ... 
iBayer AG DMS1 
raigden Noakes 
Brent Chems lOp 
iBriLBenroll'Jp- 
BntTarPtd. lup 

[y]BnrreB5p 

JulyjCirfessCapel 10p_ 
Mayji'atalin. 


Dec. JunefabaG’gyT'.Mj 


Do5Nl.m81W. 
Do8%%Cm2196 
(Coalite Cbeni — 

[Coates Bros 

Do. 'A' NY 


|Sept JuneJCOT^HoraceiSp. 


Jaa 


Atu. 

Juft 


Feb. 


Aug 

Nov 


AKZO- 


IntlOp ._ 
Crvstalaieop — 
jEcalonPlaiticL- 
Farm Feed — 
Federated Ch. ._ 
:Fison5£l 

[Halstead 'J.iWp. 

Hksn.We[ch50p. 
Hocc6stDM5— , 
[ViFin.l(fAvLi..| 
tap.Cbera.Cl — 

tt?5+iPt£l 

InLPaita.- — 
[Uportelndi Sip— 


PtysulOp- 

Ransom wm. 10p 


Mar. Norak.HJtr50_. 

JnbT ‘ 

SePt-, 

Nav, 

Nov, 

Nov. 

Nov, 

OCLI 

Oct 


MayJWoistenhtJiiie— 
OctlYarksChems — 



737 

115 

29G 

84 
70 
60 

£50 

2S8 

50 

14 

52 

47 

£93 

£94*2 

£94 

70 

56 

65 

191? 

551? 

43 

38 

73 

337 

l&'i 
156 . 
470 
£U6 
345 
46 
67 
95 
£25 
77 
175 
49 

85 
199 
135 

13 

lBij 

163 

81 



CINEMAS, THEATRES AND TV 


JuWAnSbTV-A-— 
87 pan. Jun^^nraan-A-iS 


Feb. 

Mar. 


123 
10.9, 

121 Uan. 


Apr. Green GrnoplOp 
- HVrdWy«f20p. 

OctHTTN/V 

LWTA 


Nov. 

May 


pan. July EadiLTYPretn. 
[Dec. Slav Scott TV “A" lOp 
fOct Apnf rrtrftTV'A'IOp. 
_ Jut Ulster TV “A" 

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DRAPERY AND STORES 


Mar. Aug Allred Retaill Op 
Apr. Ocl Amber Day 10p_ 
Jap. June Aquajcjatnnap.. 

Jaa. June Do.‘A'9p 

June Jaa .AwbotraalclDp- 
Aag. Feb. Balia's StnlQp. 
June Sept Beattie UFA 1 — 
May Sept BentaDa Wp, — . 
Mag’ SeptjBlkm&CanSlp- 


Paa 
pec. 

[Jan. 

Apr. 

OcL 
[Oct 
May 
1 LI 1 u une Dec, 


SepOBoardman . . 

Jun^MmTesLftt- 

JnlyjBriL-EomeStrx- 
Oct[Bro»n(pri20n — 
Apr J Burton (fcp. 5Dp . 
AprJ Da’A'NvSOp^ 
NovJCatttarj'A' 30p- 

TSsS{S.)l(Jp_ 


|OcL Apr. Church 
Nov. JulyCanh. 

Jaa July CopeS, 

(Apr. Oct ConieJl Dress 
[May Nov. Courts 'A' 
June Sept Cunys 


Jaa Qstrenag'rf Wp. 
July Debenbams — „ 
Juu. Nov. DewbirstlOp— 
Mar. Oct DixtnsnatalOp 
June Nov. Hlis ft Gold 5p_ 
Nov. June EwpireSwres— 
May OeL EsecntesSOp — 
|Jaa July FalrtfaJeTejl5p 


JulyjD&’A 5p_ 
JuiytFTiK An Devs. 5p 
OctjFtfdiJrtniWp. 

Foradrtster 10 p_ 
JrimPogerBios-—, 
[June Dec. FWemans iLonl- 
Apr. Oct^Geifer lAJ J 20p- 


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28 

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105 

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301 +2.18 
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Feb. Au 
Jan JuM 
Jan. Ocv 
May Nor 
July Feb 
October 
Apr. Nov 


Apr. 

Dec 

IT&r. 

Apr. 

Apr. 

Oct. 

Feb. 

Jaa 

Mar 


Nov 

June) 

Oct 

Dec 

Oct. 

Apr. 

nfcti 

Aug. 

Oct 


December 
May rict| 
January 


Sec. Rentals lOpi, 
poCTSerrelOpJ 

Faroes Eiec.3)p 

.FidelitvRadlOp 

Nov. Fcrarardteck. Jflp 

tahbSdaajp. 

Jones Stroud — 

Kbdelnt 

Laurence Seott.. 
LecRdriij- — 
JulypLK Electnc— 

l&iirfcead 

Scwmn fnd*_ . 
[Neanaark Louis , 
NonmndEL20p 
Periia€lii!er4K_! 
Petror Rldg Wp 
Philips Fix 
lP-.0in5U>.FLia 
|FUeoHidj{S.Xp- 

Fl£S9t?W.~ 
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|Sd»les<GHi — 
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miorD Elect 

(TnrpeF.W.lOj* 
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233 

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2.8 

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Feb. 

Feb. 

Oct 

Jan. 

Dec. 

Aug. 


ENGINEERING 
MACHINE TOOLS 

A CE. MachicEty J 110 


April 

Oct June VP V.509. 

Apr. Sept. AcroaiEngrsi— 

Apr Sept I*>. ’A" 

May Nov. A*wa Group 
June Dec. Alcan toe Cnv._ 
Nov. Feb. Allen iQ Balfour 

Oct Apr. Allen WG- 

Jan. July Anal Power — 
Feb. Aug AndsLS'dyde— 

Oct .An^lo^wlss. 

May Ash ft Lari 

AssJritish 12131 

Jan. July Assoc Toolings.' 
Oct ' Apr. Astra lacfl I0p_ 
Nov. July Aurora ffids. — 

Mar. Sept AustmUames) 
Jaa. Apr. Arerjs — __ . 
Nov. Mav Babcock fcW — 
April Bailey iC. 

Feb. June Baker Pert 50p- 
Aprll Bamteds2D 
May Nov. BanroQms. . . 

Nov. May BartooftScms 

Apr. Sept BeflafardJOp — 
January Berner Leon ilDpJ 
Feb. Oct BevaaOXF.l^r 
Jan. Jane BirrmdQ gaJrasr. 
Jan. July BmngJnn. Khd __ 
Aug Feb. B+sam Pallet 10p 
June Dec. Blflckw'dHod^e. 
October BUiejs. 

Sept' 

, Dec. BaultDa __ 
Feb. Sept Brabam Mill lDp. 
Jan. Oct ftnitiiw8ite£l_ 
Jax July BrarwsylOp — 
Jan. July S' bouse DaUOp 
April Bristol Channel. 
British. Northrop 
Jan. Aug. Brit Steam ttp- 
June Jaa. Brortfcottse — 

May Nov. Brora’s CastSpf. 
Nov. May Bronx Bog 10p_ 
BrooteTool-L. 
Nov. Sept BrMber+'dP. 50p_ 
Apr. Aug Brown ftTBW- 
Apr. Sept BrownJofcoU— 
Sept Mar. BuDoughSOp — 

" r P*c I 

Feb. Aug Butterfield Hvy_ 
June Feb. CanfadEntHjpJ 
Jan. June Capper-NeflJlOpI 
Jan. June CardoE _ 

Oct May Camrrifihlll 10c _[ 
July Castings ir 
July Oiemn. 

Feb. Christy 


SS:®sa!S: 

_ Feb.CobaifAia^— 
Aug Feb. CanpAir— -- ... 
June Dec. Cpocentricttp- 
reb. Sept Cook W.SbeL20p_| 
Feb. July Cooper iFrjWp_ 
Mar. Sept cooper Indi lop. 
Mar. Aug. GornsefoftSDp.. 

Aug. FeB. Cron lie Group 

Feb. July Crown House.— 
June Dee. CunamnsTSBt- 
Sept Apr. nanksGowenox 
Jan. July Dartgithlnv.5p- 
OcL Apr. DvxftMeCAlOp 

Apr. Oct Dswlnt 

February DelowlOp— 
Jan. June Delta 34etaL__. 
May Dee. Dennis JJL lOp-. 
Mar. July OeriteudSQp — 
Oct. May Desouttar— 

Dec. July Dwiiebrae jop.l 

Jan. June{DuctileSieeis— 



tmSAii 


,7! i, 


132 
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[1222 +dL63 
12 129 
, 12 tZ31 
2821 +3.99 
1876 *2.03 
3J 14.98 
162 3.62 
2ail2J9 , 
112tdL5ft 
13J +10 
3Q2gfl.9 
V2 319 
161 2.42 
, 32 h!03. 
[1422 Q3%%1 

12811 tfl3 
BJ L32 
132 t9.9 
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1411 456 

2811 "I 
161 $9.02 
19.9 

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3LU +S.0S 


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L9 95 8,6) 

62 45 3.41 
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ti 70 $21 
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17102 72| 
12120 S3, 
2.8 fi? 

33 5.9 

19 10.0 

33 6.7 



ri+ne 


June DecJ 
Apr. Ort.ll 
Feb. 

Jam. JuneE-^ . 

Jan. AugEfalaftatires— l 
May Oct Expanded Metal.. 
June Dec.P* “ ' 
Aug. May ftnaderLtroNOl 
Mar. Oct. FirtftlGiftlOp— 
Sept Apr. fTuhiEiw'ata 
Pea, AugFofteaBooj 
Dec. Jun4Rsaa8lufc. 
Jaa JuneGai**.: 

Nov. JuneGarhnl 
Jaa Aug G 
June Dec. ajnwdi. 

July Feh. GortgJ ‘ 

Apr. Sept 



May Octfc. 

Nov. JunelGrega'flL , 

May JapJfiJJv.0....--. 
Aug Jaa total PreemlmM 
Nov. JunejH^Cader—l 

FeL Ju 
Mar. Sepi 
Apr. Sepi 
Jaa 

Ort. _ Apr.l 

Jam Dec. Ss^insKaSJpj 
HflwartMatiy- 
Hidden Groups 
HradMonnipSp 




HBJune JohmoofcRrtli. 
Dec. June IanesQurai20p.il 
I May Oct total SWtWtaa-1 
June Nov.LohdSi^ 



Jaa July , De.'A , SpZ 

Mar. Sept Dcrioufttdrd. 
Apr. Nov. ILL 
Janajjry ltm£*nBroa^_ 
Jaa June M*rtonmr2to^' 
Jane Jaa Uc&dnuQKOs.' 
Oct Apr. 

Oct. Apr. 

Apr. July Midi a 
September Min' 

Mar. Sept MU. 

Nov. July Moie(M)2Dp_ 
May Nov. Kotos- 
July Jaa Moral 
Apr. Oct 
June Nov. 

May 9»w, L . 

Feb. Norton i2LEJ5tf 
Juiy Jaa Osborn lSb^—s-J 
Jaa Aug Peglfr-ft *Wiy^| 

Jaa June ftrtffC 
Apr. Aug PrtatlF) 
Mar.Priatf 




June DecRCF.l 

Dec. Apr. RaroeEitfe ] 
July Jaa REP— .. 
May Nov. R’nsnmmSmi gl 

- Rstc&fielnds ) 

Nov. MayRatcUfis 
Oct Apr. Record 
Apr. Oct H’dnniH’nan] 

Aug Feb.RmoMJ 

June Nov. Hkfaards oOAlc. I 
Feb. Aug Rtortii West KpJ 
Oct MayF ■' - “ 
Nov. June! . 

July Jaa Sudmont 

Mar. ‘Oct SsvilleG.C_ r 

Nov. June Senior Eng*g lflp 
Feb. Ang 

Oct Apr. StokwtfrtlSpL. 
Jaa July 9ovFtniot20p- 
Jaa Aug. Sbecpfe 
Jaa. JuneSmoDl 
Aug JaafSDOC 



. _ ,-. rrartiW. AilD. 

Dec Did. Bog’s Mp— 

Feb. Od.Spnw1i)p_ 
JaaDtd. wire Group. 

June Vlrtemil — 

Oct rtatm-prodocts- 
- ... Aug W.G.I. 

Nov. June Wadldn50p_._. 

Mar. Oct Waaonli 
Dec. May WaScrlCft W.)_ 

Apr. July Ward (T.W.v. 

Jaa June Wan* Wl 
Sept Mar. Wrwkk . . 

Jaa Apr. Weeks AssocJQp 
Nov. Mas Weir Group, 

Jan. Sept WeBmanEnggi., 

Jan. July W. Breast ttp4 20s 
JuJy Feb. WoBlaii 
Dec. Aug WesTfrEtaiuZOp-J 
Jaa Juoe[Wbesoe 
Jaa Am 

50p. 

Jaa July Williams (W# — 

Jaa ' WTmsfcJanei- 
.May Wolf Bert. Toot* 

July Jaa WoisT 
Apr. Nov. WTnreUFth’.lOp 
Apr. Aug. Wood i£W.)“ 

Oct Apr. WTi^eRim 
October |YotmgVg*nft 


312ft +4.08 
32 +569 
162 +4.8 
1222 +2.66 
1222 rt.8 
520 « 67 
_ b7.59 
315 — 
22i ^4 03 
301 >22 
rum TdL24! 
HUA357 
all t3.77 
I7.M t5.7 
32 hO 97 
225 753 
42 +L52 
1222 * 1 % 

3L20tdhL5ft 
1720 4.30 * 
1411 *25.56 
162 d2.0 
3.10 7.91 

19.9 4.43 
1212 +6.44 

132 +53 lal 

133t«lhl»a 
1421 13/ 

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5.9 3.65 

1720 +OT 

133 339 
132 dO.92 
1222 hL16 
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19.9 • 

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1421 l , 

172C +2.98 
32 IAS 
132 43 
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2823 +4.82 
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1212 44.76 
132 +3.92 
2621 L88 


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2.2 9.8 7.0 

23 9.7] 6.7 

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35 8.7 
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il io.|iis>: 

251' 


Sept | 

| May "Oct] 

Apr. Pec , 
Apr. Oct 
Dec. June] 
July 

Aug. Dev 
julv Oct 

Apr. net 
Sept. Mar 
Apr. net 
Feb. Ort 


Sk*^ 

K»airiMct.Sto-, 

On 

Surswisfiisa 
Udbrote *'¥ - 
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raydiBefiJDXJli. . 
'.Norfolk Cap. %*.. 
North iM F*Wp. 
princcid Wafts.-, 
ri+bni-V 



>ai» ~X' 10p - 
Stafc.rSeu'IUP- 
S.'sxiRvar'.t: ra- 
Trestll bone. .. 
Vasorte >' 


Jan. Aus fKhederis 10p-^. 


103 

£122 

90* 

9t 

198* 

42 

41 

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186- 

25* ; 

268* 


2771 06 , 

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industrials 

(MisceL) 


Apr. Oct 
Jaa Jnoej 
Oct Apr , 
Mar. oct 
Dec- May] 
Feb.. Ort 
Dec. 3uly 
July iw. 
Aug Fob. 
Oct 31ay 
jaa Jane) 
July Dec. 
Sept FtbJ 
Apr. Sept] 


.U H. 
.VGBitrv!jnii. 
A3rOT»r.Bw'.Ep 
Abbey Ud - 
.Abrasu-ilrilOp 
>Altluind^D9*~ 
AlUedlws.5p— 

[Alpine HUteSp. 
Amai.lndusus.- 
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VK-Aa-AsotoU- 
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““SEBS: 


95*| liSb55 , 
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197 , 

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123- 
XfJfl 40.76 
3120 1164 
2B11+4L27 
224 7438 
, 32.42* 

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iAdsIidFi— . 

Avon Bobber £1-1 


1173 
177 *4 79 
27.2 4.81 

132 b528, 
24.11 QUW4 
2821 t272 

153 0.87 
1222 3.84 

133 854 
302 4.71 
153 L90 


132 

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1720 3.41 
1421 4.17 
19.9 3.38 , 

19.9 td234 




Nov. 

Jan. 

July). 

Apr 8£T. I 

Oct POCbaaL 

Nor. ETR. . — - 

Julv Bairt iUra?£I^- 

Apr. BarMtiJj.--.-~ 
July Bailcw RA R\9f . 

BarrftW.tT.-.V 
Dec. Barrow ik-ptum 
Aug Mar. Baih&PmbRd- 
Dec. May BeateonOark— 
Feb. Aug Beecham— 
Jaa JuS Bellau-Cos. 10P- 

May Bertrna* 

Sept Anti BerldMds 

ffi- 

Oct May Biddle HMg. 
Oct May Bibmated Ea 
Jaa July BOlamU H0{ 
Dec. Oct Black Arrow t 
Jaa Jub BlartBktnSk 
May Oct BladUPHWffi-. 
July Nov. BodyrotetMT— 
May Oct BocodPta.'.vito— 
Jaa July Booker McCSto. 
Nov. June Boorey ft Hart*'. 
May Nov. Eoot'HemyiSGp. 
Jan. July Boots .- 
FeMyAuNv Borg-W. CSSlaO. 
July Nov. Bo*flter£l 
Jan. AugBrol^UrtlelO. 

Jaa Aug Brady taw. 1 

Oct May BraintiwiK>2lta.- 

Bridgend Pine, ap -| 

Nov- May E 
Jaa July! 

Feb. Sept BBftEA. 

Aug BriLftwT.I^-D 
— Brit Steel I'onM . 

fi.fi 62|Jaa June Bnt^Trfwna 
May Nov. British \ita_ 

May Oct Britiaus. 

Nov, Mav B H-Prop SAS-. 
Jaa July BrookSl Br lOp. 
Nov. June Brooks Wat 20p, 
December Brown Bov Kent 
Oct Mar. BrouronsiNlus). 

Feb. Nov. BarcoDwn 

r. pec. BnrndeoeSa-,.. 
y Nor. Barw Ands'nlOP- 
Nov. May EniySascol7Jjp 
June Feb. C.H-laSTi lOp- 
Mar. Not. Caa^fflp — 


Hl0.9| 6.01 

fBQpU 

SoIb 


i^aa 

172ft fL17 
32 5.94 
19.9 1.92 
235 2.40 
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287 ±075 
3120 <9.37 
272 4235 
1421 L09 . 
1721 4838 
1231 164 | 
3JD3.48 . 
14.11 t8.75 
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132 125 
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, >.9 120.95 

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1212 4 69 


■il 

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Dec . IT 


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902 T2 
1421 kuS 

^32 +2J7 
1222 4.6 
1222 +08 

1212 L01 
1421 2.24 
124 LD 

flW 

132 d3.87 
g3 252 
228+h3JJ7 


FOOD, GROCERIES, ETC. 




50 h4J5 . 
195 |id0.47| 
’ - 876 
_ ,76 

32 2.63 
189 L74 
193 L74 
2821 457 


122ft th6.03] 
3.92 


Dee. July Mpu*SeftDlfip_] 

Jaa June Ass. Biscuit 20j 
Apr. Sept As&.a+LFds. 

Feb. .Oct As. Dairies 

Apr. Ort. As Fisheries _J 
Feb. Sept Avam Group 5p. 

May N ov. Barts (Sdnri C.) 

— Barker ft D.10p_ 

Apr. Ort. Barr[AGi^ „| 

lone Dec. Barrow lfilline-. 

Jaa Aug BassettfGco) 

Feb. SepE BaliejsYorklOp 

Oct April Bejam-lOp 

May Sept 

Jaa July Bishop's Store;,. 

Apr. ^ EtobttdCOTLl 
Sept Itar.BritSogarSO 
March Not. BritVernTg 11 _ 

Jao. JuneBrorteBoud — 

Dec. June CadburoSch ps„ 

June Jaa Carr's SuDing 

May Oct CUfiradiaines- 
May Oct Da*‘A"»V_ 

Dec. May Cnttens! - 

May Da*A*30p—| 82 |28J1|457 
tow ^ABOL*i^J - - 

Jaa June EiiandiL^ 

Jaa Ort-FMC 

Apr. Sept Fisher (AJ3p. 

Mar. Sept Fllcb Lovell 20p_ 

Not. Apr. tSass Glover 5p_ 

.■Feb. AugGobireiFoucard. 

August Hailew’ffsPaip. 

Vg. Jxfo ^hgste ft J.S0p_J 
Feb. S^pciblOpZj 

Jaa Julyminton(A'| IQp_ 


Jaa OctjUrtood 
December Lockwoods. 

UwefllG-F) 

May Jaa LcwiWm.)20p__ 

Dec. July LvoosO.jii : 

Oct May SatthriniBl 

Apr. NOT.MeKTnSeSupL. 
June Feb. Mills 1 Aj.i _7T_ 
Mar. Aug Moron Sds. lop. 

Nov. ItemFikl 

Aug Apr. Sortiieni 

Oct Apr. Nunan Pk. 

Dec, JunePadoiWlOp 

Jaa June Porte FsnK 10a. 

Srt^a^Op 

Jaa Juiy Robetorm Foods 
Jaa JuneBw*reeM.50p. 
Jaa JmtejSaiosbtnyJ.j_ 


OCL e fflsBnrelffa 

oct* 

9.U 3.6l^tA^TgfflgJtot2Jp 

ffi jfea- 

Aug MarlWatsai] 

Dec. Ji 



Jon. May Cape Industrie* ,| 
Feb. June CapUnProf if 
Mar. Sept Carai-ansInLL. 
Jaa June Carton Inds. — 
Feb. Aug Cawwds — ... 
September Cetestioo Lnd Rp 
Jaa' July Central Mfg 10p 
Dec. July Ctnt htoOTibp- 
Sept Nov. 

±j — [Dec. July L 

11.81 75+ Jaa Aug ChamblanPh. 10, 
May Nov. Change Wares llip- 
Alarcb OnCncCamllWp- 
Apr. Oct Chriftie-T 10p.— 
Nov. May Christies Int 10p 
Dec. Aug ChubbS 
Feb. June Chrke'C 
June Dec.ColeilUli — 
July Dec. C^pto Webb Dip 
MrJe5.D. Conti. Grp SI— 
Apr- July Cant. SlatHBl I Dp 
June Feb. COpe Allman 5p. 
Nov. May CopyderlOP-.- 
Nov. Coral Leks. 10p_ 

July Powlt — 

Dec CounnvPnpeJOp 
Ort. Oman detfaJDp. 

July CrofbyHnuseEi. 
Jaa CiXBbvSpr'eiOp. 
i|l3-7l 4.4 1 Jaa July DmasiNhnnn. 

' [Dec. July Dawswii Jasri_ 
ll-ec. Aug DeLaRn^-. — 
fApr. . Aug Dentevcare., — 
r NOT.tefeftjJcOlSI* 
Feb. Sept Wamw»St6l0p 
Jan. JuncffinbieHeelop.. 
Apr. S-?ot Diploma Inra. ._ 
Oct. Fe+>. DmFcnParfc 10pi 
Jan. July DomHWgtir 
MaJuSeDe DowrCoip.13 
Jan. May Dottu Su;l lopj 
Drake ft Scull „ I 
[May Oct Duiay Bltum. 10 
I Nov. Apr. Dunbee Com. U 
{June Feb. Dundauuuajp- 
Jan. Dtndelntap — .. 

Aug. Apr. Durapipe— 

— Dwell Group 10p. 

Feb. Augpytestf.l 

Apr. Octi55m1J.kJ.1_ 
Apr. Oct Do. 'A'. 

Oct^ May gCChK5U|L..| 

Apr Nov. Hbarlmb.50p.lj 
April Nov. ElbiefS) 

May Jon. Eieco ID 
Jan. Jul> Elect. Ini Sec _ 
July Jaa EUM Fb+o J0p_ 
Jan. June Elson ft Robbins 
Jan. June Hwiek IfperSp 
Mar. Dec.EmhaitCoip.SL 
Dec. Sept Empress Srnir 
February- EngfcOrer al , 
July April Eng China Class 
Mot. Nov. EsperaicalZijp. 
Ang Jan. Euro Feniea..j. 
Mar. Sept Erode HMgsaOp 


5.6: 


55 R1 
. . 5.7 55 
19.4| 05 15.1 
102 43 
5 0 65 
72 


3* 


55 

|iaj| li 


*7 


65 


-83 
125 

1.2I143 




55 
+759 
+838 
Z72td7.26l 
302 +3.ttj 35| 4.6| 

Ail 

321 

162 h22f| 
H.9thl5ft 
mi +156 
1421 7x18.49] 

162 (1056 
13,74 - 
3,29 
321 152 
2821 +7.42 
1212 W5.47I 
, U 338 
2811 Z79 
U3 154 
272 352 

132 13.14 

133 d551 
162 +L48 

,132 +3L 
11423 538 

,jai 2.43 

2821 +75 


HOTEIS AND CATERERS 


Septanber 

Det^ulyl 
Dec: Jan.. 
Dec. Jnnei 


Atolotlflp 

BwelgJftai. 

feertWalbBSp. 


» amtum 


. 1 ui9 , 
1423 M«6f 
Nft33 


bLft 4JH 


M 85 


12.72 111 


t8I6- 
'302 +529 
302 32.1 
17 U 9.24 , 
JLU t924) 
277} — 
M.l_ 

23 5 358 
1411 367 
Z12 33 , 
17 IQ e51S| 
2811 ! 


19.9 i?.96 I 
132 353 

17.10 +7 46! 
16.1 479 
?0J 4.62 , 

,28 U +4.48 1 
32 +3.42 : 
-i:*v0 

1212 CiJi , 

3L10 +2.141 
132 +10.98 

321 12?o] 
13114.29 
17.lft2.97 
14 111 355 

uilb.is . 

MB? 

UBBfl 

UJftthbO 
2AWW07 
P7 1ft 2.1S 
30) F2.25 
845 

3lJn41J 

121ft +0.59 


0 1? 


3 8 -if 


1 


Feb. Ang Ewer George IBP 

jnn. Jtfl. Estel 

OcL June Fairbaira Lawson.. 
Jan. June Feeder top — _ 

Aug Jan. FwmerU.H.i 

Jan_ July Firgiaoo lnd. 
Jan. Sept Fwtiemanato_ 

Nov. Findlay (AJt 1 

First C«tlelOp_ 

June Dec. Fitnrilioa 

July Jan. FlexelloC ft W.. 

Nov. June Fogartj-i'E.i 

Dec. July FoseeoMuaep... 
Jao. May FnthotlllHme;. 
MaJu.Se.De. FVankhn MinttL. 
Feb. Nov. French T+ws. 1 Op 
Oct. Apr. FriedJandD J 
July Jan-OB-iTWcsii.,, 

Apr. Sept Gestetner'A' 

Nov. May Gibbons Dudley. 

Nov. June Gibbons (Si_ 

Dec. May QeresGroup— 
Jan. Aug Giltspur 10p_. .. 
April Glass i Metal 10p_ 

Jan. Oct Glaxo 50P-. 

October GoorePbotatOp 
May Nov. Goldman 1S1 lOp 
Jan. July Gonsae Bids. _ 
N ov. May Ckampian Udu. . ' 

Apr. Oct Granada A' 

April Oct Grippemxbs IDp- 
Oct JuneGroveljeli(to.5p. 
Jan. Aug HiilamSleiniOp. 

Feb. Aue. Raima lOp 

Nov. July HflicilSbonr 

Dec. Aot. HanlmexCp.&. 
ren. July Hanson Trust 
Mar. Sept Dofljpc Cot 8633 
Jan. July narroavesan. 
Jan. Aug. HarrisiRii30p- 
M“y Nov.HarrijlSWklon- 
July Feb. HavbiwftTiBsoB. 
. — Hantinto— 

Oet June fiay iNumun top 
Aug. Jan. Hays Wharf £l._ 
Juno Nov. HcpsrorthCrmc.. 

Dec. JufteHeaair 

_ .May Retertty.iSp 

I Eft iSSSSgaiP- 

Nov. Apr. HWBariaaipI. 

cw e A “ 8 - MNlAl. 

Feb. Sopt HofljsBros .. . 
Dec July Holt Ltoyif Ufl-lOtL 
Apr Sepi Haova-.V— 

May Oct HonimMdLs 5n 
July Oct Hoskins ft H20p. 
Feb. Oct. HmardTcnens. 
Nov. July HtalmsAsMc... 
July . Nov. - - 

December 

July • HrmreuLiJ iSn) 
April Sopt Imp Coot Gas£i 

ffi SSHftft: 

Dee. June Inter-Clrvaijn.,., 
Mar. Dec. JamesijQhnL— . 

■Diae Jan. taH:M.ilaN3to. 
Nov. Jilue JaniineJIJHK. 

Apr. Dec. Jentique. 

n . — , Jsbnna&IUnKs. 

wt. Apr. Johnson Clots,--, 
Feb. Aug JbhnsoaiBhjf.n 
Oct June Jpurdm{T.Jito„ 
% Dec. KaiamazDolSL, 
Jui» Jan, KdscyJmfe 
Apr. Dec Kennedy Sm. top 
Not. April EenhouiA.i5p\ 
Aug KfceiiE-ZeHUia. 
AUfrlLCJllflds- 


1411 95 
, 302 5.44 
jliil ' , 
im+tM.89 
J12C +0.71 
13 2)3.4? 

.|MUbl 1.4) 

, 23 8j05L20j 

m 2 * 

591 L53 

, \f£f 
TOi 

fc 1 


195 L.._ , 
. 25.7 Sil9 
1212 323 
|H21 +0.82 
. 812 QSL80 
17.10 0.2 
?U Z0.35 
27 2 3.55. 

30.1 +5 08 
Mil 12 8 

13.Z228 
, 13i 121 , 
2SD t4.92 j 
, 19.9 j3.y 
i4.n tiS 
1112 6.7 
2821 {6.0 

3.1 ToL?7 
)3UC tL73 

22.8 — 
1421 Qz354 

12.12 176 
17.10 {3.4 
lAll t4L6 1 
31 10 5.b5 
272 O30c 
301 255 

. »1 +2.B4 

12.13 3899 
132 3.95 
19.9 2 53 , 

rB wr 
"•ar 


.... zo.a 

16.1 tl.25 

320 L68. 

HW 

ai Q6*d?r 

^ $ 
3U 2.9T 
31 3.99.’ 
1173 — 
1721 WT# 

28.11 4.95 

, 19? iJ 
1411 +57 
1H 0.93 , 
31 fdLU7 
Hi - 6.6 

m 

- bLJ 
lUTfl.ia 
as 15.W 
27i 14.82 
19.9 +288 

3.10 t4,75 

12.12 +L71 

17.10 I29S 

W S* 

29.11 

314 tMl 


li 


1.1 

I 1 

3 -* fi 

ft? 102, 

;a 641 

IS 5! - 














►Jo* 


Financial Timas Monday March 20 1978 
INDUSTRIALS— Continued INSURANCE-Continned 

Irak I -! - l<— .1 w- I . Inul 

I PHW 1*0^ S" |cw(S|p 


41 ^ 


A»t LTUntfl lim 
Jan- LAC Inf lOp. 

June Lmiex 

Nnv. Lead Ink sCp-.. 
o“C iMcnuaSSte™, 

Ma>LeltoiiEdi._t 

Mar. Ubofl FebolMp 
pril LeHio Hants. 
July letshlnu 5p. . 

Au-,; LosureCor. lOp 
iht lep Group lDp 

July Lam? ProdsTsp 

Sept. Utiuei lOp 

July Liub^H’nB 

Mar. lindtwnw _ 
h eb. Lnc i Mlm fim 
OcL LonsHmbly.H 
pet Ldtijrtwt Trans 
Apr. uin.-dakl'rio 
June Lot, &Bonara 

'AUfibBn 

SPW. MVntayPb.38 


- L*y DiT - nd 

Prtce a Net CV Grt P/E 


DWdemb 

Paid 


PROPERTY— Continued 


INV; TRUSTS — Continued 


MaylMaftarlaue Gn 

Apr.[Mca«ITi?A„_ 
Mar MacpherwniD.Ki 
Apr MdmeTusds op. I 


: Jan-StesciAOtS 
Apr. Man StopSuTu 
Oct MarliMlnd-llta 
Jun VlanhanL'Jir.'A. 
. JiilyMarthairsOnb 
May Hanm-0ii«W__ 
— MailiesowT^pc. 
■ Nov. f Lnnindr25p_ 
nee. MMUtunsterloi 
Fib. SJeolnoroSp_ 
June Metal Bo*tT_ 
June iteifalBcsuras. 

June Mettny 

Nov. Mila.Mntrs.30l 

. stsasflti 

JaJrSSSSli 

Apr.lforraHlAheJL. 
June Moss (HobUlte 
— UovitexlOp__ 
June WysanGfLlOp.. 

. Sept. Na^uLfjSa 
. JuneNafhut&ALl. 

. AU£. Nat. CTh’tae 10 
Nov. N.GR.4%g£« 
tober NMrrttiiZatabf 
. Aug. NwHSpttferW 
Apr. See Equip. Up t 
U Mat. Newey Group £] 

Aug. Norcrw 

Apr. Northern Eng. _ 
Sept. Norton A Wrtii 
Oct Mattie Sea. 10j 
April NiKSwlrtSp.”: 
Nov- Oce Finance Cv. 
June Offlce'A Elect-. 

t MayOfrexOp 

June Dreoaooe l»ic 

- PJLLiHoWliicsl 
il Oct Parker Knoll 'A' 

. Aug. Pauls t Whites. 

July Peerage lOp 

e ScpL PwflanrtlGp_ 

•• Oct Prates lOp i 

e Dec. P» IJSCv Lulfl 
. June Petiown Kto - 

— .ThlUlps Patents 
• Inn. Pbotwnlom — 


■Jan. Ju]y]Stm Alliance El_| 522 ]1413]tl63J 
Jun* nee ‘ ' 


MOTORS, AIRCRAFT TRADES 


Motors and Cycles 

— [PriLLeyiaadSOp .22 ie-.f -. 
le S B Gw Mu- Units- 220 1313} 1 
July Law Car 15p-_ 40 473'. 

August RellaiitMtr 5p- 7 1 r?a _ 

pt May Rofli-Rcya Bin-. 81 19* 4 

May YohoKriO. £JOU 9301 


Trice 1-si 


last] Div I Fid 
-tf 1 Net Cw]Grt| 


Dividends * 

Wi 


FINANCE, LAND— Continued 


I List 
Price! M 


Piv VTd 
Set CVr Gr i HE 


Srt Cn|Gr-* HE 


Regional 




MU-Rcyi* BLn_J 
YohoKiSO 


Commercial Vehicles 


Components 


59 Mil 068 
63 110 5.98 

£I0Ja ?1? 0)1.16 
15*a 28 13 


22 1.7140.4 
LIMA 9.5 
- 7.0 - 
0.7 127 16.6 


Serving the world . 
with. 

financial expertise. 


Mar. Sept. 


Jan. May 


Feb. 
4.6 1 May 
4.0 j July 
Uij Segt 
'Aug. 
Oct 

17.0 1 Apr. 
6.7! JM. 
72 J«n. 
52 1 Jan. 
Mar. 
May 
, — i Jan. 
15 A [July 
82 Wan. 
4.4 (Feb. 
S3 


L A pq I Pltncfocttiop. 

April PJeisunms5p^ 
. Nov. PolymrtJOp— 

. July Portals 

. Sept Powell Dull 50p 
. Aug PreaiWra.;5p._ 
;. April lYestlge Group.. 
. JunePntchwd&i5|; 
t. Nor. Piw.launds 3p 
Oct. Pullman R.6M 
i. Sept RFU. Group 10f 
. July RTD Group iOp.. 
. Jiiiy RwiuunmYKf- 
e RandjiULl®. 
. June Tt2rdiHs_ — - 
Apr. Rant Drear. 
JuI>iiierkinCd.5Crp. 
i Feb. RsditamG'-M . 
. June Rs*da«c.5p— 
. A uk Reed Inti. El—. 

■ June RelynnPBWS ~ 
fveh Itenown Inr ITS 
t. Oct RewkkGroup.. 

■ SeptRcrtmor. 

ApAu. Rpctwv_. ... 
*• Jan RiUyiEJ lOp. 
'. May Rackwan* 

? Aua itoptwUHss— 
i- NoO.Iruum & IbSt n 


v. MujlRoyaJWnrrs — 107 
l Scpi [Ruj>c 11 »A. lOp . 57 

July k4oMaFn.N0. £22 

C. June pale Tilnev 21 

L AprNicdbuntVarkH. 27 
j: Sepr pangcrsGTp. — 75 

£ s 

h., Julj-IScotcros 72 

& Jtne.WllttrtaNe- 39 

it Oct^.fcpalan^ 97 

y ISamHUs 61 

r. Mar.,ii«unarGp. — 82 
P Mar Do-.VX-V-.- 80 


K. Mar|Strsrjy5mltB- 

u- Mar! Dn.'.VN-V 

r. Oci t .'!:arnattarea? 
r ScjMSIrirRomam... 
’• JuncNiestnigMUto-. 
. JunelMrcacrtfA 3ra 
.luN^IUTtromelOp. 
.• Jan iMtrivfm.AiA- 

JiilyptalcMw.. 

May siruth&.’Cepblflp 
C IVC. MRith'llKD Wp. 
Mav upiiv.Lacaclp - 

: FebiA-r.V 

t. Fcbirwl'JChf.P.R .. 
No\. Swrotu; w 

AuK.WpeirJWi 

Fcr. safls Pons..— . 
? Dec. Do55,*sOm.Ln. 
Auk SteilvvlW. .. ! 
May WBRlurailuiv-. 
Apr. 'leesley ..... .. 

i-plsx Kraf HK51 
Auc. SiertRRlndi^p. 
Dec. StenJake .. — i 
Ana Mimchill Hides.. 
: Not ■.i.tjictiF 1 — . 
M.i>|’*Mi!:i r 1hcn 10p 
Auk jVi'rHfe Sneak 
mf- l-rMalrtKaO 
eiubert.-'wirePaalicfiOc 

ScpL [S'lioni- 

luury iTalbcsSn 

- VSbittTOp ... 
Auk , Thermal stnd .. 

A uly. Tii Tunh>\n.;$.i 
M«"Tdiia=T.»p - 
AuK.JntubRW. 

>ir.-' ’ io*e 

• Keb jrajiwHaJp. 
liMi iTrtte.vWl’SSt- 
MavlT'aojportDer..- 
.iultJTmncoodGp.Sp 
Ja:i [TurrertN'ev £1 - 
Svi'lTurae; Curt 3f 

Auc JL'KOWL 

Mat l-.rcmhldKC'!— 

At:p L'nr'ltt: lflp 

■•Idyl rnleter 

MavlavNYnil.. 
June I'rri CarwrylOp 
Sept I n:i«i lias imb . 

- Y t,u.L‘anlcf 5p- 

Julj A rwhfww 

Julv-Yalcr . — 

Jan jViwrj Ulp 

■V'i Yiri>;nC-rp ^f’p- 
Tht I » litidur.i Jup 
Mini'AitnPolli KT 
'*<■>> Filnc: Hmr :-p . 
Mar UArrraiJiM'i . 
Nov WrierfcW jp ... 
Oct Watbaa't . 

Aug ValiDnfiK inp} 
Dec wedswoort 


flranSnrifijlOp. 


Ganges and Distributors 


jOSM-Kp. — 


SHIPBUILDERS, REPAIRERS 

a 


•r 

1 l««*i 

xvp 

SHIPPING 


fotSOp. 

pi 

m 

3f 

fhl 1 


6.8 

10.7 

^.olJan, 


ilia a 

5.7 
72 
* 


».ii>n.i 


10p 

| 

rin 

m 


ovcIbv. Intlto 


Oct Feb. 
Oct ; 'Apr. 
Not. July 
Nov. June 


3ocQS.Fab.IBp 


Lou-AGart 50p 


rose. 160 
95 


L-^-l 176 

: 49 

it JOp) 286 
101 


Tj 


izj, 6 »« — — 

Mi UJ tLO 3 j 
185 17.10 6.19 3 " 

£55^ li5Q9.4% - 
10i 2 Mil «.« 0. ( 
98 311 3.02 L! 
£51 194 0425 - 


3i 5.0 6.7 
37 51 8.0 

- 5.3 - 
0.9 63 27 7 
17 4 7190 

- 8.3 - 


SA 




272 14.91 2.113.3 5.9 

Ifi Q22i ? - To i 7 

12.4Q4302 U 48 * 


MUtdl 133 4138 


OILS 


Feb. Aog. 


20.9 
383 
28.4 

* 

6 Feb. Aug. 

14.9 - 

2L6 - 

& •S' 


Oct Apr. 


76 1L7I - 
142 MU 46.13 
764 5.4 22 .10 

733a 1212 5.6# 
47 1074 - 
£59 HQ®** 

975 — — 

52*2 28.11 42.43 
23b 367 
£18 5.7 QM Jfr 

4 » - — 

126 — — 
12 - — 
30 1212 au 

154 - - 

^03*2 161 Q14% 

325 - — 

19 - - 

208 124 1.92 


igiifliojl 
52 7.9 
* 1 24 » l 


L« fi.5 15 J 
4J 

8U115 _ 


Diridrab 

Paid 


Tokyo, Japan 


BONES— Continued 
CENTRAL AFRICAN 

[ | ILastj Div 

I Price d Nit 


!r« 

CiTjGf's 


Q8^% — elii 
t243 It 10 


« K- 
“1 *»■ 


—I 190 

*-! S 
122 
SO 
40 
10 


MSjQ50i 131312 
37T 0.57 43j 45 

l;io| QLL3 llj 90 
12 171 15.?' o.O 

i710]Q7‘’C 1.4 16.0 

U-74 _ - I - 


— Acnex25c 

Nov. Apr. BnigaumllrSOToea. 

— BHSootiiSCc 

Oct May rnnartRioliJUnSJe. 
— GAL Half twrlieSL. 


AUSTRALIAN 

:25c 1 10 I - 

DnllrSOTouJ 90 1 14 1 

DlbrCf | 64 I »T 


15 ~Z _ _ _ September HamMn Areas op„ 

M • — — _ _ — ■ Metals Ex. 50c 

Z. — — _ “ Dee. Apr-M-tJa-Wdcs-Ste- 

1M U53JA *_ 6J * — 

199 157 6 4 8 6 J nae Nov North B.Hii/oOe — 

ilir.Uttll? i — NGlMsutIi 

_ _T zr _ z June Nor. ttUtbridge 5A I 

5.9 04?,% — ISO — “ ParificCoweT 

4J3I27 45 O B 20.1 - 5^' ',T? ~CT 

v« , 7 c — PlrmEBli&EiJip- 

7i 7% iso 76 — Apr. Oct. Pekfi-WailsvadS-V 
_ _ _ _ _ Oct AW>- Westn.iL nine 50c- 

_ OlOrf r A — IWbim Creek 20c 


.9 

J 

3 (Jan. July 


£19 - 

H2 - 
£432a V>! 
522 — 

508 ».! 

6412 5l 
244 - 

£59ij S' 
155 14JL 
222 11‘6! 
132 3J 
105 - 

105 _ 

61 - 


- ®5V - 


M3 QSc | 14 5^ 
I — — . — 

143 QlOc 4/ 4 0 

CoT — — — 

57 L45 4.1 24 

5.2 Q9c 17 19 


"!1C QSc 15 5.7 
7.4 tQllc L? 4 6 


Q15c 
15' Vov 


64 -283] 02. 5c 
HD UXB25 


July Dec. 


Oct Apr. 


TINS 

24 Uiltrsi J £|15 4 

270uJ 15? 0 9i * 

52 6E3 7S JjllP.O 

220 51 to jy C I i 

122l;rmc lfj lSo5 34|^L3 

10 “4 - 

230 1 15.0 


U2 625 
1U2 6.2 
JL10 152 
31J0 s6l54 
3L10 5871 


Bi) 4.26 
30.1 tlSJI 


132 655 
1212 3.4 
17.10 1 52 
22 U h229 
3110 7.0 
3110 7.0 
88 4.43 


BrftPnndag 


an. Juk 


lusden'Sr.* * 


Eart Lanes Fpr- 


NOvcmber 


:>orth VS 20p. 


OcU&hftmmfiAugel 

Apr rft'micfhild & R. 
AuK.pvkmarohMp.- 
3ullP’dJeVeyfi5*W.- 

MavfftiU.eill) 

JuaeiWiiinusMitdidl- 
Oct Wilk snMlrit£l. 
Dec DaWpcilw.— 
FeblttiUtnoLtiJv.— 
mills -<ie<irccv - 
l>cv g-.lw.ftjlimiUg) 
N». minnlwk 29p.. 
iVt minr'iThciatasi . 
■mhi'r[lV>x*9A Sun»Sp 
1; ]vv„ri.'VthurSp 

mhpr'UMlHail 

■nibcrliltersep 


INSU] 


June Bmttncif T> 


2£i: t!32 


86: 2 

20 

40 

3 S“ 
ft 

S' 1 

43 
78 

775 

ft, 

14t 2 - 
34ij I 27. 
184 |3ll 
•79 
8?2 


6.1 
5.8 
6.2 
24 

8.7 
53 

4.0 
81 

ilJSep. Dec. 

2.8 
6.9 

132 


1413jt2» 


Nor. Apr. Amai Nigeria 24 13J| t2 51 1 £’1F 

OVERSEAS TRADERS IS! Oct.feerahTte’™. a § - ^3 75 [ Slbo. 

3 M d SfoyL * OcL fcmfl 222uSn: ItHl^OS 

^ -2fJ§^5c -- — — _ Goldfi Ba»13d>_ 8> 2 10T4 — - _ 

^5 iR3*S KitS JJJuly Dec. GopencCons. 230 301 15 0 0.5 9 

67 1212 6.2 1.1141(92) _ Hongloor 150 Mb? — ^ — 

« J1-1BI.5Z 12 I1M Mar . Sept SfflSRZIZ M *3C1 7.5 ? 13. 

282 31J0 K6.54 7.0 35 52 _ Ikmarl^.n 11 av _ J. J _ 

1 lay II H 'sesas: 

“ns* is5»- .§ igs^i^ 

71 r, ,7- ,ri, Mar. OctSaimHian 50 3J flJ w 4.6,' c, 

S iB&R'i. Febnian- South Creffy lflp.. 51 31 hi 12 1.5 M- 

kk i > 1 n?i Bj “ L J“l>- South KiataSJW 50 148 3 .) lOl. 

17.10112 ♦ 8J ♦ June Jon. Stim Malayan SMI _ 245 3J 'jliL* 1.1 1U 

SJJMI 9 33 43 6.8 _ Snnga Besi SMI 153 - - _ _ 

2 tS VL I? 1-5 — SnpreaKCDrp.5Ml 64 97J2Ql?c - 3‘ 

S ^ 4 « li t li ¥»■ Aug-rinjonglnp 93 K.l 4 5 U I 71 

1314.6 83 SepL Mar. TongtohHibr.SMl 85 I2U6c-.^4 16.14.J 

L26 2710 toTs 73 IB Hi Apf ’ 0cL ™ 1 * ,SM] 173a! 13J|2vS£c| 0 JiO.1 

158 3L10ttlZ5 4 A 53 53 _ 

43 Mil 3.09 Z510.9 5J COPPER 

« Mil b?75*So 11 To June Dec.tM«rinaR(L50_^| 74 |HU!»50c| 1.91 t 
49 5.9| Q10^3L2 f3.7 — 

MISCELLANEOUS 

— iBuima Mines IHip. 9 5751 — — — 

AND SISALS |ABg.^Feb^AMnrck ] .Oc.-| 220 j IJ30c ,♦ IJ 

I lad I Dir I |TTrf J an - June R.TZ 179 5L1 q 18 5 q?.l 11 

Price | - | Net level™ “ ggStg^ 755 I III 

94 f 25.71234 I 2.41 4 J Nor. July TchkhMiaerai! 1C?. 45 17 1C 1.21 25 4.1 

76 22i 3.5 LS 7.0 October Yukon Cons. CSi_ 141 15 « Q7c $ 2.i 


150 lUff - - - 

E5 50 1 7.5 g> 13.4 

11 4-67 - \Z. _ 

69 - DS!*5.‘i 07 43 

450 1212 Q125 O 27 8 
2&5id 13i %«5c 0.K 7.2 
50- *7i MIS 05 50 
53 39.1 65 j 13 18.5 

ITS 1212 31-L‘v: L5 

50 3J Rl 4.6: c.J 

51 31 hi 12 lj!'JU 

148 3.1 1013 

245 31-iJljLV 1.11LS 

153 - - - - 

64 974 2015c - 34 

93 35.1 4 5 <. ! 70 

85 HU vr.Lli 1 6,14.4 
173d 13i 2wS£c « 13.9 


RUBBERS AND SISALS 


31 Q30c 
3:5 — 
5L1U 185 


N't* ICn-lGT's 
154 I 2.41 4J 


25.3234 2.41 41 

22S 3.5 15 7.0 

7M — - — 

235 hL27 1.0 51 
272 s2.8 LO 25 
31C203 1.1 55 

17 10 Q12.0 1.2 9 9 
27.6 0.71 11 - 

1212 055 ♦ 83 

31 tlO 15 18 6.7 
BJ 3.05 - 65 

199 tOIDjC — 33 


q».l 12 


17 iq 1.21 

| !5.<H Q7c 


NOTES 


1212 055 ♦ 83 TuIcm alhenriie indlraied. price* and net dr^radi arc In 

51 tlO 15 18 6.7 pence and denaminaliens arc 2Sp. Wtinacd pr. , ..'fein':nKS 
133 3.05 — 65 ratio* and carm arc bofcdm animal rrpcnsasdsrccunli 

199 tQ13>c — 33 wbttv poitible. are apdaied on haU-rearl* fisurrs. rvE^ -re 
272 QHi< > 5.5 calculateil on the basis of net dturibnUoo: hrach'W figure* 

13 12 011 k ll 6 0 iBdleate 10 per cent or more dUiercace if calculated an -nil" 
ra *14 0 1* 5fc «Mrtri&urtw. Corera are baaed or -maximum" usirilnilicn. 

7811 tOllc 17 IT ' ,eWi “« baied an middle prices, we erem. adiasUd 10 ,\<T of 
al l c ns c t cent and allow lor valor of drclsrvd iSixriinitioa* and 

... T1 *S S’? ripfaia. Sccnritlrs with drnomineiions other ttm uerUng are 
, 4 j uvoted inclDsiic of ihe Imestmenl dollar prrmJnm. 


341; I 3JC h0.43 3.11 


sm 


TEAS 

India and Bangladesh 


4.< A Sterling denomisaicd seruritie* v-bich include ’.nrcstmonC 
dollar promiirn. 

• "Tan" Stack. 

- Highs and Lows narked thus have been adjusted to aUov 
for right* imucs for ca»h. 
t laterun since mo^nvd nr rcfitmed 
t Interim since redu-.-iJ. par red or ccierred. 

H Tax-free fo npn-rr'i.frr.:: 33 jppficilion. 


Apr. Sept}Lsnma 


Tar-tCXictoUS- 


PiinlaU'AjlOp- 


160 
57 
120 
147 
79 

ja e 

ft n 
66 
£109 
72 


May Not'. 


s 5.91 72 1 F SSKSS 1 • •• ! 

fS J* Pnre 31 time of <-j.< pens ion. 

J", ,s4S _vl_ f iiS i 9 lndicai*ni rtuMend nflL-r pr-ndlr; r-rinand or rlciiaiiJue 
_“ l a I'M tl.«8 1.6133 cotcr n-laic’ ip nroiuu* ditrccnd cr icrcrajt. 

248 1411 12.0 35 7.3 *• Free of sump ii-ji-. 

250 31.10 10 0 6.8 6.1 ♦ Merper bi.l or ri-.ir^imra’iciti in prezryt. 

198 1710 10.0 2.7 7 6 * comparable. 

410 199 15.08 4.9 56 ♦ Same inu-riin; reduced final and. or reduced earning* 

221* 2811 6F172 3.2121 'uaicacd. 

105 137 pi 1 rj it in 1 9 Forvej-a rfn rdimil; ct*ivr on osminr.- epjaled hy Latest 

155 77 S. 4 7 fl a inicrim 'raT o mcni 

^ | I'ovcr allow', for rnmeram «if share- vil ae- vntrfr.clw 

_ - rimdond* nr ranking ■■nf. for T. , r.i«i»i Ji.i-^r.'* 

an L<8S£a * Cot cr doc* no! dim* ‘n- r’l.irc.. which rwy .-.'.i ran? fnr 

1 liui im ce , . 1 ,, dn-ideiut al a future dale N-. p E r.-.lpt e ynwsJcl. 

I 425“] IM 55 | * | 6.7 V Ktriedi nc a flnaj dr.:dcr.d dcc’araiifn. 

* RcSin/inl price. 

Africa II No par taliii- 

... ... , ... „„ a Yas free *> Ficnres ha'i^f on pro.-K-lu.'; r.r olher official 

430 [17101 23.35 2.0 8.2 erlntato c 1 . mu. d Dmdcnd .*'ie paid cr p»>ah!r «n port 

145 1 272)13.0 ) 6 [13.6 «d capful eoirr bfci'il "r. er.icer.O .»n mil capita!. 

e Redemption >ic!l / Mat >ielH g A — jnied dr ir'ecd and 
yield, h .Vsurr.ed ditid'nd ar.rt : ie!J jlu-r ?rnr< iv-d.*. 
J Pa>m«u rreinrannal k Kent a n i':Tnnni hi .jhcr 

______ chan prevtoa* Inal n Kieliis r^nd-nr q Lir.ua - 4 

MINES bared nn prelimnuu:.' D-ure- r .lt. nli.in cnm-je>. 

a Diucfcnd and yield eirlurtoa -.pctial pnvment 1 I'lUieaicd 
rp |> aw p 1 Ttrrk A 1 i'l»nd- co\ cr n-lalo.» In prt 1 ioue .h.idrr.d. f rl r-’.ic hator] 

XJiAli ZUXLvAa on laievi ann.iol carnmer a ro.-i .-art oitiderd -? ,t hc-td 

on prf icu' year’s earnincs »■ T j : irce up 10 .Ap in die t. 

192 6*751 * Yield air-nc for cunvnc;.. elan... y |i;iii.rad ami yicid 

295 c.1 hi ^OSc 16 4 ± based cn mereer term ., t Pn,i’>n(i aud uAI it<> inV.v a 

£331- r oofsar 9 5 ft A ipecul po’menL Cover dp^< r..l dppli H t|.oe:..l paynivnL 
lllmv * 2? .iNcidi-nlendandylfM It I’relcr nn- «i wl* r.s |.,..- C rt p- 

ca ja| yxjc if yj deferred C faniidlan. n I'w'.ranJrf.'rn' .clue iir.iiw 

ol C'.K. iwn>|urr sjh.irtianrv.. ?; j- uc ; r. •«• F rnufl'p.i 
. and yield bhscu nrr.'r.Tlns oreHM »fficial iiin.it. . t ..r 
irpTjxT T> A ibTirs WTJ-Ta ft ftviumil Ar.i4mil Mil Mr'.i! aiifr p r«iir.c <nn 

i £jfl/l HAntl and or nghla ir?ue. ff D: idca.l and ■ .rl.? 1- n 

praapeCIbi. "r olher oflirUl esiiinatu • lor '.37:-TT ;> K,a-i>*> k s 

86 19.9jtQZ5cl 15 29.2 based on pn*F<vhi' or other official e^iu 1 f. - iirtP 

23 lj I 33 |tQ20c — — M Dl\ iderd and vield based nn i-ra-pniu. or '••her .iffi, ial 

310 | — N25c j — J 4.8 estf males fur IPT^ N Ui-idend jn.f ; leld ha.- ; rn>;ie-iii* 


MINES 
CENTRAL RAND 

192 [ 6*751 — 

TOC. I •>: i. 


192 6*751 — 

295 li^JQSc 
£33l z tiapfsoc 
85 jHQ23e| 


w"e 4*9 rpecul pa'cnenL Cover dpe< rul .pr - !' 1.1 t|ivi,.l payn 
v 3 S’? A Net driilund and yleM B IMi-'.-tifr il ul* -r.il |ij.;( 
™ deferred C Caniidlan. D I’oi'-r nn-JP fr«' >,r 


EASTERN RAND 


86 19.9JtQ25c US 19.1 based nn pri’pecrus or other olf c:al umuh f. - iirt? 

2312 3.1 1Q20c _ _ M Dludcrd and vield based nn i-rT-oeoiu . nr '■•her nffi.iil 

310 - N25c - 4.8 estfma cs lur I3T4 N U ■ ide d Jn.i ' fold bo.- -i ; rn.;ie-ru^ 

100 31 Q19c U 11,4 W «ber n.firiJl estlmatc-s Inr IPTn P Lut-crr.d urd ■ ic!d 

347 194 tQ34c L8 6 0 h 3 * 641 on pro'peciu-i it nfher uff-c.al e :i-:ar.- • It I~ . 

36 199 1t)3c 1 2 51 4 Gmsv T Figun*. assmiiH. I* Nn -■.^■ilic.-.’. ".r.—jnr.i:ir-n 

74 Ai 046c 10 371 paeabfo. Z Dividend total M dale. Vu-ld based .‘n 

40! ^76 +Q2Uc 10 7 ± asaompHen Treasur.- Bill Rale si a; s unchanged unnl r.iaiurrly 

43 Jj’QSSc * 34.7 otslMk ' 

M9 tQ86c 1.7 7.4 Abbrevialinns dev dividend; eexserip issue; c ex rfRhLs<JCS 

43 878 — — - — all; tf et capital djunhu'.icm. 


FAR WEST RAND 


“ Recent Issues " and •* Rights ” Pcge 35 


Trinunelnr. JCp, 


JulliGciL.Aafatenl 
May [uukrttim Royal 


Mar.!Hr£Ehobiiana. 
Apr .’ftmteniAJ Up. 
Jur.v'liRaT&ik&.w-. 
June Lex &iidi& 
lliyiLurt ft Mau.SP-. 
Anr.iUn&aYsneasp 


UIHffVbWLUlrtgSaip 


.«■! >cie t tfrei HJp 


£12J| 

150 
145 

ElSsIlJ. 

1*1 t 

228 tn. 

226 131- 
260 . 

270 
187 
172nd 

9* 

126 
148 
210 
181- 
56 
236 
254 
128 3.1 

m. ai 

157 31 

126UI 13. 
376 144 
365H lx 

w s. 


Lmd5e»30«. 


52 HU] t258 XI 
119 Mil] 457 11 

99 331402 Ll 

79 28.ll] 2.49 10; 

196 S^UO * 

117 17JM 17.31 id 
142 !7Jffl 1036 — 
57la 14.11 f406 ' ■»' 

39 ffiJfll 

U7| 30 

45 270L 12 

112 -I - 
37 H11L61 
71 31(515 

33 n 
117 
110 
55 
77 


Feb. Au5, 
Apr. Oct 


\3 {July Dec. 


12.84 
3J 14JJ6 
13J 355 
-300 2.75 
32 h4.03 
Hfi lO 91 
133 352 
302 5.94 
676 QlOc 
95 0.91 
277 0.75 
10^1 
45 
1X93 
235(0.06 
273759 
X35 


T2ltD4£cl 23! » 7 (This service is available lo every Compaor ripaii ia ks 

3 m a 1 n 9 FrphantfDC f h*^in rthnrt fna flrtiittA ?.'i'«irtA>im r«. « 


32 tQISOc 


3J1Q15C 
3.1 078c 


97 Stock Excbacffes Ihrougbuct tbe United iiingdemfor J 
— fee of £400 per annum for each aecuriiy 


3Jt(M5c 
3.1 Q21c 
32 Q22c 
3.1 QllSc 

11 +Q5c , 

32 Q?G0c 


P4C 6 4.4 
135c 15 7.7 
30e 2.3 4.1 
M5c 32 5 3 
he * 25 

22c * 5 1 

L15c * 55 
He 73 1.6 
■CDc 1.6 93 
13c 4 3.9 

25c 4 7.0 
|22c XW 75 


REGIONAL 5IAREETS 


53 The followmc is a .'election of Ijindnnqjsraiior.^.;: -harva 
56 wwicu^t- listed nnlv in reRionn! nwrkcis. f*r:cc.-: of Jri.ib 
1.6 issues, most of nhich are not offieialf.. filled m IxniuoU. 
93 are as quoted on the Irish uxcUant-n. 

7 0 Albrajrtar.aOpI 23 I I Shcff Heir. hint. [ 51 i I 

Ajh5pinaine J 43 J [ Shiloniipir.u.J 22 I [ 

15 Serum ,1< [. — I butdailiWm.i... 83 | 


O.F.S. 


_ Jun. Dec. 

29 q (Jun. Dec.pfJtefdings50c 
18.9 


2-? AabSpinalnc- 43 

75 Berum 14 

BdgMrtr Est-50p 285 ...... 

QoverCrofl — 22 ...... 

Gniig&KoseU -400 ..... 

Dyson (8 AJ A. 41 

Ellis Ic McHdy. 68 

&8 Evans F r k-IOp. 57 

97 Enered 1S>4 

_ Rfe Forte 47 




£17^)320] 


oj Hifisoos Brew.. E2 
LOJC-Stm £!._ M2 
X7 HoltUos.i25p._ 250 
95 Nthn. Goldsmith 56 
— Pearce I C. HJ_ 129 

Rl Pae! Mills 17 

95 Sheffield Brick 46 


X Cone. 9% 80.-82. £9Mi ....l. 

68 Alliance Gas 70 

57 Arnott 280 

^>4 Carroll IPJ A n 

47 CJoudallrin S6 ...... 

iv Concrete Prods.. 123 

Jf® — Helton (Hides.) 49 ...... 

« Ins.Corp. 180 ._... 

42 Irish Ropes 133 

t? Jacob 55 

» Sunbeam zo 

« T.3LG 190 

ll Unidnre 72 


129 

17 

46 


FINANCE 


465 i 27 2) Q60e 
278 


1 , 3-mc 

3-2 Industrials 
; 77 XBtw__JIIj 
85 AJ*. Cement- 18 

Babcock 10 

95 Barclays Bank. 25 

J-2 Baecham 33 

4.8 Boots Drug 15 

8.7 Bowsten 16 

25 B-A.T—_ 24 

1U Britirij Oxygen 6 
66 “ “ 


Cetj.AccWen 

Cen.ElKtne 


OPTIONS 
3-month Call Rates 










































































































































































£* *'*■'» jsf • » 


42 


M. 


tl= 




Rush & Tompkins 

Builders & CivilEngEneers 


I*- 

, ‘it-:. 


JVIonday March 20 197§ 



Contractors who care 

01-300 3388 


BATTLE GOES ON TO CURS OIL SLICK THREAT TO BEACHES 




am 


THE LEX COLUMN 

elNatWest’s sky 


EFFORTS TO control the oil 
slick from the c rounded tanker 
Amoco-Cadi4 continued to-day as 
controversy grew over how the 
accident happened. 

The Sllim. i£8.om.) ship broke 
up on rocks three in ties off Brest 
on the Britanny coast in the early 
hours of Friday morning. It is 
estimated that about “O.flOO 
tonnes of the light crude oil it 
was currying to an English port 
were spilled. 

The slick threatens about 40 
miles of the Brittany coastline 
from La Vierge lighthouse in thy 
north down to Pointo St. 
Mathieu. It averages about sis 
miles across. 

A change in the wind direc- 
tion and generally worsening 
weather conditions nave tended 
to drive the slick tn the north- 
east and it is breaking up 

An eight-man team from the 
ship's owners. Amncu Inter- 
national. has flown front Cliica-o 
to investigate the (la in age and 
look at ways of improving the 

clean-up operation ana prevent- 
ing the spillage of the oil remain- 
ing in the jfhio, which is esti- 
mated at 140.000 tonnes. 

The team is led by Mr. Harry 
Rinkema. vice-presidenL marine 
transportation, of Amoco Inter- 
national. He understood there 
were differences in accounts of 
how the tanker went aground. 

These differences concern the 
time-scale of events nn Thurs- 
day from the moment the steer- 
ing sear failed at 9.40 a.m. tn 
the time when the tanker went 
aground at 8 p.m. 

Mr. Rinkema believed a dis- 
cussion had taken place between 
the captain of the tanker and 
the captain of the tug Pacific. 


which went out tn help the 
rudderless vessel when it put out 
its call tor to win" assistance. 

__ The lug. which belongs to the 
Herman company Bugsicr. 
Kcederei and Bergungs. had a 
lin.- to the Amoco-Cndii for throe 
hours before it snapped, and 
then failed to get another line 
to the ship. 

The captain of the tanker and 
the captain nf the tug are in 
pul ice custody while a judicial 
investigation to establish the 
sequence of events is under way, 

Mr. Rinkema said: ■* l don't 
haw any reason io suppose (here 
wui a quarrel over money. I 
believe there was a discussion 
over the types of contract.” 

There is also a difference of 
opinion between the tanker 
captain and the French maritime 
authorities over when, if sr all. 
a dir tress call went nut before 
th«- ship went aground 

t'.ijmmandant -Francois Oil lot 
navy Press officer. *uid that a 
(I re tress call was not wade until 
after the tanker hud pony 
avoitud. First indication of the 
seriousness of the accident had 
come when distress rockets were 
civil. 

O.utain Leslie Maynard, who 
■xut a safety officer vi.-.iling the 
• bin al the time of the accident, 
said authorities bad been kept 
in funned at every stage. Initi- 
all>. there had been no point in 
putting nut a mayday signal 
because a steering failure of that 
kind was not a sen ions problem, 
in spite of the stormy weather. 

The French navy has six 
vessels spraying detergents and 
dispersants in deep water and 


'W 







tpinrif ; 








A 




A French Navy helicopter flies over the partially submerged superstructure of 

tiie Amoco Cadiz. 


it is u;inp polystyrene pellets to 

soak, up oil nearer land. Futir 
more vessels have been called 
in from Cherbourg and the 
British Navy has offered assist- 
ance and Ls j landing by. 

Two inflatable rubber barriers 
have been placed across narrow 
inlets to the north, but naval 
authorities have said it would be 
impossible to protect the Bay 
of Brest in the same way. The 
faster /low of the current would 
drive the oil underneath. 

Amoco has ilown in sue hy- 
draulic pumps from the U.S., 
which the company hopes to use 


in pumping the remaining oil out 
of the ship. 

It is believed thar three of 
the tanker's 15 com part meats 
were punctured when the ship 
split in two and the others are 
intact. Lightening Hie load could 
prevent a farther disaster. 

Ian Hargreaves, Shipping Cor- 
respondent. writes: The incident 
comes only a month after the 
international maritime com- 
munity's latest attempt to control 
pollution of the seas by regula- 
tion. 

One of the many points agreed 
by last month's tanker safety 


and pollution prevention con 
feience of a UN agency was 
requirement for all tankers over 
10.000 dwt lo carry a pair of 
independent steering systems, 
each operable From tiie bridge. 

Although the Amoco-Cadiz 
steering had twin pumps and 
twin motors, she was reliant on 
a single hydraulic transmission 
line and it was this which failed, 
putting her in serious difficulties 
in a heavy sea. On the face of it, 
such an arrangement will be out 
lawed when the UN requirement 
comes into force, probably in 
1981. 



5 

for Brussels 


squad from Options market 

Germany 


/5\ 


joins lvioro 





BY MARGARET RED 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


THE BRITISH Government':! 
efforts in secure early inter- 
national agreement i»n moves m 
stimulate the world economic 
recovery will by intensified this 
week. 

Important vwM.« <»rcraea> ujll 
be made bv both Mr. Jamc* Cal- 
laghan. the Prime Minister, and 
Mr. Denis Healey, the Chancel- 
lor. 

?,Tr. Callaghan i-- die: in s.-e 
President Carter in Washington 
on Thursday. 

This visit, after the Prime 
Minister's talks in Bonn a week 
ago with Chancellor Schmidt, is 
part of a continuing U.K. drive 



BY DOMINICK j. COYLE 


it* 

% '*** ! 



U.K. TO-DAY 

MOST DISTRICTS will have 
showers and sunnv intervals, 
although South-East England may 
have more general rein at iis-t. 
London, South and S.E. England. 
East Anglia. S.1V. England. IVr-ci 
Midlands, Channel. Isles anti 
South Wales 

Rain clearing followed by 
scattered showers and bright 
intervals. Wind fresh- Max. 9C 
(4SF>. 

East Midlands. Northern am! 
N'.E. England 

Scattered showers and sunny 
intervals. Wind fresh to strong. 
Max. SC (46F >. 

N. Wales. N.1V. England. Lakes. 
Isle of Man 

Occasional showeis and bright 
intervals. Wind strong to gale. 
Max. SC 1 4*>F ). 

Central and E- Scotland 
Showers and sunny inteival? 
Wind strong lo gale. Max. 7C. 
' (43F i. 

West Scotland and N. Ireland 
Showers and sunny intervals. 
Wind strong to gale- Max. SC 
<4£F>. 

Outlook: Changeable with rain 
at times and windy. 


BUSINESS CENTRES 


.uitstdai. 

Aih'-ns 

Bahrain 

Kar-.vlonj 

Is. inn 

HwIi-im: 

f:.:Ura.l.- 

P*. rl-n 

r.rmhaiil. 

PrnNNvl5 

F.ilrt ij> -.1 

R. Alr.i 
tairu 
i anltll 
rliira^u 
L'aldW> 
I'oonh i.n, 
Dublin 
1 liliNur^h 
I- rantmn 

■ ■vn.-ia 

■ :ias<ii'i' 

Il'jtsurfci 
II. Kjn>i 
Ja'hiir: 
l.iston 
l.ond-jn 






V.Uy 

mid day 


ni id 'Jar 


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F 

a 





; Madrid 


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Mr. Denis Healey 
'} iilll-i mi Lfrloli i»lsm 


to secure agreement on os wide 
a front t-s nn^ible iheud of the 
. f u!.. summit uf v or W leaders in 
Bonn. 

.’lr. Heal-.*;' *v<N /*e unending 
a meeting of EEC Finance 
Mini-new i:i Brussels to-day 
which v.iil dintusi proposals Tor 
re!btinn..ry action su omitted by 
II. Franeoi., ,\a r Ortolt. Coni- 
mi-nionL-r f-.r Economic Affairs. 

?.]. Oriuh's napvr presents .« 
bleak picltit'.- uf the likely rate of 
yniwlh ->f Domestic Pro- 

duct in (he EEC on present pnli- 
vies — only U.S per vent., against 
last October' a target of 4-4.5 per 
cent. 


ROME. March 19. 

ITALIAN ARMY units and a 
Wesi German anti-terrorist 
squad from Wiesbaden are 
supporting the civilian police 
and the Carabinieri here in the 
.search for Sig- A I no 'loro, un- 
christian Democrat leader ami 
former Prime Minister, kid- 
napped after a shout-out in 
which. Hvc policemen died. 

The authorities are • on- 
tinted that S53. Moro is still 
aliit- and being held lapiiu: in 
the Rome area where armed 
police, backed up by dogs, 
troops and airborne police, 
maintained road blocks on ali 
main exit routes over the 
week-end. 

There was much less- risible 
pulicc activity on the ground 
10-day, but new dili-tcrrorlst 
measures are likely to be intro- 
duced this week under a 
.Ministerial decree. 

A photograph uf Slg. Moro, 
sent to a Romo non snap or 
yesterday and purporting to 
come from I hi- nil ra-Lef list 
Red Brigade*' terrorist organi- 
sation. is apparently accepted 
as genuine. 


Escape 


Assessment 

He calls i n r a joint assessment 
mechanism to examine the per- 
formance of member-economies 
and to establish how each coun- 
try can be fitted into a concerted 
plan tu boost growth by about 
1 per coni, more than v.-ould 
otherwise have occurred. 

This represents a move a tray 
from the ru ore general reaffirma- 
tion of an overall growth target 
to a more specific examination 
of member- ’la tea' contributions 
to any general reflation. 

The EEC Commission is hoping 
jjjnt the Finance Ministers will 
to-day broad ly endorse this plan 
for con -.id'.- ration at the heads of 
government meet ins m Copen- 
hagen in just tindci three week*. 

This in turn would permit 
detail'' ! Miori - li> ?n ahead for a 
j.iint EEC 1 ml icy to be agreed 
at a furtlmr heads of govern- 
ment ni-:-.*i:ng in -July just before 
the world »uiii’n<t. 

The U.K. would like more 
progress tn bo made within the 
next few weeks since it believes 
agreement -»n improving growl it 
performance is a uecessary pre- 
condb ion in oilier moves on. for 
example, currencies. 

There is a general determina- 
tion involving not only the U.K. 
but aNn other meniber-counincs. 
10 keep AW*t Germany as an 
active support or of these efforts, 
since ji.. p i-'iicipation is essential 
lu their sucec.-v 


This seep as confirming 
the earlier police belief that 
the former Premier managed 
in escape injury in the '.bout- 
out near lii< home when tin* 
kidnapping happened. A typed 
statement accompanying the 
photograph said that Si g. Moro 
would he tried before- a 
“ people's court.” 

There is al-o a growing 
belief in official "i rules hen- 
that the organisation of Sig. 
Morn's kidnapping — if nut iis 
actual execution— have In- 
volved •* foreign elements/' 

The efficient planning and 
timing of the attack, and its 
similarity with last year's kid- 
napping of the leading West 
German industrialist. Dr. llans 
Marlin Schi eyvr. prompted the 
Italian Government to accept 
an offer from Bonn for 
specialists or the West Ger- 
man an I l-t error is I squad to he 
sen) to Rome lo gti <■ •‘techni- 
cal support." 


LONDON'S new market in traded 
shjre options, to be launched 
shortly under Stork Exchange 
control, now scorns likciy tn open 
on cither Friday. April -I or a 
week later, on April 

This means that the London 
venture will begin some tiv.v nr 
three weeks later than the 
larger European Options K?:- 
change, which is :o begin trading 
on April 4 and is costing ISni. 
to set u;>. 

K:r.iI decision? on the rates 
uf cum mission to !*e chargee: on 
options deals in London have 
yet fo be taken. Bui it is expected 
that tile commission payable will 
be made u,i of :i inud«-si fixed 
charge per option contract plus 
a further charge based on the 
value of the premium money- 
paid :k the price of the option. 

Indications are that the per- 
centage charge w ill be under 3 
per cent, on perhaps the first 
£7.000. with a lower percentage 
on amounts above that. Above 
/he £7.000 level, the rate of 
minimum commission on share 
deals goes down from II per 
cent. »o IS per cent. 

Soiiv* tough negotiating is 
I'kfle in Amsterdam to-morrow 
when reoresentati'-'.-s of the Ji’-.* 
larg**-! London 'fioi-kjoc'wr*. b-d 
by ’.!r. Fd ?n\lc-v. ..f Rl-^.md 
Bis:t'»p. I'K'i.-t chief: ,-.f the Euro- 
pean Option-: Exchange. 

The c char. ’c needs o flow of 
srp-fM-t'a ?•* oric?* r-f the under- 

na British snares m v.hVh 
i'm:ii.in« wilj t„.. ;r;;dcd — inttivily 
IG[. P.P :-.nrl «;EC — tn »os ‘a.e 


successfully. Only London ca 
provide the bast prices. 

But the British jobbers at 
the Stock Exchange fear that i 
they do supply Amsterdam with 
1 heir pr;e»s— :?ie ! nosi c*acf 
a'-ailabiv* — of British shares, this 
may encourage I he growth cf an 
unofficial kerb market in the 
Continent, “yohoning business 
:iwj;- from London. 

Heads of the exchange insist 
(hat they will combat I his and 
cxnect dealers on their exchange, 
v.Vi need to acquire British 
shares fo 11 their option t-usj«e&s. 
to buy them in London. But 
{here are worries in the Cftv 
whether the exchange can 
enforce this rule, as their con 
trol over members will be less 
absolute than, for instance, that 
of Britain's Stock Exchange over 
members. 

Meanwhile. the European 
Options Exchange has written to 
the British Trade Department 
urging quick clearance for Stock 
Exchange members to join with 
mil needing licences under the 
Prevention oF Fraud (Invest- 
ments ) Act 195S. 

Amsterdam, which enjoys the 
British Stock Exchange's backing 
in this pica, is pressing the 
Britisii Government not to make 
difficulties for British stock- 
brokers wanting to join Lite 
European options exchange It 
a%-U?s that the exchange should 
be i Unwed i« be truly repre- 
.-enfative of the European Com- 
mon Market'.? securities industry, 
of which Britain's Stock Exchange 
1? t<n important part. 


j Continued from Page 1 

price rise 


• L>o 


. IMF ■i(tii a '.ala are opposed tn tance Da impose a levy on 
• urging clmuc?'.!'; American domestic energy consumption. It 
.'iiea?urcs -\riich would slow down is pointed out that the import 
the ect-noni.-. They arc anxious levy rtuld be imposed by Presi 
about the stow pace of world deotial edict. 

■ . Such a levy would have the 

Un i he other band, some of further advantage of reducing the 
tnc bund? executive directors Budget deficiL estimated at 
:rom in rd- currency; countries y BObn . for 1978-79. Under- 
oelieve tner-.* 


oetieve there ii no alternative to spending, which is expected to 
monetary arri fiscal slowdown in re duce die 1977-7S deficit from 

till - - in nruiM 


over S60bn. to *53 bn., could be 
even greater next year if there 


Taiks 


Programme 

Tin Iiojk- u that if a common i 

EEC nn- nn boosting lbs rate uf j 

. .-.i - I .1 U.,r..rn till. 


DA'* 1 ***”'” T | 

gruwMi vi n br agreed heTyre the 
ivurld icudviV ‘uminsf. (non there i 
will be a greater chance of 
:ichi winy •»)')»■ nf Mr. Callaghan s ; 
ut he -u:i :.* til bis live-pi'ini pro-- 
-jram-uc, 1 


The Andreolii (huernntem. 
after fop-lei d tafk'. with the 
main party leaders, including 
Si?. FnRico B-*r!inaui-r. the 
Communis! Party chief, has 
fur Liitr moment rejected the 
need lo declare :» rirJiial slide 
of emergency. Bui r.r-w pro- 
visions arc likely tn be intro- 
duc'd later this week. 

These could include wider 
powers of arrest, the rishi tu 
hold suspects for extended 
periods and puv-=Si]y ijues- 
tion (hem iclthmir the presence 
of legal advisors or an examin- 
ing magistrate, and also the 
wide use or lelephune tapping 
by i he security forces. 

For the moment, the Rome 
police hold only one suspect in 
connection ( It is though: 
Indirectly t with 'h-More kid- 
napping hoi Identikit pictur*-* 
of iL.'tT men ami a phmocraph 
nf a woman Wi-pp issued to- 
night- f * h,J *- s belie* e,i |o haw* 
Ijeen involved direciJy in the 
kiunappinc and also earlier 
ibis month in the murder of a 
Turin policeman involird in 
ini Kdlgating Red Brigade 
aiurk-s. 

Turin Inal, rage o 


Thi« C- iii U turn out tn he a 

Tk l ™ C lv n “ d 1*5"",”- were a deliberate shift toward 

E ik? , n r ^cal restrain L 

:n ir»u gri-.c n ««i me U.S. money 

supply stnev Oeinijer. The U.K.. in common with 

. Tne r iv.ei sure known as much IMF thinking, secs even- 
• -Ml” Jus hv-it w.-reaaing by unly relief for the dollar through 
f per c-.-n:. a ■ oar. * an acceleration of growth m 

Lik- in a simitar other countries. 

Ihf L.S Dv^piic the acceleration in 
t r ’\‘ full benefit of U.S. inilatmn the world picture is 

I .' ■fj 1 "' -b.i’-down because lint . 0 f declining inflation. 

.V'’.." reluctance t-> ,\ new IMF meitioranduiti 

stress t point.? out that Hie rati; of 


r:Ks ;rj, .'ll :'-»,eign exchange increase of consumer prices, com- 
!V. mat lac s.o-v- p aPOt j vs itii a year earlier, fell 

ut'-.vn in a v .inin'ontiunai or ri t , cem ij er for Hie sixth con- 




_ . seeutive month, when it reached 

■s , ri'-r r. j ? a numner of «,• ,, er c , ?n t. enmpared with 8.2 

Vi'-'-h ! l " des u ru,U ^ Ir cent, in July. 

M.'.hael KluiTiertbat. ni? , 

Treasurv Seei-(.irv from Mr. Tll, s su«?esLS that there may 
Cha. "Se»irU.--_\ ‘h" chairman of be some degree r>r world demand 
ifie Eciirjnntic Aiivi^rs: and froiii deficiency, even faking into 
Mr. Terry ESnsv.orth director of account the labour market dts- 
■he rn-jnciJ i»n \\’u"v and Price torli on and ntiier structural 
Sir-sl-rin : . T forces which prevented earlier 

These frnpr.sais stress “ iaw- ideas nf rull-ninplovmeDt targets 
boring." that is informal imei- From heir. -j achieved 
• en':-*n :n key v. age and rr;c.’ H f«db ws from this that the 
deci'ion-: ;n<i direct meosiij-es industrial countries should make 
to ir'Ui-.r.c ci-rt*. such a.- a vhetr own co<it premise between 
-ytnb'ilh- 1 ->pr e^nt. cut in growth and a:u:-' nllation nhjec- 
ijie«'-j..-e? for Fed.'.rai empio.vef" 1 . i u nhom worrying wo much 
a r< II- hack of ;-r noosed : n eial about their current balance ol 
security ur. increases, and a payments. 

hmg' •"V-rd" • instruction (** This conclusion would be 
federal rug uia u.ry a'gencics t*« nc-.vniud by mouniarisL? and 

•.uke ::»■.«( avciunr the effect uf K-yiu-sians although not 


ihcir action* on prices. by some central or 

f i- ul-.o increasing sup- hanker.- wiui ha«c 


o'-rt '-'f a levy -m imported utt. ni<sp?se<i 
I :n '• .i.-.v iji Cor.^resstun.'l ruluc- Mui'orii. 


with U.S. 


private 

become 

energy 


spending plans 


National Westminster Bank 
has departed from tradition and 
become the first clearing bank 
to liven up its annual report 
with a few glossy photographs. 
But what really catches the eye 
about the balance sheet is the 
continued very heavy invest- 
ment in fixed assets and the 
fact that less than two years 
after its last rights issue the 
bank’s capital ratios, despite a 
fractional improvement last year 
in absolute terms, are now the 
lowest of the “ Big Four.” 

Over the last three years Hat- 
West has invested £248m. In 
new premises and equipment 
and with outstanding 'capital 
commitments of £182m. at the 


120 

115 


iiq 


105 

100 


95' 


f# Dl! 

fHu 

r y* 

VJOTORS &_ 
5TRIBUTORS 
INDEX | 

* (tSUtnVE TO FTrACTOMOES 

AIL- SHARE KDOl 

1 1 1 1. 

1977 ’78 



Speke and Halewood have 
actually left car production 2 
per cent, lower. It is true that: 
1978 would have to be very had ' §>, 
to rival 1977 for strike losses, 1 . '£■} 
but there is still a chance of £ : 
major trouble at Ley I and — the 4 
brokers take the precaution ti» ; ; 
point out the - low Leyland ; 
exposure of most component . 
makers (the most vulnerable ‘ ■ 

being Wilmot Breeden, with 15 i 
per cenL group dependence «<n • 3 

Leyland). 7 

There are certainly some dif- 
ferent views around. One talk- • *■ 
ing point in the market last .. 
week, for instance, was the put ■ .’ 
through of 700,000 Associated 
Engineering, while further -big 


mhiriou ssn end the second half of 1977. .After lincs ^ TtiU being offered, 
end of 19. - Us ambxuous spend * bumper 1976, when rising But 0 n balance tliere is a fair 

{■« pIan L h ^ZJr %\nvl th 9 . output and unusually smooth ca5 e for saying that sliort term 
“5 jS-Spilrofite over the production runs led to large prospects for the sector 'are 
amounted to £182m promts rises throughout the com- brightening somewhat. And 
5“^ ^maiSaSna^il points sector, more recent there remain two imporihnt 
tb h o2 S wi°if canital sDendinE history has been quite different longer terra trends— the growth 
f ^SJE 1 ‘^SdwSnSS Birmingham brokers Albert E. 0 f the diesel market, and the , 
uan^ rftirSd lSs Sharp’s latest sector review in- steady transformation of the 
. I JS? dJ £ eludes estimates that 1977 or U.S. car market with Us swing 
last year 111411 * 1977-78 pre-tax profits .of the towards more economical Euru- 

^ pari v NatWest's bie invest- five 3ar § cst; components makers pean-type models bringing, per* 
™# to nrataeffi iirtS* will show an average fail of haps, new opportunities for the 
?nd Se r£ some 5 per cent. European component manufau- 

2Sa5ff«2STJEL-£. Uir ' :r5 - 

straoci is tta , group's ^ Audit standards 

moment, at" least, is inhibiting jKu'So*? 1 ©? limTmoie^San U m Jooks as ** mid ' 1979 
its srowth. Back in 1973, for ^bution of little more than is Thc earliest the accounting 

example, NatWest was slightly half that of July-Decem^r 197S. bodies will be in a position to 

awrjrasis: auditing 

” 5 t % SSSU’mSS! BS’SpS ™ s , is » « r 

bS 5 S'vs' B profits were £4ta^ » little more optimistic than original ^schedule of the tmd* 
Se those of MWNtnd their Birmingham rivals Smith lSTOs-the timetable h«s 

de2^it<s b wlre £l7bn W«her Keen Cutler ' who W** ^ aIready bem extend ? d severi ‘ l 
Moreover 'Barclavs'has not had Lucas market recently. times-that it is time some 

^ ri-htc * fine 7 ^ 1 However, these various recent explanation for the continuous 

Fv Dourin- large sums of difficulties, largely deriving delays was forthcoming. Time 
munev into bricks and mortar bom disrupted labour relations, and again, over the past three 

tav# now been recognised In years. Department of Trade 
canital ratios^its free canitil the perfonnance of share prices, inspectors have found auditors' = 
Stio stSdf at 2.5 per wnt , Md the Qu^tion now is whether work inadequate, 
against an average 3.5 at the ,9 *| oaa brij3 6® better industry Tiie latest of these reports — i 

other three clearing banks, P5^5f???5!!' concerning Court Line — wliicli 


Zii 

■I 


’g*. 


after taking into account Mid- 15 i°i? cei ? ed ’ is , was published last week. 


land's rights issue, and free a P d ? e J > ^®” ; Si r ck n °l} ,: demonstrates how difficult it is .V 

equity rati., of 1.6 per cent. to criticise auditing - 

compares wilt, an average 1.9 “, e<U S,” 5™*?' Zt inadeiiuacies se long as thete ■/ . 


ivm^-uca .vim an “*v.aisv. *•« 0 s . , HlaUCUUtlUn 3U 1UHA aa Uic.c 

per cent, for the ether three. ...f are no comprehensive bench- 


Although 45 per cent, of the ' 'ihe “.ase ' ^ foundS" upon a marfes against which to measure 
Stoups property (utrlrt,* - pe “ performance. 


property 

inclndedtn 'cost SST« imSMta to'ui£ . » 

includca in tn. books at cost demand for re- ,s aspired by fear among the 

pS4meot f ™mp“ fexcep" udders of the Epglish ' 

cau ° n or _,r w aS! * L in a tvre market badlv hit bv Institute of Chartered *-• 


might really be worth. 


in a tyre market badly hit by- 

cheap imports) -and a more Accountants that another y; 
Mntn P rrnnnnnunfc settled' labour scene. Against inflation accounting-type revolt ^ 

lviuiur cuuijjunciiiA commercial vehide and by members must be prevented Sr,: 

Few sectors suffered more tractor production are being at all costs. At least ED1S was -;j: 
am last year’s rapid down- held back by the weakness of adventuresome. The draft audit- ir 

grading of profit expectations exports. ing standards— due to be pub- Sj: 

than motor components, with Sharp’s optimism about labour tisbed some time soon for six 

>he FT-Actuaries Motors and relations, however, seems a months’ discussion — may be so ,.;J 

Distributors Index turning down little vaguely based. In the first watered down as to beg flip- j 

into dear relative decline in two months of 1978 strikes at question: What standards? 


THE PENSION PUZZLE 



7 t 



. . * 


Are 


l«Itf 


a missing piece? 


B *..■ 

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V 

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S •: 


'J ‘here arc non- only three 
days ieft before the final 
date— 23rd March 197k 
—by which time. 

applications have lo he 
ubmirted to rhe 
Occupational Pensions 
Board on behalf of 
employers wanting to 
contract out from the 
outlet of the new 
cam ings-relatcd State 
Pension Scheme. 


Applications received by 
the Board are under- 
stood to have fallen 
shoa of the numbers 
originally expected. 
What has happened to 
the missing companies?' 
I s yours among them? 

I f so j you may run the 
risk of paying higher 
National insurance 
contributions than you 
need have done. 


Noble Lowndes, have 
completed thesubmis- 
sion of applications to 
the Board on behalf of 
clients wh'oTiave 
expressed their intention 
to contract out and 58? 
certificates have already 
been issued to them. 

Noble Lowndes will 
now be happy to share 

the benefit of this know- 
ledge and experience 


with other employers. 
Any director who is in 
doubt about his own 
company’s situation is 
invited to telephone 
01-686 2466 and ask lor 
the Special Advice Unit. 


Noble Lowndes 
Special 
Advice Unit 

_ . Standing by to ticlp vou 

now there are only 3 days left! JSUMSkA, 

" *. 1 Q1t£862466 

NOBLE LOWNDES DIVISION. NORFOLK HOUSE. WELLESLEY ROAD. CRQYDqn. SURREY CR9 l& r 


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bj tii. I In art cat T,ra« Lid., BnchM House. Cannon Sirwsi. London EC4P ABV 

© The financial Tun t s Lid . ttrij 


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