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/eWmrah Ssrtps - 078B 57777 Telex : 361 58 

No. 27,515 

■Tuesday March 21 -19' 


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E»&20; SPAIN PttMP; SWEDEN Kr.3.25; SWITZERLAND Fr.2.0; EIRE l5p 




tanker Gold off south Lebanon i 
Ju.‘ K . MrL free of guerillas 

roast trading 

$4 in 

to stay until Giscard Bonn blocks 

r , - will seek rrr . 

Lebanon is reformist action 

■ miarilloc Cabinet on economies 


. UrtiJ L ® Israel consolidated her hold on the whole of sonth 

^ • gold fell to su9.es5 in Lebanon below the River Litani to-day and made 

ne channel inlands and sonth ^TT 0115 , tiding. of clear that she would not withdraw her forces until 

evon are threatened by poiin- satisfied that the area would not he used again by 

on from, the Amoco tanker Palestinian Arab gue rillas , 

saster with gale force winds • STERLING lost’ 3S> points „ r , Kinot Mt . ... ,, . _ ■ 

id cumnts pushing the oil against the dollar, dosing at F ier We i^ m£S fnd w^ot 

ick within 50 miles of Guern- BLS040, while its tirade-weighted Defence, said Israel wanted to port of TyreT* 

■y and 70 of Devon. - '■- arrange a cease-fire agreement Lieut-Gen. Mordechai Gur. 

Although it was hoped that ■ i directly with a “sovereign” Israeli Chief of Staff, did not 

SUBllP* / 

recasts last night of changing 
inds would keep the oil off 
nglish beaches, Mr. Denis 
owell — who has - already dealt 
itb drought, blizzards, floods 
id snow on behalf of the Gov- 
nment was named to lead any 
,jhi against pollution. 
Meanwhile, there were conflict- 
's reports over the early stages 
r the bid to save Amoco Cadiz, 
ack Page 



f 9 / 

Israel r - 

HAOBU ^y^- 

J ordan'"" — 

ioames peerage \ pw I : • 

Sir Christopher Soames, former 62. imni mirr nwinTi mtuTmrf-rnt- 
EC Commissioner, and Sir -Peter - L—. o«.wi*w | 1978 . 

'awlinson, former Attorney so l -i 1 L__i L— J 

eneral, are among 16 life 001 ^ bec .jin 

imed by Downing Street. The y; 

st is the first of its kind from iadex fell , to 63-9 (fill). The 

arrange a cease-fire agreement Lient-Gen. Mordechai Gur, s' S' c 

i directly with a “ sovereign ” Israeli Chief of Staff, did not ° y r 1 a 

Lebanese Government He added rule out the possibility of 
that the UN force being dis- ground forces crossing the i a * , tJt 

patched by the Security Council Litani, notional stand-off line fcgjgj^- eh / 
after last night’s resolution in between the Israeli army and ■ y 

New York would be welcome “if the Syrian - dominated Arab ISrsei : 

it could help.” peacekeeping force in the jH gggft 

But Mr. . Weizman ' carefully Lebanon, to silence Palestinian •. Jordan'—”--- 

evaded questions about Israel’s rocket batteries which continued . 1 
intentions, and the Cabinet to shell South Lebanon and 

clearly has serious doubts about northern Israel to-day. The Defence Minister told him 

the ability of UN troops to Mr. Weizman envisaged no UN that refugees could return to the 
guarantee security in the danger troops moving into the area area occupied by Israel, 
zone. ■ immediately because “tension is Gem Siflasvua exiri ut-r 

Fighting was still raging to- high and guns are cocked.” no^taetetriThad been 
night south of the Lrtam. The The effectiveness of the 4,000- f<j r Israeli wrtbdrawaJ but 
armoured columns, which moved man UN force, which is being he hoped a symbolic UN force 
rapidly north yesterday, combed prepared to help maintain would move in soon, possibly to- 
the area for gunllas trapped by security, would depend on m0 rrow. -He goes to Beirut to- 
the speed of the advance. "peace”— jn other words agree- morrow to consult the Lebanese 


PARIS. March 20. 

Prime Minister, is expected to 
present his Government's resig- 
nation to President Giscard 
d’Estaing on Wednesday after its 
comprehensive victory in yester- 
day’s general election. 

The final Cabinet meeting of. 
the present Government should 
take place on Wednesday morn- 
ing, although it is possible that 
the President may keep the Gov- 
ernment in office on a caretaker, 
basis to give himself until after | 
the week-end to decide on a new < 
administration. The new team I 
must he in place by April 3. 
when the National Assembly! 
metis. I 

The President will want to 
appoint a broad-based reformist 


i EEC GOVERNMENTS will not be 
ready to decide on joint action 
to boost their econuru ies until 
July at the earliest, largely 
because of West Germany's 
refusal even in consider fresh 
stimulus until May. 

This became clear at Ihe end 
of an EEC finance ministers’ 
meeting here to-day. al which 
Herr Hans Matthneffer, German 
Finance Minister, told bis col- 
leagues bluntly that his govern- 
ment wanted more time to assess 
the impact of the reflationary 
! action which it took at the end 
I of last year. 


The Defence Minister told him 

Other developments. Page 2 
Giscard — the nobbled victor. 
Page 22 

st is the first ofits kind’ from iadex fell. to 63J (fid!l). The decision to move forward ment of both sides to abide by a Defence Minister and Chief of 

r. CamgS whose t Sta£ ' 

.rurds 0 ^^ 6 m£m4,eiS ° f ti ° n 2? TWed to an* "nSdffii^SSSf 2S S 23? ’ ^ 

■e Lords. Page 8 per cent. . Israeli withdrawaL Mr. Weizman eartier met the 

Ihutto rintpre m vnmnvR it Israeti artillery to-night was Finnish Lieut-Gen. Ensio Siilas- 

muito rioters # EQUITIES were senei’sjjy stm pounding the Palestinian- vuo, chief coordinator of the UN 

uses, cars and a fire brigade steady in thin trade, the FT held town of Nabatiya, about peacekeeping missions in the &“t*w , ?P ecle<1 tOTal closer to 
nick were burnt out in Lahore 30-Share Index gaining. Li to 4 miles north of the Litani. Middle East to discuss deploy- .' " 

y supporters of the deposed 458.6. But South African gold Israeli land and sea forces were ment of UN troops ' . Othet developments. Page 4 

akistan prime minister, Mr. mines were down for the fourth 

liuttn. who is under the death successive trading day. 

?ntence for murder. Police used Y f "M "1 i‘ A 

?ar gas and baton cliarges to • GILTS lost further ground. fl AITlOflll *AAllln AfUlfPI I 

rcak up the protesters. Page 4 Short-dated stock ended a 1 B O il II vUUlU A CIHX JL1 LvF 

1AC Ifalu fraction easier. While long-dated •/ 

»AS aids Italy ■ securities Shed npto J. v # - • 

ronnier-lcrrorist cxi>erts from the • WALL5T8EET was op 4.68 nrntif in twn vAQr« T 

?ntence for murder. Police used 
?ar gas and baton cliarges to 
reak up the protesters. Page 4 

>AS aids Italy 

IIUIU uat — - - . * ; 

>pecisil .Air Service to help hunt at * *3^9 near the tipse. ; t ui, VUW ■ m.m w t v v 

m^^-flfiT^mi^'Thrmo^ • ^ ^ V ,>V'. 

onhounl-ed L^thc MiSstS 'of be . more accoidiug to tiic BY TERRY DOD5WORTH, MOTOR INDUSTRY CORRESPONDENT 

Defence, is at the request of the Comraitt ^ e * MR. MICHAEL eDWARDKS, will go towards the cut-back at sufficient. money is advanced for 

talian governmenL Terrorist “ British Ley land chairman, pre- Speke, where the company has only a year in the first place, 

nca&ures. Page - • JAPAN JEEC talks in Tokyo--- dieted yesterday tiiat the com- already written off its jigs and The results show that for the 

3»iH6AM waI-mvm 0° ways .to cut Japan’s trade pany could “break the back” fixtures in ease the unions pre- first time since 1974. British 

rimers return surplus— are making little pro- of its problems and return to vent their removal to Coventry, Ley land has lost is place to IC1 

Leyland ‘could return to 
profit in two years! 

nca&ures. Page 2 

Winters return 

Vest Genoanv’s three-week print- gress- An EEC official warned healthy profits within two years, where it is planning to continue as the country’s biggest exporter, 
n" dispute 'is over and news- that failure of the- talks could if die. work force and manage- production. * Leyland’s exports fell in value 

apers should be back on sale threaten the world’s open trading ment continued to improve their The figures, which show total terms from an estimated £897m. 

n<i;iv Back: Editorial comment, system. Page 5 performance, as they have over sales of £2.6bn. last year, come ?“ calendar year 1876 to £S54m. 

C « ’ the oast few months. - m 1977, whereas ICl’s exports 

“B™ “ •- VICTOR of Jfl&an has sicnpd - •" ■ mfn fmm WWm tn fOUflm 

the past few months. - 
But tfie 1 group would need to 

Details, Page 7 
Lex, Bade Page 

in 1977, whe re as ICl’s exports 
rose from £822 m. to £936m. 

Mr. Edwardes pointed out yes- 
terday, however, that because of 
the lower import content in 
Leyland’s sales, the company 

Xian leader goes Rise 111: profits 

fill Wilkinson, Ku Klux Klan _ _ x _ Ia 

rape* rial Grand Wizard, was COIlieS TO 
.seported from the U.K. yester- 

• VICTOB of Japan has signed 1 T ■ * _ . . ; rose from £822 m. to £936m. 

luiumrlr vA.hnrn agreements with Thomson Brandt But the group would need to Details, Page 7 Mr. Edwardes pointed out yes- 

SUIWarK re Dorn of France on marketing and areelerate its rate d| investment . • aAh ' terday, however, that because of 

Tie 27.00Mon aircraft carrier manufacture of video tape tms year— it wu £96m. iati year ^ the lower import content in 

•ulwark has started a ten-month recorders. The video tape re- —to achieve this target He. ina . . Leyland’s sales, the company 

• eiit after two years in mothballs, corder tie-up, the first in Europe, not expect, any significant rise only ^ days before the Govern- remains the biggest foreign 

lulwark win be used as a sub- is similar to links between in profits during this two-year niezrC ^ due t0 its n 0s itioa earner. 

mrine hunter while the Navy's Japanese and U.S. companies, penod, on i,ey land’s request for Mr - Edwardes also revealed 

n rough-deck cruisers are being Pag» 5 Mr. Edwardes’ comments £850m. worth of further ttat proposed new in- 

uilt. followed preliminary results for 5^ funds to follow the £2 00m. vestment plan conteins a radical 1 

... , . T)J C a Innrnfifc 1977,'> which showed pre-tax equity an a £150m. loans in the funds away from the 1 

Clan leader goes JK1SC HLpTOlltS profit? of .£3Jsn. converted into last tiuee years. . : volume car activities of Austin 

■in AirsiiHnoan Vn Rw utan ' ’ * , , • overall losses of £5L9m. after Mr. Eric Varley. Industry Sec- Mcrris the specialist 

■ill Wilkinson, hu Klux Klan f a linlf provirion of £43. 9m. for the cost retarv is expected to eive car interests. • commercial 

SfiS rS? d ,i JviP-nZS. comes XO flair SuWngTR? production at gfS SttlB dem^ ^eMdes, and sperial products. 

„ iT Wilkinson 34. bad been • RAPID RISE in profitability Speke, Liverpool, and the run- although the Government, . 

C ‘7 :Sstcd S3 ifken tS Of companies in the first down of operations in Sooth through the National Enterprise 

or by aide months of last year came Africa and Scandinavia. Board, Leyland’s main share- who have not, yet dmeussed st 

‘ numeration offiSals who put to an abrupt halt in the final Some £24m. of these provisions holder, is likely to insist that Continued on Back Page 

i™” aircraft at Bathrow *?**«*: *** virtuM? no • • 

lirporL 086 in .trading profit net of stock : 

;22uiek, quick, slaw Hdlg KOUg btlllL ill U.S. ttilkS 

v rilish Rail launched its high quarter, seasonally adjusted. ^ 

‘ ■- seed train service to Edinburgh Back Page . . _ 

'■ js csterday — at normal speed. The ' - : BY STEWART FLEMING NEW YORK, March 20. 

: fearoesf until Hay ^when^t Sterests intte Ninian Fieldfare HONGKONG and Shanghai new capital for Marine Midland toe talks wai be -the possibility 

■ ilj rut 40 minutes off The making contingency plans to Banking Corporation, one of toe and would represenra major in- of increasing rts equity base. In 

- resent fl ve -and -a-haH- hour overcome delays to work on the world’s leading commercial sp . t ! t P ta i 

jurnev. Sullom Voc oil terminal in the ianks> is e^ged in talks which wh3ch made V 2 **?*** en _ d of 

j. One idea beine con- the first approach. 1977 — Marine MknanH has been 

, - ii sidered is construction of a this one of the least profitable of the 

triefly »•» £15m. processing ship to convert L ma {^. st ^ e bank ,.-^ as been extending its leading commercial banks in the 

■ - - w,r ? remanded g; ^ ^ ~ U f n SS’SS’SSffS lfl 7 8 

administration with the hope of 
pursuing a policy of “ political 
and social enlargement ’’ towards 
the Left Hi$ intentions will 
emerge more clearly when he 
broadcasts to the nation on Wed- 
nesday evening. 

The Paris Bourse marked up 
French shares by 5 per cent 
to-day. This was less dramatic 
than the 9 per cent rise which 
greeted the first-round results a 
week ago. But trading between 
the two rounds had anticipated 
partly the election outcome. 

The franc opened strongly 
to-day. but its price was slowly 1 
eroded in later trading since the 
market largely bad anticipated 
to-day’s results. It finished at 
4.801 against toe dollar. 

The Government will have 291 
seats in the new Assembly, a 
majority of 91. It will depend 
on the suoport of 148 Gaullists. 
137 members of the centrist 
alliance, the Union pour la 
Democraties Francaise. which 
reflects the President’s ovti 
views, and of six other coalition- 
supporting MPs. 

The Gaullists lost 36 seats, 
compared with the 1973 election 
but remain the largest groun in 
Parti ament M. Jacques Chirac, 
their leader, is hailing their 
resistance as a triumph. 

The UDF alliance gained 22 
seats and has signficantly evened 
up the balance of power within 
the coalition between themselves 
and the Gaullists. The scode and 
direction of the new Govern- 
ment’s expected reform pro- 
gramme will depend on how well 
these two groups co-exist 

The opposition will be made up 
of 86 Communists, a gain of 14; 
of. 103 Socialists, 15 more than 
in 1973; 10 Radicals of the Left: 
and' a solitary far-left MP. 

The longer-term attitude of 
the Radicals is doubtful, since 
M. Robert Fabre, ended his 
Continued on Back Page 

Germany dei-Hoed t-ven to join 
other EEC governments in accept- 
ing a scaled-down growth target 
of 44.5 per cenL for the year 
from this July. 

Herr Matthoeffer argued that 
such a target was unrealistic at 
a moment when there was un- 
certainty about general economic 
developments in the first half of 
this year. Last October, the EEC 
finance ministers had agreed to 
aim for 4.5 per cent growth in 
1978. But this objective was 
formally discarded to-day. 

Mr. Denis Healey, Chancellor 
of the Exchequer, did not disguise 
his disappointment at the in- 
conclusive nature of the meeting, 
which makes it unlikely that any 
significant progress towards a 
common EEC reflationarv pack- 
age will be made at the EEC 
Jieads of government “ meeting " 
in Copenhagen on April 745. 

Mr. Healey admitted time had 
been lost and indicated that no 
major derisions could be ex- 
pected before the EEC heads of 
government meeting in Bremen 
in early July— just two weeks 
before the seven-nation Western 
economic summit in Bonn. 

The Finance Ministers bad 
been considering a Commission 
proposal under which it would 
recommend what contribution 
each EEC country eoulu make to 
a concerted reflationary pro- 

BRUSSELS. March 20. 

The British Government 
clearly would have liked ihe 
EEC tn move more closely in* 
wards a common position before 
this 'week’s meeting in Washing- 
ton between Mr. James Callag- 
han and President Carter, at 
which world economic pruspi-rts 
will be reviewed. 

Mr. Healey expressed tIiso.ali<- 
fuctinn with the “uncoordinated 1 
way in which the recent l\S.- 
Gerinan currency arrangement* 
were assembled. He pointed out 
that the package had failed tn 
impress the foreign exchange 
markets and argued that, to have 
more impact, future moves 
should involve wider intcrnaional 
vu-operainn and be seen as part 
of an overall plan. 

In the ILK. view, the major 
industrialised economies should 

aim at simultaneous action in 
the five areas of stimulating 
economic growth, stabilising cur- 
rencies. controlling capital flows, 
conserving energy ami avoiding 

But in the German view, as 
re-affirmed here to-day. Bonn has 
already supplied appropriate 
stimulus to its economy and is 
unwilling to consider before May 
whether its existing measures 
make an adequate contribution 
to overall economic recovery. 


The German ministers also 
suggested that enough had been 
done to encourage co-ordinated 
action at the community level 
by raising the capita! of the 
European investment Wank, 
establishing the so-called OrloJi 
loan facility and by increasing 
the EEC regional and social 

To-day’s indecisive outcome 
means that whatever joint 
measures are agreed eventually 
will have little effect on econo- 
mic activity this year. Indeed, 
agreement would have to bo 
reached rapidly if there were 
any hone of achieving the new 
4 to 4 5 oer cent, growth target 
lit 1978-79. 

Accountants’ VAJT call 


be eliminated between regis- 
tered traders, the Consultative 
Committee of Accountancy 
Bodies recommends in a 
memorandum to the Customs 
and Excise published yester- 

Collection of VAT should be 
confined largely to those sell- 
ing to taxable consumers, doing 
away with a vast amount of 
unnecessary paper work by 

industry and checking hy 
Customs, ti says. 

The recommendations, if 
acepled, would make Indirect 
tax almost (he same as pur- 
chase tax, which VAT replaced 
in 1973. 

The committer stales: 
“Although VAT is a lax ou 
final consumer expenditure, 
because or the remittance and 
recovery procedure at each 
stage it becomes an administra- 
tive burden which could be 
almost entirely avoided.’’ 

Hong Kong bank in U.S. talks 


NEW YORK, March 20. 

Hop across to France 
this summer 

Briefly - . 

1 custody at Uxbridge charged petroleum - gas. 

In the fourth quarter of 1976 

he Ombudsman has found next f ew W eeks. Page 6 
ambridgeshire council guilty of ___ 

1 justice by allowing a 14-year- • BIRDS EYE will aoni 

ij.$ 14 days. 

teenager who used his car for 
’^v^wing skateboarders was fined 
uO at Lytbam. Lanes, 
ope Paul will not take part in 

oly Week services because of ■* ' 

-ifluenza, but he may be able COMPARlES 
> do so ou Easter Sunday. 

bible stolen by a German • BOOKER McCONOTXL ia- 
fficer in .Alderney in 1941 10 £5 

revent it being burnt, has been cent- a record £24.9Sm. last 
?nt back to its owners, in a year. «ge 
rown paper pa reel. * HEFWORXH CERAMIC lifted 

ivc Blacks died near Durban pre-tax profit to £?6.72ni- 
■ tier drinking home-brewed (HS.62m.) last year. Fage 25 
,quor, Sotuh African police said, and Lex 

next few weeks. Page 6 Midland, which could lead to the The group has a substantial U-S. Federal Reserve penrrisskm to 

_ _ acquisition of a u significant presence .• through Hongkong pjy a dividend. Now it is ■uay- 

i justice by allowing a 14-year- • BIRDS EYE wll announce to- po^n •• in Marine Mid- Bank of California. £e oldest ^ an annual dividend of » 

hi girl in their care to be kept day - whether it will rescind ^ . foreign^vraed bank in that State. share, down from SL55 

*S a room for periods in excess notices given to 1.200 workers The Hongkong and Shanghai TriSreinlSre^ 

.‘- 'if 14 davs at tis factory at Kirkby, Liver- Neither of the banks -would group reported total assets last Tn 10^ «■ iwn _, 

" aays. comment any further on the dis- jnne of £9Bbn_ and toe bank 111 1977 11 f eported net income 

* s — ”-~ l ^ P - K<1 cusrions, although Hongkong and S tha t mSS? before serurities.teansactions of 

• UNIT TRUST sales fell slightly Shanghai indicated in its state- ^alor U.S. financial institirtion S17 - 4in - “■ a share, a 

last month, but are still well meat that the possible stake in which -it had had a Iona- recovery from S&Jm — 64 cents 
ahead of last year, page 6 . Marine Midland would be standing correspondent banMne a share — earned in 1976. 

acquired -primmly tmtmgn Ihe relationship. Nevertheless, earnings per 

MAirauMina nf nfiWlv fijHied semn- *. x .k... ..A 0+4 it 

I .'vA" • • ■■ 5 

I' \ im . ' ■ . 

• \ne^ m % ik .. 

/ / 

purchase of newly issued securi- As far as Marine Midland is share are still well below the 
1 fees - concerned, however, there can be $3.41 a share reported in 1972 

The move would thus provide little doubt -that a big factor in when total assets were $9J5bn. 




Mws ta p ssLisr ssm ' oS%s= J + i 


.bbey Panels — . Si -J- 6 

3rcny£ Bank SSt 4- 7 

catson Clark 360 + 5 

jrmingham-Mlnt ... 65 + 6 

ourtney Pope 61 + 4 . 

'aejan Holdings S8.+ 6. 

*TV N/V 126 + 5 

tongkoug, Shfr Bkg. 277 + 14 

actios- Pride 54 +4 

^ &P. Poster 212 + 7 

xmdon Swt. Finance 40+5 
tills is Allen Intt ... 187 + 4 

<3fiins £33 + 5 

wawc - s£ + £_ 

Tim rose Ind 78 + 23 

.cynolds (TV- J-l ... 45 + 5 

eruricor - W + 4 

mart (J.) - 47 + » 

ue/ Finunw *44 + s i 

United City Mchauts. 53 + 4 

BP 774 + 10 

Cons. Plants J2S + 5 

Highlands « J | 

Malakoff- 80+6 


Treasury 11)% 1991 £IW«“ 5 . 
War Loan 31% ” * 

WfeMUHJ 213-20 

WlffisJfober - 12 

Yirie Cano - — ..... » “ J- 

Doornfontein 24i — 19 

Durban Deep 172—20 

East Hand Prop. 281-34 

Ccfld Mines. Kidgrtie. 63 — a 

Grootviei - S6 — 14 

Lydenburg Plat ...... 66 a- 

Randfontein Estates £8as — It 

Vaal Reds ££115 “ t 

Venterapost 172 — 20 

Viakfomeih 37—6 

European news nr...... 2-3 

Americas news .* 4 

Overseas news 4 

World trade sews 5 

Home news— general 6-7 

— labour 8 

— Parliament ... S 

French potlsr Giscard, the 

- nobbled victor ;.... 22 

OU tanker accidents 23 

Malta: filling the gaps 
when the bases close ... 3 
Old .Europe starts to buy 
Mid-West farmland 4 

Technical page 19 

Management page — ........ 13 

Arts page 21 

Leader page ............... 22 

UJC. Companies ... 2426, 2840 
Mining 30 


Sudan: The . opposition 

moves in — 4 

Film and video 1 ....... 12 

The man who won the--' 

Whitbread Trophy 13’ 

S. Africa's black squatters 14 
Boom at the top in Canada’s 
Argus Corporation .... — 32 

IntL Companies .... 32-34 

Euromarkets 32 

Wan Street 38 

Foreign %dianges ........ 38 

Farming; raw matwiaic ... 39 
UJC stock market 40 

The Australian motor 
industry’s difficulties ... 34 

Stock farms suffer as pas- 
tures wither 39 


Insurance broking. ....!. 15*20 

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Amlnnii tutns. 



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Money Markac — 

Men and Matters 2Z 

Racing 22 

SMcmm s 

Stara- uranDxdon „ <241 

To-day** Eveats 25 

TV and Radio 32 

Uab T nttte 41 

Welter 44 

World Vain af £ _ 3D 

Cos- Scat Fbncc 28 

Sire* uarfay 25 


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Soaker McCasnaH „ 3 

lialtid - A BingiQr 3 

Goner Baade » 

Diakt and • Scoff _ a 

B xnntlul Htal _ 25 

General Cobs. tee. 2fe 

dawetaw • 24 

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TBnw- asd KowaJI 27 

For latest Share Index ’phone 01-246 8026 

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Financial Times Tuesday March' 21 1978 

Italy Cabinet plans new 
anti-terrorist measures 


ROME. March SO. 

Tiir rrALUN Government rolved in last week's kidnapping 
lo-day called on the main poli- of Sip. Aido Moro. s 

tical parties to support new anti- 

terrorist measures which are d Communist Party 

SfCESS- l0 r b H announced h «* about - to£Eve“ powers* 11 $2 
? apet,al hahi.v even outside our country” 
meeting of the Cabinet. being involved in the kidnap- 

The request, put to parly re- ping, while Avanti. ihe Socialist 
presentatives in private by Si*. newspaper, has reported that “a 
Francesco Cossiga. the Interior political mastermind — with likelv 

Christian Democrat organ. H 
Popalo, sees guerilla techniques 
“of long-standing experience 
which are spreading throughout 
Europe . . . trained and armed 
by the Soviet Union.’’ Not for 
the first time, the newspaper 
mentions an alleged terrorist 
training centre in Czechoslo- 
vakia. and Rome police have 

Minister, coincides with the international links — can be de- already indicated that some at 


8 / 








J L 




growing belief in political circles tecied in the incident 
that “ extern j! forces" were in- Even the ordmarilv 


Sig. Ren a to Curcio Heft), believed to he chief of liie Red 
Brigade's guerilla group, talking to an aide in the Turin 
courthouse where 49 of the group are being tried. 

least of Sig. Metro's kidnappers! 
were armed with Czech weapons.! 

The search for the kidnappers' 
continues to be centred mainly! 
in the Rome area, and a third : 
car used in the ambush, in which • 
ail five of Si y. Moro's bodyguards 
were killed, has been found. | 

Sig. Giulto Andreotti. the! 
Prime Minister, presided rn-day j 
over a further meeting of the 
inter-minisrerial committee on 
security which is now per-j 
nianenUv in session, as is the ! 
central committee of Sig. .Moro's- 
own party. ; 

The Turin trial of Red Brigade 
terrorists is to continue despite • 
to-day's interruption, and one, 
leading Left-winger in the 
Andreotti Cabinet. Sig. Carlo 
Donat-Cauin. the Industry i 
Minister, has insisted publicly 
that “there will be no deals." 
An earlier statement purport- 
ing to come from the Red t 
Brigade demanded the release i 
of the Turin accused, although j 
a later statement with a photo- 1 
graph of Italy’s five-times Pre- • 
mier in captivity, ignored this j 
ultimatum, adding that Sig. ! 
Moro himself would be tried! 
" before a people’s court." I 

Shares up 
5% on 

By David Curry 

PARIS. March 20. 

French voters opt for safety 


PARIS. March 20. 


^ a ^ ___ cent.' of traditional 

rrVn n ch i, vo“«“ W ful7 r «S? ,C £ ILEtaiGt tattl M v.ral WcoMUtum- p 

“ re *“ — ■ kmk. S.". sms: STMTS WS KBS ttW 

THE POPULAR wisdom cited between the main Left-wing par- outcome of many seate The ao J5 e fo ?SJg^?h.?r a SSi S"iE‘ 

with hindsight by leaden of ties, on the other— worked Ecologists, although gaming a sJaiSiS: 

France's Centre-Right, is that better for the Government dlsappoiatiag^ per and the wSt There; 

some exceptions, such' asj 
parts of, 
region as a 



But on the basis of pre- from the other group, the same for the 

election soundings, or eveiT of was less" true of^ommuiiik sup- 'consistently. to^af' o«%f G °5 Vea I fsf nt h&ld °° 

last week's returns in the quail- porters voting for Socialists — In For Instance, in Clamarta to -u o t - se 

fying round which heralded the Marseilles, for instance, and formerly Gaulllst constituency In Lorraine, despite the steels 
anticlimax of the Left's cam- especially of Socialist voters giv-. just south of Paris, the Com- recession, the Government ^ t j 
paign. nobody would have bet on ing their votes to Communists, 'munists held the lead in the first only two seats. These included';, 
the overall balance between Left In nine constituencies, where round, backed up by a muen- tbat of M. Lionel Stoldru. Sec- 




and Right in the National 
Assembly coming out so remark- 
ably unchanged. 

In the first ballot, the various 
left-wing parties, although faring 
far less well than expected. 
Increased their share of the vote 
to 48.4 per cent. 3.2 per cent. 

THE PARIS Bourse celebrated 
the Government’s election vic- 
tory by marking up French 
shares ’ by 5 per cent, in 
to-day's trading. This was less 
euphoric than the 9 per cent, 
rise a week ago which greeted 
the realisation alter the first 
ballot that the Left was ftcad- 
ius for defeat, hut it takes the 

years ago. 

How did the Government 
"Majority” then romp home 
with a barely reduced lead of 
91 scats? Two factors emerge 
clearly from yesterday's poll, 
quite apart from the unequal 
distribution of voters per eon- 


Gains or 



losses over 





vote % 






+ 22 



- b 

— 6 


Opposition - 






+ 15 


Left Radicals 


— 2 


Extreme Left 


— i. 

Source: Mlnfnrr ef Interior 

Government majorities cannot he 

compared because of 

changes in 





retary of State for Manual ? 
Labour, who joined M. Marcel > 
Cavaille, Transport Minister. M. ; 

Michel Poniatowski, former jj 

Interior Minister (and also M- Rre 
Poniatowski’s son) in the list of ?2> 
losers. . gat! fit 

In Right-wing dominated Puns, pd . {>7. 
the Communists lost four out df ijs. ; £.'£ 
their seven seats, while the ; 0 f' 
Socialists gained their first seat. i, e . 
edging out a leading GauIIist, M. 1 0 . * 
Alexandre SanguinetH. " 

The Left strengthened its hold 
in the North, in the far South, 
and in the “ crown " of industrial 
areas surrounding Paris. 

But the pendulum which 

in last year’s local elections — 
giving Socialists and Com- 
The munists most of the big towns — 

made np Sunday's record turn- 

out mostly came to support the Lett had a potential majority improved Socialist vote. 

_ centrist and right-wing candi- of between 50 and 52 per cent.. Ecologists held b per cent., their yesterday swung in the opposite 

genera] gain over six trading , dates .while the Left could call the joint Left-wing candidate largest score in the Paris region, direction. Cities, such as -Mom- 

days to beyond 20 per cent, j on no extra reserves. was a Communist. Eight' were and the balance which eventuajJy peUier, Rennes, Besaaeon, ajirl 

The shares of companies on Secondly, and perhaps most lost fo the Majority. fell in favour of the Majority's Saint-Etienne, which, tost yeac. 

the Lett's nationalisation list 1 importantly, the last-minute pact On the other hand, the Com- centrist candidate. . ■ • ■ *°ted - e ?s el T. e * T1 V e ' I f*‘ w 1 D?J 

again performed strongly, cobbled together the day after munists came out pretty well. Overall. 5/ sea^ts-rnne in nine— may ora, .voted for Righl-wiag 
Thomson-Brandt and its sub- I the first-round vote between Their gain of 14 seats means were _won on _majontles^Of^Iess 

sidiarv CSF gained 27 and ! Socialists. Communists and Left- that they increased their share than 51 per cent. Here, the fringe In Burgundy 1 , 1: 
'** nor cenL rcspeclivelv last i wing Radicals failed to rally the of the Assembly proportionately vote played a key part. So, ra towards the Left 

_T Lrm. i 5T . . ... it-*- 1 — nnnel liien/Mdc did th*» rA!*inn this rnrm 

In Burgundy, last year's shift 
was .virtually 

Trial of urban guerillas resumes 


TURIN. .March 20. 

THE CO.NTR OVERS TAL trial of nearly two hours, a compromise and reminded him that bis uncle 
49 members or the Left-wing Red was reached and television crews had died as a partisan. 

Brigades guerilla group, which and photographers were let in The trial is due to continue; 
claims to hold the Christian briefly. -to-morrow, when judicial procc- 

?M? vi« T r, p, « rt> ii cha,r ™"* S.g- Once the cameras were in dual elements might possibly 

AWo More, finally resumed here court, the accused, in a steel rai3e a constitutional issue that! 

vage. used the opportunity to i n turn w0 uld postpone the trial 

week, and both moved up 
again to-day. Boussei-Vclaf, 
Sain L-Go bain. Creusol-Loirc 
and the financial sector were 
also targets for buying. 

The decline of gold on 
world markets, combined with 
its no longer being needed as 
a refuge of last resort follow- 
ing the election result, caused 
sharp declines in the prices 
ol gold itself and or gold- 
linked gill edged. The 41 per 
cent. 1973 dropped through 
Frs.700 and the Napoleon coin 
continued its slide from a pre- 

parties' supporters behind the more than did the Socialists, and. some constituencies, did the region, the Communist majors* 

I alliance. that they have absolute control proxy votes of Frenchmen living region, the Communist maqors 

I The formation of election pacts of three" deportemenfs. abroad which the Government has of Reims. Epernay, and Chalons 

i — between Gauilists and Cen- The non-aligned minority par- been accused of gathering by were beaten in tbe bids for 

! trists. on the one hand, and ties played a crucial role in the irregular means. parliamentary scats. 



Chinese reject Soviet proposals 


SOVIET UNION said to-day tiaoos it had advanced before.’' representatives “at a. sufficiently] to close plants ... 
China has rejected a Soviet Tass did not elaborate on what high level" to /facilitate agree-. i _ .. . -- 

may have 

The Slate evidently intends to hurl abuse at the court and shout several months* 

prosecute the tnal. postponed on slogans like "Moro i> in the ^everai m-intos. 

two previous occasions over the hands of the proletariar." and Defence Jawyers a 

npointed l»v 

past couple of years. The trial :: A"mucit more' serious trial is t | l ‘? Court indicated to-day that j 

is regarded here as a major test takin 11 place outside " u refer- accused are insisting on con 

for the State to see if it is once to the Red Bridages' claim ducting their uwn defence. But| 
capable of administering the t hai ihev would trv Sic. Mon. in since Italian legislation stipu-- 
ordinary course of justice in nne 0 f "their self-styled " popu- late* that defendant; must be- 
spite of the dramatic events of lar" courts. represented by counsel, the, 

* e %i^, ? .LirJ?? ur u’ . . Fifteen of the 49 defendants matter, if not over-ruled by the 

All jury members and lawyers apDearec j tCl -dav in chain-.. The Court, would have to be referred/ 

wSi this morein/despite^con Proceeding were ai moments lo The Constitutional Court 
enun mis moraine aespiie a con hifihl> em<ltion2 i. anU even the However, this would not repre 1 

certed mtimidatinn 
recently unleashed by the 


Mmmicn nijpiij tmuiiuu:!. 4uu even iav 

, he Red cha ’f TU ^ f1 , °f. the bench, who up sent a failure on the part of the] faa°"hat ^he" election 

to then iiad been only reading State to prosecute the trial.! 

be Interior Minister bad out tbe charges, which include Indeed, it would not be unrea-, 1 ^,, parl in [ S 

..., ;ed to ban television coverage settinc up of "subversive sonable t>. assume that the State uoweier. ihev ; 

of to-day's proceedings, but atter armed bands." turned to 1 Renato might not bo totally averse • -- **•-*-« 

a protest by cameramen which Curcio. the ‘■o-cjlicd " itleoioci- a delay while police are e 

delayed to-day's hearing by cal” leader m’ the movement, tinuiny their search 



The French Trane was 
marked up sharply at the 
opening to-day at around 4.55 
to the dollar against 4.66 on 
Friday, hul it slowly weakened 
during the day to end at 4.60 1 . 
A similar pattern or a <irong 
opening position being gradu- 
ally eroded during tbe day 
was true of the price quoted 
for the D-Mark (2.2260 to 2.26) 
the Swiss Trane (2J9 to 2.41!) 
and sterling (8.67} to 8.77Jj. 

Dealers said that this nuta- 
tion was probably influenced 
by some profit-taking and the 
\ ietory 

had been accounted for in 
Iasi w&i.’s rise, 
remained confi- 
dent in the ■strength of tbe 
currency over the next few 

WOLFSBURG, w.- Germany, 

March 20. • •: 

election high or more than ! proposal for drawing up a joint the Chinese preconditionsr were ment on a mutually acceptable 

Fra.30Q to reach Frs2!35. declaration of principles which but in the past the Chinese have joint statemer fc 

: Moscow sees as a step toward Indicated that mutual troop with- possible time. 

i the improvement of Sino-Soviet drawals along the Si no-Soviet . The news agency said th e j have l0 dogg down production 

! relations. border must precede discussions Soviet Union has stated its readi- 1 at ils sis finSc plS from 

on improving relations. ness to put an end to “the iMaTCh ^ ^ metal- 

in the North 

The Soviet news agency Tass 
said that tbe joint statement, 
proposed last month by the 

an end to 

The Soviet' Union has made a present abnormal situation" ; ^rtere' strike 
number of conciliatory gestures between the Soviet Union- and j Baden - North 

proposed last monin oyine towards ^ Chlne se since the China. As in the past Moscow!^" 

Presidium of the Supreme Soviet d)?ath of Muo a year 30 d a-half placed full blame for the badi Kt30kp _ m _ airf ’ c p y 

to the Standing Committee of 

. n . . ago. Moscow ended its lull in state of relations on the Chinese. 1 
ihe Chinese National Peoples a hti-Chinese propaganda last Tass said the Chinese leader-* The closures will be unavoid- 
Congress. would nave pledged jj a y t however, and, as far as is ship's stand indicated “that their a ble because of the sbut-off in 

known, bas made no substan- words are at variance with their | component supplies from firms 
tively new proposals on sensi- deeds," a charge the -Chinese;*® stnke-mt region, he said, 
live new proposals on sensi- have also levelled against the company s main component 
along the border. Russians. Tass expressed confid- s “bPj* er 1S Robert- Bosch GMBH 

The Tass report, which con- ence that relations between the! w f Uch * together with a number 
I Tass said, however. th3t the firmed reports from Peking by Soviet Union and China will be 
i Chinese leadership “assumed a Japanese, sources,,, - said;.. .the restored J>ut said the matter will 
negative stand” and “repeated Russians had suggested a meet 1 - depend “on what attitude China 
.unacceptable preliminary condi- ing between Soviet and Chinese will take up."..: 

the two sides to base their rela- 
tions on peaceful coexistence, 
respect for sovereignty, non-use 
of force and oon-intereference in 
internal affairs. 

%m.vr- vV X **;•*“?, !!?v >«& *'• *rir 1 ' 1 '!' ' ■ ' ' ..i . Vf-. 


Wo aid you like :o live on Avc-ve ,r. rsr-.s’ 

Teen you nughtas well live on tne or.r hoe: rh-* r.nnt 
side ao you go down. The sunnv s :di; fO 
Pioe. AI! L h .e great .-ceeis of i,i; -.vetid -a-e r 
besi side. On Avenue Foch. for a tne r-r-'-c 

sough: af'.er has teen the even r.vmb.r s:oe. Tr.e 
£0 side. 

Ha'oiter .’.venue Foch 4 Paris ?• Autant habits? 
1? hi on cote. Cite croi:. cuar.d cn descend. Cote 
sclcii. Cote rinquame. Toates ies grar.des 
avenues du ent un bon cote "Avenue 
Foch. deems un s:e:-!e, !es plus 
som les numeros oairs. 




fiJA 1 } 


A* number £0. a nsv: develop . 1 11 be.r.g 
one that r'annfuily :e:7ec:s ir.e rp:::: cf Averue Fccn. 
With duee, feu rand five room apart. t.-: r.:s v:- surer- 
suucnrre? A.nd W’ib four, s::: a"d eijr.t rc-crr. 
houses in me lower pai:. complete ■.vin'paiio.' piano i 
areas ar.d hanging gardens a :c=j 0 ! -J00Q rguare 

L-j etneuante A.u numero cmquan-e. sed j;e 
un snsemt-ie ncu'/ta u ei treo i:ce!e a iA.v—n-e 
Foch Avs-c des de 3. A. 5 p.eres 
cians :es superatruc tares 5- avec -des .-.d:ei3 
ratiicLiiars oe A. i. S p;eres dsn 3 la came basse 

cu se me!en : ca-ios, verdure, ; e:dms sue- 

meters of outdoor living space 

out cl 5*00 

pendus ■ at: tedi. •lOu-j m- oe verdure surles £533- 

Apartirents and town houses, “ho :r- ; e be.r.g 
created by the archiieot and the ir.:4:ta: o£3.?r€7 -3 
“sione and bronze tene". in the rtaomon of •-.•.ei'.'.m 
that leads 10 me Bcis de Boulogne :: r.o.v-rvr', ’. 
style in which r.oihing is rigid, a sve v. 1, lf: = free -.r. t 
flowing concept of space Tr.e rooms are designe.a 
for entertaining but have :hat feeling Lc: uiMTiacy and 
warmth that is so much a part cf our tasre today. 

The building program has been planned ts let 
you reach a decision now on anv intamcl fittings you 
would like 10 incorporate, unless -on prater ittuss 
envisaged by the architect ana designee, 

-’'-ppartenvsnfs e ' noE'Sis psrtt ruli-rrs. Lsr- 
C!i:i5ct4 ■=•! !=■ '--r.rora’eur cr.t vruiu ur. s: !e 
"c:erre c.: ton sr;r.d4' dui rsepsets it ir= 2 .UvP. 
de i'AvenuS du 5c- -3 msifi qui r.= ri-r. de r.g.cte. 
crace f> une concept ton ties Lore des espar=3. 
i_es pieces sont con cue.; pc-.ii re revoir. me:.? 
dans un eeprit d mumi'.e e: de cheleur :eu‘. e 
dans !e gout actuel. 

Le calendr'.er oes fravaux. H es‘. emeu 
qu*. clep (n«!P.r*nar.i veus putss-eu vc us decider 
slit Ies'z :r.te:;eu:3 cue vcjs 
senna: tec - cars le c?.s cu vcua er 
d a utres que ce>ux p rev us par . errr.'.ej.e e: ;e 
decora teur. 

■ ^3^- 




Madretmg coir.pan'~ Sr GIi former! toss: el Fj 
3S. me de 1'Arcade, 75003 ?arj, seL -55.-1US1. 

Esr.«:j d« ' ■■ y 5 

1 'i. m ie i Area 2c. 7 Til 







50, Avenso Foch, 75116 Paris. TeL 500.44.65. 

Viewing every day from U a.m. to 6 p.m., AetuellemonL to os les jours, de 11 B 18 h, 

except Snaday and public holidays. sauf dixnanche et jouxs feries. 

Saturdays from 10 a jh. to 5 p.m. Samedis de 10 h a 17 h. 

In the reception and sales r. Dans le ball d’accueil et de vente : 
areas: models, drawings * maqnettcs, plans 

and “log book* ^ et "livret de bord 1 ' edits 
Published specially A votre intention 


2 r 

Danish gas reserves estimated 


STOCKHOLM, March- 20. 

of other important suppliers ia. 
tiie Stuttgart area, has. beort : 
closed by strike action since last- 
Wednesday! .. .\ 

Volkswagen has 106,000' 
workers at its domestic-plaiits. ft.. 
Wolfsburg, SalzgiUer, H jHio*"er, 
Brunswick, Kassel and Emden. 
Reuter ' • ST 

DEN^LVRK COULD obtain about Golyer and Macnaughton, had in- target for the expansion of thej 

Optimism on 

_ . iii- iwgsi iui uic eAfjauauiu uic _ 

15 per ceat. of its current energy dicated that reserves were suf- money supply, writes Hilary I lllrPrl Af'AIIAtnv 

Mtu- Barnes, in Copenhagen. In thef _“ l ' v ' u ^wllUUIJ 

needs from its own offshore gas ficieat for commercial exploits- Barnes, in Copenhagen 
reserves within six years, accord- tion. annual repon published at the 

ing to an evaluation just pub- In addition to the Cora Field. ead of last week the bank said 
lished by the Danish Under- estimates that the Dan th at the money supply should not 
ground Consortium (DUC>. Field, frovn which oil is -at be ^owed to increase by more 
The report estimates reserves present being produced at a than it did in 1977, when it rose 
in the largest North Sea structure, rate of 500.000 tons a year, con- by 9.8 per cent 
named Cora, at 34-41bn. cubic tains a separate zone of l(M5bn. A condition of keeping the 
metres of gas. The Danish Govern- cubic metres of gas.. The Gorra growth qf the money _ supply 
ment and Folketing (Parliament) Field, for .which DUG has sought (M2) . within -3his -: limit. ■ «a& 
will now have to -decide whether a -permit to develop _the;rnrl ;ibreesaJa 
to go ahead with construction of reserves, conld provide -up-ft-o’-the nOtPtfank .SEdgp. to4 

a DKr.lObn. (£920m.J ga>s distn- 10bn. cubic metres df'assdclatecT-'financeiihe budget, 
button svstpm and pipeline. ?as “under favourable circum- Bank- sjiid that . = this . - . fetbrn 
Ai a cost of Dl\r.l.6bn. (£147m.) stances." The smaller Brent gas together with - the • need to 
For fipld development and could supply about 9bn. encourage --foreign borrowing, 
DKr.lObn. for a 24-inch pipeline cubic metres. would mean that Denmark's high 

to carry the gas 217 kilometers to But the DUC has reservations !? lerest „J atef Ieve * W0U *J? c 9 a ’ 
the coast of Jutland, the DUC cal- about the feasibility of exploit- Th® effective 

culares that it could start pro- ing the gas from these three r®ta ra . ° n -bOtids last week was 
duetton within IH years of the fields, emphasising the an- 16.2 per cem. 
signing of a sales contract. certainty attached to producing The Bank forecast a reduction 
After a build-up period of two gas from chalk ‘layers. in. the current balance of pay- 

years it could deliver 2.3bn. cubic The ^as plan is politically con- ments deficit; from abput 

metres a year for a period of troversFal. The Social-Democrat S^bn. last year to _ about 
about 12 years, after which the Government has argued that the DKrTbn. but it said that further 
annual output from Cora would ?as would give greater security progress in reducing the current 
era dually decline. t' 0 national energy supplies and deficit -would he ctifficuU- .. Re- 

DUC is a partnership of the heto reduce Denmark's depen- paym&tfs on pubETc StfftO'Wiebts 
Danish company A.P. Moeller, den'ce on oil imports. The oil alone xtouJW hwrease by. about 
which holds the sole concession companies and opposition poli- DKrlbn. a year in the next three 
for Danish oil and gas exploita- ticians have suggested that it or four years. : 
tion. witli Shell. Chevron and would be more profitable to sell The report ■ said that 
Texaco. It was pressed by the the gas to West Germany, where country’s net foreign debt was 
Danish Government last year to a distribution network already DKr51bn. (which, is about IS 
evaluate the North Sea gas finds exists. per cent, of GDP) at the end of 

after a report from an mdepend- O The Danish Central Bank has 1977. an increase of DKrl3bn. 

By Charles Batchelor 

AMSTERDAM, March 20. .. 
DUTCH consumers have grown 

eni consulting company, De for the first time announced a over the year. 

more optimistic about economic 
prospects than ftey- were towards 
the end of last year, .according la- 
the result of a sviysy^ CprrideC 
.out by tfae ^Centr al—S tgtistig 
lp _ Tf jP ffice - ‘ Expectations-.^ •' ttef* 
"The economic sitttiCtBBi* gid* 1 

pldymeht,. prices .and-niBireobSC' 
financial- • circumstances’ 
showed an improvement-in- tirp^ 
survey, carried out. In Jamiawv 
among 2,000 consumers. 

The number expecting an im- 
provement in the economy over •. 
the .next year had more than 
doubled to 28 per cent from 12 
per cent in October. About 
32 per cent, expected the situa- 
tion to worsen (54 per cent in 
October). . Those expecting an 
improvement in the economy 
over the next five years' rose to 
36 per cent -from 23 .percent. 

The ^consumers ^lajjayiewed 
were also :moch le®j»efflimistic 
about employment ^Theaura b^ ' 
expecting unemplojTiiienC to 5S-" 
the i-crease over the nest J&'.'jnOntES”: 
jihad fallen to;5i per cent frdin 
82 per cent in October while -» 
those expecting a decline in un- - 
employment rose to 17 per cent, 
from 4 per cent 

Gibraltar-Spain sea links may be restored 



AGREEMENT ON re-establishing relations between Spain and However, despite . the'. ; im- by ^ ' developiSSri&JatiS^: 

T-! h r-fu C thp 0 qni n kh Glbraltaf ' proving elimate.'of co-operation, between- Britain aW fr^ oi " 

mairUnd b Is expecred S ?o be ^ restoration last December there remains a wide gulf on the uiMt as .tfaei^|omnflncj 
reached in the summer when of telephone links with Gibraltar fundamental issues which, have Market 517 d NATi >-- -_ T „ 

followed " 

'T\ ^ 


■ V'VVV- V-* . 

Anglo-Spanish talks are resumed touowea the Strasbourg talks, always characterised this .cen- 
at ministerial level, ir is t-onfi- Officials from the Gibraltar Tele- turies-oid dispute. “We have 
djnrlv predict in Cbraltar ,, D ^ en = ; created a spirit of dialog with 

been to Madrid, at Spanish invi- 

of out surrendering principles. 

said Sir Joshua. 

Such a relaxation of restrio [^1°"' h W3yS 

tions would not contradict in] P ro in =- the service. 

Spain’'' strict interpretation of It is significant that after so __ ~P “ :. he ana , 
the 1713 Trcatv of Utrecht on many years of sabre-rattling, a !? ade reference at the. Paris talks 

which i<? ha^ed her present 15- framework is heiag built which “J a motion Pa^®d unanimously 

vear blockade of tbe Rock. sliould enable a gradual casing 'J 1 th * Gibraltar .. Howe of. 

dSrsSt. z «*T M ‘ ns “ 

«’ rtd sc^ '"'.nd^SS 

sSanis? nopS number. Sr. ° a f t h a j k5 . a T iU snowball. 10 a, stage, te -the 

Marcelino rireja Also at the ,ii?v tinn V ten ?' ***** 11 

talks, as part or rhe British dele- ' njl V* a situation. possible to reach agreement on 

carton, were Gibraltar's Chief A clear indication of the **}. autonomous • status for 
Minister. Sir Joshua Hassan. and desire that exists for a better G‘braltar, given Spain's policy 
Mr. Maurice Xiberras. the leader climate is tbe agreement to form on regional autonomies, 
of the opposition. at least three working parties to Gibraltar’s 'leaders have already 

During the four-hour Paris m a d e clear, with Dr.- Owen’s f nil 

meeting, both sides agreed that ? art * su PP 0l V that -any -proposals en- 

the atmosohere had improved \ J“ e ' ™ilor- constitutional 

since the first encounter at Stras- ' a .^ 1 secui rig benefits change would require approval 

bourg last November when Gib- !, or workforce with- by the Gibraltarian "people by 

raltarians and Spaniards faced drawn suddenly nine years ago. referendum. . ' 

each other for the 6rst time — Other expected areas of co- For the moment, then, both 

an unthinkable development operation Include a gradual sides are Intent in. keeping the 
prior to last year's Spanish build-up of trade link* which dialogue open, evolving face- 
general election. were also severed years, ago- as saving formulas which will help 

This increase in confidence is part of thr Spanish campaign to reconcile' hitherto entrenched 
seen j? a precursor to the estab- regain sovereignty over the positions, a continuing process 
Ushment of better and durable Rock, which is bound to be^nauenedd 


To ront a car >n London. 
Bristol, Southampton, 
Wa rich os ter. Glasgow. 
Edinburgh. Birmingham, 

. Gatwick, Heathrow, 
Brighton. - 
*%+*■ ... - 

01-848 3031 

^ Or your travel ogeor. 

. , 

- ’■ .-I,/ \ ,\ *5 

,v:>. " \'OtfA Jl 

» bu 



ir . 

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a •: 

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ie 1 

ip ; 












Lancia! Times Tuesday March 21 1978. 


Filling the gap when 
the bases close 


military with volunteer labour organ! sa 
* s . r* «a»ta are completely tioas originally created lor 
iCd down in a year, two impor- limited periods. 

" engage the Maltese Even more disturbing- are' the 

iinistration of Mr. Dom signs 'that . growth is slowing 

down' from 17 per cent in 1976 
is urgently stepping up to 9 per cent.’ last year, 
rts to conclude a new accord Investments seem, to be stag- 
a France, Italy. Libya and nating. . The rate at. which gross 
eria . that would guarantee fixed capital formation has been 
island's security and econo* growing dropped from 28:5 per 
■ wellbeing. For the moment cent, in 1976 to 27;6 per cent 
nee and Italy seem little con- Were the’ decline to become-! 
;ed by Mr. Mintoff's assertion steeper, the job of creating jobs 
t the removal of foreign buses for the 3,000 school leavers who 
n Malta will prove equally annually eome on to the labour 
heir benefit and ace therefore market would prove considerably 
>ctant_to provide Malta with more arduous. With imports 
ch- economic aid. ., ■ . growing rapidly, a visible trade 

ecend, the Maltese have to deficit of £M82.5m.- : soared 
reassured that the closure of beyond, the £M95m. mark last 
bases will not invite unneces- year. 

y political or economic prob- All this has not slowed' down 
is. Having brought the island spending on big public works 
the end of a 200 year era schemes or the creation of new 
rked by close military links state-owned industrial enter- 
fa Britain,- Mr. Mintoff’s prises. Other than, building 

'eminent must convince his , ' . 

i people that the fulfilment ,1 ' ,, . . . .---T--.. 

its political goals will not. ror all tiie gains • 
ve economically harmful. achieved, Malta willstffl 
(misters, backed by copious , .. - ■ ■ . 

to-date economic reports, Barfl put TO it tO* • 
e been drawing . pictures of replace the £M28in.SL - 
lalwart, sturdy, if not opulent f • * ■ 

nomy in debating this year’s year tMt WlllDeiOSt 
109m. budget in Parliament from the taSCS. 
se past few weeks. In 1977, 


economy -succeeded in 

Sing ahead at a commendable major airport, highway;- and 
e. GDP rose from £M189.5m. assembly ball .schemes, work is 
1B76 to £M217-3m. last year going ahead on the creation of 
out £290m.): Manufacturing a new shipyard and tL'SOOJHK)- 
ustry stepped -up output to ton repair dock at a. time- when 
168.8m. the bottom is falling out of the 

'ourisin. a linchpin industry, world's tanker market 
i gained added strength. Last In keeping with pledges to 
s r it earned for Malta a gross reform education and introduce 
34.5m. and with 400,000 a student worker' scheme,' 1 the 
. rists expected to visit the island’s' 200-year-old university is 
- ,nd this year the island's to have all but two ofitsseven 
ure as a leading resort seems facilities dismantled - . In future 
hold great promise. it will only turn out lawyers and 

’. surplus of £M19.Szn. on cur- priests, of whom already: there 
t account underpinned" * a appear to be- “ore; than enough, 
lthy balance of j>ayments The- -pro-Government newspaper 
itionr Standing at an all time Malta News has said of. this: “In 
i of £M3l8m-, the reserves now the short term the intelligentsia 
er Malta's total imports bill will have to be puj In cold 
more than 18 months. storage. ' Intellectual, horizons 

ocially the Maltese appear no can be broadened when .the 
better off than their imme- economic climate is favourable." 
■& neighbours in the southern A number of professors ~and 
Jiterranean. Housing is no highly qualified teacheir have 
ier in short supply. The cost decided to seek jobs outside 
iving. which may have moved Malta. 

ad at a higher rate than the Because of a nine-month-old 
.•ially admitted 10 per cent., is doctors’ strike, more thin 75 
ply offset by annual cost of leading Maltese medical experts 
ng awards and constantly im- who lost theirGoveranrent jobs 
ring end-of-year bonuses, have also left the island^ -Their 
Idren's allowances, and tax jobs have been given to- Arab 
iefs. ' and East European doctors, who 

ror all the gains achieved are costing the Government' a 
ilta will still be hard put to it lot of ; money. ' Despite^ these 
replace the £M28m. a year that problems^ Hr. MlnlofPs adfltinls-' 
.11 be lost when the bases close tration ^maintains that' ■’'tie' 
urn. Not only. are there 4£$l island's “date with destiny 
gistered unemployed but gn- 1979 will work out to Malta’s 
her S.000 ‘are still employed:: favour. 


Iraqi aid 
for PLO 

fly Our' Foreign. Staff 

AS IRAQI aid for Palestinian 
guerillas started: to arrive, hi 
war-torn southern Lebanon, 
Foreign Ministers of . the 
“Steadfastness From" — Syria. 
Algeria, Libya, South Yemen 
and the PLO — met In 
Damascus yesterday to tfiscuss 
the Israeli invasion of the area. 

Mr. Abdil-Haiim Khaddam. 
Syria's Deputy Premier and 
Foreign Sinister, opened the 
conference- on Sunday night 
and called on Arab states “to 
assume their, responsibilities 
by sending troops through or 
across Syria to reinforce - the 
armed struggle of the Arab 

Meanwhile, Iraq— not a 
member of the “Steadfastness 
Front"— has already begun to 
transport supplies to the 
Palestinian commandos who 
have fewer weapons and men 
than the Israeli invasion -force 
in southern Lebanon. Eye* 
witnesses . reported that 31 
military supply trucks headed 
down the Lebanon coastal road 
to the south and turned east 
towards the Palestinian strong- 
bold of Nabatiyeb which has 
been under Israeli .artillery' 
fire through most of the six 
days of the invasion. 

It is not known what type 
of weapons or equipment are 
being supplied to the guerillas 
but convoys are expected to 
arrive in the battle area at 
the rale of one a day. 

In Damascus, the “ Stead- 
fastness Front** meeting has 
split into two groups to discuss 
the crisis: a political commis- 
sion at the level of Foreign 
Ministers, and a military com- 
mission at the level of Defence 
Ministers or their deputies. 

The meeting is. taking place 
at the initiative -of Syria who - 
wanted, to 'J consolidate : the . 
“Steadfastness Front” and to 
co-ordinate their approach to 
the Israeli Invasion of South 

Commenting oh the Security 
Council resolution to send TIN 
troops to South Lebanon, the 
Syrian Government daily 
Tishrin warned yesterday that 
“in spite of that - resolution, 
and supposing it is imple- 
mented, who can guarantee 
that Israel will not resort to 
the same kind of aggression? 

“ The struggle In the Middle 
East has come to the point at 
which the condemnation of 
Israel! aggression is no longer 
sufficient nor effective. What . 
is really -needed-is a resolution 
forcing Israel to" withdraw ' 
from the territories “it has 
captured in. her 1967 aggres- 

Grim outlook for the peace-keepers 


IF THE United Nations foree. in 
southern Lebanon- is to have any 
real- effectiveness it -must. have 
the authority to engage In com- 
bat. -be extremely well equipped, 
highly mobile and rigorously 
commanded. This was the vfew 
of military experts here aw aiting 
the advance party of UNOTL 
(Untied Nations Interim Force 
in Lebanon). 

The tasks facing the UN troops 
are considerable, both militarily 
and politically. As it is doubtfuj 
whether the mandate for the 
force allows it to make a fighting 
entry into southern Lebanon it 
will first have to await the ces- 
sation of hostilities between the 
Palestinians and the invading 
Israeli troops. This in itself could 
be time consuming. 

Israel’s hew northward thrust 
to the LiatnS River has meant the 
occupation of another sizeable 
portion of Lebanon, although 
not the control of it. The terrain 
is perfect guerilla country: very 

hilly, wooded in parts and with 
only a- limited number of roads 
along which mechanised units 
can move. ' 

Therefore, although 2,009 or 
3,000 Palestinian, guerillas and 
their, sympathisers may fie tech- 
nically trapped south of' the 
Litazxi,- this does not mean that 
the Israelis can flush them out 
quickly.. And if they attempt to 
do so ’they face more of the polio- 
ally damaging casualties that 
they have been trying so hard 
to avoid since the invasion began. 

. Whether- the Palestinians or 
the Israelis will fully accept a 
ceasefire is questionable. The 
Palestinians as an irregular 
force, “ fighting haphazardly ” as 
they put it, cannot guarantee 
that once the political decision 
to stop fighting has been taken 
all units would obey. It has -ho 
control at all over some other 
combat elements. 

The Israelis also must know 
that if they are to obey the UN 

resolution demanding their with- 
drawal They will have to leave 
behind in the area between the' 
Litani and the border some well 
armed guerillas, something which 
will be politically difficult for 
them to accept. 

Bat presuming that the UN 
troops do eventually get in — the 
best estimates are that it will 
take them ten days to a month 
to achieve any sort of effective 
presence — it then has to be 
decided whether they are fully 
military in function -as well as 

Southern Lebanon is tradition- 
ally an area where every family 
possesses at least two guns, and 
there is no way that the Israelis 
or the UN troops can either dis- 
arm _ them or discover nil the 
guerillas’ arms caches. So the 
UN force will inherit a partially 
armed population, a number of 
guerilla fighters from different 
Palestinian factions and, of 
course, their, bitter enemies of 

the Lebanese civil war, the Right- 
wing Christians. 

The present UN observers 
stationed on the border with 
Israel have suffered regular 
humiliations and some serious 
injuries at the bands of the 
combatants. In order to prevent 
this, to maintain authority, and 
to deal with outbreaks of 

violence, the UN force will have 
to do more than ask any warring 
parties 'to stop fighting. 

As the price of withdrawal, 
Israel is demanding that the 
Palestinian guerillas not be 
allowed to come flooding back 
In. If that be acceded to, the 
UN troops must have the power 
to search, arrest and. to a large 
extent, police the return of the 
tens of thousands of people woo 
have fled their homes. The re- 
fugee problem in Lebanon has. 
become so vast in the past week 
that this has to be an -imme- 
diate priority. 

In turn, this raises further-. 

Christians and Moslems divided over UN decision 


AS Lebanon awaited the arrival ■ 
here of UN p cafe-keeping 
forces, Christian and Moslem 
leaders were divided about the 

Two Moslem leaders and 
former Prime Ministers, . Mr. 
Saeb Salam and- Mr. Taktoddin 
Solh, have Welcomed the UN 
Security Council resolution to 
dispatch the forces here. But 
top Christian leaders have 
immediately and openly ex- 
pressed reservations — insisting 
the only possible solution is 
complete elimination of an 
armed Palestinian presence 
from Lebanon and reflecting 
perfectly the Israeli viewpoint. 

Ex - President - Camille 
Cham oun said those who were 
behind the resolution (mean- 
ing the U.S.), did not under- 

stand toe problem. He had 
lunch lo^Uy with Mr. Richard 
Parker, American Ambasador, 
to discuss’ the matter. 

Mr. ' Pierre Gemayel, the 
bead vf toe Phalange Party, 
the- country’s principal 
Christian- paramilitary organi- 
sation which fielded the largest 
number of- militia to fight the 
Palestinian- guerillas and their 
Lebanese Moslem allies during 
the -recent civil war. said the 
stationing of UN troops here 
“will not end the disaster.” 

Behind the Christian reser- 
vations is a concern tint 
Christian-Palestin lan friction 
may recur now that the 
guerilla forces have . been 
driven out of the south by the 
Israelis and closer to the 
Lebanese interior. 

' The Lebanese Cabinet was 
holding an emergency meeting 
to-day under President Sarkis 
to consider the developments. 
The authorities- have been 
mainly preoccupied with the 
problem of refugees, whose 
number has risen to well over 
280,000, according to.Mr. Assad 
Rizk, the Minister who heads a 
special Government committee 
for helping them. 

As far as the domestic situa- 
tion Is concerned, the Syrian 
role Is now cntclaL According 
to informed diplomatic sources, 
the U.S. has urged Syria io get 
the guerillas to agree to a 
cessation of hostilities in the 
south and to co-operate in toe 
fulfilment of the Security 
Council resolution. 

Washington has informed 

BEIRUT. March 20. 

Damascus, toe sources said, 
that If U.S. pressure on Israel 
for toe implementation of (he 
resolution is to be effective, 
Syria -.must ensure the Pales*, 
tinhms will not disrupt it . .“ 

Syrian officials have intM~ 
cated their approval of the 
Security Council decision when 
they declared that they had 
no objection to the presence 
of UN forces in southern 
Lebanon as long as this is 
what toe Lebanese Govern- 
ment wants. 

Analysts believe Syrian co- 
operation in ensuring Pales- 
tinian co-operation will not be 
forthcoming unless Damascus 
is assured that Israel will with- 
draw its forces from toe 

Outside Bint Jbeil. Israeli-held Lebanon : Soldiers from the rabbinical corps collect corpses of guerillas. 

BEIRUT. March 20. 

difficult questions about the 
composition of the UN force, 
and its geographic disposal. Who 
would best handle the Chris- 
tians. aided economically and 
militarily by the Israelis, and 
who the Palestinians and the 
Lebanese ? How is the balance 
struck between ‘a force that is 
large enough to control the re- 
gion but is not so great that it 
can be accused of becoming a 
major political influence ? 

Opinions vary about the num- 
ber of troops and the amount of 
equipment needed. However, 
the present figure of 4,000 is 
thought to be an absolute mini- 
mum and perhaps 7,000-10.000 
would be rather more adequate 
militarily, given the difficulty or 
the terrain and toe mass of 
scattered villages and hamlets 
all of which will need patrolling. 
Armoured vehicles, artillery, 
helicopters and sophisticated 
communications equipment are 
*H .considered-, vital. 

. The six month cost of the 
operation is given as S6Sm. and 
the Soviet Union has insisted 
that It should be for a limited 
period. But as the Lebanese 
Government has no authority in 
this country, as the Palestinians 
do not intend to stop fighting 
for their right to a homeland, 
as the Arab world is in disarray, 
and because of Israeli attitudes 
towards peace in the last four 
- months, the chances - for the 
: latest UN .peace-keeping: TorCe 
;i.rr 'the Middle East /haying a 
.brief - or an easy slay- appear 
-remote.- ; *. 

---Our Foreign Staff writes: Lt* 
Geu- Eusio jSftilasvuo of. .Finland, 
"who is chief coordinator of all 
UN peace-keeping missions in 
the Middle East is to begin im- 
mediate talks on the withdrawal 
of Israeli troops and establish- 
ment of a UN area of operation. 

The advance quard of UNIF1L, 
the very apposite acronym for the 
force being hastily assembled, 
will be drawn from Austrian 
troops at present serving with 
the UN Disengagement Observer 
Force (UNDOF) on the Golan 
Heights and from the Swedish 
contingent of the UN Emergency 
Force. (UNEF) in Sinai. 

Maj.-Gen. Emmanuel Erskine, 
of Ghana, the UN Truce Super- 
vision Organisation (UNTSO). 
also operating in the Middle East 
has been asked by Dr. Kurt 
Waldheim, Secretary-General, to 
be the “ interim commander.” . 
General Erskine has been in- 
structed to deploy observers in 
the battle zone to confirm the 
cessation of military action 

Among the other countries 
which are believed to be willing 
or maybe asked to provide 
troops are Ireland, Norway. 
Nep.aJ,. Nigeria, the- Congo ;and 
Romania: Early yesterday, UN 
officials said that the first units 
were expected to arrive in the 
southern Lebanon within 24 
hours. — or by Wednesday 
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:: Financial- Times Tuesday Mart* 2ri9g 


China Thousands riot in 

Industrial .«■»«!* of Bhutto 


OUipUl 1X0 FOUR buses, three cars and a has retained considerable popu- 
PEKING, Much 20. flre bri ^ a * *“<* werc burnt Imty desgte the murder tare 
CHINA has reported a sharp today ra Lahore during a de- iSm 

!2!m* h552“ l y “2? 1 “S a* - 2P2WH5-* i 


ISLAMABAD, March 20. 

Halt ordered 
on bank 
in Nigeria 

Committee urges more 
liberal monetary policy 



THE UNITED STATES economy funds rate and the rediscount . r $5bn. and houre building* by. . ' 

would benefit from a more liberal rate because they xq?iraiimC.Si3bn, CANADIAN rtime.^Mluisu 

monetary policy. Moreover, inter* deliberate. . . -attempts" - to'-: #*'-4PnTtfceroiore,' : the . report Pierre Trudeau BW w Nc 

national factors, such as the value domestic monetary Instruments'^aimed. the federal budge 4 York to-morrow tn pe 

to WOO l 

with many industries turning sand supporters of the deposed orocessSm ealitoe on Seamen THE NIGERIAN Central Bank national factors, such as the value domestic monetary iostnsMats'^ajmed, the f federal bmget York wnnorrow 

out “more in the first two prime mister/ Mr Z. A. Bhutto, of the city to protest at Mr bas banned the country’s com- of the dollar, should not in to aebieve an- international. Jflir-; deficit would be ?lW5bn.^WCT -gua^ U& _bndjro 4ead» 

months of the the wh0 was sentenced to death on Bhutto's death sentence The mercial hanks from issuing new themselves determine lie rate of pose.- Intervention rn^^orM^jgTB if more liberal monetary 

first quarter of 1977. a murder, charge last Saturday, arrest of General Tikka, who documentary credits from March growth of the money supply. exchange markets, should ; be policy was implemented, . ■ Canada Is fmprsringv l 

The Peoples Daily said the fte incident the worst violence was General EiaV predecessor as 16 ™til further notice, a move These are the principal recom- strictly; limited . to .measures .-Generally, the ■ committee -feU He will also -confer WIE 

value ..of industrial production since the trial verdict was an- head of the army marks a bap- which observers believe may mendations in the annual report designed to correct ■ disorderly; the economy had made united Nations - Secretar: 

also reached record levels and nou nced, took place at a gate tism in politics for Mm Until herald the imposition of import Q f the Joint Economic Commit* markets'.” .» substantial progress over the general Kurt . -Waldhefr 




By Bridget Broom, 
Africa Correspondent 

. . uuvuvyu, luviv ULOUv ««. n. yj. IUJUUmI LUL mj 11 , hi n — - - ■■ w** "—r* m e — " . ouu>IUUtui>a f" “Cl _ I* . —t— iwa 

unprofitanie concerns cut losses. 0 f the old walled city in Lahore a few weeks ago he had no for- restrictions designed to correct tee of the Congress, published The report argues that return -last year but that nrawr possibly on Canada.’* rote In 
compared, with a very passive when a retired general and sup- mal position in the former the deteriorating balance of pay- thin morning- to the more generous monetary stimulus would definitely be UN peacekeeping force i; 

fn^ a S^ m 0,6 ™ quarler porter Of Mr. Bhutto, . Tikka governing People’s Party but was meats. The committee’s report breaks growth, targets of last yearwoiild ■needed t0 avoid Pf° blet “® southern Lebanon*. ... . 

t. Khan, arrived to address a meet- then named as additional secre- _ According -to reports .from along predictable party lines. . »«nnntntc The burden of providing Mme Minister Trad can wfl 

IJf** 1 f0T 5ng - PoUfee bad to use teargas tary general. In other parts of Lagos, the Central Bank issued ^ th e Republican minority have si^iificant JJJJ^JJ.that' should lie more with mane- convince VS fansines 

t/°hI C ift 0r l a ‘ti5n ^5f 1 Jv. of a ? ea ? and baton charges to break up Pakistan small protests have * circular to" all commercial advocating reduction of Govern- —though more in 1979. than in tary than fiscal policy. Aiders that • the - • -milln 

!Sp h nriv?niL t 5S? the P rotester s who shouted continued against Mr. Bhutto’s banks last week, ordering the ment spendins and assorted indi- the current year. ; : - ^^- '"Nevertheless,- both Democrat 2oiomy?ia qn lfr 

!l!™ p £ T b K l ? pat ' slogans against thet military re- death sentence. About 200 stu* cessation of documentary credits vidual members inserting riders But it quotes a staff anaiyris, and' Republicans urged the -^‘wran wowiy^qn ur 

te 5P M “ ; a *?° ?® e P broken. eime of General Zia-ul Haq and dents in Hyderabad burnt a “until further notice” and reservations of one form or. based on a 7 per cent p.hia rate Administration to reconsider the 

y Bit threw stones. General Tikka was petrol pomp and the Sind pro- The move, which is unprece- another. -of growth in Ml (notes m arou- . recently passed ' Soda!, security fXi XSItS 

n 5 arrested ahmg With about 20 vinrial authorities have had to dented on such a scale, is be- But on the central issue oF the -laitiori and demand deposited -Quit.; tax. increases -and their, poten- ram 

f be i? rt iea! ln secticide. others. dose three colleges. ..In rural Iieved to be in: anticipation of 0 supply. the majority concluded, .that 'the- IflTtf-jgfe tkHy adverse impact on the S Sr 

ifoT* Later groups of youths roamed areas there are reports of sabo- the Nigerian budget, due in a repor t states that “Domestic would b<»- S40bo,'. higBef^^ml economy. Such ' moves' are, of ^Jeau may mwnaw* . m 

engines and li*ht industrial pro- parts of the city shouting slogans tage of railway tracks and week ■ or two V; tin^e. Although tW} important an growth- would be.up. by a*full per- djufse, already afoot in Co.n- estranged wire, ^sargaret. 

aucis surn as cotton yarn, jp support 'of Mr. Bhutto, who breaches made in canals. there is no official confirmation, n hi«>tive to Derm It “monetary -centage point unemployment -cress, while no less a personage In his address to the Econo 

chemical fibre, paper, cotton 
cloth, sale and cigarettes. 

The most heartening aspect 
was the cut in losses, the paper 

Compared with January and 
February Inst year, total losses 
decreased 45.9 per cent, while 
profits in industry and communi- 
cations are generally increasing, 
bringing about an excellent 
situation in national revenues 

F oreigri bank rules 
may be liberalised 

it is widely thought in business nn ii»y to be diverted to otber down bv 0.5 per cent^'and^ as than the Speaker of- the House, mlc Club of New. Yofk, Mr. 
circles that Nigeria will extend BoaIs . additional' 500.000 jobs ;craatoL Mr. “Tip” ■O’Neiii, has urged Trudeau will probably stresi 

fkA .O/VUC mnvi Aflltt ® .. r- 11 JL W &V.' f.l I iMnniwi’AtaV Al. — _ Ml 4*. MmA VllltV, <1 fa. flllllfwwi ' TVn 


KARACHI, March 20. 

Tbe Government is actively few branches in the whole of the 

unseen in the past, it reported, considering the possibility, of country and this would not been, running .a balance of pay- .... - m «» .« tn^ noninarpt 

: liberalising Its policy to allow affect the business of the. local ments deficit, estimated at. some tht. CARTER Administration^ the long “lead time" hycanay power altogether laid said that **■* wfthtt 1 

■ttin'l foreign banks to open more banks. - - 500uu ' naira (Mlfira.^ for the attem p t .gpeed' U p the israing much and fears that -it will. be-»t opponents would be able to raise 2 AfraftMwork of abocanoml cl 

JdDEll S 1 si! branches in Pakistan. Official Meanwhile the crufeial. issue of firat half of 1977, largely ^ u 6 40 of licences for new. nuclear the mercy- of unpredictable health or safefy is sues at any anl j. finrf 

* - sources here said several fin an c- y, e future of nationalised Pakis- the fall in sales of petroleum, pover plants, announced at the standards set by individual States time during the construction of : 

crpAl niltnilt mstitiitions m the ■ Middle tani commercial banks remains Although crude- oil production week-end, has already ran into which will vary widely - -- a plant- Mr- Trtideau will explain 

au-v* uuipm Eiast and Enrope have applied to unresolved. According to one for 1978 was originaUy planned some opposition from environ- The core nf . the plan is . thait Environmental objections, how- recent moves by^his Finance 

bife l 116 . Government expressing -reporj some of the nationalised at some Sin. barrels aday, a y e T' mentalists and- the nuclear henceforth the Nuclear Regdla- ever, could be raised only once. Minister, Jean_ .Cnretten, to 

11113 desire to expand their business banks ^ handed back to age production in 1977 was just industry. - torv Commission would istae AP-DJ adds: The Supreme shore up the Canadian dollar 

inn™ in Pakistan These applications t heir previous owners. This runs over 2m. b/d. nrtth production Mr . James schlesinger, the combined operating and constrae- .Court denied a request by which has dipped to its lowest 

JIUU1T1* lOnS arc m addition to the three counter to suggestions, so far. falling substantially towards me Energy Secretary, disclosed on tion licences on the. State . General Atomic Company to stay level in 33 -years. • 

international commercial banks t h a t there is no question of de- end of the year. Estimates for Friday afternoon that- the new approved sites bat the NftC farther proceedings in the pend- - Mr. .Chretien has announced 
which have already been granted nationalising the banks taken PC°^ uc ^ J ,j n n J anuary are on,y Carter plan calls for the cstab- would not as at present, also -be ing uranium lawsuit between the D Ians to borrow money ttr 

normtscinn tn nrwn nffimi in . , 1 Sm h/d . . .. .. ,, .-7. . - ~~~ j Kr„-i» n w 'y . 

the estimated -20-25 per cent of f « therefore oppose the On top of this; capital Investment' ifce Treasury.- to- come up with a 

its Imports which are currently increase in tbe federal would increase by a nirtfier revision, 

on specific import licences. ‘r-:-. . . . . 

While details -are, of course, — p — h. . 

not known at. this stage, any _7- . - - - ' ' 

KlwSrs Nuclear licences plan in trouble 

in 1977 amounted to £1. 088m. 

In recent -months, Nigeria has BYDAVID bell : - '."WASHINGTON. March • 20. • 

'WASHINGTON, March 20. 

. his opposition to. Quebec -Pro 
vince separatist aims which tht 
federal Government says havi . 
added to .Canada’s economii 
problems by creating on 
certainty. i 

. The speech comes. 14 montbe 
after Mr.' Rene Levesque, the 
separatist Premier. - of QucDfee 
addressed the eh»b tO.'jpresert 
what h'e saw as the sdwatages 
of a separate Quebec . wtthtrt.V 
the fraSnework of an- oc«|pomlc|!? 
asapdafioif with Canada. 1 

Mr. Trtideau will explain 

TOKYO. March 20. I 
JAPAN WILL be able to nar-. 


rawly attain tile 100m. tonne] over on January x - 1974 me 
mark in crude steel outnuL for I ^ hore , and Rawalpindi. preV ious government. Other re- T&epnnclpal^ 

mark in crude steel output for 

approved sites in various States sites themselves. This, was thfe Corporation- 

tonnes. compared with lOsilm.' the foreign commercial banks Offic ia Is will not be drawn pub- jOJ*™ 1 ,! JJ! e °V t e Mr - Schlesinger said that, if ^ ^cognition of this, Mr:-: daniages until ’Gehe^. Atomic 

in flsral I97fi. This is because operating in Pakistan would be licly on the issue but do not rale approved, it would cut Ihd Schlesinger noted in. his: Press? request ^ ^fbr high court review of 

cover the country's SC42bn. 
current account deficit. He 
also said that Canada will need, 
to borrow $Ubn. in. the. .fiscal: 
ye^r - beginning next qronth. * .. 
25- per cent.' increase -over the.- 
$8.8bn. in 1977-78. ' 

III 4I3». til ioni. 1 ilia lh HCUdUbC -- - Uic uauc mul uu hul iuic I ; _ ^=i ^ * ‘ ' ’ ^ in * u. ovuiw»UMi uuiGU iu. uw. aicw 4*.-.*... w- . 

stec! production in the Januar>“ hel P ful m bringing considerable out the possibility of including a, present average 1- years that it conference that individiud States' the default judgment could be nnnncp new 

March period, the last quarter of foreign exchange needed for some representatives of the prt h f n S talces „ t0 ! et jJS? would be free to ban nuclear acted upon.- 1 states. Oppose new 

fiscal 1977. is certain to roach development projects in the vate sector on the Board of direc- Jfthn 2£^ at1nE , t0 .. •■ tHX treaty 

23.9m. tonnes, about 300.000 country. They would also play tors of the nationalised banks, rcai Sihn nuclear optu » jJ tt “ ? Dl “J ' _ ^ ‘ ‘ 

tonnes larger than . originally an effective role in expanding They point out that even the £3S‘®? b l?nl in™ ba ^Iy aU^ In order to have All flflfiriTV lciUJC THE U - S -' B r* tIsh 

forecast. the country’s foreign trade— Government-controlled State bank £*2* i fte “SS W aiDIll!: OD CDCr&V lO-Wb ' Treaty faces a fight on 

This reflects increased domestic particularly • in increasing the has some representatives on its “25? 1 ® it c nU fJ3» m ^ lst ° f “ € ® b*h*i» flouf whpn it ramo 

demand for the Government’s volume of export trade helping Board from the private sector. hSE* 111 1 S ‘ aD ° a 

public works investments and car Pakistan increase its foreign Inclusion, of private represents- whi*«h ~ ««L < £it? l (? S tcm^ if 

production, it said. exchange earrings/ tives on the Board of nationalised .S® JPSp- in tone if 

NEW YORK, March 20: .; 
The Exxon chairman could not 

the January-March output of 

23 . 8 m. and 1 2 pertAnS^BM^OuC ^ ^ 

23.6uil guidfeline fortUffprei lg ug r* 
quarter. T T, |Ti 

Reuter I'iTS 

U.S.-Somaliameeting bn 

io external buum» 10 uumivc operating TO aoout six yeara. . - . . ...... • . • / • ' .j— , 

specific projects in- its N25.6bn. «rh' e nuclear option at this point - ireaiy ' 

(S41B4bn ). development plan, is barely aUvc. In order to have \T7' ri ^ A«br»Al*m7 Inure TECE NEW UA-Brttlsh Tax 

with a Slbn. medium-term loan fte nuclear option a live one, VV 31711112 OD CDGrCV I3WS ’ Treaty faces a flghl on the . 

having been signed in January w€ must have a reform of the ' T O O*/ Senate floor when It comes up ^11 

with a consortium bf U.S. and licensing process.” he said. by iohn wyles NEW YORK, March 20; ' 'for consideration -probably , *\I * ■*- •*»* 

European brnks. The hew plan^- represents a . some rime mart, month, Con* 

-The Nigenan budget, wbith significant departure; in tone if a WARNING that legislation The Exxon chairman could not sessional sources have said, 

normally falls at -the end of not in substance, from the vvhicb “creates the illusion” of resist an oblique reference to Reuter reports from Washing* 

March, may be slightly delayed Administration's eariter nuclear solving U.S. energy problems.! this attack in a section of his tq n .. 

this year due, to' the visit of policy. At the start of his term, would be worse thdn no legisla- speech devoted to outlining the The- Treatv which ' was 
President Carter to Nigeria, from President Carter won nrach tlon at all was given to-day 'by- main aims. of. nn energy plan. anoroved bv ’the Forelcn 

March 31-April 3. praise from opponents of nuclear mj-. Clifton Garvin Jr., chairman ■ Hp Wante d efforts to . “cut R»j n Hnn^ rommir^ latP laVt - 

it^M? i h^°t 1 nnih 0We ? r ' are ***** power 1 f t ?I T1 hiS ah aut n H r ^ u '.i : i i away the underbush of iinneces- week, contains a controversial 

lt,>y iH he.touri^.V* reservations, about.ttfe ^ nuclear vyorfd g^gg g st oil .sacy regnlationa.” oft and natural brovirion- -which effective^ ’ 

on • 

Uganda sKb^wgr 

flgandim' refugees ajtd jrf 
• ^ igadhi &^ gaPd ^ iBdEe ^ 

Ml in^eSfeurifcy 

SSs ritT?? m^crnmmmp i 

Emnoriiist-i at Whaunui Econo- • ct' AR : • refugees ^ 

met ric Forccusiinu A**ociatc*i OUR FOREIGN STAHr S&huavufto 

Hnkcd wiih tiw ‘ MR. RICHARD MOOSE. U.S. able discussion over President IhSVbym* 

PePit->- \ania predut ihai Mrvico.- Assistant Secretarj' of State for Carter’s demand that Somalia warrii^Bur 

African Affairs, conferred into promises not to. -violate the JSSoSf 

tient $JlSAm in’^«cu r i ty: ^pqhce, 
Renter reports fr#i Nairobi. -The 
'refugees'^ said'/ Mr. Raphael 
.S^bu'rv-aWrvArfibht i. president- nf 

appears, on 

nd $Jso, 
■ettew re 

&L. sacy regulations.” and natural provision which effectively ’ 
Kg lea^- prigiag - wbfob wil^-restrsni .-prohlbtts- statee eoHectiif^ tajc ' 
WF f consumption -ydiite ^enpouragiag on some^ef the inc^ae-eftniert : 

-exploration -and* .- production^ » *y foreign corporations outride •' t 
fftS ^Bged^for: .thee stated r Some • -Aow-- 

^ CpHronmeutri ^ cmitwAir 5 and te taxation mettrod-wMclT 

S^-ac Hint .wr* laxwitou m«iny« -wiucn 

Ucv .SS ‘fhveutly&s to produce enera allows them to tax pari of p 

MV/ *ti*i«i £*i»Tlw Wi* rhnnlA ■.nnntrvileW — J- A 1 

+ nr c ' "'a Hvfmrtxi , r *: ,¥ TSr. juiuwq uric i iw im -hiui « 

t0 This, in turn, has infuriated - neSuTsoStoSJ^IpSS r ^ t TSSSS ’SXSnlSS^ ** 

the anti-nuclear forces, who ciation of whStsuch/t poficy does .not <erist ^ust t Tripoffthe S0 ^ e3 ,td- . . 

BY OUR FOREIGN 5TAFF - .S#ba<!W*iKAi|rtffli. president nf » n alW in the ™iw™,. n n 0 hV. does oat Wt just to rip. off the 

r'ffanrfVs inrinAi rinl court was thnusht they nad an any in roe might reasonably achieve. :w>*t of thA «iArii» M 

MR. RICHARD MOOSE. U.S. able discussion over President ih^hy mAmh£. ! rsof rheSiate Pc- President. They argue that the . “it can provide neither In- f™ °*vj“ . w ™- ’ ' 

Assistant Secretarj' of State for Carter’s demand that Somalia search Bureau outside his home new measure, which would give stant nor final solutions— these 

African Affairs, conferred into promises not to violate the iSt month. tnucb more regnlatorv power to are elusive. But it. can P^vlde .™»na»»le le««slation were not 

the early hours of Monday with borders of Ethiopia and Kenya; . States, will lead to great un- a mechanism.- a climate within passed.. Dy . the Congress but 

President Siad Barre of Somalia Mr. Moose's visit followed a Manila pYnlosion certainties and will not provide which we can begin to make much worse would be legislation 

in the capital. Mogadishu. The flurry of contacts .between, hll . proper protection for either progress," said. Mr. Garvin. which creates the illusion ftat 

talks were believed to have President Barre and other poll- r U t£ane ^ rlmminfet public health or the environment The thrust of Mr. Garvin’s } l ropresents a Solution, when, 

centred on future U.S. military tical forces, including the Soviet^ -Sf.llT nni&iSL ? h*S Grenade “ It is a badly conceived, badly sneech was generally sympa- fact represents the oppo- 
and .economic aid to help ambassador and the Foreign. r,l^*Sr£i7k nio« HwSmmiS and drafted and badly motivated thotic to / President Carter’s site. , • • 

Somalia' recover from its defeat Minister of Yugoslavia. Th^ Iniurinfi 14 raltfiary soittws said Piece of legislation • ’and tbe principles / and objectives on Arguing : that - tiie present 

by Sovtet^backed Ethiopia. crucial question facing Somalia vesterday Reuter reports from indurtry won’t be happy with it. energy and paints to a possible energy situation, did not justify 
Diplomatic sources in Moga- is whether to accept the bulk of Manila. The man, who was on his If they are. they are stupid." said warming ' in relations between panic -rior drastic changes in the 

dishu said that Washington the aid it needs to -rebuild '/ts way to enlist at naval head- Mr. Anthony Roisinan. a lawyer . tbe':oiI"indnstry and the Adraini- country’s economic system, Mr. 

wanted to provide aid. but that armed forces aiuTUte3&!ftftomy quarters, was detained after the for the Natural Resoiucesv^ratiiw: following the nsdir of Garvin ; believed, that it should 

cenrted on future U.S. military tical forcesT deluding VhVs 
riic in 1979. 5.S per cent, in 1980. and economic aid to help ambassador and the Fo 
Si per cent, in 19S1 and 5.3 per Somalia- recover from its defeat Minister of Yugoslavia, 
cent in MK3. Inflation remains a SovtW'baeked Elhiopia. crucial question facing Soi 
serious problem for Mexico. Mean- Diplomatic sources in Moga- is whether to accept the bu 
while Mexico expects to become a dishu said that Washington the aid it needs to-rebuil 
major "l'.S. supplier of natural gas wanted to provide aid. but that armed forces amTUifr^arffti 
eventually. there would have to be consider- from the U.S. or'tJRTTJSSJ 

The new provision has been 
sharply attacked by state tax 
experts, and they are lobbying 
the Senate to get It. deleted 
when .the Trehty comes to the 
floor for ratification. - 
If the. Treaty Is approved by 
the Senate, it will be used 
by the Government, as a model 
for future' tax treaties. Tbe 
states feel that they could lose 
a considerable amount of 
income if such provisions are 
put into all tax. treaties. . 

mfrA in I 


quarters, was detained after the for 

explosion last Saturday. 


Defence CounciL ““ Ta1rt''*jsgu 

■^For ita * jart. tbe-Suidi^ry is Cartg^w 
unhappy -vriffi'Tthe^JfBSdSaE It 
does not belifre tint it wiD cut cw&tiztfdC 


From sentence of death to 
a top political position 


PRESIDENT Jaafax Mohammed 
N imam's appmnimcnis lo the 
Contral Coinnullee of the 
Sudanese Socialist Union (SSU). 
Sudan's only legal political 
organisation, last week included 
al-Sadiu ai-Sadiq Abdul Rahman. 
He is belter known as al-Sadiq 
al-Muhdi. grandson of the Mahdi 
the Great whoso armies killed 
General Gordon in 1SS5 in the 
Bottle of Khartoum, and une of 
the men whom President Nimairi 
sentenced to death (albeit in 
absentia) in September. 1976, for 
bis involvement In the Libyan- 
backed coup attempt three 
months earlier. ... . 

It was only seven months ago 
that President Nimairi and* Mr. 
al-Sadiq al-Mahdi made peace, 
as leader of the Uraraa Party 
(the political wing of the 
Ansar or Mahdists) Mr. al-Sadiq 
al-Mahdi commanded consider- 
able following among a group 
that had strongly opposed the 
President’s single party system. 

When President Nimairi came 
to power in 1969. he disbanded ail 

political parties and later set up 
the SSU. tt became the country’s 
only legal political organisation. 
Late last year in a bid to per- 
suade tbe opposition out into tbe 
open, he announced that elec- 
tions would be held in February 
197S. More important he let it 
be known that the SSU would 
give opposition candidates, most 
of whom represent the educated 
elite, a real chance to win seats. 

The President said there would 
be no official SSU nominations for 
the elections. As In Sudan's 
previous tiro national elections 
since he came to power, however, 
all candidates would need a nod 
of approval from the SSU by 
obtaining a ’’certificate of non- 

The SSU is believed to have 
turned down very few applica- 
tions for candidacy. Added to 
this, the absence of official 
sponsorship resulted in several 
SSU candidates— sometimes as 
many as five or six— contesting 
the same seal, aiding opposition 
candidates in many-constituencies 


r Wadi Haifa 

Omdurman -T 1 

r* KHARTOUMm. j 

(sud MNy q 

A "Mug lad jfj 

\ r\ ‘-I 

y* s Wau-'^~: CrTHIUTIA 

C..N R HXITWfiHIfU Jon B teJ 


by splitting the SSU vote. 

Two elections were held. One 
was for the National Assembly 
in Khartoum and one for the 
Regional Assembly in Juba, 
capital of the predominantly 
African six-province semi-autono- 
mous Southern Region. Southern 
voters could vote in both 

The published results of both 
elections gave only the names of 
the winners, riot their political 
affiliations. With the SSU the 
only legally permitted political 
organisation in the country, dis- 
covering the political leanings of 
the 274 elected seats in the 304 
member National Assembly is no 
easy task. 

Of the 274 seats filled by 
election, it is reliably believed 
that between 120 and 140 went 
to- non-SSU candidates. Politi- 
cians with affiliations to Mr. 
al*Sadiq al-Mahdi’s Umma Party 
took some 30 seats, about the 
same number went to supporters 
of the middle class National 
Unionist Party, about 20 to the 
Muslim Brothers, between 40 and 
60 to independent local digni- 
taries such as tribal leaders, and 
a handful to Left-wing farmers 
and workers’ parties. 

Whatever" -the exact count, 
there is no question that Sudan’s 
third National Assembly is more 

representative than the other ear-restjj^d: in Prudent Nanasri 
tier two since theffayrt^lnripp rpmmatriig Geo.-- Josehfe^&gu 
Attir that'the President's legisla^-teader during tbecivi] the 
iion will not necessarily get ’the Anya-Nya rebel organisation, 
smooth ride it has in the past to replace Mr. Abel Alier as 
and could lead to changes in the president of the High Executive 
Government, possibly involving a Council the southern' region, 
senior post for Mr. al-Sadiq cabinet. 

al-Mahdi. Shortly afterwards came the 

The code word for this more announcement or the new 

tolerant political current is regional ministers. Both Mr. 
“national reconciliation.” The Benjamin Bol and Mr Joseph 
phrase began by meaning recon- Adohu. who had been fa prison 
dilation between President until last year on suspicion of 
Nimairi and Mr. al-Sadiq al-Mahdi plotting an uprising received 

political, prisoners^* -jaaaxaTipq^ jp - gjaoi ’ or the: -poiltieal*wiider- 
in secur Ity measures, j wcoi»rago.^sg' we reap pointed. 77?^'. 
ment, of 'a 1 freer -Press and -softer - southerners atndo ub* 
line policies- towards Aelgfibbirtr *ficny .. hbpe that'. GeitiJ LaSu’s 
ing Libya to the west and admSiubtratiqn will correcrwhat 
Ethiopia to the east they see as an imbalance of 

President Nimain’s no mi na- power- between north abd- south 
txons to the Central Committee by ensuring that the voice of 
of the SSU were apparently in- the southern region is heard, 
tended to reflect the newly- fflore loudly in Khartoum than 
elected representation in.- the it was. during Mr. Abri Auer’s 
assembly. The l^t mcluded Dr. , readership. In -adcHtit^ Gen. 
Abdul Hamed Saleh and De. Lagu ,is expected to take a 
Nour el Dayem, both leading- tougher line than did Mr. Abel 
figures in the Umma Party, both Alier. r against the excessive 
former members of the npposi- spending on- fine living “which 
tion National Front and both characterised the lifestyle of 
sentenced (also in absentia) to igoma outgoing .regional- minis* 
10 years imprisonment- in 1976.- ters. 

Mr. Hassan Abdalhi al-Torahi, r pew Communists. took heed of, 
once secretary general of the fast year’s amnesty.' Alsdyet to 
radica 1 rfghtwng Muslim heed President, NiraaS’s call 
Brothers. Mr. Abdene Ismail a back- into the politicaFfoW- is 
politician with • known Commu- .jjr, Sherif Hussein al^Exidl a 
nist sympathies, andl-Mr^ Ahmed, chameleon ' politician sentenced 
Ah al-Mugbau of the National to,-, death' in his absence' for 
unionist Party, and a man of. involvement ip. the id7« eoup 
the Khataua sect of Eastem . attempt. Mr. ai-Hindi failed to 
Sudan which traditionally nvajs- return with other exiles last 
Mr. al-Sadlq al-Mahdi’s Ansar year, giving bad health as the 
sect of western Sudan. ■ reason. Later there were reports 
The results of the Regional that he was seeking an alliance 
Assembly elections in the south with the Communists 
were even more drastic. Almost Whatever plots may : later 
all the ministers who had been unfold, by giving the opposition 
governing the southern region a new chance to participate in 
since 1973 when the Addis Ababa the running of the i country, 
peace agreement ended 17 years President Nimairi can; hope to i 
of civil war between Arab north have created a more refpresenta-. 
and African south lost their tive, more spirited and more 
seats. stable administration. He . can 

The southern electorate’s clear also hope to have strengthened 
desire for a change of leadership bis own position. 

Caracas editor 
seeks asylum 

By Joseph Mann 

. CARACAS. March 20. 

A PROMINENT Venezuelan 
journalist has taken refuge in 
the Nicaraguan Embassy here, 
charging that the Venezuelan 
Government is persecuting him 
Sr. . Jorge Olavarria, editor of 
the weekly news magazine 
Resumen and formerly Vene- 
zuela's ambassador to the U-IL, 
has asked that Nicaragua grant 
him political asylum. 

Sr. Octavio Lepage, the 
Minister of the Interior, told 
the Press this .week-end the 
journalist would be guaranteed 
safe conduct of the country if 
Nicaragua decides to grant 


Chile-Bolivia bofder quiet 


Bolivian Government’s announce- 
ment on Friday that it has broken 
diplomatic relations with Chile, 
there has been' no re-enforcement 
of troops by either country at 
their common border. Trains be- 
tween La Paz, Bolivia, and Africa, 
Chile, and those between Anto- 
fagasta, Chile, and Oruro, Bolivia, 
continue to run normally. 

The Chilean Foreign Ministry, 
obviously taken by surprise, has 
maintained in a communique that 
“ there has been no development 
which explains tile unusual de- 
cision” which “perturbs hemi- 
spheric co-existence, now more 
necessary than ever." 

BoliYian-Otilean relations have 

BUENOS AIRES, March 20. 

been 'broken many times since 
the war of the Pacific, which be- 
gan in 1879 and In which Bolivia 
lost its only outlet to the sea to 
Chiles Peru, Bolivia's ally in':that 
war;-- lost '. an entire province, 
Tarapaca, to Chile. , 

The most recent break to 
BqitvfenOiUean relations, before 
thft xme- on Friday, was in 1962. 
Relations were not renewed un- 
til 1975. when .Bolivian President 
Hugo Banzer and Chilean Presi- 
dent -Augusto- Pinochet reached 
an accord jo seek a solution to 
Bolivia's -fandrtocked condition. 
Friday' break with Chile by 
Bolivia, according to Gen. Banzer, 
came because Chile was not in 
fact, seeking a. solution to the 

- WASHINGTON, March, 20. v, 

A NEW federal ageiicy* must'- -V 
deride In the months' ahead"- 
whether the U.S. Government " ' 
will - actively • promote -“ a ' s ^ 
national switch to. the metritf 
system or be neutral about It- * 

The agency is the U.S. ^ ‘ 
Metric Board, created by. Con* 
gress In 1975 to, co-ordinate ] 
the- voluntary- conversiba • Hflfl 
the metric systems.” More than 
two years after President ^ 
Geralff Ford signed the blll. , ■ ^ 
that 17-member ■ ' Vodrif - stu> . 
does 'hot exSst " r -- ' * 

Oqly last Friday ^ 

Senate ' Conuneree': Cbmmltt^ j ' 
hold -a confirmation hearing «a ' ■; : l . ' 
14 board .members- appaiairi^ ." 
by -President Carter.. ••••? ; - TT 
Upon the full . Senate’s comr.: 
urination . of these, members,'."., 
the board will have a quorum ---' '■ 
to decide what that' 1975 law V. > • 

AP-DJ - 


r . -'ton 

Old Europe starts to buy farmland 


PURCHASES of fanning land 
in the U.S. by European inter- 
ests is causing concern in the 
Middle West reminiscent of the 
excitement in Britain about the 
Arab Invasion. 

Xenophobia dies hard in the 
rural 'middle west One Illinois 
farmbelt senator plans to bring 
the matter before the General 
Assembly . of the state legis- 
lature. Businessmen and 
bankers tend to take a more 
pragmatic view, dting the huge 
benefits that investment abroad 
has brought to Americans. 

Foreign investors are 

reluctant to disclose their pur- 
chases, something they can 
easily get away with under, the 
largely ineffective reporting 
laws. A Department of Com- 
merce study of direct alien 
involvemriit in U.S. land in 
1974 showed that 4Bm. acres 
were forelgn-owned and 68m. 
acres were leased by foreign* 
owned American enterprises. 
Since then, according to the 
Department' of Agriculture, land 
purchases by foreigners have 
been growing quickly, though 

no later statistics are available. 

Encouraged by the weakness 
of the doiku, -European and 
other foreign corporations are 
looking Increasingly to the soil 
of the UJ5. which, as an invest- 
ment, has performed better 
than the stock; market to. recent 
years. Mr. Reed- Oppenheizner, 
of- Reed Oppenheimer In- 
dustries, a :Kansas City broker- 
age and land management firm, 
bears put this trend: “ Over' the 
last four years we have sold 
370 ul worth .of. .farming, and 
gr azin g land to foreign in- 
vestors.” His Is only one of 
many companies engaged to 
such * transactions throughout 
tile U 5.. , •' 

.What has done more than 
anything else tn make foreign 
land purchases a public. Issue 
among Middle Western fanners, 
is the increasing interest of 
traditionally landed . European 
families, together -with that of 
German industrialists; Italian 
bankers, and -wealthy Nether- 
lander. Among: those who are 
cited here as having bought Into 
the American heartland in 

recent years are the Mercedes, panies, and a bank: - • 

Benz heira, the Flicks; the Since there is no Iwal bar to 
* and. foreigners Owning 
fai 5 ^ the .secrOcy iripSS S 
Their , known holding® are some -potential -investors . bqj 
reportedly • small tor U.S. about tiieir purchakes'-ia" 
stondards^around the 10,000 to ing curiosity in th‘ e 'Ameittat^ 
i fnnge— and the farming commuxaty, which hid 1 ' 

Federal - Reserve Bank sees never . much .liked • ouisidfijf^ 

SSt-TiSHS.'?™?? 1 P**'#** of the purch^es his S 
political stability m their -home- considerable. . imSSk' ’■ \n 
ends and wanting to diversify Middle West, thou& lb 
their personal portfolios. . Econo-' means clear yet whether 4hp ■' 
mist, here thus see this as^a eventual Sctfon : 

trend Iikely-to continue, despite .whelmingly one of dm option 
current :.lptf Vl( price: and.?; .In ..other ^ ^ field* : 
planting, policy 1 problems^ - - * • - ?dwwn. in the Middle wpRt bv- 

hiihi teSS*®?* foreign investors' "fiT grtiwilig^ fis" 
bishi bOttSW a.2mJiu,bd welL . PerhaitB teKmv 
elevator In Rroat. The piece <>J Mm 3F.£SflP-, 
?“• wme^topaet. uut atnee- 

SS ^ U er . es ? hlTe l»ws were changed ^ “im#' 

^ Ariiqna-Gploraao Lsnd 45' hxva luwnarfr < 'ndMOA^* 
and flattie Company whlchnwhs. nws^Bu^Snr 
more tium lm. acres^ tion' of: ChamSrg 
operates ranches in . several 1 of -Chicago' reimrto-S^^" 

Plant, cattle^eetnots, commodity /the area by ,foreto7^riS»16 

futures and brokerage firms, a , 

real estate ; company, natural 

resources "engmeeHng - : 


5 n 


.VSj; .. '-'Oft 

h ' 1 

■ 'i ■ 

,r v 

(hi ■■ 


Hopes fade for success in Siberia rail setback 


■ * x Bi <1 I Yft • I 1 1/ THE SOVTET Union has since liberalising foreign lav. 

%3 Mlfftlll. B, I KM Mm W z 1 - 4m I IV ^ suffered a setback in its attempts merit rules in 1S?73. 

JV to wrest a much larger share of Nisotra would have been h 

TOKYO, March 20. 


EE PROSPECTS of ending the 

TOKYO, March 20. 

THE SOVTET Union has since liberalising foreign invest* 1 i 1 1 
suffered a setback in its attempts ment rules in 1073. " 

to wrest a much larger share of Nisotra would have been held, 
the Japan-Europe cargo trade for 49 per cent by SVT and the rest 8 ■ 01 
the “Siberian land bridge ” equally between Japanese part- wrnrfl0 

9U’9T fwiffl traHitirmal chinnina nm-c " 't'Vin lunamu. ‘C*.. : ViHUR 

Victor link with Thomson-Brandt 
intensifies VTR competition 


t ^ ‘ . ffQju traditional shipping ners. ' The Japanese Foreign V1 . L *. 1U - K , Uf Japan. me western jsurope under Its own seems to confi 

P ^ a P an , sh0 } iJd undertake to Id the EEC view, for Japanese services. ■ Ministry has openlv opposed the ® r **™* tor of 1116 VHS ^ deo ta P e label. But, whereas Sony expects taken by the 

art raHni'lno (tc mrnlnc urith : ...I . «... _ J 7 - U HF U= CU UU. roroMtor ndum tine caminri n ,n h » i. >1 j? 

* TOKYO. .March 20. 

the Western Europe under its own seems to confirm the earlv lead 
ape label. But. whereas Sony expects taken by the VHS family in 

com- cargo 'transport would ™Jeave I iT 0n *ji 8 mail ufacturer Thomson- tries since last month. ferent sized cassettes). This re- 

nman, the EEC Commission’'; (2) The timetable for Japanese be fobbed off with an empty panies which, if established, Japan open to abrupt policy " randL Victor's agreement with Thom* verses the situation in Japan 

reelor General for External cut* offered in; the multi- ^r at ^“ ent generalities. It might ultimately have given the changes in Moscow. It was announced to-day that son-Brandt calls Tor the supply itself where Sony was first in the 

fairs, told journalists her* trade negotiations should continue to insist on a venture a monopoly position in The Japan Shipowners’ Victor and- Thomson have signed 0 r 30000 sets durinc the initial mass market -field with its early 

« iff juuraansis nere be .needed ud from the oresent substantive and meaningful .Tanan-Kirrnn* tr^cnnrt accnnintion fJSAi uMpaVpaj 01 ™ SBB aunnK the initial Bctama .. 

fairs, told jouraaHsIs here L ateral m(ie negotiations should 
- -*• aLS nere be speeded up from, the present 

.. S afternoon. — H * — ._ V . >> ■ - iyaK<ur'UUlv^e UOJIS^UII. nawyiauvu , « jn , wciiuuica MIC a 3CJ1CO ui icvumcai dSAJSUUltC ..... nf ,nrpn™.i.i “ w ,11, sc. 3. 

• Sir Rov said th-»t ,f, a m schedule, which calls for cuts in statement, even if that meant La te Jast wee j- ^ potion ruling. Mr. Toshiro Yoshida, JSA and marketing agreements which ; . ,_*■ ement. starting The prize lie in. q snucht bv Oie 

in a week of discussion* Sere annual sleps * “ a ^T ea ^ d ° wn of talks - 4l . Investment Council (FIC) director-general, has lobbied will provide for the French com- ' J .“ I se J^ J” 1 be Japanese VTR manufacturers so 

s still a theoretical nosKihiilf^ 19S0, , The ,, ta ^ are c ?°- tl *!?? T s,“- ejected the September applies- strongly against the Nisotra plan pany to sell Victor VTR sets Fr ^?® and ' n an >’ far as exports lo Europe are con- 

a breakthrough bv th* «r (3) Japan should commit itself ^ orm . a ^y to-morrow (since Tues- ti 0I1 by Sojuzvneshtrans (SVT) on the grounds that it would let under its own label and eventu- £ i „ * ho S£ GAM cerned is a licensing or murket- 

2 weeiL-When talk "end Tan»n f to buying a “ substantial *! ay , ,s a Jap^iese national bob- To get up a joint venture company SVT gam complete control over ally for it to manufacture its Th D f?mc^Cr5n^ S ' VS - ei l 1 ' ■ j'J** r . e in 3 agreement with Philips. Roih 
wever, was 5hOH’ina d nn J «SS« number” of European aircraft day) - FuD discussions mume —Nisotra— with Nippon Express, the Siberian land bridgd trade own sets using Victor tech- n T J h ' nl i 1 J ,s Matsushita and Sony are known 

shiftin g its uosition^n 5 *?^ (not necessarily the A300 Air- 0n . Wednesday. Nissin Transportation, and Juro and, frpm there, undercut sea nology. Simultaneously Victor b ^° ‘k T ^T a ^ reerae t 10 be in discussion with Philips 

th^bssicSsifprh^ bus). end. successfully or otherwise, container Transport. It is the liner services between Japan and announced the signing of a with Norddeutsche Mende covers but hoth co „, pan i es ;ir c beiiW 

lities. It might ultimately have given the changes in Moscow. It was announced to-day that son-Brandt calls Tor the supply itself whore Sony was first in the 

:nsist on a venture a monopoly position in The Japan Shipowners’ Victor and- Thomson have signed Q r 30000 se ts dnrinr th* inSTfai mass market field with its carlv 
Japan-Europe transport. Association (JSA) welcomed the a series of technical assistance vear of rhe a ^ c ’ wi' J Betamax \TR sets. 

the. basic issue raied. if the 
■ks fail.- there might- be “grave 

nCO/lliannac '• p 

on Tliursday. 

WVUMUUWI *4 !• m i as auc uiiw — — v%** auuuUlibCU LAIC Slglllllg Ul OL 1 ■ ti ' ~ ' . ““i t,vi»if#uaMiil tllL UVUI^ 

first case of Japan’s rejecting Europe which now cany the bulk similar agreement with Nord- **• .i n TiA? r, l pear l c< ? unlnes carcfu] to avoid appearing over- 

m “ _ v _ ■_ ■ •. . a _« At. — a. *.>■> ,■ ■* _ li C1T1 P the HA . hmoH Do et 1 ■% n C\~c _ * . . ■ ■ ■ 

with Norddeutsche Mende covers bu j both companies arc beinti 

Tn , , 1 _ 1 — i- . ux3i cose ui ddudin jrjtcuug \.<u 

- Given a real prospect of agree- outright a joint-venture plan of that two-way trade. 

nsequences for the present b y th °se requests, Sir Boy said, ment. the EEC team would agree 
, P en T ^’ oi: * d trading system. - " the EEC negotiators have made l0 continue negotiations overthe 
fr^ £ r- SaiiMd ttatlie headway. Eheamval Easttt^ holid“ S Sir ^Roy^ 

«.h iSnii . ?« r e e jaent with last Saturday of the EEC Com- there would be no point in stay- 
al substance, mcluding com- miswoner for external . affairs, mg if the outlook was hopeless, 
tmenu on the timing of a Mr. Wilhelm Haferkamp, seems japan’s position, seems to be 
auction in Japan's trade t0 nave made no difference. that the EEC demand for -a firm 

Greek shipowners’ talks 

deutsebe Mende. a West German tflT 8 ?S5i,SKl b ro ad « s ti^ "c optimistic about their chances, 

consumer electronics company, Wcsr Gennany Philips is the only European 

which has rlnre relation* with 411(3 3336 U - i> “ company to have developed its 

ATHENS. March 20. 

jplus wjth the EEC. He eon- ■ Other issues under discussion date at which it will start re- n'RFFT: WIIPOWNERS so into owners’ with small Ts,r. aM «, manuf acturer in Weste 
ded that Japan had offered included the enlargement . and ducing its surplus is totally trn- L°5 ^T-JSSt «E*JLz*SSflZ b «t parallels similar 

j oe aaaea to the list of offers seems to have been made) and ment has - centralised control Rm t - - ^ ^ rea»ft th _ j j " | «ju per ix&i !■ 9iuu cuuiuci iu juauiom cuipuiiiuuu wim amuo 

the Geneva trade talks), but the Japanese attitude to Europe’s <*er foreign trade). It takes ^Fnc g ^re^5v^ iJo/nlre Jh£> rataZd L ^ Victor, but at the same time a in Al-Khobar. Tt u-ili provide 

nuuented: ‘Anyone who thinks proposal for incorporating a the same view as EEC demands °” ier ^ d f Japanese they comment . on licensee of Victor’s VTR techno- Saudi Arabia with the design, 

“ “ ’ the basic selective safeguard clause -in the for a commitaent to increase smpy^os. rvS.#,i«TniPht moc Pitvfo is supplying sets to RCA engineering, procurement and 

complete GATT Treaty (again, some sign the ratio of manufacturers in a spokesman for the union of t«apV- chins renrM^rit ■ foc marketing under the U.S. construction sen-ices performed 

of “give "on the Japanese side), total Japanese imports. Greek shiponwers, said the meet- nf iniai i!in-.n « company’s own label in the by the Pullman Kellogg com- 

pparently Progress in those ^reas. how- The Government has also con- n, g wou ld officially concentrate LL- American market panies worldwide, 

ever, seems to be no substitute *ggjj; at ttwn^ on th e president’s recent pro- S is^shlxf^jiSiHariSS Sony, which leads the rival 

- - -• - d 5£ ldc .:- t ° *2/ posal to lay up surplus capacity „ MVV mdustries. eroun of Japanese VTR mamifac- tu* j j 

which has close relations with “ ’ 

Thomson. The v,clor 

The Victor-Thomson tie-up is . — 

the first to tie announced by a « 

Japanese video tape recorder 1^ sills'll 
manufacturer in "Western Europe Axv'llU^ 
but parallels similar arrange- 
ments already made in the U.S. Bakhsh -Pull man 
Matsushita Electric, which is a been registered 

announcement own version of ITR. 

Kellogg in Saudi Arabia 

Kellogg has work and other services with a 
as a Saudi view to raising pharmaceutical 

50 per cent, shareholder in Arabian corporation whh offices standards of other counirics. 
Victor, but at tbe same time a in Al-Khobar. Tt win provide 

abtem must be 
Jody fool." 

The EEC is 
■■mamting that: 

, T ™i/uuc nuu UU1US6 1I1UKUM1 lur lucoruurauilg it <UC nuuic View «a oou nVl - - Mnortari Tananoca uueu&ee ui views Via icuiuu- oxuui mduid wiiu Llie utblgii. 

Is is going to solve the basic selective safeguard dause ; in the for a commitment to increase shipyards. reponeapanw fears that logy, is supplying sets to RCA engineering, procurement and TT imnortpre'' oiiidp 

oblem must be a complete GATT Treaty (again, some sign the ratio of manufacturers in A spokesman for the union of r K u;^. for marketing under the U.S. construction sen-ices performed u ‘* v ' iiliporiers gUlae 

apparently Progress in 
ever, seems t< 

Mitsui plant for S. Korea 

craft, since the decision rests £ Drder tD mect the general 

with commercial . airlines. 

On tariffs Japan has so far 
refused to speed up its liberali- 

far slun ?' m diY-cargo freight or ^ rs from creeks. 

rnarlrot -Rnt lip thn — . _ — . .. 

market But he 

reiusea VO speed up IIS uuenuir J u irnnoccn ” _. Qoto J L v At ***»• * ivB.Mv.ifc UI ujg Miccn 1 — O O'" ouuirumicii ^utumutuuuvai lmh- auuuia vt auppij utnscua. uvipa 

satlon timetable or agree to add shipowners, Anthony Chandris moot with Zenith. Sony is known cem. has formed a new company, importers to make buying deci- 

rntc 1 Japanese W Oula SISO oeOJSCllSSea oersnnallv IpH thc» parwlto he talking to one or more .QWP T\rtio CVinculting In cinne nnit (<vt\lfiine tKu ion-.? unH 

SEOUL, March -20. sation timetable or agree to add would also be dis 

rrsui CORPORATION has Pohang. south of here, from “}««“ ®g" He added that the talks 

. joed a contract to supply 5.5m. tons, projected for -the end +ht remain confidential. 

jhang Iron and Steel (Posco) of this year to &5m. tons by to some process in the ■ 

th a hot strin mill wnru, ion s J ’ 3 field of tariff cuts, however, do Greek sources claim 

16 5bn on a Sng-term credti Apnj seem less formidable because most of tbe orders have meeting, 

"*K taffi wSSSSi Soutt ^ is shortly "to STt .than in the other two areas. been placed by small Greek ship- AP-DJ ' 

. jrean company said on Monday, arrangement with China- for co- 
The contract, signed here on operation in building . a ’. Sra. 

•turd ay, calls for a 15 per cent tonne -a-year steel plant at Shang- 
•wn payment and repayment of bai, Yosbihiro Inayazpa, chair- 
; e remaining 85 per cent over man of Nippon Steel, said, 
years, including a six-month It will be the first ^ plant export 
ace period at an annual deal concluded under the -eight- 
terest rate of 8 per cent ' year " S20faru trade -agreement 
Mitsui is tD deliver the $200m; between China and Japan signed 
-ant, with an annual processing in Peking last February. .China 
parity of 4m. tons, -within 28 hopes to start operating the 
■’ onths. The plant is part of plant from mid-1980 and to 
isco’s fourth expansion project increase production eventually 
raise annual crude steel pro- to 6m. tonnes a year. 

, iction capacity at its works at Reuter 

- . / 

S. Africa surplus grows 

PRETORIA, March 20.- 

)UTH AFRICA'S trade surplus the first two months of the year 
idened to R30.6m. in February of R44£m. on imports, "of 
om R14-2m, in January-, com- R945.0m. and exports of R989^n. 

-ared with, a deficit of R89Jm. That compares with & deficit of 

i February, 1977, Customs and R15L3m. for the same period- of JBA fH UU 

ixcise Department figures show. 1977, with imports «f R86SBm. H 10 HRBBH 

.Exports in February totalled and exports of , R712fim;'-'- TJe ~ MB 

^gainst R499.6m. .in figures exclude 1 exports' cf? ‘gMd W%m 

-annary and R341.6m. in bullion and imports of military - UU H : 

February, 1977, of which Jmpoxts equipment and -petroleum -pro- - HH 

-Xre R459.fim, against R485.-4m. ducts but include Krtrgerrand . T^^^U ^ 

ad R430.8m. gold coin sales. 

The figures give a surplus for Reuter 

Canada in Lagos air deal 

C ent Of total Japanese export SSSimSStt, panies worldwide Mll0 “ CDm ‘ Tbe first guide- on how to import 

orders, - The yard roost con- „ , . , paD,es wor 0 1Qe - into Britain, sponsored by the 

cerned is - Isblkawajima-Harima • Sony* which leads the rival British Importers Con federal ion. 

Heavy Industries, which has 105 fira«P of Japanese VTR mamifac. Third World dm<r aid has been published bv Trade 

ship» or 90 per cent, of all its turers producing sets under the T,unu .Research Publicuiinns. The book 

■ders from Greeks. "Beta-Format" system, has a pro- The Kabi Group, a Swedish gives information on how ro find 

The President of the Greek duction and licensing arrange- state-owned pharmaceutical con- sources of supply overseas, helps 

tariff cuts out-l^^“r*^ wb o has personally led the coin to be talking to one or more SWE Drug Consulting, to sions and explains the legal and 

ible. The ob- 1 He . . aea “ 1 . . . ? I31KS W0UIQ tacts with Japan, will return European electronics makers increase emphasis in developing financial aspect; of contracts with 

from a three-week stay in London with a view to arriving at a mar- countries on projects in pharma- foreign exporters. It includes 

that especially to attend Thursday's keting or production licensing ceuticals, John Walker writes sections on import procedures, 

nave meeting, agreement It has also announced from Stockholm. including customs. Its title is 

ihip- AP-DJ " tbe start of direct sales to Tt offers consultations, contract Importing Into Britain. 

ell pay to 



ICES, a private group of avia- 
on consultants, is to carry out 
complete master plan of a new 
rcraft maintenance and over- 
tul facility, at Murtala Mobam- 
ed Airport, Lugos, Nigeria, 
ider an agreement with Nigeria 

The hangar bay will be more 
an 500 metres long and 100 
2tres*rfeep and will be able to 
commodate, four Boeing 7*7- 
pe aircraft in the first phase 
development up to 1992. Pro- 
,-ion will be made in the plan 
r expansion required after this 

Complete overhaul facilities 
• components and engines are 
o planned. The whole com- 

MONTREAIi, Maij* 20. 

plex will be tbe largest commer- 
cial aircraft maintenance facility 
in Africa. 

The project will enable Nigeria 
Airways to reduce foreign ex- 
change costs incurred through 
the present lade of facilities in 
Nigeria. The base will attract 
work from other African air- 

APS explained that Nigeria 
bad received many uneo-ordi- 
nated foreign proposals for 
building the base, and it was 
called on to 'work out a master 
plan. The next stage will be 
international tenders for detailed 
design, then construction. Part 
of its role will be to sort out 
future bids. 


r «n 

L J 




Mombasa dry dock opens 


IE ONLY dry dock on the East 
rican coast has just become 
ly operational at Mombasa, 
fiya, with the admission of the 
^rmari Line’s City of Nev- 

rhe dock has been built in the 
"ds of the African Marine and 
oeral Engineering Company, 
a cost of some £1.3m. .African 
rine, is two-thirds owned by 
■ Inchcape group and one-third 
the Kenya Government 
.'lie dock can cany out a full 

rine service and maintenance 
rk on vessels up to 18.000 
S5 registered tons. The dock 
"ally equipped with a foundry, 
, etneal, carpenters', • paint; 

NAIROBI. March 20. 

welding, air conditioning, 
refrigeration and plumbing 

This means that the Mombasa 
port can now offer tbe world’s 
cargo fleets a facility unique on 
the East African coast The 
nearest competitors are Diego 
Suarez in Malagasy and Durban 
in South Africa. 

Kenya’s own cargo and naval 
vessels can now be fully main- 
tained in tbe country where 
before they had to go to other 
countries for dry-docking. 

African Marine is looking to a 
turnover of some 12m. and the 
dock is specially suitable for 
ships which- turn round in 






Sudan seeks irrigation tenders 


KHARTOUM, March 20, 

DAN IS seeking tenders for 
• miles (720 km) of flexible 
ing for syphon work on the 
,000-acre Rahad irrigation 
erne in the Blue Nile province, 
> miles south of Khartoum, 
he Rahad irrigation scheme, 
usu rated last December to 
ifiuce mainly - cotton and 
undnuts, is Sudan's first long- 
row irrigation project. Water 
fed at 105 cubic metres a 

second from the Blue Nile by 

a 43-mile supply canal. 

The tubes, in continuous or 
pro-cut three-metre lengths, are 
-to syphon water from canal-fed 
watercourses to the crops. 

Closing date for bids is the end 
of May and tender . documents 
are- available in Khartoum or 
from the consultants. Sir 
Murdoch Macdonald and partners 
of Cambridge. 

?ort congestion getting worse 


NGESTtON AT tbe Tanzanian 
d of Dar eS Salaam is moving 
3 a critical stage, with 57,000 
s of cargo piled up. accord- 
to local Press reports. Wait- 
>c time for ships is now three 

Tie congestion is causing great 
:iety in landlocked Zambia, 
ich has 35.000 tons of imports 
I exports awaiting clearance at 

v docks official said the cargo 
charge rate has dropped from 

10,585 tons a day last July to 
3,000 tons a day. 

Yugoslav refinery order 

Technip said it and its Yugoslav 
affiliate Petrolhrvesr have 
received contracts worth J*nl?5xn. 
for extending and modernising 
the Bosahsld Bred refinery, 
Reuter reports from Paris. 

How much money are you wasting right now? 

Did you realise that most small to 
medium-size companies are wasting between 
10% and 15% of their fuel bills through 
careless use of heating, power and lighting? 

But how do you 'start conserving your 
.resources and make a significant reduction in 
wastage if you don't know how. . . or where. . . 
you’re wasting it? 

Your answeris the Energy Survey Scheme. 

A scheme specially designed to help you 
save energy and money. Simply complete and 
send the coupon on this page and well send 
you a list of independent professional 
consultants. Select the one you want He’ll 
' spend a day on your premises, assessing 
individual problems and systems, finding out 
; exactly where you’re losing that hard-won 
cash. Then, he’ll send you his confidential 
report and recommendations telling you 
how to SAVE IT! 

And the cost? Up to £60 will be paid by us. 

- Most consultants charge around £80. . 

So' you might expect the cost to your firm to 
: be about £20. 

Send the coupon and 
stop wasting your money. 

To: Department of Energy, 

Free Publications. 

P.O. Box 702, London SW20 8SZ. 


Please send me a leaflet and list of consultants. 


lips® 14-3 

Boiler efficiency is a possible area for savings. 

Set this balance against your consultant's 
report, giving you all the advice you need on 
how to achieve really noticeablesavings in 
fuel and money. 

You’ll soon see that a small investment 
can bring worthwhile returns. 







fcpv | 

I F 1E£ — J 


New offshore 
licence round 

likely soon 


PLANS FOR A new series of 
offshore oil exploration licences’ 
are likely to be announced in 
the nest few weeks. 

The oil industry is confident 
that the new blocks to be 
offered under the sixth round of 
licences will include prospects 
in the North Sea and promising 
structures to the West of Shet- 
land and in the Western 
Approaches— two areas to be 
investigated more fully this 
summer. However, there is con- 
cern among oil companies that 

the Energy Department plans to 
chance the rules of offshore ex- 
ploration and allow the State- 
owned British National Oil 
Corporation to have a majority 
stake in sixth round blocks with- 
out having to pay its full share 
of exploration costs. 

Under the fifth round of 
licences — now being Formally 
awarded — the corporation must 
pay 51 per cent, of the explora- 
tion costs on blocks in which it 
has a majority interest.. 

The idea, which now appears 
to be emerging from Whitehall 
is that in future licences' the cor- 
poratism will have a carried 
interest ‘in concessions through 
the exploration phase. 

to extend its offshore involve- 
ment in two ways. It will soon i 
be issued with' exploration i 
licences of its own: concessional 
that will be awarded outside the 
normal licensing rounds. 

Any oil found in these conces- 
sions will be exploited in the 
national interest witbout com-' 
mercial, pressures from private, 

companies. 1 

Second, the Corporation isj 
expected to be granted a right i 
of first refusal when any com- 
pany offer* to- sen- a part or the 
whole of its interest in a licence. 

These two 1 developments and 
the plans for the sixth round 
of licences are likely to be 
announced in Parliament shortly 
after the Easter recess. 

• r - Times Tuesday -Mtocfc f m ft 

^ -■ • ' I/"* 

Atlantic air traffic llnit t 

exnected to rise trust 

15% this year 


! BY MiCHAEL . (j.0 WH C - v’ 

j ATFrPASSENGER traffic bet&^?iWliile the main \ 

( tbe.UJS. and the U.S. ia exported. British Airways, _ .. - 

i to rise by at- least 15 per twpt^-dbm&n, Pan American am) Trans By Enc snort s .. 

I to over -41m. this year, largely ^WorW Airlines— have &IKwel- - . 

i because' of the spread of cheap corned the new extension ot TRUST ralea- m F ebruto 
■flights on the route. -cheap Atlantic, flights, some. are feU s u g &tly from the high tavpl 

j Mr. Edmund DeU. Trade Semir, being cautious., 0 f the previous month, .They. 

I tary, commenting in - , the Couiv ■ jjr Q erry Draper, director of were down by neariy. £2m. ta 
i mens yesterday on the jj^.Mmnierdal operations for British £S4JSm. . - - p\± 

: Anglo-U.S. Atlantic -au--serriCta--^~^ v « ^ that the airline Nevertheless, ,thjs_>alue con. 
agreement signed last week. sa«i;* 01 . 1 dii ave ifked a full summer's firms that the buflfrairt. trend *1. ’ 
that it had maiotained tlfe;id^. Kroer ij Ilce with cheap flights. .on sales. Been ovxr the final months • 
portauce of London .as'; r ,tfiff MjT New York route before of last yearnas continued.. . ;ii ,. 


- • . . Asian AahuoM l 

Two members of Friends, of: the Eartiu. the environment pressure group, dressed in protective 
clothing and carrying radiation level testing equipment handing out leaflets in Central London 
yesterday. The leaflets give information about a demonstration to be held nest month to 
protest at the planned expansion of nuclear fuel reprocessing at Winds calc, Cumbria. 

premierair- gateway into Bli 
. . Although under .thela^rei 
j the U.K. > !uls uccept^d aiwSua 
i in the number of- routes: Oh/Q 
' cheap fare*, can- now.beoff 

Mending them to other flesGno* Saes,..doring_thf: first -too 
-norn • " months. at jeto 9m-, arp-ps4ny:» • 

.v* per cent, higher thin in: the . 
c.‘ We need.- to learn where th ■"!L ra _ nn _.»i ne nertad' lafet vmt. 

Anxious i Nuclear waste disposal 

Meanwhile. Continental Oil . 

and the British Gas Corporation ^ M m ■ — . . ~ . ml 

6 s&fc in short-term 

The well is likely to be drilled . ; .j •-■■■ 

on Block 98/22 to the soutb-west . ' . ' 

of the Tale of Wight where py LINTON McLAJN 

British Gas has sole interest. ...... 

which ° C are* n iicencees <ir on rat the 1 METHODS of processing and workers in the industry and the megawatts of nuclear generating 
adjacent Block "98/23 will share j storing radioactive waste from public near nuclear plants were capacity, the risk to the 60m. 
the costs if present negotiations ! nuclear power stations are safe lower than those, accepted by population would be no greater 
are successful 1 but not a satisfactory long-term workers in other industries. than that of being struck by 

Tt is thought that the two I solution, the Electrical Power The present on-site storage of lightning. There would be a 
blocks share a common geologi- . Engineers Association said in a nuclear waste would give way to niaximum.of 50 deaths a year, 
cal feature. As no company has : report published yesterday. acceptable methods. These ’ Plutonium created problems 
yet drilled in that offshore area, j The association represents would become 'available by the' which J* 1 ’* ^considerable. .But 
the companies are anxious, to I engineers who run Britain s end Qf ^ century as a result since the effects of pinto mum 
obtain more information about f power stations. They say there is of programmes under way. b . av< f b ® en *««“«<? more jotea- 
oil prospects before spending no alternative to the use of si vely than any Other radioactive 

large sums on a full exploration nuclear fission for. future power V7;x0 i .i . substance, the working party 

and a pnrai sal programme. I generation. PHTy CfCfltnS..--.: • which produced „the r report con- 

To the west of the Shetland! The report gives reassurance Bu . dela .7_ of ~ c-vaal decades duded that there was no justifl- 
Islands. British- Petroleum and over the possible dangers from ]d oc i£ r before^rtsdundant ca E£ n f “ r , llla ™ F ' J , . . , 

its partners are to drill two far-jrad^activi^ which may arise as S? ar ' Store ^ J&HL 



This will mean that the cor- 
poration will be a partner in 
licences hut it will not be ex- 
pected to rund operations until 
a field has been found and 
declared commercial. Then it will 
he expected to pay its share of 
development costs if it wishes to 
remain a partner. 

In addition, it mirht also he in- 
quired lo pay its share of past 
exploration costs. 

A number of companies have 
been told bv Government 
official's thaf these conditions 
should not he onerous as manv 
of the offshore operators will he 
able to offset exploration co«t« 
against tax due on other North 
Sea interests. 

However, oil companies say 
tbit the new rules would make 
nff^hore exploration less attrac- 

Within Whitehall. Treasury 
officials' have questioned the 
need for the Corporation to pay 
for exploration when it is known 
that oil companies- would- be 
prepared to foot -tfcerbtft. ~W 

The Corporation already has 
a heavy investment programme 
arising from interests in licences 
issued in earlier rounds. 

The Corporation* is planning 



SALES .-j 

! io the number of-rotrtesoh^^^' ■ jY e need/ toiew* corresponding period' Uttypii. 

.! cheap fkre*.<^- 6®Hp ad ?®'! nd 52! Repurchases . in'; February •" 

ithe belief in Whitehall- is S° ine to ;faU. showed a substantia^ drop from ■ 

.Britain -has achieved as ^ co£ e ^iMf e ^h«?*thJ t rMihlic the previous month to ^W^pt. • 

HWn,. resulting' m,u,t 

caUy and ’internationally. .- - , as weU ' .. : 50r£M..|._ [ . .f .. I" 

It is Btressed in London «art t* Our problem, and that -of the UNIT 

all the new cheap fares, to Ehfla- whole industry, is to meet this TDiieTfi - 

delphia, Boston. Chicago. Detroit Perfectly reasonable !>«**«««« 40 - * . 

Los Angeles, San Francisco and lower fares without, losing more . SALES . - ,'KV. • 

Washington ks well as New Yark^ money than we earn. ■ V fj. . juY,, 

are experimental, and that they . * We have to find a way of jnL. « - 11 | V • " * lr ^ v- 

will be reviewed in October or offering low fares, if npcessary, I J \ J \ rr ijfti <i t- 

November. : . :v ' 1 - w5th quite simple starnfattis of 111/ 

^4 - sefvleie, and stUI eart enough. to I- . I ,.W ; -Y#Vj 

Cautious ,':i * pay for the enormously expensive 1 J . I -• ■ .iff- 

If by then they are found to he equipment we need-” . . Tw J - ■ • ;*L; j : 7 

causing -too much loss of revenue. It is estmated that while the , n s’- 
to the airiiniwt — many of whom - number of UJC.-U.S. passengers i« -5:, 
j are already losing mosey on tile may rise by 15 per cent this year, ; . “bca’iRrMAKFC! 

i North Atlantic route— the new airline revenues may rise . by , 

rates may be substantially only 3 per cent.— and even this 0,074“", 0715 1 «q 7fi 

! amended, although it is unlikely may be eroded by inflation. 197t- 19 75 1376 W1J 

Ithat they will- be dropped en-- The extension of cheap flights 

i tireiv. .-. may also seriously erode the] ■. 

! As well as the Anglo-U.S. capability of the independent new investment. - 

1 review next autumn there will charter operators to compete month, al £l; r jm.. being slightly 
j be an additional multi-national with -the scheduled airlines, in higher than Januars-s value of 
! review of all Atlantic fares, jspite' of the new Anglo-U.S. •. ^ 

between the U.S„ UJC. Canada charter pact also signed last _ . “f", _ "1 ^ 

h 1 : 

■" W‘ 


I ' - I 

1974 1975 1976 1977 

Net new- - investment _ ?o- far 

its part 

ther wells this summer on Block a result of the expansion of Sj pd falling Into terrorist hands must 

206/8 where the .group has made Britain’s nuclear power genera- ™“ e ava11 never be underestimated but it 

_ n li ...... « — ft,. ..... 2DIP lur UDrcSUIClcQ USe. ' un, ( 0 ,aihln tn cafoaiKiH fha 

a promising oil discovery. 

BP has a 40 per cent, interest 2000. 

Ition programme up lo the year 

in the block which is thought 
to contain the bulk of a structure 
wl’-h possible oil reserves in ex- 
cess of 450m. barrels. Chevron 
f40 per cent.l and Imperial 
Chemical Industries (20 per 
cent.l are the other two partners. 

The oil located in the block 

IDr ucrestnciea use. ^ feasible to safeguard the 

By the end of the century, security of all potential targets 

The risks of health damage for when Britain might have 55.000 to the required leveL 

and European countries, in week, which improves operating this year --te : - 

Ottawa late this year. - . cbndltions for eharte? . ajrlipe^. - for 1 ^ 

- = — : — 1 — — •— t*" ; _ : ^' Tolal' value of -fuuds , *OTB|4oyed 

_ by.the liMJustry at end-Februaiy 

Building orders down 

^ January, this fill decurrine in 

‘"Ifyf «« vtaam spite of a rise in the number of 

7% on previous year - S-doo^^ss.” 18 to 

The fall arose mainly from the 

Drummond is given more time 


The oil located in the block FINANCIAL TIMES REPORTER 

V> WA«-Lrr 1 DRUMMOND Investors, the of a petition by Mr. and Mrs. other than his sou, about 50p In 

iviitn.S. nr r VhP }Jpi financial services company which Stanley Swift, of Greenbill. Wey- the pound, 

nlrn^hiiitv nF thT JtnVpfiire I subject to a petition For mouth, who are creditors for, Mr. Nicholas Underbill, for 
allow the oil m flow I winding-up, has been given more £1.990. There are eight support- Mr. and Mrs. Swift opposed the 
S£S*weft - - « ; ® 0 10 ' cqmplete a.,scheme..of. ing creditors with claims total- scheme^ under -.which his "clients 

fl rP«mVt the nartnew are | arrangfem.ent^fo^ pre'sen^Tex 4inft «i h«Mt .£1°.50« U ' - - would recover less than £1,000, 

uncertain 6 about ho P » much of I th * approvS of creditors. MV. Kobert Reid^Hteohe com- wffile at the’-same time have to 

the oil In place can bfc'recoverecL: Mr. Justice Oliver in the High Sat 

and how quickly the crude can Court yesterday granted an . eigh;- Tf* JjfLSS/SffKiirw 

be extracted week adjourn nfenr-mottl May 45. ,hat jbe comMiT was 

^.^..±^7.: '" r " ■ ^ • — , a 'ftmd. of ' about' £15.000 which noi.- even ’good for the costs of 

decline, in equity values over a 

THE FLUCTUATING PATTERN December. The figure is a near month when the TFT Industrial 
of new orders for the construe- repeat of last November's total, ordinary share index shed 5 per 
tiori industry was repeated The Department says _toat cent », l3rnftlintaln 

Janu^ saJs the Depa^eiv ^pressed at constant pric® Mr. Edgar ^Pajamountain 

total new orders from November chairman of .fhe^ Unit Trust 

01 .the Environment. t0 t he end of January were Association, said that the figures . • 

Orders received last year; 9 per cen t. higher than In the were ewen bPtter than expect. .At* 1 il | I ¥ 

showed a 7 per cent, dedtne previous quarter, and 5 per -cent. The lower value of repurchaii’s. 1 i 1 V V 

from 1976. the value of construe- . on the same period a: year compared -.with the high level? ,v 
tion output last .iw fell by before of last summer, showed that in- 

about 2 per cent. -Only a modest * New orders . in the public vestors, had settled down and . 

lnsprovraiw -over last year W? h0US ing • 'sector the latest 3?aled-,4i^ ^em^nind- -buwanti rtt pf W ( 
expected th^year. ’'quarter- undei' rertfewif Jose-'b^ since- iFnbniafy -wav a:- short T Jl C U ' l J 

Enovisiouaf figwt? s indicate .15 per cea t rover tbeSjrecedicgf haonthr ^ "" Y " 
that ihe price vawfe- of orders three months and 6 pet cent, :«» ' ■ '■ 

Pfnrfi* mti [C ourt wtertfav erantMl an pfpht. seneme was mat vie taxngr nr aaaea roar mere was, reason ro jfljmsiouai ngytgs indicate. a? per era t -over rae^jreceaMtg . 

week t»S^qle director waiW establish be8£wT that the com&W’ was; thatlhe price vawe-.of orders three months and 6 per cent 

**£0; • ' a ‘ftmd. o£' ahoi«££J 5 -00b which noi- even good for the costs of for contractors in January washover November-January a year finding the UlS.-onenfated trusts 

v (would pay*- existiag creditors, ihe petition. £871nu against £S0Im. in earlier. . . . attracti ve. , .- . .... 

Tighter control of degree courses urged 


"The bald fact is, we had 
125,000 replies from one ad 
in RadioTimes; 50,000 more 

‘must be 

f*LANS TO tighten control over arrangement by a national body educational institution was. grant the 30 polytechnics lode- ° ur Glasgow Correspondent 
degree-level courses costing of 25 to 39 people, with super-" In the sfecond year , of the pen de ace ftoijjr' local authority A warning 'that- Britain and 
more than E400m- a jear in Eng- visory powers, over most expen- scheme, . the “home" local control, it Include* a provision by irMillKrria . p nrQ i^m Sit ha win 

land and Watac warp nuHlieVipri Hlfiirp — onrt Ia a Iptspr artsnt •antHnHti.- urniilif MintrlhntA 1ft urhlrk ■ an^ antliriritv rnnnino , ® . . .. • 

than we expected. 9 

Peter Brown. Marketing Director, 
Louis Marx and Company Limited. 

‘ T _. eau-H . ^ recurrent syvuuing . - - ScfHt -Lith^OW cmnn--iihd 

lion outside the imivereltiesTpriKoit' eouraes," This would be done Indurtry and commerce would The -plan also proposes closer oTSt. 

Minister — cover highersduca- through the new national body, have only a small representation co-ordination of local .Authority ® -T! 

vided _ by polytechnicff". and which would advise the Educa- on the new body. While other higher education with that pro- tniA gtbrwiw -riff 

colleges run by local authorities, tion Secretary on the total non- minorities would - be nominated vided by r . universities, both “ iLiirv; - 

Since these institutions are university provision required. by the main union concerned and through ; nationai consultations *hinhniirf}na 

attended by students from other At first 95 per cent of the the polytechnic directors' com- and through a system of nine )!i i 

commerce that - if the British: 
shipbuilding industry 1 was ' tor 

“The product in question was Playpeople. 

“Which, in case you're not a parent, is (or are) small, articulated 
figures, with interchangeable parts. 

“TVuth is. they’re immensely successful all over the world. In 1977 
they were voted Toy of the Year. 

"Yet advertising them isn't simple. 

NI ^4jL, / "The reason is, on their own, they’re just 

; another toy. 

“■ "It's tlie chi Id who makes them come alive: he 
<Sfc improvises, he imagines, he invents. 

'• - ' W "And though we've a huge range, from cowboys 
to firemen, from nurses to patients, their real 
world is entirely in the child's mind. 

■M) "Of course, that's their magic. But how can a 
S child know they’re magic if he hasn’t got one? 

S "Our advertising agency. Norman, Craig and 
Kummel Limited (having diligently researched 
the problem) came up with the answer: 

"‘Give them away.' they said. 

‘"Let parents see how keen their children are 
and.they’lldo the rest.’. ■ ■ 

■nckmzoftkc U A free sample, of course, meant a press 

attended by students from other At first 95 per cent of the the polytechnic directors' com- and through a system of nine .u* J^ us ^J n f 2? 

areas, their cost is “ pooled," met expenditure would' be contri- mlttee. the strongest contingents revamped - regional advisory S S 

partly by local authorities whiqh buted through a revised pooHng would • be appointed by the councils., : pimndiTw «m£- „ f • rAoJir 

have no managerial discretion arrangement Involving - local Government (who would also Report Of the Working Group at ■ 

over courses. authorities, with the remaining nominate the chairman), and on the Management of TJigher ®|n attpmnr 

The Oakes Hwiort aime fn 5 nor nan+ Kn-Jn n mnlrihnloil h« Inml snthorltn aesn<*intiOTl<*. R/fjjrtrU/m - *« tk# 1,1 **“ olMSIMIfl HJ COUHler Iiou 

replace the 



aims to 5 per cent, being contributed by local authority associations. Education - in the Maintained 
pooling the authority in whose area the Although the scheme does not SecIm^rCmnd 7130. S.O.; £135. 

City staff- 
cost more 

Tesco to develop hypermarket 


^ Ilf) lie A TESCO has been chosen to originally for development of the The freight depot development open .to the in dujrhx to-cbSy'.we** 

uvuov : develop London’s first byper- site in partnership with the Forms part of the Greater London to pack up and get out. or. try . 

IT COSTS more than £20 a week market on British Rail land in Bernard Sunley investment Council's strategic transport plan *0 weather the storm byiuslng aS 

in rates alone to pay for- every Neasden, behind Wembley TrusL But Sunley has been for central London and has the range of -devices and expedients^ 

City of London office employee. Stadium. dropped by British Rail in support of British Rail. until the market picked . np/ 

according to the latest City rent The 46-acre site will also favour of Kyle Stewart, Wembley The depot and the 100,000 It was unthinkable that British 
and rates survey by the surveyors become rhe home of a freight developer, which is to create a square foot hypermarket, which shipyards should -shut .up shop. 

Debenham Tewson and Chin- centre in a £10m. development 500,000 square foot storage, tran- will have parking space for 1.000 The industry had. to. be. main- 7 

nocks, writes John Brennan. - - plan. shipment and lorry parking com- cars, have to receive detailed Gained at a substantial level “by- 

brw mwiuuiueu nriMuniro r.n nrr+ai. *« 

ctor-Onml 7130 : S.O.; £135. f^h'TpbSFldta^^Mf. 
. : _ . Belch criticised those whb 

• thought the U.K. should dpt out- 
of shipbuilding '- wholly - or. 
■* partially, leaving the way.cJear' 

^rmarir AT for Ja P an - Korea, Brazil and 

✓JL ULlill L ^ er , countries . Supply 

-- slti.p^ • • 4 ^ 

mothballed, its workforce could 
• / • not The only twoTaJtenpajti^W 

The freight depot development open, to the^indujrt^toStay .wel* 


Wes ;il 

%, sav 

nocks, writes John Brennan. - 

Tesco, advised by James Lesis plex on 30 acres of the former planning permission from Brent whatever means are necessary? 

Pt> n people spake ou:..." 

cam paign. So. on thei r advice, we took a single 
( carefully contrived) black and white whoie pa 

(carefully contrived) black and white whoie page 

ad in RadioTimes.. 

"The king of the Playpeople spake out to parents: 

“He offered a free Playperson fey the price of postage and 

“And bingo, a population explosion. 

“We had hoped for 75,000 replies. We got 125.000^ 

“That meant 7% of our target audience took the trouble to.repl}; 
(We were aiming by the way. at those readers of Radio-Times wno. ;‘ 
are mothers of children up to fifteen.) 

“In any terms it was a huge response. 

"It says a lot for our product. 

“It says a lot for our agency 

“And it’s not exactly mute about the power of Rad io Times.' 5 

Tha survey shows rhat risine . , UJ ua pianwng permission irom Brent 1 

a^ offi^rentSLvp^ and ' ^ Bts -' bld HHJcrworipL. Borough Council. 

have reduced the proportionate • ^ . — - ----- 

rate charge Tor employees. But, 

at an average modern office- rent • - -jm m - 9 . g* . \ -■ /> . A 

SSSS Miniature fetches £5,500 

a further £1,054 a year In rates. . - 

In the West End, overall costs A SOTHEBY’S auction of *n}ma- f ob J« Hancock. Bowden, from il Alexandrian terracotta 

Miniature fetches £5,500 

The British Industry, bow bate- 
an border book of-a&fttft ' LSrrt- - 
gross tons, pro vldlag: work . *r:. 
about 18,.moqtbsi;c v -Bttt:.WorME‘- 
demand very likely, 
this year from a normal Jevel-«K 
about 20m. -con^onsated gWS 

Victoria! the fistires are^abour premium) for ‘ a ' miniature of a RIdgway pan: dessert service, Phillips held a sale of water ®Ued.- for; - we- ; 

the same, with rent per employee King James 1 by Nicholas the centre Painted with a bouquet colours totalling £31.785. MaS nSre " 

of £1^00 and rates of £47sSy4r. Hilliard. of flowera on a brown ground. A paid £3,600 -for an 1850 pencil • 

> Eight, years ago it sold at '2 air 5 f ' ^W? rfiesteE apricot-ground, and chalfe- driving by Dante SlSL.-i? 1111 ^ 

5:- . auction for £1,500. -flowerpots went to Gabriel Rosetti of “Ellen." In 

TL B i A L AM i The same price of £5,500 Graham atuLOriey fop £9S0. 1397 -j t gold at Christie’s for [Jfw markets offered.hy :offsh®re’' 

Inatcner llOpt^S secured for Mrs. duPont a mfttia- . A wo«essipp r sale of Roman £2 IOsl - 'A wafer colour. ■ ■= 

- ture of Benjamin Franklin by SweerGumiaertime,” by George Most, of atl,^ the. -British 

yeara . . 

called.- for.:- *he- ; 
>f some nAVil- 

Graham and Oriey for £950. f^ Tt *rold ~at” Christie's for new markets offered^ .by arffcJMH* 1 ' 
A of Roman £2 10s. - A water colour --- - ^ovq.' 

• > - : : ' “ S wee rSurorae rt j rae,” by George* MflSt - the^Brttish eM prZ 

fAr ctraiofif- Joseph Gaye.' It is a copy of the 

*vl oUpJglll 7 original portrait of Franklin by 
rr 1 . ' 7 " - Greuze which Mrs. du Pont also 

Tory victory.. - °^ r top prices were afl00 

MRS. MARGARET THATCHER, for a John Smart miniature of a 



Opposition leader, said yesterday young lady and £2,000 for a 
that she hoped the Frenfch £l«* framed group of some early I9tb- 

tion result would be • reflected century Italian miniatures. Leg- g, u ^ m PS' *ad 

in ' Britain's next General" jgatt. bidding on behalf of the E S?P t » 81 r®1sed 

Election. ~ National Portrait Gallery, paid a total of £3ffB 36. 

.She told party workers al £180 -foe a miniature. of Johann —4? anonymous 
Scunthorpe: “ I would sestie for Cramer. . 

Goodwin Kilburne, sold to Wood owner must be encaurageKd® 
for £3,000. - place, orders at homai* 

, — ' ■ 44 1 believe the dfe«aopaji]rt:^f =' 

| . ' eveiHiloser . links between -TJ-K- ' 

HiVer KeadV . . Shipowners and shipbuilders is t • 

M ‘ vtau ’ •' central to any practkAhsai^T 
nrvon non strategy, and. couw^n ti»e; _■ - 

pnee nse . . assume a . key 
' ■ ^ . “City’s economic ^xpanM.qbri: 

nilf . +A' /Of- Mr. Belch said.' - • ■»?£ . 


pnee rise 

rem ' ^ ^ 

Jsed cut to 2% 

paid EVER . READY' was banned I 

Thi? adverfiiwipm is one of an occasional varies or case histories I rum Radio Times. ‘ 
For further inlumuiion eomact Head of Adwriisemem Department. BBC Publications, 
35Man-kboneHiahSiroeuLon<loii\V f.\| UV T*lephone-Ul-siin.n.V=' 

faSteis esmer - — — gjog. fo r miss; A mbulandemafe; 

the kind of result they- had in A Derby botanical part dessert wood figure of a man, 0 f its -dry batteries uo bv more 

France, with about a 90 majority, sen-ice. each piece painted in kj® a ^ s fala thaa2 percent. • P y WOfK tO nilfi J 

We want a straight Conservative the manner of John Brewerwith ?Sl f an n fli ? a ^X r f ^ e 0 U f dt>n The orderly MrJt’oyHattersIev qTCT.TirnF x £$P 

victory, so that - we can have specimen flowers named on the far ^ a i ar 2 e Prices Seerefcwv flSi 

clear i 
five y 

company- wanted 

until August 30. 

[will still- be covered. 

6 * 

Financial Times Tuesday March 21 1978 


|| Performance 

Ml , Brib ^ Ley land’s specialist 
igmeermg division;- SP Indus- 
kes. lost momentum last year 
dproflt was only 75 per cent, 
tnat planned while sales were 

- arginally below budget ■ 

SPL Britain’s eigfctlHargest 
rpneenns business, achieved 
les-of £198. 7m. against the 
V3.4m. target while profit 
. ^ore-interest was £I2.4m. com- 
ired with the £l&2m. budget 
The smprisingly large shortfall 
profits suggests that a more 
rteery ataye approach In drawing 
y the accounts has been taken 
ter the arrival of Mr. Michael 
hvardgs as .Ley land's new chair- 
an.ipart fcularly as SPI was only 
arginaTly 'short of its targets at 
errine«ion&i stage. 

In giving details of the 1977 
; to the employees 
tsterday, Mr. David AbeU, SPI 
"managing director, said the short- 
<41 was largely attributable to 
e increasing Talue- of sterling 
f&Vtlie latter half -of the year, a 
! 'vpmber of '*WgMy-da7ivaging 
.dustrial . disputes” in- the 
■ .I tump, and depressed market 
’ editions for certain of the 
• t *oa$S products, . 

, ‘rdSeiD ;• " : 

Spi.Js.-Biidgetiftg for: sales of 
' »lin: -this year but -expects - the 
jueeze of profit margins to con- 
oue so that the projected profit 
afore interest is £L-7m. 

The group continued with its 
' -,»avy investment programme. 

- apiui- approvals rose 29 per 
^"Vnt. to £22m. and actual capital 

epenrfiture "Was up 57 per cent. 
> £15. lm. 

The expected totals for 1978 
v £24^m. of capital approvals 
id £20JSm. actual spending. 
Interest paid last year jumped 
*om £2.6m. to £4i5m. Negative 
ash l flow soared from £7m' to 
early- £25m.. reflecting 'a' build- 
. p of stocks in the two divisions 
adly "bit by trading conditions — 

. . instruction equipment - and 
restcold. the commercial 
?frigeration business— as well 
; the £9m. Spent on the 
Tqiiisition of the Conveyancer 
. ft truck concern from Rub err 

The purchase of Conveyancer 
Iso helped lift the number- of 
niployoes from 12,500 to 13,800- 
. further small increase of 400 
i projected for 197S. 

The industrial problem cost 

Mr. Michael Edwardes, chairman of British Leyland, speaking yesterday at the opening of 
the £7Sm. compateriseddtesel engine testing facility in Lancashire. On -the left is Mr. 
David Andrews, Leyland executive- riee-e ha frmra, and. on the right MrT Des Pild>er, 
. managing director of Leyland’s bus . and truck division. 

SPL about. £Stal 'in lost’ sales 
last yefir. becsiise -they occurred 
in tVto.aMfipnS_wheiB : .a&iaj3d 
was - buoyant — Coventry Climax, 
the forklift trucks business, and 
Alvis, the military 'vehicles off- 
shpot ' *•'. . 


The rise in tbe v^ue of sterling 
particularly hit the construction 
equipment division which in- 
cludes Aveling-Barfoid* Aveling 
Marshall Goodwin Barsby, and 
Barfords of Belton, and exports 
more, than half its output by 
valued ’ 

■ -While construction equipment 
sales- remained ' relative^ -high — 
£5 1.9m. againstjhe - ffilfim tar- 

get- — margins were: ‘ squeezed 
savagely. Another difficult, year 
is forecast' But so far. fte’dhu- 
sion has - maintained - full-time 

Prestcold actually . Went on to 
a four-day working wrek -for a 
month but is now also back to a 
full five days. Indications here 
are that after a sticky first half, 
demand should pick-up in, the 
second. ' ‘ 

Among the good performers, 
Alvis, after a recent internal 

shake-up. has production "up- to 
more than 100 per cent of capa- 
city in recent mouths : while ^thfe 
Self ^Changing pears , subsidiary 
continues to make healthy profits. 

The forklift truck business, 
Coventry Climax find. Conveyan- 

cer. is experiencing buoyant TJ.K, 
demand and . has pushed up its’ 
market share at home to more 
than 20 per cent and expects to 
hold it there. 

Iran and Nigeria continue to 
be good export markets. 

of dollar 

fly-.Mkhael B landed 

THE PROBLEMS of overcoming 
the .weakness of the dollar are 
underlined in the latest monetary 
bulletin - issued to-day by iff. 
Greenwell stockbrokers.. 

The point out. that,, on the view 
taken by monetarist commenta- 
tors, “neither a confidence pack- 
age nor a rise in U.S. interest 
rates will be sufficient to restore 
the health- of the dollar until the 
domestic monetary pressures re- 
verse.” V 

The ' announcement of huge 
lines' of credit, such as the 
central bank swaps recently 
arranged, were designed to 
r e s to re confidence and can. force 
speculators against the currency 
to urn for cover. " . ‘ .' 

But,, if the underlying 'mone- 
tary forces continued to be 
adverse, foreign exchange outflow 
would resume in due course and 
hear positions would be re- 
opened. The actual use of swap 
facilities then could affect confi- 
dence adversely. 

Moreover, interest rates in the 
U.S. rose throughout last year, 
because of market forces. Excess 
growth of the monetary base 
showed that the Federal Reserve 
had been following rather thaw 
leading -market forces. 

*®roj.epce that the monetary 
base 4s being squeezed will- sug- 
gest that the domestic monetary 
forces are reversing. The dollar 
is unlikely to respond to rising 
U.S. interest rates until then.” 
say the brokers. , . 

£13.5m. plan tabled 
to case Sumburgh 
airport congestion 


PLANS TO alleviate the severe 

congestion at Sumburgh airport, 
the main point of entry -into, the 
Sbetland& iKill be considered by 
life .Shetland Islands Council 
when , Lt meets in Lerwick on 
April 24. 

A £13j5m. expansion . scheme 
has been tabled by the . Civil 
Aviation Authority,' which runs 
the airport, to increase the park- 
ing' space on the aprons and 
improve, the buildings. . 

. The council will also discuss 
a film, scheme for Host, a run- 
way strip -on- one of the most 
northerly islands, which it owns. 

.The need to:- do. somethlug 
About Sumburgh, which is ut the 
southernmost -tip; of the -island, 
is urgent. Aircraft and heli- 
copters have to queue to get to 
the very limited parking space. 
There is inadequate space in the 
buildings to handle the vast 
amount of oil-related traffic 
passing through. 

The authority wants a new 
building to handle passengers 
on their way to North Sea rigs 
and a helicopter runway in 
operation next year. The council 
is adamant that no work should 
be -undertaken until a start has 
been made on -Unst. - ► . 

It -‘wants Unst to handle the 
large number of men and flights 
heading for the oilfields such as 
Brent, Heather. * N ini ah ’ and 
Thistle which lie to the north- 

The oil companies want-- to 
develop a small runway strip of 
Scatsta at a cost of £2.Btn. to’ take 
out the traffic associated with the 
oil terminal at Dearby Sullom 

The council was less enthu- 
siastic about work at ScaTsta, but 
the whole cost would he paid by 
the 32 companies Id the consor- 
tium developing Sullom Voe and 
it eventually agreed to the logic 
of the move. 

As a result of these -two 
developments all traffic for 
Sullom Voe would fly direcr to 
Scatsca from Aberdeen and -rig 
traffic straight to Unst from 
Aberdeen. The pressure, on 
Sumburgh would - be consider- 
ably lightened. It has been 
estimated that between 100,000 
and 150,000 people on oil - work 
use Sumburgh each year. 

One problem which . has not 
been completely resolved is that 
Millqr-Plessey, the company 
developing Unst on lease from 
the council, is still trying to get 
firm commitments from ■ the oil 
companies. to. put traffic straight 
through to tbe island. 

If the commitment is obtained 
the airport tun by Fair- 
field Aviation, part of the 
Hunting group. Loganair already 
flies in .to Unst and. would 'con- 
tinue to* do "so; but it would be 
joined by. Dan Air. which has a 
large oil-related charter opera- 

Law urged 
to stop 
at work 

Financial Times Reporter 
LEGISLATION designed to help 
prevent the mental illness that 
can bej caused by boring .indus- 
trial -jobs might have to be 
enacted beTofe the ‘end - of this 
century. Sir Monty Finniston, 
former chairman of British Steel, 
told the Royal Society of Arts 

Boredom was one aspect of 
mental health in industry which 
could lead to sickness and 
absenteeism at work and to 
hooliganism and vandalism out- 
side it. said Sir Monty. 

It was the job of creative man- 
agement to remove boredom and 
this eould not be done merely by 
introducing background music or 
allowing “ neighbourly exchange 
of gossip." These helped merely 
to mitigate boredom. 

“The important Feature is 
that change of activity is essen- 
tial to an active mind. 

“ It is my view thaT creative 
management will use future 
operators not to do one task 
with particular repetitive skills 
but will employ individuals in 
a single shift or over a given 
period — day, week or month — 
to do different classes of work so 
that the change of activity will 
eliminate the sotse of boredom. 

“ As an .example, in a eight- 
hour shift, a morning .could be 
spent on the production line and 
the afternoon on an office assign- 
ment. Alternatively, one month 
ct>uld he spent In. the factory 
and the next in the sales force 
Dr whatever is appropriate to 
the particular circumstances." 

New investment ‘will 
cut costs 




HR. DES PITCHER, managing 
(irector of Leyland Vehicles, 
Iritish LeylazuTs truck and bus 
lanufacturing operation, said 
; "esterday that investment in a 
,ew assembly hall for -the group’s 
/ eavy vehicles would reduce the 
• verage work content in a truck 
y 50 per cent, and cut material 
elding costs by 40 per cent. 

This would make the company 
, . unpetitive with any other Euro- 
aan truck-maker, and give it 
te opportunity to increase the 
ly of those workers “ associated 
Ith productivity increases". 

Mr. Pitcher, speaking at the 
lening of' a new £7.8m. engine-: 
sting facility at Leyland. Lancs., 
id that Leyland Vehicles, which- 
ade a profit of £26.6m. last year, 
.d not like the technique of 
assuring * productivity by 
-hides per man. 

“Wc prefer to look at added 
due per man, taking into 
rcount ' the wages of the man 
id the capital applied to aid hiB 

“ We find that, with a number 
our successful European 
unterparts, the number of 
>urs needed to make, a similar 
uck is 20 per cent, higher, than 


' v; 

“We find with others that, 
when the figures ate better, it 
is because the capital spent is 
up to 10 times higher than ours." 

“We are committed to in 
house coEoponentTuanufacturiog, 
and, in line with other major 
European truck-makers, we have 
to pursue that policy to maintain 
overall profit margins and to get 
the best returns on investments. 

This meant that the company 
would reduce its engine produc- 
tion to two separate families and 
mainly produce its own transmis- 

The gronpis being reorganised," 1 
so that heavy vehicle man Ufa (S 
taring is ^concentrated at Ley 
land, medium and light ift-Scot 
land, off-road vehicles at the old| 
Scannell plant, Watford, overseas 
bus . chassis at Wolverhampton, 
and passenger vehicles at 

The company Is also launching 
two further variations of tbe 
standard Leyland national single- 
decker bus. 

It would shortly be taking over 
responsibility for its overseas 
marketing and manufacturing- 
facilities from Leyland Inter- 


disputes at suppliers hit 
results, says Edwardes 

wants the same thing from acopiei: 

» s : 

UTISH LEYLAND profit be- 
re interest and tax was £56.7ra. 
lis was after charging a morti sa- 
te and depreciation of £S!2m., 
\ Michael Edwardes. British 
yland chairman, said yester- 

Profit before tax was £3.Im„ 
jcf interest charges of £53.6m. 
The increased interest charges 
fleeted higher borrowings in 
t}. period, 'said Mr. Edwardes.- 
During- the ■■year the' company 
aw down -long-term loans of 
50m. from the NEB at interest 
:es varying- between 13* per 
'it. and 'Ifil per cent, £2 00m. 
the first quarter and a further 
)m. in September. 

The tax charge of £8.Im. re- 
ed mainly to profits earned in 
?rseas subsidiaries. 

Mr. Edwardes said that profit 
fore tax of fS.lra. was' made 
of a- profit of £26.6m. from 
ick and bug products, and a 
oflt or £8.4m. from non-auto- 
nlve products: offset by a loss 
•fSlita. from cars and light 
mmercial vehicles. The results, 
said, should be judged against 
3 background of., the serious 
tornal and external disputes 
pertenced in 1877. 
Extraordinary, provisions of- 
had been made. These 
sled to -the Intention to close 
3 Speke assembly plant in 
verpooL *o transfer assembly 
the TR7 to Coventry and to 
iiice the scale of certain. -un- 
rnotmc operations .in South 
rica and Scandinavia. : The 
ure was net of 15.5m. write- 
ck.of provisions made in re- 
cce of the closure of manufao- 
rinfi? operations in Spain, and 
ily relating <o ^prior-years and 
-fqjjgcr required. . 

Results m the second half... of 
77. as in the first half, com- 




Prom b^foro- Interest, 
Nrt interest oayablc ... 

Profit before tax 

Tax charge .. 

Net Joss 

To minorities Imprests 
Ksrrsffrt inary debits.. 

Lcantv Joss 

+ Profit. 















15 mUts. 

14 16 
34 JT. 

. 10.5 


tinued to be dominated by\he 
-Impact of internal and external 
disputes. .In particular, lengthy 
supplier disputes caused serious 
damage to the company's opera- 
tions in the second balf of ihe 
year. Production, sales and pro- 
fits were all badly hit. 

Work-in-progress inveniorlcs 
became excessive and _ un- 
balanced as a result Consistent 
good performance would be re- 
quired. -to-' repair the damage 
caused at home and abroad- by 
the events of 1977. Margins on 
the company's £S54m. of exports 
came under .severe, pressure 
-from the continuing effect of the 
high rate of inflation in the U-K 
•This was still -a 'cause of concent, 
said Mr. Edwardes. ' . 

Mr. Edwardes. added: T was 
appointed chairman in Novem- 
ber 1977 and the Board of direc- 
tors was substantially changed al 
that time. The lack of profit- 
ability in 1977 has -caused; the 
Board to review and revise We 
company's future plans. '-New 
plans, including proposals focJ 
futuro financing, which involve 
an increase is the Issued share 
.capital.- have been put to and 
discussed wish ihet.NEB. The 
NEB's report on the plans is now 
with.rthe Government - for ton- 
sidcratloo and approval." :* 

* w « 

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J. : 


Financial Times Tuesday March 21 19TS 


a Tory 
life peer 

hits at 
over electricity Bill 


ILK. wiH 
dates for 
EEC poll 


By John Hunt, Parliamentary 


Bjr Richard Evans, Lobby Editor 

__ REFUSING to co-operate Mr. Bena refused to give any would have allowed die organj- 

with the Government in securing detailed account of the objec- satlonal framework to have 

the passage of the necessary tions raised by the Liberals. But emerged through the use of w- 

legislation. Liberal MPs and the he made It clear that any statutory instruments as and THE British Government wul be 
Opposition had denied the elec- explanation which Mr. David when changes were needed. S3S2 ?i?^e™S«? 
tricity supply industry the right Steel might be willing to offer, Mr. Tom King, shadow energy jjjjjk* 1 * ? j?^ p JS P when 
SIR CHRISTOPHER SOAMES, to have a corporate strategy and alter .publication of the White secretary, said there had been a uLdt Sf State attend the 
former U-K- Common Market the proper framework for its Paper. would be welcomed. tragic outcome to a seriously mis- in 

Commissioner and Sir Peter future development, Mr. Mr. Benn told questioners that managed situation. So far as „ Aortl 7 and S 

Rswlinson a former Attorney Anthony Wedgwood Benn, ready to conceal his disappoint- the official Opposition was con- _ announced in the 

General are among 16 new life Energy Secretary, claimed in the cussloa following the publication too Commons yesterdav by Mr. Frank 

peers, named by 10 Downing Commons yesterday. of the Plowden report on . the Judd, 'Minister of- State for 

S«et yesterday. His, delivered in 2**“,* %% SS* jSStSta uK«K M reply to ft 

he measured but icy tones, were *gg* t ™SS' his diSUS Parliamentary se-simT . ***** a T 0 ^ foreign 

b J primarily aimed at the Liberals. aient thef th* mJiTetra uldd Wf SnllA Mill hd (A H 

The purpose of the list, the 
Erst of its kind recommended by primarily 

Richard Luce, 
affairs spokesman. 

n a&aras * ram ggmss 

S5Ln 1 Sl V, ^ W0, S? i!S * b “* a J" T “g management indunions! ' not been subject to the most 

particularly on the Labour reached under the Lib-Lab pact Mr Betm gtressed ^ ta wide detailed consultation with the 

7* shortened Bill will be intro- discuSa i ons , not just with the industry Itself. Much of the time ® the PriEi *55 

'*■■'*"* to-morrow^— was under- Liberals, but also with the Con- had been spent on seeking and EJEr^f “ tte Prune Mtn 

ninro rtrManf innac hv .. « . , _ • . 4 uritKffi urlXi • Ui 


The choice 

of Sir Peter duced 

0 tn ember of the European 
Parliament. It was a waste 
time fixing a date for direct 

--- — v. M “ — uoerais, out also Witn ine uon- nan Been apem on seeiuus f 7 „r(>mhnnrfl was 

Raid nsom made on the advice lined in more strident tones by servative Partyi he had advo- obtaining a concensus within m uw 

UJIr. La ? our backbenchers. ^ cated .prinmry^Wislation which the industry. 

Mabon hopes for more 
U.K. oil refining 

leader, means that there will 
have to be a by-election in the 
safe Tory constituency of Epsom. 
Sir Peter held the seat with a 
majority of 16,290 at the last 
genera! election. His peerage 
makes it probable that be will 

From both sides of the House, 
MPs pointed to the deserted 
Liberal bench, explained later 
as an unintended rather than 
deliberate, boycott 
Mr. Betm confirmed that the 

become the next Conservative JLnrm 

Lord Chancellor. wou * d P™ v . lde 

ments arising from the ordering 

guarantee was given that 
would continue to meet 

.In addition, said Mr. Price 
there 'were now plans to erect 
another expensive building for 
tbe Parliament this time 

_ . . . . m«ms aur«mic UU m me umcm* BY IVOR OWEN Mr. Jodd assured him that the. 

Sir Umstophers appointment of the T)iax-B coal fired power 18 U.K- - -Government • was - deter--} 

also made on the recommends- V“ S riJi eS to an THE GOVERNMENT wants to This compared with, -about 18m. mmed to avoid any unnecessary 
tion of Mrs. Thatcher, means he fJSSittaSl Sreement on safe- see a bigger proportion of North tonnes during die previous to ehrtravagance in this respect 
has finally given up hope of * rds for nuclear material Sea oil refined in the United King- months. . ■ . v*. . Pressed to speed up negotSa- 

returnins to Westminster as an 1 nuclear material. ^ ^ Dicksfln Mab on. Minis- He explained that it was toe Stor of Spain. 

MP. But he would probably be , Ee ° I ? expklned that *® ter of State for Energy; told the cult to influence fhb level of ex- p ortuga L and - Greece to P tbe 

offered a post in Mrs. Thatcher's Commons yesterday. ports beeause the Community, the Minister said 

Cabinet following a Tory elec- f °,\ n ™ s , i ° n a »“K Over the.last 12 months, around ’«* A K wS Unit Britain's position on enlanje- 

uon victory. 

Sir Christopher, a son-in-law of 

this session, would be published 
in the form of a White Paper “8 
after the Easter recess. It had ti°n 

iver Lne-iasi moutiib. diuuuu v„ n l- tvac k wiu vii 

per cent, of North Sea produc- SremeW attractive* ^ ment ^ absolutely dear. We 
had been refined within the e ^? l HJL5 , S22Li -- «. ». OD were absolutely in favour of - 

Sir tv^nslon Churchilr was MP WIT. ® JTS iSSIjB J&TOSSgSfflS *BE 

!Sf JS «*2 * 5 S JB 5 « ,. aad torset set fy the GovemmenL 3 S J 3 " « 5 &, 

Minister of Agriculture from 
1960-64 before becoming British 
Ambassador to France from 


was deterinined that the pre- 
liminary . Work should "be- com- 
pleted LWithin months and -hoped 
thart— a — negotiating, "position 
woifid be reached towards the 
end of the year. 

on Norman Scott file 


on Agents 

regard to consumers industrial “J ™ selMufficiency in oilln tiiecaien- retTl^.'tad "reStered^Briti^ 

democracy and a special open Dr _ MaboQ told mj. T om dar year 1980 and that rt would dissatisfaction that more pro- 

trora sovemment clause which, he utterick (Lab M Birmingham Sell/ be sustained right through the gress had not been made for the 

1968-7'’ He then became a Euro- believed.- would win wjde support Qak) that nearly 2lm. tonnes of lSSOs. Production in excess of adtmssion of Portugal and 

MM CommiSer fOT E^elSal throughout the House. U-K ^ continental shelf crude oil self-sufficiency.mteht he as much ^ 3110 

Affairs for four years. Despite provocative comments were brought ashore during the as 20m ^ 30 ul, or even 40m. tonnes jn th e of G rew;e> Britain 

Two other new peerages from 1)0111 si ^ es of chamber, six months ending January, 1978. a year. ^ . 

created after consultation- with •"■V-- * 

Mrs. Thatcher, are for Sir Arthur 
Cockfield, former chairman. of the 
Price Commission and. an adviser., 
to the Conservative Party ■oil tax- 
ation policy, and Mr. Aubrey 
Buxton, director of Anglia Tele- 
vision. who lias advised the Tories 
on communication matters. 

A peerage made □□ Liberal ad- 
vice goes to Mr. Gniffydd Evans, 

President of the Liberal Party, 
and a member of Merseyside 

County Council. He is a Birken- . .. , ^ . ..... 

head solicitor. TORY backbenchers yesterday “ Yes, with my own eyes; I think adviser, to look at certain papers LEGISLATION TO make the 

The other peerages go to Mr. ' demanded a further statement 1 took it to Chequers- 1 think on her behalf. Mr. Straw made Grown Agents accountable to 
Victor Mishcon. a former GLC from Mr. David Exmals. Social we have got a copy of that file." a report to her and she passed it parliament wil be introduced as 
member and a member of the Services Secretary, about allega- ^ Onslow took this to mean t0 to® Prime Minister. - s00n 4s possible. Mrs. Judith 

National Theatre Board; Mrs. tions concerning the social that the DHSS file on the case What had gone to the PM was Hart, Minister for Overseas 

Nora David, a member of Cain- security file of Mr. Norman Scott, had gone to No. 10 and was seen a folder of papers- Containing Development told the 'Commons 

bridge County CounoL mojteL „ \ by Xack^-FjdkeuderW- VHe. eom-. summaries of Miv:Sc*tt's case, yesferdayv: -1 

Hatch, a Forififer oflwrai-at Thafts^ - ‘IjuHn^ the “Easter 'recess de- raetited; ^'Tfiere"-4hdurd'. JlLBKedtc. J'JdcMax«L.'Xnce 

port House, and now a lecturer; bate in the Commons, they raised cover : up. An attempt to cover history. “There was .ntf. indica- (C.,, Shoreham) if tbe Govern- 
or, William Howie, a^ former ^he matter again, baaing their up simply orates the- impression tion of any untoward " conduct ment expected that further sums 
Labour MP: Mr. Alexander questions -on«.aUegatlons that-, there . is something -very... by-tbe depajtment>-J'tttfi,was.the-a f^ *. puh U e -i money- ^woaild- be 
Donnetr-optTie-GeneraT anaivnim- the book. The Pcncourt File. fishy going on here." end as far as I am concerned," needed to meet the Crown 

mer ni^m be r'of ^the°TlM? General Their main concern was over But Mrs. Barbam Castle (Ub. declared. / 

Council- Mr T^renn Hutcmnsom the cl al m toat the file on Mr. Blackburn), former Social Ser- ■' 

former v Recorder ^of ^ Bath and Sco,t bad 8° ne from DHSS vices Secretary, denied that ■ . 

a memher of the committee on t0 Wo - 10 Downing Street when there was any mystery about the PflV SSlXlCtlOllS t0 i . mak ®, ^is financial year 

fmSiSatten appeal^ Sir Harold Wilson was Prime affair. Mr. Ennals had made a r A J. relates almort entirely to the 

Mr° John Leonard, a former Minister. full statement about it A TOTAL of 23 firms are being j VS. rtlts Australian pro- 

member of Cardiff Stv Council Mr - Cranlcy Onslow (C. Wok- Mrs. Castle explained ■ that subjected to economic sanctions pe I , .'J 1 ° 1 to n 8 5 - 
and latelv chainnan of South told the House that be bad early in 1976. Sir Harold asked for baring negotiated pay settle- Whether fu 
Glamorgan Countv Council- Mr seen a transcript of a tape made her to see whether there had menta above the 10 per . cent required will not be .known 

Derek Pa’e a former Labour b - v Lad J Falkender. former poli- been anything untoward in the guidelines, Mr. Joel Bajmett, until the financial results of tbe 

MP- Mr 'Cvnl Plant "eneral tical secretary to Sir Harold, handling by the DHSS of Mr. Chief Secretary to the Treasury, Crown Agents' disengagement 

secretary oF ih*’ Inland Revenue Asked whether she bad seen the Norman Scott's social security, told the Commons in a written from 'Those investments are 

Staff Federation until 1976; Mr. file * sfae “ 831,1 t0 have replied: She asked Mr. Jack Straw, her answer yesterday. clear." 

William Sefton, member of Mer- . ' 

seysidc County Council; and Mr. tub Uri] ICC OET I HPITQ 

Thomas Taylnr. a memberof ihc,V. E . ^' 

North West Region Economic ’ ■ 

Planning Council. * 

Thp list was vetted l»v the 
Honours Scrutiny Committee and 
will provoke none of the contro- 
versy of ilic last hst presented 
by Sir Harold Wilson on his 
resiynjuon as Prime Minister. 

U.K. helps 

Home ventures further than 
Labour’s reform attempts 

g L1 


oil slick 

THE CONSERVATIVE proposals reasons: to 'revise legislation that 
for a reformed House of Lords, has been inadequately considered 
changing it to a pan-elected, by tbe Commons, and to act as 
part-nominated chamber are but a safeguard against constltu- 
the latest in a stream of ideas tionul abuse. Both functions, 

THERE IS no immediate th* - **^! that has flowed intermittently however-, cannot be properly ful- 
of oil from ihe wrecked Liberian since the original and historic filled because. In Lord Home's 
tinker Amccn-Cadiz polluting ciash between ihe two Houses words, the Lords' “remoteness 
Bn Iain's cnusL*. Mr. Stanley over the 1909 " People's Budget " from the ideas of our age about 
said in the Commons yesterday. of Lloyd George. the conditions qualifying people 

He told MPs that the Govern- But since the 1R11 Parliament to exercise political power." 
ment had jqreed to a French re- Act, when the Liberal Govern- A far cry, indeed, from the 
quest for five spraying vessels, ment exacted vengeance for the impassioned attack hy Balfour. 

These would help provide protec- Upper House's obstruction of the Tory leader of the day. on 
tion fur tin* Channel Islands as those proposals by removing its the 1911 Act. that the hereditary 
well as 1li«* French coast. right to interfere with “money** principle was “accepted bv the 

For the Conservatives. Mr. Bills, ihe Loro's has appeared great majority of mankind.*' 

Cecil Parkinson welcomed the de- impervious to considered reform. Broadly, four main options 
cisioti to offer aid !o ihe French. Governments have threatened -were open to the committee. The 
The incident underlined the need change, promised change, and fl r3t was t 0 do nothing and 
to imnrovv arrangements for even introduced legislation for respect the status qua on the 
siiinpin^ safely in the Channel, change. But to no avail. The grounds that the Upper House 
Mr. John Prescott (Lab., Hull Lords remain, overwhelmingly muddles through as well as can 
E.i sj id there had yet asaln been hereditary aod overwhelmingly he expected — a view that surpris- 
a failure of a of conven- diffident., to use the powers that Ingly is held by a number ' of 

ic nee " country to observe inter- constitutionally belong to them “ progressive " Tory MPs. Tbe 
national conventions. to revise legislation and to act attraction of this approach is that 

The Government should call all as the safeguard that they should the Lords, in its present form, is 
European countries together to b c. obliged to behave as a non- 

enforec a regional agreement. But tbe scheme launched partisan and, therefore, effective 
making sure that the Standard of - ve5tc rday Lord Home, and reviewing body. The committee 
competence of crews of such drawn up by a committee of Toty dismissed this as too unstable an nominated. Continuity of a- kind follow 

. -- Aslilei; A4nrtwd 

Lord Home listens to a question on bis committee's proposals. 

consultation with 

vessels were up to the standards P®«« f^d MPs. and a- lone edifice that would crumble at would thereby be assured* -fr&n special aU-party committed In 
enforced in Britain. academic, Mr. Nov 11 Johnson of the first, determined assault the existing House. The best this way, it is claimed the 

Mr. Davis said there was bound Nuffield, is of particular interest, from the abolitionists. people would be available, by dangers . inherent in a. -'large 

lo be an inquiry and it would be <£®n ^ th e pa*t 67 'years suggest Rejected also is the second nomination, even if they did not, extension of Prime Ministerial 
wrong to prejudge responsibility fhat toe omens for successful of a nominated in their advanced years, vrish to patronage would be avoided, 

for the incident. He hoped that- l “ I P , ®“® n “‘to D remain bleak. In cT]araber ' t0 w fi eci party balance face the rigours of an election A certain number of bishops 
a conference _«ir the Intor-Govern- toe erst : puce, i it nas been pre- in the commonsr-the nub of the campaign, and the two-thirds and law Lords would also be 
ment Maritime Consultative P^rea n> me party mat nas tne j [{.fated proposals put forward elected majority would '.,feei included, so that a remodelled 
Urbanisation this summer would greatest, vested interest m the bv Wilson Government in entitled to seek greater powers. Upper House would contain 430 
deal with standards ufcertlfica- survival of the Lords, and which jgftg and echoed by a report from In either case, the electoral members, against 1.139 to-dav . 
tion for seafarers. is likelj. on preseni opinion polls. Lab 0ur peers, under Lord system would be proportional Hereditary .peers would, of! 

to form the next government, champion last year. representation, despite the known course, still P exist but theft* 

Secondly, and most important, it The third possibility was an dislike of Mrs. Thatcher for a eldest Mns wouldho longer have 
B fiwS!i?« toe sword entirely elected chamber. This method which she sees as per- ^ automatic right to a seat 

over wou W have given the Upper petuating. ann-Tory coalitions. It Tie committee also armies tiiat 
/iSt hjk ^° use a m oral authority which is this factor, indeed, which should at least retain 

For what has gal van i &ed even the unquestionably would have en- makes many believe that no ability to delay ordinary 
T » Con - hanced both revising and safe- Conservative Cabinet coiild {JLJS« fo? ooe vear 

Financial Times Reporter " ‘ poMibtoty— to put it no higher— r(rtes . g ut Se cost, in the accept the proposals in their ‘"SffS® r ’ 4 . 

«... , _ that the next Labour manifesto committee's view was too high: current form. But as Sir Derek Bnt.tne report is no more than 

THE National Coal Board has will commit the party to abolish «, e *,*,1 sacrist of the heredi- Walker-Smith MP, one ofthe 4 5 ^T ies ^ proposals in no way 

approved promts which will pro- the Lords. The result is a t^^ri^rSd ti^ riBm of com^tST membeiS. 6 bln&ig npon toe leadership^nd 

pde about 30m. tons - of new package that goes much further b i sh M S and Jaw Lords to hold “toe strongest reason. for taring eastl * “ee* toe oblivion 

capacity. Hr. Aka Eadic. Energy than Ubouris own attempts at se a ta t he lo4 of useful outside PR is that it would ensure that comawn to such documents. Even 

Under Secretary told the Com- reform oyer the past decade. expertise that comes with the the make-up of the Commons tf ** *d become legislation, who 

« , .. The 10-man committee was appointment of life peers and. would not be reproduced in toe it would not suffer the 

At the beginmng of the month, appointed by Mrs. Thatcher in above all, the risk of repeated An d other countries, lik® toe Grossman scheme of 

tosjributed stocks of coal totalled January 1977. at the height of clashes between two chambers France, use different systems in 1968,- which, despite agreement 

1S.o 54.0OO tons ana undistributed tbe row over Lords Interference both of whom would claim the their second Houses." - _ .betfreen tile two front benches, 
stocks totalled 9539.000- tons, with the controversial aircraft lejritirnacv of being elected. The new hybrid chamber would foundered in the Commons on an 

and shipbuilding Bill then going Tt is 'the fourth and final evolve gradually from the present unholy alliance of the Toty 

through Parliament. Its find- formula that, in Lord Home's one over several years. The one- Right ' opposed to any change, 

inqs start from the premise that view, comes nearest to the ideal, third of its members nominated and toe Left, fearful of increased 

a second chamber is vital for two a mixture of tbe elected and the by the Prime Minister would -power for" the Lords? 

Coal projects 

rhis excluded stocks held in 
■nerchants* yards for the domestic 
■narket and stocks held by the 
odustrial sector. 



Scargfil’s claim of more 
pit deaths ‘misleading’ 


... . „ 0 nne of the eight fatal accident 

CLAWS by Mr. Arthur Scaigill, is not long en .°Hf h fn January and February 

Yorkshire miners’ president, that . firin assessment, it y» nevera urre( j ^ a coalface , during 3 

the- introduction of pit incentive less an indication of the trena ducl | Qn s bift- This involved 

schemes has 1 ed to an .increase when compared with the coat p tal by a roof fall, 
in fatal accidents were ‘‘ depre- Board’s fiscal year '‘toch nas waSi said the Board, mis. 
cated V and described ■ as mis- .already shown an actual in- to bnse comparisons an 

leading by toe National Coal crease." M Scar-ill one vear's figures, particularly 

Board yesterday. SS^SSn from S^in as 197U-77 was exceptionally low 

Mr, ScargilL who made, the SoStos ofl977 to S9 in accidents wh en viewed 

alleged threat to safety stan- iTjaSLur ahd February of this against a long-term downward 
dards a leading factor in .ha V “ _ J trend. 

recent unsuccessful campaign j^n analysis o£ fatal accidents 

against incentive schemes, told .» * j Awfc in toe current fiscal year 

the National Union of Mine- rkCClueuia showed that it was those on haul- 

workers' Yorkshire areacouncil u T ^bmlt that the introduction. and transport systems which 
that in the 1976-77 ^^B ^ ofthe incentive scheme has been had increased. • 

year, there had been 36 deaths responsible for the dramatic jn- » 0ther fatal accident - in- 
by the end of February. -Cye J M jn deaths and mdustnal e , ud Y;“ on coalface - 

In toe corresponding part of accidents." have d’ecreased this year." 

the current fiscal year, there had The NCB was quick to reject Elsewhere in his speech, Mr. 

Mr. Scargill’s submission 10 ^ SearKilt declared that theffijht to 

Mitompnt aefUSJHH Sum or .u. ^..nicinn nn m-nn 

been 43. 

“ In tbe 

- iu me calendar year, the statement accusing him u» ' ' ve 'f^ e t h e decision on iucen- 

deatb rate for the first two .^wrongly attributing^ an UTe schemes must be intensified, 

months of 1977 was threfc In m accidents in toe coal ^industry described the constitu- 

the first two months of XB78, to the incentive_scherae. *u e nxTM as undenaocra- 

there have aLready been eight - There was. the statement went “J n ^called for changes to 
deaths. This represent a 166 on. “ no evidence to Mp^rt tois members voting 

per cent increase over tbe same interpretation of the accident S'* representative l0 the 

. Iast - ye *kfO-month period ''According . to the Board, only Leosth ^ .heir local tneeber. 

1 Although a 


A DECISION by TUC leaders fied. The white-collar section 
Iresterdav to recommend auto- fTASS) of the Engineers, being 
static representation on rhe TUC just- above the -threshold, would 
general council for unions with, automatically. -keep ?its seat. . 
150,000 members or more; looks The others wouldultave— as at 
certain to provoke complaints present— to fight -tof a place 
from some large .white-collar along with other smaller unions, 
unions as ‘would those- who: jmw have 

TUC council move 
likely to be criticised 

London bus 
union chiefs 
pay deal 

By 'Philip Bassett, Labour Staff 

UNION LEADERS represent- 
ing 19,000 London has drivers 
and conductors voted yesiav 
day to aeeept a pay package 
which will mean wage in-! 
creases of up to £11 a week. 

- The" a«?MmenL whiito ;i>-iat: -. .. . . 

Londonl Transport' Vhd; Wldgeneraj p urposea remnj ittoei- es Cdtifederat io n . 
unions say -is within tV The was - looking at -- propose -for'---. The coirimitwFe " 1 yesterday 

reforming the council that have ^lem^d back the question of 
been under discu^ton for more ^ smaller unions would be 
than a year. represented and tbe number of 

Of those unions without a scats allocated to them, a&d also 
place on the council at present, the:* question , of whether there 
the' 150.000 cut-off would “dis- should continue to-be a women's 
qualify" the clerical union . section. * 

APEX (wiilu 142.000 members Mr. Terry Parry, of the fire- 
toe- Post Office Engineering men's union, spoke up for the 
Union, the Bank JSmloyees and smaller unions and Mrs. Mane 
tbe National Graphical Asso-: Patterson, of the Transport 
tiation. Two’ big -Civil Service Workers, for the women, 
unions, the Society of Civil and If yesterday's recommend a 
Public Servants, and the lnstilu- tion is accepted. 2S of the 41 
tion . of Professional *• :QvU‘- general council seats would be 
iServants would also be disquali- . accounted for. 

Governments pay guide-lines, 
means that average weekly 
earnings for drivers and con- 
ductors, could, with overtime* - 
rise to more than £100 a week. 

UiU on- leaders estimate that -' 
toe deal will add betweejr 
£9m--£l0m. to London Trans- 
port's anndal wages bill, and 
there could be further in- 
creases from forthcoming talks 
on productivity between Lon- 
don Transport and the Trans- 
port and General Workers*; 


..The drivers' , and conductors^’ 
rpnsent --fens ftf> jsterftulK. 

for London. ., weighting anq ; 

stages lone and two Which give' 1-.-— ;v- .-r:r«r * ;> x.~ "rr-,— « 

approximately £56 a week. 


Further supplements for 
working unsocial hoars, duties 
spread, over a period longer 
than the ..normal eight-hour 
shif and receipts bonuses 
coaid, with overtime, bring 
average weekly earnings for 
conductors up to £91 and for 
drivers operating . one-man 
buses, £102. 

The agreement, which will 
date from April 1, will give 
10 per cent, on the basic 
weekly wage and a further 
10 per cent of the normal 

Cond adorn’ average earnings 
will rise- -from £91 to £100,.' 
drivers’ from £93 to £102 and 
one-man bus. drivers' from 
£102 lo £113. Some drivers and 
corriutf ors already take home 
more -than £100 a week. 

. J ^ « * r :i ' ^ 

_ v* — r-K *.« . 


i- ■ 

Foreman halts 
of Mini 

PRODUCTION of the Mini at 
Longbridge, . Birmingham, was 
halted last night after a dispute 
over toe activities of a foreman. 

Shop stewards claimed he over- 
stepped his responsibilities by 
performing a production task. 

Workers at a Wolverhampton 
factory which is to be closed 
threatened to weld doors to stop 
vital equipment being delivered 
to British" Leyland. More than 
70 workers have been issued with] tdaim. 
redundancy notices, expiring in ~ 
June, at the tooimaking plant of 
Laystall Engineering, which is to 
close because of lack of orders. 

A meeting yesterday oE some 
employees heard a claim that tbe 
company had toriied down £4m. 
worth of orders in the last year 
and that the division to be closed 
had made a profit. 

Moors’ settlements 


THE REDUNDANCY terms at Board's "Nantgarw coking works 
East Moors, Cardiff, are trigger; close, with loss of some 300 jobs, 
i’ng demands for similar pay- An N€B spokesman confirmed 
ments from other workers in that there had been discuss ons 
South Wales facing plant with unions on the plant's future, 
closures. At EbbwVale steelworkers are 

A mass meeting of Duport considering BSC’s offer to nogo- 
S teal's Briton Ferry workers has tiate closure of the heavy end 
called an Welsh Labour MPs to of the works a year before time, 
press the Government for simi- with loss of about 1B00 jobs, 
larly generous payments to After the meeting between Sir 
cushion redundancies in the Charles Villlers. BSC chairman, 
private steel sector. Blaenau Gwent District Council 

Under a 1976 agreement with -and unions on Friday. Ebbw 
unions Duport is due shortly' te-ViUe- -Works Council members 
begin a phased shutdown ' of said thev would seek higher pay- 
'Bri ton : Ferry, “near 'Swansea,;' by. ments than those agreed at East 
the end of this year, "with the Moors and Hartlepool for a pre- 
loss of 1,000 jobs, to concentrate mature shutdown, 
its steelmaking in new electric "ta Pauline Clark writes: The TUC 
arc furnaces at Llanelli. Steel Industries Committee will 

Rhymney Valley trade set up a working party to study 
unionists have written to Mr. details of closures and manning 
Eric Varley. the Industry . Secre- cuts in BSC expected to be dis- 
la ry. ' urging an “East Moors” closed in a 1 . Government state- 
deal should toe National Coal ment to-morrow. 

London tally clerks 
start work-to-rule 


TALLY CLERKS at London Stevedores and Dockers, are ask- 
Docks yesterday began a work- lag for 12 to 124 per cent. They 
to-rule with little Immediate link this demand to a pay award 
effect. The clerks, who see that in 1975 when the tally clerks 
the right consignment reaches accepted less than the dockers, 
the right outlets, are withdraw- The Port of London Authority, 
ing all co-operation over a pay said the port was only 

moderately busy .and the work- 
They have turned down an to-rule was having no effecL- 
employers? offer of 8 per cent. “The real test will come when 
on the basic wage, which would we gel really busy and require 
make it £78.85. The employers overtime or people to transfer 
say overtime would bring this from job to job. We may have 
offer up to 10 per cent. — within to leave jobs unmanned " 
the Government's guidelines. . There will be a meeting of the 
The unions involved.- the Port Labour Executive Council 
Transport and General Workers to-morrow to try to resolve the 
and the National Amalgamated dispute. 

Panel’s ‘open’ justice call 

AN ex-civil servant, who is bring- Mrs. Naeae, who was a branch of discovery bv using the infor- 

S«. d ^ nm i n * tMm C S^L aiD u S ffic ^ r f ? r ? e add Public mation so ‘obtained- ote' than 
against the Science Research Services Association, claimed .for the purpose of the Proceed- 
mil because u did not select that her boss- had told heiMngs would be in confemSTod 
her for potential promotion, was married women were not be liable to the drastic conse- 
entitled to. inspect confidential normally - considered .. to have" quences which that tnvofveB'^ 
rt P°rts on colleagues potential for promotion because There was no suiestioa that 

fflisr,sr ai —us 

The tribunal held that dis- DisdoSUfC Thai., tribunal also confirmed 

closure of the reports was . that Mrs, Nasse was entitled to 

necessary so that an industrial The council disclosed Mrs. see review, board minutes 
tribunal investigating Mrs. Joan Nmm’s own confidential report, relating: ' to the recommended 
Nasse’s claim could do justice to °ut resisted her bid to see promotion of her two colleagues 
both sides. . reports on her .colleagues; main- and the decision not to select 

Mr. Justice" Bristow, chairman, R 1 ™ that such disclosure could her. 
said: “It is axiomatic in English if misused by an employee going Since her complaint ■arose, 
law that you do -justice between on a fishing, expedition. Mrs. Nasse has obtained another 
toe parties to .disputes in civil the tribunal dismissed the 

courts by playing the hand with council's -appeal against an in- * Tro ’Crtil and Public Services 
toe documents ' face up on the dustrial tribunal order allowing Association, which backed Mrs. 
table, not by holding the cards Mrs. Nasse to have “discovery" Na ®e»- .eald after - yesterday's 
against your chest" of the reports' and. take copies • r “j®8 : means that union 

Mrs. Nasse, of Iver, Bucks, b ffarc the hearing of her com- who - feel they- have 

alleges that, in not being selected p a * nt - discn mutated against will 

for a promotion panel interview. Mr. Justice -Bristow, sitting . SSL?? thelr 

she. was penalised for. raking pan vrith lay judges £mn>hoth .Sdea 9*^5* w *. 

nr umon-.aetivitles'' bnd was a of industiy, said'toat IriformatiS far ‘ . 

victim of sex discrimination. Twp obtained in this wav for legal campaign- . 

other clerical officers at the proceedings must onlly be S m * r * »** n 

Science Research Council— a man for those proceedings. - but hLl? 6 C | vU ff* 

and a woman were selected. “ Aoyone ataiTthe process SSiSSSi- 1 *®. 0017 PHtiilly 


f--;" - * . <- 

... . .. .... Trr?* 

v : •- > ; 



■ i 

LiPJ 'NHWii o u~ 


Illustrated CX 2400 Pallas with optional sun roof. 

■ i * 


In a life increasingly dominated 
by schedules, deadlines, traffic jams, 
parking restrictions and general bureau- 
cratic insanity, the Citroen CX brings a 
welcome release from the pressures of 
the day. 

Its seats are as inviting as your 
favourite armchair, hugging as if 
moulded to the very shape of your 
body. Their design gives excellent back 
and leg support. However long the 
journey, driver and passengers are com- 
fortable and arrive relaxed without 
feeling any need to stretch their legs or 
flex their muscles. 


Whatever price you pay for a car 
you will not buy a suspension superior 
to Citroen’s unique hydropneumatic 
system. It keeps the car perfectly level 
however much you load it The ride in 
a CX remains delightfully smooth all 
the way home with the hydropneumatic 
suspension absorbing any unexpected 
road shocks. 

A bonus to all this is the comforting 
knowledge that if you had a blowout 
on the motorway Citroen’s hydropneu- 
matic suspension would automatically 
adjust to maintain directional stability 
and keep the car safely under control. 

Further reassurance is provided 
by Citroen’s VariPower steering. It pre- 
vents wheels being deflected by road 
surface irregularities and grows pro- 

gressively firmer with increasing speed 
so that the driver always remains in 
complete control. 

At low speeds and for parking, 
the steering is fingerlight, and power- 
returns to ; a straight. line ppsitipn. 
immediately tne . steering wheel is 
released. No other car has a steering 
which can match it. 


Quietness is yet another feature 
of the CX, due principally to the aero- 
dynamic styling which reduces wind 
noise by allowing the wind to sweep 
over, under and around the car. A high 
level of sound insulation makes a fur- 
ther contribution to quietness in the 
CX by reducing road noise. 

It also bears mentioning that the 
wind cheating aerodynamic lines of 
the CX result in improvedperformance 
and reduced fuel consumption with the 
CX Pallas returning a pleasantly sur- 
prising 39mpg at a constant 56mph. A 
further benefit of aerodynamic design 
is demonstrated by the increased 
stability of the car at high speeds. 

As you’d expect, the fittings on 
such a car leave little to be desired. All 
considered, an extremely nice place to 
be. In a sea of chaos, an island of calm. 

CX comfort starts at £4636-71 

for the CX 2000. The range extends up 
to the luxurious, longer wheelbase 
CX Prestige Injection C-matic at 
£8640-45 and offers a choice of en- 
gines (carburettor or fuel injection) and 
manual or C-matic .transmission. All 
CX models have recommended service 
intervals of 10,000 miles and have a 12 
months’ guarantee. The suspension is 
guaranteed for 2 years (max: 65,000 

Prices include car tax, VAT and 
inertia reel seat belts but exclude num- 
• ber plates. Delivery charge £68-04 
(inc.VAT). Prices are correct at time of 
going to press. 

Please enquire about our Personal 
Export, H.M. Forces and Diplomatic 
schemes and Preferential Finance 
scheme. Check the Yellow Pages for 
the name and address of your nearest 
dealer. Citroen Cars Ltd., Mill Street, 
Slough SL2 5DE. Telephone: Slough 

A selection of the 16 models in the CX range. 

Model. Top speed. Price. 


CX 2400 Super (5 speed) 

CX 2400 Pallas Injection (Omatic) 
CX 2400 GTi (5 speed. Injection) 
CX 2400 Safari Estate 
CX 2400 Familiale 
CX Prestige Injection (C-matic) 

109 mph 
■11 2 mph 













Novel design of 
mobile radio 

ABILITY TO be “ unfolded '' 
while in operation is die main 
characteristic of a vhf mobile- 
radio by Marconi Communication 
Systems, which is the first to be 

a proved to the new Home' Office 
standard MPT 1302. 

Construction of the -equipment 
is such that the complete trans- 
ceiver is mounted on seven 
printed circuit boards connected 
by flexible plug-in strip circuits. 
The receiver can thus he. removed 
from the case and laid out flat 
in an operational state, giving 
complete accessibility for main- 
tenance. And this procedure can 
he carried out without a solder- 
ing iron. 

Aceordiqg to ' user 1 require- 
ments, several facilities may be 
built’ into the unit,-, which 
Marconi'Calls the RC680. 

These, can include continuous 
tone coded signalling. ■ Selcal, 
status, vehicle identification and 
transmit deration limiter. Single 
channel and 12-Channel versions 
are available. 

All functions on the control 
panel are illuminated -.from the 
rear and solid-state lamps with 
light tubes proyide wide angle 
visibility without .glare -in low- 
light conditions.-^;- 

Marconi House,' Chelmsford 
CM I 1PL, 0245 53221,. for further 

Safe stamp for radio 

FIRST two-way personal radio- 
telephone to receive the 
BASEEFA certificate of approval 
to SFA 3012 is the intrinsically 
safe Pockeifone just released by 

This standard for use in 
hazardous atmospheres is much 
more stringent than BS1259 of 
195S and it considers. ’ for the 
first time, the auto-ignition risk 
presented by excessive compo- 
nent surface temperature.. The 
new standard was drafted to 
brim: intrinsic safety require- 
ments into line with 1EC groups 
and is much more demanding, 
electrically and mechanically, 
than equivalents outside the U.K. 

-Not surprisingly, the new 
Pocketfone has internal construc- 
tion and circuitry to maintain 

safety in normal operation and 
under certain fault conditions. It 
is equipped for three-channel 
working in the 405 to 470 MHz 
UHF band. 

Signal penetration into build- 
ings and heavily screened areas 
is good and reception almost 

Dimensions of ihe receiver arc 
194 x 85 x 36mm and. the separate 
50mm lnadspeaker-mroropbone 
has an audio output' of. 150-mWV 

There arc many ipptiqnaf 
accessories makivigv the .unit 
adaptable For use. ih several 
industrial areas “ ahtT services 
where there could be a. risk from 
flanimab'c gases. 

Pye Telecommunications. SI." 
Andrew's Road, Cambridge. 0223 

More than just a pager 

SUITABLE for on-site and wide 
area operations. Multitone's new 
digital pocket pager has a visual 
numerical display and a range 

nf night distinctive tone code 
ralk ll can be usqd in systems 
fmm 10 to as many as 100.000 
and up tp four pagers can be 
called per second. 

The RB 151 can operate in 
two modes. In the first, the 
display reinforces the tone codes 
to indicate to the user such 
details as action required, source 
of call or degree of urgency, etc 
The display would show a 
number from one to eight, each 
number being associated with a 

electrical wire&cable? 

Thousands of types and sizes in stockfor immediate delivery 
LONDON 01-SGiat18 ABERDEENm4)32355/2 

21 Hr EMERGENCY NUMBER 01 6373567 Ext.409 

particular tone signal. 

Alternatively, the display can 
be made, to show any number up 
to 9999 as a sequence of single 
digits to inform the called person . 
uf the. telephone number to ring, 
or other numerical information 
such as a room number. The 
tone codes would then carry 
additional information such as 
degree -of urgency. 

Obviously, . -codes and display :- 
digits can be combined .to suit ' 
whatever the user deeds and 
Multitone says its new design will; 
convey more, information, in % 
simple way than anything else- 
available. r • : - y. ' - 

An Interesting possibility is, 
that of using the receiver as one' 
of a predetermined team to be 
called simultaneously iris. an. 
emergency-— in ./a ■ hospital or a. 
large manufacturing plant for 
instance. One of- the call codes 
--would then be designated as the . 
group emergency call. 

Multitone has used the latest, 
available ’ integrated circuits "to 
obtain this perfofmance and has - 
designed - an intrinsically safe 
version too. 

.Multi tone Electric Company, 6 
Underwood Street, London NT 
7NJ. 01-253 7611. 


Glass will 
take on 
any hue 

CORNING has developed a 
family of glasses that reproduce 
colours much like photographic i 
film and they may be the first 
photographic medium having 
true colour permanence. But so 1 
far. -'thgjH »re not suitable 4$.r ; . 
reproduction-' bf-conM&iioas lone- 
photographs. ‘ ’T*.-."'' 1 

Colour . patterns can be im- 
posed: in- - a transparent glass or 
in an -opaque .glass, or the 
same glass can have both trans- 
parent and opaque coloured sec- 
tions. The patterns may be de- 
veloped in a thin layer or in 
thick sections through the bulk-:, 
of the glass. -' 

The colour versatility of . the 
new glass will permit a single , 
glass to take the place of many 
different ones In such products 
as sunglasses, stained glass, 
decorative architectural glass and 
tableware. • - 

Processing of the glass 
requires two exposures, each, to 
ultraviolet light and heat. The 
first light exposure can be per- 
i formed at room temperature. The 
second exposure can be done at 
room temperature, too, followed ; 
by heat treatment at about 450 
degrees Centigrade. Or. alterna- 1 
i lively, the second light exposure 
and a heat treatment at about 300 
degrees Centigrade can be per- 
formed simultaneously. Thus. ‘ 
said the scientists, ordinary film i 
negatives Can be used as masks i 
for exposures to the ultraviolet : 

l light. 

More details from Sovirel SA. 
90 rue Baudin. 92306 Leyallois- 

Financial Times Tuesday March 21 1973 


Motor speed 


THYRISTOR motor speed regu- 
lators which provide effective 
speed control of de shunt wound 
motors from fractional to -75 up 

have been launched- . ' . . i — - ■— 1 " g g ~~ 

"TSSStjSittSfl n£ 'MtaSU Vajnche, wide by 
fbgtaomera t? |S"gS“ switch 

’l&mc^ed JriS ^viouHypis -has-been utebtpowted into each 

tSeT iSv 6 models .have been jnodtt for 

size by almost 2/3rds. Cheeks uaff he carried out on the 
Site redictiM together with main fuses and diyristot • devices. 
X'uSSSS’vn&M tech- enabling - an' operator to deter- 
have enabled the com- mine - whether a .faulty, 
reduce the basic price .of occurred In th xr. 

^ed viator* Inas much 

as-SO per cent. 

Allen Bennett 0 

-S-Mk trf ^*'C0.npa^ 

the- ‘design is- shown fi*jSheHIela 513 

This JBexada Modufil machine has. beep_= 
devised to dispense exact pints of water 
into ten beer glasses at a time at Ravenhcad 
Glassworks. St Helens. Lancs. It is part 
of the verifying system used there before 
the Customs and Excise stamp Is applied. 
Glasses are place in an upright position on 
a conveyor which carries them to the 
machi ne. When Censors indicate that there 


dispensed into each glass. The ten glasses -• / . . ° 

are then indexed forward, checked for BEFORE fibres can; be - spun into 'heed' for abnormally heavy 

headspace, and then moved on to a tipping yafh - it- is nfecesSary- to- open sliver weights ann. in lact. 

station where they are emptied and . tbfen^' cieah them arid eonvert -slivers are produred wi h 55-R5 

antomaUcally transferred on. to a conveyor * th^iptp ^livers. .. Basicaliy. *11 . « a 

which c,rrl« lb™ ttom,gj. j»; S£rt-£rm wtMe*ne*»h.rh i.< 

From there they move through, a macbiric . hffWJ; un remr-wiih-?±30 ner rent. 

• DATA PROCESSING.,.;-: -- V : Ik*' shown at-: the -.injerv wiffth TW feed will be by 

tandem curd i, 

l T r OWlHfe ItlHllcItfic TO y l ^ .-^^^perfonnan^r^^tPO/ particnlarly suitable for spinning 

VJ *"” •- ^ counts and it is also bemo 

CHALLENGE .IBM equip- estimated that '4s .devefepmenV-'e^le - to. ‘ 

mem. not just to the jest of current Urge IBM systems- (tbe /serious. ■ competitive challenge «!!! H!L ewe J S * ' 

the world's -computer -manufae- 303JC). build up and direct sales rrom such rempames as AhmdaV : P^^^“ nj Jt ^rate&pt more , h „ , wilh rhr 

turing industry, .but to the sup- increase. IBM world vride will do CDC; and Fuaihnx as well as other t h«o«5 kg/hr ll' t v- Groarol claims ina it »i»i 

port policies of the Governments ST.Sbn. in outright dp sales in major mainframe producers. Yet LijS new machine not only i. xrrd , 

of the countries an which thej-e 1979. a number. he regarded as this machine and its companions Crostol Tandem ^ a ™ing system Improved, hut that compared 
is a. computing industry, was so totally exaggerated that he 'were not. the reel-new challenge has provea suopbahii in w mj high production cards, card- 

amply documented at "a 'recent promptly took off Sl-Sbn. from -that industry, had been waiting world markets ana enaoiM roe inE c0stfi aro j esS i n terms of per 

London. ... Other observers said he -had JJ? of*art only twice With the new card there is no offers savings in floor spuue. 

-This gathered together, many not exceeded possibilities since riP^i£of7h>KP oftheT68 
of the worldVmgst experienced total computer purchases from ^ vS iS to of Se nMf •' : 

IBM watchers, as well as a 800- IBM last - year accounted for t ^yea%Id Ahmda -470/36. #COM PON ENTS 

strong- audience, the majority S43bn. before the inlecti on. of. tSt^Isso,. must' be water- « - . - 

from large.; users or «SS-«Sed Se S.fte high heat \17QCf A /if YV1 SI tpH 51 R 

The mainframe spe®iists.Tce- t{ K 8fc levefe-’ which needed to.Jjfirdis- W dMC 111 IUalCildid 

sent seerfte3^o,4>e Ip^^eement J'eare 197frto s j P ated. and the mdk'' storage .. 

that IBM’s pfMtissor ^Snufactubr ArriThelieved to-indlette-tNit the rh j n< - were sti ,. of 2K bit#' DEraJOPED TO fulfil a market and that after considerable use 

n.“M. zjuzrsrsz s «».«««. » «*»« ,-«w »£ -u-s* 

IBM's CPU product cost was netitinn nnd n«w h^adaehe« for undcr development and ’schrd- Bipulded Plastics (Bh-mirig- screws ami sleeves the scrap rate 

tynically about 10 ner rent, nf G^^Timents in search of support u j ed if jbm watcher opinion is ham), of Tamworth. Staffs., pro- substantially- increased when nun 

selllne nrice and “ is not policies. to be believed, for first deliver- cesses some 500 tonnes/year of reinforced materials vvcrc 

an important consideration in And yet. the 3033. the large jes in 1981. But “ until " can assorted plastics, 25 per cent, mimldcd. 

sett«n® Drices." machine in the current series mean many things, especially as of which is glass-filled: Since, re- The new .. s 5 re J*. R 

Gideon Gartner who heads the was. according to Charles Lech IBM can afford several irons in placing worn nitrided screws and were supplied by Tt Brooke-', 
technology analysis effort of president of the New York soft- the fire while its ppponents cap : cylinders with Brux Bimetallics. . ?3.Q d : >nr 0I . < }S 1 tS'> 

Oppenheimer and New ware and systems house ACT. afford only one each-^and small tb£- company reports it has al- Midland Bea-riLtu-i'-- a. i ) 
York, himself an ex-IBM man. rushed ti^ market -ip -a two-year ones at that, m L.’-. -irilbst eliminated, material ^rap, a TI Machine Division comp an. - 






The Committee for the AI-Mahari Al-JadicI Hotel building 
project in Tripoli publicly announces its invitation to 
international tenderers, national, general and stock companies, 
as well as international companies having hotel construction 
expertise in building 4 or more star hotels — and this shalL be. 
in accordance with the following terms: 

1. The General conditions, specifications and drawings 

related to the project shall be obtained from the 
Headquarters of the Committee for the Al-Mahari Al-Jadid 
Hotel at the Housing Municipality in Tripoli for the sum 
of 500 (five hundred) Libyan Dinars only, which shall be 
paid into the public funds at the offices of the Treasury in 
Tripoli. “> ... 

2. The tender shall be in two parts: 
a i Construction and machinery 
h) Furnishings and equipment. 

The tender shall be offered for either one or both parts. 

3. The company offering the tender shall send with its tender 
a vitae detailing its previous experience in such works, 
carried out either in the Libyan Jamahiriah or outside it. 

4. The international companies participating in this tender 
must be represented by Public Agencies or Authorities 
from the National Sector or Companies of the Public 

An address at which the tenderer can be contacted shall 
be given and the contents of any correspondence with him 
shall be considered valid. In the event that the tenderer is 
an agent, he shall enclose with his -tender a certified Power 
of Attorney from his Organisation,- together with a listing, 
of the rights and limitations of his agency' the names of 
the persons directly .responsible for the execution of the 
terms' of the Contract; the payments made and the receipts 
received an$ signed by the Company, as well as specimen 
of signatures put to. copies of both the Contract and the 
'Power of Attorney. 

5. An official copy of the Company’s Contract nf 
Establishment and Articles of Association shall be 
enclosed with the tender. These documents must meet all 
requirements and procedures stipulated by Law and the 

... _ByrLaws. - - - - - 

6. A tenderer shall, by means of a Declaration to be enclosed 
with the tender, be bound to adhere to the terms of the 
Israeli Boycott, and in the. event '*df violation of the 
Declaration the Committee shall have the right to cancel 
the Contract by sending a registered letter of cancellation. 
The tenderer shall be without right to demand- 

7. If the tenderer. .has previously carried out works in the 
Jamahiriah, the . tepderrir shaU . produce ; a certificate of 
taxes due to the . Tax Authorities.-. - — ~ - 

8. An initial deposit of the sum of 10Q, 000 (one hundred 
thousand) Libyan Din£rs shall be enclosed -with the 
tender. This deposit shall' be valid for a period of six 
months from the date of the opening of the envelopes, and 
shall be presented in one of the following forms: 

a) A hank draft certified by one of the banks operating 
in the Jamahiriah 

b) A letter of guarantee issued by one of the banks 
operating in the Jamahiriah — guaranteeing that the 
contractor shall maintain the same prices of his 
tender for a period, of six months from the date of 
the opening of the envelopes. 

3. In the event that the chosen tenderer does not sign the 
'said Contract within tWo weeks of the date’ of his being. 

• notified- officially of the acceptance of his tedder, the- 
deposit shall be retained •' 

10. Tenders shall be presented to the Committee for the 
Al-Mahari Al-Jadid Hotel at its Headquarters in the 
Housing Municipality in, Tripoli on a Tender Form stamped 

~ by the Municipality and signed by the Chairman of the 
Committee: The tender shall be handed into the 
Committee Treasurer, and a receipt shall be given in 
return. The tender shall be in a sealed envelope, sealed 
- -with red wax, and on it shall be written: Enclosed is the 
Tender for the Al-Mahari AWadid Hotel Project. 

11. The final date of acceptance of tenders shall, be tile 30 th 
April 1978 and no tender for ^whatever reason presented 
thereafter shall be coriSideced:^ 

12: The tenderers may attend the procedure of the opening of 
the envelopes, which shall be at exactly 11 o’clock on the 
• said date. .-j . 

Ik.- The-accepfed ^tenderer shill, within fifteen -days from the 

• following the date; of tha -letter sent ‘ tb .*him by 

registered post notifying; jjim of the . acceptance. .,oLhis 
tender, pay a. deposit equivalent 4o f five 7 percent ) of- 
the total value of the. works he has-been commissioned to 
do. lie may also pay the remainder of rilur provisional., 
deposit so that it equals .the value of; the required, final 
payment. The Committee may* by sending, a registered 
letter and without need for.taking any-fvirthef steps, cancel 1 
the Contract and retain the- 7 provisional deposit’. - - 

14. Any international company, participating in this tender 
. must he already, registered in the Registry of International 
Contractors at the Housing Municipality in the Jamahiriah 
and this shall be observed in ample time before the 

- procedure of the opening of the envelopes. 

15. The Committee, for the Al-Mahari Al-Jadid Hotel Tender 
: shall have, the right to either. accept or reject any tender 

.offered, without giving ahy reasons for taking either 

Sighed: Th£ Committee for _ the Al-iVlahari Ai-Jadid Hotel 
Tender in Tripoli. - . . 

' Now Braniff has official government approval. 

The Braniff International flights are the first Non-stops between 
. London and Dallas-Fort Worth, and the only daily 747 Non-stops from 
- -Europe to the-B*g£ountry of Southwestern U.S. A. 




Connectionsat Dallas-Fort Worth to cities throughout the Southwest, 
Far West, Mid-America and Mexico. 

• Arrivals and Departures at Braniff s own terminal at Dallas-Fort 

Worffi. No change of terminals for passengers connecting to other 
Braniff flights. \ 

• U.S. Immigration and Customs within the Braniff terminal. : 

The United States and British Governments have approved the low 


. " • DALLAS-FORT WORTH Non-stop 


San Antonio * : • 

Oklahoma City 

Kansas City 
Mexico City 

3:05pm - < 

5:10pm iEx. Sat.) 
7:10pm (Sau 
5:30pm \K\. 
5:10pm (Sat.) 
6:40pm saL) 
7:40pm jSul) 


Fort Worth gateway. 


Brariiffs New London Reservations Office provides 
immediate computerized confirmation and advance 
seat selection on all Braniff flights throughout the 
U.S A., Mexico and South America. 








(01) 4914631 

In these cities 
Dial 100 and 
ask Operator 
for Freefone 






Mainland U.S. A., Alaska , Hawaii, Mexico, South America frd* 

r-'-c- s 





■ Financial Times Tuesday March 21 1978 ^ >, " 

lor good valuWp; " 


COULD THE benefits of Britai-n's 
TViortih Sea oil wealth be chan- 
nelled directly into the pockets 
of the people? It is a possibility 
which needs 10 be taken very 
seriously against the background 
of this afternoon's White Paper 
which wil l' discuss ail the various 
ways in which the Government 
can' spend the revenues on our 
behalf as it thinks fit.' 

The Income which will in- 
creasingly Slow in the next few 
years could, for instance, be used 
to fi nance cuts in taxation, it 
could be diverted to pay for in- 
creases in public spending or it 
could — according to a favourite 
plan of the Labour Party’s left 
\vina~bt directed into a massive 

i rid list rial invert mem programme. 
More cautious officials in (he 
Treasury and the Bank of Eng- 
land place emphasis on repay- 
ment of port of tins cuumry's 

swollen overseas debt. 

An explosion of growth 
in the library business 


It is unlikely, hnwpver that the 
White Paper will contain any real 
commitments to any precise 
policy. And it is certain that Uic 
proposition that the politicians 
should leave it tip to the 
people to decide how to use 
ihe revenue according to 
Their individual preferences 
will not be given an airing. This 
is why. Samuel Brittan and I have 
contributed to lu-day's April 
issuc : of Lloyds Bank Review an 
article designed to show that this 
radical proposal is. in fact, a per- 
fectly practical alternative. 

One objective Is lo prevent the 
technical accident that Ihe North 
Soa has fallen into Government 
hands from leading to any in- 
evitable expansion in the. share 
of the public sector in the 
economy. We have been careful 
tn devise a scheme which is 
entirely neurmf in this respect. 
Since the Xnrib Sea royalties, 
corporation tax and petroleum 
revenue txx which would bo 
collected ■ by the proposed 
Trustees, would be turned into 
dividends . taxable in the hands 
of citizens.' the allocution >6/ 
wealth biMwecn the public and 
private seemrs wnuf.1 fie deter- 
mined by the existing tax struc- 

Under our scheme, the North 
Se3 will still benefit Government 
revenues, hut it will not alter 
the overall balance of the 
economy (except tn the extent 
that marginal tax rates diverge 
from the average). Any plan to 
increase puhlic spending dis- 
proportionately would have to be 
directly defended and specificaily 

It could he arcued that simple 
tax cuts might achieve the same 
overall result. But that is lo 
ignore a further crncial advan- 
tage nf the proposed creation of 



BBC l 

t Indicates programme fa 
black and while. 

6.40-7.53 o.m. Op'-n University. 
D.10 For Schools. Colleges. 9.45 
Roobarb. 9.50 Jack arm ry. 10.05 
Boss Cat. *10.25 The Boy front 
5b. 10.5(1 Lippv Linn. 12.45 p.m. 
News. 1.00 Pebble Mill. US B air- 
lime. 3.2U Pobol Y C'wm. 3.-S3 
Regional News for England 
(except Ixmdon).-. Play 

School. 4J0 Wally ....4.23 

Jarkanory. 4*10 Playhouse. -Sift 
John Craven'-; NrwsreumlT :4»yl5. 
Take Hart with Tony Hurt. 5JS 

North Sea stock— that by this 
means future revenues could be 
capitalised in . the market, and 
could be realised - by individuals 
according to ;their own preferred 
timetables.’ - 

li has been suggested Lo us 
that such a strange animal as 
this North. Sea. -“equity" would 
be highly volatile, and quite 
unsuitable . for the ordinary 
citizen to Cope with. ft would be 
damaging for the Government to 
give its blessing to such a 
gamblers' stnek. 

[f the world ■ recession con- 
tinues Tor long, there is bound 
to be a tendency for cracks to 
appear in the OPEC cartel. Tech- 
nical problems, too. have taken 
the edge off the North Sea's 
glamour, with the Argyll field 
fading, for instance, and Ninian 
affected by- a -delayed platform. 

Docs all this weaken the case 
for the North Sea equity? ft 
certainly undermines, in the 
shnrt term, the possible capifal 
value which we calculated could 
on certain assumptions have 
amounted to just over £2.000 per 
average family in IBSO, at 1977 
prices. Rut In another way it 
strengthens the case for using 
North Sea revenues in This 
fashion. Tor recent developments 
have emphasised the high-risk 
nature or oil wealth. 

How mufih better that any 
adjustment of consumption ta 
reflect changing conditions 
should he through- the easily per- 
ceived variations ^'dividends on 
the North Sea.::stock than that 
politicians should have to make 
emergency chances m taxation. 
For apparently obscure reasons 
or bring long term factory build- 
ing programmes to a grinding 
halt. The Government will he 
riding a tiaer if it enters into 
long lemi commitments on the 
basis of North Sea revenue oro- 
jections which will inevitably 
be speculative. 

Pro f it motive 

But the .stock market is 
already, well-mscd ta assessing 
N prill sea a routine 
pari of the'. ‘process for setting 
the prices of shares like Thom- 
son Organisation and P»P. And 
the issue of a North 'Sea slock 
to all citizens would present a 
unique opportunity for distribut- 
ing a new form of capital wealth 
Ihrouchoui the. community. 

Such wealth could reduce 
political tensions by underpinning 
the . legitimacy of the profit 
motive, and could, for instance, 
provide a means of recapitalis- 
ing. the small business sector. 
What stands in the way of such a 
distribution is th? vested interest 
of politicians and their advisers 
in retaining control o* re venues 
(hat happen lu have 'fallen into 
their ha mis. . 

5.40 News.'. : ■■ 

5.33 Nationwide i London and 
South-EaW only). 

6.20 Nationwide. 

6.43 Young .Musician of the 

7.13 The RockFord Files. 

8.00 Michael Parkinson meets 
Bruce Forsyth. 

9.00 News. 

9.23 Pennies From Heaven. 

10.50 Ballroom Champions. 

17.20 To-nlshl. 

12.00 Weather Regional News. 

All Regions as BBC-1 except at 
the following limes:— 

Wales — 5.55-6.20 p.m.. Wales To- 
tfas^.6?fj-iTcddw, 7.05 Pobol Y 
.t'wmy-t h & M w, ) pdnntf 25. 7.35- 

1C00 Axk;tit(rEamily:- 12.00 News 
sflTfl Weather for Wales. 

Scotland — 5.55-6.20 p-ni. Report- 

THE SHARP end pf the spon- 
sored film business — distribu- 
tion— -is changing. In the good 
old days .when cinema was the 
mass media, sponsors of non- 
theatrical film would deposit 30 
, or ' 40 "{fruits "in one ~ot' the 
libraries -and leave the rest to 
1 the film hungry public." ‘ - 

1 As it turned out. complacent 
attitudes like this were not good 
enough. Not only because 
audiences became more 
discriminating, but also because 
sponsors themselves wanted 
greater cost-effectiveness from 
this inherently expensive 
medium. These two pressures 
have combined to yield many 
changes in . the film library 
husiness, which now has a much 
more streamlined and versatile 
look about if. 

In the 1960s. apart from the 
Government-run Central Film 
Library. 16 mm. sponsored film 
distribution was essentially the 
preserve of two companies — 
Sound Services and Rank Film 
Library. Other libraries were 
mostly specialised affairs and 
not competitive on the same 
level. To-day. there has been 
almost an explosion of growth: 
Sound Services is now a vastly 
different operation under the 
now’ 'familiar name of Guild 
Sound and Vision: Rank have 
pulled out hut new names like 
Golden Films. Viscom, Random. 
Argus and Multilink have all 
appeared on the scene. 




Watch .tailor dek-nuincd In 

deal with . (-C 5» 

; . a name warning m get 

off V6' 

I Most obvious possible way to 

rasl reel i S > 

I Gun for two rings (fi« 

! Cycle lo deliver in writing 
to. 4) 

I A covering -sounds as., if it 
may bp of henofit til)' 
i FuimerJv Britain's premier 
institution Hi 

i principle of rvMrtdiicu in 
healer i7i 

I Article taking in lull en nunc 
b\ high liver 1 7 > 

Ordered worthless >niuid Hi, 
What - -. holding up ihe' 
ciertricny simply? r 5 » 

Dish with which lu fruslRil 1 ' 
boy from South Africa (4. 51 
' Entrance under cover (6 1 
i Like a man abroad — a dis- 
poser of property (SI 
Agreement to buy youth 
leader a drink (6i 
I'll m lead at source H-4) 

Obtain safe ...((>> 

. lief ore coach, reaches place 
rtf darkness {£>"• 

Tired of InMnji.'drillcd .IS.L. 
Steal hmi'lignt* Frtjin hack -of 
platform i7i 

Si'i-m in a directin' l o be fur- 

bighied (4. 5» 

7 Travel i» mi op with vitality 

13. fi> 

l Pallem bv agency typist 

no lonyer with us t-Si 
1 Advantage oi making Ted 
upset for example (4i 
5 Unqualified in he abroad 
twice -|S. ".:li 

7 Bjas imi’i needed for 
ceremonial i-ristnmo (1. 5» 

S. Drive from Diana's abode (S) 
I Torment fi>r prisoner doing a 

si retch (4i 

L Money Hun pul in-:o club 
(7) ' 

l Loiik m key gelling cut (6) 
l Loved fiii* .iv*r Russian (6) 
i Uflds on invalid having a 
tumble i3i . 

Solution to PmtzIc No. 3,622 


m 5 n : -si 0 -m a 
3E5 nnta oeeheehs 
a e 0 0- b u a b 
nngaansa aassE as 
s q n n- n.. a . a 

3 a n g □: a - 

Q -53--.E -B. E 0 Q 
noanaGi se QEnnHH 
Q --3 ’ 


a a n -b u 


Such libraries exist for two 
mam purposes: to attend 
physically to the care, despatch 
and storage of prints, and to 
promote actively titles or per- 
formances. The needs and the 
problems are easily exemplified 
through films aimed at the con- 
sumer public. For example, 
Grattan, the mail order house, 
recently made a film to promote 
its direct selling business, and 
also to stimulate interest io the 
work of the agents who actually 
get the business for them. 
Grattan have 500.000 such 
agents, and to merely say 
“ hello " to them costs £40.000. 
The film. At Home with Grattan, 
has the difficult task of reach- 
ing housewives and potential 
customers. This is a classic job 
for the film library. 

Guild Sound and Vision 
handle ttie Grattan film.' is they 
do scores of other consumer- 
type films for companies such 

ing -'Scotland. Qm'Mkks •and 
Weather for Scotland: 

Northern Ireland— 323-3^3 poll. 
Northern Ireland News. 5-554L20 
Scene Around Six. 12.09 News 
and Weather for Northern Ire- 

England — 3.534L20 pjn. Look 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol); South To- 
day (Southampton): Spotlight 
South Wert (Plymouth). 

BBC 2 

7.05-7.53 ajn. Open University. 
31.00 Play School. 

2.13 p.m. Othcl- PfcOplifS ChW'-' 

2.30 Having a Baby. 

+3.00 Propaganda with Facts. 

• 4-5.7 Open University. " ' 

7.0U News on 2 Headlines. 

7.05 On the Rocks. 

7.30 Nemdoy. 

8.10 Pro-Uelebrily Golf. 

9.00 Pebble Mill Showcase. 

9.30 The Man Alive Report. 

10 .23 Poems and Pints. 

10.50 Late News on 2. 

11.00 The Old Grey Whittle Test. 

11.40 Simple Faith? 

11.53 Closedown. Hugh Burden 
read« “Juggle r.” fay Richard 

... : i;LpWDpiV_. _ v , .. 

- 9>70 "feea oy ~;ufd ~CWn C3r* 
'tnotii*; . 'Benny- and Marie. 
10.05 To the Wild -Country! 10.53 
Fireside Theatre. 1 1.45 Oscar. 

1 2-lN) Paperplay. 12.10 p.m. Pip- 
kins. 12.30 A Fair Chance. 1.00 
News. 1.20 Help! 1.30 Crown 
Court. 2.00 After Noon. Z25 
Sam. 3 JO Family. 4.20 Gel It 
Together. 4.45 Magpie. 5.10 

5.43 .Yews. 

6.00 Thames al 6. 

6.40 Crossroads. 

7.05 Dave Allen. •; _ 

75)5 Charlie's Ansel*. 

8.30 Armchair Thriller. 

9.00 Wilde Alliance. 

10.00 News. 

1030 Bailie (nr Survival. 

1 1JU) Gibbsville. 

12^5 a.m. Crucifixion '7S. 

' All IRA Regions! as London 
except at the following times: — 

as Prestige. Templeton Carpets 
and Heint Although groups 
such as Women's Institutes do 
request loans of films, perhaps 
through seeing them listed in 
the Guild catalogue, typical of 
'new promotional initiatives now 
undertaken is the GSV Cam- 
paign scheme. In this, a pro- 
gramme of films from one or 
more sponsors is gathered to- 
gether and offered to audience 
groups complete with the free 
services of 16 mm. projection 
equipment and operator. The 
sponsor pays only £10 per film 
per show, with discounts for 
campaigns of 500 or more 
shows in a .year. On one 
Prestige cookery campaign, 
audiences averaged 55 per 
screening — which on 1978 prices 
would mean a cost.of about I8p 
a head. High by conventional 
media standards, but here is a 
committed audience, totally im- 
mersed in the sponsor's product 
for 20 minutes or more. 

Guild Sound and Vision have 
also *liversified into other 
activities such as handling the 
16 mm. libraries of other 
organisations. These include 
BBC Enterprises and the Open 
University. To- the .- latter case'; 
GSY. has.- various —marketing 
riglfts arid is, therefore"- npwjht. 
i be'Jfehffep re neurfSf'si de o'f the 
distribution business too. This 
has naturally led' to an expand- 
ing activity overseas — sending 
•prints to up to S7 countries, 
and with at least one GSV film 
leaving Heathrow Airport each 

Another sign -of change in 
the library business is the way- 
in which distributors are spon- 
soring their own films, designed 
for the often lucrative training 
markets. Millhank Films, the 
TCI company which grew out nf 
the group’s internal film unit. Is 
now a "market leader in this 
buslness^speriaUv in the 
safety area. Millbank’s latest 
is typical in the trend tow-arris 
total traiofag narkages. Under 
the title Pnetical Participation 
comes two films and a Leader's 
Guide. Th® fimt film. The More 
We Are Together, sets a fic- 
tional scene where a merger 
between two companies is 
characterised bv a lack of 
emnlovee participation. The 
.eponnd • film. On the Right 
Course, ’s designed is a teach- 
ins medium which introduces 
some nf t^e that may be 

retired in participation. 

with films like thee*, made 
•with substantial professional re- 

sources-^ and often well-known 
actors. Millhank has become a 
profitable company. Strictly they 
are a production company but 
with the I Cl distribution library 
at the end of the corridor mar- 
keting the product. 

Viscom is another major 
libary that grew out of a pro- 
duction house and now has feet 
in both sides of the business 
producing films on the one hand 
for clients like British .Gas and 
the Irish Tourist Board, and. 
then handling their distribution 
on 16mm and even on occasion 
arranging cinema release. Gol- 
den Films r one of the relative 
newcomers to sponsored film dis- 
tribution, grew out of a 16 mm 
entertainment 'film library. It Is 
now a respected force in the; 
business.- concentrating entirely 
on sponsored films. But even 
they bare now made a fleeting 
venture into production with a 
typical Women's Institute film 
sponsored by English Sewing — 

' Creative Machinery Embroidery. 

Spotting gaps | 

: Wh‘at is sometimes happening 
is that the distributors, with 
’ their experience of -the market,! 
are spotting ’gaps where there 
is a need and are filling them as 
sponsors or producers; Guild 
Sound and Vision are -also in 
that business, and their latest — 
Safety and the Supervisor — is a 
good example of the safety train- 
ing film, essential viewing for 
all concerned with industrial 
safety and a certain money- 

Some of the other distributors 
were set up when sponsors be- 
gan to divest themselves of 
their own internal library opera- 
tions.’ For example, the rela- 
tively new Argus library was 
established to-handie BP*s' films 
and Randdm took over" the Shell 
Mex operation fnow Shell U.K.). 
Fewer sponsors now handle 
their own distribution; com- 
panies like Ford, Milliard and 
BICC. have passed their prints 
over to outside libraries, stimu- 
lating commercial -growth. 

The oniy loser -so far Is the 
Post Office. The turn-round time 
of a 16 mm print can be critical, 
especially when it carries a hire 
charge. Not only does it take 
longer than it used to. but if a 
print goes astray it becomes 
difficult to trace. In consequence, 
more libraries: are using com- 
mercial delivery services such 
as those operated by Securicor. 

WITH THE start fa the I97S fiat 
racing’ Season, only four- -days 
away, riding Plans are weU for- 
ward for the Irish -Sweeps 
Lincoln and the Campbell-Gray 
supported Queen's Prize. 

- Intended Lincoln runners with 
jockeys - include the favoizri^ 
Fair -Season (J. MatthtastjfatSt 
year's winher. Blustery ■ (P. 
Eddery). Captain's Wings (M. 
WIgham* Donzel fJL Roberts)* 
Arctic Tribune (M. L. Thomas) 
Reppin CaStie (B. Henry) and 
Mr. Nice Guy (R- Street); while 
Norfolk Air lC. Lewis) heads 
the' weights for the Queen’s 
Prize. This six-lengths fifth to 
The Minstrel in last year's King. 
George VI and Queen Elizabeth 
Diamond Stakes, could well have 
an unusually large field to ccm: 
tend with. 

.Assured (P. Waldron) Rsga- 
bash (F. Durr), Prince ’61 

cide to give him a preparatory 
race for the Lincoln in the seven 

■fSrioSS Alders Croydon 

Handicap at hempton next 

: Id that race. Blustery would 
be meeting two .live AP ri > ° 
hopes in Mr. Nice Uu> and 
Arctic Tribune. 

A -weli-below-avcrage turn-out 
seems likely for the Lincoln. 
And the quarter odds- first four 
places offered by all the leading 
layers could represent fine value. 
■ -A.£l each way bet on Fair 
Season and Bluster} -each is 
available at 10-1— would show a 
respectable profit if they finished 
third and fourth. 

Even a scrambled fourth plats 
from one of them woultTsee thj 
backer recouping all hut I2j 
per cent . (before text -uf hu 
outlay- ... * 

A victory' fur one or them am 
a place gained by the other 
will show £14 winnings (be fort 
i av > to tlut same £4- out lay ant 
a pre tax profit of SS^per cent 



2.00— Christmas Xtae’** 

2.30 — Barone reft - » 

3.00 — Nampare 

3.30— Grlttar 

4.00 — Holm by Lad* 

. 4,30— The Corinthian** 



MPs back more spending 
on sport and recreation 


— * . MOST MPs would favour higher 

Pleasure CM. L. Thomas) Government spending on sport 
Spanish Armada (R. •Marshall),- to help Britain achieve more sue- 
Matinale (E. Johnson) Hard cess, in i n rerna t 1 o QO J ’ 

Attack (B. Taylor) Super -tions. <he Central Council of 
Symphony CM. Roberts) and Physical Recreation sap after a 
Palmeston <W. Carson), -are survey of Parliamentary at-ti- 
already confirmed runners. ; v. 'tildes to recreation. 

Returning to the Lincoln, Fair..-. Amateur sport should he given 
Season and Blustery are ’ both a . Special tax status and freed 
reported to he in fine fettle- by from' VAT and corporation tax. 
their respective trainers. Ian- - More Government j money 
Balding and Mark Smyly. ; ^ " -■ ■w,duM ’go into coaching, and into 

Smyly, who will work British participation in 

on the Lambourn Downs- this, international _ competitions, 
‘m ortrit%r tbRUrn e yesterda? ; ffifff s ^fio^s chibs should qualify for 
his game Busted gelding was more generous local authority 
held up In his work three or fodr rite relief, and youth clubs, 
weeks ago and be may well de^ especially in the inner cities. 

should get direct Government 

Nearly 70 per ernr. of Mi’s 
questioned supported a zero VAT 
rate for amateur sport, and mors 
than 65 per cent, favoured re- 
moving corporation lax from 
sports clubs. 

Fewer MPs favoured granting 
similar tax advantages to profes- 
sional sport. 

Lack of international- success 
headed the HP* list of grouses 
against sppr.L followed by failure 
to support young people, lack 
facilities. .ancLAhortagnai^casiu- 

Sport and Parliament ( Part J 1 
published bp the Central Council 
nf Physical Recreation. “U.ii?*’ 
Brompipn. Rood. London. S.4V-3. 1 


C.C. — Thwe theatres accept certain credit 
carts by tcicohone or at *h» box office. 


COLISEUM. Crap it card* 01-230 525^, 
Re«rvarkj7is 01-S36 3161. 


' tonight 7.30 TOla Pefformapre. . PatroAa 
must be seated b* 7.1 5 - -.-Tomor, , * AiE . 
7 00 Force at Destiny. Thurs. 730 -Don 
G<o*anrH^ Good Friday: Theatre closed.- 
104 balcony seats always available day 
of pert. ’ - ' 

COVENT GARDEN. CC. 240 10&6. 
(Gardencharpe credit cards 836 69M) 

Tonight 7.30pm loomeneo. Thur and Mon 
7.30pm li trovatore. . 

Tomor 7.30pm, Sat 2-OOp«n and /JOpm 
Manon. 65 Amohl' seats for all parts On 
sale from loam on da y ot oert. 

AveT E.C.1. B37 1672. Until ApriTl. 

.PHjoeocus Dance Theatre .. 

Evs. 7.30. Tonlgrtt- Thurs.. Frt. ft MOn. 
next: Monkshood’s Farewell I Alroamf 
Ocellus; Untitled. Tomor. ft Sat.: Cldna- 
Lost ki Fa unaiWaikr ndomf Shoe* U b» 


E*ss. 7.30. Mats. Thurs. B.O, San. 4.0, 

■ GOOD -FRIDAY — One- Perf. at 7.3S. - 

• • • " THE' B6ST"MtlSICA6*“T e T' 
OF 1076. "\ 977 and 197« 

I HER MAJESTY^. CC. 01-930 6606 

> Ooeninp March 28. 


Pm*s.- E venings 8.0. Sal., 3 0 and 8.-0. 

RING'S ROAD THEATREf 1 ‘ 'SS2' ^7488 
,. Mon. re Thur. 9-0- Fru. Sat. 7 30. -9.30 

LONDON PALLADIUM. 01-437 7371. 
Until April 1. Evening* 9.0. Wad. ft Sal. 
• 630 ft 9.0. 


and Special Guest Star. 


LONDON PALLADIUM. CC. 01-437 7373. 
FROM MAY 25 IP AUG. 19. 


01-437 20SS. 

LYRIC THEATRE. CC. 01-437 3GQ8. Evs. 
8- Mats. rhm. 3. Sau. 5.0 and 8.30. 
., . COLIN --BLAKELY- - -•■*- 


.<*rEd -• 

. D !^? d AL‘ n 'Tl£m?-'¥”ffi. , ■ , 

,• HUfelpRED YEARS."- Sunday .Tune*. 

»*AY FAIR!- ’ CC. . ... 629 3036. 
Mon. to.-M, 8 0. -Sat. 5.30 and 8.4S. 
CORDW cUaTES " if f.N. tn 
... _ &T Sieve J. Spear* 

A cMnpasalorutc. tunnv. herrely eloquent 
Play. "T»n "Hilarious. '■ E.SId. "Wkkwtfv 
amusing.- E- New s- "Spellbinding." Obs. 

MERMAID. 748 76S8 Rest. 248 2835- 
jTdm CONTI. Jam ASHER in 

Evg*. _*.1S. Frt. A Sat. 5.15 tNo Perf. 
CJrod Friday!. Stall tickets Cl .25 to C3.50 
Combined. Piimer »Theatre Ticket £6.50 


OLIVIER (open «»BC? ; Ton'C 7.30 THE 
CHERRY ORCHARD bv Chekhov trana. 
b v Mtt nael Frayn. Tomor 7 3o The 
CflgllUl^ .WHia 

LYTTELTON 'pmcentum Tor't A 

bv Feyde au tranv by John Mortimer 
COTTOLOt (small audrtoriand; -Thur. 8 
LARK RISE, written by Keith Dewhurst 
Thompson's- book .'oromnnaae 

Mahy etftH ap t cheap scats- an 3’ 1 theatres 
■■7 ®*. Fftf. Car par*. Restaurant 928 
2033.,' Credit ca rd bkgs. S28 3052. 

OLD VIC ’ ' 928 7616. 

Prosoedt « The Old Vk Spring Season— 
fast wvriHu 

..Wed. 7.30. _ 

ALL FOR LOVE Thur*. 7.30. 

SANIT JOAN Frl. 7.30. Sat 2.30 and 

Sunday March 28 at 7.30 
with Barbara Jefford and John Tumor. 

A NCI T A Kti. L00-L1S Y DydiL ID JO Bywrd. a JO 

Al^UUIA World fin Acilbn. 12J»-12« «jn. 

9J5 Ain. Feature filRY '* State Fair.'* celebrity Squares. 



ALBERT. CC. 836 3878. Cndlt card Mo*. 
836 1071 (except Sat.). Mon. Tue*. Wco. 
and Frl. 7.45.' Thur. and Sat. 4.30 aod- 8- 
Extra Easter mat Tomor. at 4.30. 

with ROY - HUDD and -JOAN TURNIr. 
ABLE TO SEE IT AGAIN." Daily Mirror. 

ALDWYCH. 836 6404. . Info. 836.5332. 
No peris, until 4 April. Public booking In 
person or by telephone now open for 
new London - season of . Shakespeare * 
HENRY -V and HENRY VI Plays from 
Stratford. Boa Ofhce oped 10. GO a.m. to 
6.00 p.m. tclose Good Friday. Easter 
Saturday and Monday* RSC’s new 
WAREHOUSE season at The Donrnar 
Theatre opens 10 Aprtl.jBook now in 
person, by post or tefepbone ( 01 - 
836 6808)-- •' . >.' . 

APOLLO. - 01-437 '2663. 6 00.- 

Mats. Thurs. 3-00- 5a L 5.00 and 8.00. 
(Actor ol The .Year; E. StdJ 
-■ IS SUPERB.” N«.W. 


Good Fn: 1 Pert, at 8 Jt. 

ARTS THEATRE. 01-836 2132- 



" Hilarious . . . see iL” Sunday Times. 
Monday to Thursday 8 JO. .Friday ana 
Saturday at 7.00 and 9. 15. 

ASTORIA THEATRE. Charing Cross Road. 
01-734 4291 . Nearest Tube Tottan ham 
Court Road. Mon. -Thurs. 8.00 p.m. 
Friday And Saturday 6.00 and 8.45. i 
_ ELVIS . 

InsUnt Credit Card ReserraMons. Eat in 
our fully-licensed Renaurant or BuBet 
Bar lunchtime and before or after show 

•Limn* Par Boone JW<J AonOlimret. HTV West: .as HTV General Sendee 
1L30 Winning ulih -Wilkie. US p.m. iolcvBI 120-1 JO p.m. Repon West Ucad- 
ARKlIa Hevf. 2 00 Horae parry. 3.28 The Dues. 648-635 Report West. 

Electric Theatre Show. 330 Qa Seven rr-A-merr 

Hills tney- buili a.Ciiy. 535 Enunvrdale 5>COlll5>H 

* ,m - Tllesda3 ' cinema: " Adven- 
12J8 ajn. A Hrmii for Hob week. hire." sarrlnB Clailt Gable and Greer 
a TV Gareon. U.85 Oscar. L25 pjn. Nm»g and 

T Road Report. 338 Sir. and Mr*. 338 The 

1830 uti. Eve. 11.08 OiKfitos for Practice. 535 Piper and Friends. 5J0 
Yesterday. 1135 Elaine. The Sinscr of the Crossroads. 6-00 Scotland To-day. 4J0 
Souk. 1130 Professor Belihliar. 138 pjb. What's Your . Profikra. 7.00 Emmerdale 
A TV Nctrsdesk. 330 Quit* on ihe Draw. Farm. 730 Dave Alien. 0.00 Rototn'B 
330 House party. 533. Lacome and Kcsl 1130 Late CaQ. 11.35 Rush. 

Shirley. 630 ATV To-day. 730 Emmcr- ' , 

dale Farm.. 730 Da «* Alien. 130 Robin* - SOUTHERN 

Xett. li-30 Gibbsvma. ijs a.m. Here Comes ihe Futnre. M30 

BORDER "List of the Renegades" starring Lex Barker. 1130 winding ■ with Wllkte 

0.00 a-*. Hafts and Balctoelor Cartoon. l* p.m. Souiheni News. 230 Hora^ 
030 auj? Club. 10.15 Film: Sands w Ipany. S35 Betty >Boop. 530 Crossroads. 
Ihe' Dcs»rT."' starrlhfi ■'CBafW“'DiiVSK~£aO Day by Day including Sootiispm. 
UJG 0»:ar and the Crest Wogereo. 730 Emmerdale ik'arm. T30 Dave Allen. 

►"•Barter News. 2.00 KiwPePJJTy. a.m Robin's West' 1130 Sombern News 
3.21 Marera Wjlby M.D. 5JS Indoor Extra. 1130 Dn'se-ln. 

Lragne. . 430 Lookxroinm Tuesday. 7.00 

Fbumcrflale' Farm. 730 Da*e 'Aaen. 830-- TYNE TF F S 

Robin's Nest. HJO B arena. tlZ-25 a.m. ^ 

Border News Summary. . *-25 a-m ■ The Good Wbrd followed by 

natTKr iveww aummiry. Nonfc East News Headlines. 9J0 Oscar 

CHANNEL Peterson Presents. 793S "Heaven’s 

, _ X , I Above" sun-ins Peter Sellers and Eric 

l* ^anncl ^Lrmehnme New* and ssVk*. UjW Oscar. L20 pan. North East 

it hat s On Hbcre. 330 Frleuds of Man. pnj Look around. 338 From the 

Animal Aciors. JJO u«.c In Camera. Hean-Cathertne Cookson. Ml Rtwi 
^ r^fr' 10 ,he of ,hlf A®®*' 5J5 Nobody's 

R 0“W *30 Northern Ule. 7.00 Etnmer- 
Netvs. UJO Hi wide M^kaL 1235 a^m dale Farm. 7.30 Dave Allen. 830 Robins 
commentalres Prevjstons MutoonlORMlMS. x«t. ll_» The Collaborator*, i? iA a.m. 


10-10 a.m. First Thins. fUUS Feature ULSTER 

Film: Swaneo River, narrlng _Don mie anmiru! Film- Thiw 

Wwibroo ^31 < D & m r runaian N«rt ^ Gulllrer." starring Kr-r\« 1 n 

u -« Oxar. 120 p.m. Lgnrh- 
rtm tm *- 3J9 Mr - and woody wood- 

•n®TlitaS, *xKrr. «J 8 IHster New* Headlines. 535 

Friends of Man. 6.00 ulster Television 
‘• 4S crossroads. 6 jo Rcwns. 7.00 
1LJ5 Foucc woman. v*.'-. EfaunerdUe Farm. 7 JO Dave Allen. 830 

.* YIDAM* n * ' Robin's Nest. U-30 The Man For Others. 

URAIiAUA 1135 Pro-CctebriD' Snooker. 1238 a.m. 

930 am. Island of Hk Splrtr*. 1035 Bedtime. 

Hemet. 10.40 The Stationary Ark. U35 turcTUfinn 

The Be* He*. tU3S Ulster F3i 1130 A WESTWARD 

*f*tk»G Of (be Crags. 11835 


John Reardon and Joan Oienor in 

That legendary musical. Opens TomtiM 
7.0. Sub. Evgs. 8-0. Sits. 3.0 and 0.0:. 

— ~ — r 

STRAND. 01-836 2660. Even’ngs 3.00" 
Mat. Thun TtOo Saturdays S-30 ft 8 3 or 

Good Fn: 1 Perl, at 8.0. 

ST. MARTIN'S. CC. 836 1443. £«. 8 0<h 
MaL Toes. 2-45. Sat. ft Good Fn. 5 ft 8. 
26th YEAR 

OPEN SPACE. 01-187 
Trim* ActloM. ORPHE 

01-387 6969. Ergs. a.O. 


8.00. Dlnlnfl Dancing 9.30 Super Revua 
and at 1 i p.m 


Evenings 7.30 
Bv Nigel Williams. 

VAUDEVILLE. 836 9988. CC. Evgs. a« 8. 

Mat. Tucs. 2 .45. Sau. 5 and S. 

Dinah SHERIDAN. Oulcic GRAY 

"Re-enter Aodtna with-- anoiher «5h. • 
dumt hit. A9atha icRr^tfo A ’stalk fob • 
the West End vet ‘again with another 
of her ficntfmtlv ingenlou-. . murder FHi* BarVcr* 8v. New%. li 

— — — — "i , 

WAREHOUSE. Donmar Thcatrr. Cevr-.l . 

Garden. 83b 6308. Book now Id- nmm • 

RSC season from Apnl 10. Strindberg's . 


in reoenolne.. Advance Bkgs. Aldvmli. 

All seats El -BO. 

WHITEHALL. 01-930 6692-7765. 

Evgx. 8.30. Sau 6.45 and 9 0 
Paul Raymond Presents the Sensational 
Sex Revue n» the Century 

' Due to overwhelming putrl'C demand 

season extended. Plus evlra peris, on 
Frl. 6.45 and 9.00 from March 31. 


Twice Nightly 8.00 and 10 00 
OPEN SUNDAYS 6.00 and 8.00- 
PAUL RAYMOND presents 


" Takes to unprecedented limits what Is 
permissible on our stages." Evg. News. 

You mar drink and smoke - in thd' ' 


WYNDHAM’S. '1-836 3028.- . Creffit Calrf 
bookings 836 1071 «ex. Sat.) . Mon.- 
Thurs.- fi.— Fn. amt Sat. «5il5 and a. 385 1 r- 

VERY FUNNY." ErrenIM NtwS. 57lf 
Mary O'Malier's smash-nil Comedy 

Supreme comedy on sc* and religion. “ 

Daily Tercgraoh. 


LAUGHTER.' Guarolan. - — _ 

YOUNG VIC (near Olg VK) 923 6163. f " 
Today 2 ft 7.4S TWELFTH NIGHT.. i 
Now booking for season ot Rovai Shake- v . , 

sneare Company v award-winning prodtnr- iftA. _ " 
lion of MACBETH opening April 4. All p J 4 : 

seats £2.00 (heavilv booked until May 15) ' ■ 

PALACS. Credit Cards. 01-437 6854. 
Mon.-Tnor. 8.00. Frl.. Sat. 6.00 and 8.40 
GOOD FRIDAY 2 Peris. 6.0 and 8.40. 



K,Tvpenr “ ^ Headlines. 3.20 Frkods ul 'Mao AnSSil 

WBeelMPPcrs. Actors. 3-50 Music In Cuucrm. SJS The 

UT\; Ml nun ones. 6.00 Wesncard alary. 7JL5 

*■ * ’ Trrasurr Hunt. 19 JR lYettward Late 

IS 15 a-m. ■ virgin ):.]aad." . Hairma u.ia Wevuide Medical. »Jt a.m. 

John . Ctesavenes. Shfoi-y Holtler And Stations of -the -Cross. 

Virmnta MaekelL 1LA5 Msear and ihe VAnt'cinnr 

'•rear Wool tree. i» p.m. ReWCt . YQRKSHIRE 

IlL-itOtlk-a. 1J5 Report Wales Beadllnes ,jg a _ ^ n|u . in* , lnA „ 

100 Horareanr. 3J0 The Electric The»rre v enrur.'s o” Cain “n Nemn L 

UJO nwicc woraaji l "ig*K. 6-M Gilendar ' lEmfcy Moor 

HTV Cymru Wakes: Aa HTV General and Bebrnmi trillions ■. 7J» Emmerdale 

Service www 1.28-1 2S p.m. Pmun-duu harm. 7.30 Dave Allen gj)g Robin's 

Xmo-ddwa > Dvdd. 4284.45 Fir m F Ni-si. n,30 Police Wuman 

PI CCa BILLY - 457 4506. Credit card Bkgs. 
836 1671. Eves. 8. Sats. 4.45 and 8 . 15 . 
Wed- Mat. 3.00 

Evgs. standard Award and swet Award 
Reval Shakespeare Company In 
by Peter Nichols 
{Net Suitable for ChiMreni 

CRITERION. CC , 01-S30 3218. 

Evenings 8 Sats. SJO. 8.30. Thun. 3 0 

" impeccable . ■ a ma ster." Sun. rimes 


DRURY LANE.- CC. Ot-836 8108. Every 

"A rare, devastating. Ipitojs astonKMng 
' stunner " Sunday Times. 

-DUCHESS. ' 836 8243. ' Mon. to Thbrs. 
Eves. 8 00 FH.. SaL 6.15 and 9.00 

•• The Nudit, is iiunmna.' _Uaily Tel 

AAS5IC 1. *. 3. 4. Ovtorg' SL iOpp. 
Toiiennam Court Rg. Tubal. 636. 0510. 
1: ABBA THE MOVIE lUi. Sfe re * ri£>nlf 
Sound. Progs. l.So. 5.50 6.10. B.3D. 

5- HIDING PLACE i A), Sen. oerts. 
2.00 5.00. 8.00. 

5= Last J davsl LOOKING FOR MR. 
GOOOBAR IXI Progs. 2. 10. . 5.06. 7 50. 
4. SPIDER-MAN <Ul. 2 25. 5 60. 9.IU. 

QUEEN'S' THEATRE. CC. 01-734 -i 166 
Evanfogs B,0. -Sits, s o cna a. so. 

RADIO 1 - 247m 

(S) Stereophonic broadcast 
6.00 a-m. .\s Radio i 7.02 No-'l 
Edm-indr. 9JJ0 Simon Rat<-s d. 31 Paul 
Burn' it mchi<lin2 IS •» pm. N'-jwtbeat. 
2.00 Tuny PijcLburn. «Ji pave L«-e 
Travis irn-ludmi - NVwcteai. 7.W 
i-'n.'. 7S 'Si 'joins ‘Radic '2-. 10.02 John 
Pc-.-l 'S'. 12.O0-12J15 a-m. Vs Radio 2. 

VHP Radios 1 and 2: 640 am. V:th 
Roilit) : ^K-iuiflikL' .'*■ p nj. iltwd Umpd- 
nj. 1DOO V.'irli Radio l. 12.B3-I2JK a-m. 
u !:b Kadiu 2 

RADIO 2 l-SWm and U1F 

6.00 a.m. New Rinnnury. 6.02 Ray 
Muor-- Th-r F.nrlv Show rS> 4n>: Indma 
ii.1.1 Pau». for Ttii'Uthi 7J2 Ti_rry 
Wnfian >S> in-. ludln* f 17 Racing Hull, -Hit 
rend Pause fur Thought. 10.S2 John. 
Timn-wn Mi. 12.15 p.m. Wasson-rn’ Walk. 
lEJO Pel«- Murray’s rtp-n House 'S' 
ruHnd:m: US Spars Desk. 2J0 David 
tlamriion 'S' including 2^5 and 3.45 Sport* 
Desk. 4 JO Wksoijit*' Walk. 4,45 Sports 
Dr-f*. 4.47 John Dunn 'S' including 5.43 
Sports Desk. 6A5 Sports Desk. 7JJ2 
-Folk 79 IS'. 7J0 On The Third Rea; 'Si 

1.02 Hubert GK*J a: The London Tbaaire. 
part 37: London '3 nffier Theatres. 9.00 
Antons Yiuf Sraivi-mr? 'S', 4-SS Sports 
D>-ek. 10.02 3-M The Roeerd. 1030 
Ehsib-lh Welch says Be .My Gneci. 

11.02 Brian Ma«h"w with The Late Show. 
12JH-U.Q6 a-m. News. 

R.AD10 3 464m. Siereo & VHF 

TNedlutn Wove only 
1*35 a.m. Wca'hi r. .730 NVos. -T.05 
nriTnrr' i.v S.00 Sm*. U5 Mornme 
CofKi'rt -S' 9.00 X»"-r 9.95 This Week'* 
t,nniaa < *r T-haik-'-skr -S- . 10.M 

Dull day Special (Sj. 10.20 Childrens 

ijoocen iSi. 1 L 2 D Plain «ong and (ho 

Rise af Kiiroprau Music Uii. lilt p.m. 
Midday Concert, pan 1. i.oq .Vrvs. L05 
Thr Arts World u-idc. L20 Midday Coo- 
■frt. pan a ZS5 ciuiinairian Sums 
Quartet ■$'. JJS A Uni,- Light Music 
i Si. 4 jo The- Vauanui williams 
Symphonies eondurt-.-d by Sir Adrian 
Conit IS). 505 Jazz Tuday 'Si. t$-C 
Hom-r.rarl Bound. 16,05 Ni-k*. £6-10 
HomuirdM Bumul u-oniinuiri j. J6-30 Ufe- 
ltn« - Wnrti and Training. 730 Mam 
chcsii-r hraverronevn. pyn i: Bacb <Si! 
i.oS Finding .\ Voice naik by A. S. 
Byaip. 8^5 Marti>rronc>Tt. P<in - 
RreihoTCB iSi 935 Th.- Ring and ihe 
Cook. 10.2S llardn and Bn-ihoren piano 
r-cnal is *. U-85 Roatsol chamber music 
on re«roni <S>. 1135 ;<■■«?. .lLiJ-lUS 

And Tonuthi a 3chuhen Stine ■ 5i. 

Radio 3 VHF only: MO-7.00 aJn- and 
5,45-730 p.m. Open umvi-rsnv. ' -. 


434m, 330m, 2S5m and VHF 
635 ari. Neks. 637 Farming Today. 
•35 Up to Ihf Hour. 633 iVHF) BegJtu»l 
New*. 7-00 Mew*. 7.10 -"oday. 7JS UP 
io Hie Hour (connnuedi. 732 fVHFi 
Regional New*. 3.00 Netrs. EJfl Today 
Including new* headlines, weather, papers, 
sport. 8A5 Yesterday in nrilaswnL 

9.00 News. 9.05 Tuesday Call ■ Id- 80 
News, in .05 tin Location. 1B30 Dally 
Service.. 10.45 words from the Cross. New*. U-o5 Thlrtr-Mlouie Theatre 
» Si. 1135 Profile. 13,00 New* 12 J 2 p.m. 
You and Yours. 12J0 Desert I Bland 
Much. +1235 Weolher. programme new* 
VHF icsirfpi Condon and SEi ftestobal 
NVvre. LOO The World Al On--. 130 The 
Arthurs. J.4S Woman '# Hour jDcJodjna 

ivj.2n’ Xaiys 2.05 Ltffop with MoOP’r. 

3.00 N-'kH 335 Thr WnMIagdnV »S*. 

4.00 News. 4.05 Gardeners' QmbUdo 

Time. «J5 Story Time. 5.00 PM Reports. 
5^0 Serendipity. U35 . Weather, pro- 
jmiirme' new* fVHFi Regional News. 
JJO Just A Mimue ISi. TAB News. 7JB 
Th,- Arrhcrs. 730 Thne For Vgr*e. 730 
ERC Manchester Masrerconcen iSi ias 
turtle 3*. 9.00 Kaleidoscope. 939 Weather. 
10.00 The World TotUcbr. 1030 Not Now. 
I'm Ustenins Awln. U.DB A Book at Bed- 
:inie. 1135 The Financial World Tonight. 
1130 Today in Parliament. U.4S New*. 

BBC Radio London 

206m and \HF 
6.00 a.m. As Radio 2 630 Rush Hour. 
9J0 News Extra 9J20 London Live. 11_0S 
In ToV-ii. 1133 p.m. Citll In. 2Jfc 306 
Showt-asi- Ml Hume Run. 630 Look. 
Stop. Llsii-n. 7 J0 In Town «as 11 ni a.m.i. 
■JO All That Jazz. 1033 Lale Nlgpi 
Landun. 12,06 — Close: . As Radiu J. . 

London Broadcasting 

261 m and 97 J VHF 
5JM a.m. Morning Music. 6JB A3J : 
non-stop news, travel, spon. reviews, 
inhjnnation. UJO Brian Bares. LD0 p.m. 
LBC Reports Including George Gale’s 
3 O'clock Call. 840 After S—Kltb lan 
Gllcfarist. 9J» Nlgfatllne. LttdJO a.m. 
Nlcht-Erira with Adrian Scon. 

Capital Radio 

1 84m and 95.8 VHF 
6JU a.m. Graham Done's BruikUst 
Show 'Si O.iO Michael Aspcl *s, la.M 
Dave Cash ;«Si. 3.00 p.rt. Ruyrr se«i 
'Si. 7.00 London Today iSi 7.30 Adrian 
Loi-C's OD.'h Lini rsi 9.60 Your Mother 
Wouldn't Llko It with Nirkr Home «S. 
1LM Tony M raffs Iwfe Shew iS> 
230 a.m. Duncno Johnson's Xiah: Flub: 

- Brthlanllv - *"ttv ... no One snoulo 
hhk IL" Haroio Hobson iDramai. mum 
credit card rescrvailons. Dinner add tea 
price seat L7.Q0. 

FORTUNE. 836 2258. Etq*. 8. Thurs. 3. 

Sat. S.00 and S -00 . 

Muriel Pavlow.aj MISS ln 


Twins - Great- Year - 

GARRICK THEATRE. . 01.636 4601 
Evs 3.0. Wed. Mai. 3.0. Sat. SJS. 8.30. 
in tr»e . 

EN-TEnrAINMENT.'' Proold ' 

"GO TWICE." S. Morfev. Punch. ■ 
•'C D THREE TIMES." C. Barnes. NY T. 

GLOBE. • O t -437 1 592. Evgi. 8.0. ■ Mats. 
Wednesday and Saturday 3.0 
" SrifHant " Tim* Out. "“An Important 
Play '• D. EKP. "A hue play " Times. 
Directed try HarOlP PINTER 

Evenings 7. SO. MaL Sat*. 230. DON 
JUAN. A Comedy by MoHere. "I recom- 
mend H warmly. " F. Times, 

HAYMARKET. 01*930 9832. Evgs. 8 00. 
MaL Weds. Z.30. Safa. '4.30 and 8 o. 
Eactre Peris Good Frl Easter Man. 9.0. 

. GwurPfcV 

■ CUKA • - 

Ingrig Bergman makes the stage 
— “?«?MiI«We chanama — D. Man 
Wendy Hiller is supers." ft. Mirror. 

ROUND HOUSE. 267 2964.-- Fn*. ten'! 
i' 4* 9 . Opera law. at 7. Subs, Eves, a 
No peris- 24 March. 
present the London premiere ot 

~ Open Wad Erg 8 p.m. Mats 1 
at e Stt 3.0 Until April 1. 

Kff-n 01 *??' i*™' TOMORROW NEVER 
'Xf- -S«P- 9fo9*- Moiv-SaL 1 SS. 
.4.60. 3. 10. Scats Mcbto. tor 8.10 prog 

S F foic a ;SoH a i: pro9 *- 5u ’'' 

°H2 N ’rJUX nW ff* t * f*9P 2738«27Tm 

Fonda. Vgnesij Rodqrgve ]n p 
FrW Zlngymann ftim JULIA <A). Sep. .jg 
WbffL Dty. 7,50. 5.45 ■ i m (Jm ^9 
•0»v. 2.45. 8.00. 9.00. A(I 

^rirere' * 3D SlllTj 

SV2?f . sncountirs or the third 1 
1 ^i , ' i 5 SP' orpos.- Dlv.'-Ooorj open J 
'fa-00 Nol Sun.).' T. OS. 4.15. 7 as ] 
*>fo« JMrfth. Doors open 
l 1 ; 1 ® All seats mW ho booked | 

eught 10.00 1 a.m. proa. ■ No 10.00 a m. i 
OTO9. on Frida,. 24 th March.! j 

OOEON. 'Marble Arch ' * ~‘i723 mh.i i t 
T T m ,S . , ,| 1 ' Cfodrt Dty. 1 10. | 

piir l’ wia?' AU ’ 6*ccpt 1.30 5 

Swts Bookable. Lic«ri«l ^r. _ 

ROYALTY. Credit Cards. 0>-a0s 8004.1 
Monday. Thursday Evtnlngs 8-00. Friday • 
5.3o and 8 .46. Saturdays 3.0 and 8.0. 1 
• ‘ London's critics roic » 


B Best Musical of 1877 ' t 

Bookings aecaoted. Major credit caw* I 
Easter peris. Good Friday B. 45 . 

Bank Hplidav Monday 8.00. 

SAVOY. 01.836 8888 

Nightly at 8.00. MaL Wed. 2-30 
^ Sat. 6.00 and 8.00 


The World Famous Thriller 

' 4 ?*t 11 ln fact an 

Vjy- total rn. ..Punch. 

A'jffl . TW run aaaih." S- T«. 
H..^ c y T? 9gfo dY. gamesmanship ana; 

/L '• M *ts. L1 w ts. I 

Good Friday and Easier Monday B pan. } 


sa-.^ca'TftAf*' 7ss ™ • 

^OO® ?' b A?' Clreusti 4 37 t 

irPJfi- 1°** 4- screen. Scene 

M(f( h ' ZSrd. • J 

SSSTioia? 2JSS 5 -“ 8 - ,D ^ 

B.n .Keaton ObKlJo 

£.58 ’9.0S-2.OVT 

£SS SS*T,jp , 0 » 

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««lNn«2 FAMILY SHS% 

Mar. 23 Mon- Sat' sEari. G6od Ml' 

C -"1'inpBBE lo-toam ta. 2 30am tawM* 
1.10. Alt seats 51 .00 tCnitd- wnJ-fiWlW:- 

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Financial Times Tuesday March 21 1S78 

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AKLES Tidbury has recently institutions ' Iwiflf large 
cn over as chairman of shareholdings In the group, 
utbrcad. the UK's third- it began to bring in some 
” Cs * brewing business with able outside talent Mr. Tid- 
uud 12 per cent, of the total bury himself was instrumental 
n At the end of m pushing through the changes 

™ Whitbread was a small, and bringing in new blood, 
idon-hased company but dur- One example was Len King- 
if|]? hI io deC ¥ e 11 ® rew short, former Treasurer of Ford 
' ,r is m'hri a v, qUJS - ti0n ' ta ^ nn ® of Europe, who was Whitbread's 
'■ If ^ewing^ncerns. fi„ ance Erector for a while 

a Whltbread before moving on to the British 
ulj^omrollcd company. steel Corporation. His succes- 
ar. I ldbury cheerfully vnlun- sor, Andrew McQuillan, joined Charles Tidbury — Whitbread’s 
. rs uuormation that “ nepo- Whitbread froin another Ameri- ncw k*™ Kama 

- o brought him into the can group. Eaton Corporation. 

• up. He is married to the There is also Tony Simonds- 
ce of the wife of Col. Gooding, brought in as market- development. In crude terms, 

Jiam Whitbread, now the __ Col. Whitbread built «n the 

sident. but who was chair- BMHH 
III, lt . n durin S the years of rapid H M a 1 
1 I v h. fusion. ||H 

^Pf’he next spot of luck, accord- Li^fl 

ltf to Mr - Tidbury, was when CAJMU1 ., UU| ««. **«- 

** 1 I K •!-, ■ man selected to be personal ing director from Rirds-Eve and bury now has the task of build- 

The man who won the 
Whitbread trophy 


Col. Whitbread built up the 
group, Alex Bennett spent five 
years as chairman sorting out 
the structural and other prob- 
lems which resulted from the 
rapid expansion, and Mr. Tid- 

In the first of two articles on leading brewers, 
Kenneth Gooding looks at the man who cheerfully 

admits that “nepotism’ brought him into the group 

served in the King’s Royal 
Rifle Corps from 1944 to 1952* 
and joined Whitbread that year 
as a trainee at the Mackeson 
Brewery, Hythe. Col. Whitbread 
offered to match his army pay 
while training him to be a 
brewer. "1 would have taken 
half just to learn the business." 
He has worked in almost every 
department of the business, 
including a period as a shift 
brewer at Chiswell Street in the 
recentlv— in 1074—:* Cit * of U° nd °n when it was 

52"?*& lentr'e w " bI £™ 2 ** 

Dutch group Heineken (whose v t ^ as born m Cawberley— 
laeer it maL *nd «n. th! his father was a regular soldier 

lager it makes and sells in the 
UK.) to take over Dreber, an 

so he was brought up largely 
by his grandmother in 

Italian brewer, probably third T . vmukt in 

in its market but a losImakJr ? 1 £ l T? e ” h,rc :. So - *L mm 
for many years. tains, he is a “countryman at 

Whitbread has written down 

He bas five children 

by £2.2m. it. original investment »|«L f ™ ” : «*1«* 
in the Dreher project, probably up most of our spare tune - 

Was WD6T1 *“FJU UAjMuaaiuu, oug jdulm.. iau- — — — — ^ ; n fhf* IlrPhAl* nm-inot nfnhehln U F “WSU Wt uui apaic U4UC. 

U‘lTl. ■ 1 2S B t ele Sl d to***!™** 1 director from Birds-Eye and b uiy now has the task of build- , nearly ril ? P 71 fnd.^s Of his role at Whitbread he 

v V | distant to Mr. Alex Bennett, recently promoted. There are m S on the substantial There are. though, some “They control their own offering golf, squash, food says- “The most important 

^ succeeded Col. Whitbread other examples. “In Act.” foundations which have been Important dues to his strategy, destinies but with firm co- and so on. JJjJJ islikSv in 8 JS “SJSE Sing is to make sure you have 

= ? a J?S!i' d? A C1 1 ed 5 cdia 5r 0? - Mr ' Tid ^ r y. “ We have established. .. in the way the Whitbread top ordination of finance technical “ But we must not forget that e^tidl^ reciJJeS will the right pS?le dS?g the jobs 

h.iiS .*?.*; now buil t a solid raft of new Whitbread’ has- often been m a f ag ? n en , t team b ®s been services and national branding our basic, staple commodity is longer than first expected Mr which have to be done. Busi- 

1 Ai tea » aBd +*. 1 tal?nt at k ey management described by. City.-commeHtators restructured now that he is at the centre. There is still a the pint of beer— ale or lager Tidbury says Iha^the Italian nesses are too big and too 

■e held on to Alex Bennetts levels." as the brewing' group with the firmly in the driving seat great ded of grass roots trading — in the pub. Our main job as business is now Heineken’s complicated to be managed by 

t tails ever since. According to his colleagues, greatest bidden potential, but The title “chief executive" in this industry. a management is to get that management responsibility. one or two people. Once ynu 

leedless to say, it takes more Mr. Tidbury brings phenomenal that it is difficult to say bow has gone. Instead Whitbread Mr. Tidbury expects in the good pint into the market place However, the acquisition for have delegated, then you can 

n nepotism and luck to move energy to his job and has the tong this potential will remain now has a deputy chairman, next few years to see a bigger in the right way. £18 5m of Lon" 7ohn is alreadv £■> round taking a sympathetic 

the top of a management ability to get on well with hidden. Raymond Seymour, whose job share of the beer market mov- “And the licensee and his pro'ving worthwhile and Pro- >°ok at the problems which 

® o£ . a i™ u P *2“ almost everybody. “Don’t expect Whitbread to will be to assist Mjr Tidbury ing to the take-home trade, and wife are still the hub of the vides very sound overseas cam- come U P" 

it bread which had 1977 Equally he is known as a change course dramatically." develop a long-term- strategy for Whitbread is prepared to meet wheel around which the ings on which to build. Lone He enjoys visiting the 

c* ° 811(1 * axa ^ e stroos driver, a man who in warns Mr. Tidbury, however, the group. While Mr. Tidbury this trend. He points out that business revolves.*’ John is a vertically structured breweries, depots, shops and 

the ings on which to build. 


a. ft-,* ™* 811(1 laxal,le Jtr on 8 driver, a man who in warns Mr. Tidbury, however. tne gr° u P- woue air. naDury tnis trena. ne points out that business revolves.’’ John is a vertically structured breweries, depots, shops and 

fits of £4J6m. bis years as chief executive He points out that as chief will concentrate mainly on beer on the^ Continent some 40 per 0n ^ international front. Scotch whisky group with its pubs— other brewers' outlets as 

nr, though Whitbread re- brought policy to life and made executive under Alex Bennett ?“ d brewing, Mr. Steymour wiU cent of beer sold is consumed Whitbread’s objective is to own distilleries and its own weU as some of the 7,600 owned 
ms family-controlled, it is no thines hannen. h»» niavarf a be more concerned with wine increase overseas earnings from brands, which have achieved by Whitbread— because “ we 

ins family-controlled, it is no things happen. he played a part when the ^ more concerned with wine 

ger family-managed. Some He has taken over at a time objectives for the med nun-term “d spirits, 
rs ago. with some friendly when Whitbread has reached future of the group were being Two managing directors have 
suasion from the Investment another important stage in its worked out been appointed. Tony Simonds- 

shrink. • 

In 1974 Whitbread set itself 


Turning the Japanese challenge 
Into Far Eastern promise 

been appointed. Tony Simonds- 
Gooding is managing director 

UK and Robin Farrington, m 1074 Whitbread set itself 

managing director Inter- a t home, compared with 10 to the 10 per cent overseas earn- 
natiouaL 12 per cent in the UK British ings target by 1978, and has 

In the UK Whitbread never drinkers are beginning to shift just about achieved it Most of 
centralised its operations. Other more in the Continental direc- the money comes from Long 
major brewing groups who did tion but it is still not possible John Scotch Whisky, acquired 

the current 10 per cent, to 20 considerable success in Euro- arc a business which touches 
per cent., while making sure pean markets — France, Spain the public m so many ways. I 
that the borne business does not and Italy in particular. must be in a position to see the 

The rest of 

must be in a position to see the 
business from the customer's 
point of'View." 

As he is still only 52 and the 
group’s retirement age is 62, in 
theory he could remain as chair- 
man. for ten years. This seems 
overseas unlikely, for he insists “five to 

■’ so have subsequently decided to to guess how far they will in August, 1975, Langen bach, its businesses produce relatively seven years in any job is as 

I flTCS • mi ar r ./)CT Pin nfOltllCP - .. P ush responsibility back to local follow their fellow Europeans. German wine subsidiary, and small earnings, but the Belgian much as anyone ran do— unless 

, • .. .. . operating ; companies— described The group is also looking at Whitbread Belgium, which brewery and Langenbach are it changes dramatically. I hope 

t ■ - : L by Watney-Truman, for the medium-priced part of the operates a small brewery and profitable. Mackeson stout has I will know when to call it a 

EALING with the Japanese 1,100 i mes pe r minute and changing information freely, the example, as regionahsatlon. restaurant business, which has has a trading arrangement with been brewed under licence in day and become an elder 

it’s a different way of doing designed to meet the require- Centronics people can see de> The 25 companies which proved suitable for many pubs. Stella Artois, biggest of the Trinidad and Jamaica for some statesman. But that's all for 

mess. You've just gain ments of minicomputers, remote velopments which could be ap- Whitbread acquired were In fact, the whole range of the local brewing groups. rears and Mr Tidbury believes the future and. indeed, for the 

lr acceptance as a person batch terminals, and small busi- plied to their own product welded into ten regional trading leisure market offers oppor- Whitbread has not been con- this licensing system is capable Board to decide." 

. as a- human beijig. The ness systems. • range. , ..... concerns. “This is one of our tuhities. Whitbread is involved spicuously successful with of expansion in other areas. He also hopes “to leave 

Jn&out. process can take A In the'ofher case. Sharp is Since the 'Americans-: have I strengths," • says Mr. Tidbury.; already; in 

companies overseas beer acquisitions^ 

Mr. Tidbury was educated at behind a strong, independent 

. a month, or a year. There manufacturing lan. electric dis- the know-how in printers, the]”. We put them into manageable which operate golf courses and withdrew from a South African Eton and had a spell at London business in the brewing and 

understand what the Japa- tion with Viewdata, for example) happy to act in a supporting 
e are all about and develop as well as for microprocessor role— though it will normally 
rapport, then they start applications. handle sales of the finished pro- 

. ting to you with ideas and Many Western companies have duct within Japan itself. 

have a real two-way part- co-operative agreements . with Huge] himself has studied 
‘ship which will last." the Japanese, but few. have de- Japan in great detail— he was 
he speaker is Max Hugol, an veloped the concept af paitner- j n military intelligence during 
crican, but a fluent Japanese ship as far as Centronics has the war. “ Every Japanese com- 
aker who for some years ran done. As Hugel describes it, it pany has a long-range view. If 
international arm of .is much more than a contrac- we ran show them that a 
»ther Industries, Japan's t ual relationship, with -. the partnership with us fits in with 
ge«rt producer of sewing Japanese simply supplying com- their long-term goals, they will 

\ ‘ 1 h 

I t 

chines and typewriters. do business with us.: We norm- 

f “ • . i t". 1 ’"i-'ally try to mak^^ least^a ten- 

A arPPIlIPnf CENTRONfCS^RyE-YEAR / 'year agrecHrent'We“ , slve them 

j,i ccuivui . . RECORD a' price target which we must 

tn 1970 a 'friend of Ttagel*. ^ / ' ' ' have tb't^mpete ralhy roark'^ 

bert Howard, was in the pro- r ^ t9%r '"«>"« No- of .and then* we- coriimif ourselves 
s of building up a company empiojew t0 ^ lar g e volume of produc- 
ed Centronics, based in Hud- {„J jw f J / „r tioi^’- 

, New Hampshire, making 1975 4/j; 7j / 700 Hiigel, who is now executive 

h-speed primers. Hugel saw 7574 5 22 9A / 950 v *° e president of Centronics, 

scope for co-operation be- 1977 53 D 1L5 » 1300 belief that by means of these 

en Centronics’ expertise in r -- partnerships the company is 

■Ironies and Brother’s / . able to get products on to the 

'hanical engineering skills, ponents or machines to Cen- market n»re rapidly; it is not 
lie result was a ten-year tronics’ design. burdened with the heavy over^ 

icraent whereby Brother The American company is heads of a large manufacturing 
ilied mechanical components small — it has about 1.300 em* _• 

one of the American com- ployees — and has deliberately Could a similar partnership 
A printers. The pattern of specialised in printers. But it be forged in Europe? He does 
peration proved to be so is a technological leader in its not exclude the possibility, the 
oftsful that Centronics. Mer field and that technology is company is already making its 
nded it to two other com- closely related toother branches printers at a plant in Ireland. 
ps. Hitachi and Sharp. of ,elec*Jronics and engineering In a sense Centronics 3s pro-, 
the first case a division. oI: in M'hich the- three Japanese riding the Japanese with a new 
chi is supplying- the media- companies are deeply interested, outlet for. investments in 
1 assemblies for the 6000 By getting inside the Japan- advanced technology which they 
a family of line printers cse company, observing its re- would be making anyway. But 
ina in speeds from 75 to search programmes and ex* Hugel says there is much more 

... ■- ■ , — to It than that “ We get' exposed 

to their R and D, we understand 

what they are working on and 

Catdtthesundaily -.^SiSSZl 

1 *■ - .this sort of arrangement is that 

•'IWB R An^lATIS /■'r-r 'Tal / one of the Japanese companies 

KB B •"■■■ ■* ■J e "" will eventually decide that the 

, world printer market is so 

. M .• lfl - . / : j - atinictiye that it must: bp 

nly National flies. _ f uT.l’ { V'-"' ■? attacked directly; they will use 

Dn-5l0p5 Heathrow-Miami- •' -. y ? the knowhow and .contacts 

impa* and onwards have acquired 

. ■#. ' . fV. f throngh their association with 

Centronics to develop their own 
hr-v buiiness-^t Centronics’ ex- 


■4 ’ .This fear of being used as a 

Trojan horse for Japanese ambi- 
tibns has made a number of 
' - American and European com- 



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nlyNdtio/wl flies. . 
on-slops Heathrow-Miami- 
impa* and onwards / 
^en days a week. 




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Cuti fact > our trac'd agLtnl o r 

Nadmuil ACrlbcs, Si Piccudaiv, London VMVSMF (ftt-6296272) 

Nadi’ti j| \1rl1ne* Inc. a imAq»fariJ in U« staieof Florida, U.S.A. 


RING ANYTIME (0424) 428306 


IqO people in the United Kingdom suffer from progressively 
' alysinc MULTIPLE SCI4KROSIS— ihe cauve and core of 
rh are mill unknown— HELP US BRING XUKH RELIEF 

need your donation To enable us in roniinue our worh 
crcrs and to. continue our commitment, to find (be cause 

f Please help— Send a donation today to: 

Room F.l, 

The Multiple Srterosfe Soriety of GJ9. and NX 
.4 "TOcbbrooit Street, . 

London SWT 1RJ 

^ tied U P vans ls ca P itaI opportunity gone for 
panics cautious about entering ever. Moreover those ^ vans are not depreciating in a straight 
J ta“S. e line. Simply put, this means you’d need to fork out today 
puters and other electronics 3 times what you paid 5 years ago* 

pends on tbe size of the com- And then running a van is getting (and going to get) 
pShmce°orthe product ? 16 mor e'of , an a dm i n istrative hassle. With more and more 

• valuable management time involved. ' 

Qualms Now let's take the job vans do. Workloads, unless 

General Electric of the u.s. you + re remarkably lucky, fluctuate. Which means it’s 
its domestic tv set business, a pretty near impossible to get the lull capacity to resources 
with a equation right And that means under utilisation. Probably 

smaller electronics and com- on the outward trip. Almost certainly on the return one. 

mW fteSTO And that is money down the proverbial drain, 
too dependent on the Japanese There are lots of other costs, of course. Maintenance, 

swamped. for instance, which probably accounts for some 14% of 

your vehide running costs. Or fuel- which hovers around 
thing, it is operating in a 13% ofyoiir annual vehicle budget. Costs that won’t stand 

specialised market. For another, 
it is hot dependent on a single STILL, 
supply source; it has arrange- 
ments with several Japanese 
companies. More important say s 
Hupd. “we have the in-house 
capability to design and develop 
the products ourselves— we are 
not leaving ourselves exposed." 

So far the formula has worked 

well, as the sales and profit -n ■ f _ 

figures show, end the ensnwe. 

merit has no intention oE de- p j-ic-.&sur r iwy 

parting frotn. it. 

Geoffrey Owen 

On a more positive note, the Royal Mail Parcel Service 
can probably do most of the things you bought your own 
vans to do. Only better. 

We can deliver 85% of your parcels nationwide within 
3 working days of despatch. And if your requirement is 
regional we're talking about 2 working days. Local and 
we're down to 24 hours in most places. 

All of which makes us highly competitive* And for the 
regular, large user, there are special deals. 

Royal Mail Parcels. For profitable distribution. 

3ST*. Room 434. 

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Please ask your postal representative to telephone me_ I 

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'Own vehide Meet easts versus carriers' prices' By J. R. Kelly 

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nnnders move 

<r . -i J-lfc- 1. 

By JOHN STEWART, Cape Town Correspondent 

THE SOUTH AFRICAN authori- goes . undetected oy.. g 
ties are considering . what to do adniimgOwtion authpnfl^Di 

&»■ "Gig, bSSS^.-tauuSm^ 

camp: some' 50,000- -squatters ^gSeans a hbmevafdffou 
living there /to- 3500. shanties of no mare 
must be prepared for- the camp the'- . neatest homelariq; ^! 
to. be razed, as .was dope in the migrant v^ofsri 

s a homewafd/^ui^Ea^v mount-- derdoped communuy spirit anc 

i thari- a'flttt^ur^Eprooess. was.fartliWWO^mowj -pride- Most display at 
it homeland; - pressure on- land aso-tne ,r quaint, sense rH 

& rigntiii Bjtei l^ai- - g -job-cfeauon 1 ^-. - f?! S5|S *■ p,?***** «■»*« 

to be razed, as .was dope in the thtpjH&ouif migrant - /• • / *’ - . town planning. «uu «.« ««*»«« 

case of Umbel cams lirthe Gaoe dsy55S3«drk. hear goftteb Cape a surprising degree of law ant 
umwi campjn me wpe jv. hoM to iwnfroitft on 'fc££labour stotistira or^tne >uaF« or d er . Pnl re confirm ttaal craw 

Pemnsula - Jgg „ ™kindtesis. . PMUisula But? i Affair* Admmi J ™% irtually - nonexistent ic 

The problem of black " _ . • ... station Board show that m Z liat fpr cam os 

squatters again and again has t S 9 hoSSSxdJ knowTrS 1 P erlod 1968 - 74 ^Surveys of .Crossroads and the 

“IK. Gov™®! ta* S&gSS&SfiJSmaiS « W*f522 1 ,l Sr i SSL 1 l5 «W mbw-.a-P.-SMteJUg 

not begin to pursue its major number of black people in Gape g^xe. transport agency, Sou tb con -hold *ba‘s about 1.2 

objectives: economic growth to Town- (about 100.0W legat Pffrjfo frinan Railways and Harbours. h ^mplovment- In 

raise Jiving standards and to manent'’': resideflteV factHfafej® ^ loyed 6.500 Africans 12.1S2 irt Kan SO per ‘cent of bouse- 

create jobs for a rapidly growing control over, the influx^ and y A trend clearly in conflict J»r . h J er c ^.j vefi ani j 

. . population, on the one -hand: on- ^certainly’ befaiiac* ** jf ■ t5?h race policy* Jhlirirwj arp in the area flleqallv 

r the: other, -to give .substance To-bfMndre -than ’ ^ ■ ^‘^ whilTthe Government may f ” lS?T ame^nent tn 
% the Verwoerdian vision of the people of. mixed ra*^ not have resisted the black influx !2 n p--HL»Tinn nf Illegal Squat- 
I early 1B69& of - a commonwealth- western Cape in fhe mriAMteijH h e re economic P \Tt Sll To ua tt ms «V lllesal. 

-- of-poliiicany -independent -econ^-bncame thr sure that Q Ser czn S 

omically viable ethnic states or the Government’s major objp* .JJwiJ, s would, not make them- Hf'f 5 ,,* riEhtor title 

homelands. The difficulty is that tive of limiting the numherrf^^ ft>rtab i e in Cape Town t* 1 *’* 6 *" i !**,’! 1 S - tWsv-wik 
these two goals taken together permanent African rtJdfiititMg.,^^ gSf ? virtual freeze un J? ™ rennK' 

require blacks to be in two even of reducing it , by ™25? , n .unip town-- v ! s )°" » a rtfSrTnf- 

places at once. . . • • economic and political county •■{{??*» tom® bousing hSs been . sOuatters a' CMs to q ™ . 

To. jetonale these conflicting attractiona. in the homelands ^ jnce y l955 ; ■ ia Nyanca ' ^ rtl> ^ n "W i1rnn5' cnnSlM 

aims a . stnngem , set of regula- tf,^ horder industnaL aroM- - *Mce inland *t Guguietu none resorted. w*«r ajnfflS. S 

• iions was - devised whereby - The 'Government decIartdCjftvK^ io?? - ' - .-■ - «i"W ii» ■ l*74-rR.- 

.uriwmr™, t,k, job, ,b «. ..S&S’taSSrS : V- ' ;■ p- * , 

, -non-homeland, or rommon area L n 3 - — ummateU- fin ism potiev Whirls yj^iiaiter- 

-. of -South- Africa-, only, if they are "he^flow nf w¥riS*i V-ETaTWlliTC brnmehuids- W :de»rj=are *«-, 

’ prepared to do so yvnthom h av . - thp ' western Cape. «hich^ VCdlS. 3® 1HE.&, ;.-w? -.••-• imta nn^ 

.ns .hoir families with 0.™, . «. mm. Urn. «J MiM lto* jM Wre -J* 

• Who haS worked for one . Black iiiflux control was tor- period 1967-76. the actual nnm- Pnn doniOR the situation.' 
emplover continuously for not ther bolstered bv new. labp ur her built was gp- '■ ■ whatever . humanitarian cou- 

fess than 10" veafsTor “ “ ' regulations, .the ^fert of‘ winch, v Ifinllux control was- si derations. apply. . would 

1 • Who have worked for more wav to preclude, hi acta period up to only- serve to ; increase the total 

than one employer continuous!} not already qualify in. 1966 from i aw e were administered by lqpal raftTilIC> If the problem »-as 

taBOtta ffiiw ^ “cqtoring^penneueni “ . G ^i^? n P n e . Sn«ed-wlth*hW-«la«*.-lt ««* 

: Griffin Factors Limited 


Fomcombe Road, Worthing, West Sussex.Telephone: 10903) 205181. And offices in London, Birmingham ond Bradford. 

w ° qualifications mentioned earlier. Town, it became virtually non- jjfc p) y T q irow -worse-- ' 

A total ban on the recruitment existent from that_ yrar r whM . h* didmottay why the.authoti- 

RntTIPrc of migrant workers employed-on 'administration of b]ack P£PPi e .^©5 had- alknyed the; JflfWW* 

DUlUc lb . n nrntTnft haais tom CidukataA 'Vas taken over . by . tfap-^ajitu , l^ 1 i-Hs,twseutleYS^ W*bf fiPt 

in the vernacular of the town- Transkef became effective during Affairs Admini stra tion . v biph-r Jiair rjBtofoiyfd the 

ships, people thus qualified are September 1W6. and shortly Government nifriafiSlf amduAj-black. AwJHgu-Tj 1 !- 

knnwn P as “ borners ” and after that employers were by the -Cape Town tbat tbe rfavenament 

- v^ection twiners’* (after Section instmeted to .limit- their quo>a *^^2? 74' eh08e to'/ ignpre theiT influx to 

' inrfrtirSSa Urban Areas of African labour to the.numher-was during the period 1STJ •* the city' when theff labour was 
\ct)^ i h ow^ t ^^ccoSed (including registered VManciMV .that squatting became noticeable. _ but now that recession 

‘ to ih'dividuals xxoter these striu- existing -no August. 3 t.l»W. .Jt .in t he beginning in industry and confirructlon have 

mSSraltons are not ex- was further. announced 1 by -the. camps consisted largely, .of legal ^ited in dt least fl.OOO^cmrtrtirt 
S?dM?tothek families, unless then Deputy, Minister <rf. Bantn -residents squeezed out of tbe workers .losing: their mbs while 
bv^ntidem^itoSem&rs^lso Admin Istrqtiort. -Mr BTaarCoet- three recognised black town-' M o,her-2.fl00 ■'jwctiop- tenners '■ 
S nn! nf the three we. that he intended to compel ships because no housing was are al^o nutnf .wtirk, r.nYerTrm*>nt reduce thmr quota available. They .were joined by « no dfiiibr feels 4bis is the -tune 
Aitbm^h this TKilicv of influx OF black labour by 5 per . cent -thousands of comract/m [grant ‘ (0 ^ nrt ns' Packing back to the 
il anniied with greater pa ch year. As from August 1. -workers who, sensing a breaks homelands tn restore some of 
tlirmiehimt the rontructs ■ with mi grant down in the influx control pp^theid** lost image 

SmithAfrica its black workers were limited -tir.(2 machinery. 6ent for their wives The prohlem they fare, how- 

nr a .Sh 3 f^v“ months and at the and of each aod children.-. ever.', is- : that both- T.iskei and 

£,InT«Sr.?iarfrvirible to the ron tract period, the worker was 'Camps sprang up all over the Transkei • - Governments have 

area required to return to his h.ojne- peninsula. Shanties demolished issued statements saymst they do 
SS^r Vihe K hbe Johannesburg. - land before a new, contract cmitt rn one area reappeared *ver- not want .- Jhe ■'. dispqswssed 
■ SSjLf ^*T)ulS5n^ -ISSr pnt be entered, into. - > -.•.-j- pight ip .another. : Aeranrifttg - to squarters. of- Cape . Torn -Oifiy 

SSSE2ii.J5SlS.fiX no™, AftwSnmwi. 

-B^SrZSn Hier so thaH F e \flow. influx o'f^ET5^j : w^i:to^tateeaA^to- Wo r e . .iC^ B^^* ^w* 







L J 

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Shareholder banks: 
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: Deutsche Bank 
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European Banks international 








r ^iaanc41 . Times : Tuesdaj Marcb.21 .1978 


Tuesday March 21 1978 


The formation of a single industry association and the setting up 
of an : official register are two major landmarks in' the insurance broking world. 
The important role which brokers play in insurance will, it is hoped, gain considerable 
reinforcement from the self-regulation and united front these will provide. 

■ ;r ■■ 

. r . r . 

•y- V ' - 

?HE INSURANCE, broking pro- ism, then it is not surprising to meet certain qualifications 

ession covers a very, wide that steps were taken- to control regarding professional expertise 

pectnim. At one end are the insurance brokers. ■ TVbat is finaheia! hack 

arge. multinational brokers and surprising, . perhaps, , is . that 

it the other, the small one-man insurance' brokets were given ^ndne?. 

iperatioas. In between there is the opportunity to police them- of 

. variety of firms, small. selvS uoder tte " tomyolent 

aedjanr and large, wttfrover- eye of the GoYemmest- And - Uefl to expect 

apptng "areas of operation., they took it bom nands. 

Essentially they ‘all • 'have the A Teview of the : events. of the •*'■■ . . 

•a me basic function^— acting as past two years' -Shows’ that nil 

ndependent intermediaries, be- brokers reidiy needed' was a . ..... • 

.ween the consumer, whether catalyst, in the fonn of : pro- 
11 dividual or corporate, and posed. Government action* to 
nsurers. put -their own hoosd-in order. 

Any 'confusion; in the mind The responsible members of 
)f the public is understandable, the profession were V not at 
rhe profession has never all happy- that anyone: could 
ittempted to. create an image operate under the -name. They 
ind -rarely hits the headlines did not want the trading name 
mless - something goes - wrong, of insurance broker devalued 
Ynd there has never, until now, and were seeking' ah official 
seen . any serious attempt to professional status. . blow it 
To-ordirrate the profession with would , .appear, -that :they are 
i centir&l cbntrol.^ Any one mdd, 7gding. 16 ,-get : one. * _ :V . ' -. 
md^hmiy'did, setixp as 1 ,,. ‘ . -=.*• -v vrre* •'= • 

mce^b'rokers. sim^ by.ciilhHg-OW|q’^irirV "'K * 

hemselves as srich. And there - Jf- - .. - ; . 

The ' Insurance-: 

onerous conditions. And they 
should not make much differ- 
ence to the small broker. 
Despite some adverse 1 Press 
comment, the regulation pro- 
posals have not been designed 
‘to bring and end to the small 

small brokers have been able 
to operate without such cover 
and have not suffered either 
because they have been careful, 
or because clients did not 
appreciate that when a mistake 
occurred they they could get 

advisers or consultants without 
breaking the law. It is up to 
the Insurance broking pro- 
fession to educate the public to 
understand that a registered 
insurance broker- is -- a pro- 
fessional intermediary with the 

. - ■ — - - - 

the bonds 

By Eric Short 

i “•-* -n 7 .-> ■ 

'V-r* :».» r«* 

hemselves as sdchT And Sere - J* . . ■ V. person ' Involved /' is^'toraest 

vere four separate professional The Insurance-: ' Brokers financially sound, knows" what 

wiles representing insurance Registration Act, 1977, is now be f talkie about and is not 
**««•'** *£J? on ^statute Jboofc^ItwUi • 

mmbmed membership only make it obligatory to-eray pany or insurance organisation 

icwnmted for one-third of so- firm, partnership or individual Th consumer ^ expect t0 get 

ailed insurance brokers. wishing to trade as insurance unbiased comnetent advice and 
The system was wide open broker, with the- aameyln his t he iTreuiiura 

to abuse, though relatively, few title, to register as sbch ’With a coListent^i^serariS^and 
of .downright dishonesty registration council. , Another rSSdixLpaSen! of 

or even -sharp practice have article in this survey explains reputation regarding payment of 

been brought to tight. • But exactly ' what the Act "will * ims ' 
those which did appear showed require and what it will mean The proposals will make little 
that the- consumer was • not to brokersl or no difference to the large 

necessarily getting a fair deaL But essentially it will mean broker since if. he operates at 
Artd since we have a Govern- .that. anyone wishing to trade, as Lloyd’s as a Lloyd’s broker he 
went committed to consumer- an; insurance broker will - hjj£e itfready 9 h}ifill .much nfpre 

.... i-- t- I ; i£- I; ; 

y: g?:s y::-? r . 

■broker. "They have impend' 
upon ban some financial disci- 
pline .that be should already, 
have if he is operating as a com- 
mercial concern. Should the 
public' be dealing with a broker 
operating on a shoestring, he 
is much more likely to' be sub- 
ject to financial inducements 
from insurers to . push their 
policies, thereby forfeiting 

The main extra cost being im- 
posed by registration means 
taking out a professional indem- 
nity-; iu$ni?A.ce, ; .ppjjcyJ-. JVUpy j 

recompense through- the jaw. 
People are now becoming more 
concioos of their legal* rights 
and anyone operating as an in- 
surance broker ought to have 
the - necessary indemnity 

Eveo then the Act does not 
stop anyone selling insurance 
if they do not conform to the 
registration requirements. It 
simply ' stops them using the 
words insurance broker or some- 
thing similar in their trading 
name or description. They can 
call themselves insurance 

safeguards- of a ' professional 

What we do not know is 
whether these registration pro- 
posals will succeed in practice. 
They should, provided the code 
of conduct and the disciplinary 
procedures are sufficiently 
strict A very Jax code of con- 
duct and loose discipline will be 
worse than none at all. and 
defeat the whole ■ object of 
registration. The code of prac- 
tice. which is separate From the 
code of conduct will guide 
brokers in dealings with rhe 

public-.. lUntil these codes are 
published we cannot comment 
too much on them. But they 
must ensure- that the broker is 
completely . independent of the 
insurance companies. Since 
some, life brokers. specialise in 
designing tax avoidance schemes 
.and then; iflnd. a Compliant life 
company to' underwrite them, 
the Registration Council has a 
stiff .task on its hands. 

The othisr notable event of 
the past 12 months is that the 
four separate insurance broking 
organisations have amalgamated 
into the one organisation — the 
British Insurance Brokers 
Association. AH bug a handful 
of the members of the old 
organisations have joined the 
new one. Insurance broking as 
sucb plays an important role 
in the insurance 'industry. 
Indeed, with some insurance 
business sucb . as . .marine ^ and 
aviation', almost 'all business is 
placed by brokers and in others' 
the amount • placed by brokers - 
is extremely high. The Govern- 
ment has in recent years 
enacted a mass of legislation 
affecting U.K. insurance opera- 
tions. The brokers need to 
present their views to Govern- 
ment on all proposed insurance 
legislation and they need one 
powerful voice to do this. 
Speaking to Government for all 
brokers, large and small, is an 
important function of the BIBA. 

But it is not the only one. 
Brokers need to talk to the 

insurance companies with one 
voice on a variety of matters. 
Several brokers are not satis- 
fied with the present life 
assurance commission arrange- 
ments. They feel that some 
form of differential commission 
should be paid by life com- 
panies and are letting the BIBA 
know their views. This is just 
one important example as to 
the role the BIBA can play on 
behalf of its members. 


The various functions of the 
BIBA are explained in a 
separate article. Bui one notable 
feature is the representations 
made by BIBA to the Lever 
Committee on small companies 
on behalf of small broking 
organisations. The small broker 
can influence the BIBA through 
tli£ regional system. He is not 
without, a voice on BIBA. 

Thj? brokers have achieved a 
registration system which will 
not put any shackles on the 
large multinational seeking 
overseas business in a very 
competitive market. He has 
enough problems bringing in 
the invisible earnings without 
further controls on his actions. 
Now it is up to the brokers to 
show that it will work in deal- 
ings with the general public, 
who have a right to expect as 
high a level of service as 
the large multinational corpora- 

5 - 





Forsome years, Insurance Brokers and leaders of public 
opinion alike have felt the need for a system of professional 
Registration, and for a single Insurance Brokers' Association. 

With the passing of the Insurance Brokers' (Registration) 
Act into law and the formation of the B .I.B . A. , both have been 

In the coming months, two immediate things will happen. 

AH Insurance Brokers will be required to apply for 
Registration to the Insurance Brokers' Registration Council,, 
established under the Act. 

Only Registered Brokers willbe allowed to call 
themselves 'Insurance Brokers: 

OnlyRegistered Brokers will be eligible for membership 


This means that all members of the public will have the 
assurance and security of dealing with professionally-qualified, 
fully independent Insurance Brokers. 

And that you willhave recourse to apowerful 
professional body should complaints arise. 

For all truly professional Insurance Brokers, and for all 
their thousands of Corporate and private clients, it is indeed a 
great step forward. 

If you would like to receive further information about 
the B.I.B.A., please write to the Association at the address below. 

The British Insurance Broker^ Association. 

Fountain House, 130 Fenchurch Street, 

. London E C3M 5DJ. Telephone: 01-623 9043 

Ch a ir m a n : Francis Perkins cs-e., d.s.& Secretary: AknTeale .vm-s.-a-c.:;., mi* i Am 



. Fmaadai. Times Tuesday.. 


Wherever in the ■ . 
world you need 

insurance, Minet is the card to play 
With our network of subsidiaries 
and associates we provide 
insurance and reinsurance 
broking services covering every 
type of domestic, industrial and 
commercial risk for both private 
and corporate clients in over 100 

The world scope of the problems 

and challenges we tackle keeps us 
well in the forefront of new ideas 
and techniques. And be hind 
everything we do stands a high 
reputation for professional 
effici ency and service . 

The first ever Queen's Award 
made in the field of insurance 
broking services was won by Minet. 
Minet Holdings Limited, 

Minet House, 66 Prescot Street,. 
London El 8BU. 

Head Office: 

26 Fenchurch Street, London EC3M SDR 
Telephone: 01-283 4611 Telex: 888143 

A member of the Insbapc Group 

AT PRESENT there are nearly 
2,300 members in the newly 
formed British Insurance 
Brokers' Association and of 
these the vast majority employ 
less than 50 persons. The small 
broking firm does not make the 
beadlines, yet together they are 
the backbone of the insurance 
broking profession. It is to tbe 
smaller broker, operating in tbe 
local High Street, to whom the 
public will corae lor insurance 
advice regarding motor, house 
hold, and life. When Mr. 
Stanley Clinton Davis, Under- 
secretary for Trade,- talked 
about the new registration 
requirements bringing about a 
new deal for consumers, it is 
primarily the small broker to 
whom he is referring. 

In- the eyes of the general 
[public, the insurance broking 
profession will be judged, not 
by the large Middle Bast con- 
tract recently completed by a 
large Lloyd's broker, thereby 
boosting Invisible exports, but 
by the type of life contract sold 
or how quickly and efficiently 
the claims were bandied for 
damage to houses in the 
January storms. And it is in 
this sector of insurance broking 
that the need for registration 

Up to now anyone has been 
able to set up as an insurance 
broker, offering advice on 
individual insurance needs. The 
person concerned needed no 
previous experience or qualifica- 
tions, nor was any check made 
into his ability or integrity. It 
was a set-up ripe for exploita- 
tion, especially with life busi- 

ness where the . slick, operator Mrs .and a larger. clerical back- ’ca^eMut 

could make a killing with; .the up; staff, lhfcjteerf 

connivance of certain life com--; broker will often .be Jo^ng.wUIa. -_ k 

parties. Yet only a bandfUI— * lifter the insh ranee' interests - - ra ^ ce p^j U ’j^ went , 

very small percentage indeed--- theTocal commercial and indps- of tijP data^needM 

ha/e been found to. h»fe tHai'fcompames for ihe major colled ,alJU>f the fl«a needed 

operated in a manner* not in part of their business. Small t hcv arise 

the consumer's interests. It was 'companies need insurance as claims 7 . : - 

unfortunate that the troubles m'lftuch, if not more, 'than the The smaller broker, situated 
1974 and 1975 highlighted the' large industrial and commercial nearby, can provide this type of 
activities of a few brokers. But concerns. service. He will often have dealt 

it is by the experience of those -But in dealing with thq In- w jth the company for many 

members ol the public who used 'Surance problems, personal con- vears during which time he has 

these brokers that the profes- tact is an importantfaceL Insur- g Dt t0 know the operation nf. 
Sion is judged, not on the irn- ance is a complex subject and factory or store in consider-! 
publicised majority. . In many cases the client; is. a y e depth. ' Gvei^tljjs- period ] 

Consequently, insurance bro-' Completely in the hands of his t ^re will have up, a' 

kers do not ha* .the ;profe$- insurance adviser. One can have f rem endous fund of goodwill, 
signal standing of. the legal, “pr . wore confidence in dealing with Tfae raaS5 of rece^tjegislatien 1 
axxsuntancy profesaions.— twro a person that one meets sociaJly on health and safety at work, 
bodies which have their, share ks-wefl an< * on employers liability and em- 

of black sheep. One important sible in a nearby office, mis is 0 , 0yment protection and various 
task of tbe BIBA will be to raise °“e reason why the owner of ' r matters has made prufes- 

the status of brokers in the eyes 1116 SDfta,t fact ? ry "J. , sional advice even more neces- 

of the public. payment store looks to his local f"™ 1 ^ bpob|ir can e!cplain ^ 


There is the two-men-and-*^iri ■ - AMiTwith larae commercial beyond insurance matter to 
type of operation dealing with . • ^ p ^ ie5i there general employee considerations 

the individual seeking insurance ??* “2j_ „ full-time executive The broker’s acquired knowledge 
advice and prepared to. piece the lns Jran^e pro^ of the. business is Invaluable -*» 

his business through the broker comjanv. OftSe advising and recomrteiWing .ifce 

This type of broker is a profesdon^insurance insurance, <»vere reflated- ■ « 

to actively canvass for business j; ..,owd bark- Since, individual trust is al 

besides waiting Tor it to,;'j#jne d y In ailing with his in- important, then one particular 
to him. Indeed, if he wriPto’-ggS w£tt2l5S partner- will’ deal wit* a specific 
get established, then he must ® ip many re- client for yeai^The broker con- 

r " • secretarv, to oe aean w?uj wu«ru ^ 

that he can start to rely , on ^ ^ the tlme , H e needs mean for insurance. He will 
reputation and recommend- hfe who ^ not on j y pre . have to cover all the fields, he 
• rtm “ hic t0 discuss his insurance has not the technical backup 


ations for his new business. 

Then there is the larger 
operation — with several pait- 

THREE YEARS of concentrated 
effort come to fruition this year 
when in December the insur- 
ance brokers' register is opened 
[under the Insurance Brokers 
{Registration! Act 1977. Under 
this Act the insurance brokers 
have been given the power to 
keep their own house in order 
through self-regulation and 
supervision. The Act has been 
designed to protect the con- 
sumer and restore the image and 
status of tile insurance broker 
which— .have -been- -tarnished 
somewhat by a small minority 
of sO' called “rogue brokers.” 

U will now be obligatory for 
aLl who wish to trade as an in- 
surance broker to register and 
conform to certain minimum 
standards. In the past anybody 
could open an office and call 
themselves insurance brokers 
regardless of previous experi- 
ence in the industry. 

Since the general public has 
a very poor knowledge of 
insurance they would find it 
hard to differentiate he ween 
these unprofessional operators 
and the average sound insurance 
broker. As such tbe man in the 
street was often being spld tbe 
wrong pcSicy. while the. “rogue, 
broker^ himself cbdld_ be chanv 
nelling too much business to- 
wards one insurance company. 
This not only limits the range 
of products available but it also 
means that tbe consumer is not 
getting the impartial service 
| that is required. 

Given the problems that do 
exist within the sector it is 
encouraging for. the consumer 
that the insurance brokers have 
been given the opportunity to 
sort things out The Govern- 
ment was • clearly concerned 

that the public could be in a to be satisfactory. But how the 
position to determine just what Council will actually determine 
broker was offering impartial this is difficult to see when the 
advice and who was basically ^broker has successfully operated 
an agent for a particular Insur- for at least five years, 
ance company. Still, at least the brokers will 

It was in May °f 1JJJ5 that ne€( j t0 conform to some fairly 
the then Secretary of State for niles if they hope to stay 
Trade invited tbe four main f n business as an insurance 
insurance bodies to put forward broker While the final details 
proposals for the identification have yet t0 be 'finallsed they will 
and supervision of insurance nee d to see that their businesses 

have a**® 1 ® 1 * wortdn S capital. 
broWng Moreover, the value of assets 

produced a. consulting Aicu ^ |tTsr m ’ pd ^ amo un t of li* 
ment outhning their plans for bilities by an adequate margin. 

It ^ “thpw 0£ course the Council, when 
stipulating these requirements, 
proposals that have formed the ^ bQund t0 ta ]- e account of 

iStratkJn ^ ranre Broking the one man operations. So the 

At the moment committees 

are still discussing the various “ nb * ely * be much raore than 
regulations that will be imposed 

and no announcement is likely ^ further encouraging re- 
until the summer although the Quu-ement is that the number of 
broad outline is fairly clear, insurance companies with which 
Having said this there are one the . broker places insurance 
or two. areas where tbe Act business, and the amount of in- 
could have been more forceful, surance business that they place 
One of the qualifications foe witJl each insurance company is 
registration fbr example is that such as to prevent their busi- 
a. person who has carried on nesses from becoming too 
business as an insurance broker dependent on any particular 
or as„ a whdie-tijne agent ..for insurance company, 
two 'or jhorii i Jxisdnmw.; -contj Th methods of accounting will 
paqies tir?. relat3qn also need be tighter. Brokers 

business for : » penod pf^ot^will need to keep records show- 
less than five : ydars shall be ing and explaining the transac- 
entitled to re^ster. This means, tions of their business. On top 
that even those fringe unprofes- of this they will need to pre- 
sional operators who set' up pare and submit at regular 
business more -than five years intervals balance sheets and 
ago would get by tbe net. ' profit and loss statements for 
-The Registration Council- does, the purpose of giving a true 
however, have the powers to view of the state of theiT 
check the. registration even if business, 
the broker jhas been In operation' Any major accounting changes 
for more than five yeajps since such as these will almost cer- 
his character and suitability to tainly mean a gap of about two 
be registered as a . broker need years before the Act can be 

fully implemented. The Council 
after all is empowered to re- 
quire brokers to produce reports 
given by qualified accountants 
at such intervals as they may 

The Council will also require 
the brokers to take out the 
necessary profesional indemnity 
cover.- This insurance will mean 
that any financial loss due ro 
mistakes by the broker will be 
reimbursed without the possi- 
bility of the broker going Into 
-ban krup tcy ; ■ -Brokers have tbe 
option to authorise the Council 
to establish and maintain a fund 
enabling such grants or other 
payments to be made. This fund 
would mean that in the event of 
losses caused by the insolvency 
of the broker the client’s losses 
would be met. 

Any individual who uses the 
title or description which in- 
cludes the expression “insur- 
ance broker" when he is not 
registered in the register shall 
be liable to a fine not exceeding 

There are bound to be a num- 
ber of teething problems but if 
the consumer is to be protected 
the Act must be successfully 
implemented. After ail, when 
the average man in the street 
consults a broker he Is very 
much in Ills hands. As such the 
consumer must have complete 
faith in the broker. This can 
only be achieved by tight con- 
trol over the registered brokers. 
The Act is designed to create 
a system whereby insurance 
brokers are not only sound 
financially, but in the service 
they offer. The reputation of 
the industry is at stake. 

David Wright 



[four separate insurance brok- 
ing .associations — tbe Associa- 
tion of Insurance Brokers, the 
Confederation of Insurance 
Brokers, Lloyd’s Insurance 
Brokers Association and tbe 
Federation of Insurance 
Brokers — in January 1977 into 
the new British Insurance 
Brokers Association (BIBA), 
bad made a great deal of sense 
for some time. But its happen- 
ing at the beginning of last year 
was especially fortunate for 
two main reasons. First the in- 
dustry needed to present a 
united front with one strong 
voice, at a time when the City 
is under scrutiny by Sir Harold 
Wilson and his team. Secondly, 
it was necessary for there to be 
only one body in order to con- 
duct tile business of registering 
all insurance brokers, which be- 
comes effective legislation . at 
the end of 1979. 

Membership of the new as- 
sociation is of course not 
strictly speaking compulsory 
But a divided industry Is a 
weak one and it is' significant 
that BIBA already has 3.500 
members — this number repre- 
sents the total number of firms. 

: whether of one or more persons 
I — and there are a further 1,000 
[applicants in the pipeline. 

Perhaps more important is 
tbe fact that membership is not 
freely handed out and is by no 
means automatic. Those who 
[apply have got to satisfv a 
□umber of basic requirements 

far- _ 

.lUpi'gftfft 1 -I 

some ' of which defy precise 
definition, and pay a fee, wh:ch 
again, is. not set but fixed 
according to circumstances. The 
decision as to whether an appli- 
cant is admitted will rely on a 
general assessment of the firm. 

The applicant will have to 
give some evidence as to its 
(or his or her) experience and 
professional expertise in tbe 
business — something which 
dearly is a question of judg- 
ment on the part of BIBA. 
There will also need to be 
evidence of sufficient staffing 
arrangements and of efficient 
administration: Furthermore, 
the applicant will have to have 
a business with a minimum 
paid-up capital of £1.000 and 
have professional indemnity in- 
surance of a minimum of 
£250,000.. "Properly audited 
accounts will have to be pro- 
duced as evidence of the 
viability of the business. 

The list is dearly compre- 
hensive, making the processine 
of applicants a somewhat 
lengthy process. It is of course 
one thing to satisfy a list of 
arbitrary requirements and an- 
other to prove that business «s 
conducted properly in the field. 
An extra fail-safe in this re- 
spect is the telling requirement 
that all members have to be 
registered under the new Act. 

Like any serious-minded trade 
association, BIBA will be 
attempting to promote the in- 
surance broking industry and 
its views.. To this end it is busily 

preparing written evidence to be 
submitted to the Wilson Com- 
mittee in the near future, just 
as representatives Of others in 
the financial sector !i3 n e' been 
doing over these past months, it 
will also be speaking to the Gov- 
ernment directly on all matters 
in the industry’s interests. 

Quite significant too is the 
function of BIBA in handling 
complaints and inquiries from 
the public. The BIBA staff, on 
receiving any sort of complaint, 
will take the matter from then 
on and seek further Information 
f fom the broker in question and 
answer the letter. In other 
words the complaint will' be 
processed rather than just pas- 
sed on to the broker. 

.... Changes in .legislation affect- 
ing brokers will also be inter- 
pre.ted and disseminated, 
whether from the UJv. Govem- 
Thent or from the EEC. 

Finally BIBA has already got 
under way with an industry pub- 
licity campaign which has ap- 
peared in the national Press. 

The message that comes 
across is very clear. If you 
want to know anything about 
buying insurance — life, general 
or whatever-^-then tbe body to 
approach for information is the 
British Insurance Brokers 
Association. The aim of this 
campaign, which does not have 
a price tag (at least not one 
that is disclosed), is to estab- 
tish the value- of the insurance 

broking function in the mind of 
the general public. 

BIBA is also stating, quite 
categorically^ that it is in charge 
of monitoring the professional 
conduct of its members and is 
also the place to go if one has a 
grievance about the conduct of 
a member. As the advertise- 
ment says, “With the formation 
of BIBA, you have recourse to 
single professional association 
of British Insurance Brokers. 
Such an association has not 
existed before. And you, as a 
buyer of Insurance, should know 

about it H \ - • ; ; 

- The change of attitude on the 
part of the profession is quite 
remarkable, and one to be wel- 
comed. To some extent no doubt 
this open approach owes some- 
thing to the fact that the City is 
under immense pressure to 
show that its working institu- 
tions can police themselves 
without the need for outside 
interference. But whatever the 
motives, political or otherwise, 
the beneficiaries must be policy- 

That an industry traditionally 
reticent and with its normal 
share of professional Jealousies 
has managed to get under one 
umbrella at all is quite an 
achievement This . can only 
enhance the image of- Insurance 
brokers who, apart from their 
position in the City, have a 
uniquely powerful role in insur- 
ance throughout the world. 

Keith Lewis 

a m< 


Financial Times 'Tuesday: Marclr 21I&78 

3 ar e 


into overseas markets 

F new a year-file ^mrising markets fc'tano means trouble* sotetafial increase in the 
■cStSi business , is broker least Ael coufi. free. In many countries the onJy volume of insurance business 

Itnr? L-SL a Sl. ““W* <Ient *** nmclr'of his effort to effective way of establishing a Sowing' from the IT.S. into 

_ “ ® £*y~l ™ corporate expand need not necessarily be presence within the market is Lloyd’s and fee other insurance 

deeded for a in vain. . : '- either to. acquire a local insur- markets in London via inters 

n , Lnmmw it 6 Jnsur aace hrok- So it is; not surpfiiiog that ance broker or go into partner- national insurance brokers. 

^ there" has been a rapid .expan- ship with local interests. ' c T. Bowrine Sedewick 

taSS m SJ!f , V ut ““ by is£ , ne , w To •***« a loal bri;ket wi * h p«b« »* 

£*, S5-J "™2* can1 ' 3 have overseas markets, .-.particularly a good business a premium pnce among the strongest positions 

Comfor tably off the into developing - ■ . countries, would have to be paid, while within the U S market- While 

“P* “ . where their services afe-increa*. the loss of some goodwill on ] oca l representation of each is 

ntiPKiMiiiiii J^ e brokers in ^ y in demand. Brokers are the change Of ownership -could ‘modest they have tended to 
JSJPfJJJf have had °tber ideas, establishing themselves in such mean a Joss of business. Local ,3^ up mQst ot *0 direct busi- 
/ith what appears to be an un- areals as the MiddleJEast^ Africa, partners are useful in helping „£« coming ou t of fe e U S from 
mited market r worW demand South America, Ear -East and to avoid this latter risk Bui inSranS 

* insurance is estimated to Europe. ■ then there are high start-up taSkS? 5 o™b£^ 3 E 

row at an impressive la per However, penetrafifin H these costs, and it can take a few They atafhra strong presences 

- • years before there is any worth- 3 n. the reinsurance class of bus i- 

^ ^ while contribution to profits. neSS 

Back none ■ ■ ■ i^swjirsstaE *"****»+*«>«** 

V V/IJLV This need nqt mean complete 

' . _ - . nationalisation : of foreign in- - • ' * • 

ONTINUeO FROM PREVIOUS PAGE •. - - • terests hat the .U.K. broker is - . • 

taff that , the large broker has years from the spatfe -of cftsas- of ! en ord - v allowed •n imnority I I J 

vaiiable. The small broker has tens. Finally,' fee bhdfcer will ?“ ter est. even lie jjjjy I l f 

3 be a Jack of all trades. play his part in deaBng with p ^?? 8 ^ QOSl “ri^ 6 eX £? r * 1 - ^X* 

But there i s one field where claims. In the rfecMrt storms !L® 5 * 5 ?- 

ment in the U.S. But the group 
does have strong trading -rela- 
tionships with several major' 
U.S. broking groups. . sue* as 
Guy Carpenter, the largest U.S. 
reinsurance ' broker - ■: which. - .is ' 
also a subsidiary of 'Marsh and 
McLennan. The group's ! links 
with Marsh and McLennan has 
been further strengthened by 
the acquisition for cash of a 20 
per cent stake- in Victor O. 
Schinnerer. another Marsh and 
McLennan subsidiary. 

Sedgwick Forbes handles 
more direct business from the 
U.S. than any other London 
broker, a significant proportion 
of that “ big account " business. 
The ' direct business is spread 

over marine, including oil rela- 
ted risks, aviation, property and 
casualty classes. The group has 
strong connections in Canada. 

Willis Faber, the most 
recently quoted-- of the UJC 
major brokers, has a long estab- 
lished relationship with Johnson 
and Higgins, one of the big 
three- aviation and marine bro- 
kers in the' U.S. , while the non- 
marine and reinsurance 
business is backed up by an 
extensive correspondent net- 

Other UJC. brokers also have 
established links. C E. Heath. 
Minet Stewart Wrightson (the 
insurance broking arm - of 
Matthews Wrightson) and Sten- 

house all derive over SO . per 
cent, of commission income from 
the U.S. 

Alexander Howden recently 
acquired South Eastern Aviation 
Underwriters, a large Georgia- 
based aviation pool manager. It 
also has a close trading rela- 
tionship with Alexander and 
Alexander on the direct side. 
But its principal link is with 
Wohlreich and Anderson who 
are both excess and surplus! line 
brokers and underwriting 

However, it is impossible to 
make any hard and fast con- 
clusions about how successful 
brokers are in exploiting over- 
seas markets since the way 

commissions split can vary 
widely. Each risk underwritten 
is looked at carefully and the 
eventual commission is the 
subject of negotiation between 
the' parties involved. 

. Assessment of possible com- 
mission prospects is made more 
difficult as the business flows 
from one territory to another. 
But crude guesstimates suggest 
that commissions are usually 
divided between a U.S. broker 
and his counterpart in London 
on an approximately 2 to 1 
basis, although it is not un- 
common for the split to fall 
out at 3 to 1 . 

John Moore 

Wilt UCIU WUCIC UI LUC 1CCCUL ~91UA tf/*? on In 

pedaiisation is being forced and Wizards the smin, broker Mme whS^reflertsWs (MPitel ALL BUSINESS that is brought 
pon brokers— that- of life and had an unrivalled opportunity Th l tik to Lloyd's of London is intro- 

ensions. The new pensions -to show how effective iwpre his the London duced by nearly three hundred 

sgislatiou is so complex that services to the.publicby prompt authorised Lloyd's brokers. But 

' 4 . 

Lloyd’s and its 

■jgislation is so complex that services to the public ty prompt P-r * i 

: cannot be handled on a part and sympathetic handling of eE z~~ ftfr 1 
ime basis. More brokers are claims. ' ‘ 

peratlhg separate life and pen- " 'With life business, ^matters , of . Tr 1 

ions divisions ' with one or are more complicated. The buslDess available, 
tore parthers dealing solely broker has^ to’ explain. wiBat the • 

'ith tbesb problems and having client's needs are, wbicfi is often vVHUUla 

market and superior expertise authorised IJovd s brokers. But 
ensure that they get a signifi- ** e most adnusSions t 0 exclu- 
cant amount of the reinsurance ?ive dubs the selection process 
business available. • ’ “ ri gorous.. - 

: ^ ; T-o gain admittance- as a 

Controls Lloyd's broker the . applicant 


heir own back-up - - specialist quite different from "fchat the Other countries, Jiave estab- 

taff. It has been a full time client wantfc: ; - For “this 1 yoting lished legislation which pro- UoytrS v as to his integrity, 
ob explaining the new state family man, protection comes teets their own domestic experience and financial stana- 
iensdon scheme and contract- before sarings. Many" - small Insurance markets. Tbese.regu- After ms admission the 
ng out requirements to enr- brokers find that most bosiness latory controls can /-.affect Committee' keeps 1 a close watch 

'lovers, especially fee smaller is done by a fireside^ chit at the brokers' commission rates iind t» se ^. that standards are mairf- 

mpl oyer "where the advantages client's ^ home iii the eVenibg. If limit his freedwn over fee tained- 

nd disadvantages of coming out the - small broker is 'doing his placement of business.' _ '■ But once admitted fee Lloyd's 

f the new scheme were finely job correctly,’ their 'tite. client In many of the new overseas broker does have access to a 
tahtneed. “will understand exactly what markets competition is. fierce, host of advantages over his eom- 

With the general public, how- l* f e assurance' he - is* talfing out both from other international petitors elsewhere. The prin- 
■ver, matters are somewhat brokers, and- local 'concerns^ In - dpg] ■ advantage . Js that as 

HfferenL Motor and house- Another important job -for the those conditions margins are Lloyd’s is still the premier mar- 
lolder insurance is reasonably broker is to ueview 4he life squeezed and fee renewal ket for reinsurance and the 
traiflhtforward and easy to assurance needs of his -clients, business is often under threat difficult liability classes of busi-. 

•xnlain to fee olaent Motor A 3 dient’s drcuiffidances Business from these areas can nes s fee^ILK. Uoyd’s broker, 

nsurance nrpmium' tanrf c bahg^ feen_fee broicer Ca»ad' he % «a>latile. t; -*.‘tisB»dl»akeady volume of busi-’ 

0 varv considerabtf from" crftn- ; V ^ se ’ emplaSis -from Bpl the ove^as}m^k*t n ^s during fiines when; 

.an?te SZnTSdtiSTeSnt' W^* * **^ ^ • bas prorided™>st ^^erex-;- othe n brofers are finding fee 

Am^ZEEt AU thil shows that fee public «tement for fee U.K brokers going tough . 

jwayi warns ine uiespesc. me , — ...» orpr rhp Tact vmk nr «n - 

or handling daims as weD as Sll, » nwlSttSff tiays America and roughly a third of course Flowed to place business 

he premium level. with more contracts coming on fee total brokerage income for wfe insurance companies m fee 

The broker, in dealing with the scene. The public mbst also the major U.K insurance usuai ^ ■ . . 
lis client’s general insurance have confidence feat it is- get- brokers.. ... But a more evident advantage 

•equirements. will remind him ting completely independent What led to the growth in to fee Lloyd's broker is fee 
vhen the policy is due for re- advice. This is where registra- brokerage from the U S. in re- income feat he can derive from 
aewal. check feat the cover is tion will either succeed or fail cent years was the contraction fee management pf Lloyd's 
ap to date, and even advise on —whether this confidence is of U.S. insurance capacity as a underwriting agencies. Although 

what the cover should be. The conveyed to' fee public. '*'• Tesult of major underwriting this source of revenue is not as 

problems of n rider-insurance ■ T? ^ lo?ses suffered from 1974 on- significant as fee commission 

have been highlighted in recent .. ..- HJIC attOIt wards. This in turn caused a .and investment is,- 

still an important contributor to 
fee overall income of a Lloyd’s 
broker. The agencies manage 
and administer the activities of 
the Lloyd’s underwriting syndi- 
cates, which are composed of 
those Lloyd's members who are 
prepared to undertake insurance 
business on their own account. 

Syndicates are formed for 
operational convenience: Those 
member?, or ‘‘names,”. who do 
not” possess any insurance ex- 
pertise leave their’affsirs in the 
hands of an agent The syndi- 
cate pays the underwriting 
agent a management fee and 
a share of the profits of the 
syndicate. If the syndicate 
makes a loss fee agent is not 
liable .for any part of the. Toss : 
and is entitled to his managed 
rcent fee if he chooses. 

The management f8e is 
usually related to the premium 
limit of each name of the syndi- 
cate.' If the number of names 
inaflteffftm fee syodlfiatA fee- 
fetiSgPtfraCs^The lei Is gener- 
aljjn&nfficiem to '.coyer .the ex- 
pensag -eif' fee undarwr'.ting 
agency- Profit commtwior. is 
around a fifth of underwriting 
profits and a fifth of net invest- 
ment income, and this- can 
fluctuate dramatically. 

To conform with the re- 
quirements of fee Committee, 
Lloyd's underwriting agencies 
must be controlled by members 
of Lloyd’s. They cannot bo sub- 
sidiaries of other companies. 
But the development uf Lloyd's 
4»rok««0— ip-- tandem - wife the 

underwriting market means 
that many large underwriting 
agencies are closely linked 
wife individual broking firms. 

However, these agencies are 
usually controlled by members 
of Lloyd's who are directors of 
the broking company, and there 
ere arrangements made where 
al» of the income, or th^ profits, 
of the agency are passed over 
to the broking company. 


But the risks of conflicts of 
interests are all too apparent. 
While the agent does act as a 
steward for his ** names ” he 
can find potentially suitable 
members and effect fee neces- 
sary introductions. The-:e mem- 
bers' could eventually end up in 
fee syndicates which the agent 
managed. The management fee 
would rise accordingly Later 
the agent would be accepting 
insurance on fee. new -under- 
writing:; members* 'behalf. - ="• 

. The broker; on the. other 
hand, is the agent of the Insured' 
and should be' independent of 
any. insurer. But brokers are 
paid a commission by the 
insurer. Lloyd’s brokers are, 
naturally sensitive about their 
relations, with their agency 
interests and most . try to 
establish an arm's length 
relationship, although this is 
not always easy. 

Meanwhile a new trend has 
emerged. Underwriting agency 
income from insurance com- 
panies - is a -relatively recent 

development And it has mainly direct underwriting subsidiaries 
come about in response to a of their own. For instance, C. T. 
demand from overseas insurance Bowring has three companies 
companies. specialising in certain lines or 

Many overseas insurance com- business. While Alexander 
panies now feel that it is essen- Howden has two non-life insur- 
tial to be represented in the ance companies operating 
London insurance market. But through its underwriting agency 
rather than set up a complete specialising in marine and avia- 
organisation of their own, they tion husness as well as other 
entrust theit underwriting interests, 
activities and funds to an agency The underwriting subsidiaries 
company which runs -the a ;i operate freely in the market, 
business in a similar way to a doing business with any broker. 
Lloyd s syndicate. They reduce their exposure with 

Some agency companies have substantial reinsurance facili- 
opened underwriting offices m ti es, arranged mostly by the 
areas close to Lloyds so that parent broker, and- tiiev usuallv 
the brokers may readily visit operate on ^ Liovd’s fhree- 
fee underwriters to ask for V02r acccMJntjn „ basis . Th eir 

quotations. profitability tends to follow that 

But it usually takes a number 0 £ Llovd's 

of years for a new company to Again ihe attraction to the 
become fuUy established in the broker is that u provIdes addi . 

Landon market, and so able to ^unal capacity to the market, it 
JJJJL ^ is a source of reinsurance busi- 

M arSult^fe SS^stotomt n . ess ’ and k keeps faith ' vith 

e j! e S2? 2?3fl t:,ose companies for which they 
Wben these complies 

successfully established there is 
a possi bili ty that fe ey may 

The edges of responsibility 
:re now becoming very blurred 

decide to take oier the unde/- ^" ba , P * .T '“, ,b f e “** 
writing management themselves. r 1 5fSL f ? 

feus making this source of in- ^ S 

r n 'EFIt/iSrF* 

»ySe t * ndit! 

surance to the broker. dealings wife fee market. 

A number o f b ro ker s Irave— — — JvtVj. 

ryitnSfsor i . -V r , '* " ' r 

^S-T -1^ 

Fvr if- 1 




521 VNU 


The €.E. Heath Group of international 
insurance and reinsurance brokers is responsible 
for handling projects all over the world, 
■ ihvolying huge sums and complex risks. 

Much of these insurance and reinsurance 

funds are channelled by us through the London market. 

WhenydM need our kind of first class insurance 

or reinsurance service, just call us. 

I ■ %“* *> ” 

\ - / ; t • J 


CufebertHeath House P 151/154 Minones-, London EC3N iNR and at Lloyd’s Tel: 01-488 2488 Telex: 885280 888088 

Financial Times Tuesday March ?i$STO' 




Shares still shaping well 

IHSURARCE BROKERS f.t. actuaries 

as a percentage of 


JUST for a few months last hitting a new relative peak, 
autumn it looked a s though the So the City has been con- 
long period of relative strength vinced that the long-term trends 
of insurance broking shares which have favoured inter- 
might be ending. At the end of national insurance brokers 
August the ratio of the insur- operating out of London con- 
ance brokers sector Index to tinue to be relevant The role 
the FT-Actuaries All-Share of Lloyd's in the world in- 
index readied an all-time peak surance market is a crucial 
of 172 per cent, having risen point here of course, and as an 
from under 70 per cent in 1969. institution this currently looks 
It then dived in a couple of very healthy, recruiting sub- 
months to a level of only 140 stantial * numbers of new 
per cent “ names " and boosting its 

But it turned out that this capacity sharply, 
was only a temporary reversal In so far as this growth leads 
Fears of a big problem of bad to even greater activity in 
debts which emerged after the excessively competitive sectors 
Matthews Wrightson interim like the aviation market— where 
statement last year were a new Lloyd's sjmdicate has 
gradually put into a more recently started up— there could 
reassuring perspective. Mean- be problems. Significantly, 
time the threat from the aviation rates have remained 
strength of sterling-hurtful to unduly low despite the huge 
insurance brokers given their losses sustained a year ago in 
large overseas revenues but the Tenerife disaster, 
predominantly sterling' . costs On the other hand there is 
base — has faded a little in the still a big supply of the major' 
last few weeks. . overseas projects which call for 

the expertise of the large suraace is another matter. This parities he estimates that Tight when Matthews Wrightson 
Un^niiraoinrr brokers, and there is still size- tends Jo come out on the world income will grow by around 17 provided £600,000 for bad debts 

bULUUl aWe growth lability linwi market and thus falls very per cent, and on the baste that in its 1977 interim report 

Moreover the eariv flimres in In this connection business con- 'within the ambit of the expenses increase at about the since then sentiment has been 
the current insuKSce brofine tinues in' particular to flow Ws. insurance brokers. same rate pre-tax profits coug-.. raffled b y the suspension, in a 

results' season have been *eher- across the -Atlantic from the Blit’ two _ of the normal .rise almost in line quite different case, of a 

1977 Am 



Telephone: 01-480 6644 

Telex: 888211 

while the Midland Bank sub- limiting factor. rates which have been common short -tenn interest rate? show the surface recently when 

si diary Bland Payne (helped by 111 advanced countries, especi- fr past few. years — do not any .tendency to use. Gianvill Enthoven, part otf the 

Its more favourable September toe U.S.. growth of con- seem at present to count for One thing that could spofl Charterhouse Group, disclosed 

year-end) has announced a 44 swmerism and of legislation on very much. Their ability to tote T0S y P lcture for the stock in Its annual report for 1977 

per cent rise to £2 1.9m. questions such as safety in the keep pushing up their profits marIcc t, however, could, be . a that “it has been necessary this 

Not all the figures have been ^rioptace, together with huge in less advantageous conditions further wave of bad debt prob- year to make larger provisions 

as good as thte - Alexander increases An the levels of com- ^ however, an Indication of the 1™. Last year.npples spread for bad debts ” 

Howden’s. for ki^anc^wMe up P^nkaitwHr awarded in the strength of -their growth ^ 

by a pure modest 16 per cent Courts, have Jed to a continual momentum. 8SS5 ^r«m!SSi» tflFaVOUIltG 

to £21.4in. .pre-tax — hut such l ^ 1 " By and large the City’s ^ * i. a 

growth contrasts well with the risks perceived. analysts remain relatively op- “ S y fiTOup - The smaller and more rapidly 

lack-lustre performances being Ai though in less developed -tiniistic. For instance, Philip The essence of the difficulties growing companies appear to be 

reported by most industrial com- countries strong nationalistic oisen of stockbrokers Kit cat iu that instance appears to have most at risk from bad debts, 

panies. So the sector’s relative feeMngs iend to ' keep foreign Aitken, specialists in the ^ >eea to** certa4n aviation which arise because brokers 

strength has been recovering insurance -underwriting com- sector,, is projecting an aver- reinsurance business taken on handle an overlapping- two-way 

sharply, and by the middle of parries out of, 44»e picture — the- age growtlLbf 15 to lfiper cent. ^ its underwriting' pool > was ‘flow of. premiums and: daiins, 

the month the index was up to business. -being monopolised by in pre-tax profits for 1978. - later repudiated by some tif the and may be caught opt when 

173 per cent, of the ALl-Share, nationalised operators — redo- Assuming constant currency underwriters. The affair came to claims are repudiated. On the 

other hand the larger an' 
longer established company 
probably carry undisclosed b% 
debt reserves which can be tun 
to . absorb problems over paj 

Among individual share 
Sedgwick Forbes appears to b,-v 
perhaps the stockbroker:' . 
favourite at present fdr"t%r 
a -large solid eo mp anjrwhi ... 
a good recent record and- «hid' 
last year trimmed its exppiiie - . 
ratio sharply. C. T. BfaTin* ■ 
and C. E. Heath also have iongc ' _ 
term potential.' ' 

Another factor which ajfwr '.. 
the share choice: Is the. 
of diversification 1 .^ $bfc! vapfiu 
■ companies. So ' ancee^Bl- ‘j^a- 
insuranco broking be^'oyw'flir'’ • 
years that activities titxtsiSB,Jh» 
field have come to be. seep % ; \ 
an unwelcome dilution; so fatrre 
the stock market is concerned- 
This te particularly relevant im 

companies like Bowring, with', 
large Interests in merchaur" 
banking and instalment, credit 
Matthews Wrightson, wititati 1 
shipbroking. • and . propfrrtl- 
intercsts; and .' Stcnfip uar v fft). 
a string of industrial activities; J 

After the excellent: franr - 
performance by share prints. ia * 
the sector -it wtil 'be d^aatrtoi 
the momentum to tie 
in the short run.' 1 Thg; yteld jm- 
the sector index has’ jecqhjjy 
slipped tor not much more than 
4 per cent., 'and the -price- " 
earnings ratio - remains . Well - 
above the market average.' _ 

But over the years the big- 
insurance brokers have proved 
that they well merit a high 
rating. They ' are essentially • 
tuned to world-wide potential" - 
rather than the sluggish British - 
scene.' Somewhere, the drops 
may be beating a warning q^s- " 
sage about .the world 1 economy, - •" 
tint to -thej .eara hf jiisurai^e 
brokers they seem a. .i#iy long 
way off: - "> ’ 

Rarity Riley; 



J«U A 

.7 t/? 






... ••.-.'s'-: 

• . • 

■ " ~- v 1 ' 'iZ-’S'.' " : i - 


A GROWING amount of rein- broker may obtain a quote from Reinsurance brokers have to 
surance is being placed through- the reinsurance^ which he particulaiiy cowerned with 1 
out the world, and for a number 'is lower thanthat Applii&blc for. ihe - security of the companies | 

, of different reasons. Some ^the. business jon a direct basis, they use. One .point taken intu ! 

direct insurers feel that because while technically this is reinsur- consideration as the political [ 

of modern methods and techno- ance, the .tariff offices 1 (which situation ih a company’s country 

logy the catastrophe potential otherwise could be expected to 0 f or igio. Naturally this is 

“T* bus^ fl!? s, rather less pertinent -where a , 

inflation and the reserves of dislike this form of competition comuanv has set ud a vubsidiarv - 

individual msurets. There is from the reinsurance market S in BriSSrSd ■" 

therefore a greater need for While it is often only a small S 

“catastrophe” types of insur- part of the traditional reinsur- 

ance market which takes this £2E' lui /K ' 

In addition, an increasing Iine * provided a broker can broke ^ he corffi^qtjroat r v 

number of countries are leei£ obtain a lead from a fairly well- rftl ? 51>T ^ s prac ' 

latmg so' that insurance busi- ^ nown reinsurer the business tic?s both domestically and -m 

Miu lm CMtS « usually be completed. Britain are appropriate to -*ts , 

by way of reinsurance. Such Another approach which may 
countries often require inwards he made by a captive, intended * 

reinsurance too as reciprocity nwlAly to save- cost is. to ask, ^P ita ^ed 4or tiie business they 
for the business they let out. . say, a tariff office to' write 100 t T v tsft g ^~~ <an ° roe^e are,.^ others .. 

niTWLMn 4B n» cetct of the risk.- reinsuring their -qapitfdisatton 

suS nSlS pSupsSS per rent of the i^k “ *“*>■ Thirdly; Jh* <iaaety ... 

With the company’s own captive. 01 a undttwaefcM .. 

to turn, the P Sitive wSTen ^bnportant^ Brokers usuaHy. J ' 
S ™rtice^oweverfte^^ reinsure most- of that with com- support an ada»wa®dged.«spert , 

plenty of inkr«s thSS^out panies tougbout ^ woritL ^ 1 1 - . 

the world who would Iiketo see. . Raffier cynically, some tariff faUows *>• Iea 4 others, , i5 
business, and are happy to pay insurers attribute some of these t . . » . . . . - s -' i • 

commission so as to receive it ideas to.brokers, in view of the J.IIipriIU0nt 1 *- 

as rcansuiaiice, appreciating brokerage which they will earn. 

that they would stand no chance ^" or instance, with the second JVatuxa By to o wheu co trader- ( ~ 
of being, offered the insurance method - -mentioned above, a security, . a ransurapee • ^ •• 
on a direct .basis. This demand broker.' could expect to earn bn >ker takes . jnto aecqjmt j •' 
can be met. by -some direct in- commission on placing the whether short-<afl or .Iqng-^il j 
surers ^who, worried about the business with the tariff insurer, business is being. 'pJaxjedr-^jt ^ 
weakness- of premium rates, are subsequently on re in soring per- would probably 
happy io .reinsufe. a. proportion haps 95 per cent of the business for a reinsurance ’. Jo J " ■ 

of the line they write, while with the - captive fompany. place iong^taiL . j'-' i 

waiting for more profitable time 3 Co mmi s sio n would also he business with a_ rejnsurcr 
when they may retain more of earned on placing reinsurance, a CMnparalively’ rectaaL i 
the business for themselves. for the captive. Both in the direct -and feia- S- 

For brokers, reinsurance is u insurance, brokers ante , sectors soane.^. brokers - ^ -, 

very mudi a growing market, “® v ® :“e advantage of write,, bus in ess f or_poois. -><of 

with arrangements increasingly the Uoyds market, foreign insurers. Sometimes 

tailored to suit the- individual h 15 an increasing the argnment ds put forward r, 

circumstances of the reinsured. T 01 " 111 ® °f remstL ™^ c ®- °fton that brokers ‘shouW srick .to 



Alexander Howden insurance Brokers handle all that: 

ssas-t **f«" raKftflsrw s waws s a s. % 

Grist lave we^h^toetoteoduc^m w4t41 . 

The growth of reinsurance is of registration, and the stan- ?* ere are those whorfEfid^l . “V( L ' r 
all grist to the mill of insurance J 41 ?® and controls which, will } } ■ 

brokers, and whtie it is usua^y b ® to connection, with - / , , 

quite expensive to makfiie the brokers. Thdie a I 1 

initial arrangements it can be i? tii er S is scope tor placing risJ^- ■ r . > , 

profitable enough in subsequent f ? r » be improved, for ^ u «® substantial maderwritiPS .y 

years_ thanks to the relatively toe benefit of both parties. a if' '• 

high pr emium a nnUt^ Aipto papfa . ^ s®® 10 as though re« Then agxM, pi^iileins can. Y 

contract. insurance brokers make life arise wito thii tit arraogej 

One of the great advantages of' “ n<!uly di ? cult f °r themselves merf t. where, ito ^sample, it is S„_ 
reinsurance fM brokers isti^t it ft*? tend . to prefer aUeged that a 

generates more hSto^ a iQ the firet ^ b ^ess for insurers, 

single- broker. -handling a parti- j]® ce to ft ose underwriters who' exceeded". 

cularrisk-on a direct basis, may Umits ™iposed >y. the ixteuref. 

be able to arrange a number of ^ -bf 

different reinsurances for those a ls tor.mteb^.and-q^- * 

who write the direct insurance f™ «2?2i2L q H| rtatl onsr of judgment 4;, . 

and certain reinsurances of that wr^TthfS fieUL UndermpdaM?^ ^r.,/ 

risk. • !VrL Se< Sf!k best Premium wiatera rejy % 

There has been growing fS^S^’bSSrSSSS’’ 
interest in “captive" insurance to provide mudh more remsuranqes for There ;V 

companies, owned by large in- tiem^bout their dimtfra^ \ I 'si- .. 

dustrial and commercial con- insuriV underoiritera^ before S, rou§bouC ^ 'hr. 

cerns, primartiy to handle their the JSter riU write th/ir M *. om *&*:.****: m 

who has autho 


The increasing scale of risks borne 
by insurance companies all over the 
world has meant an ever-growing 
demand for competent and inventive 
forms of reinsurance. 

And as part of one of the largest 
broking organisations in London-at 
the very heart of the world’s insurance 
market-the Non-Marine Reinsurance 
Division of AH3B is well qualified to help. 

Alexander Howden Insurance Brokers offers 

in effect rate the risk. Gener- — z_ ■ “ ■ • n <- ,* . 

ally Britidi reinsurance brokers f-'S 00 ^ A ,,s 

have welcomed the introduction prions wath offier -'n«a»S Jff , ^ 

a unique in-deptb experience in all 
fields of reinsurance around the world. 

This experience is backed by 
competitive broking skills and 
thoroughly professional adminis- 
tration and back-up services. If you 
think that your company's 
reinsurance programme could benefit 
from an expert reappraisal, you are 
invited to contact Alexander Howden Insurance 
Brokers for a preliminary discussion. 

Alexander Howden insurance Brokers Limited. 

(A member of the Alexander Howden Group of Companies! 

HEAD OFFICE: 22 Billiter Street, London EC3M 2SA.lelephane: 01-488 0808.Telex 88217L 

Bri&shr ■ -uflder- 

insanmees. .This has resulted in treaties. While in theory a w f i ? rs ^ m&Lm ■■ 
more remsurance business for reinsurer should alwav/nhL., wish PJacol, business,- 

v __ i j^uisurer snooia always obtain 

wSSJf’JT 1 *f a f tiTC full information, there m>y.bwe 5“^ serious- finan^l -,pro- 
insurer maywnte the whole of been an -easier attitude in the ble ^ s could- bt~ Tete^v^y close- 

tial reinsurance, .in tins case a profitabill^m-TinderwritiBg. 



-1 - • J 

. , I, 


\ f 1. 

* II 


i ill 

Financial limes Tuesday March'"21 1978 



-tive links with 
export cover 

INSURANCE broking role 
the. spread and handling of 
Bdtt insurance is of major 
portance. Industry estimates 

• ggest that something like a 
arter ;of all credit insurance 

• aced ia London is handled by 
okers, much of it of a very 
gpialised nature where 

• phisticatjon in approach and 
dstructiptt is an essential in- 
edieitt _ . . 

• Brokers associated with this 
pe of business fall into two 
tegories (at least as . far as 

Export Credits Guarantee 
ipartment is concerned), 
rnre are “ qualified ” brokers 
nsisting of the top 14 or so 
mpanies. These have an on- 
tog relationship with the 
:.GD .■ involving annual pre- 
luma of at least £75,000 and as 
ch receive commission on con- 
. ming as well as new business, i 
i a Rightly lower— though in i 
we way just as important— i 
?ftl. are. what are known as i 
■ SU^ible ” brokers who receive 
‘toriwsion only on the new ] 
that they put forward.*. 

- of the brokers in 

us fields the Credit Insurance l 
ssociation, part of the Hogg t 
obinson. .group. - Major com- i 
-mies like Natthews Wright- c 
m, Sedgwick Forbes, Willis s 
:aber and Dunas and Sten- a 
3use all hayi a subs tantial s 
’Othold in the credit insurance e 
- jsiness operating from their n 
Vn. in-house depu-tments. But t< 
•redit Insurance 33s probably B 
• ashed ahead fastei and harder E 
lan .its competitor it lays ti 
aim- currently to aionnd half ci 

/ Tedit insurance t) 
-feced by brokers in Britain. ’ st 
in 19U and oi 
hsorbed into the Hogg Shin- 
to group in the 1930s. Credit ol 
, nsu^nce to-day runs an imer- tr 
atimal division to complement in 
] wmestie operations. It em- in 
I ilo? a fully qualified staff of ri 
*.2(hnd reckons to be just about m 

heonly insurance broker in the tr 

adit field operating a full-time nc 
TMing executive— for the st 
beefit of its own employees as At 
we as for the customer. sa 
. further major component sp 

• m the inter-play between; cus- 
: tomer and underwriter is what 
has become known as the 
i brokers’ broker. - Such an 
animal is Industrial Mercantile 
Credit Insurance, a. subsidiary 
of the Charterhouse group. 
Because of the amount of ex- 
pertise (and costs', jrelated 
thereto) needed~to operate in 
the credit field, many brokers 
prefer to deal with ah additional 
intermediary -when placing— this- 
type of business. 

Most brokers define their 
operational role in the credit 
market as that of " salesmen." 
To understand this In its fullest 
sense it should be remembered 
that less than two-fifths of all , 
Britain's trade wjth- the rest of , 
the world comes under the in- • 
surance umbrella of the ECGD } 
and that this government j 
organisation accounts-. Ear well i 
over -80 per cent. of. all credit ' 
insurance undertaken -in this i 
country. . . " , 


i Now much of . the- - trade 

■ between Britain and -the - rest of 
l the world comes under the head- 

■ ing of "optional" as -far- as 

■ credit insurance is concerned: 

> shipments between the. domestic 

■ and overseas operations of the 
same company are an obvious 
example of the sort of arranger 
ment that simply does not need 
to be insured on a credit -basis. 
But one dear message in the 
ECGD underwriting statistics is 
that a great deal jof credit' finan- 
cing requires more insurance 
than is actually necessary under 
statutory regulations governing 
overseas trade. 

To be fair, this is the. view 
of the insurance broking indus- 
try, which has a service to sell 
in order to survive. .But credit 
insurance is closely^ allied to 
risk management, being geared 
more to accounting and world 
trade levels, and in general does 
not overlap any of the main- 
stream of insurance disciplines. ! 
As sflfojt there is much to be t 
sa ™ fok the services of -a i 
specialist adviser. • < 

us- in general, industry at large 
iat would seem to be satisfied with 
he the workings jd f the ECGD. 
an Working from 10 national 
ue branches (three of them in the 
capital), the ECGD’s own sales 
ip. force has largely adapted itself 
sx- to the stresses and strains of 
ed post-oil-crisis .world with Its 
in uncertainty of economic depres- 
rs sion coupled with high levels of 
a! inflation. Nonetheless, the in- 
ns- surance -broking -fraternity bas 
always reckoned to be several 
p jumps ahead of what it often 
Jt likes to describe as the civil 
service approach to selling 
st credit insurance. 

J} Few companies are now big 
“ enough to undertake the larger 
>E export contracts single-handed, 
while the growth of inter- 
^ national consortia to meet fcmsi- 
ness demands bas further com- ' 
fr plicated and enlarged "the pro- 
11 vision of export credit It is In - 
5 this area that the "broker sees ■ 
himself as most readily adapt- ; 
able. ■ _ - j 

Whatever the size and the 1 
risks involved in a contract'it * 
® is to the ECGD that the broker 1 
will invariably, turn firr under- 1 
' writing services. The two in'de- c 
s pendent insurance- companies ! 
; in the -credit field— Tthde x 
' tod emmty and Credft Guarantee c 
■ Insurance— are unable to under- 
1 write certain categories of bust- 5 
; fi ess and unlike the ECGD, : 
1 which has the backing of the 
State, have to steer: dear ’ of ? 
many areas of risk. D 

Responsible to the Secretary 13 
of State for Trade, -the ECGD p 
serves UJt exporters m two a 
main ways. It insures exporters “ 
against the risk of not being ® 
paid by their overseas customers 0 
and, secondly, it provides 100 
per cent guarantees to the 
banks under which exporters J® 
gain finance for their overseas S 
transactions — often, because of 
this type of guarantee. ' at d< 
favourable rates of interest. pt 
With a head office in the City, 
the ECGD has been serving 00 
British industiy since 1919. And ™ : 
although it is a government de- 10 
partment its credit insurance 60 
operations, do not involve the 

taxpayer in any expense since 
underwriting is carried out on 
a commercial basis with out- 
goings over the years balanced 
by income. 


s In 3976*77 the total value of 
*- -exports, goods and services in- 
f sured by the ECGI> rose to a 
tr peak £11.7bm, 40 per cent, up 
s on the -amounts insured in the 
1 previous year. Allowing for a 
i rise in export prices this still 
1 represented real growth of 
S about an eighth on 1975-76. The 
other side of the underwriting 
j fcoin though is claims paid. Last 
? year the ECGD paid out riaime 
, to exporters a total of £6L7m. 

. which was a striking 61 per 
. cent -increase over the preceed- 
. mg 1 2 months. 

But statistics underlining the 
^owth of the ECGD are not 
the only aspect of the depart- 
wont's recent history. Of 
greater significance to the ex- 
porting community has been the 

ae termination over recent years 
to adjust the ECGD's policies 
m the light of changing patterns 
of world, trade, and to adapt 
ana simplify facilities to meet 
toe ever-varying needs of in- 

Many recent changes in 
method have been concerned 
Jtith the special problems of 
nigh value projects with long 
manufacturing periods — the 
baWcground to many construc- 
tion^ contracts. The department 
provides support for perform- 
ance bonds, consortium insur- • 
anc^ pre-shipment finance and 

oTSi5® n ” Ter “ ,1,e > t i 

For years people in the seedbusiness insurance hmin-. i 

hadno protection if the seed soldfailed S S lflE ? 3ro '? fflthe ' w 
to deliver the expected cron a PP ro ^ c ^ goes beyond 

If you sold barley seed £id tomatoes is als^dpt^ 0 ^ 119 '; ForHo 95 R ^ SOn 

came up, or the seed failed to germinate, undS^ ^°i7 e r d ^ P^ckmq ar.d 
you could have a lawsuit on your hands shippLag : Ve , Frel ^^' 

&SSST. ..£sr 

ijL Our Seedsmen's Errors and. HOC C 

Omissions policy provided coverage in’ ROBINSON ^ (R. Wincist) 

KoDinson operate - shaping insurance to - 
- the specific needs of our clients. 

And is only one example of that 

investigative and creative ^ 

.approach which has helped 

make us one of the biggest 

has been ^ 

see&ng to to courage expertp-' 
to finance Wor -creditjJ“' 
ti^cts 'to -foreign cu?r^ 

This has provfeci.aK^ir" 51113 
developments obto ito 
pmaer and to'-^ae 'Ibe 

sighs .are- tha- 1 both banking 

comipiHuty' and i^stry have 
madrrehtiveiyyfP 1 ® Progress 
in adjusting C^Jbis n ow and! 
complex tr&* s background, j 

v Jeffrey Brown 


^ : * !< *s • 

noon ^ hs . *1°*® Me policies with the payment of system this is more than argued, do less work for the 
8 fU1 ? er 30 cenL in ^ toabout M “er^nt ^-^s reS^ommisston ** ** 
^ ° ng ' Bui « Me broker of whether the client^ 0 ™* The brokers do seem to have 

opts for Me second payment or not, or whether it" a Wltl1 a sound argument for some sort 
tooroKer on the basis of toe no renewal commission will be or witoout-profit-pot^* renewal commission. At pre- 

auassured. Wrtiout a doubt payable after 20 years. So in one respe' Me public sent the insurance company 

is is a lopcal move and one For annuities toe commission is better off. No^ 510 ® 1 whole- wouid not pay the broker a com- f 
uwue Offices Association and was increased from 1 per cent, life policies ma be Ti ^ bt ior mission if the client switched 
nw of the brokers had been to 2 per cent, of the purchase many but proir" y more People within the single premium bond 
reesting for some time. Price, and on single pre mium were takiag jeni Man should market Howrever, a client want-i 
e of toe eompiaints levelled bonds commission from 3 per have I ww? xbe cut in cominis- ing advice when the time camel 
ate brokh^ industiy was that cent, to 34 per cent : : sion - has- **^ en 50016 • o £ .Me to decide on a switching option. | 

ciits were being put into the 'When- the ' new commission' “ cowbo-” out of Me market would automatically turn to the] 
wjg type of policies" because rates were introduced, the LOA^t it* 1 * 5 no£ been without its broker, who should offer advice I 
fibntennediaiy was solely con- announced that it anticipated dam ‘SMS ® de effects. but without reward. 

a*ed with maximising bis own that brokers 1 ' incomes overall companies are reporting . The broker may well be pay- 1 
emission. The main efiEect of would not suffer unduly. * to whole-life business in S fees for advice which is 
Hnew commission roles has Possibly for the larger broken? 0 * between 20 and 40 per cent, passed on to the cEent as to I 
bi to reduce the rewards on Mat has held good, though** *0“ average the fall is probably Me right type of investment at 
ang whole-life policies and' m °st have hit some of - ^ ncari* 1 a quarter. The fear is Me time of the switch option. ; 
^toly some of toe more ^“aller firms with a bias’ 10 Mat some of the younger people Possibly he will have his 
J.ous agents who were con- JPOUn S often financial ► un- who were being serviced with own investment department 

gating on wholeJdfe huri- sophisticated clients. , whole-life ^policies are now left whichever, the broker. win | 

uhave aohe to the wall The obvious benefi* was that m the cord. Whole-life policies be servicing the cost of that) 

be new commission rates ^ new commission out have proved right for many advice but perhaps not getting 
dmum /JcurwTrmZL™ much of the cla^ ° £ interest, people, so the fact that the™ adequate • return. A fee 
iw Mat was inevit*^ 1 ® for a broker attraction of servicing this area chained to thedient is a possi- 

■ Irw>r v' ^ when recom^ehM'ng clients as .of the -market has lessened may. but brokers often turn) 

hi Me to what we of policy to select prove. a major failure for the cold at suggestion^ . 

mi commission as per p or trample, under the old public,. evgn if the life offices Brokers offering investment! 
c- ^or each year of the pre- systrm a non-profit policy for a. and ihe larger brokers may be advice is one_of 3he signs of thel 

re-payment term up to S jw-ang person might have happy to see it diminish in rime. More and more ar.e. to ey I 

amum trf 60 per cent of the earned the broker close to 200 importance. concentrating - on investment | 

: year’s premium. This cax' per cent of the annual ’ : rather than, pure iHptection:-|. 

to 90 per cent, on whpfe- premium. Under the new TWmwd-n Though they^ caaL. .claim, hold) 

~ ' "" ■ ■ . ■ ■■ '-icIupicU to axoupd -30 per cent, of the f 

The spin-off from tins state of ■ toaricet ■ in ■ value tenns, in j 
T7 j 7 affairs is that brokers may be Me actual number .of cdntracts 
/ nP Km /ill hmk>7i?(r fl.rm tempted to let their newer and Meir . position is probably far 

± /JO J J nuirlf Ul V/Katm'Jtl ffu leswrained consultants take on ; smaller, ax they concentrate on 

l »• • t - 7 . Me whole-life business of the Metop end of tiie market S 

derating in a provincial town M 

more likely to cater for the 'Z£g«\ 

surance needs of m individual .ftfiyyrg 'SSSSSlS SSUSSagTU fS* 5 ] 

.7 7 /,• >• - 7 of the client are more than not infiouse. As time goes | 

an the large multi-national demanding. But- %***!* ’ss** s 

<5 it may prove to be bad news must . because brokers S 

*- ' ’f ' P : 

•**+i s’ 

I'‘ : W&L % 

y . r ' . 

, f • •• 


Wef 7 -; • V 
[ At* I .. , r ■■ \ 

f ‘ ».V: • v.** : 

» 4*yi *',t ”**»l' / * 

m mv. •>; MRMr- ‘ .1 

•' 77 7 7 \ f affairs Mat brokers may be Me actual number .of (intract 

/ nP Km/iU hmklMT -firm tempted to Jet their newer and their , position is probably fa 

± /JO SfrlUlU UZ leswrained consultants take on ■ smaller, as they concentrate oi 

i »• • t * 7 . Me whole-life business of the “©top end of the market 

derating™ a provincial town M 

more likely to cater for the SSS .SSTSS."t£f 'SSSgl 

\surance needs of tfie individual .gSSWS SSSBSiS 5 

,7 7 > * - 7 of the dient are more than ° ot ati inAouse. As time goes 

*an the large multi-national demanding, ba- ° n - 1 “i*?* £*« 

<5 it may prove to be bad news ““t expand because broken 

rnJpfiir** tor the industry in the long run. JJf Me top dice of 

OPwi A young broker saddled with M® ™ ar ^ et ; After several years 

a disproportionate amount of s °a n ©red .confidence, people 

. Conversely, this doesn’t imply that onr clients 
be exclusively heal either. We can offer a ™ is ““"““tow 

'iomnide service, tailored to all or part of your own - 

^retirements. Our reputation bas been built 
as a flexible-approach to every, aspect of insurance for. 

lividiiajs aad ths smaUlo medimi sire company a-fc*ge Extent ignoring the less F ec ?- of pewter 

7 vta lt J 7 7 j . a rvTj profitable.ivholfr-life'business. ' 4V * I 5 0n T 01 S “J 11 ' 

MSCproblmS'WS particularly understand). Why. Training new consultants can Mat the outlook . so far 

- , . ' -j* ' a « 7 7 * t 7 p prove sui ftwwwciffo pgg tiffl p- 35 he is CDDCBJiKd, rGiDflins very 

~ contact US for professional advict andbenepi from For example. Sard Cockcroft healthy as public demand for 

. . >r •> • of Towry law (Hokhma) reit mQre sP^alist sendee in- 

~ expertise we him toeffer? _ konsto? teiim nSuipZd A«ounrants and sollci- 

p|-. ' 'W : 

Ira ■ • ' ' vr 

-™ •••• •• J 

are thinking in terms of invest- 
ing again, and the brokers’ ser- 
vice could be in demand, once 
more. Towry Law reports its 

-“"■mI*."-- :• t. -. 

>ut uutio pay nis way lr ne is _ ... r 

stuck, with too much whole-life new Jlf ! business, to be up 40 
business. - Therefore established ?. er ff Dt * ® n “onths ago — 
hroMag firms have ' a serious ^“S? 1 unhappy? adds Mat pro- 
disincerttive to - extra nd nnlei» “Is will not be following suit- 

i. ea*eni ignonng we less X — " 

■profitable, whole-life business. Prokere ^roimon York enm- 

Traioing new consultants can n>e 5^ Mat the far 
prove an expensive pastime. c0ncer 5 0 f ’ remain very 

For example, Richard Cockcroft heaIth y as pubfcc demand for 
of Towry tor. (HoWings) 

ais L,onaon unaerwnting Centre 
h» s moved to 34 Lime Street 

iartin Hah & Company 


r mtjffSjr 

;. v ( Mmbers cfTbc Brithh Lmrraaa Brokers* Asswiatm) 

uav iruvruiuxj r _ - — - 

kons .that his firm could spend creaSe t‘ Accoutftanls and solici- 
up to £100,000 on- nurturing ? w w0 ° ®f agen1s account 
newcomers, to Me field. for as much as a quarter of life 

Not surprisingly, brokers are P«>btoly pass 

putting forward aigmneBtsus ^5® of trokers 

to how their commission Income Man deal with iz thezn- 
oan be bolstered. One possibi- ? elTes ’ ™e broker could be 
tity is differential commission P^rion to expand his mar* 
for.. brokers, prestanably at the Ket s “ are * 
expense of agents who, it is Terry Garrettl 

•i 1 * 

Royal Insurance 

tWee simple 
words to / 



becaus ®'F Sere 'book keeping', accounting, 


broking, ,_j. 

and uniquely ^ ^ 

brokers. \ H 

signed ss 

f^edsof I 


minicomputer, terminals, word combina 

and support, 'packaged' to be eoon^^S equipiri 

nof 1 
it, software. 

user demands. ^ but AexibJ^ meet all 

The Total Broking System gives the brok^v ^ 
computing capability— but uses existing stefnSJP^®|n^ouse 
accommodation, it's there in the office where yoJpgsting^ 
expands with the work flow; and it grows vyith your ft 

Speed, ease of use, and immediacy 
are inherent in the design of die 
Total Broking System. Clerical 
data can be input directly as the 
transactions occur; management 
has immediate access to 
accounts, statistics, and 
records through Visual 
Display Units; and fast, 
accurate, high quality slips, 
quotations, advices, cover notes, and 
other documents are produced mdrviduafly as and when 

re o uired - 





Financial Times Tuesday March 21^.973 


the next stage 

has provided a ■ great rn^y schemes, partcubrly for those eaueati ^ n „ Sas been done ^“dtSogon 

people with a very great deal companies which have conttoc- already baSi „„ the whole, been !I““ y ”, T™ ^policies to be adopted under which provides; hiw«L. ,1 

■of work for a considerable ed out will have to rev* pitifully amateur, witness the “m e ’hSwy ^d e^i^^ ^ ^atiSio" ciirmnLoces. It butter for a VMyiKge ^ 

amount of tune. For individual luUonised. That revolution «*-*_]* widespread ignorance Z 7 FF: ZZZZ iL* omet ■rolnme of n&»le: but dim 

D«n. a manats, ahu mw mwcuuiuvu — » ~T object of toe exercise may oe experience so far suggests that finaiiv then* are the sped an sea service, regard 

the whole thing is more or less Department of Health and y ^ ^ feast gfc urfoitists arethTmort ^ fuSTre with a «rtaia d«« 

sorted out the question re, what Social Secunty maybe even tte as ifa a matter * up . ‘SSmSw rtf investor? whn “ * of equanimity-if not tafie 

do they do next? introduction of computer pro- dating ^ firm's booklet on its given the opportunity to try have been ne « lectofl optimism. Some of the. larg 

Privately one or two of them grammes. pensions, this job should be out their hand), there is great scope P ast tiu ^ are even planning to take' 

will admit that it’s a question of the way within the next for an increase in the sales of companie^ aM tneir year. 

pensions, this job should be out theirhand), there is great scope P ast °Ld are c '- en P launil ^ ■***»' 

of the way within the next for an increase in the sales of S^^SnJSlJftJESS Staff tfaiS ycar * 
twelve months. Insofar as it’s a -Top Hat” policies. In particu- * unds J^SrSL ' - J 

matter of educatin g people in jar the scope they offer for to a Adrienne GIee£ 

that has been worrying them. ArlminictTgtinn twelve months. Insofar as it's a -Top Hat” policies. In parttcu- chanee ^the 

It isn’t that there's any shortage AuDjIlUMrdllUII matter of educating people in jar the scope they offer for to a radial t^d articular 

of work in the immediate future. But some reC k on that the circumstances they can mitigating the impact of capital _ grounQ y 

On the contrary, consultants are j t be taken much further, expect in what might— with in- transfer tax— which could other- . 

likely to be quite as busy as ^ ^ fl, e administration of creasing longevity and the proa- wise necessitate the break-up; of 

they have been, or possibly companies’ pension funds taken pect - of a redaction in the a - family firm when the earner — 

rather more so. as the admini- over by consultants for a pension age— te a large part of dies — should keep the zramber 

strative details of the new f ee The insurance companies; their life span. It i s al m ost of such policies growing. jgo, 

scheme are worked out, and the rec j C011( will not want to literally^-going to . he a life- At the other end of the stale /ga 

gospel spread among the work* taXg on the work: and the: com- time’s work. there is the opportunity* .jparti~ . • 

Adrienne GJee$ 


i .T 

, -V • JUi 
■ 16 

>:• M, 

■ ■.■■A* 

v&* J **~^ Total Broking System, a combination 

of hardware, software, and support.prerisefy tailored to the 
exact needs of the individual broker— already in use by two 
leading Lloyd's brokers— and underwritten by 
Software Sciences' extensive experience in computing for the 
insurance sector. 

TOTAL BROKING SYSTE M-takes care of the routine 
and lets management and staff take care of the business. 

Software Sciences Limited 

51/53 Gray’s Irin Road London WC1X 8PP 
Telephone 01 405 5993 

B Which is all well and good, cularly for firms whit* have 

but it still means that there are contracted into the State pete 
likely to be highly trained sion scheme, to provide adcfi- 
people retained by the consul- tional benefits for their workers, 
tants who — in a year at the oat- There is one glaring oznisison 
side, in all probability — will in the new State scheme: the 
find themselves with too little to provision of a capital sum oh 
do. Everyone agrees that the death or retirement; ' and 
incidence of “new” new • work already consultants reckon that 
is from now on likely to :be employers will- be making the 
extremely low. So the question provision of such a . topped-up 
is going to be. whether the benefit an attraction of their 
■normal consultancy work Which conditions of service. But there 
people say that they have are other areas, too. in which 
Tended to neglect in the hustle benefits could be lmpromt 
.of prepay? to conform with aotaMy permanent .health 
new legislation.- will, when it is benefits, 
resumed, be .enough; t<j keep More radirallj-.someOTrail- 

^ Sat no'mel nrajuiWy work wh? h«e reeenX -T il 

Antony Gibbs, Sage jLtd. 

international Insurance Brokers P^Conhfljnts . 

St Clare House, 
30/33 Minories, London El 
Telephone 01-588 41 
Telex 883397 / 

: • and ‘ • - / 

|N iDJV 

Standard Hot 
Bonhill Street, Londo^ 
Telephone 01 
Telex 88/581 


EC2A4RZ. j 

5 4« r 

in EEC 

lack momeSrini £ 

The UJv. insurance industry has ance business for clients qualifications, they mustVg outside (Xmroetition'anv'nioCe 
been enthusiastic about harmon- established in that country, permitted to establish \ QU icViv than toev arp obliged to 
isation of all insurance matters But he will still have presence in the member count!^^,.- have no 

Britain joined the to abide by the legislative or provide a service. The\eraational insurance eompeti- 
EEC. The insurance brokers requirement for placing insur- directive is expected to come ^ they annarentlv do not 
were keen to see all barriers ance business, which may well into force early next year, and w\ it u^ess rt is absolutely 
between member countries re- impose the requirement to have will be effective until such time ine^i- . *3,-,, C0U ntriS 
moved. They looked for com- the insurance underwritten in as there is total coordination fear anderetand- 

plete freedom so that a UJv. the concerned country. He may of th e insurance industries in ably, s\ e ^wh ave never had 
broker could place say, a Ger- well be prevented from writing the EEC. to face%5dp refer to hasten 

man msurance nsk anjwhere the business- across national So ^ toective comes into the day aSL w lv m nnSible In 

as™ S® = ■ s HW Sf-.s 





baA at Lloyd’s. 

. The reasons do not lie in any uum* oounteies.; have, for tance to allow brokers into their galling to insiEiL 
lack of endeavour on the part “any years been - far- -more ctJuntry ' where nrevioi^v since this subierf^f brokers, 
of UJv. or Continental brokers. ^m regU^ti^The broIdng as- un.derrtood in the province of 

But to harmonise radically dff- actiriti es of insuranpe -toter- Brt taia did’ not really apply. In' despite Mr. TugendhS 5 '^"! 
ferent insurance operations and medianes In their «untnes. In pract ice- the benefits of this attack on the delavM^ n : 
methods of operation of insur- those, unlike in Britain s, no dire ctive are fairly minimal and demand for a speeding iS?r w 
ance intermediaries has proved one can just set up as an msur- finalise a situation that ahead? insurance brokers do not d$£r t 
a far tougher task than origin- ance broker or even a direct existed. U.K. brokers wanting a real breakthrough in a X 
ally envisaged. insurance salesman without to operate in Europe could vices directive for some yeai^ 

A transitional directive for fulfilling minimum educational, always do so either by setting The differences in operations 
insurance intermediaries has experience and other qualifies- U p a subsidiary or going into between the insurance indus-' 
been adopted which prescribes tions. The moves to regulate partnership with a local tries in various countries are 
for intermediaries to trade on insurance brokers in . this intermediary. too great to allow speedy 

both an establishment and a country will bring it in line with Complete freedom will only harmonisation. Not only is 
services basis within the other European countries, come when insurance risks can there difference in the control 
member countries of the EEC. Brokers will need a certificate be placed anywhere within the exereised -by the insurance 
This is being done by providing issued by the country of EEC. Then the insurance authorities; differences in taxa- 
for -mutual recognition between domicile fn order to .operate in broker will be able to operate tion and investment return 
the member countries of stari* other countries. In jBrttaip, this in the best interests of. his equally lead straightaway to 
dard ' qualifications for inter-- will be issued by -the ’Depart- client There is a Services variations in premium -' rates 
medianes. ment of Trade, possibly in con- -directive in being but it has charges for the same risk. 

This means that a broker can junction with the Registration become ' completely bogged One fact noW beinjz accented 
set up in any member country Council. down because it does mean a by British insurers is that 

and be recognised by the This transitional.- directive complete change in attitude harmonisation of insurance is 

authorities as an insurance provides that subject to inter- towards insurance operations by unlikely to come about until 
intermediary and transact insur- mediaries having the necessary the authorities. There is an there i* a enmniete 

• ' " r ' establishment directive which union. Then a common tax 

t0 ,f? u £ ft system and freedom of invest- 
-^ U I. 11 ment would enable 9 common 
j ^ legislative system of insurance to become 

• - requirements of that country m «i re feasible Thp ttr 

tion C to'midJnIS’t? rtf® F 1 ? 23 ' insurers axe beginning to feel 

w t 11 * ft * «°t Possible to have 
?£“;?“**** determined by a common insurance system in- 

R,t th «ww - * J- dependent of a common money 
But until thefe is freedom of system. Meanwhile, insurance 
services, so -that brokers can brokers can only operate within 

nwi 6 ^ usmess an ywhere in the the framework already achieved 
EEC, then a common market in r . 

insurance will not be achieved JfcJlC Short 

and brokers will be doing little ■ - 
more than at present. J 

The reasons for delay are JMKBRBBBnD 

varied and were spelt out in | 

detail in January by Mr. I I J | 

Christopher Tugenhat, member IlMiMP f * 
of the EEC Commission, when 
be spoke at the Insurance Insti- 

tute of London. The first major 998BnHH9j B , ' S 

cause of delay is a bureaucratic fHMBBHMBr T fc I 

one— the procedures adopted 
by the Comission for scrutims- ' 
ing and discussing directives. 

which have now been sanctified ' 8Kia SB In HMBMMH» 
by the passage of time. Part of 

this procedure appears to be BBBlwSgMtifPW 
that tbe texts of the .directive 
are sprutinfsed too often by the 

same people acting in different ^KBSHnaBH 
capacities — first by the Council's __ . 

working group and then by the M W . MOdem Poli 

commlttes working group. Not H a n .... 

surprising, this double examlna- W-. vORIpfitltlVO 

tion is time-consuming, and in IB a ... 

a field as technical as insurance B9 ™ All ClaSSGS Q 

it is staggeringly so. BH 

But the most important cause 

of delay is the real reluctance SB & BPflJJChGS III 
of certain countries, .notably . _ 

France and West Germany, to . 

open up their hitherto protected \ ^ BB 
domestic insurance markets to > - 

countries that have shown reluc- All these 

rs must be 
ice brokers, 
V. primarily 

SptoiaUitlUirMtHne* Broker* 

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£ 34,696,532 

In terms of premium income one of the largest professional reinsurers in the world. 

Head Officer 
A'Marechnl Gimera 171 
Kio De Janeiro. Brazil 
Telephone: 2JT-1810 
Telex: 3W212019 
Cobles: IRBR-BR 

Capital and Reserves Figure for 1977 include Authorised Issued Capital increase of £32,000,000. 

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Financial Times Tuesday March 21 1978 

Sickert- master of mystery 

Newr York theatre 

by DENYS SUTTON, Editor of Apollo _ _ • 

A .- bot . r . Exhibitionism and experimen- 

.wTv? va ® man of masks iust ac w»ii rkmA , tatioa would hardly be confused. 

! ! ^peiSXS? ° f a P pearanee Wd tbemes* a biS^bali a/iS^S mSS'S! ° f t , cartoons derived considerable pleasure except, of course, in the arts, 

V; and perplexed music hall His shrimo-like. ^-^ I- 8 ^ the POupg from the company of the Vene- where a certain pretentiousness 

^ ir persomh? e exten J t0 which nudes are closer to Grosz^than W Th? S ^ff Crt waa ! . n * ti * n Prostitutes who were his can make any display of ex- 

harmed by to Bonnard differences in models. He painted in Venice aggerated behaviour pass for the 

n nw PP /^ 1 ^ Ces ^ Ip to two such Sickert’s livelv and often nrn “! clvert9 at - various those conversation pictures of avant garde- Maria Irene Fornes. 

ong artists as Whistler and fo^d Sritffi a£w m ifiSS* ffif 1 ® f Jl“ “5 highly to- such girls that are among his playwright and director of Feftt 
PS." “ t 0 ^ 08 Irate hStridf kSSSteof the JS^^SLSLSL TSP !” ost 0riginal "P***? and «*r friend* has a strong 

rk Js rges Wbe0 his French academic tradition and of S™te?^£ ’ESS??,™? £.» £ S0 T’ bUT by 00 raeans ^ femini£ * PO^t of view that pre- 

rs is presented m some depth, such painters as Millet and Ribot f a *“ acter # i® re dertved from the his colour assumed an unusnal eludes any traditional eicliibi- 

ySk. rathCr *** ** Caiher ' r ehaefi6 - had a quizzical eye i ^pSS/SE. 
imi^nd now^n «ioS e .*?■ and he also In tune with the B^een vouth and middle a «> 2L **1 * as n , d,d ® eo 5g e tion.i»ttbe very display of on- 
isgow Arr Galled- VC rt !l! ft the ® ort ° r inti mist painting done by he underwent a variety of SLlnfe ^ai ^ 6 rt S ^ feminism passes for its 

Phnnouth from Aprils 5 BS5J; This artist isnow little perienefs; he hid bem^nurted ‘ e^oyedli ** butch exhU>i ' 

rfS’u? Sole JfsSiSt Cj °°“ ein Styl ® 10 a “® S £25 °Ch^ ^ f "”»“7 n women 

of.sicn.rt *«“- _ • l9l4 ;?"f 0 N i^ EDs & u r v 

3d not rival his n'itS He ff IBod ? n J5 aster topped by Bernbeim’s. then one w " a ^“SL J,, fL? e Jff e Preparing some kind of proto- 

s well nleh in rjf f s J - wlde of the mark. He was 0 f the main Paris dealers He War Sickert was in' a leading feminist programme of speeches 

ie assumed an individual wfnTh 3 hy painters snch as had also come to' occupy a posi- P°, s ^ on 10 not every- and action while they spend the 

meter. It is terntas to SSFSJP* 3“. “ Vani “ he tion in Society and obviously thing was going Ws way. Besides day with Fefu and get to .know 
nder if his relationship witi! Fn about ]oved di ”ing out in Venice with ***** ™ each other. The anachronism 

natter gave him an inferiority £22K an /L was £?*““? m ° re amusing and sophisticated of J he of ae « a cop-out. for it 

. oplex. The fact that both i Q.h^ Gnced by , People. Sickert understandably **ot allows the playwright to sound 

listler and Degas were 1 ^ ti '^ n ^ ry J s ^ 00 ^ ^ an feJt at home with an aristocrat DOVe ^ trends, stwdi as Vortieism daring for every half-baked idea 

:h "characters" may have tnretrn^ ° f his debt to Tin- suoh as Sir 'WflliaTn "Eden and ' weTe ^PP ea ^8- Sickert swnt- or seaw i allusion, without the 

gfatened the theatrical si^ iiS 2S bl ?fS? nd ^ Cre H with the. Sitwelln. . . Much has^n made *eed for full exploration that a 

KtX’Z ZL%Z*** 1° teSs‘-H« Beerbohm the' *323 'Sf-T SX 4 SKfSW^R 

Women at large 

kerfs nature and stimulated In the lK 
a to play act more ' than was 5 

id for him. . .. 

rbe -"unisic hall provided ; 7 - V* : 

•kert with rich aod stimulating •* 

ipiration. His numerous draw- ■ 
is of theatres, audience and •' • 
rformers stress the careful way 4 • 
which he built up a stock of * : 

ages. ; - : 

• •• lis music hall paintings have \ K ■ •",•-•• 

- .^isiderahle appeaL They sug- ■' . : 

' .74 the atmosphere of such f; vVk ■ . -v* 

ces. which attracted many L:' 
srary men of the 1890s and ; . . ' '->* 
uid a latter-day enthusiast in . ij< j. 

S. ElioL Sickert’s pictures of ;Vs 'X *' ' v 

di themes often contain details ri’ ^- ' t^ vri 
free and dramatic painting: 

* use of green is especially x-, •• r '-'+i&mk' 

twive. Yet in them the debt JjfiTSf- 

to ‘Daumier rather than to 
V ? 8 ®f“ was never able to ••-*■:. 8 * i's &iv 
.j-jjual Agas’s elegant colour, ■ • 

" "j ‘cn if was his intention. 

One Coious feature of 
ckerrs wfrfc i S its reflection of ti7 : 
s passion f«r darkness. Perhaps 
this comection insufficient. I : 
tention has been paid to the 
ct that both father, also an f'C 

' rts J* an ^° e of ^ l^'V.Vvi^S 

achers, Otto -cholderer, were £- ; 

jtb northerner. Sickert him- 
»If was born in ’tuni C h. 'w 

The extent to yhicb Sickert 
tew Germany am German art 
none too clear. 'i,at he once : rj>v<gw3gffls 
lokc about writing^ book on 
« Series a H admired ■■ ^ 

* a pamte. such as 

cnbach wc^jd suggest tb at he 
as more fatmlt&r Wkb *be ^ 

iernany tradition thl, * ""* ■* ■'7"< "si 

.su lly assumed, lo any t, en t * T. ' " : 

0B2 of his pictures have th» /-. if - - 

00 of German realist oainti7 B * ' ■■ 

ornstance that of Leibl^orinN L — . : .V4.- 
xrSievogt Sickert could have s 


“ “^jmilen Festival v * . 


! • • 

, 4 * .» * 

' t 

« 1 ^ . 

S'. . <*“ • •’ 


‘ ■ ' m* 



^rshfepSFVt s;; >™- d 

time; his palette certainly 5“’J e ^“ plcksu P 3 rifle » 

became lighter. Yet even though t?, 01 * rt at her 

in tfc» early 1920s he was able ?£!!?!&«£• i° W ° S P? C_ 

to paint* such a brilliant picture wh f re oB . Etia « e she explains 

as the portrait of VictOT Lecour « « * game they play. Such — 1 111 ii i i tb iii^— . I « r Friends 

(■from Manchester), his work be ^ vl ?£L , shows how avant Marearet Harrington and fRebtcca Schull in * FcP Bn 

tended to lack savour. e Sbe ^ / Ke other's partner and then find out 

. Only 8t the end of the 1920s tVTw , h ared ' .. . way hit revival with Frank tradesman's wife. They aJUhir- their children are in love, 

did Sickert's painting assume a JTZ'?* f o “ Langella as the evil fellow work- the most of O’Neill's ricJhflict- Unfortunately the whole 

new character, a remarkable ” #lf „ at5, ing in ghoulish black and white ation. venom and fin?* Michael undertaking is a waste of time, 

achievement for a man hi lus f* 013 * a °° Parapaerualia sets by Edward Gorey. Hamming Twenty-1 wo-year-st Broadway with little need or good acting 

late sixties. The alteration in “® ns 1Q _ 1 t ° e it up to the hilt. Dennis Rosa Jacobs bad heaters, featuring and no reason to keep track oE 

his style was the result of a com- “Tgf American Place directs the play for every raised opening witM including Lou the elaborate machinations set 

biMtion of three, elements; the 80 to watch the eyebrow and every fluttering a strong Jack Weston. It has u r so laboriously. The play 

inspiration provided by photo- fftenwon 1 activity in heart. With such a familiar Jacoburate set to cover a hotel bumps from cliche to clichd. 

graphs, nineteen th-ce ntury illu- toe study, kitctien. bedroom or story, they go for the hyperbolic w motel room, bachelor making one realise that however 
stations and portrait painting garden- Every 15 minutes, jugular and though a Tran-.partraent and two middle-class infantile middle-aged philan- 
He had always been a talented usters escort the groups 4o other sylvaman might well be insulte*'’ jiving rooms. It sets up an derers may look to the world 
portrait painter^-the head and parts off the theatre so the taking offence would only d*»ec- -elaborate wiCntwe d six. where around them, thev remain above 
shoulders . of _ Signor Rwsi at actresses do a 15 minute bit four strate some fatal lack of. * two couples sleep with each the twentv-two-vear-old level. 

Hastings is first clasa— but m times before the last act recon- tive — or humour. 0 f anrone 
such portraits as those of Hugh venes in the living room. Good It is hard to tfneeived of .4 

WMPoJe (at Glasgow) Lord idea? . If you Jake Mme who could bp-r'oet other than Elizabeth Hall 

rt! Tussaiid's. Touch of. Ml and once having 

d ^- y A movia fl' unhystericah deeply Eugeneo'n Robards in the lead T . n 1 1 /N . , 

UeI ^ *’ took u 11 , a respectful one-man play about seen, e raldiae Fitzgerald as his I Q V O I I O a ll "1 O t*T DT 

Si the ? aul Robeson was ar^u^mg wife/it is hard to L/dudllC Vy tldlLCL 

S«. AS??? a; srAtsz r ^ e,se m ^ . nivin L“v 

£Ve sssra GttJrsrJft % tss tte bravado y A v ■ 1 D M u R R A Y 

Sutherland. He achieved an ex- American ^ GovSnmeit oroseft of a f<)rB “ er BrItlsb “W major. 

prasive harmony of colour that tiTnnf RohP^rTfnr h is an impoverished American The LaSalle’s survey of the last page), robuster humour in 

may, have partly resulted from muntut svmiMtWM r to tavern owner— but ever an officer quartet music of the "Second the Intermezzo than they pro- 

his \ diminished preoccupation written v»v Phiiiin 'bk« forces. He lives — and, Viennese School," which began jected. But the bold formal 

witblreeording fact. . 1LSftS wobeson'c «nd eJwfhiV wi almost needless to say, drinks— last month, concluded magaifi- inventions of the quartet, within 

We painter who depicted him- SrouEhto“’ from Sotball to past SW. while his wife cently with Berg's Lyric Suite ita neoclassical outline, are 

self ds Lazarus or as the servant many tato ? Wait S!™S 80(1 -filter slave away in the on Sunday nighf Thredghdut another aspect of its power, and 

_ r i - . .7 . . tuanj line d Wail O litre L nracan > - ^llgoo tivani naw u »_ .l. jii., how, iho T .CnllnV l.ioUiH, Tofi- 

LaSalle Quartet 

aa.u.c»eu an m- Amencan uovernment proseu 
pr^sive harmony of colour that ti on of Robeson for his play, 
P^V resulted from m uniat Sympathies. TS Dean, 
^te] Sbe l^ Pn!0CCupatl0q «i«ai W Phillip STords t<Tgo 
S.\f eeo ^r ing ****7 . . uses Robeson's end exhibit his 

Sickert: The Pit at the Old Bedford 

self h Lazarus or as the servant many StewuT Wail ^ Vtr*H 80(1 dau ^ ter . slave » W3 y in the on Sunday nighf Thredghdut another aspect of its power, and 

of Abraham finally embodied in SctoetfornSne in anamate^r P™ 5 ® 01 *. 3 ^| e ta y«® n f" the cycle, the silknn ton«pmllty here . the LaSalle’s lucidity left 

his pictures the sense of mystery SrdurtKn at S! YMCA^whS ? 0Sto ° H „ 18 ^ , ** of the Quartet-never stretched, nothing to be desired, 

that haunted him. His concern h e was Approached byjerome AmfrilAr, enn^ tS never fray ^~ ha f beemas much The rich completeness of their 

with th^ macabre was notfft-Vtf Kern ftir Siowhoat). We rS r,,n h B ?H 8 sour ? e of wonder and dellght account of the Lyric Suite was 

tons: he was\in the traggj? L baiting of the 1950s. when Robt ^ ^ P^“ l0 Sf A SS.-fiSt 88 sure PooetnUou into 0 f another order. The intensity 

Salvator Rosa and t0 /he was vilified along with many 1,16 sense of the n,usic - Not ttat of the music rises steadily over 

was more closely rm*!*? ®/CT n h.e i« e .u. strong will,, while the mother the two thines axe reallv distinct: its six mnvfimpnts. nnri the 

tons: be^ was'dn the tofigffi fating when Robl' *ES£f°Z 88 ■» *«o of^other SLTTteSSJS 

Salvator Rosa and t0 /he was vilified along with many 1,16 of the mnsie - Not ttat of the music rises steadily over 

wasmoredos^yrda^Xo ^erth^ixs pkceicthepAy !H° k n i the two things are really distinct: its six moveroente, and the 

world of Muncb Jam^iarl Jones- in a robu& ESZELl 1X2? nOX *>* translucent sound is partly LaSalle players matched it. 

to that of Degas &n* "y humane ..funny and endearing be™ever appears the beloved ??- , of their , infliu - tely Placing their fantastic range of 

/ performance, employs the same debc ate balancing of voices, rontroUed colour at Berg’s dis- 

I humane 

performance, employs the same «oima man b^« a- mat rirnl- deb ® 3te 1 oaimciag of voices. rontroUed colour at Berg's dis- 
irony-and understatement in this tSSl much less 3 technical matter posal. With everything so 

lumonHiM *>«ot v.„ k.. lHrity to the father, an ironic >k an 9 musira? nnp — thnueh their vivirilv rpa li«erf the U'drt npmpil 

New Camden 

frtf^hPr iSSSSH 0f S^s of ^suisla. voices, with an ensetgb^ ofsix rather .««« 

Ho^f/fi h -fn C Mif e ^-?r efitlva ^ confusion, yeajrm» and misei'y. instruments (string— • quartet, combip^®° ■ 


/ persecution that he has through- ’ fJi r,.,, than a musical one— though their vividly realised, the work seemed 

/ out the play, when Robeson met !£Jnrth of oS mmonlsion wtuoso piutissiino playing is a concise as never 'before. Pas- 

/ prejudice at university, at the t? eSmse S? ineoffle and feaSt 111 ltself * sa6es which oflen seem intended 

~/n TT T Bar. in Russia— whereverbe was. Lra vadn of tS old man The t™Pression remains that for sinking aural effects proved 

O' Cl ILL To distort, a man’s life to fit ? , they feel Jess full-blooded sym- to be potently argued too: it was 

/ modern needling points, however ^ familiar O Neill theme, here pathy with Schoenberg than amusing that the programme- 

^ ♦!,. valid, hOTffilerises a life that & runs t0 . lilting cadences and W itb Webern or Berg. This pro- note . should, claim that the 

agrp_anvi use of the obvsousiy ftchewed all esaggera- ‘ thC inspiring memory of real gramme began with Schoenberg’s Allegro misrerioso is only *‘a 

— .odd, abrupt tion except that of talent and valour on the battlefield- Quartet. No~,3: -a .model perform- great whisperinc, rustling, rush- 

persecution that he has through- Yhatmarks tiie full ^ an 8 raus,ca - 1 ° 

The ^nV oVo-nSiS compal/ion iteeT 

prgudice ^t j? to expose the ineptitude and 1 T . 

1 bravado of the old man. .J?* ***&< 

To distort- a man’s life to fit 
modern needling points, however 


day afternoon and evening, mottoMfrom Haydn’s 1 escape) of Cathy Berbenans 

exited jointly bv Camden and ~ _ . jj q nirpiv chn^ec zither performance, delivered with the 

- Park Lane 'Group, both The Entertainment beautifullypjaced. B»k* SSSSiJ'tS- *5 d most hn ' 
ited to 20th-century music, p n ;j - p 19 really time^for ^ x ° pr ^!^f ly «»S l *M? lie,1 ‘n i 

; each including the first per- OUlde IS OU Page 12 b ^ t f V contrived From the Manson also, we 

iance of a recent work by a and S elf'Consdous,v udeDt mou,d ? 88 I d ^eH-made buoyant .per- 

.«S composer a raven-black fautasy, tale of Six she has set b^LSSLSBS SSSS"£JSIff °E£« Pl W 

M _0u ,ld h, I s new wort a TraveUero in Umbo, guided by thing qnite 

“In a large assembly area like 
this there’s a place for controlled 
ventilation by extractor fans!’ 

Ifr di ®'*LJ rbe score f °c^l 19 minutes long, for two troin- ^he Guildhall), and David 

niogly without e«eption)' rtofr’tfrtSt S*' ^° tnirop . ols fiToiTae BUPert B ° nd 

a variety, usually in com* and six singing or speaking ^ 015 • made, I thought, (.from the RAM). 

doctors were Buxton Orr (from 

says Jack Ferguson 
of Burroughs. 

rrara theatre 

The Wild 


. . “ ’ter seeing two opera produc* 

- ’ s fDon Gsrloic at La Scala 

frcmtorc in Florence) by 
^ t***”^ l Ronconi recently, I was 
ms to take another look at 
A'ork In the spoken- theatre, 
- c he first 'gained hts inter 
inri reputation. So, reading. 
^ RonoonTs 1977 production 
_ . bsen’s The Wild Duck was 

- — ■* n.c briefly in Ferrara, 1 

ied off there, on my way to 
re and Aida, to attend one 
.he performances in that 
; lovely Teatro Cpmunale. a 
of an opera house, 
was a matinee, nominally 
students, though super- 
a ted visitors were admitted 
i modest one thousand lire 
reserved seats). The 
’ncc's median age. there- 
was about sixteen or 
ueen; and Its behaviour was 
ciably unruly. But the 
g people, for the most part, 
follow the play, and their 
y'.ions were a- significant com* 
.e* ’ i ary on it. or rather on Ron-. 

• s view of it. Quite often, 
^ially in the. final acts, the 
^-yi-ence laughed. In fact. Ron- 
makes fun of Ibsen's 
- aeters;. Hiahnar's horror at 
-.!■ . .... ‘i revelations of his wife's 

tr ^‘% 7' . Jictty.'as' c onsi dered comic, 

7- ‘Tf^Rioj in, 

l*4m ifiiifte 

and thus the fl**! suicide of tittle 
Hedwig is dr* 1 ®^ of significance. 

An Ital'' 11 critic, writing about 
R oncer* i-Oas said: “For the first 
tim«. the Spectacle is emanci- 
psced from, its parasite existence 
Vith respect to the text.’ In 
other words, the scenery is more 
important than the words; and 
Ronconi has come, increasingly, 
to concentrate on the sets at the 
expense of the work being pre- 
sented. For Hie Wild Duck, the 
sets were designed by Gae 
Aulenti (Vera Marzot created the 
handsome, relevant costumes). 
They did everything but speak: 
walls moved back and forth, 
curtains rose and fell within a 
given scene, doors opened un- 
expectedly. The characters in 
the play did no.t act realistically 
within, these magical rooms: Gina 
would talk with' Hialmar or 
Hedwig from . a distant room, 
separated by a wall or two. It 
was hard to grasp the layout of 
the Ekdal fiat:- what at first 
seemed a bedroom might become 
the dining room; the studio was 
sometimes off to the right, some- 
times stretched across the whole 

Similarly., the actmg was 
deliberately de'-naturalised- Gina 
(Lucilla* Moriacchi) spoke in a. 

steady whine, pronouncing each 
word , with a grimace as if at 
ap unpleasant elocution lesson; 
Hialmar (Eros Pagni) was given 
a dreary monotone, shared by 
Gregers (Orn ero Ant omutti ) . 
Only Ferruccio de Ceresa, as old 
EkdaL was allowed (or look the 
liberty) to create a real 
character, and as a result his 
appearances came as a welcome 
relief to the general sing-song. 

A few weeks ago, in a tele- 
vision interview, the . actor 
Romoio Valli (perhaps Italy's 
outstanding “ traditional " actor) 
was asked his opinion of Cannelo 
Bene. -the perennial bad boy of 
the .Italian theatre, who has 
achieved, fame for his gleeful 
destruction of classic texts Ops 
-victim' this season is nutfnxro 

III). After affably expressing 
admiration for Bene’s gifts, Valli 
suggested that, given the situ- 
ation of the theatre in Italy, it 
was unprofitable to perform cul- 
tural operations on texts which, 
however classic, are not a part 
of the regular repertory and are 
thus unfamiliar to audiences. 
The same could be said of Run- 
corn's work. If everyone knew 
The Wild Duck from conven- 
tional productions. Ronconi’s 
parody might be interesting and 
provocative. As it is. the pro- 
duction is merely misleading 
and. in the end. boring. As a 
tragic discussion of fhe role of 
truth in modern society. The 
Wild Duck may be dated; out 
as a farce. It is baffling and about 
four acts- too long. 

‘Steps. Notes and Squeaks’ 


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; Following its success at^ the 
Open/ Space last week, ?>teps. 
JVofcs and Squeak*, an entertain- 
ment devised -by ballet dancer 
Haioa Gielgud, is to transfer to 
the Royal Court for four per- 
form an ces from March -9. The 
first night will be a charity show 
in aid of the Open Space, which 
has just lost- its grant from 
the GLC. 

> This maintains the Hollywood 
musical ring to. Steps, Notes and 
,Sqwcaksi which attempts -to por- 
tray .the behiud-the-sceneS life of 
a , dancer. ' ’ Robert Gbenciner 
Wred- tiie Open Space, for a 
friend-. to. appear, who then with- 
i drew 'from the venture- .At the 
last minute Chenciner got to- 
gether with Malca Gielgud and 
hep idea was successful enough 
to sell-out the Open Space all 
last week. 

Steps Notes and Squeaks is a 
balletomane's dream. The inti- 
macy of the Open Space creates 
& fly-on-the-wall atmosphere as 
Mama Gielgud assisted by a 
male dancer (on the -opening 
night it was Jonathan Kelly) 
act out the experience of arriv- 
ing and rehearsing in. a studio. 
TO assist in " perfecting The 

Sleeping Beauty there is Svet- 
lana Beriosova. the Russian 
dancer, and William Lout her, 
(interchanging with Wayne 
Sleep), is on hand, to compress, 
the rehearsals for a new ballet. 
The climax is a series of short 
dances by the principals, most 
notably Malna Gielgud in 
Squeaky Door by Maurice 

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sponsor Leeds Piano 

Harveys of Bristol has an- 
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porting the Leeds International 
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staged in Leeds between Sep- 
tember 6-16. 3978. - - - 
The sponsorship contribution 
Is £20.000. with an additional 
sum towards print arid publicity. 
The competition will be- known 
a< the 187S Leeds International 
Pianoforte “' Competition, • in 
association with Harveys' of 
Bristol. ; . 

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~i ■ 1111*111 ii i 

B. m \ i» 


Financial Times Tuesday 


\ London PS4. TeleK 8 WMIA * 88 ^ 
V . 'Cjone: 61-2*8 SOW / 




H 1 IS by no means, v \ / . 

that the future of tSH^fyde with the premise that a second 
Lords could be an issS? 11 ^ of chamber Is necessary. It is 
next British general eP, \he essential to be able to take a 
campaign. The last Labour »n second view of proposed legisla- 
Conference, after all, voted\tion, especially on constitutional 
favour of abolition of the Uppeftoostions, and to have delay- 
Ch amber by an overwhelming powers. Indeed even toe 
majority, and although that has /INsnt procedure is probably 
„ be treated j Qt0 ^ ,naS \uate. as toe arbitrary 
Party s Manifesto-^ may no ® which the Devolution 

be — such a Vote does -»t least been treated has 

Give the Tories a - chance « Mv shown. g the pouse 

that Labour is abouiionisf^ of Lords is Vbe refornfed. it 
heart, and would prefer,*, Lo^ will have to b<Hn favourbf an 
Hailsham once put it, an '*p C . -lectire system: 'there ft no 
tivo dictatorship." It is there- ot. er credible Srectiod in 
fore useful that the Conservative t0 g0i Y et \he problem 

chai'nnanshipTf^rd^Dme has Home^Sue^MAwhiS^the 
„ forward idea, of 


3L Chaban-Delmas : premier potential. 

it. Barre : premier triumphant 

Giscard: the 


By ROBERT MAUTHNER, Paris Correspondent 

support to M. price controls, 

OU CANT FOOL all the -This limited objective has Giscard they will again be con- im hTthe second subjects of coTOptatot;Vhi^ 

people aU the time: that been attained. The Communists demning themselves to playing mg if Giscard d Earning w new a dministrt«t»: ^«n, -«fl 

Review Committee under toe num ^ch a refoVm raises a Y People aU the time: that been attained. The Communists demning themselves to playing mg if nemaeni wmvms Uiscara a a d minirt retime 

chairmanship of Lord Home has ™S ^ueSSiiSTai * is the great lesson of the polled 20.5 per cent of toe votes second fiddle within toe Left has a much ballot ofthe M re at its peril.. '£3® 

now put forward some ideas of t2CtfuUv _Jifluee hi r n rrhnrr. French general election which, in the first round, only one per- Disillusioned Socialist voters, political nose than mort com- election— may also be «ir--«r w r'fr 

its own. “ ’ > has— perhaps ^renen general eieracm wo cn less than in the according to tois thesis. will mentators give him credit for, jeered a negative factor by the According 

Tanintiv/* , There* a efc. toe^Sonr of toTtoSiSbent test general election in 1973, tend to tom to the Communists will fail to take this popular president, who will sj|l h e thought, the daUWrtMg.. 

Tentative for electing the Dfcj nstance, 'ZSfSL £ a nicked uo 14 additional as the only party representing sentiment into account ■" to rely heavily on Gaullist sup- the government, 

To refer to toe “ recommen- (m indeed toe .Low^House Sj??5*L mfomiffinJorftJ mlfcrarataiy Sorts in the final Irft-winglpuii^ No one, however, knows; port to toe National Assembly. automatically^oJ^J^ffi.. 

daiions " of toe Home Com- ^em ^preportional r^a thnoramfortable majonty vM The debates within the exactly what is. into nmfc ' investment 

mittee would be to put it a bit tation. The Report accepts it nJ French neonle have only 22.5 (24.6 together with Socialist Parly during the next Lacking any precise information. t f> percentage 

strongly. The report is more an mShnA dShdl a snook at ? the public their Radical allies), much less few weeks are therefore likely toe-futurologists have came up: RelOFIlllSt year's growth rata -^3^5 » 

analysis which reaches a few * SS S^Sand at toe piStical San forecast Though they eo» to be bitter and divisive, There with; a number otposstte .. per cent.. ■*&*:*!**&- 

broad conclusions. It starts °j ®IS?S , eve oftffiLof which opto the fidently expected to emerge as & dearly a possibility that the cratodates, ranging from Jgn?. ilH326 m*?nt from any .-Mn tite- 

from toe premise that “at best SoSrStSS^Si a ^ vSorTXballot predicted toe b^est^rliamentary r group, partTwill break into two, ^ furtheT 

the present House of Lords SmSteSf ftSSfSSd 5* Socialist and Left, the the final result puts toe?i m though M. Mitterrand will do « SS SSS % Whoever is appointed Pnme other experts 

It. 12ZT2Z *«" . *>««!»». «- ..5r. J*?" “• JETT-Jl..SPSr, ^SSS- “ the justice. H l- 22 !*'* JC^JSLS S'SSL."/' 

atrophy; at worst it may be Jo 0 t‘ c 0 ]a(^ ^““different times other— to blame. each Gaullists and the Giscardian- ^ event in the short run. President Giscard will do given the , slacK 

swept, away by a Government SSL 'SW The results uf'^eX , Ceuurist sllisnce. however it appears unlttelj bh eeonomie ciimafc & 

impatient of the modeat checks espjdaUy if the elections were elections in the eari^smrn^i thst the Sociahsts will succumb f Goverament the etdighteued o( de mand. / 

it imposes on the passage of fixed-term, that condition wouid 1976 and the municipal n „ flap to President Giscard’s dreo ^^ h a've some of the qualities tot “ seems 

1km s I ail on. It argues that a a i most certainly have been ful- a year later showed ttaafs^ \pt 6 Elving luc cans. that Indent Giscard is Iook- a refreshing featm^of the firet ^ thft nevr ^rerament r wffl 

urucameral legislature is un- filled, whatever toe election Left had the. necessary suppo^ X ^ It is probable, therefore, that « for Mm g . V eiL according year of his presidency. nas a modest/bnulns to <* 0 ® 

desirable, and that some kind of method. We shoud have moved, in the country to win the \jMlianCe the President will have to lot* 'battered opinion polls, already made it cieax tohj sump tion by /»pting. a tooi^ 

revising second chamber is in fact, to something like the election. But toe Socialists and “ for another solution, which can is ^ most popular political ^ take account oitne flexible w W policy wlthotoi 

necessary. But it warns that UB. system of mid-term elee- the Communists threw it away ^ sha 3tR«am are they likely on iy be a variation of tote out- in the land, thanks discontent “ however, ahlhdoping its hasit 

this cannot be assured by rely- tions. Once that began to hap- by their suicidal quarrels mon programmes to a aim- going coalition. But toe Seely to her authorship qfctoe £zst rou °? of ™L' L economic spiUsattif&‘ , 9enittg^ 

ingon the status quo, for either pen, it is hard to see that there during the last year, and . hy which allows ffidifif the Left emphasis would be different, abortion and birth control ie- presumably Avemment can «Uc 

atrophy or the pressure for would not be some shift of adopting a programme which flexibility to adapt tFrt*Je°r P° since his own supporters. /the forms adopted in the early, days . COTermnent wU TOncexwmeo 

abolition, or both, will continue, power back to the Upper House, was far too radical for toe taste to a gj ven economic siT^S^ new Union pour la democtatle of ^ Glscard’s term-of office; 1° ' mnntrv’s eSpe SSi reiottn, ! the 

Therefore it suggests putting Indeed it is odd that people who of a population which had once y, power. Any airangLfrancaise, an alliance 00 toe she is also an unconditional distribution of toe ior which 

new itife into the Upper House argue in favour of direct elec- already, achieved a compare- ments with the Communists iirNgardian Repub liran Party supporter of toe President, weaim - . J ™ The Gaulllsn in 

by introducing an elective ele- tions to the European Assembly tively high standard of living jh e future will be much looser, Centrists, toas estab- which can only help her chanties In spite of all toe emphasis iariiament. 

menL It toscusses a House of on precisely the grounds that under Centre-Right Govern- ^ thgy are made at alL M. Mit- as a groups almost 0 f becoming premier. .. . that was laid by M. Barre on toe#»V -Droposals fcr 

Lords composed entirely of they would increase toe meats- terand. a loser in so many par- X^r^ul^tKe/GauIllsts. In m. Pevrefitte. thoueh theo- bringing inflation and the bal- ^ 

Ireaking the 

that the Socialists will succumb 

to President Gisiiard r s”dreh “^^'ve some of toe qualities Slinnlstliwpe which w»» into seemf m 

cans. tiirt ftSSfi ItGtaSSftSE.^ retreshlae MM the ^ ^ th# new g 

Tt nmhable. therefore, that i » awvmMntr year of his presidency. H , mndest i 

Government the enlightened 0 f demand. 

m eat wifi 

It is probable, therefore, that f for Mme. Veil, according ^ar of tos presiaen^. a modest iiimilas to con 

battered opinion , pons. « J* *££ «P 

tf * Ui UCVUUUII5 yitei Miaw i V. ; . _ _ ■ v.l 

th&Gaullists. In m. Peyrefitte, though theo- bringing inflation and the bal- ej 
alSssembly, toe retically a Gaullist is much ance of payments under control y 
“l37 seats com- in Ws way «rf thinking to before moving into . new ex^ 

abolition, or both, will continue, power back to the Upper House, was far too radical for toe taste to a gj ven economic new Union pour la democtatle of 5 ^ Glscard’s term-of office; ' «nmtrv , 4 eSpe SEi refottn, ! the 

Therefore it suggests putting Indeed it is odd that people who of a population which had once y, power. Any arrange francaise, an alliance of? toe she is also an unconditional distribution of toe ior which wre-.] Ii 

new itife into the Upper House argue in favour of direct elec- already, achieved a compare- ments with the Communists irrNgsrdiaii Repub liran Party supporter of the President, weaim - . I .jZj&hvthe- Gaullistt hi U ' \ 

by introducing an elective ele- tions to the European Assembly uvely high standard of living future will be much looser, Centrists, toas estab- which can only help her chanties In spite of all toe emphasis ihriiameiit. amAto-v i'M 

menL It toscusses a House of on precisely the grounds that under Centre-Right Govern- ^ th ey are made at alL M. Mit- as a groups almost 0 f becoming premier. .. . that was laid by M. Bmre on the#»t proposals «r 

Lords composed entirely of they would increase toe ments. terand, a loser in so many par- ^ /°^*il'' a «thyGauIlists. In jl Peyrefitte, though theo-' bringing inflation and the bal- exgnnn 

elected members and one based Assembly’s powers do not draw “ History will judge who was liamentaiy and presidential ^^KatioilAssembly. toe ret ical!y a Gaullist is much ance of payments under control acaitontr 

on a combination of election tte same conclusions about responsible for the defeat of the elections, is now faced by the seats com- closer in his way of thinking to before moving into a new e.We form meaner ^ n . . 

and nomination, and comes ? T irect gj » . a En ^ h Left.” a disillusioned M. Fran- stark choice of maintaining his g™ ‘ J^auliists' 145, President Giscard than he Is to pansionary phase, the n^ The GauHistf JOTOR J 

down, somewhat reluctantly. in Upper Chamber. It is no less cois Mitterrand, the Socialist ties with toe Communists or of the Prte^nt some-.M. Jacques Chirac, the Gaullist Government can also be ff .any measures to stimulate f ; 

favour of toe latter * odd that the Report should stop leader, said yesterday after con- breaking up toe alliance and wnatmo^room for nfl^jvre i eader Ant hor of a best-sening P ected t0 relax S0TD * of ft* economy is assured, since t%. 

Thpr* arp n r bn nth-r short of recommending direct ceding defeat For all intents coming to power by other par- “j® m “?ild pariiament^'v... boo i L t- Mal Francais which current austerity policies. was one of the mam planks ? 

miscellaneous conclusions - elections for aU memhers. - and purposes, history and Uamentary coalition building. The < choice nf Prime Minister e feed many of the shortcom- It can be argued, no doubt their programme during tt. 

such as a call for a new Media- Witimw ?’ Mltterra i 1 l. hav ® already He knows that President Valery JJ 11 ®e « “ ™ Importance, for ing^of modern French society that the impressive v^oiy of election campaign; But 3 

tion Committee which would Isolatlon done so. *nie Commumst Giscard d*Estein& who has con- 5r_ do^bLP^S ? 1 and ^tudes. he could he relied the coalition showed'that the Chiracs par ^ ^which hasne j 

seek to resolve differences be- Lord Home notes in his pre- Party, in an effort to maintain dusiveiy proved his point that «« Prwi»-nt Giscard upon \p cany out the kind of electorate was nof liked President Gisca^i 

tween the two Houses of face that even some members its. awn position and to guaran- the French people basically wmdd deart y like re-appoint social iteforms which -the Presi- .over-generous economic and. particular brand UWJ 

Parliament, and for the separa- of his own Committee thought tee that a Left-wing Government want to be governed “from toe M. Raymond Barre, v/u has Hot dent ha? in mind. ‘ . social promise Itom the Left reformton, is likely to re^ 

tion of the honours system from that it was impossible to discuss would pursue what it considered centre” would like to btang the only proved to be an <ficien t •- . .- The-warning/of M. Barre and his ireedom of action in oi^. 

toe legislative responsibilities of the reform of the" House of as genuine "socialist” policies, Sodatists into "a "new Centre- economic admsmstretor (, ut ^ __ mother government, leaders that fields. ■ -W 

the House of Lords. But, for Lords in isolation from other attempted to force the Socialist Left Government But 'can he much more surprisingly, T, as J^CSauVC * - ^immediate massive Increases m Though the President’s «n- 

the rest, the Report is pretty constitutional issues. His Report P*rty to swallow too much. make an about-torn so quickly? developed mto a fnrmidaj e f 5 .‘the national minimum wage and port in the National AssemW;.. 

tentative: its basic message is will be of some value if it The conclusion to-day must be The Socialist leader has his \ fflCtOr Se ? nt ^«J >e ^ fl 5„,5Ii5nB has been strengthened, the nei 

that the Upper House needs to draws attention to that fact that the Communists knew well own difficult party to contend electioneering astonished most . financed by doubl n^ tjjjf group, cannot, act 1 

be reformed in order to be pre- Meantime, there . remains the all along that their tactics with. It has a powerful left- observers. SoNtoo could M. Chaban- taxation mdwma leau to gai- igQ^tjoQ and is still eoj 


carry out the kina of electorate was nof .***>*“ 

onus, whidi. the Presi-. over-generous economic _and particular brand ot_ 
in w'twA ■ . social promises from the Left, reformism, is likely to resign 

li in min* . . social promise from toe Lett- reformism, is uxpw « 

.. . The - wamingr of M. Barre and his freedom of action in 

" .■ ' .ether government . leaders that fields. ™ 

INeSatlVe ^immediate ^ massive Increases in Though the President’s sn - 

P -the nation^ minimum wage and port in the National Assmft .. 

fartnr social security beneflte could has been strengthened, the nej 

MWW1 orily .be financed by doubling XJJ)F gronp cannot, act I 

«mld M Chabsn- would lead to gal- illation and is still ool 

, coufd M. cnaDMi ] nnin „ lyifl-ifinn and serious . , . ■: 

served and that there are all question of how to put reforms would probably destroy toe wmg representing about 25 per Doing so would, however, De^uX^ho in spite of his' de- !°? s innation ana senous demn ed to work in tandem .wi 

sorts of possible ways of going through the House of Commons, Union of the Left But if they cent, of the membership, which ignore toe fact that nearly half feat t fte hands of M. Giscard ba J2^' 0f payme ^ TS P 1001 ®®** the Gaullists, as long as -tl - 

about it if those reforms would limit toe were courting disaster in one is strongly opposed to any com- the population voted against the d’Esta^X n ^ 197 * -presiden- cer ^2 app ^ r T + ° nave naa Socialists cannot be induced ' 

There is every reason to agree Commons' powers. respect, they were at least promise with the parties of the Government in toe first round tial ele*sftj, b as lately gone an ™ ect 011 voters ‘ co-operate. Nor will things 1 

making sure that they would Centre and Right of the election, which is gene- out of his'^w to pat(dl up bis That does not mean, however, made easier if M. Chirac, ; 

not be swamped by the Socialists There is another argument rally considered to be the relations wik^ president that toe outgoing Government’s seems likely, decided to tuaft • 

M B ___^_ anr ^ t A. in the election. In the last re- which must give the Socalist barometer of the voters’ real But M. ChabVppi mag ’-; past economic policies had met with the presidency against 1 

I .Q lllli fiwT sort, they were much more in- ieader pause before he decides feelings. The French may not may well be agaic| him, since general approval. The virtual Giscard d’EStaing in 1981. 

3— A %A> RJr U.ULM. te rested in preserving their on any fundamental change of like fundamental change, as the he was involveV|j] a tax- freeze of purchasing power the President frills to adnev 

strength in the country thaii in direction. Many - influential result of the election has con- avoidance scandal ww, has not over .the last 18 months, the his much-desired overture 1 - 
• w coming to power as junior’part- members of his party are con- dusively proved. But they are yet been forgotten. HWrained high level of unemployment, the left, he wifl, to a very tarn., 

-■-y* m 1 o V%'V7 nexs in a Government dominated vinced that, if the' Socialists as partial to new faces in the relations with M. deques- still' well above the Im. mark, extent, ■ remain li. r Chirac] . 

Bli vTCI IIId.II Y by social democrats. • come to terms- with .President Government as they are to new Chirac— the Gaullist \ader and in the' case of industry, prisoner^. • i, 

There is every reason to agree Commons' powers. 

Labour unrest 
in Germany 


A TENTATIVE settlement has Industries ranging from tyres to Blf| L BAR ffl M ■ ■ |lf| I] 
been reached in one of West textiles to chemicals have suf- |V| L|1 HI1U |f|f 
Germany’s two major industrial fered h ^vHy, and many plants ™ BBr 

. , . „ . . are working at 1 5 per cent, or ^ I i nm n cr cnnip 

disputes. In the pnnting mdus- less o£ ^ 3 ^ Parts of ^ flipping SO me . 

try employers and union leaders metal-working industry, how- jncnrnnrg WiflSS 
have agreed on a compromise ever, are if anything in an even ,, oul aiiwx? »» 5 

formula which, it is hoped, will worse state. If the metalworkers A great deal of publicity, 
put an end to weeks of strikes win a generous settlement, rather unwelcome for some, is 
and lock-outs. The agreement, unions in other industries will currently being directed at what 
covering pay and manning be bound to argue that if the ^ insurance wortd ••dip. 
levels for printers as new news- engineering industry can afford ™. f _ tho tpr>h 

paper technology is introduced, big pay rises, so can their own board selling. This is the tech- 
is not totally satisfactory for employers. mque whereby you are stopped U 

either of toe parties, and could The leaders of the metal- ^ street— usually by a 
still be rejected by the rank workers’ union also probably comely young woman— and 

and file in the printing union. f ee j the need to demonstrate to asked a string of seemingly TTj40 

Nevertheless, both sides were t h e ir members that they have, irrelevant questions about infla- I aSSail 

confident yesterday that news- their interests at heart by tion and its effect upon your 

papers would start reappearing taking a tough tine. As senior living standards. All innocence, -j 

for the first time in six days, union officers have been drawn you give your name and tele- IMjjt 

Metal-WOrkerS closer to the boardroom through phone number: from then on, TSkV 

th* i„rf„«rtw c worker participation, toe gap the hard sell starts. mil 

problems, howe?e" a^ SPto At Dumbe ; of joum^ste /P 

other factors than pay claims thP who have quite by chance been 

and are not typical of those of ^ I ^ e ir> U ” e ’ soticited to take out life tosuij “We si 

industry as a whole. Much more p ™JJ““f tot ***** 

worrvins for the West German econom y have heightened the ^rls are thriving. After a BBC 
femur is the continuing dis- Producer; Mark Rogersonjiad while t 

pute in the engineering indus- \ he n ** d f f ®F ^ 1 JI V OI1 A ac ? oa *»e« approatoed near Brwd- 

through ScMesdngers. Accord- CAMRA hates is the bright keg 

1 ing to Woodhouse, emotional beer which has been chilled, 

M objections to toe clipboard girls filtered and pasteurised at the 

T* rf 7 “ Z*?* 117 . * brewery. “We call that dead 

m « 1 r s-; - 

After a Jong pause he said he t30ned beer wblch 13 aU ®w e * t0 

Jaw saw 00 reason why it should. mature property in the pub 

cellar,” Protz told me patiently. 
What worries -CAMRA is that 
IWP5S l / /Sv Kitchen kitsch Courage are now planning a 

&Q. Str/W . £60nu processed beer factory at 

Jfl 7xjJ H If The pot of gold, that fabled Worton Grange outside Reading 

Irish institution, is back m the which could spell the end of all 

Bews * -In. Co. Wicklow, or in real ale from Courage in 

Newtownmountkennedy to be Southern England. Rather 

precise. Metal Spinners (Ire- oddly, they calculate the cost 

W*-'' land ) Ltd. } is actually making of tois investment at 3p on every 

5 r ‘ J sucb tbillgs — what is more pint sold by Courage in the two 

w^vSStfsff — exporting them to the Arabs, years the new plant is being 
Brian Butterfield, managing built Its capacity is equal to 
' director of the firm, an offshoot that of Courage’s existing four 

raid have made our- of the. Delta Metal Group, has plants in Southern England. 

. just announced toe first ship- Since .these work under 

proteciea speoes men t capacity, Protz believes they will 

le going was good. Qne ^ cmnprising three have t0 closed down. 

1 gold-plated, silverJined, copper That is the gist of one of the 

are sold by die dip- saucepans and a frying pan, five teasers which CAMRA 

itrom rant in n C*tn/?i Ytiivev* urhn nlsnc tn mit in Tmnon' 



¥&! .nrr" 

“ We should have made our- 
selves a protected species 
while the going was good! ” 

Nine-tenths of the Hun ting Gate GroupXtd^ isnever 
seen, but our financiers and law^ers, Our planning - - v 
experts, our architects^our surveytHS ,^ chit building ; 

er^ineers woiic together on every project from initial 
planning through financing to final construction. Our 1 • . 
team handles complete individual ‘designand build 1 
packages, and makes sure they are completed on time- 
That’s good for our industrial clients likeBOG > 

he even further from solution, a background of historically investment Brokers (part of the method <?o 1 asked were to a S» udi *Juyer who plans to put to imperial’s chair- 

Following the failure of week- *“Sh unemployment and uncer- Schlesinger Group) a pro- board method. So I asked faas handed over £670 for the man, John Pile, to-day. Yester-I 

end negotiations for a new con- 0Ter future, many gramme was devoted to the tech- Trevor Deaves, toe manager of privilege gays Butterfield: “We day Courage was embarrassedly 

tract for striking metal-workers Gunman workers _ seem to be nique by Money Box, the weekly Berkeley Walfarook, whether his got toe idea after we heard toe fending off questions but they 
in Baden- Wuerttemberg, a lock- attaching greater importance to magazine of Financial world sold ojjfy oon-LOA Arabs were bi^tog - gold-plated did show that they can still live 

out has gone ahead at 70 major mamed^te eash benefits, and Tonight. This has evoked a poiides w gamers do« handles ” s - up to their advertising slogan by 

plants. MetaJ-usine industries Job secunty undertakings, than sweeping condemnation of clip- ^ .. . telenhoninff CAMRA and 

will be the first to suffer from to toe increased social benefits board .selling from the Life acquired in -teas way. cer- — — ing them a special table at the 

the dispute’s side effects, that employers have offered in Offices’ Association— “We are tantiy not, he told me. it AGM. 

Volkswagen is now saying that the past to top up wage awards, totally opposed to it —and a could be Bambro or Standard flea I UOUrage > .. 

end negotiations for a new con- tainty over the future, many gramme was devoted to the tech- Trevor Deaves, toe manager of privilege gays Butterfield: “We day Courage was embarrassedly 
tract for striking metal-workers German workers seem to be nique by Money Box, the weekly Berkeley Walfarook, whether his got the idea after we heard toe fending off questions but thev 

^ 1 . attciihinff oractar i mnnrfnmna tn tel n it.teMa n r TPincnaiol Wnrlfi ... - . ... _ ..... - 

up to their advertising slogan by 
telephoning CAMRA and offer- 
ing them a special table at the 

Volkswagen is now saying that P as ^ to top 
shortage of materials will oblige r » .. 

it to suspend production if a JOQ Security 

declaration by the British Insur- Life, for instance. But he said rAW _ . <iTike<l aea in_o r will 

ance Brokers Association that it only four or five of his con- - th Tj nn Io 4 > 9 u| a 

wants to have the method out- sultants used street canvassers; do 50 at noon to ^ ay ' ? ' IPP1© tattle 

oh us. It’s also good for therecord number of&milies ; 
viio last year moved into Hunting Gate built homes. - 
. Wedeveiop our ou’n sites, ourckents-Ste or find ...... 

sites to meet specific needs, And it was dieHuntiDg . 

G are Group who pioneered industrial estate 
partnership schemesAuth.lcK^aufoorities, ' . ; 

• . . Our good planning has meant security and -• 

settlement has not been reached The actual sums involved in » have the method oux- surarns asea areet --- - Campaign ’ V 

in ten daj's’ time and has an- the metal-workers' dispute are kwed a rafie of Practice. there w-ere good and badwajj seven yearn since the campaign My fo0tn0te ^ 

nounced plans to introduce’ not enormous, and the gap More recently, a colleague at dip -board selling; although for Real Ale was founded its street barmaid who explained 

■short-time working as a pre- between the two sides has now the Financial Times was distinction was “hard to victories are legion, its spokes- away some- cloudy beer as 
cautionary measure. narrowed to around 1 per cent accosted in London’s Victoria define.” Deaves says he knows man, Roger Protz, told me “ condensation inside the glass ” 

But the broader consequences Negotiations of new job security Street by a girl employed by °f * leas ^ one other firm of yesterday. He and his team of bas quickly been tnraped. A 

of the dispute in toe engineer- guarantees may prove harder, toe insurance brokers Berkeley brokers using chsp-bowd giris. eight claim to have made f?*? lp ““ Wight says 

ing industry could be much German industry has not Walbrook — about whose staff Abbey Life say that about Watney, Mann -and Truman ., abt ! ut a 

more far-reaching. Most West remimed immune from the I have written an Kgbter vein eigirt yeara ago it found that ^ lana to phase out S 

German workers are currently effects of recession, even if it because of their predilection for some agents using dip-board . . * n Sw. ^2 at j do you 

negotiating new wages and is fill coping better than jogging. Soon afterwards, girls and fort^^mTrtop. tiffin^ ^ * P T*u£:L? B i 

working tooditioos. and all nearly ail its West European Hartog detDjeratdy "taken the Today aU eSoJe? are S iSdw^Snorts Ihat^^ T 

eyes are on the metal-workers, partners. The corrent unrest baiL" mv colleasue was tele- wMJ hn pron if » * na J®[_f pccess ' reports, mat when he 

the traditional pace-setters. The is a reminder that West Ger- phoned by one of Berkeley Wal- found ushh» names admired in Ale> ri? W ‘ a ^? ut ^ Portage 

current round of wage demands many, too, will come under brook’s consultants Brian this ^ towage we toe most hostile ^ gin-ji his gin and tonic, the 

is viewed with particular con- pressure as labour-intensive SS and^nTSreTm Sl • , br ™l € f “ d sweetly: 

cem by toe employers, who have industries move to other areas 61 Fmatiy I spoke to CharlesCAMRA intends to tackle toe “It’s been sucked up into the 

seen profits continually eroded and those that remain become ue ’ Woodhouse, marketing manager company^ head -on at to-day's lemon, see? " 

by greater competition from im- increasingly capital — or know- Th® Life Offices Association for Trident Life, the Gfouc«ter- AGM of its owners, Imperial, 
ports and the relentless climb of ledge-intensive in the years says it wants to know of based not^LOA company asso- Our readers might need re- • 

tile D-mark against tile dollar, ahead. instances where nollcies of rioted *uith rf-he Mfilrinn brokers mindlne — as T riiA— that what - - WOC# l/CT 

likeit-and that’s the way we intend to contiptie. / ; 

- • our corporate brochure pleaie^oiitaa: £.J\ 

■ ^ 
■".l-drf ... t % l 

| instances where policies of dated wi to the Mflidon brokers minding— as I did— that what 

Hunting Gate Group* 
- More Than Builders 

Hunting Gate 
Hitch in 

Hexts SG4 OTB . 

Telephone: (0462) 4444 • ■ 
Telex: 82444 



Financial Times Tuesday March 21 1978 

Tanker safety and the Amoco Cadiz disaster 

Prevention and the cores 


^ — . 

Estimated 63 loss mi Cl 

40poo-nppootons OIL5UCK 

letcd oil in trcstfit 
220 , 000 tons 

BY IAN HARGREAVES, Shipping Correspondent 

Wind 30 knots 4 

just before cp-oyndmg 

i . 

r ERLU«?1>. NAESS, chair- 
n of the Association of Inter- 
yoal Tanker Owners, could 
have picked a. worse 
t than last week to wage 
ck on what he called 
hysteria about oil pol- 

d his fellow shipowners, 
in the unlikely setting 
aurne’s Grand Hotel, 
eadlining of industry's 
!ly infrequent dis- 
giving a distorted 
of the true position. 

! dudes with oil on 
. ters upset Mr. Naess 
much \ they did newspaper 
Ams is ted, and in any 

86 , 3m - \cks were shot every 
ar for 

8fr. Naesi,h 0i it ought to be 
id, has the industry's 
tder for tojy years in seek- 
’ more e ® e *jve pollution con- 
, maW a fair statis- 

f 1 P 0 *® 1 : V ere have been 
. V serious Wualties among 
*£? over VSO.000 dead- 
ight tons in flne years, in a 
!t now fobtUiW more than 
to. dwt. but tii oil bubbling 

JBthe fractnredhoids of are 

»,000 dwt Amo<\ Cadiz has 
iured that his aiWent win 
. . get much of a hWing. 

A > jf. l00 .? arIy th^ stage to 
portion blame to* the, ground- 
- o{ the Amoco Cac^. % court 
Inquiry will cerLiojy he 
led upon to . do tiiauwhat 
i be commented. , ponj 
ugh, is the extent to WMch 
■ industry's ability to <fei 
h such a disaster has im- 
■ved since the futile attempts 
. bomb the Torrey Canyon’s 
: cargo into extinction 11 
rs ago. Also ripe for assess- 
at are the numerous com- 
ration arrangements avail- 
5 to the victims of pollution 

and the extent to which tanker 
owners themselves are to Marne 
for the level of accidents, how- 
ever low. 

To deal with the- last point 
first there is no evidence to 
show that tanker accidents 
become more likely as ships get 
bigger— in fart tfX . Depart- 
ment of Trade figures show that 
the percentage of loss rate for 
tankers over 150.000 d.w.t, at 
1.82, is slightly better than l&at 
for the smallest class of vessels, 
at 2.51. 

The figures do show, as one 
would expect that serious 
incidents become slightly more 
likely as the age of 'a; ship 
increases. The UJC figures tor 
1968-75 . show serious casualties 
among 2.7 per cent of tankers 
over 15 years old, compared with 
1.6 per cent for vessels below 
four years. 

But neither set of’ figures 
really provides justification tor 
any sweeping claim about how 
the accident figures as a whole 
could he reduced. 

Liberian flag 

One other argument in fairly 
common currency is that flags 
of convenience are to blame. The 
chief target for these accusa- 
tion s ha a been , the flag of 
Liberia, a target rendered even 
more vulnerable by the fart that 
the Amoco Cadiz— like the two 
American supertankers' '.which 
collided off South Africa in 
December and the Argo 
Merchant, which grounded off 
Nantucket just over a year ago 
--is Liberian. . 

’*'hese recent accidents will 
almust certainly take Tiberia 
back ‘o the top of the' annual 
marine casualties league, but 
Departnfent of Trade figures 
over' a longer monitoring- period 

show.. Greece's, record to be 
worse than, that of Liberia. 

The only likely clue to the 
casualty problem in 'an analysis 
of performance -by flag, relates 
to two factors: the actual 
physical condition of the vessel 
and the quality of the. crew. 

In the case of the Argo Mer- 
chant, the . court of . inquiry 
found an appalling scene with 
a malfunctioning compass and 
corroded equipment. But that 
ship was 24 years old, way 
beyond the industry norm, and 
20 years older than the Amoco 

The question of crew quality 
is much less tangible, although 
almost everyone- concerned with 
the problem of tanker safety 
agrees that it is the critical one. 
A number of factors are 
blamed, from the seafaring 
tradition of no one questioning 
the captain’s decisions, even 
when they appear to be wrong, 
to the inadequacy of training 
establishments - in certain 

What is probably not fair is 
the suggestion that only the flag 
of convenience countries have 
a training problem. There is 
much criticism within the 
industry, for example, of the 
U.s. system of labour' pooling 
among seamen, which foreign 
shipowners say destroys con- 
tinuity of operations on their 
vessels and prevents them 
making their own selections 
based on experience. Another 
area where there is scope for 
Improvement .concerns the 
inspection of ships and their 
officers’ certificates. Forgeries 
are not uncommon, but are not 
usually too difficult . to detect 
by qualified inspectors. 

All these matters will be the 
subject of intensive discussion 

at a- conference of the United 
Nations maritime agency, 
IMCO. this Slimmer, but it is 
clear that the road to progress 
is long and«slow. 

Of more immediate concern 
to the French authorities seek- 
ing to save the Brittany coast- 
line from' even greater devasta- 
tion is the best method of deal- 
ing with the oil. Because of 
the. recent experience of the 
Ekofisk blowout, the' British 
authorities, five of whose ves- 
sels ' are currently in service 
under French direction, axe well 
versed in possible methods of 


The biggest improvement 
knee the Torrey Canyon! has 
been a large reduction in the 
toxicity of the chemicals used 
to disperse oil slicks. At the 
time of that disaster, chemicals 
did as much if not more barm 
to marine life than the oil itself, 
but the new products are 
reckoned to be one thousandth 
as poisonous as those sprayed 
on the Torrey Canyon’s oil. 

The technique is for spray- 
ing vessels to work from the 
edge of the slick, spraying a 
compound containing a solvent 
and a surface active component 
which coats the oil droplets and 
prevents them adhering to each 
other. Thus, with the aid of 
wind and tides, the slicks are 
broken up. 

The second basic method is 
to. attempt first to corral the oil 
into thick ponds and then lift 
it by some sort of skimming or 
suction device, of which there 
are now dozens of designs in 
the market During the Ekofisk 
clean-up, one of these designs, 
that of Mohn of Bergen, proved 
it (fid have the ability to adapt 

to something beyond a millpond 
seastate, but most, experts 
regard the skimming concept as 
being of very limited use in the 
kind -of " sea conditions- usual 
around Britain. 

Another curious technique, 
that of casting polystyrene 
blocks on the oil in the hope of 
blotting it up for future collec- 
tion, was. Tried by the French in 
the early- stages of their fight 
against the Amoco Cadiz’s cargo. 
This was more a bid to demon- 
strate concrete action than a 
serious means of challenging 
pollution. The polystyrene 
blocks will probably prove as 
difficult : to recapture as the 
loose' aSL ■ 

When' toe immediate battle 
of the' sludge is over, the 
thoughts' of the people of Brest 
are likely to turn rapidly to 
questions of compensation and 
it is here that most progress 
can be reported — much of it a 
direct result of Torrey Canyon. 

Tanker owners, prompted by 
governments, responded to the 
evidence of absence of any 
large-scale compensation agree- 
ment, by setting up through 
their international association a 
scheme called TOVALOP (the 
tanker owners’ voluntary agree- 
ment concerning the limitation 
of pollution). It set the amount 
payable at $100 per gross ton 
of ship, with a maximum of 
810m. This top figure was later 
increased to $30m. by a supple- 
ment available through an oil 
companies’ scheme called 
CRIST AL (contract regarding 
interim supplement to tanker 
liability for oil pollution). 

Since the voluntary scheme 
became effective, IMCO has 
been able to process inter- 
national agreement at Govern- 
ment level to produce, effec- 

Tow line/ • 


! wXiAmj09 

S te ering gem- | 
fdfc-fvg called j 


tively from 1975, the. Civil 
Liability Convention, which 
took the sum payable by owners, 
or their insurance, to $16.8m. 
This has made TOVALOP in a 
sense redundant, although the 
owners are keen to see the com- 
pensation system continue to 
operate through the Inter- 
national Tasker Owners Pollu- 
tion Federation. Owners met 
yesterday to consider increasing 
cover under their scheme to 
$l6.8m. and therefore to 
increase further the total 
involving CRISTAL to $36Rm. 
CRISTAL itself should 
eventually be covered by a 
mandatory IMCO scheme known 
as the 1971 Fund Convention, 
which proposes an international 
fund on the CRISTAL model, 
but which has not yet been 
ratified by sufficient govern- 

So the law and practice on 
compensation is now much 
tighter than it was in 1967 and 
have shown themselves able to 
make prompt payment No-one 
can say wbat would happen, if 

as is presumably conceivable in 
the case of the Amoco Cadiz or 
as might easily occur in 
the case of an in-port explosion, 
damage exceeded $3 6m. Oil 
companies and tanker people 
argue that in reality compensa- 
tion claims are much lower than 
would be expected on the basis 
of the furore of the moment 

The reverberations from 
Amoco Cadiz are not likely, 
then, to be in the direction of 
improving compensation terms. 
One area which looks as though 
it could be under very specific 
challenge, though, is that of 
contracts of salvage: 

It is still not clear wbat hap- 
pened on board the Amoco 
Cadiz when the tug. Pacific, was 
summoned from Brest It is 
normal under such circum- 
stances for the captain of each 
vessel to begin by negotiating 
the type of contract undet which 
the tug is operating: whether 
on an hourly basis or a so- 
called “no cure, no pay” con- 
tract This latter variety means 
the tugman is not paid if he 
fails to get the vfessel to a chosen 
port of safety, but that if he 

does get successfully to port he 
receives payment calculated on 
the basis of the rescued ship’s 
value. One possible explanation 
for the delay which took place 
on Thursday evening when the 
Amoco Cadiz slipped slowly to- 
wards the rocks is that the cap- 
tain was seeking permission 
from his owners Amoco, on 
wbt type of contract to accept. 

This uill certainly be one 
question for Captain Bardari 
and his crew when the court of 
inquiry is convened in France. 
The wider questions about how 
the authorities can prevent 
another such case will, inevit- 
ably. go unanswered. 

Systems of co-ordination can 
be unproved as they will be 
between Britain and France 
when the Blanche Agreement on 
exchange of information and 
expertise is signed shortly. But 
when an accident occurs on the 
scale of a supertanker ground- 
ing, even the most optimistic 
and . ambitious of politicians or 
oil technologists realises that 
there is little be can do except 
wait for nature’s action to wash 
the consequences away. 

Letters to the Editor 

jocal authority 

n the Chairman of the 
. ■Mice Council Association 
■ounty Councils. 
r. — I d his letter of March 15, 
Roland Freeman attempts to 
to the znytb that everything 
the local government re- 
alisation of 1974 was wrong. 
• act, in many ways it has been 
arkably successful as the new 
unities have continued to pro- 
’ and develop the wide range 
teal government services not- 
JtaitdiHg the icy • financial' 
pc of the past few years. - 
le bland suggestion to trans-. 
education and social services 
l. county to district councils 
tot supported by any argu- 
t, or even suggestion, that the 
de of this country would 
ivc better services; this is 
>rstandable because clearly it 
vot be shown. Even the Asso- 
on of District Councils has 
asked for the transfer of the 
ration function to any of the 
lets, and transfer of either 
■.ation or social services is 
.igly opposed by those who 
inister these sendees, includ- 
the education officers and the 
il workers. 

e situation and experience in 
Ion may well differ from that 
vhere, but what is now 
ed by local government in 
>rest at the country, and by 
---jublic it serves, is a period of 
lity. The majority of those 
ved, including the staff, have 
enough of change and the 
thing they want is a further 
f .y upheaval; they should now 
flowed to get on with the job. 

Elizabeth Coker, 
c House. 

f| Eaton, Square, S.WX . 

* ride in owning 

i Mr. S. Ashmore .- 
. — Farmer Cherrington. has 
: been impressed by argu- 
for a need of. two-tier 
otd/farmer capital stme- 
in agriculture (March 17). 
t does the second half of 
wn article not convince him 
tenant farmers have con- 
able advantages over owner- 

ere does a working former 
1500,000 to buy 500 acres 
rable land? Experienced 
?rs believe this to be a 
nablc minimum for viable 
ng to-day — against 100-150 
30-40 years ago. The reason 
n the high cost of modern 
u Rural machinery and the 
icai need for each indlvi- 
fanner to have all his 
ment under his absolute 
ol. . . 

th £100,000 capital, a work* 
inner has a sporting chance 
creed mg on 500 acres at a 
nablc rent. But he will lack 
of ownership in bis land. 
;ausc of that one factor T 
with John Cherrington that 
iandlord/tenant system is 

cr Ashmore. 

■t Vernon. 

t Hill Pork Avenue, 
kbreda, Co. Dozen. 

three years and 1 hope a tittle 
pendantzy will be excused in my 
differentiating between Nscrews 
and bolts. The move towards 
metrication slowed down in 1977 
and the fast gallop of .1973 and 
1974 has reduced to aNslowtrpt, 
as these .figures illustrate.' - \ 
International Organisation for 
Standardisation of metrics-sales 
of fasteners as a percentage.^ of 
total: — "• 

Year - 

1975 33 A 

1976 .37 . . 

1977 „ 39 5 

Our statistics reveal the tol r 

. - Imperial - Metric 

1977 ' - %7 

Machine screws 68.6 ' 3L4 > 

Steel nuts 61.0 • 39f> 

Bolts 50;0 • 50.0 

Of all fastener 

products 60.5. 39.5 

It is interesting to observe that 
when the EEC adopted the ISO 
metric standard the' conversion 
was accomplished within a 
decade, but we still remain 
locked into an expensive “in- 
between " stage. 

As the UJL’s largest distribu- 
tors of fasteners, nationally 
based, and supplying all sectors 
of industry from a stock of 48,000 
different types, our information 
base has a credible foundation. 
E. B. M. Grubb. 

39, The Green, Banbury, Oxon. 

the true situation is that when the country with deadweight debt 
the ball is in the solicitors’ court amounting to £34bn^ represent- 
it is generally rationed quickly ihg the extent to which we have 
and expeditiously. They have been living on capital, 
no vested interest in delay. It used to be common ground 
Part of the misunderstandings that deficit financing was a recipe 
may be due to lack of communi- for inflation regardless of GDP. 
cation between solicitor and Kenneth R. Middleton, 
client and this may appear to be 13, Dean Pari Crescent, 
a fault of solicitors and some- Edinburgh 4. 
times is. - But any client is at 
liberty to pick up the telephone 
and ask his solicitor for an ex- 
planation of the exact position 
at any. time during the course of 

the transaction and he will pram we mttnuymu </»«,'«//, 
almost always find that there -is finance and Supplies, British 
a. perfectly good reason' tor the Steel Corporation 



From ihe Managvng Director, 

apparent lack of progress. 
Alan D. Roper. 

Court Chambers. 

3. Victoria Street, 

St. Albans, Herts. .. 

Sir.— Mr. Orrow is mistaken in 
saying (March 10) that British 
Steel Corporation reduced Its 
credit terms in 1973-74 to “10 
days or less.” The credit terms 
in the Corporation's standard 
conditions of sale have remained 
unchanged since 1970 as regards 
steel sales in the UJC. and they 
provide for payment .by the end 
of the month following the month 
in whiqb the steel is despatched- 


Provisional unemployment 
figures for March. 

White Paper on Government 
plans for distributing North Sea 
oD revenue and House of Com- 
mons statement by Prime Minister. 

EEC Energy Ministers meet, 

Liberal Party proposals for In- 
clusion in the Budget due to be 
formally published. 

Mr. Henabem Begin, Israeli 
Prime Minister, starts talks with 
President Carter in Washington. 

Lord Shaw cross. Press Council 
chairman, gives annual Livery 
Lecture of Stationers’ and News- 
paper Makers’ Company on “ The 
Right to Liberty and Freedom, 
with particular reference to the 
Press." Stationers* Hall. E.C.4. 
. Sense at Commons: Motion on 

To-day’s Events 

EEC documents on agriculture 
price proposals, and on milk. 
Motion on EEC documents on 
Mediterranean agriculture and 

House of Lords: Church of Scot- 
land (Property and Endowments) 
(Amendment) Order Confirmation 
Bill, report stage. Motion to 
approve Prevention of Terrorism 
(Temporary Provisions) Act 1976 
(Continuance) Order. Employ- 
ment Subsidies Bill, second read- 
ing. Motion to approve Social 
Security Pensions (Home Re- 
sponsibilities and Miscellaneous 
Amendments) Regulations 1978. 
Prayer Book* (Ballot o! Laity) BUI. 
second reading. 

Select Committee: • European- 

Legislation (sub-committee 11). 
Concurrent meeting with sub- 
committee B of House of Lords 
Select Committee 1 on European 
Communities. Subject: liner Con- 
ferences. (1030 ajn.. Room 4). 

Car and commercial vehicle 
production (February, final). 

Cope Allman International 
(half-year). Weir Group (full 

Alcan Aluminium, Britannia 
Hotel. W., 230. Ashdown Invest- 
ment Trust, 120. Cheapside. E.CL, 
2.30. County Bank;' Portman Hotel. 

W- 3. Crest Nicholson, Ashley 
Hofei, Walton on Thames, 12. 
Derby Trust, Portman Hotel, \Y., 
32. Everards Brewery. Leicester, 
11. Essex Water. Cax-ton Hall. 
S.W., 12. Glass Glover, Connaught 
Rooms. W.C., 12. Glasgow Stock- 
holders, Glasgow, 11. HiU and 
Smith, Birmingham. 12. Imperial 
Group, Dorchester Hotel W„ 12. 
Lin croft Kilgour, 6. Belgrave 
Square. S.W., 12.30. Lovell (Y.J.). 
Portman Hotel W.. 3. Meggitt, 
Bournemouth. 1230. Mel drum 
Investment Trust St Mary Axe, 
E.CL. 1130. Saatchi and Saatchi. 
Rite Hotel. W.. 12. White 

Child and Beney, Connaught 
Rooms. W.C, 11. SO. 


Royal Opera perform Idomeneo. 
Covent Garden. W.C3. 730 p.ut 

On the backs of " d .±: % r- w*’- 

the workers 

■4 '1 


lowly going 

the Chairman, 


, — in the interest of sus- 
the drive towards com- 
metrication I must dispute 
catement made on M arch 13 
the trade in metric screws 
pater than in the Imperial 
Your industrial Corres* 
Kenneth Gooding, 
■s from a report produced 
r. Wbitely and I challenge 
.c curacy of it 
»se are the facts based upon 
tical monitoring o f ow 
to industry over the past 

From Mr. J. Rutherford. 

Sir,— Mr. Nottage (March 17) 
makes the point that a pay-as- 
you-go • pensions . scheme is 
largely- inflation proof, in con- 
trast to a funded scheme. The 
truth of this statement could be 
argued, and I am sure it win 
by many fund managers. But 
Mr Nottage misses a more im- 
portant point The rate of con- 
tribution in ■' a pay-as-you-go 
scheme will only remain static 
if total pensions stay the same 
as a percentage of the total wage 

_ The age structure of our popu- 
lation, however, and the current 
low birth rate means that the 
ratio of pensioners to working 
population is increasing and will 
continae to increase for the next 
20 years at least. Thus, to in- 
crease pensions at the same rate 
as wages, the rate of contribu- 
tion must be steadily increased.. 
This will not happen in funded 
pension schemes. 

It is a case of ** you pays your 
money and takes your choice — - 
you can eliminate the effects of 

"inflation or demography but not 
both. Unfortunately, under 
present . legislation, the full 
choice is not left to those who 
pay the money. 

John Rutherford. 

14. Great Stuart Street. 


Solicitors are 

From Mr. A. ffoper. 

Sir.— Jt may come as a con- 
siderable surprise to you aod. 
your readers that from my ex- 
perience of conveyancing over 
many years I find that solicit ore 
generally are among, the fas test 
moving members of the business 
community. . . . _ 

Obviously there will be the odd 
exception, but the troth of the 
matter is that the delays in con- 
veyancing are almosT always 
attributable to local authorities, 
building societies, insurance 
companies and others with whom 
solicitors have to deal and pas^ 
ticnlariy in the issue . of. local 
land charges searches and mort- 
gage offers. A single delay by 
one of these in a chain of trans- 
actions holds up progrew 
xhrougbout ibe chain and unfor- 
tunately the clients and the pub- 
lic got the impression that- the 
solicitors are slow. Is contrast, 


From Mr. N. Jenkins 
Sir,— It would appear from de- F. Holloway, 


% IC2. 1 5K3H « «—££* *«■ 

energy industry. His further sug- 
gestion to me is one 1 entirely WAttipn Ctf 
agree with: a small, decentralised vIUCU Al 
organisation (preferably in mol- L_ mo 
tiple, each responsible- for Its II U Hit 
‘Joi»I -energy generation and dis- 

tnbutjon); dependent on s centre Sir _ Eri( . start points- out 
for high technology and fiuan- that women who 

dal dlsdptore. K is ms central home after Aprils 

An?Mv^ t 'itodW l° okill S after the family will not 
partial and, may ®*y **jded£ t ^ tirn p ^ spen t credited 

3 VS 3 E 3 HI 

Mr. Wilson takes the analogy national instance contributions, 
of the armed forces— an ex- A woman thus disqualified can 
tremely apt one. The internal however, elect at any time to 
disagreements between Navy, switch to the full contribution 
Army and Air Force were pub- rate — and thereby become 

tic knowledge and the cause for eligible for the credits— even if 
some concern — before, during she is not working (see leaflet 
and after World War IL The NIL paragraph 24). Obviously, 
centralised defence department if she is not working the switch 
has gone a long way to remove will cost her nothing, 
tiie effects if not the causes of The switch takes effect from 
disagreements. disagreements April 6, so married women (and 
that - can be healthy so long as widows) in this category have 
they - tend to publicise and only a few days left in which to 
neutralise conflict of -genuine act if they want to avoid losing 
opinion. a year’s credit. 

It would be foolish indeed to p h j ]ip j p Taylor, 
read into any advocacy of a cen- ig /t7Caflh Boad 
tralised direction for the energy £kJdtoni 
industries the loss of identity of a urrev ' 

any one of the four. Honest men 
of all persuasions must surely be 
convinced, whatever their present 
personal add limited loyalties 
that a resolution of' conflict by 

an rnform^ autoorita^Mom- co^ntiinator 

pletely independent and mpuj Against Arms Trade 

tu^ody evolving centrahsed Sil . Z- Two years ago shop 
policy would stewards at Lucas Aerospace,- in 

than the presentvery stidey ™ a ya to avert redundancies, drew 

n up a “corporate plan” listing 
draw the atten- 150 Products which the Lucas 
others of workforce could be making. 

SJmWrS After considering the plan for 
vour issue a few months. Lucas manage- 
?f^tot*T5SSe-M? Anthony said that it betieved the 

Wedgwood Benn Is reported only tray to secure jobs was by 
planning energy changes of a concentrating on aerospace ere- 
mo^mnarkably coincident terns and components as had 

been done in the past. 

In these past two years redun- 
dancies have continued at Lucas 
Aerospace, so that the workforce 
is now down to 12,000 from the 
18,000 It was in 197L And now 
a further 2,000 redundancies, 
with a complete closure of three 
sites, have been announced. 
Studies' by Lucas have shown 

Jobs at 


Norman' Jenkins, 


Etniurt, F arnkanf. Surrey. 

A recipe for 

Fr SV l MJ- K* that markets exist tor many of 

, Sgf^Jnfigigg. Qie products included in the 
Rutherford a article (March 1 < ) pi^g. Moreover, the 

it appears that what used to be ^ useful, such 

an- economic heresy ■ a now w m^^ai and transportation 

tS equipment desperately nVeded in 
seems to accept- the idea that ^ throughout the world, 

governments can_ borrow ^ on <3bvitmsI y t ^ not 

secured jobs by concentrating 
they do so within a certain per- 5ts traditional products Is it 

SSS I ^ **L£ 

ic C *rr ?Me view? elsewhere— to its own workforce 

what, basis?/ .Sandy Merritt 

Government * borrowings over 5 Caledonian Boa cl 
many years have already saddled Kings Cross, N.i. 

The only thing we overlook 

is each other 

As part of the largest security 
company in Europe and the world; we’ve 
got standards to maintain. 

The highest standards. 

From detecting devices through to 
master controls, the equipmentwe install 
is . our own. 

-Designed, developed, checked and 
tested toa fault, it’s up-to-date and 
ffs lhe-best. 

The same goes for our people. 
■Whether they’re on design, consultancy, 
installation, guarding or whatever: 

But nobody’s perfect And 
accidents do happen. 

We can’t be too careful. 

Every Group 4 security plan — . 

small or large — includes an element of 

Physically, we fake care of it with 
both on-the-spot control systems and 
personal inspections at random intervals 
by Group 4 Supervisors. 

And from a distance, we monitor 
men and equipment on a fail-safe system 
from electronically protected Central 
Stations which are operative 24 hours a 
day. ■ 

The best way to judge a security 
company is tty its own security. 

Why don’t you look us over? 



Giving the world a sense of security 

^Group47otei Security Ud, 7 CariosPtece, London W.t.Tel: 01-639 8765 oryafflocalofBceihroi^hyeDow Pages. 




Booker McConnell 67% higher at £25] 




Beatson Clark 3.16 

Bine Bird Confect int-;. 

Bookfer HeConnell 

Courtney Pope ...jitl 

- ■-Date ' ‘-Coire-' 
of spondlag 

payment dhr. 

— 3J» . 

ON EXTERNAL turnover up by 
4? per cent, to £523mu including: 
experts of £59m-, Booker McCon- 
nell lifted . pre-tax profits by 67 
pgr cent, from £i4.94m. to a re- 
cord £24.98m. for 1977. 

.-In September, reporting a first 
ftjjlf rise from £6.7Im. to £9£3m., 
lfte directors forecast full year re- 
sults substantially above those for 

rFuIl ■ year earnings are shown 
to be ahead from 24p to 34.8P 
per 50p share after deducting full 
deferred U.K. tax and from 3i.4p 
to 62. Ip before any such tax. 

I This calculation Ls hot based on 
EP 19 but is designed to show 
the reduction in earnings result- 
ing from the provision for de- 
ferred tax. 

-The dividend total is raised 
from 6J36p to the maximum per- 
mitted 7.322p net with a final of 


British Leyland’s losses after tax and extra-ordinary items 
comes out at £51.9ttL, which means the company has sustained 
losses of £233 m. in the last three years. Willis Faber’s move 
to new offices has meant that expenses have risen faster 
than income and, as such, profits are at the lower, end of 
the market estimates. Completing the Lex column is 
Hep worth Ceramic where the figures show an excellent im- 
provement, due mainly to growth in clay pipes aided by 
U.S. acquisitions. The company is in bid talks with Johnson- 
Richards Tiles. Elsewhere. Booker McConnell is benefiting 
from its diversification programme with over 80 per cent, of 
profits now coming from the U.K.- Xbstoek Johnsen continues 
to outperform other brick manufacturers with an 11 per cent, 
increase in volume, while Low and Bonar has beaten its 
forecast despite higher than expected currency losses. 

market has only recently began 
to react to the same factors, it 
seemed prudent he said to take a 
defensive stance in the UJC, in 
view of the uncertain prospects 
prevailing to-day for the economy 
and the market. 

Increase at 

Ibsfock Johnsen' 

Lawtex JnL 

Lon. Scottish. Finance InL 
Low & Bonar 

Newman-Tonks int 

Pressac Holdings hit 

Sale Tilney 

Tate of Leeds 


April 34 



July 3 



May 22 

1 • 


• — ■ 



June 2. 

U3 .. 

3.64 • 

May 11 - 

i3 • 


May 30 

• L5 


May 22 



May SO ' 



May 22 



May 9 : 



May 15 



— ■ 





554 . 


. 2.46 





May 11 



May 26. 













■ Total 
4.6 ■ 


■ 3.01 . 


‘ 55 

. 1.7 
3.63;' . fittSim. 

Financial Times Tnesday Marc* 21 1978 

Willis Faber 
but nears £20m. 




pared with profits of CUSS, 

WITH CSS.OOO againrt mum groover " of £3 Jim, 3gA 

the director* 

£453 nu 

Sfcra a*d Fargus the;! 

Faber, ’the hi- crushing and edtblPi oU 

SSFSlaws s^f 

2.77 a? ; '“SSTW earnings a, show 197S-7T a profit MfU ™ 

0.63 total is P 9p with a final of 6.125p. dividend. 

'2517 - Because of the reorganisation ment was 054ap .net per 
75t of the company’s share capital in 





* Equivalent after, allowing for scrip issue. fOri capital 
increased by rights and/or acquisition, issues, t Interim 
prior to company going to market $ To redufce disparity, f Eqinva 

INCLUDING a holding gain of after cons olidation from 5p to 25p shares. 
1286.000 compared with £170,000, 


gfcg|-5& safiffsa, ?£ Pone on ‘ 

•qravaient -gjp Ordinary shares in issue , £ |yUv vJU---- 

521. 196 

External turnover ... 


AM pensions — 

Interest paid 1.123 

Profit before tax 24.98B 

T*p» ._ 12 SOj 

KM profit 12 

Minorities and ptef. ... I- 1 ** 

Eqnlty earnings 10,567 

ExtraanL debit 40> 

OpHnarr dividends ... 2^2« 

TU nwTvcs 7.903 

^lucludinc deferred U-KL. tax fB.SSra. 
r£2.21m.i. ♦ Credit. 

. Extraordinary items comprise 
an increase in balance sheet value 

356. H6 
■ 67 


- . . Terry Kirk 

Sir George Bishop, .chair- 
man of Booker McConnell — 
'the group expects to invest 
£13m. in 1978. 

of Investments to reflect current 
valuations £12,000 (£734.000), a 
surplus on disposal of investments 
and property of £1,122,000 
(£506,000), discount on repayment 
of loans of £119,000 (nil), a defi- 
cit arising from variation in ex- 
change rates on conversion of 
foreign currencies of £1,557,000 
l £584,000 surplus), termination 
costs in respect of businesses dis- 
continued of £103.000 (nil) and in 
1976 the estimated deficit on dis- 
investment in Guyana £1.757.000. 

An analysis of equity earnings 
' shows (£000s omitted):— food 
distribution £3,3S1 (£1,883), fluid 
engineering £1.813 (£1650),. 

geheral engineering £14)69 (loss 
£558), overseas trading £SI2 
(£1,056), spirits and liqueurs 
£LQ76 (£814). shipping £622 

(£546), agriculture £303 (£160). 
authors £496 (£487). and parent 
company £145 (£600). 

UiC companies contributed 
£S.72m. (£4. 67m.) to the total and 
overseas companies £l.S5m. 

The overseas trading decrease 

is more than accounted for by 
currency changes and other spe- 
cial factors, including the reduc- 
tion in Trinidad profits resulting 
from the lower proportion of 
shares held. - 

Sir George Bishop, the chair- 
man. says the reshaped Booker 
McConnell is showing its strength. 
The increase in pre-tax profit in 
a year of world-wide recession is 
a splendid achievement, be tells 
members. It shows once again the 
benefits from the well-balanced 
spread of the business in areas 
where there Is scope for growth. 
The strategy of diversification has 
paid off. 

The year was one of solid .all- 
round performance with each of 
the eight operating divisions pro- 
ducing excellent results. Good pro- 
gress was -made’ in integrating 
the major 1977 acquisitions but- 
there is more to expect from this 
source in 1978. 

The balance sheet is stronger 
than ever, says Sir George. Bor- 
rowings are down, net worth is 
up by nearly £l0m. and the group 
expects to invest £13m. in 1978 
in the development of the exist- 
ing businesses. 

Booker McConnell has the re- 
sources to continue to expand 
both by growth within existing 
operations and by acquisition in 
the UJC and overseas. The group 
has achieved a compound rate of 
growth of 22 per cent in earnings 
per share since 1970 and the 
directors face 1978 with confi- 
dence in continuing growth. 

• comment';. 

With over r -3Q per- Cent. of its 
profits ntiw ^irime from the U.K.. 
Booker McConnell no longer 
regards itself as . an overseas 
trader. Over the last few years 
it has been diversifvins heavily, 
and a two-thirds rise in pre-tax 
profits shows that in the short- 
term at least its bid to substitute 
U.K. earn mgs for the loss of Its 
Guyanese earnings is paying off 
handsomely. However, it is hard 
to know howmuch of the growth 
this year was due to acquisitions 
and how- much to organic growth. 
Profits on the food distribution - 
side are up by 7 per cent, but 
this owes a lot to the ' KLnloch 
acquisition in January 1977. On 
the -general engineering side 
there is a £2. 5m. swing round into 
profit but here too the Central 
Wagon acquisition.. of December- 
1976 helped. For the rest of the 
group the spirits and liqueurs 
business continues to move ahead 
stroogly and the shipping opera- 
tion appears remarkably im- 
mune to the industry depression. 
In the current year. Booker 
McConnell should be able to push 
profits above £27m. but the group 
still has to prove that it can grow 
without recourse to acquisitions. 
At 225p the shares yield 4 .9 per 

Peak £1.6m. 
for Sale 

FOLLOWING THE first half 
advance from £472.000 to £588.000 
Sale Tilney and- Co. finished the 
year to November 30. 1977, with 
taxable profits up 27 per cent to 
£1.63m. compared with £1.29m. At 
the halfway stage the directors 
said indications were that profit 
for the full year would asain 
show a significant Increase over 
the previous year.- 
.Turnover for the year rose by 
nearly £l4m. to £5S.5im. and the 
directors say that although the 
uncertain world trading conditions 
make Jfrrecasfing difficult thev 
believe' that the structure of the 
group and the strategy it is now 
nursnine are both soundly based 
and that the group will have an- 
other successful year in 1977-78. 

Earnings per 25p share are 
shown to be up from 29.5n to 39.1 d 
on capita] increased by the March 
1977 one-fnr-three rights issue and 
the dividend is increased to 
10 2375 p (4.733780) as forecast 
with a final of 5.3S75n net Per- 
mission has been obtained from 
the Treasury for this increase in 
context of the rights issue. 

The group is a designer and 
manufacturer . of special purpose 
machinery, licensee, designer and 
supolier -of enulpment and pro- 
ducts used for surface treat- 

ment of metals ■ and woods: 
adhesive manufacturer and food 

avnt-77 iv?5-7R 
omo trow 

'toroover 3S aw 44.54a 

Pro* befor e tax UP Um 

2“ "- 790 709 

Not profit 843 576 

To minorities 16 27 

Attributable 827 3(9 

Preference dividends .. 5 .1 

Ord. interim Ill 38 

Ort. final „ 12« 41 

Retained 589 454 

Gt. Northern’s 
£7m. of 
liquid funds 

AT THE AGM of- The Great 

Northern Investment Trust Vis- 
count Weir, chairman, pointed -out 
that Included in assets at the year 
end were liquid funds of £15 ql, 
a figure which increased since 
then to about £7m., as a more 
pessimistic yiew was taken of the 
nearer term prospects 'for the 
major world economies. 

While the U:S. stock market had 
been reflecting this poorer out- 
look for wen over a year the UJC 

Metal Closures at £5.37m. 
and cautiously optimistic 

-at the gnd oif that year the direc- 
. tots would have recommended a 
- payment of total dividends for 
that jear of « jp per *harc. ^ tu^over FOR^U 


.‘income — 

Expenses - 


Sovereign profit 

' From associates ......... 

ProK before tax - 






* xz 








pre-tax profits of Beatson Clark 
and Co, which' manufactures glass 
containers, advanced from £1.78m. 
to 12.36m. for 1977. Home turn- 
over was £13.48ra. against ilOJJom. 
for the previous 53 weeks, and 
exports came to- £4 ,31m. against 

(3 fi lm. . 

in October, reporting first-half AFTER RISING from £2. 08m.- to The' - directors say that "while Tax 

profits up from SLBlm. to £L06m* £L$2m. in the first half, pre-tax lower finance costs have cohtrf-.ftt. profit - 

the directors forecast second half profits of Metal Closures finished bated to ' the improvement 1 in .Bxtra-ard. credits — ™ 

ordfits not less than those for the 1977 ahead from £Lfi2m . . to profit, the group has absorbed " 

corresponding. period of 1978. £557ru. on turnover of £5054m. heavy non-recurring expenditure pSaSiu™”" 

With tax taking £753,000 compared with £45 .89m. relating to the ration a lisation: of t Debits. 

(XS47.000) earnings are shown at. Earnings are shown to be up Dupont Brothers. Income comprises the net re- 

37Bp (21 .3p) per 25p share and from- KJ.09p to l2.86p per 25 p Dupont is now trading profit- t&ined brokerage, few ond .com- .. .. 

the dividend total is lifted from share and the dividend total is a bly ^and should ^ c»gn< - missions. Jnterest jind^ dividends. The Hiffi miia 

4.662p to 5.156p net with a final raised 
of 3.156p. — ... - «- 

is fTL38m (£0.73m.). 

• comment 

Continued growth in the 

second half though at a slower ^ 

rate of 11 per. cent pushed Net profit - 

Beatson Clark’s pre-tax profits .up vv>- rntno ntfes ;r 
by about S3 per cent. A 10 .per cr8d ™ 

cent price rise- -accounted for R^drvkfewis' 

~ up . _ AU1J (UIU nuuui%k « 

from S.7725p tq tte contribution to 

The retained balance maximum permitted 4213 6p net during the second half. 

with a final of ~5136p.__ At ^ ^ of January n^i*. 

syndicate of banks -led by Bar- 
clays Merchant Bank replaced 

The income of Sovereign, being £ 

V net retained premium income 

November 30, 
pope (Holdings), 

«s saa 


- for the full year ad LU*SB m 

7.2« masunum 

■ “ rmn,ls i S ugHto 
hav largely be« 
gay Jhe directors *tt 

some 20 per cent, of the earnings interim Ord. — 

increase while the rest came from Fbni — - 

a slight volume growth. Demand Retained ?' nSST" 

for its glass containers remained directors say 
























459 1 



3.61m. (£3J2Sm.). 
Extraordinary items 


S2SS profits less loses on sales of in- 
— . ^ vestments of £527JW0 from which 

acceptance credit facihto wiffi- a re]ated tax of £157J)00 was deduc- 
new .three year revolving Iban 4e< ^ 

of £3nr. '• A sso ciates- profits include some 

For the‘ past 12 months - the ELBw. as the company’s share in 
field cbllfection service has^ been the profits of Morgan GrenfeU. 
collecting a portfolio of debtvfot The directors of Morgan Grenfell 
a subsidiary of Philips Industries, have indicated that their 1977 re- 
that the Since the half year end the -group suits have been reported on the 

us ' investment income, totalled SSSr+EI**i*« 

“uvorall Ur 

situation it- all- 
satisfactory. i 

budgets axv, e u ? s ' 
tinue id atpaiw. 

1976-77 were 


hi eh and the company had to sup- hnoyant demand indicated in the has purchased tbe balance of this- basis of disclosing o kreater P«)- 
plement its own production with . t Element did not debt for -£520.000. funded from portion of profl ts tbanin previ- 

imports (largely hi the second at antidpated tempo existing bank facilities. • ous years: had tbe 1976 resuito 

half) In order to meet customer an( j. ^ gponp operated .below 

orders. This emphasises the Jm- ^ m( 

E“ r _ tan “ the erS of the 

ous years; bad — - , . 

been disclosed on the same basis 


2SJSST- SJS-S » STcSSSS jUZ oT.“»r«“ 

most .areas towards Association has been sold to Mr. 

tion at .Its Rotherham works, 
which will increase capacity by 

Grenfell's profits would 

The group 

construction is likely to cause, a °toipTO^ed C pIant S ' has 

certain amount of disruption m beOT itlsta]led ^ both the plastics 

x year. • - • P. X. Bllgh, a former director of Cn slp £163 000 greater, 

has increased direct Dupont for approximately tasiSS* broking 

production, which will limit the 

and metals sectors, which will 

crease to , output to about 3 tq ,4 SaWeTbJiroS'to^ ^tatemmrim™ 
per cent, in 1978. At 16 Op. the of anv 

shares yfeld S per cent while the uptuni the domestic and world 

economy- • which, ■ • although 
heralded, is not yet within sight 
As a result demand in most 

per cent in 1978. At 160 p. the 
share's yie 
p/e is 4.2. 

rise at 

REPORTING pre-tax profits ahead 
from £334^41 to £478.110 for the 
six months to January 31, 1978, on only Tl2 per cent 

turnover up from £3.0om. to wn,. oiir mnmhc 

Upsurge by 
Tate of 

The insurance broking s 
sddiaries bandied gross premi 
of : approximately £750m. in, 
year compared with an 
of £650m. The figur 
neither the premium 
. the overseas associated 
nor that of Lloyd's 
parties’ Underwriting 
Hie. rate of P8- ,-. - - 

half partly yp r 

nKU(ND for products of Uu 
C Omfcctionery Holdings frai 
. . markets was well' in excess c 

have com pany’s ability to suppl 
during the six ulontiis to Decen 

her -24, 1977, despite an substm ■ 
tial Increase m produclipi 
Taxable profit lor the perio 
Sude 1 advanced- from • . £275,006 . ; i 
Q f £364,045 on sales ahead by £ln 

moanles to . 

-Com- Sales throughout the grou; 
„.]« • since December are . well up dh 
erowtfi the company’s profpects for th 
• nartfr'year are * promising say £h 

program in 

slowed in the seco y- **—- rfi r „ r » ftr s. 

„ . ... to line with the - - 

companies in the group continues east. Tate of Leeds, which dlstrl- SLw, 8 followin/the move or the announced in 1977 is progre.-sin 
well below capacity. However, butes cars, commercial vehides. rVl dori Hca d nfece to Ten Trinity well and pfauuung permission Ha 
they view the short-tenn future and earthmoving equipment etc* co«are and rortlv due to^ slower been received -for toe enctio * 
xrith cautious optimism. • achieved record profits for 1977 >!,L| r » r , 1 op Jfowth' In the last of -a 1 new. -distribution ware ho Us 

with!. £340422 pre-tax, •mut Quarter, "say/the directors.. 


£106^66, on turnover Of £12.72 m 

from ras4 24Tto £478 110 for the “*«*■ j wauiw “*?v . — compared with £9iim. At midway 

I m** P* I* . a **“ profits were up from £45*97. to 

Qosnres 1 - first- balf- 

See Lex 

£3.75m, Mr. G. W. Clark, the ^^^0 ^ °StS With tax. on the ED19 basis, 
chairman of Pressac Holdings, the i * d ° packaging products of £71,158 (£53,385) earnings are 
electro - mechanical component r aw __ jn t ^ e last quarter -fol- shown to have jumped from 2.5p 
manufacturing and precision ] o Wing %arlier stockbuilding in to 20.5p per 25p share. The divk 
engineering group, says that nnti ^.-,tinn of economic recovery, dend is held at 0J2op net. 
progress is being maintained m addition the important South 
the second half and the directors African market is in the doldrums 
view the future with optimism and - lts contribution to full year 
Earnings are given as 5.7p ^ fa ]j e n from 88 per cent 

(2£6p) per lOp share and the to 22 per- cent— Qn the other hand 
interim dividend Is lifted fro n» r0ya }ty ■ Th’com e from overseas 
0.8404p to 0.9244p net.. Last year’s countries, which contributes a 
total--. was 2.6877p and ; pre-tax fi}gh. proportion. -oL income, has 
profits came to £66t,000. -• benefited from the high level bf 

/ 1 3- 8 rao ^2 Tr inflation as it is calculated as a 
.- | t . percentage of sales. Also, there 

3.750.000 3.030.000 have been some benefits from the 
478.119 4siJ4i John Dale move, but reorganisa- 
~ sSJS tion is still incomplete and its.fuJl 

at Hunnmgton. . 

After rax of £145,428 (I13S.757 
earnings per 25p share wer- 
13;36p (I2.48p) on - capita 

Increased by a rights issue. Th 
net interim dividend is raised t> 
2285p (1^75p) to reduce dis 
_ parity. Last time a final o 

Reporting a loss of £30.9^ for.322385p was paid from recon 
the half year to end - 1977, -cam- profit of £569,008. 

5 i 

■*\ * * f 

22^U 4 


Chambers & 
Fargus loss 

External sales 

Trading profit ..... 
German losses — 
Profit before tax 

Tax - 

Net profit 

To ramorttles .... 
Attribntatale . .. 
Interim dividend 







U9.341 Given the. strong balance sheet 
3-»4 the bufid up of stocks from £7-3ni. 
J “-5T to £9nu ts unlikely to have any 
adverse effect on liquidity. The 

County Bank Limited 

In a year of fluctuating markets 
all divisions of the Bank found 
opportunities for improving 
on their previous performance. 

Extracts from the Statement of Mr. Sidney Wild, 

Chairman of County Bank, in the Report and Accounts for 
the year ended 31 st December 1977. 


Once again ! am able to report a 
farther expansion in the business of the 
Bank, which is very satisfactorily reflected in 
the year's results. Profit before tax forthe 
jweive months ended 31 st December 1 977 
rose to a record level of £6.9 million, an 
increase of £2.6 million over 1 976. Total 
assets at £532 million have exceeded the 
£500 million mark forthe first time and the 
Bank's capital and reserves now stand at 
£18.7 million. 

In a year of fluctuating markets all 
divisions of the Bank found opportunities 
far improving upon their previous 
performance. Growing competition among 
banks forthe available lending business 
brought pressure on margins, but we were 
able to increase income through a higher 
level of advances. At the same time the 
growth in theBank’s operating costs was 
satisfactorily controlled. 

Review of Operations 

The Corporate Advisory Division 
maintained its growing reputation and acted 
in over 40 merger situations and rights 
issues during 1 977. Some 60 listed company 
clients now look to us as theirmerchant 
bank. We are well placed for future 
expansion in this field and it is encouraging 
that the average size of our client companies 
increases year by year. 

The Finance Division handles our 
commercial and industrial lending and 
money market operations. On the landing 
side, advances, after a flowing for repayments, 
rose by 14 per cent over the 1 976 level. 

By far the greater part of our advances, now 
standing at just over £200 million, are made 
to assistindustry over the medium term both 

for specific capital projects and for working 
capital, often with a view to providing 
increased export capacity. Towards tbe end 
of 1 977, we began to) develop our 
acceptance credit business and we . 
anticipate useful growth in this direction. 

The number of our equity investments in 
both listed and unlisted companies 
increased substantially during 1 977. 

There are some signs of a revival of 
demand for finance especially from the 
smaller and medium sized companies. 

We have the resources available and we are 
able to offer a complete and comprehensive 
financial service to our customers. 

The Investment Division is concerned 
in the management of funds exceeding ■ 

£1 ,000 million. Although these are largely 
the funds of United Kingdom clients, we 
have recently placed special emphasis on 
seeking the management of funds for clients 
overseas. ■■ 

We have devoted special attention to 
the expansion of our international services. 
We co-managed eurocurrency issues during 
the year to a value of $840 million, and we 
uncterwrote.1 75 eurocurrency and 22 United 
States domestic issues. 

The Future 

We look forward to a further year of 
challenge and new horizons. The profit - 
levels of 1 977 will be difficult to match, but! 
am confident that the momentum that has - 
been gained by County Bank in recent years, 
will carry us further forward in all aspects of 
corporate finance and advisory activities, to 
the mutual benefit of the Bank and its clients. 


Chairman 3rd March 1 978 

County Bank 

1 1 Old Broad Street, London EC2N 1 BB 
andin Birmingham, Edinburgh, Leeds and Manchester . 

£k National Vfestnrinster BanKGroup 

/Mr. Clark points out that turn- « £**« *♦ sin * of til 
wer and profits well -exceeded shares gt Sip are.on a p/e o( 6J 

the average performance of the 

while the yield is 8.1 per cent 



group’s sector despite the stagna- 
tion in the index for all industries: 

The result was attained by success 
in new product design and by 
achievements in engineering, he 
tells members. 

Growth is substantially depen- 
dent upon matters bfeyopd the 

adequate facilities aregvanahTe ^Finance* Contra tion 

to meet greater demand which Jgggj 

Turnover for the. 26 weeks to 

will arise with any upturn In tbe 
economy. * Meanwhile, we are 
actively pursuing a policy of 



Turnover ~_. 


Finance costs ^ 
Profit before for 

The liquidator of Anglo-Oriental ■■ 

Plantations states in his ninth jjfoKiOTds 

interim report that whether or Retained 

not any further suras will . be 
available for distribution -to share 

and pre-tax profits jumned by 
per cent from £122,153 • to 

29 weeks 53 wk». 
1977-78 19T9-77 1979-77 
• £ £ £ 
12m. 1.31m. 3.68m. 

471.785 44SJM 938J94 
34L909 336.001 6TU31 

239.785 127.1 5 3 32&263J 
43.000 37.900 7T.884 - * 

188.735 95.1 53 £48.389 

t M.810 35.771 88.673 

.149.178 59383 181.497 

The interim dividend . is lifted 
from 0.7p to 0177p net per lOp 

holders depends entirely on the share and the directors expect an 
outcome of an appear over the increase of not less than 10 per 
final Malaysian tax liabilities. The cent in tbe flnaL Last year’s final 
hearing of the appeal -is now was lp - antT pre-tax profits for the 
expected to be in June. full year came to £326.263. 

JUgemene Bank Nederland mr 


Dfls, 75,000,000.— 

6i% Bearer Notes 1973 .due 1977/1980 

Second annual redemption instalment 
(Redemption Croup No. 4. . 
fell due on May 1. 1977 ) 

: As provided in the Terms. and Conditions 
• Redemption .Group No. 2, amounting to 
Ms. 1 8.750,000.—, has- Veen drawn for 
redemption on May 1’ 1978 and . 
consequently the Note which bears number 2 
and all Notes bearing a number which is 2, 
or a multiple of 4, plus 2 are payable as from 

. May 1, 1978 

! at 

Algemene Bank Nederland N.V. 

in Amsterdam; 

Algemene Bank Nederland (Geafeve) SLA. 

in Geneva,- 

Algemene Bank Nederland in der Schweiz AG 

• m Zurich ; 

. Kredaetbaak 5.A. Ltxxembourgeoise 
in Luxembourg. 

March 14, 1978. * 

tot your teres t° get Wther wltfc 
my boss ta'sorfi out the details} 

A boss -secretary team, as in every successful, 
paitnership.needs to be carefully matc he d by ^ 

TbaUswhywe, atSenior Sectaries, wouldnevy 

rt roarn nf <4gnrting yiouMapphcantwithcftithavthc| s ■ 

fist met you and. taken stock both of your \ 

individual personality and the particular needs 
of thejob.That way we manage to keepiound ; • 
pegs well away from square holes. 

If you wanta secretmy who’s right for you • 
we’re the people you need to contact . 

We also pride ourselves onhaving the best . 
temps in the City. 

Telephone Bridget O'Brien-'ftrahig, t 

JoannaDyson or Elizetoeth Belton, on 01*606 1SUL : - 


■ •.* ■ ' ■’ 7m 

.' .- •• 5' 

Aperfectmatch forevery boss. TJ - 

SeniorSecretaries,3/6Ihmq> StiertJ»cadcai EC2 V 8DO, •»' _ 


shareholders and customers alike. 

The results reflect encou ragin g market trends, and prifidpaHy ; 
the growing demand for fresh fruit — both imponedand honie grown 
— horn an increasingly health coiiscious coixsumer public iit the UK* 
Not surprisingly this side of our business madeamajoT: -■ 
conlribiiuon to the Group’s 33% increase in profits. 

m ain t a i n ed. 'Iumover is up by more than 26% and the pre-tax profit 
reacted a new.record level of £432,689. Earnings per share at'3;63pasce 
43% up onthe previous yean; _ 

.1978 should be another healthy jean ' !>■' 





If you would like to know morOj -/ 

please write to the Secretary^ . . 
at 7, Fitzroy Square iWotv WlF<S£Sv 
for a copy of our Report and Accouills. ; 

Food distributors 

■Financiai Times Tuesday March 21 1978 

y over £8m. 

_JOVER of £220 An. for 
* \ compared with £1 82.4m. 
whUi Ceramic Holdings ex- 
del pre-tax profits to a record 
" - against £18.6201. after a 
lead to m^ira. at half. 

radtag profit for th» years was 
joi.V compared with £19tm 
the amount attributable to 
. subsidiary W.S. Dickey Clay 
jufatturing Company, which 
i acquired on January 25, 1977, 
'■« >o £22Bm. (£200,000). 

Uier ^progress from this off- 
• i is expected In the current 
. I 

amings per 25p share are 
. .:vn as; 12.6p (JOJBp) and the 
i; jlend is raised from 2-12839p 
|.2p as forecast on capital in- 
*d by a richts issue, with a 
of l.TSp net 


operations operated weB utth out- 
put up from 2.6m. to Sikn. 
m tonnes. Coeta&n's move Into 

The ftaUowint com paui « hm stifled housing In New South Wales re- 
flates of Board meetiiiBB lo the Stoc* 

Eschaiwe. Such meettnps are assail jr ~ SaDSfaCt Ofy mark et aoeep- 

htid for the purpose of considering say the cbrcctOTS, but 

fttvidcndi Official indications are not mand for lend, both in the pitvate 
«au*wo whether fliyUtends conamed and industrial diyisaons, was at a 

are intcnma or fault and the sab- ,.»nr in. tot-oI ICl- , . „ ~ „ 

lUvudons sbertra Below are based mainly *®!3L.Jr w . .. a . n ” therejwas a 

on last soar's timetable. 


f**rfm*- Annsmms Eonimnfnf. .Can- 
reals. Cope Allman International. J. E. 

Sa nan. 

Fina le — Bau man , Boddlngtons B rew e ries, 

First Guernsey _ securities Trust Wiliam 
Morrison Supermarkets, Southampton 
Isle of Wight and South of Wnglanrt Bora] 

Mali steam Packet Tontthi DtstfUen.. 

Trade I ml enquiry. W. E. Turner, Wat- 
mangbs. Weir Group, Western Motor, 

Wolf Electric Tods. 



Blackwood Morton Mar. 23 




UK . 


















lalilto — 

{ M*fit «... 

—t bay able- ; 

h (dm tax „ 

lUrt .• 

I srofit 

.ansee floeuesV ... 

(jntablo . 

'to dividend ...... 

V dividend 


cess investment tacome. t Cains. 

, ist week the group announced 
it bad made a bid approach 
H- and R. J o hn son-Ri ch ards 
v. Mr. Goodall declined to 
jnent on this. 

r.‘ Peter Goodall, the chairman, 
making do .forecasts for the 
ent-.vear' but said, that the 
U> was "absolutely on plan.” 
-fcud that he expected some 
rth from Qayware and 
i?ht that industrial sands and 
:-praIs might dp a little better, 
.thatrefgactorfe*" should- hold 
own." ' : " , 

t divisional analysis of ' tum- 
and pre-tax profit shows: 
1 «ware £77. 77m. (£47. aim.) and 
vim. (£5.74m.); refractories 
)3xn. (£44.S8m.) and V £5. 40m. industrial sands and 
?rals fSMlnu* f£2fl.47m.) and 
lm. f£4.36m.>; plastics £27.Wm. 
.14m.) and £Z53m. (£2.Q8m ); 
tdry resins- and equipment 
4m. (£12.1 Im.i and £l.Gim. 
r 4m.): engineering - and mls- 
neous £i2.7im. (£9.S6m.) and 
im. (£0.82m.) lesa\ inter- 
zonal turnover of Sd^Sm. 
Hm.l. Exports from tbe'.UJL 
tinted to £29.51 m. (£19^mA 
ic directors say that a change 
been made in 'the' basis of 
uniting for deferred tax in 
provision has not been made 

limited contribution to 1977 earn- 

Advance by 

turnover for the Sis months 

™ t V « to January 31, 1978. at Newman 

Final*— Tonks,. the metal hardware maim- 

B rammer ra.) J JiM-.Sf fa cturihg group, rose from £9.3&m. 

F^^ T r/? lwewcs — ~ ^ £1 0.40m. and prqflts advanced 

mssrz — r 33 from £549,000 to £670.000 before 

BIB IH. and J.1 

London Brick 

Matthews (Bernard! 

Smith (W. H.l 

Ttairgar B artier 

Unicorn Industries 
United Newspapers 

Mar. 32 tax of £348.000 (£285,000). In addi 
■ d 1 *? *? Ii0D ' there were profits of £236,000 
■Hi 3 ! over book value on; the sale. of 
-Mara shares. . .. ■ s 

i Mar. 32 Mr. M. L. .Wright, the dudr* 

..i. Mar. S man, says that budgets for most 
of the group’s UJC. companies 
for taxation deferred by capital ^„^^ on f b,y encouraetag mid 
nllnurnnr-po A ten tha ilHferanrm anticipates SeCOOd half profits 

similar to last. year’s £L18xn. 
The interim dividend is lifted 

allowances. Also the differences 
on translation of foreign corren- 
dies has been shown as an extra- f ir 

ordinary- debit of — - £106,000 a »jare cbsrimr nip 007 fprsi mjS 

aSto, c ^!., K gST ni?Ive s^wSSSS- SfLn'Sfa 

ngures nave Deen.restBiea... the present JeveI> 

dend wfll be increased 1 " from 

Low & Bonar 
on target 

DESPITE AN adverse effect of 20.S9p f9.75p) with a 7J9p net 
£549.000 -on the conversion of final, as forecast, 'Hie basis for 
overseas profits against a benefit accounting for ACT has been 
of £633,000 last time. Low and changed in that ACT on divf- 
Bonar Group, which operates deads paid and payable is now 
internationally in packaging, considered to be a proper offset 
engineering, textiles and floor- against deferred tax, as it is 
covering, reports pre-tax profits anticipated that future liabilities 
of £7.1m. for the year to Novem- to corporation tax will arise 
bar -30, 3977, compared with against which ACT relief will be 
£6.5Sm., after £3 .25m. against available. The retained reserves 
£2.7m. at halfway. at the begi nn ing of the year and. 

At the time of the group’s offer 1 at ff"&3S curative 

for G-HJ. Group in August 1977 tave bBen 

the directors forecast taxable adjusted accordingly, 
profits of £6.64m_ for the year 19 !5£7 1975-T? 

and after exchiding post acquis!- ■ aHW 1900 

tion profits from GJLP. Group of Tr*dSw“mat 

£354,000, pre-tax profit emerged as Share Asset Co 

£6.75 in spite of adverse move- . proftt 

ments in currency exchange rates _ overSMS 5 

of £257.000 since the date of the SmSS 

forecast. Extrsord. fcblts 364 

Group turnover for the year, 1” ~ ? *l 

including two months resulU of on*, inierto -493 

G.H.P. was ahead from £83 .44m. Ord. final saa 

-to rilSBTw Retained - JJ97 .... 

TVi* riirwtnK rh _, tExdndinff share or sales of awoaate d 

ine directors say that the companies iia.68m.i. 

engineering and textiles divisions 
achieved satisfactory results, but • comment 

Despite bWier-than^gected cue 

S ssaas? aaawa 

packaging, cartons, paper making Sent^ir G® Thecredh 1 mul^en 

“e d t SZ u $2 'SiSS^Sk tnSm^SSSSS^S 

mone^^The net Sect was ! fS engineering and textiles divisions, 
money, lug net effect was for which between them account for 

I13.31T Ss.438 
B.C7D 5.354 














tlM» TT FT riiTHcinn Wiucn Deiween ujem accou 

fiF? ®°i y almost four fifths of total earn- 

£318,000 pre-tax profit on a turn- 
over of £37 99m 
‘ We. are 

ings. Here demand for the com 
parly’s switchgear and transform- 

4 a/w • 2.83p to the maximum permitted. 

XOVlO rise ' 5 3 jb transfer into the. new fac- 

* -■ tory in Newtown Row, Blrming- 

liv r-ncfaitl -- J* 8 ®- of 8 section of the 

. V>vr3)lflUUl r' hardware division has now: been 

a - .j . completed. There has been some 

Australia .. disruption of production which 

.. ... „ . ..- ■ has affected profitability but Mr. 

Cos tain Australia, the construe- Wright is confident that the 
Propefty aod ctoup wfll now start reaping the 

gtobary of RkAmd .GMrtam, benefits of the capital exj^adi- 
S* 1 ture ■ nd i«-W8Briteation of the 

^ e ^’_ froni 1 &A2- , *®nL to past 12 months and this will be 

■ j . . „ ' reflected in the second half. 

The dividend is 8 cents, per The contribution by the Aus- 
shore payable on capital in- traJian subsidiary has been 
creased last November'by a one- disappointing. This has been due 
for- two scrip Issue.. . The yesuh mainly to the prevailing 
represents earnings of. 18 (16) depressed conditions in . the con- 
cents a snare. . -• struction industry m that country 

The gam was achieved despite and there has also been the 
the severely depressed boasting inevitable problems caused by 
industry, particitfary to- Victoria, the integration of the . new 
Toe result was arid materially acquisition Parow and Whlgbt 
affected by extreme difficnttlss-tn Here again, the chainnan is con - 
the construc^on dM0oa H '. in fident that this acqhWOoB -will 

bring useful .benefits for, .the 
.The Rayensworth cod mining group '-m Sue' course. . ■“ '• 

Second half downturn at Pittard 

tatincT uvin. paujr » swuvubhu <uiq irBuaiurui- 

er ® Packed °P> particularly in the 
ttarh^m^nrnflMhl?- 8 n^‘ Middle East and the Far East, 
haadc be are^*hpi^ fi ^n^f C +w wfliie testae activities in Black 
S Africa have noi had to suffer the 

cutbacks noticeable in more de- 
^eloped countries. On the other 
J3 £i?thV hand, the enlarged packaging divi- 
dJSrinn “ UA ‘ packagulE sion (Bihby and Baron was 
“ « acquired in August,, 1976) is still 

achieved ’ SSoptStioTflTu^cr^F 

^ overcapacity in the industry. 
juiMtisfactow, Steps are ^|0g On top of this the Canadian opera- 

ISPL 5° tion (contribution about a «th 

eads pey add. of profits) Ss continuing to be 

vdth the Vancouver plant being hampered by a stagnant wonomy 
SZSl JSf “ a J?“ £a «? re and the continuing MtaflS 

-^? ere value of the dollar (down 17 per 

expenses cent during the 1976-77 period). 

n r mo ^ At 18fi V tue shares are on a p/e 

*5-1 of a]m03t five. The yield of 10.5 

changes will not be felt until pc r cent is covered almost three 

«*“. times. 

Capital expenditure earmarked 
for the UJC. .packaging division is 
part - of a total £8m.. investment 
programme to be spread over The annual meeting of TACE 
I97B. £6^m. o£ which "will be spent will be heid tomorrow at Essex 
is ■ the UJC - • HaH, Essex Street, W.C., at H ajn.. 

Stated earnings per 50p share a day later than indicated in 
are up- from 2928p .to 3l-S9p and yesterday's diary of the week's 
the dividend is stepped' up to financial events. 


At 40,000 feet 

weVe got 30,000 
on the sound. 

When you fly with Group 4, you 
enjoy ail the benefits private aviation has to 

Plus a few others that the others 
can’t provide. 

Because whereveryou’re going in 
Europe, we're probably already there. 

With fifteen thousand pairs of feet 
planted firmly on the ground . . . 

... not simpfy in airport facilities, 
but in an international network of offices in 
major and minor cities all over. 

Ready to provide you with cars, 
communications, security services, local 
knowledge and whatever else you need. 

When you need it 

We’re better in the air because we’re 
bigger on the ground. ' 

In tact we're the biggest total 
security organisation in Europe. 

And thanks to all those feet we're 
miles better in the air. 

group 4 

Group 4 Aviation United, 

Head Office Staverton Airport, Nr. Cheltenham. 
Tel: Churchdown (STD 0452) 855877 
Telex: 338571. 

ER RISING from £0.74m. to 
Ira. In the first half, pre-tax 
Us of Piltard Group, the 
ier tanning and dyeing con- 
, . finished 1977 down from 
im. to £l.69m. 

— r* C. J. Pittard. the chairman, 
that . trading conditions 
rio rated world vide in the 
nd half with the result that 
er cent, or profit was earned in 
first half. The increase in 
1. 'from Jfl 4.8m. to £17:2m.-was 
Ap higher.prices necessitated 
“ncrcascd taw material costs. 

1957 1976 

• £ t 

, 17.159. 720 14935.743 
1.977.092 1.936900 
204 859 116.945 

UWU2S 1,75^^56 699.806 

ahead at 


na prafli .... 
nn provision 
W (troRl 


iu riitidond 
final fur 1976 

PTi'TWftMi ... 





73 ,27o 


mines are shown at 11 -2p 
p> per 25p share and the 
end is lified from 2.504fi725p 
the maximum permitted 
2025p net with a final of 

e exceptional pension pro- 
l refers to the purchase of a 
on for the president and 
■ t chairman of the company, 
,>niiclas Pittard, who although 
" e server? the companj’ -for 55 
>■ was ineligible for inemher- 
of the- company's super- 
aiion fund.. 

* Board : proposes To create 
li five Preference shares of 
ch. and issue them, credited 
..»!>- na id. by way of capitaiisa- 
of respires to Ordinary 
rs on the basis Df one Pre- 
pc share for every nine 

circular giving details and 
nine on Efi.W to approve the 
will bo despatched with the 

annual report on :^r about ful signs for the shoe industry 
April 7,’ 197S. The 'terms will be although leather dotting remains 
fixed In the light of market con- flat. The shares yield 7.1 per cent 
ditions just prior to'aetfpahft. .: at 61p while the p/e is 3,3. 

If . the .proposals are. imple- 
mented holders who retain the 
new Preference shares wilf. re- 
ceive a fixed annual dividmuL in... 
addition to Ordinary dividends: ■ 

Alternatively holders may sell an 
or part of their new Pre£ert»ce ■ 
shares thus realising a part of UnHWrtw , 
their investment: without reduce UUtil W dj • 

““ . vrtt&vjmrlmwl 

■ • ! .V. -■ ■'To £246,000 on. said; 35 per cent. 

0 comment ■- higher at £6-1403. are announced 

• by Lawtex. the Manchester based 
The worldwide slump in demand* clothing and umbreDa manufac- 1 
for leather goods, notably cloth- turing group, for the half year to 
ing, caught up with Pitiard in the December 24, 1977. 
second half and profits belore ex- The interim dividend is held at 
ceptional items fell by almost 38 1.5p pet per 25p share. T7ie dfree- 
per cent, over' the six months. . tors intend, circumstances permit- 
However this iras still a better ting, to pay the maximum per- 
perlormance than Strong and mitted final. Last ycar’^. final was 

1^87p and pre-tax profits totalled 

Hall yeir 
1977 ms 

£090 £600 

Sales — 6.14a -4^39 

Drpreriatloa 45 


246 212 

56 i 

Fisher which, recently reported a 
near two thirds drop in interim 
profits over a similar period. Mar- 
kets outside -the .UiC. caused the 
big problems and exports 1 share 
of group turnover fell from 49 
per cent, to 42 per cent. Canada ioim*t 
and Finland have been the worst w*i* 

markets— reflecting the state of •' — ; — J® 

the economies and currencies' in — - 43e 

those : countries. Trading, with _Jhe_pfrecwrsi. stite -Itbat last 
Can ad a-may have moved into. de- Sears fSoowth pattern- has con 
ficit with sei’eraJ orders beihg^tinued^but at a somewhat slower 
cancelled rather late in the day rate arnjl while production capa- 
whicb has meant some stock write . city has again been -fully utilised, 
down. Volume was also down in certain markets have been less i 
the U.S. but currency movements buoyant with margins narrower, 
here had no real effect on profits- -Xbe business . pf PCeriess- Um* i 
with the group importing a large brelias and the capital of Pinner 
proportion of its skins from the (Handles) acquired since the half 
U.S. at lower dollar prices. Group year end although small in rela- f 
volume sales for the year were tion to the group as a whole win, I 
slightlv down following a sharp ny the directors, compliment the 
drop in the second half. However existing . umbrella business 
the UJC .showed some improve- through specialisation in high 
meat and ther£ are-: more hope- quaii^r men's umbrellas. 


^ V To tiUc Holders of ■ ' . . 

;; Queensland Alumina Fihaiiee N.Y. 

8^4% Collateral Trust Bonds Due 1987 


N.V. Collateral Tni>l Indenture c 
above deM-rilicd Bonds have been . . . 

for the puriw-* of the Sinking Fund, at the principal amount thereof? together with accrued interest 
to said dale, as follows: 


eaos lisso umq iwr? i w? i ww sesss szroi. ws 

K-TO 1319 SMS am 4798 6108 Tret 








1362 2852 38SZ 4627 6100 7906 OTS8 11886 14076 16030 ITTOft 1S603 21015- 22804 2?597 24476 

1368 26S9 3836 4850 61B2 7891 BBSS 11 MO 14139 16108 17746 18620 31077 22808 23599 J44W 

1387 2665 3845 4856 C234 8008 9965 13009 U197 16134 17758 1907 21083 22815.. 23642 24542 

MIT 2740 3913 4869 6905,-8025. 10058 12035 1*238 16208 17840 19711 2U0R M369 

1427 2747 3925 4908 6333 BIOS 10064 1 2134 14319 16268 17863 19781 21173 22854 29674 2468* 

1480 23M 3837 49X3 6336 BITT 10096 1=323,14336 16310 17060 .19835 -21339 - 22B2& 3371 0 3U48 

1482- *yf 3949 SOM 6394 8321 1016S lMM* 14352 1 6311 17M4 1B830 3Z288 239^1 33^0 34S79 

lJS 2687 4030 5193 6417 8339 1«1 1241S 14429 16339 17M6 19M7 21357 22945 23731 24693 

•{. 406 1558 2900 4046 5206 6482 8417 10290 12424 14493 16350 18 027 19W9 ai448 22892 25754-24707 

426 1839 4973 4066 3213 6«W 8503 30339 12510 14664 16435 JJHWS 20000 21544 23036 23811 24740 

IMS 2975 -4091 5237 6305 8591 10402 1=530 14611. 16451 18069 =0034 21556 23061 23819 247*1 

1366 2977 4092 5332 6328 8835 10494 12598 14625 16515 18084 30038 21622 23063 5 55= 24785 

1535 3072 4122 5344 6543 8740 10533 12607 14701 16569 U101 20081 21830 23063 2 38 70 24809 

1600 5074 4147 5396 6630 8790 10559 18689 14749 16617 18159 2)123 21710 23096 23920 24840 

1669 3101 4169 5475 6835 8832 10649 12788 34814 3BB57 1K31 20156 21783 

1872 5133 — 

1724 3=12 

The new diet 








4169 5475 6633 8832 10649 32788 14614 1B637 18231 8H» 21793 23115 23»4 M849 

4183 5518 6683 8833 10718 12817 14694 18736 1 8318 20162 21799 23116 24004 24898 

4209 552= B6B5 8553 10719 12910 1*993 16740 1£S» »M12 21835 23138 24037 24931 

6686 8861 10810 15007 14958 16754 18390 20=72 31897 23158 =408= 

664 1760 9=84 4=8 5529 6680 8881 10810 15007 14958 
S5 19=4 9=47 4230 5531 6747 8867 10620 13045 ISOM 

10620 13045 15048 16777 38424 30 274 21962 =3324 24098 249 41 
10836 13120 15103 16822 18437 30378 21984 22244 24121 24999 
10898 13308 15X11 16858 18485 208 5 =036 23246 24129 23000 

778 2097 3396 4547 5M0 6914 B01Z „„ ^ 

__ _ 24156 

2206 9459 4531 5787 7028 81» 11031-13380 15232 17007 18708 203C9 22180 33349 -9079 
tril 3481 4375 5818 7161 9208 11130 33374 15209 17084 18789 SM11 22198 23353 34211 

(B4 2295 3503 4406 5819 7175 9286 11184 1S43B . 15375 =710® |8»1 gMg 23941 25411 24212 • 

1010 3308 3586 4446 5833 7973 9350 11280 13319 15454 1T17S 18574- TO4W 22827- 25443 24308 

1(124 3373 um 4483 BfiSS 7444 0333 1 1827 13543 15521 1725= 1 8941 . 30502 . 22388 23449 3431G 

11M MK 3571 45M 5M7 7»8 9348 UMO 23TO0 15M5 ?7272 ^ U4W 24321 

1118 2387 3630 4514 5896 7981 9388 11484 13679 15892 17458 225=5 23493 343B3 

J121 2460 3656 4539 5903 7637 9452 31502. 13751 15735 17458 1M92 .20634 32 36* 23515 24388 

3263 3484 5883 4601 5S31 7838 9538 11550 18833-15805 17540 19122 -30678 22830 23E20 24398 
luSl was 3723 4807 59GE 7098 9594 11637 13970 15838 1 7543 19171 30743 22881 23832 24415 

12M» 2548 - 376* 4717 «BO 77U M61 117= 14011 15847. 17559 1»1*> ^U - Sm 2037 34448 

1313 3603 8788 4733 8058 7722 9730 11793 14031 1588= 17814 19278. 30909 22766 33548 34480 

On April : 3i T978, the Bonds designated above wjU become due and parable in wch coin or bur- 
rettev of the United States of America as.a t the time o£ payment shall be lugal lender for. public and 
prrvate debt?. Said Bonds will he paid, npon presentation and surrender thereof with all coupons 
cpperUtnine thereto maturing after the redemption date, at the option ofthe bolder either (a) at the 
rurjionte trust office of Morgan Cunuly Trust Company of Jxew York, 15- Broad Street* 
New York, AW York 10015* or (b) subject 10 applicable laws and regulations, at the main 
offices of Morgan Guaranty Trust Company of New York in Brussels, -Frankfurt (Alain)* London or 
Paris or at the main Offices of Bank Mees & Hope NV in Ararfenlam or Bonque Internationale i 
Luxembourg 9JL in Luxembtnirg. Payments at the offices reieffed to inib} above will be made by 
:heck drawn on, or by a transfer to a ILS. dollar account inainmmed by the pOyeo wflh, A bank in 
Ntw York City. " . . „ ' 

coupons due April 1>1978 should, bedetadhed and collected in the nmalmBiujen - 

On .and after April 1, 1978 interest shall cease to accrue on Ue Bonds heron designated -for 


By 'WILLIAM HOBBS, Jf moglitg Direptor— 

Dated; February 23, 1978 

The Cappeir-Neill group’s continuing growth, 
in overseas earnings largely stems from our 
readiness to seek out new markets and new areas 
.of technology* . 

We are now becoming increasingly, involved 
with the processing of food and drinks - such as 
sugar, peas, hops and cereals.*. This includes 
complete package deals for the supply of entire 
process plants with all their mechanical and 
electrical equipment. 

Itmarks a significant expansion of our 

traditional activities as contractors to the oil, 
gas and petrochemical industries. 

The world wants what Capper-Neill makes. 

Capper-Neill Limited, Warrington, Cheshire 
WA1 4AU. Tel: (0925) 812525. Telex: 628382. 


Storage, pipework, materials handling 
and process plant for world industry. 










. M 



Sime Darby Holdings Limited 




• Interim Dividend up from 1196 to 20 96 

9 Directors propose one-fbr-one Bonus Issue. 

• Half-year consolidated results improve . 
Turnover up 1596 Profit attributable up 1096 

a Principal subsidiaries improve results in 
first half. 

• Directors foresee the profit growth continuing . 



Johnsen up 16% 
sins reduced 

Financial Times Tuesday March 21 197S ! 


Six months to 
31st December 

1977 1376 

MS million MS million 




Year to 
30th Juno 
MS mf lion 






















Rate of dividends — gross 




Johnsen reached a record £4.33m. 
for 1ST? compared with £3 73m. 
last time, after being ahead from 
11.7.1m. Lo £1.9m. at half time. 

Turnover of the group. which 
manufactures bricks, and acts as 
a;emi for woodpulp manufac- 
turers. expanded by 55.S per cenr. 
from £ 22.94m. to £35.73m. includ- 
ing U.K. building products up by 
37.’ t per cent- to £23.:tm. 

The reduction in overall mar- 
gins has been caused primarily 
by last year's acquisition in 
Belgium which added turnover 
but as expected incurred start-up 
looses during the year, say the 

The tax charge. at U.Gira. 
f£1.14m.'i reflects a change in 
policy on deferred tax. The 
change relates only to the U.K. 
building products division. 

Earnings are shown at 2S.76p 
( 26.08 pj ' per 25 p share or at 
21.63 p ilS.tilpj on the old tax 
basis. The final dividend is 3.643p 
net. for a maximum permitted 

G.143p (5.5 pi total. 


.as.: 2 r.ti«i ::.ss9.too 

. 4rSS.w; 3.MC..UH 
. 132.327 

. 1>3S3 

. try sv5 

_ a, 526.736 3.727.693 
.. l.tM-ft.ftS 1.1U7.94H 
.. 2.6.^ .01 4 SJiLTH 


•The Final Dividend for 1976/77 Included a 5% Special Dividend related to an 
extraordinary profit on sales of land by a subsidiary. 

Kempas (Malaya) Bertiad became a subsidiary on 27th December last, but hss 
been treated as an associate in this half year. If treated as a subsidiary, profit 
attributable would have increased by MS2.4 million. For the year to 30th June, 
1 978 it will be treated as a subsidiary. 

16th March, 1978 

Copies of the full Interim Fteport sent to shareholders may be obtained on 
request from The Secretary. Sane Darby Holdings Limited. Wisma MISC, Ja/an 
Conley, Kuala Lumpur, Malaysia. 

>vOJvww All I ■WftW'MW * II M.ihStol 

This advertisement is issued in compliance trim the requirements of the Council of 
The Slack Exchange. It docs not constitute an invitation to any person to subscribe 
for or purchase any Preference Shares. 



(Rigistercd in England No. 147207) 


Cumulative Preference Shares of £1 each 

The Council of The Stock Exchange has admitted the above Preference 
Shares to the Official List. Dividends will be payable in equal half-yearly 
instalments on 31st January and 31st July each year. The first payment, amounting 
to 3.67p per share (net of related tax credit), will be made on 3 1st July, 1978. 

Particulars relating to the Preference Shares areavailablein the Extd Statistical 
Service and copies of such particulars may be obtained during normal business 
hours on any weekday (Saturdays and Bank Holidays excepted) up to and 
including 11th April, 1978, from: — 

E. B. Savory, Mil In & Co., 
20 Moorgate Place, 
London EC2R 6AQ. 

Hill Samuel & Co. Limited, 
100 Wood Street, 

London EC2P 2AJ. 

21st March, 1978. 


Trudins pmflt 

Fibres division ... 

From a.'?oc ... . 
investment Income 
L.ian interest 
Profit before tax 


Net prniit 

Evrraerd. debitt j»,5.tnn — 

Available 2.C s ?.."n 4 2.5S9.744 

Dividends 7 34fi.0$a 

Retained l.rrs.wiT 2. , *43.633 

- Reduced by £oD9.83k t£T4!-3?i>i on 
etunfc of accounting policy - Pmn:i«i 
fnr future tradlne and ternimaJ tosse.- on 
dv<urt Ib«tock Precast. 

© comment 

fbslock Johnsen continues to 
buck the brick eyrie. Against a 
fall of around 12 per cent, in 
industry deliveries last year and 
an 11 per cent, fail in facing 

bricks (lbs lock's line) the group 
has pushed up sales volume in 
the UJ\. to 22Sm. bricks, an in- 
crease of over 11 per cent. So 
the group's development of 
rapacity at a lime when competi- 
tors are probably more besitaut in 
weak market conditions is reward- 
ing the group handsomely. In 
the UJC. production ran at a peak 
level of near 250m. bricks per 
annum mark, and margins only 
wavered slightly. It was overseas 
that most of the four point short- 
fall in margins was sustained due 
to currency movements. But start 
up losses in Belgium of around 
£1 10.000 on turnover or £l.Sm. did 
not help. With production run- 
ning at an increase of 17 per cent, 
in the U.K.. against 11 per cent, 
in sales, working capita] has 
jumped from £2.97ru. to £5.56m. 
reducing the group's cash 
balances from £2.0ni. to CT.lm. 
The current year has made a 
promising start and the group 
could make around £5ra. pre-tax. 
On a full tax charge the shares at 
142p tup lp) stand on a prospec- 
tive p/e of 5.7 and yield a pos- 
sible 7.4 per cent- They are not 

Revenue rise 
at Montagu 

Revenue of Montague Boston 
Tn vestment Trust for the year to 
January 31, 197S. emerged up at 
n0S,S27 compared with £67,965 
after tax of £128,079 against 
£74,171. The dividend is main- 
tained at O.S75p net per lOp share ' 
costing £87.500 (same) and the 
amount retained comes out at 
£21327 compared with a short- 
fall of £19,535, making the revenue 

reserves £108, SSS (£87,561). 

Net assets at January 3L 1978, 
which included a loan of S5 jam., 
were valued at 5,476,982 and the 
net asset value per share was 
54 j p. As at January 31. 1977, net 
assets, which included a loan of 
S7.3m., were valued at £6,583,755 
and the net asset value per share 
was 651 p. 

H. Denny 
to £0.79m. 

PRE-TAX profit of Henry Denny 
and Sons, a wholly-owned sub- 
sidiary of E. M. Denny (Holdings), 
advanced from a first half of 
£364,052. against £194.602, to finish 
the year to October 31, 1977, at a 
record £788,979. compared with 
£441.146 for the previous 53 

Tax for the period took £135,903 
(£23,676 credit) leaving a net 
profit of £653,076 (£464,822). There 
was an extraordinary credit this 
time of £55.461, against a debit of 
£75.169. Dividends absorb £762249 

The directors say that the 
current year to date is not pro- 
ducing the good results which 
were a feature of the first quarter 
of 1976-77 year. This is particu- 
larly so in Northern Ireland 
where profit margins on Wiltshire 
bacon have been eroded, they add- 
in the absence of a rapid change 
in these circumstances, they are 
not optimistic that results far 
1977-78 will match those now re- 

The company which is a bacon 
curer, meat packer and canner, 
has close status. 

Expanded Metal down by £1] 

PRE-TAX profits of Expanded 
fllctal Company fell from a peak 
of £ 3 , 22 m. to £2 22m. for 19<< with 
a second half slump from £1.64m. 
to £Q.9Sm. Turnover for the year 
was up slightly to £23. 15m. against 
£22. 5m. 

The swing from profit into loss 
by the steel stockholding sub- 
sidiary. where demand declined 
even more sharply as the year 
progressed, and the reduction in 
profit from building products, 
consequent upon the severe cut- 
backs in local authority 
spending, together accounted 
for virtually the whole of the 
reduction in group profits, the 
directors state. 

After absorbing an increased 
volume of spending on new 
developments at home and over- 
seas and some £ 100 . 00(1 of non- 
recurring expenditure including 
costs relating to moving the 
London headquarters of the group 
to new premises, the basic 
business in expanded metal and 
related products produced profits 
equal to those of 1076. Profits 
were also adversely aifected by 
some £100.000 due to the ending 
of Regional Employment Premium. 

On capital increased from the 
June, 1077 one-forrthree rights 
issue stated earnings per 25p 
share after tax £0.6>3m. (£1.02ru.> 
are 8.77p f l3.79p;. The dividend 
is stepped up to a.fii.ip (3.0139P) 
with a net final of 2.05p. Results 
reflect the provisions of ED 19 
and SSAP 

The directors say that on exist 
ing group operations the holding 
of cash at the end of 1D77 will 
grow strongly as 1978 progresses 
This resource plus the ability to 
borrow based on a strong balance 
sheet and an all-equity structure, 
places the group in a position to 
make a substantial acquisition for 
cash with consequent benefit to 
earnings per share. 

Within the group’s basic busi 
ness demand from the industrial 
sector continues in be strong 
the}- add. They say it is also 
reasonable to expect that by the 
second half of 197? the increase 
already evident in some areas of 
consumer spending will have 
spread to the building industry, 
leading to improved demand for 

a wide range of the group's 

One course of action that would 
have a beneficial effect on current 
profits, the directors say, would 
be to slow down the pace of 
developments at home and over- 
seas. But they believe this would 
be contrary to the real interests 
of the company and they intend 
to press ahead srongly with the 
various forward looking projects, 
which together amount to a sub- 
stantial investment in the future 
of the group, They say this is 
especially true of Explosafe, and 
in North America where the 
enlargement programme of the 
manufacturing facility is being 

• comment 

Expanded Metal's profits declined 
further in the second six months 
(after a 21 per cent, shortfall in 
the first half) to finish the year 
31 per cent down. Business was 
very flat with turnover up only 
3 per cent, hut the big problems 
occurred in the steel stockholding 
and building products divisions. 

Steel stockholding made a loss 
(compared with almost £^m. 
profits in 1976) as conditions in 
the steel industry continued to 
deteriorate in the second ball 
Meanwhile the special building 
products division (almost entirely 
prefabricated partitions for 
schools) saw its profits fall by 
around £300,000, to just above 
break even, as local authority 
spending dropped sharply last 
year. The rump of the basin ess. 
expanded metal (metal meshes 
used in a wide range of indus- 
trial and building products) how- 
ever produced profits much in 
line with the previous year and 
after £ 100,000 costs associated 
with the move of the group’s Lon- 
don headquarters. This part of 
the business has continued to 
hold Its own in the current year 
with demand from industry stiU 
relatively good and the group 
hopes that demand from the 
building industry will pick -up 
as this industry recovers but 
generally prospects look unexcit- 
ing. The shares at 56p yield 10.3 
per cent while the p/e is 02. 

Another successful year 

Year to 39 November 

1976 tncreasa ; 

1,285 sns> 

4,101 59% 

29.5p 28% 



Net Profit before tax 1,633 

Total sharefrotdera’ funds 5,285 

Earnings per ordinary share 39-1 p 
(Eamfngs per ordinary simulate account of the Rights Issue} 
— * 

• Trading Profit- Excluding exchange conversion 
differences, rose by 38%. 

• Dividend Increased by 116% 

Payment of a final dividend of 5-3375p per share is being 
recommended, making a total dividend of 10£375p per 
share (1976 — 4.73378p pershare). 


■ ~*ii 



- 1 - 



’■ £ 



■ vJ 



es, •. 
iol . 

0 Future Prospects ; > y 

The uncertain world trading conditions make profit 
forecasting even' more difficult than in previous jteass. / 
Nonetheless the BoaitPbelleves that the structure of the£ (Jo * 
Group and the strategy It is now pursuing:are- both--* 
soundly based and that the Group will have anotfrfbid me; 

successful year. utb, fie' 

V iai lo . 


28 Queen Anne’s Gate, London SW1H 9AB 



i d 




•gas — 

p 5ltfi 

• and. 


'. -wint^ 

- r wing’ 


Sir Cyril Black reports? on the 
year ended 30th September 1 977 

Results for the year 

1977 1976 

£ £ 

Profit before tax . 1,018,150 785,684 

Cost of Dividends^ 385,1 51 350,1 28 

Shareholders funds 1 3,238,01 8 1 2,51 7,662 

• Property Revenue op from £1 ,35m to £1 .40m. 

• Profit before tax increased by £232,000. 

• Phase II in major development at Sale. Cheshire, 
now commenced. Enquiries already received 
from well known multiples and other substantial 

• New office building In Sun Street and Wfison 
Street let asa whole to substantial tenant. 

• Properties valued professionally as at 30th 
September 1 977. Total valuation £26.6m. 

Surplus on investment properties £0.5m ; 
surplus on trading properties £3m. 

• Du ring calendar year 1977 rental increases arranged 
amounting to about £225,000 per annum. 

• Anticipate steadyprogressof group wiQ bo 

P fi 






■ A 

• . 'A 




Bryan R. Basset 
Desmond A. Reid 

Directors : 

A. C.Whitmee, F.C.A. (C! 
James E. A. R. Guinness 


Robert Hoilond 
David R. Stevens 

Year ended 

Ten years 
ended 31.12.77 











Performance statistics 

Net asset value 

Middle market price 

(Stock Exchange Daily Official List) 

Rate of dividends (net) 

Retail Price Index 

Distribution of Investments at 31 st December 1 977 

Equities and convertibles 

Overseas . . „ 

(including U.K. companies operating mamlyabroaaj 

£* jor 

Fixed income 

Extract from the Chairman's statement 

Our present revenue estimates are running at a higher ievei than last year and we hope to bs 
able to recommend a further increase in the dividend for the current year. 

Copies of the Report and Accounts can be obtained from . 

Philip Hiii (Management) Limited, 8 Waterloo Place, London S Ms . 4A y. 




Superintendencia Nadonal 
da Marinlia Mercante-SUNAMAM 


$ 160,000,000 medium-term Euro-dollwr loan 

The Bank of Tokyo, Ltd. 
Ampler dam-Ro tterdam Bank N.V. 

Managed by: 

Comii.onul Illinois limited - The Royal Bank of Canada 

Co-managed by: 

BanqaeEtuopeenae de Tokyo 

MemUXynch laiaaitiBiti Bank limited 

Funds provided; by: 

Amsteraam-Rotterdam Bank N.Y. The Eank of Tokyo, Ltd. Gmlmmtal IIKnois National Bank and Tmst Company of Chicago 

Morgan Guaranty Trust Company of New York The Royal Bank of Canada Group ■ Eangne Enropeenzie da Tokyo 

Merrill. T . JTWiTi Tnh>m.itlp pi»l T.trmfwl 

The Bank of Yokohama limited Uta Fqji iBank, T.imffefl Irving Trmi Company National 'Westminster RpnV Gump 

Northwestern Katicaial Bank of Minn eapdis Union Bmk of Swib^Hand The YasodaTmst and BanKng Cra^any, limited 

Bank of tho SonthwestNA 

ftww K I- H. !] P 

The BEtanhiahi Trust end Banking Corporatian. 

The lEtsohiAI Bank, Iamfcd 

Ubj Ifippon Grwftt Bank, limited 

Banda}' . - 

“Takagm lntema fiiTnal (Asia) lamped 

European Banking Company TawihJ The T nMrty Bank 
The Mitsui Bank lad. 

(Binli !»■>*> ■ 

KctmhEc National Bank of Dallas The Smrntomo Trust and Banking Co^lJd. 

flmni^i.Tn Tmppri J Bank of Commerce (Tnt wnarinnal f SA. European Arab Bank (BrosaelB) SA First CSty National Bank of Honston. 

The Hoturiku Bank, Limited In te rn a t io n al Energy Bank limited Iowa. Pea Moines National Bank Japan Inlemaiionel Bank Limited 
Mercantile Trust Compm^alknalAssociatian BoySTest Banldng Corpor ation T-inritpA Tin Tobal Tfarfe, TJTtritari TJBAF Bank 
United International Bank L imi ted United States Trod; Canqranyof New Ycafc ; A1 Saudi 

Associated Japanese Bank (International) limited AnstraKa mJ NWy RWriimri Tbrnfctwg Cmnp T.^irif^ri __ . Banco deYIzca 

Banco Naclonal dc Mexico, &A. tJ BAS A anx’ Bank of Eritiah Calnmhia Hw^rfMontmil. Tittarngtiwial TAwited County Bank’ 


* :•? - 


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r r. ’. 

4 .'i 








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n •' • 

v •'»' 


? i. 


• £• 

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s r; 

t :■ 


r> 7 

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Daiiva Europe N.Y. First Bank 

![.«. r.winnif-1) 

The National Bank of Australasia Limited 
The Provincial Bank of Canada 

Iran (hsseas Tmw ^Ttn ^wt Bmklsnnted 
IGppimE n mpw m TtaMlrS.A. 

Sodcto r^nfrriTn dr* 7Wmpw»_ S.A. 


Th e B ank of Tokyo, Ltd, 

Ixmdaa Interstate Baik 

Thritfiri Ti rgTnTn 


\ ,Mli 1 

r ERT 'Bi* 

I Mr * — 

•j \ . . - J . . ' 

i: j: • 5 . :/• : -/ [• 

*“• • ■■•••’ ’• 

£-.rj- s f- 


£48 •5 m 


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- i *• 

; ' ^ .-f v •• i -J- 


**/•’ T; ■ T'T '* V i-:> '■ 

ft ?'V. .. _ 


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;C . • ; ' . • ; lV-,v ;A . ! 

' r"r. rA.TSVA? ./•’ , ..•»’£ 

■■■■•il W .•»■•■' W.> f..«. I '-A-.- — .<M 




£12-2 m 

• • l r , i -t ■/' 1 # e 

^ "• • - .:v, ■ 


£5*1 m 

■■■ ‘ 
• . • "i'A • . 

v.^ a*- IVi 


Patrick Griffith,. Chairman,Turner & Newall, 
made the following points in. his 
Annual Statement: 

NH^M^hts of 

% Increased sales - up £81m at £414m 
^ Increased pre-tax profits - up £9*9m at £45*3m 
Increased overseas trading profits - up £5m 
Increased UK exports - up £21-9m 
^ Increased earnings per stock unit - up 5-38p 
Increased investment in the USA 

- chemicals and automotive components 

Increased investment in Canada . 

- asbestos mining ' T 

^ Increased investment in continental Europe 

- automotive components 
Increased investment in all UK activities 

To: Public Relations Dept/ Turner 8c Newal! Ltd./ 

20 St Marys Parsonage/ Manchester M3 2NL 

Please send me a copy of your 
1977 Report and Accounts 

Name— — — — ... 

Address ■ ■ 




T ■ 


28 * 

London Scottish., 
Finance Corporation 
* Limited 

Unaudited Interim Results 

for 26 weeks ended 24th January 1978 

• - 

26 weeks. 

26r weeks 





£ . 

’ ■£.- 

Profit before Finance 

- -■ '. 




Finance Coses 



Profit before Taxation ... 



Taxation (estimated) ... 






Profit Retained ............ 




£ - 







Extract from Interim Statement 


The Group's profit before taxation shows an increase of 
89% over the corresponding period last year. 

Whilst lower finance costs have -contributed to the 
improvement in the Group's profit, we have absorbed 
heavy non-recurring expenditure relating to the rationali- 
sation of Dupont Brothers Limited. 

Dupont is now trading profitably and should make -a 
significant contribution to the Group’s profit during the 
second half year. 

At Che end of January 1978. a Syndicate of Banks led 
by Barclays Merchant dank Limited repfaced the previous 
£2.5m. on demand Acceptance Credit Fbdiicy with a new 
three year Revolving Loan of £3m. 


The Board -have pleasure in announcing' an increase in 
the Interim Dividend from- Jp to .77p per share, aiid 
on. present indications .expect to recommend an increase 
in the final dividend aF not less than '10%. 

Speakers House. 39 Deansgate. Manchester M3 -2BE. 
Telephone 061-834 2861 - 

T & N to 



THE. INTERESTS -of Turner and 
Nhwall wm be further expanded 
If profitable and logical, but the 
directors, are weH aware of the 
dangers that can arise from over- 
rapid growth, Mr. Patrick Griffith, 
the nlwiirriisTj , tells members . 

He adds that Che company is 
well -poised to take advantage of 
any up-turn In industrial activity. 

. “Euring 1977 the group made u 
acquisitions, the two largest being 
the purchase of -a 52 per-cent in- 
terest In Philip A. Hunt Chemical 
Corporation in the UJ5, for 
about £34 m., and ah outright take- 
over of -jStorey Bros, a Lancaster- 
based maker o£ plastic products, 
for GBm. as already known. 

These, were further steps in the 
group's programme to increase its 
interests -in the U-S. and to ex- 
pand its, chemical and plastics 
activities; Important additions 
were abb made to the automotive 
components side of the business 
in the VJL, U.S. and Gontinemal 
Europe, Mr. Griffith explained. 

Capital 'spending in the UJK. 
during the year was almost 70 
per rant, higher at £!G-3m. .and 
the directors plan to spend £25ra. 
in this country during 1978. This 
money will go chiefly on a new 
unit benig built by BIP to manu- 
facture -f*VC resin, increasing 
annual capacity by 30.000 tonnes, 
and a new plant by Newalls to 
make glass, fibre insulation. 

Two - additional polypropylene 
film units are.- to be installed- by 
.Storeys and TBA is expanding Its 
belting capacity.. TAC will, com- 
plete Its second building block 
plant and exfremliTure will also 
be . incurred by .Engineering Com- 
ponents and Ferodo on increas- 
ing capacity, he says. 

Significant spending is also 
planned -for overseas on new pro- 
jects' and on expanding existing 

At the end of 1977 capital com- 
mitments amounted to £11 -2m. 
(£4.2nx.) . -and a further £3I'.4m. 
(£24.Lm.) had been authorised but- 
not committed. 

As : reported on March •' 3, for- 
th e L - year taxable - pro fit ■. adva faced 
28- per cent, -to £4?^5m.rqn sales 
jaer. ;cen*. better at £413, Boi. 
The net dividend is raised to 
I0.095o3p (9.122S7P) per £1. share. 

On a current! Cost basis accord- 
in gto Che Hide guidelines, profit 
lx shown lower, at £2442m. 
(£18. 11m.) alter -extra depreda- 

t r 

tion of £7.4lm. (£83flm;) and cost export rapacity. .'Towards end the raise ip ' salaries-Last • Dec- 
of safes of £MJSm. f£tiL33m-) and of 1977. the “bank: began <to ember ^haiaboMerersJected -the 
a gearing adjustment which develop Its acceptance credfebum- repo rt ...a-.-ggetgai^.Ta ab aitf. 
added- £3^8m; T£a.7»m.). ness- and ' -antioiiwtey 'oseikri recommending. ^djsxanttai sajary 

Meeting. Manchester, on April growth in th^tfirection. rises for board member 

20 at noon. T3» urcestmaot division is con- 

cerned in the tiswagement of \-T 7*11 
funds exceeding aod the \V 1 

bank has recently pteced' speeiai T V *"*«*“fP 

emphasis on seeking the manage- . n nr - ' 

meat of funds for diems over- ^ . J 

The dtoectoRJoK* fbeward 
further yearof chaflenge but 
that -the-proat leveis of 1977 

be ddffiaat to match. However, Mr. i-nadvjmrp. 4n taxahJ* 
RESULTS FOR. 1977 of Comity TSBd- 4j cooSriept '^that ge from fSStlSOtoa record £451,. ~ 
Bank,-a NatidnaLWesteninster sub- momentum ia rteent years, ^ **f e yrf-fer1977’t>y Wfflhdas 
sidiary, show' pre-tex profit at will COTry the oank' wrther for - R&d James (EnrinecreJ.roaJwiis pS 

” i in .m aspects of corporate - a-n- . va mnwt twrimofe 

Growth at 



H tops£0.45m. 

£8B7m. against £A27m., advances ward 

of H$9.4m. -ggatest H66Am. r and 
gross assets at. £531 Am. against 
£494. 8m. 

Mr. 5. W3W. ’the 'chairman, says 
that in A year of -fluctuating mar- 
kets , all di visions found oppor- 
tunities for improving fibeir per- 

The corporate Advisory division 
maintained its- growing reputa- 
tion and sated m over 40 merger 
stimtkms and rights issues. Some 
80 listed company clients now Britain’s 
look ta County, as their merchant societies. 

finance ' and advisory activities. 

ressed air vacuum hydraulic 

... . ent Sefey were .'.nit " it. 
£437riCL, against £4.4Jm., 

At halftime, when profit* wtos 
highgr at £M7B63 (£183,951 )i the 
directors said that the order book 
and future prospects •- genereVy 
had never; appeared -bettor datibef 
in quantity,- quality or mix as reK 
gards both home.' and -overseas 
markets. .- ■ . 

The directors' ;of the Royal . Stated earnings per»p 
Arsenal Co-Operative, one of for ijhe year were 

biggest - co-operative and the. .net ratal oividcb&"xs 
are expected -to be raised ' to 2.449675p -(SJillOZSp 

Royal Arsenal 
Co-Op. to be 

a 'capital 


bank; . • ■ . .7 ' challenged this week 7 from' share- equivalent)- wHh 

Advances, after allowing for holders, over the- Idlest .report and l.'459875j*. ; upd« 
repayments, -rose by 1'4 per cent, accounts. 7.-- • • organisation in J? 

By feri -the ; greater part . of These are expected' - to show al- 
^ ndU,g 31 i st moat-trflm. pre-tax -1 ms ^ 
over £200 ttl, are made to assist year as well as. suggesting a raise ?£. 

industry oyer the medium term -in .salaries for the retiring board P?®’ 589 1 

both for specific capital projects' of directorej " • balance of izzitiin ta5z,/rai. - -J. 

and for working capital, often with A shareholders’ action group is . 

a view <o providing increased, trying to gain support to query HA MIT .R ORNE ’ 

Ferguson Securities announces 
that its offer for Hanrilbwaia will 
be conditional only- on accept- 
ances being received in respect of 
more than 50 per cent", of the 
capital. This is. expected: to be 
.posted to ; shareholders jqtf 
-‘shortly. . -.H 

Westminster Property 
recovers to £62,000 

h‘0' J 

C^^^rsllepartriteft 1 

National V\fe^minster BankUmii^ to yA 
been appoiiit0iReg?strar of ? ■ - y 




' '.-ff 



All documents forregistr^tionand • _ 

.correspondence should in future be. sent to ■; . ! 

■ National Vtetminster Bank Limited-’^ ^ 
Registrars Qepartment . 

POBoxNo 82 ; 

. NationalWestminsterCourt : 

- 37 Broad Street 
Bristol BS9B7NH. 

Telephone Bristol, {STD Code 0272) 

Register enquiries 290711 
Other matters 297144 




in UJC of properties both in' the ILK. 
id Portugal >.tiired 

li^SlI Drake & Scull Holdings Limited 

Most Successful Trading Year, ever 


i Record result represents a remarkable transformation 
-Furtliar improvement in the Grdup-'s liquidity position ^ 

Three ^irlrfoipal operating corWpanies all achieved fbcprd.prdfits 
Current trading remain's satisfactory and Group using every endeavour 
to expand into profitable overseas territories . . 

Summary of Results 

Trading Profit 
Profit before Taxation 
Profit/(Loss) attributable to Ordinary Shareholders ~717 

Year ended 
37 st October 

... -1977 

Year ended 
31 si October - 

- ' 1976. 


'. - Earn ings/( Loss) per’O rdi nary Share 

- ... •• Basic • 

- Fully Diluted .••• ' <• 

Ttt nmp-MBr's Annul Gtwrra! Meeting wi/l it kt/tf n. tfnfatstfn Mink 2 Jm£ 
it 3.03 par io Tie Cbm M Hotel. PoratMl i Spurt. liaJoe WIH BAJ. 

* • pane^ . : f ; ; : pepeg-.- 

9*.4n ; . ( ., ‘ 

.-"'T-lp 7 ” J • 7 ■ 

Including an increase 
.profit eh- salfe. of ^investment and and FortagaI> directors Say. The 
dealings properties from £70,000 majority of tfi6 group's smaller 
to £380,000 tVestminster Property residential properties- in the UJL 
Group turned Id a pre-tax profit were sold - (mainly by auction) in 
for the year to September 30, July 1977' ' and: . the- resultant 
1977, of £82,000 compared with savings -in. bank ‘ interest and 
a - loss of £6U,791 last . time of management costs will more than 
which £318,832 .was due to flue- compensate for the- loss- in rental 
ruations in ‘^currency exchange income, they add. ..- 
rates. Turnover for the year was _In Portugal, the revival dI 
more than doubled- from £lm. to interest in. residential properties 
£2 ,49m. in the Algarve con tinues. ' During 

At the interim stage the group the year, a substantial number of 
reported a turn round from a loss residential unifs were sold and 
of £118,000 to a ; profit of £31,000 construction is zuvw-virtu&y com- 
and ' the. directors said that a plete on. the Windmill -block -of 
sixpllar level.-; of profits was apartments where already 
anticipated Tor the second half, number. of units havfe-been sold 

The directors state that- the 

increase. In .trading profit, up from £f the wmarmH -complex w^l 

disposals — the -contribution from 
the parent company and UJC sub- 
sidiaries rofie ' to £443.000 
(£190,933) and' £213,000 (£127.000) 
came tram the Portuguese sub- 
sidiaries. . i‘ - '- 

The past -year, although diffi- 
cult, has been- more satisfactory 
.for the' company .-and, -the direc- 
tors' say,‘ if is gratifying to see 
the continued- revival in 
property market both In the UJ\ 
and- Portugal. This, together with 
a redaction -In Interest rates and 
group - internal economies, is 
having a beneficial effect on 
trading, activities ' and, provided 
the trend continues; they look 
forward to the- fttture with .a 
reasonable degree of -cofffldehee. 

Stated earnings'-' pfer- 'SOp^SHaVe {*• . ^ Jm» 7? iTtAiTC 
arev.OJp.1 against - a :T0s^c oT' J ''' ;kll - . lilV-lUlylp 

and .again tl»re. Is - no -dividend. : ■ * ' ‘ * 

The' last payment was a 0fi7p 
final Tor 's 134p total for 1973-74. 

Overall bank- /borrowings were 
reduced, bv some £i.7m. by sales 

further deveiopmertt,4heji add. 

Pre-tax profit is struck after 
interest £S94i)0a (£313,072) indud- 
Fng parent' company and-. U.K. 
subsidiaries, £3S2,000- (£386fi72) 
and -Portuguese subsidies £21 2JM)0 
(£226,500). There is no tax this 
time compared with "a credit of 
£8.114 and after an extraordinary 
(hX credit for- 19S-78- of £5,066 net 
profit for the year emerged as 
£62,000 against a loss of £398fill 
After a transfer of £311.586 from 
capital reserve the 1975-76 loss 
was reduced R> £287,025. 



Strong all-round performimee brings 
profits to new levels 

Earnings per share 45% up 

Profit before tax up from £15m to £25m 
Attributable profit after tax up from £6:6m to £10.6m 
Earnings per. share up from 24p to 34.8p ' 

Turnover up 47% to £523m 
Balance sheet strong; borrowings down 


Preliminary results for 
the year 1977 




£'000 - 

Profit before tax 



Equity earnings 


' 6,638 

from UK companies 


' 4,671 

from overseas companies 


■ .1,967 • 

Earnings per share - • 



Dividends per share 



" J 

Earnings by operations 

Food distribution 
Fluid engineering 
General engineering .. 
Overseas trading 
Spirits and liqueurs 
Shipping : 

Parent company : 

. 1977 
• 1,813 
’ ’ '303 









-- i60 : 



10,567 6,638 

The Chairman , Sir George Bishop, say 's: 

“Each of the eight divisions produced exceHent resuIts, With- ’ ■ 
the souiidness and well-balanced spread of the existing \ 
businesses — and plans, management and money for flirther ■ 
expansion— the company will. continue its consistent ^growth?' 

The report and accounts will be published on 25th April. , / . 

Copies may be obtained from the Secretary, Booker Afc€onricllLmited, Bucklersbury JToiiSe,t<mddnEC4N SEE 

The accountancy profession has 
been placed in an invidious po« 

• tion because of the Governments 
apparent retuetwnce to bring 
forward comprehensive legisla- 
tion to dead wetib defects in com- 
pany law. 

This is tht essence of a letter 
to-day to Mr. Edmund DeH, 
Secretary of Ssate for T-rade, from 
tile Consultative Committee of 
Accountancy Bodies, ft expresses 
concern over the delaying and 
curtailment of .'.the .proposed 
Companies Bffi And -notes that- it 
now seems - probable that -the 
Government ;wfti not provide 
sufficient Parliamentary time even 
to introduce -the measures in the 
White Paper on -“.The Conduct el 
Company Directpre." ; 

The accountancy profession, 
says the letter, “has been' subject 
to cririirlnn, sometimes quite un- 
fiairiy, because cpmpanies or their 
officers have ■ conducted them- 
selves in an unsatisfactory man- 
ner but nevertheless have acted 
within the laW. 

“ Consequently, in the absence 
of a clear breach of the Com- 
panies Act, auditors bare not been 
able to draw attention in. their 
reports to actions - which sub- 
sequently have been widely 
criticised."' ' " . . 

In this context, -the letter refers 
particularly to' loans to directors 
and ftnanjaiaL assistance pror 
vlded by a compojiy for the pur- 
chase of its own shares. 

“The accountancy bodies have 
also sought -a strengthening of the 
legal definition of directors’ duties 
and ' respoosa^itles," . 

The tetter points out that the 
profession is making every effort 
to ensure that standards of audit- 
ing: keep pace with changes in 
business practice and with public 
expectations. “We 'took to <the 
Government to demonstrate that 
it has an equal regard for com- 
pany law improvements. 

A memorandum commenting- on 
the White Paper; on “The Conduct 
of Company Directors?’’— sent to 
Mr. Dell with the letter — supports 
in principle the . concept that in- 
formation about a company should 
be available free to its employees; 
But it doubts; whether the 
suggested requirement to send the 
company's full -annual report and 
accounts to employees . would 
achieve much in the area of in- 
dustrial relations or . improved 

In addition to the proposed im- 
provements to the disclosure pro 
visions concerning loans to direc- 
tors, the memorandum says con- 
sideration should be given to the 
disclosure of guarantees by -a 
company of borrowings by a 
director and of Indirect- or 
reciprocal arrangements - - under 
which directors may benefit 

New growth for 

cards from customers of -banks 
other than Barclays: .have risen 
by 50 per .cent, since Banrl ay- 
card's monthly- interest rate was 
reduced to H ‘per- cent. last 

Barclays Bank .says -that in 
February, Barclay card received 
nearly 5,000. such • applications, 
compared with around 3,200 for 
February .1977* 

The_ total number of new 
Barclaycards issued each month 
averages 40,000, the bank says..' 





Highlights of Bradford & BingJey BuTIdingSbdety's Year, " ‘ 

presented at the. "Annual General Meetlng-held in Bingiey on 20th March 1978. 


"The Society's Assets increased by over 
£182 Million or 26.34% -^a record increase 
In the history of; the Sofiie^l' - 


'T\i irinn thpvi«ar hun'rmiarWirf almost 180.000 


1, Theflteerveatotal £37.4 Million or 428% of 
.Assets^ one of the - highest ratios amongst 


"Wa fookTOrward tb f he future with ■ 

“In 1977 we granted 18,427 mortgages to new borrowers 

a total of £165:6 Million.” 




"Since October-1975, the Society has mac/eavaifabie over £12 Million to: Local 
Authority sponsored applicants'.' j'r.y \- 



4 out of every 10 BBBs morfeages 
gisnjEd in 5 9.77 VKete for people 

7^J0jnort9ages warranted thlirettime pttrthascrs'yvhq 
borrowed £59 l 7 Million. *■ . 

Bradford & Btngley was the fi«t Society to taW part Fn a special 
house purdwse scheme few ynunp persons, th* - 
Gloucestershire Housing Sociery Young Persons Scheme. 


Copies of the 'Be'pon 'and Accounts i .an be cbairjedfrpm The Secretary 



A trrimbtf of th« BolWihd SocfwOes AsSociattan V 
Ovor 500 Brsnshei'&’AgpneJe* 





Preliminary ^ Armouhcem^rrt of Results 

Year to-STst December 




Sales-^.., ' _ . 

, ■ 451S 94 

Profit before Tax- * 

' 5i36$ 

. . 

Profit after Tax and Minority I hterests . ' 


. 2.045 - 

Total dividends . ' 


3 .7? Hp ;: 

Earnings per Share . \ . . 

: 12lD6p 


't : 




Z-dJ A'T a 


' :• 


y m »% 


jte* '".v. 

>v»4 a 

. -Thebuoyantdemand indicated intha half-yearly. statemerrtdid not anHiriaB 
. .. at the anticipated tempo and the Group operated below capacity TiftfBt 7 '. ■}> i 

' areas tovyardstheend ofth&yesr. Taking these circumstances into acrouht; v - ** v ’ * rto - ' 
' I suggest that The 'finahrcsu|ts' reflect a-credftabfe' -p^orrnan'^ - 

1 We have increased oar direct exports. and have continued our favduriSeJ’qV i- 
participationinthegrowthofouroverseasJicBhsees. ‘ -■ " iT ‘ 


New and improved plant instelled fn both the plastics. and metfik ' - 


■any > 

upturn in the domestic and world economy which, '^although heralded, is not 
yet within.sfghL As. a result demand /ft mostcompanies in the Grcup — A 
continues well below capacity. ' t r ...’ ■ 

; However, lyiewthe shqrtrterrn fifture withxiatuipas optimi^erk ^ 

. — ... ..; • .. . '... John.Bodeh, Chaifmah.v^-: 


so:*-'-' . ' 

^ V 



■frr - .. w. 
...» . >. 

•in ' ’ 

t YVft ' - Fina ngial Times Tuesday M arch 21 1978 

pBiDS AND DEALS ~ - ' 



Provident Financial and 

M’chester Garages 
increases offer 

«-3 i i :U 

in ^ 


Halifax Ins. to merge 


fh’ -!y;» 

fl- K 

hV: i’f- 

Manchester Garages is in areas-, accessory, household product sad 
tog its offer for W. J. Rejnolds, personal hygiene for which It is 
the Dagenham Ford main dealer, now market leader for cleaning 
‘ Hie new terms— 11 shares in products with almost 90 per cent 
’ Manchester Garages (29p each, of the market 
down lp last night), plus 160p Trading profits of the "roup 

-for- every 10 held— value each have risen from £31,000 to 1973- 

• • Reynolds share at 48p. 73 to £104,000 hi 1970-77. Annual 

-hm«h» B £L were not raised before January, detailed Questions about the com- . X he *“1“®*®** lenas *** turnover. is now running at over 

iroim wiU !S77 ‘ VenerdMT-s statement says m wlFita to XuieoStag- baiW-up of e make of elmoM 28 fSn^-50 per mil of which 

SSHL hlii? uix V he tepital 01 that “we should record that we along -with the independent gw “ nt - m Reynolds by Mr. T. J. accounted for by exports. 

n£tatEr7?h A C °c??“ y ' 5!; were not radsSed- -with i the valuation. ’So the docwneStas a S B 1SSSL U ? associates, though 

n . . {* £BK? JSEi**! Share Wital explanakms given for the failure whole, is . widely expected to be &-<“•“£“* PHILIPS STAKE IN 

: 1 V-. tiJS e SSS p ^ opose ^ at t0 ralse the matter at an. earlier more cnicttTto - the outcome ^>f. J* 8 tr ^J J iWb quarter. FnTFFT 1 SION 

fc . i >-'vie request of Provident to reduce date. the bid' than either the original Stoodley, Manchester Gar- tvtUirr UoiUii 

^. ,^e expenses of the offer. offer ox rejection. document^ ages’ chairman, said yesterday Phili ps ■ Elec tronic and Asso- 

The terms are £2.42745 in 'TADarir 1 crryt f c London Sumatra’s ' nrice has - ** 53 * the decision to increase the eiated Industries is con tinning to 

Jr each existing Ordinary share TARMAC S KI . IS been' eentlv firminz unnrior to terms had been made because the build up its stakes to UJC. tele- 

issSSSHS ‘issnfaw* sa-M-?ys 

NTHN. FOODS The Board of Reynolds, who reached the 6 per cent- level on 

IMPROVES. OFFER are understood to control around "March 6. 

rnp cmp^mMC ' 28 ‘per cent of the equity, have Philips also bought shares in 
— ■ M.Vihn. » " rT?. 1 k-i.nnrnui.Tr already made it dear that they Electronic Rentals in February 

r bunt up its stake prior th „ ' vould prefer to remain indepen- and has reached 32.075 per cent 
in 1972 which, jwas con- de ?.V„ SSLSH* in to* cage- ft. toy undertaken 


. . , due 1983. the Wolseley-Hughes for . just- over 

. or ”“>a« value being equal to the £2_S5m. after expenses; The base 
isb cons deration. cost 0 f the 1.5X5491 shares was 

Tbe principal activity of Halifax £3.9m. and the written down book 
underwriting private car risks, value £ 0 Rm_ 
erni d, JSiS* ®*JPf 0T ldent have Tarmac 

SftlifJS? tested Mti then iSTolkl- T3FT* and; extending it until a fu j, statement to shareholders not to go beyond 35 per cent of 

m considerably enSn^the ing refer ence to ^Monopolies Shipsione . shareholders who £!££d! document ^^SSiofSdlStoS'wto Se 

rowth prospects Of ttSfajL It £ Commission. Later the stake was accept Northern Foods’- offer will aad **“ p0Stfid - *S 0 7 f e 3X tbc 

it ended, that Halifax, will operate Mbed Md breakfasted ** when, it now retain, tbe -proposed., final rrv_rn» RAPlfT\r .„w,t *„ 

* far aa possible as aitaaSS bad value, 'iri order., to -dividend .of ILSSSp'net for each CO^JPBACKING "SSw hSbfe S ££U& 

ent entity. Tbe directors of obtain tax relief. . Shipstone Ordinary . share -an-. FOR MEYER & tne miymg_na» peen set pnouciy 

p ;j L up o ST 4 tiSSTpfM* «c£KE£ to°S2a to*, JS? « f u “ 0 ” ^ ** k ” ^ Re56: 


based manufacturer of chamois years ago when it sold its sub- 
. leathers and synthetic sponges, sidi&ry in the field. Now Philips 

upheld its earlier 111 ■■tarmacs " ammuous capital HALLAM S LEI GH SBCF has also injected £100.000 wants to leave rental to the spe- 

ew that Mr. H. A. Bonntog and expenditure’ programme”; the EXPANSION of development funds to finance cialists and will buy stakes in 

r. R. T. D. Stott were not acting sale bad nothing to do with the Hallam. Stele* and Outtton an- mansion. them because of their attractions 

concert when, in June. 1S76, problems the company has hounceTtlndi^n^ctsh^el beui “arkets supplied by as investments and to consolidate 

ey^boufijht shares to Manx and experienced to Nigeria,;^,.. . exchanged’fb?^ purchase of Meyer “** ^ automotive friendly trading relationships. 

Investments which The shares went -to' avwide Tnmstrtp for a ctraaderatibn of 

and Mr. J. B. H. Jackson, a direc- 
tor of Philips, would not be drawn 
Fond, yesterday on what the target level 


Hughes* ___ _ . . 

interim results. Mr. Paris said shares in Shipstone. 


The City Panel on Take-Overs proceeds wquld be used 

id Mergers has upheld its earlier “ Tarmac’s “ ambitions capital 

■gether amounted to almost 50 selection of institutions. "Ttowe fMJWOrsatisffetf by~the‘ Ifiufe of j 
* “ * ^ 320.000 new - 

,^ ent i 0f tbe company. This ^d Pitman, one of 

5*Z£ii broker,. huaMCAt 


.y^hich, have been . 

“ and other; 

sS Broadmount agrees Target 
umtisation scheme 


iling by Sir Jnhn Bo'lfon^'ami the context* of tbe jsiadng 

ssssias .bi, sars^aatf^a a sar&ss wb.^ 

sumatoa . a-sassaai* 

lie However M5T -£ ^.SSl S* iSSK , 0 S unitisation of the company. 

ft* 4wSThat it ^1S 2® 10 **“ to earnest tSfeTS^aS^S wonId ^ oIve placiDg «« 

shown sufficiently con- ‘ 

at ‘ 

on the terms of a scheme for the tog to about 45 per cent 

This Warner Holidays: Mr. E. H. S. 
com- Warner, Mr. H. E. A. Warner 

gain. - year to September 30 1977 were P 31 ^ 111 voluntary liquidation and and Mr. J. O. C. Warner, direo- 

To-day- is the second- closing £605,000 and company’ incurred a transferring the assets: after tors, sold on March 8 200,000 

mntoJ ^ SS'Tl mfiT^FEr* n^p^n inWe^nz ^dtoary at 25lp.and 2L175 “A 1 

thtothe independent valuation of the SnthstolS SL S3 iwZ liabilities, to Target “ * “ ‘ 

thm the meaning of the Code." Indonesian esfatoK m..ct ha TT an anthori. 

Growth Fond, Ordinary at 25p jointly held. 

■ and the coin- 111 existing authorised unit trust. London and Strathclyde Trust: 
trading profit- J n exchange the Ordinary share- Imperial Life Assurance Company 
' holders would receive units In of Canada Life Fund has acquired 
fa^be -acquired are. this fond. If the scheme is Z?0, 000 shares f4.86 per cent.) and 

ssible obligations under Rule 34 that miswerT'to -M^eo4^!^s. 

. th 9 t , v Indonesian estates must also be. cast to be £380, 

Panel “nnil nent now. It -was jiromlsed pany is curren 
a PP®*l- . for the first half of March. ably 

Ihe Panel also makes the point ‘.Robert Fleming, _ advisers to the Net 

st ,^ r - Stott’s and Mr. Banning's London Sumatra Board, has said £39SSoltd^lrer>^^u^hd tax Adopted, the. AS per cent. Cumuli ’-The . PCasion Growth Fund has 



Bank of England Minimum 
-ending Rate of 6} per cent, 
(since January fi. 2978) 

yesterday, and 
% gave -assistance 

pve Preference shares of 50p each* acquired 355,000 shares (3.465 per 
would be repaid at par uhd cent). Kuwait Investment Office 
preference shareholders would re- ^ sold its 1,055,000 holding, 
ceive a final dividend for the i- 
period from November 1, 1977, to SGB BUYS 
the date of repayment Ordinary ■IJY’fO OPEN 
shareholders would receive a J, * cr uiwnwr 
terminal dividend representing t-ASi MINING 
the whole of the undistributed Won equipment and services 
net revenue from September 15, group,, has acquired for £Llm. 
1977. to date of liquidation. ttie business of Lomoimt Con- 

. The Board estimates that as at 

March 13. 1978 on the basis of the «« «»* “ 8 1 ““Ira® 101, 

market valuation of the portfolio t0 ihA^lnt^tfnn u» 

finding noon, to close at 5-5* per cent at that date, the net assets attri- stuart^ ^Henderion.^ "J'dfrertor^f 

Banks carried over run-down butabie to each Ordinary share c^Gwun” *35?* Lomnum 

, n «l "Per balances from Friday, in contrast amounted to 35-5p. If the scheme onSations^r? comnlementuv ^to 

cent for secured calUoans m the to previous expectations; fairly had been adopted at that date. SJJ JSJS? eiSh C movirm hire^ailri 

early part of the day, and dosing large revenue payments to the the. equivalent value, on a bid SmcSg ?5Sr5S?5E»SSJ SS 

re * pect .ried out- by SGB’s subsidiary. 
Services • Group, 

* *- . I 

Very large assistance 

still had difficulty 
closing balances. 
Discount houses paid 


”)av-to-dav credit was in short early P 31 " 1 of «« day, and dosing large revenue payments to the the equivalent value, on s 
_, n i v i __rinr, m»r» m»r. bala " ces w ®« taken at 4^54 per Exchequer exceeded Government basis, of. Target units in re 


Is from the discount Iiouses. but’ rflmaineif at 6J-64 
rhis was probably more than for most of the morning. 

driSiXioV^* ^ ^cT^Tacquired. in 1974. 

the author!- . in the Intorhank martet ovjb> was also faced 

-a , by buying a night loans at 3-6i ^linthe note circulation. . „ .. ’ The -Boartrtgte .-ths s view'- that'.:^ 7to.Vd^ r oV“tte~NCBVtorgeW 

C* large amount Of iTreasunr qwt-And^uched 6>6| vJer cea^^ frm'.ihe other hand tWuwrkei the r^olve Ebe lor.^n^ M^ro^ctiori nre’ 

- w •■«...» ,|ic in«wi uhs aaicuw mu ira«i»c tt»c Jor. open-cast coal production Dre 

r cent. vw?s; helped by net maturities of problem faced by the company, rent P 

i Rat t? T ^ sllr y . t ” Us . 011 a sixeabre scale, in common witi^other investment tunity to^G^G'ro ito°arid we P are 


(Incorporated in the Republic of South Africa ) 


Mr. H. F. Oppenheimer reports 

I am pleased to report that tbe Group once 
a gain achieved sales and fncome substantially 
in excess of those for the previous financial 
year. Notwithstanding the difficult economic 
conditions prevailing in South Africa during 
1977, Group sales totalled R590.2 million, an in- 
crease of 36.5 per cent over 1976. Export sales 
at R39.6 million In 1977 compared with R30.2 
milli on in 1976. Tbe 1977 figures include the 
sales of South African Nylon Spinners (Ptv) 
Limited (SANS) which became a wholly-owned 
subsidiary on 1 January 1977. Sales other than 
those of the SANS group increased by 16.1 per 
cent over 1976. Group net income before taxa- 
tion totalled RS4.6 million, an increase of R10.0 
million (183 per cent) over 1976. 

Last year I indicated that the Coalplex 
project, which tbe Company Is undertaking as 
a joint venture with Seotracbem Limited to 
produce PVC and caustic soda, was not planned 
to operate at an economic level until the second 
half of 1978 at the earliest and. because of its 
size, would distort certaixr financial ratios for 
several years. lit will thus be seen that earnings 
per share fell from 28.8 cents in 1976 to 25.1 
cents in 1977 because of the larger number of 
shares listed following the rights issue during 
the second half of 1976 to raise some R83 
milli on as part of AECTs financing requirement 
for Coalplex. Ordinary .dividends were main- 
tained at 18 cents per share for the year but 
dividend cover fell from 1.7 to 1.4 times. 

The Board has derided to discontinue con- 
solidating tiie assets and liabilities of all 
foreign subsidiaries and to bring to account in 
respect of those subsidiaries only income .which 
has been received in South Africa in cash. 
Comparative figures for previous years have 
been adjusted where necessary. This conserva- 
tive method of accounting is considered to be 
the most appropriate for the Group under 
present circumstances 

Tbe volume of sales in tbe Republic was in 
total only sMghtly higher in 1977 than in 1976 
but tbe level of business activity unproved in 
most sectors during the second half-year. 

The higher profits were to a large extent 
attributable to the considerable improvement 
in the performance of tbe coal-based No. 4 
ammonia plant at Mo dderfonteio . As fore- 
shadowed, technical problems associated with 
this plant have steadily been pesolved and 

Previously 1 stressed the need for improving 
the training and development of all employees 
within the Group in order to ensure an adequate 
supply of stalled manpower for the future ‘to 
operate c&mplex chemical plants. Training is 
expensive and while tax incentives for approved 
training courses for blacks are granted It does 
seem inequitable that similar incentives do not 
exist for the training of whites and coloureds 
and that those companies which undertake 
tr ainin g on a broad front receive no compensa- 
tion for this. It is to be hoped that the tax 
incentives will soon be extended to embrace all 
traimng and also that tbe remaining legal 
barriers to the training of blacks in white 
areas to higher skills than allowed at present 
will be removed. 

Details are given of the Group’s employ- 
ment policies in the Directors' Report and it is 
not necessary for me to elaborate on these. I 
would, however, tike to comment on progress 
that has been made during 1977 in the provision 
of housing both for coloured and black em- 
ployees. The Macassar Housing Scheme at 
Somerset West for- coloured employees repre- 
sents to my mind a major stp forward as it is 
the first time in AECI that coloured employees 
have been able to avail themselves of the same 
borne ownership facilities as are available to 
white employees. The black housing project at 
Zamdela, Sa sol burg, embracing 100 bouses for 
married employees and hostel accommodation 
in flatlets for single men, all built in conjuno 
tion with the Vaal Triangle Administration 
Board, together with the introduction of home 
ownerships schemes for leasehold title, repre- 
sents a significant breakthrough in the provision 
of housing amenities for our black employees. 

In the wider context of improving the 
quality of life of blacks and coloureds in this 
country. 1 should mention that AECI has 
donated R1 million to the Urban Foundation 
payable in equal instalments over five years. 

Results for 1978 will depend upon the rate 
of improvement in the economy bearing in 
mind that in a number of areas plant capacity 
is substantially to excess of current demand. 
In the capital intensive heavy chemical industry 
the level of plant utilisation is critical in deter- 
mining profitability and AECI is thus well 
placed £o benefit considerably from an upturn 
In economic activity. The recent fall in the 
value of the US dollar and the Rand against 
other international currencies should help the 

during the second half of 1977 tbe output and r . .Group in -.developing; and exploiting export 

mgh to take out the under- eased to 6-6i per cent, at lunch,. Rates in the table below are trusts, that the market price of looking for further expansion of I hardened to an extent over recent months and 
ig shortage, but some houses and fell away in the late after- nominal in some cases. *— *- * — - • - 1 ■ ------ - 

". n 

> i. 

CK 1 

i) & S.-Nto*' 1 

i Sterilnz 

U«r. SO ! CertiHmt* 
197- 1 nfttepntit 


•lepmit* . 

Xnmi A utli 



1 •f-pont- 



market : Tre«aiir\ 

Bill? * 

' Mills* 

” tu-fti ; — 

5 65* 




41»-6«* ; . - 

nwic«..; — 





1 - 



-or — 

- nolle**.. — 



6i e 


53, 6), 1 - 




658 638 

65s -6S« 


6 53, 



tnonth» a ..i 6rii -b , * 

t»a- K 5* 

S la S* 






67* . 




wnth-....! fits 634 

67 a .7l 8 





. «ii 



tmailwj ?U-?Ib 

7)V 7«« 


• 5b 67a 



— j — *.a^ 


; 7 A’ 7j b 


734 77s 



• "i 

: — 


l-«ra ( 




~ :: 

. J— _ 1 *T r 

, T". : .' 


its Ordinary shares is quoted at a Lomount’s activities.” 
substantial discount to the under- 
lying assets. They feel that thej 
rtaeTrad* scheme will improve the market- 
ability of tbe shareholders' 
investment. The share price 
improved 2p to 32 jp on the news. 

The company was originally 
subject to proposals from 
Chieftain Trust managers 
unitisation of the company. These 
plans were rejected by the Board. 

Chieftain has called an EGM for 
April 14, 197S. The Board 

considers this scheme to have 
advantages over the Chieftain, 

plant efficiencies achieved were sdgnlficantly 
above those for any previous period. 

Unfortunately the depressed conditions in 
the South African economy, particularly is the 
building, motor and furniture industries, have 
reduced the local demand for the Coalplex 
products to a lower level than previously 
envisaged and the profitability of the project 
will suffer accordingly. New outlets have been 
developed and additional exports secured in 
order to achieve maximum plant utilisation. 
Selling prices in export markets are however 
depressed because of excess capacities world- 
wide, the cause of which can be traced back 
to tbe massive oil price increases of the mid- 
seventies. Notwithstanding these setbacks ,the 
project, which is based on coal, has exceptional ^ 
king-term potential- ■ “ 

Tbe Triomf Richards Bay phosphoric add 
plant continues to suffer from its introduction at 
a time of world overcapacity and severe market 
competition. However, selling prices abroad have 


il auftnritlro end finance hones sewn days’ notice, often sewn days; fixed. Long-term local apihoHW-aJiortffme rare 
| ally thro rears 10 per cent: four rears J0HBJ per cent.; fivu roars 10(46} per cent. UfjrjS&gfeJn tab’s are "’Ah EGM 10 consider these- pre-*. for. prtnw paper. Bay in* rales for ftmr-mootb bank Mils R?-«te»-.p<y four-mojrqJ. md'v'onM^S^ner cent. • sosals has also been called ‘fori 
munmat* .netting rn«*ror one-mootlt Treason- MO*. 5»V ner ceni.:'..Wb-to*ift 5 "to- 3! ®er * cew3i? month tii n f n n«u. 

per 'Mat. Approximate acinus rate for on o- month bank bUU «-*$»' per t-enL: I\ro-m oniji . ^6 -T*T . : and "P 1 " *® immediately fOUO* 

troth. 6trd3& per cent One-month trade bfta a} per cent.; iwu-umnih 6} per cent.; and also. Dtreo-monttr per the meeting to consider' the 

|mce Hon** Baa* Rafts rpoMifted by fte Flnancr Hmivs Association) 7 per cent from March t 187S. Ooarfev Bank wh^contr ol °464 3 ue r^n the 
t Rates tier small sums « wren dwr notice) 3 per cent Clearies Bank Base Ratos for tending 6} per cent Treasnry h, 

Average leader rates of disco en! 5. 6805 per cent. equity intend to vote m favour 

equity intend to vote to 
of the Target scheme. 

1977 /. - : y 

1976 .. 

... £ 000 's -w- - L . " * -V " 

£000's ^ 



22.439 “ ‘ 

Group Profit before Tax- 

: 2,217 'V . jjr f ’- 


Pro fit afierTax 

'*-'.1.583 l t \ i 

2.192 / 

Earnings per share 

S,77p ...V..,":... 


Dividend per shard 

3.675p : ^>--rV.V ' 

•3.01p ■/' 

'Net Assets pershare 



(Note: The figures reflect toe provisions of ED.1 $ a raj SSAR3). 

Extracts from Chairman’s Statement 

ids An interim dividend of 1.625p per share 
hdmary Capital -was paid on 11th November, 
ha Directors now recommend a final dividend 
x making a total for the year of 3.675p per 
976 = 3.01 p). 

3 The (rends noted in the Interim Statement 
id throughout the remainder of the year end 
. he Group to suffer a considerable setback after 
ttcutiva years of growth in profits and earnings 

swing from profit into loss by the steel stock- 
subsidiary, where demand declined even more 
a$ the year progressed, and the reduction in 
om building products, consequent upon the 
utfaacks in Local Authority spending, together 
ed for virtually die whole of the reduction in. 
irofiis. The basic bittiness in expanded metal 
(ed products produced profits pqual to those of 
ter absorbing an increased volume of spending 
developments at home and overseas and some 
)0 of non-recurring expenditure including 
toted to moving the London headquarters of 
up to new premises. The year on year com- 
also suffered by a tike amount due to tha 
yf Regional Employment Premium. 
the basis of existing Group operations, the: 
of cash at tiie end of 1877 will grow strongly as 
regresses. This resource, plus the ability to 
based on a strong balance sheet and an all 
spiral structure, places the Group m a position 
a substantial acquisition for cash with conse- 
mefit to earnings per share. 

Outlook It is unlikely that there will be any early 
increase in demand ■■from Local Authorities for the 
Group's specialized building products but longer tend 
expectations are reasonable. In steel stockholding also 
there is no near'prospect ofbn increase in demand but 
there are strong indications of some relief from the 
severe downward pressure on prices of the recent past. 

Within the Group's basic business of expanded 
metal and rdated products, demand from the Industrial 
sector continues Tp be strong. It is also reasonable to 
expect that by the second half of the year the increase 
already evident in some areas of consumer spending 
will have spread to the building industry, leading to 
improved demand' for a wide range of the Group's 

There is one course of action that the Group could 
take that would Hava a beneficial effect on current 
profits. That would ‘br ta.’sfow. down ths pace of 
developments at home arid overseas-, Your Directors 
believe this would be. contrary tq the real interests of 
the Company and -Shareholder^ and they intend to 
press ahead strongly' with the various forward looking 
projects which .together : amount to q. substantial 
in vestmenrln die future pTthe Grotip. This is especially 
true of Explosafe/ianiHn North America" where the 
programme for tha enlargement of the manufacturing 
facility is being accelerated, with the objective that by 
the middle of t679 the modem factory at Atlanta, 
Georgia, will be able to offer an extensive range of 
expanded metal and related products: in the largest' 
domestic market iri the world. . 

q Expanded Metal Company Limited 


Associated Leisure has acquired 
Bo per cent of the equity capital 
of The Runnymede Hotel (Bghkm ) 
for some .£63.000 in cash. 

In addition. Associated will 
make available to tbe Runnymede 
non-interest bearing loans of 
£390,000. of which about £333,000 
Wul replace existing borrowings, 
and the balance wifi be used for 
further developments. 

Associated has also concluded 
an option agreement for the pur- 
chase of tbe outstanding 85 per 
cent of the capital at valuation: 
exercisable to 1982 or 1983. Dur- 
ing this period, the vendors, who 
wil! remain as holders of 35 per 
cent, of the equity capital, wfl] 
be responsible for managing the 

hotel under the terms of a man 
agement agreement 

The Runnymede comprises 90 
bedrooms together with exten- 
jfiVe restaurant, bar and confer- 
ence facilities. The site is said to 
offer considerable scope for the 
development and extension of 
existing faculties. 

This acquisition reflects Asso 
ciated’s policy- of extending Its 
interests in the hotel, catering 
and holiday sectors and follows 
on' the acquisitions of Carton 
Holdings in December 1977 and of 
the Berwick Holiday. Centre in 
January 1978. 


S. Pearson and Son: On March 
8, the Cow-dray Trust acquired 
4.700 Ordinary shares and on 
March 16 disposed of 89* 355 
Ordinary shares making a revised 
holding of 5,020,731 shares. On 
March 16.- the Cowdray Trust and 
the Dickinson Trust jointly dis- 
posed of 1,680.794 Ordinary shares 
making a revised holding of 

Sound Diffusion: Control nomi- 
nees holds 704.093 shares. 
Houston Financial Services holds 

JSJWjJS® M [ c R- P Stonor 
holds 709.440 shares and Mrs. 
J--SL Stonor holds 724492 shares. 
Foster Brothers: G. R. WUcox. 
director, on February 24. -sold 
100,000 Ordinary shares’ held non- 
beneficially. S. B. Colons, a direc- 
oI^°iLv> bruar y 20. transferred 
Ordinary shares at nil con- 
sideration' and an February 27 
sold -43<8 son-benefic!al shares. 

H. Young Holdings: Mr. R. EL 
Clarke, a director, has informed 
company that private companies 

the. cash flow in Triomf has benefited accordingly. 

markets while the bighey cost of imports into 
the 110001)117 should 1 assist those sections of the 
Group’s business which have in the past suffered 
competition from cheap Imports, frequently at 
dumped prices. 

While profitable opportunities of broaden- 
ing the Group's base and increasing efficiencies 
in existing plants will continue to be taken, no 
further major expansion is intended until the 
pattern of future demand becomes more clear 
and the major capital programme over the past 
seven years has been digested. 

It is with regret that 1 report the death on 
20th May 1977 of Mr. C. F. Todd. Carl Todd 
served this Company as a non-Executive direc- 
tor for over 30 years and tbe benefit of his 
experience, apd - wise - counsel is sadly missed. 

in conclusion. I should like to extend any 
condolences to the families of the five men 
who lost their lives in the two serious 'ex- 
plosions which occurred at Modderfonteln 
during the past year and to express my thanks 
to those people whose prompt action speedily 
restored the factory to normal operations. 












Can you name 

the lO™ largest 

correspondent bank 

in the US.? 

To give yon some hint of who we are , hanTtm* 
professionals in over U00 banks -both in the US. and 
throughout the world — have chosen us as a 
correspondent. We have 300 offices in New York Sta te 
and key people in 22 of the worlds major financial 

JVeVe.the I2th largest bank in the US. with 
$102. bpian in deposits and total assets of S121 billion. 

For years, we ve been involved in foreign 

exchange and foreign currency management So, not 
only do we have the capabilities, we also have the 
knowledge to provide you with direct loans and to 
man age major international credits. 

Maybe it’s because of what we have to offer 
^worldwide that more than half the companies on the 
Fortune 500” list do business with us. 

Now you know everything about us except our 
name- We’re the Marine Midland Bank. 





/■■■ * 


. f-, £ 


Canada needs a 
new tax deal 


.... ■'■ 

?0r . ~v 






'$• -iftSa 


The big money bank. 

Any bank can lend money. But it takes a 
big money bank to lend big money. 

There are only a handful of such banks in 
the world, and Security Pacific Bank is one of 

Were one of the ten largest banks in the 

United States, with assets of more than 
eighteen billion dollars. 

So if you’re looking for a big money bank 
to handle the big share of corporate finance, you 
should consider Security Pacific Bank. 

}f the ten largest banks in the MWimit The big money bank. 


International Banking Group, 333 South Hope Street, Los Angeles, CA 90071. 

THE PROSPECTS of continuing fanfl r _ n - ' tntfex-il7Q ASA's staJce w-a- wo«n 

the present Canadian federal- 200 S per fine ounce » ^yesterday’s closing price 

provincial mineral tax systems PT n |U|IK|CC A * 320p. . • .■ E? 

“represents one of the greatest l»WM# fflllew J 1 A Registered m JohannesourK^..^.^- 

deterrents to the future growth IMnCY r \t\ ASA Is a vehicle for U.S. invest-s^.pp 

and expansion of much of the a IIMLJC^V- f • 1/ X —160 ment in South African 

mining Industry in Canada," 190- A right-hand .*7, 1 stocks, and its sha re d ealing,, , -fry 

according to the Mining Associa- |\ scale tJ • P^aes *** f s , a i , LI ^?^? ae fn r thd? 4 

tion of Canada in a submission U ft / ± investment " ltereSt t #- 

presented yesterday to Federal I * /••••• \\ ■ secior. 

Cabinet Ministers. I v '“l I !• -150 Its report for the three months. 

John Soganich reports from 180 ~ / # \ / /• \ &%££2i* t?S*S 

Toronto that the association’s / , I I-' 1 

brief called on the Federal •jJ./ * V T \ & "fairly uSoSS|?5 

Government to take the lead in . /-WV* # 1 ,-n life, and Doorafonteln, a sokjj & 

returning Canadas mining taxa- 170jC producer which is very sensitivity I 1 .* 

tion system to a position of ■ OwLU r KIWC to bullion price fluctuations, fcailj 

stability and uniformity.” The left-hand scale been reduced. Ri 

brier, entitled “Mining Ip 111 On the other hand 35,000 shares 

Canada. Issues and Concerns." *U j 1978 « qPt j n Randfootein. which is wellC ™ 

was presented to the Cabinet by -ignU — i - — march 1130 advanced on a major gold an©;’ 

Mr. JI. A. Upham. association JANUARY FEBRUARY uranium development progranitnej|% ; 

president, and president. Inter- ' ’ . hare been purchased, to create : • 

national Minerals and Chemical since the beginning of the year the rise in the bullion price ^ 77.900 shares. A holdinig ‘ : 

Corporation (Canada). has beeil accompanied by some erratic movements in the Gold „F 25,000 shares in Hartebeesqg v 

Mr. Upham, in presenting the Mines index. Reflecting the coneem over the decline in the another gold-uranium produce ; j 

written submission, said that the dollar the bullion price recently moved up to touch $190 an which is building up production^ , y 

decision of the First Ministers' ounce, before reacting as measures to support theU-S. currency has been created. pg . • 

Conference last month to conduct were announced. The Gold Mines Index reached its years nigh ASA have evidently been suffij* 
a full review of mining taxation of 168.6 on March 8 with fears of a left-wing victory In the ciently impressed with thaw S” 

could lead to “a more realistic French general election being added to uncertainties over the recovery of the platinum markedS'- > 

total tax rate structure on the outlook for the U-S. economy. Yesterday the bullion price to boost its bolding of Bis t spsgatejp . , 

Industry than is presently the dropped 84 to SI 79 .625 on fears of possible U.S. Treasury gold a way of entry into Impala, by* • : *_ 

case." saips further measures to underpin the dollar and share 50.000 shares to make a holding^' . 

The reform of taxation — now prices were again marked down sharply. 195,500 shares. .Et 1 

essentially u separate tax _ Its consistent interest in the coal "jt . .. 

regimes— “ would allow the — — • sector has been maintained hyp . 

raining industry to respond with eyerp from Steep Rock, has told the the purchase of more *anMin£t 

3 greater degree of confidence to ulEIX KIA-lk J latter that -it iriH terminate die Anglo American Coal, Ta^*ft°CK 

the challenges that lie ahead." nnr BPCUBVFS lease at the end of 1979. This Collieries and Trans-Natal Coat t 

In its submission thU assneia- UKt KtatKVIla means lower royalties. At the end of February the net £ , 

tion advocated ’a two-step PTllVNINfS OTTT A study of the feasibility of asset value of ASA shares was j£, 

approach to a comprehensire KUIMlNirNU UUI mining by Steep Rock m the area S1SS3 (£9fiS) compared with ^ . 

refdrm of the tax P system^ CANADA'S Steep Rock Iron currenUy leased to CalaDd S^47 at the end of November; fe, 

beginning with the modification Mines sees "a strong likelihood’' “following ternwnatann of its 1977. The shares yesterday veie •£, , 

of the existing federal and provin- that it will be forced to cease rta lease tmficates itat this project £15j.. ■-'-•J 

rial systems. The associa- current iron ore mining and pro- is not economic. As f?P 0 riedpre- - - f -. 

tion proposed that the present cessing operations at the end of viously. Steep Rocks Bending £ r 

graduated provincial mining 1979 or early 1DS0. The company, Lake Iron orate dejwsit, 40 miles 

tax rates be replaced with which b more than 69 per cent, northwest of Apknkan, vraU not : sharehoWers of Endeavour t- 

a flat rate so that the combined owned by Canadian Pacifie Invest- be pushed ahead at bus tune. Resources, the Melbourne 
federal-provincial rate does not ments, is running out of ore at Net profits for 1977 advanced exploration company, will be • 
exceed 50 per cent., and that Atikokan, Ontario, where it started to C$4.64m. (£2. 14m.). or 57 cents asked on April 7 to approve a 

federal income tax modifications operations in late 1944. per share, from only CS185^)00 capital reconstruction which will 

should be made in order to en- Ore reserves remaining at the in 1976. The past year's .results leave the authorised capital of 
courage tax reform by the pro- end of 1977 were 3.2m. tons, reflected an income tax credit the company at SA20m. f£ii.9m.) 

vinces. sufficient *to permit mining equal to 23 cents per share divided into ’100m. Ordinary •' 

The second step would replace through 1978 and pfletistog coujded wi* higher ere sWp- shares of 20 cents each, and 

the current diversity within the through 1979. Meanwhile. Calami merits and the benefits of the faH approve the placement of 

various tax systems with one Ore. the Inland Steel subsidiary in the Canadian dollar, ore sales sham with Bond Corporation ?i4 .. 

common national Si base, and which leases the “C” orebody being priced in U.S. doDaro. HokUngs of Perth. ; 

would lower the combined - 1 1 — — — ■ . ~ •-£. 

federal-provincial rate from 50 -iJ. 

World Value of the Pound 4 

governments to provide a special -P 

incentive to encourage explora- The table below eives the latest available - Scheduled Territory; (o) official rate; (F) free 

Since the beginning of the year the rise In the bullion pri« 
has been accompanied by some erratic movements in tne ooitt 
Mines index. Reflecting the concern over the decline in the 
dollar the bullion price recently moved np to tonch $190 an 
ounce, before reacting as measures to support the US. currency 
were announced. The Gold Mines Index reached its year’s high 
of 168.6 on March 8 with fears of a left-wing victory In the 
French general election being added to uncertainty over the 
outlook for the U-S. economy. Yesterday the buUion^ price 
dropped 84 to SI 79 .625 on fears of possible UA Treasury gold 
sales in further measures to underpin the dollar and share 
prices were again marked down sharply. 

Financial Times Tuesday. March 21 1978 - 

. ASA buys ft 

into § 


GIVING A significant indication 
of U-S. views of tbe South African 
mining market, ASA has bought 
122300 shares in East Rand Gold 
and Uranium (ERGO), its latest ; • 
quarterly report reveals. 

ERGO has been ■ established to . .;ST. 
extract gold and uranium from .r :£ 
— accumulated mine 

~ lnffr-n170l ASA’s Stake wa- worth £3K,000 : . ; 

S > yesterday's closing price of - v 

A a " 320p. :.?g 

/I A - Registered in Johannesburg^.-.^ 

l /l ASA is a vehicle for U.S. invest-s^.i?’ 

f mU \ — I 60 ment in South African mining;^®. 

f* •■¥. 1 stocks, and its share dealing. 

• V * I policies act. as a barometer 

. » . \\ U^. investment interest in the* -. g 

V - sector. 

»• \* — 150 Its report for the three monttefc. 3 

1* to February, tbs first quarter om,-. S 

1 Its financial year, shows that it#’? eg 

I holding, in Biyvoor. a gold p. 

\ uranium mine of fairly firolteqk: 

tdn life, and Doomfontein, a ?ol» ' Wi. 

producer which is very sensruv«| |.^ 
«iC to bullion price fluctuations, fca&L! 

been reduced. 

i On the other hand 35,000 shares 

| 1978L qq jn Randfootein. which is wellg r* 

MARCH advanced on a major gold antgf ;* 

uranium development programmes* ; 

. ... , have been purchased, to create : 

ie rise in the buUlon pri« stake of 77,900 shares. A holdinig ‘ : 

Lc movements in the Gold Q f 25,000 shares in Hartebeesqig ,--v 
l over the decline In the another gold-uranium produce^ : V 
wed up to touch $190 an which is building up production^ t 
support the U2S. currency has been created. p , ■ 

ex reached its year’s high aSA have evidently been suffif* 

, left-wing victory in the ciently impressed with thdE i; 
to uncertainties over the recovery of the platinum markeig l 
iterday the bullion price to boost its bolding of Bisfe^psgate* , 
ssible U^. Treasury gold a way of entry into Impala, by» .'. : r 
>in the dollar and share 50.000 shares to make a holding^. * 

|y. of 195,500 shares. Emi . 


^ __ Its consistent interest in the coal v . 

“ " “ sector has been maintained byp . 

from Steen Rock, has told the the purchase of more shares in£, ; 

latter that -it wffl terminate the Anglo American Coal, Tavistock ; 

lease at the end of 1979. This Collieries and Trans-Natal CoaL gr . - 
means lower royalties. _ At the end of February the net i 

World Value of the Pound 

® Stcu^n-;- k«ncK«L s^‘‘< v lobe* c D!5 

1R ss.°.'..:s MR”'. 0W ED 9 ' SECURiT'.' PACIFIC C0F.» Z - 

incentive to encourage explora- Tite table below gives the latest available 
lion and new mine development, rates of exchange for the pound against various 
to expand the current federal currencies on March 20. 1978. . In some 
j inventory allowance, and refrain ^3 rates are nominal. Market rates are the 
from taxing necessary employee average of buying and selling rates except where 
benefits. are shown to be otherwise. In some cases 

“Weve regard it as essential market rates have been calculated from those of 
that both levels of government, foreign currencies to which they are tied, 
encouraged h.v the recent Exchange in the U.K. and most of tbe 

I initiatives of the federal govern- countries listed is officially controlled and the 
ment. translate their initial efforts rates shown should not be taken as being 
into specific actions to bring applicable to any particular transaction without 
about this vital tax reform." the reference loan authorised dealer, 
croup said. . Abbreviations: (S) member of the sterling 

mining companies indicate a 
decline in capital expenditures 
A survey by the Federal Depart 

that 43 major raining companies ah*™ Luk 

expected 1978 capital expendi- . , Dlu , r 

tures would decline 9.1 per cent . * „ ' hm 

Scheduled Territory; ( 0 ) official rate; (F) free 
rate; (T) tourist rate; (u£.) non-commercial 
rate; (n.a.1 not available; (A) approximate rate, 
no direct quotation available; (sg) selling rate; 
fbg) baying rate; (nom.) nominal; (exC) 
exchange certificates rate; (Pi based on U.S. 
dollar parities and going sterling dollar rate; 
(Bk) bankers’ rate; (Bas) basic rate; (cm) 
commercial rate; (cn) convertible rate; (fn) 
financial rate. 

Sharp fluctuations have been seen lately 
in the foreign exchange market. Rates in the 
table below are not In all cases closing rates 

• Value of 

Place and Local Unit ; £ Sterling 


Place and Local Unit £ Sterling 

Place and Local Bait 

Value of 
£ Sterling 

1 Frem-fa Freni- j 

— ... == 1 from 1977 outlays of SC1.18bn. " - i Spanish pecta isn. 10 

J <£5S4m.). The survey also k.TSSS»i. s • & n ,«« 

indicated a decline in planned T* , J , ™ 

outlays from 1977 to 1981. and Ar - Pwtrec ^ '■** 

xr won ,n-o that several planned investments ' b, -Ja i , St 0 * ! ’S 

March -0,1978 by individual raining companies nS 

t horl Knnn nActnArinJ -% ■ ... Ii _ v %. n ._ ’ 1 OAiA 

1 B3.0D 

I WMt f "VUMKIUlJmi* 

! O10JWS9 GUM,,® Cedi 

I 7.6893 Gibraltar IK). GIbn]u£ 

j 8.83 U Gilbert la. Ainu. Dollar 

152. 10 Greece— Dmcbma 

mu Greenland .... Danfab Kroner 

8.14980 Grenada (S] — K. Carribean 5 

, Guadaknipe— Local Franc 

e 1.345 Guam. Dj5.S 

1.6670 Guatemala'.. Quetzal 

27.36 Guinea Hep., tilly 

78.20 Guinea Bunad 

1 .9040 Guyana (6)-.. Guyanese 9 

28.70 Haiti.— - — Gunnte 

0.74] Hood ana Bep Lempira 

152.10 HonaKonglS) HiJ 

5 - eoa Hungar y ..... Forint . 

! « Iceland (9)~ L Krona 

ltbn | CT.46 indja (S) Ind. Hopee 



This announcement appears as a matter of record only. 

U.S. $25,000,000 


(Jutland-Tunen Electricity Consortium) 

9% Notes Due March 15, 1985 

had been postponed. 

W. Australian 

fears of iron *»S 

ore cutbacks Sssis - »: 13 m 

%-aaaa^aav.a^j aburaa. Jndien Hupw JS.S73I 

WESTERN Australia's Premier. BnUvta Bolivian Few 38.06 

Sir Charles Court, will be spend- 

Ins Easter in Tokyo trying to SS*. „ “If 

persuade the Japanese steel mills u r virgin l?<si c^.s ijimo 

to give preferential treatment to rfniwl i»i — Brmuji 0 4.S9071 

the Pilbara iron ore miners in dHigarU Lev U48 

the face of the continuing steel HllriM . K ._ t „ l(W 

recession. reports Don Lipscombe 

From Perth. Bimiarli Burundi Franc 17S.62G 

The miners are tensed for cut- 

hacks, ant! already the Rnbe Caxnarb'nRpL'A.A.Fnuur .442 

River . operation is workinc SKi-iZSJSSfflita IS 

unofficially below the level of • 

the “minus opt ions "—thus below .*veniM cbi*v & nj i 
the SO percent, of base contract Slmw K«i txV? I. s l.uosi 

tonnage. This is hapneninc by c.F.8. Fr»m* 442 

delaying shipments of Robe River Lbad — UFA. Franc 442 

pellets and fines. C.Few (Bki bz.ib 

•SZfiSZSl recentiy published ehlll> ItanralnW Yuan 3.173! 

annual report has warned, In the Columbia c. p«, (F 72.64 

words of chairman Mr. Russell Comoro* ru». c.f.a. Franc «42 

Madigan. that “ tbe recession is L^ogotB’iiei.. g.f.a. Fmc 442 

expected to reduce the demand tv-sm Colon 18.3744 

for iron ore even further over Clll|ll CulwnFwo t.4489 

the next two years. However cyiuuviSi Cymje 0.7242 

Hamersley is seeking price ( (o.-niil0.w« 

increases in its new contracts Czwhwioraic. Kunma • 

with Janan. ' tTHB.46 

Australia's Minister for National ^ oiah Krone g*. 

Resources, Mr. Doug Anthony. Dominica. i‘Si. E. Caribbean 5 5.14686 

has been m Tokyo seeking assur- Domin. Hop... DominJum 1^840 

ances on Australia's position, but 

has been promised only that Ecuador — Sucre 'ifOi47.59 

decisions will be delayed. .. , „ 1 

Sir Charles said yesterday that ****** IllftY*? 

Bahamas »» Hollar 
UongUdwh ie TfUw 
Uabralo Glmu- 
Balearic l«. ... Svw. Peseta 
UarbadoMSj Barbados? tl 

JBlyth Eastman Dillon & Co. 

J uf^T RatinnT Limited 

Credit Suisse White Weld 


Manufacturers Hanover 


Kjobenhavns Handelsbank 

N. 31. Rothschild & Sons 


Eredietbank S. A. Luxembourg-eoise 

Westdentsche Landesbank 
Gudme Raaschou 

AlgetneneBank Nederland N.TI 
Banea CcnamexdLale Italian a 

Amsferdam-Rotterdam Bank N.T. An d elsba nk e n -Ban ebank Am hold and S. Bleichroeder, Inc. 

ganra Co OTW » yrrfaTa Itali a na Banea della Svizzera Italians Bank of Am ericaln let-national Bank J olios Baer International 

Baa! Gotzwiilcr, Knns, Bnngener (Overseas) Bank of Helsinki Ltd. Bank Mere & Hope >'.M Bankers Trtwi International 

ttanqm PnrSfTTpc T.g„.h«rr + g \_ Ban qne Francaise dn Commerce Exteri ear BanqaeCvnerale da Luxembourg S-i- 

Banqne de IThdodtlne et de Suez Banque Internationale a Luxembourg EanqueNalionalede Paris 

Bosque de Paris et des Pays-Eas Banqne Populaire Suisse &A. Luxembourg Banqne de I’Cnion Enropeenne Barclays Bank Interna lional 
Bayerist*e Vereinsbank Berliner Handels- und Frankfurter Bank Caisse Cenlrale des Banques Popnlalres 

CajssedesDepfltsetConsignationa Chase Manhattan Citicorp International Gronp CommeRbank Credit Comsnereial de France 

I 2.IS{ag) 


I 8.8314 

r Iccnn) 72-68 

Paraguay, n ... Guarani 1 357.74 

Fpi’a D. Kp 1 

at Yemen (dj 5. Yemen Dlmui'Alfl.KOS 

Peni..—- Sol 

PhlUpploes™ Pb. peso 

pn.mb.isi i^Sud 
Potand ..Zloty 

PhtCngal^^... Pfpe. Eaendo 
Port Timor.. _ Timor Bacudo 
Principe We. Pgee. Erondo 
Pnerto Bico_ CjS. 6 
•JetartS). Qatar Bjal 

Reunion . . 

Ilede la French Fra 00 



f 1.88715 
V (Cm 164.20 

*( fri64J0 

1 iro fuel SSJS Rhofleria Rhodesian'S 

1 ndonesla— Bnptoj 
I ra n 1 — m*i 

Iraq — —Iraq Dinar 

(nsti RepfkL. Iriob £ 

iKrool lurael £ 

Italy — Lira 

Jvwy Coast— C JA. Franc 

Japan— — Yen 

Jnnian CS} Jordan Dinar 

Kampnchoa. Kiel 

Kenya fSI Kenya" Shil ling 

Korea (XUi|... Won. 

Kona idUil— Won 

Kinralt (Sth>. KuroUt Dinar , 

Laos — Kip ftt'Fol 

F#benon -Lebanese £ 

Le»>tho 6. ifrrican Band 1 

Tai«ria Liberian 8 I 

Libya ...... — Libyan Dinar 1 

Uccht'mtn— birlra Fraua ] 
Uiaem boro*. Lux Fra oft : 

ISJt738 R om a ni a I«n 1 

(90.18 Rwanda ^ Bwanda Frano 

A) T55 St. Cbrtato- 
148288 pbar (SV... H. Caribbean S 
lJO Sc. Helena..— fit. Helena £ 
81.6 1566 St. Lada IS)_ B. Caribbean S 

lJKBig St- Pierre C.FJL Fzam 

. 4 42 oLVlncent(SJ H. Caribbean g 
SLE72B Salvador BL_ Co km 
441 Samoa (Am).. t7ji. 8 
B£86tag) San Uarlno- Italian Lira 

2284£ Sao Tome— Peae. Bacudo j 

14J404. Saudi A “ “ ‘ 

1JB8S(0 Senegal 

(I (cm 18.49 

. 918.16 
• 0.52B . 

. -5.89298 
(P) 036867 
5.6S5 ’ 
80.46 ■ 

Macao .Pataca 1 

Madeira... Portug'aeBacu) 

.VIaJ*#aay Btp. 11 G= Franc 

Malawi (S) Kwacha 

Malaysta (Sl_ Rlnmk 
Makfive Ta.lS) Mai Rupee 

Malt Ep. Mail Franc 

Malta (S) Maltese £ 

Mortiniqua — L^sa l Frano 
Mauritania.... Ouguiya ; 
Mauritius (SL M. Jiupee 
Mexico..— — Mexican Peso 
Miquelon C J A Franc 

Monaco French Frano 

Mongolia Tugrik 

Montserrat — 8. Carritean 8 

Morocco-, Dirham 

Mozambique. Moz_ Koondo 


Jo 78-20 
. 442 

j (0)6-9 B& i| 1 

Basra l a — Amt. Dollar 
Ne^nl Kepdfae So poo 

■*- - 2baSa4 _ 

Credit Industriel dTAlsace et de Lorraine Credit In dust riel el Commercial Credit Lyonnais Credit ansi alt-Bankverein 

naWFnrtmrXV Hen -nairake Bank Ben noisfce Creditbank Deutsche Bank Deutsche Girozentrale DGEank 

itelwa Europe IV.y: -DeuL^e Kora munal bank- 

IHlloq, Bead Overseas Corporation Br andntrBan k Eurogest S.p.A. 

European Banking Company First Boston fEnrope) Robert Ff^ibig & Co. Antony Gibbs Holding Ltd. 

XJsxUH UbJW tt*ii c v «, 

Goldman Sachs International Corp. HarabrosBank Hessische Landesbank Bill Samuel & Co. Istiliilo Eam-ario Itadiano 

Limhti — Girozeptralc — 

Istituto Baneario San Paolo di Torino Kansallis^sake-PSWkki Kidder, Peabody International Klein wort ^Benson KredieihankX.V. 
Kuhnioeb Lehman Brothers Lloyds Bank International McLeod, Younfr/JJ^ir International Merrill Lynch International & Co. 

B.Melzler seel. Sobs & Co. Samuel Montagu & Co. Moigan Grenfrll & Co. Xederlandsche Mid denitand? bank NAI 

Nomura Europe N.Tv Sortdeutsche Landesbank >-ordfinanz Bank Zurich NordmBank ° ri ^Jf mk 

Kerson, Heldring & Plecon BEbanuL Poatipankki Salomon BrotjierelhternaUonal Scandinavian Bank 

Dillon, Bead Overseas Corporation 
European Banking Company 


Goldman Sachs International Corp. 

Enromobiliare S-pA. 

Camp,. IlL'C^kUiar. 

Antony Gibbs Holdings Ltd. 
latilutn Banvario I tali an o 

his Government was concerned Ethiopia Ethwpian Blnr j iril.MBM Netberiiiutat auilder 

at the continuing recession in Bq'fi Ouiuta Peicia ; . 162.10 Nes b. Antic*, amililai 

world iron and steel trade. “The ! XewHebride# 

Japanese steel mills have to make FaWandls- . Faikianii l». £j 1.0 „ 

some vital decisions m the next F ,® ,, d boWj Kl00e 1 w .67 

few weeks, he said. “We cannot pun, Fiji s J 1.6440 yhar kp. C>pjv. F 

risk such decisions being made Finumd M«rika 1 7.9513 .vi^erra cs>~ h'rtra 

without full knowledge by ihe £ — •" F ! r g“' dl J ™ 0,! ■J®>4 Xonray— —■ h’rwg.H 

mills and the Japanese Govern- T. r - i 2 4 «>. „ o„ 1Kin , 

ment of ihe special short and r.-. iv»-. f f ....C.F.p. praoe ! 160.691 ■« of iSi..- f 0 

long-term problems of Western 

Australia.'' Gabon C.f.a. Franc 442 Pakistan. Pkat. Rt 

Sir Charles said he wanted to «*■-.. u»Ihm 8j9Sl P»n>m» B«Jbo* 

receive a statement of the Gen, ’ M “^,, t . | Omramih B.8875 .. n Khl . 

Japanese position at first hand. '“ ** - PapraA.GJSl Ktoa 

and to present the .State's positron - That parr ot che Franca community m euica t etme riy 
a< Japan's biggest iron-ore iwn of Fraocb west Africa or French Equatorial Africa. . 
supplier. I *£**3 per round. ^ 

Nab. Antic*. Antilliaa Guild 
XewBabrid** Doltar 

X. Zealand IS) fiJZ. Dollar 
Mcarayta-.-. Corduba 

yiger Kp CJPA. Franc 

Mjierta (S) — Kahn . 
Somy*— K’rtrg. Krone 

Oman Sultan- * w . . 
ate of ia).— f *“ 0m * ai 

Pakistan. Pkat. Rupee 

Panama - Balboa. 

PapnaK'.GjS) KhM 

Saudi Arabia, kyat 

SeneRaJ C.F.A. Frano 

Seychellea^.^ S. Rupee 
SLerr Le'uefS) Leono 
Smgaporo pi). Singapore 8 
Solomon IsfS) Australian S 
Somali Rep.. _ bum Shilling 
Sth. Africa (S) Read 
S.W. African 
Territories ((5) S. A. Rand 

Spain Peseta 

Span. Porte In 
North Africa. Peseta 
Sri Lanka (S.)fi.L Rupee 

Sudan Hp. Sudan £ 

Surtniira .., S. Gilder 

SicazlbmdiS.) UJugeol 
Sweden. ..... 3. Krona 
Ewtlaeriand _ Swiss franc 

Srria_ Syria £ 

Taiwan Sew Taiwan 

TanaaaUa Oh). Tan. Shilling 

Thailand.. Uabt 

Togo Rp. C.F.A. Franc 

Tonga la. |S.) Pa'anga 
TrinMad (SJ. Trin. k Tbbago 

Tunisia .... T unisian Dinar 

Turkey. Turkish Lira} 
Tiirts k Ca... UjS. ? . 

Tureiu Aunt rattan £ 

Gganda iS.j . Ur. Shining ‘ 
60. Suite* _ UJs. Dollar 

Uruguay ., — Uruguay Peso | 
Utd.A’bEmta.' U-A.H. Dirham 
L\3 . — Rouble 
tipper Voha_ C.P^\. Franc 

VatSoan Italian Lire 

Venezuela Bolisvr 





2.0 . 
( A] 17.8867 

162. ID 
I 8.40816 
I 1.66665 
(Pi 72.362 

I- 1.5882 

l(fn) 10.18 

Vletnain(Ntii) Drag 

Vietnam (St h) Piastre 
VlrgluIi.L'.S. L'^. Dollar 

- Samoa (6) Samoan Tala 
Yemen Ryai 

Yugoslavia J»ew Y Dinar 
Zaire Bp— . Zaire 
Zambia — . Kwacha 



V. (0)4^868 
\\ (T) 4.3781(1) 



1-5651 IS 



B.Melzler seel. Sobs & Co. 
Nomura Europe N.Tv 


Samuel Montagu & Co. 

irlniV-^ limllsd 

n Smith Barney. Harris Upham & Co. 


m de Basque -A- Sofias S.p.A. 

J. Henry Schroder Wagg & Co. SkaniKnariska Enstdlda Bankea smumanyra 

Sooete G€nerale Alsaxdennc de Banqne S-i. Suciete Gentrale de Banqne S--V. 

Strana^Tnrnlran&Co. S.C. Studio ConsGTenze S A. Svene&aEandclsbantea 

Union Bank of Finland Lid. Union Bank of Switzerland (Securities) 

S. G. Warburg & Co. Lid. Dean Witter Reynolds International, Inc. 


Socielc Generate 
Sparbankernas Bank. 

jankeil Swiss Bank Corporation (Overseas) 


Tereins-und West bank J.Yontobel &Co. 

4 r*lnr.T i Pit*** -. 

marine. Wood Gandy 


South .\frican gold production 
increased slightly last month, 
rising to 1,812.920 ounces from an 
amended 1.793.361 ounces in 
January, according to statistics 
from the Chamber of Mines. After 
the first two months of the year 
output at 3.603J191 ounces is run- 
ning 134.453 ounces ahead of 1977. 
+ + -*■ 

Jn Kuala Lumpur, the Foreign 
Investment Committee approved a 
switch of tin company sharehold- 
ings. by uhich Pahang Consoli- 
dated becomes the major share- 
holder in Tanjong Tin Dredging 
through the purchase of a 29.S 

per rant interest from Faber 
Union, a subsidiary pT Faber 
Merlin Malaysia. 

That parr at the Franco community tu fi tries tbtmtr ls 
part or Franco West Africa or French Equatorial Africa. 
Rupees per pound. 

The Ouguiya hag replaced the CFA franc. The exchange 
■can made at a rale or CFA FrsJi to one unit of the 
new currency. 

q General rates of od ada Iron enwns r&jwa, 

If Based on cross rates against Russian rooble. 

** Rate Is the Transfer market (controlled). 
t+ Rate is now based' on 2 Barbados £ to the dollar, 
ct Now one official rate. 

S Following 24 per cam.' devalna don. 

Thomas Cook Travellers Cheques 
The accepted name for money. VVbrldwide. 

'll, ' I '■ _ 


The Financial Times 

Mil’L l 

Chateau de Chanteloup, Cognac. 

People marvel that we Martells h 


• - . •••v. 7 


J • t 

see why 



you can 


It’s sim 





Financial Tiin6s. Tuesday 



Chrysler seeks approval 

for preferred stock issue 

London Life 
profits rise 

of breaking takeover law 


NSW YORK. March 20. 

By James Scott 

' v- .SALT LAKE CITY, March 20. 

indicated that a preferred stock 
isMip is nap plank in its strategy 
for raising S7.51>n. of funds which 
it. requires for capital develop- 
ment to ensure it remains a 
major force in the U.S. auto- 
mobile industry. 

The company confirmed to-day 
that it mil seek approval at 
its annual stockholders meeting 
on May 2 to issue 20m. shares 
of preferred stork and 4flm. 
shares of common stock. 
Although Chrysler was at pains 
to stms that a preferred slock 
issue was merely “one alter- 
native'' method of fund raising 
which it was considering, and 
that neither the size nor the 
date of a possible issue had been 
determined, such a recourse to 
the money markets einer^rt as 
a distinct possibility last month 

When the company disclosed 
dimensions of its capital require- 

A Chrysler spokesman was 
much more calrgonc about the 
intentions behind the bid to in- 
crease its authorised issue nf 
common slock. Currently thp 
authorised limit is SOm. shares 
with a shade over 60m. in pub- 
lic hands. According to The com- 
pany there us no intention of 

rellinz more common stock to the 
public' but raising the total 
authorisation would enable the 
company to meet the projected 
needs of an employee stock pur- 
chase plan. 

Some 6.7m. shares are cur- 
rently owned by employees under 
this scheme which is a poten- 
tially useful source of capital for 
the company. Chrysler recently 
decided lhat from March l the 
regular needs of the employee 
plan would he satisfied out of 
unissued but authorised stock 
instead of through purchases hy 
the plan's trustee in tbe open 

Chrysler has never before 
made a preferred stock issue and 
rnmpany requests fnr authorisa- 
tion are not normally refused by 
stockholders meetings. The 
manacem' , nrs proposal may 
deHect some criticism of the 
company's poor performance last 
year when it suffered a fourth 
quarter loss and when the yearly 
operating earnings dropped 62 
per cent., leaving the final net 
profit at $t63-2m. Or S2.71 a 

When these figures were pub- 
lished last month chairman Mr. 
John RiCcardo and president Mr. 
Eugene Caflero disclosed that 

the company would be doubling 
its rale of capital spending in 
North America over the next 
five years to an aggregate. S7.5bn, 
Mr. Riccardo estimated that two- 
thirds of the sum would come 
from depreciation and amortisa- 
tion and the rest from earnings 
and outside financing. 

This estimate of the company's 
powers Jo generate Funds intern- 
ally was thought tn be excessively, 
optimistic hy many analysts. Mr. 
Ronald Gladtss, of Mitchell 
Hutchins, for example recently 
published an assessment that 
between 1878 and 1880 Cbrysler’s 
capital spending and debt ser- 
vicing needs would exceed 
operating income, depreciation 
and amortisation by more than 

The U.S. auto industry is 
likely tn spend an estimated 
$55hn. over the nest five to seven 
years on the necessary plant and 
equipment associated with the 
development of new models to 
conform with progressively more 
stringent Federal fuel and 
emission regulations. Chrysler 
has complained on many occa- 
sions that Federal laws were 
putting inordinate pressure on 
the company's financial and tech- 
nical resources. 

TORONTO; March 20. 

LONDON LIFE insurant 
which dominates, the Canadian 
market in individual life in- 
surance. reports statutory 
proBt for 1977 of $C&3m. 
(SUS2J93nU, A 10 per cent 
increase from 5C3m. in 1976. 

Premium income increased 
to SG454ulm. from sCSMJm. 
and investment income rose to 
SC2 18.7m. - from - $CI91.3m. 
New Individual . life insurance 
issued Increased to $C2.43bn. 
from SC2.15bn^ but group in- 
surance dedined to 9C8Gt-9m. 
from $CL36bn. . Business In 
force at the end of 1977 was 
SCZCffiuu op from $C2L9hn. 
Assets increased to $C2.92bn. 
from SC2-K5bn. 

meanwhile Scottish and York 
Holdings nr Toronto, an insur- 
ance holding company affi- 
liated with the Thomson News- 
paper concern . and which 
handles the insurance require- 
ments of the Thomson Group 
of companies, has reported a 
share increase In profit fnr tbe 
year ended December 31 to 
5C6Jm. ($US5.5m.> from 
SCUfm. In 1976. Gross revenue 
rone to 9Cl21.lin. from 

THE executive director of the. 
.State of Utah's Department of 
Business Regulation has notified 
Curtiss-Wright Corporation that 
he has determined that the com- 
pany violated Utah's takeover 
offer disclosure law and has 
demanded Immediate com- 
pliance under threat of a state 
lawsuit against Curtiss- Wright. • 

About two-thirds Of the 
approximately 10.000 employees 
of Rennecott Copper's metals 
operations are employed in Utah 
and the state also contains Ken- 
necott’s biggest copper mine and 

A week ago Curtiss-Wright, a 
maker of aircraft parts, nuclear 
components and other Industrial 
products disclosed that it had 
accumulated a 9.9 per cent in- 
terest m Keuuecott for -an aggre- 
gate S77m.. mainly through 
market purchases over the past 
60 days. 

Curtiss-W right also, disclosed 
that it is considering a proxy 
fight to replace Kennecott 
directors with others who would 
favour a Curtiss-W right policy oP 
causing. Kennecott to sell off 
some or all of Its' assets and dis- 
tribute the proceeds to share- 

However, in. a letter dated 

March 17, which.' Arrived/ at. 
Curtiss-Wright's Wood-Ridge,' 
New Jersey, headquarters . this 
morning Mr. Eugene S. Lambert: 
the Utah State. Department of 
Business Regulation executive 
director, said that' Curtiss: 
Wright's acquisition, of Kehne-. 
cott stock already constitutes ^ 
take-over bid under the meaning 
of the state law. He added that' 
because Curtiss -Wright did nor 
file a registration with the slite 

some 20 days in advance of- tbe 
offer, it is thus m violation of the 

1&W« • 

The Utah State official said in 
the' letter that he. expects -as 
immediate answer from Gurttss- 
.Wright pledging to filc the 
required registration material. 

• -Otherwise^ Mr. Lambert will 
'ask' the Utah Attorney General 
to file a lawsuit against Curtiss- 


Interstate United merger 

CHICAGO, March 20. 

INTERSTATE UNITED corpora- to Vote in June on the merger 
tion said it agreed to a merger : of Interstate into a unit of Han- 
under a previously announced 8011 lnfi urtrieB * 
proposal hy Hanson Industries '.Mr. peter A. Tullio. president 
Isclin N. J. to acquire the shares fL fntOTBmtewtowh . *s a food 
of Interstate it docs not already 

own . ■ pan v- is disposing or some assets 

' - .. . . .and'that expenses of the sale 3nd 

Hanson which is a unit of Han- write-off of asseis including some 
son Trust, the U.K. industrial that are not being sold, will pru- 
hoiding company earlier puri ituce a charge' against earnings 
chased 2.3m. .shares' nr .77 per «F about S4m. or *137 a share, 
cent, of Interstate’s stock through He added that because, of the 
a tender offer at $10 a share and charge and the merger aqree- 
proposes to pay the' same price roent. the company will omit Its 
for the remaining shares. ‘ Inter- six rent quarterly dividend, 
state stockholders are expected AP-DJ 

Room at the top in Canada’s Argus Corporation Mum- ntie 


THE TORONTO and Montreal 
financial communities are abuzz 
over what the future holds for 
Ar^ns Corporation, a specialised 
investment company that owns 
substantial stakes in several nf 
Canada's most important com- 
panies. following the death a 
few days ago of its chairman and 
president, Mr. John Angus Mc- 

3Ir. McDougald was one of the 
wealthiest and most powerful 
men in Canadian business whose 
fortune has been estimated at 
$C250m. and who appeared to 
have increased his influence 
over Argus and the various 
affiliates over which it has effec- 
tive control without actually 
having full share control. 

The affiliates include Mnssey- 
Fergusnn. in whicb Argus holds 
16 per cent, nf the shares. 
Dominion Stores, the largest food 
retailing organisation m Canada 
(24 per cent.). Domlar, a Quebec- 
haesd giant in pulp and paper 
(17 per cent.). Standard 
Broadcasting Corporation, which 
owns Tadin stations and has a 
52 per rent, interest in a tele- 

vision hroadrastlng company (48 
per cent.), and Hollingcr Mines, 
which has large holdings In iron 
ore production (23 per cent.). 

Speculation abounds over who 
might lake over Hie reins of the 
business empire he helped to 
found in 1946 when he was a 
partner of E. P. Taylor, another 
legendary Canadian financier 
who was the higgest beer barou 
in Canada until he sold his 
interest in what was then known 
as Canadian Breweries, now 
Carling O'Keefe, to Rothmans 
Bull Mall of Canada. No dear 
line of succession has been 

There is also speculation 
about whether Montreal financier 
Mr. Paul Desmarais, chairman of 
Power Corporation of Canada, 
wilt resume his push For control 
of Argus, a move which failed 
in 1975 when Mr. MacDougald 
rallied his associates to increase 
their holdings in Argus to more 
than 60 per cent, of the voting 

That control is held through 
little known Raveiston Corpora- 
tion in which Mr. McDougald 

held a dirt« Interest of 23 per 
cent and had voting power Tor 
another 23 per cent, owned by 
the estate of Mr. Eric Phillip- .a 
long-time former associate. The 
families of the late Mr. J. M. 
Black and Mr. Maxwell MeighCn 
hold 22 per cent, and 26 per cent 

Investors group is a highly 
successful holding enmpany that 
provides a range, of financial ser- 
vices through its" operating .subsi- 
diaries. One offshoot is 50 per 
cent, owned by Great-West Life 
Assurance Company, whicb pro- 
vides a full line of life insurance 
products in Canada and the U.S. 
Investors also hold 50 per cent, 
of the issued shares of Montreal 
Trust company, one of the larger 
trust companies in Canada. 

Power Corporation itself has 
controlling or substantial 
interests in real estate, television, 
glass manufacturing, transporta- 
tion. oil and gas pipeline, pulp 
and paper, chemicals and other 
industries. Us offer is expected 
to be made in the middle of 
April. ; - 

In' control at Argus ''at the 

moment Ls Mr. Bruce Matthews, 
a former Canadian army major 
general, who was acting presi- 
dent during the past few months 
because of Mr. McDougald's ill- 
ness. Mr. Matthews says control 
of Argus will not change because 
It is held by Raveiston Corpora- 
tion. All of the Raveiston shares 
are covered by a right oF first 
refusal under Which any Ravel- 
stnn .shareholder -who wants to 
dispose of his shares must offer 
them first to the other share- 

Mr. Desmarais undertook a 
$C15Qm. bid for control of Argus, 
and although be acquired a large 
stake in Argus Preferred shares 
he could not gain representation 
on the Argus Board- Since then 
he has continued to nibble at 
Argus and holds, tbruueh Power 
Corporation, a fradtion more 
than 50 per cent of the equity 
of Arens. Bat that equity has 
no voting power, which is vested 
in the common shares, of which 
Power Corporation has only 26 
per cent. 

The fight for control was 
bitterly contested and at. times. 

was fierce and personal. One 
of Mr. McDougald's friends and 
partners. Mr. Taylor, defected 
and sold his' holdings in Argus 
to Mr. Desmarais. 

At that time Mr. McDougald 
said of Mr. Taylor's defection: 
“ He's perfectly free to do as he 
wishes, he’s over 21." 

But the chances .of Mr 
Desmarais turning hi* imme- 
diate attention -to Arcus seems 
remote at the moment. He is 
deeply involved in a major 
restructuring of his own finan- 
cial empire based on Power 
Corporation. Only two days 
before Mr. McDougald's death. 
Power Corporation announced 
that it planned to make an offer 
of SC120m. for all the shares 
of Investors Group that Power 
did not already own. 
le h 

Mr. Matthews considers it 
hfehly unlikely that the 
McDnugald shares will he dis- 
posed of in the near future. “I 
think his estate and trustees 
will continue- to manage his hold- 
ings. Succession is arranged, cer- 
tainly for tbe near.Jerm " , 

.Possibly the rm»sf ‘Influential 

rej'ects bid 

member of tbe Argus Board of, 
directors now will be Mr.'. 
Meighen, a director since 1961 
and chairman of the executive 
committee, but he is 69. a year 
older than Mr. Matthews. 
Another Board member Is Mr. 
Alex E. Barron. 59. but with no 
direct stake in Raveiston. 

Among the younger men with 
an eye to the future are 33-year- 
old Mr. Conrad Black, son of- the 
late Mr. Black, an associate or 
Mr. McDougald for many years. 
He joined the Argus Boardjta 
1976. not long after his father's 
death, but is not a member 61 the 
executive committee. 

Another is Mr. H. N. R. Jack- 
man, 45. who joined the Board in. 
1975 and is a member of the 
executive committee. Mr. Jack- 
man, who heads a couple! of. 
insaranre. companies, and 
interests a=«ociatM wrfh him .are. 
credited, with holding about 1 9 per 
cent of the Argus shaves. 
Although he doe* not have a 
direct stake in Raveiston,. -he 
cnuld muster considerable finan- 
cial resources tn buy shares that 
might he offered by ttfce. 
McDougald and Phillips^ estates-., 

■Minnesota Title Financial Cor- 
poration has determined to 
oppose the previously announced 
S21 a share cash "tender 'offer 
proposed hy Gamble-Skognio, 
reports AP-DJ from Minneapolis. 
Minnesota shareholders were 
urged by the Board . not .to take 
Hasty action since the proposed 
offer cannot commence until tbe 
receipt by Gamhl* &[ .-certain 
regulatory approvals. : r • 

Greyhound -V erex 

Greyhound Corporation said 
about 2.5m. shares bave been 
tendered in connection with its 
offer for Verex Corporation, 
reports AP-DJ from Phoenix. 
This, together with shares pre- 
viously owned bv Greyhound, 
represents about 77 per cent, of 
the shares outstanding. 

Merrill charges 

The Supreme Court refused to 
in hear charges that Merrill 
Lynch Tierce Fenner and Smith 
and its top executives defrauded 
the estate of a former executive 
nf the firm, reports APrDJ from. 
Washington. ' . . ' 




. By Francis -CbSix. 

THE DM200M . seven-year bullet, 
for the United State* WF»«ucq? 

carrying an indicated coupon 1§L- 
6 per cent-, was confirmed^ by 
Deutsche - Bank yesterdwr . 
noon. It had been- expected bi 

Kiit held IW.“ .■> - ■' : 

week but was held up." . . .. 

The Issue was discussed it -..ifi? 
length hv members a£iM.;Cap|.w>* > 1 
tal Markets sub-cow mit tee: which 

( 3 \dtK 

sets^the^timinE and amount of , \‘J S 11 * 

new foreign bond "issued 7 fifrh 
month, during an informal meet- 
Jng held in Frankfort last Frt- 
day aftermin in the- wider cop. 
text of the. monthly miretifljt of 
the Capital Markets commi r 

Some banks clearly fan 
a cutback in - the ROW. of 
issues because of. tne-onse. 
effect on the market of the hi 
calendar of ’ new Issues 
month and the continuing 

tainty on the currency front ^ 

The terms offered oh ■ this 
sovereign bond are much tighter* 
than those offered, on other ' 
Mexican issues, one of which waff, 
priced last week.- the other which- . 
is due out at tho end of Urit 

The bond priced last week; af 
par. was DMlSOm- f"r 1« yt 
for an agency of. .the .Mexl 
Government. Cotnicion . . Fed* 
de EHctricidad. W canned' 
per cent, coupon. It Is Pttlj 
inq at a discount. ’ Later 
month. Boycrlshe'; Vereni 
is arranging a private plae 
for the Mexican slate 
development bank, - National- 
Financiera: DMtOOni. for sevetr 
years with an indicated coupon; 
of 6*. per cent 

Even if allowance Is made fw 
the fact that a bond for i 
sovereign Is of better •• quality, 
than one for a state agency of 
that country, the- terms being- 
offered by Deutsche Bank am} 
very tichr and are bound to put; 
pressure on the ~ 
cent, coupon hei . 
private placement 

The Capital Markets Sub-Corn-! 
.mittce al^o-dedded to Increasoj 
the new;. ls«ie calendar. It was' 
Confirmed ’yesterday that a top! 
French state : borrower will! 
announce a .X>tt206250m. issue 
beFore the end oE the^weck. The 
French treasury is experled w 
press for tbe very fine. terms: the, 
last French state' borrower toj 
float a DM bond was the Banque‘ 
Fra ncalsc . du '- Commerce Ex- ! 
terieur, which last January! 
raised DM150m..forl0 years with, 
a coupon of 5} per. cent. 

The new Issue is likely tni 
carry a lower .-coupon and a 
longer maturity. .. 

In the dollar sector, trading 
was quiet and prices fractionally 
up. The Norway issue met With 
a favourable reception and was 
being quoted in first, day trading 
at 994-100. 

id are bound tn put/ 

the Indicated fii pai'iifT JTI l § ll 

being offered on the s j \ 3 ■ +* * v 

•rnent. , Y.-T 




.... ... j > v j* r ; 


















U.S. $450,000,000 













- < '■ QFOETROtr _ ' ! 






W.... : urt, 

THI-: u 



f am 

\ . tn* 




n. v 

- V; .-li.-. 


*53' o* ! 

Financial Times Tuesday March 21 197S 


international financial AND .COMPANY '--MEWS 

u ? ‘i r 

I *IU- 


‘ Vi 

' BY fay GJBTER • 

. RCEM. the Norwegian pro- 
!*i_er nf cement and building 
''.'.c rials, announced at the 
jk-end that it is. to buy a 70 
cent . ", stake in the 1 offshore 
ling company, 34oxco Norge, 
present a wholly-owned sub- 
ary of Moran Brothers of the 

forcemhas for some time been 
jived in offshore . activities 
Jiigh its 75 per. cent, share- 

>harp advance 
it Aardal 

jr Our Own Correspondent . 

OSLO. March 20. 
?DAL .os Sunndal Verk 
IV v.. Noway's largest alu- 
ilum producer, reports pre-fas' 
fits of Kr.Sl.4xn: (some S4.2m-> 
1977. compared with Kr.22.rm; 
[976. Croup turnover rose by 
3— bn. to Kr.ilJTbn.. (around 
W».) mainly -reflecting higher 
•«* for primary aluminium. A 
er rent, dividend is proposed, 
inst nil. 

vSV is owned.-75 per cent, by 
Norwegian State and 25 per 
t by Alcan. 

Tie annua] report points out 
t. although prices and demand 
c. fluctuated, the market for 
minium, has held up better 
n thal for.pther metals..' It 
5 the, optlobk for 1978 Is un- 
tain^ expects results, this 
r to' he; about the same as 
?. .: • f • 

’reduction of metals from the 
up's three smelters in Norway 
to 284,000 tonnes last year 
m 292.000 tonnes in 1076. 
•ng to a reduction in power 
'plies. Sales .of metal reached 
.000 tonnes, aod stockpiles at 
end of the year .were normal. 

stake in U.S. company 

.holding in Nbrsea— a company 
operating an offshore and main- 
tenance bane in Stavanger— and 
as a supplier of oil veil cemegt 
and drilling- chemical?- - 

The move, into Morco will 
bring it into the . specialised 
business of oil well drilling, 
well workovers, and. production 
equipment maintenance. 

As a Norwegian-controlled 
Arm able tb „dxaw bn Moran 
know-how, Morco will be well 

placed td win contracts Sit Nor- 
way’s sector of the North Sea. 
Norwegian offshore trade unions 
are understood ro. welcome the 
deal; since. Norwegian , workers 
generally prefer working -for 
Norwegian employers. 

Morco has had many non- 
Norwegians among its 130 em- 
ployees up- to' how, but Moran 
and N orcein have agreed that 
henceforth- Morco will actively 
recruit- Norwegians and train 
them so that they can take over 

■ - OSLO, March 20. 

a large proportion of the jobs 
in the drilling sector. 

Morco ‘s turnover last year was 
about KrJOm.. and it was chiefly 
■active : on the Ekofisk complex, 
where it is currently drilling 
production wells on the Tor 
Field.. Norcem said, however. 

that Morco would seek jobs out- 
side the Norwegian sector' loo. 
It would work in co-operation 
with other drilling companies, 
but first and foremost with 
Moran. i 


A S1Q0M. seven year' Euro- 
currency bank loan for Norsk 
Hydro was signed . on Friday. 
Norsk Hydro- has. also' negotiated 
» S200m; standby facility to 
replace an earlier- facility. 

. The medium term loan is -to be 
used ' for general . ■ corporate 
requirements, but especially for. 
investment in the North. Sea and 
the petrochemical plant at 
Bamhle. The terms Include a 
margin over inter-ban^ rate of 
f of a point. The maturity, struc- 
ture involves a two-year revolv- 
ing credit facility followed by a 
five-year term loan. . 

The loan was' provided by 21 
banks with Chase Manhattan as 
agent.. As with the new St a toil 
loan, Norsk Hydro has managed 
the syndicate itself:, 

Details of the terns, of the 
standby . facility were not 
announced. It Ts' understood that 
they were mg re favourable- to the 
borrower than those.' Do the 
facility being replaced. No funds 
had been drawn from tbe.eariier 
facility. . - : •- • - 

Norsk Hydro is controlled by 
fhe Norwerian government. 

Fay G jester adds from Oslo: 
Norsk Hydro has - temporarily 

shelved its plans to build a large 
magnesium plant at Mongstad, 
West Norway, where it has re- 
served land for industrial 
development near the oil 
refinery in. which it bas a 30 
per cent stake.- : ■ 

Hydro, already-, the. second 
largest magnesiuni producer In 
the Western world, bad origin- 
ally intended, to begin building 
the plant this year. When com- 
pleted. it would, have provided 
nearly 1.000 new jobs. 

Mr. Odd Narud, the concern's 

new president said at the week- 1 
end that in view of the present! 
international recession and the i 
high level . of wages and other ! 
costs in Norway, it did not seem ! 
wise to go ahead with the project I 
at present. Business trends and I 
domestic . cost developments [ 
would decide bow soon it could I 
become feasible. 

He added that Hydro had ; 
other plans -for . industrial I 
development at Mongstad. and I 
these would be announced in a j 
few weeks. • I 

Tururound at Tampella 


TAMPELLA. after ,two ; years of 
heavy, deficit, has been ’ turned 
around 2nd proposes to pay- -a 
dividend of 6 per cent for fiscal 
1977. The group’s -turnover rose 
to F.Mks.i^bn. (some 5360m.).. 
The parent company's sales In- 
creased by 28 per cent to FJuks. 

The main factor in the im- 
proved result was the trading of 

HELSINKI. March 20. 

the heavy engineering . division, 
which completed several de- 
. liveries --[or- major- •• foreign 
projects: Exp, Oris accounted 

for 63 ^ per • ceflj, of total 
invoicing; * % -j 
Foreign Idans. were kept at the 
previously ear’s level in spite of 
exchange rate fluctuations. The 
company’s net debt was reduced 
by F.Mks.l70m. 

Placing of 
MBB stakes 
by midyear 

MUNICH, March 20. ! 

THE PLANNED restructuring I 
of -shareholdings in Messer- ' 
schmitt-Boelfcow-Blohn GMBH ! 

is expected to be completed i 
by 'the middle of this year, j 
according to Helmut Lang* j 
felder,- management board j 

Chairman. - 

He- told journalists -that 
three companies — Allianz 

Verst cberung. Motoreu-ond j 

Turbin en - Union Mnenchen 

and -Robert Bosch — were all 
interested in taking over part 
of the stakes in MBB held by 
the City of Hamburg, and the 
State of Bavaria. 

Hamburg bolds 20.25 per \ 
cent, or MBB and Bavaria ! 
controls around 26 per cent. ' l 

The;-, chairman said . thaf 
MBB hoped to- increase its [ 
capital to DM^OOm. from the ! 
present- DM. 85 and that this 
‘■could he done in the proposed > 

Speculating on the wav that 
Allianz, Moloren und Turbinen- 
Union' and Bosch could pos- 
sibly organise their sharehold- 
ings In MBB, the executive said 
this could be achieved through 
a bolding company modelled 
on the, Fjdes lndustrie-Belelli- 
guhgsgesellscbafi MBB which 
groups Siemens. Thyw.n and 
STE . Nationale IndudriHle 

Aerospatiale^-and which— pre- 
sently mens 25J9 per cent, of 
MBB. A < 

• • KoarjJ. ju ember responsible - 
for.iftwmce Johannes Brest b-' 
mftz adder! (hat MSB’s earn- 
ings in 1977 were around the 
same as In 1976. 


Substantial losses 
from two major 


unit in 

French companies 


LOSSES for 1977 are reported by (some S*44m.') compared to a loss [ 
two major French companies, of Frs.l .25bn. in 1976. 
Denain-Nord-Est Longwy and As a result of its move back 
Compagnic ETectro-Mechanique. into the red electrical engineers 
Having mid shareholders in CEM will not pay a dividend, 
i December that they would be Against a net profit of 
I unable te pay a dividend for 1977, Frs.12.6m. in 1976, the company. 
DNEL yesterday shed a further which is 39 per cent, owned by 
! veil. Brown Boveri of Switzerland, has 

i Against net profits of returned a loss of Frs.6.6m. 
IFrs.60.2in. in 1976. the company (some In 1976 a dhri- 

has returned a loss of Frs.7.9m., dead of Frs.4.50 a share was paid. 

MADRID. March 20. 

A BILBAO COURT has accepted 
(some $«m.) compared to a loss the request by Babcock Wilcox 
of Frs.l.25bn. in 1976 Espanola to suspend tempo- 

As a result of its move back rarl, >' »U outstanding pay- 

into the red electrical engineers meats. Babcock, in which tne 

CEM Will not pay a dividend. company Babcock and 

Against a net profit of V> vjcox, has a 10 per cent. 

Frs.12.6m. in 1976. the company. applied for the court 

which is 39 per cent, owned by 9“ . 

Brown Boveri of Switzerlaod. has loltially it had been hoped that 
returned a loss of Frs.6.6m. 3 Government-approved re- 
(some 51.401.1. in 197B a dhri- structuring of . the company. 

nas returned a loss oi frs./.um., aeoa ot a snare was paia. 
around S1.6Sra. DNEL controls Net turnover was Frs.l.47bn. 

the largest producer of capital 
goods in Spain, would have 

j Ustnor. the largest sieel maker last year against Frs.2.I3bn. with bee 1 n I worked out before Bab- 
in France, as well as Vallourec consolidated turnover emerging coeks management made this 
I which is one of Europe's biggest at Frs.2.12bn. (Ffs.2.59bn.). On a application to The court. How- 

1 steel tube producers. comparable basis, adjusting 1976 cv f r ' al1 r 5° 

! The company said the loss was for disposals, consolidated turn- volved w tnc disrubsionfr—tho 
| arrived at after * write-offs over actually rose 19 percent. management, the uote. nmeni, 
total! in? FrsflJSnu a net pro- The company blamed the weak an 5 -00*l-strf , nc; workforce 
I vision for portfolio losses d*f economic position (which pul! — appear unanii* in re.-irn 
:Frs.70bn. and a tax provision of pressnre on its sellinc prices) an >’ fon ? of dfnsion on inn 
Frs.15.9m. and heavy competition from ! , company s future. ^ 

. The Usinnr subsidiary has Eastern bloc countries for the In figures submitlPd in the enurt. 
turned in 3 net loss of Kvs-2.C6bn. vear's adverse trading results. ' 'Ibe company saui that it han 

■ " total outstanding debts of 

16bn. pesetas (SIfl5m.) against 
■total assets of 24.35bn. pescia>* 
(S296m.i. The company's mam 

Asuag increases turnover SBSSrS 1 . 
but .growth rate flattens EStfiStSS 

BY JOHN WICKS ZURICH. March 20. ll ? c company. The company 

also owes back pay to its work- 

CONSDL-JDATEfr-BTOUp m mover- caused on world markets by the force 

of the Sg;>66 watch concern currency situation. _ ' , 1# . 

tS kanking crisis 

Asuag increases turnover 
but growth rate flattens i 


CONSOL-JDATEfr-group turnover- caused on world markets by the | 
of the Sttisa. watch concern currency situation. 



-13t ^ Sandoz Vfeliwtem' Afei^nnP 

Sw.Frs.l.26bn. (some S600.000). ,r THE BASLE-based chemical con- Llalulo UUC 
according, to a. statement by the cent Sandoz is, acting lb rough ^ , . 

Bienne-based parent undertaking, its Berne subsidiary Glare, to IXIOlC V IClllTl 

Within this total, sales of finished acquire a control liny interest, iu ; 

watches rose to Sw.Frs.456.2m.. Ihe Swiss food industry holding | By Our Own Correspondent .1 

those of the components sub- company. Leofarin, of Marten. MADRID, March 20.-. 

sidiary Ebauches SA and its Leofarin owns the biscuit coni- -the Banco du Navarra ihb 
affiliates to SwFrs.591.4m.. and panies Roland Murten (Murten). small SpanUh bank Uwt cob 

| affiliate to Sw.Frs.591.4ni.. and panies Roland Murten (Murten), 
I turnover from other walch Floridor, Le Biscuitier 


lit a recent dinner for insurance industry leaders in New 7 York, 
tngelo Calmon De Si. Brazilian Cabinet Minister of Commerce 
nd Industry recommended that US.. companies consider investment 
h Brazil's rapidly growing economy. t)5. Bankers, he stated.' are 
orally involved with the efforts of Brazil's economic strategists: to 
•ush their economy to a top position in the developing world. U5. 
nsurance companies should also be aware of the opportunities. - 

Equally important. Mr. Calmon De 5a said, is Brazil's interest irr. 
-.ontinuing its international reinsurance development. -As a focal 
joint of this in the Lt.S.. he announced that Dr. Jose- 
Oliveira, president of the Instituto de Resseguros do Brasil. -had 
signed an agreement with' Duhcaqson and Holt Management Cpr-_ 

1 ’ a " ' * I .. I A 

■ — A Qr aciOR to-^sMPlKfr t -tt w pr o wtTOn^ tJ .S - . r < f TO o ra n c g -o u nn un y^ 
-- -^wnethby-Braziliarr-a m H ' ntcrn a t i onat in t erest s. — ~ 


A!c»n Australia Sjpc 190 9ti 

AMEV Sbc IB97 Mi 

Aiwtralia Si pc J932 . -W 

.Atttiralian If. * S.. Mpc *K . -*S» 
Barcfays Bank* ISM , fl7i 
Wwaicr 3lpe iMtf ■ »fl - 

Can. -V Raik*» sJtic iau ‘ mi 
C redit Nailonal 8 ice itea • s7i 
Denmark 81 pc IMS 10} 

ECS s:pc 1897 MJ 

E1B S>pc 1WS ; og> 

EMI Blpc >969 «g| 

Ericsson 8 1 pc 190 .. ...... 

Esso Spc J9M Xov..._ lOli 

RL Lakes Paper. s*pc 1M t9 i 

Hamerslcs- 9ipc 1992 10 

Hrdro QncDcc 9pc 10; Ml 
1C1 Si pc 1987 -- . . :... 97} 

ISE Canada 8}pc 190 ... i(QJ 

Macmillan Blnedcl 9 pc 102 
MasstJ- Kersoson 9}pc *91 93i 

Mk.fe.HU) Sipc IMS in 

Midland lnt. Fin. 8ipc ys 0} 

National Coal Bd. Spc 19S7 Mi 
National Wslmnstr. 9pc *86 101 ( 
NruHoundland 9pe 190 .. 1U0| 
Norcea Korn. Bfc. Wpc 1992 96* 

xorpipp si pc lass . .. SBi 
N’orak Hydro 8 1 pc 19 S2 ...- 5Si 
l^lp. flpc- 190 1911 

l*ons Autaoames Ope 0i .»}_ 

PeW/^a'tfb.vf!#pe , 9«5 -^ r "- 
m i r 

Sciemlon* 2 TM. SIpc' 19»”.!i SD* 
Skand. Ensfcilda 9 pc 1MV .. m 

SKF «pc I9S7 92} 

Swr-dcit. -Krtomi Si pc lf*S7 ' M} 

Offar Bid 

United Biscuits Bdc )9SS .. ssi 

fT Volvo Spc J9S7 March fta 

*2 NOTSS . 

Australia T}pc 19M-- 9fd 

991 . Ben Canada 7|pc 1987 . - . 931 

Hi Br. Columbia Hyd. ?ipc « ■ IK' 
Osi C: ‘ n - p * c - Side 19S4 . _ . ' 9» 

,4, Dow Chemical -BPc I9« 87 

• ECS 7Jpc 1W3 .. 97 

ECSSlpe.JPSS 951 ' 

?~i EEC 7»pe IBS’ 57 

SJ EEC 75 DC 19S4 ..... M 

u Enso Gatwli 8ipc 18M ... 97 

ui GoiaverkcB Ttpc 1982 ... 0 

mi Kodnnns Spc 19pt 9U 

in* it‘cirim r»pc i«s »; 

ino Montreal Urban 8?pe 1991 10 U- 
, 0D , Npw Bnmncirk 8 pc 19 Si ... 971 

jijl New pram. Pror. 8 5 pc 2a 300} 
M J'w Zealand Side 190 9S* 
,841 Nordic Imr Bk.-TJpc 19M 9Si 
Norsk Hydro Tioc tfS2 . . »7* 

ul Norway Tlpe 19s! ... M 

,0?3 Ontario Hrdro 8pc I9S7 .. 96} 

Mi Sta«y line t«S ... ... . iMi 

S S.OT Scot. Elec. Slrfc 1SS1 M) 

. ,£! Sweden . K'domi 7ipc -11*5 971 

ifll! Swedish State Co 71pc *S2 *74 
Telmwc Bipc 19H4 . 99; 

^ 7 i Tenneco 7jpc 1957 May .. *H 
J} VoSuwaaea 7lpe l«S7 Ml 

'if? 7 ABle d B 

H «B 


Economic Labs 4Jpc I9S7 
Fir-psione spc 198S .. 

Ford 9pc MW 

fienerar Sleciri.' -Upc 1K7 

HiUet:a-41pe 1957 

tlOUld 3rc-MS7 •; ... 

Rtd/ ahdCWeMcfn'jpc^gjs 
H»fTla SpciW* ..u. .... 
Hooexwen.toc. l*s& ... . 

1C7 8 (pc in* 

fXA 0pc 1 807 

Tnchcape Btnc 102 

ITT <{;pe T987 

-Tosco Spc 1992 ... 

Komarso 7} pc 1990 
J. Ray McDermott -Tpc "87 

MMSDShlU 6 -pc 1990 

MJiltri 7} pc 1 990 
J. P. Montan fine 1997 ... 
Nabisco ttpe 19<w 
ntmns TUtncHs a‘pc I9«7 ... 
1. C. Peimey «--pc 1997 .. 
Revton 4loc 19R7 ... 

Remolds Metals .Ip r ]9SS 
Sandrik tlpc 19®9 
torn Rand V-tr 1BF7 . . 

Satubb }*pe wt 

Teaieo ftoc ms 

TOttllh* «»ne IPO? 

Union CarWde 4Jp>- 19*? 
Warner Lamlwri 4*pc 19*7 
Warner Lamh-n Coo 19S9 
Eurnx Sprriffs 

jaidrf. RoAbofy 

Bid Offer 

77 . 79 

109} , 110} 


81 83 ■ 

77 I* 

187}..; 101 
«»' * «} 
U5 «7 : 

11?} 11.1} 

Ml} ' MM 
114} 133} 

U?» Ill* 

industry operations to d;Avenchcs (Avenches) and Ch. d^med anotier~rictim ' ' It'ls 
Sw.Frs^44Am. Singers Erben (Basle 1. its chief shareholder an 

Despite the marked rise jn The Sandoz group is already n ves SI' e nl comnany MPI. ” 
overall sales for 1977, the corn- active In the food industry, par- Q th _ d ’ court 

pany reports that the growth ticularly with the “Ovaltine" aDnril v Pfl " rPnu «t fnr thfe 

b&gan:to 'flane» oul last anlunin production of its wander division. pp J d ^ all pay. 

and ifagftried almost com- Last year the company a«juired 

gafSSLS®*! TM"- S'tfg'-WlR ^ ISfw KTfi 

buled pnmanly to uncertainties the U.S. . . p Tn oetari horanw mpi hart,* 

lapsed on January 17. h35 
claimed another victim. It is 
its chief shareholder, an 
investment company, MPI. < 

mi mi 
93 p.i 

th -• 191 

.. meptS: to outstanding creditors 
. This. move . had been widely 
• expected, because MPI had,-.a 
60 per cent, controlling -stake 
in Banco de Navarra, and since 

, I the Bank of Spain intervened 

Lambert group buys stake in bank ! its deposits have been blnrkeit 

BRUSSELS. March 20. j 

BELGIUM'S Lambert financial remaining 50 per cent, of ihe Psis.lObn. fSt21m.l and debts 
group, whose main bolding com- Banque Louis-Dreyfus. Psts5bn. (SfiOm.l. MPI has 

pany Is the banking organisation The Lambert financial group is been primarily involved an 
Cie Brussels Lambert, is to take the largest in the Benelux property investment, although 
a half share in Banque Louis- countries. Its main holding com- 1 it was seeking to move into 
Dreyfus. pany was created in 1953 to banking. I* 

An agreement to this effect is manage the portfolio of the Bank j In addition to Banco de Navarro, 
apparently to be signed on Thurs- Lambert, ttself created over 100, it negotiated Jast year the pup- 
; day. March 23. The Louis Dreytus years previously,..:; . , „■ ; ; .. cliaseiof. Banco de Totedn from 

syump . mil. -retain, control of -tne Agencies «- v ;v‘ - • the Kuxnasa group. -.- 

the Kuxnasa group. 

r, -f *■* % 


¥ 5 , 000 , 000 , 00(1 _ , , p 


Japanese Yen Notes due 1990 

Managed and Placed by 

i r 'i 

The Nikko Securities Co^ttdl 

JANUARY, 1978 

This announcement appears 
os'a matter of record only. 

This umtoumement appears as a matter of record only . 

1} ETB »*pc 1999 99; 

6 FIB 9Jw 19K . 97} 

I Fhnnr# for Ind. 9 5 DC 1997 97} 

rtj Ffeunc* for TivJ. I(*nc 19SS 97j 

Ft*0» !Wd- 19S7 - 1002 

ISA lfloc 19SS 97 

Rewarw 181 pc IKS 9*W 

Sears i9lpc IWS Mj 

Toul Oil flpc 19M 97 


BFCE StiK* iw IW 

BXOE fiipc 1*5* . 97S 

CFE 9 }vc 19S9 ... .... 97| 

I>mTurk Sloe 1334 . . IN} 

ECS 5} pc 1WA M 

FIS 3Jpc 1990 98 

Earatom 5Spc 1997 993 

Euro Am* ypr 19^ 99J 

FlPland 5 Jor I9SB fl«J 

Forsmarku 3(P<' I9M 99} 

»w ZrDlapd .'itnc ISSff ... IDT, 
Xorcwn 5}pc T#®9 ... HW 1 - 

?} 97' 

? Sw^tf-n 8PR SP9-3 ... . 1911 

" Ti«-*ma«achahn wpc '*9S iw 
Tvn Power Co. *vr 198S... ««} 

V"Mi“zopJa 9pc 199S P9 

World Bank 3ipc 1980 ... . 98} 

T*»r.v of 7,tr, 1S94 7)}|hPV NU 

p.xp is*.-, shspc w 

TCF 1991 Spc 9!T 

CGMF 199} 7fpc . . .. 9*1 

CredlTansialr J9S} 7Cpr . 9*3 

Crcdlr Lvonnais 1PK 9oc.. WJ 
DC Bans 1992 7U»PC ... 9" 5 

RZB 19S1 BItspc lim 

ImL Wsnwsn-. '34 7i4j*p c P*I 

Uorrtv 1*93 7!pc 1001 

LTC8 I9JO «nc 9»4 

Midland 1912 Sw lffl» 

Midland 1997 7Ui6pc .... Mf 

ORB is« r.w **; 

i «TCF I9S3 Woe . . . *« 

• S'd. and 0"n1 Si 711 w . pc im: 

,- Kms. and G|j» "M «l'*.pr 

Source: While Wold Securities. 

American Erprra «pc 97 974 

Ashland 5 pc IMS 97 

EibwH 1 Wiicos Z’Pi 'VT *} 
Brarritf Fpoil, }»pc ]9»» »l} 

Beatrice Foods «pc Wfc inn 
nerrbaio SJpi- 1992 9'} 

Borden 5 pc 1992 MS 

Rroadwar Hale «5 dc 1987 79 

r,rn.iMor }pc iMj 

Clirrron “p- «!<« .. .. 1M 

n,r» 4^t>r 1M7 ... 7*4 

Ewn— l‘v l*t •'** 


v -j|y ■ 













'iftwcn&c/ de T&iGcte&d- 

■: ✓/ S - y 




$ 10 , € 00, 000 


. - - _ T ' ; ;■ : . Guaranteed by. . - 

Inversiones Cremerca S.A.I.C.A. 

' Dillon, Read Overseas Corporation 

Amex Bank Limited ' ' Baring Brothers & Co„ Limited 

Provided by 

Am winm Ftpy u Tatdn utfiwmt Banking Corporation . “ Bank of Montreal Baring Bnflbers& Co,, limited 
Brown, Shipley & Co., Limited National Bank of North America Rainier National Bank 

Scandinavian Bank Limited 

Ago it 

American Express International Banking Corporation 











BANK SAN AYE IRAN loividon branch 




“Mth MARCH IS 73 


Financial Times Tuesday March 21 i«7S 

Industrial cold 



on Tongaat’s offer 



Government concerned over slump lj 

- it 


AUSTRALU\ has one uf *h« —its first loss since it began local the market was not disrupted iti own hands and banned The PStipiates. sn 

most heavily protewd motor operations in 194R. beyond that period would be emplojmmt of My Si,1< w W 

vehicle industries in the w**rlii. Ford earned $A4m. in 1377. determined in 1379. The Gov- workers in the industry. The likely to rrnect n s. s go !j&' 

Tnngaut ha-i sent oui iis offer ros <*s recent price on the price.- are administered I); the ] 

documents, ininal indie:.«ions are Jo , ian ne.shurg Stock Ex- State j 

that the 1-»Q cents offer will he .i ,.i... n .. r «hore it ..* following the Tongaal offer, 

sighting shot, even though n i* , 0sid ul Primrose announced ihai it i- ! 

a substantial premium on Print- . on rnoay. acquire Roadcpoon Brick- ‘ 

rose's 94 v*-m- previous priiv. Primru>e suffered u lira- wprk« Tor 340.000 Primrose \ 

The offer capita !i-«-e Primrose malic decline last vc-ar. While shares and RC.tin. cash. This . 
at K 13.9m. and roniPin'o** wiih I ii mover was down 16 per deal mm id raise Prim ruse - .- total . \ 

the net wnnh of i In- (:«i hulamc coni.. jirulits wen* down l>4 brick-making capacity front 75m. 

sheet of FI3Jni Tin? Board's percent, from ItS.tini. to R2m. to S5m. bricks a month and will • 

defence in din- tour-** will prub- Tin* Primrose Count i- of increase the number nf Prim-j 

ably i evolve around th** mto nf „ u . immedialc opinion that rt "° sh ™ in ■«"* i* 1 * 1 nvr, 'i 

the disi-oum at whi'h lllfl ........ ..n.-Uori .,r ri -m ' ,ni Th *' deal ts espec*ed tn> 

stands tu ivtn control if H- offer J 1 ' 1 P . , " ‘ . 7, provide import.* n I railonaliialiun j ' 

-succeed-, with the though! m;r -h..r«- is well below the i, lW fit«. 1 

thrown in ihai Prmir* *.«•*■'» n«*l f,l,r a ™* reasonable vnliie. Behind Tonaaai stand- Anulu- ! 

worth includes p.-rf.ii ly d taking into accounl the asset \iiierican the Tat -hare. 

purchases Of new vehicles. 

suspended untN that date. 

the workforce in ine muusiry uoa _ r*o_ » 

declined by 12 per cent, oyer the Dilemma 

n»«t war and that to delay the l® 1 -.: -t.- ! 

control of labour any longer The Government hao asked the 
would be a case of shutting the IAC to report by tne end of April 
stahlc door after the horse had on whether SO per cent, of the 
bo.,-,* -- light commercial vehicle market i 

.. . should be reserved for local ref 

The niutor vehicle companies, mam ,f ac iurers. it will also eon- el!f.£fcr 
predictably, have staled they sider the p 0SS ih>iItt>- uf menus* in* -/* 

plant written down l«* nuihiiv* in talur i»r Primrose, the pnien- 

tiir* books. 

Source- eh" 4 ** to He* emu paiiv 

f in I nf the company, and its 

value * -p .j** huge lusw*« (almost SAflm. was Alarmed at the trend in the iht.^mdMstrv ' vui|jt , *» , n^ , *i ‘"other unions in thu industp. and jo not have to comply with i & ;• 

,e ass,./ V SJrt 1 "' T0 | l he" a, T^'" < i' A h 'Je l‘*st in 1974 1. managed to e:irn industry, whir!) is one of the 1 particularly a* some _ rninpames thp samp j ocal design rules The JJr. 

■ nniniT 0 IL .!',u l £- I 1 ''l _?*.[,*■ * \2 Ofii. ( $US2.3 iii. * . !*:ii ihi-was n, ajor employment areas, the • . c were employ inu workers. But dllcnim3 the Government £$«■ 

p len- h.i.dei with _a ner cent n[ the j(;|| ( s | ljr ,, dri l( .. ,i K . Federal Government last October Labour Situation Ihe ban is symptomatic of the is }haI increas£ .d protection for 

Tn ,! e however mrtfrect iHuld C h' 1 ”a ^nicd in the pre-.-mu* |'romi.sed the manufacturers that The unlons arP also que-. stole of the industry. local light commercial vehicles ^ : 

- "aei,, r ornmoil™' * cuuotnr «ff4 ;,,-riod - high protection against imports tioninp this tenet. In fact the Worried at the slump, the could also result m a sharp in- ujt:;- f 

i'\pt*n- f :„, n vfrik ?mc.- inrDr."i 4 Ghosi.-r suffered a !*•*.- of would he continued until at the Vehicle Builders Employees' Government is keeping its crease in unemployment among r*\J. 

r - v - hou -'i "fininrhl * r .ther tluii i ^ '27.8m — more than the com- least the end of 1979 with the Federation, which controls 95 options open on import quotas dealers and dislrilnnors handling , ./ 

"nlitv- .1 enn'idPrations will nrob- ,,:,n ' v "pilal— in vp,,,? .,r sack- prospect that it will con U nil C well percent of the vehicle building and has declined to set a figure imported vehicles. There appear* j-fe. 

aMv ije p*rj m mint in ihi* rise I’ 714 •• SlW workers since Iasi July beyond that point. workforce, earlier this month on an interim allocation for im- no easy road-for the Government j n r% 

th*. «.n|v i\-i„le it is earl- dais rrimrose . reported a SAR.4m. deficit Arrangements to ensure that attempted to take matters into ports »n case sales fall below to travel. .. - * ^ ■■ 

would preserve 
the industry. 

Labour situation 

current performance in the however indirect, could be 3 

indicated Ut-ilav that ., realistic wrtr vj brick market experi- factor promoting a cuunter offer 
value f*»r Primrose's .**-** 1 - ouch, s,> n-ri-n, hicmr* from Afrikaaner inter- 1 )-, 

be around f4Sm.. or nearer 45U n ‘ n,s ‘ or -'- though rather than 

cents per sharr. political considerations will prob- 

The offer '-unld i-mn-oivabiy fall ably be paramount in lhi< rase, 

fuul of the Republu-'- ]ittl*-used m the Transiaal and th** only tfhile it is early days, rrimros** 

isnorcu uow ar a duty ratc of un jv 15 per cent, r v 

other unions m thu industry. and dfl nol have to comply with i £•• ;• 
particularly as some ^companies tht , samp !l5Ca j design rules The ffri- 
were employ inu workers. But dllcniina the Government 

Ihe ban is syniptomauc of the | s } jj aI | ncreased prolectmn for "Y* 

■s- stalp or ,hc industr * v - tocal light commercial vehicles 

ie Worried ul Hie slump, the could also result in a sharp in- hci : r 

monopoly legislation only being **verla;i in tin* Gap** Town area, ■share* traded 5 cent* above the' ■ - 

overhauled in dralt Bill on But on*- * , «uinate to-day wa.- that T.*nqaal offer price at 135 cents, aiictdai I AM PAMDAklire 
Maintenance and Pronuniou ,«f the combined group would to-day. 1 nwa I KALIAN UUIVIrANIta 

Wheelock Marden moves ahead Bond sells Yanchep resort stake 


HONG KONG. March 20. 


By Our Own Correspondent 


SYDNEY. March 20. 

correspondin'.; p»md Inst year. The chairman said that th** within 
Th**n* are also unspecified qui*;***] -ubsidiarics — Allied In- |*i*riud." 
nvtraordin.iry prufil* which will vest or* ora lion. Beaufort.; 

be transferred i» capilr! reserv*. 1 . Hnldincs. liarriman Holdings. 

th unsuccessful — fur Bond Corporation was granted Group profit dropped full year to be about. 10 per ceni. 
ica's Cup. sailed off its option 3 proposal was made to f rom $A4.Sm. to SA457.000 higher than in 1976-77. 

Rhode Island. If he th** Austrairm Government toe* - - . - — — — - 

t*» Ui'Ci-mber «h**w an intpruve. Dcv.-lopmi'ni Curpnraiion had a + ■*■ * _The dividend is 

mem u\cr the comparable mnu slichi redm-sion iii rental inrium* S.5 cents a share 

niMinhs of 1978 and that Mr John Cheung •■•.is llt/NG Kong Aircraft Engineer- * * 

Tie* mivrim dividend i? live rostuning fr»in the Et*».*rcl to cun- ing announced a $IIK3fl..ilm. ADVERTISER 
c.-n** per SHKI A shrtr** Kainri central*- on ReaMy's acliv >ltc.*>. l prufi* for 1977 cup A riel aide- based 1 

and *1 5 conis* per £HKI B -.hare Oiteraii*tn- m Jj:*jn and 14.2S *ie>- rrni.i. an.l :i final *livi. ■•mun *. 

.■n'" 4 per XHM A shar«* (<a:nn centrat** *«n Realty's uciiv me.-. iSL'SHiim 1 profit for 1977 tup \ri**laide-ba*ed newspaa.-r -nd *n«v, f' rn J c, ■ , an « about it would al*r» cm aeros 

iml <15 crnis per $HK1 B -hare rtperaii*»ns in Jj:*jn and 14.2S per r-cnt.i. and a final divi- media -roun has raided it* pC0f1,e nr,w !lvx ‘ Jt ' an ' ni «niber of areas of assist: 

4 .*m**». aii*.,;-ii*ng SHK 13.97m. induneFia shnwrl coniinu-d ;.f.*- d*-nd uf ^HK2 20 (SIIK2! f*» r a dividend' from 10 cents ;r. r’ 5 ri T?‘ ,h:i1 1hr ' Govemn 

he dirc'i'.rs espe.'i i<* rerum- gre«>. Aiis-tivi S in was .dearly t*>;.i! of >HK3.2U. writes Daniel cents a share fr.|l*.wing .1 ris.*7n ■ ie c ° .n-tT nr . evtended to th*- stains. I 
n-nd a final of n«<! I*-- than again ■ d'-ai.nninirng, . r*itd Mr. NrUon. from -Hong Kong. pndii »*i 4 third for 1977 rllp cnyuing. governments and-.various oJ 

: wanomic downturn created or-anK-*tiims. - Moreover - 

stable industrial relations should • . succeeded. Mr. Bond acquire the w hole of the Yanchep 

allow a satisfactory result. intended 10 sail future challenges project. But. the directors were, 

The dividend is increased from D ,r ike cup at Yanchep. In 1974. told, this would he in cnnilict] 
6.5 cents a share Vo 9 coni-. i cm Japanese group Tokyvi bought with the Government's present 1 
* * * ji ™ ' ni?r p| ?nt. Make in Yanchep. policy of mavtmuni restraint oni 

ADVERTISER vw-..,,..- al) but -*A20m. has been Government spending. 

Ad.daiSeha.ed newspap^ 1 Imi ^ " n l f* C,rnjD, ; , and If *'««W cu. across 3 

media grown, has ra?md !w liSJJ pC ° p!e nnw !lvx ' Jt ' jn ' n " n,bt T of ? . a ^ ;H of a«Wanffp 
dividend front 10 cents ir. t-'5 v, ,, , . ’ho i-odera! Govemmenl 

CC111S a share foil*. wins a ri*.* "in 1 ' i" f' rn r ,, \ rt - v ►‘Vended to Hi** states, local 

pr.ilir ,.1 4 third for 1977 l . n • inrt rh< * enyufng. governments and. .various otlwr 

e, .^n.,mic downturn created organK-itiims. ■ • Moreoven— thoi 

u quid 1 tv dittlculties within Band Government fell Yanchep 
'.irp oral ion. and ihe group in h^lnnaed mop* in the private 
recent years has sold several of enterprise sector. 

The Taiy o Kobe Bank Ltd . 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit . 

Series A — Maturity date . 

- -22 September! 980- — 



U.S. $60,000,000 


UOB floating rate issue 


SINGAPORE. March 20. 

THf*. t.MTED Ovurceas Bank The l r OB issue is the seventh 
n leading Singapore U.S. dollar FRCD issue in Sinca- 
iiank. will be issuing BUS 1 5m. pore since November l-'.st vear. 
w,, rth nf floating rate certificates when with the active encou'rage- 
of deposits f FRCDsi. ment of the Mnnelarv Aulhoritv 

The three-year FRCD issue, of Singapore, the first such issue 
which is the first to in* floated was launched. 

a hove rhe «iv month Sincaoore \ cn b > f,lre, ^ n banks - maln .‘y 
tntcr-hank offered rate iSTBORt •'“»»■"«*? banks. The amonnt 
for U.S. dollar deposits, and will -’a : .«t*d hv .these six issues total- 
bc priced at par. led $US105m. 

In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that tor the six 
month interest' period from 2 1 March 1978 to 21 ' 
September 1 97S the Certificates win carry an Interest 
Rate of 7 7h% per annum. ’ 

Agent Bank 

The Chase Manhattan Bank, N.A., ; 


This announcement appears as a matterof record only. ' 

Corporacion Nacional del Cobre de Chile 



$ 100 , 000,000 

Eurodollar Loan 










banco de financiacion 










Managed by " 

• Chemical Bank ; - 

Bank of Montreal Bankers Trust International Limited 

Compagnie Financierede la Deutsche Bank AG - Manufacturers Hanover Lrmited 
Morgan Guaranty Trust Company of New York ' Swiss Bank Corporation 

Co-Managed by . 

Libra Bank Limited 

Marine Midland Bank : 

Provided by •• 

American Express International Banking Corporation Bank of Montreal . Bankers Trust Company 

Chemical Bank Compagnie Financier de la Deutsche Bank AG. Debtsch-Sudbmerikanische -^abk AGA’ 
First National Bank in Dallas First Pennsylvania Bank N.A.. > ‘ J. Henry Schroder Banking Corporation^ 

Libra Bank Limited Manufacturers Hanover Trust Company . ; Marine Midland Ban^^ 

Morgan Guaranty Trust Company of New York Swiss Bank Corporation^ 

Agent' ' 1 '• - 

Chemical Bank ~ 

S-rBRUARV34, 1978 

inaftclal Times Tuesday March 21 1978 


Ho. aw rs or 


I Division Cn moon lea Court. Id 
jw® Manor of The Campania 

IS HEfcEgV WEN, Hat V 

BP o f Hio atoms 
omMhr hy i He mar Court «P 
■as or the - iTvh tlap tf January 
^entud m 'rhr M w conn. On 
day of February IWS. punuw 
w of Mr. Jnatlcf Slade dated 
nary 1WS. y, D.UKE5 LIMITED 
■■cKrcml «|ir Is situate at 
Wn : . Sirv cl. TorMano Avenue. 
NtOTTE. S Creditor of thn 
n-d Comnoor. wu suboitwed 
and Urn said PvWton la 
to be JH’an] More tt» Conn 
tho Rorst C«m» of Jajtfce. 
London 1YC3A ;LU on- the 
nf ApTij isr«. and any creditor 
ibutory of i be said Coisuony 
o uroaon or 19 mk> the maJrtrw 
wf on riii« frjtd ■ Petition mas 
iw* um>? or bearing. In person 
. eouasel for . that purpose; uM 
f*?Pril rio| i will be funUsted 
to any creditor «H 
'iT or the said Company reouir- 
■opy on payment of tbe rcfflOasod 
ir the same. 

LEY Kalms. Travell & co_ 
'-aim on Rood. 

■v. ssi iQq. 

nW'lTSSJ. Tel: I0RB) *4451 
dwri for the Petitioner. 

-Any person who intend* 10 
• the hearlBc of the said Petition 
n» on or- send by post ro rhe 
v«i. notice In MfrirtUK of his 
sp 10 do. The nonce must state 
and addrrss at (be person, or. 

. the name nod address of (he 
-most be signed by the person 
a- Us or tholr. soUcitor iff anyi 
.be ft-m-a or. if posted, qnn? 
bp pmi to mincleot Hme to 
1 above-named not later than 
ock (n the afternoon of the 
of April UTs. 



*** * 

RMlKwed OJfcea: ?, rw. Be 7*h*m«v— 
rteo farte r PAH is fi P 3S2qJ2Si* 

Id dgnooilB itlon of f 5.000. — ■ 

va i 1S u .5S i 2J5*5? ucmom "cuvesel OIK 

VAIS DANONE- made dn for'ih# TMjy- 
TES? ^uuL^SKS; 0 ^?- iwalnurt due on 
J»h»^i97a. of the rtoht which 
J J2L, 1 **•* *b»c of Bsue and 

repurchased - bonds ‘ 
l * ll L- b * jy drawinp ay lot (dr 

tms hrrt redemption. 

Afioou outstanding: K9o.000.000 
RANCioe- kationaUdeparis: 

Fbcal A Bent. 

oirpt-i. &TDTO] 

. and lhai «v« 

«rt stak&S 

"AiVboiory of' lb 

wa own or ins 
Division Companies Court in 
w of C. J; COHEN 4- SONS 
and In . (ho Manor of The 
a Act, 19*8. 

: IS HEREBY GIVEN. tfat a 
or rtin Winding Dp of (be abo ro- 
unpairy by the His» Coon of 
•OS on tit? ntb dav nf March 
,*enipd in the said Coon hr 
1L. HOFOJ.. UK1TE0 .._«twsw 
nfflrc is siiustc at P 0. Bos !. 
Snvcl. Srorkpart. Chester. A 
and that Nv- raid Prtfnnt « 
before ihc Coun 
Conm- or Justice. 
WdA .2LJ- on the 

sod say. creditor 
ibn uU Cnmpatiy 
m suppon or orw the mskvts 
■d'T on the said Petition may 
: thi- 1 line of hearkap. In perron 
i counsel for that, porpov: and 
f ihc Poritlon trill be faroisbed 
imferdmed to any creditor or 
; iry at the sa'A Company n-tjuir- 
tw on witnem of the regulated 
ir the same. 


. CbanceiT ZdDB. 
mdon IYCSA Iaa. 
rf: JAn. 

ibdiors ror the Peilrlnnert. 

-Arty person who intends to 
1 nw heartnfl t>f rhe said Petition 
re on or send br post 10 tbe 
ncd. notice in writing Tof his 
so in do. The notice musl stobv 
• .iddrtsa of the person, or. 
. tlM name and address of the 
mast be sinned by the person 
or his or their •mlicimr <U any 1 
- be served or. If posted, most 
by post In suflk-tem time to 
c above-named not bier than 
ocfc in tile afternoon of the 
of April 1978. 


■. Repent Street. 734 0557. a la 
At .- id Mctu lure** SrcrTKU'ar 
■OWS ■ 7. 4S. 1.2.45 and 5 .*5 and 
f Johnny HawkuMprth 4 Vrtenes. 

LC. 60 Dean Street London. W.l. 
at Mien i ant and i a.m. 
fciowd Saturdevb. 01-437 MSS 


e MorjCS IS HEREBY GIVEN that tha 

S% Debenture* 1978-87 TRANSFER 

Bomos at th e abo»e Cotneanv v*H| bo 
Ktervn 197 B so .31 M 
March 1978 incttePvy. (or me awNR «f 
prewartop the interest warrants lor toe 

197?** *°* *® *** WW 09 0,0 S1ct Mv(t - 
• Loiroon No. 11 on the Bearer Oesen- 
tores of this Issue should be submitted to 
th* Bank uramt gj.K.1 LlmtMd. '4-7 
Woodstock, tiratt. London W1A ZAF fo* 
coiieci Ion |f> is.aet. 

Looooo Ravine Aeewts 
A- I. Freedman. Secretary 

4-7 Woodstock- si 
tpodsn m A ZAF. 


AutootmoBS- public tnstttutloa Of- 
-industrial pod commercial - character. - 
set up - by ordinance - No. 45-24S9 
M 24th October, 1945. and orpan. 
lice bv decree of 4ih January, 1947. ■ 
INSEE 6OZ751149O01 - 

_ Registered Office: . . 

291. Boulevard Rasoailf-Parls l4n i 

LOAN OF USS1S.000.000. — 
BONOS, 9Tb 1970/19AS 
unconditionally ^WMgnntted by tb« 

PARIS AIRPORT baa nndertalccn to 
repay, on 15th April. 1078. a nominal 
amount of USSt .000.000. — of bonds -of 
the International loan which It hired 
in 1970. 


US$1 .000.— each beartns ngniDorsj 
1800 to 2399 a«l *400 to 3799 

ara catted tor' rotfemptfoB ~to"respect Of 
the amortisation of the. USIT.0OQ.OOO.— - 
IuMimoI repayable qn 15 »h AorIL 197*. 

These bonds arc redeemable, at war. 
coupons St TSTh Aar II. 197a. and SUhlO- 
Uueot attached, as from 15th Abril. 1978 
date at which they will cease to hear 
interest- . . 

The follow I BO banks will carry, out] 
the rcticeiBlIen ol the Mid bonds and 
tbe payireiA- of Intaest-lMe on ISth 
April. 1978: 

Credit Lyonnais. Luxyntbotiro— rCnedrt 
Lvontwra. Parte — Socle te Getneralp. Parts 
—Credit Commercial Oe prance. Pa ns v 
Barque da Parts et des Pavs-Bas. Paris 
— Seciete Generate Aisaclenne de Baeaue. 
Lwtamboura — Kredhntaqk 3-A. Lbaenv- 
bourocalse. Luyemhourg— Sanoue de Parts 
et des Pavs-Bas Pout.-Tc -Grand-DocfidJ 
de Laxemtawro, Luxembourg— Amsteryi 
Dam- Rotterdam Bank N.V^. Amsterdam—] 
Aloemeno Bank Nederland N.V_ Amster- 
dam— Societo General# . de Baaoue, 
■iweis— Rredtothank N.V_ 8m««n- 
Barone Bruxelles Lambert S-A.. Brussels 
— CommerrMnit A.G., ‘ Frankfurt— 

. ^ornmerebank A G.. Dusseldort— Deutsche 
LBanV A.G.. F-anklurh— Dresdher Bank A.G . 
•rnnkfart— Midland Bank Limited London 
— Manufacturers Hammer Tnist Coqipaay r 

: Amount reotalnlos ii . circulation alter 
this eighth Instalment; -.US 9.500,000^- 

April. IS, 1972: 9527 
April 15. 1B75-* 9798. ' 10SI8/1Q620, 

10S58I10&S9. ia67aj10«71. • 1 - 

Aorll IS, 1977: 5B94/5898. 590115902, 
591B, 5928. 5932(5938. 53S5/S97Q, 

5076. KD 10/6011, 6188.' 621316219. 

572*. 623316241. 6246. *299. - 6313} 
4315. 6328/6331, 6737.- 6360/FVSX. 

6416. 6419/6462. 9495/9501. 6692; 

6869. 6875:5888. 6891/6893. 

Th« Fiscal Agent. 

Luxemboprg. 14th March,. 197*.. . 


t-'enpley anJ GcnnoA." 



32 pages maps and emeyard iMnurationt. 
Wrlie Tony Latthwiit*. Bordeaux Direct 
Aaqlfainc Mouse. FarnbM-'W Arenpe. 
Sloogfi. menlinnjrg F’Uv'/l- Tim" 



Dr. Kflkenhy joins Scottish 
and Newcastle Breweries 

fonner to the General Elect ric Company 

^pr. Bernard Kilkenny, _ 

ensirman of Allied. Breweries' in the U.S. in May. HB Networi 
Deer division, vtijo quit, the coin- Information Services is based in 
patty after a polka disagreement Paris and owned 51 per cent, by 
eadier this year, ' is to join Honeyvell and 49 per cent, by 
(SCOTTISH AND NEWCASTLE Compagnie des Machines Bull. 
BREWERffis hi May. * . ‘ * 

He is to become managing Mr.' Brian Womack has been 
director bf a new company kith appointed by AFIA "WORLDWIDE 
responsibilities for the mar Ire tins. INSURANCE as underwriter and 

production, and 
ate and lager at 

directors of ALPINE HOLDINGS. 
Mr. Onslow, whose appointment 
is non-executive, is Conservative 
MP’for Woking,. Mr. Kaye is the 
managing director of Alpine 
(Double-Glazing}, the principal 
trading subsidiary of the Alpine 
Group. - ^ 

Mr. T. M. WBUamson. general 

wholesale level 


dismbuiion of. manager of its London non-marine manager, branch banking, of 

_ a.VZ BANKING GROUP, has been 
appointed a director. 

• Mr. Derek Geoddy has become 
manbfacturing director of 
HERBERT MORRIS and continues 
as- personnel 'director. 

Mr. Hugh MeynelJ has been ap- 
pointed chairman or AIEYNELL 

• ; • * 

• Mr. C. Peter Limn, a -director 

and general manager of Barclays 
Bank International, has been ap- 
pointed chairman of INTER- 
T.'-W. Walker is retiring, arid in 
recognition of his services to the 
Bank has been appointed director 
emeritus. • _ 

- Mr. Lunn joined Barclays' chief 

foreign branch in London in 1935 

Dr. Bernard Kilkenny 

throughout the UJC and overseas 
and will report to Air. Robert 
King, the chief executive. 

Mr. Peter 'Balfour, Scottish' and 
Neve a a Lie chairman, said: “ We 
are extremely fortunate that Dr. 
Kilkenny, who has an -Inter- 
national brewing, reputation and 
a- wide experience in" all Aspects 
■of rhe beer market;- sbould be 
available to head up this most im- 
portant part of our organisation 
at a very appropriate point in our 
restructuring plans. 

treaty reinsurance division. The 
AFLA member companies repre- 
sented in the UJt. are Home In- 
surance. and Si. Paul Fire and 
Marine Insurance. Prior to join- 
ing AFIA, Mr. Womack was the 
manager and underwriter In the 
Mercantile and General's City 
Brandi in Lime Street 

Mr. K. A. Palfreyman has been 
appointed chairman "of MANSTON 
GOman has become chief execu- 
tive and Mr. G. B. Gregory con- 
tinues as managing director. 

* .. 

Mr. David" Donne has resigned 
as chairman of GRENDON TRUST 
to- devote more time to his. other 
business interests. Air. Guy 
.Kaggar.Tias been appointed chair- 
man and Mr. Paul Ooye has joined 
the Board. Mr. Naggar and Mr. 
Dove are directors of Keyscr IH1- 


Mr. Donald F. O'Dwyer has been 
appointed to the Board of 
with responsibility for technical 
services and development. He is 
also technical consultant io Pen- 
tors " European group, Mr. 
O’Dwyer - recently resigned^ his 
position with Combustion Chemi- 

.... - ........ . 

has appointed Mr. A. C IT. Harvey 
as manager of its 3 8, Bishonsga’e. 
City branch, in succession to Mr. 
.1. 5. Blackwood, who retires on 
Hartal SL ; ■ • - 

Mr. Lewis Robertson has f>een~ 
appointed chairman of the Scot- 
tish Advisory Committee of ihe 
COUNCIL. He is chief 


Dr. Kilkenny left Allied" executive and deputy chairman of 
Breweries in January, where he ti&e Scottish Dev'-'dpment Agency, 
was one of the highest paid direc- • . • * . 

tors, because of a Boardroom split ’ Mr. Robert G. Dnthie and Mr.- k “ 

Dyer the direction thg -beer Alexander AL Hamilton have been •*'* 
division should take. appointed-directors of the ROYAL 

★ BANK OF SCOTLAND from April 

BRITISH RAIL HOVERCRAFT -1. . Mr. ftuthia W chairman and -and Inter became chief manager, 
has appointed Capt. Derek Mere- joint managing director of Black He was appointed a local direc- 
dllh to a newly created post of and Edgington and chairmaft of tor in 1968, administering -the 

' the Clyde Pori .'Authority. Air. . bank's U;K. foreign branches. In 
Hamilton is' senior partner-. of utf2l bn iheinergcr of the group's 
McGrigor Don aid "and Co. and 
president of the Law Society of 


Mr. Cranley Onslow and Mr. 

Peter Kaye have been appointed 

operations manager. Seaspoed 
Hoverpori, Dover. The appoint- 
ment coincides with a-Seaspeed 
expansion programme which in- 
cludes the enlarging of the pre- 
sent SRN4 craft, the Introduction 
the Freneh-bullt Sedan 500 
and the opening, in Julyithis year, 
of the new Hovernort terminal in 
Dover’s Western Docks. 


Mr. R. Hale has been app ointed 
director of the CITY OF 
from April 1. Mr. J. H. Senior 
resigns as a director on March 31. 

Mr. J. M. CaKer has he^n ap- 
pointed president direcleur gen- 
TION SERVICER In succession to 
Dr. J. C; Castle, who. Is. to. return 

Mr. Peter Lunn 

foreign . amt -International bus! 
ncss, ; -.-he.- became deputy general 
manager of Barclays Bank Inter- 
national and was made a general 
manager of .that bank in 1973 and 
a director last October. 


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Financial Times Wednesday March 22- 19TS 



ONE OF THE Important 
sources of the funds flowing to 
consortium banks, and of course 
other international banks, has 
been the “ petro money " sur- 
plus of the oil producing 
nations which continues to run 
at well over $30bn. <£10.7bn.) a 
year and is expected to go on 
doing so. 

Some of the oil cash finds its 
way into the big general consor- 
tium banks, such as Orion Bank. 
But a considerable amount 
more goes into the more spe- 
cialist multi-national banks, 
such as Saudi International 
Bank and UBAF. which have 
particular links with the Arab 
world. It is notable that these 
Middle East-orientated consor- 
tium banks have tended to show 
more durability of shape and 
structure, and more growth 
than has sometimes been the 
case in recent years elsewhere 
in the multi-bank field. 

While some international con- 
sortium banks have radically 

changed their character, with 
one or more participant taking 
over control by buying out its 
partners — as with London 
Multinational Bank and Bank 
oF Tokyo and Detroit (Interna- 
tional!. formerly Western 
American Bank — the Middle 
Eiiat-linked operations have 
found a formula which has 
generally proved more lusting. 

Often a larger or smaller 
group of banks and sometimes 
other parties based in. or con- 
nected with, the OPF.C area 
have, set up in the West, fre- 
quently in London, in partner- 
ship with leading Western 
banking interests. The latter 
help io supply expertise and 
total ties with the established 
banking system receiving 
access, in turn, to expanding 
business linked with the grow- 
ing wealth of the oil states. 

Recently, with the increasing 
Middle East experience of the 
complexities of international 
banking, there have been signs 

of a growth in banking concern; 
of mixed ownership, but with 
a much more dominant Middle 
East shareholding than Mas 
customary' earlier. One example 
is Lhe fast-expanding Bank of 
Credit and Commerce Interna- 
tional. which is rather untypical 
in having extensive retail 
branches in the U.K. It is 
largely owned from the Gulf, 
though Bank of America has 
a stake, already reduced front 
.10 per cent, to 24 per cent, and 
which is likely to be cut back 
over time as BA builds up in- 
dependently in the Middle East 
Another example is Interna- 
tional Resources and Financ*- 
Bank, set up last year with .i 
string of Middle East share- 
holders. but also with a CD per 
ceDL holding by BaDk of Mon- 
treal and 10 per cent in the 
hands of an Egyptian Bank. 
Arab African Bank. 

Tlie pattern of investment of 
petroraoney does not, however, 
remain constant and a steady 






1 0^1 

L'r-'J..:.- yS 


Our primary function is to 
raise finance for develop- 
ment in Brazil in particular 
and in other Latin American 
countries. How successful 
we have been in lhe five 
vears since our foundation 
is reflected by our current 
total assets of over 
U.S.Shalf billion. 


Banco do Brasil S-A. 

Bank of America Group 
The DaHdu Kangyo Bank, 

Deutsche Bank A.G. 

Union Bank of Switzerland 

Bank S_imiteci 

Buckiersbury house, it Walbrook, London. E.C-*N 8HP Telephone: 01-238 1066 .Telex- 807012 3. 
Representative Office in Brazil: Av. Rio Branco 115.7° andar. Rio tie Janeiro. 

Tel: 263-7937. 263-7997. 232-2740.Tetex; 2122825. 


Iran Ov erseas Investment Bank Limited 


Bank Melli Iran, 

Industrial and Mining De vclopment Bank of Iran. 
Barclays Bank International Limited- 
Midland Bank Limited. 

Deutsche Bank AG. 

Societe Generalc. 

Bank of America NT Sc S A 

Manufacturers Hanover International Ba nk ing Corporation- 
Bank off Tokyo Limited. 

Industrial Bank oi Japan Limited. 

"Banking services include: 

Eurocurrency Credits ■ Export Credit 

And. International Loans. and Trade Finance. 

I ProjectFinancing. ■ ForeignExchange. 

■ Private Placements. 

HO Moorea to. London EC2M 6TS. Telephone 01-638 4S3I 
w Telex 887285 and 887307 (Dealer'.). 

growth in the variety of out- S37bn. in 197S, which would 
Jets for oil funds-bas in some in- bring net external assets of the 
stance- diminished tlie How of OPEC countries to - the truly 
Middle East cash placed as formidable total of Sl78bn. 
deposits with consortium and. The Bank of England's latest 
other banks in recent months. Quarterly Bulletin put the 
A growing taste for direct in- OPEC surpluses in 1977 at 
ve-iiment of oil surplus cash in S33bn. The Bank estimates the 
private placements of securities ratal placed in foreign currency 
by institutions or la rye com- deposits in Britain (essentially 
panics has absorbed increasing via the Eurocurrency market! 
amounts of the oil money while at $3.4bn. in 1977,’ compared 
there have al.-o been signs oE with a larger $5.6bn. in the pre- 
xome direct lending arrange- ceding year, though it identifies 
merits between big Middle Ea-.t a net outflow or SoOQm. in the 
sources and Govern mult* of final quarter of 1977, which is 
advanced countries in Europe presumably associated with 
ami elsewhere. ' larger borrowings by some 

TlK- .-ITc'ct of all till', coupled °PEC countries. OPEC deposits 
with certain borrowings raised in sterling in Britain in 1977 
from the OPEC area.' partial- recovered to an inflow worth 
larlv Venezuela, has been some- S300oi., against a §1.4bn. outflow 
what to slow down ill.- flow of in 1976. Meanwhile, a new bank 
petromcm**y into bank deposits deposits placed by OPEC sources 
with the Western-based banking in countries other than the US. 
system as a whole. The Bank of anrt_ Britain rose to $S.5bn. in 
England, in its Quarterly 1977. compared with $7bn. in 
Bulletin issued thi- month, 1976. 
noted that in the last quarter T , . 

or 1977 “the oil-export ing coun- jfnVCSlfflCflt 
tries increased their deposits by 

less lhaji $lbn. while drawing The extent to which petro 
new credit of $2Jbn.: they were money is now being invested 
therefore net borrowers lor the in private placings. as distinct 
first lime since 1973." Irani suing into bank deposits, 

Tho weakness oF ihv dollar ^ShUghted in the recent,- 
over .he last year ha- been a an d account, Of 

niuch-discussed phenomenon Saudi International Bank. In 
aiut it has been accompanied by |?! s as cxecutite 

a ix-riain modest redeployment director Mr. Edgar Fenton 
of OPEC deposits. But though ™ tpd that “lhe investment of 
this has led to .some rise in the funds . ^ Arabian 

I amount held by the oil countries particularly 

in sterling in Britain, alter a Arabia, through the 

: luny fall, the trend ha. made medium of private placements, 
little difference to the OPEC . ls increasing rapidly. We were 
area's essential policv ofhulding involved in the arrangement of 
the biggest share' of iu- invest- Placements in 

meets in dollar form. ? 9<< Md I aoU 4 c ‘f ale “ f . urth ? r 

, , . increase in this activity in 

Much as the OPEL states jg-g-- 

would like the price of oil raised Saudi international Bank, set 
in dollar terms to sustain the up in London in 1976, is typical 
true value of their petroleum of the increasingly important 

income, all the indications are of Middle East-linked con- 

that their revenue will cvitmue sotxhim aeration. Half its 
to be paid essentially in do liars which W3S d0 ubled to 

—and that much of it will be £> 0111 . in 1977, is held by Saudi 
invested iu the same currency. Arabia's central bank, the Saudi 
The danger of hitting the dollar Arabian Monetary Authority, 
by extensive switches so tnat and another 5 per cent, by two 
the remaining large holdings of Saudi banks. But there is also 
die U.S. currency fall iurtber 3 nia j or 20 per cenL holding by 
in value ;s a potent deterrent Morgan Guaranty Trust and 
for the Arab leaders. smaller stakes of 5 per cent by 

The size of the oil stales' total five leading Western banks, the 
surplus for investment remains National Westminster. Banque 
large, according to all calcula- Xationale de Paris. Deutsche 
tions. Morgan Guaranty Trust. Bank, Union Bank of Switzer- 
which conducts regular survey- land and the Bank of Tokyo, 
on the subject, call mated in the By the end of 1977. its Srst 
November. 1977. issue of its complete financial year of 
-World Financial Markets'* that operation, the bank had total 
uPEC oil surpluses would add assets oF £416m.. against £228m. 
up to S35bn. in 1977 (compared a year earlier. A fifth of its 
with $30hn. in 19761. The sur- £3Slm. of deposits are 
plus was forecast to rL-e to denominated in Saudi rivals; 

and after 

some of 'these relate to advance 
payments which companies with 
contracts in Saudi Arabia have 
received and may spend there, 
while others represent money 
deposited as performance bonds. 

While a major part of SIB’s 
total deposits clearly derive 
from Arab sources, these— 
including institutions. pan- 
Arab bodies, companies and 
individuals— are obtained on 
normal competitive terms. 

UBAF Bank, the U'.K. bank 
closely linked with the Paris- 
based Union dc Banque* Arabes 
et Frangaises (which in turn 
has a long list of Arab share- 
holders) is another concern 
which receives a considerable 
part of .its deposits from Arab 
sources. Some two years ago. 
the proportion of such funds in 
the UBAF group was put at 
around 50 per cent. The British 
UBAF hank, which last week 
reported that its total assets 
rose in 1977 to £43Im. from 
£373m., while it earned net 
profits of £l.36fn.. against 
1.04m.. is half owned by UBAF 
of Paris. Stakes of 25 per cent, 
each in it are held by the Mid- 
land Bank and Libyan Arab 
Foreign Bank. 

Following problems - .which 
eventually brought substantial 
support, the former Edward 
Bates concern was last year com- 
pletely revamped . under, new 
ownership and has emerged as 
Allied Arab Bank, in which 
Barclays Bank ..International 
bolds a 20 per cent interest. 
There are substantial Arab 
shareholdings, notably through 
Al-Mubarakah Finance Holding 
(representing a number of 
individqat Arab biisfaessmen 1 
while Al-Tajir Bank, of the 
Cayman Islands, controlled by 
Mohamed Mahdi A1 Tajir, the 
United Arab Emirates’ Ambas- 
sador to Britain, has a further 
sizeable stake. There Is also a 
Nigerian interest. The bank’s 
objective is to conduct an inter- 
national commercial banking 
business as well as carrying out 
portfolio management and par- 
ticipating in the arrangement 
of international syndicated 

Among other international 
consortium concerns with a 
strong Middle East flavour are 
European Arab Bank, which last 
year set up a branch in London 
and which has a wide range nf 

Arab, shareholders as well'- : as 
participation by .big Western 
banks including . Societe 
GOnerale. the Midland Bank alnd 
Credit Suisse. Another Co set 
up in Britain in' 1977 with a 
representative office, is Al Saudi 
Banque. whose, shareholders 
again include a number <;of 
private Arab interests as .tfell 
as major Western-banks such as 
Manufacturers Hanover Inter- 
national and Basque de LTIntou 
Europeene. - 

Another large Paris-based 
consortium bank is Banque 
A rube et Internationale 
d'lovcsstisemeitt. half of whose 
capital is owned by shareholders 
in the. Middle East . (Kuwait. 
Libya and elsewhere) 'and'- &a If 
by major Westem'banks, includ- 
ing Barclays Bask International. 
Banque Nationale de Paris, 
Dresdncr Bank and Bank of 
America. In January it- was 
announced that the BAH group 
was taking a stake in the 
London merchant bank Hill 
Samuel, in which the US. 
concern. First City Bancorpora- 
tion, is also investing. 

Margaret Reid 

REVERBERATION'S from the ciple as a re 
crash of Bank Herstatt can still of England’s i 
be heard, and nowhere more holding banks 
notably than among the con- guarantee the 
smtiuru banks. Indeed some pro rata to 
uT the effects of (lie crash on shareholding, 
ilm strui-inrc »»f ilu* consortium Since then, 
banks' bu--ine;; now look as among these I 
Ihougn ihcy have become However, lh?. 
permanent recaptured tin 

When tin. - German bank !. P- m lhe Eurucii 
ller-Mii was clu-** d in mid-1974. The reasoi 
the ri’-uii »va- a i;i,| lapse of con- been set out 
ridence ammvi international in this survey 
dep\»sU'*i-. Tliis provoked a oinsoniuin b 
.-liift *.,r dollar d,-po.-*ii' toward; partial recove: 
the world's largest dullar-bascd in the Bank t 
banks: the hi? U S. bank;- A [erty analysis 
wide rangu of 11 on -doll a Phased rcncy busine, 
banks were affected to some banka incorpo 
extent, bill ibn.-c most affected No coniparabl 
were the .-mall banks and the sis is availab 
consortium banks. banks elsewh 

of them are i 

Depositors S “ n F o. E ‘ 

Tnc roa.-on why I the consor- misleading fo 
l:nm hnnk.s' -.vr re ainon? the " 
wnr-i affci^d va< that Hepn=i. As can he 
mr-i <!-*l mq ki|*,>- who. if any- mblc. tliere w 
■-mu*, would p,.-k up the fab if London t 
iheic bank> -. ; i into difficulties, deposits aftc 
No single .-harebolder had crisis. From 
majority •;»nirr>l or could be - luf ^ before 
v iv wed a; responsible while their deposits 
there vjf r." clear lender nf ttbout $9-1: 
Ia<t ro^irt: ih,; majority of the took these l 
r-n-firJ.iim oanks did nmsi of years to re 
thssr bu«:nr:« m dullar* but Herat a tt ^ 
were not : ncn rpnra led ifi rh»* above $12 2 bn. 
VS. In pravrii-c. what bap- Before lie 
pen-d ;n jjjf ra -es where soruum bank 
banks were threatened dc- about S per ce 
faui; ibHt sharchuldera banks' Euroci 

uimi-y T.-r.k a.-jirtii and ihU By early 1976. 
r-y-iem w a- f.^rmailscd im» pr:n- about 5; per 


ciple as a result of the Bank 
of England’s request that share- 
holding banks should effectively 
guarantee the consortium bank:, 
pro rata to the size of their 

Since then, the fear of default 
among these banks has receded. 
However, the banks have not 
recaptured their former position 
in the Eurocurrency markets. 

The reasons for this have 
been set out in other articles 
in this survey. The story of the 
consortium banks’ decline and 
partial recovery can best He read 
in the Bank of England's quar- 
terly analysis of the Eurocur- 
rency business of con-ortlum 
banks incorporated in the U.K 
No comparable statistical analy- 
sis is available for consortium 
banks elsewhere, but the bulk 
nf them are in London and the 
Bank of England’s statistics 
should not, therefore, be too 
misleading for the sector as a 

As can be seen from the 
inblc. tliere was a sharp fall in 
the London consortium banks’ 
deposits after Lhe Herstatt 
crisis. From a peak of $l2ibn. 
,iust hefore Herstatt broke, 
their deposit? fell to a low point 
of about 69 Mm. early in 1976. 
It took these banks nearly three 
years to regain their pre- 
llcratatt size — deposits rose 
above $12] bn. only a year ago. 

Before Herstatt. tlie con- 
soroum bank* accounted for 
about S per cent, of the London 
banks’ Eurocurrency business. 
By early 1976. this had fallen to 
about a] per cent, and on the 


31 ay 





All VJL 









T»taf deposiu Sfin. 







M**iiimn ii*rni luans Shn. 







>b-dium term lnan>: 
of lotiil loans 






a? -» 

Orju.'iil fur 

medium ti-rm loaiK'i- 







of London ba*.-pd consortium bank*.. 


• Extract from Audited Accounts 
for the Third Financial Year ended 30th September 

Share Capital and 
ftetainfari Pmfite 



_ 13,138,270 





_ 143,983,322 

. G0 S I34,C35 

Cash, citbanlcs, money at 
call and short notice, CD'S 

_ 36,780,316 


Deposits with banks 

_ 8,601,784 



_ 110^90,052 


Total Assets _ 

- 160,030,529 


Profit before Taxation 

- 3,068,057 


Profit after Taxation 

- 1,526,207 




AtonDsn* FsrkKaderlisd 'TV, 

Eanca Naaanale d=l Lavoro, 


Banco Genual SA, 


Banque Bruxelles Lambert SA, 


Banque Nationals de Paris SA, 


Barclays Bank International Ltd, 


Bayerischd Hvroibeken- uadlVecasel-Banli 

Deutich-Sidankarll'Anizcbe Bank AO, 

Dreadner Bank AO. 


O^teireichisc'ne Landert-ank AG, 


Latin America . 

Eanca Ser&iSA. 


Banco de Cclcnbis, 


Banco del Estado de Chile, 


Banco de la Nadcn, - - 


Banco de la Nadon Arg entina , 


Banco delaRepiibb'sa Crasnial del Uroguav, 

Banco del Rduacaa. 


Banco do BraoilSA, 


Rarim Innufitf iaj gp V eaeaiflia 

Banco MercantO de Sao Paulo SA, 


Copies cf tiie Annual Report may beobt a ined from the Ss<:retary. 

Enro-Lafinamerican Bank Ziimlted 

GEIett Henze, tic. Badagbail Street, LondoaECS V 5HS. Ttel: 01-GCtj 61*1 i. Telex: S3 1152?. 

Energy Bonk 

VWnch96ter HcusaXO Old 5ood Street Lo.ndon EC2M BE 
lelephcne: 01-63B 358S "fetec 88H511 
'833458 tfbagn Exchcrige) 

The specialised bank 
for financing energy 
requirements worldwide 

* ; .1 
} • *> - 

ri <%“■ "i 

V - 

E i'.'“ S'r’-l'd i i*2r;?V.d.’-TJL ■ 



n i’ •v.c-.y Soi&.i J-; 

• A •* 


^Financial Times Tuesday Marefi 21 1978 


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GRESHAM TRUST can help. Solving 
problems-like this is our business. . 

Cc.\ x ::r . Wearea bngestablished merchant bank \ 
p . ^’hp spedalise in financing private companies. 

■* r . That’s why we’ll alvva^ feeh^whatever ' ' ^ 

you r requirements. So don'tfae afraid to write' : 
or ring one of our Director?. ... « y , 

Why don’tyou do so today?. . " T 

V GreshamTfust 

Where the successful private 
company feels at home. 1 ;i 

, ^resham Trai l Ltd-, Barrington House.G resham Streep London EC2V7HET 
• Tel: 01 -606 6474 

' Bimin’riam Office: Edmund House. Nev.-hall Sukt, Eirf i .ir.^^un B3 SEW- ■ 
- • Tel: 02 l-23t>1277 • ‘ J T ■ • 

P“ ; 



,uJa. either .individually or at a complete unit, one Mosley HS330 Scrap 
*r for handling tingle car frames or complrlfcle sire ferrous Rack (300-ian 
Uunr to shear 141ft. x 29Tn. M.Sc. Plata or 3fin. round M.Sc. aecdona). 
-Podain.TYdS rubber tyred ' Excavator, and One Podaln TO Track Excavator.' 
V-wkft grab and magnet. (All units 'ara only. one year old.) 

All replies Io tint Instance to: 

R. W. KlNNAISD * 00. LTD: 

75, -Sodom Street. GLASGOW G1 3HH. • Telephooe, 041-021 7430 < 


will purchase the tire for 
and tease it to you. OR 
can release cash tied up in 
r property by purchase of 
r property and rent back. 
B. Seitler F.CA. 


47, Peter Street, 
Manchester M2 MU. 

Tefe. 0(1=834 251ft, 

<• t. - 


sir A 1 

•h ! 

r have facilities available for 
‘"mcial lessees of plant and 
. - hinery. Applications are in- 
d from local authorities and 
chip companies for trans- 
>ni ol not less than £50X00. 

'rite Box G.1645, Financial 
!>. 10. Cannon St., EC4P 4BY. 

American quoted “ Shell ** 
s cash and/or controlling 
ss -for whole or part- of 
tb Company with profits.. 
Y A. Zlotnik. Suite 1420. 717 
Avenue. ' New York 10022 
. Burkcman. Europa, Monte 
>, Monaco. 

Established 5 yean " 
£400X00 annual income with 
potential for growth .'' 
Management flave 2b years’ experience 
and are ready for expansion*. .Onto 
institutions , or individuals with 
£500.090 To invest need apply. Equity 
participation available so an institution 
or indrviduaf prepared to take . 
medium-term new with a basic tmdar- 
naitdinf of this rather complicated 
financial 'exercise. Principals only... 
Write Box 6.1627, Financial Time*, 
ro. Cannon Strati, EC4P-4BY. 


This cash voucher 
antities your company 
to an immediate - 

75% CASH 

Sucje<3 Id aporv.'sl 

Cash flow preblems?Tlien cash this! 

Need Cash Now? You’ve got it right there on your 
books! Confidential Invoice Discounting lid gives you 
75% cash against invoices— money you can put to work 
today! Our invoice discounting system is entir ely 
confidential Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

. Cjrt-UsTIOUs< Nfevvai4lanii froa5.~BrighUm. Sussex BNl 4GX 

. • - ^elQp^ies^^1az^^(a2rar«67W.TeieKr«7382. 

- - ■/isorafrlningltahv'CaMBf Letrin. IxuttiOir; Muncftesfisr. 

. ; A BUhsKfiary.trf fnteniaJjacal Factors Limited- 


wishes, to- extend its interests in agricultural market by 
acquisition of companies operating in this sector. 

There most be proven record o£ profitability to levels above 
£1002)00 and continuity of management strengths' to permit 
further growth as autonomous unit in divisional structure. 
Reply in strictest confidence to: ! Box G.1642. Financial 
Times, 10. Cannon Steet. London J0C4P 4BY.' 


Located in the North-West of England, we are a 
substantial engineering company with an estab- 
lished product range of world repute. 

As part of our expansion plans we have not ruled 
out the possibility of manufacturing, under licence, 
a. product falling- within the “medium” to “heavy” 
weight range. We can offer strong management 
and highly, efficient production methods with, a 
maximum lifting capacity, of 20 tons. • 

Principals interested in further discussion should 
write to: 

- The Managing Director, , 

. Box G.16I9, Financial Times, 

• 10, Cannon Street, 

London EC4P 4BY- 


Modern buildin?. S.000 square metres in size, complete with 
sophisticated technical and scientific equipment situated in 
an unspoilt area only fifteen minutes from Madrid. 

£5.000 square metre site facing main motorway in impressive 
natural surroundings of gardens, trees and lawns. Are hi Un- 
designed. fully-fumisbed, air-conditioned offices and executive 
penthouse, built in 11.500 square metres of terraces, parking 
for 200 cars. All facilities, including independent water' 
supply, electricity, power station, staff and executive canteen 
and gate house. Expansion on to adjacent areas permitted 
by local council. List of registered products includes modern 
antibiotics and ethical pharmaceuticals. Current annual sales 
of S2.500.000. Great growth potential. Elderly owner willing 
to retire. Exceptional offer at USS4.00U.000. 

Write Box F.611, Financial Times, 

EC4P 4BY. 

10. Cannon StrovL 

V- a .COMPANY y^lTEP^ 

Sobs tint iai' ove’nsmt'fJrtllttpxi wlifJng 
n live , and etc&txh financial base in 
G.B. Mires to purchase snail chain 
el shop* ending In household goods 
a.g. radio and electronic equipment, 
fumltore. Initially this could consist of 
up ;tO four such shops, preferably In 
lAndon and/or S. E. England. 

All replies (Principal* only ) in 
confidence to: 

I. Baker. 


5* Queen Ante Street, 

London VMM flHQ. 



lishua Copycat Ricoh machines, 
mg Delta parts. Atl parts aevr in 
il packing casta. Original value 
£300,000. Inventory includes 
lamps. 1.000 PUten coven. 500 
etc. For complete details colli 
r. R O'NEIL » CO. INC.. 
Manchester. Han.. U-SA. 

*17 525 7301. 


A public company which is a msjor 

force io the toy field rs seeking ro 

expand by acquiring a Toy Manufac- 

turing Company or by the purchase 
of uses relating to Che manufacture 
of existing products. 

All replies in confidence to: 

The Chairman. 

Lumb Milt. Dtoyisden. 
'Mirtcho«E*f-H35 7LD. 


We will purchase 100% of the shares, ia your company with current 
chargeable -accounting period profits for cash settlement so 
obviating the necessity for you to pay primary company taxation, 
Your normal trading activities -can be retained if so desired. 

' For further information, please apply to: 

_ Box G.I647. Financial. Times. ‘ 

.10; Cannon Street. EC4P 4BY. 


We ire z ml jar company with 300 telephone 
mle* girl* situs ted throughout the U.R. 

Can arc 'supplement your s&let activity! 
Telephone selling — cold canvassing — a 
compute service to sell your products will 
be provided on behalf of your company. 

. For full detail* fleam write tot 
Joyce Leonard. Dept. L.R. 


Liam House. New Fetter Lane 
London. EC4 

/Marked Private-Confidential/ 


UJC company with European principals, having technical and -* 
woj-Jd- wide -marketing expertise wishes, td' associate arid arrange 
manufacture, or Offer engineering services to high technology 
participation in ■ a small to medium -size company, who 
manufacturer or offer engineering services to high technology 
industries.' Electronics or instruments would be of particular 

Contact first in strictest confidence: Mr. H. T.. J. Ansell. 
Russell Xdmebeer. Chartered Accountants. Liverpool Victoria 
House. 81-99 New London Road, Chelmsford CMS 0QA. 


we seek represenucion for 


seeking busines from 






Write in confidence: 

P.O. Box 43579, Nairobi, Kenya. 

Telex 22229. TeL 27322, 22106. 



I ?IPSJ2 r ,ft £200,000 p.x. yielding * comnjissiMi bu* of 

£31,000 p.a- Th* agency which is located In di* * Home. Counties close 
to London hu been operaang (uccetsfufty for a -number- of yew end it 
one of the leiders In its field. > ; v 

. Principals only write Box C. 1622. Financial Timet. 

TO. Cannon Street. 6C4P 4&Y. 

• By Order of Receiver and Manager 


Scrap Fragi&entation Business 

Viable business. long -leasehold, two-acre operational site,- 
T.3 acres -expansion- land, BJ.D. 666 {ragmen ter. 400T/Week, 
50-toniM iwlghbridge. . andllaty- ^equipment, Cpnfoct' 

- •DivW SA^X.i:c3, <klB il cr •xnd' Sow ' — 

2 SL Phinp's Piece, mraiinshm B3.2Q0. 02U234.SZ3S % 


L Industrial -Holding Company with 
substanriaL-.funds for investment 
wishes -to -acquire companies .in- 
volved in Answer Rental Tele- 
phone business. Alternatively, 
would be prepared to invest in 
a start-up situation with existing 
proven management. _. 

Write Box G.I628, Financial 
Times. 10. Caqnon Street, 
EC4P 4BY. 

'■ .ITALY 

abliibcd luliaa cading cow- 
wents u itirt U.K. opet***®"* 
«t£ng Italiin' »nd' E.6-C. good*: 
xd field*: elecrroteom'a. *toe- 
ind denriiai howehoid sppli- 
I* looking for suitable British 
tt* or Parmei ioscruud In 

ite to: Cartella SPI T/140. 
MILANO (Italy). 



30. City Road. E.C.1. 



t/S/7361. 9936- 

at! anally-known Private 
»any withes to D1VER5IFY 
i noble «veH attibllthed non- 
intenaive area*. Cash invest, 
up w . aOO.OOO. Exhting 
ment could participate In profit 
tritr sharing. Ati *«pU« wUI be 
in the .osfietatt confidoncc. 
Plena write Sox G.1347, 
y Financial Timer. 

' Conner Street. EC4P «T. 


.Factory reconditioned and guarunceod 
by IBM. Boy. save up to fiO p.e. 
Lease 3 years from £3.70 weekly. 
Rem from £29 per month. 
Phone: 07-541 2365 


.Companies wektng btitineu lor ti*eir 
produces io.thc U.A.E. are welcome 
* io open negotiations immediately. Send 
your product literature for preliminary 
discussion to: 

. Consult Survey (Canterbury; Ltd., 
P.O. Box SO. 

&iuerbury. Kenc 
or Telex 965626 GB EX G. 


lEn. 3979) 

Now offer their senrtceS in the 
■ UJC. 

Valuer*, Sales by Auction, 
Private Treaty- b Tender. 
Soeciafi&u in Wood & Metal- 
working Machinery. For fuK 
details of our compiahemive 
■ service contact :- . 

■A - <UK) LTD 

- 71 A Safiafaury St Hull HU5 3DU 
Tel 404823 492872 Telex 527562 
••124 hr~ answering sendee) . 


Do yon have local manage- 
ment problems with your 
Portuguese interests, or wish 
to take advantage of oppor- 
tunities that are presenting 
themselves in this country? 

British Businessman, Resident 
Portugal for 6 years. Experienced 
in general management, industry 
and, impnrt/flxport. .Wide contact-L 
busgest,_^^c'matic_ and profess 
sional.’ " 

Please contact London Agents: 
Alan Rivers; 97 Old Broiftptoo 
Road. London SW7 
Tel: 581 0496/7- ' Telex: 24364 


Are you represented in America! 
We have a Trading Office in 
Houston headed by one of our 
British Executives. Enquiries 
from companies requiring repre- 
sentation in the U.S.A. are 
welcome. Write Box G.I644, 
Financial Times,. 10. Cannon 
Street. EC4P 4BY. 



For engineering product which is the 
“odd men out* r In our range, ri build* 
ing up sales and. Is outgrowing the 
space available. Facilities required are 
. (»> neutwork. and pipework. (2) 
electrical work. If you can offer either 
.or bosh, please write 

Box G.1 631. Flnonclel Time*. 

10. Canaan Street. EC*P 4bY. 


„ FOR SALS— Central London 
Turnover 49,000 including subsontial 
Hsil Order business. Reliable trained 
saff. would stef if required. Good 
current - leases renewable m 4 years 
approx. £25,000 o.n.o. plus scock 
at valuation, • 

interested principals write to box 
G.1629, TineacM Times, 10. Caanon 
Street. E C4P *b Y. 


-dy. speedily, throughout dw 
arid. Compare our prim. 

GLAND £09 

■ OF MAN *98^4 


iRIA U5J870 


I: Douglas (0424 1 23711 
thol Street. Dwells. l.o.M. 
Telex i -423 5 54. 


Bought and Sold 
in strictest confidence. . 
Shaw Cavendish & Co. 
(Bullion Dealers) 

' Cavendish House 
Chester 24315 


manufacturer seeks projects of 
worthwhile scope to expand 
product range and utilize 

Write Box G.1633. Financial 
Times,. IQ, Cannon Street, 
EC4P 48Y. 


'Estebliihed Business Consultants 
specialising in exports, wish premises 
In Cairo and United Kingdom, are 
now In a position to accept- new clients 
due to recent expansion. 

For Jail detail* please write to 
Mamsging Director. Box 6.1634. 
Financial Times. 10. Cannon Street. 
6 C4P 4BT. 


ompany specialises in the 
acture of precision gears 
complete gearboxes. We 
□king for suioble'prodiicts 
nanvfactore and market. 
Sox G.1623. Financial Timet. 
Cannon Sveet, EC4P 4&Y. . 


jproxfmatnly 200 beds 
ftg price USJSSri million 

fa and retained agent* wanting 
'nfcrjiMtfm phase writ* to Sex 
Financial Timet, 10, CamoP 
. EC4 P 4 fir. or tefephwK A scat 


■toae Cheltenham, Qos. 
considering selling Hew Industrial 
nremlMk currency undbv construction, 
with - 1 View to * possible, (caseback 

Write Box. G.I42r. -Financial Timet. 
10. Oumoa Street. EC4P 4 BY. 


Small, expanding golf dub manu- 
facturing company needing 
farther development capita' . 

Principals only apply Box # No. 
G.J65Q. Financial Times. 10. 
Cannon Street. EC4P 4BY. 


If you ere Manufacturing or distribut- 
ing needing asiimnre. entrepreneur 
willing to canxUer mvesuaent wia 
Cath/ Energy /Ad rice. Fully confidential, 
principals only. Contact for preliminary 

j 'lWUU *Mli 

Write Aox 6. U26. FfnamSef Tfntesl 
10. Canaan Stmt, EC4P-4BY. 




Male. Excellent ideas for hire: Success- 
ful intenutioflal experience a* B miners 
■Adviser. Administrator. Import/ Export 
Negotiator. Available full /part-time 
on fix* Luce, consultancy or permanent 
attlgnmeots. U,K. or overseas based. 
Write Box 6.1636. Financial Times. 

10. Co niton Street, EC4P 4BY. 

Rent-a-Boss^ Consultant 

Toting printing manager with special 
experience in continuous, setting-up 
printing .departments, available riser 
November 1974. Good educational 
and industrial backgroeed. Fluent in 
German and English. 

Please 'write to Box C.1635. Financial 
Timet. 10. Cannon Street. EC*P 4BY. 


Distributors of planie place poods, 
owning recently .built substantial ware- 
house and once-. premises in prime 
trading area. Would. consider a merger 
with a wholesale oc distribution com- 
oanv — any product considered. 

All Ideas ol Inter*** such as loinr 
use of warehousefomce facilities or 
riterneuvelr. oosiioiv a complete 

fteolv in confidence to Son. G.1 See. 
Financial Time*. 10. Cannon Street. 
EC4P CfiY. 


Road transport concern, large freehold 
depot with offices, workshops, storage 
potential, in north Lincolnshire. Excel- 
lent range vehicle* and trailers. 
Majority on contract. T/O £250.000 
with consistent profit*. • WpoftJ agree 
to merge or outright sri*. 

Principals oalf pitas* write Box 
6.1630. Financial TlmU, 10. .Cannon 
Street. EC4P 4BY. 


Do you require *' product to 
manufacture to take up .spare 
capacity 1 

. Write Bor G 1653 .Financial Times. 
10. Cannon Street, EC4P 4BY. 


Northern-based Tanker Haulage Company 



T/0 approx £lm. per annum 

For further information appjy to Box G1648, Financial 
Times, 10 Cannon Street, EC4P 4BY. 


A progressive and profitable South London plastics injection 
moulding company seeks further expansion, either by association 
or merger with product, oriented organisation using plastics 
mouldings,, or a marketing . organisation concerned with the 
development of new products.' * ' 

■ '• - “ Write boar GI6fP, Fina ncia l Timer 

10 Cannon StreetpECV? HBT- : ' 

U.S. MFG. CO. 



A fag g rowing manufacturer. of_ 
high quality machinery used in 
procesalrrg 'rimWtr^'ATsfier'fo eaE-- 
plore a possible participation 
with a British company export- 
ing related products (chippers. 
debarkers. sawmills, logging 
equipment) to America. The 
U-S. firm is a leader in design 
and engineering: its products 
enjoy a well earned reputation 
for excellent service, and it has 
developed Van outstanding 
marketing and distribution net- 
work. Representative will be in 
London mid-April. 

Write Box F612, 

Financial Times, r 
10 Cannon StreeCE&fP *BY.y ; 


Company with agreed substantial Capital Losses required, 
preferably in investment, publishing, printing 
or bookselling field. 

Box G.1616, Financial Times. 10, Connon Street, EC4P 4BY. 


»nves tmen t | ■ II Wd , J Z SSES^ 






Separate transactions considered. 
Midlands based 

Principals only in first instance 
to Box G. 1607. Financial Times. 
10. Cannon Street. EC4P 4BY. 

Sole asset etdusfrU 'mwshnent 
Central London, excel lent 

Substantial fenant 
FR8.1 lease at El9250p.aexd 

Revenue and unrealised capital 
losses, each ClOOJMQ 
Approx, available 

Write Box G1649. 

Financial Times. 

10. Cinnon Su-ect. J 
t £C4P J8Y A 



|«seekv to -appoint Rents' Distri- 
butors, or to supply own brands 
for tested, proven produces. In- 
dividuals or companies who have 
established contacts with com- 
mercial. industrial and municipal 
clients can achieve high returns 
and profitability. Speciality 
treatments for boiler and diesel 
fuels and also unique cleaning 
compounds available to approved 

Apply in confidence to the 
Managing Director. Box G 1641, 
Financial Times. 10. Cannon 
Street. EC4P hBY. 

- Injection Moulding Company 

Capacity to produce mouldings 
up to )5" in diameter and 
• • 8 ounces'll! weight. 

Write fi«* G.T6J8, Financial Times, 
. 10. Camtea String. EC4P 4BY. 



Joiqut' thapa end prcsenackM. WUI 
ippeil tp large companies as tow 
tort Elve-aw vr. Serious enquirers 
should write for decs ill. *ampf«s and 
price* to Box G.J637. financial Time*. 
10. Cannon Street. EC4P 43 T. 


merchant to hearing and allied oUda* 
seeks' dhethoeMhfp or agency for 
coffipfeaeneuy products. Currant 
turnover £Im. Ample storage, sales 
representation, tnda counter and 
trinaporv available. Located East 

Wrfu Box G.fMO. Financial Times. 
Ifl, CnonoR Street,. £C4P 48Y. 


For floors, «nlh, eeillngj and roofs, 
suitable far the dooustie aod srebu 
tactural buildina and home improve- 
ment market. Can yoe pkw« put ox 
In tsoch with iniaole nunyfaeturtn. 

Write Box 6.1639, Financial Timas, 
.. 10. Cannon Street. EC4P 4 BY. 

North London Contractors. 
Turnover approx. £1,000,000 
Long standing corinecdons. 
Price required £100^00. 
Principals need anlf. apply to: 
Box 61656, Financial Times. 

10 Cannon Street, EC4P 4BY. 


Retirament tale. London business deal- 
ing in General Ho w ho ld: goods. T/O 
£1.3m., G.P-. £ltf JJOO. ■ " N.F. 

£105.030. Price- £100.060 plm 
Ssk*. Mamllous opportunity for 
hardworking amtm fefe rs mne . 

Sole AgtptP: 


33 inker SL.' W1M Z«U. 
tat 01-4** 4231 


Preferably to accept items up to 
20” iengch x 1" dia. Minimum 
acceptable Mi" length. Drum 
type centrifugal blast machine 
preferred, but air blast con- 

Write Bex 61651, Financial Times, 
10 Cannon Street. EC4P 4BY. 


London's specialists in the main- 
tenance and conservation of 
luxury home furnishings, wishes 
to find two full-time working 
partners to independently de- 
velop major areas north and 
south of the Thames. An invest- 
ment of £8.000 is required. 

Write or rlngz 

Mr. James, 63 Chalotte Street, 
London Wl. Tel: 01-580 5457 

‘ — Biit only when you want it 

Experirnced ind qualified expertise to 
help reactiw -problems of Rtunec, 
management, administration and per- 
sonnel. We offer regular contact with 
the day-to-day progress ol your busi- 
ness ra ensure our mosr effective 
application ol any service required. 
A modest annus! fee secures our con- 
cern far your company's future. 

Tel: 01 -404 S737 

or write to: 

Cavendish Commercial Associates 
6. Cavendish Place, London. W.l. 


Distributors and Dealer* required far 
Europe’s latest - television and video 
projection system. . The SI system 
beats most others on quality and all 
on price. ^Exhibition in London during 
April 1978. 

For Invitation or farther Information 
Telephone Linda on 01-429 6934 or 
send business card to: 

1 8/ 1 8a Saint George Street, 
Hanover Square, London WlR 9DE. 


Raw commodities, staples', consumer 
good*. We can supply your require- 
ments. Draws Mod American export 
company with -contacts throughout the 
LL5-A- will act as yoor U.S.A. pur- 
chasing representatives on commission/ 
fee basis or aeil/ibip American supplies 
to yoa direct at competitive Prices. 
Please clip end write us with your 
requirements. Lexington Impex Ltd.. 
23. Ease 26th St.. New Tork. N.Y. 
1 0010. 

I Cl 

WEEK, tor . iC2 .address or phone 
uet. Com. - — 

.+ Kin under 



We fave x. large quantity of Woman 
fttiy propylene tub I9]n. x 32in. and 
24ln. x 32b*. In acock. Wc welcome 
aB enquiries. 

.. heller A Co. Ltd., , ' 

• 15| Jmila4fWir_ House. 

Neetii Groutor Road, . 
London. N.W.2. 

—---.fait- 45^7447. -- 


. EstaMUtotf Braksraoe. with 6m ciw 
•nanapemem and cllmwe. based mainly 
In- London area. Fire and accident 
commisshm Income £50.000 p^. Md 
ilte -and pension renewal commission 
of £3.000 pa 

SOfa or Ow equCv -is a vails ele at s 
w lc* of £7*.eo5. Active pvticmtioti 
welcome. £35.000 on cooptouon end 
tM balance far arrangement. Prloclnals 
only. ... 

Write tea G.1235. Fmaoctos Times. 

10. Cannon Street. ECep 4 BY. 


£B a week. Prestige 

Exchange. MessMos M 

cmsTwcroiS c«fiSh»r? d !^th # toiKsive 


Redondaot. Damaoeo and Surplus Stocks, 

1 Ofscretloa assured. Ring 01-55S 8257. 

I REniYABLC. CLIENTS reoulre n purettase 

estabiisbed Company with Desartmeni 

el Trade approval to earry an banking 

builrw*? Redly Malkin Cullis & Sumo- 

to, eif. a H ~“- 

option to acauye chare 
development scheme seeks 

capital in a«fi»ng* tor substantial snare 
In equity— Write Bca C.1S207 Financial 


- Loan on £12.500. re-pmblo over ID 
Years, interast calculated • no annual re- 
ducing rapltal , .battnee, write Box 

LAMES’ WEAR. Hlfib- Street iron cape 

SShwJ*9^ . Town. T/O 

£200,000- C-P. £70.000, Lasses -12 vrs. 


A private investor with £50.000— 
available, would like to meet a tip-cop 
axscuwc who whhea to comrnanco 
trading on Tbs entn account. Every 
reply treated in the Arisen of confi- 
dence. The. advertiser has oner had. 
and does not now hwe. anx connection 
wWi.xhe mermear trade. 

Wens* reply to Box '6.1643. financial 
Times.' 10; Cmmon Sired, EC4t 4 BY." 

• vacant 
I Adams — — 

01-460 00610- . , 

‘WANTED. Investor whh refnlmwn £&ooo 

l » doara hr sirad on term u, fan 

■- ST™ 

Cannon Stfcm- I f^^a 1 Times, id 

Recorded. Tran- 
irom cllonu' taoes In 
Sound News Studios. 

tertotibus also ' 

most lannuiBe 

01-995 t68t. 

£20 aog-£SO.aao. NO FEES. Pelmer. 
banks Associates, 402 6691. 



Over 400 s«cf in stock 
lkVA-70QkVA . 

i Arab Buslnessmaa .. with estabnsned '■ 


I eeeniods is 1 pi-455 302. OY-45T osa a. 

•A HlGEUAH tmotepExpon Company 
seeks Aaencv conmxtJeni. buslnest oart- 
. nets a na priociMti orarrate. Per 

' j »■» eonjeet: Emefi Toiipwawp. Enter- - - 

erdes toHierwJ Camaany. ^6 Cxzumi 

street. JA*lr soffclrara. C. O. . GENERATORS 3-3000 KVa 
- • rr ^Ft?: u ^L te i lofe LL* Btf i imnwtotelv available. . Ka 

AduetetM'. 36 Cemetery - Read. Fhoim ! notes. Gw ere* ■— - 

No. 236. Warri, Madu Slate, . Nutria, j Tele* 044537- 

Boy wisely From the manufacturers 
with nil! eftermatos service. 

03-985 7581/0019 - 

Telex 897784 


Teak Conference Table 10'a4* £145.00 
Charwood Decumanr Safe 

6* a 3D' . Like New .... - £350.00 
Mahaouny Desks S’ x 3' S- 

Drawers. Believed er Heals £75.00 
• Teak T>e»k b x 3*. Lined Top 
- M ^ew. 6 Drawers .. £1 SS.J 0 

Philips Dictatir>9 m«Ktn* 

latest model with mie. - - £uo .00 
Adler 21 D Electric Type- 

writer £135 00 

B. Swivel. Tvolsr* - chairs In 

Tweed, each 

b. ditto, in Vinyl . ... 

Drawing Baard t> Stand 
FlHng Cabinets from 

£ 20.00 

329. Grays Inn ROM. WCI. 837 9663 


Main activities in Midlands. Three 
quarters of ’ a million pound turnover' 
approximately per annum. Property/ 
Plant approximately 000.000- Ecplm 
must state proof of financial ability 
to purchase. Principals need only 
apply to: 

fio* 61655. Financial Times. 

10 Connon Street. £C4P 4BY. 


OW csatriixhed lighting business 
trading under rht name ol Hume. 
Atkins (Lighting) with turnover 
avrrygng £61,700 per month with 
order book of £176.000. 

Appiiedtfoni te>; 

49 Mill Street, Bradford. 

S^UTH AFRICA— |*es«ive iransimp be- 
!S?? P _4 A--' aniJ preoared ta under- 1 
. I mo on assignments. 

PO Box S56Ba, BennrtDre 2010 RCA. 

financial BACKER wanted fir aSticue ! 

exoortme eomo*^.— Write hnt G.1662. ' 

CC4?4BY T,m **' 10, Cannon sirw; 


far whole or separate divisions. Con- 
"acting . division CIO. 000,000 per 
annum, semi-national. Private Housing 
division with land bank -for 400 units. 
Industrial division with 1 1 acres 
approximately on three sues. 

Write Box G1660, Financial Times, 
10 Cannot i Street. ICfP 48 Y. 


. now and used I 


1073522J 2035. I 


Business and 



E very Tuesday and f hursday 

Rate: £16 per single column centimetre. Minimum 
3 centimetres. For further information contact: 

OT*Sm TTO,10tononStrat 

01-248 4782 & 01-248 5161 



Financial Times Tuesday March ^15^75 ^ 


Further rally in heavy early trade 



NEW YORK, Jlarcb 20. 

LAST WEEK s recovery move- Hughes Tool, on- lower earnings, the end of a session extended by stocks foHowing the ruling coali- a rise of 73 to 12,011, while good 

ment on Wall Street was taken a dropped 2J to $31'. 45 minutes. tion’s election victory. gains were also recorded by 

good stage further this morning, THE American SE Market Value . The only French, issue to fall Thomson-Brandt rose DM10 to Montedison, Sola Yiseosa and 

although some of the impetus was Tndex registered a fresh Improve- on the forward market was the DMS7 and St. Gobam DM5 to Pirelli Spa. 

ment of 0.55 at 127.SS at 1 p.m. -4* per cent, 187a. Napoleon- DM71. Bonds were ‘narrowly mixed in 

following a 2.08m. share volume United Government Bond, which German Issues firmed early, but quiet trading. 


Resorts International “A 
ljl to S241 in active trading. 

lost by mid-session. 

Business was heavy, with 
volume coming to 20.66m. shares, 
compared with 18.75m. at 1 p.m. 
last Friday. 


Closing prices- and market 
reports were not available 
for this edition. 


gave up Frs,22J0 to Frs.685. leading.. Banks.-- Chemicals' and JOHANNESBURG — Golds were 

Marine-Wendel was unquoted Electricals all came back later to easier across the board in Une 
throughout because of an over- end little changed on the day. with lower- Bullion indications, 
whelming influx of buying orders. Bonds were very quiet, with Selling -was noted both on- local 
while ‘ many other shares were Public - Authority issues shoving and Overseas account, 

unquoted initially. movements extending to 25 Metals and Minerals were lower 

PierredeStre-A'nby closed 20.6 pfennigs in either direction. The j n line with the trend in Gold 

„ „ , /> per cent up. while Imetal and Regulating Authorities bought a issues, but Coppers tended to 

The Dow Jones Industrial Aver- Lanaaa nrmer Saulines were 20 per cent, higher, nominal DM2 2m. of stock after harden a shade. Elsewhere, De 

a 5 e i« r . *?A+? er,n " a ■*! v* s £ -Stocks also made further pro- Sacilor gained 15.6 per cent., as selling DM5.5m, last Friday. Mark Beers, after fairiTigto R5.42, rallied 

nf at 1020 a.m., eased back ^ress on Canadian Markets in did Chiere-dutlUoa. Foreign Inputs were steady. to R5.55 for a net loss-oF 5 cents, 

to at 1 p.m. tor anet jm- moderate early activity yesterday. BRUSSELS— Local shares were SWITZERLAND — Shares fin- HONG KONG — Market made 

provemenl or JJ.U. ine i \ t am although Golds remained a weak generally firmer in more lively ished steady - to-- slightly higher further headway in fairly active 

Analysis said investors w-ere en* exception, retreating 24.4 more to trading. after quiet dealings. The absence trading, -with the bullish sent!- 

% couraged by indications that the 1*71.7 on index at noon. Wagon-Lits, which announced a of foreign investors' support due ment generated by last week's 

Government will move more force- The Toronto Composite Index dividend rise, gained ground, but to the Government's imposed results from Hong Kong Electric 

• fully to fight inflation. The hardened 22 to 1.048.8. while Arbed fell 50 to BJFrs2270 on restrictions is being felt, while continuing. 

- dollars cams abroad, hopes of a Metals arid Minerals put on 32 omitting its dividend for the domestic buyers arc also holding Blue Chips led the way upwards, 

- coal strike settlement and the l0 540.8. Banks 0.5S to 249.42, and second year- running. back, dealers commented. with Swire Pacific rising 25 cents 

Left-Wing election defeat in utilities 0.87 to 164.31. ElectrobeJ put on 70 to Price movements in all sectors to SHK6.10, JardTnc Matheson 20 

France were also seen as positive Comat gained i to Sol • and BJFrs.6,100 and Sofina added 55 at were small, -but larger advances cents to SHK 12.70 and Hong Kong 

factors. Versatile Manufacturing “ A ” $1 B.Frs.3,090. were shown by Ocrl&nn-Buebrle Bank 10 cents to SHK1720. Hong 

Foxboro rose .«i to Sdflj— the t0 S121— trading resumed at noon AMSTERDAM — Market con- Bearer and Forbo " B " among Kong Land. SHKfiJBO. Hutchison 
company could not account tor following news that the two plan tinned to move irregularly in Financials, and Bearer shares of 'Whampoa, ■ 8HK4.Q25 and 

the stock's activity. to amalgamate. thin trading. Nestle a ad Ahisulsse among Wheeiock, SHKZ25, gained Scents 

Kennccott Copper fell Ij to 52 j PARTS-— The market rose very Royal Dutch put on Fls.1.00 in Industrials. apiece 

before trading was halted — strongly over a broad front Internationals while, elsewhere, Jelmoli shed 25 to IiwJrs.lJ)->5. TOKYO Share prices mainly 

Curtiss-Wright owns nearly 10 per following the substantia] election KNSM. Fokker and VB*F made the dividend increase having declined led by export-orientated 

cent, of the equity. victory of the Centre-Right coali- progress. However. Van Ommeren already heen discounted. Blue Chips and Populars, refleet- 

Hcrrules, the volume leader, tion. which has also brought about declined FLsJMHL MILAN— Prices' moved ahead i nc the yen’s appreciation The 

lost i to S14. while the next active a firming of the franc and a ralJ - GERMANY — Share prices over a broad .front in moderate Nikkei-Dow Jones 

was Armstrong Cork, unchanged in day-to-day money. closed slightly firmer overall, trading at the start of the new 20.94 to 5268 73 

The Paris Bourse index closed with strong gains of between 5 Account. "" 

5.44 per cent, up on the day at and 10 marks occurring in French Flat featured Industrials with 

at 5164. Actively- traded Mesa 

Petroleum retreated ii to S32*. 




Mar. : Mar. 
. t7 . 16 




M . 


-Rises and Falls ' 

Mar. 17 Mar. If Mar. 15 

fllt-b ' Low 













1977-78 ,$ 1 dw ratnpibu'n 

50.25 49.37 49.95 49.75 57.07 j 49.57 
!• -MlflTi . iftiiHi 



Iwuei lnderi,„ 


Falla. . 

t achs/Ufod .... 

New Ulche J] 

New Low?.. , 


1.827 i 


971 . 

837 : 


.<438 . 


. 715 



* 470 


64 . 






Industrial .. 763.71 762.82 756.58 762.56 759.36 759.58 989.75 ! 742.12 1061.70 41.22 

tSllrtT) (ffl/S.'TSi ill; l,75i i2/7i5El 

H‘nwB‘n<l«* 89.72 89.75 89.80 89.87: 88.85 89.72 85.87 < 88.35 

■ l7i9) ;<26/D7o.' 

1,.. 307.28 205.54 205.20 205.10' 201.40 201.65 246.64 ' 18B.5t I 279.88 . 13.23 

(18/31 (9r3|78i ' i7/2/69i < 18/7(321 

L'llme* 106.19 106.49 106.50 106.19 109.43 105.8? 118.67 I 102X4 163.32 I 10.68 

i22;2<77>‘<22f2/7£i <2u/4/b3i.i2F;«.40. 

Tradin'* ■ <,/ 

Mar. I Mar. 
| 17 | 26 



Mar. i. 




CnRl toned 

UUf 179.3k! 169.74. 76S.06 109.47 /lt/3i 
179.071 178X9' 177.84 177.18, 182.S (1971 (77i 

158X2 1 25/10i 
166.60 (25/10) 

TORONTO Cranpirthe 1040.6 1044.2 1039.4 1034.11 1097.4 (19/7) 9GUJ i26/10). 

* r 38.470 25.400 25.340 24.500 

24.070 27.890 

- • — 

1 — " ~ 

* Ha-»i» or iiwm cturraHl mun Aasura 24. 

Iiul. div. yield 

Mar. 10 

Mar. ? 

Feb. 24 _ Tear ago tapproz.i 



,6.14 ■ 



> Mur. Mur. 

17 16 

Mur. M«r. ' 
to 14 




Mure C ompiZax'n 

Hlcil LuW 

Hlffii . L.iw 

; In1u«iri«i> 99.25 90.40 

5Cvm»’»ne 90.27 89.51 

97.98 98.50 

S9.I2 09.35 

97.84 97.76 

88X6 89.88 

118.92- 85.52 
5iJ/7Ti 1 <6'o.'7di 
. 107. DO , 48.90 
.3/1/771 ,6(3.78. . 

154.64 3.52 

<11/1(73. i30(6/32. 

126.B5 ; 4.40 

lil/l/TJi <1/6/32, 

! Man-fa lb 

Mur. ? 

Mar. 1 Yre 

ir »u<« <ft|>|<rov.i 

Ini. div. vieM V 


■ 5.55 

j 5.57 


In l. P K liai in 





1. trie finrt. Breirt yieM 










205.1 205.2 
1B7J 195.0 


207.9 ! 
194.8 I 

218.7 (1/2/78. 
214.4 t*/l/78. 

139.4 (34 -b> 
169.1 <££,4) 






High Lon 


. 20 . 



Hi-li . Low 

Australia.' ' <■ 447.77 448^8 479.43 *Uk&? 

•3/L 73jfl6/2'77 
93-90 93J4 99.13 90.43 

94.58 94.63 107.92 94.00 


i D enmark' 
Germany) “1 
Holland ij: t 

Mi — 


794.1 792A 

77.9 78.0 

iB/PI i6/2/78i 
aS.9 43X 
■ 17.'3j7B rlO/f-l 
813.5 712X 
1 17/ Hi (lO/JTr / 

>4 iv, ; (39/yi 

Spain i4> — . . vim iou.ia* ; 67.ea 

. ' >. ■ 30;12i <17/3/78 

Sweden «■ 356.96 •• Jofc.9j . 4 teXs 1 &6X8 
• I J ' ia'/3i'VW;lh 
SwitzerlW -29L2 288X 533.7 ’ 280* 

' 1 .14,2-Ji,. l4/3if7 

indices and base dales >au base values 
100 except NYSE All Common - 30 
Standards -and Pom — 10 and Toronto 
vuu-i.mju. (be Iasi named based on 1973>. 
„ _ __ t Exdudins bonds. } 4 W imlustruis. 

Hong Kong 423.45 428 j 8 -a«3.*4 j -W9 inds.. 44 UUllUes. 40 hhance and 
• , ^ ^ ,, 39/a/76j i la. 1.78 fl) Transport. lOiSTdOxV .411 Ord. 

Italy > ■ 62.7*. 7o.71 04-90 i,ji Bi-lcian SE 31/12/63. <— > Copcnbawm 

ib/ly 1 1 1 /22/L2i SE MU irfi Parw Bourse I96L 

Japan mi 597.68 599^1 



280^3 275.16 

399.86 5cA.49 ilti Commerzbank Dec.. 1951. »*1< Amster- 
'IS.GfTB 124/1 h dam. Imtusuiai 1971) i rr >Hanv Sen* 
28059 342.28 Bank 91 '7 84. (IIIL- Milan C 173. »a ■ Tokyo 
■89/3/78 i5/5i New SE 4,’ 1/88. ,(fa« Straits Times 1966. 

(r) "Close. <«/"■ Madrid SE .70 12 77— hub 
and low Tor .1978 only- un Siocfcbobn 
(ndnstrlal M’38. (/> Swiss Bank Corp. 

(ui Unavailable. 

Average fell 
with volume 
amounting to 240m. shares. 

Electricals. Vehicles and 
Cameras retreated following 
reports tbal the Bank of Japan 
actively intervened in Tokyo on 
Mon day t o defend the dollar. 

AUSTRALIA — leading Indus- 
trials . were : easier — inclined in 
quiet trading, with BHP declining 
4 cents to SA5.66. David Jones 
were similarly lower at 97 cents, 
while CSt, in Sugars, receded 6 
cents to SA2L54. 

There Was no clear trend in 
Mining issues where Central 
Norseman retreated 20 cents to 
SA8.60 on the lower Gold Bullion 
price. Queensland Mines shed 5 
cents : to SAl.55, bat Panconti- 
nental recovered 10 cents to 

NOTES : Overseas prices show) below 
exclude 9 premium. Belgian dividends 
are after wubboiduw tax. 

♦"DHifl rtrnom. unless otherwise etatod. 
V P> as. 300 dvnom. unless otherwise staled. 
A Kt.ibo denom. unless oibcrwiao stated. 

• Frs.309 denurn. and . Bearer ibarcs 
unless otherwise staled, f Yen 30 denom. 
"aim oibenrtse slated. $ Price at - time 
or suspension, n Florins, b Srhniiwp e 
c Cents, d Dividend after pendtna rigbu 
and- or scrip issue, e Per share, j Francs. 
9 Gross, div. h Assumed dividend after 
scrip and-oc rights issue, k After local 
taxes, m % tax free, u Francs: Ladodlng 
Unllac dftr. p Nam. q Share sol it- s Div. 
and yield exclude special payment. I Indi- 
cated dtv. n Unofficial (radfnc- n Minority 
holdurs only, a Merger peudng. * Asked. 

* Bid. ! Traded 7 Seller. : Assumrd. 
ar Ex nstus. xd Ex dividend, xc Ex 
siTlp issue, xa Ex all. a Interim since 


gold market 

— r-'-' • Wtfe; 

GeM Rnllbm- 

^ lino tumcoV 

# iiikiihuwi.'), vMf . ^ 

slighfly dechrwd further in Ntfjr Tt er 

h&ud. the London market had closed. y^ 1 n5ii 5 .- K; si8iJ6. , p 


• The French franc .was 

firroerou balance against the 

dollar yesterday." foSnwmg . the 
Government coalition victory v in 
the French general election. 

Trading was very nervous at the 
start however. "With dealers - 
reluctant to set 3n opening. leveL 
Quota tioDi were around FrFrs.- 
■L53-4.5S in early business, but 
quickly settled at about FrFrsAfiO, 

The currency touched a low point- - 
.of FrFni.4.6450. and closed- at ; 

FrJrs.4.6020, compared- with' 

Fr.Frs.4.6140 on Friday. 

The dollar was rather weak 
against most major, cnrrenries in’ 
eariy trading, but -tended- to 
improve, helped by intervention 
by European central banks. -.. . 

'The dollar fell 40 a low point' 
of Sw~Frs.L8920, but ctaseth at 
ShlFjs_L 9190, compared : wirh _____ 

SwFrsiSSTo prerioody, - and 

touched a tow level of -Y229.70 ■ 

against the yen, before ^ CURRENCY' RATES 

Y23L40, compared with Y2S096 4m 
Friday. The U-S. currency .was 
slightly weaker in terms of: the 
D-mark however, - dosaog - at 
DM2.0407 j, compared . with 

DM2.0455 before fee week-end. 



Gobi CcHil — i 

Kmcenwort.. ilBBM 

Now tiov'jpw. 

30} . P.E30U3 

Oni 5arYEW 'f 

(•iwl l."llin*a.. |- 

(taimuit'lhl- . 

SStSfc:ai 9 

OM bon'ga* S67o«- SR*t jfSBI 

■ ■ i t c304-iii»i !oar__ 

jsan 5292»4-8 9WttWSa| 



~"jZ_ig£ 5 §' 

Mur. 20 



89.7 from 895. 

in early trading. 

the dollar, 

to t£ase at 1 3L9035- 

by the ILS.: Treasury contamed to 
depress the market, and. the metal 

■ Special 


ttaivb 17 

Man-ft 17 


TJX. dolfer— 
Cmradfen ...... 

A nutria »ph — 
DolftjftD franc 
Danish krone. 
Dutch guilder 
French franc. 
Italian lira — 
Japtneae yen. 
Norway taone 
Spain peeeta.. 
Swedish krone 
Swiss franc— 

US173 < 
2.68022 - 


1.25535 * 














New York— 

Tlll ~" 

Oslo. -J 


Stuck boliil 



•IHaleft- . i *85 8. ^ « 

] % j.- I^bwA 

Its iWOMLi 
a- 2AM6-2 
PC14W.17 i 
i Buoaojo 1 


9 : 
^ -i 
is ! 
8 1 









T0.I3-TO.W j 
8. 7 1-8.94 

27A&-2S.15 ! 


liar. 20 ; Frankfurt iNew York 

Paris ; Bncwla | Londnu jAma’d^m 


Frankfurt : — — • 

New Tort* 48X3-93 — 

Paris , 235X2-82 4X0286Mb 

Brossek.....! 1SX4X9 ! 3L70-76 

London ! 3XBL-89; 1X08546 

Amst’dam^KB 97,7.02 2.1267-82 
Zurich J 93.741-885! 1X12645 

44,1030 i 6.422-432 { 3X77X87 j 93.40X0 
21X5X0 1 3.16-1675 19(7708060; 4O.73X0 
— '14.498-653 1 8.764-77* 1 2KJLS2-1.12/ 

6X790 I — I 80X6X1 14X3X8 

H.82i-83J f 60140-60 • — 4.164-104- 

*7X05456 teX795XS45 4. U06MN- - 
*1X92X60 I0I&939394 3X420X4671 E7.6d9 S2L 







7 notes given are lor conmittle fa 
Financial tome 68 Jj-®L53, - ^ 

• • 'fi 


■* • at 

- . . Xu ' 

At»iiIiui.| 1.543-1.647i\r 

Auiimll* ,',1.6687-I.PSri.uiM* 7^. 

Bmal SIJJW2.Be iBolRtmn 

Fintnmt 7.96-7.B7 |Urai1L.^..i „ 
Grocer .._. l Ba.4BVrt.T76T«wto..., w ijR,"l i 
HotifKimir 6J7IA18B /Utainmrt. AOl}'" 

Ini * Z 130-136 IFiwuco — Ut , 

Kuwait .J DAM-0. 534 iGortnaqr.. iM)W 
Lira nub" ra 6 0.46 -80-50 Jo rerpe.^- 68 
MaMraia JTi4.47ffi-4.«8ra;Itati'-^^ M • 

1 .8479- 1 .8684^1 — _ | 448 


Slugnpcire j4AB40^.397VNorwas , ^j It I 

.• t 

U.S. S in Toronto TLi £=112£&£6 Canadian cents, 
i. ’amdian S in ,Yetr Toric=8R82-84 cents. I’jj. $ in 3fihti865.20-.5Cl. 
Sterling in lllhii 1628.72- 1629 jO. ■ Hates fur Match 17. 


SmihU Amu 

Sliuniuira --j 

S. .Vi*a .^.B4fl7-1 J684 Portugal.. 

u.s. : 1 !sr«iin™.. 

Canaria.....! fStriu’bttdj 

C01 ; ;n.S...”3 

U.S. RtU^J 88A&-URS lYngaUavhi 





Rate given iOTArsunuiia Is a free j ■ 

Mar. 20 • Sterling j hotter 

l ; Du tub 

-[O.S. DollarJ Guitden 



. mark 


tStiort lemi ..j 
7 days uotii-e 

ttootii. a 1 

Three mnntbfc. 
Six motif h*. .... 
One .veer. 

6 >2-6 '4 I . 
6 la- 6 S« ! 
63,-7 _) 
71, 73b i 

2 *- 2 « 
7hi-*w 1 



75b -B 


65,1678 5>4-S1s 

6V7 1 514-&1, ’ 

67 B -7i B I Sl8-5«B. 

718-749 ! Mtj - 

718-73* ; 47,-519 

75,-773 I SIb 53b 


. Wifi 

IB 1 *> 


|,i-3 .i 

"t>oe uifuili 

Euro-Frencb deposit rates; tw&day per cent.; seven-day 92-92 per cent.: 
one- mouth 92-82 per cent.; three-month 94* per cent: stx-niowh B1-M5 per cent.; 

one-year K-i0i per ccoL 

Lons -term Eurodollar deposJta; two years 7 IS k, -S i 15 pcr-ccnL: three rears 84-Si Oslo. ...^.15-7 ore dis 
per rent.; tour years S5-SJ ' per- com.; five years S5i6-S7i6 par 'cent. _ |l-2 

Ntw York.nUUcpni-3J?t. , Uu‘re! 
Montreal .!twr-0. 10 c. rite '0.20-0.30 c^y 
AimcMunfl c. pni-fwr - 212 -IV 1 c-f 

Bnwwrl* 1 X0 apm-jar 20- lOi'.pu 

“ * ore-dls ' 172-19L on 



Madrid;" :60-340 e, rite 
Mifeu. 17-13 iircdte 

_ tklj 
1 22-3 1 Un? . 
.14-16 orari 
<4-5 v. rite 

The f of! owing nominal rates were duo ted for London dollar certificates ol deposit: Stckho*ln,! 2 b- 4 i 4 on> riu i 64-84 we di , ; 
one-mom ti 6.9?- 7. K per Cent.: three mooib 7.05-7.15 ncr Cent.; stunoolh 7-34- Z.45 \*leiiha... J w-10 /mj-dl* ‘4-X4 gro da,' '■ : ^ 

per cent-: one-ycar 7^3-745 per cent. Zurich ’gls-Hs »•- mu • 6 la-B >2 <*- 1* , .11 i ” 

•Rates are nominal calling rates. — ,K I » « > 

Sbon-tenn rates are can for sterling, U.S. dollars and Canadian doMars, two Sb-numth forward dollar par- 0 . 7th:-' ' 
days' notice for guilders and Swiss francs. 12-mooth 0J84.88C Dm. 


Inv. $ Prem. at.S2.60 to £^96J% (912%) 
Effective rale at (1-9040) 4*2% (40|%) 


















\ilrir»*»«T»pb . 

Vina LlleA Law 
\u Pmlucu .... 




f neghenv tairil,. 
Mlegbeny Hmvei 
Allied Lht-mieal.. 

AliMhl >t)Wer 

Mil- l' Ini I mere... 

24 r, 


38 1 2 ■ 

20 M 


54 i. 

. '-■nrnmkCia»_... 

; Lit' IntViionsi 

•' i.'tsne 

| Lroi-kti .Nat 

; Lir>«iiZelIprti«rti 
L'liiiuinn, KurIik 

ClITt -Wri G h 1 



34; s 

An.L'iatln lit***... 



\nier. Airline 



Ainei. brand*. ... 

45 U 

45 it, 

Amor. Knailnhl . 


37ia . 

Anit.e. • wn 


35i = 

Vincr. '. nnnsii-l 

24 j* 


\ 1111 * 1 . Klif. I1.». 

23 Ja 

23 An 

tinor. t\iu«-*^ .. 




28i : 


Vint-r. Mtdl'Si... 


20 U 

tiucr. M.ft«ra. .. 


Inn ,. Nat. ha*.. 



Xmer. *-lsiblaul.. 



30 J i 

30 ir. 

Viiii-i. I 01 .A lei. 




30 1* 


16i h 

161.-, j 

tMI* .. .... 





121- • 

Mh-li.n Ho tiii^. 







\ * \ 

SI 1- 

21 H 

\«»iniin On.. . . 



\f m 

17 *i 


\>.|ii«>t-ll>il.. .. 



M. lil. lil.vl.l .. 



Aitl.t 1 loin Pro.... 


27i 3 






21tj 1 

.\%4<u Pnalll.'l*. 


46i* ■ 

25 1 -. 

25W 1 

tank A 11 if 1,-j.. .. 


22U | 

fanki-i* 1 ■ A.1 . 


3b*.i 1 


Lfen I ndiiairtea. 

. Ueere 

J 75 . .Much*. 

37 ’1 j Uellnna 

oclf ; Uente,il.v Inter. 
Z5J s . Uetroir Ediwm.. 

Utellll Ni/ulp-. 
IXanev lWaiti_. 
Dover (.’orpti..... 

Ui.'» LUwmeai... 



i»u r^mi 


Kauir Ihi-lier 

Kan Airlines 

ka<il man Kmiak.. 

K. «. A ti 

hi I’aui Nat. (it» 


Lim-ix-n Kle'-trli- 

Kmrrj Ali+Viglii 







l'aiu hilri Camera 
l'«l. Ilet-t. 
Klre-liim? Tire. ... 
1-1. Nat, (tiwifui. 

Kiexi Van 

V Uni Rise 

i'u * 1 ' la ISni ar... 

271« 26’. 

hn,U.| i 111 «eu> ■/.. 

36< 1 


Ht+ni v h«il„ . 


22 'ft 



35t t 

Hi-il A H».” 0 (l... 



I+- 11 .I.V . ... 



hnliii it"! 1 ■•ii-. II. 






k+ l*i •-ker . 



Kwirm . . .. 


33 in 

k lit ttdi, 


2 b . 1 

20 :. 

28 .. 

" ariiff> . .. 

26 1 


FraiiiH i ui 

111 * 


Kra-.-an ■ \ 


13. R 

Mrci*.. .. 

31> : 


h-u. ivi. urn. 

14 = * 


H..».-knsi lil«*>.. 


26 . <1 




MlIOVl.» Kile .... , 

18' , 


Kti -11 



h.i ..)-. " alt-ii .... 



Kiisiiigi»ii A Ihii 

37; : 




6 H- 

' sdi|J-.-ii r-».ii|< .. 

33. v, 

32 s, 

1 anadinn fa.'iiii-. 



• *nnl llsn.i ii/ih.. 



1 YriiHli'in 


25- • 

l«mw; i.t'lir'ni 


• a: 1 ei Hs» lei ... 

J 6 L 1 


1 ffi.-i,niim 1 nu'l ' 

47 1 ; 





I.ejiH-J. t •'rj,n... 



'. 1 - 1 . 11*1 * >. W .. 

15 a,. 


( erliinlt+.l 1 


2 1 3a 

( o-vim A:ivraii..j 

3 5i S 


1 bareMsniirilliin 

29 1 * 


1 liwnuwi Hk. A V 



(. rierd-rah I'-’nd .. 

22 't 

221 a 

( be*>ic h\ —loin. ‘ 



I'm.-agr. BmL;e...i 
l bpimsliov . — ) 

t lira */ei ! 

1 inerania [ 

1 me. ViMi-n-n... 

' irkwp | 

«. ine- >rn n- . 



47 )g 

UV lnvi-lllig...;" 1 . 

.n t r-i* 
l.i-Igi Paint . 

I 0 E 111 , Aihman... 
i.niunitiia 1 ix*.... 
i.t'iunibix 1 * 1 - -i . 
i.i«ni.ln>l«U'i tin 

i’nml)i.-l imi Kng. 

t •<oiD)i>M'.»i Kq 
• "ui'w'ni kfli-mi 
iflin«'iii*i "{i 

t . ii«a u’. ?•):■.■: .■ii'. 
t .V.l. lit-)*" •)■•« ■' 

Conut. Ui.* In, .. 

I I***. 1 !.|,-,>I. N.\ 

I'roiM 1 ' L'l—i- .... 
C'Uia-'i Nvl- H- 
f!na«nni-*: |V«w. r. 
(Vmiini-n'ai * ■ » 
LnEitUPiiM! ")'. 
f<<llli|iinl.l I fl Hat* • - 

Coopt - Joriu*. 

08 ■; 
2Qi 4 
33 U 
I55 4 
2 1; 
55jfl ’ 
461 1 

2 0 ;- 

23 1; 
2Si s 

44.4 , 

17 1, 


46 : 6 
15 >9 

20 1 j 











23 a; 
281 ■ 
25 ■) 
45 -s 


j i'i>nl Vfoti>r 

Kiircinmt Mck 


Iran kiln Mini... 
Kraquit M Intro 


Ka^ua liMla 1 



iiw. Vmer. Ini.. 

1 1 nn. t Vile 

I lien. Dynamire .. 

• •vu. Kiev 1 

I ' liHiiHial h, «•!*... 

/•■■nentl .Mill*.... 

. C,en>.-ral Mraorr.. 

I ■•■•ii. I'iiN. I tii... 

] ■—■ 1 . -igian 

'•■-ui Tel. hha.I.. 

J * 1 it. rih* 


I iiero^ia turiia- . 
Ill'll v 1 hi 


luvriiwh r,r, 

li'-./yeai I ire.... 


(I hit M’.IL. 

*■1. \l Ian I'ai-Tea 
■ •rt.Nurtli.lnei... 

lirp. Iinnnri 

• Hull A ll'rerni. . 

I Hill! UI1 

I Hmunnoii 

j IUiiiu Minim;.... 
j HnnilM-liirsre-i... 

llama Ca irun 

Until.' H.J 

j Fleuliiein 

[ l/ea lett Pat-karri 

1 Holxtet Ions 

! HnmeRshi* * 

| HtMHiv»eH 

: Hwner 

! l1id>pC-irp Anicr. 
Hmiftnii Nil. Ii'h- 
I HuuftMi, viChm 

- Mutton 1 K.F .1 

' l.t . liflUrtric* . 

! IN A 

Ingenvcrt kauri. 

luiniitl bteel 


Imcnauit KnetRi 


lull. Ft* ’euro... 

I nil. Harve-icr... 
Inti. Mlu 3 ITirm 
Inti. Multlttaxi-.. 


Inn. Iferer 

I I’ll 

Ini l|M.i llier... . 
Ini. r#u. t mi... 

Ilia ml 

/■■wa Heel. . . . 
II- lmr>maiii>nai. 
Jim Mailer / 

45 1 3 
28 U 





17 * 

24 1 5 
40 14 

33 U 
39 J* 


102 ^ 

15I 2 




13 i a 
ZB. a 
26. 8 



21 'r 

iai H 

9 It 
60 33 

24, ; 

2 b <4 
158 : : 
19 1 
i6 ; 

25. : 





25 V 

59 * 







16 m 
45 r B 
12 te 
231- , 
11^6 1 
38 ij 
51ifl . 

■ 81 , 

29 14 
101 - 

29. » 
27 53 

24. „ 








13 la 

19. n 







i 455, 

| 265, 
l 341, 

26 >s 

1 21 
; 301- 
I 31. 3 



17. a 

lOi s 
9i 3 
15 ja 


27 >9 


29 ’4 

6 'ft 








83 -. 



18. „ 
25 In 
58 ij 


45 * 
25 i 8 



34 I S 


. 251, 

1 IHs 

. 51 te 
. 12-a 


( 21 

10 'a 


29 u 



Jatant-Msanlle— Johnson 
J»bnnon CoBlmi. 

h.Msrv Ctvr 

falser lailiutrk- 

fauer steel 




KJritte Walter 

Umberlr Clark. 7 


faalt I... 

Kroger Co— 

fa vi 5tnui*t- 


LiRgetl Ortn/p.... 

Lilly iKin 

Uttajn luriuet..... 
L «i » 5 tar In-Js.... 
Uuig Islam! Ltd. 
Ijmifiam I jw-I.. 


Ixiel>> 610m. 

L'kc* Vungst sn' 


Mary It. H 

Mire Hanttrer^.... 


Maierimn 'hi 

Marine Midland. 
Mard.aH Field.... 

May Ikns.^iore- 

>lc A 


McOunnell l>xu> 
.Mv-Ctran Hill.. 


Melrk ... ; 

Merrill l.tueb.. 

1 Mesa Ivtrmeuni. 

, MOM 

. MmulliKgA Mi*, 
i Muldi Coqi 


MnrganJ. 1*. 


lliirpli, Mil 

Nalt-u I'liem/t-al.. 
\»l itmal Can 

Nil. |li-itllei>....i 

Nat, farvke Imi. 
.NatiniMi Steel . . . 



Neptune ltuj... ... 

Nt-n- kilt! Ian. I Kl. 

X.-" KimlamITel 
! Niagara 7M<Jtatrk 
' Nlaipiia SnatL-. .. 

; N. ludiistne- . 

; NiHT.ilk&tVt-Mf-rti 

j N*tnli \al.ltiw.. 

| .Mini siale- Fn r 
I \ • hne-i Airline* 

| Minac* lUiu-trp 
j V>>rt.iii . .. 

■ .< li,-HlHnlai IVtmi 

" . Unity Mai her.. 

1 "bin Kri:«nn. 

I Mho 

j Cteiyraa-Niiv, 

j UaciihCoctiiti-,,. 
j 1 >n it in llhnoi*.... 

, IVu-ili>- «•*>■ 

I'.nnhr Lifbtins.. 
t*ai-. Hnr. A Ij . . 
Call Am Wurlil \;i 
farker Ha uni Mu. 

IVaM.iv Itil 

i’eri.l'w.A Ij 



IViJilea Drug 

t’i*i|4e* Kh 







30i x 


27 l B 

417 4 

211 , 





28 1, 






221 ft 


14 ij 

36 U 
53. r 




25 J, 

51. s 







41», . 



47 is 



22 U 

13 U 




34 U 



20 <* 

20 'a 

19 :* 


21 U 
29 fe 














41 la 



21 V 
14 U 

111 , 
36 U 

33 U 
211 * 




47 J, 
38 U 




21 », 
29i 2 
14 1* 
14. p 

26 is 
23 U 




20. a 


20". 3 


351 , 










Kevioa ..._ 

Reynolds .Meiain. 

Reyn.ti.ts K. .1 

Ii U:b"*..n Uerrrii. 
Hwkveii Inter ... 1 
K-.Jlnik Haai 

Rt.*ya. Hutch 


Ru*a te«s 

Ryder .>y*tem.... 
■rafenay Store,... 
■a'L Joe Mineral*. 
^?t.Re*i- Paper... 
Santa Fe Inds..:. 

faui Imcst 

■»wjo Inds- 

-..•hilt* Hnptini. 



Serai Paper 

Swil M ig... ...... 

tit-udr' Ihiot Ve*i 

s« L no la 1 ncr*.. 


seane 1 G.U. 1 ..... 
>e»r* Ui«6ut-I>.... 


Shell Oil 

alte»Tnul*t-ir 1 ... 

56 1 a 



5Bi a 
26 U 
34l a 


13 U 










--ten.sle L'urp 


*nmpllritt lx... 




j^inith Kline. 






MutlicrnCal. K.I. 


.-viii here La.....,- 


s-tlin. Nat. Re-.. 


> Ml hem Cs.-Hii-. 





s'w'l Haiikhar>+. 


»|ter(>“ Hiiil-1 


>|+rrv Rand 


S. t uib -..• 


rilan.teiu Hr sn.1t 

Srti.OI ilwl iionita 


btn. thl Imlfena.. 


lid. Oil Ohto. .. 

59 3« 

*uuO l lirmical.. 


-*(er 11 n« Linig... 




Sun Co 






Trehnlcol, .r .' 




. Teledvnr..._ 

j Teles 

I ViiiKo.,. 

1 tew Fn nripum 

i esat.v , 


I'evaa 1 11 st in. 

3. 'll 

» 9 ‘ 8 






23 U 



! 1 >« 
66 U 
21 J, 




















8 34, 

24 U 







26 U 


l>aa« INI k ria* . 

31 , 


L'r.w l (llilier ... 



1'mie lib- 



I'mie- Mlrrt+ 

23-', . 



44 lg 



32 1 7 





Intns.-^ .......... 



[rail* Ininn.. 



I L'ran-nav Inl'ni 

22 - 


| I’nsrio %t..ifft An . 

1+ 5 * 


, Iravpilere... 



! I’ri Continental .. 

1 8 1 2 ; 



' 17 






Zenith fa.! >•>.. 








l .S. I'raaa 44 l«w. ,94 1, 194U 

Ii?.l"refts4il>&/ir 1 82 U tB2i, 
t'4». « Day bill*. 6.234, 6-24 ^ 


tbinbl I'apei.. . 

■Uiiilcu Eagle 

Aigcma site- 

Aahnlijs .Montreal 
dank iNovft 'uOlta 
dasit.- tieimirc-.. 

Bell re/epliDiie...- '54 
Ut>« Vauey I ml*. ‘261, 
riP Canaria 

12U. I 
5U f 

tdei- ; 

:1B7 B 1 
191, ■ 



dnn " t3.2a j 

LatgaiA Ptiaei ...: 363* ■ 

i-anUhi .Mine- 14 • 

Nsua.ia L'emem.. 9S, 1 

Lanai la Ml Law 10ig | 

Lsil I inprinkl.'om -263* . 
•Jaiuula ImiuM ... -119U ! 

L'*a. Pai-llli- " 17 5ft ■ 

tan. fa.Ui. Ini.i 191, 
fan. rniper fin... b&l* 
variiuc O'Hnie. -5.70 
‘-•wftisr A ifeo t* _ • 8$, . 

I'lilenam.^ ZOig \ 

Luniim-. .24 1 

(.'rat* bai Imji m j' 26 1 

i.ooMiruer tia*,...'.," 16<a | 
L-i-ek* Kn>iip.T>i . 61* . 

raiaitt KiH. 95ft ; 

Dana fle’iinr . ... - 71ft- ; 

,ii llr r....i • 62C, i 
L)o:ni> M lues 75 j 


. 18 
1 19 
," 193ft 


! 251* 
" 141; 

; 13.2a 
> 365, 

' 141; 
' Bia 
! 1U 
26 is 
• 118.; 










Ormie I'm nueuii' I ’ b23, 
llonimlrai Hriit-i , 2 SU t 126 
Ih.incui ■ 151- [ 15 

[ . 121, 7125e 

fa«eo*i , K e .\j.-kel.( 17*2 1 171* 

rravl (.'an.. 741» ; 751- 

Perkin kimei _... 



PheJpt. IkNi^e.... 
Philadelphia b<e. 
llulip Mr*na_.. 
I'lutrpv I'etne'm 


.ihinev Honef 


Plea-ey. Ltd ADR. 

Piiiamlii ' 

PranniRc Klee.... 
Pin (n-uiHne-.. 


I ’u rex;. 

(Jtnkcr U-ta .". . 

R«pi.i \men.-tn. 



Ref-alriic Meal.... | 

277 S 
58 1, 


22 t, 



1S1 2 

86 “4 


34 1 2 


19 >3 




37 >* 




Z41 2 













ihh Lent 1 1 it P«»* 


I..\KUV..~ • 



I BPever. 

l nl lever N V 

j I nk*i Uaitcory... 
L rural (.'aitiidr,... 
Lninn i irntmetre* 

1 1 uioftil'iildiii.. 

| l iiwn IWiAc 


. L nutvral 

I liineii Brand-™.., 

I L6 Badi-erp— — - 

i rd.-G>"vra*ni 

! L 6. Shoe 

■ I6.d»rrl 

I L. TeutincMosies.. 

■ tV lndosHie5...._ 

i Viq,iniaEleil— ' 

1 Waisreeii. 

7Varner-k lannin.. 
j IVaste-Mau'maul 
1 Weila^Pfttnn . 
j ll'mern Barit -on 
iVestem X. A nn»i . 
Western L nnui.. . 
Westlnshie EleriJ 

; IVe-layix'u .j 

: teyyw haeii^n.... 

■ VVhirl pora ....... .. 

MbiteL-rai. Ina... 
W illiam (".i 

21 J| 
22 1; 



44l 2 

7i a 
287 b 
26 U- 







. 27 Sg 
21 » s 


23 Jb 


24 in 

























26 1« 
17 ig 

21 la 

tieiutai , 261 ft 

Oiam 121 , 
Uuii On ( 27U 
liairkrr ahl. Ua. big 

Uuiilnuei; ! 1293*. 

Hume Oil 'A' : 391, 

H)jti«tai fay Unt- 151, 
Hiitlmiu fay. 185ft 
HiiiIn.ii I >|i a !■*>, 43 

I..U.. ' 177ft 

inia-o. : 311* 

lut|*rMl Oil lBSg 

lure. ' "17 • ' 

I iu la 10 U 

Itilanri .Na{. Ira-..' . 101,' 
Ip’V 'y PfprLltu.: 137a 
Kaiari l.evairve*.' I37g 
Pjftiirm'l Plniwf .. "fil*. 
teaunn ti.iii, -h.' 5.80 

Mi-’nuli’ii' J7a; 
.Mar «ey Fcigd-tju 101, 

lli-liilifc 23 1ft 

Mi-ec I l'l[Hl 34 1 b 

.Vtirmitte Mine-... ' W5, 

N.tttsjii Kiwtftv.„ lo^ft 

N I till. 

■ Aiuiiat- Ol. 5 /■«►: 
j n*k«ira>l Pcr'ni.' 

Pat-lli.- (‘upper M;. 

WlKDB-in htec* I 271, j 275, 

2.00 : 

i'ai-jiii-IVtioieiiri,! 38?* ; 
I’an. fan 1‘et'uiJ 34 s * • 

Pal Ini. t!6 ' | 

Peoples nej.t. n.,' 3.90 . 
I'lar, ta- \ Oil..- 0.84 j 
Piftbet-Uevelopmti 21*4 ; i *ii.' I Ha i 

Puce * 131* I 

(Jueliev .Sninjerffi 1-35 I 

RcugerOli ^ 1b9. : 

Keft.1 Sinn 9'ft ! 

Kiti Aiftum. ! l26lft J 

Kfyxrtte. ra fan j 80S, • 
Krarai- Irurn J 171* . 

S-etiireK'MKiri'eH 81, i 

-■■ea-raiTBi _.l.-2SSi , 

-hHi L-anada. Ifli*-: 
slierrtiiL.llioe*! 4iBO : 

aieiien* O. it 334 i 

Simpsrair „■ 4J0 

Steel ft fanada... 234 ! 
"rteepHtf.-k IrvnJ 2J10 
retftto fftriaitn ^. 1 38 T ft . 
. ti eunlo 1 >jui Jfk- ■ 175, 
I'raaa fan PipeLu-. 14 <b 1 
Crass Mm ui i Oi.s. 9 

Fnae- tlOSe 

Lmmi Iras 103, 

l-td^iscite Mi ntii 7 
Waikei If i mm-... 317g 
Wc«i Hail Tra».i 32 Sb 
W eMun (trn. lfilft 


























































: ?>X 


Pru-e, |+ or Dir. ;VM. 



Mar. 20 

tin* - % % 

M»r. 20 

! Yen ! - 

% ! % 


Annins Ven-K-b... 


Hl»P„ — 


Bayer Hypo....... 

Barer teremshk 
Ljimin err hank— . 

Until iffunmii..— 




UeutK.-be Rank.... 

Die-lner Hank... 349.5 m +0.5 
U\t^erln.Jr2emt. 145 t- 1 
■•uictedfaiuiu — . 

Hajem Licryd I 

Hsrpener. I 

Hceubsi — 



87.5 *r 0.4 , - - 

487 +4 • r?8 j 1.9 

225.1 -0.4 ■ 20 I 4.4 
I39.1e-aii 17 !B.l 
J39.3 r-0.5' 16 

282.8 -f 0.8 ■ 2u 3 6 

315.3-0.3' 20 ' 3.2 
185 ~ - 

230.8 1 18 ^ 3.9 

/7.4 * 1.1 1 — * _ 

303.0 -0J 19 3.2 
270.0 —1.6 ! 17 , 
157-8 e 2.3. 14 4.4 
3^6.5 +0.3 

199.5 -0.5 | 

111 -1 
878-0 +7.3 . 

130.3 i 

121 . 0 + 0 . 2 - 
147 -1 
297 + 2 *. 
21.4.8 + 1 JB 
92 J 

174.5 +0.7 
97.1 +0.1 

235 J) -0.5 
1.500 ....... . 

10.7J.+ 1.0 
189 +1 

I 3.3 
, 4.0 

i lA 

I 3.0 



fall unri Sate — 


fainted ... .• 

KkmknerPm 100. 


laraenhnu 100.,.. 


MAX i 

M«uur>msnu — 168.7- +0.5 

XI eis iljie- 21 2.5 —2.0 

Mum- timer Ruek.. 515 .. 

Xeckemwon- 112.5+4.0 

Pieinrara UM l riu.. 109.8 + 1.3 
!!hein\l"e<T. Eievt. 189.5 vt + 1.0 

x-hennie ■ u«»5.0 — 1.6 

■loniens • 282.5 

suu /ucker 2*»7 ... . 

■hvraen AJU ' 1283 +0.8 

'arta 178 +1 

1 KB.\ 106.5+0.3 

' er+tnaAW+xL'k 306 T 1 
V>.ik>ua K ei* 214,5+2.6 

16 ' 63 

4 4.4 

10 | 4.2 
9 j '3.1 
20 3.3 
20 ' 5.0 

12 ' 3^4 

16 ' 
so ' 
7 ; 
























Mai 20 

l¥u.t! I +or — L»IV.;Ylri. 

PI.. ! _ ; - | ■ 

A bold iKl.&r. .. ... 


VhKV iFi.ICi.. . 
Ainrnlnnk iKlja;.| 


mara'i'e-r' rut 1 .l*'-l 


(i|»t BrotsUeraKU 
Hutipr.refU iPI JIT 
(Turner I *j Fl. ICO 1 
K.teM. 1 P..IOO 1 .... 
lui Mullen la?i.... 
Naairlen 1K1.IJ.... 
•'«lXn Ids.iFi.IC 
N»l Lrr.IBL 1 PI. 2 t 

Aed Miil8k/F7^Cl 

‘Je 1 F 1 . 2 O 1 _.i 

Van ilmn/eren.... 
I7iiltpt. iPMu/....- 
K/uSiiVeiiPi.ldi ! 
1 l.H 4 .-t.FiJD.:...;; 
Rraunlii iK/jOL...: 

iriarenlturE • 

F'tfcyu Pae-Hlrir.*' 
fid levei rPi^’i...' 
J IkinaKes.IiU'Si. 
Meralan'iiu. hank 

100- !+ 1 -21.3.6 

22.4+0.5 - ! 

345.5 —1.0 AUi 6.8 

80.9; 5.4 

rail — o.2 ; 23.6, 6.0 

79.8 -0.5 23 5.7 

1 5.0: h/i 6.7 

65.5 -0.9 ’ 25 /.6 

2793! — 0.5 Iiil | 1.5 
137.0! + 0.5 32 j* 43 

«2 ' 94.el 5.6 

35.7—0.3 22 16.1 

101.7 -0.3: 14 . 3.- 
24.7: +0.2 1’JI ej 
2I.9+W.6' 12 5.4 

127.5 +0.9- - | - 
37.2+0.1 18 1 tf.7 
35.0—0.1 : lu : 2.9 

108.2 +0.7; 46 J; 43 

54.8 +0.1 1 2U | 7.3 

188.0' i 22 1 5.8 

153.5- 1.1. A34 «.h 

132.8 — 3.0 '• 18- 6J3 

34.7 -0.3 ; 31 18.1 
24.3 —0.1': 21 6.6 
73A1 + l a ; 16 - 

lc3J +1.3 !V23t 7.8 
116.1 + 1.0, - - 
13y.7 +0.1 14 53 

129.5 + 1.0 Aou 7.7 

246.5 19 /. 7 

136.5- 0.5 cti 4.0 

99.5 30 u. 1 

119.5 ksljj 7.0i 

37.5-0.5 20 1.3 

414 +3 . 32 3.9 

Arab! U teas . 



Hoarta Mot Ore 

tfouatfFuxl UcOO 

u.. Ilfh. 223 

lb> Yokado Lr 3 d 

Jacca. 670 

JJL.L. 2*10 

Kaiusl Elect. Pvr. 1.150 

Komatsu 316 

Kubota. 283 

Kyuto4.enirate —3.770 
llatauftbira Id>i_. 626 
Mltftiibiahi Hank, j 280 
Mitsubishi Hearyl 146 
UttHiblsbi forp..' 414 

Mitsui A Cu 315 

Mltankosbi 500 

Xlpprai Denso. .1,230 

Nippon dbmpaii.J 677 

.NutwiiMnur* 794 

Pioneer <1,490 

Sanyo biecvnc..^ 814 
sekiMH Prefete...'.; 860 

aliibeklo 1.150 

aun.v 1.690 

laubo Marine. — • 252 
Lakeria (.'teemloai 325 

rUK....« 1.670 

leuiD- - — i 117 

IokKi->ranne. ' 507 

lukio Klevi Ptw'i l.EOo 

L On. vo Sanyo , 315 

liHcyi>dlilhaiira...i 138 



X4 : 




’ 12- [ 



i — 15 




*° 1 







, — 9 -• 18 







.—9 ' 

: ia 


■ — 50 ' 56 

+ 1J 
+ 10 

. + « 1 
•+« ; 






















30 , 

I—13 ! 

:+i ' 


-10 | 

- 20-1 

' «J 1 Ba. 

»orav._ ; 

li.yr.ra Mratir, 




15 > U.6 

12 I 0.8 

16 I 1-D 
48 i 1.6 
Its . 2.8 

50 | 1.7 

20 1 u.8 
40 ' 15f 
11 ! 2.1 






10 | 4.0 

2i' • 1.1 

Source Nikko Securities. Tokyo. 


Mar. 20 




+ ur ‘Fr*. ;Yl-i. 

-.»»•* U - 



+ IO 



Arbetl 2.270 

rit,. Bn.. Uunte...-l.HlO 

Bckci*“B" 1.7 6 u 

C.U.IL Cement. ,..jlJS74 

iSbMnfll ■ a=0 

KHEa. ....... .4350 . 

Eiectiuhei 6.100 U70 i450 

MahriqueSar. '2395 f— 6 ,170 

a. 6. innr+Uai— L86b • 

(ievaert : '1.846 

Hoboken 2.195 

Lmereran -'.— 1.830 

KredlKiauk —.<6.400 
Lb Roysle 

Pan FtrariloR J8360 

iVtroflna '3.865 

■xx,< Gen fanqueJ 2350 

>in Ben Belgique! l.i>75 

soflns.— '5.L90 

»wt ■ 2.340 

Cractlon bier* 8^)10 

Ltd..:— 1 936 

Cu MLn./ 'l.tDl— j 710 
I'ieiiiy M.totayne'1. 316 

61 ) ; 4.3 
112 ! &.«* 
.'•90 1.7.0 

*1771 /. 3 

+ 15 1150 '! 7.0 

I +12 eo : 6.5 

j + 15 1170 ) 7 JB 
!— 5 !142 f . 6 

—10 ratio j 33 

: + 30 1305 6.5 
i. :*2J£ \ 3.4 

i+25 {174 1 4.6 

r +10 
i + 55 


+ 4 ,100 
















+ or' 

Div.- Yu. 

%. : t 


Div. YM 

t Bid, r Asked a Traded. 
1 New stock. 

Mai. 2u 

Kroner | ' — 

ij • 4 


145 ’ 

11 7.6 

IXl m sir H, |.f„ 


16 3.4 

Partake bank 

126 Igtt 

12 9.6 

&M.L Aslall -tfa.. 


12 0.4 


; 14J ■ 

13 9.3 

Itit. hy^ieiltu ... 

- 533l] : .-.Ift 

12 3.6 

80 , +61* ■ 

8 10.0 


127*) si 

12 a.n 

D -A ih r/H.ikn). 

2551s +>a , 

12 . 4.2 | 

Nonl Ka,«l 

230 --1 : 



82 ;+i 


21315* rf -rig 

11 8.5 ! 



11 7.4 

3)^6- farendsen. 

469l a :.. 

12 ; 5.8 



12 6.7 1 

. a 

. 82 
' 16 
: ID 

Aluminium 1 240 . +35 

HHC ’A' .1.650 +35 

1' Fr.JWJi 1. 1 75 

Da t*i . Cert*— 880 1 + 5 

l>.<- Keg.— ■ 657 >8 

tereiHt >iil«w. i/.280 —20 

hierimwiirt ... 1.650 —3 

Ktefhw tOeottei.. 675 +5 

U.tRnwn lYCfet- j 80.760. + 250! 550 
Ifa idiuftili.....,8.12S -•+ 100 so U.. [5.400 — 50 1 SO 

Jelnmii iFr.lOOk.. ,1365 —25 20 

Ve+tle (Fr. tOOL.. 13.075 ]+45 ‘esfi-J 

Da lies i 2.3 10 <+10 aS63 

Uenikan HjF3SU 2,070 T 30 

Pirelli Ml Pit. WO, 276 .+3 

famfee 1 Kr. 280). ..'5, BIO , + 10 

Du, PwUtrt*. 1 460 j+3 

5cbioillerOtaFH3t| 300 ;— S 

<ulzer Cla (fJOOlf 345 :— 6 

I dwirasir tl'35Qj.J 813 j+8 

: ^vlrc Bank- trial 3S2 1+4- 

! Swira iHe.F^O).. [4.560 +10 

Union fank „.|3.080 >15 

2urieb ln«_ _.:10.250 +160, 





/. 7 




!lh (8.3 
15 a.4 
. 26 . IX 
26 ' 2.8 
9 < 1.5 
14 4.1 
8.57 1 3.7 
10 2.9 
40 . 2.3 

ao ; sx 

40 I 2.0 


Mar. 23 

AiiaLS : — 

ACMILiSboent). ; 10-66 

totw Australia... +0.B5 

Allied 51 ut- Trig. Indus 51 f2.l5 

Ampol- KxploraacBLlu..+ j • tli23 :. 

Ampul PKintouni— . 10.71 , 

Aatoa Mineral* 10^73 t ...... 

Asaoc-.Pulp PftMr SC— .1 lLC6 .i-OJ® 

AftaoaCoo. lnduatnea. «1.82 [+0.02 

A list. Foundation Invest. ..I KL90 . 

A.NJ— tL37. 1+0.01 

Auriuuco j t0.3S 

Aurt. Oil ^.Gsa — 1 ! KL36 

Blue Meta* Ind. SL04 

. tnwlIJe Cpppur 1 il-L7 

en Hitt Proprietary^..; t3-86 

douUi | 10.79 

Carl tec United Bre we ry . tL78 

C. J.OtUea. tl.89 f+P.i 

OSH tSll. I 18-54 -0.1 

Dona. Ootdfifdd Aua„ iZX 5 1 

ContainerfSi). 1 (2.13 (+0.0.1 

Cmmne Ktudnto t L90 ML03 

Cotri&lu Australia tl.50 

DuniupKubhertSlj — „.... tl.d6 . 

EKXML... tl-06 1+0.0* 

tL67 J — 0.07 
tl.68 Lojfc 










Mar. 20 

“| Price ■ Hpor jUivviJ 

Betgea flank 90 — 1 , 9 i 

Batr*|^anl MMM i 63.76' +0.7&1 4' el 
L'c«dl*teuilr_ u _..;,105Xa! -OS ! 

275.0.— 2X < 

Keeditkawwi-,-! Iu4 "-2 ; .. 
NoralrHjOxDkrXCI 179.5>1.0 : 13 
— ! a&xft-oa: .jl 




. • ’‘O' ROOST V 

' Prino ‘ 4 . ur Div. [1 

Mar.a> . Cm, - ,Jnra )■’, j ^ j S 


Elder dmlth : 

K^-iadastnea 1 

Oeu. Pitoperty Trust 1 

Uameraiey - I 

hooker.- —I 

kU'J.AuetraJl*— — -1 

tjDtnr- Copper : — ■ 

7 annuls IndusCries-..-.-. 
/doe+Ote rid — J 

Lennard Oil — 1 

Metals Exploration ,.. 

MfM HoWinst). 

MyertTm port urn, [ 

Netvs^.. — 

h+Jloias iDrarnatinnaJ 

.torch Broken HMimn. iaCh . 


DU faatcb 

(Jtrar fapidtat-ion. 

Pioueee Coo-.-rete 

Itec+ln 4 Colnan; I 

H-tedtelab..:.-....-,.....-. 1 . 

•suothfeU Muring.^ 

lootb. utii 

W«i! turnk., 

U-'racWii Mining (SO cental.] 

11-33 -| 
tl-93 HUM 

. td.uB 






























Pries :+r<or i.Uivri Yu. 




A«ju«*ins— -J 364.0, +7.9 ! 24 
d1C™-_-_l 598 [+50 12., 

HroqynM- - . 

HJSi.X- Servaio — 


695.0—22.1 4lfli 0.6 
393.0 + 1 2.9)21. 16< 5.4 
283 ■+5.5H6X BX 
.+7.9 | 24 j 8.6 
___ +50 ;-12./ri 2.1 
570 +47 3li« 6.8 
«4 1+29 47J 0JS 

1.570 : +60 : 75 4.9 
362.0. + 12.91 27. b 7.8 
1.130 + 50 iiaj‘ S.1 

353.0+28.2 12 1 3.3 

1 w * 'j Mf- • 





.Mai. 20 

rnw <j-«.H' 




(.leditaaiitnii ■ 

Peitit«ifuer_ j 

■;ei«.ia ; 

r+mt^nli ; 

■tetl- Daimler... 
'Vjf Maftni+.n._.- 




99 +-1 



1U , 2.9 
4 | 3.4 
48 -84 




Mar. 20 



•ur/Die. ‘Ylri. 

- ! Ulte | g . 

ASIC., J 128.5 +0.3 _ _ 

Hulvjj 313 +16 1 — — 

Fist '2.011 : + 79-' 160' 7.4 

Du. Friv 1 1.678 ,+ Bl 1^0 8.9 

Filial tier .. 82 .+ 6 - — 

luk’enioK 10.S00+37Q 200 ig 

liahiMter 136 +1 _ 

Merik>hanre 32.900 + 600 1.2M 3 6 

Urmredifton 169.75 +5.76 ^ 

Ollveni Pri* 840-5' + 18.5 - 

PtreiU.A Cii.- 2,258 +70 130 5 b 

Pirelli Spa. — L03BX +24.5i 80 7 7 

sw Yfamra 640 +15 — 

I' ' ; 

Ul.r. .Afcattf. - ' 

Ui fanramt I __ _ w 

CfuO Met l her 1 425.0 + 1BX: 1 1X5; b!7 

Credit Com Fr’-»j 132.8 + 10.8 in 9.2 
Ueuaoe Luire...^J B8X<+7Xl 12 13.5 

Uunraej — J 597 > + 42 tjy, 1.2 

** — ■ 1WJ.+3.8 -14.W12X 

Gen..Uc«y«eiBtai(i 191. , + 1 SX6i 4^.3 

imetal 66 +11 u.aa 7 9 

Ja«toe>’Borel 90.5 + 2.4 — _ 

161 :_l U./M1.0 

+10 LL;7 2X 
tearaa/T _.... L590-. +80- iUfe; ZJ) 
Maiffons Ptaenuc..; 1,028 +102 69^'. 3X 
Miehetro^B" 1.350 + 60 32X6 2.4 

Jldei tteHnstwy... 449.0 +T 1.6 lax 2.8 

Mouunw— 187.0 + 9.0 3 : 1.8 

parftnMi; * — 


Perogri-Kicani .... 

Aeeftttn+.. ; 1.4l! h-O.lli .l* ■&, 

rianoo Itau Ml, ..« . 1.20 !+ uXC . .16 111 ' 
dglgn Mfnelra OV| 2.00 f-aiu’..l+ ^ 
LgMAnur.OP-; 3.40 1+O.K^i t \ 
^trebraal'P.^..-. 3.85 |-Oja-.l £ 

Pm-lit OP 2.75 h-ao? .36 

jtottnit-rnaOP.^]; 4.30 -0X*l. jw £ 

Loip PJS — 6.83;' ^ .8 i 

Vaieltlo DocePT 1.72 i-0.Q& |L 

Ai-w. "o. 1 r * r, 

..jeeki.y mv 

r 30.75 -T.-S ... ^ 

Pucfeia„ ;.. : - 

Radio 'Pectin ique,] 

RodraH4 r - ..... 

Itteie truism- —I 
«. Gohaal,. 

187^3+9-0 , _ 

188.7 + 10.&: lO.L 

92.4 + 6.3 J 7^ 8.7 

“ ' K ' 'l A 3.1 

240 +5 

2»1 +23 , 
158.0'+ 11.5] 
fSO +13 
S66. -4 . 

154 +7 

BhiaHnfeteiwt*.. !L?70ti +I2ffl 39 1 ai 

suer... +.... 

Teiemk’uUqoe— ’> 

274.9* +9.9 

733 1+36 
189 .+ lg 
24 :+ 1 

_ls 4.7 

do .5; 6.9 
■44 4.3 
' 9 12.8 
15X5. 8.9 

do.t 9J5 
d2l 75- 2.9 

178- +1. xa 

159 J 1 Q 

83X8)1+1.61 8 




ASA Ab.(KrxO) 

A Ha lava l B(Ki&C| 

Atlas ’CopmtK^fij 113 
Mitral ~ 
Bofon_._. — ... 

Cumucrat - — — 

HTemux ■B'(Kacl 

Kricaeon -B-fKrfG 
Hs arite 1 

KlftHdlL^ ^.nfaJ 

ihxngattzeei ZJ. 
Banritfafeuiken. .. 


Mo Oli JJunucck. 1 

randvOc AJL-... 

SJK.F. *B* Kta 

dkaml Knaidlda-.^ 

'Tamlatik B" Kr tt. 


VrtmiKr. SOl.. 


124 t- 1 

■ 179 sc ; 

211 1—2 
141 - +*‘ 
139 1-2 

296tt +8 
120 — 5 . 

38 j+-2.- 

OOD > I 



8 A 


: 4.3 

5 |U 

o; 3.3 

4; '3.8 

W- 5.5 
8 , 6.5 
6.6 -10.8 
, ojoa 2.2 

7015 +0.6 ! 4.6 6.6 

142 8' I SA 

83 !+l 1 6 - 6.1 

45 +1,.. ! • — ' — 1 

68.5 + 1.5' ;;6-.8.B 

VoL 130.8m. Shares 61-Bm. 

Source: Rfo do Janeiro SE.- 


.. MIKES ' 

March 20 . 

Aogio American Caron. _ 

Charter CousnllcUicd 

Efsf Dricfontetn 

Elsburg . 

Harm imy ■ 

Ruatenburv PZaclDims - 1.47 

Sl Helena. ... ... t , to m. . 

south Vast "/C 7J3V 

Gold Fields . SA '19,99.' .“ +,(-’><•••■ •*. • ■: . 

union Conamlnii • 430-. . 

SL Be t2L- D ^ ,errea ■ -5-33 . 

Blrvoondtzicbt ■ 350 - •■c 

East Rand Pty. 4.M - ; 

Free State Gedtfld — - 

President Brand tl3.50 -B. 

SsS*«l su * a - r — u ao -a ill 

aS 3 P_n±: •“ - ir 

West Oriefonteln 

«■ 159.00.- '• +*.. 

western Deep i, t ,. j,.v 


Angio-Amer, -ladnstrtal- • •*' sjiQplH ”, *• 

SfraaLsr *-^' - ■■■- 

C«»lldaiftSK*«5’ r.l 

^derate VoHrabeleksdnES > tuxr -o.r 

Greaienaans Stores- ijb 

Guardian Aasohinre <SA>^ ' 

MtjCan&y Bodwar .™ ..i.lH + ‘- 

NedBank - - 

OK Bazaars 

Premier UOUng 5.73. <— 

«etona Cement ...~— . ' Sie . . +B.r u<„ 

Proiaa Hahnngs. TXO-fel - ^-ul Sj 
R+Wi Mines Froperbca- < 1 

Rembrandt Group ; 1S.10 : * 

Rbtco- :-i .+<ir=- ^.‘.--. -.--' • 8X3 '' 

Sate SoUloga -a£ ‘ ; 

SAPPI ■■^.V — 1 1.8a "py ■ ■ • ; 

C. G. Smith Supr-tr..- - ety -ra «*).-*■<; 

Socec - :*•» 

SA Bmrerler-.-, 

TUkt Oats 



(Discooiit^r 33.4 %\ 

?ireri«r^2^2.v; ’ «... 1 

)ats and Nabea%. ts.TO 


March: ir . 


L.;:, mT:i 



■ Banco. BObaif.'^- 

Banco AtiaMleufi.OBftF? 209 . 

■Banco ^Central : ~i: ■■3»- 1'. 

Banco EJCttHor 3M i 

Banco General 32 

.Batieo ftrated*' xLWn; Mi 

Ban co. Bl spa w >- — 203 . 

Banco tod. Cat -axo» IM - . 

B. tnd: MeffiT 9 rn(Beor. , ;''lS 2 

Banco PoodOar m . _ 

Banco -Smlarufhr^finB- • 3 2 C tJ * f . ** ^ J *a!"^ 

Banco Uxwillo ( 1 X 90 ) ZIO - ”" 

Banco vtmn 282 

Banco, Zftragasasa .J+. 2 » : - J 

Banns Aadahda 

Babcock VUcox 

C 1 C ..... 

Dragados an — 

Ittmobanlf 1 . , • - 7 ," '’'<31- 

a 2 ilfc 

Uco* + M — <u 

—-•-•- 1 ■ «.■;_•'-•■« } 


.. T" v" ; ' 

OK 'iv V-+ L* . 

WM - 0 .H . < 


TOSS', —usa 

S* L An u am aa g 
EBpantia Zhtc 
Feern OXMk 
F«aa nx«>‘ 

Penosa. CLOOO) 

Gjpo Velazquez f4QBJ 

Btdrala . 




TeteRmtca * WXS . - LM 

titttoa RteCff-JnZS..'' *fc:.‘V- S 


'5 c." 

r • 



iancial Times Tuesday March 21 197S 

j^RMING an d raw materials 


>ocoa and 



Richard Mooney 

OA FUTURES prices on the 
ion market ended sharply ! 

General fall in London 
metal markets 


wirebars falling by £16 to £356.75 and sflvir. and thcabseneeof larger 'than expected, fall ini 

a tonne. Cash tin fell by £ 117.5 the Japanese: as SSSSeant warehouse stocks. Thev dropped! "■ t, «w«r. rnces 

to £5.rss a tonro-l tt lowest b U ver S P 6 slgaUSomt ^ Stall “««“•"«« *» annoneee 

point since last July— foliowirie The downward trend loldino, to SBJS IninM whtth '' r 

A fall of 180 tonnes ia tin 
stocks, reducing total warehouse 
stocks to 3,855 tonnes, was also 
unexpected since a small rise 
has been forecast. But this was 
overshadowed by the further 
decline in the Penang market 

»nn down another £56 5 to 
5.5^ a tonne, mainly to "sen* 
a L They said producers 
~£}S} **nerally reluctant to 
although snme sales from 
trajHlan. temporao crop were 

... sharp buyinq flurrv after 
ooetiing boosted the May 
atlnn'to £i.S90 a tonne. This 
based on reports of substan- 
Uuates -of corns powder in a 
at a patch factory in Wor- 

'nnf ^ arl * ! ,0 27S'5 p an ounce at the ‘ morn- worsen fng eon qestion ar Da r-es- SM33.625 

^?«nr,L r .L 0sse f a J < inz taiDF. the market dipped Salaam non and there is specu- Tin Agreement 

i-J?" Vs' d,e .L "l e -P ,ant further in the afternoon with the lation that a deal might be “ceiling." 

■jTer saja me correct figure 

nearer WO tonnes. The fac- 
ia part nf the Koninklijke 
urnen NV group, 
c ' subsequent decline in ! 

?s was encouraged by a! 
r ooerrin? in Xew York. I 
ndon coffee prices also fell 
■rday although there 

London tea 



By" Our Commodities Editor 

THE LONDON lea auctions, 
normally held on Monday, have 
been postponed until to- 
morrow In the hope that U.K. 
tea blenders will be able to 
return as buyers by then. 

Mr. Roy Hattersley, Prices 

a cha*-n ri.,i t„ general nownwara trenu 

“r ke /f” r f w ^ Dd p “? “r 1 \T ■aTSSf ; \ 

Cash lead also lost most of last cooper, an additional “bearish ” 
we tS s gam declining by £10 75 influence was lie failure of U.S. 

5 a tonne, and cash zinc producers to raise domestic 
fell by £6J25 to £265.5 a' tonne, copper prices as was widely 
Silver values came down rumoured last week. Zambia too 
heavily. The London bullion has not officially announced any over the week-end of over 

spot quotation was cut .by 6.7? cut in ^deliveries vet despite the SM36 to 8M15S.635 a picul, only 

** '**’*“ “ above the International 

price range 

French seek EEC protein policy 


to-day whether or not be 
intends to go ahead with plans 
to impose a maximum retail 
lea piice to implement the 
recommendations or the recent 
controversial Prices Commis- 
sion report on the tea industry. 

It is generally expected that 
with the recent tea price cats 
announced by leading blenders 
— and the competitive redac- 
tions made by supermarket 
chains — tea prices will be close 
to the target suggested by the 
commission report and Mr. 
Hattersley will decide not to 
take any legislative action. 

However,' until a definite 
decision Is made the blenders 
have decided that it would be 
madness" to buy tea at the 

-ended at *1,365.5' a tonne, 
below - the pre-week-end 
the lowest second position 
< since July. 1976. Dealers 
the Tall fray' have been in- 
eed by vague reports that 
mfcla.'wgs to offer, its coffee 
he aper prices. 

oviet cotton 
ron record 

“protein policy." It wants imports Washington. 

lucerne, and further use 

of soya and other vegetable pro- come of ali the earlier threats of urea In ruminant rations, 
teins reduced and taxed, and and counter-threats, but there is Ultimate aim is aftqr 1982 to 
action taken to encourage in- a more purposeful air about the substitute the existing feeding 
creased production of substitutes Paris initiative, the announce- stuffs "model." based on a 
inside Europe. A senior civil went of which was accompanied soya-maize mix to one founded 
servant from the French Ministry by a detailed exposition of the on. feed wheat and rapeseed. 
of Agriculture Is to head a special 'national targets. both of which can be happily 

inter-ministerial, team in charge. At n resent Francp defends m P roduced inside the frontiers of 
of the campaign. ... / ..imnortTfS K? *** European Community. 

In an announcement which protein which is used nia>n|v Las *. France consumed} 

went largely unheard through the j n an( j poultry feed. “The around 3.2m. tonnes of proteins' 
clamour of the election' cam- target is to reduce* dependence JJJF" SL* 5, i!!? 15 “L 
WASHINGTON. March 20. fpaigns the French Cabinet called to 65 per cent, by i«W2 in spite ™L a ' JSPS* ‘ 
TON PRODUCTION in the : f°r a .minimum import price and 0 f an expected increase in needs TOES 0 M'S I 
?t Union - test year was a « variable import levies on pur- of about 120.000 tonnes a vear." 1 f «£ J* ! 

*d 8.76m. tonnes, the L\S.jcha*« of proteins from outside the French Ministry of Airicul- Sf. 

culture Department reports. Hie EEC. ' ■/ . lure says. * JJTSi *’ r S u S tU™*.,', 11 ! 

its weekly magazine Foreign It also proposed a Community Bm it , . ninnin*. »u it* t « *1-°™ 10 1 

mlture the Department said } regulation governing and W hopes on a oSnSf3SlSP»iW ~ M foUr yearS ‘ 

a result, they have boycotted 
Loodoq - auctions for the past 
two weeks. 

Postponement of this week's 
auctions until to-morrow will 
give the blenders, who normally 
buy over 75 per cent, of the 
total London offerings, a 
chance to rebuild slocks before' 
the Easter holiday. 

Australia to 

stop was 6 per cent, above j ins with grants production Iri-tbe rrc I oir'Nlt' 

...output and 4 per cent, above j Nine of vegetables bigh!« pro- ^Ked^S" ^'"include' SK* 1 p“»"n «« 

■^revjous.ieSord set in 1974. 
wet cotton imports in- 1976 
ted . 117.Q01L tooaes.j.5 . per 
below. 1975 and the lowest' 1957 

le record for 7 crop should 
le the TTSffR to mainta-n cotr 
exports rMs year. Escorts 
led 878. 000 tonnes in 1976. 
lata is not available for 1877. 


. NEW DELHI. March 20. 

And to round off" Its. package 
Paris demanded limits on the 
importation of manioc or cassava. 
This tropical starch is being used 
increasingly 4n animal feed as a 
part-substitute for barley. . It is 

Pigmeat ban protest 


BRUSSELS. March 20. 

high in energy content but has THE EUROPEAN Commission to-morrow and could lead to legal 
little protein, and to make it a has asked the French Govern- action against the French if they. u . ^ wumrvs UII1V 
useful substitute for home-grown ment to clarify reports that It is persist with the bah and if their . , la tion =r western " iwiriSS SS 
cerea s the animal feed makers banning imports of Belgian pig- suspicions of swine fever cannot : a cainoaien promise bv Mr 
usually mix it with higb-protein meat, following a complaint to be substantiated. ' Frawr 5S November to^ invpSi'.' 

CANBERRA. March 20. ; 
Australian Premier. has 
announced - a wide-ranging in- 
quiry into .the country’s whaling 
industry.. To be headed by Sir 
Svdney. Frost until recently 
Chief JTudge of the Papua New 
Guinea Supreme Court 

This follows an active campaign 
last year by environmentalists 
of the country's only whaling 


Stock farms suffer 
as pastures wither 


USUALLY GREEN and' fertile 

New Zealand farmlands are 
parched and burnt from what is 
rapidly becoming the worst 
drought in the country’s history. 
The New Zeeland Cabinet has 
rushed through emergency aid 
for sheep and dairy farmers hit 
by the worsening conditions. 

The water shortage is un- 
usually widpsnrMd. affecting 
farmers from Dtaoo in the south 
of South Inland right through to 
North Aukland. Conditions in 
mam* areas arc now critical and 
fanners are considering killing 
stock because of lack of feed 
and wafer. 

In efforts to save breed in* 
stock farmers are TransDoriire 
them more than 20o kilometres 
to areas where some feed re- 
mains. The On'-m-oment is pay- 
ing traosTW>rt charges to carry 
livestock ?nn kilometres mid 50 
oer cent, of the cost if farmers 
have to eo bevn**d that distance 
to save their animals. 

T amh prowtii 

Thu Government is also navinc 
5NZ25 a tnnne in carry feed to 
thp worst-hit farms. 

Go^‘ v roment action came after 
the Ministrc of Agricti f ?ure re- 
ported on t^e severe efforts of 
drought. Pasture Trownh has 
heen stun* erf Sc*®nt*«>fi. reoort 
rfozens nf “defiri»” dari during 
the past three months when there 
was no growth at all. One nf 
the wore*- Rented vt T ai. 

rore na. T^'s is now ^ n^rehed. 
dustry dr>' area denuded of 
sheen, cat tie and water. Many 
farms turned to nuagmire's 
during winter floods did noj have 

time to resow and regrow grass 
before the drought si nick. Far- 
mers were forced to move stock 
many miles to find feed and 
water. In other parts of the 
country dairy herds nave stopped 
producing milk, lamb growth has 
been stunted and animal health 
is deteriorating. 

Mea t f rcezing pi a n t s cannot 
rope wltb number of stock wait- 
ing to be killed and every day 
sees lambs and sheep losing 
weight and condition. Grain and 
feed supplies being held for 
winter are rapidly being used up 
as farmers struggle to keep slock 

Officials are now worried there 
will not be enough ume for grass 
to grow aeain to provide feed for 
winter. Winter feed crops usually 
planted in January or February’ 
are suffering because of lack nf 
rainfall. In manv areas fanners 
have not been ahle to sow grass 
for winter feed at all. 

Even in areas with irrigation 
schemes, lack of rain has brought 
problems. Water supply has been 
cut 50 ner cent, and many farms 
esnecially in North Otago have 
run out of irrigation water com- 
pletely. Tn some areas there has 
been less than one quarter of the 
normal rainfall. hptween Novem- 
ber and mid-March. 

In Taranaki- only 2mm of rain 
have fallen in the past month 
and rainfall srore thp start of the 
vear is only 30 ner cent, of aver- 
ate. Week* a?n dairv farmers 
smarted milking only once a dav. 
Now many cows are producing 
no milk at all. 

Another week of d rough con- 
r? ! «inns — and the weather office 
offers no hope of the drought 

breaking — will give Canterbury 
farmers a record period of 100 
days with no growth of grass at 

Water curbs 

A warning that meat and dairy 
production will fall significantly 
his come from M”. Alan Wright, 
president of NZ Federated 
Farmers. Because of high de- 
mand fnr grain for hand feeding 
NZ Federated Farmers has 
called fnr a price freeze on 
gre'n sunnlies. 

Not only sheep and dairy far- 
mers have hern hit hy the 
shortage of water. Farmers who 
breed entile and normally sell 
calves al this time of the year 
face an cxirem**lv depressed 
market. The situation nn farms 
is agnrnvaicd because of indus- 
trial ho ld-i i ns at abattoirs. Far- 
mers havp been forced to cam- 
lambs and older sheep much 
longer than usual before 
slaughter thus putting evtra 
pressure on scarce fond supplies. 

Otaeo's peach . crop has 
suffered from three months 
without rain. Water restric- 
tions arc affecting householders* 
supplies . over a large part 1 of 
the country 

If rain comes in time for 
grass to be sown before the win- 
ter. the Govern in «nt has pro- 
miserf m help formers with up 
to u\74fl ner hectare. 

Meanwhile. Mr Duncan M ac- 
ini vre. iho Minister of .Vrricul- 
ture. savs ihe severity of the 
present rirouchf shows the need 
for an urgent review of Govern- 
ment relief policy and he has 
ordered depart mental officers to 
carry this out without delay. 

Premier steps in to settle meat strike 


meal from imported soya. r '"" the ” Commission "'from ‘“‘ihe ^However^diplomatic sources in 1 rjv e ihJn n g 0Vember t0 mvestl , 
If the EEC does not agree to Belgian Government to-day. BrusseLs interpret the ban as a; The terms of reference for thei 

such a policy, the French The Belgians lodged a formal pre-election move in support oMnouirv included an examina-! 

Agriculture sayi complaint after being informed French pig farmers, following the . tion of whether Australian wha!-' 


M April. India bought 500 
s 1 76 lbs. each) of quick- 
•t (tom- China and followed 
•ftis order later in. thn yeair 
.iinOtfinr-300 fi 3 sks! Reuter '• 

however, whether the French Fianders. The allegation is un- amounts on p 

Government or the Community founded, the Belgians say. amounts. -which subsidise 1 Mr. Fraser said he expected ! 

wmpajtor this assistance, ... .The matter -is expected to be imports., are. enabling Dutch and .the^mqui^ concluded l 

- ior t (, f • lax ing prot ei.n ira>sfd at % meeting- of the Com-. .Belgian pig producers to under- by September or soon afterwards.! 
ihtporfsH-soya from the TIS1'. to mnssmn s - veterinary r ~ * - 

committee cut French- domestic prices. ' AP-Dnw Jones. 

TO AVOID the threatened 
national strike which w«u!d hsv» 
crinnled N«»w Zealand’s vital 
v»»*3t pxpo-tine in*«^t»*v. Pr^me 
Miniver Robert Mnldonn has 

nnpotiqfpd 3 w 90“ «ni*rea<f» 

rf*«**rtiy with the Meat Workers’ 

Although tin's w«n rnmn.’i mpif 
enmnanips. inriudine Rritich- 
own«»d enmnanies fn absorb 
several . million dollars ’ of 
increased costs. th*> romn.lnies 
werp not reijreeoiitprf rl the talks 
between the Government and the 
union: .«,v L -V -r- 

union - 'aereArf •• mm 
cwnni. from its original claims 
whirh. it was estimaled. would 

cost the meat export industry 
an additional SNZ'22m. a year. 

The companies will he allowed 
to pass on about SNZllm. to 
farners bv way of hisrher killing 
charges. The Government will 
.snbc?dise the increased wages hv 
BNTfftn. hut the companies must 
ahsorb the remainder. 

The employers were not given 
details of the agreement until 
after it w3s settled by the union 
and Governlraent representatives, 
and they have protested strongly 
■,ar not being [consulted in’, 

With wfTV-eost ■ millronr 

of dollars. The New Zealand Em- 
ployers' Federation has also 

WELLINGTON. March 20. 

criticised the deal as being **a 
da nitrous precedent.” 

Mr. Muldoon justified the sub- 
sidy by saying this could be 
regarded as aid to “a drought- 
stricken farming industry “ 

If a settlement had not been 
reached the union was going to 
shut down all 39 freezing works 
in New Zealand this week. This 
could have dealt a crippling blow 
to the vita! meal industry at the 
height of the killing season. 
Neither the hard-pressed farming 
industry nor the Government 
could allow! such a stoppage 
which would hate had a shatter- 
ing effect on the national 




Ke . r 'L?‘ T"-?* Crf ’ T0 ’ "• 781 ^ **■ 71 _ BT £. BTD *5 EEC DAILY >HP0HT Levies. The prices at rew**e»iarivn fllMfvM on 

^riSS a JSl 1 rt„ i-JSSHSirl^SSEUS n ‘ 75 ’ Mrfy- Qucr_anoni c. and MlhmKtt EEC levlea a ad an March 20 GB-Cinhs «3.4p nor Kb J.v. su i 0 j 

•PER-Fen on the Lamtan Vmi .... !' «*.. S&ninrJHUt « i«55 

non ‘ * *“ 

per ronne unless otherwise 

liar. 20 -f or , Mofilb 
197S • — ago 

lakim look me price down «• i*n — _ ..... 

a tllahi recovery to dose on the TW— Sharper l««r wita tomart metal s moorfu 5813 8 .-28.6 5750-60 -n!6 Iw“W»Uon 

... _ markMl <tovm » «an at ta.WO a/ier a Seniem*!. 1 5830 —20- - . . 

|H* tower 41* . ~ ‘ i 

YptII - .' 518.80 


•jn. .+c*r 1 
omdal , — I I'nofflelal [ — 

end. Atihough the price lifted on Ihe N _ 

. rnomlna Kerb » £3.838. it felt away - ’ _ . • 1 ... ; . down on balance. 

£ ' £ ' e • £ darln* ibe iltenroon. Is Use with other still t he tresd 

. I meuls. «j £2.735 before bear corenns *»- copper with rails made more acme 

rTT 667-5 ■+!.; 656.5-7 r— 18 Mud It w doer on the taie Kerb at L Kere r , t °i° c ” ed i. t ” ln f alra, f '* cl f^ COFFEE 
■ - *>»•*- ■»”« 1 me is.™. Torsow 1JC5 tomws. ' " ' ' 

..... __ Metals 

Robusus eased a**in is mixed lone L3li. Barley— 81 JC till, nit nil (Si.itf. hire dow.s 12.3 per wot. averaer price Aluminium.... £680 

Prejel Barnham Lambert nit nil. irfl- Oats— 78.82. nil. nil. nil ra.SCo •tOSO': She-:p numbers up 23.8 

reports. Only dealer scxle-tfoven short- iJ7.5S. nil. ti'l nt v > M»>zc fothc- Mi»« per conr.. avrrage price IW 

covert ac snoooned the matitet. k\ ite hybrid tor aeedln9>— 75.29. nU. sfl. nil Vis numbers up 3S.5 per «t»L 

dO»e values were off the lows, op to fS nH fall nfl>. HUIet-78 47. mL >i:L ml price « Op »-0.Si. 


Chinese wheat 



WINNIPEG. March 20. 
CHINA’S WHEAT imports in 

ttiA intern .. — ... 

1.*.. 681.5.* +1J 
l'nt 667.5 ■«! 

in. 1 1 

657.5-8 -*.5 

h-.. 672.5-3+2 : 
I'm 658 +.5 ' 

nr„ — 

tradins;.- Ssrtne dw morning forward 
mod - moved trod) 318 to £387, and 

! Vesterrtay't 

+ •>*■! 

31a n-h 

li: per ton ni 


87U6? f-TBJ £3-773. mwmj w ,. w |jt . -hw 

''.Tetr-t*' -UomiM: ^standard. MsB I Q.S38. three Juthwah'^thT prt^'m^ed~£SiO ‘in “die 

I - nronHw.XSJ»M. OS. U. 20. 30. 23. 20. ia. early aftersoun. tt- could noi nsaimafn . WIW 

66al3 GSb lev « 1 Slipped to £303 before iX«r 1WS-1«68 

» a- 3 - » Kert: thrw - - - or SKSSlSz.iteSS 

January 1140-11711 



meat commission— a v.-niB^ faistocfc i mtmth- d... d... ,£662.5 i4i£626.5 I man. senior market anaJvst for 

pnres arrep/vsematiw MMRMk L.”. '®V 7S I the Canadian hWeat Boanl. Last 

178.47. nil. ml. nUi. Grata sarahu 

W-W. Irtl. nil. at) tB9.ES. nil. nil. n:l» ... . 

Flour Urrics- Wheat er mixed wheat cmllue March IS G8-Cattle. «.+» per £302.25-10.75X882 

and ryo nwr— 130.47 UJ1.92I. Rye flour— Sg. I.w. f-W9i. U.K.— Sh.-rp’ J3S.8P per & months i307 :-10.25£287.75 ! f eason Lftma JQiported 9.5m 

132 JM < 132.95'. kg. est. d.C-w. i + T.Oi. CB— P1« Slip per Xfc-krt ; _ *».— ~. 

kg. I.w. tnt* etungei. E Ml and and Fn* Market ><-rrj...:Sl.B 

Wales — Caul? mmilH-rs Bp 13_Prr cent.. • -2,04 91.05-2.0 


Sheep man. 


□dex Limited 01-351 3466. Three month Gold 182.I5-184J5 
man t Road, London, SWXQ OHS. 

. Tax-free trading on commodity futures 
. The commodify futures market for the smaller investor 

• TtTP fT5T 


it free to Trading Clients, this Beport gives fundamental 
vs. forecasts ftiture price movements, and makes weekly 
ion recommends! ions. Aided by selw-ed charts, the technical 
ation in each of the major London Markets is also analysed. 
f oi» would like free copies of the next two issues of the 
ort, please ring 0I-4S0 dS41, or write to: 

C.CSX Commodities Ltd 

Mngfaam House, 35 Seething Lane, London EC3N 4 AH 



fei IS N HBhVkr°GjVVN vwri a* 
i ' 19 7*B°° T br wHl ba'itqitfraB 

rskWoW. ^ u 2 n»hi 

and alt wihtaqaant coupons, otncmisc 
. th* amount of the mtwlnu couponc will 
be BeOucMtf from the prlnciaaf to ba 

The usual interval of tour ««aar oavs 
tor examination. 

•motion at' par on 1st April. 1V7S. 
tuch d»f all inttfmt thereon will 

*y7 N "SSS in “aio 





s 1st' March. 187 

•onoS ov'Tiofl’^waiNAi. 

tj n «l Pem 

SIS gi? SIM 


■ UU. 5435 »2( 

tZH 6301 680* 

nil » mount hw to £SJtMi aominai 

: «c. F. C,^ wur. Notary Poollc. 

« the aap*»"-bOT>« v»h*h ure- 
at ihe once of M. M. RptMcniW 
» Limited, tor reScraPtton «um 
• coupon SUM Tot October. 1978. 




Wi are tochoi— wi have a lot of 
fan rrwlnfi moiwy for Mental I” 
HMdtesppw Ck>Mnm. Come to one 
wf our nlfomndmi cocktail push an* 
find out whit we mean. Ring 01-229 
27« now — don'i wait — /ou mljhi 
mttf out on a good pi nr. 


Bali too 

i+ «■ 

L..MJS. U- or 

troy as. 




«dO» — 


-ihe rally in Cocoa the start of a major reversal, or « it 
ily tec^iicil ~ . 

jr charts and comments (£S5 per annum for subscribers 
-the ijjv. for the weekly charts: £118 for weekly and 
oothly. plus long term history) wQl help j-ou deride. 

for detmte to: 

*■*— «— 'I—— — ■» «— — — — — 1—1— IIH-WW IM,*— 


Pantqn Street. Cambridse CBS 1DH- Tot (0223) 5625L 

Wrens . 


a-m. ri- or! p.m. 

Otflctol ; — 1 1'noulcfcl 

ft- 0 * 

ilarub lluB-1150 -25 J) 1150-1145 

t‘ • £ £ ■ £ 

Cacfc. 503.5-10 -15* '. 502-^ -1».7 

i month*..; 313 .0 2-d- 3N.S-7.ff ,'-10.2 

dett'lm'm SIO — 2 ; — I ..... 

l.rf. Spur _ ’.....I 35 i 

Sai*v.> 2.322 «3.U5> loir, qt 5 tonnes. 

ICO lodlealw prices for March 17 ■ U.S. 
cents per potrod'. ColomlMip Mild — 
ArahlCas ITS .06 UTTjOi: onwashed 

Arabiau 1S5.W Iune>: other mild ;'K> 

So. I A'ctentoy’s Pre»'k<u^ 
C.S.S. . eki— ■ ; close 


Most of China's earlier wheat 
purchases are scheduled to he 
delivered by the summer. Mr. 
Coleman said. 

He noted that Canada's con- 
tract ends in July while the 
bulk of the Australian contract 
will be finished in August. 

XlNC— EaaSar, revpondins lb ftp tuae igcan^tia. 
factors is toad, although the price more- .SrfTL n B 
menu 'were less marked. Forward metal n^' 

surted -u £272.2273 and fell away to 

J23L .fb .the afternoon the price ahpped 
from jyn to £286 before comma to 


1ST JO-i 91. W: 













— 6-DO; 


137.06-36 M: 


Itauser. April.. 5 .j p, r avenge price- 138 rp »44.8i. _■» mwnini auo.op — 

Pig nonjhers up 7.1 per cent.. ■I’eragc Tin (.a*li £5.755 .-*117.5X6.102.5 

prtcc S3.SP l +«.?». i Bountr, £5,763 '-U2.5£6.127.5 _ , , . . 

covent garden fprtces in sterling » on mmiouNbLC-ii » 149.55 ii42 48 1 even though several hundred 

per package except where otherwise cash £a65.6 — 6.1b£k56.75 ; thousand tonnes ” are <?et fnr 

smed .-imported PrmliMg OtwW- **??**« £867.25—6.0 WlSB-to I Senlemhor/nM^,)... ^-ii. JLf 

Spama: Rive’s 3.20-160. BJoorfr 2.86 3 00. Pmlmeii. So60 , a 550 

Oils , 

Valenrla ,ph,h ^60Sf 

V p’r Umunrfm £661 

ltB VUs ‘-■'7h*e»ci ..'.sj12 

2 «fr Pelni JUiaran >580r 

-5.75: Jly-den.. Bfi.60 56.K 56^MJ5I - 2"' - ta 5!f 

— 5J5: Ore-De,- 57.90.a7.S6 57^6^7.66 M.03-57.75 - b ® : ?B * c,los Jaffa: 30 kilos «. . 

-ia- I or .ww-op ™.»j * 00-3. 73 Wiarfuqs-Soania: 2 4M.W. 

1+5.0 S585 
1 .. £611 
.4 3.0 >873 
! S541 

Appes— French: Oold.-n PpWious ai-lb Philip... '5445*- 

.. S405 

Sales: 1S2 >6«91 tots of 15 tonnes and SJs 2.«-2fJl. 72s 2.79-3.10: 40-to 5.4MOO. ^saheaa it. j».j....)|. 501 19.2b Sa44 

< j?» a t 5 unifies. ■ Grmnj- Smith, jumble peek, per pound , 

pnracal closing prices fbuyert were:, Golden Delicious, lumble pack. Grains 

irvm JS.B to «86 ocrore comm* up io ,, .« nn.49 OO- —4 Ml- ij)L Sales- riwwcKJ cjopuj# moa louyrri were: 

CBS and a dose on the Kerb Of ES8.5. 5I 1 u n Cl. i„tsrfiMSO «lo* ’ Spot '®- 2sp ' saB1c ' ,: MarcP «. 23 p -®£p»; perpound 0.114. IS: Italian: Rome Beaut*, beriei BBC. 1 

Xainorar 4J00 tonnes 1 1 1015 01 ujw.wm *n-n mam — »>- 




:+ orl p-m. j+ w 
: — . Unofficial ! — 


0 £ 

market opened 16-25 higher but omKand- 
tag demand tor spot material forced 

April 49 ^P (46.25P). 


270 J-J -*5-27i 265-6 UL2S vaines pp ro 9a higher on barley with the 

month* J 272-3 +SJH, 267 .5 |— 6 ( 0 b market extreaiely fim on currency 

‘meal I 271 ;+5.b'i — ■ ....» conslderadODS. Although some profit. 

ttn.Wwi| — i 1 89 I Lahloc entered Uw market on the dose. 

Testt+d^'s-L or . 
i Clone . — | 




April- 129.78-11^ 4; 2.66 127B7-26.M Pa5ts.-icrassane Trays li/M-to 1.80-1.70: Coena ShiuiN«i.... l £l.835 .-57.0£»o28 

T -.-- .auuinuM - - . - — - •*- Future. May £1.756, s| — 5B.5£l.4?2.b 


Prm - WwlJ - 1 89 1 SI ^ Juoe ']J6.70«-.| +2.40 123.60 18.00 t)„, eb: conference per pound 0-14: 

Momma: cash *371. l.+ 70, 70.5. three n 1 ^ 1 T ?‘L ] ai .^ 25 S D ^ifleM: Anjou 7.40. ParJcftanfs 7^0-7.66. 

months jETS. 3. L 3. Kerb: Three months ^5f and ? + 5-" 1 ’ ?- P'«n»*-S. African- CnliWi KlnR'Krtser 

EAffm to^rrw^ wywi ssg» g Jssssrr a :.b : as 
s-fiy r - Kwb: ^ sar^Sff- effl-a 

"Cento net pound, ton previous reru ns. 
mofficul close i CM oer picni. Wheat ' barley 

SILVER Vwtentoy V 4- ** TesterdAs'e + ur 

SStvwr was fixed 8-Tp as ounce tower for 3*totb! tkm ! ; <j0l> * : 

9PM dfiHvery in the London bullion n 
market yoaterday. at 27fi^p. U^.- cent ~* r - 
eqtdtalents of tho fixing levels were: 

per pound 0.14- Golden Delirious fl.II- Home Future*.. £74.35 '»0 K £71 35 
0.12: U S.: Rud DciUrtOU* S 30-9 00: M.i ^ 

Oregon- N’rertons 750: UDngarjan: Red Nu. 6 Am£101.5t i-ioo 

Delicious 3 60-6.00: S. African: Dunns trim. 1UU 

IS' pe^Sl 1+8-0X86.15 

S. African: P-nirre 
William Bon Cbreilcn 

MMN: "iutam ' -'W 

AclJ T_ w 

Sales: £25 '2Q61 lots of 106 toones. 


86.50 rU35 
87.55 +0^5 

65.20 \-uM- 

spot 539.4c, dmm 1BC: ttaree^manth 539.1c. . - 

dowlt ISJc: six-month 5»-Bc. down J8.Sc: j g|-f» 

ana. tXasontb 572c. down 17.4c. The oS. 1 o_,-ro.6fi 

metal opened, at 27S.ts278.9n i333-S344c) 
and dosed at 2T7-!7Sp C327M20ci. 

"Business daw: Wham— March 85. 

£97.06 isamei a tonne rif lor March- Aura 

shjppwm. While snnr dsilr price was -Dmeh: 24s 2J0-3.00: French. 1.30. 

7«5 >-0.85 « £*.M «same1. pineapple*— lvtov Coast: o.S^A.M each. 

75.50 >055 The 'market opened some 50 prims be- oaltms Dutch Large 1.48. Capskum*— 

77.85 :*0 . 45 l 0 * Pre-weekend levels and thereafter Kenya: P*r pound 8 43. Celery— SoanJ-h: 
SCL30 i - r> v: prices showed little change danng the 4.0W.W. Poumea— CanaTV. <30- 

82 75 -0.40 tnornag When Uw vohsne irf bnsuirts was <-M . gynulan: 4 00-4. 10. Caaliffowrcra— 

_ extremehr UUn. neparts C. CsarnikPw. French: 54s 510-3. 40: Jere«rv: 24s 5 20-3.10. 


l Vi tree Fmuiv... 

. M «v 365 J— $6.0 X 1.542 

k*. k— ™ .. olt-.ui W IikIi-v ... OB.BfiriUU.a ’ 6b.4.- 

Alohonse Lctvaliee a SO. WaPBam Cross K'toinfi kHn , 484ap „ i4b.3J 

5 60: Chilean: Rfhler 6 60. Thomson .Seed- ■’•W'-iHawi • £97 '..,_...iiu5 

Irss 6.90. Bananas— Jamaican- Per pound «V‘0li- , P»b4’- Lilu...| UTUp i .27 li. 

(M3. Melaas— Senegal: Vettavf 2j0: 

Chilean- WbM* 4.00. Crren 6.06-T 88: WW»- 

Colombian: White 2.30: S. African: White 1 

3 06. 9tr*whwrfe*-lsn«-u- 0 40: Call- rT BrJ JL^ rli - "J™* 

iormtau: fl.W: Soanish: 0.SM.49. Lettuce Jlar^ sMsii'. zl*™ SSl^* J,ABrl1 

MM JUT 5K M-.h 

toJJaiT^im^lO. ^lef' IB tore! ^ M «UBflJcad« by Cohtmbta for Canary: 5 86-3 M: Romanian: 3.40-3 80 
ggkj%v5; , raiB: * canm of prompt raws, prices eased and English Produce: Putatnea-Per 58-lb. 

77 53.^7J6‘ \w ajs-sui cfwbig QWiauonfi were at die tows of Whites Reds 1. 36-1.70. Loti 

eJifr M dJV- 1*1* Beetroot-Fer 2t-lb 0 90 Sprouts 

Lottsree — Per 12s 

Jan. SLOK&fiU. Sales. 1&3 lots. 

IMPORTED— Wheat: CWKS No. 1 
33j per ecu. March £90.36 Tfibsty. VS. 

bug&i i 

Pbff. .YtNflnhf't Prerioe* , 


But feet* 

Comm.; Cl.-^e | Clou 
Cuoa. | , 


—Per pound 0.68-0.07. Torn Ins— Per pound 
O.TO-OJSO. Carrot*— Per hag 0 6641 SO. 

Parsnips— Per 2S-lb 6.S0-1 00. Onions— 
Per 38-lb l.OO-IJO. Swedes— Per 28-lb 
6.40. Rhubarb — Per pound Indoor. 0.24. 
outdoor 0.18. Cucumber*— Per I ray 12*34* 
Id-?.®. Mushrooms— Per round 0.50- 

3month*..|28S.5p — 6.7 281.7p -W.4S ^.S. Hard U' Inzer ordinary un- 

sSra^t^ - — »!fi — •' Cutnvd. Australian wbear umtuouxl. EEC s; per tonne 

. — - • ■ - p whBJt . . Mar-— t S9.W9S.B5 I0fl.6>Ofl.einoo.5O-9fl.M 8 35. Apples— Per pound B-amJcy'E 0.12- 

■LKE— Turnover 193 »2JSi tats of 10.086 ioijo transhipment Ea^Coas. Aug 19».8<H>S.9o.1gJMS.WlilBAMg.a o 17. Cots Oranw Pippins 0.1341 n. 

Ounce*.' Moratag: Three months 2&4.S. JJiiSLe yrtowAarfl £7100 oumd Kmra' ° vt ~ -H<7.41Mr7 ^ItoUMbJfl 1M.MU7.M LsTtons 0 PS-0.1) Peare-Ptr pound Co#- 
4-1. it'IA 3.7. ZS. 3.4. 3.3. Kerb: WWW. MW. liee„ Jill JO-I l.jfl 1U»lla 111.1 J-1Q.B0 ferencc fl.ll-0.16. 

Diree months 2S3J. .1.2. Afternoon: Three 8,^; CnuttOt^J. llamh JI17JS- 17.60 tiBJU-10.2bll8Ji-17.rtf Cl iTIlDCC 

Wtoth;^ -9U .i-r .2.0. 2-7. 2.0. I J. MARK WNE-Kitobtlr more active ii!-5?-?.r.7ST2l>»-81.» WOOL FUTURES 

1.5. l.n 2. L9. I S. Kerb. Taree * 

7S2. Ut-.U. 1?. 

1J - MARK LAME— S tightly more active ^ !II , S‘i r,7S ,Zl - w ' 2, - tt 

matter LDNDOM— prices were dun and fearnre- 

mSm of 30 tonnes, leas, reports Bade. 

5Kf5!L5lf5‘ , 2' T «e “J I-J'lc .dk-reflnery price far ■ Pence nt-r kilo. 

M. *“ « « issirtoT 


Values eased to tight volume with -fSh-5®-. F e«d barley AriiTerefi E. Anglia 
modest famg Uottidatton. roxrrto GO) and AprU-May-Junr £78.25. 
auffu*. uer^ir.™,. «-• 

SeaerdayA -f- or] "fiuuhietw 
COCOA | Close j — ! Done 

N'o.8 0*tur*t 

17»JUb.0 — 60.0 1705. WE.6 

DeO.,._ ltejJ-65J 1 — bfi.O 1750.6-1860 

March 16OE0-£j.O ■— 4J.0 - 

Mav ! — 30-0 1887 £ 

HGCA — Average cx-lann spot prices for 
.vert reding March -16. Othsr ntilltog 
wbaat-5£. M.66. East 96.56. E. Midlands 

ib-_, — 1356-0-Sfe.d 1—675 2Q50JM955 7L25. Ean 71^, MFAT /VEG£1 ABLF^i De»-emtw ...p55 itt-SILO ' —..} — 

' 17SS.0-9&J 66-0 1891LO-I7SB aSldfaads 70. :0. X.E. 79.60, X.W. 78SL 1 ‘ TLUE1 «£ti-L3 Mairb ..ISe.MlLa f - 

— .. 1745.6-56.0 I— 40D Ij-JO. 0-1745 Sanland 7220. DJC. 71 -H). n.n» 4SB. SHITHFI6LD f pricey jo MDW a paunaj Mar *886.0.42.0 | I — 

£i57.oo rsaiaei for esport. 
international Sugar Avresmom— lndin- 

Cnur Wool 

Yettenlay 4- nr; 

cu«e i — J 

Done . 

716.0-21.6 1 1 




Out fiber 

!6 1.0-35 J) 




Slurb - 

256. mojj 

— i 



Mat. 17 -Mar. 1 6 “M util’ll ffijtfV5ri(n 

236.01 1254^47 I _2 24.02 | 290,13 
i Base: July I. 1 652=1 B0) 


^iar. A ttiai. 17- Month ajFi'"VSr*i<j/r 

, 140 5.5 | 1758.1 
iBaie: September IS. 1831 =jmj 


Month' 1 Tear 
ago I a,;... 

.n|*K .... 364. 1 1 £6 1.66:347.08448.35 

Future, J45.13j346 a9.327.69 435.78 

(Average 1824-23-26^100, _ 


Mkt. . Mar. 
17 I 16 

. agu | Hjfti 

g yle Con un ty ^OS. 1 *903 .B,' 9U2.4 S89.D 
(December - il, isS=IoS 

September/December delivery. 
Furthermore. Argentina's avail- 
able wheal supplies are limited. 

Because of transport problems 
mainly a! Vancouver, the 
soonest that Canada would be 
able to supply wheat to China is 
by end-Ot-tober. after irs "coming 
cro-i has been harvested. 

Thus, ihe only nation with 
lare»* enonph wheat supplies to 
fulfil potential Chinese demand 
in September and October would 
be the U.S. 

Bur a decision by China to 
buy U.S. wheat would have tn 
be made at rhe highest political 
levels, he said. 

Mr. Coleman said he persnn- 
a'ly thought China would more 
likely not lo buy any IAS. wheat 

rfurin-j Ihe two-month period. 

.V June: Read Wheal S3. 60 

SaJef; 3.145 f&475> Juts of 70 tunnef. 

IttBiMml C*tM OrsailuilM >U.S. 
cento per round j— P ally price March 17: m mH ~ rwjtti. Indlcawr priwt March 38: 

I&4toa> average l%si l«5-«i: Z2-6*s 
average. V*x ,i38.«.. . £X-^SuST 

JUTE ” PBrtrEnaliBli 

^ ~ _ ■ ' . C.K. monetary rtrffiremi fnr tV 44-0: 18MS4 Itw 

DUNDES— QufoJ. Price and f. w^.-* bwmniht Monday. March 27, wuJ *<• ft " 

!K AprU-Uajr ituphwnt; BWC 5287. 6WD increase ip 1 35t MEAT COMMISSION —Average fatatocJt levcteV 

‘Subsidies best’ 
for sheep 

By Our Commodities Staff 
farmers and continued imports 
j of Iamb from New Zealand offer 
| “ the least disruptive ’■ wav of 
! managing the EEC market in 
i mutton and Iamb. That is the 
, view of the Mew Zealand Meat 
j Producers' Board which has just 
published its “common sense" 

, view of the Comm unity market, 
f Publication comes as the EEC 
Commission prepares to com- 
plete its proposals on a sheep- 
, meat marketing regime. \ 
(package will probably be pre- 
pared for the Council of 
Ministers at the Commission's 
! weekly meeting to-morrow. 

Peru to fish 
anchovy again 

LIMA, March 20. 
PERU WILL resume full-scale 
anchovy fishing next August or 
September. ending a ban 
imposed last May 6 in an effort 
to conserve resources, fishing 
industry sources said here. 

The ban was partially lifted 
last November. Small quantities 
are now being caught near 
Tacna. bordering Chile. 

u T* * 51 ’ w *** j. Tom sji-s. si iota. hadrtiu-v *™*“ 1 nf tojlneS 

»• jwtef 1» It*. -W6 to aRADFORD-PnwsHM^imtoABrw ^iium **■•*: i ®L nshmea 1 - last year. eaminR 

. Ad to -43 6; 19-186 to*, m JTrinjinil aennty, tboosh tlHT wen slater MTOBm. Exports so far'lhlS year 

* 10 he aiffireft » flow « curreD. .median,, iT.M: iem™^ R - gSI have not been revealed. 

ilarst'i- Li Mi I medium I, mIUic £2.46-£.‘.M>. I Reuter 

COTTON. Lhwpul, Spot xnO stiiD- 
2™“v ei * JPZS 1 ** “ W tonnes. 

w -- Tam *»Nls. ihe torscst 

— ,,,, . .. . ..... , — — . — dally roaiinss for seven] weta Mob 

Tonnacc 20.5M. Btoticn price said far — tt«f: S=alth U«ed rifles 59 6 10 X..D. J n 'v.._ K8J-42.0 - contrvas V6re slacefl fn Middle Euaern 

tsalUng barld' was £S4 In Edictinrah. EnffUsli bindoBkrKfS n«avy £3 6 (a SE.S, sales o" iHi lois of ison varieties. vdUl Russian and Turtosh 

-. U.K. ftmewd prices jar delivery during UW«r tiIndQ»«tenM.jl to 66.6, fore- s TO NET GREASY rin order buyer . danlnaUmi. 

May K. Wbeax t other thm bread) BXS3 qvanera 27.0 H) 46.6, Eire hladonnen BeU er . business sales,— Mteru cofftrAsu * 

1 1.347 tons,. Fsed wheat S2-S9 ,3J6l 63.0 tn fofwartert 37.6 to fifl.o. Marsh 366.6-340 0 348.6339 o 19: May 

ions'. Feed barioy SS-“ “-*• ,w “*’ “”** - - 

I - 



Golds and Gilt-edged down again but equities steady 

Share index hardens 1.4 to 458.6— BP rally continues 

Account Dealing Dates portions, generally of The tap farther. 5- to 75p on farther- consideration of progress made In its attempt to to 132p and Sceptre 18 to 54flp, 

Option Exchequer 8 } per cent. 1983 re- Stores closed narrowly mixed the interim statement, while news acquire National Starch, UaSever while Press mention sti m u l ated 

♦First Declare- last Account acted & to 98f, which is i below after a thin tirade. ladles Pride of the first-half ’ loss clipped 1J dosed 4 fiigher at 4S4p. Glaxo interest in On Exploration, tip '4 
Dealings tions DeaUngs Day level thoimht to be the Outerwear rose 4 to 5*p m from Chambers and Fargus, at better at S27n and at 212p. 

Feb 27 Mar. 9 Mar 10 Mar 21 Government broker’s next selling response to Press comment and 12 p. Still reflecting the chair- M ift nu .ul r 

Mar" 11 vn Mm si ii price. Corporations were not en- W. L. Pawson hardened 2 to 36}p man’s recent gloomy statement on 60015 hardened 2 to 2o5p. - thitted City Merehantsattraetod 

TT; , ?]£*;£ tlrdy dull, the isolated rise of } following the chairman’s coufi- prospects. Associated Fisheries W. J. Reynolds figured interest ahead of Thursday’s 

.*\pr. d Apr. ro Apr.ia contrasting with losses ranging to dent remarks at Friday’s animal gave up 2 more to 43p. Bluebird prominently in Motors and Distri* interim figures, the Ordinary and 

.***"? time " dwBnaa way ate piaoi that amount, but Southern Rhode- meeting. Peters firmed a similar Confectionery, at 158p. made no tutors, rising 5 to 4Sp on the 10 per cent, loan boto closing 

mwi ijo un. two outness. dm aarner. s j an bonds wert untested. amoant to 38p but Austin Reed response to the- Interim report, increased bid terms from Man- 4 better at the common price -of 

Continued general disinvest- Renewed institutional demand, A lost that much to 72p on adverse in Supermarkets, William cheater Garages; Manchester 53p._ 

ment in South African Gold par t of which reflected the need comment Marks and Spencer Morrison edged forward 1} to closed 2 cheaper at-28p. -Sub- Y nle ratio came to the fora In 

shares, down for the fourth succes- to obtain investment currency for eased to I46p bat picked up later lSS*p ahead of to-day’s predimln- stantially improved earnings i? inan7-inu 

• snares, nown lor uie wium to ODtain investment currency tor io-aay s preuaua- siammuy imyroveu vimiuiiia i nllm> 7 t rt Rft« in 

..vive trading day, provided the the purpose of investment in UJS. to finish unaltered at 146p. • ary figures. . lifted Tate of Leeds 4 to 61p and pressmen 

backcloth in otherwise disin- securities, easily outstripped sup- Press comment on the bid situ- Grand Metropolitan continued Press comment was- reflected In n | * lMp-in a 

"‘rested stock markets yesterday. p]y and the premium rebounded atfon brought selling pressure to firmly, rising a penny to 104p for a rise of 2$ to. 45p in DultOu- mar b«r but- a 

are of U.S. Treasury gold sales to close 4} up at the day’s highest Forshaw. Abbey Panels revived of domestic and 

ing part of another and larger of DfiJ per cent. Reports of a with a gain of 6 to 32p« while influences lifted Piet; 

teres ted 
' being 

package to strengthen the dollar further and larger package aimed 
and the resultant further decline at defending the dollar being in 
in the bullion price were held the offing also stimulated interest 
responsible for the latest shift in Yesterday’s SE conversion factor 
attitude on the part of holders, was 0.7007 (0.7095). 

Midland Bank's expected change 

of policy regarding loans to LOU. Scot. Fin. gOOd 
SSument riCa *" “ Brela*. 7 better et M7p, led 

British Fund, ran lack further o?3 

to 275 p as did NatWest to 278p, 
hoW off after the recent good whne Midland were 2 dearer at 
Shorts fuushed the day a 352 p. Elsewhere, the approach to 
.fraction easier, while losses of Ma ^ e Midland Banks regarding 
r 161 ^ record f°, 111 * he an equity stake left Hong Kong 

longs. The Government Securities ^ shanghai up 4 at 277p and 
mdex eased 028 more to 7357. In London Scottish Finance rose 5 
contrast, equity markets made a to 40p followtne the better-than- 
steady to firm showing despite the expected first-half earnings, 
paucity of business; official mark- Reflecting the strength of the 
mgs of 4,098 were the lowest so Paris bourse French concerns 
far this year. Leading issues Parfbas, £33, and Compagide 
moved within extremely narrow Bancnire, £53, rose 5 and 2 points 
limits before closing a shade respectively. Credit France were 



w,au.„ influences lifted Pretaball Skoml 
2* points to £58 and Sue* Finance 

§?£• *1 Jssfe 5™ Treat moved up 3i to 44p toUow- 

iag favourable Press comment,, 
talk of an imminent rights, issue p,,*™*,* 

ggtt*. I -t . By jneem at 

P ] ans in an otherwise little 

ing the results. Shippings held, steady . P14 

Vo* «tne>ve Deferred, 97p, and Furness Wfthy, 

-2S3P, both finishing without 

among Newspapers were quietly 
Ann in front of today’s publica- atteratum ‘ 
tion of the Government’s White Tobaccos were little changed 
Paper containing distribution pro- despite Press suggestions that tax' 
posaJs for North Sea ofl revenue, rates for cigarettes m th a-*or % 
Dafly Mall A edged forward 3 to coming Budget will be increased. 
278p and Thomson hardened 2 To primrose featured- : South 
198p, while Associated improved afry^a-n industrials with a jmpp 
the turn to 142p. Elsewhere. Q f 23 to 76p In response 
News International - edged up- 2 .Friday's late offer from TangaaL 


Gorenuaaat l»W- '- — - 

. fluwi lOMTMt— — 
Industrial Orihmy, 

Gobi Muifia 




- i WHnpn marke d ....... 

Sqvlty tnn»ref 
ggolly tfttel- 


-Based on a^wM^wSon »«■ 

%T\S3tr ^ l Corrvctrf. V- 



— — 


,6taro CompDanon 

r- ■ - 

1 Mar. 

■ i 


. "Low 

High | bow 

■ , yta 

XT - " 1 





127.4 1 49.18 
JfrUSSi [ (4/1 fib) 

—Dally - f • 

[DituatnM^J 187*3 

Toiali ■" 933 - 


rixed (ob.... 



160.4 50.53 

lod. OwL.., 






5492' j 49A- 

idarAvrage}--. • - 




Gold Aline*. 



448.5 1 43.5 

SS“SiS:S ; 

” v ' w ; v H respecuveiy. ueon inunr were • — «a«~ -j-h- t . - : .. 

SfiStad 1 PT m?ha5“indS influenced at £214, «P boar on E Wgfril which fell 20 a two-day gain of 4; the company’s Jg" Bubbers contributed several 

r ™. e * te “ in J “f 20-share mdex jj. t0 233p, a substantial discount on iq per cent. Joan 1991-96 was rton recorded * Press-insoired ' fi™ opots reflecting - uibpth. 

which touched Its loivest of the insurances were notable for Comet RadlovisJon’s offer terms QUO ted'ex the conversion right' at sains of 2 and 7 respectively and Malaysian interest and^ jtoHar 

day at 11 a.mwith a fall 0.8, and weakness in Willis Faber, which with the latter dosing without ^L, - „ , ... . t Slewed ■ speculative 1 interest premium influences. - Hi gh la nds 

closed a net 1.4 higher at 45B.6. fell n t0 278p, after 276, on the alteration at 106p. Elsewhere in hardened I to S4j ™"ewed were supported at 91p, tip 8 , 

Among the few noteworthy disappointing annual earnings. Electricals, GEC eased to 243 Vp nurrormg the Paris Bourse re- ^ 4 to the h ood a t whUe Castlefield, I76p, . and 

movements, British Petroleum, up Elsewhere, Brentnall Beard edged on a bearish week-end Press sponse to the election result 107n whae watmouebs. results Malakoff, 80p, put on 4 and 8 . 

. 10 more at 774p, continued to rally forward 2 to 46p, while C. T. regarding an analyst’s downgrad- duetnwlav held «rteiadvat 77n' respectively. Press comment. 

following fresh Press comment on Bowring held steady at 116p tog of profit projections before Be&tSOH Clark Dlease . , . , directed attention to Consolidated 

last Thursday's results, but GEC, ahead of tomorrow’s preliminary ctostng only a penny cheaper on ^ B ® tment Plantations with the result that 

down a penny at 246p, after 243} p. figures. balance at 246p. Pressac provided A lengthy list of company lifted Daejan, a good market of Ordinary and Warratite 

remained a nervous market on Aoart from A. Guinness. 2 a firm contrast at SOp, up 5. cn announcements enlivened interest late, a further 6 to a new .1977-73 dosed 5 better at I28p and-4Sp 

.confirmation that a leading harder at 170p, Breweries gener- the increased earnings, whHe miscellaneous Industrials. G^pted. wunis«w respectively, 

broker had downgraded Its aHy failed to stir from Friday's Plessey. 98p, hardened 2, and geatson Qarit rose 5 to 160p in r . m P rjf5i iri ' _ , „ . , - 

' P T«X^“X COmpa »i ISSfo^cio N S -t drew te ^r .pn^. ea ra - Heavy falls in Golds 

selling pressure developed as the 
buffion price continued -to Jose 
: ground , leaving share prices at too 
'day^ lowest levels. 

Losses were widespread: wSth 
heavyweights as mu* asli ^dwra 
as in Randfontefn, £32}, while 
fatta of I were common to vaal 
Reefs, £U{. West Driefonteto, 
£17} and Western Holdings, £161. 

Among medium-priced issues, 
President Brand dropped a* to 
89%> and Winkelhaak 39 to 6 Slp. 
Marginals were heavily sold. East 
Rand Proprietary slumped 34 
more to 26ip. a two-day loss of 
lMp, Durban Deep 20 to 172p for 
a 103p reaction in the two- days, 
both stiH reflecting- the chairman's 
discouraging remarks in the com- 
panies respective annual reports 
Issued last week. Grootvlcd drop- 
ped 14 to 86 p. 

South African Mnanrials he 
ground in syrepatoy with -Gc^i 
De ' Beers, however, staged ^ 
strong rally to dtose 3 firmer «■ 
balance at 326p owing to xeviM 
UJS. interest, after, faffing 
to 314p in toe morntog. ' - -i 
Platinums were easier reBecHn 
the weakness of Golds, wtefle'.tol 
latter influeocecTpenristent SSi.'. 
of the UJC registered- Gold Btah& 

' which closed S down at 172p.; r : t - 
- A slightly firmer "preaaihljj 
coupled with a better trend in 
overnight domestic ■ markob 
enabled AfBtraiians- to 
small gains. Also he^sed by Fte* 
comment BH South put on 4 ti 
68 p, North Broken HJB 2 to 89( 
and Western M ining a penny £ 

Activity generally ^hout iteratinn at ftto- Dr in ^ and Sale Tflney added 3 io wWent prompted smaU selling Anttopation of a further sup- 

restramed by the approacfa.n* jgjj, g *KinSmf is joinSe 2 l 3 P- ^ 22flP. for a similar S the leaders -id MEPC gave up po^pSe for toe UJS. dolK 

faster hob day and by week-end Sf^lSnl in Ma? B Sfi XS&JSEJL reason - ^ope put on 4 3to I23p, while Land Swmrfties Sffih coH ^possibly Include V& 

°ress speculation about the possi- ^ l ^ y paaBed a qaiet iy t0 61p flowing good interim ^ 4 t0 2 l 2 p. Secondary issues Ti^t^sMesaf bullion, led io 

-Vev?rto e l^ r {he?e en ^ sereS g" ^BjSSrtgg iETlJPJSUSrrZJ!^ -^ e ^ . t0 . 8 «S™ flowed a similar -M with SSffig pressure on bototoe 

'eatnres in secondary issues " " *” 

-nainly resulting from trading 

witsvu (vuuuuuj, to-aay s preliminary ngures. Ferries hardened 14 to 114 p fol- BaticfartMin with the __ _ _ 

jilts lack SUDDOrt buyers, and put on 3 to 13ap. Pegler-Hattersley hardened 2 to lowing newspaper mention and in yearly statement wtihh brought out selling of both 

jutn buppurL Royco firmed a penny to 38p, i 54 p but Davy International re- f ron t 0 f to-day’s interim figures bttlEon and Golds from' Con- 

A slightly firmer tone in open- whfl« Ibstoek Johnsen were simi- ceded 5 to 210p. Firm of late Talbex were a fraction harder at flilc imnrnvp flfrpsh tfinentid sources, 

tog Gilt-edged dealings failed to larty better at 142p foliowm? following the good interim per- 23Jp. Secnrkor saw a continuation wuaiiujiiuvc aiicou uaikm price weakened In 

last and. In an effort to promote profits in lme with market expec- form an ce, - Wolseley-Hoghes 0 f Inst Friday’s snpport, the Favourable week-end news- v ne +h e trend in’ -UiL 

trade ahead of the Easter holiday, tations. Derek Crunch held firm softened 2 to 190p: late news that Ordinary rising 4 mare to S 6 p paper comment on last week's on Friday and cfoBed 

dealers lowered auotations for at 88 p after the chairman’s con- Tarmac had disposed of Its and the A 2 to S2p. while Im- amuial results encouraged further fira ^25 -ner ounce. aM 

the longer maturities. The move fident remarks about growth m entire 1L4 per cent shareholding provements of 5 and 6 respec- sporadic demand for British Petro- ^ whik- thP MkiS 
met with little success, however, 1978. Among the leaders. AP in WJL had no impact on sentl- tively occurred hi MUn Afarsters, leant, which graduaHy edged 7S — to 14 » « . _ 

and although the close was a Cement 238p. and London Brick, ment Of toe leaders. Hawker iaop, and Sotoeby Parke. 224p. higher to dose 10 up at 774p. 044 aWtfil. naif fm? 

shade above the worst widespread 65p, both held steady. gained 2 to 190p but Tubes held Davies and Newman hardened 4 Shell improved 4 in -512 in sym- fr I__» .JT 

losses extending to # were still In Chemicals, I CL up 4 at 349p, firm at 870p; the latter's prelimi- to I24o but Cope Affmann shed pa thy. Elsewhere In the OH 1JS JUWT 

apparent at the end of a thin provided toe only movement of nary figures are due to-morrow. 2 to 55p in reaction to adverse leaders. Royal Dutch advanced a * 

and dismal trade Business among note After Friday’s speculative gain comment and Metal Closures point to £441 on a'cambinatfam of Gold shares were marked down 

the shorts was also light but am Still reflecting satisf action 'with of 3, Fitch Lovell encountered eased '2 to 81p on the results. The overseas and dollar premium sbarpSy at the outset of trading 
occasional demand around midday interim figures, HTV N/V con- light and eased 2 to 66 p. leaders closed with modest gains influences. Among North Sea end although there was a brief 

reduced the falls to marginal pro- tinued firmly in Cinemas, rising a Sidney C. Banks came back 3 to after a thin trade. Reflecting the stocks, Clyde Petroleum pest mi 6 rally towards toe dose furtt^r 


The following securities created lit the 
Share Information Service VMterdJV 
attained new Highs and Laws for" 1977-78. 

NEW HIGHS t45) ~ : 

S. Africa aiiDc '79-ar 


Hungary 1924 Ass. 


Aserto Reliance 


Credit France Cic. Banolra 


Fed. Land & Bldg. WMttlnsham (WJ 

Rovco wiboit-i Connolly) 

CINEMAS <11 • 



Baker's scores Pawson <W. L-» 

Ladiu Pride Vernon FaUdon 





Alcan 9pc Con v. . . ■ : - • - - - : 


AGB Research Securteor * ' 

Amalg'd MeUI Do. A N-V . 

Black Arrow Soth eb y (P. BJ 

Hutch Whamp. 


Reynolds fW. JJ tiete of Leedr 
PAPER. (11 
Land. & Provl. Potter 

PROPERTY. (21*. ’ 

D»<d»n L . u ... Ptoo. * R*r. A 

■ TEXTILES (U - - t 

Radley Fashlom ■»■... . -* -. •. 


Atlanta Bald more Mated le Jots. - 

Derby Trust Inc. - Prttaoall-Sicoml r 
stzowefi .Eurl. Urr. Suez Finance t, 


Cfe Fr. Petrols B 


Cons Id. Plantations MaUkalT 
Hlohlands _ Maar River 

Kuala Kepono PUnathm Hides. 


NEW' LOWS' <2) 

F.S. SUtolHS 


TSra Exploration 


• • . ■ • 

Up Down Sam 

Brttbh Fond* ..... — 




Corpus^ Dun . . and 

Foreign Bond* — . U — 





1X3 UN 

iqaandal and Prop. M 











Mines . ' — ^ TT — T 




Recast Issues 






427 3836 


( Incorporated, in the Republic of South Africa 1 


The Board of Directors of Primrose has pleasure in announcing that agreement 
was reached on Friday. 17th March, 1978, with the shareholders of Roodepoort 
Brickworks (Pty) Limited (“Roodepoort”), for the acquisition by Primrose of the 
entire issued share capital of Roodepoort. The total purchase consideration is to be 
satisfied by the issue to the shareholders of Roodepoort of 340,000 Primrose shares 
and toe payment of R100.000.00 in cash. The effective date of the acquisition is 
deemed to be 1st January, 1978, and the agreement -is subject to the acceptance by the 
Johannesburg Stock- Exchange and the Loudon Stock Exchange for the listing of the 

Mr. Gus Perlman, Managing Director of Roodepoort will continue in this capacity 
and has accepted an invitation to join the Board of Primrose. 

Roodepoort is an old established manufacturer of “common” and “economic” 
face bricks and of concrete products, with a production capacity of approximately 
10.000.000 brick equivalents per month. It is second in size to the Primrose operations 
on tho Witwatersrand. The combined capacity of Primrose and Roodepoort will be 
approximately 85.000,000 bricks per month, and this constitutes what Is probably the 
second largest brick company in the western world. It is confidently anticipated that 
the Roodepoort acquisition will provide very significant rationalisation benefits. 

The Board of Primrose also wish to state that Mr. D. Lurie, Chairman of Primrose, 
was informally advised by Mr. C. Saunders, Chairman of Tongaat, on the afternoon of 
Friday. I7th March, that Tongaat was considering making an offer to Primrose 
shareholders. Mr. Saunders was advised of the Roodepoort acquisition at that time. 

On the morning of Saturday. ISth March, Mr. Lurie was informed that Tongaat 
intended to proceed with a formal offer. 

The Primrose Board has not yet received any formal offer document and is 
.therefore unable to comment at this stage, save in regard to the intended price per 
share. The Board is, however, of the immediate opinion that the price advised of 
K1.30 per share is well below the fair and reasonable value, taking into account the 
asset value of Primrose, the potential or the company, and its current performance in 
the worst brick market experienced in recent history. 

The Board will make a further announcement as soon as necessary. 

D. Lurie, 


Primrose Industrial Holdings Limited. 



Telex: Editorial 88S34L/2.SS3897 Advertisements: 883033 Telegrams: Fftmirtimo. London-PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary in London, Birmingham, 
Liverpool and Manchester, Tel: 246 8026 


Amsterdam: P.O. Box 1296, Amsterdam 41 
Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 
Bonn: Presshans 11/104 Heassaliee 2-10. 

Telex 8869542 Tel: 210039 
Brussels: 39 Rue Dueale.' 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Fitzwflliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-328 4120 
Frankfurt: im Sachsenlagcr 13. 

Telex: 416263 Tel: 555730 . 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Alegrin 58-ID, Lisbon 2, 
Telex 12533 Tel: 362 508 
Madrid: Esprouceda 32, Madrid 3. 

Tel: 441 6773 

Manchester: Queens House, Queen Street- 
Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samotechnaya 12-24, Apt. 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: <2l2) 541 4625 
Paris: 36 Rue du Sen tier,' 75002. 

Telex 220044 Tel: 238^743 
Rio de Janeiro: Avenida Pres, Vargas 418-10. 
Tel: 253 4*48 

Rome: Via della Mereede 55. 

Telex 61032 Teh 878 3314 
Stockholm: e/o Svens ka DagbladeL Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 213930 Tel: GS269S 
Tokyo: 8 th Floor, Nihon Keizai Shimbun 
Building, 1-9-5 Qtemachi, Cbfjoda-ku. 
Telex J 27104 Teh 241 2920 
Washington: 2nd Floor, 1325 E. Street. 

N.W„ Washington D-C. 20004 
Telex 440225 Teh (202) 347 8676 

Birmingham: George House, George Road. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: Ira Sachseniager 13, 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Headrow. 
Tel: 0532 454969 

Manchester: Queens House, Queen Street, 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaxa, N.Y. 10019 
Telex 238409 Tel: (212) 489 8300 
Paris: 38 Rue do Sender. 75002. 

Telex 220044 Tel: 23&S6.01 
Tokyo: Kasahara Building, 1-6-10 Uchflanda, 
Chiyoda-kn. Telex J 271 M Teh 295 4050 


Copies obtainable from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Department. Financial Times, London 


First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tion mezrt 

Mar. 21 Apr. 10 Jun.22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
Apr. 25 May 9 July 20 Aug. 3 

For rate indications see end of 
Share Information Service 
■ Stocks favoured for the call 
Included Consolidated Gold 
Fields, Burmah Oil.. Jamaica 
Sugar, Queens Moat Houses, 

William Press. Royco, Tide Otto, 
Barrett Developments, Staflex 
International, ICwik Save, S- 
Osboru, Lib an on Gold, East Rand 
Proprietary, P & O Deferred, 
Pauls and Whites, Lister, French 
Kier, Western Areas Gold, 
Vernon Fashion, Talbex. and 
British Land. A put was taken 
out in Consolidated Plantation 
Warrants, while doubles were 
arranged in Talbex, Barker and 
Dobson, Royco . and Dixon’S 





. Closing 






marks price (p) 

on day 







+ 10 * 







- 1 







+ 4 



Shell Transport... 




+ 4 



BATs Defd 




- 2 







+ 2 


372 • 

Commercial Union 




+ I 



Cons. Gold Fields 




- 5 


. 137 

De Beers Defd. ... 




+ 3 




■50 p 






Grand Blet 

5/1 p 



+ 1 



Marks & Spencer 





173 • 






+ 2 



Reed IntL 




+ 1 



Selection Trust ... 




- 2 



The abort? list of actire stocks u based on the number of bargains 
recorded yesterday in the Official list and under Rule 163(1) (e) 
* Premium. 



P : 

•Jn • 




1 ISH 









=1 3 








I - ' 

- 1 



1 xn ' » - 1 











il £1 







i\ 9 ■ 














£1 ‘ 









E99 4 







4 ' 




191 f* 

=— Hicbi Low 


100 Ugric- Mart. Var. 49E3 [100 

152 /Aiitunuteil Seii. £*£ Cuv. Cum. Pref_.__Jl3S 1 + 2 

lOOpiUiuty’- u( IVitlthiiv 10% Cum. Pnt __|]02pal} ..._ 

aJlHsantrewRy II* Cum. Pwl - — luajai — 

90)4 Grampian Hea. 1ft- IKS — [1004s 

lOlp'Urwnail Whitley tfjS W. 101p* ... 

LOO j 


l'.Hi | 




1 -a : 4 



1 flltf 


2al*i aijil’wK Water lit, P«S- 19W ( 381*! — _ 

Ken-maU-n * Cl. else* Mj* i&ST * 1104 1 — U 

Lek-e-ceT Varisljlc 1SSS ....... — —IIJU I 

Uli]-4uuwx WBierTSKwC Prf. 198a 1 12 

Trtiwm I0i 2 « I1.V. Cuv. Im, 199S-W-.U04 
M«|I tell. Pin. A.V.SiJ Goar. NuU» lSSO-jSSO^ 1 





97 _ 

99«|Tam«itle Varial'lr 193S - 


[Talljw l Hi? Cur. Una. Ln.7963., 

Dm. \0l% B«t ^ 

Jl&pjW. Bit>nin-U.>lt Spring 1 1 JS& Prf. 

IQipiWbll^KMiKe |G.) 11% Cum. Pici_ 


uOi? — 
U7ip| - 


■ «Hlt 5 = 
r*rlct , s "2. 

r! < i 

“> 11 . . ! 

lieuuni;, j W ?/b 1 - 

IUhXIOjI, - 
-Pnoe. |7L 

|JLi ' 

1 i j UUili [ | 

TO i P.P. 
25 I ml 
1,1 1 P.P. 
Si ‘ P.P. 
Mu I r.P. 
SU | F.P. 
62 till , 

1 13,3i 4/4: SO t 7» 1 iBwumunt Properties 1 

87 )S.’ 
• 4pml — i® 

iris,— 'a 
29 ,+ I 

1 3SO' V-* . 


! 13pm 1—1 

1 SI - *i- 3l<i. : St* j AA } j Midland Hank 1 

Hnnunwaiinn date usually in 1 oaf for dealiiiR tree of sump duty. D-Ftmroa 
aaaed on pracoectus oaHmsi*. a Assumed dividend and field. . u Forecast dnrkjeatu 
cover based on previous rear's earninns- i DIvMrnd and yield based on pnisreciuc 
or other official estimates tor IBM Q Gross - 1 ^ICTre* aasomed. t Covor allows 
for conversion of shares not an* tanking lor dtvtdron or ranking out? for restricted' 
divideMa » Plaems price to poWUc. fit P«K* imlrns otherwise- mdfcaTW- 1 1ssued 
hr lender. Q Offered to holders Of Ordinary shares as a - rtsbts." "Rtebrs 
by way of espluluanoa. tt 14 Initntnn tender price. H Rmntrodoced. n fssned 
U eonnecnon trim reoroantsarioA merger or take-over. HB.Introductlott Q Issued 
to former Preference holders. B Alldtmou leoers (or fnily-paHO. . m Pznmskntal 
or panlf-paU allouneu lenera- ★ With wunrtt. • 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 



Figures in paxanfbeses show number of 
stocks per section 

Building MatortalfFCTO- 

Contractin& Construction {2Q- 
Electricals 05) 

Engineering Contractors fl4) j 

Mechanical Engineering (71)_ 

Metals and Metal FOrmingOT) 
(DURABLE) (59 
LL Electronics, Radio TV CL5) 
Household Goods 02} 

Motors and Distributors (25] . 


Breweries (14). 

Wines and Spirits (6). 

Entertainment. Catering (17) ; ,| 

Food Manufacturing f 22 j 
Fbod Retailing (1R. 

Newspapers. Publishing (13| . 
Packaging and Paper (13) — 
Stores (3Sj — ■ .... - 

Textiles (25). 
Tobaccos (3). 

Toys and Games (8). 

Chemicals (IS) - 
Phannacentical Products (7)_ 
Office Etpripmentt®. 
Shipping (10)- 



Mon., March 20, 1978 














191 £1 




















+■ 0.1 




- 0.1 ‘ 












+ 01 - 


+ 0 . 8 . 




























at M%) 
































7 . 66 




















Oils (5). 


Banks (©•- 

Discount Houses (10^ 

Him Purchase 1 5) 

Insurance (lifeHIO). 

Insurance (Composite) (7). 
Insurance Broken (10J 

Merc h art Banks Q4L.., — , 

Property (31) : — 

Hlxdlineom (7)-. 

Investment Trusts {50; . 
Mining Finance (4) — 
Overseas Traders (19) j. 




































































190 J4 









lOt 45 




































15 - 

































































. ago 

Indoi - - 



145.40 r 

16537' - 

19219^ * 

16859 v 

24&66J ' 
109331 : 

XSZ.'lt ' -, , 


163.94-. ' .. 
. ;080: - 1 '- 
#27 5 ' 










































- 87.93. 

















170.80. ^ 

118.69 - 

1ML22 £«cr- 

• 2ft# : . 

,68U ■ 
81.22- . 






British' Government ] 

Mon. ! 


Day's | 
change 1 

xd adj. 

xd adL 
1078 ‘ 


Under 0 years, 



~ 230 

5-16 years 





Over IS years 



. 232 1 



143 JO 


• X78 


All stocks 



■ — - 

;• an 


Br. Govt Ar. Gross. Bed. 



yW I &mib 

yeara — 

Medium - S 
Coapons - -35 






10 ^Irredeemables 

Wgh 5 

Coupons- 15 








. 7.66 










. Var. 

. *■ 17 









1202 . 





7J5 - 
' 10.82 c 








Monday, ManrhS 

Index 1, X"l*W 

So. I X 











■ Mon. . 








• ign - 




.. : 

20*yr. Red, Deb. & Loans. (15) 
Investment Trust Profs. (15) 
Coml. and Indl. Prefs. (20) 




1 12.17 







. -1 











' 66:66 



60 A3 






: «rM ■ 

Hanes.- A onr list of tlTaM . wnsuywt • ri naaaa » MI«M'| !y R« r s V .n 

Sweet. Leadaa ECtf 4BV. 4g g |^. ^»c»rcctSMS£S’ l*? T , ^:»9^ r «irt#l2!j5wW8.^. 

Financial Times Tuesday March 21.1978 

Vhes Uff Xtfnnsce Co. y.M. 


35 t.fturacftunUvaRUEr 4 . -•" 01-245 am rovsI^^^^k!: ® xchailSe m-ur N ' on *’« c h Ionian Insurance Group -•■ 

afire-- ZEf- si *T"“ SESSSP.'Hft, !»«-■« «£» 

lulrrKBnd— ..„.| 33 . 2 - 
UUily..\cc —. T , Jg B 
nHHMrVU-. wlM 143.4 
""■Uh-ny Arc.. H 94 
flrn»<T- Fund . ,. 63.6 
' 3 l‘*niWc Fupd.. 12 B 7 

ftwirj'Fnnri H 96 

OU&jWerty: 167 9 

-&tt 3 Rr,. 3 A 

snc Atent?*'^ . . 1694 
.mu faitiu-- ; ... MS 5 
frouKrt snr- 4 .. . mi 
Ujo.Fd Srr. 4 .‘_ 1253 
Rqui|yM.Srft 4 .. 3 V 2 
.Td K«-r 6 . IHt 
#w<$. FJ Srr 4 . 1081 

Property aoB«to..~| 16 ft 2 

01-2837107 I’ll Bn 4 .voniich N'ni.iNC. 


SSfiUSZXr ??*!!■ ( 5 L!?L. • Gartniflr * Maiaeers v rang) Perpetual Unit Trust Mngmt.? fa) 

-n •iSLMan'A*ea -34 8 Bl>. 01 2833 B> « hart Si. Henley -on Thaw MP 12 < 

; S 3 - i% S 3 S«rtBrBJ S 2 h D2 | S« .wizlji 

ciccsat March u Vtfuaunnt normally Tort. Mon! Ac?, 

— ' Hwnbro Life Assurance Limited ? 

— . t Old Park Lane. London. W 1 01 -WB 0 G 

— Kltrdlnt. Uep 11339 130.9 .. 

“ S$y'ly-r— . . 163 . 7 . . 177,4 

— Managed vap _ 131 i 1386 .... — 

— Mtao«S.\c?:Tr.:M 2 o JmS :: z 

— Oi«rwa*.„ m? ..ilia ..._ — 

” m% U,J ■■•• - 

— jVn.t'.rpcpCap .... 124.6 UJJ . . _ 

— Hen.M DcpjVc f ._ 146.3 154 8*4 0 - 

''' Pen. Prop lap. .... aw .2 &UI ... ' — 

~ lYW.PlOp.rtci!.. . 2553 2688 .... -_ 

£“.?lM>.CSp 1995 2103 — 

-I ~ Manutcrt FutuI __ QB 2.7 

. „ f-qinU Fund. - 312 0 

sited V I 'ropurt,- Fund... U 34 
ni_m rwtfi 1 J*ixnj lni_ Fund.— 1571 
DI-WB 003 J ljpg^ji Fund KJ 2 J 

I -• Xur.ltMl.Mar.lS... 1 < 

2133 - 0.2 
3384 - 0.3 

1653 -03 

— Phoenix Assn ranee Co. rif* 

Allied Hambro Group (aUg)? 
Itawhroti Hae.. Hutton. Krenurpod. Kvex, 
01 - 38 B- 3 flH<ir Brentwood | 0 Z 77 | 211459 
Balanced. Finds 

nWdia-V ? 64 M -f 5 

Brit. Ind*. Fund. {603 &nM ' % 

Grth.i loe.. KL 1 37 S $ 

R 1 eel. & Ind. Dev.BH® 32.9 -0 1 5 

5811 -Z. Sl Man> Ase. Kl* 3 A 8 R 1 
*W 1 *. American TsL_.p 9 
571 BnuMvTtf.tAcc.i_ 492 
4 62 iToounoditrSJuu-e. 130 2 
404 inFarEast.TnL- 4 .. Z 8 3 

llijth Income T vl... 546 
Income Fund. .Ml 

Ins Agencies — • . 12 41 

inti Exempt Fd B 14 

-t.’iinU. TsL lACC.'. . 26 8 

01 283.1531 46 hart Sr. Henley on Thanes Q 40126 B 68 

t 0 21 0^0 FjMlialfiprtlh. 136 J 38,71 J 374 

359 Pfccadilly jlinil T. Mgr*. Ud.? faifb) Arbnthnot Securities tC.I.) t j fa ile d 
Ini 2 S *wdgt«lW,S 6 p London Wall »? flWdHDl' M.Bos 3 S 4 .St.l!elier Jerw 0534 7217 
iy } Extra 1 income ®.l 324 iri*oi} 950 Cap.Ta. 4 \U 7 Q in.M .„„,1 361 


, _ .. 1 ui mu- »*xr* .pun jz. 

4 -. 1 . kinc WjJliam Si.. KF 4 P 4 HR; .074369876 AlUodCajiiial -. - .M .9 .■ . 71 . 

Wealth Ass ...1105 9 121 61 - 0 . 2 ] — HamtiroFnod ... . 198.5 105 

Kh’r.J'ti At* . 7 MJ- .7 n . llambnu^ce. Fd,:.|lii9 - 119. 
Eli.r PhEq E .478 5 Tu|- s iJlL 9 l j-: income Funds 

Incopje Foods 
Ififib Yield Frf . .. H 
A.TtEq.Inr.-j. . 

Bwpy. LUe Aswiranct Co. Lid.. - ?£ §[£££ ^; 

-»»ld-BWi»netonhl.WU 01-4375882 h*B. Uji tSp 

•-qiiliyFrt. Wc!..'.UM 5 17841 ._.J ~ 

'-*' d tat, \ce 1376 144 J I _ fte.U-AF.tap... 

Mnne\-Fi] >Vc . 113.0 U*« ' _ Pen.DAE.Acc-... 

nil U.m h'd Aem. 988 1 B 3 L 9 I ' — 

SS : :; - B«rt.,!oa 

.;quib-]vn j-dju* 198 A soa ' “ 

••xi« 1 Pm-Acc . .. 172.6 1 H 1 

WJIon I^n.Arc.. 126.6 133 . 

iLMn PnFilAec-. IMS 109 . 

up Pm. Act . 119.4 125 

TdcInv.I'cn-Acv |U 9.5 199 .' 5 ] _ N 6 ATW-AlWl« 

iffiV* Life Assurance Ltd.9 

“«**«*• R® 5 a»t 9 «w>i. aSSSSSSSSmSs. 


’TVS'. Ft' 
. : . 

^ .'flllltvlh 

Hearts oi Oak Benefit Society „ _ t - 
WT 1 H 8 SM oi^WTsoai RSE!Jj:&S- lA r 

HcnrtsotOnk—... - 136.1 38 A| i — Aeifculitml Fond. 

Aerie. Fund 1 Ai. - 

HU! Samuel Life Awur, UtL¥ ■*£[»» 5 »n 6 - 

NLATwr-AiWlseOiiiheR^Cnur. C 11488 «iS In.SSiKnX' 
♦PtepMjvtBJls HJ 74 i«i ... _ Jnvecunc.iFd.iAi. 

ftopecTF Sene* A. .{913 103 J .. . — Equity Fund 

1627 + 0.5 — Equity Fund IA 1 _.. 

56.1 *03 — Muncy Flind 

94.6 -+80 — Modiv Fund 1 A 1 . - 

J 25.2 — — Aeiuarial Fund. 

3JKL3 .. — '■tll-odct'tl Fund.... 

99 7 -02 — Gilt BdfiesS Fd fAi. 

142.1 „ — -• 6 RMJre Annul b 1 . 

M)J .... — 9 i mined Ann'ly. 

Minsred Fund I 

Fixed lot. Fd. 

,ar ^ JS -3 ■■■■■ - ' 2 S 33 SSSC 

‘UEVfcojeyF^ZMs’i ““ _ MogMsA 

WUProp.Fd - 950 IMA ■ ” ■ _- 

RKVMrtdlVn Fd 98.4 ID 3 ? ... - Pnl Ctd Ap. 

Jtitd^en.;ir wjd 1042 .... . — SlSdSt 

e^rplu— s. - ( 99 . 9 . .. iSjQ ... . J — 

rtbW life Assurance " ' Imperial life Ass; Co. of Canada 01-7499111 Houae. GuUdforcL 7121 

qAlk FdCp.Vnt_fI 8.6 BM I Growth Fd. M*r. 17. [683 74.11 I — 

fJtt.Fdai'nUWT - 993 ::r — Fd. Mir. 17 ..IS 43 69 . 9 ] .1 — 

MianRSl8d.Ktf .jUaj Ul3 .:.". j - Manned FU^ J^*^ 1 Ppr¥ ^ * 

arelayx Life Assnr. Cd Ltd. 

iRmnfordRd.E.T. 01-3345544 »S^wSd™;r 

as* j| z “?“*•**” 

Itfdge 4 — 1129 U 8.1 - 0.0 — 1 U Finsbury Squirt 

. operty 1820 107.0 . ... — Blue Chip Feb. 34 _ 

Vinced 1038 M 9 J + 0 .J _ ManiredFond 

«?-■ > 7.6 '1020 -01 — PropAk»dPeb.i_„ 

nuPmi-AMram— 9 BX 103.1 — Prop. Mod. Grh. 

■.Initial...-- 96.9 IffiZO ._ 

Si] z Shawn 

mctFen»_Ace._. 98.4 - 103.6 — 5 S.Cornlull.Et 3 . 

\%.8 1X03 ..... — Bond Fd. Exempt _ 

L - "Cnneat unit value Mar n. _ Next &ml 

?%ve fife^Assur. Co. Xid> Govt.sec.Bd.-^., 

UdmbardBc. ECb . 1 ■ '• -■ 01^231886 fampfinwi - I.ifr . 

127 A 7 ;. | . — ] - Samis.Hotal 

Prop. Equity & Life Ass. Co* . 

IIS. Cravvford-Stwt-.'WlS 2 AS, - ■ -tH-^ 60 ffiT [nienurioMJ Fmufa 

ft.Sijfe.I‘ron-BtL-r.| . 372 . 9 : 1 ■ bdcramitmal' { 23 # 

- I 684 ' r....' ‘ ‘ Seen, of America.. . 147.1 
l>n. Fx. May. BtLF'dl.. ■ 3 S 24 “ -’.J ^T- ■ Pacific Fund/... . _..p 36 

' . . : ’ • . Specialist Funds 

Property Growth Afisur^Cd/ LtttV SSSEIb^'^Rb 

Uon llouw. Croydon. CR 41 LU Ol-fieaOBOfi Reewery Sila.. “pc .9 

.1 5-53 iaiAU'.lnewar' .. J 39.1 41 9 j + 02 ) 250 

-O-ll 5.16 ta< AG. GnmRlilT . B 5 5 380 ,1 490 

•■' I- «S 3 taiAG.Far E«M* ■ Bn 9 22 d | qjq 

* 0 lj 5 n . rteuling -Tue- tfHetf. 

* n Gove(t-(Jobii>V 

I 4 40 77 . Luottoo ValL El‘n. 0 X- 5 B 85 «M 

-Oil - 669 ' S'hWr. Mar. 1 * }U 43 1310 ]....) 238 

....Hi 7 J 8 Do. Aectun UuK - 148.7 156 71 ... | 238 

- -Next dnallnn dn- iwii * 1 

3 S- Fjitra incDme B 8.1 

i Si rinull CoN KtL _ . 39 6 

IS '-BpitalFund ... 50 S 
lot. Emt* Awn . 44.1 
Private Fuad , 34 6 

Acemallxjfora^.'. - . . 582 
TcenhoiotS' Kand._ 54.2 
Far East h d . .... 235 

American Fund - 223 


+.’■1011 ffl/lAce.'. "pfi 8 33 I 5 SI 2 »- {."prSTrif aj '*' 14 34 6 - lil« ]U Aerr RUh.Mareh 30 .. "" 

Gibbs f An tony i Unit Tst. Mgs. Ltd. <Vfi<M£ixai»iiii:. - .. 582 . .»t * 0 i «.% Australian Selenium Fund NV " _ 
5.76 23 1 RlomfiddSl 1 EC 2 M 7 NI k 01 5884111 tSrtTS ‘ f0nd ' SI “ • |S 

1.16 <»AAaSSSMf:'Si Mol *°i 4 90 AWmeanFMDd 23 290 •■•■J “ 

453 taiAG, Far E«a' . .& 9 Sd .:.. j 03 S Practical ln.vest. Ca: LtiV iyKel . V* asset value March. ifi. 

Sri ' ^""S’Tue. m\«f. 44. ttoomsbun-sii KrtAZRA- sawm Bant of .America IntenuGonal S.A. 

Govctt'iJobmV Prwrical Mar 15.^0341 . J 454 35 Boulmanj Rnyai. i*i W n, 6 o..K <M 3 

a An 77 . Luotloo Wall. El‘n. 0 I- 5 B 85 OS 31 . A c r ,,ln - PniD- — 1187.4 199 < ..} .454 WMlntvsi iiBnimr (V S 1 MU J»W . .1 666 

669 ' S'hkJr.Mar.l* }U 43 1310].... 1 238 ' Provincial Lilfe taT: Go. JLULH Prtc«ai March. 18 . XeM sub. il^y Jqv M»w-h 2 l!. 

7 AB Dd Acco«UPtt ^^ 4 i» 7 | 7 ...| 238 ■ o,- 9 f 78 S 3 a BBk- of Lbdn. & S. AmericB Ud. 

2 W Grieveson M-nagetnenl Co. Ltd. BBSST. L<JUh - lS 3 f M f S' , °*T* 1? 

|S worrahanSUBraP^ijs. 0 l- 8 W 4«3 PrndL Portfoilo.MMrs. lid* laiAuci N« os«rt •siu« Mar. A.“" + ' 

[jinUcd Keyselex MngL Jerxev Ltd. 

SMSflSamlBB Si::;. 

”* 1 Nexr «.ih ».-_u ■« .inpan UtK. Fund-— S22.17 MM 

r, T - Keyielet iapun .; £9 71 10621 .. J— 

»* -.««ni.AS*a 6 kCap. ± £ 13 X 45 1-037 

King & Shax&on Mgrs. 

1 niann^iV.eo. « lli-lti-r. Jer'py iOKU .73741 
' ■‘•{cs 1 Use. Si. Peter !'«>ru tirr.^y. liHSI 1 'iTO* 

+ 0 J 

+o 3 — 

+o3 - 

m - 

ha = 

iwAsezB- .H 4 ] is "«rs 

dhu riiUaf pa wwfg Bsr glfl.Msrh J 5 ,. 1918 200 -j • — 

AraUerCo.-sFd^fll '6 ' 337 J + 0 J 5.19 IrSmfiSf'iii." 'nu 1782 “ 

-.-Sg 5 g! 5 :B •ffi-iB-H Baferfis il • 

■— IJJ^t-Min.fcCWiy.-. * 6 ^ 39 JI - 0.1 567 [Acpua. Ucll 5 i 17 U 4 179 5 

— JOwTXfas Bmjats. 099 ' 533 - 0 J 525 Uro cbSr. Mar. 17 . . 79 9 J ?7 

— | EapL Smlr. 9 U 99 6 " 213.1 -i- 0 's| ,571 1 Accum. L'nits' B 23 062 i"”' 

1 _ ' .. ... Ln.ABra 1 a.Mar 13 . 675 .706 . 

Anfierssn Unit Trust Managers Ltd. tAccum. Unh»>__ freo 731 ] 

19 S Fcnchurrh St tOM 8 AA 623 K 31 Guardian "Koval Ex. ITnlt Mrw 

Anderaon if T (452 • 4 S Bf — | 4.88 7 u, y *j exchanfie. E»- 3 P 3 DN 01 - 6 ; 

Anxbacber Unit Mgmt. Co. UtL .ao-GuardhiDTaMtea 
1 NotdeSLEcsVTJA 01-4236376 HeridcTSPn Admi ni «trat ion (a >{r ) 

Inc-lfomhJt)- Fund-'. ( 194.8 164 Oaf | 9 J Premier U.T- Admin. Rayleigh Road. 

54*33 PrndL PorffolIo.MhjSrtj. L&Cf laKbiici , . , 

J# SSSSSr^mf' ■*«“ •*"*" ■• 1SS2$£ZI 

Z-S ^ - - < 1170 j ASt 2 . nue De la ftesence B IW« Kru^ld -J^Arcjiia . 

(g Quitter Management. Co. Ltd/* RcnuFinuiLF ..{lsso 2 .MBI . . 1.848 feSi^r F*nd ' , ""‘ 

126 . T 1 ^ ?*■ E yfaff- gi?y fHi; 0 i«» 4 ir 7 Barclays Unicorn InL ith. is.) Ltd. kb.i" jKwriiniT.. 

3 08 ^UlSj^nE?'.KS 73 5 £ 9 ll.^ an l.ChannKOuM. St. Heller. J,-. 0 SM 73741 a"mt^ imnh 1 

Is *«u«~ ud., aatwr : k> u ■ 1 sue 

... Reliance Hsc.Tu a bridcc Hell k KT. (BB 222271 TbOJKt to (m aid vilhM 4 mif law .. 

1 Thiimu Si rod. Lkmglav. I O M 
fi:Ti Fund'JiTM’ii_[lt) B 8 10221 
liill Tru-L -I o.M U 14 7 U 7 6 J 
■ •ill F-ntL Guern-J-.laO 08 10 Mj 
lull fleet Sm Tst. 

Eirtei.. r iui£ 117.43 1750 ! 

Kini iml. .■ _ . (SIBD U 18104 ) 

Klein wort Henson Limited 

LHl Kciu hurch St . ELU 
EHrmicst List. E I 1002 ; 

i/wIk. ' - Da. Arcum . 

^ l ft At- EBFnrKu -lFa 

. ‘ -V® KBIntl Fund . _ 

Is.) Ltd. KB Jjuan Fund . .. 

StfJMl Bcmnidn. 

.. 11 00 
... u.» 

01 - 6=3 asm 
+« J .49 
*IM 464 

Si '£2782 
S 10 24 

Roval P_ u.. ha Reliance Hsc.Tuahrittee Wellk. Kr. 089222271 twriwi in fee and wiihheMims 

-SS*5 £ **ou 628 »n s&asKKTrBi in ■sSst'Ssr Si ,L O M 

4J7 ^n oT ;r «;~^ 5 603 KSSLWBl" 1, 45 M.. 

iifltn-t Bemni.tii. I 51.9441 [-000 181 

lnl 1 und«.iDM>. . . Il 8 25 19 20|+3 101 9 85 

“KB act at Lenuon pat mg agents unlr. 

Artmthnot Securities Ltd. la)(c) 

It Queen St landon EC 4 R.- 1 BY - 01-2365281 

Prop Growth PMalona & AnnnlUeo 
All Wthcr Ac Utip 269 133.61 .. 

AH WthcT Ac l>ta.| 

a MKWSCE?:! 
7 >*» asRff-a^d 

Cnv. pn*. Cop. va. 
Man. Pens. Fi_. 
Man. Pm*. Cap. UL 

Prop Pros. Fd 

Prop Pcns.Oap.L'U. 
Bdcx. Snc. Pea. DU 

Bd(t. sor. cap- it. 

.9 13161 .... — 

l.:-.lX 7 J- n .... 

1322 I ..... _ 
127i • 1 .. .-. -■■— ■ 
142 . 1 :.- _\ 

. opeitj',^___ 

■ ■ ■»?—- 
- •ffmAMMIU 


It EdgProivAcc. _ 

i Initial 

«U 3 Pcn*_Act_. 

Irish Life Assurance Co. Ltd- * 1 • 

„« “TSt ui. a»u™,c co. m. 

Extra Incotae. F 4 . 
Hiah Inc; Fund, 
*tAreOm. Lin)i&J__- 

nCMPfuse rand — 


Capital Fund? i_> 



Giants Fund .._. 

lAcgum. Units) 

Growui PundJ: T. 

-L&ceumJOiiim^ — 
Small or Co’s Fd. 
Eastern & Inti. Fd. . 

118 H .... 
. 42.7 ._ . 
57 * _... 
57 J ■ ... 

. 274 -QJ 

Brentwood. Esses. 
urTAa sual Utti — 


9 Ji iglFinan AJTl 1 
SR tat Kish Income'. 
Jig laiinc * Asset* 
12.00 teiin tern aUtma 

— 1 bjNUu American 

5.47 NA GriBsMar. 17 
597 Oiltitsl-.— . 
5.97 w. Wld Mar. 17 

3 .M SStfamaftic 

Mg qfi 
931 _. 

281 -0 
39 . 4 s ... 

■ 39 . 8 s . . 
371 +0 

InHs) Ridgefield Management Ltd. Do. Ann. Mm mj Sa™ 

toad. PO Box 419 . Bank Hse. Manrbsir. 0813388821 fi?” ^,^£ 5 ’•'KS “S-- : 

0277 217238 . Ridgefield laLUT . 1860 92.01 ... .1 272 n« LrffifS" 'Bl 12 3 J 

-Oj 2.68 Ridgefield Income. ^.0 99 «.,..| 924 K.ffigiSii'zK all T\ 5 

5 w Rothschild Asset Management <g) Bishopsgate Commodity Ser. Ltd. 

+ 0.7 515 77 «). Gatehouse R<U. Aylesbury. 03983841 PO Bn* 4 t Doucliu lx>J 4 DSM-Z 

-w is s^-aaBBfeBR! si as is tfe&MsTMf .asn" 

, Ud Lloyds Bit. tC.M V/T Mgrs. 

PO BoxiaaSl Hclior Jenej'. 05 H 2 Th 6 l 
1 UnydxTN iiM-as J «7 52 JcU .. | 149 

■■ I sS 2 Xril ricniins Jntc April 17 . 

- Lloyds lateraational Mgmnt. SA 
9 20 7 Flur ill! Rhone. 1*0 Unx IT 9. 1211 GeBcia 11 

1.60 Uuyrt-. ini Glh l'«t KF 1 HN 311 HI . I 170 
Uny<Ulni.lncnme>FlM 5 t JliOT . . | 6 30 

Ftar taa caompt funds only 

Co. Ud- | Eastern A Inti. Pd. . 
......I -X j m. Arocr. & tot Fd.. 

King & Shazatm JUd. 

- 5 s.comlull.BCi. _ 01^33433 Prudential Pensions Umited 4 > 

' **** V± ” J Rolborn Bars. EC 1 N 2 NH. ; ' 014 

3 *. • • RattifiyaSa-.M^ 

- 0 ) - 623 ubb jLangham -Life Asstmmce Obr Ltd. ' ^ R|l,r ls — “i" 

= | 1 — LanchsinHa.HDlnibfitokDr.XW 4 «... ' . ^ '' ■' 


+ 0 J 

40 J 

111 HiD SannieJ Unit Tst. Mgrs-t la) 

S-jS 45 Beech SL. EC 2 P 2 LX 

?S J 5 :g» 4 a^"; :Er^ 

5 n tBiRUlTru* 
fii (giDoHar Trail 
100 (Ei Csplul Trust 

(bi Capital Trust 

Artbway -tiltW- Mgs. ULfMe) rbiSSS^T 455 ' S,t " 

25 J OJ 445 Jl.c. BlCr/RroTalMa^ 2.92 CAVRH^-Md? «' ElOK r 

-JJJ N.C. lottmc Fuqd-Kig 7 15 l 3 + 0 . 1 J GOl'NT^'Msr 6 7 «Tl I 9 K 

^4 +o^ i 247563 ^^a??^FdJ 5 |o Bridge Management Ltd. 

Hi ...... 2M Rnthschild.& Lowndev Mgmt_ XaV ro Bps 5 oa, Grand Caurun. Cayman Is. 

sriLjJ N pT^&; < '. w i i , 3 ,? 

Mgrs.t (a) • R° w f® Unit -Trust Mngt. Ltd. Britannia TsL NngmL iCI) 1 AA 

01-6288011 0 ,fl 0 S J““ 30 Bath St. St Heller. .Icrscr. X 6 MT 3 IN 

■M-M = : » SsrfJ™ - E 2 « J iJ ■ iSS 

n 3 a ^05 %& i/KunTnuto , 13 B 36 i«7 Va,vtl 5 ™Tw£. |£ 2 ( 7 H .' ISO 

m 3 _o j 794 lAccitm. i.iutoJ-..-.flOo «.« .. . 4.07 v«ir .« W 'v.ei "uaLL m 

0624 - 233 ) 1 M & G Group 

,..._] ■— ThlW t)na» ■ Thwrr Mill IX 3 R 6 W 3 dl^CB 4 S 88 . 

.1 AtiunirFa Mar.lA_Kl'h 248 2711 . 

. ../ 215 Aust Kx.Mnr t.'< .Blsia 1 W - 

-*£ 100 . GnldF-i Mji l-'i Bt - 99 :i UJ 7 c| . . - 

Island... W 78 1 X 477 -03 4385 

. .Accumlnitv |l 506 16031 -0 5 ] 1385 

Samuel Montagu Ixln. Acts. 

■ iVMiMRnisulSi K I ’ 2 n].VEM 6 * 

.... | 080 ■ Ap^ilutailur. I'. Kr «70 49 MH 1 3,78 

Japfi-ri Krli 2 fl ISiiKf !7 f« . I L 29 

lid. tlisirp Mur K . KIH 9 W UK. 21 * 

ItTJ.fvc 3 Ur ». . W 5 J 49 fl . J IN 

uwda Life Assurance Co. - 

-‘High Si. Potters Bar. Herts. RBar 31122 mspi^T] 

Ih-FdRar L .1 550 t I — ■ 

Ciqt Fed. Feb. 6... | 1058 j- .1- Xegal & i 

mam Assurance Ltd.? Kutawood 

Bympic Wy., VVemWey HAflONB 01-9028878 

nih ium, unitae i i t,asnininai 

1 — Unfham H a. Hphnbroofc Dr.MWA. . frfiaBsan 

. Langhaia‘A > Plsn..| 6*.0 — 673 ) SeiiMtce Mutual 

9 Prop Bc«i<I — M ). 0 3 473 — Tn nbndAe Wells, SeaL " 

'Bar 31122 Wisp ISP) MsTftl^A • 77 ^ ._.[ — ReLProp-Bds | 3 

aperty Units 

- - .,' m ty Bond/ Exec:. 
~ .3p Bond Exec .^ 
posit Bond 

nity Accum. 

sporty Accum „ 

-~^Sd.Ar nun 


*• l Mrni.'igpd 

.. . i Dopmlt 

- fa ff. 

- f Eli Peps lAcc,. 
. iPrp.PriUi'AttU'- 

i KjesMS 

I Gdl PcflVArc. 


jESJLF .2 

: %£Uri G ToS l Re^hUd Asset Management 

UTJ 06 HU EUwCb S 3456 St Sw I thins Lane. London, EC 4 . 01-8384838 

Sal Ml TSffsZZT.- N.C. Prop Dec. 30 -PU 41 121.41 l - 

10 I_».+Dj| — Next sub. diqr March 3 L 

27 .S - 0 / 
524 id - 0 J 

29 M 

Current value March. I 

ipifal Life AssnranoeT 

Do. Accum. 

Equit y -In R ial 
Do. Accum. _ 

Fixed Initial 

Do Acne . 

Managed Initial 

Do. Accum 
Property ]nHiaL_ 
Do- Accum — 
legal St General 

Exempt Cash lniL 

Do. Accum. 

Exempt Eqty.lnlt 
DO. Accum. 

Exempt fixed Inlt 

Do. Accum. 

Exempt MngtJ, ini 

Do. Accum 

Exempt Prop. lniL 
Da Accum. 


n r a Do: g S wn a«^” ,.&o *l 

Na. Prop. Pro. 30 - jU 41 1 M^ ■■— 1 — [ta.lncomBT«_. ^_( 77 Q BZj 

Next sub. day March 3 L ‘Do. Prf. A’nnTsi— paft) 132 

Prices at Feb Sa Next mb. ri. 

RUJtai Insoranee Group Do. - KjS 5 *?bin 5 Zfi ; *I.i iljj 

New Hall Plaee. UverpooL 0512714422 Do-Wndwidc Tr«stk 4.7 48 : 

Ib)yal Shield Fd. .... ( 133-4 139 . 0 ) | - j^^rom InC Et S' 

35 4 . .-ra-JSSSMffiHfirSV lntnLFa _. -63 6 100 

m j -j« SSSi!feSSF , . l ?-Si ts| ;_d ?2 testes. 1 ^ 

933 a -D 5 *K ./KunTnlSj 1 * Bi S 3 - I 1 £Z LdivtI STO:sta_ ^ 287 ° .' 180 

27 .S - 0.1 7 94 •Accum. l-nilsi 183 6 87 JB| .. . ( 4.07 Value Manrh J 7 . Next deal ragMaich 38 . 

”m :°. j . 1.47 Tst -^ n - e f- d - *P?- Ltd -; Butterfield Management Co. Ltd. ' 

-'Ksriif y&¥Xra^'*e* ■»»>». . .aSBKSiSt.. . .* 

Sg'Zffiw.' Bar clay jg-Uhlcorti- Ltd:' T 8 >fg>Vie) is. Christopher street, e 1 . 2 . 01=47 7243 ln K?SBai'itar is siJ a 7 ! -78 — Eoe lm.— I 2*6 

r-J - 1 SSSSSSoTiew «« » ^ ^ T _ Fnces at Mar. UTSlext mb. day Ajiril 10 

•Jlf Mw/wn +oi) L« Ke^ Pand Managers LUL (aKg) Saye.A Pctripec Gk«aT -» .. - Capital International S.A. 

r ^’’ !k s£v. 1 - -*- 9^1 S 3 .MJkSuEC 3 V 8 JK. . 01 - 808 7 WP. •*■ Sl*^. S K J j^ g S- ****”• 37 rue Notre-Uame. LuxemhourS- 

■ i«raa iS Stsg'ftSrK) o-ai&ii is an uiM. M -1 smissi i«i _ 

fctl "j ,B IgSSSSlPSgr-aS fcS -0 - 3 vis l.PxWrooaernow.EL-s 01 -B 4 B. 1 M 9 

BS 8 £sarzzzS 5 : ^ i| +0J | 3 A £ »*=■ : K IJS 

Do. Growth AM..— g o s 3 . w tl 431 KJeinwort Baisou Unit Managers* Uair.Gnwih MS 6 s 3 + 0 .«l 289 RK 2 S 

JSS-ftST^TiC-^ m 20 , FCnchurch St, EC 3 otisoflMO l-er-mln* laesme Fend KroTMZZ S 

Pri£r£ FW. ob to Biroh ir K-B. unit w Ixie. - g?-? ««aJ | 4.77 HIphAloId (539 57 Jj - 02 | 678 H&a- frSSu «3 . . 197 

Do. Recovery.. By CLtfl -fl 5.74 4 K_&_ LnllFdAif .. |97 3 105 _^ .. .| 4.77 mgju larane FtaRdi p|j v * inwatmmntR llmnv) T t/f 

Dp-eW^li^^ido Trom^J ^3 1-83 _ 0 . „ , _ Inroroc . - ,. |$V I *«3 -oil IS I WlE* «■ Hellw MttnMl. 

B uun.pdlnc..z_»j SiS -Oj) 5.00 The Stock Ekhange. EC 2 N 1 HP (J 15 & 2800 ** *■“ Clive Gilt Fd-tf Li. 110 00 10.011 1 1180 

D 5 M 73 I 1 J 1 1 TJraj'l' * Mar 1 . ‘EM 13 lOSSj ‘ | 

..' loo . .Murray. Johnstone (lav. Adrlseri 

.... 150 ItO ltni-« M .ylUsinu'. 1 ^ iHl- 221 5 S 35 

"• 7 m ‘Hope St Fd | St 'S 29 96 I I — 

* Murray tlinil . I S 1 'K 9 60 . . — 

^ -N vV March IK 

31 - _Fnce* at Mar. 13 . xet t mb. day April 10 |_j d< - 

‘ " Capital Inter national S. A. - • Bank np Bi-rmudD Bidc^ . 

37 rue Notre-Dame. Luxembourg. XAV\Urrh 3 .- IM 69 

lM * ~ Pho ' n,fc - ■■««-'« 
Charterhouse Japhet , v — >t- lMtT llort 

]. Ptdcrnoster flow. El' 4 . 01248 .W® Inter- rail tar Fund |H M 21 

, X7 AdirOpa nUJSH MJBUflJOl 566 _ \ „ 

434 S&TS?* te Property Growth Ov* 

2 , 3 i it Adi verba DM 48.40 

83 -"I ® !SSt==:HU 

Emperor Fund — .. MR 25 * 
573 ] - 0 i( 678 Hlspano BTMJU 

Clive Investments (Jersey) Ltd. 

-N IV Jlarch 15 . 

NegU ».A. 

in 10 a Kimli-vor-l Ibnal. lairrmbourir 
746 NAV liar IT .... | 51 S 10.26 \-0M\ — 

10 Negit Ltd. 

- • Bank np Bi-rmudD Bldax. Hamilton. Bitnde. 

XAV \Lirch 3 . . |ld 69 _ | ...._( _• 

Phoenix Inlernaiional 

IV My 77 . s-l. l»rt«T i'nrt, Gurrp*cv. 

30 » Intor- r«l iar Fund [W sia :J 4 | ,| _ 

5 J 0 Properly Growth Overseas Ltd. 

;?! 2 airn.h 1 uun.Gihntliar - iGthi 6 IQ 8 

1 - 5 . l'ollar Fund. I SI SB 8 J? 1 I - 

Sli.TlinK Fund I 1128 89 | . .1 — 

Rothschild Asset Management tCJ.) 

Save A Prosper GroupV Baring Brothers & Co. Ltd.V (alfx) 

4 . GLSLHelen's, Lndn.. EC 3 P 3 EP. 01-554 8899 B 8 . Leadenfcall St. ECJI 01-5882890 

69 .^ -DJ 5.00 LAC Inc. F& .{1774 

LAC Inti & Gen Fd.|afii 

Bel Inv. Fd. 

Property Fd.* 

Deposit Fdt 

Comp JVo &-Fd . p. . „ 

-Gilt I* h » Fd. ,-v. , 

i 2 ojy | - 

lrtf -Y,| Z 

Stratum TsL P 6 QO 166 . 

Do. Accum 096.4 206 

- Next auo. day March 

L 6 C Inti & Gen Pd.|fl 62 SB. 9 ^ " .! I 260 LrilEqiiity K 13 

Lawson Secs. Ltd. yiillc) ^t w^st a) t 

OGeoigefiL.Edlabunihf 3 f 23 JG. 031^263911 -JfiMn- — £ 4.9 

XRaw. Material!.. ..134 6 36 *.. J 7 J 0 VM ~ 1* 5 - 7 

4473 In'jl Su P.O. Box 320 . SL Heller. Jersey. OS 3437301 . F.O.Bn\ 3 B St- Julumsa. Guenuwv .0481 28331 

7 ^ *■ Li . |10 00 ] 0 .ai( I 1100 Fobia.W 9 4 S 2 S) . I 258 

w Clive GUI Fd. 1 J 9 i.llD 80 1001 ^ 1 U» l».t JnrEd 3 tarl - 15*93 1569 J 689 

Legal A General Prop,. Fd. Mgr*. Ud 

Pd.t.^D 962 . 2 M :. ..J — 
Fd._ BM.I use + 0 ^ — - ' 


Fvtr.jLWSs.. .. 1 M. 9 I V JI .-ri/; 

Prices on*Manrb 14 - 
. tWoeUr detHngt > -‘j_ 

* islon Hoose. Chapel Ash W’tan 090228311 J 1 jQ 5 ««Vl?Lori»B^B<MN 4 OT' 014 M 8 JW 78 Schroder life Group? 

.: -. v Invest Fd I % 2 S I ... 
' Icmakcrlnv.Fd. .} 19158 | ... 

larterhouse Magna Gp.f 

Cbequnrs Sq, VxbridSB UBS 1 NE 

rthre EnrrO' B 3 J 2 35 . 0 ) . 

-thsc KoBcy.. 79 2 3051 .. 

-A: ..-ifcsKMnniiKed.. 368 3 &i .. 

' >1 rtiim EcjuitJ ..— 32 JZ 30 .. 

. . . cna B 14 Soc. .. 12*5 J .. 

; Ajj« <Ma Man seed 153.6 | .. 

I = 

LfcGPrpJd. Star. 1.1985 IffUJ — 
Next apn. day April L. . 

Enterprise House. fVrtsmouth. 

life Assnr. Co. of Ponhaylvaiiia 

32181 39-42 New Bond St-WVTDRQ. QI 4 B 083 B 5 

— LACOPUnitt (1007 10571 - 9 ); — 

z Lloyds Bk. Unit TsL Mhgrs. ltd 

— 71 . Lombard SL.EC 3 . OX -8281288 

— Exempt 1966 lUi) | 7.96 

tfjni Westminster Assnr. Co. Ltd. Ti .„ . 

iCtfcad IUmmc. 8 Whitehorse Rood. 

d^tmCnoZJA. 01 - 8860681 . SL CUftoa Su ET 2 A 43 DC 

st Prop Fund,. 575 685 ) ....J — Mar. 18 .„i 1 J* 3 S 

paced Fluid 164.9 173 , S — * a K-J* 

iSaateM SI:.:.: z MKQt 
tf£r i ~sv Wiu z ;8BBsaaafc 

Kqu i|)' Mar. 14 . 

. •• Equity 2 Mor. 14 

mylvunia Equity s Mar m..__ 

01-4008395 F>aea Ini. Mar. 14 ... 
ipnj ■ Qi . Fired lot- 3 Mar. U 
10571 - 9 ) — ]nL LTHor 14 .... 
_ ’ - K & S Gilt Mar 14 

fngrs. Ltd. K & s sc. Mar. 14 

OX -8281288 If “fi- 1A - 

,nr| I. 7 ni Mngd. 3 MOT. 14 ..— 
1015 ) —I 7.$6 Hooey jjar. 14 ... 

Monty- 3 Mar. 14 _ 
■ fc -.- Deposit Mv. 14 ... 

PTDp«D-Mar .7 

•v j Bfshop^ate-Pmgresfflve MgmL.Co.V 

° I Z ’ O-Bfobopacat*. Efr. 2 . ' O 14 B 86280 

< J BBKPXVJ** n-i. 2 S 

' 1 ' B^meim.Mi|.Hr 

r. I Accum J Mar, it-iuu laoxai .....j uu 
s Next «ri». day 'April 16 “Jnwh 28 . 

' •• Bridge Fond ManagenffaKc) 

070627733 King WUHiun St, EWE OAR 01 - 823405 ] 

.... .. — Bridge Inc.* M 65 50 .# _...J 705 

- Bridce Cap. Ine.f 33 ^ ... ..1 351 

•— Bridge Cap Ace.f_.B 43 S 64 I ...I 341 

— Bridge Exempt.! 

— Bridielntl.lnc.t- 

1-S *Raw Materials... 34 6 36 M..J 7 JO 1 A - 1* 5 - 7 MS 

— 1 3SCi ttAccum. Units) — 38.6 413 730 Sector Funds 

Marc “ 22 “Growth Fuad 55.1 59.4 - 0.3 3 . 7 & Commodity | 64.9 69.7 

. . _ _ ‘(Accum- Units) ... . tel 653 -03 3 . 7 fc Enersy »).b 653 

save HgxnLCo.f rtcut and Warrant 343 57.9 ... 192 Financial Seca __|668 71 

01 -S 862 B 9 59-2 Bi •■— HWh-Mlalmpm Fund* . 

K IS frm^hYuS U| "' §3 IBM SelecHnteraaL-—— JB 5.7 238 

[» **iAcmun-Cnitn_|W .7 TIB MAO Select Income-^. 1516 5 * 

Ysi JW"* 1 - ■tSw- riWed. fThurs. **rtl r Scotbl fcs Sec nri Ges IMf 

Legal Jk General Tyndall Fond# Srothiia- ,L>— b 65 - 

mWoUel lR-Canynfeltoad. Bristol 027232341 

iilTISflCI Hi 3 .Mar.Vb .. 15*6 57 ju l 5 10 . .at. 

n 01-8234951 ScoE: u mw.; .:Bt :1 7 l 9 sio asf-g-Sft'*— Bg -2 ?s-s 

50 .# _...J 705 Next sob. dav.AprilT 2 SeclEs.'Vld.'# — -P 469 153 -ft 

33 -H 341 » r . . . ._ . . , ■Prices at March 8 . Next mib 

3641 341 Leonine Administration Ltd. 

u| 5.95 2 . Duke SL. London W 1 M SIP. 01-4885001 ® chlesto J» er ?f® rS ' 

II? LeoDtst-^.i | 70.9 74.61 *071 531 TwaUl 

utl _n_a 4 « -■““«• 

^ ^ Cornhill Ins. (Guernsey) Ltd.. 

&Sl 2-5 p n B®* fM. SL Peivr Port. Guernsey 

uaaZsJ in wai.BtaLW.™...|»® itd.o| 4 - 

Delta Group 

lid - 0 JI 4.71 P.D. Box 3012 , Kasdan. Bahamas 

nS^a'Slz »■»■»"■>•« »-l*U 9 L 411 4 “■ 

Dentseber Investment-Trust 

nc.lnll.Fd Mar ISIB 55 W.U _ . 

O C.SmCoFd F'.-h 2 a [131 9 140 ^ . J 3 38 

O •*. Ctemimnlitv . ,|1223 129 W . ) 4 9 / 
U C. Dir Cuadtv.f ...|S j* 3695 ) ...f - 
•Pnres on Slnr. 14 Next droll DC Mar. 3 L 
T Price on Mar. T. Next dealing Mar. 21 .' 

Royal Trust (CD Fd. Mgt. Ltd. 
r.O. Box 1 !M. Royal Tst Use , Jctr-n-. 0534 27441 

R T. Int'l Fd IMsaUB 93 ) ... J 3.00 

R.T.lmT. iJst i Fd. .fe 0 # . .1 321 

nnmndlty IM .9 69 . 7 «d - 0 JI 4.71 P.D. Box 3012 , Nassau. Bahamas TKnr * on >ur '• Nc,ct »»r. Si: 

SSSnseZK wa 4 “ Rw*l Trust (CD Fd. Mgt lid. 

ISh-MUnmii Fund* Deutscher Investment-Trust P.O. Box ISM. Royal Tm. Use ,Jeri>es-. 0534 2744 ' 

■lect in tonal J 255.7 23 aa - 0 . 8 ) 279 Pott/och 28 B 5 BieberEnssc 8 - 106000 Prankfiul. S J »Sf 4 !?• K 5 ®* *3 ■■ ■ -I 3 H 

sket Income _^.blA -. ^ - 0 ^ 7 J 3 Cbnecotro [PI 092 B » 3 # 4 flJ 01 ' - ' aJEL 

cotbllB-Secnrities ■ ' lnUtentamonds:._liiffii»- ntoj T.Z|- - , Pn f*- w Marrt Nrxt dcahns Apnl «■ 

■mhiit . • p» 6 .e x-* 39 ^.... 4 -A 77 I>«yfus Intercontinental-lnv. Fdl-'. Prosper International 

sXjyddZ™— 4 * 95 - ' 5333 -^ 0 ja 731 P.O. Box N 3 T 12 . Naaean: -'Bahamas. ■•• ’- F. DNling to. 

:otohanr«__._l 5£3 .' . 56 ^ .. ~i 354 NAVMar 14 — hi swa utf ■ l 37 Broad M.. St. Hclicr, Jersey QS 34 - 2033 J 

wt-Ex-Gth-d. D 999 209 Jof ' J 2 J 0 — . ' *1 , I'-S. Dallar-droaednaicd Funds 

S: &: vld.-*_ p *69 153^3 .... J 7MB Emson & Dudley Tst-MgLJrsyXtd. DirFxdim-ifar.i 5 f 9.44 10 03 ). | 691 

‘Prices at March 8 . Next nibTUarco 22 . P.O. Box 73 . SL Helier, Jersey. 053420581 iJL ,c 5 , “i iir Ii ■ ■■ *631 - I — 

at Prop Fund 
. paced Fb nd 

a ' Fund .... 


. bey Fbnd. 

I Fund 

LA Fluid 

T |p. ^gd.Cap.„ 

u 4 f^SSac& 1 T 

129 a ..Zf- — BS Pn. Ace. Mar. 7 - 

Bn.d*e lull. Ine.t U 3.9 U 5 .. ...) 416 - . . Mo 7461 *071 531 yjworporauas Tmwut T 

Bridpoidtl Ace.t —^3 16 . 3 _...J 436 GoAsSralZI -'Bj 793^3 4 99 South Street Dortlafi 

Prices March H *TS. Dtmlin* ^Tbss.. .*Wed. 77 TI:,.'-. ^ ” Am Exempt- 153 

i . Lloyds Bfc. Untt Tst. Mngrs. LUL# (a) Am. Growth ... 24 7 

Britannia Trust Managementia)(g) Hesistroris Dept.. Goring-by Sea. 5 s| 

*iMmm gSSrg so.# BSSe= I 
ss&iszzrfet tata ^ si J m fiSsctzS 

Mn.Pn.L'n,ilar. 7 ._| 
Ms. Pn.Atc.Mar.S.t 

Scottish Widows' Group 

“ 3. EqulljAcc. 


^.^-vpvna eunrouj « 

} V 1 m VV"® L n,u - 

* | fl 1 iUiy of Westmii 

LondqnEC 3 W 5 QJ. 


Capita) Afic 

Conus a lad , 
Cnm ni oditr 

OmmaieZ ZZ 



Financial Seen' . , 
Gold. A General. J 

Inc. 6 Growth. _ 
lot'l Growth™,— 

D i - 638 0478/0470 First tBofncd-i- - M 74 
(851 -031 637 Do.lAccum.U~ - ..(642 

... j MB Scotoharro_ P 23 . .564 , -4 354 NAV Mar. 14 tSlSttM 114 # ... 7.4 — 

I SJ ® Sem^:^d.^ZZ^ 2:9 tmb Emson & Dudley TsLMgtJrsyXtd. 

. ‘Prices at March 8 . Next nibTUarch 22 . P.O. Box 73 . SL Helicr. Jersey. 0534 205 

fli-ssfiiooi Schlesihger Trust Mngrs. LUL (a)( 7 ) EJ> - LC " r - - P 14 - 9 • 122 I — 

-0 71 svi Gncorporatlus Trident Truatsi F. & C. MgSlL lid. IBV. Advisers 

fOU 490 1 -fO. South Strcrt.Dorkfaa. ( 0306)88441 i-* Uiirnec Psuslacy Hill. ECfROBA 

' _ Am Exempt*,. .... 153 193 ..... [ ?.S 7 Q.L 823 46 B 0 

U4f ' 11 - taStvSrihi-m UiS xSnLW.Mar.a- .! jl.soi )... I- 

oi-ffla 1288 “^. Ldrt - T £* l 4 ^ ••• • AS Fidelity Mgmt. & Res. (Bda.) Ltd. 

* s % SL;::: 

435 2 °- 

an Fourth CBxIorj 

982 Do.iAccutn.lT—. 

Exempt High Y 16 * 

«■“« saisM?": 

— Income DisL 

"f. y J* lnc. 10 %WdrwL— 
ni *« Ininl. Growth-...^. 

01 Inv. T *l Units_ 

f- 4 * Market Leaders— 

■■n, *-g -NIlYIritr 

~S', Z-g {Jne/.AGiUTrasL-. 
-*4 <93 PmM-n><U». rM 

Sj ms usi Z London indemnity it GnL Ins. Co. Lid; pn Box ma. Bdtabunth'EHissBD. aai-esstftoo S^tfeiwiii” 
iter Fan,. " 465 sol : — 16 aO.Tbc Ftr-b my, Rnadlng 583611 . • _ liu-. Ply Scries 1 — g 75 97 ^ — lot'l Growth— Z 

«-(i S 2 . ta li W .. z 

L'uiu- — _, 1583 - r r- The Loudon ft Mnc 3 wster Ass. Gp.v ^S“ 

Westminster Assnr. Soc. Ltd. The Loos, Polkextoop, Kent- ' 000957333 Solar Life Assurance limited Property Shares 

IC 0 I 5 MW 84 Sg-ftg ^Mt -1 I I" IWChcepridc.EOV'BDU. 0 !«WW 7 l[ - 

i. IllaK IMS » oKxempl F1CX.FQ I <2*5 l ......l — RtAarMxnnrcd S. 

IMa ..._. 399 Lloytf-s jjfc V ait Tst Mngrt. Ltd. . Si • ^ 

OJ ~Z3 330 . 72 - 80 , GalehtmtoRtL Aylesbury. 02865641 Djl Gr^DiM- j. -* 

? ia Eah'TAcrom-^.-rwXS 149 . 0 | | 435 ^exTSS,. 'iinih z 


*%£ P.O. Box 870 . Hamilton. Bermuda. 

_ Fide lie Am Aas.— SVML 16 

iM Fidelity tat- Fund . SUS 1 R 67 
in Fidelity Pac.PU.— SUS 4 L 03 

4 'S Fidelity WridFd™ 5 US 2 L 46 + 0.02 
■ M Fidelity Star. Kds... — 

■ ? ?fc gttmBftlCHW.. ■ . iM.fl 

2 jB 9 Series D iAhlAss.}] 04 . 1 S 

First VUrfu* Commodity Trusts 

K SL Gwrse-S St-Dodflla^ 1 oJi" “ " 

iM H&G Group# (yNcKz) J. Henry Schroder Wagg ft Co. Ltd.# 

iShroo-QxsTO r WraerHffl, EC 3 H 8 B» gHB 8 ' 4588 - rar.Chtafc^dk'Err 

v, Fdl~' Save ft Prosper International 

1 ; . Dcalinj? in. 

,, 37 Broad SL. St. Hrlicr, Jersey 0534-20591 

_."7 Hal PaHar-d ra— ta aied Funds 

SyXtd. DlrFxdlm— Mar .15 [ 9.44 10 03 ) . | 698 

(KunAOl Internal Or*t... ,|632 663 ) .. | •— 

u 534 20981 par^ern-j. 374 H...I - 

I — MwA Amcncon't .0 42 3701 I — 

risers Sepro"i -P 295 14151 .- .) — 

«» Sterlinx-dnmxninatfd Funds 

•"haanel Capital *-. [2143 225 4 )*OJ| 277 

■ Channel IdanctA. p 4 L 3 148.8 2 - 5 ) 551 

- * — Commodity Mar IB . ill*.* 12 * . ....| - ■ 

) Ltd. SLFxtLlLMar. 16 .-Jmj 129 .il i 10.70 

Prices on ‘Jliarch M ‘’March & "—March JL 
^Weekly Dm)iu£a 

— Sehlesinger InternatiODal Mngt. Ltd. 

1(0 ~ 41 . La M 0 UC St. St. Helicr. Jersey. OKU 73588 . 

Z ball-- .TO n| s.« 

S A.OL. 81 056 ) . .. 465 

_ Gilt Fd. b 4 0 2431-03 1136 

_ Inti. Fd Jersey JlOO 105 ).... 350 

^ lntniFdXxadus.- (982 10 J^+oK| — 

. Sclofodeir -iiffe * Group ' ' 2 ‘ 

.. Ud.. Enterprise Hoo&e. Portsmouth. 0705 77733 

6 Pen. Mat 15 _.f 

CUp. Grow thFntri. 2862 - lOTCheapride. BCSVBDU. 

....) - S^^nriSS^Fa ^*7 Z Solar Managed S._.B 25.4 

F**’E 3 £J,® l SSir— Moa ■ — ~ solar Fid. rm. 5 — 

UlV.Tni fit Fund liM — (Mfjir ffiah ^ 

01-2837500 Property Food. — 79.6 — - 

— 4 ~ So lar Managed P 

- ■I “ M ft G Group? • sajwfttjpero- 

Ee Co. Throe Quays. Tbwer HUI 8 C 3 R 8 BQ 01-620 «M fSffSHStV 

- =. “ld= - 

H ft G Group? 

e phone 81-681 S 6 S 4 

. -Unit* IU 40 31#2 .. .J - SamSxSmPU 

i -3»ty Vnita |53J - 55-9| .. ...| - Sg^MS: 

mmercial I'nioo Group tafTW^dlZ 

tcion's. 1 . 1 'ndcrriuft. EC 3 . 01-2837500 Property Food. — 
.\jj.KVt.HM-. 13 l 5071 | — J — 

— 1 16 92 | — 1 - H ft G Group? 

tfederatihn Life Insurance Co. Throe Quar* Tbww 
-'hanrcTj - 1 auc.WCSA 1 HE. 01^*20382 ftS?S 5 SRr*~ J 
uily FtuuL .— — 0419 149 0 J . ... - EqSitoBSSd^ZZ 

.naced Fund- 174.0 1 K .7 - . {gSS 5 &^S-Z Z 

■ ‘-UBal Pen. Fd_ 693 72.7 — Family - 81 - 86 “ „■ .. 

ibf Pen Fund. 20*3 ■••-■ — Gdi &ood"' 

mr^iwnT 1 ™ luteiuataL Bond**. 

fllcrt 17*1 — Managed R/t-** 

ac ny FVn Fd — 119 .S — ... —■ PmonSv M** 

.Uccirtl In. Pol. 352.4 ...... — fh pw » " 

— 4 — NblHJ chine — 

-—I — Newlasuc 

North American — . 


eU : Property Shares — 

015000471 Shf* 5 < 8 — — — 

| _ 5 tatns Chance 

I L’ntv Energy. , 

The. British Life Office UttL? (a) Dividend.... J - -.., 

Reliance H*e_ Ttmbridxe Wella. KL 08 C 2 22371 V " 11 * 1 i 

ffaSSM ^-184 23 ^ ts SKE&k.— 

in ..See also Sloe k Exchange Dealjn 

5 “ American-— ....-, a 415 443 + 0 - 

tAccum Units) ; 423 45.1 + 0 J 

Amtealadan 405 469 a -OJ 

.fAmim Unltsi-... J * 1.6 94.7 - 6 ! 

rS Commodity— 14 66 . 6 k +0 i 

*■« tAccum. Unita-.— . 661 ■ 717 + 0 .; 

5 -S ComponDd Growth. #33 1803 + 0.1 

2 -" Comers on Gnwth 48.9 526 + 0-1 

Con version Inc. _ _ 54.7 5 B 3 u + 0 ^ 

» Dividend.... lCra .4 1165 +0 i 

227 + (Accum. Unitsi 202.7 2154 -MM 

Til European..... 156 48.1 . 

nhlll Insurance Co. Ltd. 

orohilLECa ' - - I 

— -jnl Feb. 15 . -0135 — I . 

=. «»«:=: 

FamUyBl-a 8 *'-i — 1 

— OQiBonrP** — — 

” Internntnl Bond**. 

• — — MauagcdBrF** — 

7 - Property Bd** 

- Ex.VMdFa.Bd.*J 

. Recovery FdBjL* J 

American Fd. Bd.". 

01 -dW 6410 Japan Fd. Bd-* 

Prices on rMax. 

Sun Alliance Fund Mangmi. JUtL 
Sun Afflance House, Honham. 040364141 

KBaaiwwizj = 

'eb. 15 . —0135 — I- 1 — Prices on rMar. UL *»Mar 

Pt-c.Fcb 15 - -H 65 . Jv.-f r* ‘ ‘ -l-' < ■ 

WvFd-tMvM.OMO- 1675 : .- l ~ . .. MfMC&urt Investors A 
& Ciwpsirce Insarohoe '* .- r l^,NvihStrori.Croydon. 

Z ..Sun AUlnMMLUnlwd LUg.Jwt, I 4 d. &E&SS2 ?"— 
— -Sun Alliance House. Horsham -048964141 J 7 J-’ 

BL Balanced--— — K 3.4 * 64 / 7 558 ra , 

•PWcm' MW hTi^ldealliUL fly'sJrch 22 . " r ^ 6 

— . Brown Shipley & C<k.Ltd.? FmvdS inv.'^ras^ 5*4 

Mngrs; Founders CL. EC 2 01-6008520 jAccum Unitsi..- 65 J 

j 11 geomic Tlrnato (a) ® (Accum. UnlUi- 1543 

— rSSS ?," 1 K -5 55 . 4 * -OJ 438 Japan Income— 132.9 

I ~ General.. (175 15 J 427 (Accum. Uni is i+_— 1331 

Growth Arman. — fel - 443 -+05 - 5.18 itabnnmX~__.Z rt 7.7 

Growth Income — B 4 J 361 -tiU .- US (Accum Vuilsi— 2215 

»&~ Ua . -FOgh Income Ms : 3 Uhi : 681 / 15 X 2 

; 04 W 64141 IXt M 5 19 Ja ..: Iff (Accum, Unit*)— > 245.0 

->04 , — IP de3 i M3 2 JJ ,-vOi 479 . .Recovery. — 73.7 

-OS - — DyOTgas — -- 17 .I + 0 J 360 .. (Arcum rnitsj.™ 745 ' 

— -. Performance — —-STV 55 ^ .+02 437 Second Gen. 15 L 4 

+rt - Rwotcij - OT 6 ZL 9 - 0 J 5 « 1 Accum GnlU'_ 227.8 

ExmpLFrir. 10 1|593 6 L 4 J .... 4 . 9 * SpccmJ . 142.4 

- — . ■ 1 lAccum L’nliS) -( 179 2 

Canada life Unit TsL. Mngrs. Ltd.? specialised Funds 

lid 2 - 6 High 51 . Potters BurHeu P Bar 51 US Trance —12334 

VTltf,— — am. G ot DHL B 55 37 .fl + 02 ) 462 JAccum I'nitsi.. 2 S 4 9 

01-0005400 DaCtan-Accam ( 5*1 W 3 j -;-SL 2 ( 462 Cfcarlbond Mar 14 . ] 

■ ■ •[ - Do. Inc.HliL ...W 0 35 . 7 J — 53 7.69 tSantt Mar. 14 137.8 

♦o y — Da. Inc Accum— .|433 45 J| - 0 .# 7.60 lAccum L'nfisi 167.7 

+031 — Pens. Ex. Mar S>.„. 122.6 

•Sun Al Dance House. Bamham 
■EgttttrTUBd.. ; . ' 7101 7 .1 

Hmtout Investors Assurance?. 

ZSiLvf'ZvaM. mfl-.,,) -- -.SSSXmii 

jtodcr Insurance Co. Ltd. 

Ilia Uoure. Tower PL. EC 3 01-6268031 Prop. Pena 

Prop Mjr. 7 ,_.(67 7 74 . 4 ) | — M m.P ^t.- 

le Star Insnr/Midland Ass. tonv*Wp PensZ- 

. reodRcedle 56 , ET 2 . 0 T-S 881212 Mod. SOt 

rMid.l'cits-WO 30 . 71 -OK 610 

Jty & Law life Ass. Soc. Ud.? Mawn Court. Dortdng, Survey. 


•• j — Managed Ftmd , — f 

Sun ZJfe of Canada (U.K.) JUd. 
l' 3 .-l,Cockspur SL.SW 1 Y 5 BH 01-33054 

MaptoL/.Grth 1 186.4 .)...) — 

. Maple U Mangd. J 132 8 - 

.Maple'Ll. Bata 1262 1 + 03 ) - 

PmnLPnTFd. 1998 j j - 

461 2.99 

49.4 + 0.1 2.99 

*3 3 a +03 8.60 
UL 4 +05 8-60 
136 * + 0.7 252 

479 + 0 i 2 .B 2 

590 +03 552 

.705 + 0.3 5.02 

CmutalAtaxeb 1 *^ 933 .^ --+ 9 ^^) 3 A 3 FAVkJJhLOp.T*M» 8 . 00 ---a« 0 # -^i|~'-l>-'SBwiSZZ'"ZZ:B 54 

y£''iStehiT:.M 5 mi £.S Jw mad sa. traBS£r a : Sg 

H } SSBUBtSrB ffi ::::: IS "T" ! 1 - ® 

437 Europe March 8 _._. 27.4 29.1 1 J 7 Free World Fund Ltd. J. Henry Schrodei 

3 * w^:: Sjj 159 *: ! :::::: IB f a f l l , ^aT ut,0 i rh^S!? 1 a s“f- 

9.47 ‘Rpeel Ex. March 7 - 205.0 2113 . ... 419 NAt Feb . 28 { 511516655 I - I — Chcan 6 Mnr. 17 -. ..) 

832 *RecoreryMar 7 —P 67 J 172 JuJ J 5.48 G.T. Management Ltd. Ldn. Agts. TrafaSgar Feb.SO.J 5 

?S ' °r lax exempt funds only Psj^ Hje.. is FiMhmy Ctrous. London Ed %hS lr ' 20 ,, '!ft 5 

299 Scottish Equitable Fad. Mgrs. Ltd.? Tel: oi-aaaai. tl^muior "‘Eft 

660 38 St. Andmi-sSq- Edinburgh 031-596 0101 C.T. Pacific Fd I 5 US 1 L 26 (+ 0 M — "P- 

8.60 Income Unru .-W 7 B 509 ) | 5.40 Manaaeawnt lutcrariteal Ud. Sentry Assurance 

Accum Unha .- 153.9 , 57 . 4 | 1 5 A 0 c ,'0 Bk. rt Bermuda Frwit SL, HamJtn. Bmda P.O. Box 338 , Hanultoi 

£ Fixed Interest-. . U 4».<5 1493 ) I — + 

SFUed Interest. [1034 109 9 ) | — » 

TManaged —0247 132 M .. ..) — • 

XMaaaced -fiOB .7 115 . 6 | . ...j — - 

J. Henry Schroder Wagg & Co. Ltd; 

130 .CheapEide.ECi 01 - 588 -MI 0 B 

Cheap S Mar. 17 -—| 1056 ).. ) 2 W 

Trafalgar Feb. 38 .. | 5 V S 10752 | ._ | — ! 
AritwFd. Mar. 30 ...(liajW llBI-gjM 349 - 

ItariincFnd SA 171 1821 + 0 . 0 B 5 JO 

Japan Fd Mar S-W-SUS 6 ^ • • -1 016 

Dealing day W educed oj- 

Japan Fd Mar 8 -..)Sl'S 5 S 2 623 ) ... | 0.16 

Sentry Assurance International Ltd.; 

P.O. Box 338 . Hamilton 5 , Bcnuuda l 

Index — 

Drones* i~ 


?rf; z . I £ 2 plK*. wzzf 

2522 411 

100.4 + 0.4 
1643 +03 
1422 -17 
1 * 2.4 -L 7 
190.1 +03 
ms + 0.4 
1625 +fi.B 

263.4 + 1.3 

J3 =8i 

165.4 + 0.9 

+g | 5 . 1 Q Sebag Unit Tot. bbnagers LttL¥ (a) aT um— da iw- Singer ft Fried lander Ldn. Agents - 

+ 1 J III p °B«» 511 BcMb»y i -Hw,EC. 4 . 01-065000 Bk. of Bermuda. Front SL HamJtn., Ginda 28 . Tau non SL. EC 4 012480646 

n neesftAi ,sa# a »«c^3 WT-As K^mrin^TEE 

S Security Selection Ltd-. G.T. Mgt. (Asia) Ltd. Stronghold Managemeot Limited 

5 -S PO BOX 315 , SL Helicr. Jemcy 0534 - 71460 * 

fiessnrun azl is - ; 

Ajl 15 - 19 . Lincoln's tan Fields. WC 2 , 01 - 631 6 B 3&0 1 Hntr bison Hac^ HaroouiLRd. Hone Kong 

m naa»fi&»‘ -cB-ri »w.tsnsrd l, iu%aii a s=wscBr-bw=r^: 

Stewart Unit TsL A&nagero Ltd. <s> G.T. Management (Jersey) Ltd. 

Sarin vest Jersey) Ltd. fx) 

0.4 MB. 
>49 26 ft 

7.8 139 

7.7 170 . 

{Lb 129 

Mfl .71 + 0.8 
26 ft# + 1.4 

“ Cape! (James) Mngt Ltd.? 

Mann Life Management LUL 

-*ham Rood. High WV combe 

ty Fd .-pOSJI 110.7 

rtt» Fd_. -.11026 107.9 

IfqterMtF- Olftf 1165 

Jcnvsit Fd ..,»B 0 103.1 

f Fd. -0054 1109 

(MM 33377 Nutax Eg. Cap. 172.2 75 #-.. 

SfiSWiS 1 ^ 1 :..:. 

Nd«® Mon. Acc . 644 67 . 7 ] 

NelexGthIncAcc_ 44.4 4 * 7 ) 

Ndex Gth mu C xp .. (433 • 46 m. 

. Next sub. day March 25 . 

fkr New Court Property ace under 
BttfcseUM Awl Management 


era! Portfolio Life Ins. C. Ltd.? 

WaR £»i Cr *^' W ; ,CH<m ~ BadtrohlU Assri’ Mroriirment . BrtJtaC 8 n.Pe^:p 75 623 - 53 .-. . ' 

|n| Capitol .:-(u.fc. *j.t| .....j — Penrions Management Ltd. ' 'H - "" Charteriioiise^aphet? - 

' Life r AssI, Soc. Ltd- 48 . GrarechurohSL, ECSPXHH. 01-6234200 m 3 I'T-Z ' LPWero«ffRow.BC 4 . 

Sd«$S:^wkWiHM »Md«SStT^ 5 i - - 1 MK 44 , '‘' : ^ *iiS 5 rtta 5 sZZ :&8 ■ I 

Wjsmv- 5881 r* I z: . ^ “^ h r Ne * Ti.' ^ u* i*- «* i* fj - % 

yMq nd 7 a^gl 5 A 121 - 3 - — I New. Zealand Ins. Cft. (UJCJ Ltd.? 3 BraamBldg&.£C 41 NV. 01-4058401 Accum Unit* 5 ?JZ 3L 

Target Life Assurance Co. Ltd. 
36 U Tareel Home. Gatehouse Hd.. Aytaabu 

— . Bums. AyJorfmrj iOSa 

— Man. Fllnd loc | 94 J 995 )..., 

— Man. Fund Arc 11 L 5 2181 

— - 1072 113.6 

— Prop- Fd. ACC. 132.0 

— Prop-Fdtav. 103.0 

«*ed taL Fd Inc. 109.7 116.0 

. Dep.Fd.Aec.hie_. J 75 1 »« .. . 

Rei-Plxn Ac. Pan... 69 J 75.6 - 0 ? 

IMOW Broad fit, E^NIBQ oi-msoou St- George * Way. Si^eoaga 043856101 Target TsL Mngrs. Ltd-V (aMg) USE^lSZEwR & 

SfSrvi Sfi cro-utu n ^ y « mh.. .1 «<» d^iu^smi p.n 7 — - 

45 . CharlottaSq, Edinburgh. 031-2303371 Ro>*J 1 W- Itac., Colaraheri d St Heller. Jersey vail 

Btawart American Fund aT. AdaSlertli, 8 ...KllA 2 1211 ) .1 L 65 cSSSttow ’ _fc 047 10 63 * 0 fill L . 

Standard Italw.^.BU . 66 JJ . — ] 162 Bank ml Bmumta ifQiMinal Ud Jap Index TM..'. |£ 9 S 5 - - 

Accum t'Uits ( 61.0 648 ) I — 31 - 38 . Le PoIleL Guernsey. 0481-20208 __ ... 

Withdrawal li nits ..K .6 49 J] -| - Berry p»c Side. pSjTo 242 jg| la* Snrinvest Trust Managers Ltd. (x) . 

Stewart Briflah Capital Fond Anchor Gilt Edjje...|a 0.72 1677 l- 0 .(M I 1 B 4 ft. Athol Street, DourU*. VoM. OSH 23814 C 

•Standard 0262 U 67 ] . — | 360 AneborlnJsr.™..|Z 3 Jl 24 ^.. | 3 .D The Sllrer Trust- - 006.0 108 J ) -2 6 ) — - 

Accum. Units ( 143.0 . 154 # . .. I 360 Gartmore Invest. Ltd. Ldn. Agts. Richmond Braid 57 . @ 91 1 20 l 3 -1 lj 1007 

Sun AUianee Fund Mngt Ltd Z sl Mao- axc. L ondon, EC 3 . 01-3833531 nS: Sid oooi ioia -0 Z 

Sun AUlonce Hue.. Horshom. 040304141 Gmxtmere FBnd HnKL OPkr Eartl Lid Do Em.B 7 '(EBd. - U< 2.5 1 B 1 . 6 | . . (1156 

IWKBWlBS^Taied iZ TSBLinit Trust Managers fC.I-.Ud.: 

Taroet Trt H.ns I 6 L 8 I.U.I uiS - V ®ffataIleRd..SLSa;i« , r Jewy 0534 7 SW 4 T 

Prices .00 Mar. la Next dealing April 5 
Cariiol Unit Fd. Mgrs. Ltd.# (aJfc) 

Mayflower Management CUl Ud. . Tarsri Conunodior. 
14 ' 18 Gresham SL, EC 2 V 7 AI'. 03 -6068098 

Mnvm.c-.h 7 i fur a iidm i a ax i 2 r ? e l S 9 U 'H'~ m- 

6251 -oa 

i 29 M ...ri — 

. 119 .# I — 
145.71 -+- 

LSTUOI L-UJI to. mgrs- lulv (aJ«l rocm,* F cb 21 .„.W 7 B 102.94 .. I ft« 

Mllburn Hmaa,NewEastie-upan-lVne 21103 deq«*IFeb. 2 I.— 1*24 . J 544 JSo AtTUmto 
8 ffi=SE:ttS “J :d SS Fuad Managers Ltd. ' 

DO-BUTOlleltUZiMA *L# ._ .) 861 30 . Gre&ham St, EC 2 P 3 EB. 01^004555 TireSlnljZ- 

Do. Aecum Cuba -M 7.9 - 5 Cfl ... J 8.61 Merc.Gcn.Mar.l 5 .- 0 MJ Ut 7 d .... 5 J 0 Do. Heinv. I 

- -■ Aext deaBne date April 5 . Ace. Uf*. Mar. 15 ._. 2 M 1 ZU& 500 TareeLtav. 

Mew. inL Mar 15 . _. 58.7 «#...:.. 191 T*t*H Pr. Mar. 15 

Chariesftouse-ifnihet? ^ Actsu-UtaMareh is wo -- 67.m 191 TgLinc.. 

7 m-uawxw **rC-ExLErt >23 - 205.04 ..... 459 TCLProf, t 

LPrimvorttf ROW.SC 4 . 01 - 3483 K 9 ytcepm-GK Feb- 33 . ^9 24571 459 Coj-ne Growth Fd 

330 ] - 0 .< 
6 22 -DJ 
37.8 + 0 J 

au .... 

Cariiol [630 655 ) _„..) 

Do. Accum Units., 74.9 77.41 I 

Do- HiXb \ 7 eld-^,_ 3 JA 4 L# 

Do- Aecum. Linds - 47.9 - 50 - 4 ] _.J 

- 1 Nest deaBns date April 5 . 

ChartertMmse'Jxph et? 
i. 1*111 ern oat er Row, BC 4 . 
CJ.taterttatl— _-,a 06 
Accum Vnits , 123.8 

. 2 SOl + 0 . 
293 . . 
3573 .. . 

458 S’ftawr LnvCKjwot Bbm. Ud. 
j« P.O Bov 32 . Douglas- loll. OEM 239 

23 ? JulcniaUonal tnc.,|W 7 226 ) . .. .| U 
Do. Growth 153.7 , 57 .j| | 5 < 

3^5 Hambro Pacific Fund MgmL Ltd. 

4.91 Sl 10 - Connaught Centre, Hons Kong 

2.25 Far East Mar. & BHEULM IBM I — 

215 Japan Fond (SL'SiJl fcfel I — 


Feb 2 i ^9 2457 ] ”" 1 | 

::::i U 4 Midland Bank Gronp 
— J ?.« Unit Trust Managers Ltd.? iai 

57 J ;.'... 450 Hambros (Gnernsey) U&J 

|>4 '848 Hambro Fund Mgrs. (C.L) Ltd. 

; P.O. Box OS, Guenuwy 04 ft 

~ Kiwi Kw lav Flap 
/*■£ See; Life Ass. Soe. Ltd:? ■SSS , - 9 GfSiC.~ 

took, Bray-oa-Tbamee, Berks. TB 1 .MSM iSSitatFd^ 

lioPi nance— I £3669 J — J — American Pd. 

.i-tiiStts .1 . 5 i 43 J : - FarEaKFd.. 

-anti Sex Acefll 6.2 IWjj — . GUI Edged Fd 

Super Fd.i) £ 7.9693 | . : -I — - Con. Deposit Fd 

— Maitland House. Sou thoDdSS] 2 JS 0703 82055 ToliplnrejL Fd 

ThUpManed. Pd 

Han- Foiuf Fd- 

. Kon>Pen. Fd. Cap, 
Man. Fen. Fd. Ace.. 

m - 

CJ. Fd ta* 1 W h «4 26 « 

Accum Unit*.-, — , 036 ... - 29.41 

Price March 18 Next deallns uarefa 

base lending rates 

.fc. ; N. Bftnk ; : 81 %'MHill Samuel : 5 6 *% 

Hied Iriaft Banks Ltd. 6 *%' C. Hoare & Co... - * 

iKcri ran “Express Bk.'.- 8 i% Juhan S.. Hodge ...... rf% 

mro’Barjfe 64 % Honskons & Slianshai 6 iJ 

•P BanR Lid. .. 84*5 Industrial Bk. of Scot 

enrv Ansbacher Keyser Ullmann 61 % 

anco de Bilbao 6 J% Knowsley & Co. Ltd. ... 9 % 

ank nf Credit & Cmee. . 8 i% - Lloyds Ban* ; filjjn 

ank of Cyprus 61 % London & European ... S % 

ank of N.S.W 6 i% London Mereantlle 61 % 

•.HKlue-Belse Ltd 6 J% Midland- Bank 81 % 

annue du Rhone 7 % ■ Samuel Montagu 6 i% 

a relays Bank - ■ Morgan Girenfell 61 % 

.irnett Christie Lld.^.. S 4 % National Westminster 6 i% 

remar Holdings Ltd. 7 J% Norwich General Trust 64 % 

j^rRauk or Mid. East fil% p. s. Refstm & Co. ... 63 % 

jpwn Shipley. + 6 *% Rossralnster Accebt’cs 61 % 

iHHda Permanent AFT 61 % Boya i Bk. Canada Trust 6 *% 

ipitol C JrC Fiji.- Ltd. 9 % Schlesineer. Limited ... 61 % 

ivzer Ltd. ;•; « J E. S. Schwab 81 % 

?dar Holdings ......... S % Security Trust Co. Ltd. 7 i% 

inrterhonse Jflphet.^ 63 %;. shenley Trust 91 % 

nouiartoos 6 j% standard Chartered ... 63 % 

^*. 1 liro TVade l>ev. Bank 6 i% 

CwditR.. 63 % Trustee Savimss Bank 6 i% 

, H>peralJve Bank ....... 63 % Twentieth Century Bk. 74 % 

icmihian Secunues... 61 % . united Bank of Kuwait - 64 % 

- jr , on £? , ®,wBfc- 5 Whiteaway Laidlaw ... 7 % 
^Cyprus Popular Bk. . williams & Giya’s...... 63 % 

a f" 5 JE 2 * nc ? K 1 E .. Yorkshire Bank ........ 61 % 

Tri«^r 8 2 of u* AWPtms Hems?* 

ijjtisn Transcont....... s % conunirtec- 

TFt -London Secs - 6 }% • dcMslls sti. i-mfoih debosiiE 

xst Nat. Fin. Corpn., 81 % 

rst Nat. Sees. Ltd. ... S % » f-dsa ttrobdts on roan -of 

ntnnv «ihbc fi«fc “8 “«« ■«! » 10 C 5 - 0 " 3 «'’ 

ntnny- faiow and uwr i 25 J »0 fi- 5 . 

•eyhound Guaranty.. . 6 i% * c«n otmtn am jum v%. 

rindlays Bank + 6 +% i Demand drooxts 4 ^. . 

•jinwws Mahon ...r..... 61 % r . Halt itiw apnUea to steiliiw Had. 
snftrns Bank ; 6 |% . $«*. , 

Trident Ufe Assurance Co. Ud.? Ameri ca n^ 

RwMlad* House. Cloucerter ■ 04S238541 SwmSSSl7WZ : 

saef=--iai sa .::: = a«ss.>, 

77 A® ^S 3 • ■ z ConJOderatton 1 

l-.E. Equity i-’und _ 101.0 107.11 - 0 J — 50 C han cer y Lane. V 

SrSttz: iSi ^ :::; z n “ d — 1 

gSLuac=: aST .® =i : - ■ $£3*2** 

«fc= 32 7 fez:::-z 

teffiftSSEz JSS ‘ ml ■::::: -z iMf i 

PiS.S 3 St?S?: INS 1070 _ 4 Molrfllt Crex-. Edi 

PenxGtdJJop-Acc . lOaO U 0 J — Crescent Growth _ 

ftax-PHy.t£p. 1118 1184 ' — CrwL tateraxFL — 

Pg8.P6.Acc: 115.1 mS - Cro* Hilh. Dirt. 

TnitlBond B .7 577 .... — Cre».R«eoroes -^-1 

*TWt 0 .L-Bond — 10 L 5 — 

Price Much 18 Sfext draUni March 22 - - ~ 

Chieftain Trust Managers Ltd.Vfa)(g) S fcifef™ -’ ‘ 

3 W 31 Queen SLEC 4 R 1 BH 012482832 Do AccunT — 

American^ lb) 2810 2160 ) [ 188 i"™?** 

High Income — . — «-2 4Xa I 986 Dj. Aecum. 

taWtnuUoualTrt— |t*l 225 243 I 3jt7 International. 

Baric Basrcc. T«.TO 3 2534 ' I 4.98 2 £A" U H — -I 

+ 07 -Ctnmwond House, Silver Strcti, Head Targei Baltic :.. . 

Jjg ShcffleiiSI 3 RD. Tel: 074278843 TBrErtTOHle... 

dmuDtxUty&Gen..B 78 62 M +031 5.94 Extra Income Fd 

J 5 a | ju F.O. Box 88 , Guernsey 

" 1 CJ. Fund luf t 1 M 

Target Tst-Mgro. (Scotland) (a)(b) lmniuond svsno 372 m*.f, 
Ift Athol CresceoL Edln.S. (BiJSSfleac ... g-JS?S? 

gaai |g taL -B- !t« It 

Totem T hlxtlc.- — . *7-2] *031 5 .BZ Prtcm on Mar. is v»+i ^.i: 

Ami *^n Jersey Fund. 1481 4541 ..[ 4 JO; 

•- 1 6a * Guernsey Fund .... JC 1 45 . 4 ) .1 A 2 j' 

Prices on Mjrch 15 . Next sub. day March 2 lv 

Tokyo pacific Holdings N.V. . ! 

I 5 CL In turns Hanaftcmcnt.Ca N.V. Curacao. ' - 

L. Ltd. N.W per share March 13 . SE 5 V 1 3 \ » 

1 C Tokyo Pacific Hldgs. (Seaboard) N.V.: 

} — Inttmis Manacemenl C'a N.V.. Curocoo 

— ( — NAV per shore March 13 SUS 34 -UL 

Tyndall Group 

44 . P.O. Bex ESC Hamilton 5 . Bcrarada. M 760 - 

04 ft 1 -28521 Overseas Mar IS 1 K 1 .. . | 800 1 

. _ 400 i Aecum G'nitti pl'SS 1 U| . . — 

830 3 -Way InL Mar. 16 . PV 9 MD 2 UH-Uiy - . 

— ■ Jfg 2 New SL. SL Heller .Jersey . 0534 375313 ■ 

— TDFSLMar Jfl. £655 6 . 95 ) ...T 6 M 

■ “0 tAecum. Shares) ..... UlB.IQ 10 . 75 ) ...J 600 

itaf. E TASriFMnr .18 .Wo BOM I — 

m- iM i Aecum Shares- _ [77 0 803 ).....) — 

lllgh Yield. ...I 

Coofederattou Funds Mgt Ltd.? fa) Sui^‘g^ram ; l"'J 
SOCStaoeeryJLane. WC 3 A- 1 HE - ftl-MS 0282 DoAcenm.'-.. ‘ 
Growth Fbnd- (»2 40 J( . - .{ 4.76 ‘Prices at Feb 

fjg Trades L-eion UnJl Tst. Managers? “TSS" “T*-'! - " gr& ^ *^*>£*n.m* 2 “ri ^80 

3%} ro'Sf f 5 ?** 1 , E mr B 4tJB4 ■J*P MFd -- -|“^2 1872 J . . I - Cil™ TundM^'Is ..'^2 2 h|J: I UA 7 

387 Tfff-Tftar. I — — (ro.II 4BM4 1 587 pnees on Mar 15 . Next deaUne date Mar 22 , lAceum Shares i.. ..|l 41 4 1440 ) . ...( 10 . 47 ; 

651 Tra n satla n tic and Gen. Secs. Co.? Hill -Samuel ft Co. (Guernsey) Ltd. victory Houw. Dwtclas. isle or Maa.OfBMSsaao - 

6 -n oi-MNew^'^l^ ChetairtiordOaMSia] 8 LeFrtere SL, Peter Port Guernaej-. C l. Mana S ed»Iar. 16 ...(127 6 134 4 ) . ...| — ; 

gg ,aSSSMSl"zB *8 lHa amv-r *. .—..IMM lS 7 6)-0 4 ( 350 utd. IntnL MngmnL IC.I.I Ltd. 

a® 22 .w.| . — J 3 jr HUI Samuel Overseas Fund &A. 14 . mu leaser srnwt. si Hcber. Jerocy. : 

Do- Aropra.'- .. -J 988 J 03 . 4 ) .. | 568 

un/um rona — wmi 1 i n ‘Prices aL Feb 28 Next deal! ne March 31 . , ifnm 1 ..H.I . 

K+Mn+H uuin, Sfiztsler Fund IOaa«ors XAd. Curol«r»r. 

M»«m<fponun fobs! Managers. ? r , iA«um. Dn/tsi — 

3 a Pont Street. London SW 1 XSEI. 01-2368528 - U103 0!«3 1^1 pirn. March 14 

Coanopola.Glh.Fd 1189 - - ' MS) | 505 ' KBS®?® “fiS ffil .’ "I lu kK 5 h 3 t»M«f MZ 

Crescent Unit TsC Mgre. Ltd. (s J(g> MIA Dnit Trust MgenmL Ltd. 

4 Hoivillr Crex_ Edinborcb 3. 0314004931 Old Quern Str+rt. SWJH flJG. 01 -S 397333 . lAecum L'nllsi : 

CroWGroSi^O . MLA Units (348 36 6 ) .. ,.| 4 64 VaoTtaMarJ* 

CrwL IntemaFL 695 Sll +flji 0 . 5 a — . l Vane. Tew Mar IB 

SK i Accum. Uni is. i 

B® Barb Euro. FWj 22 . 
tu Ruckm Mar 16 — 
iu ■ i Accum Uiiitai_._. 

5 * r- nlAn+A Mnc 14 - - • 

C oiemco Mnr. 17 - :.-hl 53 
i Accum. Enlist— - AMI 

4 U 1 37r Rt>c Notre- Dame. JUixcmbouia 

17871 - 0.331 - 

14 . Mu leaser Street . Sl Hotter. Jersey. 

1 . 1 . 8 . Fund —I SL'SJOO | | 825 ;- 

United States Tst. IatL Adv. Co. 

Cosmopolitan Fired "Managers. 

3 a Pont Street. London SW 1 XBEI. 01-2368528 - 

Cosnopoln.Glh.Fd J 289 - - ' M 3 ) | 505 ' gS 5 SV*f =8 “SB 

*TrdLG.t:BoiHl — I 1015 1 | — 

•Cash mine for £100 premium. 

Tyndall Asannnce/FenstaasV 
18 Orange Road. Bristol- 0 Z 72 322(1 

5 -wayltar. 18 ., -I 121 J 1 - 4 - 

Cmceut Growth _ 
Croft. InteruFL — 

Croft High. Dirt : 

Ciu Resorvea-— 

Discretionary Unrt Fond Managers 
. 22 . BtomflHd SL . ECXM 7 Ai. 01438448 S 

Disc Income : TUXl 158 A — i 557 

JwayMar. 18 -- - 

, 5 »it 

3 -.woyPcn.MAr Id. 
O'&eaxIiiv.Mar IS. 
Ma.Bn- 3 -W Har t.„ 
Do. Equity Mar 1 .. 
Do. Bond mar. I._ 
Do. Prop Mar. 1 ...,- 

E.- F. Wn Chester Fond ftlngt. Ltd- ' 31 . sl Andre 
(Hd Jewry. EC 2 qi-OOff 2 I 87 . laeprooMro ' 15 - 

Great Vlneberi«r_n 78 MS) I 6 SO 

GLVrtnch'er tfamuJUB 195 ) J 5 80 :»■- - 

^ J ? j? Mutual Unit Trust Managers? fal(g) i Aecum c^iu.i r o n « 

- ; -i “ JSSSS S.H* =4 STff'BKB&i" B 1 
3 SSiK,% S| tfrsl IS KiasK-^Hf * 

01 J 5 ^ Mutual Hifih Yl<t ..( 54.9 59 3 . ..j 896 Tyndall Managers Ud.? 

4 National and Commercial laratiMigc Road. Bristol 

676 International Pacific Inv. Mn^L Ltd. 14 . Rue Aldnnccr. LuvronbAurtr * * 

6 . 76 . P 0 Box R 237 . 38 Pitt Sl, Sydney. An ) VS.Tft.lni Fnd 1 SVS 970 )- 0 J) 6 i 0.97 ■' 

5 A 9 jjtvelln Equity Trt-.istas 19 S( ... | - N« »«rot Mareh I.. 

Mfi JJB.T. Managers (Jersey) Ltd. s - . G - Warburg ft Co. UtL * 

PO Box 1 * 1 . Royal Ta. Hse.. JeraeyOKH 27441 » tiro-ham Suwl K! 01-004555 . 

JmevRitml Trt..p 25 0 133 M . | - S' ^ru^V - 1 ‘ L — ~ " 

6-48 Jardine Fleming ft Cb. Lid. Mm-Eor.FtLMar.isIsi'SUM laaj . ... J _ « 

SS 6 Coonau^hlj Centre. Hruig Kouc Wartmrg Invest. Mngt. Jrsy. UtL - 

9M U j CWUd K F^ S '™ ,Jfl> l5, 

980 JanjineSEA™ 51 S 1 Z 25 l+oi 3 250 SSiH?- Eff S •• RV«S? , 4^3 I - . 

31 . Sl Andrew -■^uaro. Edinbarfth 031^56 BI 5 | .‘^Sm^iDlii? 

?-g Cap Mar 15 - . _ 
t Accum Units' - 

lWOn . 
1836 . 
1224 .. . 
1686 _.. 

~j 980 JwdineSEA. 51 S 1 Z 25 + 0 jfl 250 
JBrdlncFlcm.lnt.t.] SHK 8.94 I . 7 ) — 
NAV Mnr. 15 . 'Equlvnleot SC 583 36 
08723224 ! N ' OTI B,l >- March 31 . 

) 7 <m Kemp-Gee Manag e ment Jersey Ltd. 

429 1. Charing Crass. SL H flier, Jerxey. 0534 73741 

Of F Ltd Feb 23 .. SI-U 137 
i 7 MTLtd.Fch.C 3 . 0262 
MutlsTsi Mar 16 0148 

T^lTMar.O &.R 9 .M 

TMT Ltd. Mar 9 ... . E 9 J 8 

i Accum L’nit**- 

S'S Exempt Feb. 22 _=pS 6 1 U 0 

(Aecum. Units) . ,_|l 45 8 1511 

r Emson ft Dudlcy Tst. MnjpzmL Ud. National Provident Inv. Mngrs. Ltd.? canyngeMar J 5 — . 
— 2 a Arlington SL.SW I ■ 01-4007551 48 Graccchurrh Su EL 3 P 3 HH 014 B 34 »» Mar’lS ' 

439 KjCtup-GeeCatutol. 179.7 
774 Ktnmv Get? Income. |M 8 
7:74 _ 

World Vfide Growth Management? 

1 iOj. Boulevard RujaL Luxembourg 
g 55 Voridwdt- GUi fd) S 12 .W |— OJUf — 

Vanbrugh Ufe Assurance 
41 - 43 Jladdux SL, L*i, WIBSLA. 01400409 
Man*a»dFd „. .,rMOJ 147 . 7 ] -O.l) - 

SidSFd __7 2118 22 Si -04 - 

tatnLTund^. 96.0 w 3 +p - 
nxadfnteirt PA— 170.7 1797 ] -14 - — 

ftwrtyFd. 137.1 14 * 4 ) .. .. — 

CwSBnid Uftft 121 # + 0.1 - 

uu. Ariinaion.a*-. » »» 1 • ■ ui-w <xii +a urxcccnun n - rijrjmi w«E|«w im Kira Mir IS r 

£««»DdfttefTsL.MJ 65 . 6 ) ._. | 540 XJl.Gih.ln Trt ..144 2 474 ] [ 380 iA«um I'nitJcl.-ZC 

lAcCJm UnlLft' --532 56 . 6 ] | 380 Scnti'ao ilxr. BL 

Eqaila 8 $ee& Ud.¥fakg) xn^p+as Tra«... U 8 fl . ..( 340 i.vrum L'nitsi. .!e 

S55KS 19 V - ww ^ -SL- -aL?S. ,st 



„ - 'ynw* on Fch 33 h+rt d+aUne March 30 . , -_j__ w -« r 

65 ^ + 04 | 836 . ‘Pnrrft no Mnreh 15 . Next deoltag April 5 tSprfSIf GiwJtH 
U U.I+UKuak National WestminsterWai Do. Accum .. . » 

Vanbrugh Pensions Limited 
♦M 3 Maddox St. ldn. wie SLA 01 - 4804 S 
Htnagcd— |954 100 ^- 04 ] — 

^tfewMtZZ,'gJ . Z 

P»dBriy.^.ZrZ.p «2 1 S 0 ^ - 

'Guaranteed m Ids. Rate Rue*' table. 

Equity & Law Cn. Tr..M.? taMbxe) " re ” 

Aioersbxin Rd. Hlfib Wj-comhe 0 «H 33377 *13 

W 0 _ 642.11 +021 4.47 MJ . -B j) TM 

Frantlingtou Unit JUgL Ltd. (a) clSwthin v.;.'."-!.!.. Mf ' »9 IM 

TsS.-IZzfiS* 2J3 K* ssil+oil 172 

awrthFd. — J 94 . 8 - ms .|"ig NEL Trust Manager® Ltd.? (aj(g) 

“■»** 2 u 2 JJ x ~- 4 ■Lfifrnn f’rbnrf fHirfctnp fliirmu =gxi * 

01-4094023 InL Growth Fd. .— ( 94.0 -• U 80 f . 

-041 _ Do. Ace am J 982 1012 — J 257 

3 ft U -04 1054 
429-04 1034 
17-21 . . *62 

20 -|j .. .. 462 
- 839 
2973 + 0.4 -465 
— .. S 55 

Universal Fdjdf.. .. | 

Friends’ ProvdL Unit Tr. Mgrs.? 
Ptxfaam End, Dortine. ' 03 M 60 S 5 

FricndiPKic.Us_.WJ 42 S ] 450 

Do. Accum P 89 54 ? *50 

SEL Trust Managers Ltd.? (aj(g) 
atilioD Court. Portdns. Sumy. jsi 1 

’ xrtrtS'Hieh "tac 7 .‘.:^i [ 13 a 

For New Ctrort Ftmdl Managers Ltd. 

J 50 ace RoUtechdd Asset Management 

I Welficre Insurance Co. U<L? 

IheCoafcTolkrrtona.IfeiiL. 030387^3 

*oocyffloicrFiL_l 977 (...{■— ; 

G.T. Unit Manager® Ltd.? 
M. nsshpryrueilxECSdTDD 

noicno, KrtraliM. Growth 

ftixSi JotT 4 M D"- Aroum. 

Hn S? 5 H FtoanctalPr’iiy 
Do. Actum..... 

£3 atJ f'S High Ine Priority 

7 ^^ IS Special Siui , . 

554 l *94 172 TSB Unit Tra^s (y) 

Id.? (aj(g) 21 . rhaotn- Wap. Andover. Hants. 82 MSB 1 B 8 

ail Deahnjs 10 0384 S 343&5 

«11 t f«V ibWSBGeoerol — 417 44 7 ]- - 0 JS - 3 J 85 

97 «i"— | in th(Do. Aecum 52.9 56 .H ^02 -385 

I 7 xt ( 44 * lb , TSBJnnuno. - 57 5 60 - 0 J 745 

inagers Ltd. ibi po. Accum _ SSi hi# -oj 7.25 

taaagemeni TSBSeotiiKh 736 . 784 ) + 0.4 . 2.73 

- ibi Do Amim. 782 M 2 j +0 J 2 . 7 S 

1 IS Prices do n« inriude J premium. e\n>pt ubcnMndlraii'd +. abd an- In penre unlcvsniberwise* 

m3 ' "'I- ana jnojcatcd Held* “o ishou-n in laM column 1 allow for all liuylnc npensns a nifemf pneex .- 

)■ Include all CMWORTO b To-dm's prices e Yield baweri on offer pnw tf Eidimoicd c Ti>dav's. 

-i. * opemBaprtrc.n niftnbutloo frccoff .8 ta\o» p »no« 1 ie premium insuranrcplans s SieeI* 
%3\ “ 0-2 6-31 premram mwirance 1 Offered pnrr include* all ripnun excopt agefll* commission. -• 
■J-JI - 04 ] 651 y nUerad pnee Includes all expenses tf boughr throogfr manaccra. 1 Prcnoui day 1 * price. • 
U -041 1054 ? J»ei 0 * la< on TWHixed capital aainx unlcu indicated by 4 9 Guernsey czon. p Suspended 
" ♦ ' ieM before Jer^fi tat f Ea-subaulstno. 

yjeJar-Ftana— — 583 1 

Fur=! :: wui .-fti. - 17.0 

ta£Ei&'- .ok 

hi w Norwich Union Ittsumce Group (b) , 

Z* v «. P o BOX4 Norwich. NHI 3NC OSBJfflSOO <al 

D —« OWBBBtaf GmbpTh Fd --( 3135 - JZlBrf - 0 J| 523 Wan n® Street. Eellosl DS 333 S 23 I 

« -- IS mtiuuxbuJw “• 

&Us JssHicb Koiborn. WTIV 7 E 8 01 - 40 SW 41 ^ D,t Trust Account & MgmL Ltd. 

iH I — f-jSj Pearl Growth Fd- |gL 7 . 23 «....( 6 Z 1 Kin® William « EC 4 B FAR 014334 M 1 

B 57 4 J 3 Aecum Lllits TO.O . 26 #--.. 6 21 friars « (C FJi Dd _ OS 7 _B • JUB 0 ) + 80 ] -. 4.69 

Wjtdftw Li/o Absue.'. Co. Lid. ■ . IHS3SK= if tM H || M E II . 

- Wft «&£:'*- tomt «*'&>' - Pdican Units Admin. Ltd. (gbxi ' S^umScmSw 

SS! 5 raSB^i: QsV :,r -Z S.RwJ^Sh atvBrt^wood jmsisasan 8I Foanialn SU MancbMter 0 W- 3 MMB 5 tawmCwiSi S.7 

FJ axftav. lAwvh -jbn. 4 . . 2 OS. 9 ) JZl , ,. ^ 4 .p 04 3 U|- 1 ) MJtt pehern Units. P 7 JI -Q 4 ) £28 AcatBLL'rrTTS-'.o.' fg>_ - 

7,67 Wider Crth.FHd.~t 
521 Do Ararat — ( 


1 Royal Exchange Ave., London EC3V 3UJ. Tel.: 01-3SS 110L 
Index Guide as at 7th Mardu 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 135.61 

Clive Fixed Interest Income ; 122.63 • 

CORAL INDEX: Close 436461 


t Property Growth 7*% 

t Vanbrugh Guaranteed. 7.12% 

* AtWSWi eho^Ti twJi-T iHSuranci* ant) Property Bond Tabic. 


Financial Times Tuesday March 2t 19*8 ‘ 

TT/vrci C rimtinni^ 



HOTELS-Uontinned * 

sack i w« M S foJS 

m+5m\ • Stock Ww ‘ 1 « Cr 

109 I 62 lUnriSW-Mgr JK -I* 1 ISz U 

•8 N bsKS- s-dapi 

High Lew 

contact- B. D. Kay 


Circus Housb. Now England Road. 
Bnghtan BN! 4GX Tel: (QZ73I 66700 
Birmingham. Cardiff. Loads. 

Condon. MtmMKW. 


I . I* arl ^Idd 

Sock | C | - I loL 1 Kci 

AMERICANS— Continued 



fiST'S* j. Seek 1 Ktf ]*-"! S lcvr|™l qE | V&" 2* 1 - Sl«k Lw« l + -i 5 W® 

hSTSc) Sock | r | + -"| Gnw |ctr]cA hSPlUI Sock | Price l*’-*'! |rniir2|j9E H$r2* ]. Seek j IH» I*-" Si ictr|Ss|qE H-Sf'S* S lode Mre + -*| Nrt IcNrlGr'jiwE 1 ?7i 3 

& s SffiSS- A. it EB = % 3 & *»£*• 8 « III 8 8 8 1 SS^r| & ::::: ft JfiffiS glgBCSac *■ SB f| ?| & 

28* 16% GATS „ lTfarf ...T. S25Q - 8.1 64 48 Ctonra-. 45 .... . } fi} 171? 5 61159 75 iMurKc*-- 123 -1 *5.3 25 6 5 9.1 119 56 Hlwtttt)..™. 94 *4.8 .f-f 77 *4 30% 

SJ* 295, !>a.nmS2i;__ 35% +b S2J0 - 33 132 54 lenflnR-vdctiae 131 -1 4.94 $ 5.9 t «9 183 & l mu-rsl _ J 292 ,2 *7.43 3.1 3.912.7 108 50 Ett CtdGblh- 78 *2.66 5.7 5.2 *■ 290 

25% 151* GiU«HcSl„-. — 20SjXd+5# SL50 - 4.1 38 13 romhen!Jp.1Qp -28 tl.47 12 80 69 347 176 Ha AOrf ! 282 *743 3.14.0123 107 53 Eralmtaflt ntt^ . 88 t«8 M U Si 

«i 28 HoueweUS]5Q.„, 33%5 +U SL9Q - 3.2 334 132 CfeuhilL 250 - _... t3 46 9 5 21 7.6-46% -18 lire '£!!«!,■ ‘.rip ^rf 175 3 5 5.B i5Ji 78% 55 Expanded MrtiL 56 -1 368 ♦ * 

93Sp 75Qp Hutton E.F. 876p +31 SCAB - 4.4 41 9 roimutiidrSp . 36 ...;_ dl 19 19 50 117- 52 29 Han6.F)rrej._ 27 0.2 — 11 ~ 125 109 Rww&p- H! ■ tl b7.59 2J 9.7 W 

251 171 LMLGrilS— 182al +2 >b S1J-52 - 3.1 70 43 CnMJeylHds ... 62 419 0.9 10 J 17? 44 23 to .VXV-_. .25 02 — 12 — 23 6 ftnsdwUreSOO - 8- — r, " 7, 

■*% 34 IWO»Il-RS2 38%«l +% 0-00 - 4.4 99 22 Crouch iD. 20?. . 88d 3 94 * 68 * 19 7%- Helene Lor. »Op 16 *% 062 5.1 .5.9 45.56 22 nrtiODIh. -25- ±4.03 C.f 

113 40 Prince irfffrfl'T— *3* 

> « ? WIi 1 5®*a 1 P* musmmi-Kx: wji + 

loLI RnL 23% tt0phntS*lt«fctt4.Si 15% + 
( lib 705p L l\ IntenatiooBlU 849p +: 

25c — | 0.91 73 I 23 kSwich Group - 68 l+I [td274 25 6.3 97 170 I0t» l» i2pci."c:.fti 156 

90« - 60(105 1 35 ]Dou£1a* R obe. U 84d ... ,}tdh3U 5 4 5i 50 87 37 Hrrdcrurc. K. 2D? 70 

i2*mmi:g-| 82 41% nnidrswaop— 77 l+iljsa.. 2-g if 1 1?| 

“Shorts " iLives nn to Five Years) 33 ? m KauerALSj.— . Z 2 %«i +% swo — 4.0250 103 D'wnmeGRsop 205 ^ -: 

I07uIt 1 ■ -imV. . 116*1 cm 3<fS > » MaaL Han. 155750 23W +b SL92 - 4.6 80 25 Senna Up.... 53 ' 

&®»“ r yMta«T || S. 101A -A 1035 5.M 45 26% Mo«an 1 JPl 0SSB3 30%U +'« S2.20 - 4.0 97 64 EUisiE-.eran! . 79 

90ii Esch 5pc TB-7WT Weal .. . 5.03 596 lv u Stotaa B »iw 1 a. 13%..... 76c - 3.2 80 50 Erth. T9 


rive I ears 1 a,J » Muerata*»— . +>2 UM — n.ujou ius uwnmenitajp zuss 

' *V, 34% 20 HaaLHta.USS7.5Q 23%Bl +% SL92 - 4.6} 80 25 Senna Up.... 53 

lwliil-.V 1055 I a. 00 £0 Unnwn 1 JP 1 nfififl !» mm ^ 1 . _ 14(11 07 A4 P 1 l:< t r.^r.rrl To 

1 ^’ on>j JE3" A1 2m !'« 69 26% HotsanUPJOSSla 

2® 1 ! 224 | s,;h ■■ ■ ,5-2 it% u iMmsiM 

107 952 Treasury 1 fljpcTSit- IO 9 I 4 .. 1103 6.87 25 13 U ms . I 

E? WU Trea.m^^tt ... %%«• 310 If ^ 

W* 85% necinc^pf 97%ri 435 590 22b 14i 2 Reliance 3025 

lM +% faSljW - 46 26 7 FFACons ii . 23 

206tt 92 h'nMsnrrM'iPtTBSi- 103” . .10.10 

47% j 84% (Qecmc Sjpc 7679... 96% -% 3.63 

10? I 87% TrewurrPpc W8UJt_. 101*1 - - 8.83 

V?“ ,2-fi i iv} naumceJUB 

2?J5 , IH Z5U 16% Rep X.Y.Gocp.S5. 

_ ‘f 3 £3 5S 16% 10% Remordfi 

*}» I® IS 22 14% Rididsn.-Mirll S1U 

16% -% 51D4 — 3.6 78 37 FairclouRh Coni 70 !!!'.!. iay * 55 4> 21 b hJHttT Mil! IQp — 18 — — 

22%n +% 15c — — 23 9% FfMniUOp— 23 ....„ Ml 95 L7 10.5 8 8 54 29 Ladre« Fnde20p 54 -*-4 2J2 * 

24jd -l a SIM _ 2.6 23 11 Do. A lOp 20 ...,. tdl.59 17121 7J 37 29% LeeCoopc; 115 thl65 9.8 

+% 80c 3.7 44% V Fed. Land* 8H. «i, ^2 *203 1.7 6.9 J2.8 £20% 450 ■ LibMy £20% t29.75 8.7 2 2 7.9 60 2B Green bank 10p_ 53. -1 fdhLS: 

+% 90c - 29 32 12 FinludofcniWp.. 23 _ _ - - £20% 425 to Src. VaaaRrw £2W 2 t29 75 8.7 22 7.9 92 65 Greens Eeon._ -75 - +1 ->.30 

-f - _ _ 15 4 Francis Pkr IDp. 14 _ _ - _ 60 30 LlwreHK.3to... 543j -.3 49 3.9 9.7 3.0 369 260 GJLN.E1 — 278 -1 fl5.5f 

+% hS3-M - 3.9 47 28 Fraacif iCR.»P- 44‘- aw _ d3.5« 1-6 1^-2 7.8 73 15% WlrunutoreWp. 73 +1 bfdi.98 2J 4J 126 35 21 BStat ftecfcOB jp .35 d20 

60c - 24 36 13 FVwich Ker. 31 {1.5 27 7 3 76 17 5 -Hapiel^ 15%+% - - - - 110 71 , Baku Carrier- .« 7.91 

+% S112 - 2.4 66% 31 GaLiiordEr 5 p . 53%xrf ..._ 3 07 2 8 8 7 6.2 173 % Marti* Spencer 146 ..— 3.86 21 4.0 17.6 99 62% HaUEnaSQp_ 97 +2 4.43 

l+% SUB0 - 3.9 28 14% GibkDd/AIOp 25 la 2210.7 6 6 244 98% Mania News. 241 66 4J 4.2 5 7 206 961; BBUMiiW— 374 rt44 

+% 5200 - 5J 54 19 Ow*n.S£j.. »p - 41 1.84 35 6S 6J315 102 Henries J 31S ...... 14 26 56 2113.2 144 92 HallittSOp 1* ...... fS.8 

- 10% — F7.6 67 34 GlossopW.iJ. . 53 t349 24 10.0 62 11 6 lEchael (J< 10p .. 11 ...... - - - — 13 5% Ram tw m — — :12a! fdM.H 

+24 - - - 84 37 ffgb Cooper 30p 78 528 1410.3107 90 70 Mut Ednist.9^. 88 M.24 25 73 83 28 - 16 ffiutleMadif.^ 25 18 

+% 52 — 5X 44% 26% H. AT. Grp lOp.- 35 ...... 0.95 3.1 8.4 4.6 54 35 t!wH» MaJscTb 42 437 L0 15.1 9.9 214 113 KawterSW—^ 199 ' +2 t3.72 

+% 5130 — 2.6 66 17 Hamsun J 10p. 57 W254 4.8 6.7 47 210 101% HflUweare Up. 160 tb2.66 3.6 15 16.7 43% 27 HUi&SnriA..-. 43% dZ19 

+% 80c — 4.3 30 20 Helical Bar . _ 23- ^2.03 12 i 99 117 48 SSSXeutOp „ WT 2-12 5J 3j0 9.7 106 52 HopHoannaSBp, . 78 t46 

JXf e 11 - 11 - — ■‘X44* oi; XtT ■» m un.ieen.wsa — zovm -**. wjw — fafa 

Mgb sr**®^**?— 2?^ “i 43% 17% CASteelSl 1953+% S1.60 - 43 142 

«Sl ““ ,1'S VS. 22 Ufa WnolwoiiiuSBj — 14«d+% SL40 — 5.6 60 

UgAU KOrewmc^. 4-S 52b 28% XenaCmp SI — 3%*l +% 52.00 _ 3.5 £23 

96% 95% Treu \ anao r TCtf .. 95K .... 6.57 743 13 C 38Sn Xonlralnc. 10 e_ 475c 7'^C — 0.9 74 

jw& wh-fc 8.60 9« 7»p Zapata Ccep^Z S5 +% - 13 96 

M? ??b &ck?%pc_l« 98% jd -% 936 9K - - onsn ^ 70 

OUC - 44 36 13 French luer. 31 {1.5 2.7 73 76 1/ 5 • Haplellfp 

+% $102 - 2.4 66% 31 GaUiiordBrap . 53%*) ... K . 3 07 2 8 8 7 6.2 173 96 Marti* Spencer 

l+% 5130 - 3.9 28 14% &W»Ddr.Ainp 25 Ih5 2210.7 66 244 98J 2 Mania .N ctts 

+% 52.00 - 53 54 19 dcfton.tfJ, »p . 41 1.84 35 bS 63 315 102 Henries J > 

<uiz.b Xt 21 naan mown ap 30 diu 9, F a -ir ™ 298 *3 1436 Zi TJ **:... 

- - 110 71 Haden Carrier-. 92 7.91 1.713.0 6 9 298 208 Anal UrtiiEK +* *2^ 39 7 •«< 

4 0176 99 62% HaUEn£.S0p 97 +2 4 43 * 7.1 85 52 .VnL Aft .teuton.- 3t ■.»*■ Jim la gw *!?.%' 

ill i S sSe £ & Is y » I # S 3- 1 ■ - ® ? 1 : 

>J U 3 . SSSs£=: r :::::: C* IS ± id} & £ SfflEg. $ f,f U ?j d- 

m an iu si* uambM-Sid • ran - ^ rt77 ns? 3.0 9 7 205 . 4 AiooKubbcTU. 1J+ +* Sa I. .»■ 

i-S113% 865p rreiUHiaerieaSl— 30%+% Wc — 4.3 30 20 Helical gar. ^ 23- 1*2.03 A2 ^9 9 117 48 HSSXewUp - HIT 232 5J 

BABipeMBW.— 1OTS-A 1164 j 34 ) 21% UW. jKh.SIJS3~ 2^*3 -% SZOO - 92 66 47 Hendsn.-.VlDp. 99 3 3 10 J 4.6 86 44 OwnO*ffl„._ 78 ...... t2.6 3 J 

5S’ ??> IJSSSfiKS— 2 S2 1 CAtodSL— MW+% 5-60 - 45UZ 88 HepderwaillT.l.. 140- ...J 734 23 si 8.1 2fii 2 16 Raredi^iB 1 lOp. 20 iUI7 - 

3 JO 9.7 106 52 HopkiusanaSBg- 

5.7 7.0 53 27 HtmiedMachr— 

S - 70 38 HwdmGomw 

' 10 — 30 15 HuntUasaop5p 

.4 0 297 68 % 42 L9LI : 

%\i %% Exch. Skpc 198M 

87% 1 81 Eich3pcB 

_ > 9 63 I S-E. List Premium 42V^ (based on SUS1.90S* per 

M«d +% SL40 - 5^ 60 18 Hewlen Si lOp - 531; gl.20 4 0 3.710.0 36J; 11 ItaalVLU. 36% -r 2 0JS - .10 - 30 15 HuntMoscrop5p 2W; *0.7 3.9 41 9.6 *168 93% W>W'U- ^ " “ -_T Z * 

ZH*4 +h 52 .M — 3.5 £230 £80 Do.TbcConv— £220 yp»i MB4l 13.2 - 43 18' Pttm Stores IQp 38 +2 dl.M 13 .4.0 297 68% 42 LSLI 60d 3.29 2-S f-3 7 0 3B 14 ButttiK - - • qaic If 8.3 <1 

TOP +» 7%c - 0.9 74 26 eenriffaMp. 74 ....!. _ _| 11% 3 PdUv Pwk Wp _ 9% - - - 19.1 IP 13 Jackin JMBSp. 26% ...- d0.41 i2 52 5.6 208 144 HarlwRdEltfc, gj 44 M « 

2%U +% s30c — 13 96 35 HigcstHUL— 79 f 3 12 b6J 6.0 14 ‘St - 30% PreedyiAKnS... 83 t!85 52 55128 83 28 leaks It CatteiE; 83 hL16 1 M 73 37 BarrAW .VT. A g * ■ jS * i 

ed on SUSU05P per £ TO 27 Horetmekam— *9 -1 tL89 3 ^4.211.0 15 5% RamarTesLap.. 15 0.63 4 8 6 4(35) 65% 46% loJuaw* Firth. .62 {4.69 ?S4SiVL‘,S2 67 +'i” 3J 43 73 3.1 

64 20 DaRciVlfi— 62 -1 n8«i 3 A 4.6 9.9 112 17% RatnerslOpjL 88 tbO-5812.6 1.0 9 0 -87 42 Runs Croup 10p. fl7 Q5.0 19 5.8 U5 103 ^2 +5 SJL6 * 55 «T< 

114% | 951; iTreasmy 12pc IS83Jt-l 109% |-J. 111.00 | 9 65 

Conversion factor 0.700T (0.7095) 

101% 95% 

9 51; 72% 
100-t 77% 

87% 66% 

94 68% 

747, 44% 

. 76% 53% 
121% 90 
‘94% 67% 

112 86% 

7b% 53% Fur 
118 86% Trr 

%b 88> 4 Tre 
113 89% Exc 

Five to Fifteen Years 

* 99% -% 943 9 72 

87% -% 6.33 839 

95% -% 9.09 9.65 

85% -% 7.81 9.26 

87% -% 9.61 1032 UTf-TI 

65%-% 4.60 8 03 

69%*d -% 713 9.27 I1D , 

llT 1LB U-47 #r MS 


64 ZD Do.Hcs.Vie.__ 62 -1 *189 331 4.b 9.9 LU 17% RatnerslOp 88 rnuJX) 1 Z .6 i.u vo -87 42 woes u roup • up. -9T ysu +2 1U3 n.SVi 1 U +5 536 

33 19 Howard Shut lOp 26 rL56 3.ffl 9J 4.4 71 36 Robert H»P 68 % t3.Q3 2.1 6.7 10.6 126 64 Jones Shipman- 112 H 8 B 10 6.6 7.7 192 67 Beaison Clart gfto 9j 

117 75 I.UC.20p US .. .. dB98 0.7^11.817.4 37 23 RemficutS) 3T *144 32 7.0 6.8 96% 44 Lain! Groan 79- +2.67 4.0 5.1 SJ nW 372 Bcecham— o 22 +Z yam zj 

164 73 Ibstock Johnson. 142 +1 6.14 * 6.7 d 98 32 HcedAndn-A- 72 -Z *16 3.7 55 7.5 65 43 L 3 ketni) 5 _„ 53 -1 3.51 J-4 !0.9 IflJ 151 , }1% BrUarCotUp. 3 Q 

139 66 Inu Timber 113 ... : . *629 28 8 « 6 3 27 13 BiviiniJIiiS.iOp. J4! a *U9 08 *®7) 76 28 LaneiFmjUOp. 51 +2 tZ96 3.4 g-f |8 31 16% BrtUWL-.- g - ££ 

69 27 J.B.HoldinfsSp. 53 +2 mO. 57 117 2.3 4.6 131; .4 BKfllllap .11% - - — - 24% 15% LeeiAithurt 13; 22% L45 J -9 9.8 &0 62 31 BoWowte -— f, 

45 22 J.C.EG 24 *151 H i 8 J 20 81; S*T Stores I3a» 36 . .. . - - - — 64 46 LffsFoondries. 6 fl +1 43 17 10.9 "14 57 43J; Benue kTimpO- » 

197 96 Tarns 1 J i_ - 168n! .... *8 68 2.3 7 8 6.0 22 8 % Ifa 25%PL 13%p 16 -% - - — - 37 18 Unread .30 - d2.0 —101 ♦ 164 122 gffltobdJ— — 1* 2 ^7^ 

W 27 J.B.HoIdJwsap. 53 +Z mO. 1 57 117 2.3 4.6 .4 KtfSIHap . -U.% — — — — 24% usiAmmnpj o }« »; « « “‘"TT'S- ■ K *272 1' 

45 22 J.C.EG 24 *151 t 83 20 81; S*T Stores I3rp 36 .... - - - — 64 46 UsyaFoondries-l 60 +1 43 17 10.9 "14 57 43J; Benue kTimpO- » %" SjS £■ 

197 96 TarvisiJ i_ - 168n! .... *860 2.3 7 8 6.0 22 81? DetENKlS^p 16 -% 37 IS Unread f 30 d2.0 —101 ♦ i64 122 Batobdl— — 1* 2 

114 70 Jennings SAO 50. % tQffle - 1 * — 273 111 SanmelfHi-A^. 2A5 t7.61 2.9 4.7112 78% 64 bojrdlTR.1^ } 70 ‘ 14.82 2.410.4 62 86 60 Biddle ffldoi.- 79 ffljJE -fc 

U5 36 pohnsre-Richards 1M ; +1 4J?163 6l!_?2jlL4 28 U% 23% -% B122 «J| 7.s| .4.8 ^%.[pa [LSkwiTJ5p__| IS/ *0.78 3.1 |0 6.1 56 26 MjHWWd&B.. g ' “PguSI E 

Mu# • . 

75 , 

so trl , 

AS 115 \... 

ii 5X\ • 
62 52 ^ 
8 J 52 ? (' 

100 atii 

]+ *H DfT. I |V!d U5 36 Johnsno-Rirtards U4. +1 +hl&3 6.1 23114 28 10% SeHmsmtSp— . 23 

£ | - I GN« (Cnlci’s 17. 8 Ionestdwd-Wp 13% 052 I 1810.4} 821 U 3 Shennan (Si lEp . 10 

45 | 21 |SentiH.P.'lDp— | 44 

206 LSj 7. 11119 1168 67 

Tr? un *13 10% [Bk-MoitrealSZ- , 12i +A SL06 - 4 0 £301; £1B% Labile SAFIOO £26 +2 Q1375’i 3.5J 7.7 3 7 140 65 Stadry A.-C 5p - 110 . ... M5 3 1' 

86% 12 1053 W* BtSaraScrtto* 1 - ; 32% +>, 92c - 3.4 171 69 WagUahn.-A’ 127 feflo 4.6^ 34.M 146 38 SatmDiSKlfip. 145 4.06 « 

10^x -i 1163 1159 2S* 30% BeO CaantoSc— 3»j»d ._... 542 - 5.6 135 84 LahamiJt£l - 313 tb6.72 2fH 9.^65 16- 9 - Stanh«E IOp„ .14% d0.87 1 

69%m lZ 826 997 JJb towVallejfl ,17 +% 10c - 0 J Ba 53 LawrenceiW.i— 97 6J 2.3l0.3 72 28 12 SdmrieKp 23 127 L 

%!? il-yi «3 10p Bnusoofl 10%p +% SLOT — 0.0 86 42 LeecbiWm.i2l)P- 74 5.08 A lfl.fl * 128 39 TwePmJL Wp- U5 +2 *152 8.' 

tocwitbp" 23%-% 6122 43 7.8 4.8 16% 8% [Locker iT)5p — 

(tnmiiSi lOp . 10 — — — 1 — 15 1 8% [ Da'A'Sp. 

ihff.KWsBp 150 -1 hl98 4.4 2.IH17.6 82 I 44 UBdoo tMidl'd 

B%p +% SLOT — 0.0 86 42 LeechiWm.ia)p. 74 ._... 5.08 A 10.41 ♦ (128 39 TimePnxli Mp- U5 +2 *152 17^^0(17(15 

17?,-% 5144 — 3.9 69 - 28 Levland Paint _ 59 3.3 * 8 5 4> 99 53 CDSGnmp— W ...... 4.87 1 - 

Ufa +i 97c - 4.0-89 34 LillejFJ.C 67 -1 n25 41 5 7 65 32 17 Uptoa.O'A’ — 30 228 0. 

37 «% — 10.8 86 40 London Brick _ 65 +%- *2.93 2.6 6 8 7.4 132 77 Vanwna20p 115 al 505 * 

17^+% SL06 - 2.8 90 43 LoreJJiVJ.l 76 3.89 3 9 7.8 06) 76 27 Vera® Fast. 18p_ 76 +2 *2.79 2L 

Over Fifteen Years 
10714 -b 
66 % -% 
117% -h 
118% -% 

^ -i 

87 — % 
103% -% 
49% -% 
90% -% 
111 -? 
8314 -b 
128% -b 

114% -% 

47% al -% 
U2% -% 
2?b -b 
69 -% 

93 -% 
401; -% 
73%nl -% 

W‘ :i 

2.017.6 82 44 Utodoo IMidTd 77% ..._. {4.76 2.7 9.4 6.. 

7512.6 95 48 HbffoMiag - SS *3.92 3.7 6.2 6. 

42 * 101 13 HangmBronze- 82. 188 95 3-5 3. 

9.1 92 160 91 aurtcnralrSQp— 136 - ...... 5.34 14 6.0 9. 

8.4 15.0 96 58 McKechnle Ban. 89;. : 4 95 3.7 85 4. 

:rS.l8 31 8 0 6.1 56 26 46 . S5 

*0.78 3.1 81 6.0 45 24 BillamiJJlOa— 42 ..... TZ.% 1* 

{4 76 2.7 9.4 6.1 35 10 E luck Arrow 50p. 35- +1 JS?-, H 

*3 92 3.7 6.2 6.7 123 67 Black EdKtn Wp 1M +2 IMB 19 

rr,* v- — “•» 86 4U London Brick— 65 + 1 ^ 12.93 3.0 6 B 7.4 UZ H 

m 16% 17% +% 5106 - ZS 90 43 LweJJ-VJ.l 76 3.89 3 9 7.8(16) 76 27 

430p 315p Hawker SidCanJ . 400p +10 40c — 4.7 55 32 McNeill Group - 43 ->-3 *2.89 — * _ 42 27 

» 1 ££ HoUinger 58 +% 52-06 — 4-? 216 11D MjenelASthns- 180 +3 *8.1? 25 6.8 9.1 103 32 (WaIkeriJas.i. 

13A 935p Hodton sBayB. — 12% -£ 69c - 2.6 55% 28% MaMnson Denny 44% * 2.54 3 3 8.6 53 102 31 DaJLV 

5160 - 27 94 36 UnndasiHMgp-. 93 +1 *231 3.3 3 8 123 60 33 kaOisMp- 

65( 4 92 28 

53 94 66 24% 

Unlns Sup 10p_ 

Z 11 slfl 3.g 8.7 244 115 Soots. - -I - +? 

*142 6.9j 3.sJ 5.0 £271; £17 Bffltr-W. IISK150. Of* +% 

33% 21% ifud R.OilG.SS; 28% 

18% 11 % Imperial 'KU - 12 % 

28% 945p Into— U% 

1*13 B75p 585p InL NaL Gas SI 695p 1-5 I Wcl-l 5.41101 74 

1 L 74 18% 610p HasseyFtaa 670p{ - - - S 6 47 

sn 27b 20% Pacific PeL 51 »%(+% 86.4c - 1.6 31 18 

11 M 70p 32p Place GaaSl 54p 1 

uIm 24 15 HioAJfOsi 17?, 

nffl 22 14ft Royal Ik. Can- 52. „ 18H 

itS 19% 13% 17 

16% 955p Tor. Dom. Bt J! llfi 

A"a SfZ 40 *2.01 3.d 73 53 27% 10 IMoleiMiSQp 24 "Z 037 4.M 2.« 9.7 223 160 Bowaiertl . 1W 

Uas.1 80 g232 4.| 4.S 631132% 94 Molins (104 6.6 2.1} 9« 7.0 90 60 BnhJ-LfjhelOp jg +1 

78 +1 K232 45) 45) 631 74 45 MiosSn^g. 
52 ^2 251 4 . 4 } 73j 4.7 45 30i; Neepsend- 

68 4.16 

9.3) 72 75 58 Brodylnds. 

g turn HAS' 

2»% 5L60 — 2.7 96 36 Handers 'HW)!i- 93 +1 *231 3.3 3 BIT23 60 33 WaflisMp 52 -^2 251 4.« 73^ 4.7 45 301; Neepsend 44- *2.W 

32% ._... 86.4c — 3.1 294 113 MarehmeL-J.- 254 3 4 12.7 5.9 91 46% Caring* GUkw 88 +2 6323 35 7.0 *93 66 NeiUUaM HdW- 87 +1 M6 38 

U% +% 5L25 — 53 98 44 Harlev 80 d249 3.4 4.7^ 7.0 23 11 fFearirefl5p 20 +% - — - 19.6 71 33 Newmaa Tonil- 63 +1 *A64 

Ub +% 5LS — 53 98 44 Harley 80 d349 3.4 4.7 7.0 23 11 ffear«e{15p — 20 +% - 

*P -5 80c - 5.4 101 74 Marshall* 1 Hft % +1 td524 2.8 83 65 28 15 Wtari Sfin 10p?_ 22. 144 

'7?p — - - 86 47 May* Hassell-- 82 t2.78 4.0 68 42 71 44 mtameffarttn- 61 457 

25% +% 86.4c - 1.6 31 18 MearsBros— 24 178 0.4LL2.B2) 72 481; (Woolmrrth 65»^d ..... 4.18 

54p +1 - - - 56 34 Melville RAW- 39 148 2.8 46 5.6 

17 A +% SL08 - 2.9 94 44 Meyer < MraL LL 73 -1 T4.18 35 3 7 43 

18ft +% 5146 - 3.6 -90 30 MHbuij 7ffl t48 5.0 10 4 6.7 • 

j 9 9jlQ_2 39 9 

[ 44 (WilbiarWartm.i 61 j;i..l457 [ iaiL4l 68 90 40 RWxim®.-^. 84 -V 3.57 3.4) 651 5.0 72" 38 BB1EA — - — 59 ^ 

I 481; fWoolTOrth w%*d 14.1B 9.7^118 209 152 Pegkr Hatfrsliy- 154. +2 fi7.68 3.8 7.6 53 59 26 Brit- Cine T 15® - 55 113 3.4 34133 

IB 9fa Penrad. 10* — — — — — — BnL Steel Const. 2%U — 7 , — 7 .. 

127 5l Porter Chad. 28p. 106 t4.79 35 63 63 65 24% BriL Syphon SOp 60 . ^.0 5.6 75 83 

72 49 PiftttlF) 68 4 81 30 10.7 (5.6) «*) 43i 2 Bntlsh ViU 8 Ud +3 tCJ3 * 45 * 

79 % 46 Priest! Ben L_ 73i, t.5 28 23 10.9 6.0 29% 13 BrUlains 26 15 * "If 

ELECTRICAL AND RADIO £91% £65% ProMriltae9«B £ 8 ?| QU%S - MO - 715 3 BS RH-PropJAZ.. 480 9^ H I? 

lililiytiuvrui Uil " iv . 46% 21% RC.F.HWdinp, 40 t2.72 14103M.9 71% 32 Brook SLBr IQp 67 . — 4.26 13 9.712.8*; 

Horton fW. Ej 5p. I 34 

44 - *2.94 1.7105 85 ]25 45J< BraimoeriRiaip- 115 -l tA 2 4.9 5510.6 • 

87 +1 M 6 38 23 111 85 *16 10 BridjmdPrw.ap. 1 lb - — — — - : 

63 +1 *3.64 23 8.9 7.7 172 104 Bridon-.—— 108 -1 *6.14 2.4 8.6 &6 

34 *0.62 3 7 2 8 6.7 39i* 29 Brtdport-C3)p_ » 121 J* M 

84 -1 3.57 3.4 65 5.0 72 38 BB1EA 59 — . «.48 43 6.4 35 

54 +2 c7.68 3.8 7.6 5 5 59 26 BriLCioeT 15® . 55 113 3.4 3.4133 

10* — — — — — — BriL Steel Const. 2%p — 7 7 7 

Dt +4.79 35 I 65l 63 65 24% BriL Syphon 20 d 60 . t3.0_ S.6J 75(83 


17 +A 92c - 25 13 9 MUJeriSUni U»p. 9 *dl.l7l 1.: 

UA +% 76c - 3.1 68 43 Mixconcrae 56 t24 1. 

Can Pipe 33%; ( 975p | ( 103c | - | 5.0 39 20 Hod. Engineers.. 39 .....JMh24 26T 93 63 

sn List Premium 42 %% (based on V i 4 Bi per £) 86 23% MonkiAi 79 | Jth3.19| 3.6) 6.1 6.9 1 14 ? 56 IA.R Flectrnnic I 96 I 5.07 2 91 8 0 6 6 18 1 114; RmneKn^glDp- 13%sl — ... 0.87. 19 9.8 8.4 38 17*; Brooks WaL 3>p - 30%|......[Q2B 2.8 

^LstPrrelnm^lbmedw^pera jg 44 MorriemiJl-.- m ^ L« J ll fl Ml”? 42 62 fcZ 4J3 ^ | & feSX IK WM V ,51 . 12 SSSiMS? SjS . 

•230 1051; 
58 21% 


143 44 MotriemiJi 121 ' t 6 i 5.4 8.2 6.8 £7 « *5 Se jn j ,47, 66 % 50% RJLP 56 3.84 

186 45 Nevarthill £1 — W7 ... . <34.47 9.1 4.6 43 « 22 OT "''"dll 3 J Mfi 43 152 % IWHHMHSiin.£l 138®3 854 

102 ,52 NorecslHdst-. 87 -1 *4.12 45 73 4.6 g G35BSES' M + 1 ' U32 45 14165 ™ 30- - 65 — 4.71 

-Brick50p- 225 

JJ-55 3.d 7.8j 45|j37 

i Devs. I0p- 52% -% *262 0 9 7.(J-7S5i gj. 86 

erTunber- ICS US 5.44 35 7.9 5.7 54 34 

'nix Timber. 145 *358 13.2 4.M 20 ^ 

25 — " 4 J 3 i'2l0J ( 47 ) 661; 50% RJIP 56 3.84 20 105 75 55 19 Bnwn Bov Kent « - W 2J61M.4p 

M d21 i3m 6 43 152 96 RnamMsSinifl 138to 854 *. 9.4 * 123 83 BrentomtHusai. 10*. --- 120 UBf7Jt 

U i'l" tM? 14160 80 30- Ratenuelada^.- -65 4.71 # 110.5-65 36 BareoDeaa 6 J +1 3.T2 U M-U-: 

iS.ti ft* tilSK » s«S!i: ^ — \?2 rJswa’ft iS^B- 

MaarolTijp ft ...... 473 *7.9* 

BICC50p 105 +1 1671 

BSR10p.= 89rf -2 4.77 

Best* Hay 10p_ 50 *274 

Bowtborpel0p_ 53 tL48 

ISTuFK 57 :W 45 

m M.i m. 

8-7 62 40 J 16 BunuAndj'n 19pJ 36 

5.1! 3.7} 93 44 Bury Masco ITtjp ?4 

4 Q 124 1. *856 17105 ^( 691 * 32 % 15 k. - . H. Ind li lOp - 29 (+% t20 

9% BichmdfiafLeic; 55 3.41 3.« ,?3 4.7h32^ 2 S CampanODp 20 M|.~JtUS 

93 42 Pocmns 91 -2 d451 5.1 7.7 3 9 87 41 BwSslDn M e336 13 7 4 123 57 RkhsEdsaf Lerc. 55 . — 3.41 3.4 95 4.7 132 25 dunpanttp 10701—.. * 1 ® R3 Zb 4.9 

1*77-18 + a\ Div VU 36 U Rawlins Bros- 18* 0.63 BJ 55 - 24 14 £ui'% 52 +i" 17 7 6 114 « 36 HktfniWaLHp- 57% 4.17 2.1 110 66 120 67 Do B- 96 — ~ — '~ 

Sigh Law l Stock Wee - l Net Cw Grt PIE U3 71 R3LC 1M -2 e5.77 28 7.7 7.6 79 £ CiSnnfo - 59fa 81 m nn 72 37 . RobutsmOhosJ 66 -4 3.38 * 21 * SZ 461; CaaresSOp 72 -1 t3.96 3.8 8.3 5.9 

l«n nu llC . ... 161 86 Redbud 137 fi.81 3.4 5.0 8.0 ih m 135 “ 268 99 31 60 160 «'• BoUrtWp 106 -1 td214 7.7 3.1 5.5 67 34 CamungOt.' 59ri 353, 25 9.1 5.7 

Rln +S " o ^ “ 84 37 HWfcWIKP 77 td45 17 8.1(8.?. 129 91 afficS 97 -1 % 21 75(28) ‘ 7 « S^dmontW- 82 *3.99 17 9.8 7.8 135 95 Capelndiutries. 119 ...- *7A6 35 95 58 

'IffiLB S2 raS!*Sfta ^S.,1 k*e f-Sr. 195 51 Roberts Adtani- * *3.« 35 6.3 75 375 29 tasSiT l « . t K 4* 33 97 Ik Savffle&M- ??% dL46 1? lOi 7.4 78 36 Capita ProL lOp. 77 ...... 4.79 27 9.4 4.7 

TTnrlatixl J™* 1 --: rS- St? +3 — B4 37 R'ch ds. Wall lOp 77 td45 17 8.1 (8.? i56 ni 

38% 26% kunsolstpc 35%-% 1159 1248 jStS 25 85 S g rSSwS: K 'ZfdLa 8 9 41 42 ^ g. SSSSSSjd ^ 5SJS Si mI'S ^ 

Wi-i. 1 “ IS 1 8: g g xfc: g « tfa.jaj jLSK'J ? 

28% 20% Treasury 3pc 66 Alt— 25%*d -% 1153 1159 M5. ^uthnot L£i_ 155 $25 - 9.0 - a 46 Rnsbr P. Cement 77 -cl T3.17 25 6.2 9 1 «“ m 3 _,k" ffn? ?i ram 37 25 

24% lJt A Consols ^pe 22%rd -% 1112 1118 E25% 03% BmkAmer n^B. 06%+% Q94c - 31 -. 155 54 % Group. 140 +1 525 35 5.7 82 uq m 415nlJ+5 *10.7 34 3.?125 „ 

24 17% Treasury 21 %d -% 1151 1159 »3 195 BtWandE!— 347 dlS - 5.9 - 371 ; 27 Sabah •nja&rWp.. 32% 148 65 6 9 35 ig 8 % 

065 OOO Da lflWCgjt™ £354 +3 Q10% - 16.5 - 50 23 Sharpe A Fisher. .41 257 A 9.2 * jS- g 

iS Tc 21% SmartiJ.ilOp..- 45 +3 dhlBI 4.6 6.1 5.4 ?4 IS 

210 160 Rk lrfuim iUlOU 171 756 15 6.6152 m, ^ Sontbeoi C® 5 p 7% *0 88 0 9 ±10.0 In 77 

■' **INTERNATIONAL BANK Ss ^ M&Sffin m + 2 " $3 *i 55 67 SSfc: m -i" aw 53 2 1 10 ? al ^ S 

88 % , 75 * 2 ,5pc Stock 7782 -I >»> » f BE f 9 « » » S = » 88 8 

SI H - U 8 76 Traris A Arnold- 1C *3.46 7 2 3.7 53 7«L w 

360 225 Cuter ByderCl- 2B6 *1757 — 9.1 — 2X1 . 139 runnel B50p __ 237 -2 *9.9 23 5 9 8 4 l+a « 

**CORPORATION fi)AVS 'So ,50% Clivel*nt 20 p.. 75 84 77 — 9.6 - 79 . 34 BS3L <26 11 9.4 OU> £ 

tuilruilil 1 1U1N IAIAIXO -238 167 Coral Aujl (SAD. W5*tf 26 5.1 7.6 39 19 VertisStowIOp. 26 148 25 86 7.0 no 

300 I 82 jBmaTiam 9 > 4 PcTMl.( 98i z j . ...| 9.391 9.75 J # 7 SSJHjMfc “ I 74 » VlbropJant-.- 153 td951 .28 93 95 fn- Tfl 

94% 81% BiwoI^ipcTM! 92% 635 1057 ^ D4% ChpiJbLhrlOO £15«d Q12% - 7.7- 39 15 WardHldgs lOp. 38 +1 d2.64 * 105 * % SI 

{117 Zffl 7.? 7.0 96 34t; Cvarani.-Int.aiip 86 %[»% [4.62 45J 8 JU 3.1 

-% £« zai0.7 6.9 175 57" Caritou toda; — 152 ...7.. *4.98 3$ 5| 62 

. 86 %!-% 4.62 

MteJ.Sp. 35 1.92 * 6 « * \ibb 88 CawoodL 

nncaapJ 29 2.40 2-413.^ 4.6 57 13% tdffltion Ind ap 

%: I .US U 

94% 81% Bn^ol^pcTMl 92% 635 1057 SI av,Wmuam AM Q1Z% - 7.7 - ; 

107 91 ILLC 13s* 82. . 106% -% 1171 1046 24 6 Cunnthian IQp— 20 2 S 2 — 15 — 1 

112 95% ifclsSpelflffl 10»; +% U.64 10.66 f21% 01% Cred. France f75 £g% +l%Q9673i - 3.1 - • 

1021; 85% -% 9.45 9.90 157 55 ^> 01^ « - - - - J 

1021; 85; Glaseuw^-OW! 971; -% 9.45 9.90 

94 76*4 Hens 5%pc7W0,. — 93 564 682 

99% 901; Lnerpoda-’apcTfrW-. 99% 5.78 6.66 

1021; 79% Do«,pcW>4l . 99% 10.11 1057 

29% 22% Do. 3%j»c Hired 29%to 11.94 - 

IOTA 89 Lon Corp OtofSSa.. 997* 651 664 

99% 75 DoW.pcWBS 94»4Sd +% 9.77 10.27 

97% 851; LC.C. 6pc T8-T9 97 -% 619 624 

92% 7W Z Po5%pc 77-Bt 90«d -% 611 8.86 

85% 60% DoSbpcO^W 82 6.78 953 

79 521; Do5%j>c-SW7 75 +% 7.47 9.92 

79 51% Do6%pcB8-90 75 9.14 1060 

27% 20 Do 3pc "20 AH 25% 11.86 — 

93% 76% Middx. 5%pc I960 9P 4 «d 5.60 8.68 

— .52 17 Wanrlntfon— 52 

3-1} — *177 102 Watts Blake 143 

— 43 21 WestbriekErodi. 34 

I MU - 

42 6.6 
56 9.6 
4.4. 8.9 ’ 

5.7 64 • 
4=4 57 , 
9.0 4.9 ; 
5.7 - • 

Vi a 

i? iM -1 *364 ft?! j scts: v la a sworn s s +i 235 taizi n 

U9b LI tilflfli 26% 10% HlKhlandEL3Jp. 21 dL07 16 7.7 106 ^ ^S? QIBo LW 3^311 jl44 54 Coral Lea 10p- 113 -1 th60 Z« 60 18.0 

75 29 05 t — q* 47 * Ijones Sbtrad . „ 83 464 35 7.7 61 23 Tb«hn*F.H.5p. 21 fiO.96 3i{ 65 7.7} 83 } 34% Cosalt 70 b3.07 *3 67 5.0 

/% S 14 in HI uu njuuuraii«t„ mMW — 

25% 1166 - 257 MO [Hambra 175 t952 - 62 - 

Sra 116 73 IHlllSaimieJ 89 -1 *452 - 7.4 - 


£64 £51 Philips 5fai. 5%% £57 

sa»i arttoBBEi 5 §=j(i m a— s -iu. iidif I gp I foai* i 

“s5 ‘Si SS'SS.: * -i- V = H = S ” ifiBBfe: ’B HiftlvS 1 S= g :i E S U’K § I 

COMMONWEALTH & AFRICAN LOANS JS % iffiSSE S -i" °u = U = T ^ S 11^1 >g SjSBfe ™ -i" « gig's g, 

9W»t»A , w*»-l -wi iwi ‘SI asSSsrsr 9 44 «. H I .H asSSS SB •■IM*!' H9* 8 .8 BB&3E .8 :::::: il “ « ® i 

5n.a,% £57 Q5%% - 004 - 117 69 

ft n JO. 840 }+U 16% L9 4.7 UL2 ® , 

fc20p- 92 Z7 4.9 4.4 7.0 W 72% 

*■ 1 Z7 4.9 45 66 Mfa 39% i 

100% 88 % "Ausl Njpc -75-78 __ 

96 79% “Du 5aic77-80 

88 % 69% “Do 5%pc "81-82 

93% 861; “NZ Ape 197678 

961; fll% -DftepcT&ail 

89 66 ”Doi7%pe B -86 

95‘ 85 StkAinvaSarcTMI. 
70 31 SULRbedStfc IB-71). 

% 47 IKj 6pc768l 

99 ri eta 6 m 300 185 LtaydsEl — 275 +4 9.09 5.0 5.0 61 £54% £401; Bayer AG DH50 £50 gul7»h L< 3. 

95% 561 -674 ,5 2 25 Hanson Hu. 2Dp. 45 1Z79 15 9.4112 246 122 Btagden Noakes.. 208 . — . 126 * 6 

Eta 645 995 177 S 6 MeremySect— 316 3J9 ~ 4.4 - 205 91 BrentChena lOp 180 *136 58 Zi 

TO? an ? ft -390 259 HLdlandEl 3g +2 14.75 * 6.4 * 29 19 BnLBenrollDp 20 JJZ 56 

94% ' 638 9 m £64% Dft7%%8Sr«- £83 Q7%% Ztfl I9J - 61 29 BriL Tar PriL lOp 52 +2 L64 Z9 4.! 

87% +'%' 6^ lOlS £?? U9% Do.I(A% 8MB- £94 2U d20 - 17 % 9 BurrellSp 13%-% tfl.92 3.110.2) 76 2? ft 'SSmST S3 « 

95 +1 1038 12.44 65 40 HlnslCT Asset* _ 59 t365 2J 91 8.6 51 30 Cartes Capd Ibp- 31 -1 *063 42 4.1 9.0 ,2? 0 ) Trifl'RwiIl?''' 1 « ' « 

60 _ _ '247 172 NMJkAtaLMl. 196 +4 WJ14* * 4.6 * 49 38 CalutaZ„. 47 *2.72 24 88 ^ 73 ^ ,S TgJ;™*— ^ « Jg 

94 — _ .81 58 !fBLCnn.Grp__ _71 ..-.2.63. 51 56 52 £94% £79 C5baiTey7%%U £93 g7% * f8ffl - ^ l 2 ^ V* 

— — — — - 42 97 nnu. ran tvipcC?-— ai«u caai. rioa, I «o ol ->? 22 rntpe r.W. lDpr 5S 1.‘ 

Ha**. 92 *2.94 3.' 

lEUctneL. Z1S -1 «3.B8 5.1 

fins) on 96 435 U 

fiuGJLlDp 46 L6 3J 

Jes(GH) 260 1665 U 

CaY50 — 540 +18 Q5Q% * 

oaLS 3S 

iu50p 117 538 

nfadastfL 117 +1 *692 
stiCLAW.l. 109 +2 $60 

(T.W.l 59 .... 4.08 

rVrithUOp - 43% +% {26 

iekEnfraOp 30 ±23 

s Assoc. 10p 32 +2 $13 

3.H 76 6.1 004 £81 
Zl| 9.0 79 20 ' 9 

etVlUl £85 

SLvlOp 18 

: lari rr “ * *juutainu juthih mp iuudi7 

1 &£ 53 8.3 3.4 20 10 DinkieHeel5p._ 18%. *0.71 36 

" li 180 56 Diploma Lavs. — 137)5 145 &0 

2 f ?6 31 9.1 5.4 79 37 DeSbemParklOp. 77 +1 203 46 



5.iZTll0jp« 72 IWeirGrow 124 +1 
lij 69}lZ2 50 1 31% [WeUjnaijEiic%_ 45%+% 


Public Board and lad. 

66 M Acne HL.'ipc'SLfiB ... 

95 68 % Alcan 10%pc'»94 

.33% 22 “M«Wir3prB% ... 

116 101. l'6MC.9pcI«C 

•96 77 Du Hilhnul Warrants. 

100 84 Vliramar7pe75-78 .. 

62 ... 


90% +% 


32 >3 . . 








300 205 N aL Wes. £ 1 — 278 

485 210 SchrodraU 360 

290 173 SeccombeMCil. 220 
100 57 Smith SLAub — 78 

430 293 Stand-dChutQ. 415 
S9% 8 Trade Dev. 5L5Q. 59% 

515 285 Union Discfl-. 435 
56 14 U.DlT. 37 

At A 40 ODUUUUJL1U1J ID 4.0 

J, 295 190 SdulesiGH) 260 16.65 

^ 860 456 SoujCaYSJ 540 +18 Q5tTX 

nlir? 7% Sound DUEsaSp. 41 L09 

J® 1 " 43 18 TelefiujonSp— 34ri +L17 

H « 17 Do.'A’.Wlp_- 33d tU7 

2 i 142 81 Tde. RenuJs— 123 +1 *53 

M 33% 12 IW.BraaSnti 

5.2 £94% E 

m a h & m 5 ::::: at V, ll » g jgj«*?gs: § v r % h H 

ZL08 - 7.7 - 72 43 Crodalnt LOp — 551; *198 3.7 5.4 7 J J? i? JKS 127 1 +479 ll 57 %l 

— — M-9 *22 9 CrystalateSp — 21% t0fc6 6Z 4.6 6.6 ^ 94 * P ’ Ml “M H 96 mn 

+% QH-12 — 3 5 - 60 43 Enalon Plastics... 50 +2 4.51 12 13.7 9.1 276 W fwigiaUfHj Z13 -20 *N135 2-Bf 9.6|(I15I 

16.65 13 9.9 1Z0 71 40 Westland 44 318 

050% *■ L0 * 89 38 WoI'a-EranjMjL-- 80 tZ77 

LOT 51 4.0 ?1 107 51 WhCSsoe_ — 84 -1 46 

+L17 36 52 (56) ■ ,8 Whe*ayWboJ>p 15% . .. *0.8 

tU7 3.6 5.4 (5.7) « 8% WhltehoureSJp. 82 +2 21 

*53 23 65 103 25 16 WUIiamsiWW — 24 L01 , .. 

rh637 5.7 26 95 90 35 Vims A James- 53 +1 3.71- j * 

1.47 5 3 4.0 7.0 152 58 Wolf HreL Tools 136 L73 

*3.62 Z0 5.7 131 2M 93 WdsTy agiea.. 190 -2 +6.70 

U6D 8.0 3.3111 I 4 WhwUFr^.IOp 21 12 

fb4.07 36 66 63 48 29 WoodfS.W.)20p_ 35 d3.87 

05 82 32 4.9 52 26 Wb'fleRixnUfip 28d 232 

» 3J 5.1 5.4 79 37 DobmParklOp. 77 +1 213 4J 

L6 i 72 66 39 DomHUgi 10p._ « W4.26 I.) 

n S 3 IS f! 06 £24% DnerCetp US51_ £29% +% 0113) - 
I li 13 I? 38 25% Dorms Sorjl 10p 32% ...... Z21 LI 

g, |6 73 81 26% 12 DraketScnlI._. 21 -% - - 

88 47 33 Dufay KtanulOp 39 L53 Z< 

'.I S* :::::: ffln S tSSSA £ :::& 

35 Vims* James- 53 +1 3.71- * 106 * 60 32 DnmuUAJi 56 t36 21 

58 Wolf Elect. Tools 136 L73 7.7 IS 10.0 571; 291 , Do *.V 52 ! 06 2J 

93 WoIst>Hadiea._ 190 -2 *6.70 32 55 71 27 12 E.C CaswlOp"' 14% -1 «65 2J 

14 WTroeUF^-lOp 21 12 29 8.7 60 95 21 Ea&sKjhf ST a.a - 

29 Wood (&.W.1 20p_ 35 d3.87 Z4167 18 225 140 ^ flOO 3J 

% f 1 S* ^ ♦ 161; 9 E M% ! "! lj 

54 « I M (YounsA'afnAYl 83 | HUOT 

9.7 67 . .'.' 
105 62 •' 

2 J n 

67 76 

10.7 17 • 
65 9.4 

Hire Purchase, etc. 


42% IS 
£53 £28 

iD7% 94 "Fnrawm 106 % ... .izia 1021 „ 

111% «8 Do 14pcT9 110 13.49 1120 

116 100% Do Npc-K... . . _ 114% 1260 1131 % 

8 S »4 68 ICFCSiSKllrh. awt!. 83ri . . 6.63 1D30 ,i2 

831; 6 P 4 Dn.ff.pcDb W* . 79%+% 8.08 1110 vK ft 

•90 05 Da lOfepc L'n< Ln. 'W . 99 10.85 1110 

.99% 95 rw nsLn.- 8 a . 99 1138 1150 ^ % 

101% 96 Do UkpcUusUi-ffl. 101 % .... 1187 1190 ^ ** 

73 51% Do T%ac.\Drii. «MC . 70 +% 10.74 12.00 

71% 521; Do 7%pcADh. -PI-94.. 67%jd +% 10.70 Z1.7G 

8 J% 57 DoPreA-S! W .... 79%id ...1132 1198 

63% 59% IhrffipiLi.ICSr .. 7? +% 1173 1220 

129 57 

51 17 

48 33 Farm Feed.— 38 43.62 11 4 19.0 

80 44 Federated CtL— 73 . .. **3 34 33 6.9 66 

397 280 Fison*£l 335 -2 1265 q!7 59 7.1 

171; 6 % Halstead U. 1 lOp. 16i 4 0.32 17 3.0 iI0Z» 

203 98% Hkm. Welch 50p 156 ... h3 46 67 3.4 42 

.36 . .. h2.03 L7|8 6jl05 553 376 HoeehstDMo— 476 +6 Q16<% U 4513 6 

£» +2 Q12% — 2.8 — £144 £111 DoFmlJWiBlJS.- £116 QIDT* — £8.8 - 

m* T« TsiTn*# 325 Imp Cbum.£l— 349 +4 16 52 oil 7.1 72 

V, It ul H 1 !? 51 39l 2 Do 5*4Pf.£l — 46 ... 35 SMJ 1LS - 110 72 

40 +5 gL87 23 66 81 73 42% InL Runt. 67 +I 1 ZO 6 45 4.7 59 230 133 

lg , „ — r- ~ 130 84 Lapwte (wt Sflp - 95 $6 76 2810.8 4.7 116 60 

2- iff, 11 .A. N«s6RKr-»--- 723 Q12»„ 15 3.9 4 98 51 




|Ua - i ? 2 ElecolOp. 41% WL75 25 65 9.4 

47 32 ElecLlndSee — 41% +1% 272 20 9.9 7.7 

44 14 EffiatPb'ro.lOp- 22 ±219 15 * 69 

78 37 HsonABobWw 72 -1 113 4J 66 5.6 

S5**J?'|Kr5p 19 *0R2 29 6.6 W 

£26% £18% BnhartCorp.JL £ 22 % +% Q51.80 — 4.9 — 
14 3 Empress ServJto.. 13 0 2 * 23 * 

% 57 Ast Biscuit 20 p_. 74 th273 2 

77 47% Acs. Brit Fds.ap 56 *23 4. 

295 141 Ass. Dailies 228 -1 h0.78 19. 

71 35 Ami. Fisheries — 43 >2 3.0 3 . 

41% 7% [Eng. A Ots's lip 25% ZOJ5 — 1 

L08 69 Eng. China Clays 8® 355 25 

63 69 • 

5-S 71 - 

5 A 81 JJS 20 0.1 B. 

57 I 5 220 119 Esperanral2%p. 139 +3 *5.08 20 55 7. 

n = ifa U 6 53J; Enro Ferries — 114 +1% 128- 3.7 3.7 POL 

41 % 11 2 -2 228 4.7 4.9 5 

FSl -27 15 lBrerG«rgelOp 26 121 22 t 7 H 4 

rofanl ... .1132 1190 
7? |+% |1173 | 1220 

2ta ..... h*L3 23 S.2i66) 85 42 Plysu lOp.... — 77 *dl26 62 25 Mi 286 152 

Jffa - 1 * rJ Tl To l ? 5 73 Ransum Wm. lOp 173 t279 75 2.4 8.4 £148 £71 

^ I I «3 | 23( 6 . 6 | 9.9 (a 34 Henukil lOp. — 49 . .. 161 * 5.0 » 76 41 

92 64 Reveries 86 +1 4.93 29 8.7 6 0 57 29 

212 150 Scot. Ag Ind £ 1 . 200 +1 12.0 23 9.1 72 138 52 

. 151 74 Stewart Plastics. 135 *d281 5.6 3.2 66 57% 34 

13 5% TtanjirBante lOp- 32%-% 0.61 15 7513.6 42 22 

BEERS, WINES AND SPIRITS jS ios Ij i « 2 ::::: 4789 is w 73 ti ^ 1 

. 148 80 VorksChemsi — 81 4.77 *H 9.1 * 29 22i 


High Low 

Price 1+ orlDIv. v>| Red. 

22% 15 .AitofaftartaRly-. 19 — - 

57 32 Do 5pc Pnef . . . 33 ... B- - 

08 95 Chilean Mned.. 98 . ... 3 008' 

370 193 iJenaanYng 4%pc 370 41; - 

60 46 Greek Tpc.A- 4 .. 50 +2 3% HZ 

.58 46 DofipcSStob A*» 48nl .... 6 162 

44 38 Do 4pc Miscd.i Vss 42 t2 . 4 14.6 

45 32 Uung.Tt.Ass 45 +2 4% 641 

77 48 IcdandeijW'SMS 70 .... - 1181 

90% 69% Ireland D,pc '81-83 87% 8.67 lfl.9: 

91 65 Du 9kpc "91-96.. _ 84» 5 a 11.58 11.6 

335 228 Japan -tpc '10 Ass_ 33$ - — , 

B7 63 Do 6 pc ■»«->... 86 % 6 8.0! 

265 150 Peru Ass 3pc 150 .. . 3 20. 

75 75 S GlP.-pc 1980 75 6 % 86 ) 

$W 594 Tnrin9pr*991 S9»; .... 9 93; 

DtTO DM71 Tuna BrielKH... DM81 ... 6 i; U.Z 

94 62 l-rjpu:--3%pc 94tH .. 3% 3.8 

L'.S. S & DM prices exclude mv. S premium 

961; 57% 
39 16 

166 86 
236 79 

46 26 

152 82 

7b 46 
112 62 

47 30 

177 97 

3 +2 a pm » 

g - ^- i Si iB 60 

« :! ' 4% 6« M» 120 

70 .... - 1180 11 

87% 8 67 10.91 “‘t If 

UM lu, 

86%:.:::: "6 a .05 ™ 

M 3 203 J9B 124 

is 6% fs g « 

^ -■ A iS iS S 

8 -.r ?% 180 » Uf 

89 +% 3.93 L9( 671122 

38 -f m0_25 - 10 - 

153 4.84 3 2 4.8 97 

226 +2 64.78 35 3.2135 

43 - - — - 

152 t3.91 27 3 9162 

74 *3J9 19 65122 

106 3 92 22 5.6 121 

43 *L64 2 3 5.8 95 

150 U66 28 7.5 82 

142 310 5J 3 4 8.7 

S>4 3 

29 22% 

23 12 

100 56% 

99 56 

174 113 
153 70 


5.6 121 30 24 

- -I -1- \m 55 

High Lew 


[ J+ ori Div. | |ru 157 

Stock } £ | - | Groat (rw(Gr » 

435 255 
65 33 

71% 46»; 

107 43 

104 57 

96% 59 

201 111 fWoh. Dudley 

107* -1 262 3.8 3.7 10.8 54 

220 +3 *653 26 4-5 123 62 

170 +2 7.82 2.6 63 8.0 31 

141 -1 29 25 31210 

86 +2JQ3 3.C1 3A 08.4- 

125 +3 355 42 3.H 85 

275 462 2J 25 19.8 

435 1245 26 4413.2 

- 72 


„ 106 

p 35 


P 65* 




*5 +s6 6 

^ 117 

.... 6.19 



p 70 

. . .. *2.14 


-% 283 

. 56 

3 93 

_ 24% 


64 ..... *31 

272 L6J 43225 


9.4 73 S3 39 

■8.7 7.6 50 29 

65 93 22 6 

— 8.4 IS 12 

- 38 45 

6.0 92 515 

64 52 22 

44 21% 

178 67 

37 23 

37 22 

a 2 % 

90 51 

110 358 2* 4.7114 M% 14% Arana Group 5p. 29% «.98 4.61 5.0 66 lik S ^uwrgemp ^ - -■ 2 . 

187 652 43l 4 2 75 78 46 B^biatoeyC) 75 -J *dl6 3.H 7.4 5.6 £ S, _1 

111 +1 228 33 31129 15 3% Barker* D. lOp.. 13% — _ _ — _ S S? pS£SnJ""l 12 ^ 

78 1+2 228 3fl 4 3 911 72 4bh IBmrlAG.) 72tt IA215 411 45 61 vn Ftanfflfe— ‘ — t ^ 5 i 

111 +1 218 3R 31129 15 3% Barker* D. lOp.- 13%, , 

78 +2 228 3.1 4.4 91 ,72 4& BmriAl}.)- 72a }li215 4J 

244 -1 FIDO 4J 62 66 100 65 BamroMinng_ 72 tQU34 1 

048 +2 £4% 255 1620 — 157 68 BasffitttGeo* — 134 

59 -1 4.40 bl4115 8 j 4 58i; 23% Barleys York ; 3 P 50 

40 g282 351D.7 45 83 38 BepunlOp- 57i a ' 

116 -1 t5! 4.4 68 -45 230 99 Bitty U.)£l— 204 

471; 257 19 8.2(70) <30 145 Bishops Stores-. 155 

34 - - - _ 205 55 Do. “A N/Vc 122 

Bod- 94 -1 *4.92 23 7. 

FkuharaLamonJ 54 ^3.65 3.010J 

XtlGeoj — 134 
ys York 10 p i 50 

=BE 83 HS! 
smMi I » 

150 ^.7 - 22 

90 -1 {60i IS 

33 tdl27 101 

25 tl73 17 

75 15 



«7t» 257 19 62(7.0) 230 145 Bishop s Stares - 155 td256 65 23 7.7 » S —■ Q*354 — ■ 66 

34 205 55 Do. "A" N;A’e 122 .-.i fS 85 29 61 ,52 S — - «* 29 85 62 , 

113 +2 Td6.03 35 61 65 183 60 BJaeiitnICool-. 158 at). 45 45 61 vS 3 tegartyffij 126 {3.4 62 4.1 68 

7 ...... B- - - 40 128 77 BritSuearSOp- 110s 6475 65 65 26 ^1 ^ £5*2“®^- ^ ...... *416 35 4JJ 7.9 

77 o* niniMo 7 rhi Vmil'iinn KL j.s — (i m 4 c 071-10 "3 TO FahatlDHawr. 88 4 6S 17 07 on 

27 +1 25 86 129 20.9 33 7 BriL Vend'g lOp. 26% +1 m0.47 4^ 27128 ^^ Jg 5A5 L 

21 *101 29 7.3 72 56 38% Brooke Bond.— 46 *276 33 9 jJ 3.7 J m 2 ^ Q30= — 

.87 +1% 152 3.9 9.1 4.2 59% 35% CadbmySdi‘ps_ 50 276 2W 64l 9.0 2 t? S^ lT 5^L 10p » 

98 *55 2d 82) 65 47 28 fCm^BUiinS— 43 ...... 263 

144 *5 IS 29 5.6 63 50 42 CHffrarl Dainea. 49 ..._. 174 

111 «5J2S 35 72 5.0 39 30 Do "A" WV„ 39 174 

7% 0.21 01 4.6 »J) 96 67 CuIl«ns2Dp 84 4S7 

91 +1 *3.91 4.4 65 5.4 ,96 51 Lo,-A"2frp 82 457 

42 U.76 78 64 62 133 91 Danish Bo^A'Q U5 Lh6C 

52 b235 35 6.9 67 107 57 Emaw«l(7Bl5|i_ 89 3.92 

50 t297 36 9!0 4.7 151; 6 Edw , d*LanX!J5p_ 12% _ 

1 e we s ~ m 

tss 29 5.6 63 50 42 Cgfirad^Mriea. 49 174 3.4 5.4 85 ^ \V3 425 ... 1699 51 

4525 35 72 5.0 39 30 Do -A-JW — 39 174 3.4 6.7 66 tS KSSStmC* ^ I?, 5-S J 

fe, °a j-s<« ^ tf sa — is h zsi«i9o ^ f. 

48 Td3.03 22 9.6 75. ,35 

20 +0.75 32 5.7 63 U7 

16 el33 23126 5* 14 

61 +1 4.46 16111 8.B 74 

5.7 63 317 45 FJtC 68 

12 bl 5.6 1 14 6 % Wriier.rAjSp — 10 

lh Bol'A'D 115 IL6.03 4.4 60 25 ?K S Cr®™»Grmp. — 95 +1 t447 4.0 7.1 53 

oadCTBISp— 89 3.92 65 67 25 S Ol^lOp 51 . ... +2.64 24 7.8 55. 

dLaiLD5p_ 121; _ - - _ Jl OassftHetalWp- 68 +1 3.03 43 67 48 

unW-E-lSp 35 *129 73 56 3.7 Gimp 5 0p 5Z7 +4 10.27 4> -3.0 10.* 

! 68 +±6.0 ' 28 * 35 H - 254 19 9.6 M- 

TtAjSp — 10 (LM 14 96 10.9 m? 2 iS ^ oW ® a “® WP- ^1 . ... 0.57 — 41 — . 

LuveODOp- 66 -2 §4.05 16 95105 ft « GonmeHl*—- 84 +1 3.02 25 55111 

24 ...„. LZ3 2.9 7.8 66 iS Sn S _1 ?■«' 



m % 

15b 13 ASA — 15% -% 

621, 5S AMF3%C«m 8T . 60% 

49% 22 AraaxS! 26% +% 

30% 21% AmcnranfAjire.-s 25- +b 

15 901pAmerMedif.ini— 15 

"13% 87Jp Araroolnc-. 13%«d +b 

45 28>4 Bakcrlsul Carp SI 33%*J +% 

16 % ll? s BarawGrp-W 3 ),- 13 1 *" 1 ■ 

59% 22 Rendu Corr. S5 — 25 1 «rti ■*-% 

34% 13 Beth. Steel SS 15%»l +%, 

925p 620p Brawn 'gFer-cIPj- 879pal +18 

14% B27j> Brunswick Corpolu 11% +% 

77% 41% Burroughs Carp. So 46 +% 

51% 30% CBSSSsO 34% +% 

44% 28% CP. CP; 34 +% 

49% 32% Caterpillar! 35% +% 

28% 17% ChascMhtnSreSu. 21%ul +% 

22% 13% .rhesebroushSl— . 16%«d +% 

10 765p ChryskrVPi. — — 905psd +/ 

29% 131; rriu'corpSA. 141; +% 

IP* T33p Gry Ini. SL25 10% -'A 

22% 14% PeCm Prf B5I- 18% ♦% 

231* 12% Colcaie-P.SI 15% +% 

49% 29 Call In*. SI 33%ul +% \ 

25% 191; Co=LlUiwnsSl«- 18% *% ■ 

‘317, 17 CodlOUSS • Zl% +% 

15% -% 80c - 2.9 

M% S D n - f 
26% +% SL75 - 37 

28% 17% Er-mark 28*2* +% 

4F* 2S1, Eason J 34% +% 

20 943p R resume Tire I— 

29% 11% FiulChirafio 13%m +% 

I - 17 

- 11 

- 3* 95 46 

- 55 164 74 

- 36 17 7% 

I — 2 6 77 371; 

- 3.6 294 153 

- 12 130 18 

l — -3.9 277 UJ4 

- 42 36" 21 

- 3.1 15 7 

“ ll 43 23 

- 3.2 52 28 

- 6.2 128 551; 

- 41 27% 15 

- 55 J1 10 

- 61 59 29% 

- 37 69 27 

- 3.0 77 38 

- 42 71 38 

- 36 87 39 

- 4.5 30 U 

- 31 SI 24 

- 5.1 61% 37% 

- 5.1 SS »*■ 

- 5 2 183 63 

- 6 J 140 13D 

- 4.1 2b 17 

101 *l" 4.02 2.3 6.0 M3 m 76% Allied Retail life 202 U*7.92 2.9 5.9 9.0 jfl 24 

85 +1 *3-57 2.6U.4 9J « Amber Day 10p.. Mad .... rdl.95 3.0 87 4.7 « 30 

187 ,5.74 3J) 4.6110 40 20 .%pias£imim5p - 33 ... 133 3.7 6 4 t3 jg n 

157 ..1*289 3.81 2.8|145 J 8 D ^- A5p H 1-38 3-7 6.4 8 J m 45 

43 27 Audicounic lOp 32 . .. J3.3 12 ± 7.9 inn 71 

24- 10% Baker's Sirs 10p »hc +1 hd057 6.7 3 6 A4 93 

15% -% 80c - 2.9 98 44 BeattieiJi .V„. 94 -2 hilO 42 34 105 ija « 

M % . . S D n - , f 31 18 Ben talk IQp . _ 28 LOB 22 5.B319 30 2 ? 

26%+% SL75 - 37 ULI . La , n n.. Lir 40 U BftruniCm Up. 17 1.04 '0.4 9.3 37 J 70 29 

Hff “ li BUILDING INDUSTRY, TIMBER \\ ^ g ■■■,- S-S ^^ 2.9 - 6 U 5 38 

15 +% 30c — 1.2 ’ 15 fl BoBraTeiLap... 11 +% 052 1.1 8615.6 m 3P' 

ROADS » ,38 Bremner ,50 . .. *?86 L3119 9.9 $ 35 ‘ 

PtaSZ 45 rftSwSff g'feSEg S 19J- Mtimf ;?t, 

asst § a-fifi 28106^52 ft s SSSSfift S :z::S:8- % 

iI0p._Z: w 441 ll 3.6 4.9 ^ 7 ..... HLZ 6 92 19 M f: 

187 4.41 6.0 3.a 4.9 

« 12.62 

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6 % bO-26 0.9 5.8 US) 116 B Lnei^wU 112 3.69 45 5.0 6 7 li ^ S -1 IU 2 3 - 1 I 5 ** 

94 16 0 — 9.7 * 40 14 Lovell KLF. 33 — — — Harris fPb.i 2 Dp„ 66 ...... 3^9 25 a? 67 

76 h4.67 19 9.3 48 132. 74 LownSmSOp-. IM "Z 55 2.6 8.3 53 Sf 2 i ? 2 55 +, i i M * 

57% 3.62 25 9*14.8)128 47 lamstl.ta 93 *7*9 14 125 7.9 S^S“^ TlpS *- ^ 3,99 * 9 6 - 6 **-5 

30 10 20 18.1 75 16412 88 £atbem)iBi — 145 +3 *438 4.4 8.8 3.9 W* J? .Ji — - 10.4 

35 ...... gl57 4.6 42 5.4 W 62 Meat Trade Sup.. 77 *d7P6 12 143 9.0 29 *«■■]*> ,|3 ■ u- U M 73 

221 • 10 3.9 49 40 100 50 MillalAJi 100 +3.06 35 4.6 9.4 ijm. -ii ff 8 ysV S*ff £1 ‘- "? 5.713.1 

128 5.70 3.9 6.8 5 3 45 H MmWBdbi lOp 24 *191 — i - i 1 ?? 2 ^ HegmahCmt. +* 4J3 } 62 6 

92 T4.38 3.7 7 2 5 7 242 BO HarrisWW.ilOp. 1881, +JU rd2.D5 5.8 1616.0 ,,, ?? m . — *5.7 3J 7.7 4 A 

276 T858 7 9 4.7 3.7 ,90 45% Sottfaen Foods, 83 Z +1^ h? 7 I 3.9 10108 ff 2 \\ H™f!Jl5p--.- 0.93 5* 6 * 42 

130 5.6 50 63 4.4 121 43 »irdinl%.10p._ 83 ftI68 47 3.1 10.7 -ifl ll Jl W 1 - 1 * 7 12' 4 12-9 

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62 + 1 , Mil 2J 26 l65l 35 23 FytelWJ 1 lOp — 32 04 311216 K S K 3 l6 21 ‘52: 

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64 fi3.12 4.1 7.4 5.9 531; 37% H.HJI 471; 3.29 61810 6 7* 1,1 -.S BaUU^lM-Mp. *21 . M .„ *5.00 24 A41BR 

60 +2 t4.0 2JM2 93 150 75 RobettStaFoods 131 *5 2 32 6.0(59) 4 if 1 I5 U.82 20 .6.9 111 

26 1x11.63 24 9.5 6.7 434 200 RmitlKelL50p. 380 *742 4.8 3.0MJ T 5I |3 t288 5J 4.9 6 2 

45 124 5.9 4.3 6.0 253 133 SamsbuiytM,-. 163 tdS.47 3.0 5J 9.9 ^5? Boskl^fcH2(S) t 1W — *4,75 3.0 A91S.4 

40 ...... 1231 5.4 8.8 4.B 58 32 Somnorta^— 58 ""i: 338 17 M 63 J 7 g^Taens. SB ..... *171 - 93 _ ■ 

63 *3.99 35 96 45 40 25% SpiJLlm ; — 28% ..... 2.79 17 M.9 5.9 w H 2 UD l! n ?-^ :, “- • 4,1 t295 &1 24 27 

81 -2 4203 10 4 - 42 25 SorimllTniap. 37ri L54 * tl 4 4? 5 2 R^eigblto.., 88 +1 *214 M 17 t* 

ki .13 m aSSS. 

Um IS m 2 :::::: g»H H » r: n taias 

»kws » aasssks in a piss 

» ll g sSflw a riffl Io ^mS , 

&l i% if, H | g SSte: sBw r 

32 -1 233 14n.l 9.8 93 30% Cope Sports 10p- 86 dcO.48 7 « 0.9 28.7 49 34% 

14 d055 18 ±145 13 6% Cornell Drriuop. 10% - -1- 10.5 34 17 

43 ..._. ++L69 3.7 6.0 6.91110 71 Courts -A'..... 88 xd *3.18 4.3 55 5.7 21 % 7 

47 *29 Si} 9.4 53(241 78% (Ctnns 173 -1 a.12 4.8} 36 } 88 9 % 

108 - (8.06 

“I 4.12 4.ti 36{ 88 l»% 9% 

|11W 4.7\ 23 7% K-njtomasiclOp..] 1B% J0.46 - 

n 57 34 

24% I .....[183 I20OLS7.B12O 66 % fflebnhun Ml +2 F5.22 2>M 7 fl« 67 i 43 25 

19 ..... t0.75 — 60 — 60 26>4 DewhlmlOp 60 {dl .74 J.7 4.4 9.4 53 % 52 % 

55 ^-1 hl62 4.4 4.5 7.7177 61 Diums Photo lOp 140 *215 67 24 6.7 £83 

67 .... dl.7 64 3.E 73 201; 14% QlisiGoldSp- 20% .... n .73 09 126125 .81 37 

68 *3.46 3 1 7 7 65 *302 83 Empire Stores,- 339 -4 44 82 26 53 110 19 8 

64% t% 289 34 68 63 IB 6 E*ecuiei20p-.. 17 _ _ _ 18.0 34 ifi 

82 64.45 19 02 9.8 20 12 FoIrdaleTeaSp 18 106 29 8.9 5.8 2TO 146 

27 -1 *03 - * ~ 17 8 Do *.VS> 17 1 06 2 9 9.4 55 2 b 16 

27 -1 *03 - 

39 +1 ±223 5J 

— — 1 — 18.0 j 3 a 30 
106 2* 69 5.8 2TO fl46 

1 06 2« 9.4 55 J a) 16 

39 +1 *223 53T 4 - 48 19% Fine An Dili 5p 42% 41.31 24 65 99 sifa 45 

51 {203 28 6.5 27 34 21 FUrdiSTUnllOp. 33ui 2.53 4 . 116 * 39 28 

52 +1 226 21 6010.9137 45 FbnmnSerlOp. 123 -1 td3.78 62 .4.6 53 iM 105 

153 Td26 9.9 26 5.9 91 39 Foster Bros 85 2 59 3 0 4.6110 XX 63 

280 (Q0J5 35 83 53 322 226 FrefmanMLoai 264 ... *5.4 43 31113 34 25 

23 152 23 10.0 6j| 35 24% GeIfer(.\J..>2Dp_ 33 ..... *2.57 19 Ufl 68 154 103 

162 t4.98 6.0 4.7 3.8 M2 86 Stocks) Joseph i_ 150 .... 3 J 2 fto 3 ^ 6 J S 0/ MWM»» ppam- 65 +Z *Q5c 43 0.9271 

94 -1 362 3 3 5.8 7.0 279 188 Taiei l#lefl 200 + 2 ' 1334 2Mwa 49 jft, J ISp 31 038 117 MUS 

40 239 3.4 93 3.6 137" . 94 Tavener Rut 20p 103 h) 1m 8 5)10 J Sf 2 LS IjifastneM - £17% +% QH52 5,4 

24 *dL55 2.9 93 53 52 53% Tesw5p 40 . Z 1148 3 l sS 8.9 fI2 iSS : 7M IT.. Ke lSa A9 42 

*10 3.0 7.8 63 57% 42 L'oigate — 51 % *31 t'jJ 93 } 73 {U)p.CouLGas£l 325 ...„ *8.91 2J 4.2129 

17% pO.9 4.6 73 14 177 131 United Biscuits. 142 S38 <&« £« R7 ll i? topaUIads.lOp_ 23 171 UU3 83 

53 -2 119 1.4 9.1121 70 36 Watson PMp. lOp 57 .... sn Y* an II *» tortud 'Services . 66 %-% *431 U M S 

32 2.42 12115 107 *238 118 

48% K3.03 19 9.5 a 6 

£92 Q3%% - 41 - 

72 ....„11S 6 2 4.5 34 

18% 103 28 66 93 

31 132 « 6.4 * -a 

210 -5 t9.9 28 7.1 7.0 H 

22 - dl.51 06 105 

68 % 4.56 1.7 103 73 41 I 12 

,36 282 22 120 5.8 £36% £H 

154 49.02 23 &9 61 52% 24 

4.9 42 
A2 329 
113 83 
9.4 9 i 

36 [Watsnn PhhLlOp I 57 J ] 2.43 231 631 20 /n, f? Initial Seraices . 66 % -% +431 3 * 04 «r 
118 |Sbe al3 hc£._|l30 Ult7.5 I4U 72 BS3fc 4 ? 3 ’ ffli ^ g £ 

^ “2 g!«ank 2 S +f Sui 25 -In iu 

HOTELS and CATERERS J A ^ rS; ■£ ,S 2 

22 - dl.51 06105>aa- SOT 300 MresnMhjnf] 400 *1238 4 . 

68% 4.56 1.7103 73 41 12 Adda lot IQp 321 , t jnri - 34 i 43 JouidantDlOp. 34 ...... *264 Z 

-36 282 22 12.0 5.8 £36% £H% BarelU.iFWOO. £14% ffir Z-J-J |2 h^tamoolO^ +i 4 L96 1 

154 49 02 28 8.9 61 52% 34 Brent Waltardp. n* + ' EJ 4 J2 jlwZ ^ S ^ebeytads. 94 323 X 

150 TbS.08 3.8 5.9 63 IDS 70% CityBatelsZOpL 93 IS ' HI M. h«UWdySia 10p 29 {158 2 

,32 211 19 10.0 H 178 ® DefSeBMeSl 155 «, li M “°b 512% teshawfAlSpl 975 .... . £? Z 

m 7508 *3 6.7 6oi 14 M ^jiiaBaapB 95 s^tesssa-# n 

sx 1 u. 

124104..: J«- 

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22 «L_ Li! 
43 63 • -IS 
LUG 4,9?;; 

SM 41. - J C 
52 Xf r i.: r 
83 8.1 

9,0 .73 
7.8 7J 



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73 42i 2 

£132 £70 
78 MB 


bone 1 ot.50p.|. 607 




10J 4.1135.9 
i « 8.6 165 

Ibltu Mkraiw iadlninl, prices and mi dividend* arc fat- 
pnn and denstninaiioiis are 25p. Estimated price/buning*' 
ratio* and coven are bated on latest mutual reports and account* - 
and, where possible, are updated an half-yearly figures. HEa an 
calculated on the basis of bh distribution; bracketed D|m 
indicate 20 pee newt , or more difference if calculated on "nil 1 * 
dlrtribadon. Qmn are baaed on -maxlmon" distribution. 
Yield* are based on middle prim, ure prom, adjusted In ACT of 
34 per cent, and allow for value of declared distribution* and 
righto. Securities with denanii nation* other than atcrllss are . 
quoted inclusive of the investment dollar premium. 

A Sterling denominated securities which include investment 
dollar premium, 
e -Tap' Stock 

Highs and Lima marked thus have boon adjusted U> nUtrir 
for «ch» Issue* for ensh. • ■ ~ •* 

t lniarini ranco increased or resumed. 

"t Interim since reduced passed or deferred, 
ft Tax-free lo non resident, on application. 

4 Figures or report awaited. 

Tt VnJlrtCd security. ‘ 

a Pncc at lime of suspension. 

9 indicated dhldcnri alter pending scrip and/or rights moot % 
color relates to previous dividend or forecast. , • 

• Free of Stamp Duty- 

4 Merger bid or reorganisation in progress. 

4 V« comparable. “ 

4 Same Interim: reduced final and/or reduced earning 

i Forecast dividend; cover an earnings updated bp latest 
interim rtaicment 

f Cover allows lor conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

1 Cover due* not allow for shares which may also rank for . 

dividend at * lulurr date. No P'E ratio usually provided. -• 
¥ Excluding a final dividend declaration. 

♦ Regional price 
il No par value 

a Tax free b Fi cures based on prospectus or other official 
estimate r Cent* d Dividend rate paid or payable on part . 
ol capiLoi cote r based on dividend on lull capital. - 
I Redemption j icld. f Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip Issue... 
j PajTDcm Ittjiti capital sources, k Konya, m Intenm higher'’ 
than previous total, n Rights issue pending q Earnings', 
based on preliminary figures r Australian currency. 
s Dividend and yield exclude a special payment, l Indicated * 
dividend: rover relate* lo previous dividend, P/E ratio bused .' - 
on latest annual earning*, a Ftmaa dividend; cover based \ 
on previous year's earnings. v Tax free up to 30p In the £ \ 
w Yield allows for currency clause, y Dividend and yield ‘ 
bawd on merger terms, i Dividend and yield include a " 
special payment: Cover does not apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred C Canadian. D Cover and P'E ratio exclude profits 
of V K aerospace subsidiaries. E Issue pncc. F Dividend' 
and yield based on prospectus or other official estimate* for 
1877-78. G Assumed dividend and yield after pending scrip 
and/or rights lour. H Dividend and yield based on 
prospectus or ether official estimates for 1878-77. K Figures . 
based on prospectus or other official estimates for 1878. ' 
M Dividend and yield based on prospectus or other official 
ggtimir.iv for 1978- N Dividend and yield based oupromectus" 
or other official estimates for 1979 P Dividend and yield ' - 
based on prospectus or other official es t ima t es for 1877.' - 
Q Cross. T Figures assumed V No ytgnrtiram Corporation 
Tax payable. Z Dividend total to due. f# Yield based on 
assumption Treasury BUI Rale slays unchanged until maturity 
of stock. 

Abbreviations: ties dividend: sex scrip issue; ■■ ex righto; a am 
all, d os capita] distribution. •• 

“Recent Issues '’ and “ Rights ” Page ■ 

This service is available to every Company dealt in oa * 
Stock Exchanges throughout the United Kingdom fora, 
fee of £400 per annum for each security 

59 27 

56 36 

36 12 

27 15 


36 19 

130 48*2 
74 14 

2Sfl M 

195 8 

126 25 

18 10 
97 34 

220 60 





58 ...... 

£12t* ...... 

Z36 -1 I 

.24 — 


17 ; 





«* 2 

.18 165 


& Relative Strength ^ 

Jtetativcstreactli is tbe difference between a good 
ana a_ bad inrcstmcnt We supply relative 
strength charts for Britain’s to e in g companies, 
plus aU the other price information necessary for 
successful umstxEK&t. 

Write or telephone for a free sample. 

IN-200 Buhepsgata, London, EC2M 4PE. 

*-J: 01-283 4476 




Tuesday March 21 1978 

B Mln ne 

From only £150 per wee! 

19 Uppof Crook Street London, W^y 2^j 

>fwc a.vfT/.iu ) 

01-629 9232 


■ Vr-jra 

by Tory 


reorganised House of Lords, its 
membership cut from 1.139 to 
430. were made yesterday by a 
study group of Tory poors and 
MPs headed hv Lord Home, 
former Prime M'ntater. About 
two-thirds of the Lords' members 
would be elected by a form of 
proportional representation. 

The Upper House would have 
268 elected members and 124 life 
peers to be nominated by the 
Prime Minister after consultation 
with a special committee of 
Privy Councillors. Some bishops 
and law lords would also have 
scuts, making :i total member- 
ship of 430. 

Abolition fear 

The committee was appointed] 
14 months ago hy Mrs. Margaret 
Thatcher. Its aim was to secure 
a viable second Chamber in the 
face of Labour Party threats to 
abolish the Lords on trig hr. 

“If the Houre of Lords were 
to he abolished, and nothing put 
in its place, it would be possible 
for a Government with even a 
tiny Commons majority to put 
through the mn«t radical changes 
without fear of restraints, and 
even to prolong its own life." 
".aid Lord Home. 

The report is not official party 
tolicy. but it is hoped that it 
•tfill form the basis of any firm 
proposal which a future Tory 
Government might bring forward 
for Lords reform. 


Threat of pollution grows 


GALE-FORCE winds last night sier based on the value of the heavily, the tug pulled and the sultant on hoard the Amoco 
were threatening to cause further rescued tanker, insured for rope snapped. Further repeated Cadiz for a crew training voyage, 
massive pollution to the Brittany $20m. efforts to get a main line abroad An official inquiry is expected 

coast from the grounded Amoco The captain of the Amoco failed and twice lighter feeder to be announced into the wreck 

Cadiz supertanker. Cadiz requested a contract on an lines snapped under the rstain. shortly, either by the French 

Winds and sea currents pushed hourly rate, to which the Pacific's Eventually. Bugsier says, a authorities or the Liberian 
a 400-square-mile oil slick 20 captain would not agree. Bugsier line was put on board but “it Government, under whose flag 
miles closer to the Channel says, however, that in spite of turned . out that a tug of the supertanker was registered. 
Islands and by yesterday even- this, the Pacific put a line on 10,000 bhp simply did not suffice M ctoniev Clinton Davis, the 
ing there was oil within 50 miles board the tanker and established to drag the fully-laden tanker of rr n rfpf Cw-rptarv tnld the 
of Guernsey and 70 miles of. a connection at 13.25 GMT on some 300,000 dwt and a draft of c nmmon <5 thathewould «*ek an 
South Devon. Thursday. almost 20 metres, away from, the ^ his mnS 

Almost half the ship's 220.000- • 381811151 wS*. number S disc^S 

Clearance i„ apit | of her engines tapBrations ef the incident 

It is disputed whether, at this at full, the tug was only able to In ' the Channel Islands, fire 

point, the tug made full efforts slow down the rate of drift, men experimented with Inflated 

to draw the disabled tanker from hoping for. the arrival of another hose pipes for.possible use as a 

troversy grew about what hap- the rocks, or whether it waited Bugsier tug, , the Simson. The boom across harbour mouths to 
parted in the final hours before for the Amoco captain to contact Simson arrived 1J hours after the halt the progress of the slick, 
the out-of-control vessel drifted his owner’s headquarters in Amoco Cadiz hit the rocks. But the indications last night 

on to the rocks. Chicago for clearance for (be At 20.00 hours, reports from were that winds were likely to 

Two conflicting accounts have open contract. Brest suggest the Amoco Cadiz change and push the oil back 

emerged of the early hours of Bugsier says it -has documen- dropped anchor but continued UK towards France, 
the attempted rescue of the tary -proof in log-books and drift At 21.00, the vessel's pump 

Amoco Cadiz, by tbe Brest-based wireless logs that, up until 15.45, room was punctured by the rocks. Ai ppj . 

tug Pacific, which is owned by it attempted to save the tanker At 21.30, the ship's engine room 

Bucsier of Hamburg. even -without the assurance of a flooded and at- 22.00, the crew Emergency .supplies of chemi- 

Bugsier issued .a statement contract, . mustered to be collected by a cal dispersant have been sent to 

flatly denying what it called Other reports say "that for up helicopter at 0L45- on Friday. At the islands and UJL dispersant 
slanderous reports that it bad to three bours L the tanker and 04.00 hours, the vessel started to manufacturers placed on alert 
delayed assistance to the rudder- the tug drifted with alack ropes smash against the rocks and Mr. Denis Howell, who faas so 

less tanker because the tug cap- until they were only six miles shortly afterwards, the captain far dealt with droughts, 

ton cargo of light crude* is now 
thought to have been lost. 

As the French pollution-fight- 
ing force was strengthened by 
nine vessels from Britain, con- 

tain and the tanker master could from tbe mainland. Amoco 
not agree terms of a towing admits that during this period, 
contract. when the French maritime auth- 

According to Bugsier, the orities were re-assured that 
Pacific tug offered her services there was nothing to worry 

was lifted off. blizzards and flooding, has been 

Tbe French authorities say the nominated' by the Prime Minister 
first indication they had of the to lead tbe pollution fight if tbe 
seriousness of tbe tanker's pre- oil does reach Britain. In one 
dicament was when a dozen of the incident's few lighter 

by radio telephone on tbe basis about, the two captains discussed emergency rockets were fired moments, Mr. Clinton Davis 

of a Lloyd's open form or “ no contracts. from the ship, once it had gone said: ,r We hope he will bring his 

cure no pay" contract, which No one disputes that at around aground, by Captain Leslie usual luck to bear in this 

would mean a payment for Bug- 16.15, with the tanker rolling Maynard, the P‘& O safetv con- mattec.” 


It sets out to provide a sound 
basis on which the Upper House 
can perform its two main func- 
tions of revising legislation and 
acting as a safeguard against 
constitutional abuse which, it 
concludes, is impossible under 
the existing “ anachronistic ” and 
“amateurish" structure of the 

The report's retention of PR. 
despite the known hostility of 
Mrs. Thatcher to any change in 
Britain's first-past-the-post elec- 
toral system, caused some sur- 
prise at Westminster. But the 
committee says that PR. which 
would deny any party an overall 
majority in the Lords, would be 
suitable for what was essentially 
a scrutinising Chamber. 

Details of report and new peers. 
Page 8; Editorial Comment 
Page 22 

Abrupt halt in profits 
rise of U.K. companies 



GDP trading 

average profits 

estimate net of stock 
V770 = 10D i pom all on 


rnsp recovered last year, “they 
remained very low. at about 3J 
per cent on hon-North Sea 
activities, compared with about 

THE rapid rise in the profit- the level of 1976 to £9.0bn., the dieted last December that 
ability of U.K. yam ponies in the lowest for 10 years. A 6.5 per “company profits should con- 
first nine months of last year cent, increase in private invest- tinue to recover until at least 
came to an abrupt halt in the ment (other than homes) was the early part ‘ of 1978, with 
fi“jrt qu . arter - . . _ offset by falls of 16 per cent in industrial costs rising relatively 

The latest figures for Gross public sector investment and of 8 slowly and demand reviving." 
Domestic Product, published per cent in private sector invest- In tbe Quarterly Bulletin pub- 
ye rteMay by the Central Statist!- me nt in houses. ' lished last week, the Bank said 

cal Office, show that there was , ^ .trak. jmmeela ^at although real rates of return 

virtually no rise in trading profit j fj , nsx m stowc npprecia- ,«* „ on „ ««*w 

net of stock appreciation from (««asonal£ adj ? ste ?2'^. 
the third to fourth quarter com- £ y . a me * e to f257bn. 

pared with one of 13.9 per cent between the third and fourth atu „ u suul|1 „ C u ».u. 

from the second to third 9-^per cent daring the 1960s." 

quarters, seasonally adjusted. of industrial profitability after Among factors that could have 
The figures also confirm that adjusting for the impact of infla- played a part in the fourth quar- 
total output remained flat in the tion on the value of stocks of p 
second half of the year, in spite finished goods, raw materials and 
of the substantial tax cuts intro- work-in-progress, 
duced in the spring Budget and Nevertheless, for the year as 
autumn economic package; a whole, underlying profits were 
The volume of fixed invest- U P strongly over the 1976 level, 
ment fell by 1J5 per cent in the increasing 49 per .cent before 
fourth quarter to £2.23bn. (1970 inflation, 
prices, seasonally adjusted). The fourtlMtuarter slow-down 

For the year as a whole, in- was against the expectations of 
vestment fell 4 per cent, below the Bank of England, which pre- 








110 A 


1976 1st 












1977 1st 












All seasonally adjusted 

Source: Central S&nfKJee) Office 

ter slow-down were the impact 
of tbe appreciating pound, tbe 
general decline in activity and 
the Stage Three wage rises com- 
ing through. 

The detailed figures for GDP 

virt ually no movement through- 
out’ 1977. 

The output index, usually 
re.tarded as the best indicator of 
short-term movements, rose by 
02 points to HOB (100=1970, 
seasonally adjusted) between the 
third and fourth quarters and 
was only 0.6 points up on its 
level a year before. 

Manufacturing production was 
down slightly between the two 
quarters, but after a good har- 

show that the average estimate, vest agricultural output was up 
based on a compromise of output, 4 points to 114 compared with 
income and expenditure data, tbe third quarter and by 17 
remained in a narrow band for points on the same period in 
the last two years and showed 1976. 

Processing ship may be used 
to beat Sullom Voe delay 


OIL COMPANIES with interests 
in the North Sea Ninian Field 
arc making contingency plana to 
overcome delays to a crucial 
pan of the X672m. Sullom Voe 
oil terminal in the Shetland 

One idea being considered is 
tbe construction of a £15m. pro- 
cessing ship able to convert gas 
from tiie field into liquid petro- 
leum gas tLPG). 

Although British shipbuilders 
would bo given an opportunity 
to bid for the contract — assum- 
ing that the scheme goes ahead 
— oilmen believe the .order 
would probably have to be placed 
in Japan because of the short 
delivery period required. 

The ship, possibly a con- 
verted tanker, would be tied up 
alongside the oil terminal, 
handling up to 15.000 barrels of 
LPG a day. Chevron, operator 

for the Ninian Field, it Is 
believed, would like such a 
system to be installed within a 
year to 18 months. 

This is just one scheme being 
considered. British Petroleum, 
manager for the terminal's con- 
struction and operation, said it 
was reviewing steps to counter 
problems which might be caused 
by delays to the terminal's LPG 
processing unit 
It is understood that so far a 
purpose-built ship has not 
featured in these considerations. 
One problem which would have 
to be faced would be the future 
employment of the vesseL 
BP hopes the processing unit 
could be on stream late next, 
year— up to nine months behind 
schedule but probably not much 
later than the date when a pro- 
cessing ship could be used. 

Some of the other members of 

the Ninian consortium — including 
Chevron — believe that Sullom 
Voe will not he ready before well 
into 1980. They claim that the 
construction work has been 
delayed by the change of terminal 
management, from Shell to BP, 
by bad weather, by construction 
problems, by changes in design 
and by the sheer engineering 
complexity of the project 

Chevron and Its partners are 
investing £1.5bn. in the develop- 
ment of the Ninian Field, with 
its three production platforms, a 
pipeline to the Shetlands and 
part of the Sullom Voe terminaL 
They are anxious that gas, which 
could yield valuable supplies of 
fuel and chemical feedstock, 
should not be flared and wasted 
for too long. 

The field, with an estimated 
lbn. to 1.2bn. barrels of recover- 
able reserves -of oil. is due to 
come on stream in September. 

Scots by-election date set 


THE GLASGOW Garscadden by- 
election will be held on April 13 
-two days after the Budget 

A writ for the by-election, 
which will provide a crucial test 
of Labour's ability to withstand 
the Scottish National Party's 
challenge at the next general 
election, was issued in the 
Commons yesterday. 

Mr. Donald Dewar, former MP 
for Aberdeen South, will defend 
Labour’s majority of' slightly 
more than 7.000 votes. His main 
opponent will be Mr. Keith 
Bovey, a Glasgow lawyer who 
was chairman of the Scottish 
Nationalists campaign committee 
which planned their victory at 
Govan in 1973. 

The Conservatives are re- 
presented hy Mr. Tain Lawson, a 
’ocal man, and the breakaway 
“Scottish Labour Party has entered 
Irs. Sbiona Farrell. The Liberals 
are not contesting .the seat. 

Labour are confident of holding 
the seat in spite of conflicting 
opinion polls which have 
suggested significant advances by 
both the Nationalists and the 


A Labour victory is thought un- 
likely to persuade Mr. James 
Callaghan to call a general elec- 
tion-before the autumn. 

Our Labour Editor writes: Mr. 
Denis Healey is to be asked to 
make dispensation in bis Budget 
for immigrant workers whose 
wives and children are abroad. 

Tax allowances for parents are 
being phased out and replaced 
with child benefit, paid directly 

to the mother. This means, 
according to a sub-committee of 
the ■ TUC-Labbur Party liaison 
committee, that some Immigrants 
will be penalised. 

It recommends, in a report to 
the committee yesterday, that 
the child tax allowance be con- 
tinued- for three years in- those 

TUC Council move to be 
criticised Page 8 

Continued from Page 1 


within Ley land's participation 
system, also involves a £200m. 
reduction in net group expendi- 
ture or investment up to 1981, 
compared with previous propo- 

The success or failure of the 
group in future will depend on 

West German print 
industry and union 
reach compromise 


Paris Bourse 

Those who trusted in Freabh ^ is incurred in the U.K. and 

conservatism and bought French - Tnripx rose 1 4 to 458.6 tbirds of ,. rcrcntl ^ :, J > f 
shares in defiance of opinion . mdeX r0S ® overseas the 

polls and just about every - ^ -“*■ 

French political observer, have 




1 0 
I Iff ** 
20 - 


GOr - 



I . 

Expenses moved jp.-j ^ * * 

been well rewarded for their 
faith. In six remarkable . days 
of trading on the Paris bourse 
the better known shares have 
risen an average of 25 per eenL 

The left-wing’s failure to 
come to power allowed .-the 
shares of companies that were 
earmarked for nationalisation 
to bob up like corks. The banks, 
because of their underlying 
business strength, were con- 
spicuous in this respect -Com-' 
pagnie- Ban ca ire gamed 37 per 
cent over the week to Fr.354 1 
while Paribas put on- 30. .per 
cent to Fr.191.5.. .. 

Among the French glamour- 
stocks, Matra was so mut* in more than £100m. As usual the the J J°7 R ^ ad '-' a ntas<? 

vogue that it was, quite liter- main difficulty is on the volume a freehold rather than lea* 
ally, unbuyable yesterday. The car side which chalked up 





1968 '70 *72 *74 *76 '77 

■> the pound brought the ratio 
expenses to . incoipe 

by a fifth, while - incoii : - 
advanced only 16 per cent. 

With a larger marine bo 
than other hrokers Willis h. 
been affected on the tradj. 
front by the weak premiu 
rates in this class of businei 
But taxable profits have ba 
supported by a larger tin 
expected contribution, of £2.6i 
from Morgan Grenfell. \ Ai 
investment income chipped 
around £6in.' compared wi 
£4.<m. .. 

The group has entered u 
current" year without the bu 
den of removal costs, and wi 

election week has taken " its 

hold properly. Early foreca* 
are predicting around £23 1 

. ,p, . + losses of £32 m., against a profit fT t h7 current veaTS 

price up by 47 per cent to of f ifim in the previous period, pre-tax for tne uirreni year. B 

Fr.1550. The rest of the v ;eiite Thes”'fi^S oSy go to ^oxv 1110 shares vie ding o per cen 

tended to underperform bnt ^ “ aSand's position is ° 

in a time of adverse currency 

underperform but 
still showed gains of between 

movement The company is now 
Mediterranee, for instance.-. -was „ .. „ 

last night yielding an exiguous a ^ a ^° , 

1 7 percent 6 5 > much-needed cash injection of 

^ ~ £850m. Meantime, the shares 

Yesterday’s trading session, 
though lively, was no repeat of 
the extraordinary events -last 
Monday when realisation of the 
Left's failure first dawned 
French investors. There was 
stock on offer yesterday and the 

which closed unchanged at 22p, 
are entirely speculative. ' 

Hepworth Ceramic 

Against the background of i 
takeover talks with Jnhnsn 
Richards Tiles it was imports 
there should -be no disappoir 
mentis over the Hcj>wnr v ~. - 
Ceramic results, and in fact pr 
fits of £26.7m. pre-tax are juv,. 
as expected. So the compai 
has maintained its growth ra 

Company profits 

The fourth quarter GDP 
figures underlines the sharp 
rise over the day of 5.44. per slowdown in corporate profit 

cent was not asto unding by growth towards the end of last ov ®r two-fifths in the secon 
bourse standards. It was never?- year. Gross trading profits half as well as the find,, thou-, 
theless a strong showing for tbe peaked in the first quarter of this strength partly reflects vl 
last dayjf the account when 1977 and were declining for income benefit or the April 191 
short tenrr profit-taking was to most of the second six months, rights issue, as well as li 
be expected. Thanks to the sharp slowdown initial. impact of the ir.S. aeqi. 

in stock appreciation — it halved sition W. S. Dickey, which c« 
Rrifich I avlonrf between the first and second tributed £2.2 6m. 

nwtfch innnrrAH nr*. halves of year — company The surprise, perhaps, is th; 

profits net of stock appreciation the dayware division has pc 

ftF f KKT^ivnU!/ iff were 51111 rising untiI 1116 third formed remarkably* well eve 
S outfit of 4e Howev ® r - ^though allowing for the acquisllioi 

small profit, of justtsm. for tae fom^ qnarter profits are 38 per Some hiehlv nrofitable t»xm»r 
year as a whole.; This. compares ,, n on %*,*»• cnmnarahle r wne v n, B TU / proniAoie i-spor 

with a trading profit, • of -#0*^ St ?ear“£^hto IT* here. 

for the 15 months to December S 'no gre^ to ’r^L profit ** group begliming 10 apen 11 ‘ v ' ' 
1976 — a performance which between tbe third and fourth 
followed losses of £76m. for the quarters, 
year to September 1975. After 
taking account of extraordinary Wi llis Faber ■ 
items the figures look even jt was not just the modest 20 
worse. For 1977. the below-the- pej . advance in Willis 

line write-offs amounted to Fair's pre-tax profits to 
JE43.9m.— including £24m. for w hich left the market 

the closure of Speke. So overall cold yesterday. Rather, the divi- 
losses for 1977 are £5L9m., aend declaration — a total of 

giving a total attributable defi- i3.6p gross — disappointed those P® 0 *® fo Hepworth ’s mayo 
cit for the past three years of punters who had been hoping markets, especially in view of it 
£133m_ "' far 15p gross in Willis's last apparent keenness to diversify 

And that is before taking any year 0 f dividend freedom. So “**<> tile*. Still, the company it 
account of inflation." In 1976, the shares dropped I2p to 278p. stepping up capital spending 
for example, I^and estUnated ... Like Howden, Willis has been from £l2m. to over £20nt th-is 
that the cost of sales adjustment affected by a move to new year, spread across all its exist 
alone would have amounted to offices: And as the bulk of costs ing product areas. j;- 

■ s. 

some useful European market 
and exports have also bee 
buoyant in refractories, thong 
here they did little more thai 
offset the dullness of the U.K 

At 82p the shares represen 
fair value, with a yield of tiJ 
per cent., but there must be un 
certainties about growth pros 

tir*: in I- 



AN UNEASY compromise 
appears to have ended the dis- 
pute between the West German 
printing industry and IG- 
Druck, the print union, over 
the Introduction of elec- 
tronic production technology. 

The only- party that.can fairly 
claim to be satisfied with the 
outcome is the office of Herr 
Helmut Schmidt, the Federal 
Chancellor, whose diplomacy 
brought management and 
union back to tbe negotiating 

Herr HansJuergen Wisch- 
newski. Minister of State in the 
Chancellor’s office. Is under- 
stood to have played a key role 
in bringing the two .sides 
together under the chairman- 
ship of Herr Josef Stlngl. head 
of the Federal Labour Office. 

After the settlement was 

announced today, the Social 
Democrats, senior partners in 
the ruling - coalition, claimed 
the key factor in getting the 
management and union back 
to the negotiating table was 
the Chancellor's televised 
appeal for resumption of talks. 

It is clear that neither tbe 
management nor the union was 
completely happy with the out- 
come of the dispute which has 
cost West German newspaper 
and magazine publishers many 
lost editions daring the past 

FRANKFURT, March 20. 

. couple of months. 

The employers feel that the 
agreement went well beyond 
reasonable social safeguards 
for employees whose skills 
would no longer be required 
after tbe introductiou of cold 
typre and computerised type- 
setting and layout 

The union appears to believe 
that this is the best agreement 
it could have reached in the 
circumstances without com- 
pletely blocking the Introduc- 
tion of new technology. 

But it has made clear that it 
Is far from satisfied with the 
safeguards the employers have 

At the heart of the dispute, 
.which . culminated in the 
employers Imposing a nation- 
wide lockout on all printers 
belonging to IG-Druck, was the 
issue of what was to become of 
the skilled hot-metal printers 
whose jobs would be expected 
to disappear with the introduc- 
tion of the new computerised 
technology. - 

Under the terms of the 
agreement announced to-day, 

companies Introducing the new 
technology will have to use 
skilled hot metal type-setters 
and printers on the video 
terminals for the next eight 

Editorial Comment,- Page 22 

stemming the losses in the cars 
division, Mr. Edward es stressed. 

Lat year it lost £319flL. as 
against profits of £26.6m. from 
commercial vehicles and £8.4m. 
from special products, mainly 
because of currency problems— 
and internal and external 

Continued from Page X 


allegiance to the common pro- 
gramme of the Left within hours 
of the end of the poll This 
group is the obvious candidate 
for any Government "enlarge- 
ment" towards the Left 
Candidates for the premiership 
range from M. Jacques Chaban- 
Delmas, a former GauUist Prime 
Minister, who was dismissed by 
President Pompidou, - partly 

because he moved too quickly in 
the direction of reform, and 
partly because of a tax-avoidance 
scandal; M. Alain Peyrefltte, the 
nominally GauUist Justice 

Minister, who is un the liberal 

vnng of his party; and Mme. 
Simone VeU, the popular 
reformist Health Minister, who 
is close to the President 

• Early trading in the French 
franc was uncertain in London 
with dealers reluctant to set an 
opening rate. 

Initial quotes were around 
Frs.4.53*4.5S in terms of the 
dollar, but settled at about 
Frs.4.60 fairly quickly. The 
lowest level touched was 
Frs.4.6450, and the franc closed 
at Frs.4.6020, compared with 
Frs.4,6140 on Friday, 

SUNNY Intervals, showers. 
London, SJE- and S.W, E. and 
Cent S. England, Midlands, 
E. Anglia, Channel Islands 
Sunny intervals, showers early. 
Max. SC (46F). 


Sunny intervals, showers, 
wintry on bills. Max. 7C (45F) 
Cent N., N.W. and NJ5. England, 
Lakes, Isle of Man. Borders, 
‘ S.W. Scotland 
Sunny intervals wintry 
showers- Max. 0C (43F). 

Cent Hig h lands, NJEL and N.W. 
Scotland, Orkney. Shetland 
Sunny intervals 1 . wintry 
showers. Max. 5C (41F). 

N. . Ireland 

Sonny intervals, wintry 
showers, rain later. Max. 6C 

Outlook: Rain followed by 
sunny intervals and showers. 











































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Bookuoie R s 43 
Casablnca. S 17 63 
Cape nnra C » 57 
"Corfu C M JM 
Dubrovnik S 10 GO 
Faro S 18 81 
Florence - R 12-44 
Funchal F u 84 
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Guernsey R 8 48 
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Inverness S 5 41 1 
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