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No. 27,516 ■ 


Wednesday March 22 1978 ***15p 






MANUFACTURERS & SUPPLIERS 
OF BUILDING & CHEMICAL PRODUCTS 
FOP. f H E CONSTRUCTS QN^4 D U STR Y . 


I FEB INTERNATIONAL LTD 
Albany House, Swinton Hall Road. Swinton 
Manchester M27 IDT. Tel: 061 794 7411 


. — i mancnesrernie/iui. teuuei 

CONTINENTAL SELLING PRICES* AUSTRIA Sch_TS: Belgium e.-»e_ . - Kmmn— >■ — .... 

. FflANCl W Germany d talv lj...- .»* n o»„„ u, mnm i ^ „ MN ^ w , mBU(lD 


SUMMARY 


□ 


\u. 

‘*ii 


GENERAL 


Smith 

heads 

new 

team 


BUSINESS 



up 7.7; 
Gold falls 
further 


A transitional multi-racial Gov- ® EQUITIES took a distinct 
cmment designed to bring black * urn * or better on optimism 
majority role in Rhodesia by the about ^ Budget: and on sym- 
end of the year was sworn in pathetic response to tie Govern- 
yesterday by the Rev. Patijek 
Ittnrindagomo, the blaek suf- 
fragan Anglican Bishop of 
MashonalaixL 

Leadership of the Government 


will rotate every four weeks. Mr. ■ 
lan Smith was chosen as first 
chairman after be had drawn lots 
with three black nationalist 

500 

V- 

leaders. 

He is to be followed by Chief 
Chirau, tbe Rev. N. Si thole and 

460 


Bishop Muzorewa in that order. 

^ In Dar-es-Saiaam. Mr. Andrew 

1 

the UN, said he hoped fae next 
30 days would see the creation of. 
a plan - of action on inter- 

420 

1977 


h978 


OCT NQV DEC 


KB AMR 


nationally acceptable political 
settlements in Rhodesia and' 

Namibia ( South West Africa), ment’s White Paper on .the use 
In New York, the ABC tele- of North Sea oil revenues. The 
vision network, reported that a FT ordinary index closed 7.7 up 
la*-?* build-up of Soviet weapons at 468.3. 
was under way in Mozambique. 


Back and Page 3 

Storms postpone 
tanker drainage 

Hampered by storms and the 


• GILTS business remained 
thin, but longs made sin all 
gains. . The Government Securi- 
ties index closed 0.02 down at 
75.35. '• ’ 




row 

flares as 
call for quotas 

BY RUPERT CORN WELL, LOBBY STAFF 

The controversy over immigration flared again last night after an all-party 
group of MPs issued a unanimous eall for stiffer curbs; including what 
amounts to a formalised quota system to govern entry from the Indian sub- 
continent 

The report, from the 10-man tion. The absence of reliable the level of immigration “ and it 
Select Committee on Race Rela- figures damages race relations, would be misleading to suggest 
turns and Immigration, was the report says. ... otherwise." 

finalised amid open party war- • A crackdown on illegal im- • ‘tuitv. iio 

fare at Westminster. In spite of migrants. Social security checks cyslem the JommS 

the committee’s overwhelming should be enforced, and no more SSfcS’y to be^ 

desire -to present a united front, amnesties granted. TorY naeka« MhSSFV? 

there was widespread astonish- • An independent inquiry to mpJ divided nve^thi^pltr 

meat last night that Labour MPs see if internal controls, aiang JEmtf^ o f , 

trad been able to lend their dependents **“ “ ° 

OMoes to such stern proposals. Details, Page 8 The Consemtlve proposals 

The report’s basic message is _ J!4 . m w may be published in about a 

that Britain’s gloomy employ- Editorial co m men t , Page 22 fortnight. They are likely to 
ment prospects mean that there ■■ ■ — — - echo the report’s stand 


, — . on 

can be no further major immi- Continental lines, snould be in- fo „ r . wi , ves and > oua £ 

oration. It says the Government troduced. 6 childrm. But the suggestion of 

must respect . undertakings m Early publication of a White C0J,troI * is to ° much for 

already given but control of p a o ec with oronosals tn «n ^e Tories to accept. 

“secondary” immigration by Britain’s nationality laws S 1 Vl ’. MerlyQ Rees - the Home 

d K Pe ?^l nts ,■£? *tto*S * 1 «®try • A phased end to the admis- Secretary, warned yesterday that 
should be tightened. * — 13 * 



imminent threat of spring high 

tides French and British naval ““S*? 1 %£? 

vessels fought to limit the index unchanged at 63J. The 
ecological disaster caused by oil dollar gamed ground, and its 

pollution from the wrecked depreciation narrowed to 5.42 

supertanker Amoco Cadiz, as percent 15.53). 

French Maritime HQ, reported • • - ■ , ^ 

that no start could be made on ® GOLD fell a further $2$ to 
emptying the shin before the end S177£ after Monday’s fall of 

of the week. Back and Page 2. $*L ... 

From Cape Town it was reported ^ ^ „ 

that oil had spilled on to South • WALL STREET was. 5.3/ 

African beashes from the 35.545- down at 768.4$ just he&fethe 
ton Pantilis A. Lemns which is dose. L ’ 

aground nearby. i 

• LONDON'S ne\V market . in 
Hi c fai, cMhnrlr traded share options will open 

Ulster seiDaPK on Friday April 21, the Stock 

Talks due to lake place to-morrow Exchange has confirmed. aduit ttmttmpt nvuvwr w 

hrtwpn Mr ttnv Mason 'Northern - UNMRPLOYMENT has 

Ireland Secrern-i and S • SENIOR am servants are fallen Vf 0r the sixth consecutive 

Cabinet Ministers! have been beiTl £ offered tax-free lump sum month - to mid-March, although 

Mstonned taS^of the death Payments of up to twice their the jobless total is still the 
yesterday. Tt the' ago ot 67. of “UP'jL™ * fSi . “j?” 1 !or sto “ 


— si on of foreign workers wiTnout ^ . ibmsutc would hsve 

The report is likely to help permits into the hotePmd eate£ Potions well beyond 
the Conservatives, who this week- fag trades, and into domestic m ^g u S ratJon controls. 
eD ^J! a11 £ e ®«*r own aoxiliaxy nursfag servicS J^- Promlsed to see whether 

scheme to limit immigration. * AxmonncemenTazintially 'by extra, figures on immigration 
Tory spokesmen last night w«- fh e government of an “ overall ““d he provided, and reiterated 
corned the report findings but figure ” for immigrants from the 1110 Govenimm t's determination 
the Government and most Indian sub-continent. Wives and to stxa*’ by earlier commitments. 
Labour MPs were very cautious children fnp-to-I2 years) would HV*ny case, primary famugra- 
— and fae Liberals scathingly have priority over nuUe fiances. **«*/!*■ have known it since 
critical. • Faster processing of those ett- the war ” had ended, and the 

Of the 29 recommendations titled to come to Britain overriding need was for good 
agreed by the committee of five Rebutting the claims of Mrs. race rations, he said. 

Labour and five Conservative Margaret Thatcher, the report William Wbiteiaw. Tory 

MPs, the most important are: says that only if the government Home ' Affairs spokesman, wel- 
• Better Home Office statistics breaks prior commitments can corned the report as “ coostruc- 
od present and future immigra- there be a significant change in ' Continued on Back Page 




crisis 
action 

BY DOMINICK J. COYUE 


% 


President Carter welcomes Mr. Begin to the White House. 

Carter-Begin 
talks open 


8Y DAVID BELL 


WASHINGTON. March 22. 


down for 

i 

sixth month runni 



ROME, March 21. 
NEW aiili-icrrorisi measures 
were approved to-day by Italy's 
minoriiy Christian Democrat 
Government. 

Details were not immediately 
available, but a decree law is 
belief cd to provide for wider 
powers of arrest, the question- 
ing of suspects Mil bout legal 
representation and, where con- 
sidered necessary by the 
security forces, widespread use 
of telephone lapping. 

The measures, which can 
take immediate effect but must 
be endorsed by Parliament 
within two months, would give 
ihe authorities the right to 
demand from clearing banks 
information concerning with- 
drawals and deposits above a 
certain lei el. 

This provision is intended to 
halt ransom payments in kid- 
nap eases aud prevent so-called 
■’ relaundering " of such funds. 

These latest moves In the 
fiRht against both criminal 
kidnappings and politically- 
motivated acts of terrorism 
such ax last week-ends kid- 
napping of Sis. Aldo More, a 
former Prime Minister, are 
understood to have the broad 
support of the main political 
parties, including the Com- 
munists who have joined the 
Parliamentary majority in Ildlv 
in support of the 'minority 
administration of Sig. Ginlio 
Andreolti. 

It is likely, however, that 
some clarification of the 
measures w as being sought this 


BY DAVID FREUD 


m” cStah ■ssaS’TSa 


next few years. Page 6 


Back Page 


Jail blaze probe • 


COST OF its membership 
the Common Market could 


Prisoners are to be interviewed greatly reduced if Britain could 
. n ;<□ attempt to find out the win control over the cost of 
ause of the blaze which swept operating the Common AgricuL 
hrough Chelmsford jail, Essex, tural Policy, Mr. John Silkfa, 
n Monday night and led to the Mjfaster of Agriculture has told 
ransfer of 219 inmates to other tb e commons. Back Page 
jils. 

Aichelin Guide Warning On 

^ hj» Michelin Red Guide to Great \X7\-1 C ,U 

ritain and Ireland has extended VY LlSfl SIccl 

s coverage to moderately priced oncnwiviMWFNT nf thP 
•siaurjQts and hotels. Out of • POSTPONEilKNT of the 
450 entries in the 197S editioii £835nu. investment plans for the 
ore than 400 hotels andrestaur- Port Talbot, steelworks fa South 
its are in this category! - Wales, could, have far-reaching 

consequences for the economy of 
nrv fyf Chiano 1 Wales, Welsh Council chairman, 

on OTLmang warned. Back Page and 

r, \iang Chfag-uo, son of Chiang Feature, Page 22 

ii-shek. was elected president • . . ... 

Taiwan, the State founded by • GUERNSEY’S, banking icdus- 
. i father almost 30 years ago. try pre-tax profits rose, r*®® 
* £3.75m. in 1973 to an estimated 

film, last year. Page 7 


easonal cheer ^ , 

tn # IRELAND'S 197S National 
rth of EnS Jd aSl Vrts^E Wage Agreement, winch faP- 
itiand yesterday— the first day F^ff_ „ 4 8 P 


uana yesieraay— me nrsi oay + T-i-cted 

Spring. Recent bad weather 

i grien a boost to Easter hoii- Jf ^ 2 TlJC meetms 

s in the sun, tour operators tomorrow. Page z 

ortKL COMPAWES 


■iefly . 


5ti 



• IMPERIAL GROUP chairman 
has forecast an “appreciable de- 
?irl, aged two. has been iso- ^ g rgt ^ajf profits, as 

;d in a Yorkshire hospital trading results for the first three 
"ering from typhoid after re- months were lower than fa the 
ling from Belize, Central comparable period of 1977. Page 
erica. 24 

•LONDON SUMATRA, to back 
4 ? U P its rejection of the McLeod 

' ^ Sipef bid. has revealed an un- 

. ,s we e loId- precedented amount of informa- 

- r skiers were feared dead tion, including a £30. 9m. inde- 

V being swept away by an pendent valuation of its In- 

. anche near the Great St, donesian estates. Page 26 
'lard pass in Switzerland. ... r .. . , 

.... . . . , • SEABS ROEBUCK, the largest 

olitdi yachtswoman has be- y.S. stores chain, reports lower 

thfl rt worid fourth quarter earnings of 
le-handed round the worid, s25L8m. (5312.7m.). Rival stores 
as reported in Warsaw. chains in fae xj. S . reported 
Wla ims been offered £lm. of record figures for the period. 

- Commons were told. Page 28 

‘ ItfU ■ 


EF PRICE CHARGES YESTERDAY 


.n ' 


xs in pence unless otherwise 
indicated) 

RISES 

arian 7J. pc *24 

■oted £52 •+' 7 

■. Dairies 2sa -!• 10 

iam 638 +-11 

:ord (S. and W.) 217 + 7 . 

211 + 6 

ng (C T.) 120 -h 4s 

lercial Union ... IK + 4 ' 

m (R.) 23& + 8 

lernsey Sea Tst 28. rh S.. 
a Engineering S7 +. 4 

. 535 + 8 

■■'A 2S8 + $ 

- * Lotus 47 + B 

3r Siddcley ^,198 +.6 . 

Motor »10S-+3}. 

is IBS +> 

tanghai Bkg. ... 285 + S 
of Fraser ... 142 +.7 


Jarvis (J.) 173 +.5 

La tag <J.) A . wr ^3S2J + 54 

Lucas Inds. 370 + 8 

Marks and Spencer 250 + 4 
Mills and Allen IntBL 196 + B 

Jfolins 110 + fi 

Morrison (Wm.) ^ 208 + 194 

Robertson Foods 137 + 6 
Thomson Org. M6 + S 

Tube Invs. 378 + 8 

Tunes* and Newall.^ 187 + 5 . 
Turner (W. rnid E.)m 34 + 5 
Uidlever 496 + 12 

UDT as> 41+4 

United Scientific. «.. 290 + 15 
WaDls Fashion j 58 + 0 

Shell Transport j 526 + 14 

'London Sumatra \.j 225 + 7. 

FALLS 

Heath CG E.) 285 -5 

Sanger (J. £.)' — . 35 — 10 

Hartebeest - 935 — 55 

.West Driefontein ..S16} — 3 - 


war. 

At the .same time notified 
vacancies hive continued to rise 
and are at tbe highest level for 
three years. 

Whitehall officials are puzzled 
by the figures, which are in 
apparent contradiction to the 
stagnant or declining trend for 
industrial output. For this rea- 
son they are reluctant to take 
the improvement as evidence of 
a turning point 

The number of adults out of 
work fa tbe U.K. fell by 9.000 in 
the month to mid^Harch to 1.4m., 
seasonally adjusted, according 
to Department of Employment 


- Total J 

- Onejnployed 

**+-' * liftt 

Wholly 

UnensdoyEd ~1 

SoBgodfrifsue 


KQGtf- 


501 


r *«» nMUl 

Vacancies 

SeaaoDr^imi 




1976 1977 


diii 


nttn»> 


1978 


Nevertheless, the upward move- 
ment has been more sustained 
during this last winter. 

Tbe total number of unem- 
ployed, including non-adults, is 
expected to rise next month, 
when 724100 are likely to leave 
schools (throughout Great Britain. 
Last year the comparable figure 
was 69,000 and the register 
increased by 20,000. \ 

This total will be added to the 
37,600 school-leavers still on the 
register from the end of tbe last 
school year, about 6,300 more 
than in March, 1977. '• 

The increase is due do the 
fact that there were more school- 
leavers last year. In percentage 
terms' there has been little 
change in the number finding! 
work. 

-Of 643.000 looking for jobs 


PRESIDENT CARTER warned hours of talks which arc to be 
Mr. Menahem Begin, the Israeli followed this evening by a 
Prime Minister, to-day that the private dinner. 

“bright days of new opportunity” Tbe U.S. is expected to resist 
had been clouded oyer by recent Israeli attempts to make the 
events. He made it clear that Lebanon a principal subject for 
the VS. believes that responsi* discussion. Mr. Carter went ou! 
bility for preventing the com- or his way to-day to emphasise 
plete collapse of current peace ih c importance of UN Resolution 
moves now rests with Israel. 242. which calls on Israel to 
Half-an-hour after the leaders' withdraw from occupied ierri-j 
first meeting a cease-fire de- tories. This and the question of, 
ciared unilaterally by Tsrael was Israeli settlements in the West j 
supposed to have come into force. Bank and Sinai are expected to ! 

The announcement was timed to be the subject of bard disev*- { 
coincide with the opening of the sions in the next two days. ; 
talks. David Lennon writes from i 

In New York, UN officials said Israeli-occupied Lebanon: 
that an advance unit of the UN Less than an hour before the; evening by the non-Govem- 
Interlm Force in- Lebanon would announcement of an order issued ' D ^ nf parties, thus postponing 

move into the south of Lebanon by Mr. Ezer 'Weizman. Minister » n *tiy disclosure or the pre- 

after the Israeli announcement of Defence, for a cessation of bos- details. The measures are 
of a cessation of hostilities. tilities. Israeli artillery was shell- expected lo be implemented 
In a sombre welcoming cere- ing heavily the port of Tyre, largely as forecast, however, 
mony on the White House lawn. There was no indication lhal • of the proposals were 
President Carter paid his ens- troops of the 'jtyMMhaan invading ' incorporated tentatively in the 
tomaiy tribute to Israel. The force were preparing to with-! s°-«lled “agreement of the 
ann.osphere : was markedly less draw. . : six” last Jaly. «hen an earlier 

warm than in rimes p^t though, while in the: area yesterday, lj Andreotti administration 
reflecting, the serious differences saw Israeli howitzers: unleash a j reached an agreement on 
between the U.S. and Israel, bombardment oh Tv re which at 
which foaye been compounded by times was intense. * The activity 
the Israeli invasion of Lebanon, seemed in contrast to ihe stalc- 
Mr. Carter referred only briefly raen t by the military spokesman 
to the Israeli military interyen- fa Tel Aviv totiay that there had l __ 

tion, but said that the situation been only sporadic shooting! lo 

'^ de , rUlie ? . a S=«nst isolated pockets 

th? ^ There were n0 si ^ s lhat 

Wrfnr?* 8 Wit>, P tw troops were prepays to make 

history. With that slxength- way far UN forces. On lire 

SfJL'SK h"5d“ ,b,hty f0r contrar - v - movement of 

ir S iiin lAnVinn equipment and personnel indi- 

hid S' e 1 r ^e i M?v ,i ° nl " SeCUre 

character^ . saw 

&jr 

-WJ4»?srsir. 

“We can only hope that the 011 ar , r *^: Others, 

spirit of the Jerusalem meeting JKEJHi Z?} ouched 
with President Sadat last year bad surrendered 

appears anew,” be said. 10 israeu forces - 


le two men then began two Crisis in Lebanon, Page 2 


general policy with the Com- 
muuisls and four other 
Opposition parties. 

The massive hunt for sig. 
Mores kidnappers, who claim 
be members of tbe ex- 
tremeLefr Red Briagdes ter- 
rorist movement, continues 
throughout the country. 

The authorities are satisfied 
that Sig. More is still alive- 
There still appears to be some 
official reluctance, however, to 
say definitely which terrorist 
group is involved. 


£ in New York 


SUwli 20 


I'revMua 


«j«* | S 1 .SUW..S 050 1 si.Baioooeo 
1 mnnlh | • 0.014).06ptvni, tU.1iO.03 ptem 
S iihtDthB i Oj. 15 - 0 .PS jirpm O-OtiDZU mu 
12 mtwrlhn 1 OJOOjJ&ili* : PJ5MJ.I0 tlia 


.. — r The most encouraging indicator io _ 

figures published yesterday. The is the rise in notified vacancies. *£ ter 1 “ 75 ' 76 academic year, 
proportion of the workforce These have gone up hy 8,800 to ** P« r „ cen . t - employed by 
unemployed was unchanged at 195,800, seasonally adjusted, .the ^ lowing Haivh, while 
W per cent. _ __ highest since February, 1975, 


94 

per cent, of the 663,000 who left 


Since last September, - the when 199,000 vacancies were after 1976-77 are now working. 


number out of work has fallen notified. Since last September, 
by 34£00, an average fall of 5,800 the number of vacancies has 
a month. Tbe small figures increased by 41,100- 
involved are as additional reason The figures resemble the 


The unadjusted unemployment 
total in the U-K_ including 
school-leavers, fell by 47,700 to 
1.46m. fa the month to mid 
February. The total for Great 


for. officaal caution. The total is experience of the 1976-77 winter, Sf-jlVrr,, 

stiH 60,000 higher than 12 months when there was a fall in unem- Bntain feD 4b^so to 1.40m. 


ago. 


ployment, followed by a rise. 


Map, Page 9 


Special N. Sea oil fluid rejected 


8Y RICHARD EVANS, LOBBY EDITOR 

THE GOVERNMENT proposes around £4bn. in tbe mid-1980s, see fae document as a potential 
to channel the revenue from The White Paper, which con- vote-winning . package and 
North Sea oil into four key areas, fines itself, more to listing elaborate preparations were 
including industrial regen era- options available than to plump- made for its l aunching by fae 

Prime Minister, flanked at 


tion. But there is to be no 
, special oil fund.' as urged hy tbe 
[_Left wing of the Labour Party 
and some others. Instead, Par- 
liament will receive an annual 
report on the use of lie money. 
These are the main conclu 


Details, Page 6 
Parliament, Page 10 • 
Editorial c o mment, Page 22 


Press conference by Mr. Healey, 
•Mr. -Benn and -Mr. Bruce MUlari 
Scottish Secretary. 

In spite of fae White Paper’s 
general lack of precision about 


ing for specific priorities, shows how the oil revenues would be 

sions of the long-awaited White that Mr. Denis Healey. Chancel- spent, it does include various 
Paper on oil revenues published lor, has won decisively his policy proposals^ favoured by the 
yesterday,, which sets out to Cabinet argument with Mr. Left-wing of the Labour move- 
show how the Government in- Anthony Wedgwood Benn, ment and by trades anions, 
tends to use the “ unique opnor- Energy Secretary, on the hand- These include planning agree- 
tanity” which it is estimated ling of oil revenues. meats, industrial democracy, a 

will give an Exchequer yield It is also evident that wifa an moderately interventionist role 
from North Sea oil and gas of election in prospect. Ministers Continued on Batik Page 


CONTENTS OF TO-DAY'S ISSUE 


European news 2 

American news 4 

Overseas news 3 

Worid trade news 4 

Home news— general ... 6-7-8 

■ — tabonr 9 

—Parliament ... 10 


Technical page ...... 

Management page ... 

n 

12 

lull- Companies 2i 

1-29-30 

2R 

Arts page - - 

21 

"Wall Street ...... 

... 2? 


22 




2446 

Fanning, raw materials 
UJL stock market 

... 32 
... 38 

Mining 

«26 


Steel axe over Welsh. 

. employment 22 

Slaws in UN’s company dis- 

- qiosure plans - 23 

Burma: Ne Win's trust — .. 3 


FEATURES 

New York City’s No. 2 job 4 

Qv2 Service fights battle of 

the bulge 12 

Kuala LmnjrarHepang: 

Policy pays off ; 30 


FT SURVEYS 

Foundries 

Multi-bank consortia .... 


14-19 

3337 


ABPohftnioif* 
-BMB-SK. BMW 

C ran wi n 

Ew e r MaB tat CtUi 
PT-AcbMrics JMflcas 

MhIhL— 

tatter* 

l« ------ - 

XonAanl 


7 

3» 

20 

Men and Maicn — . 
Mmo Market 

22 

2S 

2D 

AN40AL STATEMENTS 
Ante Skx. 29 

Y. J. Lflvon (HMsiJ 
ftWMVMnhy. 

2S 

25 

ZD 

38 

30 

a 

Stltwan - - 

stare irinwin _ 
1 Md*i avnti ^ 
TV ami Radio 

6 

4041 

S 

20 

5sstx Water Cn. 

Evodo HaUlm ..... 
Cfaope . km. Lao. 

28 

2a 

2* 



TrmjsvnJ Ctld Hte. 

vnuatm — 

2k 

I 

30 

20 

Weatfar 

82 

HqpcrM Craap 

J A H. K. Jimn 

2» 

2§ 

Are LaidFes R««s 

- 99 


For latest Share Index ’plume 01-246 8026 







Jumbo 
down Mexico way. 

From April wide-bodied 747s from 
Heathrow to Mexico City on Wednesdays. 
707s on Mondays and Fridays. 

^ In addition, 747s non-stop to Antigua on 
Tuesdays^ 707s on Sundays and Thursdays. 
Plus five flights a week to Barbados. 
We’re the only airline flying Jumbos 
that way. 

■ ^ _ Full details from your Travel Agent or 
British Airways shop. 

British 

airways 

Fly the flag, fed at home. 











I TROI’EAN NKWS 


Accord oyer major Swedish 

loan to Turkey nSS£ 

by IMF reported oil field ; 

6/ William DiiUforce 

BY DAY1D TONGC STOCKHOLM, March 2L 

MR. ZIYA MUEZZ INOGLU, the The Finance Minister had been SVENSKA PETROLEUM (SP), 
Turkish Finance Minister, ye star- due to travel to Washington last . tbe Swedish State oil company, 
day flew from Ankara to Wash- week but apparent problems over t0 Provide up to 5100m. for 
ingron amid reports that Turkey the letter of intent led to that development oE the 

has finally reached a major loan trip being postponed. Norwegian onshore oil Valhail 

agreement with the International The Ecevit Government has 

agreement could herald £55? d'own “th| ..budjht aSd E” to T ?irt to 

the way to a recovery of the trade deficits .■ • , “ w awe ,. iaRe 

Turkish economy and an ending 1 ’ . future prospecting on the 

of the grave foreign exchange , Turkey has ma ^e no payment Norwegian continental shell. 
Drohlems which have brought for normaJ ,m POrts since Feb- Although the quantity of oil 
oral m£ JWj. }*"• “« t fallen involved Jo , small compared 
trips in a halt A zrnun of be “ in “ in payment of a wide with Sweden's annual import 
foreign bankers' have told the range of obligations. However, of close to 30m- tonnes, the 
Turkish Government that as soon tb ® u S b !t s are . hu & e - lts »sreement announced twtay 

as the agreement is certain they 3Ctual casb requirements are con- represents a breakthrough for 

^ably lower.,™ leaOiDB itl Swede a, •» fat t. 
credits to Turkey banker dealing with Turkey ex- guarantee them access to 

Turkish 'finance ministry E! ai ? s ' , He /'if“ es ™ any of N ®£ w * s * a " 011, „ , 
officials said to-dav that the DIF T “ rk ®- v , s J debts ^ be ' Cnder preliminary agree- 

has agreed to grant Turkey scheduled. meat with .the private 

S450m. of credits. This is a The banker says that an im- Norwegian oil company NOCO 
higher figure than had been dis- mediate short-term credit of return for the Bloom- loan, 

cussed during the negotiations around S250iu. has been dis- will be able from 1979 to 
with the Dcmirel Government cussed by the group, with this buy at market prices NOCO s 
which fell just before the New to be incorporated in a medium- share of the crude oil produc- 
Year. term credit of around 8600m. lion from the Tor and Valhall 

fields. This Is expected to total 
- some 6m. tonnes. 

y— « . The Swedish company will 

Costs mount m strike r,s 

n . i ' • i the Norwegian blocks 2/5 (part 

of German metalworkers 

__ . _ also wins the right to take a 10 

BY JONATHAN CARR BONN, March 21., per cent, share in block 2/9, 

THE STRIKE of metalworkers In ponents from the strike-hit 

one key region or West Germany region are not forthcoming. Th^aereemem is m-Mdsfonal 

goes into its second week to- The union. IG-Metall, faces 0n aeeeoiauce 1 hr °NO^^ 
morrow with the costs of the increasing expense, too. in pay oartnen! in the Amoeo/NOm 

dispute mounting and no early both for its members who are on ££5 ! \nd bv the Swedish iuid 

accord in sight. strike and for others who have fiSS® %Si£Sff *S? 

The employers side to-day emolovera k d On? wiU raise ils ^iOOm. by borrow- 

estimated that the stoppage was fu -costs i ho union’* bin wiiFum log un the International market 
costing the metalworking ? ,v? „ 10p with a slate guarantee, 

industry throughout the country ??sf 0 t h P Lster^rind " S Bo,h Tor *“* Valhall are 

roughly DM150m. daily in lost P Thus for reasons of cost atone being developed in association 

At present the strike is only seek a settlement. Rut Efforts to */“ ilff* 

undenvayin selected parte of the resolve the dispute last week-end 1™™ ih- 

area of North Wuerttember — broke down and there has heen th^ough jlie^ Ekofisk 

North Baden, where more than no firm move yet to hold further “ e | 

600.000 metalworkers are talks. 1 

employed. But companies based . The union began hy demand- jiSnile SSm of 25m 1 
there and affected by the stop- mg an $ per cent wage increase imn h? 

page are having to lay off while the employers offered less {? n j* LS f °* 0l } ^ GOObiis cubic , 
workers in to eir factories else- than half that/;. TTie gap has feet of gas , as due to start next I 
where in the Federal Republic, narrowed. but the issue is also .. re „ rv|M . ln I 

complicated by union demands £ vcraWc .» f e J^ Tve f ln 1 

Daimler Benz, for example, has on job security and pav group . *alhaii arc put at 60m. tonnes 
introduced short-time work for classification. The outcome of i of oi * and LSbu. cubic feet of 
around 1,000 employees in its this regional dispute will set a 8“- Initially, only the “A" 
Berlin works alone. Volkswagen signal for the whole country, not siructurc containing 33m. 
has said it may have to halt only in the metalworking tonnes of oil aud ?00bn. cubic 
production at some of its fac- industry, hut in other only feet “ W “1 be developed 

tones by month's end if com- distantly retated fields too. *1 * ,ota l cost of 8650m. Pro- 

. duction is scheduled to start in 

1981 and build up to a rate of 

Portugal gets NATO aid HmSSSsaa. 

BY JIMMY BURNS ' LISBON. Mircl. =1. ^ 

WEST GERMANY has delivered base north of- Lisbon where the company; in which Us members ■ 

IS "M4SA5’* tanks as part of an brigade is centred. - n ,s^ t Wi 43 per lll t. 

-..--all miurarv =« ists nee nro- The United States has so far-l Mock-4t Ik part of Qie Amoeo/. 
VrtrZ^ NVTO Bomri buted= five tanks nf theV NOCO group, wWc6'iif'a3dIUbn , ‘. 
gramme promised oj tne .naau sajne fvpp as that donated by to Amoco comprises 'Amerada 
powers to bolster Portugal's y, e west Germans, in addition to Petroleum and Texas Eastern, 
military presence on tbe 56 armoured personnel carriers. This group has rights in five 
southern flank, and make her It has also pledged an unspeci- blocks east of Ekofisk. Inelud- 
4.500-man NATO brigade fully fied number of C-130 transport ing tbe Tot, Valhall, Hod and 
operational by 1980. aircraft. i south-east Tor fields. NOCO 

Meanwhile, military sources Britain along with other NATO owns about 4 per cent or tbe 
here have confirmed that countries mainly contributed to Tor field and 15 per cent of 
Portugal is currently considering the overall re-trainin? of the Valhall. 

a British offer of further military brigade by providing badly- 

equipment, including scout cars needed staff courses for Portu- Fvf-rpvnictc annucorl 
and light artillery. guese military officers. Military a ^ Luacu 

West Germany has already aid offered -by the major NATO] OVeT Grefilc dfiffiO 
contributed 40 G91 jet fighters powers meets the wish of Presi-i . •_ 


BY DAVID TONGE 

MR. ZIYA MUEZZ INOGLU, the 
Turkish Finance Minister, yester- 
day flew from Ankara to Wash- 
ington amid reports that Turkey 
has finally reached a major loan 
agreement with the international 
Monetary Fund. 

Such an agreement could herald 
the way to a recover!' of the 
Turkish economy and an ending 
of the grave foreign exchange 
problems which have brought 
many imports and local indus- 
tries to a halt. A group of 
foreign bankers have told tbe 
Turkish Government that as soon 
as the agreement is certain they 
will make immediate fresh 
credits to Turkey, 

Turkish 'finance ministry 
officials said to-day that the DIF 
has agreed to grant Turkey 
$450m. of credits. This is a 
higher figure than had been dis- 
cussed during the negotiations 
with the Dcmirel Government 
which fell just before the New 
Year. 


Tbe Finance Minister had been I 
due to travel to Washington last, 
week but apparent problems over! 
tbe letter of intent led to that! 
trip being postponed. | 

The Ecevit Government has 
accepted devaluing the' lira and 
holding down ‘the ..budget and 
trade deficits. . ■ 

T.urkey has made no payment 
for normal imports since Feb- 
ruary, 1977. and has fallen 
behind in payment of a wide 
range of obligations. However, 
though its arrears are huge, its 
actual cash requirements are con- 
siderably lower, one leading 

banker dealing with Turkey ex- 
plains. He argues that many of 
Turkey's debts can be re- 
scheduled. 

The banker says that an im- 
mediate short-term credit of 
around S250iu. has been dis- 
cussed by the group, with this 
to be incorporated in a medium- 
term credit of around 8600m. 


Costs mount in strike 
of German metalworkers 


. jhnancial Times . Wednesday Mart# & 


Portsall village: no fish, but the oil is 


,, 


BY MARK WEBSTER ' 

THE PICTURE BOOK Breton 
village nf Portsall, had never 
taKwir sueh-a tourist-boom. Car 
loads ^of -people, wiffi'-ffierregola- 
tlon white-haired- -grandmother 
in the back seat blocked the 
roads for miles around. 

Normally, visitors come in the 
summer to look at the pic- 
turesque church or to eat at the 
excellent fish restaurant Now 
the owner of the restaurant has 
putjiD.-a - new sign. ■ "No fish," 
tt says, “ but the oil Is free." 
.Portsall has dubbed itself the 
“dirtiest village in the world" 
since the oil tanker Amoco 
Cadiz ran aground nearby in 
stormy weather just after mid- 
night last Thursday 
The police have now thrown a 
cordon around the village 
because the numbers of the 
curious had begun to hamper the 
rescue operations and the 
massive clean-up. The tanker 
still sits majestically immobile 
only two miles from the shore. 
The sight is impressive but tbe 
smell is appalling. 

Hydrocarbon gas from the 
stricken vessel can be smelled 
miles inland. Loc*? farmers have 
harvested their vegetables pre- 
maturely. because everything the 
gas touches becomes tainted with 
the taste of oiL 


BREST, March 21. 


The Breton coast relies for a 
significant part of its income 
upon tourism and fishing. These 
have been the biggest victims of 
the tanker disaster. In Portsall 
alone. 200 of the winter popula- 
tion of only L200 rely on fishing 


are sucking oil from the surface 
of the harbour to .take It to .Brest 
for refilling. _ ' T *; ' 

“It'S a joke I A bad joksC 
One day we have a beautiful 
place- to live, a job and every- 
thing. . The next, we have this 


‘It's a joke! A bad joke. One day we have a 
beautiful place to live, a job and everything. The 
next, we have this filthy black muck. . . 


for the major part of their in- 
come. 

During the summer months, 
the population of the village 
swells to nearly 5,000 because of 
the large number of people with 
second houses in the area. In 
addition, there are numerous 
guest houses which regularly 
welcome hundreds of holiday- 
makers from the cities. 

The deputy mayor of the vil- 
lage. Mr. Jules Legendre, came 
straight to the point; “ We’re 
ruined. The mainstay of the vil- 
lage economy is fishing and the 
tourists. Nothing is being done, 
nothing.” In the harbour of the 
tiny village, the only visible 
efforts at heating the pollution 
are the sewage tankers which 


filthy black, muck,” said a village 
fisherman. 

Most of the villagers tend to 
blame tbe Government because 
the Socialists have long had a 
strangle-hold on the area. : But 
experts on the scene insist, that, 
the damage is more visual than 
CundamentaL A spokesman for 
the French maritime authorities 
has claimed . .that so far Uttiu 
lasting damage baqjieen done 
to aquatic lifer in tfie-arta. "The 
fish and the shellfish are allright' 
as long as they are under the. 1 
oil and in the water. The prob- 
lem only really starts once the 
water level sinks at low tide. The 
oil settles on the shellfish and 
they are no longer able to. 
breathe. By the time the sea - 


comes in again, the damage has 
been ; done," he sam- ■ • 

:* -most sensitive ureas are 
'those 'towards the north Jn the 
two inlets of Aber Benoit and 
Aber Wrack- The lucrative 
oyster beds along the inlets have 
not yet been seriously affected 
but the authorities accept uiat 
tt is only a matter of time before 
enough' of the oil seen under 
the rubber inflatable barriers, 
which are protecting the inlets, 
and pollutes the beds. 

'The cost of compensating the 
'fisherman is Impossible to gauge. 
The Insurers of the oil company 
insist that the fishermen have to 
proev that damage has been done 
before they receive compensa- 
tion, But the Government, more 
sensitive to political pressure, 
has already started a fund of 
FrsJOm. to compensate tbe fisher- 
men' for loss of earnings. 

Hundreds of Them have handed 
in their fishing licences to the 
authorities in Brest as a protest 
at. what they consider the lack 
of action by the authorities to 
beat the oil pollution. 

However, as the senior Naval 
officer, Admirer Jacques Cou- 
londrea, said to-day, there are two 
ways of tackling the problem. 
On« is to pull out all tbe stops 
immediately and the second is 


to wait until the pollution has 
done its worst before trying to 
tackle the problem. 

The French Government, is 
following tbe latter course on 
the advice of environmentalist* 
who have said that repeated 
scraping of the beacites 'might 
do more damage than Icaring Uie 
ml until tt was possible to dn 
one final clean-up. • " 

For fhc dim' being, tnc Juchly 
profitable and well-developed 
fishing industry far f 

Brest has not been affected* The 
authorities say that since most 
of lhe trout and salmon along 
the shoreline are kept in pens, 
it is unlikely tihai, even if oil 
chd seep into lhe bay. that per- 
manent damage would be done. 

One of bhe French pollution 
experts has even gone so far as 
to say that he would wager a 
bottle of champagne that it trill • 
be possible to swim In -the sea 
(even near the coaM at Portsatil . 
in June. 

The villagers are not so sure. . 
The atmosphere in Portsall is 
rather like a closed room con- 
taining a faulty paraffin header. 
The villagers are already com- 
plaining of headaches. "How do 
you get compensation for some- 
thing you can't prove.” one of 
them asked. 


BY JONATHAN CARR 

THE STRIKE of metalworkers lu 
one key region oT West Germany 
goes into its second week to- 
morrow with the costs of the 
dispute mounting and no early 
accord in sight. 

The employers side to-day 
estimated that the stoppage was 
costing the metalworking 
industry throughout the country 
roughly Dill 50m. daily in Jost 
turnover. 

At present the strike is only 
underway in selected parte of tbe 
area of North Wuerttember — 
North Baden, where more than 
600.000 metalworkers are 
employed. But companies based 
there and affected by the stop- 
page are having to lay off 
workers in their factories else- 
where in the Federal Republic. 

Daimler Benz, for example, has 
introduced short-time work for 
around 1,000 employees in its 
Berlin works alone. Volkswagen 
has said it may have to halt 
production at some of its fac- 
tories by month's end if com- 


BONN, March 21., 

ponents from the strike-hit 
region are not forthcoming. 

The union, IG-Metall, faces 
increasing expense, too, in pay 
both for its members who are on 
strike and fnr others who have 
been locked out by tbe 
employers. One estimate 
suggests the unions bill will top 
DM50m. if the dispute goes on 
past the Easter period. 

Thus for reasons of cost alone 
both sides are under pressure to 
seek a settlement. But Efforts to 
resolve the dispute last week-end 
broke down aod there has heen 
no firm move yet to hold further 
talks. 

The union began by demand- 
ing an 8 per cent wage increase 
while the employers offered less 
than half. that. ..The gap has 
narrowed, but the issue is also 
complicated by union demands 
on job security and pay group; 
classification. Tbe outcome of] 
this regional dispute will set a 
signal for the whole country, not 
only in the metalworking 
industry, but in other only 
distantly related fields too. 


Irish wage Gaullists i 

deal faces BY DAY1D CURRY 

r PIP of inn CONFIRMATION,- U any was < 

M VjVVMUU needed, that the next French ■ 


on 


Portugal gets NATO aid 

BY JIMMY BURNS LISBON. March 21. 

WEST GERMANY has delivered base north of- Lisbon where the 


up the Santa Margarida military an ce. 


Spain farm price accord 


BY ROBERT GRAHAM 

AFTER a session lasting until 
early this morning, representa- 
tives of the various Spanish 
farmers' associations have re- 
portedly agreed on an average 16 
per cem. price increase for 1978 
for the 19 essential commodities 
that are Government controlled. 

However, there has still been 
no agreement on the specific 
price of two of these commodi- 
ties. wine and milk. 

The new levels apply to farm 
gale prices: thus the increase 
paid by the consumer, if they 
reflect the pattern of previous 
years, will be higher. Indeed 
economists fear the new price 
increases will hinder Govern- 
ment attempts to reduce infla- 
tion to IT per cent, this year. 

The negotiations have proved 
extremely complex, not be- 
cause of the number of organi- 


MADRID, March 21 j 

sations involved.* They have also- 
brought into the open the deep ! 
discontent among farmers, over! 
the level of farm gate prices, over) 
the poor returns on investment, ' 
and over low wages and tbe) 
alarming rale of unemployment, j 
especially in the south of Spain.) 

This discontent has been evi- 
denced by large scale demonslra-J 
tioned by farmers in Galicia, in • 
Andalucia, and in Valencia. It; 
seems the Government had hoped : 
to try lQ negotiate an agree- 1 
inent that resulted in u substan-, 
tialJy lower overall in crease. But I 
the new prices of some of the j 
items released unofficial}* to-day j 
suggests that in the past five: 
days, tbe Government has cornel 
some way to meeting the pro- 
ducers demands. However, one 
of the termers organisations 
originally sought an average in- 
crease of almost 30 per rent. ' 


nf harinjg instigated Monday’s 
demonstrations in Patras, north- 
western Peloponncsc. during 
which 55 people were injured, 
our Athens Correspondent writes. 
The ministry said that about 250 
extremists infiltrated a student 
demonstration for reforms rn the 
educational system of Patras 
University. The dashes occurred 
v hen the demonstrators defied a 
police ban to march through the 
city’s streets. 


.V.-^njSy. ", »• 

:RISIJj)n 


By Giles Merritt 

DUBLIN, March 21. 
IRELAND'S 1978 national wage 
agreement Is in danger of being 
rejected by the trade unions. 
The pay pact, which proposes 
average increases of 8 per cent., 
is the wage restraint package on 
which the Government Is basing 
its ambitious economic strategy. 

But union doubts over the 
strike cooling off period it con- 
tains are expected to lead to its 
rejection when, the 90-union 
strong Irish Congress of Trades 
Union votes on it, on Thursday. 

The likelihood of the agree- 
ment’s rejection hardened con- 
siderably to-day with the 
result of a national ballot by the 
largest single union in Ireland, 
the Irish Transport and General 
Workers' Union. The ITGWirs 
100.000 members voted by more 
than 2-1 against acceptance of 
the pay pad. 

I Thursday’s special confer- 
ence of. the wages deal bad been 
called ratify the: -agreement 
that was -struck last ffionjl* after' 
protracted negotiatitfa^t^Veeii 
Irish employers’ and uSor' rep- 
resentatives. ■ . ?• - . - 

•* But- with the "mdustrial- rGia- 
ffiU-cTan&ie ! Tn " Ate ' Republic 
worsening perceptibly because of 
the unresolved telecommunica- 
tions and Aer Ling us strikes, it 
appears thaj the innovation of a. 
cooling-off period will lead to its 
rejection. 

In addition to doubts over the 
proposed six-week cooling off 
period, - a number of union 
leaders 'have been emphasising 
that the pay awards .contained 
in the national agreement are 
insufficient. -• • 

Should the deaLhe rejected oa i 
Thursday the Government, will 
be faced with the task of re- 1 
negotiating a wages deal that! 
had already exceeded -its 5 per; 
cent guideline for pay rises this , 
year. ! 

The national wages agreement | 
is an integral part of the 
Government's plan for raising ' 
GNP growth this year to 7 per 1 
cent, and tf its awards Bfe. fur-i 
ther increased the curreat^eco- 
nomic programme: could • be I 
seriously endangered. 


BY DAY1D CURRY 

CONFIRMATION, if any was 
needed, that the next French 
Government is going to -have to 
cope with severe tensions 
between' the parties supporting 
it in Parliament, has come with- 
in two days of the final voting in 
the general election. 

The Gual list Party, which was 
given an official score of 148 seats 
by the Ministry of the Interior 
(under the Centrist M. Christian 
Bonnet), has already acted to 
mark its distance from the 
Government 

i The, .party executive has. 
decided that any party member 
who joins the Government will 
have, to abandon any party func- 
tion.' This means that Guallist 
Ministers will not be able to com- 
mtt the movement as a whole to 
support official policies, and will 
free tbe Party leadership to spell 
out its own policy on important 
issues. 

It will also enable the Guallist 
Party to construct an inde- 
pendent .platform to launch its 
tpajier; Rf.- Jacques Chirac, on an 
ewntiwMkKilfor the Presidency 
laiDSU'-t*"; 

Irritated at the attempts*: to 
brand the, GuaUists .as the party 

«.*' A.ur-e"J».e . 


PARIS, March 22, 


of -reaction, M. Chirac shows The socialists are experiencing 
signs of wanting to outbid, the tensions within their own party 
Centrist UDF Alliance in the following the election defeat 
reform stakes. He has repeated The national executive issued a 
over the past few weeks his statement bitterly criticising the 
insistence on a "new economic Communists at the end of yester- 1 
policy " aimed at a return to full day’s meeting when it was 
employment, implying a strong decided to hold a special Coo- 
dose of reflation, a "new social grass at the end of April, 
policy " based on worker parti- But the Left-wing Ceres Group 
cipation and more "generous " in the Party, about a quarter of 
treatment of the less well-off. toe membership refused to 
He has also renewed such fiami- endorse the statement largely 
liar populist themes tike an anti- because they think the. Party is 
bureaucracy crusade and greater too anxious to ditch the cam- 
respect for law and order. thA-mcm programme. of the left Ceres 
State and the family and warned has always been the most 
■that his -party -will tolerate no-«tthnsiastic supporter" of- the 
attempt to introduce propenv -Left-wing alliance and of a com- 
tional representation- at ^ --local or non policy with the Communists, 
national level. M. Francois Mittetand, the 

He has hinted that if the Party leader, wishes to stop the 
Government did not follow Party changing course too 

“ orientations ” to whicb hto abruptly, though be recognises 
Party subscribed, the Gualtists- the programme of the Lert is a 
would reconsider its support dead duck. He is suggesting the 
The actual strength of ther Party designate its candidate for 
GuaUists relative to tbe UDF the Presidential elections as 
Alliance will only be finally seen early as 1979. At the moment, it 
when the two formations foirm is difficult to see how this could 
their National Assembly groups, be anyone other than, himself, 
M. Chirac accuses the Interior M. Raymond Barre, the Prime 


Centrist Alliance. 


was - discussed' has emerged. 


Soviet novelist afraid to travel 


BY DAVtD SATTER 

WITH PRESSURE on politically 
suspect Soviet cultural figures to 
leave the Soviet Union is increas- 
ing markedly. ..Mr. ' Vladimir 
VoinovicK 'tia-.-Scmet loovelist. 
said today Tte-'was'titrtufig down 
invitations to fecture In tbe West 
to forestall the possibility of 
being deprived of his citizenship 
while abroad. 

Me. Vbinovich’s.decUian came 
m response to Soviet actions in 
the last two weeks- to deprive 
of their citizenships Mstislav 
Rostropovich, the cellist, his 
wife, soprano Gatina 

Vishnevskaya, i-aiid termer Red 
Army GeneraL Pyotr" Urigorenka 
All three had . been associated 


with dissident activities and 
were stripped of their citizen- 
ship white abroad. 

Mr. Voinovich, whose novel 
"The Adventures of Private 
Chonkin," hai,- won wide praise 
in tbe West, received invitations 
from, among other places. 
Columbia University in New 
York and the British National 
Book League, but he said the 
actions of tbe Soviet authorities 
convinced him that “any trip of 
my own would be the same as 
voluntary exile.” 

Mr. Rostropovich and Miss 
Vishnevskaya were deprived of 
their citizenship for "unpatriotic 
activity" in a move which 
shocked members of Moscow's 


MOSCOW, March 21 

literary community who bad 
thought the two protected by 
their artistic prominence. Gen. 
Grigorenko, a long time Soviet 
human rights campaigner, was 
stripped of his citzensliip for 
actions which damaged toe 
Soviet Union's prestige. v 

Mr. Voinovich told Wcsterh 
correspondents that he has also 
sent a fetter to Mr. Nikolai 
Shchelokoy, the Soviet Interior 
Minister, protesting about what 
he said was harassment directed 
against him by police in the town 
of Ordzhonikidze who told his 
elderly father that he was miss- 
ing and- feared dead. He said 
that after hearing this, his ill 1 
mother died- ... 


Italy repays 
first part of 
EEC loan 

By Paul Bette 

ROME, March 31. 

ITALY HAS repaid on schedule, 
the first tranche of a &M9.fim. of 
a European Community SMbn. 
loan negotiated iu 1974. so 
reducing its total -foreign debts. - 
including that uf the commercial 
banking system, to 517.7bn. com- 
pared to S19.7bn. at the end of 
last year. 

Earlier this month. Italy also 
repaid some 5368m. to the Inter- 
national Monetary Fund HMFi. 
and a further 5500m., lo rt)0-. 
Bundesbank. There Was "also -a- 1 
S31ra. repayment of a S1.7bn. 

IMF "oil facility" drawn by the r 
Italian Government. 'ji i \ 

The Bank of Italy's total 
foreign indebtedness now stands ‘ 
at some $5.6bn. while the coun- 
, try's commercial banking system's 
I foreign debt at the end nf •)?*; 
February totalled S5.S7 bn. Italy's ill 1 
overall foreign debt repayment 
hill in 1978 amounts to sa.5bn.. 
with some SlJJSbn. already paid 
back this year. 

An IMF team is scheduled to 
visit Rome in May to .review 
Italy's commitments agreed la.-»t 
April in a letter of intent at Jhe. 
time of a further Italian draw- 
ins of some S530m. . 

The IMF, however, is under- ■ 
stood to have indicated, privately 
at least, that Italy's enlarged 
public sector deficit in 1978 could • 
exceed the original letter of in- 
tent guidelines as tong as it was 
contained in the region of 
L24,Q0Gbn. This Is precisely the. 
figure provided for in the new - 
Italian Government’s revised 197R 
budget which must be approved 
in Parliament before the end of 
April. - • 

Rhodesian doubts 

Official sources in Salisbury hare 
expressed surprise at reports -. . 
suggesting that the International ' 
Monetary Fund has demanded 
Zambia resumes use of the 
Rhodesian transport system as a 
precondition for loan assistance, 
our Salisbury correspondent . 
reports. Observers here thought 
it highly probable that the Zam- 
bians had -been advised to revert 
to the use of Rhodesia -railways--'* 
as soon as possl We. .* 


Mil 

ijllits 


iliHI 4 


A JET 
O 


3 H * iu 

nL»iVia;l:<;li>Trte 




i. if " -jjV- JSLiiii ik'.“ 








Every day at 230pm P&O Jet Ferries 1 
Jetfoil departs from the heart of London and 
skims across the sea at 50mph to Zeebrugge. 

It’s fast. It’s smooth. It's sensational 
There’s amply nothing • ^ : v. 

else like it at sea. 

P&O Jet Femesfilpllv 

J2HPABTS ML30 D&1IX RESEKYSJIOWS: OMfil 4033. 


Clashes in 
Jordan 
over PLO 

1 By Rami G. Khouri 

AMMAN, March 21. 
JORDANIAN POLICE and 
army forces clashed today 
with groups of young Pales- 
tinian demonstrators through- 
out Amman who were showing 
their support for Palestinian 
and Lebanese forces fighting 
fhc Israeli army in South 
Lebanon, 

Shouting slogans against 
King Hussein of Jordan and 
President Hafez Assad of Syria, 
■ lie groups of hundreds of 
Palestinians were dispersed by 
Jordanian army and security 
forces, who sometimes had to 
slioor in the air. as they did 
yesterday in similar circum- 
stances. 

Security has been stepped up 
visibly in many parts of the 
Jordanian capital which is 
nearly three-quarters Palesti- 
nian in its population. The 
Jordanian Government yester- 
day issued a statement, at the 
end of a day of clashes, iir 
w liich tt said that the strongest 
possible measures would be 
u.*ed to put down any demon- 
strations. 

9 In Kuwait, two Palestinian 
commando leaders said iu 
Interviews published to-day 
that (ho guerillas would not 
surrender in the face of Israel’s 
invasion of southern Lebanon. 
Mr. >lr. Salam Khalaf. a leader 
of the biggest commando group 
Fatah, was quoted in a Kuwaiti 
newspaper as saying the 
deployment Of UN forces would 
not hamper commando move- 
ment, Reuter adds. 


Syria holds key to 

t 

security .takeover 

- ■* — . ■ •••-»■ 

by UN-pea& force 


BY RICHARD JOHNS \ 

THE CHANCES of a UN peace- 
keeping force successfully taking 
over an effective security role in 
the south of Lebanon in the .near 
future now depends on ther will 
and ability of Syria to control 
the Palestinian guerillas. ; ' 

Syria is prepared to accept tbe 
entry of a UN force into the south 
of Lebanon on condition that the 
Israelis withdraw. Israel has 
said it will only puli back Its 
troops and allow lhe international 
emergency force, which is now 
being mobilised, to occupy: the 
buffer zone il It is assured -that 
the guerillas are excluded from 
the area. . , .... 

Last night, having secured lie 
whole of the south' of Lebanon 
south of the River Litani except 
-for toe Port of Tyre and its 
environs, Israel announced a 
cease-fire unilaterally. 

The timing of the announce- 
ment was clearly designed to 
coincide with the talks which 
began yesterday between Wr. 
Menahem Be sin, Isrraeli Premier, 
and President Jimmy Carter of 
the U.S. 

On Monday. Mr. Ezcr Weizman, 
Minister of Defence, said that 
Israel wanted to arrange a cease- 
fire agreement directly with the 
Lebanese Government. In effect, 
the lack of authority of Presi- 
dent Sarkis's administration, 
which is main tamed by Damas- 
cus, would mean that sneb an 
agreement would have to . 
reached-— albeit tadireefly^with 
the Syrians. 

At the same time. Sweden and 
Canada, two of the countries 
which are expected to provide 
troop?, have hoth indicated they 
are not prepared to commit their 


men unless a ceasefire agreement 
is in force. 

Thus. Israel has .put on 
Lebanon and Syria the onus ; 
muzzling the Palestinian guerilla^ »; 
movement, .which Is -adamantly 
against the Intervention of fhe\ - , 
4,000-man UN force scheduled for 
dispatch as soon as possible 
under Sunday's Security Council Gem 
resolution. 

Yesterday, a meeting In 
Damascus of the foreign minis- 
ters of toe " steadfastness front** f 
which is opposed to President 8 
Anwar Sadat of Egypt’s peace JL 
initiative and direct contacts 
with Israel ended with Syria hav- RY 
ing only obtained what appeared DT 
to be the reluctant acquiescence 
in the principle of a UN peace- LEBAI 
keeping . force entering the consult 
south of Lebanon to replace the formal 
Israeli forces. Also represented 
at - the meeting were Libya, 

Algeria. South Yemen and — most “Shtini 
problematically of all as far as 
a cease-fire is concerned — the The 

Palestine Liberation Organisa- reprea 
non. Arabia 

After the conference. Mr. of Fin 
Abdel-Halim Khaddarn. Syrian ordinal 
Deputy Premier and Foreign East 
Minister, said: "The attendants arrived 
agreed not to participate in any with 
meeting that would include Mr. Lebane 
Sadat who fully responsible Brlg>G< 
for the situation in the area and < 
for the recent Israeli aggression G * n - 
on Lebanon,’” panied 

Reuter reports from Cairo: Mr. Erskim 
Sadat has welcomed proposals for chosen 
an Arab, summit to discuss the U1 
Israel's -invasion of south head t 
Lebanon, the semi-official news- Lebane 
paper a 1 -Ah ram reported yester- Theii 
day- Gen. K 

So far IQ Arab steles have posed $ 
approved of the summit keepinj 



General Ensio Siilasyuo (second froan left), commander of the UN peace-keeping force in 
the Middle East, arrives in Beirut for talks with the Lebanese Defence Ministry. 

Lebanon presses for ceasefire 


BY IHSAN HIJAZI 


LEBANON HAS begun intensive' 
consultations to bring about a 
formal ceasefire in southern 
Lebanon after six days of fierce 
fighting between Israeli forces 
and Palestinian guerillas. 

The contracts are w-rth UJV. 
represent* lives, Syria and Saudi 
Arabia. Lt.-Gen. Ensio Siilasvuo, 
of Finland, who is chief co- 
ordinator of the U.N. Middle 
East peace-keeping mission, 
arrived here to-day and held talks 
with Mr. Fuad Butros. the 
Lebanese Defence Minister, and 
Brlg.Gen. Victor Khoury. the 
army commander. 

Gen. Siilasvuo was accom- 
panied by Maj.Gen. Emanuel 
Erskine. of Ghana. who has been 
chosen by Dr.. Kurt Waldheim, 
the UN Secretary General, - to 
head the UN" Interim. Force in 
Lebanon fUNIFIL). 

Their talks with Mr. Butros and 
Gen. Khoury centred oh the pro- 
posed stationing of the UN peace- 
keeping force in soutoesa 


Lebanon. . The UN officials held 
talks -la. Israel yesterday with Mr. 
Ezer Weiztnan. the Israeli 
Defence 1 Minister, _ .. ; 

The" Israelis had : demanded a- 
formal ceasefire with the Leban- 
ese Government itself, before 
moves could.be made ter getting 
UJV. iroops iota the battle zone. 
Israel will not negotiate with the 
Palestinians. The PLO's official 
view. is that toe Security Council 
resolution . did not. concern it, 
and that it was committed . to 
continuing the' struggle against 
Israel.. " 

The . Lebanese Government, 
therefore,. la seeking help from 
other Arab states to persuade -the 
PLO- to abide- by -tnuce arrange- 
ments which -Lebanon, hopes to 
work put soon through the United 
States and the UN. 

Dr, Scrllm al Hoss, toe Lebanese- 
Prime Minister, was to Damascus 
to-day where he .held- talks with 
Ms Syrian counterpart, Maj.-Gen. 
Abdel Rahman - Khlaif awi, and 
other. Syrian leaders. „ 


- BEIRUT^ JUtth 21 

. ..Yesterday,, the -Saudi ambas- 
sador, LL-Gen. Ali- al SKaer, held 
a lengthy meeting-with President 
Ellas Sarkis, of Lebanon. After 
the meeting the ambassador said 
his government was in contact 
with the Palestinians on 'the Issue 

of withdrawals from the south. 
Mr. Yassir Ararat, the PLO chair- 
man. has sent :r delegation io 
Riyadh, the Saudi capital, to- con- 
sult with King Kb* led. 

Informed sources, said Saudi 
Arabia, concerned that the - fight- 
ing in southern Lebanon might 
develop into an all-out Middfe 
East war, has played a calming 
role in the " crisis? ' Proto the 
beginnlfig, tbe Saudis are said to" 
have uaed. their good -offices with 
Damascus to avoid Syrian forces 
who serve with the-Arah peace- 
keeping force in Lebanon being 
drawn into the fighting with the 
Israelis... ' t . ._ 

The Saudis' at - tbs' same me 

were believed to -ha CufginjMbe 
U.s. tqjjress toe Israelis to halt 
.their offensive*. . .. 


. \ ' 
' 1 \ , 


;U 

W- 


' \\W 
















financial Times Wednesday March' 22 197S 


OVERSEAS NEWS 




itu! 


uusy res; 
iirsl pan; 

1-I.C In 


Vietnam air 
corridor 
to reopen 

The skies of Indo-Cblna will 
own officially w international air 
traffic to-morrow for the first 
time nave lho end of the Vietnam 
war almost three years ago, 
Keutor reports from 1 Bangkok. 1 
.Vircrafr of about 10 Western 

and Asian Airlines will atari fly- 
ms a direct route between Bang- 

S «■ Htos Kon S over Laos 
*£“ , i ct 05T* rather than round 
the Indo- China peninsula. 

to-rt.i 1 A - mher Onfr-the name 
a,r u c onidor— will cut 
*' ****** -time between Hong Kong 
nnj Bangkok by 75 minutes and 
collectively an esti- 
mated 524m. a year In fuel. 

New Kwacha rates 

The new Zambian kwacha rate 
against the special drawing right, 
''men it is pegged, is 0.0703 n 
■SDR against 1.0S479 previously 
following last week’s 10 per cent 
devaluation, the Central Bank 
wid yesterday, Reuter reports 
from Lusaka. Yesterday's Central 
Bank base rate for one US. dollar 
is 0.83221 kwacha compared -with 
the pre-devaluation rate of 
0.74985 kwacha. 

Malaysia given loan 

The Japanese Government has 
agreed to provide Malaysia with 
n i 21 bn. t£4im.) loan under the 
fourth sueh yen credit to Malaysia 
Mr. Husein Oun, the Prime Mini- 
ster. told Parliament an Tuesday, 
.YP-DJ reports from Kuala Lum- 
per- He said the loan was for 
infrastructural projects under the 
third Malaysia plan (1076-80). One 
such project submitted- for the 
Japanese- Government's crjoskJera- 
tion was .’the Bintulu port project 
m Sarawak, costing about 5134m. 

College unrest 

The Sri Lanka Government has 
decided to abolish, the system of 
residential ' university -campuses 
because of what it called uncon- 
trolled indiscipline, including 
. bomb-throwing and rioting, Reuter 
reports from Colombo. 

Anti-cholera drive 

A Ugandan medical team wiM 
carry out mass vaccinations 
against cholera along the Uganda 
Kenya border this week, Uganda 
radio, monitored in Nairobi, said 
yesterday, Reuter reports. Vac- 
dilation* have already been 
carried out along: Uganda’s bor- 
der fith Tanzania. 


Chinese Communist 
leader may 
visit North Korea 


MR. HUA KUO -FENG, Chinese 
Communist Party leader, may 
visit North Korea next month, 
informed sources said to-day. it 
would be Mr. Hoa’s first trip out- 
side China and the first by a 
Party Chairman " since the late 
Mao Tsp-Tung attended the 40th 
anniversary celebrations of the 

Bolshevik Revolution in Moscow 
in November, 1967. 

Observers in' Peking saw the 
trip as a logical, first visit to a 
foreign country by Mr. Hua, who 
became Chairman of the Com- 
munist Party in addition to his 
Premiership after Mao's- death in 
September, 1976. President Kim 
ll-snng of North Korea last paid 
an official visit to Peking in May, 
19751 

China has been pursuing a 
more active foreign policy over 
the past year since the purging 
of extremist leaders in late 1976. 
Mr. Li Hsien-nien, Wee-Premier, 
returned to-day from an official 
visit to Bangladesh after pre- 
viously spending five days in 
the Philippines. ' Mr. Teng 
Hsiao -ping, the Deputy Premier, 
bad made official trips to Burma 
and Nepal m 'late January and 
early February, and Chinese 
sources said they were happy 
with the way .the visits’ had gone. 

They stressed the . importance ‘ 
that China placed on its relations 
with neighbouring Asian nations. 
A number of delegations arc 
expected to travel abroad from 
China over the next lew months 
and informed sources said more 
trips would also be made this 
year by Vice-Premiers, to 
Western Europe and: possibly 
Africa. , .. ... . 


- PEKING, March 2L 
cent of' the total L24S votes in 
the National Assembly becomes 
President 

The Secretariate of the 
Assembly is still counting the 
remaining votes which were cast 
by secret ballot Observers 
speculate that Mr. Chiang will 
obtain close to unanimous sup- 
port from the delegates. 

Over 85 per cent of the dele- 





Mr. Hua Kuo-feng, Chinese 
Communist leader and 
Premier*, who may be 
planning a trip to Noith 
Korea. It would be the. 
first visit abroad ot a Party 
Chairman for more than 2d ■ 
years. 


Meanwhile in -Taipei, Mr. 
Chiang Ching-Kuol ■■■ nationalist 
China's Premier and the elder 
son of Chiang Kai-Shek, was 
elected the new President by the 
National Assembly on Tuesday. 
Mr. Chiang has so iar won 625 
votes. According to thh regula- 
tions on Presidential elections, a 
candidate who wins over 50 per 


gates of the National Assembly, 
the nation's electoral college, are 
members of the ruling Room in- 
tang, of which Mr. Chiang is the 
chairman. He succeeded his 
father, the late Generalissmo 
Chiang Kai-Shek who died on 
April 5, 1975, 

Agencies 


BURMA 


Putting his trust in 
army 



K * 



General. Nc Win, the 
Burmese President. 

ing elections to a new People's 



- i* 

i ^ 


BY DAVID HOUSEGO, ASIA CORRESPONDENT 

DISTURBED by growing signs They were arrested in Sqpte&ber. 
if unrest in Burma, President Others recently downgra^d 
•- Sfe Win, who has been in power have been officials or. members, 
or 15 years, has just concluded of the military with Soviet con- 
i major reorganisation of his nec turns. This is intended as a 
egime intended to forestall any gesture of appeasement to China 
uture challenge to his authority, which Ne Win— who dropped his 
Tie membership of his newly rank of general in 1972— has 
ppointed Council of Ministers been hoping will -diminish its 
■! a clear sign of his leaning support -for the insurgent Bur- 
lore heavily for the effective mese Communist Party that 
unning of the country on bis operates from a base in China’s 
luch feared military intelligence southern province of Yunnan. Ne 
?rvii*c — almost the only group Win pressed for this when he 
c feels he can trust. visited Peking last year and re- 

Ten of the 17 ministers in the ^ rated the P«£t when China’s 

ew Cabinet are from the/V'ce Prmnie<r_ Teng Tsiao-ping i« uywo 

i Jitary as compared with four Paid 2L5???™ 0 a Assembly which prepared the way 

; JS at the beginning of last btUe niore than a month ago- for the recent cabinet changes, 

•ar when - the then civilian Le - Win's preoccupation with Many of the more important 
cade to the government seemed re-establishing bis personal arrests took place while he was 
irt- of an attempt to attract aid supremacy has meant that the out of the country, either in 
id investment from the West economic reforms proposed, by china or on bis annual visit to 
le council is short of adminis- The World Bank, which organised Britain. The fact that he felt 
alive experience, bas evidently an Aid to Burma Consortium of able m I>e away at such a crucial 
en picked from . men whose donor nations in 1975, have time is a sign that he is still 
.■ally is not in doubt, and- in- largely been put into limbo, able to crack tbe whip even 
ides a hefty ballast of recruits After a brief upturn in the though he is probably over 70 
im the state security force, economy as a result of aid flows and suffering from a heart 
rbeir nomination is the tail- and good harvests the familiar disease;’ One factor’ working in 
-ce to a lengthy period of poli* pattern of stagnant or declining hjg favour is that though morale 
i\- upheaval. It was preceded output in agriculture and in toe army is low, most units 
Ibe convening of the People's industry 1 has returned. - are preoccupied with the insurg- 

ttrably — as in China, officially President Ne Win has felt ency which makes the organisa- 
highest Institution in tbe threatened by two major chal- tion of a coup difficult 
le, but in practice no more Jenges. The most serious bas been Th- on i v in wind 
n a lap-dog to Ne Win. Nation- the advances made by tbe Com.- a revival of the “PraranatiC" 
c elections were held to it munist forces, now numbering 
ling a two week period in weU over S, 000, which over the ^ B^iSi was a SS Me 
rfUjary. Prior to these the Burma last year have mounted some of , a^ovarnmpnt nanerteJannonr 
^ lalist Programme Party, the toe heaviest attacks since fighting that f 5rei?f invLtmSt 

y permitted political move- began in 1946, ana have L ar : d 

it hatf hSld its Third Parg. penetrated more # deeply int ° SduS^SoSd be welcome 
igress early last year followw- Burma than before. Recent “any yonia oe welcome. 

•a further hastily summoned reports have .suggested that they There has been no confirma- 

;istl confess in November; -are preparing to strike at the two ’ tiop of . this or that Burma is 
Wtho- plrbcoss well over 100- hey north eastern towns of seriously interested in attracting 
iflgures in toe Administration' Hsenwi and Konlo which would foreign capital or expertise to 
§iho army have been purged -mean that they have a foothold develop its immense mineral, 

• i-flced upstairs into sinecure west of the Salween River, forest or agricultural resources. 
H-fhis in addition to the Whether they can entrench them- Other- reforms proposed by the 
fr party members expelled in selves in the territory they have AVorid Bank— a reorganisation of 
-'Among the first casualties captured is another matter. the tax . structure, putting state 
Vthe form er,Pr Lrn e Minister, - Their success has been largely enterprises on a commercial basis 
in Win/ and- his deputy (and due, to, toe alliance developed with f°d improving toe msfiaoutlon 
Finance Minister), ULwin. toe- numerous dissident tribal system— *ave *11 moved slorwly if 
were the. 1 architects of. the f&rcos -in. Shan and Kachin state *1.® A package of regulations 
, open economic .policy of which", .have unsuccessfully "presented lasfyehr as a. shift to 
.ns BuaaiTs plentiful natural pressed for autonomy against Ne Private enterprise has turned oat 
arces. Later victims included Win's centralist regime. It has if he bttle more than a cowfica- 
> opponents; the hardline also stemmed from the low ™>n t of the existing roles of toe 
lists U Than Sein, briefly. morale in toe Burmese army, public, ana private sector. The 
;ter of Finance and Plan- Desertions are said to have lively sector of the economy 
and U Tun Lin, Minister of reached 500 a month from an has been the black market Otoer- 
iport and Communications, army of 170,000. . wise the political turmoil has 

The other worry has been the exacerbated economic decline, 
discontent in toe army which' ..When donor members of the 
came to a head in mid-1976 with aid ’ ■ consortium— including - the 
the uncovering of the so-called U.S, Britain, and Japan — 'met in 
“captains plot.? It was toe first February they took the view that 
known attempt; - involving six further ' funds would depend on 
army officers, to assassinate Ne the government's readiness to put 
Win and overthrow his regime. -through policy changes. 

Though their programme was -Mow bod the. situation is 
hazy, it made much of encourag* emerged in one of toe few public 
ing .private enterprise to offset eye-openers which the Burmese 
the stagnation in the economy leaders have permitted on the 
and reduce soaring prices and emte - of toe country. At the 
unemployment. Third v Party Congress General 

The convicted officers were San : Yn berated many party 
sentenced to death in January members for corruption, lethargy 
last year and In -toe aftermath and weakness of purpose before 
the hard-line members of the listing a. series of ills from poor 
ruling Socialist Party persuaded sugar mill . production^ to the 
Ne Win to weed out from posi- pffating of spare parts from gov 
tions of power those whom they eminent trucks, 
considered liberals. Their cam- Hie changes to toe Government 
paign was all too successful, seem likely to freeze toe status 
When the Third Party Congress quo-while Ne Win lives. No heir 
met it • astoundingly elected apparent is in sight and the 
General San - Yu, the party's President is not the man to risk 
secretary-general,, and a non* his neck by building up 3 sue- 
descript figure, as its- leader — ^ cess or.' The Co'mracpist insurg- 
which amounted to ' a _ sharp cuts depend" on China for their 
rebuff to Ne Win. supplies • which >is-.-borh a help 

, He set out to retrieve the — but also a major constraint as 
situation, first by ordering a re- Pelting is' an anxious as Ne Win 
count then by purging , the f of . cordial relations between 
extremists, and finalljr by order- Governments. , - • 



Washington, d.g 
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Young sees 
Nyerere on 
Rhodesia 


BAR ES SALAAM, March 2L : 
U.S. envoy' Hr. Andrew Young 
bad talks- with Tanzanian Presi- 
dent Julius Nyerere to-day on the 
stalled Anglo-American proposals 
for black, majority rule in 
Rhodesia. 

I want to hear what President 
Nyerere thinks is our best step 
forward irora here,” Mr. Young 
told reporters at toe airport on 
arrival, Tbe Tanzanian leader, 
toe chairman of toe five black 
frontline States which back the 
guerillas fighting in Rhodesia, 
was expected to urge him to press 
on with the U.S.-British package. 

The five countries and the 
guerillas fear Britain and 
America may recognise toe 
internal settlement between 
Rhodesian Prime Minister. Mr. 
Ian Smith and three black 
moderates. 

Asked why he was makidg his 
surprise visit, Mr. Young said a 
crucial juncture had been 
reached on Rhodesia and Namibia 
(South West Africa) and it 
seemed appropriate to meet 
African leaders again. 

Renter 

Michael Holman writes from 
Lusaka: Mr. Joshua Nkomo, co- 
leader of -the Rhodesian-gue 


alliance, the Patriotic Front (FF) 
to-day carefully spelt out the 
circumstances .under which he 
and fellow PF leader Mr. Robert 
Mugabe would attend a confer- 
ence involving toe participants in 
toe recent Salisbury agreement. 

Mr. Nkomo, speaking at a Press 
conference here, said that first 
toe Malta conference must be 
re-convened to discuss “military 
arrangements- and associated 
matters.** This would exclude 
other black leaders because “we 
cannot meet with people who 
have no military, forces." 

However, provided “there is 
agreement of movement from 
war towards . genuine indepen- 
dence," Mr. Nkomo went on, all 
other interested parties couid 
attend the subsequent constitu- 
tional conference proper. “If 
Britain wants them to attend, 
they are entitled to attend. That's 
not our business." 



State emergency rescue volunteers evacuate flood victims In the Sydney outer suburb of Panama after gales and torrential 
rains lashed the New South Wales coast. Meanwhile, the Prime Minister, Mr. Malcolm Fraser, is considering emergency 
action to end a postal strike which has tiled up about 18m. pieces of mail in New South Wales and elsewhere. About 1-fiOO 
mail van drivers are on strike In protest against toe introduction by Australia Post of private contract mail delivery services 
In some country areas of New South Wales and the Australian Capital Territory. Since midnight Monday, Australia Post 
has been standing down other employees who have no work because of the drivers' strike. A postal spokesman said that 
1 altogether 2,000 workers had been stood down and the total would probably reach 5,000. Mr. Fraser sum mooed Mr. Tony 
Staley, the Minister for Posts and. Telecommunications, and Mr. Tony Street, the Minister for Employment and Industrial 
Relations, to a special meeting yesterday evening to consider recommendations that might be put to Cabinet this morning. 


India’s 22 States flex their political muscle 


BY K. K. SHARMA IN NEW DELHI 


rWa|£ND: 


HA'S FIVE YEAR “rolling 
plan,” aimed at boosting economic 
development and cutting unem- 
ployment has run into trouble 
following opposition .-'from toe 
Chief Ministers of the country's 
23 States. The stand taken by 
tbe Ministers — drawn from at 
least eight political parties— 
highlights the new forces at work 
in India which could seriously 
strain the country’s federal 
structure. 

The states voiced their opposi- 
tion to the plan at a two-day 
meeting erf the National Develop- 
ment Council (NDC) last week- 
end, toe country's supreme 
economic decision-making body. 
This effectively dashed the hopes 
of Mr. Morarji Desai, toe Indian 
Prime Minister of securing a 
rubber stamp approval for the 
plan from the States. 

The Chief Ministers gathered 


at toe NDC meeting were. Mr. 
Desai found to bis horror, 
scarcely bothered with the plan 
which had been sent to them for 
examination only six days earlier. 
Rather than discuss toe plan's 
main aims and development 
strategy, ways of removing un- 
employment and reducing income 
inequalities, the Chief Ministers 
were concerned almost ex- 
clusively with tbe issue of state 
autonomy and their right to 
impose taxes themselves. 

The demand for fiscal 
autonomy was m2de unto such 
force that eventually toe NDC 
instructed India's Planning Com- 
mission, headed by Hr. Desai. to 
prepare a new draft of toe plan 
after detailed consultations with 
tbe States. Mr. Desai has stead- 
fastly been refusing to consult 
in. this manner. This means that 
the plan earlier expected to be 
endorsed by the NDC just before 
it was due, to go Into operation on 


April I. will now be delayed by 
nearly a year. . 

Moreover toe Commission, 
which is really an advisory body 
whose members are professional 
economists and academics, will 
have to grapple with political 
problems arising from tbe 
demand for -further state auto- 
nomy. This aspect cannot be 
ignored now that the NDC meet- 
ing has ended with a decision 
to appoint a committee of Chief 
Ministers to study centre-state 
fiscal arrangements. Mr. Desai 
tried bard to avoid toe appoint- 
ment of such a committee since 
it would throw up demands that 
could lead to a serious weaken- 
ing of the central Government’s 
position in the country's federal 
structure. He got the NDC to 
say that the committee will 
examine the fiscal structure 
“having regard to the consti- 
tutional provisions.” -hoping 
thereby that toe committee will 


be precluded from recommend- 
ing constitutional changes 
needed if the States' demands 
fur further autonomy are to be 
conceded. 

But this qualification is cer- 
tain to be ignored by the Chief 
Ministers. The Marxist Chief 
Ministers of West Bengal and 
Tripura immediately dissented 
from - the stipulation that the 
committee will confine itself to 
constitutional provisions, leaving 
them free to discuss radical 
changes. More ominously. 12 
Chief Ministers have decided to 
meet independently next month 
at Chandigarh, capital of Punjab, 
to discuss the question of further 
fiscal and financial autnnomv {hr 
the States. This suggests a sharp 
division between the mainly 
Janata-controlled States, that are 
content with the present position, 
and the others that want to 
debate, with a view to changing, 
centre-state financial powers. 


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4 






AMERICAN NEWS 


ITT executives charged 
over evidence on Chile 


BY STEWART FLEMING 

TWO EXECUTIVES of Interna- 
tional Telephone and, Telegraph 
(ITT) have been charged with 
perjury in connection with evi- 
dence they gave to a Senate 
Sub-committee about the com- 
pany’s involvement in- efforts to 
stop Dr. Salvador Allende be- 
coming President of Chile in 
1970. 

The charges were filed against 
Mr. Edward Gerrity, a senior 
Vice-President of ITT and a 
close associate of Mr. Harold S. 
Geneen the man who headed the 
company until last year, and Mr. 
Robert Berrellez, a regional 
manager. 

The Justice Department said 
yesterday that no other actions 
arising from its Investigations of 
the hearings were contemplated. 


This statement is being inter- 
preted as meaning . that no 
charges are to be brought 
agatuflt Mr. Geneen himself. The 
charges against the .other two 
executives were filed just before 
the statute of limitations on the 
alleged offences was due to run 
out. 

The allegations arise out of 
evidence given to hearings In 
March and Ajuril, 1973, of a 
Senate Subcommittee headed by 
Senator Frank Church into ITT 
and CIA involvement in the 1970 
elections in Chile. 

A subsequent Investigation in 
1975 by the Senate Intelligence 
Committee also headed by Mr. 
Church suggested that bath 
organisations were opposed to 
Dr. Allen tie's election and that 


iNEW Y ORfeM^ 2L ’* 

- r ‘ -rq-n i * 

they h^d co-operated" to some 
extent in their campaign against 
him.< 

Me. Gerrity was charged with 
having perjured himself when he 
said that no money was given 
by ITT -to Sr. Arturo Matte, a 
cam paign official for one of Dr. 
Allende's opponents and when 
he denied that money spent by 
ITT bad been intended to try 
and prevent the Chilean Con- 
gress from ratifying Dr. Allende's 
election. 

Commenting on the allega- 
tions, ITT said yesterday that the 
company was confident that the 
two executives would continue 
to serve as “valued executives 
of ITT," adding that the com- 
pany was confident that they 
would be found innocent 


Death penalty row looms in NY 


BY JOHN WYLES 

THE RESTORATION of the 
death penalty in New York State 
is set to become a major political 
issue in elections later this year 
following the approval of a 
Capital Punishment Bill by the 
State Assembly last night 

Since similar legislation has 
been approved by the State 
Senate, all eyes now focus on 
Governor Hugb Carey who seems 
to be courting unpopularity in 
advance of his campaign for 
re-election in November by 
pledging to veto the legislation. 

The Governor has ten days in 
which to stop the Bill going on 
the statute book but capital 
punishment supporters will then 
seek to have the veto overridden 
by a two-thirds majority of both 
houses of the legislature. Since 
the legislators have no deadline 
in which to try to override the 
veto. Governor Carey’s Repub- 
lican opponents, who control the 
Senate, are expected to keep the 


ersy 

the issue closer to election day. 

Supporters of the legislation 
claim that the strength of feeling 
among their constituents is such 
that their own personal feelings 
on the Issue are irrelevant 
Yesterday’s debate featured a 
discussion on the philosopher 
Edward Burke's writings on the 
.need for legislators to act on 
their own judgments. 

One legislator warned that 
“ blood will he in this Chamber, 
on our hands," while another 
declared “if this is a bloody 
Bill, out there is a bloody acene." 

The final vote was 95 to 51 in 
favour of the legislation which 
indicated that the two thirds 
majority to override a Govern- 
ment’s veto was one vote there — 
the Senate was one vote short of 
the necessary majority. However, 
supporters of the death penalty 
claim that public pressure will 


NEW YORK, March 21. 

yield the extra votes which are 
needed. 

New York State’s existing law 
on capital punishment which 
applied only to the murderers of 
policemen and prison officers 
was declared unconstitutional 
last September by the State's 
Court of Appeals because it had 
□o provision for juries to take 
mitigating circumstances into 
account 

The Bill passed yesterday 
would permit executions in cer- 
tain categories of M lntentionaI 
murders.” During the debate it 
was claimed that more than 100 
convicted murderers could be 
covered by the Bill's provisions 
each year. 

Imposition of the penalty 
would be separated from the 
original trial proceedings and 
would involve a jury deciding 
whether the sentence would be 
warranted by the circumstances 
of the crime. 


Citibank sees 
slow growth 

NEW YORK, March 2L' 

UB. ECONOMIC growth In the 
first quarter of 1978 will 
probably slip below the rela- 
tively sluggish pace of the 
fourth quarter of 1977, accord- 
ing to Citibank's Economic 
Week publication. 

Industrial production rose by 
OJ> per cent, in February 
following January's 0.S per 
cent, decline. The rebound, - 
the publication says, is reassur- 
ing evidence that the UJS. 
economy has not lost its for- 
ward momentum. However,. 
Economic Week says, it will' 
take a sharp jump in March 
to pull growth np even to the 
sluggish pace of the fourth 
quarter of 1977. 

With UJS. car Inventories 
currently fairly heavy and the 
annual selling rate running in 
the 84L5m. unit range for 
domestic makes, Economic 
Week says that It is nnrealistic 
to expect car production to 
provide much push to overall 
production in 1978. 

AP-DJ 


Canadians warned on pay 


BY VICTOR MACKIE 
THE ECONOMIC problems in 
Canada will grow worse if its 
people seek extra pay increases 
to offset higher prices for im- 
ported goods, Mr. Gerald Bouey, 
Governor of the Bank of Canada, 
said to-day in his 1977 annual 
report 

Higher prices in Canada have 
resulted from recent devalua- 
tions of the dollar. The de- 
valuation was necessary, said 
Mr. Bouey, to offset the impact 
of domestic cost increases in in- 
ternational trade. 

. . JJr- Bouey said the fall of the 
Canadian dollar-— from about 
U;S.$1.03 in November. 1978 to 
U-S.50.89 this month — is an in- 
dication that the past is catching 
up on the Canadians. 

He said Canadian costs were 
too high in the past compared 
with the country's competitors 
and some adjustment was re- 
quired. 

However, with the fall of the 
dollar, foreign-produced goods 
have become more expensive to 
Canadians, pushing up the in- 
flation rate. 


OTTAWA, March 2L 

“There may be a disposition 
on the part of some Canadians 
to -believe that they should be 
protected from the higher costs 
of imports by receiving extra 
increases in their incomes, but 
that would exacerbate rather 
than solve our economic prob- 
lem.’’ said the Governor. 

Last week, following the pub- 
lication of Canadian consumer 
.price statistics, which revealed 
that imported food prices were 
a major contributor to inflation, 
opposition leader, Mr. Joe Clark, 
asked if the Government - was 
planning action to help lower- 
income people. The higher 
prices would hit the poor the 
hardest, he said. 

Mr. Jean Chretien, the Finance 
Minister, warned that to protect 
the public against all inflationary 
increases would be “ a recipe for 
disaster." 

Mr. Bouey, commentiug on 
Canada’s economic situation, 
said it was “ virtually inevitable " 
that sooner or later the dollar 
would fall because of costs and 
production trends in the U.S. and 
..Canada. 


Investment 
by tLSr 
welcome in 
Brazil 

By Dima Smith 

RIO DE JANEIRO, "March 20. 

A. REPORT to the U.S. State 
Department made by the out- 
going UJ5. Ambassador to BraziL 
Mr. John Crimmins, now released 
publicly, stresses that despite 
pressures on the Brazilian 
Government by national com- 
panies to Limit foreign invest- 
ment, most U.S. enterprises arc 
planning to expand here. 

Mr. Crimmins adds that despite 
the reduction in GNP growth 
rate (from 9.2 per cent in 1976 
to just over 5 per cent in 1977) 
caused by Government anti- 
infiation policies. Brazil’s econo- 
mic situation remains good and 
foreign investors are optimistic 
about future prospects. 

Mr. Crimmins ■ reflects the 
general view that the Brazilian 
Government albeit favourable to 
foreign investment, is becoming 
increasingly selective with incen- 
tives in areas which it considers 
already sufficiently developed. 

Apart from specific areas 
reserved for national enterprise, 
like oil, mining, the merchant 
navy and the media (although 
the first two are open to limited 
joint ventures) the report 
describes Brazil as a “ highly 
attractive country for foreisn 
investment because of its rapid 
economic growth and brilliant 
prospects, availability of skilled, 
disciplined labour, an adequate 
transport and communication 
system and an abundance of com- 
panies able- to produce com- 
ponents.” 

Of a total 99924bn. of foreign 
investments in Brazil up to 
June. 1977. the report says, 
S6-£bn. were in foreign currency 
and $3bn. in reinvested profit 
Money returned to the U.S. in 
the form oE profits and dividends 
or repatriation of invested 
capital totalled S16L9m. in 1976 
compared with $92.3m. in 1974. 


Committee 
moves on 
gas price 

WASHINGTON, March 21. 
U.S. HOUSE of Representatives 
Democrats, who - have agreed 
tentatively to support gradual 
decontrol of natural gas prices, 
have presented their position to 
Republicans on the House natural 
gas conference committee. There 
were no votes, among the House 
conferees, but the group planned 
to meet later to-day to make a 
counter offer to Senate con- 
ferees. 

Last Friday, Rouse Democratic 
conferees agreed tentatively on a 
plan to gradually decontrol gas 
prices in a less generous, manner 
than agreed previously by the 
Senate group. 

The Senate had agreed to phase 
out price controls by 1985. while 
the House Democratic group 
agreed to phase out the controls 
with additional safeguards to 
prevent windfall profits. 

Reuter 


U.S. COMPANY NEWS 
Sears, Roebuck profits 
decline in fourth quarter; 
Curtiss-Wright to comply with. 
Utah bid rules; 'Green Giant 
ahead — Page 28 


NEW YORK CITY COUNCIL 


No. 2 job takes on new Significance 


THE NEW YORK City Council 
President, Miss Carol Bellamy 
has unquestionably placed her- 
self on the political map. People 
are already talking about her 
future in terms of the mayoralty, 
the Governorship nod even the 
Presidency. Carol Bellamy does 
not reject any or the possibili- 
ties. It is clear however that 
for at least the next four years 
she plans to take full advantage 
of the Presidency or New York 
City Council, an office which is 
beginning to emerge in many 
people's eMimation as the No. 
2 pnsiliun in the City after the 
Mayoralty to which she would 
automatically succeed were the 
present Mayor unable to com- 
plete his terra. 

While her predecessors in 
office have been more often 
seen than heard and seldom 
remembered for any political 
impact Ms. Bellamy has already 
demonstrated her intention and 
capability of exploiting to the 
full the variety of powers allo- 
cated to the office under a new 
City charter. Uppermost among 
these is her seat on the Board 
of Estimation, the City body 
which determines what New 
York Dty needs to spend 
money on, and to whom the 
money should go, both enor- 
mously sensitive issues in these 
times of fiscal crisis. She, the 
Mayor and Comptroller each 
have an equal number of votes 
except when the Mayor submits 
his annua] budget at which 
time she exercises a weighted 
vote of over 22 per cent.— a 
position which gives her sub- 
stantial leverage. 

Also as the title suggests the 
Council President presides over 
the City Council which while 
not inspiring a great deal of ad- 
miration in die past Is now be- 
ing guided through a number of 
changes for which Carol 
Bellamy has campaigned. \he 
changes are in the direction of 
a more rigorous and pro- 
fessional assumption of ' the 
Council’s responsibility to. over- 
see and co-ordinate ail aspects 


BY CAROLE RORZENIOWSKY IN NEW YORK 

• ' t. + 

of City government A new campaign, she allies herself- York City charged wtiwwHiiJec- 
feature of the charter gives the wdtii«a broad spectrum of human Ing the per&rmagce nsf tire 
Council President “ oversight ” and civil rights movements, Municipal Assistance- Corpqra- 
authority to provide manage- and gees Government as play- tion which was formed to rescue 
ment and productivity reviews ^ ^ active role in bringing the City from bankruptcy, 
of the City's administrative rc f orm ^ reversing m- Despite what many describe 

-sar* *«* ot jsis? s atirsrs 



... , „ mostiNeW . 

terribly sexy but yields results." Limits of the Governmental voters beforevffie 
At present one ca nonly evaln- purse. The result is a vision of Council Presidency lasfyearT It 

is a wonder therefore that she 


Thirty-five-year-old Ms Carol Bellamy is having 
a considerable impact on her new office of Presi- 
dent of New York City Council. She is deter- 
mined to extend the powers of this relatively 
unknown post to the full. 


managed to beat four othet con- 
tenders for the Democratic 
Party candidacy, all of whom 
were better known than shi and 
one of whom, the inenzdbent 
Paul O'Dwyer was a well loved 
liberal' legend. 

It would seem that New 

Yorkers endorsed its Sen- 
ate the efforts as the results are a Governmental system -incor- .may's campaign statement that 
still forthcoming. She is porating City, State and Federal the City could no longer afford 
clearly .trying hard to shape a levels in highly integrated a ceremonial City Council Pre si- 
city government into one approaches to the nation’s pro- dent m 016 second highest 
which is responsive to the many bleans such as urban decay and elected office. The largest con- 
victims of urban decline, finds unemployment This macro Winning factor to hfei* Success 



can t suerceu smgie-aanuea- ao ness anf i 
far New Yorkere are with her. - the major dailies plus 

She is ia great demand far assortBd other papers. |and. she 

guest appearances at com- ' . dressm ^' continues to enjoy favourable 

m unity meetings. pr T, TrT! ' ■ ; ' - ,and .relatively q^ten sriye f cover- 

Her appeal is not only that „ Ms Bellamy amvedin politics despite the fact that the 
at 35 she is young, attractive 111 1972 fresh from a career Ip, new - : mayoral administration's 
and single, all of which help of law \ law school she did honeymoon period with the 
course with the media. More * ia Peace Corps in media is now over, 
important, she has managed in Guatemala which decided her pn But perhaps the most inter- 
a very short time to buiia a a c ^ reer m Spvemment. After esting element in her Victory is 
reputation for honesty and sin- ^ uatlon she w ^ rk f d for . a « Phenomenon which has been 

ahiikv to reduce ranmlirarfed .ft? J“ ch - a11 W0 “ aB Congresswoman wfjo was run* 
Sritawei toSe ^ ? nter Pn.se m this country. Dur- ning for Mayor in the same 

““ Iff? 03 * esse f ing this time she became primary election put a great 

tiala and to relate them to actively involved in anti-war many Democrats in the ;peculiar 
ordinary people s laves, and politics and subsequently in the position of supporting her plat- 
finaity a sense of humour an reform wing of the Democratic form but not her style. 7 Many 
asset of utmost importance in Party. In 1972 she campaigned see-sawed between Edward 
city politics and one gets an for State Senator, won. and Koch and Bella, and 'finally 
idea of the reason for her wide- hasn’t lost a campaign since, voted for the trium phant Koch, 
spread, popularity. During her terms in the State It was then with immense relief 

•Her own politics are a curious Senate "she became a splf- that they were able to. choose 
'mix' 'of two radically different educated fiscal expert specialis- .a-woman City Council ‘President 
periods in America. As a ing ln“N>w York City’s financial who was -not. only Liberal but 
“ child of the 60s,” a tag which crisis. She chaired the Senate also looked and acted like the 
she gave herself during her Democratic task force on New girl next door. ’ ” 


WORLD TRADE NEWS 



hits investment and trade 


BY ANTHONY ROBINSON 

THE PRIORITY given by 
Comecon countries to reducing 
their substantial payments 
deficits at the expense of growth 
and investment is reflected in a 
considerable slowdown in East- 
West trade, last year, according 
to the latest United Nations 
Economic Survey of. Europe 
report. 

The overall volume of East- 
West trade fell by around 3 per 
cent, last year. Imports from the 
West dropped by 5 per cent, over 
the first nine months while 
exports to the West rose by 3 per 
cent 

The depressed state of most 
Western economies prevented 
the much greater expansion in 
East bloc exports which 'was 
planned but even this modest 
rise, which compares with a Id 
per cent rise in exports to the 
West in 1976. contributed to a 
reduction in the estimated 
overall, trade deficit with the 
West to S5bo. compared to a 1976 
deficit of S7.4bn. 

The deficit was financed by net 

new borrowing of an equivalent 
amount from the West and is 
reflected in a net debt position 
of between S37-40bn. compared 
with an estimated $32-35bn. in 
1077. 

East European countries made 
a substantial effort last year to 
increase their trade with develop- 
ing countries and stepped up 
their trade within the Comecon 
area in order to mitigate the 
depressing effects of the slow- 


down in Ekst West trade. trade in 19TS, 

This is reflecteifla a 28 par overall level of economic acuity 
cent rise in expq«atq^he Third kl/tttOgBi*CQjaiw 
World while the Tblimw'dl Ultra- by P*r cent uus 

Comecon trade rose by J^1»r ■ ■ ... mast 

cent, over the first nice moaths^^5iaifia has 25 * m for 

of last year compared with ar^- ^ibf tihUS “?^Lwth 

increase of only 5.4 per cent rMM » gg 

The report makes clear that the .Union, 

Soviet Union, Poland, Hungary for a. rtSA-jCK 

and Bulgaria all aim to reduce betweeh^D-11^ nhl nn. 

their trade deficits stin further 

this year, implying a continued ing .the sfewest,trftja"g7jw“ 
effort to raise exports faster ban Although the -report deedttes 
Imports. to. give a fi swe.for the i bkety 

But given the fi per cent, growth in West trade tins 
decline in imports from the West year it estimates tha lutta- 
last year and higher expected comecon trade is ukety to rise 
grain imports by the Soviet by: around 7 per tent wtra a 
Union, Poland and Crecboslo- similar increase m the volume 
vakia, the report notes scope for of. .: trade with developing 
a modest recovery in two way countries. 

Soviet over-supply fear 


, FINANCIAL TIMES REPORTER 
ANGLO-SOVIET COMPENSA- 
TION deals should have more, 
flexibility, Mr. Alan Williams, 
Minister of State for Industry; 
told a Soviet trade delegation to 
the U.K. Levels of British trade 
with the Soviet Union were 
unsatisfactory, he added. 

Speaking at a conference of 
the Confederation of British 
Industry In London, he said 
Russian insistence on exchanging 
certain kinds of product might 


ivate existing over-supply. 

. ..frr g were many items the 
West would like to buy from the 
ILSS.BL, but not all were always 
offered in compensation deals. 
That was a real threat to the 
development of Anglo-Soviet 
trade. 

Mr. Williams suggested .that 
Russian insistence on supplying 
certain bulk petro-chemicals like 
ethylene, propylene and benzene 
in compensation deals is threaten- 
log -to create new over-supply. 


Greater imbalance for Hungary 


BY PAUL LENDVAI 

HUNGARY’S bal an ce-of- trade de- 
ficit last year was partly due to 
the further deterioration of the 
terms of trade and to a higher- 
Lhan -expected imbalance in ex- 
changes with the West. 

While import prices were up 
last year by SJ2 per cent., export 
prices rose only by 3.8 per cent. 
This was revealed recently by 
Dr. Jozsef Biro. -the Hungarian 
Foreign Trade Minister. 

According to a detailed 
account in Figyeloe. the econo- 
mic -weekly, the Minister said 
that the terms of trade with re- 
gard to the country's western 
trade deteriorated last year by 4 


per cent, and are likely to 
worsen by a further 2 per cent, 
this year. 

He pointed out that Hungary 
received 24 per cent, less for its 
wheat and 2$ per cent less for 
its maize sold abroad, while the 
imported coffee cost 85 per cent, 
more, cocoa 58 per cent., and 
cotton 49 per cent, more than a 
year earlier. 

Far the first time. Minister 
Biro also revealed the price 
adjustments in trade with 1 tie 
Comecon partners as recorded in 
the 1974-77 period. While the 
prices of Hungarian exports to 
the other Comecon countries 
rose only 20 per cent, the price 


VIENNA. March 21. 

level of imports jumped by 38 
per cent. This was primarily 
due to the jump in prices paid 
for. 'imported Soviet fuels. 

Trade with the developed 
western countries continued to 
etjiaBd last year. Thus Hun- 
garian exports were up by 12.2 
per cent, while imports rose by 
20.7 per cent. In oil, the Indus- 
trialised western countries 
accounted for 29J3 per cent of 
Hungary’s aggregate imports and 
39B per cent of its total imports. 

..Trade with the Comecon 
countries, which dominate Hun- 
garian external trade, expanded 
by 13 to 14 per cent- last year. 


Syria dam 
enters 
last phase 

By Louis Fanis 

DAMASCUS. March SL 
SYRIAN PRESIDENT Hafez 
Assad has inaugurated the second 
and last phase of the dam on the 
Euphrates River and the hydro- 
electric station at Tabqa in north- 
eastern Syria. 

The project was started in 
March, 1968, after several years’ 
negotiations during which Syria 
contacted foreign governments, 
including the 'U.K. and West Ger- 
many, with a view to implement- 
ing the project But none of the 
negotiations materialised until 
1976, when the Soviet Union 
signed a protocol with Syria offer- 
ing a Roubles 120m. loan at a 
2.5 per cent rate of interest to 
be reimbursed on 12 yearly equal 
instalments, effective one year 
after the completion of the pro- 
ject Payment can .-be made 
through export, of Syrian goods 
to the USSR or through any con- 
vertible currency. 

The project *ihe biggest Soviet 
plgR-jn the Middle East gfter the 
AFajan Dam. costs apout 5400m. 
over 10 yeafs,-'-. '. 


Jordan to spend $40m. 
on railway projects 

BY RAMI G. KHOURI AMMAN, March#-' 

JORDAN IS embarking! on a southern end of the 
540m. plan . to upgrade and ex- Aqaba, primarily to haul 'gota&h 
pand its domestic railway system, that will be product Jhe 
According to Jordan's Director Dead Sea potash extriBfIfafl'pTOH 
General of Railways, tenders will ject, and rehabilitating aTigther 
he issued within the next few 150 tail narrowKgayge fine 
months. between Hasa and. Amman. 

A 25 km stretch ot narrow- These domestic rail projects 
gauge line between the phos- are being- earned;' out. inde^jen- 
phate deposits at Hasa and dently of fhe . current plan ’ to 
Menzii, in the middle of the rebuild the entire !Hijaz -railway 
country will' be rehabilitated, and from -Damascus ; in ISyria, to 
a new 2 km tine will be built to Medihe! i£- Saudi-. , Arabia, in 
connect this to the. main line standard-gauge -ti^ck' instead of 
that runs from Hasa to the . the old'narro’wgauge one. 
southern port of Aqaba. ; The -&ijaz ^project’s tripartite 
. Jordan will also purchase 63£fSilidi^qah-3wrdanian technical 
all-purpose carger wagons mittee ^npte in Riyadh on 

timber, grain and othdt taUrnme np with a short 

from Aqaba to Ammatf.^^- v WOTiPKrat 10 international con- 
A contract is to be awarded ^ invited to 

soon for the purchase of 210 new. f^oodt their bras to carry ont 
hopper wagons to carry p to*' economic 

phate rock from Hasa And MeriiH V ffii°»„? bulWIng 

to Aqaba. Korean, French and « e T ent3re 1,302 ■“•.““fc 
Belgian companies vn ex- • “P" 1 * con- 

ovnil-ro.i taTiTmArt tinned their recent heavy pene- 

expected to get most considera- the Jordanian market 

hon teen* :.Gl,tMr lower tads. £? t h th”' “^ing oTTcoXS 
Other major- rail schemes in here yesterday for Nippon 
Jordan that may be given the Electric to provide and instal 
green light soon include build- Jordan's second ground satellite 
log a 200 km line from the station. 


EEC warning 
on shoe surplus 

. BRUSSELS. March 21. 
REPRESENTATIVES OF South 
fgtirea mid Hong Kong have been 
railed to EEC headquarters and 
warned not to try selling in 
western- Europe the surplus of 
shoes they have on hapd after 
promising to limit shipments to 
the U.S. and other countries. 

Taiwan, which Is also involved, 
has no official representation In 
Brussels but will get the message, 
the European Commission said. 

The three areas are estimated 
to have 50m< to lbOm. surplus 
pairs this year after restrictions 
on imports into the U.S^ Canada, 
Australia and other countries. 
Last year the EEC imported 
300m. pairs compared with 231m. 
in 1976. 

AP-DJ - 

Greek shippers 
in Europe plea 

. By Our Own Correspondent 
' - ATHENS. March SL 
THE UNION of Greek Ship- 
owners has emphasised the need 
for Greece's entry into the EEC 
as soon as possible without 
transitional periods. 

According to the Greek ship- 
owners, it was necessary so that 
the country's shipping would 
maintain its competitiveness 
within the EEC area. It could be 
achieved only if Greece were to 
join the Community -as -quickly 
as possible. 

• In a letter last week. to. the 
Greek minister in charge of EEC 
affairs, Mr. George Kontogeorgis. 
the Union of Greek Ship owners 
said the sooner Greece joined 
the Community the better, since 
Greece would have an equal say 
in common shipping policy. 

-Greek shipowners -go into con- 
ference on Thursday, to discuss 
Japan's rejection of their bid. to 
get a two-year delay -in paying i 
for 2.8m. tons or more than lSOj 
ships ordered from .Japanese-] 
shipyards. 


ICI is top U.K. exporter 


ICI HAS regained its position as 
the U.K-’s largest exporter, beat- 
ing British Leyland into second 
place. Figures issued this week 
by Leyland . showed that the 
value of the company’s exports 
in 1977 was £854m. f compared 
with £897 m. In 1976, .while iCI’S. 
exports rose from £322 m. to 
£036tn. 

As the table shows, ICI ovei> 
took Leyland once before, in 
1974, but in the subsequent two 
years Leyland regained the top. 
place. 

In terms of net exports, that is; 
exports minus- imports, Leylan'ir 
stl 11 ■ ranks top'. In : AflYZ TCTsi i. 
direct imports amounted - To " 


£32SnLi so that its net contribu- 
tion to the balance of payments 
was £013m. British Leyland's 
direct imports last year amounted 
to about tBQra. 

VALUE of direct EXPORTS ... 


Cm. 

£m. 


854 

■ 822 

S97 

586 

589 

63* 

485 

• .403 

' 424 

*. ‘ i9i 

355 


-414 


1 9H 
1975 
1974 

T97X 

.M97I- . .. 

Cal* pda r year. 

% jCri«ttdar-y«u; Jtfr. 1977 tirfef.T976, 
prayirfa~yeaA ending September. 

■ : 


Saudis buy 
no-alcobol 

beer 

„ ¥oto MB* IL 

SHONAN MISSION Bottling, tha 
Yokohama-based soft drinks 
manufacturer, is to export too- 
alcoholic beer to Saudi Arabw, 
where alcohol is prohlhiteti. rhQ 
first 16^00 dnn Mftalttffigt 
bottles are to be shipped at the 
end of next month, then about 
120,000 dozen are to be exported 
each month. ^ . , 

Shonan Mission Bottling joined 
a Middle East trade mission 
organised by Yokohama Citylart 
year and bas been holding busi- 
ness talks with Saudi Arabia and 
Kuwait. . 

With Kuwait- negotiations are 
in progress on exporting a non- 
alcoholic beer manufacturing 
plant worth Y12CW-, with ?o- 
-riche d non-alcohol-becr liquid. 

The company says ‘‘non- 
alcoholic ” beer contains 0.5 per 
cent, of alcohol to provide 
flavour, it has conducted market 
research in Middle East countries 
using samples of non-alcoholic 
beers and discovered that 
demand for alcohol has spread 
among Middle East people 
despite official prohibition. 

In Saudi Arabia, Swiswnade 
non-alcoholic beer has been intro- 
duced.. No sales have been made 
in Kuwait but a local trading 
company . is - applying to the 
Government for permimion to 
import Shonan Bottling beer. 

A contract may he signed 
shortly. --According to the appli- 
cation to the Kuwait Government, 
Shonan .- Mission Bottling will 
supply k plant with a production 
capacity of 7,200 bo ftTefc a n hour, 
also technical guidance.- - 

Kenya paper 
miff expands 

By John-Woi-raU .. 

* NAIROBI, Match 21. 
THE BIG Panafrican paper mills 
at Wefonye* Kenya, are tn pro- 
duce newsprint for the local mar- 
ket and for export as part of a 
£7in. expansion programme. 

Kenyan consumption of news- 
print Is about 5,000 tons a year, 
which. Panafrican, a £20m. con- 
cern. says it can meet within two 
years. It will save Kenya about 
£lm. a year in foreign exchange. 
The - company hopes to expert 
newsprint ±b neighbouring coun- 
tries. ;• 4 

N v Zealand seeks 
aid against Japan 

New Zealand wiH ask the United 
States to help smooth out trade 
problems between New Zealand 
and Japan during Vice President 
[’Walter Mondale’s visit to Wel- 
lington next month, Prime Minis- 
ter Robert Muldoon said in 
WeUingtoff. 

' Mr Muldoon, who has been 
bitterly critical of what ha called 
"Japanese economic Imperia- 
lism/* ' said America’s close 
relationship with Japan could 
help solve New Zealand's prob- 
lems with the Japanese. 

Aegean oil contract 

Two Fluor Corporation divisions 
have received contracts worth 
?120m. from EPE for engineer- 
ing and construction of facilities 
to develop the Prinos oil field in 
the northern Aegean. Reuter 
reports from Irvine, California. 

Italian joint venture 

Italian, Swiss and U.S. interests 
■are to build a chemical factory 
at Tennoli, in the Campobasso 
province south of Rome, AP-DJ 
reports from Rome. Half the 
capital for tha L12bn. plant is 
to be provided by the Develop- 
ment Bank for Southern Italy 
and the State’s EFIM investment 
group. 

Philippine ore plan 

Potential Brazilian ore suppliers 
for an integrated steel plant to 
be built in Shanghai with 
Japanese assistance have pro- 
posed to use a sintering plant in 
southern Philippines as a tem- 
porary ore storage and trans- 
shipment point, .AP-DJ reports 
from Hong Kong. 

Reactors for $. Korea 

South Korea has decided to order 
American nuclear reactors, from 
Westinghouse, for the projected 
third and fourth nuclear power 
plants at Kori, 220 miles south of 
Seoul, as originally planned, AP- 
DJ reports from Seoul. 

Hong Kong plant 

The Hong Kong and China Gas 
Company.- has signed a contract 
With the Australian office, of 
Humphreys and Glasgow for the 

design, supply and construction 
Of two cyclic, naphtha*. reforming 
plants in Hong Kong. 


Car makers warned off growth 


BY TERRY DODS WORTH, MOTOR- INDtBTRY^ CORRESPONDENT 


IF SEVERAL European motor 
companies do not .scrap theje. 
plans for expanding car: output-' 
there will be a further shake-out 
in the industry over the next few 
years. 

That is one of the conclusions 
of a new report from Euro. - 
Economies, the Paris-based ' re^ - 
search organisation, which pre- 
dicts that -European production 
capability may rise to between 
13.29 ah<L13t5pi. units by ’1963-85, 
against a- market oE no more - 


than 12.7m- cars. 

. Production- lpst year, accord- 
ing-to-the report, came to lJ.Mm. 
cars in tho fight .Western -Euro- 
pe&n ' manufacturing countries, 
some 2 per cent below the 1973 
peak ijt lL25m ; ^nits. . 

.■ 'BtedEMDIittiacS 1 believes that 
output,' which hit record levels 
in. Frince and West. Germany 
Utttjtaft faff this year to 
.10.77m_unite'agd.wiH only beglp 
to -recover - again- in -the early- 


Imports, the -rtpbrt: says, are 
rising rapidly, with the Japanese 
market share, moving from 0.6 
■per cent, .in 1B68 to>ju$t over 
6 per cent in 1077.' - 
TotaJ Imports have risen from 
175,000 units in 1970, to 944,000 
last year. If importers are not 
restricted by political measures, 
imports will rise to 1.1m. in 1980, 
and could go up to 1.7m. by 1985. 
' At the same time;- car exports 
from Western Europe' are now 
stagnating. 


\\^GeniialC^ down 

/:■ ‘ • ■_ FRANKFURT, March 21. 


BY GUY HAWTIN . _ . ; ... .. . - • 

DEMAND -fot; West German units. -This was a result of a 
commercial - vehicles is still* large","' decline., 'in' commercial 
visibly saggag. Production, veffiqle -exporta wjifeb faff back 
largely- owing to a . hefty _dec>fne bya -la the -first jwo mouths 
in export ■.denMUq;^rell by *1 per of 'the= curran t\yejr from JffiTs 
ceaUto K^maxy ^compared wab,7?3A3S' nitiia* to' ^3)0 .'unite. : '- -. 

..In the oaf_and j6!5t|it£i yBhleIe; 
LVggrt - votom es -ia February • se^o^pre duct ion "Ccrati sued up-; 

-vehicles ot wards m February although' the . 
all-typra-cqinpared' wth the pre- growth rate .appears to have 
vipiis year’s figure of 173,231 tailed off somewhat ' . 


The figures produced -by the 
Verbaad Der AutomoMUndustria 
(VDA), the. motor.-; industry 
-association, showed : 'that cora- 
.raerojal . .* vehlntie’ ' . output in 
Febfuaty dropped- -hack -from 
26,84$ - units in the- comparable 
month of 1977 to 2<900 units. 


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'Serial Times; Wednesday Ma^ ch 22 



wins f 25m. 
rig contract 

BY RAY DAFTER, ENERGY CORRESPONDENT 


Claims scheme 



A £25m. contract to convert a 
semi-submerslble drilling rig to 
a Boating production platform 
for British Petroleum's Buchan 
Field in the North Sea has been 
won by Matthew Hall Engineer* 

ing. 

The rig Drillmaster is to be 
converted so that it can cope 
with a peak production rate of 
70.000 barrels a day. Matthew 
Hall said yesterday that it was 
believed to be only the second 
conversion of its type in the 
world and the first to be de- 
signed and engineered by a 
British contractor. 

The contract involves project 
management, engineering design, 
construction management, the 
tow-out to the field, installation 
work and assistance with offshore 
commissioning of the facilities. 

BP aod its partners hope that 
the field will be on stream In the 
autumn of next year. The pro- 
duction scheme is costing about 
£130m. and It is expected that in 
the first four years 50m. barrels 
of oil — valued at about £360m. 
at present prices — will be pro- 
duced. 

Matthew Hall said that it saw 
the contract as a significant step 
in its own development. 

Besides BP. the Buchan group 
comprises : Transworld Petro- 
leum (U.K.7: Transworld Petro- 
leum Corporation; Sl Joe 
Petroleum (U.K.); City Petro- 
leum: CanDel Petroleum lU.K.l; 
CCP North Sea Associates: Gas 
and Oil Acreage; Charterball 
Oil: and Lochiel Exploration 
(U.K.). 


• Pan Ocean Oil Corporation 
(North Sea), a Wholly-owned sub- 
sidiary of Marathon. Oil. has con- 
firmed that if is negotiating to 
buy the interests of Ashland Oil 
and Canadian Ashland Oil in the 
Brae Field aod other areas held 
under North Sea production 
licences PI OS and P222. 

If the negotiations — first re- 
ported in the Financial Times 
on March 3 — prove successful. 
Pan Ocean could increase its 
stake in the Brae Field by 7.7 
per cent., bringing its total 
shareholding to 45.7 per cent 

It is not clear at this stage 
whether British National Oil 
Corporation wlU want to be in- 
volved in the deal, however. The 
Corporation, which already holds 
a 20 per cent, stake in Brae, is 
said to be involved, in talks with 
Pan Ocean and Ashland concern- 
ing the proposed transfer of 
interests. 

' The Department of Energy is 
expected to publish shortly new 
rules regarding such changes in 
offshore licences. It Is likely 
that companies will be told that 
in future they must give the cor- 
poration an option to bid for 
part nr all of the licence interest 
on offer. 

Pan Ocean said that any agree- 
ment would be subject to neces- 
sary approvals of the Depart - 1 
ment of Energy and of partners. 
These include: Bow Valley Ex- 
ploration. Louisiana Land and 
Exploration. : Saga Petroleum. 
Siebens Oil and Gas. and Sun- 
ningdale Oils fa wholly-owned 
subsidiary of Kerr-McGee Cor- 
poration). 


BY JOHN MOORE 

LLOTD’S OF London, -has re- 
jected a compromise proposal by 
Institute de Resseguros do 
£m/L a Brazilian re-insurance 
group, which could have settled 
out of court - its Slim- claims row 
with Lloyd's syndicate F. H. 
Sasse. 

The proposal was made at a 
meeting on March 10 between 
the Brazilian group and the 
chairman of Lloyd's. 

It is understood that Instituto 
de Resseguros suggested that a 
member of the committee of 
Lloyd's should study the 350- 
page report prepared by loss 
adjuster Graham Miller on the 


claims and the placing of the 
business. 

. it was further suggested that, 
if in the opinion of this com- 
mittee member there were 
grounds for a settlement within 
the Lloyd's community, the 
claims might be split equally be- 
tween 1RB. the Sasse syndicate. 
Austen and Balcon (agents of 
IRB>. BrentnalJ Beard (the plac- 
ing broker) and Lloyd's. 

Yesterday felborne Mitchell, 
solicitors for the Brazilian 
group, said that “the IRB pro- 
posal has not met with a posi- 
tive response from the chair- 
man of Lloyd's. It would appear 
that if the dispute is to be re- 
solved before trial a resolution 


will have to emerge in the 
ordinary course of litigation." 

The disputed claims arise out 
'of- 1.300 Insurance contracts 
arranged through the Sasse syn- 
dicate's Florida underwriting 
agents. Den-Har Underwriters. 
The risks were subsequently re- 
insured with Instituto de 
Resseguros. 

Claim? to date amount to 
nearly Sl3ra_ but so far the 
Brazilian group has only paid 
S500.000. 

The Sasse syndicate was sus- 
pended by Lloyd's last December 
until the dispute is resolved. 
Last month the syndicate Issued 
a writ through Mr. F. H. Sasse 
against IRB. 


Another 

executive 



Plan to 
fight 

shoplifting 

menace 

By James McDonald 

THE Government should recog- 
nise that theft from shops was a 
national . problem costing the 
public £500m. a year and adding 
2 per cent to the cost of all 
retail sales. Baroness Phillips, 
director of the Association for 
the Prevention of Theft from 
Shops, said in London yesterday. 

There should be -a Government 
campatgo to advertise the prob- 
lem of shoplifting, she told the 
annual meeting of the associa- 
tion. She suggested a campaign 
to recruit the public, who carried 
the burden of such crime in the 
form of higher costs, to help 
stop it. 


Women must make 
pensions decision 


PY ERIC SHORT 

MARRIED WOMEN and widows 
paying the reduced rate of 
National Insurance contributions 
were warned yesterday by Mr. 
Staoley Orme, the Social Security 
Minister, that they had only rwo 
weeks to decide whether they 
wished to start building up rights 
to an earnings-related pension 
from April 6, when the State 
pension scheme starts. 

Under the aid State system, 
which provided only a basic fiat 
rate pension, married women had 
the option of paying reduced 
contributions and . relying on 
their husband's ■ contribution 
record to ensure a basic pension 
when they retired. . 

This option is no ^longer avail- 
able to married women coming 
into the State scheme, but women 
who paid reduced contributions 
under the old system can con- 


tinue to do so. But they will 
have no entitlement to second 
tier earnings-related pensions. 

Women can change from pay- 
ing reduced contributions to pay- 
ing the full contributions, but 
not the reversed This only takes 
effect at the beginning of a tax 
year. 

So Mr. - Orme is advising 
married women and widows to 
notify their social security office 
in time if they wish to switch. 
Otherwise, they will have to wait 
until April next year before 
making the change. 

Mr. Orme also pointed out 
that women not - working should 
safeguard 'their home responsi- 
bility' entitlement by notifying 
their social security office of any 
intention to pay full contribu- 
tions when they resume full-time 
work. 


Leyland 


[ANOTHER TOT executive In 
j British Ley land's cars division is 
j leaving following the reorganisa*. 
tion of the company Into smaller 
units. 

Mr. Jerzy Clancy, who became 
the head of Leyland Cars’ ser- 
vice and parts division 16 months 
ago. is leaving at the end of 
March. 

His departure ends a six-year 
career with Leyland which. began 
in the truck and- bus division as 
director of fihanre/pdm ding and 
control. Mr. Clancy, a 43-year-old 
Irishman, who -was hired- from 
Ford's finance , department, was 
offered a new higher appoint- 
ment in Leyland hut preferred 
to leave. 


Ford wins 
£1.3m. 

Polish order 

FORD HAS won a £13m. order 
from Poland for the supply of 
(500 Escort Sports in the face of 
; competition from France and 
I Western Germany. 

I All the vehicles will be manu- 
j factored : at 1 Halewood.. Mersey- 
i side, and delivery will be com- 
ipleted by December.. The cars 
] are for sale to the public in 
1 Poland. 



AY pAVID CHURCHILL 

SENIOR- CIVIL Servantt jjrc 
being offered tax-frwjmrosum 
-payments of up 1° . te”®* 
salary, plus a.^fnll pension. If 
.they agree to take early retire* 

™The deal baa been offered to 
help smooth out the retirement 
difficulties facing Ihe Civil S«> 
vice over the mart few-jwers 
when four out of every ten top 
civil servants are due to retire. 

'By retiring some top manage- 
ment early Whitehall hopes to 
avoid losing too many experi- 
enced staff all la cue go. which 
would lead to an -Inevitable, drop 
Ip efficiency. 

A 57-year-old senior civil aer-. 
vant, for example, who - earns 
£10.000 a year would receive a 
lump-sum £20.000 payment plus 
a. £5.000 annual index-linked pen- 
sion for life. „ 

This deal is made up of three 
parts: First, civil servants asked 
to retire “in the public Interest" 
.are offered compensation of up 
to six months’ salary. 


■" -v TJ' 


Adult students i Tower 




WHITE PAPER SETS OUT NEED FOR LONG-TERM INVESTMENTS 


Separate North Sea oil fund plan rejected 


BY DAVID FREUD 

THE IDEA of a separate fund for 
revenues from the exploitation of 
North Sea oil is rejected in a 
White Paper published yesterday. 

Instead, the Government plans 
to make a report to Parliament 
each year to show what progress 
has been made In using the 
resources from the North Sea. 

These will cover the wider 
benefits of oil to the economy and 
also investment in industry, 
energy and public services. TTie 
first such report will he pub- 
lished in the summer of next 
year, covering the previous 
financial year. 

The White Paper says that it 
w'ould be all too easy for govern- 
ments to use the extra revenue 
to finance a quick improvement 
in living standards through tax 
reductions and increased social 
benefits to an extent which would 
leave insufficient room for In- 
creased productive investment. 

It goes on : “It would be 
wrong to spend the benefits oT. 
North Sea oil in this way. It 
will be recalled that a useful 
balance of payments surplus was 
built up in 1969-70 : but this was 
rapidly dissipated in a short- 
lived consumer boom In the early 
70s leaving no permanent im- 
provement in our economy. 

" It would be a tragedy for the 
nation if such irresponsible 
waste were to be repeated in 
relation to North Sea oil.” 

The While Paper sets out four 
broad areas into which the 
Government proposes to chan- 
nel the oil resources for the best 
long-term advantage: 

• Investing in industry — direct 
UFe of oil resources to increase 
industrial capacity by guarantee- 
ing general investment incen- 
tives, expanding selective 
assistance. supporting the 
National Enterprise Board and 
other development agencies and 
tackling the long-si dndlng prob- 
lems of Scotland and the assisted 
areas. 

‘ This win enable us to enjoy 
higher growth and more public 
and private consumption, says 
the White Paper. 

• Improving industrial per- 


form an ce. More efficient pro- 
duction methods are needed, to 
take up opportunities for in- 
creased sales at home and abroad. 

This could be done by further- 
ing the industrial strategy 
through the Sector Working 
Parties and by reducing further 
the burden of persona! taxation 
to improve work incentives. ■ 

• Investing in energy — to find 
alternative sources to replace the 
oil when: it" begins to run out. 
They could be secured by boost- 
ing energy investment, including 
research into alternative renew- 
able resources, and by conserv. 
ing existing energy supplies. 

• Increasing essential services. 
Modernisation of manufacturing 
industry would often involve 
slimming down the work-force, 
particularly In the early stages. 

The Government will tackle 
this employment problem while 
using part of the revenue to deal 
with other important sodal 
problems by supporting the 
planned expansion of vita) com- 
munications. developing more 
ambitious training and retraining 
programmes for young people 
and adults and by providing more 
and improved social services. 

There were three principal 
benefits to the economy from 
North Sea oil— to Gross National 
Product. Government revenue 
and the balance of payments. 

The U.K. income arising 
directly from oil production in 
the North Sea is expected by 
19S0 to be about £4.5bn. (at 1977 
prices), or rather more than 3 
per cent, of present GNP. By 
the mid-19$0s, this direct contri- 
bution should rise to about £6bn. 
a year. 

The contribution to Govern- 
ment - revenue will be quite small 
to start with because develop- 
ment costs will be set against 
profits.- - But by the mid-1980s a 
total yield for both oil and gas 
production non machine £4bn. 
annually (at 1977 prices) is esti- 
mated. 

The benefit to the balance of 
payments will depend on the use 
of opoortunlties oresentrd bv oil. 
On the aMiimntinn that neither 



The charts illustrate U-K. oil and gas production and demand 
from the out-turn in 1975 to the expected totals in 1990- The 
range of possibilities is indicated in the forecast 


the exchange rate not the. level 
of domestic activity is affected; 
oil will Improve the total balance 
of payments by about £5.5bu, *n 
1980 and about £3-£9bn. .in the 
mid-1980s (all 1977 prices). 

A large part of the new 
resources and extra revenues. 



before. This requires a measure 
of discipline and a sense of 
priorities on the part of the 
Governmem." 

The Government had decided 
it was not practicable to go fur- 
ther than the proposed annual 
reports and set up a separate 
fund into which aH or part of the 
revenues would be paid, and 
from which money would only 
be used to finance special pro- 
jects which. match these priori- 
ties. 

“A fund would mean provid- 
ing for a fixed sum to be spent In 
specific priority areas separate 
from and additional to the Gov- 
ernment's main public expendi- 
ture programmes. In many cases 
these areas would overlap. 

“Expenditure financed from a 
fund would by - definition be of 
lower priority than the basic 
spending in the main pro- 
grammes and, were the Govern- 
ment to haye one set of priori- 
ties for fund revenues and an- 
other for the rest of its pro- 
grammes. there would be a risk 
of confusion and misallocgtion of 
national resources. 

“There is no easy way of 
identifying what public spend- 
ing or tax reliefs are made pos- 
sible by North Sea oil. It Is one 
general is higher and the 
in general is higher and the 
burden of taxation lower than 
it would have been without oil 

“It is quite another to' identify 
and enumerate in advance speci- 
fic items of expenditure, ot 
specific tax reliefs, which the oil 
will make possible. 

“Any attempt to bring to- 
gether such items in a separate 
fund would be artificial and un- 
convincing. Also.it would clearly 
be wrong to make the amount 
of North Sea revenues determine 
the amount of spending In par- 


ticular fields rather than relative 
needs. On the other hand a fund 
where the amount of revenue had 
no effect on spending would be 
an empty piece of accounting."' 

The best national use of North 
Sea revenues would be achieved 
if they were accommodated 
within the existing system of 
financial planning. 

The Government believed that 
the annual ■ progress reports 
would be more meaningful than 
setting up a development fund 
which would either be largely 
cosmetic or. have tbe_ effect of 
undesirably separating the 
derisions that would have to be 
taken. 

On specifics, • title Government 
saw scope for a •. considerable 
reduction in taxation in the next 
few vears. 

“However, a programme of 
major (ax reductions, with no 
direct provision for any expan- 
sion in the economy's productive 
base, might increase national 
livfftg standards only tempor- 
arily." . Arty large drop In tax 
rates would depend on faster 
economic growth. 

“With the bjwstwtit strategy 
revitalising the U-R-'s economic 
performance, faster economic 
growth will enable the Govern- 
ment to continue with its pro- 
gramme of reducing the personal 
taxation. 

: V This would not owly improve 
work incentives, strengthening 
the' economic recovery and 
making a return to full employ- 
ment easier; tt will also ensure 
that real take-home pay can be 
increased without inflationary 
rises in money wages, thereby 
reducing labour costs and im- 
proving competitiveness.” 

The Challenge of North. Sea Oil. 

Cmnd. 7143: S.O* 45p. 


to debate 
grants call 


gallery, 

THE NEW' HISTORY ' * 


DELEGATES TO the : natiopai ! 
conference of the Open Univer-j 
sity Students’ Association are to • 
debate the principles -and 
strategies involved in launching 
a national campaign for 
mandatory grants for all part- 
time students. 

- The conference is to be held 
oo April 7-9 at Leeds University. 

The basic principles behind 
the campaign are that the 
opportunity to learn aod develop 
throughout life Should" to? avail- 
able to all as a right, Dot a 
privilege. - 

. To this end. all adults should 
be -entitled to adequate periods 
of full-time or part-time State- 
supported study and to periods! 
of paid study leave. • ! 

. Furthermore, this support 
should not be means-tested. - 

Mr- Norman Parkin, president 
of the association, said that the 
alternative was the progressive! 
closure of the Open University 



Plst#jobs 


j-,-. i 


By Our l«lf»Ji Corr«spond<;nt 
ABOUT 4.006 bw> jobs wilt be 
ptentiddtf "l^'lifi&Utihhyand hea 1th 
In Ulster -ovef- ^he next year. 
Lord SWrte«.;ajHfuster of State 
at (hb-Northeni 'inland -Office, 


[to all but a privileged; few.; w ;-; i s*ld yesterday; -V- - ' <. 


must .be consciously dto&tified 
and allocated to the kin# bf tong- 
term- investment the JT^has 
not always been able -to afford' 
in' the past. 

“ They must be used stf that 
when the oil runs oul our indus- 
tritfl base Is stronger than jt-was 


. 'I' - 


Standard Chartered Insurance Brokers 

(Nigeria) & Co 

Standard Chartered Insurance Brokers Limited, a joint venture 
company owned equally by the Standard Chartered Bank Limited and 
Bland. Paynea international insurance, and reinsurance’ brokers, 
announce that, they have acquired a 40% interest in FIM Consultants . 
Limited, a company established in Lagos, Nigeria, which is owned by 
Mr F 0 Ogunlaria.. FIM Consultants Limited has formed a wholly 
owned subsidiary, Standard Chartered Insurance Brokers (Nigeria) 
& Co., which will act as the insurance broking arm of-the new group. 

This company will be the fourth joint venture established by 
the Standard Chartered Bank Limited and Bland Payne- who already 
have companies operating in Hong Kong, Singapore and Malaysia. . 

Standard Chartered Insurance Bickers Limited 

SackvH!* House 

1 43/1 W FanchwelT St»ft 
London EC?M SBN 
Tolaphoiw 01 <923 8080 



%■ . - 


SALEROOM 

*Y ANTON Y THORN CROFT 


Alice ventures into 
auction wonderland 

SIX-YEAR-OLD Vanessa Alice ip HammondTp Book 3> Chessmen, 
SL Clair became PbfJHptfr as “ unique.” It raaUaed £3.600. 

J>hoto album «OD taraD£ a bitter, gEnS ■ siSSl OftaU 

ssssm saws 

SETSV-mSE c *” u ' 3S 53s;S-«SSSr , '^ A : 

She stayed in the hiddipg until seated *. woman ' ' arranging 
£200, having opened It at £20. chrysanthemums while her 
The album of 100 Liddell family 
pictures went -to the Doljs fej 
Wonderland Museum at Brighton 
for £«gp. 

A jure .group of J6 Napoleonic 
-miniature? - ww .bought 8t 

Christie's, yesterday, foe £134)00 

by. Laveqder. ■ the London dealer. 

They had been sent for sale by 

rd American collector, and : wj mistress stands beside her. sold 
part of a sale of miniatures, anonymously for £L000. ** 

Russian works of art. and gold , 

boxes which totalled £134,768,. -Tht- gdlhetorf ate - Rt-PWIllw 

An .anonymous bidder 

dam 1748. A Louis XVI gold . , , , ’ V 

snuff box . by Pjerre-Fradcolfr A PbilUps sal* of jewels total, 
Mathis de Beaulieu, Paris, 1775, 1*4 £134,850 and Flscbwng, an 
went to S. J. Phillips at £6,800. American buyer, paid £9,2 oq for 
Both hoses had been cent for emeraldfiiwMlairfond ring.’ -a 
sale by the Earl of Stair.' furniture sate totalled £39.013. 

A presentation French oval a collection 'of 

sniiff -bov in . gold circa i860, was Victorian dip mbs and writing 
botisbt by Blenheim Arte for equipment; gathered bv a Nigh 

£7,000, and- a Swiss ova] Court Judw..~»ld for U48J for 
eoaraelled gold murical MuiTboai 18 lota, . 1 
for £5,500. At -MlftbpY, JfcJgjravls. yic- 

Qne of the day’s more interest-- toriah :p(ttiwec:M * collection 
ing lots was a French .sai«nc« _af. ©f eats, 

chew act commemorating tite hy. Loute YYrin; made ' £35,874. 
Moroccan campaigns of Marshal At - Sotheby's la . Bond ' street. 
Lyautey. Made specially for C.Mna'*e werks of art totalled 
presentation by the. . French and at the. Korhe'hv 

Government after his success In. Bearue Auction room In Tnmuay 
North Africa, the set Lb described works of art brought id £15,09 1. 





. Head pTRctt : -W Ltllienhiuip x -j ol Ayiy . - ,-** . 

- Telephone 6223 15 Telex 33«S : "’ . - 

Rtprewutiivf -Offices: ’ . .. Y.Y - ^ - 

New York ; r \, -johAhreMg Jft J .. , 

630 rifth' Avenue at "1 'c/oLrPrG. Franket . • ■ • 

Rockefeller Center . . 921/8 The StocJc.Ex^ngt ' 

N.T. 10020 “ Y Y,,. i Hollaed Sweet 299#-. r 

Telephone (212) 5418070 : : t. Telephorieu 836 98$/? 

■ - Telex: J 7725 r.-. , 

Sumhiary of Consolidated Balance Sheet as of December^ 7977. " - 
(to neaiost IL1,000.> ' t. • . 

* I>ec.'3t 

: - : ; : i V77 


ASSETS 


Cashed Balance wrrfi. The Pank of Israel 
end Binkfng instltutroni; . 1 _._ ... 

Securities ; ; : - 

Loins, to. the Government (most are 
deposits at the Ministry of Finance) 

loans, and . bIHs discounted 

Loans.aut of depositvfor |oani purpoiw 


Oth^r -'accounts -I .V 

BwUnf'.'pNrtfiei,: equipment and defier' 

. pmpmK 

Cgstdmen ^ tfayirtres - for ' documentary 
cridTa. Euaranfces.acceptancej'and- 
Other liabilities 


/: mec. 


.=• -<ooovV^i9«i , ‘i i?. 

. -r— ^ — -r. ■ . rt--:. - dt’ 


2,125,440; 


979,240 


3.444J4J :- J-.904.5t2 

1,917^33^ I . . . 949i438 
5382,076 ^ ZffSS,9tty 
« ' 46,778 


88I r HP';; : 497,947 N ' 


l T2.087 S^S2. AV6 

Dec 3T c.-- T :' : Pec: 3t-- 

UAJHWTIEF AND CAPITAL ACCOUNTS y: 1977 J 4 j, 1975 g: 

. ..-..zsjjMF.h 

70703 . : : 5L446 
v 1.' _• . 76.942;^ :^.43AW 


Capfcjl- nw.ervej and surptas ‘ 
Capftafeppw: 

Deferred . deposit certificates - \ 


Minority interest in capital reserves ^nd-:. - . 

surplus of subsidiary companies- *'• 7I589 1 

.Demand 'deposits ;• 

■Term’ emHavinn deposits .' . . 4,195,435 89.965 

DepOilaandteanifBom.'Dif.Bwikof Uteri'^ - " ' *' V - !". . 
and d*h«r benkinRlnitiiu^eai : -' 7,042^4' 

• . . ;• : : • ; . ■■ c.7 

D.e'pvfrt fdr leans purpew i-Vr . ^ * 95U24 
Other- accaufite • • 1" * > -X ; . v ‘ ■ 118,554 ■ 72.f54 

Dtbvntiirw iwuad'by iu>ild^»jPffiwnie* : -1.4W338 -.885^55 


■w... 


J.iabiyoesjOf .accouTO-of- cusjwmen^'idbtUir - ^ . ; - 1 

-iKMiekry credits. xuaraptses»a 5 ceptlncw^:rr... r. 

, and «rthkf 11bMit|h*:.T: ' ; vjl. . 88 9 


. -...-"v : : '^ |2J87 l S3\ r' ^52Mf8 . 

Sumnwiy f hrfii Md W tte Steen endedi Jl becemb^ Wn.ri 

■ - 

' v : r v : * , ■' • . v'T5«5 : ..'Vi^555K| 

Openatinf : Intern# bffor*' taxatfon • . ' -KW.Htf 

Income .. , , IOTi2J.- ,:>^8JD5? 

•* . ' ' J ' 's' ". ; ■. *. -*• J V 

UiiFfiStflu-.InfaMc Mt>( after re.teted.fiui> ; • ■ 


Net profit..' . 




UNITED 


Air 

arc 


Second, they are 
their normal lump sum; p^inept 
of one- and a -half liifidh: WfHiy. 
they would have received 
usual retirement use «f 6^ ;:; - 

And third, they WDUW .re^o . 
a monthly compensation payment 
equivalent to- theic rcti^emwrt 
pension. This would-Jja re^peod 
xt age dff-hy the normalipteffiSfiiL 
, Civil servants. asksd lo tatire 
early would also have their-jien- 
sionable service, on which the 
final pension is. pteuteted, 
boosted by up to 

- No : «c»ct -figure* 2 the 
numbers of senior eftrD Bernnta 
being offered early retirement 
are available, as - ttiespj are 
derided - by individiSST -depart* 
meats. 

But total early retirement pay- 
ments for all civil seryaniarwfco 
retired. “in the public Jmlereit“ in 
1976. the law year fixure^'we 
available, show that 1^13 'people 
received total payments &f;£T.3m. 
Mow the CMl Sertrtc^is beating 
the battle of Ihe buQJfc Sfojffe 12 


Lin'il' 


4- 

j. • 


at 


$311(1 :i!l 

shorf in 


medieval great hau .m the. moat 
of the Whit^ Tower :v.. ; = . 

An •' ^ exhliittitffl ■“ftq’taina - the 
nationaJ algniffcanri* uf the Tower 
and the pemnam$tes.-arid events 
associated with' tt -iuiiff itir archi- 
tectural deveibpment in relation 
to the many rofoalt ia^'served; . 

The -.KoainVt j^vns^4. -: wuh, 
discovared ewav^iitm of 

the tw^dationa, ;iHBor- 

porate^tetd.the.dellaQf-;^ 

■ ' : — T .- jAibifi •*. -.>«! 


'i*> 


N ^ 


\ew Me 


^OINTMENT: 



it Wesi 


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“'US . . 

early are raised by 



«« cw 


BY MICHAEL DONNE* AEROSPACE CORRESPONDENT 


industry pre-tax 
profits rise to film, 


road inquiry COUTt VICfoFy 


run 

K Authority 

in London and the South-East are 

by an avera S e of S 
* roi »Aprii 1 . . At’Bia 
same- time, the . Authority rja 
making plans to collect from'air- 
‘ lnts *e proposed 80p levy per 
passenger to cover security costs. 
. Authority announced yes- 
J? n, . a y landing fees for a 
25SP 4 1 7 £ um £° iet in-lhe'peak 
r > ^f i0< Li^L? Ieathrow Would- rise 
1 S r ° £2 ’ 307 - from April- 
1. while In the off-peak period 

flense would he fnmi £636 to 

For a Trident jet on a 
scheduled short-haul flight, the 
peak period landing- fee at Heath- 
fise from £514 to- £563. 

P ff ^ ak fees win- rise from £80 
to £S5. 


Tlie difference between peak 
and off-peak rates is to encourage 
airlines to make more use of 
.Heathrow and Gatyick during 
qtoeterjhouTs^ - 

- spite’’ of these rises, the 
Authority claimed that its 
charges still compared favour 
ably with those of other main air- 
ports, The standard Jumbo jet 
landing fee at -Frankfurt, for 
example, is £1£S8,- which com- 
pares with the . year-round aver- 
age rate at Heathrow of'fi.405, 
-while at .Amsterdam the rate is 
£1,578 and 3t New York £1,627. 

The Authority's argument is 
that while' big foreign airports 
■have a' standard -fee year-round 
Heathrow’s Tat&' are varied 
according -t'o.th'e time' of day the 
airports are u red.* -For- an air- 


line to use the quieter periods, 
such as late morning or*mid- 
afternooo. thfc.lLK.- Tates, are well 
below those' (if other Airports. 
. The CiviT'Aviution Bill’provid- 
mg for the security levy- 
collected from all arriving-' pas- 
senger is not yet. law, but the 
Authority -' is already making 
plans to collect it from the air- 
lines. The latter will have to 
decide, whether: they. _pa$si this: 

charge, on - .to - "their -passengers 
directly, . by. ..a. .surcharge on 
tickets. . * " v 

The Government "hopes to 
cover the estimated £19m. that it 
costs annually .-io provide for 
-security services - at all UJ\.. air- 
ports. The Civil- Aviation Bill is 
moving through its, final stages 
in Parliament and is expected to 
become law by the late spring. 


FINANCIAL TIMES REPORTER. 


Limited expansion at Stansted 


BT OUR AEROSPACE CORRESPONDENT 7 






THE GOVERNMENT has no 
plans to develop Stansted Air- 
port in Essex “ by - stealth " as 
'?»££ of congestion at 

London s airports in the 1980s 
and beyond. 

Mr. Stanley . Clinton Davis.. 
. Parliamentary Under-Secretary 
for Aviation, said yesterday, that 
there will be no development at 
Stansted beyond that needed to 
handle 4m. passengers- a year. 


without a thorough- examination 
and wide-ranging . consultations 

on the long-term needs for air- 
.port development via the Suoth- 

The GovemmenTs - recent 
White Paper oa Airports Policy 
had made it clear.' that expan- 
■sion- af- Stansted y as only one of 
the options for- the long-term 
future of airports in the area, 
the others' be idgthe-pOBSible use 


Sand and gravel ninmng 
short in North-repbrt 


of a military airfield or develop- 
ment of a new airport. 

“ Although we believe it would 
be a mistake to reach a decision 
now about the period beyond 
1890. we need to consider >• the 
options that bye* Available." - .said’ 
Mr. Clinton Davis.- “Shortly^ my 
department will be ■ .'discussing 
with local authorities andLothers 
concerned , whal sort .. of 
machinery will- be requited for 
consultation, "and • to formulate 
advice long-term policy." . - 


• PRE-TAX PROFITS Of Guern- 
1 seyV. banking Industry rose from 
■ £3. 75m; in. 1973. to an estimated 
film, .last year, says the island's 
- advisory - and finance committee 
in its latest economic survey. 

'Hie committee says this level 
of growth was “extremely sig- 
nificant” as it represented an 
increase of about flfm. in in- 
come tax paid by the - banking 
sector in the period before any 
account was taken of the profits 
from insurance business and 
other fin ance sector activities. 

The' island’s - 43 banks now 
employ about 1,000 people, com- 
pared with 600 in 1973, and their 
profits represent about £11,000 
per employee. 

Total deposits in the island 
stood at £650m. at the end of 
last year, the report says. 

. Regarding Guernsey's increas- 
ingly important, role as .an intet r 
national finance .-centre, - talks : 
have takes place with several' 
more international banks for 
opening branches locally. 

New company registrations in 
the island reached a record level 
of 899 last year,, over 300 being 
for non-residents of the sterling 
area. ■ 


momentum once a ‘long-awaited 
local insurance law has been 
' introduced. 

.To “preserve and enhance 
Guernsey’s image as a respect- 
able 1 finance centre and to facili- 
tate certain types of business,” 
the committee says it has been 
decided to amend the 
law rather than produce. a 'com-- 
prefee nsive new company. Jaw. 

• T3ie -report adds- that a con-j 
sensps seems to be forming in 
the financial community - that 
statutory trust law is desirable 
m -Guernsey. And although 
there as at present no firm inten- 
tion to produce such legislation 
the situation is being kept under 
review. 

Council’s £lm. 


Image 


I. During -the year corporation- 
-tax (a £300 -{mi. tax levied- on' 
non-resident companies), docu- 
ment -duty and. other company 
fees totalled just" over £lm. 

The finance committee antici- 
pates that Guernsey's growth as 
an insurance centre will gain 


for rejected 
home buyers 

COUPLES who have been re- 
fused mortgages by building 
societies because of recent cuts 
were urged yesterday . to 
approach Northampton Borough 
.Council, which has £lm. to lend. 
.. ■'’Die. council, said, it will reduce 
reducp its mortgage interest rate, 
.lor. hew borrowers and 2,000 
eming' borrowers from 104 to 
10 per cent. 

-During the last year, the coun- 
cil has lent a total of £350.000 In 
mortgages and officials. say that 
from April l they will have £1 hl 
available. 


POLICE INQUIRIES into an 
alleged £500,000 motorway 
works fraud have been con- 
ducted in the Middle East and 
■the Far East as -weir - as the 
UJL, according to the annual 
■ report of Mr. Peter Matthews, 
.Chief Constable .of - Surrey. 

The investigation, which is 
expected to continue until the 
end of this year, is into some 
contracts placed with the 
Department of the Environ- 
ment for the M23 and M25 
motorways in Surrey 
This month detectives. visited 
the Bead office of the main 
contractor, W. and C. French 
f Construction), at Buckhurst 
Hill, Essex, and examined 
documents 

The Surrey fraud squad said 
yesterday that some of the 
people who might be able to 
assist were now employed 
abroad. - 

Last night, French' Kier 
Holdings, -which owns W. and 
C. French, said that h had 
been aware since, last October 
that inquiries were being con- 
ducted into its subsidiary. 

“These inquiries appear to 
be- ‘directed .towards, the -inter- 
pretation and implementation 
of variation of a price clause 
within the contracts for the 
construction of the M23 and 
M25 motorways,” the company 
said. ‘ I 

“ Without in any way 
acknowledging the veracity and 
substance of the reported alle- 
gations (which, have .'never 
formally been advised to the 
companies by either the poltee 
or the Department of the 
Environment), fall provision 
was none-ihe-Iess made when 
forecasting the group’s trading 
results for 1977 in November 
last.” 


POP STARS and record com- 
panies won - a legal victory yester- 
day against ‘•bootleggers" — 
people who sell tapes and-.records 
made secretly at live ’pop con- 
certs. ■* ’r '■ 

The Appeal Coprfc - rtjled by~a 
3-1 majority that'30 record com- 
panies and pop musicians were 
entitled to a “ search and seize " 
order against a man who has been 
described by a High Court judge 
as the “ evil genius ” behind the 
illicit recordings. 

The ruling means that the 
record companies can now go 
back to the judge, Mr. Justice 
walton. who earlier this month 
refused them an order, and ask 
him to make one against the 
“ bootlegger.” They can then 
search his premises and take 
away illicit material. 

Mr. Hugh Laddie, for the com- 
panies, had told the appeal 


judges: “The whole nature of The 
trade is that it is underground. 
Any proceedings or notice alerts 
a suspected cuiDril and he goes 
to .ground.” ... . 

' Because-of this ilo names were 
given im court or in the list of 
couTt business. 

Lord Denning. Master of the 
Rolls, said that both performers 
and recording companies had 
private rights and Interests which 
they were entitled to have pro- 
tected against unlawful inter- 
ference. from which they suf- 
fered severe damage. The ’courts 
had jurisdiction to grant injunc- 
tions against “ bootleggers." 

Lord Justice Waller agreed 
that the rase should be sent back 
to Mr. Justice Walton to be re- 
considered. Lord Justice Shaw, 
dissenting, said an order against 
" bootleggers ” went hevond what 
the criminal law permitted. 


Shipyard orders drop 


AUSTIN AND PTC KERB GILL, 
the Wearside shipbuilders, now 
part of British -Shipbuilders, is 
facing order difficulties. 

Austin has been among the 
U.IC’s most successful ship- 
builders. but at a meeting of 
the company's 2,800 workers yes- 
terday. Mr. Derek Kimber. chair- 
man, said that since nationalisa- 
tion, production has been decreas- 
ing steadily. 

Three orders had already been 
cancelled, and others were in 
danger. Workers must “pull 
their socks up and stop the petty 
squabbles which ' have affected 
the yard recently." 

Austin and Pii-kersgil] has had 
great success with its off-the-peg 
SD14 cargo vessel, and has won 
the Queen's Award for exports. 
But last year it. failed to win a 


by james McDonald 

LIMESTONE and other hard 
rocks in the North of England 
should be sufficient up to the 
19S0s and probably for much 
longer, but sand and gravel are 
much more limited, according to 
a report by a working party of 
local planning authorities and 
mineral -operators in the region. 

The report foresees .shorties 
of sand - and gravel i h parts- of 
the region before 1985 if 'no- 
further Approvals for extraction 
are granted. 

The most severe shortage 
would be in Cleveland," which is 
dependent upon quarries in 


North Yorkshire and Durham for 
its supplies. Other local short- 
ages were likely,. -in Durham, 
Tyne and Wear, and Cumbria. 

For limestone and other hard 
rocks the Tyne and Wear area 
would become more dependent 
1 upon quarries in P arham and 
Northumberland : for .supplies if 
.further, approvals - . for extraction 
were not granted >rithin>its-area, 
-The -report's --conclusions ,-ure 
intended to provide. guidance for 
local, planning an then ties' in 
determining their ^glides -on 
extraction of sand-, and gravel, 
limestone and other rocks. 



hitstrou 


single new order and now has 
only eight orders left 

£1ei. to be spent 
on garage 

MODERNISATION of Chiswick. 
London, bus garage will start 
this month. A building contract 
worth Elm. has been let to 
Miller Buckley Construction of 
Rugby. London Transport said 
yesterday. 

Chiswick eventually will 
replace the nearby -Tiirnliam 
Green garage, but initially, after 
modernisation, it is proposed 
■that it should houte the buses 
now in Riverside, Hammersmith, 
while the garage There is rebuilt. 





*' *•*. -> ‘v. 

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♦#*.§ -<3P z 




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- - *. i r ■ -< » 

, .--I tA * f, *. .. **■ 

-ft- fH *■"_ \ 


*4 


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•r>- * e* 


A AS — -4 - V —a '■* 

if fa ; 


WORK HAS started on a new management -committee - of Fair- 
£850.000 independent hospital at field (the .Guy PflWngton 
Crank, near St Helens, Merely- Memorial Home). Eairfield. 
side. The £650,000_ contract Jo r_ KSSS 1.973 as a n^a-profi t 
The building ha?' b>eh' : awarded" 


t^D 

1H 


, m UUIIIVl ^ | I - ■ 

S® f r 2j rw f* t 5 er - A further The contract invfllveiS&DSivj. 

. £2004)00 will he spent on equip- ^Iferation ^jf ^he &sfiifelbuild- : 
pl S|' L . . . , 4 r. ad^rtiou ©f a nevrtwostorey V \ 

Top npnjnnn tn i-roalo i nmlr tk. -k..(i i.- __ . 


OJLS.Transport ofRamham in Essex not 
only run the biggest fleet of Macks in Europe, they 
probably handle more tonnage.per year th an any 
other transporter- ulfhe MSddleEasL . .. . 

• : ' ^.Svetfbi^tniclcs, howeverjate not infallible. ' - ‘ 


m, 


. The decision to create a neft.-exteilslotf and the^bufiding of an 
independent 40-bed hospital for operating theatre. Architects are 
me North West was announced Gerald R., Smith and Partners Df 
f ”? Oecemher. 1976 by Mr. David Liverpool, v Completion is 
i : r. Pi I Kington, chairman of the scheduled, for autumn, 1979. 


APPOINTMENTS 


Executive posts , 
at Wes^ard TV j 

Mr. G. K Udstone has become sultant to a number of industrial I 
vice-chairman of WESTWARD groups in the'tr.K, I 

- TELEVISION and Mr. Michael fa * - ■ . I 

Heathcoar-Amwy hra joined the Mr. A. G. Derbyshire has been . 

? ar ?" *?’ R ^!S5L??Sf r ’ ' fSS? 0 * 1 the Hoffman -Wood) 

director. J 18 ® retired. Nx. Lidstone chair of Architecture at the! 
is one of the original ^members UNIVERSITY OF LEEDS for the '. 
of the syndicate panted the ITV acadepnc .year. ,1978-79. He is h| ; 
franchise for the S>outh\Ve$t He non-executive director of the! V* 
is alw a director of\V estward s Property Services' Agency arid the 
•••• Mr- Central Electricity Generating 

Heathroat-Amoxy is .-deputy chair- Board and a member of 
man of the Lowman Manufactur- recently formed Standing Qra-I 
ing Group. 1 mission on Energy and 43iet'|i 

* - . ; Environment -l.'N 

Mr. A. S. Wheate. until recently 'll 

a director of Burra ah Oil Trading Mr. - Jim M. Lambert has been I H 
Company, has been appointed elected president -of the New-I.l 
fi n a nc i al consultant to JOHN D. castle. Tyne and Northumberland I H 
WQOD-> Association of the NATIONAL I 9 

★ FEDERATION OF BLOLDING ffl 
The CARPET INDUSTRY TRADES EMPLOYERS. He. sue- 1 H 

TRAINING BOARD has been ceeds Mr. Smart Etties who H ■ 
reconstituted for a furlhec three no ’J senior, vice-president of- the j ■ 
years and includes two new reEhmal NFBTE. Mr. Lambert ! H 
members, Mr. J. C. Firmiss and « marketing manager of John ■ 
Mr. O. Carter. Mr. S. F. Townsend - (Constrpctron ) in theJ H 

continues as chairman. - rfortna-n Count! re. : I ■ 

- air AKrpH - j p^tiomroll at ^ Allah 1YUson-5miti), general] M 

iresent . finance director of UlWJN^AMlJRAr^rRl S 

JELOrr WALMSLEY. is to be- ASSURANOE 

- ■ome managing director from COMPANY, « to retire on April I . ■ 

r- - tpriJ 1. He win succeed Mr. su ".., 4 .. - IB 

tarry K. Horne, who is. to be - _ ■ . . „ * , . ' ' ’ "'{-9 

xmitive vice-president, cor- „ Ralph ^ Manrficld has been 

• orate marketing, of the Beliot °!f ^ 

I roup esport "sales organisation. GRANTS .OF .ST- JAMESES and] Wm 

. - * continues as managing. director o£l » 

■ Mr. Richard Portugal has been M^field and Co. . ; | H| 

P pointed sales director of MILLS Mr K ___ c, v„v j - ■ 
i NO ALLEN, in the UJC. the I B 

• tajor subsudiary .of irdls and I H 

C0nipanys seneral place of Mr. C D. Lenos-Conyng- 1 M 
ales manager. .. ham who has relinquished fa is] K 

■' -, a . „ directorship. Mr. St- JohnStoh K 

K^TSa-.-.'SSSUfES I 

' - v;as prcv,ons]y Trading in 1955. He beeamea[Bi 

. In ris. as group manage- managing director of that com-l H 

tCnt accountant, and Watoey pany in - 1963 and was deputy I 19 
irtkecpeVs as financial controller, chairman from 1973. to 1976. Mr. .■ 

' ' St Johiwton is at present preri-J M 

Mr. A, G. Moore (R. and S. dent and chief executive officer! H 
* 'splays) -and Mr. P. J. Webster of Private Investment Company [ .Hp 

• ’base 2, Contracting Services! for Asia which he joined in Feb- J IB 

we been elected to the council rtiary of last yfir.- ’. f 

' the NATIONAL ASSOCIATION * ' I® 

: F ^SJHBITION CONTRACTORS : Mr* - Derek Combes ha? 'beeAf«| 
-• . ‘•ngmg the membership of th& appointed - personnel- director 

•unc* 1 to W.-p GLYNWED FOUNDRffiS. He -joins !'■ 

v rL ,.... _ the company from Haff enden- 

" AIRPORTS Rlchborough. 

UTHORTTY has appointed Mr. * f | =? 

‘ “ ' as .Mr. Peter Vessey has been I K 

ao^fier Of Aberdeen. Airport appointed:- .Chief . -exewAire ofj*®* 
-om-Apni 1. He is at present DAVY .INTERNATIONAL PRO-1* 

- , e ^ externa I rela turns manager JECTS, which was recently formed ( HI 

r the ocottish Airports Division within the . Davy International |< EKy 
f Jed at Glasgow Airport. group, to. bid fo.r and manage 

t major, .projects worhjtvide of an I .HI 

Dr. W. I. Pmnptarey has been nnusualJY3arge‘afid comples; type. JH 

- lolnted as a visiting professor W .-IjH 

the Department of. RSaterials E. ST. JOHN HOLT AND ASSO- Pi^i 
. fd the Faculty of Scien ce an d CIATES stiles' Uftt for personal } H? 
g jg" jogy, of -toe CRANFIELD reasons Mr. J. Michael Totterdefl j ' 'o f j 
IJvRTUTE OF TECHNOLOGY- will not be taking up 1 his : position 

Pumphrey .was .formerly as an executive director of lfae]-sn«a 
anaglng director of Mures Weld'- company. The .appointment was! 

• S Prooassfes.amd is -now- don-*reported ottFdbn^ry. 32. . - I;- 


seift ttfeir trtisty SHarpa diesel vari-.tothe.rescue, 

; j6aded with a big new engine eg less. .. 

\ 1 . “ i — Min i , . In this business, every .. 

day- lost is profit lost, so 
the Sherpahadtoget out . 
there fast, and without faiL 
“After all’’ said Andrew 
Madean, transport manager 
of O.H.S.,“our motto is . = 
ITie Reliable One . ' 
inlnteriiatiuiiai' ■■■■•r 
Trucking, so we can't 
afford to have a 
rescue van that will 
let us down. 

. .lean 1 tell you, we looked into a lot of 
alternative vans before we diose the SherpaT 
- -The O JLS. Sheipa haa-beenon rescue 



j; -- » .'t-' 
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i ■ tr 


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n. J 

ki v. <• - *: • 

'w* ‘ •• _• . 


missions to countries In Eastern Europe, carrying 
truck spares, tyres-, dutches, the lot 

During the lO.months they have owned it, the 
Sherpahas covered 30,000 miles at an average of 

23.49mpg; a figure which both astounded: 
andpIeasedOJLS. V . . . i ; 

“For SCTvice ovdr hnd above the calf of duty. I'd : 
award the Sherpa a medal any dayj' concluded 
Andrew MacLean. 

• Kt-still carrfes-Brftain'sbest warranty. 

. After all that, it’s not surprising that no other van 
carries a warranty to rival the Sherpa’s. 


. Like all vehicles from Leyland Cars, it comes 
with Supercover. 

- -And that includes ay ear’s free no-mileage limit 
with parts and labour; a year's 24-hour roadside " • 
assistance from the A A.; a year’s A. A Relay 
. Recovery Service {approved conversions and U.K.-' 
mainland .rifly); a 69 point pre-saTe checkout, and the ' 
opportunity of renewing it all for a second year. 

Some warranty! 

The Sherpa body options include vans, mini- 

buses, aewbuses, chassis- cabs, and pick-ups. 
Engine options include a 1622cc and 1798 cc petrol 
and 1798 oc diesel. 

Overdrive is an optional extra on the 1798 cc 
petrol anddieseL -. ‘ 

Fw further information please visit your 
nearest deafer; or write to': • . . 

_ Light Commercial Vehide Sales, Leyland Cars, 

Grosvenor House, Prospect Hill, Redditch, 
Worcestershire, B97 4DQ. 























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■F fr.ar.f iaT Times Wednesday Maceii 22 




HOME NEWS 


Anglo American Corporation Group 

Extracts from the reviews by the chairmen of theTransvaal 
gold mining companies for the year ended 31 December 1977 


10% growth aim for Waterway 

, • .. ClC2D“Up ; 

telecommunications * slnw 


Mr. D.A. Etheridge and Mr. G. Langton ma 
Gold and Uranium Markets 

The gold price showed a most satisfactory upward trend during 1 977, 
opening on January 3 1977 at SI 36 and dosing on December 30 at 

- SI 65. The average free market price for the year was SI 48, an increase 
' of 1 8 per cent compared with the average for 1 976. 

The gold market seemed to move in two distinct phases in 1.977. In 
.-the early part of the year strong industrial demand, which had been 
evident during -1976, continued in Europe with a considerable 
offtake to the Middle East. This moved the price steadily ahead to 

- reach a high of SI 54 in March, and thereafter until August gold 
seemed to have reached a point of equilibrium in the SI 40-SI 50 range. 

'■■During this time speculators were not present in any great force in 
‘the market, as was illustrated by the small margin between the high 
and low prices in any one of these months, it was also apparent that 
industrial demand was absorbing the majority of gold sold and this 
. set a fairly solid Floor to prices 3t this level. 

From September onwards it became clear that the United States of 
America was having a much increased influence on the gold market. 
The influence was twofold. Firstly as the dollar weakened pro- 

- gressivelv against the European and Japanese currencies, gold 

- became a more attractive currency hedge. Secondly, in America itself 
Wail Street showed no signs-of recovery and many investors decided ' 

'ho move out of shares in favour of commodities, particularly gold 
"marketed through the Commodity Exchanges in New York and 
Chicago. This meant that a new spectrum of people had become 
actual and potential gold holders pushing the price further ahead 
until it reached a high of SI 68 in November. As the American 
interest in gold became more apparent, there was a rub-off effect on 
the sale of Krugerrands which increased in line, with the greater 
Amencan demand for gold generally. For the whole year total 
Krugerrand sales were 3 300 000, an Increase of 1 0 per cent over 
1976 though still below the record figure of .1 975. 

Throughout the year the IMF continued to sell gold at its auctions. 
As (rom March 1 977 these were held on a monthly basis, and at each 
.535 000 ounces were offered for sale. The auctions have now become 
. an integral part of the gold scene and no longer have any great effect 
, on the market, indeed, it now seems that without them the market 
would be undersupplied. 

At times, during recent months, ft has seemed as if the exchange value 
of the dollar is exerting undue influence on the price of gold, which 
'has risen above S180. But despite the fact that this may Be affecting 
the price marginally, industrial demand has remained strong partic- 
ularly in Europe where the Swiss Franc and deutschemark price of 
gold has not advanced nearly as fast as the dollar price. This strong 
underpinning of demand means that there is every hope that gold will 
continue to move ahead steadily during 1 978. Moreover, should the 
dollar continue to be weak and there be no recovery on Wall Street, 
the speculative element in the price can be expected to grow. 

During 1977 the price of uranium remained firm in the world market 
place. Uncertainty of supply from Australia and Canada continued to 

Vaai Reefs Exploration and Mining 
Company Limited 

Chairmstv-Mr. D. A.Etheredge.- zz 

Consolidated profit before tax, including net sundry incomprbut after 
deducting the royaftv pavment to'Southvaal Holdings Limited of 
■fcS 462 000 (1976: R227 000). rose by 10 per cent to R86 553 000. 
In contrast to the increase in profit, taxation and State's share of 
profit declined from R22 541 000 in 1976 to R14 264 000 as a 
result of the considerably higher capital expenditure in 1977 which is 
offset immediately against profit for tax purposes. The company's 
profit after taxation increased by 28 per cent to R72 289 000 and 
together with profit retained from T976 of R8 276 000 provided a 
sum available for appropriation of R80 561 000. Appropriations 
lor capital expenditure and loan repayments absorbed R40 789 000 
and dividends of 1 1 5 cents a share (1 976: 110 cents) accounted for 
R21 850 000. A further R7 000 000 was transferred to. general 
reserve leaving retained profit of R10 922 000 to be carried forward 
into1978. 

Tonnage milled for the complex rose forJtje.first.time above ? 000 000 . 
tons to 7 1 65 000 tons. Grade at 8.95 grams a ton was 1 .09 grams 
below that of 1 976 and partially reflected the continuing faulting and 
uncertain values in the South Lease area . which necessitated the 
mining of additional lower grade ore in the North Lease to fill 
surplus milling capacity. Gold production fell by 1 878 kilograms to 
64 126 kilograms but the higher gold price received. R4 134 a 
kilogram (5148 an ounce) against R3 314 (SI 1 9 an ounce) in 
1976, taised gold working profit by 12 per cent to R74 079 000 
despite an increase of R670 in the unit cost per kilogram of gold 
’ produced to R2 989 (SI 07 an ounce). 

I Uranium produced .at 1 017 tons was slightly, higher than in the 
i previous year. On account of both higher sales voiame and improved. 

■ Contract-; prices, profit on sales rpse froja - R11678 000 to 
R16_950 000. As uranium.is now a significant saujje of income to the 
company;* the figure. of ^..oOnc^^t^a^y^OT’unit gold 
Working costs should not-be conshueflWa bteskevBri pri’cefor the 
company's operations. Moreover, in 1977. ore reserves were for the 
■first time calculated using a composite pay limit whereby the pay- 
ability of a mining block is evaluated on both its gold and its uranium 
content. 

Capital expenditure 

Capital expenditure in 1978 is estimated at R72 000 000. of which 
the major portion - R47 000 000 - is. to be spam- on- increasing the 
company's uranium production. ThC'.atber-’Stflrrificarrt item is the 
continuing work to establish the No. 9 shaft system on which an 
estimated R12 000 000 will be spent in 1978. The high level of 
capital expenditure is expected to be repeated in 1979 but to tail off 
from 1930 onwards after the additional uranium treatment facilities 
have been commissioned. 

Planned production 

Planned gold production for 1973 is 64 300 kilograms obtained by 
milling 7 200 000 tons at a recovery grade of 9.0 grams a ton. 
The forecast grade remains low but is expected to improve in 1979 
and again in 1 9S0 as Nos. 6 and 7 shafts are phased out and Nos. 5 
and 8 shafts reach their full productive capacity. 

Southvaal Holdings Limited 

Chairman: Mr. G. Langton 

The rovaily pavment to the company from Vaal Reefs increased from 
R227 000 in 1976 to R8 462 000, more than double the previous 
highest royally paid in 1975. After adding interest received of 
R786 000 and doducting administration expenses and tax. profit 
amounted to RS 134 000 compared with R 543 000 in 1976. 
Including retained profit of R335 000 brought forward from 1976. 
the amount available for appropriation was RS 519 000 of which 
dividends of 21 cunts a share (1976: 6 cents) absorbed R5 460 000, 
leaving R59 000 io be earned forward into 1 978. 

Nature of company's business 

Southvaal Holdings is not a mining company because it has no 
mining lease of its own all the mining rights in the South Lease area 
having been waived in favour of Vaai Reefs, its business is purely of a 
financial nature since its income is derived from a royalty from Vaai 

Reefs and from interest on loans. In an endeavour to make this 
point plain to the investing public, the company recently appealed to 
the Committee: of The Johannesburg Stock Exchange that the 
listing of the company’s shares, presently in the 'mining' section of 
the list, should revert to its original position in the 'financial' section. 
But the JSE regrettably foundJtself unable to accede to this request. 
However, the practice oT ; including information on operations in the 
South Lease area in the company^ chairman’s statement will 
continue since the royalty is derived from these operations. 

Tonnage milled rose by 23 per cent to 2120 000 tons, so that 
despite a fall in grade by 0.34 grams to -9.77 grams a ton gold 
production increased by 3 348 kilograms to 20 176 kilograms. 
During the year, faulting and uncertain values continued to affect 
both production and gradefrom No. 8 shaft, and technical difficulties 
were encountered in achieving full capacity of the shaft’s rock 
foisting system. The unit cost per kilogram produced at R2 717 
($97 an ounce) was 1 5 per cent higher than in 1 976 but because of 
the higher gold puce received. R4 135 a kilogram (SI 48 an ounce) 
.compared to R3 300 (S1 18 ah ounce) in 1976. gold working profit 
tose by 79 per cent to R29 617 000. Profit on £3les of uranium 
increased by a slightly higher percentage to R3 080 000. . 

Z- 

.Capital expenditure 

Construction of the new South uranium plant began during 1977 
A project director with a contract management consultant team have 
been employed full-time on the project and the expected commission- 
ing date has been advanced considerably to the third quarter of 1 979 
to take advantage of the continuing strength of the uranium market- 
Capital expenditure is estimated at R46 000 000 during 1978, of 
which the major portion - R26 400 000 — is to be spent on the new 


influence the markets butvtt’.wai: pleasing that the result of the 
Australian election, which appears to make the coming into, pro- 
duction of their mines a greater possibility, had no visible effect on 
the price. Unfortunately, most ofthe contracts under which our mine is 
currently- supplying uranium were concluded before the rapid 
increase .-in price. •’ Nevertheless, many of them have since been 
renegotiated and while the price the mine now receives is not 
equivalent to the current world market price, it is considerably, above 
that envisaged in die original' contracts. 


Labour Matters 

During the year, the gold mines of the Anglo American Corporation 
Group - hava bean paying particular attention to the industrial relations 
needs of. the era of relatively rapid change which we -believe ties 
ahead and have run a large number of courses for white mine 
employees at all levels. We believe that the courses are having' en 
important impact, not only on knowledge, but also on attitudes,. In 
order to complement die changes which are required over the' next 
few .years and to ensure the best use our of manpower resources, it is 
crucial to" develop amongst, employees attitudes of mind which 
support the .philosophy behind these changes. The white errmloyee 
will always be aa jndispensabtefactor irrthe running of our mines but, 
not surprisingly, he views The advancement of blacks with some 
apprehension in terms of his own job security. We have, therefore 
issued an informatory circular to all white officials and union men in 
which we have set out, in general terms, the principles which will 
guide us. We have made it clear (hat there are no grounds on which 
racial discrimination can be justified and that no company in South 
Africa can escape its responsibility for improving the job opportunities 
available to its black employees. We undertake, however, that 
proposed changes in labour utilisation will be discussed with white 
employees and the associations and unions which represent them. 
Existing white employees are promised that they will neither lose 
employment with the company nor suffer a drop in pay as a result of 
any alteration in labour utilisation. Training opportunities are being 
offered to enable them to develop their skills. Moreover, an under- 
taking is given that no job held by a white employee will go to a 
black at a lower rate of pay on the sole criterion of reducing-costs. 
Reference is made to the use of sound job evaluation techniques - in 
our case the Paterson Plan — to determine the work content of jobs 
and their rates of pay and to the maintenance of existing standards of 
work, selection criteria and training. 

The circular was made available to all white employees on Anglo 
American gold mines and has not been the subject of adverse reaction 
other than in isolated instances. Further circulars will be issued from 
time to time to clarify aspects of our industrial relations policy. 1 
sincerely hope that white employees will see in these circulars our 
determination to bring about changes in the labour field in such a way 
that they can confidently co-operate with us. 


South uranium planu The other significant item is the continuing 
work to establish the No. 9 shaft system on which an estimated 
R 1 2 000 000 will be spent in 1 978. 

Planned production .. 1 ' ' " - if; 

New techniques of underground drilling are being used at No. 8 
shaft to obtain valuable structural information ahead of develop/n enC - 
In this way. it is hoped to overcome the problems of unforseen 
faulting which have in the past restricted mining operations. Planned 
gold production for 1978 is 23 000 kilograms obtained by - milling 
2 300 000 tons ata recovery grade of 1 0.0 grams a ton. -- ■ 

Western Deep Levels Limited 

Chairman: Mr. G. Langton 

Profit before tax increased by 1 6 per cent to R95 232 000. After 
meeting taxation and State's share of profit which amounted to 
R45 025 000. profit aftertax at R50 207 000 was 14 per cent higher 
than in the previous year. With the addition of the profit retained from 

1976. the sum available for appropriation was R56 524 000, of. ■ 
which R21 608 000 (1976: R19 068 000) was absorbed by capital 
expenditure and loan repayments. In addition, the directors decided 
to transfer R7 000 000 to general reserve. R5 000 000 more than 
in 1976. to improve the company's cash position and to provide for 
loan levies of R5 365 000. Accordingly, despite the higher profit, 
the company paid out dividends in 1 977 amounting to 82.5 cents a 
share. 7.5 cents lower than in the previous year, leaving a retained 
profit of R7 291 000 (1976: R6 346 000) to be carried forward into 
the new year. 

Tonnage milled at 2 977 000 tons was slightly higher than in the 
previous year, but gold production fell 1 053 kilograms to 43 479 
kilograms. Grade dropped 0.53 grams to 14.61 grams a ton partly 
due to an underground lire, to which I refer later in the report, that • 
broke out in. June 1 977 in the 1 09/66 long wall at No. 3 shaft.- one of 
the highest grade areas of the mine. This necessitated expanding 
prpd[uctiqp-foon\ r other lower grade sections. Although the unit cgst 
pef^fdlogranvof' goff* -produced Vbse by.-R386 to RZ018 (S72 aO ' 
otmfce). tfre gold price received by the company also rose sharply 
from R3 333 a kilogram in 1976 (S1 19 an ounce) to R4 049 (SI 45 
an ounce). The consequent increase in profit margin - R2 031 a 
kilogram against R1 701 the previous year - raised gold working 
profit to R88 930000 from "R76 366 000. ~ 

Profit on sales of uraniom increased from R1 719 000 in 1976’ to 
R3 249 000. As uranium is now becoming a significant source of 
income to the company, ore reserves in 1877 were for the first time 
calculated using a composite pay limit whereby the payability' of a 
block is evaluated on both its gold and uranium content. 

Capita! expenditure and planned production 
Capital expenditure in 1978 is estimated at R26 000 000. Work, on 
the tertiary sub-vertical shaft systems at both Nos. 2 and 3 shafts, 
which will allow mining operations below the 1 00 level to expand. : 
is continuing. However, the advance is being restricted by the high 
stress levels associated with such depths which entail costly support 
of the haulages. Our planned gold production for 1 978 is 43 200 i 
kilograms obtained by milling 3 000 000 tons at 1 4.4 grams a ton. 

The South African Land and Exploration 
Company Limited •£ 

Chairman: Mr. N, F. Oppenheimer . 

Following the cessation of underground mining operations on* j 
December 31 1976. the company has continued operating its . ! 
surface treatment plant, recovering gold from, waste rock material 
from sources outside the mining lease area. Throughout most of .’ 

1 977. waste rock was purchased from Power Crushers (Proprietary) 

Limited which supplied screened rock from dumps at the Betty and 
No. 3 shafts at the old Sub-Nigei Mine. The grade material, however, 
deferiorated markedly and this arrangement was terminated^ on .- 
November 27 1977, by which, time the operation had bee rime".' 
uneconomic. ’ , 

In terms of the arrangements to which 1 have referred, 897 000 torwof-.' 
gqid- bearing material were- processed during 1977 at a reco%ryT 
grade of 1 .82 grams a ton. and gold revenue totalled R6 722 000 for*' 
the year. Taking into account the sale of salvaged equipment and 
scrap (R1 01 7 000) and operating costs of R6 879 000. the company 
made an operating profit of R860 000. In addition, arising primarily 

from the sale of mining assets, an. amount of R 1939 000. was- 
Transferred from profit appropriated for capital expenditure. Thus, 
after norma! and recoupments tax totalling R831 000 and after 
including net sundry income and retained profit from- the previous 
year, distributable profit amounted to R4 386 000. ■ - 

East Daggafontein Mines Limited 

Chairman: Mr. N. F. Oppenheimer 

The company terminated- underground: . mining operations., in 
November 1976. Since then, its activities have, been confined to 
clean-up operations and salvage and sale of plant and equipment, 
and efforts have been directed towards achieying the best possible 
income for the company during its final-period of existence. .. . 

The company's own initial gold clean-up operations, together with - 
the royalty arrangements referred to, resulted in revenue of R1 011 000 
in 1977, Taking into account the sale of salvaged equipment and 
scrap (R389 000), the sale of waste rock dumps (R210 000) and 
operating costs of R547 000. the company achieved an operating ; 
profit of R1 063 000. In addition, arising primarily from the Sale'Of *' 
mining assets, an amount of R1 412 000 was transferred from 
profit appropriated for capital expenditure. Thus, after normal, and 
recoupments tax totalling RB27 000 and after including net sundry 
income and retained profit from the previous year, distributable 
profit amounted to R1 915000. 

A dividend of 20 cents a share was declared- in December 1977. 
which absorbed R746 000, leaving retained p»fit of R1 169 000 to 
to be carried forward into 1978. The results for the year were 
exceptionally good, particularly compared with those of the previous 
two years, when fosses were incurred even after substantial State . 
assistance. . h 


BY MAX.WJLKIN50N . 

AN ANNUAL increase o£ 10 per 
cent a year in telecommunica- 
tions exports from the U.K. to 
the end of the decade is the 
target set to-day by a National 
Economic Development Council 
Sector Working Party. 

The Industrial Strategy report 

of the Telecommunications 
working party says: "This implies 
a world trade share by 1980 of 
6 per cent., which is an ambitious 
target in the circumstances.” . 

However, the report says that 
the statistics on which tills ob- 
jective are based are inconsistent 
and considered by the industry 
to be unreliable. 

The industry's own forecast is 
that total production will 
increase from £457m. in 1977 
to £527m. in 1981 -at 1977 prices 
a rise 61 15 per cent over the 
period. 

Rise in exports - 

. Exports are expected to 
increase’ over the same period 
from £97 m. to £142nu a rise of 
48 per cent Sales to tbe Post 
Office are expected to increase by 
only 6 per cenL to £317m. 

The fastest increase- is expected 
to be in sales of transmission 
equipment which is forecast to 
account for 20 per .cent, of total 
capacity by 1981 compared- with 
14 per cent In 1975. 

Ely 1981, tbe industry hopes 
that 29 per cent or its production 
will be for -export compared with 
only 14 per cent in- 1975. 

The report records that world 
trade icr telecommunications 
equipment has been rising at the 
rate of about 13.5 per cenL a year 


Tories seek 

business 

exemptions 

. Financial .Times. Reporter,. ' 

EXEMPTIONS FROM U*. jtax. 
employment and financial legis- 
lation are proposed Tor pro- 
prietary companies — the Con- 
servatives' concept of new grad- 
ing tor small businesses — in a 
document published yesterday 
by the Small Business Bureau. 

Proprietary companies would 
no longer have to file accounts 
at Companies House. They would 
pay lower rates of corporation 
and capital transfer tax. and the 
investment income surcharge 
would be scrapped. ......... 

They would be mostly exempt' 
from, paying tbe. industrial train- 
ing levy, as well as from filing 
statistical information with the 
government- 

Eraployment protection legis- 
lation. which makes it manda- 
tory for companies to re-hire 
women- after they bad had a 
child, would not apply. 

Proprietary company status 
should be granted to businesses 
employing fewer than 50 people, 
with annual sales of less than 
£500,000. M6re than 350,000 com- 
panies would fall into the new 
category. ... .... • 

• *The main“ effect’ .of’ thfe: plans, 
which set' out' In 'greater detail I 
a. Tory idea first floated 18 
months ago, would be to free! 
steal] companies from onerous 
Government legislation. 

; Towards the Proprietary Com- 
pany. by Joe Haytd it, FCIS, pub- 
lished by the .Small' Business 
Bureau. Available irqm 32* 
Smith Square, Loudon, S.WX 
price £1.00. 


clean-up 
a slow 
process 

By - Kevin Done 


since 1963 by volume to reach will-.be progressively curtailed in - 

S2.6bn. by 1973. ■ the future." _ . |j£ UVWi? 

It expects the increase to co* {“taw equip- ^ 

tmue at around 10' per cent, a raent ™ x f ^ lure 0 f the U-K. By Kevin Done 
year in spite of the lower growth tohaife available an up-to-date *v D canals . are 

prospects for OECD countries.- and comprehensive range ot wvan. nine rieaner but 

In 1976 the renorr says, tbe switching equipment has been gradually be cum In? c.eauer, our 

sector achieved a balance of trade the major- contributing factor in the improvement is a s*«r- P r * 
surplus of £50m. on sales of the kiss of market share. - cuSS The report or the River 
£516m. Exports have risen slowly. The fastest- loss of market PoIllItl(M i. survey uf England and 

cent, ill 1970 to 5.9 *r cenL ^ America ,nd .be. M.ddle jjv *£^"2“ 

The wnrfcimr oartv comments: A recovery of exports must been ungraded since 1972. 

“This is a continuation of a long of" a^new^coro- The siirvev, which was -earned 

tenn downward trend: in 1983 the (tin Hi mm out in 1975/ classifies walerwavs 

U-KL and West Germany cacti had jg gTC. in four categories: unpolluted: 

a 25 per cent share. rifiW ^.“SUioSlna with the doubtful and needing improve- 

“Now the U.K. is lying seventh Manufacturers under the name ment ■ . P° or u °d 
behind Sweden £22.1 per cent.), Sem f ~ ' urgent improvement : and grossly 

West Germany {20.4 per cent), ^ ne polluted- Since 1972, 9i»- miles 

Japan (9.3 per cenL).’ Belgium" rei • . \ __ uF rivers and canals have Been 

(7.9 per cent), 'US’. (7.5. per TrsUfled JU3IlpQVFCr npgrudedl but .764. tniUte -have 

cent) "and France (7.3 per cenL)."- The working parly says the first slipped into lower categories 
Import penetration has also digital trunk switching centre is jftp main improvement, in the 
risen from 3.5 per cent- <in 1967 due to be in service by the end chemical' quality of the water has 
to 14 per cent, in 1976, but this of 1982, and first exports could be co ro e in classes three and four 
Is- not such an immediate cause' achieved by 1983 . When it is in with a reduction in the length of 
for concern since the increase service. Post Office procurement polluted non-tidal rivers. Gad alt 
is. due to factors which are not of System X equipment ts generally show an improvement 

expected To recur, such as the estimated at about £3bn. and there bus been a reduction in 

£40m. import of two international Tbe working party recoin- length of grossly polluted 
exchanges ordered in 1974, for mends that special efforts should tidal rivers. 
which payments were spread be ‘made to ensure that an! . 
over three years. adequate supply of trained man- rajcrVi ftroP* ’ 

“This notwithstanding, con- power is available for tbe produo- .. 

cern has been felt over the tion of System X. Sewage effluent discharges into 

success of IBM in the private Total employment on switch- waterways have increased, but in- 
branch exchange (PABX) field, ing and related products is ex- dustrial discharges - have been 
with its stored programme pected. to fall from between .reduced, partly because more has 
control 3750 system. Comparable 39,000 and 42.000 in 1978 to been diverted through the pnb- 
exchanges are now becoming between 38,000 and 41.000 in lie sewers. Crude sewage dts- 
available from U.K. manufac- 1981, but the skills required in charges have also been lessened, 
turers and it is expected that the the industry will change particularly to non-tidal rivers, 
incursion of imported products considerably. . The biggest concentration of 

. -_i_ grossly polluted rivers -are in 

areas covered by the North West. 

. -m TT T7 • I •! j Severn-Trent and Yorkshire 

Chrysler U.K. jubilant fftt/sKrtts. vasteS 

.. . ' are so dirty ihat they cannot 

over Linwood boost ssrs 

oxygen. About 336 miles of ever 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT Stegi^and 252 te.SeveS-Tren* 

CHRYSLER U.K has,: set, an .afterjuffering losses of £43m. J&L 'j s wo £!’ on^BAwnd toS 
ambitious, profit mrget .-for. the and Hl.om. in the psst two years. g e Humber ‘ Some 2« wiigs of 
current - year as -the^ first -step . The message from Mr. -Eric rim? Gaidar Airland 

towards breaking, free of Govern- Variey, Industry Secretary, and \he ^hdus- 

ment support. the U.S. parent company that tr)aI areas 0 f Bradford,' Leeds, 

Senior executives are jubilant additional funds will not be forth- pewsbury CasHcford Wakefield 
at the dramatic rise in output coining seems to have struck j and Rotiierhani— are grosslv 
at the troubled Linwood plant, home. (polluted. .And some 145 miles o> 

Scotland, and the fact tbe com- Output at Linwood this month f he jy vers Trent and Tame are 
pany is operating profitably for is running at a record S9 per „ rossl , polluted in the Midlands 

the first time since the Govern- cent of target. The future of the * pass throueh Birmingham 

ment rescue negotiated in 1975. Ryton plant, Coventry, is assured A ^ n0rth tQ Tamworth and 
Encouragement is taken from following the decision to locate ij urt0I1 upon Trent 
an initiative by the Linwood production of a new light car In tj ie North-East of England 

trade unions to set up joint com- there next year. y JJJJ Vhe Tees are 

mittees with management to Ryton will supply the . new n Jluted as they flow the 

raise .productivity further. vehicle, -a four door derivative However 

THe tinwood stewards have oTthe- successful^ ^Alpine, through- ^ ^nmhSast the campaign 
made-it dear to the workforce out Europe. Output will be }" SLrJjlgf " tES! 
that the- plant .must operate trebled frtmr the -present 49,000 £ Sf TJy. the 

profitably in order to generate *:>■ ear to around- 120.000— a move of tbe river i* 

the funds necessary for the intro- which will take employment- at Sj-iSwderea to be in -cate •for? 
duction of a new model in the Coventry near to. the levels prior 10 ** in cale - or ^ 

early 1980s- Without a new car, to the 1975 financial collapse, 
jobs in Scotland would be placed The new -car will mark a ? 

at risk. further stage in the integration of ILHenilCaiS 

Confidence is at last rising Cbrysler’s Enropean operations 1 However ’ the downstream 


within Chrysler that a turning and strengthen the company’s stretcVfrom Bl’acfcwaRiolhe'old 
point might have.. been reached model range. dockland areais considered to be 

in A poor state, urgently in need 

• : ■ ' ’ ' " of improvement. 

The chemical industry emerges 

Grant for, coalfield study 

v v • -^discharges- of proccs^water are 

THE fN STTrUTE V-Of Planning n ing. - energy and environmental ^considered unsatisfactory. Power 
Studies at the University of issues, including a study of -tho Stations; discharge far’- greater 

Nottingham has received a grant Selby coalfield and Cotgrave^ quantities, but the w$ter is- of a 

of more than £7,D00 from the colliery in 'Nottinghamshire. • better quality. 

Social Science Research Council The Belvoir study has the xhe other major sources of 

for ;s research project entitled encouragement of the East- Mid- unsatisfactory effluent are 
“The planning system and major lands Economic Planning Coun- quarries and' the mining indus- 
industria! * development: re- trill. . It will determine the com- try 
sponsesrto the Belvoir.Coalfield.” patibility of .the National Coal 
bTe project is part of a general Board’s proposals for the Vale Hirer Pollution Survey, -Enp- 
researeb programme at the of Belvoir coalfield with existing land and Wales, Updaled-2975. 
Institute concerned with plan* planning policies.- HMSO. £16. — ".. ^ 


Grant for coalfield study 


SELECT COMMITTEE. CRITICISES ‘LACK OF INFORMATION’ 


^ The Annuel General Meetings of these companies, all of which are incorporated in the Republic of South Africa!' 
* will be held iri Johannesburg, South Africa, . on April 27, 1978. Copies of their annual reports may be obtained 
" from the London Office at 40 Holborn Viaduct, London EC1 P 1 AJ or from’ the office of the United Kingdom Transfer 
w - Secretaries, Charter Consolidated Limited, P.0. Box 102, Charter House, Park Street, Ashford Kent TN24 8ECL 


STRONG CRITICISM of the 
Government’s handling of immi- 
•gration-was made .yesterday to a 
Select Committee iot.hfPs' xeport. 
on rice relations and Immigra- 
tion. . , , 

The reptfrt urges tbe-gGoveru- 
ment to A make It .unequivocally' 
clear that in tbe fqrseeable 
future there will be do further 
major primary immigration and 
that such Immigration will only 
be allowed in' exceptional indivi- 
dual circumstances.” ' \ 
Primary Immigrants are those 
who enter the .-U.K. to establish 
themselves and their ■ 'families^ 
rather than those who join 
-relatives already in the country. 

The MRs in their report are 
concerned that the Government 
and public . are not kept 
adequately informed about immi- 
gration statistics. “ Some of our 
specific inquiries remaiped 
unanswered because the. In forma- 
tion was not recorded - or not 
deducibfe from the statistics 
available, and officials and Minis- 
ters alike frequently must be 
without the information' neces- 
sary to make reasoned judge-, 
ments.” 

The Horae Secretary, therefore, 
is urged to " Improve and enlarge 
the official information available 
on immigration.” 

The report points out that 
p atria Is, citizens of the U.K. and 
Colonies who live in the U.K. 
[after residence abroad or- Com- 
monwealth - citizens- who have a 
|UJ\.-born parent, have a right of 
abode under (be 1971 Immigration 
I Act and may settle in the U.K. 

' without being subject to immigra- 
tion control, 

“For this reason, the number 
of pa trials who enter the U.K. for 
settlement does oot appear, in 
Home Office statistics,* 'thereport - 
says. - 

The committee therefore recom- 
mends that the .entry of patrtals 
who enter the U.K. to- settle after 

S ermanent resident abroad" should 
e recorded. 

The committee also points our 
that with tbe vast increase of In- 
ternational travel the present sys- 


tem of immigration control has 
come under great pressure. With 
the growing recognition, of the 
problem ’ • -overstayccs, the 

present system is “■■in ad equate.” 

“in the "ILK, whatever the 
system of control on admission, 
it seem* td'lus that there is now 
a need for greater and more effec- 
tive internal controL We there- 
fore. in addition to the other 
recommendations that we have 
made, recommend . ~ that the 
Government should : Institute an 
independent inquiry to consider 
'ai-sysCffm, qf* fmerimi^cqntrol of 
.'ttete4g£Kti0n/?:*'- ‘ " 


Oyerstayers 


A major concern, according to 
the report; : is- the problem of 
people - who overstay^ their right 
to.be in the U.K. However, there 
-was ’ insufficient information 
available to- make. Any realistic 
estimate of. its extent. 

"Nevertheless we feel justified 
in. recommending .that the police, 
the Immigration Service Intelli- 
gence Unit and. other' authorities 
should. tie afforded substantially 
more- resources to trace over- 
stayers . and to tackje all. aspects 
of- illegal immigration." 

The committee said it believed 
that a check on the employment 
of overstayers was important and 
-was not satisfied with the 
progress- made by' Government 
departments So -far. ’ 

.' “Accordingly, we recommend 
that the Government should 
-introduce measures;' if necessary 
try. legislation, to provide effec- 
tive sanctions against employers 
who knowingly employ over- 
stayers and" illegal immigrants.” 

The Department ot Health and 
Social- ’Security. la also -urged to 
introduce without delay hew pro- 
cedures to tighten up identity 
checks and to imp rove the issuing 
of Bgtional:jiBsu2$ftce numbers 
-to new applicants. : 

The committee drew what it 
considered- an important distinc- 
tion . between primary and 
secondary immigration, “We 


believe ■ .that present economic 
and employment prospects give 
no ground -for any expectation 
that tbere.will .be scope. for. pri- 
mary Immigration, in the .foresee- 
able future." The Government is 
told that ft should make this fact' 
clear. 

“ Furthermore, we are con- 
vinced timt-thfrisw of nationality 
needs re-statement and revision," 
the report’ states. The com- 
mittee, agrees .with the Govern-, 
ment -that -tins -would offer . a 
more rational basis not only for 
citizenship, but also for immigra- 
tion controL 

But • the reporf recommends’ 
that “the- , Government give 
priority to" their consideration of 
British Nationality Law with a 
view to publishing a While 
Paper on tiieir .proposals.” - 

The committee says it has 
made its recommendations 
because “We feel that, at pre- 
sent, the information available 
is inadequate and their is- evid- 
ence that some aspects of immi- 
gration control- may bft ineffec- 
tive. We .believe that positive 
action upon our recommenda- 
tions is necessary 'to establish 
public confidence." 

On political asyluin, the report 
says that ■“ opportunities of 
refugees to secure asylum in the 
U.R. should remain unimpaired.” 

It adds: “It seems inevitable 
that there will be a 1 continuing 
need for such asylum’ and- wei 
regard tbe maintenance of ..the 
U.K/s historically long’ and 
proud record of generosity as of 
great importance and value.” 

But the MPs acknowledge that 
political events can create large- 
scale refugee problems and they 
insist -that these cases, Including 
those from Commonwealth coun- 
tries. must now be dealt with 
by international action. “Ex- 
cept in the case of, perhaps, 
remaining British dependencies 
the U.K. can no longer accept 
sole responsibility/’ 

The report calls for a further 
tightening tip Off 'thfe-Sffniissloh' 
of workers without work permits 


and the quotas for catering and 
domestic . workers ancT “nursing 
auxiliaries should be further 
reduced, and' states given for, their 
termination-. ... . 

The U.Kt's commitment to 
BritUh passport holders in East 
Africa has .been largely met, 
the report says, but the .position 
of passport holders . iri. India “ is 
not satisfactory.” It recommends 
that a tota’i quota should be made 
available or a' special' quota' fo'r 
India be published. " 

The report also recommends 
that the Government, after con- 
■ saltation- wilh other countries in- 
volved, should setrajd^e fl)r the 
ending of thfr- right ^tif’-ptftsport 
holders to -settle in Britain, other 
than for ..exceptional circum- 
-stances.- - - 

Wives and children 

Wives and children of immi- 
grants into the U.K. should come 
to this- aojlntry.. as soon as pos- 
sible, -the committee argues. But 
to avbid-tilaruptfon, only children 
under 12 who- are borii abroad 
should be allowed fo’ foin their 
fathers. • - 

Wives and children should also 
he given priority, "Ore report 
recommends, over the claims of 
fiances and fiancees. And the 
committee was concerned that 
marriages of convenience were 
■not being used to evade the inrati- 

jratiop. rules. - » 

.. .The -report recommends con- 
stant- review of the position of 
arranged marriages and of 
'Petrie who marry while ixr the 
U.K. 

■ The report concludes : 
“Nothing In this report should 
give rise to fears is anyone 
irrespective of race, colour & 
creed, who has lawfully settled 
in the U.K. We have patiently 
sought not to aggravate bnt to 
reconcile differences.” - : 

First report from the Select 
Committee on Race Relations 
an d. . .Immigration. House' of 
Commons Faper 'SOSR, 
price £T.35. 



or 




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O ’. 











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: Financial Times Wednesday March 22 1978 


LABOUR NEWS 



Williams flies home 
for teachers’ talks 


Sam Silver retires to fight 
for the pensioners’ cause 


BT ALAN PIKE, LABOUR CORRESPONDENT 


MRS. SHIRLEY WILLIAMS. 
Education Secretary, has cut 
short a visit to the U.S.' She will 
return 10 London to-day as 
negotiations resume in the 
teachers' pay dispute. 

It is expected that the manage- 
ment side of the Burnham Com- 
mittee will consult Mrs. Williams 
before meeting the unions in the 
afternoon. On Monday night, 
union representatives rejected an 
improvement in the employers’ 
Offer from 9 io 9.S per cent, but 
agreed to further talks to-day. 

Members of the two biggest 
teaching unions, which have 
asked for 12.5 per cent, increases, 
arc banning voluntary duties in 
support of their claim. 

To-day’s discussions between 


the local authority employers and 
Mrs. Williams will concern the 
impact on the pay guidelines of 
wage drift-arising from incremen- 
tal increases. 

The outcome Of to-day’s talks 
is likely to help determine 
whether it would- be possible for 
the emplbyers to revise their 
offer. If not, the issue will go 
to arbitration after Easter. 

In the High Court yesterday. 
Dyfed County Council lost the 
second round of an attempt to 
avoid paying social priority 
allowances, which would cost the 
authority £250,000 to teachers at 
22 schools. 

The council argued that Mrs. 
Williams had acted outside the 
law in making an order under 


which the Burnham Committee 
gave 22 schools in deprived areas 
social priority stylus. 

Mr. Justice O'Connor said yes- 
terday that in giving the Barn- 
ham Committee power to desig- 
nate social priority schools, 
rather than leaving the decision 
to local authorities, the Secre- 
tary of State had merely enabled 
the committee to make converg- 
ent and lawful adjustments lo 
lists put forward by councils. 

• Mr. Sam Fisher, a Communist 
and leading figure in the National 
Union of Teachers, unexpectedly 
lost his scat on the union’s 
executive in" elections declared 
yesterday. The general political 
balance of the 44-strong execu- 
tive remained unchanged. 


Salaries plea by D. C. Thomson 


BT OUR OWN CORRESPONDENT 


D. C. THOMSON, the - Dundee 
newspaper publishers, warned 
yesterday that many of their pub- 
lications would be viable no lon- 
ger if their journalists -were paid 
t the same salaries as those on 
'national newspapers. 

In evidence to the Central 
Arbitration Committee in Glas- 
gow. the company saltf that the 
establishment of such pay links 
■with national papers would have 
severe repercussions in its other 
departments, and in provincial 
newspapers based ouside Lon- 
don. . . - 

The committee is hearing a 
claim by the National Union of 
Journalists under Schedule 11 
of the Employment Protection 
Act for comparability, on pay 
to ho established between 
journalists in the Glasgow office 


of the -Thomson-owned Sunday 
Post and Weekly News, and 
those working ,'for the Sunday 
Mail and Scottish Sunday 
Express in Glasgow. 

The company, with a long his- 
tory of resisting union recogni- 
tion. is presently, fighting the 
NUJ's attempt to recruit 
journalists in its Glasgow office 
where 14 out iff a total staff of 
36 have joined the union. 

Mr. J. Stuart Fair, a solicitor 
for the company, told the com- 
mittee that there, was no basis 
on which to carapace the Sunday 
Post or Weekly News with any 
national newspaper’ whose Glas- 
gow-based journalists were paid 
about the same rate as their 
colleagues in London. 

Yesterday’s meeting was ad- 
journed until May 16. 


• Mr. David McCalden, a former j 
National Front employee, has 
lost the latest round of his legal 1 
battle to become a member of 
the NUJ. An employment appeal 
tribunal in London dismissed his 
appeal against an industrial tri- 
bunal’s refusal to granl him a 
declaration that he was entitled 
to be a mernher alter the union ! 
decided that Mr. McCalden could , 
not comply with its code of con- 
duct. I 


BY PAULINE CLARK. LABOUR 

. - . . 4r 

SAMT SILVER, a former engin- 
eering branch secretary for the 
Transport and -General Workers 
Union, boarded the rrain home 
from London to Wiltshire, yes- 
terday “ raring for battle " with 
the Salisbury district council 
over its failure to grant conces- 
sionary bus fares to old people. 

Mr. Silver was one of about 30 
TGWU retired members who, at 
a special conference in Trans- 
port House yesterday, pledged 
themselves to promoting - soli- 
darity among Britain’s nine 
million retired workers and 
other pensioners. 

The programme for action, in- 
cludes a plan for pensioners 
tli rough out -the country to knock 
cm the door of every UP in a 
drive lo persuade the Govern- 
ment to improve the pensioners' 
lot. 

Mr. Jack .Tones, who retires as 
general secretary of the union 
on March 29, was unanimously 
elected by the conference -as 
president of the campaign. 

Although Mr. Jones will be 
retiring on his union pension (be 
declined yesterday to disclose 
the amount 1 be emphasises that 
the chief mission of the campaign 
must be to secure a belter State 
pension on which he says nearly. 
60 per cent, of manual workers', 
depend. * * - . _ 

With the cooperation of' the! 
National Federation of Old '.Age' 
Pension Associations and other 
old people's campaigning groups, 
the TGWU retired activists will- 
be fighting fur pensions to be 
raised to 50 per cent, of average 
earnings for a married couple 


STAFF.. 


Builders’ pay deal 
delay is likely 


BY CHRISTIAN TYLER, LABOUR EDITOR 



CHANCES of an early conclusion 
to national wage negotiations for 
700.000 building and civil 
engineering workers receded 
yesterday. 

The. seven-man executive oT 
the Union of Construction, Allied 
Trades and Technicians, is con- 
sidering the rare step of. calling 
a conference of the union's 12 
regional committees io consider 
the employers’ offer. 

It seems unlikely that any 
agreement will be reached 
before the union's militant 
biennial delegate conference 
meets early in June. 

The employers were anxious to 
settle the deal before that con- 
ference in cose it. tried to in- 
struct negotiators to lake a much 
harder line over the Govern- 
ment's 10 per cent, earnings 
limit 

They usually plan to reach 
agreement well before the due 
date— now June 26— to fix rates 


in time Tor new contract tender 

UCATT lias broadly accepte 
the 10 per cent, limit but di 
pules the employers' calcul: 
lions of the average earnin; 
figure tu which the increat 
would be applied. It is also coi 
testing tire way the employer 
intend to treat consolidation r 
existing, substantial suppli 
ments. 

The new UCATT executive, i 

which the Left has considerate 
clout, did not vote on the issu 
yesterday. But it was thought ur 

likely that the next negotiatin. 
session between the four union 
involved and the building 3m 
civil engineering employer 
would produce a result. 

The offer ■.o far is thought t* 
he about 9.5 per cent, of lota 
earnings, or just over £7 a wee! 
on average, based on employers 
calculations of current earn 
ings. Present minimum earning 
are £52 a week for crqftsmer 
and £45.20 for labourers. 


Axhlcu Astncood 

Mr. Jack Jones, general secretary of the TGWU, with the 
declaration. 


and per cent, for a single 
person. This would increase the 
current payments from £28 to 
rifTSC and £17.50 to £25 
respectively. 

In a seven point "Pensioners’ 
Declaration ** adapted by the con- 
ference. the first step in the cam- 
paign will be io persuade MPs to 
press for "a big increase in the 
basic State pension " in the April 
11 budget and alleviation nf the 


tax problems faced, by working 
pensioners. 

Mr. Jones told the conference 
that neither the government nor 
the local authorities were taking 
adequate steps to meet the 
“ essential require men Is of 
pensioners 

“ One in five people is retired 
and there t* a lot nf suffering 
among I hem." 


Lucas stewards discuss closure 


[ SHOP stewards from Lucas Aero- 
1 space factries threatened with 
closure and redundancies meet 
: to-day in Birmingham to discuss 
action against the Lucas decision. 
; A deputation of Labour MPs 
. from areas where, the 1“ Lucas 
• Aerospace plants arc based is 
. tD see Mr. Albert Booth. Employ- 
ment Secretary, ncvi month 


about the closure and redun 
danry plans. 

Mr. Max Madden. MP feu 
Sowcrhy and the Labour Party's 
employment group chairman 
said yesterday that the MP« 
want the Government and Luca* 
management lo consider the 
shop stewards’ alternative cor- 
porate plan for introducing new 
products. 


Health officers’ pay rise 


Pay increases of 9.9 per cent 
have been agreed for 2,500 
regional health authority staff 
who are members of the National 
and Local Government Officers' 
Association. 

The increase, which will run 
from April I for chief officers 
and from July 1 for other staff, 
is made up of a 103 per cent, 
increase on 1975 pay scales and 
consolidation of supplements 
from stages one and wo. 

agreement will not be 
bindmg Tor 12 months so that a 
common settlement date of 
April 1 for all regional health 
authorities work staff can be 
tried Jor next year. 

Levland stoppage 

' Mini production at Leyland's 


Longh ridge plant stopped yester- 
day because of a dispute over a 
foreman who showed a worker 
how to do hi&job. About 250 
men in the Birmingham West 
Works body shop, 1 mostly sheet 
metal workers, stopped work over 
the incident. They were joined 
by another 250 colleagues yester- 
day morning. 

Budget plea 

THE CHANCELLOR must 
stimulate the economy substan- 
tially in the Budget if the 
growing problem of unempluy. 
merit is to be dealj with. Mr. Ken 
Graham, an assistant .general sec- 
retary or the TtyC. itold-. a 
Manchester conference of repre- 
sentatives from industry and 
education. 


7 - 4 : 


0 


UNEMPLOYMENT 

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2 

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Izrail 

mmmmmamMt 

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SSI 






VOLES 


SOUTH WEST! 

iMar '77 ■ War ’7S] 

1 6-5'H 


SEASONALLY ADJUSTED 


Unemployment of ad nits fell in the last mnntlT*in all regions ; 
except the West Midlands, northern England and North era 
Ireland. - The biggest improvement was in the south-west, 
where the number of unemployed fell 2 per cent, to 104, « 00 
(seasonally adjusted). The total fell 1.4 per cent, in the 
north-west of England and 1 per cent, in the south-easi. TJ* 
only significant increase was in Northern Ireland, where the 
number out of work rose 1-4 per cent, to 59,<00. 


THE BEAVER GROUP 
LIMITED 


Notice is hereby given of? the 
appointment of Lloyds Bank Limited as 
Registrar. 

All documents for registration and 

correspondence should in future be sent to:— 


Lloyds Bank Limited, 
R^istrar’sDepartment, 

- Goringhy-Sea, 

Worthing, West Sussex BN12 6DA 
• IHepbone: Worthing 502541 
(SID Code 0903). 


-■’TILE, Secretary;. 



We fly to more international destina-:^ .that many ofhis European competitors have 
tioris in Europe from our home base than any'-' - Tieen slow to exploiL ■ 
other European airline flies from theirs! ; "" ' \ So as British' tradehas grown so has 

And with good reason. / ourroutemap. _ 

Over the. years, the initiative of the • Today, flying to more than just the 

British businessman has taken him tormarkets .. obvious places gives you a distinct edge. 


Because while your competitors are 
sitting around waiting for connections, 
you can already be getting down to business, 
hating flown directly to your destination. 

When you travel to Europe, fly the 
flag and feel at home. 






Air France 48 European destinations from Paris. 




KIAl 46 European destinations from Amsterdam. 





SAS 45 European destinations from Copenhagen 




. Swissair 39 European destinations from Zurich. 




Lufthansa 38 European destinations from Frankfurt 




Sabena 31 European destinations from Brussels. 


Si S t ^4 Ml Vi H M 


Alitalia 27 European destinations from Rome: 




Iberia 23 European destinations from-Madrid. 




British 
airways 

We’ll take more care of y ou 



Ss 






10 


Fiaaptial Tirngs- Wednesday - Ms rch . • 


PARLIAMENT AND POLITICS 


Tories all at sea over oil cash 





CONTRACTS A|*£ 


BY PH1UP RAWSTORNE 

MR. JAMES CALLAGHAN "The Government'* purpose' 
.wrapped (he benefits of North 1 ' Is to use the proceeds-,..'. to 
Sea oil into an {.attractive:, strengthen the country's Indus- 
election package in the Com*, trial and soda] base and to 


mons yesterday as the Tories 
tied theoaeives into knots. 

The Prime Minister avoided 
any extravagant claims or 
exaggerated promises. 

North Sea oil would provide 
valuable bnt temporary bene- 
fits. It had already brought 
100.000 new jobs and by the 
mid-1980s it would add £Sbn. to 
£9bn. credit a year to ■ the 
balance of payments, £6bn. io 
national income and £4fan. to 
the revenue. 

Mr. Callaghan neatly squared 
these resources into the 
Government's priorities: Indus- 
trial investment; development 
of alternative energy sources; 
persona! tax reductions: and 
improvements in public ser- 
vices. social welfare and . the 
Inner cities.' ' 


U.K Cruise 
missile not 
planned 
-Mulley 


bring to fulfilment the national 
recovery that has already 
begun.” 

The country, he thought, 
would appreciate both the pur- - 
pose and the packaging, and he. 
sat down to cheers from the 
Labour benches. 

Mr. Denis Healev and' Mr. 
Anthony Wedgwood Benu, to 
the right and left of him, 
bui ( led over Hieir differences. 

Easy enough to spend what 
private enterprise had -provi- 
ded. Mrs. Margaret Thatcher 
snapped at so much Socialist 
satisfaction. If other countries 
had treated BP as the Govern- 
ment did overseas companies, 
the country would be much 
■ the poorer for It. 

As for what she retarded 
as the Government’s unearned 


bonus: “ We believe the lion’s 
shore should go In cuts in fcixa-- 
iton,” she said. That was the 
way to greater profits. Invest- 
ment and more jobs. 

The country had a better 
sense of balance than the Tory 
leadeT. Mr. Callaghan said 
confidently. 

The Prime Minister also 
showed a belter seuse of elec- 
toral direction than the Tories' 
who urged on him successive 
and contradictory destinations 
for the extra wealth. 

Mr. Peter Viggers (C* 
Gosport) in direct opposition 
to Mrs. Thatcher, said it should 
be concentrated on capital, in- 
vestment rather than spent as 
income. 

Mr. Terence Higgins (C, 
Worthing), a former • trade 
spokesman, called for a relaxa- 
tion of exchange controls and 
a more rapid repayment of 

overseas debt. 


Some Tory MPs charged the 
Government with .*: reckless 
desire to squander the benefits; 
obly for Mr. Peter Walker 'to 
suggest that the sum was so - in- 
significant—" equal to tUe defi- 
cit of two -ot our nationalised 
Industries "—that it', could 
scarcely have any -impact 

M Did the Tories want to 
devote it all to tax cuts or not ” 
Mr. Callaghan asked in ap- 
parent confusion. 

The answer .came In a 
bewildering assortment of 
nodding and shaking heads. 

“What is there about this 
Government’s shameful record 
that qualifies It to tie entrusted 
with the distribution of these 
revenues? ” Mr. Petirt Rdst ((« 
Derbyshire SE) asked from the 
Tory benches. 

“ IF there were no better 
reason, it would be the 
fight of honourable gentlemen 
opposite," Mr. -.Callaghan re- 
plied amid Labour cheers. 


backed 


on 


prices 


PM urges reflation 
of world’s economy 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


BY IVOR OWEN, 

IN STRIKING contrast to the 
controversy which has sur- 
rounded -him in ihe past: Hr. 
John Silkin, Minister of Agricul-J 
ture, received almost unanimous ! 
backing from the Commons last ; 
night f6r his. declared . intention ! 
to stand firm against ' unjustified | 
increases ' when, the review of j 
the EEC farm prices gels under ; 
way after Easier. ! 

He promised to use Britain's 1 
full negotiating strength within 
the 'Council of Ministers io 
secure progress towards the basic 
objective- of eliminating the 
structural, surpluses in such, 
commodities as milk, butter.; 
wine, sugar, beef, olive oil and 
cereals, which have sprouted 
under the Common Agricultural 
Policy. 

Mr. Silkin was obviously de-- 
lighted to be able to announce! 
the Government's willingness to! 
accept a strongly warded amend I 
ment tabled' by Labour back- 
bench anti-Marketeers.", 

This toughened up a 'Govern- 


Mouvement Populaire de. !a .Revolution 
Republique du Zaire 

(Office- National de® .TransppjtS)‘- 

ON AT R A 

. ' J B.P. 98 r— KINSHASA * GOMBE — ZAIRE 

So licitation of international tenders 

: -.Vi- j-'.w 8F/1200 ' 






j*- , 




Financial Times Reporter 

!j?n_ *ZS2T£J*3Ji a RENEWED call for concerted Deame Valley) maintained that Cranley Onslow. (C, ^Woking). went motion endowing the aim « 
E™ irr ?« ffiffrff Mr international action to reflate no matter how much we tried to the Speaker explained that he of negotiattne a price settlement ; 

taxing into account the 
of consumers, ag well as pro-; 


Fred M ui ley^ ^De fen c e^Sec* ret ary! the world economy was made in hoost the international economy, did not intervene because. he had taking into account the interests 


or a successor to Polaris. Mr. 

Fpm! Mh Up v Dofpnpp Secretary, tnc wonu economy was maae in naosi ins’ imemsuonai ec< . .. . . 

tnto the Coiunmn« vesterdav the Commons yesterday by the it would have little impact noticed Mrs. Thatchers reaction. _ . - 

He was renlvine to allegations Prime Minister on the eve of hia played ihelr part. Therefore, it “I did not get up because 1 saw j^cers by filing on Mimsters 

from Lef S t-Iin« Labour MPs that, departure to Washington for was particularly important that her laughing,” he explained. E-JSSS 

in cite o thc rovernmSt's talks with President Carter. Britain should stimulate its own But he added -that such a '^raint ^““^AP prices. 
iledS not to proceed w“S a new Mr. Callaghan was assured by economy. reference was dishonourable, and ‘ J?™ 0 * 1 ’ 

Generation Sr Sr ieoDmi «r. Bryan. Gould (Lab. The Prime Minister agreed should he withdrawn. - : ties .in -stpictura] 'surplus, 

contracts have been placed with Southampton Test) that the TUC with this. He hoped that Mr La m0J , d bad ^ked if the f Mr -. SH km acknowledged ^the 

British Aerospace and other com- gave full backing to the efforts measures already announced bv Pn, ne Minister’s visit to the U.S. 

panics for studies of component he was making with President < “£ 13 n h c ® 1 ht 3 uf ./“Jl L_ would be hindered- “ by the 1 

parts nr a medium-range weapon Carter to move the Western measures he might be consider- actSv | ties of Mrs Thatcher who. Government 

similar to the Cruise missile. economies out of recession. mg. would make our economy f h desperate ^search For motion was the Same-^ an aware- 

m m I. .J t ‘ . Mr. Gould said, that ihe TUC P^uw much faster this year than takSrVnefni blatantly nMS Df what re ** n,res t0 be d ™ e 

Mr. Mulley said studies and ma de the distinction between the that of some other countries: rffJtalvf - y to amend the CAP. and a resolve 

comp 0M m dereppipppu Pr^e Minister’s consSiJ? "We do need an economic »»'«at?hln*. divisive mlic.es. 

under way in industry on a e fj or ta an( j m e “carome uesa- stimulus throughout the world. He claimed that the Tory 

number of missile ‘ ieBa — - - -• 

“They are to meet 

requirements and are mine i-wImp 

distinct from our limited studies - P iK r?n.SS« i 
into Cruise missiles, which are 


that it shall be doneiV 


projects. tive destructive rontrihutions ” We have to restore confidence, leader was “ stirring ' up the - * j 

operational. of Mrs Margaret Thatcher This needs a collective interna- maximum discontent in every KySlflPn 
are quite onnosit ion leader ’ tional effort. That is what we section of the population and ^ 


Kir. Callaghan replied that he must afire® on.” he said. inciting racial hatred; and even 

- “ Mrs. Thatcher laughed off a inciting mutinv am&tur our Ser- 


The amendments, which also 


. " - was pleased there was agree- • Thatcher laughed off a inciting mutinv amutur our Ser- won surorise dMlaralioD of suo-l 

us « 10 participate m 0j eil ^ between the Trades Union remark by Sir. Janies Lamond vicemen. on the Hari*' that their from Mr Mlrhael JobIIo** 

?p n J c he d pn f nt n rn1 Congresses of various countries fUb... Oldham W.) that she had pa v h a , been held hack by wages 


A ' ‘mtal' 1 o f 1 120 C 000 “would bo ^ntemationa 1 econ on »y ; “ evc „ n inciting mutiny among Mr Cnlbehan. hardly wdN Gnv^m^t^t^^fe^^for 


JSSESL/S .H armS , a C 2 n - tr ° 1 that a stimulus was needed io been inciting racial hatred and policy, 

implications of the systems. the international economy. “even inciting mutiny among 

. view. too. i our Servicemen.” to notice the remarks. . He and acr^ment " with the ^EF.C "which i 

■ ,h,nk a collective international But later, after the interven- the President would be- too hnsv wouM fullv <a fo« U ard the Milk 

Mu tie v ™red Labour effort Is needed if we are to over- tion of the Speaker. Mr. George talking about economic affaire Marketing Boards. 

assu ^dLa _our Mn h problems of unemploy- Thomas. Mr. Lamond withdrew “trains to restore hadiv needed . f thilt linnrp 

intende? ,n -,-^ci ™cnt.' he declared. his allegations. eonfid-n-n to the economies of „ V f «SSScS? P ftS 

intended to stand hy its mam- Mr r-aiinah-.n o.-nigin A ^ Fniinwina a nrniost hv Mr. tho umrW " cedentfd decree nf .import 

Mr, Silkin wa« underlined hy the 


spent in the next financial year 
on (he Cruise missile studies. 

Mr. 

MPs 


feslo commitment not to proceed i , j c ,7r,, „ u,- 3C h ; m t V 

with, development of S lrat eS i c !"Ln U p "n d is cu" S !^ wMtl th^ 


missiles. 


cjlpc 1URCII up III UlSVUTtMllg Willi I UK . 1 , 1 ■ .-a 

we have n 0 plans to develop E^f n cnl It Devetoofnent A^ocv prooosed 

a Cruise missile, or a successor Bn,am ’ the u - s * aDd othpr ' ' . . .-, .. . . * 


to Polaris.” he said. “ In our view 


. Minister himself when, he said «• | 
would enable him .to speak in the [ 
CmuicU. of Wniriers- !*on: behalf ; 
t .. _ ...... of a u m ted untinn again**- those. : 

A BILL to estahli«h a Crhopera- an agency would make It easier wh( ,. -demand . hieher -.nr! res re- 1 

vardl «*«.*•, of . the real Interest of t 
‘the prdjnaiy .peopJs... of. ow'j 
country." ■:.*-• ' 


nations. . . 

the existing Polaris fleer will be * v He f ” 1 certainly think r jve Development Agency v/as fnr PcnP ,e J 0 rijn^ theic :o»n * 

effective for , m»l*r .f >e.rr” Ser witiT numlfofS; Sd^See ■« JSSl" U 

S? V a b r!,r^ d erS SeCr " SO ' seld the, \i. ! 

economies of thp world. That is During questions to the Prime Introduction of the Bill this week of t** e “pp Commtssinti s repnrr 
my primary objective.” ' Minister Mr. Ian Wrigglesworth "just goes to show how swiftly on , Uie dNtortKms caused by the 


Electric hand 
for U.K. trial 


Mr. Edwin Wain wrlght (Lab. (Lab., Tboniaby), said that such we have moved." 


AN ARTIFICIAL electric hand 
designed in Sweden to meet Ihe 
needs of disabled children under 
the age of five is to be tried out 
in Britain. Mr. Air Morris, Minis- 
ter for the Disabled, told the 
Commons yesterday. - - - 

Mr. Morris said that Che hfendS^r 
was designed for cftldttin with- rE 
limb deficiency heloW thF 'elbow; ” 
It was not certain to suit ail 
children and much would denend 
on ihe ability nf the individual 
child, with professional heln and 
parpnlal snpnnrl. fo learn to use 


SNP candidate expects 



Ar--- 
re if 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


system- nf monetary compensa- 
Jinn amounts operated In rela- 
tion to pigmeat He described j 
it as “very disappointing.” I 
' Tht report evaded the central 
issue, he. contended, which was 
|hat an intervention price for 
frtgmear was purelv theoretical.. 
Pigmeat levies wen* based on 
cereals . juid-^as with poultry — 
.'piameat mnrietajy enran^nsation 
amounts' 'should also be based 
.on cereals. 

The Miniirter exnlained that 
so far. the Commission’s only 
nrn.onsal. was to increase the 
basic nrice of pisrmept hy 3 -per 


ONATRA issues a so licitation of international tenders 
for the ‘supply of tfie ; following equipments : 
t-t- LOT N“ 1 : 4i (four), 6 (six) , 8 (eight), , 7 

. 10 (ten) or 12 (twelve) DRY CARQ0; = 

BARGES 1000 T., DWT. r ^ 

—"LOT N° 2 : 1 • (dne) WORK SHOP BOAT. 

... * " 

Suppliers of any country member of the World Bank... 
plus Switzerland are v admitted. 

Tenderer.^; may-^ receive a complete docuropotatioru-.* 
, against payment of 50 Z., by applying either' to: - 
--■'Secretariat de ia- Direction des Approyisionn^mentS'l * f- 
Building ONATRA — ler etage . 

BouievarcT du 30 Juin — KINSHASA . 

or in the ‘ ■ 

Embassy of Zaire in their country . 

; • ’■ 

Closing date for remittance of tenders is monday July 
3rd, 1978 at 3 P.M. (local time). 

They must be enclosed in a sealed envelope addressed 

to : ; V- 

President de Ia;-Commissiqn . des AdjudipatiOns ^ % 
r - t-. • -i Giabfnet du Delegue, Cjene^al i • J : 

- Office* National des Transports 
- ’/ "B.P. KINSHASA., 1 — ZAIRE , l 

★ 

This is an international so licitation.of tenders^ and, in- 
terested foreign embassies are invited to call at 
ONATRA to receive the documentation. 

Tenderers are invited to attend the bids opening session 
rwhich’ is tb : tSke : : ^istefe iri 3 the general managers confer, • 
-rehce : room, B.uifdi^g ^ONATRA,. 7th floor on. monday 
• July. 3rdv 1B78;at.'3 : . .. . • 

— ONATRA — 

■ . • i. - ■ . ■ Le 061^gu6 General 




3 


-c 


■J4 


de ch 




IT 


igTR^VfK'i 

\\{] ^ 


•ir 


•■h; 



the hand and to pcrSvcrc with TH 5-| C ; 0 T n ? h H N r ati °" a L Par, P H A ^ ?vf SXP t° ¥&* S* f °L shed c^nt^n bei^T which wr^lri 

I, rflu lu candidate in the Garscadden by- be puBliahed later ibis week, votes behind the Labour candi- have nn direct Imhact on pro- 


lt. 


date in October 1974 and beat riitpo^r iretiims hut wonld in- 


Democratic and Popular HepoMic ol Alneria 


3 


election said yesterday that he would reinforce this. .. 

was no longer going for a near Mrs. Helen . Liddell, secretary the Conservative by a slmtiar rrpasec the mohetaiy compensa- 
win. but for a majority of 5.000 of the Labour Party in Scotland, margin-. ...' fi nn amounts. 

over Labour. described the Nationalist claim “The percentage/of < o , ^ i 

Mr. Keith Bovey. said in Glas- as “ rubbish.” promised to me . puts Inking that’ Twilii 

sow. that the canrass returns con- “We are benefiting greatly about winning at this nof^accpnt an increase- in thbJ 


More haulage 

permits UlOTe finned the Marplan opinion pell from Mr. Bovey’s constant run- am advancing ..by- about «ne>r h«i “ un i opi * "aT 

THE GOVERNMENT will bn finding of two weeks' ago which ntng-around seeking publicity." two decimal points' a da#” ^ c hanvp Io tbn level nf' monetary j 
seeking further increases in read pave the Nationalists a 2 per Mr Bovey said he would Unemployment is clearly. going compensation amounts paid on | 


haulage permits fnr British cent. lead, 
heavy' vehicles travel) ins through 
Franc** in TSI7S. Mr. John Horan. 

Transport Under Secretary, mid 
ihe Qunmons in a written answer 
yesterday.- He said the 197S 
quotas- represented an increase of 
slightly more lhan 10 per cent, 
on the previous year. “ Wc see no 


Proposals for Egyptian 
accounts payinent 


merely have to change places to be a major issue in tj-jfe -elec- our imports."' 

tion. to he held on April 13. -. Mr _ snk!n alj<B 


t>l. _• . .. i*n. oi ii,i ii a,Mi maintained 

and J* 1 *?? ,tlst ,h ” conctii«inn reaebpd in 
ES!2X\hL ' e « I,noun ^^«V , ^ ! s Ihe main body "of the report that 

ntonetarv compensation amount*. . 

%r$s?£tg , <s2ssa&& *“>■« » «*4 

Mr. Bovey has written 
TVime Minister"askin5 ; -r 



y» sirs. side-stepped the real prob- 
lem. 


Pay clauses 
explained 


prospect nf ,-rcurmu any further vpw ARR , vrwxi b*vt«! t nr n * a .*r speak to the Goodyear, -aariape- Th ?■ . hp *?wl. was that the 

mcrcaac m this year's total." NEW ARRANGEMENTS for the rate of exchange hitherto used menl diirinq hi« visit -io ifie ‘n-caliert q.ommon. prices were 

payment of blocked bank '°r embassy transactions and. United States this' week- ■ hased. in effect, on the German 
account held by U.K. nationals accordingly for storting transfers . Donald Dewer iho Vial^ur inark - Th& real lev**! hf “ eom- 

in Egypt were announced by Mr. Io blocked bank account holders. ^o nd,d «ewr the ^Wur rao „ phees ” therefore varied 

Frank Judd, Minister- of State. • ' udd added. To avoid c~~n.---L kL: with ever%- Hucmatibn in the 

Foreign Office, in 

reply yesterday. USe oss ible must 

THE NEW PAY clauses in sa ’*i 'm 1 ^ be. made of this favourable rate A e P station of shop ste watts' and A fllllcfArl _ . • 

Government contracts apply to {Po l,50 S uS^ a i- ra Brttf s a H ^ ^mbllssi ° r evch:m « e and all . remaining to b ee UieMUHster . F Q 

contractors and substantial direct -ISf payments, to be made -to account next week - • • yy “ The report -dbCs not_cnnrid?r 

how the system cmild _be_a fl justed 

suppliers employed by such inverted at the paratiel market WI 21III LCMliUS common firicW cSd ho Sed°in 


a Conimons BMCCtJoblVto to public ^enzle. the Scottish Shorter ^lue of the mark 
funds, it has been decided that responsible for mdustry,^y«ite r - 
. . the. maximum uat* nossihle must P 8 *' and. said he would :.-Ieaa a 


vuiiiriiiiu.a 4,iu suuHiumiai uircci n „ mint under thp parents , to be made -to account I ^ esi week: 

sub-contracmrs for Government holders (totalling some . 

supplies and services, but not to rp'i^q^' Ifirf £E45|:, ■ (,W), Wl11 therefore be A ' 

suppliers employed by such JccoiinJ holers cut! converted a t ^ paraUel market UraiTI teSigHS 

contractors where such suppliers 1 u n 0 cri> cur ^ rete. • ' : ^ . more realistic terms.” I 

arc not suh-comractors. Mr. Joel cerr, ed __ "Blocked account holders LORD ORAM^ ^ Government 

Barnett. Treasurv Chief Sccre- The Egyptian Government had partaking in this scheme are Lor d-in- Waiting, is to resign to mr. siimn gave a broad wei-. 

tary. told the Commons in a informed the embassy last year being Informed of this decision devote himself to other poEtical empe . to tne comniiBKon s -pro- 

written answer. that Egyptian pounds utsed fur and are being given the option work He has been Government. P 053 ^ ine Marketing] 

He was replying to Mr. Michael embassy expenditure could be of accepting payment at the spokesman, in the Lords an trade "oaras out gwntea -oat- tiiM. a i 

GrytlLs tC. Surrcv NW). who purchased at a favourable parallel market rate or orifiaving and -prices and consumer, protec- J' uraoe ‘^9* dl ™ c J “’ ue 5s wl j “ 

asked if thp Government's new “parallel market" rate of cx- their fuiid<t unused in Egypt, tion matters. 1' wi n' 6, - B „V^ e P ■ duirement 

contracts coni3tning pay policy change, offering a saving . in pending a possible re-negotiation Lord Oram wilt ^ contHiue'to |" 31 , .j^Lr fV" • 1 " M1 
clauses applied to all the sterling costs of some -H) per nf the 1973- agreement with the- nippnrt the . Governmenf from JJ2M™ JJ™ Jf** 

suppliers of bar and sheet.metal. cent., compared with the official Egyptian Government.” . ’ - ^be .backbenches. ™ • *? ei re - lS0 

- concern mat too many p reduce r- 

. " ; . reciters would be alfijwed to : di)£f: 

out of the scheme:. . . " • ;• 

But dt 'least, he said, 'the pro- 
posals ofletLd au -lpporfiipity for 
» secure basis for the Boards 

THE OPERATOR of a one-man Mr. Churchill of trying “to make It would bring them little com- Defence Secretary, had said that Wci^rnn * U0,n ' 

double-decker London bus re- cheap political capital out of il fort. unions were nor at present mun Ie s* s UUQ - .. . ... 

ceives over £20 a week more than' on every occasion. - ’ . Dr. Gilbert said that Conser- wanted among servicemen, Mr. . Mr. Joplin? agreed with the 

the captain of a Vulcan strategic When Tories misted It was a vatives had still not indicated Dong Hoyle (Lab., Nelson and Minister that i^was -.wh'orjg to $"5“* 
bomber. Mr, Winston Churchill, “good -? 6 int,” Dr. Gilbert re- whether they supported pay Colne) challenged him to test h * ve » ffitfeyvw&tch allowed prtp 

Conservative defcixce spokesmac torted: “Good but cheap.” Mr. policy or not. the claim by aliowin? the imions ductiort to increase regardless of 

said in the Commons yesterday. Churchill should say whether he. Sir !ait 'Gllmoor, shadow full recruiting facilities - the consequences. “It is a basic 

Mr Churchill said the bus supported the pay policy. defence secretary, said: M W e do «tl-a T0 Fftrrf ._ -', nn . lru * } h ?* fa ™ d0 not havn 

fc Robor, Bosccn <C. i.S5 ■— 2 Sr 

week While the bomber captains Wells) a^cdhow many service J™, JSgS tte “rm«l fSSf ** lar}es tban ours -” ^ Mr. neither be consumed at home nor 

were being paid less lhan H1& men s families in the U.K. were D f^ Gilbert said- “ li U Hovie - sold abroad at sensible Prices." 

a week. The Government should receiving means- tea ted rent re- ab °Wu MaJdalous'for L to Mr. Mulley sa fd such a test 
explain why forces paj had bates. suggest that pay pol lev has been wou,d b e pre'malu re. hefore the 

falifen »<o uadli behind civilian D r> Gilbert repiled that some designed or operated lo forces knew what the unions 

pay ” “ — *— “■ .... 


Ministry fir Industry and ^Energy 
. ENTREPRISE NATION AllE SQNATJtAGH 
. Marketing Division . 
Departement Realisation Infrastructure 
international Invitation to Tender No. 3/77 

SONATRACH is launching an international invitation to 
tender for the Engineering Stud/, the supply of equipment, 
the construction and starting into operation in HA5SI- 
MESSAOUD. of a residential complex in semi-traditional 
or prefabricated industrial building which will include: 

... Administrative offices : -r.-rL 

— Socio-cultural installations 
— Installations for sporting activities 
• r A urtJt'of"2D6'mtrividuaf- roomy for 
- supervisory personnel 

— A unit of 1J2QQ individual rooihd for other staff 
— Associated installations. ' 

Interested companies, may obtain th*^ tendee . documents' 
as from the pubication.date of the present announcement, 
acainst a payment of Drnaiy iOO.Ctwp hunfd ted. 'dinars)' 
from: 

SONATRACH — Division ComnsierCialrisitibfr - ^ *" ' - 

- Direction Rfilhatioli 1 Infrastructure 
Route des Dunes— Base 1 ALCJP— 

CHERAG (Algiers) Algeria ^ .- 
Tel. filJW.69 to 96 ” > 

Telex: 5L808 — 51292 — 52293 — 

52.969 — S2.779.- " 1 

Tenders, together with .-the relevant: usual .references.' ’ 
should be .ient by registered mall' In ■ double sealed 
envelopes to Ehtreprise Nationale SONATRACH. at the 
aboverfnentioned .address, .the -Inside - ;' envelope . dearly-, 
addressed hs'fpUows:- • V' ' ' 

“ A ptiVRl R SOUM lSSiON~- A.O.L no: Ifft - 

v ' i :; - npt Tater than ilst'Nevf^? 8 * • - ' : 

Tenderers .rem*™ bound by their quo 9 tigns;for a. peridd T 
pf 120 days. - - 

Tenders which. -will not respect the; above-mentioned - 
indications wHI not be taken into consideration. 


APPOINTMENTS 


Busmen ‘paid more than bomber pilots’ 


LEGAL NOTICES 


in me matter or - 
THE COMPANIES ACT. -1 SAB 

■ - and. - - - ■ ■ ■ 

IN THE MATTE It Of ■ 
CHARTER CONSTRUCTION CO: LTD.. 

- Res Stereo Otkce: Oowaate HIM H«u*a. 
London. E.C>4. 

NOTICE IS HSREBV GIVEN PufMaot 
co Section 293 ol the- Cormu rttS- np»_ 
194B. that a MEETING si tor. CREDITOR 5 
ol »(« asov* named Companv win be held 
.at. .DoMQatc Hill Hobk*. ECA In. tut 
Citv of London- Dm ThurMaV'-ine aSrd 
Mareh. I9T8. at ^4:00 .pmi..'-iar tht 
mcnriondd in'^octfon ZVd « in' 
■aw Act -.71 

Dated tnis j'vi-oi ’ Fanmarv Ttt?8. 

8v Oner pi 'the 8wr» 

. . . T - -Dendv. Director. 


IN THG MATTER ok THE 
COMPANIES ACT. 1M8 
and . 

IN THE MATTER OP • ' 

'5. S. METAL PROdUCTS. LTD 

Ri»gl«d«d Mffirt: -Korsftlr Rnud. Sbcrr 
water,- wofclhr. Stnrey. . ■- 

. ' NOTICE IS .HEREBY GIVES POrsm'ni , 
■ lO-Sacthin 2 ffl ol rhe/CoOiBautet Art. IKS. ! 


PUBUC NOTICES 


the. royal Blind vcMstOw- dOCierv 
.Of-tHE UNireO'RmGOOM ’-' 


■ NOTICE IS HEREBY GIVEN toil uie 
Annual GeMraf Maetinp . ol the - floral 
Blind Pension Society of Hie United' King- 
dom will -be held at. 435. icottiwart 
BrkiBc Read, uwtwn. s. E.i, u 12.T5 ojn. 
on. fhursga,.- 3018. Mputfi. ig/B. :.1> To 
receive and adopt the Report and 
Audited Accounts tpc thf jrar ended 3Ut 
March. iSTJ. 2. To elect UvS offRerv-anit 
CemiThttc*. for tfi£.MSUinp-.y«ar.'. . 3, - To. 
rorflntr - the Resaiurmn. " oassed ' Jit ‘.tna- 
motions: Annual GtfnorU MOetmB. - ia:.'tncJ 
ameniunem o» Ride- 9. ■ 

■■ W--OiW of -the- ■■Con imme e . ^' * 

L. E.. WATTS. - SecraUrv. - 


UNIVERSITY OF IFH 
' 'NIGRRIA ’ ’ - 
AppHcadons are invited for the pone 
.of PROFESSOR, READER and SENIOR 
LECTURER in the DEPARTMENT OF 
MANAGEMENT AND ACCOUNTING. 
Applicants must possess specialisation 
In one or more of' the tallowing areas 
tar effective organisation and impie- 
menunon of teaching and research pro- 
grammes in the. depanmanc: Financial 
Accounting. Cost Accoanting: Manager 
meat Accounting: Taxation: Auditing: 
Financial Management: Operational 
Research: Systems Analysis: Industrial 
Relations: Business Management: Public 
Budgeting, Accounting and Au didna: 

M*n«eiA*nt Tfihniqoes.rSSSi71eil«s: 
Profogior NII.2iB.NI2.420 p.a. 

- £10-525 p-a.I. Reader 
N8.86B-Nb.82B ^.a. I«.SL5^g.S28 
pmtK Senior- Lecturer N7;764:N8.724' 
P-»- f«.S 7 9.£7.3 9 3 p.a.) (£1 sterling 
* N1.20). There may h« supplimen- 
tauon m range £2. 160.C2.916 p.a. 
(starling) tor married appointees and 
£nil-C750 n-a- -fitariing^ . for. tingle 
appointees, .(reviewed ammaHy and 
normally free of all tax) and 
provision of children’s education 
allowances. and holiday visit 
passages: 25". 0 f salary contract addi. 

tawbk) is- also ■ Pays We:, - 
Msaages: -htennuTi oversea*' leave: 
medica l and pension schomet; Various 
wtawvnces. Detalied app|icactans |2 
cop.es) with curriculum vitae and. 
naming .3 referee* so be itlx » 
Registrar- .University, of ‘Ife. Ile-Ife. 
Nlgeri*. by, 17 ^prij 197*, Applicants 
resident in die ■ U.K. Should also send 
one copy to Mm. T. Biggs, fnttr. ; 
University Council tar HleVr Educa- 
Jsn Over ten. 90-91. .Tdrsenham Court 
Road. London.. Wl P dDT. Further 
d? ‘ 'from richer 



^°Penha 


s > 


bonddrawing 


J ■=. CpRltE'CTED NOTICE 

.' ^mtUVf AN-. NATIONAL £OAN 

. ^ fU " D 
.... (Second 5e-l*si.'J‘ 

AnnbunCmwir the tel. 

5622 •; .: , :5319, 

in r- WARBUR&' * CO, iTO. 

TO GrttbaiP StreeL fc, T' 

. London. EC2P sn., 2 j 


CLUBS 


tvE. 189. Regent Street. 7 J40&S7. a i« 
■rif** Menu. '.Three Sbcctacuiar 

Fiber Shows 10.45. 12^5 Vnd mIos and 
-nruahL-oi-joftnnv Hawkeivvortb 4 friends. 


1 a.m. . ^ 

■Moir.rfhh Oosed Siturtfavs. 01-437 E «fe 

■ : ;a:.Vvx 



_ '. ' CITV Of WtiTMINSTIR'. ' ' 

Lpndon ' MnSuffh' Bli** PMOuntlni . to 
CT05 million were -Issued -on 21 aoren-f 
14ft lor maturltv on 20 June 1 97d. Aob 11--[ 
rations eotAUed ' £3«3 Ij "mil I ton: * The| 
minimum price at ‘occeotea JemWrt was;, 
"8 54:- a no 76"- ol *nc ,!»««■ was a'lotrtn J 
ai-tiKB oeiec iTheavwade rate -pi discount 1 

w^s 5.0273041),. No paer bull »re 01 

(Unking. 


'GENEVA 




Oak) 
members 

bn Gilbert. Ministei . .... ... . . 

Stale for Defence, said ihe tan- (.Tfr. Mulley i guqhi to re- policy. It was no* true to say their attacks on defence spend- will -be published -as a. Green 

forces bad always had the sitjn. Even if servicemen got a everyhody else had done better ins would mean shorter- careers Paper to-day. Mr. Sum - Silkin, 

maximum amount available to per cent, increase. Ihe than’ ‘servicemen. or redundancies for the service- Attorney General, told the Cora - 1 

under the pay policy. He accused “poverty trap" would mean that Earlier, after Mr. Fred Mulley, men themselves. mons in a. written, answer. 


OATKO -.tin *ia djy _cf March _iqTS- 
Bv Order of Bnjrd. 

D. E. STovr 



_ _ evenaouino cuanoui. I 

.. -Olreexop 1 * ■*- StOSOOeach. RLO 

“ r ' -- -Qi.- -ShnrtneaHr: -flifcv f jn i m^ s r- turret. 


Fyll Serviee ; ts our^BysinessJ 
•. ; Law and Taxation, -, v . - 
_• Mailbox -teiep]jbf)s>-rijj,iMi 
: - . -4elflx services. f~ : ■ 

Translations ..and -•■scere- 
lanal servicoST"'/ 

#. -Fottnation, dotnicujatioB.' 
and afimiqfclraftori ,d£ 
Swiss and ' Torotgri' corn-' 
panics. 

Full confidence and -discretion 

AUvtsvrv-Sewioi* .... 

> rvo PFcrrv-F allot 12904 Ttamvi ‘ 
M- .38 . K 40. Ti-lrv: fcBia - 








Jill 


HKTED BY ARTHUR BENNETT AND TEDSOfflETHB 


• HEATING 

Less goes up 
the chimney 




’ ‘ C;: 


Bl-FLOW heat exchangers which 
can cut heat losses to chimney 
flues in domestic gas fires by up 
to 10 per cent, will enable con- 
sumers to reduce their 'gas bills 
for the same degree of comfort 
and could change the shape of 
all gas fires in the future. 

A development by heating 
technicians of the Valor group, 

' the new, compact heat exchanger 
—a diagram of which shows how 
it operates — allows much more 
flexibility In the outward design 
of gas fires, permitting coal and 
-.log effects similar to those pre* 
--.sen ted by some manufacturers of 
electric fire* . 

It will be fitted to the whole 
Valor rayje of gas heaters, 
resulting in models being both, 
smaller and neater. But besides 
ihe advantage of reducing gas 
consumption, the development 
ilso keeps down the price of gas 
ires since a useful saving is 
achieved in manufacturing costs 
iy standardisation oF the heat- 
changer throughout the pro- 

• INSTRUMENTS 


duct range. 

The Valor team created the 
design to utilise ' the' small 
radiants previously favoured 
throughout the gas lire industry. 
Fires Incorporating the -heat ex- 
changer system have' already 
been tested by British Gas at' 
Watson House to" the Safety 
Standard B.S. -5258, Fart 5 and 
have been sales.. listed by the 
British Gas - Corporation as 
having complied with their -re- 
quirements for a high efficiency. 

In the previous ■ system in- 
crease in flue draught during 
windy weather caused large 
volumes of excess air+o be drawn 
through the radiants- apd hest 
exchanger causing -rapkT -cooling 
and -loss of efficiency With the 
bi-flow the room air and products 
of combustion are separated by 
a duct so that as flub draught in- 
creases. excess room- air is drawn 
preferential^ Into the, , hi -flow- 
duct thus allowing : lhe"h eat ex- 
changer to operate- -at optimum 
efficiency. 



COMMUNICATIONS 


Keeps phone bills down 


FLUE 

OUTLET 


-T ■ o.| 


MADE by Fleet Electronics and 
maarketed by Jupeter-Smith is 
a telephone attachment Intended 
to make subscribers more cut 
cumspect in the use of the tele-' 
phone, cui bills and* allocate, 
specific user charges where - 
necessary. 

The deviue. basically a timer, 
is switched on by a magnetic 
switch with components stuck to 
the .handset and cradle and 
actuated when the handset is 
lifted- 

Before dialling the call the-, 
user sets a UJ position rotary 
control, which takes account of- 


the time of day (for peak, stand- 
ard and cbeap rate rails) and the 
charge band -of. . Utc rail to be 
made -t lotah-' up.- tui .or . over 35 
miles!.. » : •- 

An electro magnetic counter 
and LED display are initiated 
when the start button is pressed, 
the diode lamp display showing 
increments of one tenth of a 
unit and 'the counter full Post 
Office charge units. To arrive at 
the raH charge Ihe user simply 
multiplies by -the current cost per 
unil. - - 

Mure Trom 37 Redington Road. 
London NWS iQY (01 794 4171 >. 


BI-FLOW 

AIR 


RADIANTS 


| ]m 


til DUAL FLOW 
lb HEAT EXCHANGER 


• CONFERENCES 

Choosing the battery 


A saving in production is Discussions are currently being 
achieved by the elimination of held to sell the manufacturing 
spot welding and a reduction of rights abroad, 
operations in the- general final More information from Valor 
assembly work. on 051426 6551. 

• ELECTRONICS 


Two more digitals Senses the infrared 

_ ^ - ■ if t n t *nn _ I*.,. i m _ : 


USERS OF smaller batteries whu 
have the task of choosing the 
right power source for a specific 
application will have the benefit 
of expert advice from eight lead- 
ing battery manufacturers dur- 
ing April at ERA'S seminar.” The 
Selection and Application of 
Batteries.” Speakers at this one- 
day event will be representing 
Ever Ready, Varta. Crompton 
Parkinson. Mallory. Oldham. 
Chloride. Saft and General Elec- 
tric fU.S.). and additional papers 
by other experts will' be avail- 
able. 

The seminar and associated 
exhibition will take place at the 
Royal Garden Hotel. London, on 
April , 27. Following an intro- 
duction by ERA director Stanley 
Steward, the morning session 


will be chaired by J. T. Heinson 
of the Procurement Executive 
of the Ministry of Defence and 
will examine “ The present state 
of Leclanchr. batteries.” “Alka- 
line-manganese versus conven- 
tional dry cells.” “ Special pur- 
pose primary batteries” and 
“Lithium sulphur hatteries and 
their applications.” 

The afternoon sessions, 
chaired by ERA’* managing 
director and chicr executive Dr. 
Bryan Lind ley, will feature 
papers «n. “Conventional lead- 
's cid -batterieKi” “Scaled recom- 
bining. lead-acid hatteries.” 
“Batteries for standby power” 
and “Nickel cadmium for 
cordless power application. ” 

ERA. Cleeve. Road. Leather- 
head. Surrey KT22 7SA. 
0372374151. 


• PROCESSES 

Gold layer 
stands up 
to wear 

IMASA has introduced Acid Gold 
C. a high efficiency, bright acid 
gold plating solution. Acid Gold 1 
C. produces a 0.3 per cent, cobalt, 
gold alloy with a hardness uf 
140-180 VPN. The deposits are 
bright and uf- minimum 

porosity. 

The process is cyanide based 
and uses cobalt fur brightening 

and hardening the deposit. Good 

wear resistance k .obtained in 
electronic connector applications. 

Plated material shows remark- 
able resistance to lead con- 
tamination making it ideal for 
the edge contacts nf through- 
hole plated printed circuit 
hoards. At 8-10 gm/litre cold 
concentrations, consistent 50-55 
per cent, cathode efficiencies 
can he achieved. 

IMASA. 188 Bath Road. Slough 
SL1 4DU. Slough 28282. 

Spray gun 
tracks its 



target 


‘URther offerings • of 

iigital thermometers are being 
uade by two companies, Digitron 
nstrumentation of Hertford, and 
\WL Electronics of Altrincham. 

Small size is the advantage 
•lairned by Digitron: the model 
*001 measures only 107 x 63 x 25 
nin and covers the temperature 
■ange -50 to +999 degrees C, 
utilising type K thermocouples, 
leadings appear on a 0.3 in LED 
lisplay and the unit has auto- 
natic linearisation, zeroing and 
: old junction., compensation. 


Accuracy is ±0.5 per cent, of the 
reading. More on 0992. 50353. 

The AWL device has a range 
of -50 to +150 degrees CL and 
makes use of a semiconductor 
.sensor and LCD display; -accuracy 
is 0.5. degree C. The unit has 
no lead-connected' probes: the 
single stainless steel probe plugs 
Into the body and stows away into 
a compartment after- use. Dimen- 
sions are 135 x 50 .x 2+ mm and 
the thermometer runs .qn silver 
oxide cells. More on- 061-1941 
1946. - . . .. ... 


MULLARD has developed a low 
cost infrared sensor which 
employs-a ceramic chip as the 
sensitive element and utilises the 
pyroelectric effect to produce an 
electrical output generated by a 
change in temperature. - 

The sensitive material, which 
is suitably doped lead lanthanum 
zirconium titanate, itself a 
piezoelectric 'compound, was 
developed at Milliard's Salfords 
laboratory and is' optimised for 
Infrared applications. 

Each device is mounted in a 
TO -5 can with an - infrared 
window. The latter can be of 
silicon, which has a substantially 
constant transmission for wave- 
lengths from, one to 15 microns, 
or a daylight filter version which 
allows transmission only from 6.5 


to 14 microns. 

Electrically the detector 
behaves as an n-channel field 
effect transistor but connected 
across It is a high impedance 
non-Ilnear element which limits 
progressively the pyroelectric 
voltage resulting from large 
changes in ambient temperature. 
An important result of this is 
that wanted signals can be 
obtained in. conditions which 
would otherwise either overload 
the preamplifier or require it to 
have a very large dynamic range. 
Applications are expected in 
intruder and fire alarms, per- 
sonnel sensors, radiometers and 
gas analysis. 

More from Tor rlngt on Place, 
London, WC1E 7HD (01-580 
6633). 


• RESEARCH 


Choice of lubricants 


- - - - -- _ ? . "IMUUTI. VAX* ML VI UJUUUbt »UIU AML UHAAI.I^, 

Ail V k. k T T SK l Vl silicon, which has a substantially sonnel sensors, radiometers and 

constant transmission for wave- gas analysis. 

/ lengths from, one to 15 microns. More from Tor rlngt on Place, 

TFUrNTTVlTTV TTAT Tf'ITTV / - or a daylight filter version which London, WCIE 7HD (01-580 

II II 1 ^ III pj XXaJ U Set ■■■ ”* allows transmission only from 6.5 6633). 

PAINTTNfi NOW Improved controllers 

■L l aX ll lliiVJ v Ti . . OTIS Elevator Company has 120,000 lifts in the TJ.K. with 

decided to go over to advanced electro-mechanical control relays, 

" m electronic controls for its lifts, describing the movement towards 

TT^T TMT\T A r V U'i\ - starting with the product lines electronics as “cautious but 

Pi I il It I -I 1 ll 1 FjI/ which are most often ordered, steady.” However, the rapid 

Following a f Jin, investment in advance in electronic technology 
, .. . ^ . - . . test and production equipment and component complexity is 

Another benefit of modem technology is available lolbe l j ie company is applying large- making it difficult for lift raanu- 
home owner. An exterior wall coating so tough and durable scale integrated circuits of the facturers to decide whether the 
that it is. guaranleed to eliminate exterior house painting CMOS .type .to- lift control and current state-of-the-art device 
for 15 years. This remarkable development is Kenitex.Texturai »« . is tiiought to, ; be ■ th^ , finrt will- have a long hfe-time or 
routing - .. • T •• Ts- instance ~of the use of Ihre parti- whether it will be superseded 

*** ' . cular .technology lay allift-iq^nu- very quickly by something much 

, Developed during the last war. in' the U5.A-' and^now- 'facthrer. ' belter that could give a competi- 

mknufaclured in 34 countries, there are now over, five million Main technical advantages will tor the edge. 

Kenitex applications on homes, commercial.- and Industrial be greater reliability and ease of Lift controls are already avail- 
buildings throughout the world. In the 13 JS. thousands of mamteiiance. AIL components able using discrete logic and 
applications remain in perfect will ■ be ^aged and functionally TTL logic. But because. CMOS 

condition after more than -17 tested to aerospace standards and has better electrical performance 

years' exposure in all weather walls. It is available in a the elimination of electro- the company says, it went for 
extremes. variety of beautiful modern mecbaiUrak switching will result this solution. 

Kenitex weatherproofs and colours. Kenitex performance m more ®+ ble floor stopping Otis Elevator 

decorales. It is applied in is backed by Agrement Certl- accuracy. \ . . Clapham Road, London SW9 OJZ. | 

ono auick sorav aoDlication fleate 75/300; The cost is 011 s says Vtnere are about 01-i35 H13L 


I L'cvt'iuytu uui K'K 1 uiu ouu aim « 

m&nufaclured in 34 countries, there are now overlive million 
Kenitex applications on homes, commercial, and industrial 
buildings throughout the world. In the U.K. thousands of 
applications remain in perfect 




condition after more than 17 
years' exposure in all weather walls. It is available in a 
extremes. variety of beautiful modern 

Kenitex weatherproofs and colours. Kenitex performance 
decorales. . It is applied in is backed by Agrement Certi- 
one quick spray application fleate 75/300. The cost is 
without inconvenience, up to. , surprisingly low, you can 
i 20 times thicker than ordinary obtain .Tree information by 
.paint. Kenitex seals holes;- ^honinPOf-STS 0236 or writing 
cracks and Tildes building 'to Chemicals (UJO ■ 

defects yet. does nut- conceal Ltd., .Freepost, Hounslow TW4 
the original . architectural 5BTI~ (no ■ stamp; -needed)., 
lines Qualified contractors tbrough- 

" ’ out the UK are prepared to 

Shot from, a gun quote you without obligation 

Kenitex is factory guaran- and home improvement loans 
teed for 15 years .againat arc available. A limited num- 
chipping. flaking and peeling. • her of exclusive agencies are 
It is extremely flexible and ' open for enterprising com- 
withstands all normal build- ' panies to take on sales and 


A RESEARCH programme 
jointly sponsored by the French 
oil company Elf Aquitaine and 
Renault to study how differing 
types of surface finish on metals 
affect the lubricating ability of 
oils is under way at Imperial 
College, London. 

The work is being carried out 
with the aid of special-purpose 
equipment which can be used to 
study -the behaviour of oils in 
any given system. Examples arc. 
lubrication of pistons and cylin- 
der - liijings in diesel engines unci 
of crankshafts and hearings. 

This research is being carried 
out La the Mechanical Engineer* 
ing Department's lubrication 
laboratory - under Professor 
Alistair Cameron and il ail stems 
from . a study commissioned by 
the U.s! Army Tank Command. 

Asked to discover reasons for 
recurring failures of piston rings 
in diesel engines fitted in arm- 
oured vehicles, the Laboratory 
Initiated. a study on how fric- 
tion vaiSes- betijeen 
metals & a 'function of tempera- 
ture. .-> - 

To. assess the compatibility of 
oils-, and metals at speeds up to 
3.000 '"r pm. a machine was built 
in which a small section of piston 
ring, could be vibrated at the re- 
quired speeds, but with an apti- 
tude not exceeding 0,5 mm so 
that frictional heat generated 
was small and temperature rise 
negligible. Results are measured 
optically by techniques . deve- 


loped by the laboratory. 

Benefits resulting from this re- 
search could be two-fold, says 
Professor Cameron: improved de- 
sign of components and machin- 
ery arid better lubricants for 
specific tasks. More details of 
this 'work can be obtained direct 
from Imperial College (01-589 
5111)'. It is understood that some 
of the equipment being used is 
to be made available commer- 
cially. 

9 AUTOMATION 

Assembly is 
automatic 

A RANGE of pneumatically 
powered fastening systems 
designed for semi or fully auto- 
matic assembly stations, or for 
simple hand-held operation, has. 
bfceh An tranced Iwthyfsyafidatd 
automation products division of 
Consolidated Pneumatic Tool Co. 
69. Brathway Road* London SW18 
4BG (.01-870,7321). * 

Capable of being applied to 
most threaded fastening opera- 
tions. the systems can he supplied 
in single or multi-sp>ndle arrange- 
ments. fixed nr adjustable. The 
latter are re-posltioned either 
manually, or whpr<; speed or fre- 
quency of change is required, 
automatically. 


DEVELOPED by Berridge Eng- and without residu; 
inecring is a hor i7 on tal- fra verse ultrasonic agitarin 
painting machine inlended for with special solvent: 
use in automatic spray painting The range of eq 
processes and which can be used vldcs compartment 
in conjunction with conveyor- 61 x 61 x 61 inches 
ised production lines. 13 inches. It is 

The spray head is chain driven removing water fi 
along a rigid T-seclion beam components with bli 
which can be arranged to suit capillaries, which it 
the job: it can ho supplied up water, 
to 30 feet long and can be tilted Applications me! 
at the driving end so that the gun of jewellery', elecir 
ran move up an incline to suit ments. etc. 
the continuous and complete Details from UHr; 
coverage of any particular com- Rnad. Shiplcv, West 
ponent. 2BN 10274 57411 1. 

• MATERIALS 

Metals for food plant 


The spray head itself is slung 
under the l*cani and the nozzle 
cun be made to spray through 
any arc up to 90 degrees, post- 
tinned lo suit the work. In this 
way a tubular item for example, 
moving along a line und rotating, 
could be properly covered down 
its length (due lo the beam in- 
el Inel and over all the curved 
.surface. Head movement is con- 
trolled by pie-set slops. 

As a result of the design only 
one gun (and so only one feed) 
is needed to cover most jobs. 

Power is provided by a 1.1 kW 
electric motor, transmitted to 
the chain by bydraulic pump 
and- motor. 

Ultrasonic 

dewatering 

DEVELOPED BY Ultrasonics <a 
Lucas company! in association 
with ISC Chemicals (an RTZ 
uompan.vi. de-wutcrtng drying 
equipment, which cleans compo- 
nents and leaves them stain-free 
and without residual films, uses 
ultrasonic agitation combined 
with special solvents. 

The range of equipment pro- 
vides emu par i mem sizes from 
61 x 61 x 6}. inches lo 24 x 24 x 
IS inches. It is intended fnr 
removing water from complex 
components with blind holes and 
capillaries, which lend to retain 
water. 

Applications include cleaning 
of jewellery, electronics, instru- 
ments. etc. 

Details from Ultrasonics. Otlry 
Rnad. Shipley. West Yorks . BD1S 
2BN 10274 5741H. 


COPPER-FREE, a high nickel 
alloy developed in the U.S., 
called Waukesha 8S, is now avail- 
able in the U.K. from the 
Glasgow-based steel founder. 
Dewramei. 

. The alloy, which is wear and 
corrosion resistant, is slated to 
be particularly suitable for east- 
ing components that will be used 
in conjunction with stainless 
steel parts because it “beds” well 
with stainless, and does not gall, 
(which would leave a scored sur- 
face inviting lo bacteria). 

According to Dewramei. this 
makes the alloy attractive for 
the manufacture of good process- 
ing planr. It can be used fnr 
the fabrication of shafts. - bear- 
ings. impellers, hushes, mixer 
blades, etc. The company says 
it can be machined and welded 
without difficulty, - and cast com- 
ponents can be produced in 
weights front a few ounces lo 
well - over a ton. 

Mr.. E. Arrowsmith, Dewramei 
managing director, says that 
“aparl from the important 
hygiene and safety factor, use of 
components cast in the alloy 
should cut manufacturing costs." 


Details from tile company at 
Mossland Road. Hillington Indus- 
trial Estate. Glasgow U52 4UD 
(D41SS2 90011. 

Panels help 
deaden the 
noise 

WALL AND ceiling panels made 
from wood fibres bound with 
hydrated magnesium oxide and 
sodium silicate are the latest 
products of Thermo Acoustic 
Products of Verulam Road. Staf- 
ford ST] 6 3EA (07S5 51424). 

The panels arc available in 
various thicknesses and sizes and 
because they deaden sound l hey 
are claimed to be particularly 
suitable for offices, restaurants 
and other premises where it is 
desirable to reduce noise. They 
can be cut to shape and spray 
painted and have high impact 
resistance. The panels are being 
marketed under the trade name 
Tectum. 


ing expansion and contraction. 

Actually shot from a gun, 
Kenitex fuses to the building 


application of Kenitex distri- 
bution throughout, the United 
Kingdom. 


IN BRIEF 

• Motorola has decided to second ti Marconi Communications 
■sojtree-the 3ST0 eigfcfcbit, micro- Systems, able to offer a complete 
tom pater iln'der an agreement manufacturing .service /or 
tfith'Mosjck. In addition! to the printed boards up to 320 x 
processor the chip carries 2048 x 574mm, has become an approved 
8 bits -of-ROM and 64 x S bits of manufacturer to the new Ministry 
RAM. witb .four TTL-cpmpatibie of Defence sponsored specifica- 
porta. 01-902 8836. J ■■ lion BS 9000. 0245 53221. 

41 An integrated circuit audio ® From MuUard comes a series 
power amplifier. CA2002. is of wideband hybrid amplifiers 
announced by RCA, specifically covering 40 MHz to 860 MHz. 
designed for car radios and other choice -of gain and output 
mobile systems. The S watt-class voltages. Typical application 
B amplifier can drive loads down would be in masthead ■ booster 


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\ 4 hA: aA iv. iCrwriw 


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jVbtfce of Redemption . ..*- 

Copenhagen Telephone Company, Inc. 

(Kjobenhavns Telefon Aktieselskkh) . 

5 % Sinking Fuad Dollar Debenture* Dae Z985 
; NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the4ndcatorc dated as of April 25, 
' ]v 7 q under which the above described. Debentures were issued. Citibank,. 53 A. (fonneriy First National 
City Bank), os Trustee, has dranTi by lot, for redemption on April 15, 1973, through the operation 01 
the sinking fund provided for in said Indenture, $700^00 principal ambunti)! Debentures ot the said 
issue of the following distinctive numbers: - 

COUPON DEBENTURES OP SliOOCL PRINCIPAL AMOUNT OUTSTANDING 
V 1 cni isnn 1777 ‘1382- 298B 3505 4217 -4739 5049 5793 6336 6881 7354 7939 8463 8391 9316 

M_ A iwo ^ |pi is 1=31 isg 5=59 ijg 282 113 


amplifiers for aerial systems. 
Gains range for 15 to 27 dB. 
01-580 6633. 

• ITT Electronic Services of 
Harlow baa been franchised by 
Hl-G relays to stock tbe complete 
range of 30 basic types. 0279 
26811. 




■ SB W 


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7 ^ 09 ? " 1 SB 3 1837 £ 44 t> 3034 3673 -«B 8 

U 709 1276 1847 24 S 3 3065 3687 4 ^ 4788 631 

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122 740 1304 1876 2479 3089 3720 4386 

135 758 Igjg 1890 2490 3102 3733 4319 -g-- 7011 7625 BOSS ■ 8572 9119 9636 

jSril'is is ^ ^ ^ it? ^ siis iis ^ 

IVi TQfii 3166 ^47 4384 4904 3423 6981 6503 704 G 7582 8116 8628 3176 9685 

- ’''■I?? S™ use 43 S 7 M 39 M 93 6 S 16 7058. 7597 8130 8641 9189 9695 

2 M W 4 1431 3993 «« M 70 4 ^ MOT 6 S 34 .7070 76 M §143 §655 9201 9707 

251 877 ,1445 2015 

265 895 1467 

281 MM 1479 

296 924 1492 

312 939 1505 2083 26 

K 5 954 . 1519 2099 **■- 

. 335 968 1530 2116 

. 348 880 -3643 2126 

363 996 1556 2141 

383 1013 1576 2154 

415 JMV I &91 3 Jg» 

438 1037 1602 2182 

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The Debentans spcdfied &a*em to be redeemed for 'd^ Cnnie 





The economical TI-57 from Texas Instruzneatsr^^. - 


Jwveri jpoi^fime thfin^i 1 basic +. 

^maki^^TOrigHTch'oiuecahbp di^tdf.Notv^'piitian^ 
; ,;te' I s^W^ia vh iHe.salnulatnrlhn! is fight fdQbtiW l 


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0.^ tiginee r.Vd ra ug h t s m a tr o f an atthitect'-- V 

•: ^^arjfl^l^vho'yv br^wtffr humbers'^ust'thinkef ' 4 
i-j'^t«^;CaJcii]olJons vbu d 6 over anti pveragaih. 

'■ d?\TThink ofJhetlmeytra\iasl^ J .j t, 

fe^t&lcring the same equation when all ybu 
^L;]^43^wLlq r ebange"is rising le- variable. VyilHtii^- 
■ffi^^/y^U'Simply'key-fn the^-probk'h; 

change the variobles as requirect. 1 
'Gulc ulator reiriem bersthe cDnstbhf 
presehls^vou yvith Iheariswerarf ? - = .. 
uuch ofa sinfileicey^ 
iM-r j’ur jusl £J9.95^th'e i TI-57 is-a-^' ">■. 


i^super slideru ie;i:aliaiIator \vit h -" V . ' 
j B mtijliru se rneni ories plusi he^’ . 
^+obilHy , .lQ store and recall tip to .. -. J-'". 
t' 1 i-.ToO keystrblves( 50 pragra rnihe-^. ; 
j;- '-^sleps). Included \\7tJrtheJ|7 '. % :■ 


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■ - procrammlnc cah ; 

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r J-ProfirariiniablK 59 

See tHe-T«pa's/:^ 
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': . . calculalors al lhe s | 
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9f . . relallers'and specittlfsi^-J^ 
mtt' - stores Usfeti below! -• T' 


(bJST iAlBrofisda or-at the office of Priratbankcn i Cope nh agen, 

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Lu^mbourg; Skandinaviska 'BtmfcBdbt Banhen, Stodtbota, Swedm^.md, Iteotsdie Bank 

the Company s'payins agate, and trifi pd-payabb o^Apol 

i For COPENHAG0T TELEPHONE COMPANY, INC. 

• -v - - .. By. CITIBANK. N.A., 

4. , . . «.k. - • • Trustee 

March . > •. ... . . 


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Tr.\as Instruments Li railed, European Consumer Division. MantorrLane. Bediord.MKJl rpi;. T^bplwne: Bedford (023-1) b tlfl] 

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12 


Financial Times Wednesday March 22 J 


The Management Page 


EDITED BY CHRISTOPHER LORENZ 


THE SMOOTH running nf the 
Civil Service i& currently facing 
a severe challenge, not from dis- 
gruntled politicians nr trade 
union extremists, but from the 
simple fact that from 1979 to 
1983 four out of every ten top- 
ranking civil servants are due 
to retire. 

This retirement bulge — a 
result nf heavy recruiting in the 
late 1940s— is causing consider- 
able concern in Whitehall 
because of its likely detrimental 
effect on efficiency. When this 
unusually large proportion of 
senior management is replaced 
by newly-promoted younger civil 
servant* the problem will be 
to find administrators or 
sufficient calibre to HU the 
vacant posts. And since the 
retirement of senior manage- 
ment means rapid recruitment at 
lower levels of the organisation, 
it poses the threat that a similar 
" bulge " could follow m 30 
years time. 

Despite this concern last 
wpeks Government White 
Paper on the Civil Service failed 
to devote any attention to the 
problems of manpower planning 
in the largest and most labour- 
intensive centrally controlled 
organisation in Britain. 

A retirement bulge is a classic 
problem of manpower planning. 
Ironically the Civil Service with 
almost threequarters of a 
million employees i«? pro- 
bahly the world's leading ex- 
ponent nf manpower planning. 
Its sophisticated computer 
models arc used by a number nf 
major companies to help plan 
their own use nf manpnwer. 

Sn what went wrong? Why 
did the Civil Service, with all 
the resources at its disposal, not 
foresee the retirement problem 
— and remedy it earlier? 


The answer highlights the 
limitations of manpower plan- 
ning — it can only offer aiterna* 
lives of future human resources 
based on present assumptions. 
As with all .computer-based 
models, it is only as gond as the 
assumptions made: and these 
have to change with shifting 
circumstances. 


How the Civil Service 


Two years a£d the Civil Ser- 
vice was growing at 3.5 per cent, 
a year — now. as a result of 
purely political decisions, it is 
contracting at a similar rate. 
Given a change of Government 
and a change of policies, the 
rate nf growth is likely to fluc- 
tuate again. 

It is also difficult to plan for 
such factors as the effect of pay 
policy. New statistics suggest 
that more civii servants are 
quitting than had betn expected, 
contrary to Whitehall expecta- 
tions that high unemployment 
in the economy would reduce 
Civil Service wastage This is 
largely due to the higher pay 
levels now available in the pri- 
vate sector. 


is fighting the 
battle of the 



BY DAVID CHURCHILL 


in their late 30$/40s, and large 
numbers of Civil Servants over 
the age of 50. 

The main effects are felt 
among senior grades of the 
Administration Group, which 
forms the hulk of the bureau- 
cracy. Sume 40 per cent, of 
civil servants in the Principal 
grade and above are due to 
retire between 3979 and 1983. 


tish Office. Education and the 

Treasury. 

According to internal White- 
hall analysis of. the. bulge, the 
likely consequences arc four- 
fold:— ’ 

• An exceptionally high turn- 
over in 'some grades or j°bs 
during the retirement peak. 
" sufficient to affect efficiency-" 

• Difficulties in finding enough 


rates during the retirement run- 
nut.". it says. 

The bulge is being sranotlied 
nut in two ways. Since last 
spring, civil servants have either 
been taking voluntary early 
retirement or have been asked 
to stay on beyond normal 
retiring age. 

The likely effect of various 
levels of early retirement is cal- 


time comes. Thus Civil Servants 
who opt for early retirement are 
offered lump sum compensation 
plus their index-linked pension. 
Not surprisingly; there has been 
nu shortage of volunteers. 

The models and methodology 
used hy departments in smooth- 
ing the effects of the bulge, have 
mainly been developed since the 
late 1960s. The first , model of 
a Civil Service “ class " was pro- 
g rammed and run on a computer 
early in 1969. But, according to 
the authors of a recent compre- 
hensive study of Manpower Plan; 
ning in the Civil Service (HMSO, 
£10) “this gave only a glimpse 
of what could be done.” More 
work was necessary especially in 
establishing valid statistics 
before mare sophisticated 
models could be developed. 

Management confidence also 
had to be won before real pro- 
gress could be made. One way of to 


i u i 'I -mV 


io! 


« 


t OVD. SERVICE 
1 AGE STRUCTURE 

> C ADMINISTRATORS) 


1*000 


" i- ' 






n- 


ii- 




AGE 30 


35 


40 


45 


50 


55 


60 


MANPOWER PLANNING IN THE PUBLIC SECTOR 


But while it cannot predict 
the future, manpower planning 
can help smooth out the basic 
fluctuations — such as a retire- 
ment bulge. And it is in this 
area that the sophisticated Civil 
Service computer models and 
methodology can come into their 
uwn. hy illustrating the options 
available. 

The cause nf the bulge was 
the rapid expansion of the 
bureaucracy after the Second 
World War. This was followed 
hy a period of low recruitment 
during the 1950s and then fur- 
Iher rapid growth since the 
early 1930 s. The result has 
hern a “ two-humped " age 
structure. There tend to be 
large numbers of young staff, 
relatively small numbers of staff 


Of senior Executive Officers 
some 30 per cent, arc due to 
retire. The bulge is concen- 
trated at this senior level be- 
cause retirement for top civil 
servants is at 60, compared with 
65 for the bulk of the clerical 
grades. 

Some specialist groups such 
as the Science Group have no 
serious age bulge problem be- 
cause of steady recruitment. 

Others, such as economist, 
statistician and psychologist 
groups, hove age bulges of 
younarr staff which will not 
form a retirement bulge for 
another 30 years or so. The 
departments most affected 
include the Ministry of Defence. 
Trade and Industry, the Scot- 


proraotable " staff-. (that or 
sufficient quality and experi- 
ence) to meet demand during a 
period of high promotion rates. 

• An increase in the demand 
for recruits. 

• The danger that heavy 
recruitment will create a new 
age bulge, eventually leading to 
a further retirement age bulge 
in about 30 years. 

Coping with the problem* of 
the bulge will be worsened, 
points out the Whitehall 
memorandum, by a. period of no 
growth and contraction nf the 
Civil Service before the retire- 
ment peak starts. “ This could 
leave some - grades poorly 
stocked with *'promotable" staff 
to meet the higher promotion 


culated through the model to see 
what changes occur at every 
grade before any decision is 
implemented. 

Individual departments facing 
the “ bulge ” present the Civil 
Service Department with 
detailed computer - generated 
models of the specific results of 
both delayed and early retire- 
ment. and the potential effect on 
promotion rates and availability 
nf managers further down the 
hierarchy. 

In practical terms, early 
retirement is the most feasible 
policy as delaying retirement 
until the end of the hulge 
depends on too many in between 
factors, such as ill-bealth or a 
refusal to work longer when the 


be developed was called of a button" whenever new data 
doing this might have been to KENT (after the university becomes available, 
try to offer managers extremely where it was developed). This The system incudes a sraph*- 
detailed and 'lifelike’ models of was extremely simple 1,1 cou ’ plotting visual displaj. which 
their manpower systems. ‘‘How- cept, -dealing only with the age is useful in conference sertWHS 
ever." the Civil Service mapr-of future manpower and dif* tu Illustrate assumptions i and 
power experts point out, "an fetent grades— not seniority or alternative policies... me MAN- 
actual manpower system is so length of service — but its very PLAN model is commercially 
complex that its underlying. Simplicity meant that results available and is being success- 

structures are even now not fully were "easily- verifiable from a fully used by a number ot large 
understood in detail. cominonsense point of view. companies. Whitehall has high 

“Thus, any attempt, to pro- To provide good basic data hopes for manpower I^anning, 

duce a highly realistic model of personnel records Tor the not just in overrome problems 
quickly would have been almost subsequent, and more sophist!- such as the retirement bulge, 
certain to fail, and the com- rated models, a separate model hut also to improve promotion 
plexity of the result would have called PRISM, was " esiab- prospects and working rondi- 
beea confusing rather than en- lished. Linking together the tions Tor staff. AS mer Jones, 
lightening." Instead, the models manpower models with PRISM secretary of the joint inanage- 
constructed initially were- fairly- through a network of computers ment and unions, negotiating, 
simple, concentrating on what and terminals, is an integrated machinery, pom is. nut. the first 
were felt to be the most im : system called MANPLAN. This ever Civil Serv.cc - strike 

portant aspects of the system. 1’ provides the manpower plan- not over pay. It was m the 

As soon as management ners with facilities for carrying DHSS in I9<2, over inadequate 
accepted the reliability and use- but sensitivity analysis for link- staffing and pressure ol work 
fulness of these simple models, ins tie models to run a com- It has happened since, and it 
which were hased on easily plate* manpower planning cxer- will happen again, so the man- 
defined assumptions, further rise in sequence, and for carry- power suras have got iO be done 
elaboration of the models fol- in* out regular revisions of properly if serious discontent is 
lowed. The first major model.; operational studies at the “press to be avoided. 


MANPOWER PLANNING in 
the private sector is usually 
introduced sn response to 
spec Hi v problems or a short- 
term crisis, according to a new 
survey nf 12 companies using 
manpnwer planning techniques. 

Bui the survey, pnhlished 
jointly hy the Manpower Ser- 
vices Commission and the 
National Economic Development 
Office, found that most com- 
panies tended in keep and deve- 
lop manpower planning once the 
immediate difficulties were pasL 

The definition of manpnwer 


Not just a crisis measure, more a way, of company life 


planning used in the survey 
involves *' a continuous process 
of planning and adapting man- 
power in changes in interna- 
tional product markers, labour 
markets. technology. and 
national economic and social 
policies." 

The survey was carried out at 
the suggestion of the Chancellor 
of the Exchequer to provide 
some case study materia] on 


MANPOWER PLANNING IN THE PRIVATE SECTOR 


company manpower planning in 
practice. A considerable amount 
of information about the theory 
and techniques already 
existed, but little was known 
about how manpower planning 
systems actually worked at 
company level. 


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Twelve companies, who are sequent need to 
not identified, were chosen as train new staff, 
practical examples from a wide Evidence from the case 
range of industries, employ- studies shows that the main re- 
ing between 2,000 and 101,000. quirement for an effective man- 
The research was not so much power planning system was an 
concerned with the techniques adequate supply of data. For 
used as with the application of this, information is needed on 
those techniques, and the most individual characteristics of 
effective organisational struc- employees, such as age, skills, 
ture. location, as well as overall 

Most of the companies in labour force trends, such as 
the survey regretted that they absenteeism and earnings, 
had only introduced manpower a number of companies made 
planning as a response- to a use Q f computer simulation 
short-term problem. Suuie were mo deLs. in particular 
forced into action .because of f or forecasting manpower 
surplus manpower due, for trends within the organisation, 
example, to a merger. A few, But. the report maintains, such 
however, needed in provide models are by no means neces- 
adequate future supplies of s, a ry f or manpower planning, 
skilled manpower, including «■ what is required is a metho- 
managerial staff.- dical approach to analysing 

But all the companies recog-; available manpower information 
nised that a continuing commit- am j identifying likely future 
raent to manpower planning was trends ” Yet. as- the Civil 
worthwhile. The survey report service has found, it is difficult 
points out that a short-term pi an f OT i arge numbers with- 
“hire and fire " policy, which, is out the use of a computer, 
the opposite extreme td a man; Any means of manpower pjan- 
power planning approach, can ning. however, includes a con- 


— — “Manpower planning enabled 
them to foresee changes and 

identify .trends in the labour' 

force earlier than would others 
recruit and wise have been possible. This 


legislative 


;_and future 
- requirements. 

The case studies raised a 
number of basic practical issues. 
The commitment of senior man- 
agement is essential if man- 


meant that employment policies power planning is to be given 
could be adapted in good, time . the right degree of priority. In 
so as to avoid major problems.”." putting systems into practice 
There are a number of ways - there is a need to identify where 
in which short-term manpower' the responsibility should lie. 
adjustments can be made to be But it should not be carried out 
line with business require^ as a technical exercise by 


specialist managers: employees 
and union represen tatves should 
be involved in the process. - 

The studies illustrate clearly, 
says the report, how the tech- 
niques of manpower planning 
can make a significant contribu- 
tion to business performance for 
a diverse group of companies. 

Crow - x hufifti fti Compcvn 
Mnnjioicer Planning. £.’.7-f in- 
cluding postage . I ram . ft EDO 
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impose serious constraints on a 
company, apart from the im- 
mediate costs of redundancy. 
These costs include the loss of a 
skilled labour force and the siib- 


siderable degree of uncertainly. 
BUt the Companies studied did 
not regard this uncertainty or 
the difficulty of forecasting as a 
reason for not planning man- 
power in a systematic way. 


merits, the report suggests-; 
These include shift and over- 
time working, internal redeploy- 
ment of manpower, altering 
delivery dates, and changing 
stock levels. If jobs have, to be 
cut, this can be achieved 
through natural wastage. 

Manpower planning was 
generally a staff, as opposed. J to 
a line management, function, 
and among the companies sur- 
veyed it was usually the. res- 
ponsibility of the personnel or 
industrial relations department. 

The main benefits to the com- 
panies in the survey of effective 
manpower planning • systems 
were: 

— greater awareness of cur- 
rent labour force trends and 
their possible future con- 
sequences; 

— a better understanding of 
the implications of alterna- 
tive employment policies; 

— improved controls against 
plans and budgets; 

— a basis for meeting current 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


Assets and 


liquidation 


Where a company has agnomina I 
capital of £100 and the remaining 
assets belong solely to the share- 
holders, could not they be paid 
to them without the formalities 
nf a liquidation ? CouUJ not the 
company simply- he struck off the 
Register? - 

There is nothing to prevent the 
termination of a moribund com- 
pany by allowing it to be struck 
off the Register pursuant to 
Section 353 of the Companies 
Act 1948 — and this .course is 
frequently adopted. Yob cbnnot 
however transfer assets to the 
shareholders f without ^considera- 
tion) otherwise than."; in the 
course of a formal winding-up. 
The company's assets nuist there- 
fore have been disposed -. of 
proper.lv . before striking off is 
incurred. 'f - 

Development 
planning I: 


demolish and rebuild. I now 
wish to go ahead, but the Plan- 
ning Authority states that the 
permission has lapsed-. But Is 
not tbe demolition of the old 
building the commencement of 
the project for which I obtained 
permission ? 


time limit Section. 43(2) of the 
Town and Country Planning Act 
1971 sets out the matters which 
constitute specified operations. 
Mere demolition is not' one of 
them.* 


The time limit for the com- 
mencement or development 
under a! planning consent will be 
defeated if a “ specified opera- 
tion '' has* occurred within the 


No legal responsibility can be 
accepted by the. Financial Times 
for ' the answers given In these 
columns. A/I inquiries will be 
answered by ■ post, as soon - as 
possible. 



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FINANCIAL TIMES 




Wednesday March 22 1978 


Spending 

for 

the 

future 

By Kenneth Gooding 

Industrial 

Correspondent 



Severe bottlenecks in supply have hampered foundry profits in the 
past. But as a result of the present modernisation efforts the 


Very little, rf any. increase 
in total employment 'by Hi* 

ferrous foundries is rfOrtsenn 
for the year* to 19S2 . Hut ewh 
so manpower *v*nsrramr* fflifihf 
arise ' bvea uw . ihe dhahstag 
mis of skills the itwtusby 
renHirfs 1 - ' . ^ 

The working parts' maintains 
there i*» a dancer that smaller 
foundries which provide an tn- 
raluabie service by producing 
miiaM hatches of onr-nff eastMKS 
for a wide run?* «r enmneermg 
eiisti.inirrs will find ,it increes- 
tnsly difficult Su survive. 

In tin*, connection. the 
(mined of !mn foundry Associa- 
tion?. estimates that, a further 
tfi iron foimdrips, shut down 
during II17T left an tsti- 
mated 714 still in nperatinn. 



v?>; 


if r-:m, 






ttr \ II 


» ,-< ’I 




wmm mm 


mmm mm 

y«! 

... Mm 






V !*** •; 

:<mm : 




$£$s? •' 


CONTINUED ON NEXT PAGE 


and! seplittle; 


OF ALL the key UK engineer- 
ing sectors the foundries are 
probably doing the most to 
bring themselves up to date and 
therefore prevent in future 
those severe bottlenecks in 
supply which put such a brake 
on the output of many of their 
customer industries during past 
period of booming demand. 

After many years when the 
foundries did not spend as 
much as they should have done 
on modernisation, they are cur- 
rently going through a phase 
when expenditure will reach at 
least £375m. over the nest four 
years. 

The big spending is only pan 
of the picture. The foundries 
are also taking the opportunity 
to introduce better management 
methods and to improve the 
transfer of technology within 
the industry. 

For example, one of the 
major problems in the past has 
been that the industry, made up 
as it is of many smallish foun- 
dry companies which are often 
subsidiaries of bigger groups, 
has in the bad times indulged 
in severe price-cutting. How- 
ever. the bourn periods have not 
been very profitable cither. In 
most cases the individual foun- 
dries find themselves in the 
position of the sznail supplier 
dealing with a big customer and 
a customer which often did not 
hesitate to lean heavily when 
prices were being discussed. 

As a result the industry has 
not made the profits it needed 
if it was to invest adequately in 
new equipment. Even a 
modern foundry can be noisy, 
dirty and sometimes dangerous. 
One that has been allowed, to 
run downhill for many years 
can present appalling working 
conditions. 


industry is more confident of being able to match future demand. 


But a recent innovation in 
ih? industry is a service offered 
by the Ironfounders National 
Association which gives the 
** national average cost ” of pro- 
ducing particular types of cast- 
ings. Subscribers to the service 
put their own details into the 
system and can see bow their 
turn performance matches up to 
the “ national average." This 
obviously gnes one. better than 
the more usual method of judg- 
ing a foundry's performance by 
looking at the financial ratios of 
other companies in the industry. 
Any foundry management which 
finds its own costs apparently 
well out of step with the 
“ national average " far the par- 
ticular castings its plant pro- 
duces will obviously want to 
know why. 


Suspicion 


Perhaps more important, by 
permitting small foundries to 
get to grips with their real 
costs, the service should have 
an impact on prices: In the 
past there has been a suspicion 
that some foundries have not 
been aware of their true pro- 
duction costs and have cut their 
prices below that level. 

As a result of the modernisa- 
tion efforts which are going on, 
the foundry industries are con- 
fident that they can match 
future demand in the medium 
term at least (although, 
naturally, there could be the 
odd area where the right 
balance will not be achieved). 

However, there is one big 
difficulty at the moment- when it 


comes to forecasting what the 
future has in store for the iron 
and the non-ferrous foundries. 
The U.K. motor manufacturers, 
between them representing the 
biggest individual market for 
castings, are not (not) keeping 
the foundries informed about 
their future demand. 

Both the foundry sector work- 
ing parties involved in the 
industrial strategy programme 
at the National Economic 
Development Office have com- 
plained about the situation in 
their recently-published 1978 
progress reports. 

The ferrous foundry "Little 
Neddy ” pointed out that " a 
particular problem is that high 
volume casting capacity needs 
to be planned and dedicated to 
serving this • (automotive) 
market, if full productive per- 
formance is to be achieved. The 
absence of a dialogue with 
customers, including discussion 
of their plans for in-house pro- 
duction of castings, has caused 
great uncertainty among inde- 
pendent foundries as to their 
invesimcnt .plans. The fear is 
that without a better planning 
dialogue, over or under-capacity 
will result in this sector." 

The in-house plans of Ford 
and British Lcylana are of 
particular importance to the 
industry as between them their 
foundries already account for 
perhaps one third of the volume 
of automotive castings produced 
in the U.K Any significant 
expansion of contraction of this 
capacity would leave the in- 
dependent suppliers struggling 
unless fair warning was given. 

Mr. David Atkins, the new 


chairman of the Council of Iron- 
foundry Associations, wrote 
recently to Mr. Michael 
Edwardes, British Ley land's 
chairman, pointing out that the 
delays in a decision about Ley- 
land's foundry business have 
put some of the CFA members 
in a difficult position because 
they plan significant invest- 
ment with the help of the 
Government's aid scheme. 

“ Many of them are in the 
automotive sector and they now 
face crucial decisions as to 
whether to' proceed with their 
plans or to modify them in the 
light of the changed market. We 
know that British Ley land's 
vehicle production targets have 
been changed dramatically but 
we do not know if the foundry 
plans are now being related to 
the achievable vehicle output. 

“We want as an industry to 
be in a position to be able to 
back British Leyland with 
adequate supplies of castings in 
the future, but we fear some of 
our members may take the 
wrong decisions now because of 
the continued delay in taking 
a decision about British Ley- 
land's foundries." - 
• NEDO has attempted to get a 
reasonable idea of what might 
be expected of the suppliers of 
automotive castings and sought 
estimates of castings demand to 
19S0-S1. This projected a 
growth of demand of about 30 
per cent, on 1976 levels. How- 
ever. “the industry is not mot) 
convinced that this estimate is 
reliable and . . . would wish to 
establish better contacts with 
this major customer sector." 

It is not only the automotive 


industry which the foundries 
serve. They supply a wide range 
of industries and their im- 
portance is disproportionate to 
their, size in terms of either 
output or employment. 

While the different types of 
foundries face many common 
problems — such as Health and 
Safety legislation, anti-pollution 
laws and difficulties with man- 
power and recruiting, the tech- 
nology employed by each type 
of foundry is different and so 
too are some of their markets 
and prospects. While the auto- 
mobile sector is the most 
important customer for the iron 
foundries, for example, it is of 
little interest to the steel 
foundries whose best customers 
are manufacturers of construc- 
tion equipment and of valves. 

The main metals used in 
non-ferrous castings are 
aluminium, and zinc and copper 
alloys while the important 
markets are the motor industry, 
construction and domestic hard- 
ware and general and electrical 
engineering. 

Depressed 

The iron foundries employ 
about 81,500 people and have an 
annual ouput worth roughly 
£S50m. The steel foundries 
have 20,300 employees and an 
output worth £175m. The non- 
ferrous foundries employ 34,500 
and produce castings valued at 
around £300m. a year. 

The 1977 performances 
reflected not only the depressed 
state of world trade in manu- 
factured goods but also the 
failure of the UK. automotive 


industry to ' match demand 
because of industrial disputes 
among the manufacturers and 
their suppliers. It is estimated; 
for example, that production of 

400.000 cars was "lost” last 
year because of disputes either 
inside or outside the indusrty. 

As a result,, production of 
iron castings last year fell to 
the lowest level since the war. 
Output at 2:795,000 tonnes rep- 
resented a drop of 5.7 per cent 
on the 1976 level and was the 
fifth successive ypar in which 
production bad fallen. 

Steel castings output also 
dropped just over 5 per cent, 
on the 1976 total, from 246,579 
tonnes to 234,012 thanes. The 
two main markets, construction 
equipment and valves, were 
stable but there was a fall in 
demand from manufacturers of 
cutting, grinding, pulverising 
and dredging machinery, from 
the general engineering sector 
and from companies involved in r 
defence work. 

This represented the. third" 
year of recession for the steel! 
foundries but so far this down- 
turn has not been . .the 
unmitigated disaster they; 
experienced in the previous 
trough in 1972 which was less 
prolonged but much deeper. The- 
i rid us try capacity is around 

300.000 tonnes. With output at 
around 235,000 tonnes the 
foundries can -survive although r 
they don’t make much, money. 
When output sinks to 210,000 
tonnes, that represents disaster. . 

The feeling in the industry is 
that if demand does. not go 
down any further from the 1977 
level then the foundries can 


continue to survive. N" sicni- j"*‘ "" f " ' foundries has 

? £ai ?j5 ip I nvcmcnl 1S eXpe drupuerf from 1,5 tn 7 < 

for; 1978. however. According (o the Strel Castings 

.. It is unlikely that output or p esrarc }, and Trade Assoeia- 
non-feirous casting showed any l]n ‘ n t |, err wen* two small 
growth in 19* *■ According to f 0 „ n( jri PS closed in 1977. 

- - U .. ,1. Hum-ill ■ >1 ... f J.I 


Tho steady proven of closure 
ha« been going nn fnr- many 
years. In 19G2 there were 
nearly 1.400 irun foundries. 
Over Hie saint* period the until- 


dstimates by the Bureau 


Thp non-ferrous foundries 


vstuuaica >■,» ■■■- HIP Ill'll -I V« UHHimira 

"World Metal Statistics, produv- wnr j 5 , n - party has not been 
' tion of aluminium callings in ah j r sn far t<l produce any fore- 
Britain last year remained about rasfs about future volume 
tire., level of 1976 at . 120.000 r rqnircmrnis and admits ” tho 
tonnes. 'Production of copper f r a«inrnred nature of the 
castings probably fell slight 1 .'' , m iuslr> and ihc abannee of 
from’ 66.1HK) in 65.000 tonnes rr liable statistic*, in some areas 
white output of zinc castings means thal we hove a rccog- 
niight. have n#*«si a little from n \*ed lack of knowledge about 
60.000 to fiJ.UUO tonnes. our market place." It is tak- 

As for the sJinrt-lcrm future. *"2 ** fP* w lack, f ih. w problem 
the Ferrous foundry sector lull says the col tectum of itn- 
working party has produced Proved data will Lik^ ^dmo 

what "it describes as " prudent 

forecasts based on what may be . - ■ 

reasonably assumed at the JL/CQt? fl U0DT 1 . 
present time." These forecasts ’ 

are for a modest increase of 5 "This work can, drawing 
per", cent un 1976 output by upon the on going worir -df 
volume bv 19S0 and 6 per cent, customer sector working parties 
fey ,1082. '“These forecasts will and other source*, lead >.f* a 
need to be monitored and the much improved data hasfr 'on 
forecasting base improved" the which investment add; will- 
working partv warns. power decisions can. "be.; made,- 

&i>utt 'out that forecasts 
beyond 1978 arc “highly tenth- J"* 
tive" and that they assume a 

cyclical upturn in the economy Jias iwon depemfcat ontiie 
to a peak in 1979 and again in show-term, cyclical behaviour 
1982-83 with an underlying «>* ** customers and tas had to 
growth rate in U.K. . gross rcspond afl?r their changes m 
domestic product in 1978-79 of demand with little advance 
.about 3 per cent. ' " Hopefully warning. H is in this area in 
"the general economic .situation particular that tue working 
will improve at a rate which party. hopes that the industrial 
will permit higher growth; hut Ftrategy will provide the oppor- 
the industry cannot currently tunily fnr much improvement." 
fee described as one with major That . said, however, the non- 
growth potential." ferrous foundries have had 


[LUr~>r.-*f 


















specialists in casting alloys 


IjHT 


aluminium 

brass 

bronze 

lead 

tin 

zinc 









A TRADITION IN NON-FERROUS METALS PRODUCTION 
MILAN - ITALY - VIA C. FARINf 43 - TELEX 26455^30260 


(ontiacl ieivicei 
to the 

Bionfounding 


PLANS FOR INVESTMENT IN PLANT OR 
BUILDINGS? PLANS FOR EXTENSION OR 
MODERNISATION, OR IMPROVBMENT 
IN EFFICIENCY AND PROFTTABILfTY?; 

THEN CONSULT BC1RA CONTRACT 
SERVICES ON ALL ASPECTS OF IRON .. 
CASTINGS MANUFACTURE 

* Fburety Reduction Engineering •'••• 

* Pracessanti Plant Selection andLayout_ 

* Efficient use of Labour and Materials 

* Production Plannaig and Control 

* QuafityContM' 

* PtertMairTtenancQ - 

* Costing and £s8ma&ig * 

* Feasibility Studies 

* Design and Commissioning of New 
Foundries 

C 

CONTRACT SERVICES. 

BC1RA, A/vechurch Birmingham B48 7QB 
Tel: 0527 66414 Telex: 337T25-BC1RA-G 


THE RIGHT CASTING AT THE RIGHT TIME ./ 
: . . . AND AT THE RIGHT PRICE! 

GEELEE COMPONENTS COMPANY UMTTEO 

Diecaster in Aluminium and Zinc Alloys 
WELLMEADOW DRIVE, SHEFFIELD S3 7GU 
Telephone: (0742) 26044 Telex: Characo G34208 for S air eta 


DUPORT FOUNDRIES ore one of 

the UK's leading produ^ - 

castings for4toe automotive, mechanical 
handling and general engineering 
industries-Rieir modem production 
tdesfultfaeflitiefffor 
or batch productmofa . 


g mml 


r» 


Aid schemes for 


TELE GOVERNMENT Is pump- 
ing £ 100m, into the foundry in- 
dustries by way of grants to 
stimulate investment by the 
foundries themselves. There 
will ' be £80m. for the ferrous 
and £20m. for the non-ferrous 
foundries. The latter might pos- 
sibly get more if the demand 
arises. 

. The ferrous foundry aid 
scheme is much further down 
the road than non-ferrous in 
that its closing date for appli- 
cations was at the end of 1576 
while the non-ferrous scheme 
did not open for business until 
January 1. 1977. The ferrous 
scheme is also by far the most 
successful of all the Govern- 
ment industry aid schemes — if 
you measure success in this con- 
text by the numbers of applica- 
tions. the money on offer and 
the potential Investment stimu- 
lated. 

By the end of February this 
year the Department of Indus- 
try had sifted through enough 
applications to make 368 firm 
offers of assistance. These in- 
volve grants totalling £74^m. 
-and represent capital expendi- 
ture of £33&2m. by the reci- 
pients. A further 15 applications 
had been completely approved. 
These .represented grants of 
£4.5m. towards projects costing 
£ 19.6m. Three more applications 
were “ under appraisal.” And it 
left only £l.3m. in the Depart- 
ment of Industry’s “kitty." 

By all accounts the civil ser- 
vants dealing with the applica- 
tions were, reasonably helpful 
hut also reasonably realistic in 
their approach demanding 
strong evidence of the financial 
viability of each scheme coupled 
with closely-argued market fore- 
casts. 

This -. undoubtedly had a 
beneficial side-effect on some of 
the industry’s smaller members 
who had to look at their pro- 
posals in a thoroughly 
disciplined way and produce the 
kind of market and cash flow 
forecasts that perhaps would 
not be their usual style. 

The fact that the Department 
of Industry men were not simply 
there to band out public money 
to anyone who asked but 
insisted on knowing that there 
would be a respectable return 
on ‘ tlite investment 7 IS" ' amply 
ISustrated by the fact that 47 
applications were "reject ed out- 
right and .there is no doubt 
thatvmajiy of the 63 which were 
withdrawn were taken out of 


the running because ' potential back before finally committing spite of the grant scheme. So 
rejection was in the air. -themselves to projects /or those individual foundries must 
One obvious reason for the which grants have b»en alio- be trusted to be the best judge 

■ success Of the scheme is that 'cated. To start with, when they, of what- capacity they require, 

the industry was faced with drew u ptheir schemes most . The formal objectives of the 
radical changes in anti-pollution companies must have assumed Industry aid schemes for both 
legislation. This has recently that the U.K. economy and ferrous and non-ferrous foun- 
been postponed again aod is not world trade in general would dries are to accelerate the 
due to bite for another few by now be well into a new up- modernisation of plant and 
years but in the meantime the swing rather than trapped m improvement of working condi- 
foun dries have been affected seemingly endless recession. tions, to promote the most effi- 

more than most industries by Another factor is that the cient production methods, to 
the Health and Safety at Work Department of Industry has encourage a more extensive use 
Act been giving details of grants °f modem management tech- 

Four years ago the Council allocated at frequent intervals niques and enable the -industries 
of Ironfoundry Associations- and this bas enabled companies -to attract- and retain labour, 
estimated, that the industry to get a much clearer idea of Applications for the non- 
needed to find an extra £6Dm. what their rivals have in mind in ferrous scheme will be accepted 
to comply with existing health the way of extra capacity. Some until July 31- this year and pro- 
and safety legislation and rethinking might be stimulated jects must be completed by 

future pollution control laws, by this information. March 31, 1981. 

This compared with the annual projects attracting non- Companies are offered a grant 
£30m. the industry had been ferrous foundry grants must be 0 f 25 per cent of eligible costs 
spending. completed -by August 1980 ? a f 0 r investment in plant and 

The U.K. Government could date which does not give too machinery for projects costing 
not offer any direct assistance much leeway but certainly per- at least £25,000. There is also a 
because r it remains committed -mits . the pause for thought grant of 15 per cent, of eligible 
to the principle that "the which could be taking place in costs for investment in buildings 
polluter pays/' However, the some applicant companies at the -—the minimum project size in 
industry aid scheme provided moment this case is £50,000. 

a neat way of offering assist- .On the question of the aid There is also assistance for 
ance of this type. It was origin- scheme encouraging over-cap- projects involving elements 
ally estimated that between 25 adty, the Council of Iron- other than investment in plant, 
per cent, and 30 per cent of founders Associations is ada- machinery and buildings. For 
total expenditure by the foun- mant: this will certainly not example, rationalisation or 
dries would go towards environ- (not) be the case in the iron merger projects. This will 
mental improvements but first foundries. normally take the form of an 

analyses suggest these percent- It. is true that the iron interest relief grant, although, 
ages will prove to be loo high; foundries which have made in some cases loans will be 

applications on average expect made. Once again, the raini- 
Sfltfcfjprf t0 ^ around '20 per cent to mum project size is £50,000. 

OailollCU capacity-. But only half the Projects aimed solely at anti- 

This leaves a percentage foundries are involved, which pollution or environmental con- 
much greater than expected to indicates only a 10 per cent- trol measures are not eligible 
be applied in efficiency and totfll action to capacity, an and total assistance under the 
other improvements and ex- ad< M tion which could easily be scheme and regional develop- 
plains why the Department of absorbed although there might ment grants together should not 
Industry has been so satisfied ^problems in specific areas, exceed half the total costs, 
with the outcome of the scheme. * W . slory , WJ 5 h , “1? steel For small companies, a grant 

However, now that the rather wfnT 95 S npr^ Jt of 50 per cenL 61 a PP roi ' ed con ‘ 

hectic period when applications £2ES-, to h *S ^*2 suttancy fefe5 wJl b e considered, 

were being rushed in has fou ®? rles . hav f . f phed By the beginning of February 

passed, some questions are be- an<i would ™ expect this Fear, the Department of 
ing raised about potential ? dd “ a , vera f 1 ?. ° f per * n J; Industry had made 40 offers of 
problems. There have, for ex- ^ het . he * 0 .T nt J al1 assistance involving potential 

ample, been suggestions that if X fttaS °^ 422m - t l <; wards P ro I 

tbe aid scheme will produce am the Si cLines S?La V ' lth a t0tal 0051 01 
over-capacity or that the in- R^chld T S As^d tfo 8 n £ 6 ' 836 “ 1 ' 

vestment will all be in vain if Sataj ' a S t Sh aver A further 60 applications were 

the. trade unions do not permit iee^caDacitv^increase fieures be,ng studied and - «PP«* V «4 
more flexible working arrange- “Sfesi Thl Er wou]d produce estifflated grants 
ments when new equipment 1 ° f Awards projects- in- 

And roi^ in . great deal of their own cash' oh £ ' “h, 

VS the^iiemlsation projects ih . " Kenneth Goodutg 

the long rah. V : 

On this' latter point, it would - 

certainly not be surprising tj> \ 

find some companies hanging 




sp?f. 

w" v-'-S: ‘ jgfe, . v ; 





Detroit originally used steel forcings for 
this type of component how use 
Ley’s “Lemax”45:2 heat treated Peariitic 
malleable iron castings. 

“Lemax” has immense mechanical 
strength and can be flame or induction 
hardened. 

. ~ But what really impressed Detroit 
was that the casting's performance matched 
that of the foraging; and that meant money 
saved on the process and material costs. 

“Lomax'* is only one of Ley's range of 
malleabtes which could make a big difference 
to your product design concept. 

So contact Ley’s to discover more 
about their high-quality castings. 

Detroit did. And they’ve not regretted it. 



' L«y's Malleable Castings Company Umtsd, Darby DE3 8LY, England. 
Tel: Derby (0332) 45671 Tela*: 3 7575 Ley ewf-G Derby, 
ffogd. Train Mer ki: "Block Heerr*. IwpciS T-emax * 



S.p.A 


OP THE C3ROLJP 


@ Reynoldi IntemotionQl Inc. 

DESIGN AND CONSTRUCTION OF PRESSURE - 
DIES - VACUUM PRESSURE- DIECASTING FOUND- 
RY - HIGH OR LOW PRESSURE - MECHANICAL 
MACHINING OF CASTINGS 

. 35 years experience 
50% export sales 

40069 RIALE D) ZOLA P-REDOSA (Bologna) Italy • ' ' 
Telephone- 1051) 75 51 50 
• t! -‘ Telex 51005 RE YFON 


CONTINUED FROM PREVIOUS PAGE 


A complete 


some indications .about the 
future . from important custom 
mers, - Itorket research so far. 

4in^e win be a 
50 per ceps, increase in demand 
for ft faumniiimi castings' for the 
automotive industry ip the 
period 1976 to 398^1. But the 
percentage of castings to be 
provided by tihe motor manu- 
facturers themselves wall rise 
from 19 per cent da 1976 -to 26 
per cent, in 1980-81. 

There has also been an initial 
report about the supply of zinc 
and aluminium die castings for 
the domestic electrical appli- 
ance industry on which some 
more work has to be done. 
-But it indicates an increase in 
the jange of 21 to 10 per cent 
in al uminiu m diecasting needs 
by 1982 and in the range of 


10* to 17 per cent for zinc 
diecastings. 

- The ferrous foundries “ little 
Neddy” and the 'non-fe’nrdus 
foundries sector working party 
are in the process of merging 
into one Economic Development 
Committee (EDC). It is obvious 
that there is -still much work 
to' be done in improving fore- 
casts witb the help of major 
customers. 

In effect, the foundries of all 
types are saying to engineering 
at large, “ let us know what 
you require of us and we will 
do our damndest to provide the 
goods. And we are willing to 
spend money to put ourselves 
in the position to give you 
what you need. At the same 
time, we need to make a fair 
return and get reasonable prices 
for our products.” 




foundry 


L*l 



l.*) * ! v 5 » ■ ‘.1 '<* ^ * *7 !♦’» v ’ i; j fif* i 1 1 1 i Hill ) Vj 


sSr^s both rtiwortuByrnachined for 
’ of iridusfriea casting is 
ted and inspected of off: 
ction stage&which have given . 


i-tiJii iil[> M f M 








M ; • r: ^ . 





JOHNHARPfcR & COMPANY LTD.WiltenhaH 
Vtest Midtarids WVI3 yD.Teb0902 66601 





0^ . :-s&' 



Hpj| 







fi ; 6' 1 




■:V 


mm i 

; , 



i&xmt mt 


. Feslente is the foundry division of British IndustrlaT 
Sand Limited; ' ' 

Backed by the nation-wide resources of BIS* Feslente 
supply a complete range of resin-coated sands and silica 
sandSjtogefher with a wide range of ancillary foundry. 






wtmm 















Financial Times Wednesday March 22 1878- 


FOUNDRIES m 


Expansion at British Leyland 





BRITISH LEYLAND’S £ I09m. up within the group suggest that speculation within the industry a significant proportion of pro- Edwardes quickly reached the 
foundry modernisation and ex- no more than £46m. will be that Leyland may seek to -press ductive capacity. It accounts for conclusion that only drastic 
; pansion programme is one of allocated over the next five years ahead with its aluminium, pro- around 10 per cent, of UJC action would be sufficient to 
the main casualties of the re- a ceiling which will allow it to cessing plant close to West capacity in the ferrous sector stem the outflow of money and 
view of capital spending do little more than bring its Yorkshire Foundries at Leeds, and 0 per cent, in aluminium, give the corporation the chance 
initiated by Mr. Michael existing foundries up to the Any scheme considered would The corporation’s importance to become viable. .Accordingly 

, Edwardes, the new chairman, environmental and safety have to be scaled down from the as a customer was highlighted he told management and unions 

The acute cashflow problems standards now demanded by ambitious original £37 ax. pro- by Lord Ryder, in his report of this February that sales during 

which confronted him on his legislation. ject. April 1975 when he pointed out 197 $ were unlikely to be any 

arrival last November, coupled Plans for a new ferrous foun- The investment and produe- that Leyland provided only 54 higher than 819.000 cars, 
with the need to phase down dry on a greenfield site at tion intentions. of Leyland are per cent of its own grey iron indeed estimates circulating 
• production programmes in line Wellingborough, which would of great importance to the requirements and . 20 per cent, within the company suggest that 
with the reduced market share, have cost £64m. according to foundry industries because the of aluminium needs. He singled the UJv. market share over the 
made foundries an obvious can* some estimates, have un- State-owned concern is not only out foundries as “the main next five years will remain at 
. di f i c* fnr economies. doubtedly been shelved. How- one of the largest purchasers area in which capital under- around 25 per ceot.. with pro- 

Pre! ini inary estimates drawn ever, there is considerable of castings but- also the owner of provision is most' in evidence." due tion running at an ?nn™l 

and recommended £50m. of new level of 800,000 to 900,000 

investment at 1975 prices. Such vehicles 

P = ===== = , n “ f V beta , U “ Clearly, on such volume fnre- 

& more menteraemupnent is undermined. But there are 

UbA|| EL W 11 wa s OU the basis of such senior executives who argue 

" 1 - thinking that Leyland drew up that modernisation of foundry 

its ambitious foundry strategy, facilities is fundamental to the 
Central to the programme were long-term competitiveness of the 
the Greenfield sites 'at WeHiog- operation. Improvements in the 
borough and Leeds. Given the standard and consistency of 
- - fact that existing plants had castings are an obvious first step 

_ M • _ _ been starved of investment and j d t he drive to raise the quality 

were largely outdated, it was and efficiency of products. 

JffiWUH aSfe thought necessary to Stan afresh Another argument advanced by 

in establishing foundries able to advocates of the foundry pro- 
achieve the output volume and gnunme is the need, for the 

fine finish- constelfint C^CUTdCY f^ iency 01 EuTopQaa ^ competi- corporation to retain an ^impor- 

P rniiirrri ow4imI«mJw W ellingborough . was en- , n an area where considerable 

T^Jne progress is being . made - 

- T^o^tnT ^ *at dec ^ on about priorities. Given 



aisn gone ahead to improve the 
standards and. efficiency of the 
Beans undertaking. 

But it is on the issue of a 
new aluminium foundry that 
the trade unions are likely to. 
take the strongest line. Shop 
stewards gave their full support 
more than 12 months ago to the 
Leeds project and now argue 
that Leyland must provide new 
capacity, in what is a growth 
area. 

There is a strong view within 
management that the corpora- 
tion should move fairly quickly 
toward!; the provision of 
al uminiu m cylinder heads on 
the small cars. Technical argu- 
ments about the merits or 
otherwise of the metal con- 
tinue, but Leyland executives 
argue that its tightness and the 
contribution it makes to en gi ne 
performance and efficiency 
justify the change. 


Demand 



-com 


ced exclusively 
icess frbth lOOj 



I other sites. The' foundries at 




generate the profits necessary 



# 

M 


James 

Sherwood R>undry t *ten5fie^w8wl^-w?^ 
Tel. Mansfield 24538<«. ! :Vi 

x * ♦ s s v •v'ujytiX™ 

Steel & Garland Ltd., 

Priory Foiaidiy.WbrKsop 1 Nottfi,.'? : , { 3 ^»^li 
TeL Worksop 4578. *v#T *>*3 

v nL-M 


Quafity precision patterns in resin-bon<x<i^^^^^ 
multi plywood or epoxy resin. 

Core box equipment for producing one- piece 
cores by the resin air-set process. TflS 

James Maude & Co.Ltd.(Pattemmaking Division; 
Station Road. RanskiH, Notts. 

Tel. Ranskill 353. 




from the leaders in 
quality control aids 
for the molten metals 
industries. 


TEMTDPMk 6 

For steel melting furnaces - 

The latest in our series of Temtip 
expendable thermocouples for molten, 
metals temperature measurements. 

A new self-locking pinch grip pro- - 
vides a mechanical hold for the Temtip on 
the dipping lance rather than relying on 
thermocouple contact, ensuring the tip 
cannot shake off the lance assembly. 


MULITTEP 

For open furnaces and ladles 

Enables multiple successive tem- 
perature measurement immersions to be 
marie in molten metals without loss of 
accuracy before replacement. Refractory 1 
felt sleeve provides non- splash operation. 

Leeds 8c Northrup Ltd. 

The only manufacturer cf complete 
systems for mohen metal temperatures 
and metal analysis. 


LEEDS & NORTHRUP LTD 

Wbarfdale Road. Tyseley, Birmingham Bll 2DJ. 
Telephone: 021-706 6171. 


Coventry IStigioes, employing * hel fujld * ew ^vestment, 
around 400. and Longb ridge. he had t0 look for capital 

B 1 Jf Zi y * -*? 30 ', were savings. In the short term he 
scheduled for possible closure. must seek t0 market 

Beans, at Tipton, would have ^ profitability, an effort 
lost some work to Welling- W fcj C h requires resources to be 
borough but capacity was to be directed towards face-lifting 
re i£ ined ' . . . - and improving the existing 

The new alpumum foundry model r ang* , and expanding 
at Leeds, with a scheduled au tput of successful cars like 
capacity of around 18,000 tonnes Rover. Work will also press 
a year, was seen as the neces- ahead on bringing the new 
sary response to. the trend smajj ^ into production and 
towards greater use of light developing a' middle range 
metal components, particularly vehicle code-named the LC10. 
the aluminium cylinder head. The decision to confine invest- 
y-, ment not to the desirable but 

Jr reeze - merely to the absolutely essen- 

tial has meant a fundamental 
As recently as 12 months ago reassessment of foundry policy. 
Leyland management was busily obviously, if Leyland achieves 
developing the detailed plans a surprising turnround in per- 
for the new foundries, both of formance involving greater 
which were expected to start market penetration, volumes 
to come on stream by 1980. and profitability, it would be 
But then came the disastrous possible to reinstate a more 
month-long toolmakers strike, ambitious programme, 
subsequent financial crisis and The immediate problem for 
investment freeze. management and: intensive 

- - Mr. Eric Varley 4 the Industry studies are already" under way 
Secretary, eventually gave the — is how to maximise output 
go-ahead for the £2 80m. invest- and quality from the existing 
ment to provide a new small car plants. The possibility of a 
to replace the Mini, but he rationalisation of facilities with 
remained silent about the wider the available finance concen- 
business plan which envisaged trated on two or three found- • 
a 32 per cent share of the U.K. ries rather than spread thinly 
car market and an annual out- ' across all seven cannot be ruled 
put of around 1.2m. vehicles by out. 

the early 1980s. The • Longbridge foundry. 

Such ambitious production ;'where around £4m. has recently ' 
plans were knocked seriously off? been ..spent-, on- an ' important 
course last autumn by tbe ; Lucas^ modernisation . .' -' project, now 
toolworkers* 11-week strike and; seems .unlikely to be Considered 
other production hold-ups. Mr/ for closure. • Investment has 


The shop stewards point out 
that while the trend may be 
towards aluminium, the result 
of such a development will be 
a reduction in demand for 
ferrous castings. Mr. Tom 
Stewart, the union chairman of 
the foundries sub-committee 
established under the worker 
participation machinery. Is 
emphatic: “ One of the reasons 
we are supporting a new 
aluminium facility is to ensure 
the continued importance of the 
foundries as in-house suppliers 
of castings. We have made it 
clear to management that we 
will resist any move* to place 
existing work with outside 
companies. ** 

The balance between castings 
which Leyland produces in- 
house as opposed to purchasing 
from the private sector is ob- 
viously an important issue fat' 
the foundries industry. Lord] 
Ryder recommended in Ms re- 
port that consultations should 
be -held- between the State-cor- 
poration and the industry. Boti) 
the National Enterprise Board 
and the Department of Industry 
have taken an interest in 
room tori ng progress in order 
to ensure that plans are inte- 
grated and that excess capacity 
is not created. 

Despite suph efforts, the con- 
stant complaint of the private 
sector has been the uncertainty 
created by the failure of Ley- 
land to announce firm details 
about its foundry programme. 
The group is such an important 
supplier and purchaser of ‘cast 
mgs that its actions influence 
the confidence and investment 
derisions of other companies in 
the industry. 

. Whtever the consequent frus- 
trations, the industry . is likely 
to be forced to wait while Ley- 
land management continues its 
detailed studies of the foundry 
programme. The cut in capital 
allocation and reduced car out- 
put forecaste' mean the re- 
appraisal now; underway will 
have ta. be ^ho^gtur . 

Arthur Smith 



* ..T. ■ ./»- « v-v* viv* 


m 




The high-pressure die-cast cylinder head for Ley land's six-cylinder Rover 
2300/2600 series engine, made by Associated- Engineering’s Aeroplane and 
Motor Aluminium Castings subsidiary: ~ • : 


TheGloucester Foundry 
-buying a stake in 
the future. 

- ■ The Gloucester Foundry is already well- 

■ grSMSSSSS: • 

and agricultural manifecturers. Butstandands 
. . only exist to be improved on. We are nov. -■ 
actively engaged in a three-year investment and - - 
modernisation programme - a positive ^ 
declaration of our intention to stay in the . 

■ forefront of foundry technology. The service . 


we give our customers will continue to be . 
unrivalled, and our technical advisers will always 

be ready to help with enquiries. 

Consult us for our ' 

cialities- Spheroidal r 


and Pearlitic Malleable - or for 
any other requirements. 

Wre here to stay. 

The Gloucester Foundry Ltd. 

Emlyn Works, Gloucester GL1 48 v 

Telephone: 0452 23041-3 0452 2330°. lc~ 

A nemfm c: ire Euiix.c>. ; SAVIfroi- i.^ iv 1 



Henry Boot V**.; V^-' 



THE INTERNATIONAL SERVICE J* j 
WITH A CAST IRON GUARANTEE 

• <Z ostletields.SincSey., WesrYorksh>=.. 3D1S 2 
Tei'.. 0976.6- 692^] .. Telex 5I7U . 


WILLEYS OF EXETER 
LIMITED 


BATCH QUANTITIES - OF' 
HIGH QUALITY 
GREY IRON & 

S.G. IRON . . 

CASTINGS ; 



x > SOLUS SCHALL 

PROVIDES QUALITY ASSURANCE TO 
fRE FOUNDRY INDUSTRY USING 
THE LATEST INSPECTION 
TECHNIQUES INCLUDING : 

x-ray t;- •• 
i -rfc • '.GAMMA RAY : “• 
i : , ULTRASONICS • ' 

; ^U. ; DYE PENETRANT ’K.-Ti'". 

’‘•Vi; ★ MAGNETIC /■ 

Our laboratory facilities are approved by 
Uoyife, CM and DQAB. • 


i 


... Woottori Brothers Ltd.' ® 

-. , T ; * COAbYlLLE,. LEICESTER LEfi ^ 

' . - ’ • .Tel:' (0S3O) 320Z2/37667/37M& 

-Situated .Centra/ England V 4 miles on AS& driving 

from- Exit 71 on .Ml Mptornmy-rNorth t 'v '>{?• -~:b- 

■ Specialised Grey trod Jobtra ig Found* y :~ 

' / : -libdo S^. 

WELL EQUIPPED MACHINE SHOPS 20.000 SQ. FT: 

Castings manuf acts red/supplied one/3.000 kilos. Latest production 
techniques. All castings super Fettled and Shocblast BSS MSI 
Grades 12, 14. 17. 20. 

High .quality castings now being supplied to U.K.-European industries 
including (1) Machine Tool, (2) Motor Car. (3.) Construction. 
(4) Ceramic/Quarry. (S) Hosiery Textile Machine Builders, (6) 
Ciane/Electrieal Equipment Builders. (7) Boat Builders < Cast iron 
Yacht Keels), (8) Ornate design Victorian Lamp Posts with bricepn 
supplied/fitted. 

Allow jus to LIGHTEN your production demands 
foronly the best In cast-Grey iron 

Over One Hundntd years experience 

. MANY APPLICATIONS FOR OU& LATEST 

HARDWEARiNG FORGEN.METAL: 










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rewards of exporting 


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AMONG THE foondiymen ex- 
porting has been an uneven mix- 
ture of hope, frustration, pride 
and bartHieadedness. Frustra- 
tion seems now for many to be 
elbowing its way to the front As 
the pound strengthens and. the 
dollar weakens the future is 
clearly going to depend even 
more heavily on quality, tech- 
nical ability and marketing com- 
petence. “There's still a bit of 
room to manoeuvre bn prices,, 
but it's getting precious little,” 
said one non-ferrous castings ex- 
porter. “ it’s going to need great 
persistence to hold on to the 
gains we have made, in the past 
two or three yetus and even 
more drive to push them up." 

The export of castings is a 
com’paratively recent pheno- 
menon. It was entered into 
partly as a patriotic duty, but 
much more because the motor in- 
dustry, for one, which takes a 
third of all iron and aluminium 
castings, ' was taking a' beating 
from foreign competition and 
through disruptions caused-by in- 
dustrial action. So it was hard 

facts" the need to .find other' 

markets to take up the capacity 
the vehicIeJndustry did not need 
and to lessen vulnerability on 
this score*— that Were the bigger 
influences; • 

In the earlier, almost halcyon, 
days of, the 1970s hopes of mak- 
ing a go of exporting were 
generally fulfilled for those pre- 
a businesslike way. As exporters 
pared to tackle the problems in 
got to know the European or 
American competition better and 
found- that British foundrymen 
and their products stood up well 
to comparison, there was pride 
as well. “ We were determined,” 
said one, “that if we were going 
to lose British business to the 
German, Italian and French 
motor manufacturers we .would 
get it. back in their cars, and 
that’s what we’ve done. We have 
become! a’ major source of supply 
to Renault, for instance, and are 
developing business In America.” 

That was for aluminium cast- 
ings. In pursuing similar objec- 
tives to try and make good the 
loss of business in the depressed 
construction and building indus- 
tries. as-well as from the 400,000 
cars lost through industrial dis- 
putes, the iron foundries had an 
.even more difficult task to sur- 
mount European and other com- 


petitioiu In the circumstances, and copper alloy, such as railed 
to achieve the export of m per metal, tubes and - wire; which 
cent .of the total production of accounted for 121,566 m/ts last 
2.8m. tonnes editable, year, a recovery from the low 
representing 175,600 m/ts of po^ of 197 g 
motor casting; pressure pipes, 

ingot moulds and other items. As one would expect, most of 
Within this export total, motor the export of ferrous and norl- 
and ingot moulds accounted for ferrous castings is done by the 

70.000 m/ts, pressure pipes and minority of (larger; more aggres- 

fittiogs to 36,400 m/ts. and cast- sive companies 1 pi-oducing high 
legs for machine tools compres- quality products in ‘ modern 
sors refrigeration* etc., foe conditions. For most of the 
01,300 m/ts. smaller, sometimes family 

._ ^ businesses, the biggest barrier 

Renutatinn to exporting is the first — fin- 

x\v|iuinuvu ance. Yet there is no doubt that 

While the bulk of exports was if small businesses in general 
achieved through sheer hard were given more incentive to 
work, some was- attracted by realise i£eir full potential a 
reputation. welcome increase in exports 

Suppliers of grey iren castings be achieved. In this Mr. 
to American suba diaries have Banold Lever, economic adviser 
been pleasantly surprised to be the Government, who is over- 
taken on by the - .American lording the measures to help 
parents looking. for capacity to small businesses in urban areas, 
replace that lost in the U.S. dur- can play an important role, if 
ing the big shake-out of a few only by creating the ctimate in 
years ago. Executives from which they feel able to flourish 
America have come to see for — and to retain the rewards of 
themselves and been: impressed enterprise., 
eraugh to place some quite con- For1hose ^ ^ pJunge 

- ^ certainly no lack of agencies 

Last year .members of the to help - — among them, Govean- 
Steel Castings ‘Research and merit. Chambers of - Commerce, 
Trade Association “•■.produced and trade associations. Some 
-5,540 m/ts of castings for ex- q£ these services are entirely 
?° rt - While this. was helow the free> others m subsidised and 

SfM'ff! s^ay^K.'S'r 

'ZVSfSXS.'TSXT S™ 

SistiSred 5 ttogf fa f or c ^^ iog * e £ J 

nuclear plant and power gener- production towards the motor 
ation, valves and other compon- ^uustry, one of the most potent 
ents for the chemical industries a S e ' naes could torn out 

and tiie construction and earth- the European Components 
moving industries. .... Service 1 , which is free,. 

In the main the- chief export This is an instance where 
markets were found in Western civil servants, most of them 
Europe, from Scandinavia to former engineers from private 
Italy — though America, 'too, industry, visit prospective custo- 
figured prominently for indi- mere in Europe (for instance) 
vidual producers- They tended to find out whether they, would 
to follow the pattern of perodue- be ' interested in receiving 
tion. Of the 237,000- : .m/is out- quotes for components (includ- 
put last year, foir:. instance, ing forgings) from U.K. com- 

161.000 m/ts was. mrnoiwUloy panics. The inquiries then are 
castings, 10,000 m/tein. stain- generally channelled through 
less! 5,000 m/ts in heat resistant trade associations to appropriate 
steel, and the remaining . 61,000 members. This Is a first-class 
m/ts in other alloy steel . service which also demands a 

Because of "a immimr of fac- first-class response in terms of 
tors it is not posable to fastidious quality and delivery, 
discover exports of non-ferrous The Export . Intelligepcfe Ser- 
coatmgs. Most i)f .'.the. exports vice .-is by subscription. A sub- 
from this branch of the andus- scriber indicates the. products 
try are concerned witSlsemi-, he makes and the markets that 
finished manufactures m coppe^ interest- ;him. The British com- 


mercial posts are brought into 
the picture and a computer card 
is produced providing the neces- 
sary details for the subscriber. 

.While not strictly aligned to 
exporting, there are- other ser- 
vices that can be extremely use^ 
£ul in either putting someone 
on the right path,- or helping 
to- keep him there. Such a one 
is the -British Non-Ferrous 
Federation's research associa- 
tion which, helped by a Govern- 
ment subsidy, will help mem- 
bers over technical problems. 
In passing it is worth stating, 
that both the BNF and the 
British Cast Iron Research 
Association have high world- 
wide reputations is the area of 
technical expertise and prepara- 
tion of schemes. 

That finance seems clearly to 
be one of .the factors deterring 
many .medium, and smaller 
foundries from chancing their 
arm in overseas markets .is 
apparent from the alacrity with 
which the Government aid 
schemes .have been taken up. 
The ferrous, foundry scheme, 
applications for which are now 
closed— though not all of them 
dealt with — attracted 514 claims. 
To date 377 have, been approved 
for grants totalling £69m. to 
help towards projects worth in 
all £360 m. 1 The non-ferrous 
scheme, applications for which 
close in July, has- so far attrac- 
ted -87 applications, 57 of which 
■have come from 'concerns em- 
ploying fewer than 100 peopTe. 
Grants approved- are £4nu for 
schemes totalling £l8.5m., while 
another 52 claims encompassing 
expenditure of £ 16.4m. and 
grants of £3.5 m. are in the pipe- 
line. 

Competitive 

These schemes should come 
to fruition in the next two or 
three yfears and 'will help 
measurably to make .the foun- 
dries more competitive and bet- 
ter able to export — because 
there is ho doubt that given' 
the right production, manage- 
ment and spirit it can be done. 

One of the foundries that has 
been successful is Perry Barr ‘ 
MetaL Three years ago .its ex- 
ports were. niL. .“But we de- 
rided we had to get off the U.K. 
vehicle supply circuit " says Mr. 
Howard Burchell, director and 
general manager, lit 1976 the 
company won export bu&ness 
worth 7B per cent of turnover. 





the managing director of Bush and. Wilton, Mr. H. 
Pratte n. looks orer naive castings which are part of 
an order for Union Carbide (Belgium) 


Last- year the proportion rose 
sharply to 22.7 per cent, and 
this year is running around 23 
per cent “But we fully intend 
to go on to 30 per cent.” 

The factor Perry Barr, has 
found most helpful is telling 
potential customers of its 
approach to production, al- 
though it is prepared to do it 
the hard way and knock- on 
doors. “But the. most potent 
selling factor is to show you 
have" a proven background, and 
technical ability. European 
buyers are highly professional 
and you can't blind them with 
words ” says Mr. BurchelL If a 
prospective customer evinces in- 
terest, Perry Barr looks at the 
joi> to find the most economical 
way of making it at a very keen 
price. “ But you have to be 
right first time. You don't get 
a chance to make a second mis- 
take.?. : - 

If -i necessary a similar com 
ponent is taken to the prospee-. 


tive customer to evaluate. But 
before he agrees anything he 
will ask the state of industrial 
-relations at the plant Ability 
to guarantee continuity of 
supply is of paramount im- 
portance. It would be disas- 
trous, says Mr. Burcfaell, to treat 
an overseas customer like a 
XJJBi. customer who has got 
inured to disruptions. 

“While you- have, to put in 
money and time,, you also have 


to remember that, the customer 
almost always has to- spend 


money also by putting in special 
tooling, so it really is a partner- 
ship. The hardest thing;” Mr. 
Burchell reflects, “ is the first 


step, . the decision to ‘spend 


money, then the two years slog. 
But wben, as happened, a 
£200,000 order- just dropped 
through the letter box, all that 
flying to France and Germany 
as 1 if you were going to the office 
makes it all worthwhile. 


Peter Cartwright 


“S.G. Iron castings 
from 5 cwts to 
50 tons? I don’t 
believe it!” 

“It’s true I tell you!’ : 

“Where from?” 

“Beloit Walmsley” 

“Right give me 
their number 


WALMSLEY LTD, 

Foundry Division: 
Crompton Way, Bolton 
Lancs. BL1 8UL 
Telephone: Bolton 21351 


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The overall cost benefits of eleefne furnaces 
are persuading more and more foundries to take a 
closer look at their melting and holding operations. 

High productivity, low reject rates, a wider 
range of metals cast^ withsavings on charge materials 
and melting losses - all these vital profit factors are 
built in when you install ah electric fomace. 


Geared to dLean, convenient working -con-* 
ditions-Aflbwing&t startup. Less maintehaiK^Atid 

easy switching from one alloy toanotfceiv 
No wonder the trend is to. electridfyi 
Contact the Industrial Sales Engineer at your 
Electricity Board. He is baclred by a wealith of 
technical support and experience. Andready to make 


an individnal study of your -requirements. 

■ Contact . him nowi- It could .make a 
substantial d iff e rence to your company 9 ^ 
profitability. 


INVEST 

The Electricity Council, England and Wales 


.ill 


i . i. 












Financial -Bines* Wednesday Maui 22 19lff * >;; 


FOUNDRIES V 




Problems of attracting 
the right manpower 


A GROUP OF children had 
been shown round an iron 
foundry and were on their way 
out The careers teacher was 
.overheard telling them: “Now 
you know what will happen to 
you if you don't get yonr *0‘ 
• levels." 

This incident illustrates one 
of the foundry industry's major 
problems: How does it attract 
and retain the people It needs 
in the face of an ageing work- 
force and unsatisfactory image? 

Foundry workers themselves 
consider that they have some 
of the toughest working con- 
ditions in the engineering 
industry. One very commonly- 
used comment is that “ foundry- 
work is even tougher than the 
miners' work.” 

Although progress is being 
made to improve the working 
environment in many foundries, 
the industry is still considered 
to be one where employees 
often have to undertake hard, 
physical labour in conditions of 
considerable dirt, noise and 
heat and some danger. 

This naturally makes the In- 
dustry appear unattractive to 
school leavers, their parents and 
teachers. 

Yet, despite the working con- 
ditions, labour turnover is not 
high except in the fettling areas 
and among new recruits gener- 
ally. There is a high degree of 
turnover of employees during 
their first few months of em- 
ployment But if they settled 
down and can cope with the 
conditions they can be expected 
to stay for a long time. 

Foundry employment has 
diown a marked downward 
trend which peaks in the output 
cycle merely halt rather than 
reverse. Manpower has declined 
in the iron and steel foundries 
at an average rate of 2 per cent 
a year, falling from 118,000 in 
1960 to 102.000 in 1968 and 
around 80,000 in 1976. This was 
mainly caused by the foundry 
closures which have taken place. 
And there will be little need 
for any significant increase in 
total* employment in the found- 
ries in the foreseeable future. 

But this does not necessarily 
mean that manpower ■ con- 


straints will, not arise: The 
changing mix of -- skills, with 
fewer traditional crafts but 
more maintenance crafts and 
technicians needed, could be a 
source of problems. The 
industry is already finding it 
increasingly difficult to recruit 
and retain suitable entrants to 
the skilled moulding crafts 
and to the highly arduous 
fettling jobs and to re-attract 
sJdZTed. or experienced labour 
which has left the industry. 

With this in mind, staff from 
the National Economic Devel- 
opment Office's Manpower and 
Industrial Relations staff made 
visits to seven foundries to hold 
discussions with groups of 
managers, staff, shop stewards 
and shop floor workers at each 
of them. The purpose was to 
get the views of people in the 
industry an a range of topics 
including productivity and 
industrial relations as "well as 
recruitment and retention of 
labour. 


Inferior 


The results were outlined in 
a report called “ Foundrymen’s 
views: An attitude study in the 
ferrous foundry industry,” pub- 
lished by NEDO (£L10). 

When the NEDO team was 
looking at the physical working 
conditions, do common pattern 
emerged for the different sorts 
of foundries.- But it was clear 
that most foundry jobs “re- 
quired much physical effort in 
conditions considerably inferior 
to those prevailing in most 
other industries." 

A carious feature, say the 
researchers, is the noticeable 
fatalism among many, foundry- 
men about the conditions. But 
employee groups made the point 
that other heavy industries, 
such as chemicals, have much 
better facilities, for example 
better medical services, better 
washing facilities and pro- 
tective clothing. The foundry 
industry, they thought, was in 
this respect the poor relation 
among heavy industries. 

So why do so many foundry- 
men stay_iiMhe industryfor so 


long? . One view was that it was 
because of the job satisfaction 
the industry offers. (Foundry- 
men often have the satisfaction 
of seeing the end product of 
their efforts. Variety of products 
in foundries where products 
were short-run or one-off also 
contributes to job satisfaction. 
Flexibility of labour contributes 
to job satisfaction in a number 
of plants.) 

The NEDO report points out 
that more- could be done to 
convey this to school leavers and 
those who advise them. 

However, other foundrymen 
suggested labour turnover Is low 
because of the desire for 
employment security. The 
longer they stayed, the more it 
would cost the employer to 
make them redundant and, if 
they moved elsewhere, they 
would -lose the benefits of the 
“first in, last out" principle 
employed by the foundries when 
redundancies have to be made. 

The areas In which there was 
thought tp be the most need for 
improvement leading to higher 
productivity and better working 
conditions were: 

More mechanised equipment 
(fdr example, cranes, sand- 
siingers and mechanical 
handling generally) in order to 
reduce the degree of physical 
labour involved in many jobs: 

Better layout of plant: 

Improved noise reduction in 
the foundry, including hearing 
protectors and relocation of 
fettling shops: 

More dust extraction through- 
out the whole foundry opera- 
tion: 

Isolation of furnaces: 

More adequate control of 
sand: 

Adequate shower facilities 
and possible consideration given 
for men to take showers in 
working time at the end of the 
day: 

Adequate heating in winter to 
prevent the low temperatures 
which occnred and- often 
resulted in disputes. 

It was also recognised that the 


ability of the industry' to 
modernise and improve wages 
and working conditions was 
hampered by its low* profit- 
ability. The industry must 
improve its ** value added ” if 
profitability is to be improved. 

There were, many other 
revealing insights produced by 
the study and the results were 
reviewed by the ferrous foundry 
“ Little Neddy ” advisory group- 
ie came up with a. number of 
recommendations which would 
do much to. improve the quality 
and productive performance of 
the industry's manpower if 

im pTarngfitPri 

Inadequate 

It was suggested, there is a 
need for greater attention to be 
given to production planning 
and control in foundries. This 
is primarily the concern of indi- 
vidual companies but the 
“Little Neddy” would like to 
be sure that sources of advice 
from research associations and 
elsewhere are adequate and 
might ask the government to 
consider offering financial help 
towards the fees: 

Manpower planning by com- 
panies Is generally- inadequate 
to provide companies and the 
Ferrous Industry Training 
Committee (FITC) with neces- 
sary information to plan future 
recruitment and training poli- 
cies. The cyclical nature of 
demand exacerbates problems 
in the industry. 

The “Little Neddy” main- 
tains that inflexible 'attitudes to 
organisation or technical change 
prevent full productive potential 
from being realised;- Resistance 
to change could often be traced 
to underlying fears for job 
security, which proper man- 
power planning could allay. 
Management and unions should 
discuss and agree on ways to 
promote a more flexible use of 
the labour force, it insisted. “ In 
some cases this will require an 
initiative Jby full-time trade 
union officials to give a. lead in 
encouraging their members to 
be more flexible between jobs 


within their level of compet- 
ence. Where practicable, rota- 
tion of jobs should be con- 
sidered as a means of increasing 
job satisfaction and flexibility." 

There also appears to be 
scope for improved utilisation 
of both manpower and plant, 
particularly in the more capi- 
tal-intensive volume foundries, 
through staggered hours and 
double-shifting. Attitudes vary 
as to the desirability of shift 
work but there is a general 
recognition that the cyclical 
nature of demand must be met 
by flexible approaches. 

The Little Neddy recom- 
mended that the FITC, in con- 
sultation with, the industry, 
examined the scope for the 
training of adult workers and 
for management training m the 
industry. A further view.' ex- 
pressed at various regional 
conferences organised by the 
M ittie Neddy," was that “all- 
round technician training” for 
foundries should be developed. 

There was a reco mm endation 
that management and unions at 
plant level review- existing 
wage systems, • wage • differen- 
tials and the possibility of im- 
proving jton-wage benefits for 
shop floor employees. 

Management should examine 
the scope for improvements in 
communication to the shop 
floor, involving foreman ' in; the 
company decision-making frame- 
work and in consultation prior 
to changes in workplace condi- 
tions and facilities. 

And “If the industry is to 
-attract suitable school leavers 
at any level, they and their ad- 
visers most be convinced of 
adequate' prospects for advance- 
ment and that the industry 
offers a rewarding and satisfy- 
ing career. Much of the tradi- 
tional face of the Industry is 
changing and a massive new 
investment programme is under- 
way. It is recommended that the 
industry, possibly through trade 
associations and/or government, 
should do more to project the 
up-to-date image of the indus- 
try.” 

K.G. 




• :VT' . '' 
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•;:«> A 


The big end oi the business. Cor, 
cylinder at BSQ’s 


bina a mould /or a 4,000 ton extrusion. preW'*.. ^ 
c iai Steels Division, Sheffield. $ 


fforts to use 
less energy 


yiierg} 


THE ISON foundries castings 
sector account; for as much as 
5 per cent of the total industrial 
energy demand in Britain. Small 
wonder then that it has come 
under intense scrutiny by gov- 
ernment bodies in the search 
fer ways of saving energy. 

Last year a major report was 
published which attempted to 
take the burgeoning inefficien- 
cies 'oat of some of Britain's 
older iron casting foundries in 
areas which the layman would 
probably not associate- with 
energy saving. The report was. 
the first to deal with energy 
audits in energy-intensive indus- 
tries under the sponsorship of 
the Energy Department and the 
Industry Department. • 

Studies are being conducted 
by the Energy Technology Sup- 
port Unit at' Harwell and the 
Energy Unit at the National 
Physical Laboratory at Tedding- 
ton. Industrial research asso- 
ciations are also involved. All 
tire w nrfe i tue l nriing that already 


well underway in the foundry to produce iron casting*- in? 
sector, is carried out under the Britain, coke accounts for over 
auspices of a body aptly called 51 per cent An average of M ~ 
SLICE, Studies Leading to In- GJt .of energy is needed to 
Austria! Conservation of Energy, produce one tonne qt iron cast- • 
The aim is to find out how Ings. In individual ■ foundries 
much "energy is used in manu- this can vary from as low as 
factoring processes and in pro- 14 to as high as 60 GJt Comte 
ducts, through aggregation of of castings produced. .. 
the energy involved in the in- in all cases*, melting la 

dividual processes leading to a th e main single energy consum- 
prbdnct's completion. jng process in a foundry, usually . 

- 3b- foundries, the sums .are., accounting .for 50 per- cent of 
relatively straightforward; tire the total energy requirements of ,■ 
product, a cast iron component, the final product . :zi . . r, 

fact that iron casting accounts . _ A u*i A - s 

*“■* Pe en‘S£. * “roduc^ Ld it is estiro&l' 

* year, helped decide that this 

industry would be the guinea TO®*®*? 

pig fer the first energy audit ™ ners - C01 ? d " SOTe Britain 

scheme. £4.5m. a year. 

:£ Of the total energy required In addition to the savings 

. CONTINUED ON NEXT PAGE. 




















Bmes , Wednasday Man*' 32 1978 


FOUNDRIES VI 


19 



LONGRIDGE 


operators 


FOUNDRY 


MESSAGE ifiu jnrwtaw j,-.' 


^5ss^s8ife'gSr r S^S ,SS ’* wswswts *sass? as zertv - «*» « — n-w-Hw ** *. »*i 

5 **.w.-..«j5?55S.-.5SX: 53* » 1 ?W £?' ™ le «- «*»«■»•* -Cuta^saEE'wffS fi&SS .KMES “ mlasty irL“^ 

nt >** siMerdy V and which can tom their skiLU £ SlS? 9 '*. In many instances ail that is needed to bring about needed in the faituri * H SSS™ Z2}} *» delayed, 
bent .on • creating' 'a many types of castings. are toe acorns from which, . a: more effenriv** wnrHna >>,0 him> ac * — . j y far money is a- problem for almost 


GROUP 


s ^?ch‘ \SSig^^^S%oSi SS tiODalIy * ***** ■ oaks ' environment This U something Se aSmivefil?? 2L"Lj? £ of *“■ the other hand 

tnafce ah even bigger of small cmc ,u» ? have grown. Looked at purely a sneriai ramminon n n *<«« *««wi Ki„ ^ there is no doubt at all that 


&^.v±&:&sr£? £ s=v fZJf&Wissi — t-S “RS/SSt s usi 

»■ WS* -thu, w i, iST: ."“I- SJUL*?. ““V?“ “» “ft™ from an intimation- w . n.fmW °°.".!J".!.°: ISMEfSl up if good quality, willing 


Including 

DR 0 NHB 11 CASI 1 NGS 110 . 


and 



c 


S — *** «*. ana nexiDiuty in responding in desner 

mMg^ BgSg ^g bSb'hllvei* Bnt'aTStt Tom “ •““‘r th. last taSd-M lurgTiS 2 £l — „ 

'vH W on- w« only about.Vdozen, r..-r r,4LSL^ fj,^° h ^l°fg|. f " la ™ e * opportuni- Nor. is it known how long Prohibition 

limisiar3pn filing,- simpli-"*? ld ^ese lower figfcres Have job ^ -7 ^ v - ^ d dearly 2t 15 ln some of them can survive. The Va A . 

ig VA3E*5aia3msttalioh ^ith Prevailed, -with 1977 feeing 16 T - -V.' ■" ; nationaJ and industry’s interest new Government environmental t - ? eas . n,ly ’ “* respector- 

• debt concessions which Mr iron foundries closi rig, leaving PccfliiiSnl " - ' ' ?<* «®Id this kind of situation and working relations have ® r ® Jts Powers of issuing 

er promised, obvieusly can- 714 1° operation JCLSSeilliai the future. been a potent cause of with- P rolublhon orders on equipment 

be limited to inner ritv The 1974 ^ . What in part is lacking is drawaL The cost of meeting , or P* 0 ” 8 ®* 8 onl y where abso- 

o nner .city l fie 19/4 watershed co-incided Everyone can talk w generali- a more precise knowledge of. them is formidable. Moreover luleIy necessar Y *nd is taking 

»c nhnifi +>.« nHma **-«• *■ — -«- — — ■ -- - the much more positive 

offering help in 
__ two, three or even 

in industrial balanced structure avein? wnrirmcy five year programme of im- 




1 S alone- thev will h»n»et- withl .. *"«»“■“ «* ecuerau- a mure preuse snowieoge of.tnem is rormidable. Moreover "«**> 

smallfiiTBsT to some b “ eas ^ r es about the I™ 1 ewnport an ce how much, and where, and nf the difficulty of attracting young ^ T Ch 

i the Midlands for esa^Ie’ motot^n? ™ h p i r e ® er ^. n & a vnpet ratio of what type of loose pattern cast- people of ability into the ®PP.™ ach of 

a comprise four in fivAi Ln a /.ita^« sm all to big units, and of toe ings is needed to create a foundry trades is leadin'* to- an devisins a r 

7 “_ five , of ca P?cityhad been lost that the essential role in industrial balanced structure. ageing , working 


devising 
five year 


maniifaphirinw ~ ”*-“v -u ™ u .u« casenuai roie m inausmai Dal arced structure. ageing. ' working noonlation five Programme of im- 

S °t th ^ indu ^vy society that -small firms occupy. The small craft foundries pro- Where this factor combines with P ro '' ement 111 not a few cases 

ice castings of under 1 lb to an owner thinking of retiring ?^. e . hispectorate is taking the 


TYi-mrirto 9 tfciwi — * . ‘ jr JULIC^ uiffl-smaii anas occupy. ine small cl 

provide a third of the jobs, was hampered. . The cosseting But toe facts of the matter are duce castings 


mergy 


CONTINUED FROM PREVIOUS -PAGE 


initiative in suggesting ways I 
and means of lessening toe I 
financial burden. 

The inspectorate is also find- 1 


... . v thinking of retiring 
arid selling up because he has 
no one to follow him. the addi- 
tion of having to meet strin- 
gent regulations can be the 

straw which breaks the camel’s ing the plant and equipment 
hack. - makers less than alert to what 

The too-rapid imposition of the regulations mean to their 

&-ss«i «.* — «*-. sSsSSS SS 5 S 

15 other ways in which perhaps not for 15 or 211 years, remove toe odour * • . Jl v !T^ tn^pnce. it to move into quite sophisticated 

tey could be saved through Greater use of after-biirners ' A third cnfir sy tech- 15 **“■ *** o£ situation toe equipment ” ay one inspector 

•roved energy usage. to eliminate carbon monoxide «, T 5 ese •*?**** “W for involves the use of a authorities in toe UJC are try- put it “Their eyes glaze over 

smoke and fumPR fmm ^nnnia ttie future J for the Government hot blast recuperative cupola, ing to avoid, with some success, when you start talking about 
* here J s a possible conflict exhauW i-nJ “ 1S Quite adamant that the described by toe Government In the West Midlands, a captive velocities, threshold 

. -veen the need for energy JLj “ S^test savings could be as the most energy efiident centre of the foundry industry, limit values and respirable 

.ng and the need to reduee ^ 3 achieved by wider application means of melting iron for foun- there are two groups of -eight quartz particles.” 

ironmental uollution but , . Dy minimising 0 f three existine technologies, dries woridne Innsr dailv melt, rnsnectors tntallv mn ou. An rv..:*. .1 ■ 


Our group of foundries produce 
white heart malleable iron. Grades 
of Iron 10 to 17. 

S.G. Gun metal. Grades, L G2 
and L G4. Brass, Grade SCB3. 
Aluminium, Grades LN 4/5/6. Up 
to 4icwt. 


. *ns ana me need to reduee ^ h , ‘Ki acmeved by wider application means of melting iron for foun- there are two groups of -eight quartz particles." 

; ironmental pollution but ^ ^ f y of three existing technologies, dries working long daily melt- inspectors totally engaged on Quite obviously education has 

le firm recommendations * JJjT needs dWi^This of whicb involve modifying mg campaigns. Energy con- seemg that companies abide by a bi<* part to plav in mSrine I 
• :; c been made. In -particular. ^ldSdiie ^by retS^tof -**»* fu ™aces. or sumption may be only two the anri clean air, and health workers^! 

CUP ° lai •- 2JJ* W.-.U- cold .“gffJSj suppliers awtre of SS chafes 

tk® exhaust ..A ™!™ttond cupula, intro- «W^ ' ’ . - ' W Ujtwdii^.in^aie 


ting cupolas should ideally hv watpr 
in the. range of from 7. to ^ 


iucwuuuat — *■ — - - - T; ~jrrr. — j r- j ' nuw oeing- innoaucea -ana the 

injection,' or duces air at one level, but t«r Long term energy savings •|i^ t 7 n ®J ner Productivity and agencies through' which they 
total savings injecting air at two levels in a may also be possible front re- • r J%J* *{* a problem ’ “ e y can_ can be helped, whether govern- 
“* have not >-et been quantified, divided blast cupola, the energy search into methods of recover- Du i ■ p be aware °. f ment, trade. Chambers of Coin- 

a efficiency wet scrubbers, but couja b e as high as "53 per say ing is as much as £5 per ing heat from exhaust gases of in no d ° ubt that toe merce, or the Foundry Industry 

7ith uncertainty surrounding cent. tonne of casting. In Britain cold blast cupolas, as well as cost meeting the regulations Training Committee. There are 

— *- — — * 4 — ** — ' ---- - - about half the 200 to 250 Irom hot blast units. But at 1S at “ e cenbe sma ^ firms’ many doors to knock on for 


Our foundries offer capacity in 
Semi Automatic; Floor Mouldings 
and Shell. The Companies also 
have machining capacity and 
usual Fettling and Shot Blasting 
facilities. : We welcome your 
enquiries. 


Hth uncertainty surrounding cent. 

efficient use of filtration Even with major advances. ““Will gJfUl UlC 4UU l(J ^au “«»** UVl VIM! 1111X1 >, DU I at _ 

electrostatic foundries still face problems cfipolas suitable for conversion the end of the day, if there is co 25r aL - „ help. The special working party 

, 1 J -l havp alroa/fxr Ki«.« nno thin a o I hi* IWFiHorn » .....11., ... ^ 


ipment and eiectrostauc lounanes still face problems suiiaruie imr conversion u*« vuu m me aay, u mere is "rpi-'-TT neip. xne special working party 

rectors, foundry managers from smoke and odour elemlna- bave already been converted, one thing a foundry manager c ° ncer n ^ equally shared 0 n small firms will 'help to 

e been advised to co-operate tion. because the only reliable v ' dth a degree of success, needs to do, it is to evaluate ““.t”® r ? edJ H« and smaJ1 identify how and in what ways 
a survey, of these items of method of eliminating these A second modification to “ d COnslder ** e impact “““J difference that they can best be helped. Their 

ipment so that results may them is to use more energy to existing technology involves the ? f en f rgy demand when chods- r““ LJf™ , * s •** e>en ® ra j ly report should bi 
,, compared with equipment burn them at up to 800 C. One addition of oxygen 'to a cupola, ins ^ next - new molting unit SIS *1? J ap ln ^ year ani 

*d in plant in Germany and alternative suggested by toe improving its thermal efficiency. _ ' XviUSS* ^ a valuable guide 


Please contact Gordon Hammond 
at Ecclesfield (07415) 63641. 


id in plant in Germany and alternative suggested by the improving its thermal efficiency! 
U.S. Success in choosingthe government is a two stage pro- Injection into the coke bed 


1 should prove] 
to the ‘future. 


Burncross Road, Chapeltown 
IMr. Sheffield, Yorkshire. 



FATA in the aluminium 


"\ 


FATA European Group, a 
' tber of Babcock & Wilcox 
ted, is one of the leading Euro- 
groups specializing in providing 
ces to various industrial fields 
as those of passenger cars* 
is, tractors, foundries and 
omen. 


their highly qualified competence to 
various industrial fields through 
their Divisions, the main of which 
are: 


iged by its Headquarters rn 
*, Italy, the Companies of the 
|p, four of- which are in Turin, 
In the Sduth Italy, one in 
Mona, • Spain, .- ope in' Paris, 
ke, ami - ope iiv, Milton Keynw, 
aid, are in a pinfion to secure 
I* ■ . ’• ■ 


—The. Engineering Division, for 
design and construction of turn- 
key factories. 

—The Industrial- Material Handling 
Divisions, for design and manu- 
facture of a wide range of both 
overhead and floor material hand- 
ling systems and -automated 
storage' and retrieval systems. 

—The : Aluminium Casting Equip- 
ment Division. 


The action of toie Group is not 
only confined- to the European 
territory, but also extends to the 
EasbEuropean and to the Middle- 
East markets. 



industry 


Among , the latest achievements, 
mainly on the East-European market, 
it is worth mentioning the-acquisi- 
tion of an $80 million contract, 
calling for the Group to design, 
manufacture and supply a number 
of Highly automated material hand- 
ling and. storage systems, for two 
tyre factories in 'the U.5LSJI. 


I is also significantly expanding 
xivity in the aluminium gravity 
sting field. 


acquisition of SAMMA by the 
l Group has been recently an- 
ted in the press. SAMMA, 
ed in Turin. Italy, specializes in 
esign and manufacture of tool- 
ar the foundry industry, namely 
for high pressure and gravity 
ig, core boxes, wooden and 
• patterns. 


Jgh the full control of this 
»ny. one of the most modem 
»est equipped in Italy, FATA 
iow cover with direct supply, 
ill spectrum of operations and 
ment necessary for foundry 
ction of gravity cast aluminium 


components. The only exception engine components, where output 
being furnaces for metal melting requirements Justify the choice of 
and holding, and of core blowing highly automated equipment and 
equipment (core boxes though are modem technology. 

designed and manufactured by eA -.., . . 

FATA) F-ATAs. commitment in the 

aluminium foundry sector has not 
This important step is the conse- solely been confined to casting 
quence of a fast growing activity of equipment, but has also developed 
FATA in the light alloy foundry into - the production technology 
sector. with '-the aim of supplying a turn- 

. iaei -l. c . key service covering the production 

In 1962 the first automatic auto- - . , , , 

. ,. __ aspects in total, from molten metal 

motive piston casting machines were . ,. , 

. . j . _ . . .. treatment and dispensing, to the 

marketed in Europe, and from this d e|Wy of trlmmed ^ 

succesful beginning the casting machining fines, 
equipment, manufactured in the 

main FATA plant in Turin, has been The need of this complete tech- 
diversified and developed to cover nological involvement was raised* 
the production of other types of when FATA directed its attention 
castings, principally automotive towards other high volume castings. 




Overhead camshaft cylinder head produced at a rate of SO parts 
per'hoar on an automatic corousei. 


.countries, such as England. France. 
Spain, and recently the U5A. and 
Latin America. 


Single station casting machine equipped with cylinder head die. 


mplex high-pressure die for a VS cylinder block manufactured 
SAMMA. The weight of the die alone is 31 tons, and is used 
on a 2.000 tons dlecasting machine. 


Four stations carousel during production tests in the FATA 
foundry. 


The first castings to be considered 
under this complete technological 
aspect was Diesel pistons. 


Equipment and casting technology 
for truck engine components 
(cylinder heads. Diesel pump hous- 
ings. manifolds, pipings, connectors, 
covers, water pumps etc) were 
delivered for the KAMAZ giadt 
complex in the UJSJ.R, . being 
equipped for the production of 
150X100 heavy trucks per year, 
under a contract which at to-days 
value would approach £50m. 


ment stages, has prompted FATA 
to insist in always retaining over- 
ail responsibility for the final re- 
sults in terms of production rate, 
metallurgical quality and casting 
dimensional tolerances. 


The success and acceptance of this 
formula has placed FATA in a posi- 
tion of world-wide importance in 
this highly specialized area. 



These heavy duty components with 
a met&Iurgically bonded iron ring 
insert required a very s pedal cast- 
ing process, which at the time was 
the sole domain of a few 
spedalized foundries . 

The Casting Equipment Division of 
FATA was enriched with the con- 
tribution of newly hired techno- 
logists and tool designers with ex- 
tensive foundry experience, and as 
a rpsult Diesel piston .machine? and 
relevant tooling wqre_d«aignec] and 
bulk. Pistons were produced in 
the experimental factory that was 
set up for the purpose, and has since 
been used for the try-out phase of 
all the equipment and tooling that 
has. been delivered ; f n the subse- 
quent years. 


The high output Justified the 
employment for the first time in- 
the piston industry, of .fully auto- 
matic turntables, which minimized 
the use of labour, and Improved 
the foundry working environment. 
The success of this and other 
similar contracts led FATA to con- 
centrate on the .aluminium casting 

venture and a short time later, the- 
ALFA ROMEO foundry in Milan 
was equipped with automatic turn- 
tables for cylinder head and mani- 
fold production. 


FATA’s unique casting production 
technology is the successful con- 
junction of two factors: mechanical 
design, deriving from longstanding 
experience in mechanized handling, 
intended primarily to confine the 
operator's task to supervisory 
functions, and a deep -knowledge 
of foundry work in all its different 
aspects. 


FATA serves the British industry 
through its associated Company 
FATA LTD. of Milton Keynes, who 
have for a number of years supplied 
material handling installations to the 
main automotive and truck manu- 
facturing companies in the United 
Kingdom. 


The total control over these two 
important elements both during the 
design and under actual develop- 


The reward for these organisations 
and R & D efforts arrived with a 
turn-key contract for the produc- 
tion, rough machining and ultra- 
sonic testing of 6,000,000 Diesel 
pistons per year for an Important 
U.S.5.R. Foundry- 


Kultistation carousels with new 
concepts, were subsequently de* 
veloped eliminating complex - and 
difficult to maintain on-board 
hydraulic and electric installations. 
These compact and. reliable machines 
featured all the necessary die 
actuators in a stationery working 
post where castings are unloaded 
and sand cores positioned into the 
die. 


The Foundry equipment is >| 50 pre- 
sent in the U.K. and Piston casting 
machines are well known and have 
been used by the most important 
producers for several years, with 
the more sophisticated cylinder 
head equipment and tooling in use 
only recenrly. 


Other parts were examined : ahd re- ' 
solved in terms of casting design, 
tooling and equipment design and 
manufactured .for important .sup^ 
pliers in -Eastern Europe, .and other 



A member of the Babcock & Wilcox Group 
in the U.K. FATA Ltd- Dawson Road. Bletchiey, 
Milton Keynes MKI 1JY. 




KiltSSiFvr.t ' 


\ 



2ft 

LOMBARD 

Educating 
Americans 

BY ANTHONY HARRIS 

“WE OUGHT to send over a- central ■banka- - There Is an 
technical mission," a foreign implication that U.S. monetary 
currency dealer remarked to me policy is working exactly as 
the other day “to tell them how planned, only at a remove; excess 
to manage a weak currency.". The dollars are being mopped up by 
idea of educating the Americans selling U.S. Treasury bills to 
in the mechanics of speculative Foreign central banks- rather than 
outflows and domestic credit has to U.5. investors. Since foreign 
in fact occurred to quite a lot of central banks arc buying to man- 
people. and a kind of unofficial age their exchange rates rather 
delegation or bankers, .brokers than becanse they want to- hold 
and economists, has been busy at the bills, they will take a lower 
its charitable work for some return; the only result therefore 
weeks. Returning travellers all is a somewhat lower level of U S 
report that it is uphill work. interest rates than wbnW other- 

wlse be the case. ' 

rnnflicmn The analysis so far as.it goes 

A^UmUISiUU is faultless; but because it does 

The Americans themselves ere ™Jlica- 

SR vtMK s gas agr-M 
sfLasLisss «a- .f-irSw*? 

excellent 


account of how reV is *>“1 the 

rency intervention actually ?***£. ,9® . ,s entirely 

works. The tale is familiar to us SSjiJ tJ! Si * 

over here: Foreign holders of officials. The fart is that DCE 

dollars acquire their own cur- *"**!£, excee . ds *** 

rencles instead, and thus inter- ilwly, ’ilP? 

vention causes monetary expan- 030 ar 8“® that 
sion overseas. The U.S. Treasury V eiy laZge 

is enabled to find finance from excessive 

the reserves or From foreign domestic credit expansion from 
borrowing, and so U.S. interest «■§- mtmey 

rates wilf tend to be lower than appearing in the U.S, money 
they would otherwise be. A swap, supply, in other _words, .the rate 
which creates reserves, or a loan of growth which the -St Louis 
from central bank to central fed regards as being unaffected 
bank, which activates them, looks ' n on ® narrow sense . is 
potentially inflationary in action, achieved at a lower interest rate 
and it is. than would otherwise be the case. 

The need for stating these The St Louis .Fed does draw 
home truths is set out in the a £ e " tl ° n t0 «. T* te 

Introduction to the article, which effort, but not to its implication; 
summarises the current confu- tbat intervention makes it 
sion of U.S. opinion on Uiese possible to reconcile apparently 
topics: “There are those who restrained money growth with 
state that U.S. intervention will credit 
have a contractionary effect on m 

the U.S. money supply, and will TlI-PnillTlTIPfl 
not cause expansionary pressures 111 t's Ul rr vu 
on the money stock of other The whole article seems to me 
countries. There arc those who t 0 suggest that a domestic 
argue that U.S. intervention will monetarist is instinctively ill- 
produce a different impact on equipped to understand what is 
U.S. interest rates that that going on in a world of currency 
produced by foreign interven- turmoil. In a world run on 
tion." In other words, the St. Friedinanite lines, free floating 
Louis Fed feeds that it is help- would be the unbroken rule; that 
ing to eradicate error. However, nile is being broken. In a Fried- 
as readers of the FT’s cprrespon- manite world, the money supply 
dence columns know, there is would. grow at an- orderly rate; 
scope for endless semantic it. is growing at -an orderly rate! 
confusion here. Higher or lower The irresistible conclusion ' is 
compared with what; that is the that the intervention is somehow 
often unasked question which the cause of the trouble. It has 
causes all the confusion. taken hard experience for us to 

The trouble is that the St. learn that in a non-Friedman ite 
Louis Fed only looks at one side world, the Friedmanite domestic 
of the question. It shows that as rules are an inadequate guide to 
a result or intervention, exces- policy; that intervention is the 
sive monetary growth probably Anal desperate response to 
occurs in countries other than troubles that originate elsewhere; 
the U.S.; but its statement that and that no analysis can get 
the U.S. money supply is round the basic rule: if a cur- 
unaffected suggests somehow rency or anything else, is drop- 
that the inflationary act is the jring in price, there seems to be 
lending to the Fed by foreign a glut, • ■ 


Seeds to sow 



Financial Times Wednesday March’ 22 197S' 

the holiday 


nun 


PART OF my Easter week-end 
will be spent spwyig seeds. Some 
of them, of course, should have 
been sown earlier, but there have 
been roses to prune,, campanulas 
to divide and foxgloves and 
Saftriin Turkestomca to transplant 
from wherever they sowed them- 
selves inconveniently last year. 
It has also been snowing. Most 
plants object to an interruption 
once they are growing on from 
seed, -especially ' the ' annuals 
which have to grow so quickly. 
It is better, then, to start them 
later, with a' transplanting in 
early June in mind. By sowing 
late you can move the seedlings 
on smoothly without a delay' in 
late April when they threaten to 
grow too big for their boxes. 

Now let me clear up a problem. 
Many of you write to complain* 
of difficulty in tracing the white 
lilv, Ldlium formosarasm, which 

I mentioned last month as a quick 
and easy Hly to- grow for flowers 
in its first year. I was referring 
to its seeds, not its bulbs, which 
can be bought quite easily frfom 
Wallace and Bair, ■ Marden, Kent, 
among other suppliers. 

Seeds are cheaper, but those 
.who have failed to trace them 
should try Thompson and Morgan, 
London -Road, Ipswich,- who list 
the very similar LUiam Umgt- 
florum White Queen at 33p a 


packet. The two names, I should 
have warned. you, are used with- 
out much discrimination -and 
seed-lists may now prefer to call 
this fine bulb Iqhgiflomm. Either 
way, yon are buying a splendid 
white trumpet-lily. .If you have 
a very ' warm greenhouse, you 
might well not be too late to 
persuade it to flower later this 
year. 

At 55p a packet. Thompson ond 
Morgan also list, what they qall 
Lily White Swan'.* -From their 
description, I assume this in fart 
to be the fortnoiaitum' which I 
mentioned. It - is equally good, 
though it would- have to be 
hurried along in heat of not less 
than 70°F to make an impression 
in late October. 

. If y<ou can watt a Utile longer, 
order a 27p packet of the scented 
Regale lilies too from the. same 
source. Anybody can persuade 
this lily to germinate' without 
heat or any special attention. By 
next- year the bulbs 'Will be big 
enough to bear theirjfirst flowers. 
Thin them out a-few weeks after 
germination by. planting' them 
about three inches or so. apart in 
open ground. Qne fully-grown 
bulb costs about 45p nowadays, 
so it is worth being patient and 
raising -20 or so from seed for 
roughly-half the price of a single 
adult 


’ What, though, about the bed- I am hot too worried to miss the and ironing? I JpMmlwiJx^new 
ding plants? They are now too -petunias in late June when -so- of Thompson ana. man, 

f/., th. v. (. «+-. hewt -- An "RmIIv Green touacw 


in late May. You do not have to ventent , - • “ *£™ cea 5. iy Jr rariety and its 

have a greenhouse in order to To keep up the temperature old Lime Green j 

raise the half-hardy sorts. You for seeds sown inside your house, vigour has not aisappc m 

* “ “ * flj^ — 

£h 

of anaemic 


BY ROBIN LANE FOX 


raise me nau-naroy sorts, xou tor seeos.sown maae your non*, {lowers 

can start them off quite well in you can also put their box inside find that these sjcwa wljim 
an airing cupboard so long as a polythene ba& raised an inch show up ooicuy. 

of anaemic flOW ~*rz 
They are just as emphatic as 

a WM nav . a bed of yellow snapdragons. 

GARDENS - TO-DAY - X-.am impressed too by the 

•vety. .- lowgrowing scarlef-re« 
•variety, offered as Red Devil in 
- . .tb?Srts- Seeing this massed in 

— ■ ■.■■■ - ‘ dumps' of or so at toe front 

you never allow their box of or two. above the soil's surface rSimised^mraelf^a 

sandy soil to dry out.^ But otherwise, wrapped firmly SSSijS Mock or two, so much 

As soon as any growth shows round the -box’s frame. This on mQre Elegant than the hard red 
you must bring them at once the whole is a good idea. The sairia and no less bright County 
into the -tight Light does not sofl, which .should be thoroughly councils and public committees 
necessarily. mean the windowsill, damp but hot- sticky, will sweat please note. 
a frequent error, as it is the on to the polythehe^ Tbe drops Thu double petunias and muro- 
point where sunlight is most of water will'settle on to it and rnfflftri gyaevnthine anumnmims 
direct end draughts least predict- ^ not- then be : lost In toe are execrable. - Stay with -tne 
able. You must only be sure that -atmosphere. You are spared -plain single varieties, incmding 
the temperature does not fall .tiresome -watering- and you are the; good newish yellow. Petunia 
below freezing point If you fear asp: saved any mess On ’ the Sraburst, and toe excellent old 
a cold night you. can always carpet or laundry. As soon as rtwarf snapdragon called Black 
shelter the boxes for the night tlmfirat riioots . poke through the - Q. errv Pie. or heliotrope, 

in a warm cupboard. • soil, split the-bag. and open, then . ; : ndigoensa bie, not 

By sowing later than many remove it -.altogether two or is* mother old mdispen 
suggest, you cut the time in three days later. I recommend for its exquiate scent oi 
which you “'have to keep the this substitute for a hot-house. .' ^chocolate and bath powder, 
plants' happy indoors. True, you ‘ What,, then, to; grow' in a-.pb^ .whldi is the nearest' l ^ get 
also delay their flowering, but these .bag' among ’toe washing^ Id an- adequate, description. 


Be sure to cftoo*e toe darkest 
variety from your tist v.PJcusa 
remember that you coa’-save your 
plants from year to yeartf-ynu 
Sig them up before the frost-; 
and keep them away from toe 
worst of toe winter- in a ' po* 
until next Jane. They are Dunn* 
nials and will grow to- quite a 
height and stature, .. . 

Finally, what is iny tip as. the 
brightest colour - WhfHv ' Is 
tolerable? If youjfcve -a . bed 
which is seml-sbaiww? or -damp, 
like the places wberejnf‘>'drins 
spring on* of their frequrnt 
leaks. 3 *ou must 
good old musk, or JJoauutt. ..It 
is easily grown from seed, . You 
can either -buy . the. annual 
Monarch forms and push them 
on for a show of the dark-red ^nr 
brown-spotted yellow /WwfM- 
flowers this autumo^ai v naffitt 
of about a foot and a. halter 
von can buy toe perrennwl soris. 
Red Emperor. Ochrid aSo too 
otoere, 3 better long-term pros, 
pect. ' If you cannot make up 
your mind, comprimtiso atm ;co 
for the teller and tfonomiy 
coloured half-hardy 1 pej^bnl^!, 
Afcmulus Giutitioww. 
pieee in the tubs 
veHow Carden at- Slsslnghtiftt 
Castle, tins musk is sahttim plte. 
shading to burnt oranger Tt tacts 
from year to year;' ; - r . 


.i 

-. l "r 




Three paperbacks that seem 
a good bet at the price 


at TH E START of every season 
— be it jumping or fiat — a whole 
host of paperback racing guides 
and booklets appears on toe 
scene, and, although it is true 
that many are complete rubbish, 
some are undoubtedly of con- 
siderable interest and help to the 
keen racegoer or stay-at-home 
enthusiast 

Three recently - published 
paperback booklets which strike 
me as a good bet . at ’ their 
respective prices are The Pro- 
fessional Approach to Backing 
Horses, by Tony Stafford. Race- 
form’s Prospects *78 and Betting 
Made Simple, from Coral Racing. 

Tony Stafford's highly infor- 
mative and concise booklet. The 
Professional approach to Back- 
ing Horses, which is available 
at 7<jp (post free) from The Race 
Horae. 55, Cuizon Street London, 
W.l, covens in .the main .the 
interpretation .of form in all its 
maziy tecets.'u -subject which has 
occupied almost . all Stafford’s 


working life in racing j onrn a !i sm 
' and broadcasting.'' •• «' - ■ ■ •• - - . 

-Last flat-racing" : season, as 
editor of The Race Horse, 
Stafford’s nap . selections showed 
40 points profit to a level one 


RACING 

CY DOMINIC WIGAN 


WORCESTER 
2.06— VaraJgo 

2.30 — Major Owen 

3.00 — May go 

3.30 — Diamond Head 

4.00 — High Prospect** 
430 — Scottish Mandate* 

KELSO 

2.15 — Some Hazard 

3.15— Good Job 

4A5-^WeatihTax*i* 


.point stake, and. although read- 
ing his guide is oo'guarant'ee of 
similar results, •' I' feel confident 
that it will prove an. instructive 
work for those who take in its 
valuable advice. _ • 

Prospects 78 (£1 from Race- 
form, or . The Race Horse, 55 
Curzon Street), -whiflh last year 
included the Derby winner and a 
12 to 1 scorer ohiithe first day of 
the 77 campaign; ftohi its dozen 
three-year-olds to totiow, discloses 
■Racefonn’s master' handicap of 
400 leading tliz’ee-yearolds and 
100 older horses. 

Its authors, T. E. Watson and 
Walter Glynn, also- disclose in 
depth prospects tor the forth- 
coming campaign, lathis section, 
it is interesting to note that Try 
My Best is not at toe head of 
Glynn’s two-year-olds of .1977 and 
that Watson ranks two better 
than Alleged in his handicap of 
elder horses. .■ 

-Coral Racing^— Betting Made 


.Simple, which is available free of 
charge through the company’s 
chain- of betting- -shops, has come 
into being as a result of a re- 
search programme which showed 
that, tor and large, punters are 
not fully aware of the wide 
variety of bets available to them 
While, catering to this require- 
ment the; booklet also takes the 
M occasional punter” or new- 
comer through the various pro- 
cesses of piacing bets step by 
step in-what. the publishers hope 
IS ' non-teehnical • phaseology. 


Extra trains 
for Easter 

BRT15SH RAIL will run nearly 
500 extra-: trains ^ov'er the Easter 
perlod-to cope With the expected 
rush' of travellers: 

Many of the extra trains will 
be excursions - to coastal and 
country resorts. 

Most of them will run on main 
routes between to-morrow and 
Wednesday next week. 

Economy return tickets, which 
offer mid-week return travel for 
toe price of a Second class single 
ticket, subject to a £7 minimum. 
are- not valid .for this week. 



c '' ■ 


j- 




? Indicates programme in 
black and white 

BBC 1 

6.46-7.55 a.m. Open University. 
9.45 Reobnrb. 9.50 Jackanory. 
10.05 Boss Cat. tlO.25 The Boy 
from 5R. 10.50 Lippy Lion. 12.05 

S ra. For Schools, Colleges. 12.45 
ews. 1.00 Pebble Mill. L45 Mister 
Men. 3.53 Regional News for 
England (except London). 3.55 
Play School (as BBC-2 11.00 a.m.). 
420 Touche Turtle. 4.25 
Jackanory. 4.40 Screen Test 5.05 
John Craven's Newsround. 5.10 
Grange Hill. 5.35 Ludwig. 

5.40 News. 

5.55 Nationwide (London and 


South-East only). 

6.20 Nationwide. 

&55 The Wednesday Film: 
“ The . Brain," starring 
David Niven. 

8A0 The Liver Birds. 

9.00 News. 

925 The Hong Kong . Beat 

925 Sportsnight 
10.45 To-mghL . . 

1L25 The Engineers: ? - : 

11.50 Weather/Regional News. 

All Regions as BBC -1 except at 
the folio wing tiraest — 1 • ■ 

Wa les — 5 .10-535 pan. Bilidow- 
car. 525-620 Wales To-day. 6^5 
Heddiw. 7.15 Young Musician of 
the Year. 7.45 The Rockford 
Files. 820-9.00 Hie Liver Birds. 


and Weather tor 


1020 Football; League Cup 
replay— Liverpool v Notts, 
Forest. 

1L40 Night Gallery. . 

1225 a-m. Crucifixion J 78. 

All EBA Regions as London 


F,T. CROSSWORD PUZZLE No. 3,624 



ACROSS 

1 Wild bloomer made by scruffy 
bird (6. 51 

7 Maxim of the cutting kind (3) 
9 Bread of Heaven (5.1 
10 Uncommon chap, depressed 
by preparation for blast-off 
(5,4) 

It Home in Hull? (9) 

12 Right page has io take rail- 
way from 4 (5) - 

13 Wo’rk of Impressionist, 
portrayinn operatic heroine 
with appeal i7| 

15 Bird that can mate on board 

(4) 

IS Sex-appeal Rhode Island finds 
in female garment (4) 

20 Accountant's day on a foreign 
ice (7> , 

22 Fail in odds nn invalid (5i 

24 No riposte could give rise to 
hone of contention (4, 5) 

26 Looks to retinue to provide 
excuse for glasses (3, 6) 

27 Flood Dr. Love- when he is 
missing (5) 

25 Fixed part of tennis match 

- l3) 

29 Unaffected by crooked but 
instinctive tendency (7, 4) 
DOWN. 

1 Emphasises sheep's native - 
land (4, 4) 

2 Card game to trap like strong 
drink (3. 5) 

3 Cheer the Spanish who dined 

( 5 ) 

4 About 100 go over right wing 
, ministerial address (7) 


5 Let rubs be modified by 
swagger (7) 

6 Well-known for turning up. on 
hill with notes (9) 

7 Layabout to behold- in such 

surroundings (6) 

8 Continue wishing; to he: 
irresponsible <6 j 

24. Person pretending' 'to scorch J 
with the French sunburn (9) 

£6 Pub' with' one 'sound singer 

:( 8 ) 

17 Instrument 'for making a 
rattling good dancer (3) 

19 Second of this month (7) 

20 Enquirer into abnormal 
departure (7) 

21 Tax fool’s self-starter (6)' 

22 Turn elsewhere .to provide 
entertainment . (0) 

25 Ring about note cycle (5) 

Solution to Puzzle No. 3323 



1L50 News 
Wales. 

Scotland — 525-620 pun. Report- 
ing Scotland. 1120 News and 
Weather for Scotland. 

Northern Ireland — 323-325 pun. 

Northern Ireland News. 525-620 except at the following times:— 
Scene Around Six. 925425 Spok. - ANGLIA 

light on Northern Ireland affairs, qjo 'u. Bonding of the' Town-, at 
•1120 -News - ^nd- Weather tor London. - mm» cartwa Tnna.- MJ5-star 
Northern -Ireland,- - - - flMmUhlc . Yean. -Woobmda- 

Bast . (ivorwicn) , Look rvo rro Thy wnii mw Stm- 5> Z$ M r. and 
(Leeds, manenerter, Newcastle);" Mrs. too About w»Ua- sjb Riacrtr. 
Midlands - To-day (Bi rmingham B arena. XZJ5 ua, -The Bis 
Points West (Bristol); South QBO,rio,L ‘ . ' 

To-day (Southampton); Spotlight- A1V 

South-West (Plymouth). Something Dlfferwic. um 

Aadm Segovia: The Bong of the Gnuar. 
• BBC 2 MUM Digging for Yesterday. JUS Elaine 

‘ „ ' ■ ‘ the singer of the Song. UJ» Professor 

6.40-72? a-m. Open University. Balthazar, us pjn. atv NewsdesK. xso 
-qhnrhar " The Soltivans. SJS lfr. and Mrs. SUN) 

asasr- 

1L00 Play SchooL ' - UUKUfcK 

7.00 News on 2 Headlines.-.. . - Christ. 11 -ay Showcase. UH&.BJKSU' and 
7.05 Mr. Smith Propagates the Great Wooftroo. tun' p^b. Border 


Plants. 

720.Newaday. 

&10. Brass* Tacks. 

920 Call My Bluff. 

■ 930. Play .of the Week- 
1020 Arena: Cinema. 

1125 Late News on 2. 

1125 Simple Faith? 

1120-12.00 Closedown. Hugh 
Burden reads' “Hedgehog" 
• by Anthony Thwaite. 

LONDON 


Mews.- ZOO House Baity. UD-'Fncnds of 
Man. 5.15 Oot Of Town wUh -Jocg 
Hargreaves. 6.00 Loakaround Wednesday. 
SUN) Rafferty. UAO The Odd Gounle. 

CHANNEL .... 

US an. Channel LuncbUnte Mews and 
What’S On Where. Z5i Caring for ChfltJ- 
ren. 6 M Channel News. 6.10 Cagtaway. 
*J» Rafferty. 10J28- Channel Late News. 
12.00 News and Weather in Ereoeh fol- 
o wed by EnUaguo. 

GRAMPIAN , i-. 

10UXJ a.m. First Thing. TO.03' Borderers. 
SOJO-You Can Make It. ID -S3 jCoftsman 
for Christ 1L2B Showcase. 1 1W Oscar 


920 nun. Kimba. 925 A Diary *04 to* Great Woaferoo.^..-l 20 >v sum. 

Cassidy. William Boyd tn Stage- police Newsroom, sun Raff-ns.' ir» 3 o 
coach War. 1145 Oscar. 12 DO Reflections, la 35 The Sweeney. XZ35 
Cloppa Castle. 12.10 pan. Pipkins. Celehriiy Concerts. 

1220 Sounds of Britain. LOO GRANADA 

News. 120 HelpT 120 Crown w* Sesame StrecL loan The Nature 
Court. 220 After Noon. 225 Had- « ^ Carrop^ 
leigh. 320 Paint Along With ThftoSuSwa^of 
Nancy. 320 The Rolf Harris Show, is ySSrmghi ^ 

420 How. 425 Pop Quest. 525 today's nrosranW«r,adele^: SJS Crass- 


Emm erd ale Farm. 

525 News. 

6.00 Thames at 0.' 

625 Crossroads. 

7.00 This Is Ytfur Life.'*' 
720 Coronation ’Street- ■ 

8.00 The Streets ' of 
Francisco. 

9.00 Send in the ’Girls! 

10.00 News. ■- 


raadb- 5 S» Cnhada Report. fcJO Hamry 
.The Half . Rarris shmh.i.> gjD Rafferty. 
•. 3UO Rash. •; 

7 > . ; . SOUTHERN 

• -. -y* Here Comes tbe Future. 

.. .■ KtoP • .CareiiMHues of the Tower of 
• koodoo-' ' UJ5 ' Slnhad Junior. UJJS 
San aarfenanr Ark. U.N Return to the 
■ • . Apes - 1130 Whining With 

-■ "WHWa-- UD pjn. Southern news. 2JW 
Hooswarty. 158 SnrvivaL 515 Be*w 
Boon. .520 Crossroads. Cl 08 Day By 


Day. U.QD Police Surgeon. 1210 «un. 
Southern News Extra. • 

. HIV 

U.85 aum. The Borderers. 28JD Too 
Can Make It. 1855 Craftsmen For 
Chris;. 1L20 Showcase. U.4S Oscar and 
the Great Woofer oo. UO jxm. Report 
West Headlines. L25 Report Wales Head- 
lines. 2 HO Help Yourself. 358 Survival. 
545 Dodo the Space Kid. . 528 Cross- 
roads. MB Report West.- 845 Report 
Wales. .*30 Havp?.-. Rafferty. IM8 

Kiska (Ty- mcryle). ■ r 
. HTVyCYMRb/WALE^AsJTV General 
Service except: UKL2X Prfe. Fenawdau 
Newvddfon Y Dydd. 440445 Helyudon 
Mrs. Ptgog. M0-&4S Y Dydd. 

HTV West: L20U8 pan. Report West 
Headlines. MB-8 40 Re port West. 

SCOTTISH 

18J* a-m. Mr. Magoa UL05 Documen- 
tary— The Borderers. 1030 You Can 
Maks IL 1055 Documentary — Craftsmen 
for Christ. II 78 Showcase. 0.6 Oscar. 
OS pm. News and Road Report. 2J0 
Women Only. 3J0 The Practice. 545 
Plpet and Friends 54B Crossroads. MB 
Scotland Today. . 8J8 • Report. BAB 
Rafferty. 12410 Lite Can. 1245 an. 
.Love .American. Style. . 

. :tyn£-.tEes- ' •. 

OJO.jun. The Good. Word followed. by 
North East News Headlines. 9J6 Choirs 
of the World.' -M4S Bo r derer s . ZB40 
SUppy. -I&55 Craftsmen for OnlsL'lUS 
Showcase. . 03.05 Oscar and the Great 
Wooferoo. 140 jun. North Bast News and 
LookaroundL 24» Women Only. X5B The 
Odd Couple. 545 Happy Days. MB 
Northern Line. S4» Rafferty. XI 
Police Surgeon. 

. ULSTER . 

U -Q 5 a-m. Documentary. 18J8 You Can 
.Make It. 10 45 .Craftsmen for Christ. 
2U0 Showcase. 1145 Oscar. L28 pJti 
UmchUme. XSB - -SorvtvaL 445 (Jlster 
TjF^ws. HeadUnes. 545 Dynomutt the. Dog 
^Wonder. 648 Ulster Television News. MS 
Crussnsufik 64ff'' Reports, ub Rafferty. 
ZL40 The Man For Others. HAS Make U 
Count. 12JD us. Bedtime. 

WESTWARD 

- 4040 am. Stations of the Cron., 1005 
Tbe borderers. 1848 You Can Make ft. 
loss Craftsmen for ChrtsL 1149 show- 
case: 1145 Oscar and the Great 

Wooferoo. 124 P-nt. cos Houeybim’s 
Birthdays. 148 Westward News Head- 
lines- ' IK Caring (or Children. OOQ 
Westward Diary. - 840 Rafferty. 1028 
Westward Late News. HAD Oscar 
Peterson .Presents Di2xy GlDespw. 1245 
»jo. Stations of the Cross. 

YORKSHIRE 

038 mi. Herttace. 1845 The Undersea 
Adventures of Captain Nemo. 1038 
Tarzaa. 1148 Westway. 140 p. 
Calendar News. 340 Rouseparty. 545 
Mr. and Mrs. 080 Calendar lEmley 
Moor and Belmont editions). 840 
Rafferty. 1L0D The- Adventurer, ixm aun. 
Randle With Care. 


ENTERTAINMENT GUIDE 


C.C. — These theatres accept certain ore* 
cards by telephone or at the box office. 


OPERA & BALLET 

COLISEUM. Credit cards 01-2M0 5 
Reservations OT-B 3 e 5161 . 

• ENGLISH NATIONAL OPERA 
Toots fit & Sat. 7.00 Force of Oes 
Toomr. A Toes, next 7.30 Don Clm 
Good Friday : Theatre dosed, 
balcony seats always avaHable On 
performance. 


COVENT GARDEN. 


cc. 


THE ROYAL BALLET 
Tonight 740 p.m„ Sat. 2.00 p.m.. 
7.30 pjn. Minon. 

THE ROYAL OPERA 
Totnor. A Mon. 7.30 p.m. II t 
Toes. 740 p.m. Idomcoeo. 55 
seats tor alt peris, on sale from 
oo. day of pert. 


P1LOBOLUS DANCE THEATRE 


Uniaied. Tc 
Monks nood"s 
Untitled. 


THEATRES 


GOOD -FRIDAY — One Per. at 74Q. 
IRENE 

•' THE BES-1 MUSICAL 
OF 1976. 1977 and 1978 1 
IRENE 

-'LONOON-S BEsr NIGHT OUT' 
Sunday People. 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATREGOERS. 


Extra Easter mat. Today at *30. 
a THOUSAND TIMES WELCOME 
LIONEL BART'S . 


OLIVER 


ABLE TO. SEE IT AGAIN." DaUv Mirra 
APPLY BOX OFF4CE FOR SPECIAL 
PARTY RATES. ' 


No pens, until 4 Aon I. PubHc booKlus 
person or by telephone now open 1 
' now London season of ShoEespaart 
HENRY V and HENRY Vl p: 
Stratford. Box Office open 1041 
6.00 p.m. (ilosod Good Frid 
Saturday ano Monday). KSC's n 
WAREHOUSE season at The Oonu 
Theatre opens 10 April. Book now 


V 


3.00. Sats. 54). A Rock Revue. 
LET THE GOOD STONES ROLL 
The R oiling Stones' Story 


DONALD SIN DEN 
tActor of The Year. E. StaJ 
■■ IS SUPERB." N.o.W. 
SHUT YOUR EYES ANO 
THINK OF ENGLAND 
'WICKEDLY FUNNY." lime*. 
Good Frl^ 1 Perl, at 8.0. 


ARTS THEATRE. 01-1 

TOM STOPPARD'S 
DIRTY LINEN 


Saturday at 7 -DO and 9.15. 


RADIO . X* wees of Lima, pan I «S*. .me In Short 

! (S) StoTOOpkouic brwb^t g 

fcDO as Radio 1 Tny Kod .* ,1?^ US 

EU&iocids. . 9.0D Simon Bates. 2131 Paid Sound 

Burnt ti JtidudHW- 1248 paiu-.JsVafsbeai. 

2.00 Tony • Blackburn. 4Ji Day* Lee , “! " c D* r ’ury: ■ Elektnl dlscus- 

Travte^hidlnc SJff NewsbeaL* 74B WMiHajg-' iSj. 3.05 Baydc and 

Stno 'SotueiUns Simplv.fS) .iJotaw Radio 'Sin 

»).• rang John Peel rSI.. "■«« aJul- ??, 6 * n . l ~ ™ 8 ridUl (Si. MS 
.M Radio i ‘ «4 «a» “^- .Butidinu a Library of records (S). VM 

VMF Radios 1- and .2— 4J8 ul 'With •’ 5 < ^ new lS News. tt48 

Radio 2. inclwttDg 125 wn. .Good Lffwq- ' (Con . Unl ^' ^ 

R * d " ?■ 

R.4DIO 2 w««m and VHF ^ 

MO ajri. News Sumniarv. 6.82 Hay 948 Barenboim and The SCOj dart !: . 
Moore ulih The Early Show rS). indnd- Strains (Si. ISO ScientHkaHs. SpeakUiR. 
uu 6.15 Pause for Thouahi. 242 .Terry Coouertn's' Teneln^ (SI. •■' 1145 

Wupan -tSi. includlm; 847 Racing 'Kfewx. 111M1. . E and To-nightis jictmbert 

Bulletin and S4tS Pause for Thought, .Song.' | 

HUB John TbuDSon iSi. .12.15 p.m. Radio 3 VHF only- 6.09-740 ml and 
WasRonen.' Walk. 2240 Pole. Murray's SA5-74D pan. Open University, 

Open House ;S>. indudlng 1® Swirts 

Dd#fc 230 David Hsunilttn •Si.^Udud- RADIO 4 

mo Xf & . and 34B Sports Desk. 448 VL"* i vrm? 

Wagsoners' Walk. A® Sports Desk. 447. Wm,J30m I 2!5fll*M Vilr 

John . Dunn iS>. including 545 ’Spwis . ■-"-**«*- *47 F armin g To-day. 

Dusk. 645 Sport* Dwk. 74B Sins Some- „ Honr ' 

thing simple fSi.- 738 Listen lo the Sews - 748 To-day- 745 Up 

Band i$). a . iv Semprfnl sereaade (Si 10 °our iconUnued). ZB CVHFt 
845-840 soccer Special (medium wave News - News. 848 To^ur 

only). 840 Bing, parr IS; In the Groove. * nauainK news haadiines. wuatiier. 
845 Snorts Desk. HUB I'm Sorry, 111 napors, sport Z*> yesterday In Parlla- 
Read That Agam. 2182 Brian Matthews FffSilrT 'News. 8.05 The Llrtag World, 
■rtm -Tbo Laie Show. 1UBU05 «rfn. • ,® ear M«»c. 10JJ0 News. HUB 

Xi fws. In Britain Nov- 1848 Daily Service. 

RADIO 3 

£ Medium Wuve uuiy . • . of- the Highlands. 1248 News. 12.82 Ain. 
AS Am. Weather. 740 News. 745 Ton and Youra. 1247 The g^rhantine 
Tottr Midweek Choice, part 1 (SI. 840 .World of hib-w and Bracket U2JSS 
News. 845 Tour Midweek Choice, pan Weather, programme news VHF fexceot 
S ‘Si. 9.80 News. 845 THs Week's Com- Loudon and SEi imimi News. 148 
poser; Tchaikovsky (SI. 1040 Holiday The World at One. 148 The Archer*. 
Special (SI. 1840 Organ Music for 245 Woman's Hour, mdodtus 246242 
Easter IS). XUO Hungarian Perform- News. 245 Listen with Mother. 340 News. 


LBS Afternoon- Theatre (S».“ 3 l 50 Choral 
Evensong. 445 story Time. 548 PM 
Reports. 540 Serendipity. *545 Weather, 
programme news IVHF1 Regional News. 
6.00 New*. 640 Mir MS id (Si. '740 News. 
7^5 The Arebers. UO Ffle on 4. 840 a 
M nsleai. Evening With , . The Pendrrus 
Male Voice Choir (S'. 440 Science Now. 
8|». Kaleidoscope. 848 Weather. '1040 
Tbe'Wffl-Id To-night' 11140 The Hitch- 
hiker's Cold© to the Galaxy fS». 22 .ee 
A Book at Bed lime. 1145 The Financial 
World To-night 1140 To-day in Partla- 
menr. H 45 News. 

BBC Radio London 

206m and 94^ VHF 
Me uu. As Radio 2 . 640 Rush Hour. 
4.0D- Holiday Serna 848 London Live. 
.nj» -in Town. -lira p.re.. .Caff in. 443 
2W Shnwcase. 843 Home. Run. 610 Look, 
Slop. LlHen. 743 m Town us] 1.03a.m.). 
XJO Ur Concert. 1 1843 Late Right Loudofc. 
■1240 Close: As Radio Z.- 

Loodoii Broadcasting ■- 

261 m Rod &fj& VBF 
548 ur. Morning Music.- 600 AM' 
jHKwroo nan's. traroL sport, reviews, 
information. 1040 Brian Bayes. 2.08 p.m. 
LBC Reports (ndudins Gemse Gaia's 
1 O’clock Can 840 After 8— wilh Ian 
Gilchrist. 840 Nightline. 'UXL540 a.m 
Night-Extra with ■ Adrian Scott. 

Capital Radio - 

" ' IMm aiid 95^ VHF 

-• 6B ajn. . Gyahara. Dene's Breakfast 
Show IS>. 940 Michael Aspel (S>. 12.00 
Dave Cash (Si. 3.80 p.m. Hager Scott 
iX). 740 London Today (Si. 7 JO Adrian 
Love's Open Line rsi. 840 Your' 
Mother Wouldn't Like Ir with Ntrtry : 
Horne (S>. 1140 Tony Hyatt '5 Lai* , 

Show (Si. 248 a-m. Duncan Johnson's 
Night Flight (S). 


—bookable In advance. 

BEST MUSICAL OF THE TEAR 
EVENING STANDARD AWARD 


Thursday 0.00. Fil. Sat. SA5. 8.30 
I PI TUMBI 

~ PULSATING MUSICAL " Even I no N 
THIRD GREAT YEAR 
Soat prices £2.00 and L5.0D. 
Dinner and too-price seat £845 Inc. 
Good FrI. at 5.45 and 0.30. East 
at 8 p.m. 


COMEDY. 01-930 251 

Eventa? 8.0. Thur. 3.0. Sat. 5.30. 8.: 

MOIRA LISTER, TONY BRITTON 
Mltsant COURTENAY. Dcrtnot WAL 
- THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
" Blackmail, armed robbery, double M 
and murder." Timas- - A good th 
of foi».” EyoMnp News. 

Good FrL: 1 pert, at 8.0. 


CRITERION. 


LESLIE PHILLIPS 


A CHORUS LINE 


stunnor.” Sunday Times. 


OH I CALCUTTA I 
Nodity is stHiutine." DaUi 
ath SENSATIONAL YEAR. 


DUKE 


YORK'S. . 01 -£ 
D. Mat. Wed. anti Sat 
JOHN GIELGUD 
M Janan Mitchell's 
HALF-LIFE 


BrtilUirtiv wtttv -. 


Price 


■t £740- 


' .Sat, 5-00 and 8.00. 

Muriel Psvlow as MISS MARPLE In 
MURDSR AT THE VICARAGE 
TWra Great Year 


GARRICK THEATRE. 01-836 46l 
h 8.0. Weti. Mat, 34. Sat, 5.1 S. 8.: 
JILL. MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
M.tho 

” BRILLIANT MUSICAL 
ENTERTAINMENT." People. 
SIDE BY SIDE BY SONDHEIM 

■■ cn -*rwiirc ” c UMb. 


NVT- 


vi-'ii ■»«. Eiit. o,u. Man 
Wednesday and Saturday 34. 
BARRY POSTER. CLIVE FRANCIS 
DONALD GEE. JEREMY IRONS antf- 
5 1 MON WARD In SIMON GRAY'S rie 
’ fiEAR COLUMN 

-■rdMta*.- TTmc DM. “ An imaartant 
Flay. D. Exp. A fine play." Times. 
Directed br HAROLD - WNTKt 


GLOBE THEATRE. 01-437 IfiffZ. April R. 
PAUL EOW^GTON JULIA McKCNZIC 
BENJAMIN WHITROW (n ALAN 
AYCKBOURN'S 
TEN TIMES TABU 


theatres 

. ju5uS?*a tSSid?] hy‘ Moiterar- I'racnm- 

' mend it warmly." F. Times. 


L ■ — — * 

NAYMARKET. 01-930 9832. EW 8.00. 

us* 2.30- Sat*, 

Ea&r^ Perts. Good Frl. Easter Mon. 8.00 
. .Easter seruuan 

1 . WENDY HILLER 

*■ DEREK 

if . GODFREY 

DORIS 

HARE 

- ... . FRANCES ' 

- WATERS OF THE MOON 

. -Inria DM^r makes the rtaue 
, radiate — unassailable rtiansmA 

_ - wpndv Hiller b suoerb. S. Mirror. 

: TUNG’S ROAD THEATRE. 352 7488. 

■ ' Men to Thur. 9.0. frt.. Sat. 7.SO. 930. 

- • THE ROCKY HORROR SHOW 

. NOW IN ITS Sth ROCKING YFAR 

THE GREAT ROCK 'N' ROLL MUSICAL 

f LONDON PALLADIUM. 01-437 7373. 

i Till April 1 . Eyp*. 9.0 Wed. * Sat. 
6.30. 94. 

• MISS ' ' 

GINGER ROGERS 

- ’ and Special Guest Star 

DONALD O'CONNOR 
and CHARLIE SMITH ERS 

A -GREAT EVENING'S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 

- X3PEN GOOD FRIDAY. JVOOK HOW. 

' LONDON PALLADIUM. CC. 01-437 7373. 
FROM MAY 2S to AUG. 19. 

THE TWO RONNIES 

. BOOK WITH EASE ON THE NEW 
EXCLUSIVE TWO RONNIES' HOTLINE 
01-437 20SS. 

LYRIC THEATRE. CC 01.437 3666. Evy. 
8 . Mats. Thur*. 3. San. 5.0 and 6.30. 
JOAN PLOWRIGHT 

COLIN BLAKELEY . 
and PATRICIA HAYES to 

FI LU MENA 
by Eduardo FUlooO 

Directed by FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH." E. Neun. 

•' AN EVENT TO TREASURE.” D. Mkror. 

. “MAY IT .FILL. THE LYRIC -FOR A 
HUNDRED YEARS." Sunday Thncx 

MAY FAIR. . V CC ' . 629 3036- 

-MO«. to -Frt.' ‘8.0. Sri.- S.30 and BAS. 
GORDON CHATER “BklUiaht.” EJC'-kl 
THE ELOCUTION OF 

BENJAMIN FRANKLIN 
by Steve J. Spears 

"A companionate, funny, fterarty efcxnwut 
play.” Gdn. "Hilarious." EStd. "Wtckediy 
afflurino." E. News. "Spellbind! up." Obs. 

MERMAID. 248 7658. Rest. 248 2835. 
Tom CONTI. Jane ASHER In 

WHOSE LIFE IS IT ANYWAY ? 

THE NEW SMASH HIT ACCLAIMED BY 
EVERY CRITIC..- . 

Evgs. 8.15. Frt- -A Sat. 5.15 (No Pert. 
Good Friday). Stall tickets £1.25 to £3.50 
Combined Dinner-Theatre TMUC' £S40. 

NATIONAL THEATRE.; 928 2952. 

-OLIVIER (open -stapa); Toot 7.3o. Tumor. 
2.45 'A 7.30 THE COUNTRY WIFE by 
W*mom Wycnener. ; 

LYTTELTON (orascenhim stage): TooY -6 
Tomor. 7-45. THE LADY FROM MAXIM'S 
by Teydnau Trans., by John Mortimer. 
COrrcstOE (smaH auditorium); Tomor. 

* Sat B LARK RISE, written by Keith 
Dew turret tram Flora Thompson's book 
tprom.-. perfsi. - ■ 

Many rarer* lent cheap seats all 3 theatres 
day of pert. Car. perk. Restaurant 928 
2093- Credit cent bkss. 928 3052. 

OLD. VIC- 928 7616. 

"Prospect ’at The Old Vic 
• spring Season — fast week. 
ANTONY & CLEOPATRA last pert, today 
7JOi V 

ALL. FOR. LOVE Thors. 7.30. 

SAINT dOAN Frt. 7 JO. Sat. 2.30 & 7.30. 
Soitdev March 26 at 7JO r 

. . THAT MIGHTY JiURT 
with- Barbara Jeflord * John Turner 

OPEN SPACE. 01-387 6969. E«gs- 8.0. 
Triple^ Actions. ORPHEUS. 

PALACE.' Credit Cards. 01-437 8834. 

M oo^T bur. 8 . 0 Q. Frt_ Sat. 6.00 and 8-40. 

. JESUS CHRIST SUPERSTAR 

GOOD FRIDAY 2 Pojts. 6.00 and 840. 

PICCADILLY. 437 4506. Credit card bkos. 
836 1071. Eyps. 8 . Sits. 4_o3 ana B. 1 S. 
Wed Mat. 3-00. 

BEST COMEDY OF THE YEAR 
■vs. Standard Awanl and 5WET Award 
Royal Shakespeare Company in 
.-PRIVATES ON PARADE 
bv-Peter Nichols 
_ (Not Suitable tor Childrenl 
. * HUGELY ENTERTAINING 
. EXTWAVAGAM 2 A-" S, Times. 

PRINCE OF WALES. CC. 01-930 B681. 

' Monday to Friday at 8 djd. 
sat. 3 JO IM 84 Mat. Thur. 3.00. 
GOOD FRIDAY ■ ONE PE*F. . AT 84. 

“ JtlLARlOUs COMEDY MUSICAL - 
. ' ' . — The Sun. ■ .- - 

• .1 LOVE MY WIFE - 

V Starrtnp Ho April ». ’ 
RICHARD BECK INSALE ' 
and from April io 
. .V AOBI.N ASKWmi ' .. 

•<Of "Confession* o* “ Dims <ame>- 
ORBOfT CARD BOOKINGS 930 0840. 

QUEEFTS THEATRE. CC. 01-734 1166. 

Sfi N S N?^ 8J0 -- 

ns^Fsasr^jaar. . 

. THJ> OLD COUNTRY 

A New Play bv ALAN BENNETT 
Directed by' CLIFFORD WILLIAMS 
WST PLAY OF THE YEAR 

Ways and Players London critic* award- 

RAYMOND REVUEBAR. CC. 01-734 1593. 

At '.we£J turwSssk*** ■ 

THE FESTIVAL OF 

• ' EROTICA 

FBlly AH- Conditioned. You may 
drink and smoke In the andHorlum. 

ROUND HOUSE. 267. 2S64. Prw. TtonT 
at B. Opens Tomor. at 7 Subs. Erases. 
No Bert. 24 March. 

HAUSER ORKATER . 

ROYAL COUKT Hteaire TfcL 0T-73C TT45 
steps notes and soueaks H(lh 
BERIOS OVA. GIELGUD. KELLY 

COUTH ER AND SLEEP ^ 

Evenlnot B pjn. Mats. Thur. and 

SBC- 34. Until April 1 . 

ROYAL COURT. TM 174 -. ■ 

Eras. 8 . 00 . Sat. 54a and lm _ 
. .../ends Sat.). Z 

HULL TRUCK In -3 

A BED OF ROSES 

“Made mt feel glad to tie e1i*e.~ D. Fan. 
see also Theatre Upstairs. 


■ theatres 


* M n&|iiiy j-i J«'- Sg?***^*' 

'PATRICK CARGILL A tONX 
in 

SLEUTH . - ; .. . 7 

TM Worm- ramodj ' ThnlWr * 

by ANTHONY SHAF«« . ^ 

lS 

€8*iZ ^*£4. MM*:*! tots. 

GmmI Friday *nd'Ea«W Momur » Om 


SHAFTESBURY. . SJ*. Kjfi. 

P^ w, a, d.O- Time Sat. .10- 

jofin Reardon and Jain. DWW. lL, 
Kismet ■ ■ *• 

Thai' leeendary nnn»ral.- 


STRAND. 01-836 2660. Bvep-W fOO. 

****■ ^"Wsex^^c-- 3 * 

LAUGHTER MAKER 
Good Friday: I Rcrt- ai 8.00. 


ST. MARTIN'S. CC. 836 14*3. tw- 843. 
Mat. Tues. 2.4S. Sat. A G&Cst Fn. ii A a. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGESf-EWER RUN 
76th .YEAR 


TALK OF THE fOWN.CC. 734 SOat. 
'8.00: Dmlne- Daatlno Yf-3D- Super .Icoa 
I . . . RAgSELE OAZZLf . . 

i * and at ■ 1 7 pm- • r 

- -T-.. • • MADELINE MLI,.. . ^r.r 


THEATRE :«■ 

By Niocl -VYliUamb. 


VAUDEVILLE. 855 3088. CC. E*“S» Jl O. 

- Mat TTue*. 2.45. ■ 5MS- -S *“8 8, 

by AGATHA CHRISTIE 
“ Re-enter Atuttu with another w nn- 
tfuoou hit. - Aaatba CnrlMic :a itaiLtnu 
tbe West End vet again wihi 
O f her ■ liontSiitiv ingenious nwnrer 
my Darlas." Felix Barker. E«. News- 


WAREHOUSE. Donmar Theatre. , Cwtont 
Garden- 836 6308. Book, now F *r- n™ 
RSC k m p" from Aont -ia. SiriedN.'ia's 
THS DANCE OP- DEATH. Junw Faf a * 
TW A. PITY SHfS A WHORf. - f-Q' 
Thompson's THE LORENACCIO. STORY 
In repertoire. Advance Bkos. AiaWTCU* 
All seats £130. 


W " n ^ u =« — ’^diuin 


ErJrv 8.30. sat. 6.46 Mid 9-0. 

Paul Raymond presents th* Senvationai 
Sen Revue of the Century 
DEEP THROAT 

Due- - to - ovunmtieiuung public denvard 
season extended. Pius extra pens, on 
FrL 646 anti 9-00 from March sa. 


Gin 


o 


WINDMILL THEATRE. CC. *37 6312. 
Twice Nightly 8.00 and 10.00 
OPEN SUNDAYS 6.00 and 9 00. 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 

- . MODERN ERA. , . 

•• T*kw;3*>«praoB*ajed Omits 

."■.•A 

WYNDHAM'S. B36' 3023. .- Cro*f3ard 
bookings 856. 1071 la*. 5atJ. ';PW- 
Thun. 8. Frt. anti Sat. 5.15 apA.BJO. 

"ENORMOUSLY RICH,'. 

VERY FUNNY.",- Evening News* • 

. Mary O'Malley's smash-hit Comedy 

ONCE A CATHOLIC . _ 

M Supreme comedy » sot and reffoJon." 

Daily TefegraMi.. ’ L 
V MAKES YOU SHAKE WITR . 

LAUGHTER.” OuandlMt • r._ 


i \ 


> V 





YOUNG VIC i near Old Vk) 

Toni 7^43 ROSCNCRANTZ A 
STERN ARE DEAD.' Now I 
season of Rural . SIJkeurOT c? 
award-winwnb production of Ml 
Opening April 4.*.- All 



ROYALTY. Croat Caras. Ol^OS -MOd. 
Monday -TBnrstnv Eveufngf B.OC. Friday 
S.30 ahd.BAS. Saturdays X4 rand B.O. 
. London's critics rote _ 

' BILLY DANIELS Ilf 
BUBBLING BROWN SUGAR 
Best Musical of 1B7T 
EooMiibs accepted. Major credit cards. 
Easter Peris. Good Friday 8 . 45 . 
Bank H OUtiay Monday B.OO. 


- CINBIAS ; 

ABC I & - a -SHAFTESBURY AVE.v«36 1 
• £JB61. Sep. Peris. All Seats BooKaMS. . 
1: SILVER SEARS I Ah Wfc & . 


5.00. 8.00 tlastt. day). - 
2: THE BOYS IN COMPANY C iXI-.Wfc. 
4 Sun. Z.OO. 5.15, «.1S i last day>c.r 


ToOCJ. ' 4S^&43^ Robert Biwans 
masterpiece the UlVH... pRomttLY 
DO. 4.45, 441).- 940, - 


Camden" T«w.n 


CLASSIC T,. 2, 3, 4. Oxford 
Tottenham -Court 'IW-: Tube). fi w 
1: ABBA THE MOVIE iVL SterOuffipi 
Sound. Proas. 1.3a .X60^.6:10“3Ssl -- 
■3S. THE HIDING PLACE (A). SetL'i&z. 
ZOO. 5-00. 840. . iJ-Js- 

3: FINAL -DAY!. LOOKING HK.flR. 
GOODBAX.(X). Proas. 24Q, .5.05.. *60. 
4 j spioes-MAN- An. j., 2 s. bsql2&jq- 

YOU LIGHT UP HT U 

4.05,7.28. 

. _ Shtd.' Ito.Y ad 

PARDON -.MON 

lun-miri). r a 

- Dlrecte 


■ Comedy.' Dlrecti 
. Robert^ ShMay 
.. toot Sunj. *35. 



OLIVER -‘EBED. 

many, other. ,sar„ 

COMES IX). Sep. prow. Moo.- Sat t.35, 
4.SO. ' B.1 0. Scats bkMe. for 8 10 prop. 
Mon.-Fri. and all props. Sal. and Son. 
except late shows. 


"Winnt IPSO Z738-Z7TI). 
Jane. Fonoa. Vaonu -RedElra*e - Ir 'a 

Ztonemanh film jfittlA iAl. Sod. 

Dross. Div. 2.30. 5 AS. -8 45 Feature 
Dly. B4Q. 9,00. Alt seats bouUNl. 


SJMBfi'i JaP'JSSiii 

/SL"5, Sep- praps-. Dl*.’ Doora.oorn 
(1 B.OO ; Not Sun.L". 14)5. 4. is: 7il5. 

ft. 1 "-. A« smIs may bv booked 
MR T040 Aan . prap. I No 10. OD a.ffi. 


1 

I™* 1 '»*y wm. ara. into 1 
prop, on Friday. 34th M4«h,) 


rnffS 1, mz 20T1-2.) 
fte* Doors op*, Dir. 1.30. 

pSrt^Wl^" Mt ““ - bfcbin . 140 


PRINCE CHARTS; Lore SO. 437 0181. 

9 a 1 »»■ 



Gir&f. 437 3300. 
lft ^DO»re NHW 4-SCREEN SC6W- 
^^OPENS TOMORROW 


sar. 10.30. - . — - -t-. • 

. bupS3w* Allen mrvne^KlKriP*) OoeUb-BHi 

3 - 

J™? Tomprraw Mon.-Sat. 

wt 














>dji <>' 


— ^ -k^-: .' n vv' 1 '"‘"'-V .• • ■ . V »■ . j • ;■•• >■ >• 


Financial Times ;W ednesday March ' 22 1978 

Television 


Festival Hall 


s top ten 


t”* 1 ? * M 1 * of this month’s 
rop IQ te levision progr amm es: 

All Creatures Great and Small 

Americans (BBC2) 

Breakaway Girls (BBClj 

Horizon (BBC2) 

Living in The Past (BBC2) 

M-A-SJL (BBC2) 

Oot Town (Southern) 

Jus Week (Thames) 

- Two’s Company 
■ (London Weekend) 

•World About Us (BBC2) 


r-* ■* 






„ , w not. ot course, the 

, Top IQ according to 

JICTAR or the BBC Research 
■^PjUTinent. It is a completely 
unofficial Top 10 according to 
Cons Dunkley, and its compiia- 
non is prompted by years of. 
irritation caused by those other 
lists. 

Not that there is anything in- 
herently wrong with them. In 
fact there is a certain amount of 
interest— -particularly for adver- 
tisers, but for anyone else with 
ordinary human curiosity, too — 
in. knowing which progra m mes 
are seen by the largest numbers 
of viewers. However, the publi- 
cation of Top 10 (or Top 20) 

__ ^ Msts with certain programmes 
^.-s. almost always appearing in-them 
■ - ’ week after week and year after 
■ • > ’year, somehow manages to imply 
; — more than a simple head-count 
'-really should. 

The continual reappearances 
of -Coronation Street and Cross- 
roads. the habitual inclusion of 
half-hour situation comedies, and 
the almost invariable presence « 



Robert Hardy, Christopher Timothy and Paul Lilly In ‘ All Creatures 
■ : Great and Small » (BBC 1) 


by CHRIS DUNKLEY 


the other end , of the 'decu> 
.mentary scale, using actors and 
scripts for ’its accounts of girls 
who run away from home. The 
difficulty with this new series is 
suppressing the feelings of guilt 
about enjoying it as drama. 
Again there is that sense of 
truth about the programmes 
which is hardly surprising slnee 
all four are based on actual 
events. 

RorizorL This Week, and World 
About Us are' three series which 
seem to go on for ever and 
which we therefore take for 
granted. We shouIdnX because, 
all three titles shelter hetero- 
geneous collections . of pro- 
grammes which, judged (as they! 
ought to be) as single docu- 1 
meotaries are frequently out- 
standing. Horizon -occasionally 
has a breathless quality when 
trying to cover too much, as with 
its treatment of lasers last week; 
World About Us sometimes 
comes up with -an old-fashioned 
travelogue: and This Week 
allows Jonathan Dimbleby to use 
a tone of voice (as in -Us recent 
brave but confusing film on 
Ethiopia) which approaches "the 
melodrama of Enoch PowelL 

Yet such blunders a re rare, and 
I would be loth to miss any 
episode of any of these series — 
which certainly puts them In my 
Top 10. 

(The sight of the week was the 
heavily veiled and. .armoured 
World About Us cameraman 
finally driven to abandoning bis 
camera by the notorious killer 
bees of Brazil which not only 
exist but attacked him in- force, 
and stung him through all his 


Philharmonia 


DAVID MURRAY 


3>»go Masson's programme 
with the Philharmonia on Mon- 
day; night looked well tailored 
for Mm: Berlioz, Debussy. Ligeti. 
In the event it sounded well 
enough, and not unstylish, but 
there was more plain good sense 
than special finesse. There were 
enough small imprecisions. of 
ensemble— and tricky passages 
that. went better the second time 
round— to suggest that rehearsal 
time, had not been over-generous. 
Masson’s, own contribution to the 
proceedings was generally alert 
and vital. 

Ligeti's 1966 Cello Concerto 
introduced the Austrian cellist 
Dorian Kitt to the London 
audience. As a soloist's piece it 
is almost perversely calculated 
tp display very little of the 
acknowledged strengths of the 
instrument, while putting it 
through many new. unlikely and 
difficult hoops instead. Kitt 
stood his ground well, though he 
seemed more a primus inter 
pares than a lyncbpln In Ligeti’s 
quirky construction; his dramatic 
flair was perhaps not strong 
enough to make his ration of 
notearr-moatly either very long 


Wigmore Hall 


ones or very short in breathless 
bursts— seem the heart of the 
matter. Masson steered the 
orchestra smoothly from soft 
tone-clusters to wry Twittering 
Machine exercises. 

Debussy’s La Her had a 
bracing freshness, and the proper 
pair of cornets to match the 
trumpets! If the playing lacked 
a final polish, the music suffered 

nothing worse than the 
occasional fuzzy edge. . and 
Masson was deft with the 
numerous and elusive tempo- 
adjustments the score demands. 

There were some entrancing 
sonorities along the way. The 
Symphonic Fantastique was a 
more ordinary affair, with 
negligent phrase-endings and 

some ill-tuned chords in the first 
movement, a pedestrian Sc£ne 
aux dumps and domineeringly 
lusty brass in the Finale. Lon- 
doners have been spoiled by 
much better prepared Berlioz 

performances, though newer ears p;i-k„w. c rw T 

ought to have found this one Pilobohjs Dance Theatre 

decently exciting — the score is 

iTnS Sadler’s Wells Theatre 

here with reasonable credit -t 



|»*w .-4. 




Jenkins tercentenary 


Pilobolus 

by CLEMENT CRISP 


of at toast one police series (cur- v*? 5 *®* al Pj a beticany, not in We were sp ared^ the actual protective clothing. Greater dedi- 

rentlv Starsku and Hutch and P ref ® renc ^; * s chosen sight of onion-stuffing and of c ation hath no member of the 

The Professionals) eventuallv in * rom those series which .seem to shooting, yet the programme ACTT.) -• 

duceTareSto* if Si wbcon- ™ t0 Mgb in. Re values could scarcely be accused of The inclusion In my list of 

sciouslv that tfiMp an» tnmvKMi measured by Reaction Profiles, sentimentality. Moreover, Lipina In The Past may puzzle 

to be the “ best ” programmes^ .r-f* ^5 although James, the autobio- those who remember my early 

or at least that thatfe what most Si,/ 41 *, fT ea4urc * And figure, is somewhat two complaints about the humourless* 

peopto think. ^ery well be featur- dimensional—not, I suspect, ness of the participants in this 

V<*t +hte Sc l ng “ ^ official " -Top 10 but through any fault of Christopher experiment in iron age living! The 

„« Y< 2L ■* for the Mexican face-off between Timothy’s, but probably because f act in that their problems have 

^^Z5^*l8£Zu5S; P * nd The UuppettShow which Of a lack in Harriot* original fcS.1 SSK^SSbSS 
£2" is -splitting a big Sunday evening books-Robert Hardy’s Siegfried howto- nScVaoap and howto 

Se «L ries ** ctoy instead for washing your 


fuifilnicritwhlclr rieWers fee l^oiM-Awm tut). most nurng ot mu peroaps, ™ fi00T ^ whe n your roof 

Sey get from Srorrammes.^? Jt is . actually not- what I would senes, like occasional episodes of u ^ only ^ fished and so 
the significance that they attach normally think of as .my kind of ^ do £, g occasionally get on week in their fruitless 

tn them, and it is notable that s ^? w ' bei0 « in the maip so sweet, •’lose to the patterns and rhytlmis ^ half naked ' fish-4riving 
the most impressive Reaction Pro- ?l d ftsMoned, and ; inoffensive SHU run through. and experiment they really looked 

files are frequently produced bv P at Jt a,rnost makes you want un ^er British rural life. like iron age people for the first 

wXrammS which fail to set to wre »«* « is saved by the It may be dangerous to time . ■ w . 

anJ5Bre?earth?lip M battiness of some of its charac- generalise after watching only ^ ^ comedies of the 

' . re [ tne 'P; , ters. and by the -habit of taking two • of the Americans senes season have vet aeain been' 

,B 0n S actors aT,d cameras, right in (General Tarkaberry and private Two’s^ Company, wh?? has im- 

Mtiiralto T ong 016 together eye John O’Grady) but it does fortunatdyjbst finished another 

« th «?e two factors , provide a >°°k as -though we are seeing series, but which ITVb«sus- 

itiincr» cuttln 8 edge of rcality which pre- Desmond Wilcox atbls best again tained for long enough to allow 

ss.*^r sss assrar-^ beiDe s isr^ss £?& ja-- n ^^4;^ 

But ttjnot only these hi ? h^ v % “SSgf- *^S S*? 

specialised programmes debbe- wddi ^ of James anff ■’Helen at most , unb ^ e,y stones ab ? ut wal more “sophisticated” comedy; 
rately aimed at interested^ ut g church ^ Dale s People and— even more bizarre— and m.AJ.H. which has lost 
n«nonties which produce impres- fand jokin apart totercut get the P e °P ,e t0 teU their own several of its main characters, 
swe Reaction Profiles. There are shots J o{ Yorkshire scenery are Furthermore, it shows signs of 

others of general appeal which often verv beautiful) and the With Amerfemw Mr ilcos seems incipient mawldshneas ( it is one 
.also manage to do rather more cutting edee was represented bv t0 have P u,Jed 14 off a S ain - find_ thing for Radar to. have a teddy 
than just keep you mildly enter- the dcmrMr. Sidlowwho despised l ng pMpl ® wb0 , are unlikely bear and quite another for him 
talned for 30 or 40 minutes; the veti treated his own animals bee ? use tiie y ure so dose to to have it “blessed” by a shell- 
ones that have a little extra watched in silence bv his five stereotypes, and who tell shocked bombardier claiming to 

something in the way of insight. EO nniess children, and believed their . own ^Tories to camera with be Jesus Christ). But it has not 
information, inspiration, or bi ramming raw onions hd a amazins frankness, thanks to the gone over the edge yet, and con- 
originality. horse’s rectum to cure colie. «?»«nlmaty way in which tinues very sad and very funny. 


Some anniversaries arrive at 
propitious moments: to judge 
from- the exemplary brochure 
for the series .of concerts com- 
memorating the death of John 
Jenkins in 3678, such a moment 
has come for this composer. The 
last ten years or so have seeb 
much important work on 
Jenkins’ music reach fruition: 
theses have been written, articles 
published, and (most important) 
collected editions of his music 
published — including two 
separate editions of his six-part 
consort music in the last two 
yeart (a -classic example of non- 
commnuication and - duplicated 
effort in the academic world). * 

Monday’s concert by Ars Nova 
was 'the second of- a series 
mounted by a Jenkins Tercen- 
tenary Committee. In an. intro- 
ductory talk. Dr. Carolyn Coxon 
provided an interesting assess- 
ment of Jenltins’ art stressing 
his fame pot only is a composer 
but ax a virtuoso performer and 
as a! teacher (his career spanned 
75 years, if .we are to believe 
one early reference to his giving 
tuition, as a very young man). 
“ Tranquil M was her word for 
his music, and very apt it is too 
to the fantasies and fantasia- 
suites which comprised much of 
this concert — culminating with a 
Suiter in B fiat which has just 
been identified as Jenkins’ work 
by Peter Holman in the January 
issue 1 , of Early Music magazine. 

The Tranquillity stems mainly 
from-Ithe smoothly-flowing lines 
of hisunusic: as at the start of 


fhe lovely Fantasia No. 20 in B 
flat, he relies on graceful imita- 
tive writing to push the music 
forward, rather than powerful 
dissonance. T must confess that 
— even given performances of 
the sparkle and vitality which 
Ars Nova provided— I find this 
harmonious skill less to my 
taste than the fiercely angular 
inspirations of Jenkins' contem- 
porary William Lawes (whose 
work is, by a happy chance, 
being featured in the Consort of 
Musicke’s current Purcell Room 
series). 

That is not to say. however, 
that Jenkins’ music lacks fire: 
Duncan Druce and Mark Caudle 
played in this concert a bril- 
liantly- florid Sonata for violin 
and bass by the Austrian Johann 
Scbmeltzer, and then followed it 
with one by Jenkins which was 
no less elaborate and exciting in 
its division-writing. Nor does 
Jenkins lack humour— indeed, 
this quality is perhaps the clue 
to the unaffected normality of 
the emotions which flow through 
his skilful counterpoint: there is 
a wholly delightful spirit behind 
Lady Katherine- Audley’s Bells, 
a skit on the change-ringing of 
Jenkins’ local Norfolk towns. 
This was “the first polite piece" 
which Roger North heard the 
Thetford Waits “learn to per-j 
form tolerably.” It would be un-l 
gracious to say the same of Ars 
Nova: they argued well for the 
music, with a style that was! 
slightly rough, but perfectly | 
ready. 

NICHOLAS KENYON 


A little difficult to categorise. 
The six American performers 
(4xn;2f) who opened at the Wells 
on Monday night are called Pilo- 
bolus Dance Theatre. When they 
appeared at The Place a few 
years ago their innocence and 
dynamic ingenuities had a cer- 
tain wayward charm, but it was 
as gymnasts rather than as dan- 
cers that tbey attracted one's 
interest Now, with much more 
experience. and successful 
seasons on Broadway and beyond, 
they seem no more a dance 
theatre than they did then. Their 
corporate language — Items are 
communally conceived and crea- 
ted — is still a kind of muscular 
calligraphy; their effects are still 
achieved by amazing physical 
control remarkable balances, a 
kind of gymnastic legerdemain. 
It is the “Lucky Alphonse: in 
the middle again” school of 
movement, with . bodies inter- 
twined. but it is also curiously 
uncommunicative, 

. One must admire the control 
with which torso piles on torso 
and limbs interlock,' the physical 
power with which the members 
of the group manhandle each 
other. There are ' jokes, of 
course, to be found in forms bent 
double and scuttling, or slither- 
ing over eacb other, or lying like 
a sandwich of posteriors aimed 
at the auditorium. The audience 
found much to laugb at and en- 
joy. to judge by the applause and 
cheers, but I sat unmoved by 
the jovialities of Pilobolus. and 
aghast at the more serious items. 

Of choreography, on any terms 
other than those most basic ideas 


of bodies manipulated In 
awkward progressions, 1 found 
little trace. Pilobolus capitalises 
upon its members' remarkable 
muscular powers, but the effect 
is of mblcaur barely rii'anc* 
rather than movement developed 
and made expressive. A quartet 
for the men— Ocellus— has an 
odd, compulsive force as the four 
chaps propel themselves across 
the stage, yet more than any- 
thing else it recalls Alice's 
“reeling, writhing, and fainting 
in coils." 

A bewildering piece called 
Untitled may excite some com- 
ment because two of its partici- 
pants are naked, but their 
nudity is as inexplicable as the 
argument of the number itself. 

Jazz guitarist 
Charlie Byrd on 
tour in Europe 

Jazz guitarist Charlie Byrd will 
be touring Europe with his trio 
from April 22 until mid-May. 
British dates so far set include 
April 22, Portman Hotel, London; 

25, Opposite Lock, Birmingham; 

26, Concorde, -Southampton; 28 
Royal Exchange Theatre, Man- 
chester; May 2, Braunston Hotel. 
Leicester. He is also playing at 
the Berne Jazz Festival at the 
end of April and will be touring 
Holland. Belgium and France 
between May 4-11. 

Later in the year the Charlie 
Byrd trio will be part of a Pack- 
age, The Great Guitars, which 
will be completed .by Barney 
Kessel and Herb Ellis. 


mentaries 
but the D 


Palladium 


Ginger Rogers 

by ANTONY THORNCROFT 



typical of 'Wilcox’s effect that Sunday mornings, is the long- 
Mrs. Tackaberrv should, with -his running series about co u nt r y 
prompting, rattle on about her matters presented by 'one of the 
continued love for her husband, few great naturals of television: 
adding confidentially (in front of Jack Hargreaves. He can talk 
a livp film camera) “.But you about anything (maggots, -a 
mustn't let him hear that!" potato patch end coach springs 
Breakaway Girls is a four-part come to nrind) apparently for 
series written and produced by any length of time, seemingly 
Paul Watson, the man resoon- without a script, without ever 
sible for The Family, in which being less than engrossing. • 
he told us all about the Wilkins Crossroads may get more 
i family of Reading by taking a viewers, but Hargreaves gets tny 
! camera crew to live in their personal Reaction Profile with 
[ house. Breakaway Girls goes to no hesitation. 


Soho Poly 


Heather 


by MICHAEL COVENJEY 


Glenn Chandler's little lunch- 
time play • turns on a neatly en- 
gineered encounter between a 
ldlted hiker, George MacFarlane 
1 Joseph Greig), and a secretive 
young loner, Allan (Sean 
Scanlan). Holed up in a remote 
hostel in the Highlands about 
five miles from Ballantrae, Allan 
is . mysteriously uncommunica- 
tive in the opening scene, keep- 
ing himself, his milk and his 
rabbit stew, to himself. Mac- 
Farlane is irate at his attitude 
which, apparently, scorns the un- 
written, fraternal laws of hostel 
life: In the middle of their an- 
tagonism is MacFarlane’s 
daughter Janice (Frances Low l, 
a ginger father’s girl biding her 
light under several bushels of 
Arran knitwear. 

MacFarlane was struck off the 
list of youth-leaders because a 
boy in his care in this district 
“vanished." Not Allan, surely? 
Well, nor quite,' as we learn at- 
the end of the play after a brief 
love scene between Allan and 
Janice. Allan suggests to the 
girl that there is a world else- 
where and produces a rock with 


which to bump tbe old boy on the 
bead arier he .has been des- 
patched on a medical mission 
when Allan pretends to collapse. 
Without giving any more away, 
suffice It to say that the mystery 
of the missing boy is solved in 
peculiar detail and that title 
surrounding atmosphere of dark 
fells and haunted caves closes 
in on- the characters by curtain 
falL 

Brian Croucher has directed 
each scene to its full value, en- 
suring (hat each twist • in the 
narrative packs maximum punch. 
Joseph Greig conveys exactly 
that pedantic sense of propriety 
common among people who play 
by the rules, while Frances Low 
injects vivacious life into a girl 
loyally traipsing ' through the 
heather to keep her father com- 
pany. Sean Scanlan possibly has 
the most difficult task, but he 
manages the. comedy well and is 
fully credible as his true colours 
an? revealed. This is tbe third 
piece by Glenn Chandler at this 
address and is further evidence 
of his promise as a writer of 
delicate, lyrical sensibility. 


nw net uxx*> a* 

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When Ginger Rogers plays the 
’alladium for the first time in 
6 years, there is a danger that 
he. audience will be there to 
espect the past rather than to 
a joy the present. On Monday, 
he start of a fortnight’s visit, 
here was no need to be polite, 
ihe was a success; she entertains 
till. 

The omens were not good, 
lonald O’Connor in tbe first half 
bowed what happens to artists 
/ho g?t - out of shape— that 
ttractively persecuted punk of 
lollywood musicals of the 60s 
as become a blown-up bad 
lemory. Too tubby- to dance, 
ao worried to amuse. It was 
II up to Ginger. 

Against the rhythms of 
Night and Day ” and screened 
patches of her dances with Fred 
stalre. Miss Rogers makes a 
raditional entrance at the top 
f a white staircase. She des- 
eeds. She knocks over a vase 
f flowers— not another reputa- 
ura to be lost surely ! Happily 
er routine is well practised and 
uie; a potted life-story with 

tides and films to place the 
ongg and dances. . It. is- arch; 


It is hammy; it is disarming. - 

Ginger Rogers, is extremely 
nice' and her career is one long 
cascade of catchy music. From 
Texas State Charleston Champion 
to Broadway to Hollywood and 
back to Broadway, she has in- 
troduced the musical milestone 
of millions of lives. She need 
just have been at the Palladium, 
to be a hit but amazingly the 
voice Is still strong and confi- 
dent; tbe looks, bidden in pink 
and blue finery, are buxom, 
blonde' and not embarrassing; 
and the legs and feci are in 
working order and quite pretty 
too. 

Ginger Rogers high kicks and 
taps and twirls and flounces. 
Her age becomes irrelevant. 
Her performance is old-fashiqned 
in its corniness but she seems 
to mean it all and you don't 
often get the chance to see and 
hear “A Fine Romance." But 
Not for Me," “ Cheek to Cheek " 
and on. and on, sung and danced 
by Ginger Rogers. It is not a quick 
glimpse of _ the past from the 
sad end- of the telescope but. a 
full-blooded, lengthy show from 
an enormous-star who is happily 
alive and kicking. 


The National Gallery Report 


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At a Press conference y*»«ter- 
day Professor John Hale, Chair- 
man of the Trustees, announced 
tbe publication of tbe National 
Gallery Report, which records 
its activities since July 1975, 
and expresses its hopes for fhe 
future. Tbe record is impressive: 
14 acquisitions, all of major 
importance, some naturally 
rather more important than 
Others, all' but one bought one 
way or another out of the limited 
funds available, an increase of 
well over a million in attendance, 
and a gratifying extension of its 
educational programme. 

Madame de Pompadour by 
Drouais. from the Men tm ore col- 
lection, was indeed saved for our 
continuing delight, the Parmi- 
gianino portrait was picked up 
close to the around. Mr. Geoffrey 
Agnew performing wonders in 
the slips, the Melbourne and MII- 
banke . Families by Stubbs is 
where it should be- in our pre- 
eminent' national collection.- and 
the list continues with Van Dvck. 
Rembrandt, Corot and Delacroix 


and there has been a succession 
of splendid exhibitions. 

But we cannot go on Hke this 
for ever, as Professor Hale 
pointed out: it is all very well 
to ask for £1.850.000 for this 
year’s purchase grant, a modest 
enough sum In the drcumstances, 
but Government taxation policy 
and the threatened wealth tax 
together ensure that emergen- 
cies. such as with the Parmi- 
gianino. will happen with alarm- 
ing frequency. The wisest virgin 
can streltfh her supply of oil onlv 
so far. What we need is a sane 
and civilised policy towards the 
funding of tbe Arts, taken out- 
side the. scope of party polities, 
for the sums involved are tiny, 
given the scale of Government 
spending: We have -only to 'look 
at thq. -great Veronese, bought 
.for the Gallery- in the late 1850's, 
and currently the magnificent 
centre-piece of a- special exhibi- 
tion. to appreciate the debt of 
gratitude our descendents might 
owe to us. 

- - W.P. 






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r~« - • 



FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
{ Telegrams: Flnantfmo, London PS4. Telex: 888341/2, 883897 
Telephone: 81-248 8000 


Wednesday March 22 197S 


Outdoing 
Mrs. Thatcher 

THE SELECT Committee on abroad. What the report means 
Race Relations and Immigra- is that as many would-be muni- 
tion, whose first report was pub- grants as possible should be 
lished yesterday, was appointed kept out. and that as many of 
u to review policies in relation those who are already here 
to (a) the operation of the should be sent home. It would 
Race Relations Act 1976 with have been more straightforward 
particular reference to the simply to have endorsed the 
work of the Commission for views of Mr. Enoch Powell. 
Racial Equality, aud (b) the Seekinf , t0 j usafy itMlf Ule 
admission into the UK of Sel committee says of its 

conclusions: " Nothin'; in this 
‘“5?.*.? “Klfr re twrt should give rise to fears 

prising to find Uiat thf^ork of T 

the Commission for Racial 2?H»Lt5,.S iftJhASk 
Equality, and indeed the iustitu- 

tion itself, are scarcely men- ^ iK-^ Th f t l? 
tinned, and that race relations „ Iaw,u “- r - J?™ ” c -‘ n f , act ' 
are scarcely discussed. That is ^ . 

the first shock of the report ® me ‘“migrants are 


Language 


^ lawfully here or not: the law 
itself is unclear in many 
. . . . respects, the more especially 

The second shock is the re- when i t is less a matter directly 
porfs utter llliberality. It has 0 f j aw than of practice or discre- 
becomo a matter of course that timL ^ use of ^ sort of 
British immigration laws get language is likely to create new 
tighter and tighter with every uncertainties among immi grants 
review. This report, however. about tbeir riehts and t0 read 
cames the doctrine of dosing new ^^ons about who is 
the remaining loopholes to new entitled t0 be here and who 

*?*?, dans . erous ^Stiis. even j a canc iidate for deportation, 
whiie at the same time acknow- Moreover , the report itself 
1 edging that there has been a dmi stlicter ^o^eot of 
net outflow of people to the m concerning right of 

? in , rGC « nt yaars " d abode would almost certainly 
that the rate of inflow from the a new system of internal 

Indian sub-Contment has been ^ , nf immigration with all 

reduced Indeed only Britain's h th entaHs ®^ tte way of 
membership of the European UopVc 

Community and her ratification 1 
of the European Convention for Tmnractical 
the Protection of Human Rights 
and Fundamental Freedoms Two questions arise. The first 
seem to prevent the report from concerns the kind of society in 
coming down against any im- which we want to live, and the 
migration whatsoever, though second concerns the practicality 
ft has to be admitted that, °f the Select Committee’s re- 
within those limits, it has a commendations. Do we really 
pretty good try. want- to move to stricter con- 

There is a third shock in the trols on movement, perhaps 
language of double-think in even to identity cards, for the 
which the report is written, sake of keeping out a few thou- 
Take, for instance, the following sand Asians and getting rid of 
passage on arranged marriages: a few thousand more ? How far 
"While, in a multi-racial society, is it from there to the pass 
the cultural patterns of ethnic laws? And is it really worth it? 
minorities should be acknow- Accepting the Committee's re- 
ledged. we believe that the port would mean increasing the 
members of those minorities staff of the Immigration Ser- 
should themselves pay greater vice, the Inland Revenue, the 
regard to the mores of their Department of Health and 
country of adoption and, indeed. Social Security- and possibly 
also to their own traditional pat- creating a new internal control 
tern of the bride joining the service to boot. Even Mrs. 
husband's family." The report Thatcher, in her celebrated re- 
is here making two quite con- marks on the subject some 
tradictory demands: it is, in weeks ago, remembered to say 
fact impossible for the imml- that one way of dealing with 
grant community both to adopt the immigration problem was 
the mores of the host country to concentrate on improving re- 
and, at the same time, continue lations between the communi- 
to send its daughters to marry ties already here. 

Allocation of 


resources 


YESTERDAY’S WHITE Paper 
on North Sea oil begins by pro- 
claiming that the country now 
has a unique opportunity to 
improve its economic perform- 
ance, raise living standards, 
move forward to full employ- 
ment, develop as a socially just 
society, and do something at the 
same time for developing coun- 
tries. This, like many other 
passages, reads more like an 
election manifesto than a White 
Paper. The authors (there seem 
to have been a good many dif- 
ferent hands at work) clearly 
do not subscribe to the disaster 
theory, according to which 
North Sea oil will drive up the 
exchange rate to a point where 
our manufacturing industry 
hecomes uncompetitive. The 
one reference to exchange rate 
policy is not easy to interpret. 

On the other hand, the 
authors are clearly convinced 
that the benefit of this tem- 
porary windfall should not be 
frittered away but the oppor- 
tunity used to re-establish the 
competitiveness of British 
industry before the oil runs out. 
" As a people we have been 
given the chance of harnessing 
nur talents to a programme of 
National Recovery, that will 
rebuild Britain’s prosperity and 
greatness." The oil. apparently, 
is a heaven-sent means of carry- 
ing through the Industrial 
Strategy. 

No fund 

It will, in fact, give ns back 
part of what we lost several 
years ago through the rise in 
oil prices and reduce for a num- 
ber of years the constraint on 
economic expansion set by the 
balance of payments. It will also 
mean a large increase in the 
revenue of central government, 
the allocation of which has to 
he decided. But the very way in 
which the White Paper deals 
with investment unemployment 
industrial democracy and so 
forth is a tacit admissfon that 
the main problems are wbat 
they were before, only their 
solution has become slightly 
easier. For this reason, the 
Cabinet bas been wise to drop 
the idea of a special North Sea 
fund, the revenue of which 
would be devoted to specific 


objectives. Having done so, 
there seems little point in the 
proposed annual report to Par- 
liament on the way in which 
North Sea resources have been 
used. 

The greatly-improved outlook 
for the balance of payments 
should certainly make it possible 
to better our past record of 
economic growth. Hie object 
must not be a sharp accelera- 
tion in the rate of growth, which 
would almost certainly run up 
against supply bottlenecks and 
bring back rapid inflation, but a 
gradual and sustained increase. 
It is- the possibility of being 
able to continue expanding for 
a series of years in succession 
which is important for bringing 
about a higher rate of invest- 
ment In the private sector — 
which is undoubtedly desirable, 
especially in new industries 
rather than old. 

Manifesto 

But the fact that we need 
greater capital investment is no 
reason for the Government to 
hang on to the revenue which 
it happens to be getting from 
the North Sea and doling it out 
on those public or private invest- 
ment projects of which it ap- 
proves. Consumption must -in- 
crease if investment is to flour- 
ish. Consumer spending de- 
termines investment, while 
the savings out of higher 
incomes help to finance invest- 
ment. It is on this point that 
the White Paper is most am- 
biguous. Not only are tax cuts 
coming — the outlook sketched 
here is rather rosier than that 
recently painted by Mr. Joel 
Barnett— but “investment can 
be planned and executed only 
within industry itself’ and "the 
Government intends to retain a 
firm control over public expen- 
diture so that it does not absorb 
too high a proportion of the 
nation's resources.” There bas 
dearly been a fair amount of 
disagreement between Minis- 
ters, with the main point In 
common between them being 
that the North Sea is good for 
the party in power when its 
main benefit is being felt. That, 
no doubt, is why the White 
Paper reads so often like an 
election manifesto. 




axe 




' L"‘ • 



BY ROBIN REEVES, Welsh Correspondent 


W ALES, already shocked 
by Ihe sudden death 
of East Moors, is 
now awaiting with trepidation 
for tody’s Commons state- 
ment by Mr, Eric Varley, the 
Industry Secretary, on the 
future of the steel industry. 
Shutdown of the Cardiff-based 
plant, though on the cards since 
1972 turned out to be much 
swifter than anyone imagined, 
and Wales has suddenly woken 
up to toe harsh reality of the 
worst economic recession since 
the 1930s. East Moors has pro- 
duced what is probably the big- 
gest single mass redundancy in 
the country's turbulent indus- 
trial history. It seems that even 
the massive rundown of the 
Welsh coalmining industry — 
from 150,000 jobs in th£ early 
1950s to around 30,000 to-day— 
never resulted in 3,100 jobs dis- 
appearing overnight. In the cir- 
cumstances few people resent 
East Moors’ weH-pubHcised re- 
dundancy payments. They stiU 
seem a reasonable price to pay 
for putting on the dole. a whole 
close-knit community in South 
East Cardiff, which has worked 
father and son for generations 
at East Moors. 

BSC also hopes to open nego- 
tiations immediately on 


^ PEKCBSrmOE OP WORKFORCE 


fW&kF-- -F ' ” - ” ■ 7.- : =:■ I : - 





Seasonally adjusted. 
Excluding school-leavers 


1975 


1976 


1977 


1978 



business of closures is out of 
the way, BSC is -bound to main- 
tain pressure for reduced man- 
ning levels at its other large 
Welsh plants. Port Talbot and 


This wielding of the. axe is presently keeping some 56,000 Moors’ physical assets elsewhere a ; variety of manufacturers 
tiie hardly calculated to increase people off the Welsh unemploy- within the Corporation- Work is coming to the area. But agree- 
closure of steel making fadli- the Government’s . -popularity, ment register, unemployment also about to go ahead on., meht to shut down the heavy 
ties at Ebbw Vale, although the But there are no immediate now seems bound to accelerate draining a 340 acre site to the end., of the works altogether 
Corporation is prepared to signs that South Wales’ rapidly into six figures, that is South East of the City, at a cost will throw a further 1,800 
stand by the designated closure legendary allegiance to the over 100,000, and into double pf £6nu which should provide on . to the labour market 
date of March next year. For Labour Party is In danger of figures in percentage terms. ample space for new develop- — some 4,000 jobs will 
Ebbw Vale — less than 20 miles being seriously ..weakened, This Is because— the general meats close to where many- of remain in BSC tinplate manu- 
away in the industrial valleys though it- .could- obviously health of the economy apart — the East Moors workforce live, facture— the rest will join the 
this would mean a los s of 1,800 change if large numbers find the steel closures will have a But it will not be completed for iO-6 per cent, already on the 
jobs. And once the distasteful themselves on the . dole in- significant spin-off effect Every two years. dole in the area. 

definitely. Mrs. Thatcher’s steelworker is reckoned to on retraining, the present Again, a . furt 5 er n *J' 

brand of conservatism hardly support another one and a-half fatties do not look sufficient WP'we said to be on the way. 
promises mote sympathetic jobs locally, meaning the r ____ ^ Bast Moors 1 & >0ver ’ s ®ai° r expansion at 

consideration. - while Plaid possible loss of up to 4,500 bni®- The fardiff Area has an Mjeilhyr Tydfyl should provide 
- . „ Cymru, the chief threat to other jobs in the Cardiff area aiinratian of LOGO nlaces as it has m the past 

Llanwem in South Wales and Labour in parts of Wales, has and another 8,000 as a result of in i™* cwn centres but they ’®^*' WDA 15 completing a 
Sbotton in North Wales. ^ to c^ce ^ n Sbers the Ebbw Vale closure. “ ] big new industrial site at a 

Certainly before the present that self-government would pro- Making the outlook even Ye * in suite of all these diffi- °* f4m * at Rassa at tfae 
BSC was aiming to vi de a different Answer to the bleaker in Cardiff is the fact To bJriomS *** * »■“ 

gtjf f0 « e £rom industry’s problems. ■ • that some 1L500. or one in 10 SjSf’ loneSS ** *** ' 1S 

Em TO to nm? economic prospert3 - “ 15 1 Sk 2011 * 10 a 

to between 40 000 and 45000 bv ou ^ a * a stroke the boost to already unemployed, it is a nigh centre which enjoys above- " v f Ehh w - 

SemTddle flTc 1^' * Welsh «dU« which fol- •SSS fffS^S jgJK •mmUm.tmMt dm- ■& , £*?2? l g6 l ££ l - 

^ sire “ sirt ^i^^ P—l *«M- a-e 

Uu/SStaE P— hhmt «Bnd ? cnd .dminMretire centre., 

was always the promise of a ™ es 15 instead bracing itself 

record £S35m. investment to to an even bigger penMty AvqiIqKIp 

modernise Port Talbot and for its dependence on a basic. AVdlldUlC 

double its steel output The ded ini ng industry. Steel is now 
Financial Times report that this the largest employer of male 
investment is being much I*&rar in Wales, mid metal 
reduced has already produced a ?5 nu ^ ac ^ ure employs 

loud outcry. But 

provide more recite for the ^iw-uhu-biuhimh. ^ -X wxu neip, out most steel wonrers ^tc structure 

men at Shotton, in an area 2-2 per ceiit ^ in Kitain. • : Wels h Cardiff but two significant ^ bave little stomach QP 'd^pettdent on' a few basic inrius- 
where unemployment at 11,4 unemployment lisut been consls- difficulties stand m the way of ap tjtude for becoming pen£ tries." \ 
per cent, is the highest in a T^ “ eariyrecoverym the level 1965 ^ 1967 the 

Wales and the third highest for more » y® 31 ?* m tiie of industrial employment One Vafe ft^ed away in number of men at work in 

in the UJv. At the moment Present recession being sur- is a shortage^ of immediately fte beart of the industrial Wales fell by 97,000, a drop of 
they are relying only on the Pass®d uoly *by Northern available land for industrial valleys, promises to be a far over 10 per cent, to 611,000. A 
pledge of Sir Charles Vifliers, Ireland. Over the past year, the development and the other is i on gc r haul. Since closure was smaller proportion of the popu- 
BSC’s chairman, that steel numbers out of work have been inadequate retraining facilities, mooted in 1972 special lation of Wales is at work than 
making at the plant will con- mounting by at least 1,000 a Clearance and restoration of efforts have been made to that in -most English regions, 
tinue until 1982. If Port Talbot month, on average, and now the East Moors site will eventu- attract industry to the area. The Welsh GDP per capita in 
gets the consolation prize of a stand around the 90.000 mark, illy free well over 100 acres for The combined efforts of the 1975 was £1,104— some 25 per 
replacement rolling mill to which is 8.5 per cent or 2 per new industry; though there is Welsh Office, the Welsh Devei- cent below the level in South- 
improve quality, Shotton sheet rent above the UJL average, some concern that the process opment Agency, BSC industry. East England — not because 
steel would be needed to plug In spite of the government may prove slower than is desir- the Manpower Services Com- Welsh industry is not produo- 
the gap while Port Talbot was range of temporary and. youth able because of BSC's wish to mission and the -local authority, tive, but because there is not 
out of action. employment schemes which are retrieve and redeploy East among others, have resulted in enough of rL 


British Rail’s high speed train, w^sh economy. This is the 
and its own port and airport. need fo r continuous major re- 
They all add up to a sound gj-ucturing to cope with what 
economic and social infrastruev ^ described as: “A 

tore and should be capable of j^y of exploitation, paiticu- 
attracting the industrial invest- of raw materials, which 
ment the city wants. In addition, jagted f or generations without 
Tie Welsh Office thl: G ° ve 7 m ’ e _ nt 1 ”, w significant im-estment bane 

’lTST** - o£ thejrertog tt* r e « sc^c -UM lew icjbs SggTVfcM* 'TJ 

?ite for the wiU help, but most steel workers mic structure grossly over. 


land 


An independent study com- 
missioned by the Office 

bn the impact of “the ■Govern- 
ment’s regional pelides Itftte. 
1960s calculated that .'between 

70.000 and 80, M0 jobs flowed 
from regional aid of well over 
£100m, in the period 1682 “to" 
1972 But the authore 1 con- 
cluded' that a full solufloft to 
the imbalance in ttfe Wflsh- 
-labour market would . re- 
quired the creation of -SuB* 000* 

250.000 jobs. In other words, 
the regional, aid was only dne^ 
thini of what was reaHy needed; 

A more recent study within 
Cardiff University' College esti- 
mated that Wales - needed 

120.000 new jobs over the com- 
ing 10 years, some SO, 000 of 
them to replace jotw lost itt the. 
alder, declining industries, . The: 
South Wales valleys alone,- the 
study suggested, would require 

100.000 new jobs by 1991 if- 
they were to maintain, popula- 
tion levels. 

There is undoubtedly a 
warmer welcome fox new indus- 
try in the valleys in term s of 
improving infrastructure 
thanks to the M4 and the work 
of the Welsh Development 
Agency and more recently its-; 
■small country cousin, the He-., 
velopment Board for Rural 
Wales. With local authorities- 
they are laying vital foundations 
by preparing industrial sites.and. 
building advanced factories, 
ready for an- upturn in the 
economy. But the fear at the 
back of many peoples minds is 
that the days when Wales could 
look forward to increased in- ■ 
flows of investment from Eng- 
land and elsewhere given the 
right incentives may have gone 
for good. 

Mr. Alan Williams, Minister 
responsible for regional policy 
in the UJC warned a Welsh con- 
ference on employment, 
recently that he was now en- 
countering tremendous pressure 
in the South East and Midlands... 
to undermine the regional, 
policy— on the grounds that un- 
employment was now a general 
problem and the plight Of the 
inner cities was equally press- 
ing. As it is, the Regional Em- 
ployment Premium has already 
disappeared and the negative 
control of the Industrial Devel- 
opment Certificate is seemingly 
being less rigorously applied to 
steer industrial expansion to de- 
velopment areas. 

This is liable to.be’ one of the- 
key issues -in the- Welsh devolu- 
tion debate, particularly within 
the Labour Party. An important 
plank in the anti-devolutionists’ . 
arguments is that nothing must 
be done to prejudice the flow 
of regional aid and investment 
from the prosperous parts of 
England^ The pro-d evolutionists 
riposte is that this flow has- 
been inadequate in the past and 
will became even less adequate 
in the future and that Wales ‘ 
must think- in terms of putting ■ 
its own economic -house in’- 
order. 


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VI 


MEN AND MAHERS 


An example In 
the airways 

While the Amoco ’ Cadiz 
calamity preys on the minds of 
tanker owners, environmental- 
ists and Breton fishermen, it is 
timely to convey a pertinent 
question to the worldwide ship- 
ping industry: “ Why are inter- 
national control systems so 
much poorer in shipping than, 
in aviation?” This was put to 
me yesterday by Professor 
Rigas Doganis, a specialist in 
maritime affairs. 

Doganis points out that the 
positions and routes of planes 
are tracked constantly, with 
great precision. “ This is pos- 
sible with craft travelling at 600 
mph, ten miles up,” he says, 
and anyone who gets out of 
line is rapped very sharply.” He 
believes that the shipping in- 
dustry has fallen far behind 
these standards. While avoiding 
any comment an what happened 
to the Amoco Cadiz, Doganis 
argues that sanctions are not 
nearly strong enough against 
erring ships* captains. “The 
pilot of a plane can be banded 
for life." he says. 

Doganis is director of the 
Transport Studies Group at the 
London Polytechnic and in 197.6 
was the senior author of a 
much-quoted report- on “flags 
of convenience.” I asked him 
whether he had any criticism of 
Shell, for chartering a Liberian- 
registered ship — a topic upon 
which Shell had flatly refused to 
say anything when I had spoken 
to them earlier. “ The Liberian 
fleet to-day has generally a 
good safety record,” says 
Doganis. “ Matters have im- 
proved greatly since the 
Liberians began an inspection 
service several years ago.'* He 
also says that many of the 
world's major oil companies 
have their own vessels sailing 
under the Liberian flag. 



But the sharpest comment 
that Doganis has on the*' Amoco 
Cadiz disaster is once again a 
comparison with aviation 
standards: “ The fail-safe mech- 
anism that could have pre- 
vented the Brittany accident 
must be made compulsory. In 
aircraft, vital equipment is 
always duplicated. Why not in 
ships?” 


Country matters 

Premier Callaghan declared yes- 
terday that the White Paper on 
what to do with our Nofcth Sea 
oil wealth “matched his defini- 
tion of . socialism.” It certainly 
does not match any of tiie views 
of the magazine Vole, which 
speaks for what might he de- 
fined as the radical rural intelli- 
gensia. It has just brought out 
an alternative White Paper. This 
advocates, first and foremost, 
that the oil wealth- should be 
used -to create thousands of 
smallholdings all ' over the 
country — arguing that these are 
most productive,, acre fon .acre. 


It proposes that when large 
farms come on the market, all 
land over 1,000 acres should be 
sold to the State , at not more 
than £500 an acre and turned 
into smallholdings. “This will 
drive out the insurance com- 
panies and the like who are 
buying land as a hedge against 
inflation.” I asked whether the 
authors of the scheme wanted to 
turn Britain into a nation of 
peasants. The reply was a confi- 
dent yes. Far too socialist for 
Jim, for sure. 


Mary’s bad books 

Mary Whitehouse suspects a 
plot The publishers of Britain’s 
“adult magazines” announced 
yesterday the guidelines by 
which they wfll exercise self- 
controL But she sees it as “a 
most dangerous move, not to be 
taken at face value.” 

She says: “They are Hying 
to take the heat out of the 
debate. It has taken us 16 years 
to build up public concern and 
they know you cannot rebuild 
this once it has faded.” 

I ventured to suggest that 
with former chief film censor 
John Trevelyan at its head the 
publishers* Publications Control 

Board— which will apply these 
guidelines — could draw on a 
fund of experience. But Mrs. 
Whitehouse has her own stem 
views on the state of the British 
cjnema: “ If the publishers 
really wanted to become respect, 
able they should not have 
invited Mr. Trevelyan.” 

Trevelyan himself is quite 
relaxed about Mrs. Whitehouse’s 
criticism. They had met last 
autumn during a Granada tele- 
vision debate on what he calls 
tbe ‘Messianic attempts” by 
Chief Constable Anderton of 
Manchester to dean up the dty. 
He told me he does not enjoy 
the magazines he has to read 
but that tbe Board is “an inter- 
esting diversion in retirement” 

Unlike Mrs. Whitehouse he 


sees morality as an evolving 
concept and believes his job is, 
as it was with films, “to hold a 
reasonable balance between 
what the public wants and wbat 
is dangerous in terms of harm- 
ing people or breaking the law. 
He says he has been told by the 
trade that 10-1 5m. people from 
all walks of life read “girlie 
magazines.” The Board’s sanc- 
tions include the right to stop 
distribution of magazines which 
break their rules ’ coverin 
“over-explicit sex, harmful sex 
and illegal sex." • 

Mrs. Whitehouse has the 
clearest views on where the 
lines should be drawn. But she 
is anxious about the courtroom 
outlook. She may just bave 
triumphed over barrister John 
Mortimer in the Gay News 
blasphemy appeal but she says 
that the police know that if 
magazines are defended by hinj 
in court they will be acquitted. 
“He has written plays himself 
and is a brilliant communicator. 
He makes it seem a joke and 
the jury believe that they are 
‘too adult* to convict” 


Not on your life 

There were a plethora of calls 
offering personal horror stories 
about “clipboard selling, 1 ' fol- 
lowing yesterday's report in this 
column on tbe use of the tech- 
nique by a certain section of 
the life insurance business. I 
was also telephoned by Mark 
Weinberg, managing director of 
Hambro Life. 'It seems that his 
morning was not improved when 
he read the remark by brokers 
Berkeley Walbrook that they 
might be selling Hambro Life 
policies as a result of clip-board 
canvassing. “Last October, we 
severed our agency links with 
Berkeley Walbrook,” says Wein- ! 
berg. Why? “Because of their 
clipboard methods.” 


Observer 


Will you have only 


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Financial -Times Wednesday March’ 22 197? 

MVNSNATIONAL COMPANIES 




23 

BY SIR HENRY BENSON 



m 




i 

s 



f AND wide-ranging dis- 
ire rules for transnational 
oraticms have recently been 
by a Group of Experts 
report* issued by the UN. 
scope of these disclosures 
far beyond present report- 
requirements in any of the 
d’s advanced industrial 
omies. ‘ 

;e.UN report gives detailed, 
of suggested minimum dis- 
xe requirements for both 

dal and Don-financial 
5. It is meant to apply to 
fransnationaf corporation — 
ed as a company or group 
h operates production or 
ce facilities outside the 
try in which the company 
s ultimate parent is based - 
ich meets two of the -foi- 
ls three criteria: total 
s of more than $50m.; net 
of more than $100m.; and 
rerage of at least 2^00 ezn- 
during the reporting 
■d. 

e report makes it dear 
in discussion, individual 
■rts expressed a wide range 
ews but that their specific 
:rns and portions are not 
:ted in it Yet evidence 
tis diversity — only to be 
rted in srxfti a controver- 
area — fc lacking from the 
shed document winch says 
a broad consensus 
ged B on a number of 
s.” 

e report is to be discussed 
■ he UN - Commission oh 
snational- Corporations in 
The UN Secretaiy- 
ral Dr. Kurt Waldheim 
ilread; suggested that the 
mssion should then con- 
recommending that mem- 
sovernments, including the 
commit themselves to 
. g legislative action to 
the - Group’s proposals 
. atoiy.' 

a Group of Experts has 
ified the need for two 


sorts of reports: ■General Pur- 
pose Reports, which serve as 
the baric vehicle of communi- 
cation with the public, and 
Special PiHpose Reports, which 
fulfil the need of special in- 
terest groups for specific and 
detailed information on the 
company. Such special reports 
may be either accessible to the 
public or confidential, and be- 
cause they are by their nature 
specific to a particular , set of 
circumstances the Group felt 
unable to lay down any mini- 
mum requirements. ■ The dis- 
closure lists produced there- 
fore apply only to General JPur* 
pose Reports. 



Broader 


The group took note of the 
work of other organisations 
including the International 
Accounting Standards Commit- 
tee (IASC) but felt that its own 
task was broader. It- therefore 
adopted as a nucleus the IASC 
standards on information to be 
disclosed in financial statements 
but added new features. In 
addition, however, it has speci- 
fied a formidable list of items 
of a non-financial nature, cover- 
ing labour and employment, 
production, investment plans, 
organisational structure .and 
environmental measures. The 
two examples given indicate the 
typical amount of detail which 
is required. The individual 
member • company is asked to 
indade in its labour and employ- 
ment report a statement -Of the 
“number of women employees 
by function ” and, in its produc- 
tion report; a “ description of 
practices regarding acquisition 
of raw' materials and- com- 
ponents (indicating the percen- 
tage acquired from inter- 
company foreign sources .and 
tiie percentage from all foreign 
sources).” 

The group’s long-term objec- 


tive, which .is to -provide 
adequate and comparable infor- 
mation to all parties with a legi- 
timate interest "la the activities 
of transnational companies in 
order to enable them to make 
rational derisions, appears so 
reasonable as to be beyond, 
reproach, l.am indeed In sym- 
pathy with many of the aims 
and aspirations of the Group 
of Experts: Agreement on 
objectives does not, however, 
imply agreement on the means 
of achieving them, and the 
report of the Group of Experts 
raises three serious doubts: 

• Is the United Nations" the 
appropriate forum? 

• Is the preparation of long 
lists of mandatory disclosure- 
requirements the best way of 
achieving the objective? 

• What are the costs and 
benefits of the additional 
information? 

The right place: The UN has 
over 100. member states ranging 
from the most advanced Indus- 
trial economies to the least 
developed' agrarian . societies, 
from conservative capitalist 
states through the whole politi- 
cal spectrum to far Left-Com- 
munist republics. Not all mem- 
ber states subscribe equally to 
the doctrine of openness and 
publicity — -“transparency "—for 
business information and there 
is a real danger that countries 
with no commitment to the 
concept of transparency will 
support proposals for Increased 
corporate disclosure in order to 
.use them as a political weapon, 
either against mixed economies 
in general or in order to obtain 
particular advantages. . 

Apart from the political 
danger, there is a practical 
problem involving ell the mem- 
ber states of the UN. The 
availability of an adequate pro- 
fessional and technical infra- 
structure varies greatly from 
country to country, and is 


'j ", 

TO. V . 



Trevor BarmOoies 

Sir Hemy has been Industrial Advisor to the Bank of 
England since 1975, Is a former chairman of the International 
Accounting Standards Committee and a former senior partner 
of Coopers and Lybranfls. 


adequate only in a handful. 
The transnational corporations 
may well have the capacity to 
comply with such requirements, 
but a great many- of the local 
companies and corporations will 
not The effect could, therefore, 
be to discriminate against the 
transnational companies and the 
Group of Experts recognises this 
danger, recommending that its 
proposals should be made gener- 
ally applicable. 

The right .method:..' The task, 
of drawing up long lists of dis- 
closure requirements Is easy" 
work but doctrinaire proposals 
which take no account of 
realities are more likely to 
invoke' ridicule than compli- 
ance.. Reports from different 
companies even within one 
country are not always com- 
parable, as the Group of 
Experts found, and this is so 
even where there are compre- 
hensive disclosure require- 
ments, as in Britain. The 
basic conceptual difficulty with 
the preparation of comparable 


corporate reports is the lack of 
.uniform and comprehensive 
accounting standards. 

Steps have been taken, both 
to tbe TJ3L and elsewhere, dur- 
ing the past seven years to pro- 
duce such standards. Since 1973 
the IASC has been working on 
the establishment of inter- 
nationally - accepted standards 
and, from - the beginning, 
adopted the policy that they 
should be short, clear and un- 
complicated.. Evidence of the 
success of 7 IASCs approach is 
provided - fty the response of the 
53 national accountancy bodies 
in 41 countries who make up Its 
membership. Most, including 
those in the UJC, are encourag- 
ing their membership, with a 
heartening degree of success, to 
adopt them. 

The fact that, even after five 
years, such a widely-based body 
is very far from defining a com- 
prehensive set of standards for 
use to aH circumstances is an 
indication of the complexity of 
the issues involved and the 


length of the time-scale needed. 
It is my strongly-held belief that 
the first priority should be to 
establish a comprehensive set 
of basic standards governing the 
preparation of accounts and that 
any attempt, at this stage, to 
introduce a complete code for 
the disclosure of financial and 
non-financial information will 
faiL An additional problem of 
comparability is introduced by 
the non -financial- disclosure 
requirements specified by the 
Group: much of the information 
required is so vague that the 
responses from companies are 
likely to be either useless or 
positively misleading. 

Costs and benefits: The Group 
states that it has not costed the 
burderr-) which the additional 
informsion requirements will 
impose. This is an astonishing 
omission because the cost will 
be significant. Extremely full 
financial statements are asked 
for at a multiplicity of levels 
which, with the demand for 
detailed information on a wide 
range of non-financial subjects, 
go far beyond what is required 
at the present time. 

There is also a need to 
identify the interested parties 
who will derive benefit from the 
proposed disclosure require- 
ments. The group’s discussion 
on special purpose reporting 
makes it clear that the detailed 
needs of governments, local 
authorities and trades onions 
should be covered by ad hoc 
reports. The group acknow- 
ledges that governments already 
have the power to call for such 
reports, and indeed in most 
developed countries govern- 
ments already do so. The 
specific needs of these groups, 
for the purpose of decision- 
making, are not therefore to be 
supplied by the list of disclosure 
requirements now proposed for 
general purpose reports. 


Nor, apparently, is concent 
for the needs of investors and 
creditors the main driving force 
behind the requirements pro- 
posed for general purpose 
reports. The group observes 
that annual reports currently 
produced by transnational 
corporations are aimed largely 
at the needs of this section of 
the public, and should be 
widened to serve the interests 
of “society at large and the 
international community as a 
whole." Since this vague 
category is in addition to 
investors, creditors, govern- 
ments, trades unions and local 
authorities, and as it is not des- 
cribed more precisely anywhere 
else in the report, it is difficult 
to be confident that the group 
has undertaken adequate 
research to identify the exist- 
ence of this category of persons, 
and, if it exists, to establish that 
it wilt comprehend the informa- 
tion when it is produced and use 
it effectively for any useful or 
legitimate purpose. 

Disadvantage 

The .group recommends that 
its proposals should apply 
equally to national and trans- 
national corporations of equal 
size, but acknowledges that such 
a recommendation is outside its 
terms of -reference. There is a 
possibility, therefore (which 
those engaged in multi-national 
trade will readily discern), that 
these proposals will be applied 
only to transnational corpora- 
tions. Such a step would be dis- 
criminatory, and put trans- 
nationals, and their sub- 
sidiaries. at a significant dis- 
advantage when competing 
against national companies. 

The aim of the Group of 
Experts to move towards com- 
prehensive, internationally com- 
parable, corporate information 


is a laudable one but I do not 
believe that for the UN to lay 
down a code for corporate dis- 
closure as a separate exercise 
from toe development of basic 
accounting standards is an 
appropriate way of achieving 
this objective, and the mechan- 
ism by which the Group U seek- 
ing lo achieve their objective is 
fraught with political danger. 
The scale and scope of the 
requirements for disclosure are 
over-ambitious and - risk 
encouraging discrimination 
against the transnational com- 
pany at a territorial leveL Due 
consideration does not appear to 
have been given to the cost and 
effort involved in their imple- 
mentation. 

The Group of Experts has 
acknowledged the work being 
done by L\SC in establishing 
internationally accepted account- 
ing and reporting standards. As 
IASC is an association of 
accounting organisations, all 
committed to the concept nf 
transparency and with the will 
and the wish to develop inter- 
nationally comparable reporting 
standards, it is by far the best 
vehicle for furthering inter- 
national comparability in the 
most effective and practicable 
manner. It is to be hoped that 
tiie Commission on Trans- 
national Corporations will 
decline to accept the recom- 
mendation of the Group but will 
instead take account of IASC’s 
great experience in the develop- 
ment of standards and invite it 
to consider the Group's pro- 
posals on financial disclosure 
within its own programme. I 
have no doubt that IASC would 
respond to such a request 

* International Standards of 
Accounting and Reporting for 
Transnational Corporations (pub- 
lished in December, 1977 and 
available from the UN sales 
section in Neio York for $3.50 
a copy). 


Letters to the Editor 


ot a mug’s 


- ^ v 
{ ? ■ 


ime 

Mr. A. Benfrey. 
—Adrienne Gleeson (March 
oversimplifies considerably 
she describes option buying 
i mug’s game." It is true 
jption buyers lose their in- 
ent on most of the options 
buy, but this does not of 
make the purchase of call 
» irrational. 

the first pbee the risk of 
has to be set against the 
potential gains if things go 
nd there must also be taken 
'.ozmderation the fact that 
•itlay for a call-option may. 
-mey terms, be very much 
han for toe corresponding 
er of shares and the poten- 
or loss in money terms is 
tpondingly very much 
;r. Risk and reward 
ally correlate well in 
ties markets and the 
vs market -is no exception. 
3ay your money and you 
■our choice. 

thennore. when markets 
•Jatile and uncertain it can 
much more sense to pur- 
call options with a small 
rtion of one’s investment 
and use the remainder to 
ise gilt-edged securities 
o purchase shares and this 
ly may be much less risky, 
it one in effect is doing to 
jig a portfolio of “do-it- 
flf " convertibles and these 
ot generally regarded as 
speculative securities. 
;matters to the Investor in 
.wfag run is not the riskiness 

■ , . i •;!;;/ stogie part of bis port- 

■ f i : ? v ■ , ‘but '.the riskiness of his 

* -in toto. Options can 

t l^\<ibined in portfolios in high 

: • l ** ' f risk ways entirely at the 
i 'ion toe investor. 

taet that call option pur- 
• t . D* s lose money on their call 
\ «• 1 purchases most of the 

oca not make them mugs, 
-til we all insure our homes 
t theft and fire. Yet the 
at we are virtually assured 
oing “ our premium outlay, 
thefr and fire are merci- 
infSequent occurrences, 
ot ruake us irrational in 
ootinsurance policies. 
iy W. Henfrey. 

House. 

Mile Trinity Lane, E.C.4. 


to take up the slack, and then 
the major currencies could be 
clamped into the' permanent 
alignment of fixed ^exchange 
rates, all exchange controls being 
abandoned and transfer of capital 
becoming free. 

I suggest that the U.S. dollar 
should be defined as worth 100 
milligrams of gold, toe Found 
300, Swiss Franc and Deutsche- 
mark 50, the French Franc 20 and 
100 Japanese Yen to equal 40' An 
the international gold coin could 
be minted by each country in its 
own traditional style containing 
10 grams of fine gold and worth 
£50, S100, DM200, Sw.Fra.20Q, 
Frs.500 and Yen25,000. This cor- 
responds roughly to toe present 
exchange rates and would' Tie- 
present a final devaluation oF 
paper currency of about 40 per 
cent in terms of gold. 

Geoffrey Myddelton. 

Blue Woon, 

1867 Glutieres-sur-Ollon, • 

Va?id, Switzerland. 


Pension fig 
leaf 



monetary 

alanche 

Jr. G. MyddeUon. 

■The. persistent melting 
of . the value of paper 
which really started with 
ndonmem.of gold coinage 
, is probably reaching its 
tint 

3 mists never seem to 
and what isn't in the text- 
but something that has 
lappened before is prob- 
aingv-io happen, now-ra 
ly -hvaJancbe— when the 
towering mass of paper 
llhioUapse in a frantic 
tn' achieve conversion 

igiblc assets. Governments 
ipe that this will never 
, and that they can go on 
lag without ever paying 
ist as they never bad to 
k what they borrowed in 

‘ four years later the 
s mw only .worth 11 2 per 
its original -value in gold, 
stiff 43 per cent and the 
i Franc * per cent Only 
Ibonf Swiss have managed 
. as much as 31 per cent 
value of their Franc, and 
;y are being almost made 
jgise for it! 

ary catastrophe can Only 
fed by going back oo the 
andaro, not just, with 
s on paper but with 
mid coinage, that people 
their faith in One more 
uon would' be necessary 


From Mr. A. Furse. 

Sir,— Mr. Johnston’s letter of 
March 16 implies that the 
number of private sector schemes 
maintaining cost of living in- 
creases— or “ substantial " in- 
creases — is significant The 
director-general of the Royal 
Institute of Public Administra- 
tion rather spoils the effect 
(March 17) by emphasising that 
94 per cent, of the schemes sur- 
veyed by toe National Associa- 
tion of- Pension Funds failed to 
increase pensions in line with 
the index. ■ - 

The Government Actuary man- 
fully defends the adequacy of 
the extra 1} per cent deduction 
for indexation of civil service 
pensions (making 18! per cent 
in total) but resolutely ignores 
the fact that this was based on 
the assumption that interest 
rates would remain at 8 per centu 
salary inflation at 6 per cent and 
pension increases at 2J per cent 
per annum. . At toe risk of being 
a bore, may I repeat that: 

The Independant Actuary re- 
ported to the Select Committee 
on November 10, 1976. that had 
the figures been based on rates 
of 8 per cent, in each case toe 
correct deduction from salaries 
would be 35 per cent, of salary, 
that is. 18 per cent for indexa- 
tion rather than 1! per cent It 
is a matter of record that annua! 
increases since 1971 have been 
very much higher .than this and 
the Actuary’s . protestations 
should be seen as a fig leaf held 
up by the spokesman of a privi- 
leged minority group. 

. If increases in pensions paid 
to the public sector are not 
restricted to the levels forecast 
when assessing toe cost or 
similar pensions on similar terms 
are not made available to all. 
toe grave injustice of arbitrary 
privilege to the minority will 
grow steadily worse. 

A. W. Furse. „ 

Nerqias. Mold,'Chcyd. 

Keep the 
ferry 

From Mr. J. Potter. 

Sir,— Vintage transport on road, 
rail and in the air. either makes 
for big business or for big news 
these days and in this' context 
surely Seal Ink's efficient account- 
ants can cook up some way of 
keeping toe very, last steam- 
engined paddle ferry, Lincoln 
Castle, on toe Humber, left in 
service, in English (as opposed to 
Scottish!) waters, still going, as 
a tourist attraction 

Government intervention is 
needed, is tote case. The local 
authorities are obviously incap- 
able or shouldering toe .burden, 
it is a national rather than a 
local matter - and toe English 


Tourist Board would be able to 
“ go to town M safer as American 
and European tourists were, con- 
cerned If It was (like toe Swiss, 
toe Austrians, the Germans, the 
French, toe Italians, toe Danes 
and toe Norwegians),' able to 
offer a really old-fashioned ship 
for visitors to sail on. People a* 1 ® 
fed up with vending machines 
instead of barmaids, plastic 
instead of wood, and noisy, 
vibrating diesels instead of toe 
dignity and excellence of shining 
steam reciprocating machinery. 

All these factors could so easily 
be turned to commercial account 
. — given toe merest spark of 
.imagination! 

3ohn Potter. ■' 

28, Derek -Avenae; 

Hone, Sussex. . 

The uses of 
land 

From Mr. P. Minion. 

Sir,— If Mr. Brady (March 18) 
has really read Henry George 
then he knows that a land value 
tax would be levied on the un- 
developed value of land. Any 
land valuer; can tell him- whpt 
that means as lie or she can put 
a value on land developed- or 
undeveloped! " 

Let me use toe example of the 
piece of scrub-land which adjoins 
my garden.- At present it has 
a value, by virtue of its position 
beside a road and mains ser- 
vices, but ft is small. None the 
less, it' does have a value for 
some marginal agricultural use. 
The alerted representatives of 
the -people, have refused .any 
form of development and so the 
value is held down -to that of 
agricultural use. 

If that land was -taxed on its 
undeveloped value, that is ia its 
present condition, it would pro- 
vide an incentive to the owner 
to torn- it from toe scrub that ft 
is into something better. There 
would, though, be no extra tax 
to pay on that improvement But 
sayihe council bad a change of 
mind and gave permission for 
the erection of a house in that 
scrub-land, immediately toe site 
would increase sharply in value 
—it vmdld be a building plot in 
a very, desirable area- So its 
undeveloped value would rise to 
take that permission into account 
— and toe tax levy would also 
rise. Asd why not? The owner 
has done nothing to produce that 
increase ift- valne. 

Pressed, however, by the out- 
flow of land value tax, the owner 
has an Ihceatsve to complete toe- 
development Since there is no 
additional tax on the Improved 
value (that is. that part brought 
about by., the building, land- 
scaping; etc.) ' 4t behoves the 
owner, to develop to toe' best 
standard, possible. 

If that had happened on every 
site for which planning permis- 
sion had been given in toe past 

20 yeans w* would not he sur- 
rounded by to-morrow's . slum 
offices, slum factories, and slum 
houses. 

Tftrougi-tbe planning system 
we could . still control develop- 
ment-bin; with- LVT, we would 
be able to recoup to the com- 
munity that value we add when 
we give .permission for change 
of .use of pny lind. In addition. 
tofeJuvT levy would be providing 
a positive Incentive to fetch- land 
intq its fuuest use. 

PeterrMinton, 

Vnd&wood,.. 

Hardarick Road, ” 

Whitchurch, Reading. 

Site value 
taxes 

From Mr. 4. Gray. ' 

Sir* — Mr. Brady (March 18) ft 
-clearly confused- about the 
simple notion of . collecting site 
value taxes for communal pur- 


poses. He obviously cannot see 
toe- radical change that would 
occur if this method were to 
replace toe curr ent mam taxes 
on production — income and cor- 
poration tax and toe employer's 
national insurance contribution. 

To aid his understanding, let 
me postulate a situation in 
which the main source of State 
revenue arises by the collection 
of- annual site value. This value 
would be ascertained by toe 
interplay of toe individual’s 
desire and financial capability, 
with toe market Essentially, all 
land users compete towards , toe 
central or prime sites and thus 
the. market establishes a~ high 
annual rental. The man that 
can afford, and wants to pay, the 
highest price becomes the pro- 
prietor of toe most central site. 
At toe other end of toe scale, 
toe site at toe margin, command- 
ing no competition, falls freely 
to toe proprietor with little or 
no means. 

The. beauty Is in a man being 
in complete control of his 
destiny within the constraints of 
his gross income. The effect is 
that high-priced central sites are 
used intensively and efficiently 
while the marginal sites aHow 
cheap living and become a culti- 
vating ground for the young and 
competitive, places for new ideas 
to be tested, the sites where 
innovation develops freely. This 
is not at all toe picture of chaos 
dreamed up by Mr. Brady, but 
the precise opposite. Harmonious 
order, balance and plenty of 
funds flowing into. the 
Exchequer. 

This system is a. world apart 
from nationalisation,, for true 
liberalism has no need or desire 
to control. Only state Socialism 
has the fear that the individual 
cannot be trusted. ' In fact, 
because this system can only col- 
lect toe market value of a site 
it is dubbed a “natural" system 
and has for its overseer the 
Inland Revenue and not Parlia- 
ment Henqe toe individual 
remains, like the yeoman of old, 
free and independent in control 
of toe land he uses. 

Adrian Gray. . . 

31. Russell Road. 

Wimbledon, S.W.19. 


Israel, toe home of a community 
once much persecuted by Russia, 
but now most interested in main- 
taining toe independent strength 
of any opponent of pan-Arabism. 

To claim that the West had 
lost a battle was thus very much 
beside toe point— and in fact toe 
West may well have gained in 
strategic terms. Your corre- 
spondent's evident sympathy for 
the Somalte was also sadly mis- 
placed. The nomads of the 
Ogaden possessed little, if any, 
nationalist esprit prior to toe 
war, and* much preferred to 
graze their arid land in peace, 
paying as little attention — and 
less tax— as . possible to govern- 
ment of any kind. - 
’. Siad ;Baarre’s .ambition to 
become a Muslim leader of con- 
sequence, however, pushed -a 
poor and backward country into 
a stupid and profitless war. It 
stands much to President 
Carter’s credit that he ignored 
Arab pressure for military aid 
to Somalia. 

One can only hope now that 
the Somali President and his 
backers have ‘ learned their 
lesson — or perhaps the Somali 
army will seek to avenge its 
dead on the leader responsible 
for toe recent slaughter. The 
Horn of Africa barely survives 
-in times of peace— only toe 
vultures welcome war. 

Nicolas Travers. . 

Birchfield Cottage, 

Middle Green, - 
Slough. 


The Horn of 
Africa 

Front Air. N. Travers. 

■ Sir, — Y our correspondent in. 
Mogadishu (“The West loses a 
battle,” March 15) sadly seemed 
to understand very little of East 
African power politics, and know 
even less of East African history. 

Soviet support for Ethiopia 
had very little to do with 
strategy — the USSR was in a far 
mure powerful position when it 
possessed base facilities at 
Berbera in Northern Somalia as 
well as at Aden and effectively 
bestrode toe Gulf of Aden. The 
Russians changed sides for a 
very different, and very para- 
doxical reason The USSR 
stopped supporting Muslim 
Somalia and switched to support- 
ing Christian Ethiopia because 
Russia has traditionally pro- 
tected, orthodox minorities ever 
since toe Tzara first fought toe 
Turks. 

.' Ethiopia risked being destroyed 
between the millstones of Muslim 
Eritreans (supported by Muslim 
Sudan and Muslim Saudi Arabia) 
in the north and Muslim Somalis 
(supported by Muslim Saudi 
Arabia and Unslim Iran) in the 
south.. 

Paradox lay in toe fact that 
two Communist, but traditionally 
Christian, states (the Soviet 
Union and Cuba) defended, a 
third Marxist, but traditionally 
Christian, state against a collec- 
tion of devoutly religious, . hut 
Muslim, adversaries. - Further 
paradox lay : in toe fact-4hat 
Ethiopia also drew support from 


Management 
voices v 

From Mr. W. Branagan. 

Sir, — What bas management 
come to when it wants a third 
party to negotiate for it? I was 
always told that', management 
must manage ! 

Maybe I have missed toe point 
made by Mr. J. Appieyard (March 
18), having not read Mr. Ray 
Close (March 15) on the “ British 
Institute of Management manag- 
ing to make Hself heard." 
-Certainly. I have no objection 
to my managers joining “pro- 
fessional Institutes," in fact I 
actively encourage it,, where I 
think toe potential dialogue will 
broaden the " individual’s 
approach to his job — but when 
be wants someone else to fight 
his battles, then In my opinion, 
be forfeits the right to call him- 
self a manager ! 

Someone please tell me where 
the buck stops ana responsibility 
starts, or are we really a nation 
of sheep— waiting for a collective 
movement to where toe grass is 
thought to be greener? 

W. R_ Branagan. 

Eosf House, Htnefeshfil Place, 
Esher, Surrey. 

Water rate 
rise 

From Mr. R. Morris. 

Sir, — Together with other 
residents in this area. I have 
received my bill for- the water 
rate and am appalled to see that 
this has risen by the alarming 
figure of over 84 per cent 
How can public authorities in- 
crease their charges by such a 
large proportion when individual 
income rises are pegged at a 
maximum of 10 per cent? In- 
deed, according .to official 
figures, incomes ore rising at 
under 7 per cent- 
We hear of inflation coming 
down to single figures and bow 
everyone is going to be better 
off, but if it Is open to the grow- 
ing nationalised sector to submit 
accounts which are not kept 
within toe guide-lines which 
apply to the private sector, I fear 
for toe future of our country. 

R. A. Morris. 

A Vicks Gran, Formby, 
Liverpool. 


GENERAL 

Labour Party national executive 
meets. 

Mr. Eric Varley, Industry Secre- 
tary, announces future plana for 
the -steel industry, and' also 
answers Commons question about 
development plans for British 
Leyland: 

TOC General Council meets. 

Rail pay talks resume, 

Mr. Andrew Young, UB. 
Ambassador to toe United 
Nations, arrives Lusaka prior to 
addressing the Council of 
Namibia, 

Report on health and safety in 
toe construction industry. 

Mr. F. A. Laker, chairman and 
managing director. Laker Airways, 
is guest speaker at Canada-UJC 


To-day’s Events 

Chamber of Commerce lunch, Inn 
on the Park, W.l. 

’’Communicator of the Year’* 
award. Savoy Hotel, W.CJ2. 

Design Council 1978 awards for 
engineering and medical equip- 
ment 

London Chamber of Commerce 
seminar on Pre-Shipment Finance, 
69, Cannon Street, E.C.4, 10 a.m. 
PARLIAMENTARY BUSINESS 

House of Commons: Bill will be 
introduced providing compensa- 
tion payments arising from order- 
ing Drax B coal-fired power 
station, and giving effect to an 
International agreement on safe- 
guards for nuclear material. 
Debate on Windacale inquiry 
report Motion on EEC document 


on Cyprus. 

House of Lords: Debate on 
recommendations made in reports 
of Committee on Mentally 
Abnormal Offenders. Debate on 
sale of arms to China. 

OFFICIAL STATISTICS 
Capital expenditure by manw 
factoring, distributive and service 
industries: and manufacturers’ 
and distributors' stocks (fourth 
quarter, revised). Bricks and 
cement production (February). 
COMPANY RESULTS 
Bejara (half-year), C. T. 
Bowring and Co. (full year). 
Molins (full yqar)* Rockwar* 
Group (full year). Thomas Tilling 
(full year). Tube Investments 

I full year). 

COMPANY MEETINGS 
See page 25. 


VISITTfE 
SCOTT 
NEW TO 


INL0ND 




CUMBERNAULD 




EAST KILBRIDE 




GLENROTHES 



Some 1,200 companies have 
already found what they were looking 
for in Scotland’s New Towns: 

A plentiful supply of labour, both 
industrial and clerical. 

Excellent industrial relations. 

First class communications,both 
internal and international; 

A wide variety of premises and 
sites. 

Financial incentives that are 
unsurpassed anywhere in Britain. 

Find your way to the 
Scottish New Towns office at 
19 Cockspur Street (just round the 
comer from Trafalgar Square), and 
we think you’ll find what your 
company’s looking for, too. 

Or write or telephone 
Jack Beckett, our resident Directoi; 
tor further information. 


LIVINGSTON 




THE SCOTTISH NEW TOWNS 

19 Cockspur Street, London SW1Y 5BL Tel: 01-930 263 1. 


V 





24 



DIVIDENDS ANNOUNCED 


Current 


C&rre- Tots! 


‘Imps’ forecasts first-half profit drop 


have been 77 per cent. 


Second half 
downturn 
at Bemrose 

TURNOVER FOR 1877 of Bemrose 
Corporation rose from £33 .02m. to 
£3959m., -but pre-tax profits fell 
from £2J9m. to £1.78m. after a 
marginal increase from H-lSm.. 


Tomatin Dfetfflers 252 

W. & E. Tunier 153 

Watmonghs 

Weir Group 131 

Western Motor ...2nd. tat. US4 

Wolf Electric Tools ' IS 


AN “APPRECIABLE decline" in on tbe food distribution side at j_ g_ Sanger 

first half profits was forecast by 7 per cent This figure should Southampton, I.O.W. 

Siffl COMPANY HIGHLIGHTS . been 77 p, r Mnt . “V;; 

meeting yesterday. He said that . ^ Watmonehs 

" 7 trading results were lower in the Armstrong Equipment . Sanger (J. E.) li n It Weh- Groan 

'.first three months than in the Be mroseCorpn. . jlinC — : : uCtUull 11411 Western Motor... 2nd 

equivalent period last year and - — „ Wolf Electric Tools 

‘he expected that trend to con- h°° e * - n Tomatin Distillers ... Dividends shown pen 

tinue. . Garton Eng. • ' „ ^ . : Oil ?T fJLlirTl * Equivalent aft 

■_ But Mr. Pile was much more -- ni “ Turner (W. E.) • _ . UI,U1 U increased by rights ai 

hopeful for the second half, look- Gillen Discount w h j T% . . ^ M M 

*" tag for a reducUon in personal imperial Group WatmougnS - Of KAffll*f|SlP 

.7 taxation to increase demand for - . / w _ , Weir Group ^ V1111 VJV - W A W T 

.: toperiai’s consumer products TURNOVER FOR 1877 of Bemrose I 1 A I ftfl 

Overall he anticipated that Rediffusion. Western Motors Corporation rose from £33 .02m. to V-* r \ 1 UU 

results for 1878 wiU prove "at £3®59m.. but ure-tar nrofits fell 

least as good as those for 1977." - — ■■■■■ ^ from £2JBm. to £1.78m. after a £\ 

A .representative of the marginal Increase from nJSm.. CX|Jl/LlC 

Campaign for Real Ale (C ASTRA) weather, by increasing' efficiency, for the year owes much to a good to £1.1 6m. in the first half. a 

~? ^^ ^t Neil ,_ Ha^ris, a! j ked whether expanding its wine and spirits contribution from its forgings and Tbe directors ^say that profits ALTHOUGH pre-tax 

further brewery closures were operations and raising exports, pressings products and special slipped back mainly because of <w Allman Intent 

planned m view of the new The company is continuing to parts. These Increased sales from ^n, downturn in world de- down from £3B4m. ti 
capacity being created In tbe expand its sales of Skol beer but around £S.75m. to £om., out of a mand for printed polyester fabric me six months to I 

South at Worton Grange. He com- brand loyalty to other Dutch total turnover figure of £11.17m.. wb ich Turned ' the excellent 1377 they were belts 

mented that the existing 5eers me ans this is a slow process. The products are designed to gravure transfer printing profits ^ ]as f December, 

breweries were operating below skol has an estimated 15 to 20 customer specifications and as of 1975 and 1976 into a substantial Manson. the chairma 

. capacity already. per cent, of the Dutch beer pich there is a more flexible pne- loss in ^77,. ■ that profits for th 

d«« 1 c_.. i\j . ..i market. jng policy. However the seneraj A contributory factor in the would be some 15 pi 

- Heal ale for the North level of industrial activity showed loss was the reduced sterling cur- because of a dowm 

«-■ Mr. Pile replied that the new . a slowdown^ rency value of exports. sumer spending in 

. brewery would be able to pro- F IKT Earnings are shown to be down quarter. 

- duce lager, unlike the existing vT 4I lUIl JCiliil* S 4^ rwr^S- to^a second SS f E Bm 10 5S P 7 m7 iP -f eT A *“? The directors now i 

-1 breweries. And afler the meeting , 0 ? f , t0 , share. The final dividend of do not ^ 

. he added that he could not pre- ofll/QnPOC JSwwef'ute erouif'has V broad BCt vQL* 1 ** tota -t “crease in demand 

diet whether or not the older fltlVdlllCCS h^e^th onlv 22 ner 2 - 8B36 P ® *® 8 P;°J t capital in- ^ materially 

- breweries might be closed one tn rL mn^r creased by the rights issue last ^ Bul ^ 

. day or not This depended on how |___ ^O/}/ *hoSd May. Treasury permission has that gro^ profits iu 

the beer industry developed in QV ZO/O c^Si4 ta^he ?S?Sei?f SSr been obtained. : high^taVe latter 

- — future years. But if closure did v /w t*L Extraordinary items include Z^. profit for the v> 

•1. become necessary, there would WITH TURNOVER up from J^SScl ^its ^.°<» for goodwill wTitten oK, „ ^Vd E9J37m. 
...be full consultation with tbe £9 .05m. to £IL17m. taxable profit nSsnnn plus £32^)00 for closure and re- Earnings for the B 


payment 

payment 

,div. 

.tat 

05 

May 18 ' 

05a 


lhlt 

BSSt 

June 2 

L33 

..int 

May 24 

05 

.."mt 

1.54 

June 30 

L4 * 


3.5 

May 4 

3 


3 

July 3 

' — 


159 

May 20 

2.02 

int 

nil 

— • 

1J5 


financial Times weonesu^ . 

U.S. setback p« 
Sanger into the 




1.73 . .. htsrnrv The f?c cond major^ catg* of U qff 

514 FOR THE first lime m tin was the po« BWWlWHiotp 

5.W group, ihe nine 'although Saco id Hwlf 

2.05 amounting i 0 . 1332 ^. 0 ^, 19:7. trmJin3 prohraJ*’- Buweiw 
-4.4 months to .Dccc^rJVeciow he adds that it *** unfenw 

S . compared with a pr 0 !* 1 that the downturn m. 

for the six months to a t retail sales and a S ? J UWZI ^J» 

,1BG 30. 1978. Turnom swod at margtav coinddatt yt* 

*^22 fST.Mro. against £3a^m. pro company * fi parchaw 1 m 

O 75 "The two major faclors affeci* lfw majorltv 
•?1 tag flie result were traJjE P™ » Socotd and the Wane* ?! 

stated. MSJiSrfonnamcc frem^c^rro- rciail dtvislan thereffc 


.May 24 

May 0 
June 0 

June 3 


Weir Gronp 3-5 1 — Th* iwo major **“‘V trie majoniv 

Western Motor. ..2nd. taL 1-54 June 3 1.85 2*- 8_ fl, e result were trading proo- and the balance of 

Wolf Electric Tools IS - U . “J£.. J-J . ^ in the US:, coupled w;»h a marKoL y.- 

Dividends shown pence per share net except where otherwise stated. nbiH* performance from the Astro- j ^ ri>iaB division therO%|r 
* Equivalent after allowing , for scrip - issue.- t?". ^S 1 . retail • division. Although, number of 

iMMnrnH In, nffhff nn/l.'ftr ,mmcjfirtn imlKt: -t UlSBStl tOtal fOrCCaSt. . . ~ ..uni' haVP already . ,Vn lundDteJtfiVhMl 


increased by rights and/or acquisition issues; -$ Iil068n-total forecast -^ cases .steps have already t .h 3 mres. tho benefits ^whtch aR 
■ ■ ... . ■ ■ to return them to fully effect W ^ 

""'profit. ■■ . . now ttnancW ' !^ c * *ff_. Jif 

y** ATI V jj _ a\ ' ' .' Mr. Jim Sanger, the chair^i?' directors wifi then be bwkta ^.% 

GAI does' better than 

, « m .1 -a a orer the last two months, and he 

expected m first half * E°^rt-5 JiB. 

down from _^54m. toSm for At Mt •yfflgg*, “ moA , 55 A M- 


per cenu of the Dutch beer there is lamorq flexible pric- l0SB in 1977 * ' u that profits for the' first half Despite increasing -proBt frohr. paid, aeatastl^p JJJ _ la l*J ^ totheTO flTSHI' 

niar ^ et- 3 d ® How ever the genera! ^ contnbutory factor in the wou id be some 15 per cent. less, £523 000 to £567,000 in the Decent- and the directors stale cwe h acauircd retail tatann 

Garton Eng. g^^sL^-ssi «fe *s ss^ays sss K 


Garton Eng. 
advances 
by 28% 


sssiaas aas ifts. r s s» 7£1 «e- 

S”. h c°™ y£‘ fcjLssF^- r indude ^^ tffued.tq bj._tb .gAA . 


un temanapM ~~~ — , — jtrai. rroai iur ujc nuuns ui xvu ana voobti is gooaw x"- — v: 

Sdraft by twer I ?** 00 SL , 2L. eoodwlU written off, ^ a record £9^7m. that this will hwpen it n»y.«rae down- the 

Se sharWat p lu s £32^ for c^re and re- for the Saif year are too, 4ate to have any potafttro- operation, whtah bas 


uAiurirv aiso suggested max £tx per wfnx. 10 a recora u-uoiu.. ^ Virfd 10 2 ner rent. v > — to 3.720 and the interim dividend Sales for 

.Courage (an Imperii! Group sub- in 1977 compared with £821.000 71&a 1D ' 3 ^ cent ' typesetting activity from Preston ^^ted “ISp fM^nrtperSp [row £8.58m 

aidiary). should supply real ate previously. to Derby. share. And the directors forecast profit is be 

-- in the-North in the same way as Mr. Aubrey Garton, the chair- „1» Tbe _ programme or piant a ia097p mtSSIp) final nayment. (£2^ 000); 

Watney. Allied Breweries and man. says; that the result was \\ Q|T I Qf)|6 modernisation, which oonUibuted directors 7 ^ taat ffie £272,0OT (£2 

IVhitbread. Mr. Pile replied that achieved despite the improvement ▼ ^ X ""IjJ to the resiilte, continued to re- shortfall has been most marked dat ■share 

demand in the North had not so in world trading conditions, which ¥ • ■■ . ceive a high pnonty with a ^ -phg r . vg »- sra ^ 

far warranted the Introduction of helped increase profits In 1976, OlllTlflG Tfl record £282m. invested in 1977, ^ controls and The "interl 

cask-conditioned beer there, but faltering in the second half of llllllUh IU As a result, actual corporadou SSEtwS. to ScSK^prSS &S oSb 

the situation would- be monitored. 1977. _ tax payable is again minimal, due t0 0 S tocrS hrtend Mvk 

Most of Mr. Pile's address to At halfway profit was ahead tiAqI/' ■£ 7 7fll to effect of raprtaI ?^“aSici!ur^ “ FrS^Sd 

shareholders was taken up with from ^£343,000 to £502,000. U^dK XX. / III. allowances. A^XTlndlhe la™ of reS S- SWstot 

his views on the business climate Throughout the year capital m- JT erewAin raiamitt snendS Mr OKaot 

- generally. He opposed legislation vestment continued. ON TURNOVER of £L658m. com- • • Comment worldwide. spending 

.- t0 co ™ pe! “ ore m/ormaUon in Mr. Garton says trading In the pared vrith £14.08m. previously, Bemrose's full year figures have Trading in France may improve to the half 

. annual reports and complained early part of the current year has p re- tax profit of Wolf Electric been -hit by the problems in its after the recent elections, they an imprew 

• ‘ 1X3 w„ y not degree of improve- Tools (Holdings) advanced from transfer print activities. A turn- ^y. And there is some evidence rash positioi 

■ ■ ?h?t ! 7 ™?^!SE&« I iLS552 raent ach, ^ ve ? I n ^ corr f.?P ond v ^394392 to a peak £2.687845 in round of over £900800 to Josses ^ in order lev ^ 3 sSt * 

a ™ are cohesive approach mg period last year, although 1977 . a one-for-twu scrip issue in transfer prmt was caused by hr the UK andAostraKa. cawit^. 

could be achieved and proposed sales figures are marginally a nd a £lm. increase In authorised the worldwide slump in polyester The other divisions are nroduc- Wdridne 1 

.. a body “representative of numy ahead. capital to £3 Jul are proposed. fabrics caused by a sluggish J™*™*. 

.-Hw^arjas Attnjwsi e SSTi 


JL^^S^ oopration which has been to- trates the depressed tredta* 

.,. «e luu luiumutuuu »uu ujc ia.ujiu- ii* idAauic fjruuL l„_.u , n Nwnoa Thp shares at xy. .-7- — isarmnes for tne nan year are too Sate to nave any posetwe operation, »u>u> ti, . „ i n ,hn )nrlnsrrH_ Tha vrn» 

.-.unions several years beforehand, of Garton Engineering climbed dpfrauSl 0 na p/e ™52 ari ^ I, f. ma ' r S-? i ^f showaShave fallen from 459p impact in the current year, : ;‘ptemented ,and 'SSf“t£t "t has SOW? «3 

-*■ CAMRA also suggested that 278 per cent to a record £t.05m. "Zg t fl5d P i0 3nS r « nL of ^ transfer of the s pecial ist ^ 3TCp the interim dividend Sales forW first half rose effective as f rom Jbrcb 31, 197S. says Uiat « nas_ 

1 M p ^S re " p ,“S: L" i^ci” mpared *“ *"■ s?sss m - actMts from L® : »» 25K& JSfSJS &*£££** SS3J ** « cie-Hy^S^f 


Wolf Tools 
climbs to 
peak £2.7m. 

ON TURNOVER of £L658m. com- 


ffBS *- ^ ™ SSmPS iM “bBUML ggjgtfji S!BSSV"dS*S ^ 

"5»rt ^SolTand ^ThS’iMerta tfvWendfe BtteJ Suitor with a angte -nit. they In, 

t ^ g^n^rntainmL due competition, to increase prices from 0^p to 0.8Sp and directors.- say- , th „ t £ , !n , lat the war end) tojfifcr 

^ effert 01 rapi,aI SEyH?W3 

comment. _ _ SSS«? ~ ~ ffASSfJW SS-tfSLffliW 


position. 


fspTijs™® esssswjres wawwi; s bm®S" jssrarwr- Jft; 

i S f t o U ’S& dKnd « *• — ta S ced satisfactory 1 full-year r, pre^ 


^e V . e ^SHoo.“ d ° T,r "" ° f 

The result for this manufac- Mr. G. M. Wolfe, chairman, says downturn in the contribution ™Z{£ag«i- . maxenais. 


Allied Breweries' Dutch sab- - turier a^^ A^tributor of precision the strengthening in sterling In from cartons. Demand for car- 


, represen ives to y. .are how- “Jfier tax of n.44m. ra.25m.) ( driM* St e M fSthS re< ?SS l iJSS st^d ISSFgiSS ^pSSS 

*-■ Skol Breweries tisrJSJSSt S ° pma ° i 

Uicncuw improved home and overseas debits of £94.823 against credits of able profits down from £L06m. to »£ P t ^ UC l n , ade ^^ n^ktae 

fTrmxrili cl ' m arket P^etration. £i!iijs80 last time £623.000, was not helped by the m ** *"» "*• J5££* P*c*mg 

. grOWTD SIOWS The result for this manufac- Mr. G. M. Wolfe, chairman, says downturn in the contribution .... . HMtenals. 

Allied Breweries' DuteK ^'turfer and distributor of precision the strengthening iri sterling in from cartons. Demand for car- jne rastara omsiou h 6wn- comment 
si*arv d «lkoT^ BreweriS^ ' 'emrihreHhg^^mhQnentfi . . and the -year -resulted- 4n profits of tons had been bit by the poor * Comment v..:- — 

SJiriS riolm Of^ Snvth fasteners is before a £52,000 overseas subsidiaries being re- summer which led customers such at ^ABnuta ■ had . ftnvcufrgrgS 

dowofitaprofitgrowth profit ^ the Mle duced by £91.948. 0 as Walls to. reduce their order end of Mtm . Ai i usuiU. ^ent downtixm in 

Sore Stiinelv Net nroS^S?3 of fl uoted bivestments. Net profit Earntags per 25n share are intake. Flexible packaging sales “ the se«md half will de- half, la the event pre-^x -profits 
MrSkL ta imEtbi come * out at 1567000 (^SSS.OOO). shown at 14151p (13J7p). increased 17 per cent, to £lUn. s* are-only 5 per cent lower,refle«- 

Earntags per share are shown The annual dividend is l.fip thanks to continued re-ordenng tag difficult conditions in . the 

ner ewit (8 ner rent in SS-Tfl) at compared with l2Jtp last compared with l.7p and wlU ab- from large customers such as tag JJ eI . “J" Bf 2? Ia el 5S ia 2? n packaging dhisioa wheretiircon- 
per cent ‘ m time. sorb £163^37 (£146,143). Rowntree and Unilever, while on losses m Australia and at tiie tribution to trading profits' has 

«r A final dividend of 3p takes tbe printing side the jump was bicycle business. Depiand for fallen from 38 per cent to *, fifth. 

The stagnation of profits was - tota | nayout for t ^ c year to pnni'CD from £10. 7m. to £L4m. There are Seaming machines has been price controls and low demand 

due to fierce price competition E ,a_ .t JjUI/RIIK nfl hnknM ahnAt straina- npt hnc. reinforced hv the recent Govern- h*. 1.1 . .-.jihh <n nvinw i«e. 


1 ISSUE NEWS y ; 
Yearlings slip further 

The coupon, rate .op this week's . carrying a coupon of flf p6t cxmtf' 
batch of one year ioeal authority : West vxfordihipe District Qwr 




due to fierce price competition iZ. 

and a higher tax charge, Skol said 5-7p net per 10p s^lare ■ 


in its annual report for the year 
ended September 24. The company 


comment 


McConnell 


the printing side the jump was bicycle business. Demand for f allen from 38 per ceat to a flfth. Borough Council (£lm.). Greater coupon of 10} per cent, at pa 

from £10. 7m. to £i4m. There are Sluing _ machines has _ been price controls and low demand Manchester Passenger Transport and due on -March 17. 1982 ap 

no balance sheet strains: net bor- reinforced by the recent Govern- has hit trading in France, Au& Executive film.). Lanark District issued by Borough of Blaenas 

rowings of £3fim. accomat for “ent deciaon to increase per- tralia and Canada while the UJC council (£im.), City of Stoke-on- Gwent, Eastagton District Cout 

ffi. 38 222. pertorm«« ^ much to Dm with ^ Ateriale_DHtrict cil and Tweedala District Counc 


ended September 24. The company ~ * , Due to a typograptacal error the funds. At 65p .(.down Ip) the This has ensured a full order the industry downturn in- the Bariev Rnroneh to raise fim. apiece 

was able Partially to compensate Garton Engineerings near 30 per comment on Booker McConnell shares stand on a p/e of 8.1 and book- for the rest of the current second half of 1077. On the other n££K5 Vale Roval DLstrirl 

for this and for the poor summer cent advance m pre-tax profits yesterday showed profits growth yield 9.2 per cent year and production has started hand, loss elimination in the Aus- ? re KvIp r 


# 

I 

I 

I 

I 

1 

I 

I 

I 




Mr. A. W. White’s statement to Stockholders 


Consumption . tribution mains, the conversion of the Layer-de-la- 

The overall daily consumption for 1977 was . Haye pumping station from coal fired steam boilers to 
76.5 million gallonSy.vAich, compares with 77.1 million electric power was completed and the construction of a 
gallons in 1976 with its Jong dry summer and 78 J nw pumping station on the Stour aqueducts at 


r\ ' 

: I 


million gallons in 1975. The demand for metered 
supplies by industrial and other consumers has 
declined steadily since 1973, the quantity supplied in 
1977 being 141 below that for 1973, resulting in a 
considerable reduction in revenue over these years. 
On the mher hand, the domestic or unmetered demand 
has continued to increase, although not as rapidly as 
had been anticipated. 

Charges to consumers 

Arrangements have now been made for this 
Company to take over the billing and collection of 
sewerage and environmental services charges' from 
four local authorities as from 1st April, 1978. These 
areas fall within the Company's area of suppry. The 
billing and collection will be on behalf of either the 
Thames or Anglian Water Authorities for whom the 
local authorities formerly collected these charges. ’ 

Billing of these charges in the remainder of the 
Company's area of supply for the Anglian Water 
Authority will commence as from 1st April. 1979. 

The effect on most consumers will be that from 
the appropriate dates they will receive from the 
Company one account, showing as separate items the 
Company's water supply charges and the Water 
Authority's sewerage and environmental services 
charges.- The totaf bill will, therefore, be larger than 
the previous water supply . account, but the appropriate 
local authority's General Rate demand will no lunger 
include The sewerage and environmental services charge^ 

The Water Authorities will- make appropriate 
payments to the Company for the extra work involved. 

The accounts for the year show a deficit of 
£225.000. Ever increasing costs, together with the 
reduction in the industrial demand for water, make an 
Increase in the Company's charges inevitable from 
1st April, 1978. The increases will be kept to a 
minimum consistent with the Company's statutory 
obligation to provide an adequate supply of whole- 
some water and will be subject to acceptance by the 
Price Commission. 


Water Charges Equalisation Act 

The provisions pf this complicated and con- 
tentious Act become effective from 1st April, 1978 and. 
it is expected that the Company will receive £48,000 
in I97S for the benefit of domestic consumers. This is 
equivalent to a deduction of less than lOp from the 
water rate payable by the average consumer for a full 
year, or a reduction in the rate poundage of less than 
■04 of u penny. 

Capital Expenditure 

NeL capital expenditure during the year amounted 
to £2.142,000 and brings the historical total to 
£46,867,000. 

Apart from work on additional trunk and dis- 


electrie power was completed and the construction of a 
new pumping station on the Stour aqueducts at 
Ardleigh was commenced. At Romford, a new 
computer block was completed and now houses the 
Company's new ICL 2904 computer which is function- 
ing efficiently; work continues on the new South 
Essex Divisional Depot Complex. 


Kmg®Sliaxsoi\ jerv lu 


United 

- -r 52 ConthUl *C* 3P© -1 
OK hnAlio NanumiBt 
ier*k» Indtt 21 J J* 


Changes in Capital 

On 31st December, 1977 £250,000 of 3-5% 
(formerly 5 JJ preference stock, 1972/77 was redeemed 
at par. 


Reorganisation of the Water Industry 

Last year 1 referred to the possibility of a further 
reorganisation of the water industry and while the 
threat to nationalise the 28 statutory water companies 
remains, the most recent Government White Paper 
indicates that nationalisation will not be proceeded 
with for the present I believe this decision, for what- 
ever reasons, is both right and helpful foe the waiter 
industry and the country as a whole; it is to be hoped 
that good sense will prevail and that the companies 
will be left to continue to serve their consumers in : 
co-operation with the Regional Water Authorities 
and National Water Council. 


:he H 

“ I 


nies 

s in" . §5v 
ities 

j 1 


war nnrt . 197 J' ■ °p er Council (Dm.), Brentwood District Vale Royal Wstriet Council an 

— jwndi log eiinitaatwn ta the Aiis- Counc n (zim.). South Wight Kyle and Carrlck District Coin 
7 t0 meet ^F 1 - bicyria business has.l^ed JgSS, Council (linO, Don- cil are raising fira. apiece b 
■ the min» m demand. .the leisure division's contribution ■+}„ wav of five vear bonds issued t 

A ' breakdown of sales and to trading profits from almost a ? s ^ er ., , Borough „ ^ ^ _r 

trading profit shows: packaging quarter to 39 per cent Here, tbe C nn juar^vi is 

(£36.7ITL) and £083ni' ; second half will also see fStfuTg®™^ g&2fi w «S £' 'PSJZSt Surrey CouStir rSLS S 
f£L97m.); engineenng £l2^6m. upturn in the demand for fruit £££.‘5 9? m,c, ] I «^ n m hv 

f£ii^7m.) and £1.15m f£lJ3m.); machines following the govern- Connor (£*mj. North ■** J|y a four y& 

fashion I12ASra. (£11 84m.) and ment derision to raise permitted Norfolk District Council (£§m.), i^ U foB9 at iw^ 

£0.76m. (£0.fi2m.) and leisure payouts. With a reported improve- BassetlawD Strict CouncQ (am.). 1 ii* Jr?; 

£12.75 m. (£12.45m.) and £L82m. ment In packaging orders, the W^_and ^onal Counol (£lm.), ^ ^arable rate ^nds at pa 
(£1 JMm.). company could make £4.3m. in the Kirklees Metropolitan Borough Jue on March IB. , ms have bee • 

Net group borrowings win in- second half. This -will give a p/e Council (fim.),. Middlesbrough “f.. y 8 ”* 0 ™ oi??£k - 

crease- daring the year largely as of 62 at 56p with, a yield of 9.6 Borough Council fjEJm.), "West A 1 ?® o^cKioun 

a result of the investment pro- per cent Dorset District Council (£|m.) and Borough Council (£ 4 m.). 

City of Salford' (am.)- ■■ ■ 

m • • Two year bonds oarryihg a S01 l 

Tomatin Distillers lumps TO of dui sr-aftTis Kng®Sliaxson I ! 

• ® ^ are issued by: Merseyside Passen- - 

70 Qfo to £731w000 . ^ JI « nB Sdfo?^ m Meti^ 1 liti , ■> « o«*ui *c» 3eo ^ l. 

-9 ' ■ '. Council ffirn.). Hart iRstilct Olt Bfemi V^rtfolio HiiMliminf J ':' 

AFTER A 45 per cent increase to vertible Unsecured Iaoan stock Council (£}m.), Thurrock Borough - ^ i\_- 

£363,000 at halfway, Tomatin. 1991-96 have exercised their right Council .- (£im.) and London _ . „ *^ ic * "" - • 3 ' 7 * ■ ] 

Distillers ended 1977 with pre-tax to convert to Ordinary shares. Borough of Newham (£jm.). Portfolio 1 iikmm oe«r ‘ 

profit 70 per cent ahead from The company has decided not to Rushcllffe Borough Council has «d »t» V 

£430,000 to £731.000. use its powers of compulsory con- raised £ira. by way of a two -and Portfolio 11 Capital Offer UTii! 

Turnover for the period In- version in respect of the remainder a-half year bond due on Septem- Utf lU.u' . . 

creased 34 per cent from £I2m.. Q{ the stock. ' tier 17, 1980, issued at par and ; 

to £10.2 m, and production of " 1 17 ■ 

whisky was up 300,000 gallons to 
2 -3m. gallons. 

Net profit emerges at £430,000 
(£275,000) after tax of £295,000 
(£134,000). Last year there was an 
extraordinary debit of £21,000. 

Earntags per 25p share are ' 

shown at 8-07p against 5.4Sp. A 
final- dividend of 2JSl6p CLS735p> 
takes the total from 2.71225p to 
3.026p. The total cost is £163.000 
(£145,000). 

Mr. Richard Calling ham, chair- 
man, in criticising the Govern- 
ment's stance towards the scotch 
whisky industry says that if its 
projected move, towards indirect 
taxation in the next budget means 
still higher duty on scotch-whisky 
it will be self defeating in terms 
of resultant revenue. With three 
duty Increases ta the- past 21 

months, Treasury income was .... 

down £28rcL, he says. ... . .... 


Portfolio I Income Offer 
Kd 

Portfolio II Capital Offer 
1 Bid 


■M4l 

• arjNTV 

ISTiiJ 

IU.»? 




Manufacturers of adhesives, sealants t building chemicals ; 
bitumen products : paints, components for the shoe industry 
and roof waterproofing and Joint sealing contractors.. 

Extracts frdm the Statement by the Chairman/ r 

Or, H. SfrnoivC.B.E. ~ , lijQ 

Sales of i23,21 8,046 were satfsfactory against the figirreof -» ‘ mi 

£18,763^211 for fast year. Whifet the first half year Trading Profitt^ '■*. » ^4551 | 
were as planned, increasing fcosts and a fallin demand durihg tho 

last quarter of the year liieantthat the Profits for the foil year wera" 
below expectations. SB a|Jdi 


The Qaeen’s Silver JubUee 

.' To mark the celebration- of the : Queen’s Silver'; ■ - ^ 
jubilee. Open Days were held at five of the Company's ; 
source works to "which the public were invited. As a '- 
result of the large numbers attending and the con-/..-.': 
siderable interest shown, it has been decided to hold ;; ; 
similar open days each summer at selected works. ‘ 

Conducted tours of. the vyorks for staff and; , 
families were also .arranged?. and the children of;. .. 
employees were presented with commemorative Silver” " ' 
Jubilee mugs, suitably inscribed "and bearing thcfr: ; :‘"\$fc 
Company’s name. 1 -- : 


The Directors propose a scrip issuebf one ordinary share for esch existing sharp field. \ 
Future ?. 

Volume salesgrowth and profitshave remained difficult in certain sectors duririn the first" " 
guarfer and satisfactory in others-Jhistrend is expected to continue into the second quarter.Jbul 
tHereaftetitis expected that sales and profits will become more buoyant; and I look forward to \ 
continued progress in the. present financial year. *» 


-I 

Directors and Staff 

It is with great regret that T have to record the 
death of Brigadier Gerald Shenstone on 5th November, ' ^ 

1977. Brigadier Shenstone became a director of the Sw 
Southend Waterworks Company in December 1962 - ^ 

and joined the Board of the Essex Water Company 
oh its formation in July 1970. He had a long and, - wx 
distinguished life and his wide knowledge aad., 
friendliness will be missed. ' xvv 

Mr- Paul Channon, M.P. for Southend West, 
has taken a considerable interest in matters affecting 
the water industry in Parliament and the Board is very 
pleased that he has accepted an invitation to join them 
in succession to Brigadier Shenstone. j\\s 

I take this opportunity of thanking my fellow , ^ 
directors for their full-support throughout the year * 
and to express to all mem hereof the staff my genuine SsJ 

appreciation of their continuing Joyal service. 


Wpcfpm Future ' 

TT votviu Volume salesgrowtii and profrtshavo remained 

IVTofAl* I1TI quarter , arid satisfactory in others. -Thistrend >s ei 

ItAvI^UI. U|l tHereaftenitis expected that sales and profits wil 

to £0.69m. continued progress in the. present financial year. 

A £450,490 leap ta pre-tax earntags . .. — — . ■ — ■ 

to a record £602,97? is reported by q„ miTlflrV nf RmiiI+« ' 

Western Motor Holdings for 1977, nummary OT KBSUltS . 
on sales ahead from £1 5.86m. to ■ 

£lfl.66m. Halfway ■ profit was up ' 

at £510.000, against £333,000. Tnmovpr 

Earnings per 25p share for the lumover . 4 

year are stated at'28.i6p (io.o8p) : Group profit before taxation and ‘ 

and a second net interim dividend evtraniriinarv item 

of I34094p lifts the total to a exiraoramary item 

maximum permitted 2J20094p Taxation' 

(L995856p). ■ 

Management trading figures to Group profit afterTaxation 

date for 1978 show a satisfactory -nnnf^nnri *T*?Qvin r,r.r rin-,.. tA aaa a v 

start. Given a reasonable econo- Dividend Z£84p per share (T,9B8p) 

mic climate and steady production Eaminas aar share 1 

at -the company's factories, there tamings par snare 1 

is no reason why the profit for Net Asset value per 20p share'- '- ... J 

the current year fehoold not show • : ' • • 

an advance, the directors say. 

The company's Interests include ‘ 

££ Copies of the Annual Report. a Accounts for the period 
SSnTof vliS • «nded 1st October, 1977 may be obtained from 

JVT7 is™ - .The Secretary,, 

Sales — tfcfiM.CT i5^fi9.8S4 - Evoda Holdings Limited, : 

inicrest su^bo mssa y*T Common Road,. »C— 

K SS (1 'Ka* 

Nerprofli S71^T9 zkjhw via Teli 0785 57755 . 


1977 

1976 

C'OOO 

£'000 

23.218 

; 18,763: 

1^483 

1,450 . 

499 

-- • 770, v 

984- 

■ • - 680 

_172 

' 748 

12. tip 

,•••’ aeip. . 

84.73p 

&9,2j5p - 


leasing of vehicles. 

1W7 ifivs 

£ £ 

Sales W. 6 M.ITS 15 ^ 89.954 

Inivrest SSB^BO ffui; 

Pro-tax profX HZ.978 24^488 

Tax 2IUDS tss.sn 

Ner profit snjsn xnjm 

Extra ord. debit 527.74S — 

Attributable 408 .<54 33 MS 4 

t Credit. 


Hfibsrw 


!>-. : ^ Aa«i f 


GRAND MET. 

Grand Metropolitan announces 
that the holders of some. 94 per 
cent of the 10 per cent Con- 


J>1 wb nosnKS>*F 










^Uek- 


>Ju'» .<>' 


’ r in 


r W,~. ,A a ';- •„>. 




*0 tKr “"■ Tunes Wednesday' March 22 1378 

nn > 


i. 


up 5 1. 6m. despite Wm. Morrison Armstrong Equipment 


poor home market 


rises to £3m. 


1 : s 


f • ? • * u 


^TTER INCREASING • pre-tax 
Pf°. G j HJTm. at half time, profit 
o£ Weir Group lifted from £7_5m. 
w £3.i2m. in the December SI, 
1377. year. 

J-or ti Weir, chairman, saw the 
rwrcase .m pre-tax profit was 
achieved in dtfBruTt conditions of 
poor home demand and severe 
osjcreeas com petition. 

-Turnover for the year was 
ahead to £160.4301, compared 
. with.fi3S.12na. The profit includes 
- cp “P«ny profits of 
n — m. (£Q.86m.), and is. after re- 
■ mtexest charges of ££ 82 m. 

(O.Mm.). 

-Vter tax of (£35dm.) 

and extaro rdiuary debits of 
E2ri4m. (ID.TOm. credit) attribute 
wle profit of the engineering 
Jftup £3.994,000 compared 
pith £4,622.000. - • - 

t.He says the group : has 
altered 1978 with a -reasonable 
?rder book and say profits should 
iduance. The group's overall 
to an oral position is expected to 
rtrengthen further. " 

* Weir Pumps; the engineering 
liyision’i principal company, in- 
creased its. export business and 
. toprtWed- its- results. The steel. 

- ;oirtidrie& operated at a reason- 
able - capacity and earned a 
fansfactory profit despite a very 
te pressed borne market, be says. 

The contribution from the de- 
clination division increased, but 
£ was;' still- ‘-too early fpr sub- 
rtan l ial- earnings from major con- 
' zretets, lie -adds. 
r Tn-' t - the aircraft equipment 
ifmion (since sold) he says the 
•ewi Its- were not an- accurate re- 
'■ lection -of ‘trading as they were 
itote daft ef ' substantial charges 
’Mated -to a major reorganisation' 
>f the business. . 

-"'On the group's prospects. Lord 
■ tVefr says there has been no gen- 
eral . improvement * in world 

- £psmes$, * arid “ the outlook is . 
£oomy for many suppliers of 
Spital -goods. 

5,t However,' the Weir Group ’ b 
ilsh level of capital investment, 
-neans that the group is relatively 
veil placed to compete inter- 
lationally - in all its main 
inxhicts, particularly pumps and 
abfcl castings^*" he continued. 

Demand for desalination plant 
s buoyant and prospects are 

>ood. 

■"■"‘iThe extraordinary items consist 
n.iinly of exchange losses on con* 
■nUdation of overseas assets and 
>f a provision relating, to the 
M^Jispnnal of ihe aircraft equipment 
n vision. - - ' 

"Eamings per 25p share are 
*t[.,.hawn ahead from 16.1p to 23i)9p. 

; n,^nd a final dividend of &509p net 


(&I9p) takes the total to 5203p 
against 4.73P. 

See Lex 

Watmotighs 
on target 
with £ 0 . 82 m. 

AFTER RISING from £150.000 to 
£300.000 in the first half, pre-tax 
profits of Wataronghs (Holdings) 
finished 1977 46 per cent, higher 
at * a record £817:999 compared 
with £560.616. . ... 

In February armnunping a One- 
for-four rights issue tef raise some 
£438,000. the directors forecast 
full-year profits in the region of 
£815,000. 

Turnover increased by 20 per 
cent, from £83Sm. to £8 22m. The 
directors say that .'.demand for 
the group's mail order,- periodical, 
security and packaging services 
was buoyant throughout the year. 

Earnings are shown at 1251 p 
fS56p) per 25p share tm the 3m. 
shares in issue at the year-end 
and, as forecast,; the final divi- 
dend is- 2j955Sp on capital - in- 
creased to 3 75m. shares by the 
rights issue effectively lifting the 
total from 22155p to S.629875p 
net. Treasury permission has 

been obtained; _ u . _ _ 

Earnings after -adjustment for 
the rights issue are given as. 12-26 p 
(S.48p). 

im irn 
- i i 

TsrnaVer - &52L302 - 6.853.520 

From befro la* - ttX ,m . SHMOb 

ILK. t&X - u. '-GGUttr 2B3J5R2 

Ket pxtjflt ^ 885.7X5 . 267,234 

Pref. OltridendB T,»4 1.394 

Interim Ordinary 20.225 IS.aon 

Proposed Anal 110.842 48.485 

To mart. redmpL res. -2JS9- " 2.068 

Retained 2SU115 . 180.416 

Edinburgh 

American- 


48.9% ahead midway 


Sir Alastair Blair, the 'chairman 
of Edinburgh American Assets 
Trust, teDs shareholders that he 
continues to believe that growth 
of capital to which the company 
is- committed can best bp. obtained 
by investment overseas.-. He also 
still believes that the U&'has an 
economic climate favourable to 
the trust's plans, with a' growth 
rate in 1977 of 5 per cent.— faster 


that most nations in the. world— 
and with company profits and 
dividends showing impressive in- 
creases. 

As known, pro-tax surplus for 
1977 rose from £424576 to £507.035 
and the dividend is increased to 
l.lp (OSp) net 

■ Many companies,- particularly 
the smaller ones in which the 
..trust has .holdings,, have mqde 
good progress,' the chairman says. 
Their share prices have risen 
against overall market trends and 
they are expected to do well over 
the long term. The trust took 
advantage of the fall of the U,S. 
market to switch investments 
from the UR: totb the US. Sir 
Ataistair says that the holding tn 
GBC Capital was increased 
through which Is held most of 
the trust’s Canadian- in v es tments, 
as well as some special invest- 
ments In the U.S. “To finance 
part of these . operations we 
arranged to borrow a further 
SSm. of which, at the end of the 
year, we had drawn Sim.," he 
adds. 

“Again Hiia year we have re- 
ceived higher dividends than we 
might have expected. We intend 
as a matter of policy, to use- part - 
of our increasing' income, to 
finance interest on such new bor- 
rowings as we may make from 
time' to time, 'to replace loans as 
they: mature and to rebuild the 
capita] gearing of the company."- 

Meeting. Edinburgh, on April 
14 at 1205 pun. 

Southampton 
Steam Packet 
finishes higher 

FoBowing s fall in taxable earn- 
ings from £95,074 to £61^297, hi 
the first half, Southampton. Isle 
of Wight and South of England 
Royal Mail Steam Packet Com- 
pany ended' 1977 showing a £20,388 
advance in profit ' to a record 
£486.777. 

Profit included' a surplus on- 
disposal of fixed assets -of £4.762 
(£4,188)' -and interest and divi- 
dends - ' received - of £13,456-' 
(£10,406), '• 

A net final dividend of 5£lp 
per 50p share lifts the total to 
8335p <8p). . _ . 

The company operates a passen- 
ger, cargo and mail service - 
between IoW and Southampton 
and has interests in other .ship- 
ping and road haulage services. . 


SALES EXCLUDING VAT foe the 
year- to January 28, 1978, at 
Wm. Morrison Supermarkets ex- 
panded by 2981 per cent from 
£66m. to 185.67m. and pre-tax 
profits advanced by 56419 per cent, 
from fLfllm. to £3m. after £L2Sm., 
against fO^Snr, for the first half. 

Full-year earnings are shown to 
be up from 11.94p to 17A8p per 

lOp share and tile dividend total 
is lifted from 2fi5p tp the maxi- 
mum permitted 24£>5p net with 
a final of L285p. The final pay- 
ment will be increased if ACT 
is reduced in the Budget, A twp- 
for-one scrip issue is also pro- 
posed. 

M7B 1377 

£ I 

Sales* ■ 85.668,921 65.9P7.S78 

Trading profit 3,134065 l^UJtoI 

Rent racetTBfile 173,285 91,126 

interest paid ..:.™ .-. 393,376 11BX23 

Pratt before tn 3.00X5M 1.U3009 

TSut — 1,643074 884,637 

Net profit i 1SSOJ40 91BJU2 

t Scdude VAT of £2. 67m. tf2.2m >. 

• comment 

As expected, Wm. Morrison has 
bad a bumper year with pre-tax 
profits up by 57 per cent oh a 
sales increase of 30 per cent 
After taking into account a 15 per 
cent co n t r i buti on from Rs - new 
stores — the laest at Ripon opened 
In September — and inflation, 
which accounted for 12 per cent-, 
the sales increase implies a rise 
of 3 per cant in food volume 
from existing outlets. This rise 
was entirely registered in the first 
half with the second six months 
more or less ■ static. However^ 
compared with an overall fall in 
UJC. food - sales of about 5 per 
cent, the growth figure is a very ' 
satisfactory performance. The 
company is confident of maintain- 
ing margins at 3.66 per cent (2M 
per cent ) in the current year, and 
a. sales increase of 20 per cent Is 
on the cards. Whelans Discount 
Stores, which it- acquired early 
this month, is expected to contru 
bute some 7 per cent of the pro- 
jected sales increase. The shares 
at 208p give a p/e of 11.7, while 
the yield stands below 2 per cent 


Tyler, the chairma n said a t the 
AGM. - 

Members were told that order 
intake continues at a high level in 
both merchanting and manufac- 
turing divisions. In consequence, 
the group is able to plan require- 
ments .much further ahead, and 
in the manufacturing division the' 
new "plant installed in recent 
years is now well utilised and 
highly ;prod active. ' 

Mr. Tyler said that interim 
results- will reflect the increased 
momentum. . and hopefully this 
situation will continue throughout 
the group’s current financial year. 


Substantial 
rise so far 
atMeggitt 

First quarter figures of Meggitf 
Holdings, the machine tool-making 
group, show a substantial uplift 
in profitability, with all divisions 


Record 
for W. & E. 
Turner 

A JUMP in taxable earnings from 
£651,977 to a record £953,711 was 
achieved by W. and E. Turner, 
multiple s hoe retailer, for 1977. 
With- sales growing by £L78m. to 
£10.02io^ for the first the 
company came close to Its long 
term aim. oi producing a 10 per 
cefit, return on turnover. At half- 
time profit reached nf&,Q 2 \, 
against £158,856. 

The - company's authorised 
capita] .is to be increased to 
£1-2 5m. (£08m.) and reserves of 
£345,443 are to be capitalised by 
one-for-two scrip issue . . 

Stated earnings, per share im- 
■ proved to 8.45p (4.1Zp) and the 
-pet total dividend is raised to a 
maximum permitted 1.74307p 
(L56b$p)- with a final of L22647p. 

So far tn the current year the 
company’s level of trading has 
been ..-buoyant The directors, be- 
lieve that its modern shoe chain 
will enable it to take full advan- 
tage of 'any increase in consumer 
demand. • 

1977 J976 

£ £ 

Gross cates - 1Q.P19.64S 8JZ30JM 

Pro-tax . profit 951.711 651.477 

Tax 507.728 ' 387,921 

Net profit - 445.883 284.056 

OnL <UTbtend8 .... 120,436 167,819 

Retained, -a. 223.557 176^37 

GT. NORTHERN 
INV. 

Inofaded in Ibe Great Northern 
Investment Trust's assets at die 
year end- were, liquid funds of 
£2. 5m. . Because of an agency 
error 'this figure was given as 


PRE-TAX profits of Armstrong 
Equipment rose by 48J9 per cent, 
from £2.7Im. to £4A3m. for the 
half year to January 1, 1978, on a 
33.9 per cent Jn crease in turnover 
from £29.48m. to £39.44m. The 
directors -say-that-resuli^-aTe on 
target despite the huge increases 
in industrial disputes throughout 
the automotive assembly industry 
and its suppliers. Profit for the 
whole of the 1976-77 year was a 
record £6J26m. 

The Interim dividend Is lifted to 
OBp (D.725p) net per lOp share 
absorbing with ACT £579,944— last 
year’s final was 1.302p. 

During the half year, directors 
say. then? has been a decline in 
real turnover in respect of 
original equipment supplies to the' 
automotive industry resulting 
from . the increase in industrial 
disputes, and the situation during 
the first two months of the second 
half has not improved. 

However, the company’s profit 
growth has been maintained. 
Manufactured supplies to the parts 
replacement markets have 
increased substantially, while 
exports should also meet their 
growth target by the year end. 

Within the specialised fastenings 

division, gains in turnover and 
profitability have been further 
enhanced by the improving profit- 
ability of the two acquired 
companies. Crane's Screw (Hold- 
ings) and Ormond Engineering 
.Company, while in ali manufac- 
turing plants increasing: efficiency 
has ensured ihe continued 
improvement in returns. 

Overseas, there was substantial 
growth in' turnover and profit- 
ability, of the Spanish, company 
which has fully justified the 
investment made there two years 
ago. There has also been' improve- 
ment In performance in other 
overseas companies. 

The automotive parts whole- 
saling* group is making progress 
after the high start-up expenses 
of many new branches in the 
previous year, they add. 

The directors consider the 
overall results, to be excellent 
against the background of an 
extremely sluggish economy and 
an industry which has shown 
steady deterioration. 

Half-year Year 
1977 1976 1976-77. 

£000. £DO0 »M 

External sales 39:439 29.478 67.427 

Pratt befsre tax ... 4.030 2.706 k258 

Tax 3.082 1.407 X218 

Net profit U9GB 1,299 3.040 

• comment 

In spite of the difficult conditions 


growth trend with first half profits 
'up by almost a half. 'While original 
equipment production (vehicle 
suspension units) has followed the 
national pattern of 1'a.' drop in 
vehicle output of roughly 10 per 
cent, the' more profitable spare 
parts business has jumped tn 
volume terms by an Impressive 60 
per cent, aided bv the additional 
trade generated 'by the much 
tougher MOT test There is also 
a contribution of £0.2 am. from 
newly-acquired Crone Screws and 
Ormond Engineering which have 
boosted the fastenings division 
sales to 15 per cent, of total, but 
this area has little growth poten- 
tial until the engineering sector 
emerges from the doldrums. Mean- 
while, industrial disputes in the 
motor industry will continue to be 
an inhibiting factor but the 
buoyant replacements market 
looks like setting Armstrong up 
for about 18.5m. for the fuR year, 
compared with £&2Bm. last time. 
At 63 ip, this gives a p/e of 
around eight while the yield is a 
prospective 5.4 per cent. 

To-day’s 

company 

meetings 

Birmid Qualcast, Midland Hotel, 
Birmingham, 12. BOC Inter- 
national, 20, Aid erm anbury, 
EC.. 11.30. Bullough, 20, 
Cannon Street, E.C., 20.15. Drake 
and Skull, Churchill Hotel, W.3. 
Drayton Premier ■ Investment 
Trust, 117, Old Broad Street E.C„ 
2.30. Granada Group, Golden 
Square. .S.W., 22.30. Hirst and 
Mallinson, Huddersfield, 11.30. 
Kenning Motor, Chesterfield. 12. 
Moorside Trust 44, Bloomsbury 
Square. W.C., 10.30. Nottingham 
Manufacturing, Mansfield. 1020. 
Prestige, 14-18. Holborn, E.C-, 12. 
Scottish ' American Investment, 
Edinburgh,' 11. Tace. Essex Hall, 
Essex Street' W.CL, 11. Throg- 
morton Trust 25. Milk Street. 
E.CL, 12.30. Whatlings, Abercorn 
Rooms, E.C., 12. 

Electric and - 
General Inv. 
declines 

On gross income of £599.301 
compared with £626227, taxable 
profit of Electric and General In- 


months to February 28, 1978. 

After six months, p re-ta x profit 
was down from £272,725 to 
£233,185 and a 0.6Sp >(0.5p) 
dividend was paid. 

The nine-month result is after 
deducting interest charges, and 
expenses Of £244.176 (£251.439) 
and is subject to tax of £133£52 
(£141,493). which leaves net profit 
at £221,933 (£233,295). 

Earnings per share are shown 
at 1.23p (129p) and net assets 
per 2ap share at S6£p (S7Ap). 
Profit for all last year was 
£474.684 (£318,041) and dividends 
totalled 13p net (l^p). 

Rediffusion 
TV ahead 


midterm 


ON TURNOVER of £2655m- 
against £2 1-83 m. pre-tax profit of 
Redtfluston Television, a ..sub- 
sidiary of British Electrlc Tracilon 
Co., went ahead from £5 -33m. to 
£5.73m. for the six months to 
January 39. 1978. Profit for the 
whole of the 1976-77 year was a 
record £11.6m. 

Six months' profit included 
interest receivable II .4m. (£].94m) 
and is after Interest payable of 
£132,757 (£101.4861. Tax takes 
£3.1 5m. (£2 .Sim.) leaving a net 
profit up from £2. 52m. to £2 .57m. 
Minorities take £G-94m. compared 
with £D.78m. and the amount 
attributable comes out at £1.63m. 
against £L75m. The company is 
paying a lap interim dividend per 
£1 share. 

Expansion 
at Crest 
Nicholson 

Mr. D. L. Donne, the chairman 
of Crest Nicholson told the 
annual meeting that the £700,000 
cash received for the minority 
interest in Cray Electronics will 
further enable the group to 
expand. 

Starts and sales at Crest Homes 
are most encouraging be said, 
and turnover in the leisure and 
industrial division is up by some 
30 per cent on this tune last 
year. 

The current year is progressing 
very well., and a further substan- 


operating profitably, Mr. . J. • D. the AGM 



>. MeriinA 

21 !• Certificate > Interbank 

- : deposit* 1 


l>’T-77(rra»,- 


6Jg-61a 1 6JG-6I3 


w-i-u*, 1 . — J 

7I« 67b 1 7»« 



fc • • Mul'l <v> J ITT. iu - m.: :»!■, , g. i- t j>rvUr.'.lUi)nB«rii 


Equipment has, -maintained its £374,788 . to £355,185 in the nine members were told. 


- Local: aaUwrtfc»ir and finance houses seven .ears' -notice, when- seres fan fixed. .Long-term local jutharfty m q rt g a ge me 
omfejafiy ihr«c- years ]B-MM percent: fooc. rears iM-lOi per cent-i fire y?ara m per coni. «Bank MB. rates In table are 
ttilM -rau-s cot prime paper. Busing raxes for f oar-month bank MU* S5jg per cent.; tonr-mofth trade MUs 61 wr cent 

. Approximate sening rates for one-tnonUi Truacsrs Mila 3Uu per cent; two-month fiHK-3i per cent.: and ttree-montli 
per rent. ■ Approximate selling raw for one-month hank bate 91 p, -83 52 per cent; iwTHnonth M pw cent; rad three- 
MHnh 6i KT-84'per cent. One-month trade MBs 6| per cent.; neo-moniii 61 per cent.; and also, three-month 6& per cem. 

- Finance Kaon Base Rates (published by the Finance Romes Association) 7 per cent from March X. 1976. Ocarina Bank 
fcnaslc Rates <for small sums at seven days' notice) 3 per cem. dcartas Bank Basa Rates for tending 6} per cent. Treasury 
Tins: Average tender rates of discount 5JBOOS per cent. 


Very large assistance 


Bank of-JBtxgland Minimum 
‘Lending Rale of 6J per cent, 
■"’"'trinw ’January 6, 1878) 
Day-to-day credit was in short 
ipply in the London money 
orket yesterday, and the anthori- 
Vfi-gave very large assistance by 
- urine a small amount of Treasury 
11s from the discount houses and 
-small number of local authority 
'11s. The help was completed by 
tins a moderate amount of 
fie bank bills. A proportion 
% total amount of bills were 


purchased for resale to the houses 
at an agreed date in- the future, as 
a measure to relieve the present 
shortage of bills in the market 

The situation should also be 
helped at this week's Treasury bill 
tender, when £600m. bills will be 
an offer. 

Banks brought forward surplus 
balances, but this was outweighed 
by a fairly large net take-up of 
Treasury bills, a fairly large excess 
of revenue payments to the 
Exchequer over .Government dis- 


bursements, a rise id the note 
circulation, and a sizeable n umb er 
of .maturing local authority bills 
held by the authorities. 

Discount houses paid up to 6 per 
cent for secured call loans, but 
some closing balances were found 
at 5i per cent. 

In the interbank market over- 
night loans opened at 6H>3 per 
cent, and touched 6Hi per cent., 
before dosing at 4$-5 per cent 

-Rates In the table below are 
qominal In some eases. 


What does 
Grihdlays bank on? 


The Crindlays Bank Group has come a long way from its beginnings 
/ itt the 19th Century. In 1978 we are a major international bank 
% world leader in certain areas -but we work hard 
to preserve the traditions that put us where we are today. 
Although the Group is now represented and active all 
around the world, live have not forgotten that it is people who 
make our business: our own specialists and managers in head-office 
i ID ailljfepmches working alongside other people -our cush&ss;) 
success of this team effort can be seeiiihi 
pies. of the gpi^’s'actUte-a 
They are ^©result or|p^ ^ 
That is what 


The Scottish 


equity shareholders’ interest . 

- Asset value par share 

Revenue attributable to 

3rd inary shareholders ' 

Dr^ihary shares ranking fbrdividend . ... 

. ■H a- ** 

romings per ordinary share 

Ordinary dividend per share interim 

_finqi. 

lapitalisation issue in 

i ordinary shares : ' • • . 

ilr. J. A. Lumsden, made the following 

ipints in his Chairman’s Statement 

'EAR'S RESULTS 

"he. revenue attributable to ordinary share- 
Efcters at £1,132,975 increased by almost 
(l^D.QOO ghfl'ng earnings per ordinary share 
against 1 .89p, an increase of 18.5 

SwToard recommends a final dividend of 
E60p, making 2i0p for the year as com- 
feTred with 1.95p for the previous year, an 
SKrease of 1 2J8 percent I anticipate a further 
jtooaase irwi^dend in respect of the current 
MF-^hd ^hie?ffbard now recommends that 
. femedm ^idend be.increased from 0.60p 

j^REoWoOKANDPOUC^ 

" -recent-months the confidence in file 
i , Svjvffry of tiie VK economy has weakened, - 
'■(a. the stock market has declined substan- 
fa iiy fmm the level reached last summer. ■ 

* BBSltorovement in our balance of payments 
f&^tfsed starting to appreciate, especially - 


31 at Decaiflbetf 

1977 

£58^30,192 

110.6p 

£1,1 32,975 . " ' 
50^98.7.10 " \ 

O.GOp 

_ !L60p'._ 

2.08137% 


31 atDaasrabar 

1976 

£55,858^80 

1Q5.9p 

'£943,469 
~ 50,036,914 
1v89p 

0.50p 
1.45p 

1.93885% 


in relation to the dollar. This is -tending to 
make our exports tess.com petitive, particularly 
when there has-been a general slowing down 
of economic growth throughout the world. In 
the USA there has been steady economic 
growth, although a lack of confidence in the 
Carteradministration and a continuing adverse 
balance of trade has .-demoralised me stock 
market which has had a most disappointing 
performance during 1977. However, we con- 
tinue to feel that our substantial investment in 

. Jhal country, wilfproverewarding^ 

Our objective is to achieve growth in net asset 
value per share combined with a steady in- 
crease in diwdend&.^Otrr broad investment 
strategy is ter have a well-balanced portfolio 
based primanTyort the three major economies 
dfthB USA, UK anri'Japart " 

ANNUAL GENHIALMEETiNG * 

The Annual General Meeting will be hefcf at 11 
am. on Monday. 3rd April T978 at 1 75 West 
George Street Glasgow G2 2LD. 



. i* .. 

. ... V* aA - :i 





THE GROUP PROVIDES HANKING 
FACILITIES FOR 71 OF THE UJK. 

TOP XOO INDUSTRIAL COMPANIES 
SOMEWHERE IN THE WORLD. 

Two of our corporate banking team in 
London flisenss the fmannwg of a project 
in the Middle East with the Finance 
Director of a leading British contracting 
company. . 


THE GROUP ACTIVELY PROMOTES 
BRITISH EXPORTS THROUGH 
ECGD DOLLAR BUYER CREDITS 

We have arranged ECGD export 
finance facilities for British equipment to 
customers . in over 55 coantries. 






MANAGED BY MURRAY JOHNSTONE UMI7H3. 


% Grindlays 
Bank 

r^PAi m 


THE GROUFS TREASURY DIVISION 
COVERS ALL FOREIGN EXCHANGE 
AND MONEY MARKET ACTIVITIES. 

Our foreign exchange dealing room is 
one of London’s most active in the major 
currencies and also provides quotations 
in up to 40 other currencies. The Treasury 
is also active in the eurocurrency and 
sterling inter-bank markets and in 
particular offers a service in a -wide 
range of money market instruments. 


23 Fencharch Street, London EC3P 3 ED. 


. v 









MININ 6 HEWS 


Mexican move helps Elandsr and: new issue 
to depress prices before 1979 start 


BY RAY DAFFER. ENERGY CORRESPONDENT 

MEXICO IS p lanning to increase business, based on expenditure 


BY KENNETH MARSTON. MINING EDITOR 

Us export ol crude oil from the and drillins CMnmltatn^ TOE NEW EJandsraiid gold mine declaration* of an Ssterim treat the airfare alnnre dsoat 

present level of 280,000 barrels a * *_ * - in South Africa's Far West Rand dividend in mid-year. The divi- the increased rate. Last Septem- 

day to more than oOO.QOO barrels According to Esso -foodnethm jg now expected to reach pro- dend policy of all these com- her, Hartebeest said that it bad 

a day by the end of this year Malaysia ana tne Malays ian Auction in mid-1979 at a cost of panies is now to make declare- obtained a two-year uranium oxide 

according to the state-owned oil national oil ^company, Fetronas, iust mdex RjQOm. (£12 lm.). tions In the latter half of July supply contract " at a satisfactory 

corporation, Pemex. onde ofl producoon from the Thanks to the rapid progress and Jamiary^-hastead of June price" and was negotiating for 

During this period crude oil Tapis and Fiuai fields offshore achieved at the Anglo American and December as hitherto— so further tong-term contracts on 

production is expected to nse Trengganu, has t Coast Peninsula corporation property with the that in these days of fluctuating similar terras. Hartebeest shares 
to 1.6m. b/d as against 1 -2m- b/d Malaysia, started this month and help of innovative methods the gold prices the , companies will were 55p down at 935p 

in December last year. w currently averagmg 20,000 5 tart-up date compares with have the operating results of the 

M exico s increasing output, to- barrels per day. the original forecast' of early- respective accounting periods to _____ 

gather with rising oil production Production from the Pitiai field m i. But more funds are now hand when deciding on dividends. jLOSS6S fflOUIlt 

in Alaska and the North Sea, is started on March 9 whfle the Tapis needed. 


yesterday. 


a • major reason why the inter- field came on-stream on March IS. 


IS ad“&m Se oifctoL pr« S 


traditional oil exporters in the crude output, including produce ractus estimate hi 19R of 
Organisation of Petroleum Ex- tion from Sabah and Sarawak, to gfwS BT^mSrand made a RfiOm ' 
porting Countries are finding it more than 200,000 barrels per day. SSi2t y?i ; and now 

difficult to sustain prices in the . * - * * JXL YEJEi JSSU 

face of these new supplies and 
depressed demand. 


Arab mining to 
invest in 
Mauritania 


at Boliden 


proposes to make a further offer 
HtUiard Oil and Gas Ine, a towards the middle of 1978. . 

A measure of Mericos growing wholly-owned subsidiary of Tide- The- terms of tbe latest rights 

importance is the fart t£t th& wll 5?“® baVB ** 10 b ^ decJd H ed ' TBE MULTBfATIONAL Arab The preliminary report from the 

year Pemex is planning 114 ex- CoSty oSornia, — eomj^yisjreatmff adequate Mining Company has decided to Swedish metals and chemicals 


THE LOW Dipper and zinc prices 
prevailing last year pushed 
Boliden into a pre-tax loss of 
Kr.114.7m. (£13. 08m.) before extra' 
ordinary items, writes William 
Dullfore© In Stockholm. 


year Femex is planning 
ploration wells in addition to 360 tested 
planned production wells. A 

further 23 wells will be sunk for wmbter IS ^ “ KM " n - “'* nare * °* of a new iron -ore miring project. 

water injection to aid oil ]?* in flfti 10.990 20 CCTte ' in Mawritanla, planned to have that forecast at the nine-month 

recovery. ' ri . Among other annual reports re- ah annual output of 14m. tons, stage. Sales grew by 13 per cent 

Last year Pemex discovered no ^ , . celved from the Anglo gold mines reports Rami G. Khouri from to KrASbn. (£319. 5m.). 

fewer than 2fi new oil fields, 17 Helmerich mid Payne Inc. has the need for African job advance- Amman. 


oil* and* * nbi e~natural «“ as"weYl announced a natural gas discoveiy naent is stressed and'camment is The new scheme WfflL cost about aSen^bnt P exp!S t to P reverae 


as testing the extension of four in Wheeler County, Texas, lhat made on moves to develop white- $400^ (ESiOm.), to be financed S?n™fi+ X. 

existing fields. Two fields, named terted at rates of up to oJbm black employee attitudes to meet by a combination of equity capital 

Akal and Rarab. in Campeche rebic feet a day Hehnench and “ the needs of the era of relatively ^ whose proper- crora 

Bay are described as being “of Fhyne holds a 43.70 per cent rapid change which we believe tions have not yet been decided, JSS; nSSHvn?™"? 

considerable size." working Interest in the well and lies ahead.” On the subject of Mr. Thabet Taber, the Arab pccs firm up substantially. 

According to Pemex, gas pro- a oO per cent .working interest rising costs, it is pointed out Mining general- manager, told In November Boliden sold Sala 

duetion this year should average m a . surrounding lease block that the main elements are labour u, e Financial Thru*. -International. its loss-making 

2.5fibn. cubic feet a day and oil totalling a.BOB acres. _ , - and electric power. The project, when it conies on mining machinery subsidiary, to 

refineries should handle an ^ American Natural Gas Produo- Mr. Denis Etheredge, chairman stream, wiH rerafece' output from AIBs Chalmers and . during the 

average of *70.300 b/d of crude OWI ? s an identical working of Vaal Reefs, says that the cost existing iron ore mines in Mauri- course of 1977 it closed down a 

oil and 133,000 b/d of natural gas interest in both the well and the of the mine’s uranium plant tazria when fliey' are depleted. copper foundry. and a sulphuric 

liquids. prospect, while Amarex Inc. holds capacity increase to 720,000 tons Arab Mining, whose capital of add plant, which had been con- 

Pemex spent fiflhn. Pesos on “ e remaining 1Z5 per cent, in a month has escalated to KSSm. 8400m. is provJded by 12 Arab tributing losses, 

operating costs last year. A the well. from the previously stated states, also decided at a Board Last year’s devaluation of. the 

further 84.9bn. Pesos was invested * * * R60m. But the expansion wsH be meeting to take a 23 per cent- Krona should from now on 

and lS.Sbn. Pesos went towards Buttes Gas and Oil has com- achieved in the third quarter of etfttity participation in the capital reinforce the group’s competitive 

debt servicing. This year pieted a one mile step out field 1978, a year earlier than . was of a new copper mining project position. The full devaluation 

operating costs are expected to extension well on Its South Cen- previously estimated. • In Morocco, whose exact capital loss of Kr.36.8m. on the foreign 

be 84b n. Pesos and some 70hn. tral Sumatra prospect located on Capital expenditure In the cur- has not yet. been determined. borrowings has been included in 

Pesos will go towards investment, a 1,320 acre lease block in Rose- resit year is put at F72m., of The company also decided to the 1977 account boosting the net 

* * * bud County, Montana. which R47m. will go towards in- take a stake in a qew Joint copper financial loss for the year to 

A new oil find has been made On initial test the well creasing uranium production. The refinery and smelter to be built KrJ.l8.7in. 

11 miles off the Trinidad and Kincheloe No. 1 flowed at the high level of capital spending is in Morocco jtimlBy by Morocco . . . . .. 

Tobago const, according to rate of around 30 barrels of oil expected to be repeated in 1979, and Mauritania. Details of tins A w , reservations about the 
Trinidad and Tobago Tesoro Petro- per hour, and is producing from but will tail off from 1980 on- new project wfifl be worked out opm ? nt of * Taw _ rnat ®? ,jaI 
leum Company. The discovery, in the interval between 4,956 and wards. at a meeting of Moroccan. Mauri- exchange rates-and produc- 

the northern marine areas in the 3,000 feet Mr.' G. Langton. chairman of tauian and Arab Mining officials U0 V levels Bouden expects to 

Gulf of Paris, would boost The company plans the inline- Western Deep points out that in Morocco on April 4, Jfer. Taber profit 

present production levels by BOO diate drilling of 'additional wells, uranium is now becoming a sig- said. around Kr.lOOm. this year and 


barrels a day, the company added. Buttes, the operator, has a 37.3 nificant source of income to ht? 

working interest in the well and company and efforts are being 
Canada North West Land is tn an average 31 .per cent, working made to increase production in 
he operator for a newly-a greed interest in the remaining 1,480 order to minimise the amount 
AR29.5m..six year oil exploration acres In the prospect area. that will have to be pimftiased to 

programme off Australia's North l_ meet its contractual commit- 

West coast It's partners will be ' meets. ' 

Star Oil and Gas, Oakwood NO PROBES Mr. N. P. Oppenhelnier says 

Petroleum and Coitus Pacific. Mr. Roy Hattersley, Secretary of that prospecting results have been man’s annual statement last year, gave a final loss before appropria 


pre-tax earnings after extraordi- 
nary items of Kr25m. 

Some Kr20m. of the 1977 pre- 
tax loss stemmed from Sala 
International but the proceeds 
from the sale of this subsidiary 
helped produce -a net extraordi- 
As foreshadowed in the chair- nary income of Kr.36.7m. This 


HARTEBEEST TO 
EXPAND ITS 
URANIUM PLANT 


The group has been granted State for Prices and Consumer disappointing at South African South Africa’s Hartebeestfonteln tions of Kr.TRm. against a loss of 

title to WA-102-P In the offshore Protection, has decided not to Land and Exploration which ts to increase .the capacity of its Kr.33m. In 19735. 

Carnarvon basin north of refer the following proposed ceased underground operations at uranium plant The expansion. The 1977 result was alsn 

Carnarvon. Six wells are proposed mergers to the Monopolies Com- end -1976. Operations are now con- which wffl cost about R5m. (£3m.), down bv inchisiiwi rrf \ 

on .the 18,410 square kilometre mission: Cavenham/AIliance Pro- fined to the recovery of gold will be completed over the next loss on mefalnnHortc ^ m 

block. The agreement, which was perty Holdings /Evon SA/Argyle from waste rock dumps and two years and will raise the by the oarent enmnanv Tw k> 

signed last week in Perth, makes Securities, Trafalgar House/ should continue at least until plant’s capacity by -about 45,000 in costsfrom 

Canada North West Land the Young. Austen and Young, 1979. tons a month. SvSii! 

fourth-biggest operator in the Cadbury Schweppes USA Inc/ He says that East Daggaf ostein - It is estimated that it will take from a mine 7 ^ 

west coast offshore exploration Peter Paul Inc. will give consideration to the about seven to eight years to • 



Financial Statement 


SKF Group sales for the year ending 31 December 1977 were 8,004 million 
Swedish kronor (Skr), an increase of 14.6% over 3976 (6,981). Group income 
before provisions and taxes amounted to Skr 327 million (133) taking into 
account an extraordinaiy income of Skr 108 millio n (71) and exchange 
differences of Skr 63 million (-194). 


Announcing the figures Group Managing Director Lennart Johansson said - 
the weakness in world ec onomic growth had constricted profit development, 
with growing losses in the Steel sector being the mam contributing factor. Rising 
sales coupled with the effects of rationalization are expected to improve Group 
results in 3978. 


The Board and the Managing Director propose an unchanged dividend 
of Skr 4.50 per share. 


The Annual General Meeting will be held in Goteborg on May3L 

Comparison table with adjusted 1976 figures in accordance with 1977 revision of Group accounting 
principles to conform with new Swedish laws and international practice: 



Financial Year to 

51 Decern berl 977 

Financial Year to - 
31 December 1976 


mSkr 

°/o 

-mSkr 

% 

Sales 

8,004 

100.0 

6581 

1005 

Other operating income 

59 


73 


Operating revenue 

8.063 


7,054 


Costof goods sold 

5,628 

703 

A887 

700 

Selling, administrative and development expenses 3 * 

1^96 

195 

1318 

185 

Operating income before depreciation 

839 

103 

849 

12 2 

Depreciation 

409 

5J. • 

• 392 

5.6 

Operating income after depreciation 

430 

5.4 

* ■ 457 


Financial income/expenses-net 

*274 


*201 


Income before exchange differences 

156 

15 

256 

3J 

Exchange differences 5 ** 

63 


-194 

. 

Income before extraordinary items, 
provisions and taxes 

219 

27 

1 62 

05 

Extraordinary hems 

108 


- 71 


Income before provisions and taxes 

327 

41 

135 

15 

Provisions 

37 


3 


Taxes 

-158 


-140 . 


Minority interest in income 

-15 


-14 


Net income 

193 

2A 

-18 


Investment in plant and property 

757 

- 

671 


Cost calculated depreciation 

-.566 


490 


Average number of employees 

57,209 


58,041 


Calculated earnings per share (Skr)*** 

230 


610 

. . - 


^Development expenses previously included in cost of°oods sold. 

^Including exchange differences arising front translation of foreign subsidiaries financial statements 
in terms of Swedish kronor. 

“'^Income before exchange differences, reduced by estimated46°ia tax and minority interest 


Talbex on 
target at 
£ 245,124 


IN UNE with, the recent forecast 
made at the time of the agreed 
offer for James Warren, pre-tax 
profit of Talbex Group Jumped 
.206 per cent, to £245,124 for the 
six months to January 31, 1978, 
compared with £80,219 last time, 
which was after charging £25,000 
in respect of a trading loss from 
'a subsidiary, sold In February, 
1977. 

The directors look forward with 
confidence to the future and pro- 
vided there is no downturn in 
UJC. and world trade generally, 
expect full-year profit to exceed 
the figure of £441,000 for 1976-77. 

First-half turnover advanced 
by 38 per cent to £499 m. and 
as announced in February, the 
directors intend to . double the 
dividend for the current year to 
0.55p net per 5p share. - 

All the m ain trading companies 
within the group are trading 
profitably with Osmond Aero'/ols 
showing particular strength. Ex- 
ports arC growing and are ex- 
pected to develop farther follow- 
ing the trading opportunities pre- 
sented by new Board members. 


Indian Oxygen 
asked to reduce 
foreign equity 


Indian Oxygen, a subsidiary of 
British Oxygen Co has been asked 
by the Reserve Bank to bring 
down its foreign equity to 40 per 
cent within a period of one year 
from February 3, 1978. The 
foreign equity in Indian - Oxygen 
now amounts to 66 per cent, of 
the total capital with British 
Oxygen holding practically the 
whole of the equity In bloc. Mr. 
K. D. Moore, the chairman of 
Indian Oxygen says • that the 
company has accepted to comply 
with the directive, within the 
stipulated time limit but the 
method of bringing down the 
foreign equity to 40 per cent, of 
the share capital is currently 
being negotiated. 

Indian Oxygen has diversifica- 
tion and expansion projects which 
are still awaiting official clear- 
ance. 

Results of Indian Oxygen for 
tbe year ended September 30. 
1977, have been very satisfactory 
says the chairman and sales 
reached a record rupees 480m. a 
rise of 8 per cent* The growth 

potential of the major existing 

business is considerable. 


BIDS AND DEALS 


Times Wednesday March .22 .53^ 


f'V 


London Sumatra’s 
disclosure ‘gratifying 



- : 


BY JAMES BARTHOLOMEW 


these new standards of- 
will be applied 
panics m the H and G-Rrimp^Vr. 
Frank Harper, chairmen «f 


AN UNPRECEDENTED amount ^ 

of Information including a £3Q.9ra. uvraalre 

independent valuation of its BOARD iwlfcfc > IPIw3 

Indonesian estates, has been re- -omoaiiiM taw .nUificu tsalso aiBractof 

vealed by London Sumatra. . . JmbSSS rawSwi « yesterday h» 

N. M. Rothschild and Noble eSSuuL. s«& mwitoaa . «* of H and. l out 

Gnrart have tog complatoM of M . : * ref ’^ * %!*£ ?- 

the lade 




.*r* 


tire 


Cro afield group such as London wuaa awb iwioware based awinly same tar other o¥ 

Sumatra. But- yesterday, a spokes- «a lm war's tUxwoWe- sroup. Vtr « 

man for their brainchild, McLeod’ :,r- ■■ to 43AY ihe London Sumatra_Boa«ja < » 

Sipef fa new company consisting rit art i m D cl aw . avant Hoidinw. J. « wiiy commiuco 
of Rothschild Investment Trust; J .JUkta. m 

McLeod Russel and Sipef SA>‘ ^ 

said that the amount of disclosure SQD «j < , fpjj.s.) Esaws. Hans#r Invest- atuu.iuui„ - 

in this latest document was- aw ™ x. Kffl. a. man appointed io tojUto* 


nwifr-Brart ^ .^Tpr” the crucial in 


bom-^r 


■gratifying." 


BMwnw, Liverpool ducod a figure equivalent to , 




Sumatra. This has V?- be emft* 
pared with. McLeod .SiPcfa 
Apr. s of nop per share and the 


Sumatra considers the total value- x ;. . future dates 
of the company's assets is £43u. iMtrtaw-- 

and the net asset value per share -cmwmxrt cm ficM* — r- . 

270p. It estimates the sterling . ^earig ^-^r^TSTr ^nrir marker valuation oTarouM 
after-tax profit for 1977 witt^S .gS" ^ sSSSSTwdm mS to 70p per share In tho'l 
£701,000 SmjM in 1976) and.~§gj a fL±J=2J= months of 1977. 

the Indonesian after-tax profit Brokers ycstcijay thought tha 

in 1976). - - - — r;-— - g"; J the method of it* compotati** 

London Sumatra gives War- » arbitrary. The method ' 

answers to all the questions ,H£bs< nd hoi estimate pro!ltfl for_seven yearara^ 



which McLeod Sipef posed in a w« smbpoik 


normal method of val uaUo a J^- 
aT.i.iNto\ and then SUbtlWtr^ 


letter of March 3, including de- r±!^ at?' w Malaysia) and then subtract 

tails of the company^ share iSwrtas -tapr.-s third because or tbo less ad" 

stakes. Another concession made . t Amended. • t a geo us business climate 

by the Board Is its recognition . — 7 — Indonesia. 

“that existing arrangements, ^ to share- Tho probability Is that WdEcwT 





further consideration in the light ‘ the fees and to-day while McLeod Sipef decides 

SSr£ SSJS- -MW " to put UP or .hut UP.-. 

field's ; 42^ per cent stake, an 


St gBK' Some members otthe em,^ 


£BSB&£ 

field or any of Its associated coin- But there are no promises that yesterday at 12*P* up lpl : ?r . 


yl YORK 


Close finish to Comet bid for Wigfall 


-i’Jh-l 


THE HOTLY contested take-over' the fluid power divUpa of Watts ended June 30, Mi*, 
bid by Comet Radioriston for .iaegulator of the U.S., has been interest payable and taxati^r 
Henry WlgfalL the TV rental and sent to shareholders. amounted to hjto.ooq. Tne 

retail group, offidally closes to- The letter discloses that net Directors of CompAir estimate- 
day However, while Comet, tangible assets of the Fluid Power that, on the same basis ana_ 
through its financial advisers Division amount to approximately' subject to 'unforeseen circum- 
Kleto wort Benson, has the option. £t3Sm.. which incorporates profes- stances, and on tho assumptions 
to keep the offer open ' officially .sional valuations of the -land and set out in the Accountants' 
until April 1, the decision whether .buildings in the UJS. and in Report, profits ■ .of the Fluid 
or not to extend will depend on England, and of the plant and Power Division ..for the yeac; 
the level of acceptances by to-day. ^machinery in America. ending June SO; 1978' wOX amount 


fit:: - ' * 


J3 


A spokesman for Klein wort said' Profits for the. finawnai year to apprmdmatsly £Iv3m. 

last night , that “acceptances are^-* — — 7 trrrrr-f r rtyir 

continuing to come In' and therein- ^ ^ , v 


is likely to be a close finish. 

The Comet terms, rejected 
throughout by the Wigfall Board, 
who Halm the support of 45 per 
cent of the voters, value each 
Wigfall share at 274p. which com- 
pares with a market price of 217p. 


SGB BUYS INTO 
OPEN CAST MINING 

SGB the scaffolding and con- 
struction equipment and services 
group, has acquired far £Llm; 
the business of Lomount Con- 
struction which carried out open-, 
cast copl minings as a contractor 
to the National Coil Board. 

Announcing the acquisition. Mr 


J. & H. B. JACKSON 


LIMITED 


RECORD PROETTS 


'The Annual General Meeting- of . J..& XL XL Jackson Limited 
was held on March 21 in Coventry, Mr. F. J. White (Chairman 
' Managing Director) .presiding. 


SGB Group, said: “The Lomount 
operations are complementary to 
the heavy earth moving hire and 
contracting activities already car- 
ried out by SGB’s subsidiary. 
Contractors’ Services Group, 
which was acquired in 1974. 

“In addition, the NCB’s targets 
for open-cast coal production pre- 
sent an attractive growth oppor- 
tunity to SGB Group and we are 
looking for further expansion of 
Lo mount’s activities. 1 " 


WINN SALE 

Winn Industries has sold its 
wholly-owned subsidiary, Kerby 
Engineering to LegfljUs Seventy- 
Seven for a total consideration of 
£136,649, payable in cash on com- 
pletion, based on net asset value 
at December 31, 1977. 

On the same date, the property 
occupied by Kerby Engineering 
was sold to Leglbus Seventy- 
Seven for £137,500. In 1977, the 
company produced a pre-tax 
profit of £9364. - ■ 


KLEEN-E-ZE 
Kleen-e-ze Holdings has entered 
into an . agreement with the 
shareholders of Frederick Cexson 
and Sons to acquire the capital 
of the company for £35,000 — to be 
satisfied by the issue of 53,847 
25p Ordinary shares, in Klee-e-ze. 

Tbe agreement was reached on 
the basis of the last audited 
accounts of Oocsson for the year 
to September 30, 1977. These 
showed net book assets of -£52£83 
and a pre-tax profit for the year 
of £10,404. 


SHARE STAKES 

Wagon Finance Corpus — West 
Yorkshire Metropolitan County 
Council Superannuation Fund Is 
beneficially interested- in 616,335 
shares (551 per cent). 

antHrarst White . Holdings: — 
Following the -purchase' of 150.000 
Ordinary shares, .Lynsal is now 
interested- in 520,000 Ordinary 
shares. 

Fairbaim Lawson: — Martac 
Aktiengesellschaft has sold 170,000 
Ordinary shares reducing Its total 
holding to 830,000 shares (7.25 per 
cent). 

Lynton Holdings:— Colguy Hold- 
ings now holds . 1^18,000 shires 
(15.02 per cent). 


COMPAIR 

A letter giving details, of the 
recent acquisition by CompAir of 


following cireutoted rtinwnkt:-. £ fERSEA 

r ended 30th September, 1377 


trading profit for the year . 

.was £2J. 39,461 (1976: £1,910,232) and a profit was also made on 

Stuart Henderson, a director of pales Of, quoted mvesCmehtS of £176,028 (1076: £8£Q50). flfffORK 

- tJ - ^’figures being subject only to interest on the 7}% Loan Stock o? ' 

£30556 (1976: £36.107) and Corporation Tar of £6S%200 (1976: ~ 

£318^64). We also made a profit on redemption of-Loan Stock of - 

£15,130 (1976: £27,915). The . Directors are recommending a final 
dividend for toe yew of 0.50l25p per share itet making the -total ' 
for the year 0.9075p (1976: G.8125p); this being the maximum ‘ i . 
allowable. - i ' :. 

We have.transferred £1200,000 from Deferred Taxation tbShare- ■* 
holders^ Funds, which now total ^,792,548. Even after this transfer “ 
the amount standing in Deferred Taxation is £8972527 winch -wa •*.. 
consider to be more than adequate. . . * - r Va / 

We proposed, and this has now been ratified by tbe shares r - ^ 
holders at an .Extraordinary General Meeting, a bqnus issue /afc j •'*" ' 

10%, Cumulative ^reference Shares on a basis of one for eww^ o.. " 

twenty Ordinary Shares held.' . I - ' . . r ’ 

Once again both the Group and its constituent divistons-;*- '■ 

produced record profits. I3iis was .very ’ gratifying- in a yeim SaV. £ f* '■> 
has contained many problems for most manufacturing companies j ir 
and. in which there has been a low level of consumer Rpwwtirwi^ • 

many spheres. - - ■- 

Forgti^Xti vision . 

The Forging Division operated very much as we expfcwtea 71 * L- 
twelve months aga Although we would like larger order books nnd^ * 4 * ' 

demand from certain sectors of industry remains low we have been^A 
successful in-. ob tain in g a good' proportion of new work and 
any sort of an uplift from the present.lowjschedule levels wrwoMd^’ 1 ' '• 
see an early improvement dn profitability^ 4 ; ; " . ^ v • ~y~ -. ' 

Merchajftlug Dtvirf on ’! . ■S'l*,"'. ,{■ ‘ -T J- J ' 

Although the Merchantipg Division produced .-record ' : T 

the main feature was the -poor state pf the scrap metal trade bothr^* ' "- :!* 
-for. prices and lack of demand, .neither of which show any signs ofr* ' - - 
an upturo. Fortunately stockholding, machine' topis and 'the Forfl- •<’ : 
Dealership, all produced .’very -good figures and this trend •hfrtdK'- 
contmued info- the currenf'year. V >1" • 

W e have extended our . range of operations: at Longftodn • -> ‘ ' 

Machine Tools with the distribution of power and hand tools to tiro 7 ^ ■ - .-n . 
retail trade -and; we are also now spiling, the well known Gate raaea^r'^" 
of new machine, topis. 

We hope for better availa'btiify of cars ast WhitleV GwarahaMr** '* : 1. 

if tijls-cointides with the .anticipated. -uplift in consmnerispenm^ei-^- ;• ”* 
we obviously .expect that this will he reflected in increased • , 

J- & H. B. Jackron. (Stockholders) Ltd. has recently : 

stocking for^ng steels which is a logical move ln'view -rf-'onr?**^ - 
Involvement in that-indnsfry. '• - ; w 

Engineering Division ;; 

In the -Engin e ering Division the- wide ‘product, spread to vtoajhwf 
f referred last year has really .proved , tits value and the • 

figures were achieved in spite of several areas- tof temporary- 5 !’ 
difficulty which are now largely behind us. Geara (Burbage) - 

after reduced production for several months owing 5-. 

organisation. Is now seeing the beneftts'rof this expansion aafi W* a ' ? ''' 
are- also starting to look very .nuicH hosier on the -hydrimfitf*^!: 1 - ‘ } • . 
equipment side. - - - 

The rise in the Stock Market resulted In a good .year-fo^non^H S'* Vi 
quoted investments and alteough the Market has eased MBcaxf ; *“ 
September .we have taken substantia] profits in tiie current yearr" " 
.'"AKfiough there are 'obviously • several "^problem; arena' ■ yjV 'j F V- ~ 
quality, of earnings are steadily Improving and T am reasOTaSyS*-^ 
certain that, -barring the .un foresees hie;; last year’s^ record - profit® ^ r 
should- he maintained in the current year..’ 

I should once again . like to 'thank -all our ^mpIoseesT fto ; 

efforts during the past' jrear. . - yi-.J 

• The R^ort and Accounts were adopted. r »-•*>... 

— » mm > »V- . "nr-'.rC'. 


4*^ 


! * _ 


Kellock ahead 


TURNOVER FOR 1977 of Kellock 
Holdings reached £7.1 lm. com- 
pared with £L63m. for . the 
previous 16 months and profits 
rose from £739 to £65,108 before 
tax of £9,821 (£L321 credit). 

The directors say that provided 
nothing unforeseen occurs, they 
anticipate that it will be possible 
to recommend a modest dividend 
for 1978. - • 

Bdgrave Assets, a subsidiary of 
Kellock. reports turnover of 
£4.74ro- for the 15 months to end 
1977 <£42 ,298 for previous year) 
and .profits Of £70,978 (£29,957) 
before tax of £25.410 (£13^04). 
Minorities take £656 (nil) and 
£20,996 (£5,403) is retained. 

Earnings per 20p share' are 
shown at L39p (O.S6p) basic and 
Ifiep fully diluted. The final 
diridend is 0-S23p per share for a 
total of 0.643p per Ordinary and 
0fi23p per “A” Ordinary share. 


KLEENEZE HOLDINGS 01)^ 



Kleeneze Holdings Limited- has entered into ar^ agreemeht w 
the shareholders of Fredki Goxson and.Sons Liimted of Stockport 
to acquire the total issued share capital # the oqi^any of ^,(^ 




Holdings^ Limited, these shares to rank ..pari passu with-^^HS? 
existing issued Ordinaiy shares. Applicatiba- has been, nxade^^ 1 
for these shares to be adnii^ed to: the Official List/ . : ^ 


•-+9 i v 
1-3*7 

r— - - *- 


.. . '-..-‘a? _ 

, | . . V. -J- ^ t* •. 

The. agreement was reached. on the bas&ioUhe last audk^£S] 
accounts of Fredk, Coxson-and .Sons Liniited vfor the iy^i^^ 
the 30th September^ 1977. These, showed net book'as^is^c^^ 

. £52,983 and a pre-tax profit lor ^year qi .*£lB*4’04: ” ^ wV,MBa5 


... Jr% 

T r, '.[.S'- if>)S-i“.T< M> 
it, ' V-.'f ' * 








lr.. 

M.! 


•V * 


A*. 

>0 









*Jb> 




tra' 

Hits 

t 


'k\ 


financial Tiaaes ^Wednesday Uanft 22 l 97 g 


WALL STREET + OVERSEAS MARKETS 



reaction after recent firmness Dollar improves 


GOLD MARKET 


BY. OUR WALL STREET CORRESPONDENT 


A >mv YORK, March 2L 


was halted thfemorntae. as *i£e5 5X? 1 il ^ ketE - to another moderate AMSTERDAM — Share prices 50. hot Toros Hostench. were- 5 

turned- easier uSX ■ - uae£ul recen M* *nrery._ _ eariy trade yesterday. The were mixed agate but with a firm low at 91 and Tub*** 4 cheaper 

t&din£ 7 M Sears “HciebneEr halted an the Toronto Composite 1 Index' dipped bias following another quiet trade, ar 85r - • 

wl. twb. . t . Board -pending- a news l-WS-o at noon, while- tR 0ya i Dtcteh, aib fTaj&.so, NOLAN. — RcversmK Monday’s 


«t l OJB and th-NTOtiw ^ a T *«««. mainly due to foreign demand and treated m moderate trading, witn 

Go numm IndRr woS r ^ ^ oarQi ^niarter earnings the recoray of the dollar, but . domestic political considerations 

vonunoa Index lost 25 cents to although profits for lfae year were _*«> and Papers 003 to Hoogovens were a shade easier, and a- sharp drop in Montedison 


Ctosfa*s prices and market 
teports were sot' available 
for. this edition. 


higher. ' ' 

R- L- Bums, also halted, last 


Companies involved 


. . , -— ----. — PARIS— In the wake of Monday’s reorganisation of the Dutch heavy Momeaison teu us to 

s ^J° r Sg; OM MOliaated Oil upsurge on the governing coali- engineering industry mainly 0 n*SeMnSunwaienf Solans m 
amLthree Bnzny executives have tion’s re-election victory over, the gained ground. VMF-Stork closed write down the share capital and 
nounit a majonty interest in Left. -Bourse prices tended to -Fls-3-50 higher, after an initial raise; new funds, tfimugh. a “rights" 
Baas. <■ i- ■ • - - react yesterday as operators rise of almost Fls3 following news *nd Rond issue 


the shares pulling the market dawn. 


Mdhfedlsan fell 115 to U48.2S 
on the announcement of plans to 

write down the share capital and 


■ — • - react yesterday at s operators rise of almost Fls5 following news and Bond 

, . „ _ „ aticorp, whim raised its c&ri- covered for the end of the that the Dtuch Government will _._ xir . . 

- e _? ec “ nes ontecored fiend*. picked up- i-to 520.- . monthly Account. ..leading -was lake a 49 per cenL interest in the 
5™* W. & seven-to-four Among leading ^actives, ' RCA. .interrupted during the session by concern to be formed from .the 

. Tra ding volume con- shed } to *24} and 3M declined 4 bomb scare. ffieael Engine sector. - ar ^ fJ . B i 


and Bond issue. 

HONG KONG— Shares improved 
afresh, in active trading, partfcn- 
lariy Blue * Chips, with small 


MONDAY’S ACTIVE STOCKS 


j° J 7Mm - from | to 544f, butOirt* Craft gained Engineering sector was firm; but CERMANY-Stock prices’ were recent 

«stertay*S heavy 1 pjrfc figure of I attiei and Carrier t at*18j. the rest of the market was lower, wdlwinShrtS quiet 8troas ^“timeirt. 

fSiirt. -A . -. n 3 ®*. ».«•!-. 1)11 CCF.CTC. Saint Gabala, -I/Oreal, trading, as daily newspapers re* The combined turnover of the 

market is Pont f to $XQ2», and Barach and BTC. Sue*,- Peugeot, Perrier; sumed norm^pub^abonMlnw^ f our Stock Exchanges was 
rtSiF.iffffi? byC rn 85 currents of 1* te|48i. . " Mlebelin and Gal erics Lafayette ing a solution to the industrial SHKTSYTm^ the heaviest since 

nstitotJonal portfolio adjustments THE AMERICAN -SE Market being among leaders- to relinquish dispute which has stopped pro- December 23, 1976. 

• ■ ■■ ' ■ ■■ ■ ^Wuu-Tndexewe up 1^3 at 127.64 some ground. - duction lor six days. * ' • Dealers noted strong baying of 

MONDAY'S ACTIVE STOCKS „ Valume Lfl2m- shares BRUSSELS— Local issues put on Bonds were mixed, with Public Swire Pacific and Hutchteon. 

~ change ^ _ .j. , . g _ an ■ irregular performance in. Authority xssu^ showing gains of which rose . 10 cents each to 

t . Stocfcs Ooring on Horton On and lHhnrafe. tte moderate activity. - dp to DM050 and losses td sHKfiSa and SHK4.125 respec- 

aariate* if ^ leader, eased-# to&0}. . Sofia*, ; Trantk« and Vteffie. DM0A0 The Reflating. Authoti- tively; while Hong Kong Wbatf 

\skt. Tat. sad tel nssw. « +1 - Montague rose. but Sidro. fr®s intervened lightly to s mootir gained 20 cents to 5HK13J0. 

iCA S«Tsfc«i U&joo if ... u-j- Asturienne, AC3EC, St. Roch, and ont . _^ ter , bnyi P s .* TOKYO— Market «.«' 

Ss=S f S OTHER MAia<ET5 ^ 

awner ©». a an undianged dividend for 1978, SPAIN— After the recent weak- . 

.fm-VRSoknm laa^Oft 3» Pnnwfo aocim>~ vriiile HK, which priced its ness, a steadier tone prevailed , J , Q ^ A ^ r ^ ES ^ URG r~P°\ t ? 

Jarett 1TT.100 l&t +t easier rights issue at BRrsJLR25, were yesterday the . General Index I® 5 * ground in line with 

hwrtB j.- J67 ,too 53 +* - An easier tendency -also 20 firmer at BJr»557a Petrofina hardening 0.08 to 7.96. Galenas I°"^ r „ B T 5 j Dn priccs - Selling was 


3fercn!e» — sansoo 

Vmcr. Tat. ug TcL S73M9 

KA Serrfcw 34BMOO 

gaertott £39 ^od 

Florida Power 3&VMO 

umnreng C<rt — iixjBdo 
3an*r Go: 

.tm-Pctnleom sss^oo 

v»arct» 1 TT .100 

torina iz isr.no 


traded price day. . volume leader, eased-# to J20f 

22&SOO 14f -4 ■ • ■ ~ - 


16 -* 
s> +i 
S» -i 
1S4 +» 

S3 -ft 


jiTurn. __ M ______ Astunenne, Avast; sL jki 

OTHER MARKETS Arbed felL Sodete Genei 

steady after foretasting 
an undianged dividend j 

P flna J n mcJav - ^ lle 'wbfch pr 

'-anaaa easier rights issue at bjfysjr: 

- An easier tendency -also 20 firmer at B5Ys557a 1 
developed on, Canadian Stock added 30 at BPrs5395. 


Indices 


K.Y.SJS. ALL C0XX0N 


WEW YORK-dow mhes 


Mk. SUx. { Mk. Uar. { Uzr. 

it hs he 14 I is 






: 1977/78 

aa 

. 1 ? 

18' 

15 

High Xow 

bOJj 

50 SB 

1 49^ 

48 M 

57J17 *9ST 
tyirrn f 5OT) 


PreciadoB recouped. 3 points at fueUed by reports of renewed 

boviet/Cuban involvement- in 
■* — Mozambique, although turnover 

• ' • " ' - " •- ^-was small. 

BiS fii^ d ^Sr 17) Mar M AUSjiAUA-Industrials con- 
j iur. ao> star. 17| Mar -_y. .^naed .to'-show easier tendency, 


The dollar gained ground in 
quiet pre-Easter trading in the 
foreign exchange market yester- 
day- It fell quite sharply on 
occasions, but then recovered, and 
trading w-as probatily toa thiirfor 
any intervention by central banks. 

Closing levels were generally 
around the best of the day for the 
dollar, and its - trade-weighted 
index on the basis of the Washing- 
ton Currency Agreement of 
December. 1971, as calculated by 

the Bank of England, rose to 90 
from 89.7. 

In terms of the Swiss franc the 
dollar' improved to SW-Frs.l_S3875 
from - SwJrs.LOiao, and was 
slightly” firmer against • the 
D-mark at DlU2A47a, compared 
with. DM2.04073. The Japanese 
yen' rose slightly against the 
dollar however, to close at 
Y2S1.10. compared with Y2SL40 
on Monday. ’ 

Sterling's trade-weighted index, 
on Bank of England figures, was 
unchanged at 63A, after standing 
at 63.8 at noon and in. early 
trading... 

The pound opened ' at its 
firmest level of the day in terms 
of the dollar, at SL9020-L9030. but 
fell to $l£965-LS973.as a reflection 
of the dollar's . improvement. 
Sterling improved from time to 
time, but returned to SL89B5- 
3LS975 at the close, a fall of 70 
points on the day. 

Gold £en $2} to close at .$177- 
5177}. The metal opened at 
$178-178?, and declined In fairly 
quiet trading. The krugerrand's 
premium, over . its gold content 
eased to 3.17 per. cent, from 3.27 
per cent for domestic delivery. 


and was little changed at 3.03 per 
cent compared with 2.99 per cent 
in the international market* 


Gold BnlBonJ 
1 * fine ounsf)] 

CloM M77-J773, 

Ownins _lsi7a-1783« 

Jlnmlnc f ix'j: jS 1 77. 25 
(133.3041 
dJtere'ofU’g! * 177.30 


£93.340) 


SWISS 

FRANC 


Bold Coin 1 

AonwriloUl.t ! 
Krueemod..; 81&S - 184 
,veB6A7) 

Now Sovtao.'SS6-57 

'lt28V20*t1 
Old Stiv ' to n iS563<-S0S* 
'(630-31) 


[J17B1I-J80 
S181&4-I821* 
;S 18 1.35 
f£95.l97) 

S 181.00 
:i£S4A2S> 


,S 184l S - 1551* - 
l(£97.08) ..“J 

J55J7 
: (£29-30' 
ISS6IC-5V* 
!(£2W|A0S»>- ' 


(AA 

/ \ 




mrs-tnm 


Gold C«in*~. 

(lotAnat'Uy) • » : 

KracvwAjSlSl^-lfiSN 5184-186 ;; 

icss^-OMii uea«A4.87Sti — 
jrwSortwi 355-57 I354I--56I* “ 

(e£8l*-2SiO i£283«-2fli«) 
OldSorr > G tulS57U4S9U ;S573 4 -5S3 4 - : - 
|i£30'4-31»4i (£30i4-3H4i r.\ 
gso Eagle* -isagi^-ZW, S292^-295b - 


FOREIGN EXCHANGES 


OCT «0V DK JAM FEB MAB 


CURRENCY RATES 


[Baxik.- 

iUr. SI iBkIcb, 

I ' 


Slid* Hate* 


C.a. dollar ._ 

Cum/ltta ..... 

Aumna arta ... 
Hclgfaui Inge 
Usolita krone. 
Dentachazn’rk 
Xhiteb gnildar 
KVench foanc. 
Italian lira 
Japanese yon. 
Norway krone 
Stain peaet*~ 
Swedish krone 
Swiss iranf ' 


Brewing 
Righrj! 
Maxell ZO 

0.647132 
1.23078 
1.38401 
18.1202 
39.1255 
6.90X60 
2.51658 
. 2.69295 
5.67205 
1052.93 
283.079 
6.57483 
98.4082 
5.68313 
' 2.35633 


Unit Ot 
Accoun t 
■ Man* aT 

0.658868 

1^5559 

1.41218 

18.4456 

39A517 

7.03420 

2^6229 

2.74214 

6.77936 

1072.60 

289.199 

6.BB43B 

100.231 

6.78608 

2.59868 


liar. 20 

Star. 17J 

1.867 

1^806 j 

1,003 

971 

468 

438 

596 

397 } 



TO ‘ 

- — 

13 l 


i ifils 


ndostrlal^. 
\ v ! r-f meWnds” 


kcb bmi 


raajB 742.12 1BSTJS <TJ2 

&nm\ C28AT8) (Uy I/13J 07/22) 

32 JO njs — " - — 

Gffi fBnm • 

24AS4 iJMLSl. E73J3. 15J3 


Combined 


toidea ns.EOj IBG.tSj 1BB.48 WUd 182.181 10B.C 

SwHug.wi .. I f t 

-000’s t M.Mfij 28,4TB B.40^ B^MOj 24.WB| 

-* Rada or moos dunaad erm MkH 

~ 7 ' [ Mar. 17 ’ Ma 

InfcdlT. yield % — 


TAinaufi awn poOBfi 


£S ® TOBOKTO Com, 


i 

liar. 3 f yearafO-OqptnK.) 
.6.28 -f ■ - -4A1 ~ 


JOHASSESBITBfi 

Gold 


IjL 

Her. 

16 

j 171 JK 

TTB.ffi 

j 17 i 07 

178 JS 

C 1046 » 1844.2 

398.8 

1 

305 .il 

. 187 J 

187 J 


183.14 «5.fl (YJA 
177841 187.35 (18/1/77) 


. _ 15582 'GbllDJ 

187.35 (19/I/77)| 18580 0»1O) 

10578 (1871) I - 88*8 136/10) 


to BA5JS2. C J. Coles receded 4 
cents to $A1.85. but Jennings rose 
4 cents to $A3J7. 

W. iL Carpenter fell IS cents to 
SAL23 following lower profits. - 

Among Minings, Panoontlneutal 
lost SO centi to $A8B0. while Gold 
stocks fell on the lower London 
Bnfiioh price, with Central Norse- 
man- ending 40- cents weaker at 
&AS.20.'. BH South, hoivever, im- 
proved 4 cents to S3 cents. 


EXCHANGE CROSS-RATES 


Frankfurt ) — 2JM85 0600 ^L55-7S I &4254S3 3884834 B3.48AB 1I&2465 

New York •48.98-49JX) — 2L6E-63 BA47&-1550il. 90409066 45.74-80 62.09-19 

Eula ,227^4-8^4 4.g6«5S765 — pL4A38-flS2 !8A48b868b 212853^ 240J5S6 

Braswb. H 15A&A0 3L8SB4 BL8S85 ( — 1^X6585 14.5^60 1R37-46 

Ltmdon...„.l 3881-891 1A98&-7S 2261411 TO.455& V — XAIJ-6B4 

Amal ‘dam_ 106 946-99? 2_ 1882- HO 7 4&48&8S6 (8LB7I56& 1<.1516-15Q — 113.10-15 

Zorich ~-..i 94.70584B) L940fr^6 41-351-418 j6jQ81SOB793.e8U^8K- 88.536-gffi — 

VS- 9 in Tcanuo U.d. 5=112.48-51 Canadian coots. 

Canadian % In New York -.83189 91 conn. U.9 . 8 In Milan BMJO-20. 

- - . Sterling In iiilan 1S25.00-1SJ6.30. * Bates for Star. 20. • • • 


218.7 (IffiiTC) 
214.4 (4flfl8) 


153.4 (24(5) 
183.1 (22 A) 


EURO-CURRENCY INTEREST RATES 


Bar. t Preo- 1977-753977-78 
21 I kas I Bigb'l J4»w 


Spain ofl'r 3796 l — ■ ■ tioojQQi z\m 


Ansttaliart)! 446.72 447.77 Sweden 3£M 41&68 286A8 

-JgB 

rt Wimgrlr — I M.69 MM 107A2 f M£C 1 (QtgnUQAWn 

tv., . ns mi! m-r mi s .'rt? IW;. Indices and base dart lali one valnei 

BtsaM Ctw K-3 -6U B^l 4A6 ^ . nygg AD Common - Si 

. ■) ----- ' - . irr?' Srantlanta and Pnur: rn in* Tnmrm 


f i~& * 


liUE 


h^uaOtai/ij 
Ipacapcwlte ! 


liar. Mar. j Mar. .) Mart Ijlar. 
17 j IS 1 15 | 14 J 13 

„,,J 

3tL20j mi) .88.12; ms) 8M 


“ _ NOTES s Overseas prices mows below 

IBTi-l&an-iB « n < n « , g premium, bhwh tUvtdestda 
High X*w ara 'after wttatmldins tax. 

■ ■— a SICS* ( brnmri tmieaa atherwtae stated. 

103 xc 81JB8 wPuaJM^Mm. sattd! 

(30/12) IflW/ffi ^KrJUB deoonL.-aaleaa otherwise staled. 
41A6S 286J3 OFcsJN. d / *' rrn l and Bearer shares 
GZZli) (24/11) unless odurwlae seated. 3 Yen 30 denom. 
323.7 2806 . mess. otherwise stuad.- 5 Price at now, 
^4/2/7E|(14|5/77 of s us p ens i on , a Fiorina. 6 SchflUngs. j 


L8U6UUU1 : I t/UICU 

Dollar iCA. Dollar GuUders 


- fc Cants. ^Plvldend after pending rtgtus 

Indices and base <t«i fait base vataerfl^ ^and/or-wartp lasoe. ePer share. 1 French. 
'100 except NYSE An Grass, dtv. h Assumed dividend a/te* 


pshon term ...I 6fg-6^ 
7 dare jMtinet 612-85* 
Month. __J 6Ss-7 
Three mouthaJ 

Slxinonpja.^. 7&-7« 

! One year. ; 7^-6^ 


75fr-7T, t 5A- 


iV-tf 

! iiri? I 5U-3l| 
r-ii«w )”3i4-3Je 


Now Tork-J fits ;l.B965-t jn30.lA365-lJ«75. . 
MmtwiL... 8 2.1140-2.1405:3-1345-3.1565-' 

Amsterdam 41" ' A14*-4.17 ; 4.16f-4.16A^‘' 
Bruawb;.... B 80.35-60.65 . 60-45-80.66- 
Copeohapea 9 ilt>AfiVl9-1<4 TO^8;-W.8*l-. 
FnuiUurt... 5 I 5J7v3-» - 5.88;J.3Si . 

Llalmn 15 I 77.50-78.50 ' 77.B5-78.55 

Madrid 8 ,151.60-152.00 lbt.75. 151.85'- 

Milan 111- 1.625*-1.6M . 1.624- I.62E : ' 

Oslo 8 10. 1 4i- 1 0.184! 10.16-10-17 

Faria 91j I B.BliA.87* ; B.861 JUU .. , 

Mockbolm .. 8 8.7&L3.78d ' 8.76d.77 - 

Tnjke. Slg 436-445 « 435-440 ; 

Vienna. fit" I 27.30-28.10 [ 29.00-38. IS 

Zurich 1 1 5.65-3.TO j SAJjAgt ^ 

JTUtcs given arc lor roirverUhlc franca.' . 
Financial franc 60.35-80-55. 

OTHER MARKETS 

I t Note* Bates • ■ 

Argentina . 1.54M.545 . A rfienrins. 1 1300-1400. 
Aaoimiia ..i 1,6582-1.6743 A uatria .... 274-B3 
Brest 31.00-3240 : Belgium >.i 8S-8I4' 

Finland < 7.93-7,85 LB=.-±L ' 5M0 ■ - 

Greece «a .083-7PJ03Canada 2J3-2.1B 

Hung Kgngjj.TSJj -8.7034 1 Denmark. .| UU0~iflL . 

Iran ( 152-142 iFtaaee.^f A7MJ0 

Kuwait DASS-0.M2 'Germany.. 3.80-5^' 

Luxcmh'rd 60.454MJ5 |G recce 1 86-72 ' 

UahtvsIa..?4.4Sls-4.48t; ! Italv M „... 1590-1B90 r 

M.Zeal>TKV l U446-l.B6U Japan 440-466. 

Saudi ArebJ 6A2-6.62 j.\etherl.nd!4IO-4SO - 
StHB*poro.i4j57ta-4.38tniNdrwav.... 10. 10 -30 - 
S. ACrica — U. 6372-1. 6629 IVnucal... 7Z-8I • 

. t’.S — J jS/am 149|-154| 

Canada ( !s witsTand ' 3.63-3 .72 

C51 1 \12S ■ 1JBV -&1 

V A cental 3B.83-B8JS jX 'ugnlUvia 36-57* . | 

Rite siren for Arsen tij Is a tree rater 


FORWARD RATES 

j One lutrarb ' Three moothT" '• 

NewYitrk.|OJ13(7pTti-OJ)7cdii.,Q.02-0.12 c. du 
Montreal .10.10-090 c. dla f0.20-0.50 c. dia , 

A mat ’dam 1 %u inn-par e_ ym _ * 

Brnmola . _| XO c. pni-par 1 20-10 c. pm - . 


iffur sgaiaSr s^aru« , TSs 4 taSf , «^ 

n 3 »2 w ■— H H «i s fS 


Man* 15 


>1 BgfiB),(rmi 73 il(hBg 2 
ir.l |Y ear ago (appro*.) 


Sundards sad Poors 10 -aod T/a entn l scrip and/or rights issue. kAfter local 

axKLOOO. the last aimed on 1975) I taxes. t»% fax free, n Francs: intfudlna 
t Endndinz bonds 2400 Uatortala. ( UaDaO dlV. V Nom. q Share sota. a Wv. 


1 400 Tr»i« 40 Dtflitles. 40 Finance and I and yield exclude medal payment, i Indf- 
20 Transport. (3) Sydney AH OrtL I cated ittv- * Unnfflclal traan*. u MJnority 


ri. Alv. ytelrt % 
>L F/b HaXtu 


NIC Qvn. Bond ytoM 


Bong Kang 1 4S4g7 4Eaffl 1434-67 1 38i44 (J) F^tm^n SE X1/12/8S. i“) Cooethasen holders only. .W Merger nendn*. * Asked. 

S') | 2B3/T8) (111.78 gg m/n. (tr) Paris BcJro^iWL tBifl. 9 Traded, t Seller, z Assumed. 

Italy (SiiV 63XB] 62.78 , ^5.71 5490 (»> commaabank D^TlBasTlW Aatster vEx rigtaO. ad Ex dividend, xc Ex 
I- I - (6/1/77/1 (28; 12) H»m Tnrfnqriat 1970. (qr> Hang Sang BCTlp'fSSQfi. xa Ex an. a Irnnrtm since 

Japan (/»)' (c) !397 .BBi 399.J« :3fO-« Bank M/7/84. (|ll|j Milan 2/V73. <a) Tokyo increased. 

i » '(16 i 5 i 78 i?.4(ll| Kew SE 4/1/68. tb> Straits Times i960. . 

Singapore ;28L2I -S0.29 ; 28LZ1 - 942^8 id dose, (d) Madrid SE 30/l2ri7— high GERMANY ♦ 

(4 j | ,(210/7fi i3/5) and low fbr UTS only. <e) Stockholm 

Industrial t/i/58. U) Swiss Bank Cmp. . •. 

In) Unavailable. Olar? 


Euro-French depostrraies: two-day 9J-9J per cent.; seven-day 91-94 per cent.; 
tme-znaath 9j-W per cent.; three-monih 8*-W per cenL? six-tnonUi 91-104 per cent.; 
one-year 10 M 01 per cent: 

Loog-Uzm Eurodollar deposlta: tiro years 7i5ts-8ttfi per OTL; three years Bk-SI 
per cent.; (Bur yean 83-81 per ctotj five years 85 ib-87i 6 per cent. 

The ronowmg nominal rates were ottoted for 'London dollar certificates of deposit: 
one-month 8JD-7.W par cent.: three-month 7.85-7.15 per cent.; six-month 7-33-7.38 
per cent.; one-year T.B9-7.65 per cent. 

* Razes are nnm>n»t rutting rales. 

Short-teim rates are can (nr worstiy . US. floHars and Canadian doDan. two 
days’ notice for gnfMere and Swire francs. 


Cop'nhgn otv-dla (ISJ-20J me <|U 

Frankfurt pt pm ^Is-Slapf. pm 

Lisbon 70-180 c. .lia '375-600 c. dla ' . 

Madrid .... 50-130 ,205-290 c.dtr ' 

Milan ...>.'7-13 Urctiia 22-31 liredU . 

CH>lo_ 514-714 ore dla :l3i-15» oredU- 

ITiria...... II4-2I4 c. dis !5-6 p. dia 

Stckho'lm 3-5 ore dm !<f«-101 ore dia 
Vienna....; par- 10 Riodia 4-14 rto di« *C 

Zuri c h 2tg-Ha p. pm : ftg.&i« c. pm . 

Six-month forward doUar 7-3c dre- 
12- month 0*5-tU3c pm. :.. 


TOKYO If 


AUSTRALIA 

























































































28 




Facial Times .Wednesday March 22 19^^. 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


• v £•.'* ?•' C-'i* 


NORTH AMERICAN NEWS 


Curtiss-Wright moves to 
comply with Utah ruling 


BY jOHN WYLES 

CURTISS-WRIGHT was to-day 
taking steps to remedy its little 
local difficulty with the state of 
Utah which is claiming that the 
company's purchase of nearly 10 
per cent, of the stock of Kenne- 
cnit Copper Corporation has 
violated its takeover disclosure 

law. 

Utah's Department of Business 
Regulation told Curtiss-Wright 
yesterday that the purchase of 
Kcnnecott stock constitutes a 
takeover bid under the state law 
and that the company should 
have filed a registration state- 


ment 20 days in advance of the 
offer. 

Utah claims some jurisdiction 
in the affair because it houses 
some two-thirds of Kennecott's 
20.000-strong workforce. It is 
still unclear whether its demand 
for immediate registration 
material is anything more than 
a procedural hiccup in Curtiss- 
Wrlght's so far obscure strategy. 

The Mew Jersey-based tnanu- 
"turer of aerospace components 
said to-day that it did not believe 
that the Utah statute applied 
but that as a matter of courtesy 


Congoleum bids planned 


CONGOLEUM CORPORATION 
is- pursuing major af.-quislcions, 
according to .Mr. Byron C. 
Radaker. president and chief 
executive. 

I can see us acquiring a 
couple of companies in the nest 
two years, each with sales of at 
least S75ni. to SlOQm. and with 
good earnings." Mr. Radaker 
said. 

Congoleum is in “good finan- 
cial condition ” to make acquisi- 


MILWAUKEE, M-arch 21. 

tions despite spending $65in. last 
autumn for Cnrtis Noll, distri- 
butor of car parts and Industrial’ 
hardware. 

Congoleum plans a cautious 
borrowing strategy,- as swallow- 
ing too much -was one of the 
problems that led to an earnings 
slump in 1974 and a decision in 
early 1976 to seU off many com- 
panies Congoleum had. acquired 
In the late 1960s and early 1970s. 
AP-DJ 


NEW YORK March 21. 

It would provide the information 
which had been requested. Utah 
had .advised that this would be 
satisfactory compliance with its 
law, added Curtiss-Wright- 

The purchase of Kennecott 
stock was disclosed last week in 
a filing with the' Securities and 
Exchange Commission which 
requires disclosure of acquisi- 
tions of 5 per cent, or more of a 
company's stock, Curtiss-Wright 
was. and still is, enigmatic about 
its intentions but Its statement 
to the SEC discussed the possi- 
bility of a bid for representation 
on Kennecott's Board with the 
aim of forcing a divestiture of 
some of the company's assets. 

Bur • Curtiss-Wright, whose 
market valuation of SI 55m. is 
modest in comparison with 

Kennecott’s SSOOm.. did not rule 
out a full-scale takeover bid and 
claims that it has major lines of 
credit- open with a number of 
leading Ui». and foreign’ banks. 

The importance of satisfying 
Utah ties -in the fact that - the 
State has -threatened to try to 

prevent* Curtiss-Wright from 

voting its ' shareholding. This 

wpula put a serious obstacle in 
the way of a- proxy- fight for 
Board representation a-t Kenne- 
cott's annual meeting on May 2. 


SCHLIMBERGER LIMITED 

The following is the Statement of the Chairman and President. MR. J. RLBQUD. which has 
been circulated to Shareholders with the Annual Report for 1977. 


Nineteen seventy seven was another record 
year. Another year — the fifth in a row — where 
rhe progression of net income was. over 30%. 
another year where Scblumberger men and 
women throughout the world worked harder 
and better than ever before.. 

A year ago. in my letter to the shareholders, 

I listed the four main challenges which will 
forge the future of Schiumbcrger. It was not 
a more exercise in style. This is" where we" 
stand a year later. 

1. Wireline or logging services will grow 
faster Than in the previous ten years and 
faster than jhe drilling rate, I wrote last 
year. In 19r<, revenue from these services 
increased worldwide 33%. In North 
America, the increase was 39%. as 
significant gains were made in all oil terri- 
tories. in Alaska, in the Rocky Mountains, 

■ and both on land and offshore in the Gulf 
Coast; during the same period the number 
of active drilling rigs increased 21%. 
Outside North America, wireline -activity 
was particularly strong in Argentina, and, 
Venezuela. In the Eastern Hemisphere, the 
North Sea and the Middle East were the 
most active sectors both for exploration and 
development wells. Altogether wireline 
services revenue increased 30% whereas the 
drilling activity increased 10%. 

The year 1977 will be remembered for two 
. events. The first gave us pride: the fiftieth 
anniversary of Ihe first electrical log 
recorded in an oil well. The second gives 
us great expectations: the introduction in 
the field of the first fully computerized 
logging units, the Cyber Service Units 
(CSUs). 

Capital expenditures for wireline services 
... were 3120 million in 1977 and .will be 
-; $222 million in 1978. These large .amounts 
- will permit a sizeable increase in'- research, 
engineering and manufacturing,' .facilities: 
;; They will enable a faster intrOduptlon of. 
the CSU in the field. . ' ' 

2. - The technology of drilling will undergo 
"I dramatic changes. Forex Neptune had a 
; rewarding year. Land drilling activity was 
' strong in Algeria and in the Middle East. 
-- while offshore operations tended to stabilize. 

The daily rates for large offshore drilling 
units, particularly for jackups. firmed 
Z“. during the year. • ; v ~ . •• 

yj The technical and marketing capabilities of 
Forex Neptune, of The Analysis— our new 
undertaking in the mud logging: arid 'drill mg 
1 data field— together with the new Measure- 
J ment While Drilling tMWDI technique. 

will enable us to bring a new contribution 
* to the efficiency and safety of drilling. The 
*- first lengthy field last— over a hundred 
hours — of our Measurement While Drilling 
V'. prototype was made offshore Louisiana. The 
results were encouraging. Many technical 
’=*• problems will have to be overcome but 


we are' progressing and we hope to com- 
mence limited commercial services In MWD 
by early next year. 

3. The development of production tools and 
services continued at a. good pace. All 
units in North America, as in the rest of 

. the world, did well. Activities of Flopetrol. 

".Johnston and.Macco are growing along 
three main _ayeny£6^ production engineer- 
ing, reservoir testing and workover 
services. 

Dowell Scblumberger (50% owned) is also 
a major factor in production enhancement 
through their stimulation services. 

4. Measurement and Control operations have 

a great opportunity for growth, particularly 
in the area of Energy Management products. 
In North America, progress at Sangamo 
resulted - from higher -sales of watthour 
meters and transformers, triggered by an 
active construction market. The. advanced 
European technology in electricity load 
management is in ihe process of being 
introduced in tjie U.S---4 . ■ 

All manufacturihgrengia'eerJhg and market- 
ing functions of the Satigamo -Weston 
Energy Management division now; located 
in Springfield, Illinois, wlH be regrouped 
in South Carolina and Georgia. 

The European economy -was not as strong 
as the U.S. economy. The demand for 
capital goods and consumer products was 
sluggish in most European countries, 
whether they had a high or low Inflation 
rate, whether they had a large surplus or 
deficit in their balance of payments. 
Economic stagnation, was the common 
denominator of. Europe in 1977. In spite 
of these circumstances resulting- in almost 
flat revenue . expressed in constant 
currencies, sales of -electricity product lines 
gained throughout Europe whereas profits 

improved significantly mainly in England,. 

Belgium and; Spain. 

To meet these four challenges, the year 
1977 was a good start. We are on the right 
track. I have more concern over the future 
■ of the economic environment than over the 
future of Schlumberser. Businessmen generally 
tend to overemphasize the political risks. They 
certainly exist, particularly in a year when 
countries like France and Italy might experi- 
ence political changes. However. a much 
greater danger is economic uncertainty. I 
believe that, since the end of the Brctton Woods 
-monetary agreement in 1971. the greatest threat 
to economic progress is the floating of currencies 
and resulting chaos in the international 
monetary system or lack of system. 

One can never predict the ups and downs 
of the future, but, whatever the circumstances, 
a well-knit organization has resilience. I -know 
.that Schlumberger is in the right business, that 
we have the products, the organization, and 
above all the people to do the job. 


Pet offers 

$94.3m.for 

Hardee. 

By Our Own Correspondent 

NEW YORK March 21. 
ANOTHER move in the restruc- 
turing of America's fast-food 
industry has been announced 
with a proposal by Pet to acquire 
Hardee Food Systeihs of Rocky 
Mount North Carolina. 

Pet is offering stock worth 
320.50 for each of Hardee’s 
shares, valuing the transaction at 
S94.3m. 

Pet manufactures, markets and 
distributes food products and 
store equipment and operates 
specialty retailing outlets, in- 
cluding roadside stores. Hardee's 
has over 1,000 fast-food 
restaurants, 365 of which are 
company owned with the 
remainder franchised. 

Domtar in 
U.S. purchase 

By Our Own Correspondent 

MONTREAL. March 31. 
DOMTAR. the Montreal -based 
construction materials, pulp and 
paper and chemicals group, is 
planning to buy virtually all the 
gypsum products business of 
Kaiser Cement and Gypsum, of 
the U.S. for SUS35Jim. cash in- 
cluding inventory. 

Kaiser Cement part of the 
Oakland. California-based Kaiser 
industrial group, will invest the 
proceeds in cement modernisa- 
tion. and possibly use some for 
acquisitions. The deal is due to 
be closed on. April 3. 

Dayton Hudson 
bid agreement 

CALIFORNIA, March 21. 
DAYTON HUDSON Corporation 
and Mervyn’s have signed a 
definitive agreement for Mer- 
vyn’s to become a wholly-owned 
subsidiary of Dayton Hudson. 

As announced in January, 
terms of the transaction provide 
for the exchange of 0.8 of a 
share of Dayton Hudson common 
stock for each share of Mervyn’s 
common stock outstanding on the 
dale of the merger. • 

Directors of both companies 
have approved the transaction 
but it remains subject to 
approval by shareholders of 
both companies as well as other 
conditions. Both companies have 
annual meetings due to be held 
on May 24. AP-DJ 

Copperweld 

hopeful 

' - PITTSBURGH, March .21. 
COPPERWELD Corporation's 
chairman, president . and chief- 
executive. Mr.- Anthony J. A,- 
t'Bryen. said in the annual report 
'that he expects 197S to be “an 
encouraging ” year. Significant 
profit improvements are expected 
in the steel and tube divisions. 

He also added that “restruc- 
turing and internationalisation •** 
of the biraetallics business will 
continue and should result in. 
modest improvements ” in 1978. 
The company said its backlog 
on December 31. 1977, was about 
SLOOm.. compared with S79m. the 
previous year. 

: Last year Copperweld- earned 
S16.3m., or 32.91 a share, adjusted 
for a two-for-one stock split paid 
oo April 27. 1977, on sales of 
S346.9m. 

AP-DJ 





Green Giaiit 
ahead in 


decline in final period LE SEUR, March 21. . 


BY STEWART FlfidlNG 

SEARS. ROEBUCK the latest 
U.S. stores chain reported disap- 
pointing fourth quarter earnings 
to-day as efforts to boost its 
market share showed further 
signs of eroding profitability at 
the company's retail outlets. 

While rival stores chains. In- 
cluding the nation's number two 
J. C, Penney, Wve reported 
record fourth quarter earnings 
as a result of the Christmas 
spending Sprees Sears said to-day 
that 1 fourth quarter net Income 
fell from S3l2.7m. in 1976 (98 
cents a share) to S25LSm. (78 
cents a share) last year. The 
decline catfcne in spite of a 12S 
per cent. rise. in. sales' revenues 
to S4.9btL. and a farther Barge 
in the earnings of its major 
insurance subsidiary, the All- 
state group. - 

Allstate reported- net income 
of SllOm. in- the fourth quarter 
compared with ' SSflm. in Ihe 
fourth. quarter of 1976. 

For the year as a whole, Sears’ 


net - income totalled SS3?.9m. 
(S2.62 a share), an ■ increase of 
20.7 per cent, over the SffiMLlxn. 
($2.18 a- share) sported for 1976. 
Sales revenues rose 15.2 per 
cent, the largest rise the com- 
pany has ever recorded, . to. 
SlT^bn. . . -» • 

The bis sal&- increase un- 
doubtedly ’ refiects the .more’ 
aggressive -mariretins and Pric- 
ing- strategy .which. Sears has 1 
been: following in its efforts ip 
meet the mounting- competition 
from fait .growing discount 
stores groups such -as K Mart- 

. But while Sears , is adding 
volume and chairman Mr.- 
Edward • R. Telling is claiming 
this as a success- for its market’ 
penetration strategy, the costs ire 
showing through on the bottom, 
line. < . ‘ 

Most noticeably the’ company 
has become increasingly depen- 
dent on the profitability of Its 
-currently booming' insurance. 


..'•NEW YORK, -March 21. 

operations to keep earnings 
moving forward. Thus for the 
whole of 1977 the upturn in the 
insurance underwriting cycle and 
strong investment income rises 
Sverau that Allstate con- 
tributed *n7m. to Sears income 
for the- year compared whs 
$ 2M)nu to the 1976 earnings. 

The well-known cycticatity of 
insurance and the cyclical trend b 
in- Sears' retailing of consumer 
durables is leading to some 
anxiety 'among share mialjsts 
-that the company's profits may oe 
moying-towards greater volatility. 

: But Mr. Telling' said to-day 
that^Sbars expects io improve its 
profits' performance in 
fwhile continuing to offer quality 
merchandise at competitive prices 
throughout the nation.' He 
added that the ontfaok for 
1978- is favourable with further 
growth ahead for the- economy 
^although at a slower rate of 
increase than last year." 


LE SEUR, March 21.-. 

GREEN- GIANT, tlw-fond cab- 
nine group, reported earstttgs (or 
the third quarter of its yoar at 
qfl 7m or 5S cents a sitare against 
S-Vsm! or 53 cents in the previous 
year. Sales increased, from 
3111.9 th. to Sltt-lm. Earning 
Tor the previous year include 
32.9m:' income from eontirtumg 
operations and S3C8.000 loss oh 
discontinued operation reports 
AP-DJ. At the nine month sjase. 
net earnings are 35.7m. nr S1.VS 
a share acainst 36-om-' 

Safes of 3341 Jm. compared wrth 
3314.8m. ' ' ^ 

Third quarter aiMfmne months 
figures for 1977 have been ro- 
stated to reflect the aequisltmn 
qf the J> Chateau .Restaurant 
companies on a ** J n " 

teres ts accounting ba*?ts ‘Di scon - 
tinued ooeration-; reflect a' 

9 1977 aureemerit for the dis- 
position Of the assets except cash 
and substantially all the accounts 
payable and accrued expenses of 
the company's Schwpjsrcrt and 
Copeland meat operations. 
AP-DJ 

Wheelabrator 


Wamaco expects profit upsurge purchase ^ ^ 


YEAR ENDED DECEMBER 31 
Revenue: 


FIVE YEAR SUMMARY 

(Amounts in millions except per share amounts) 

TO'!" IflTC nin?. 1 (V? I 1 fP7t? 


Measurement & Control .. 
Interest and other income 


% Increase over prior year 

Costs of goods sold and services 

Operating income: 

Oilfield Services ...... 

Measurement & Control 

Eliminations 


% Increase over prior year 


Interest expense 

Taxes on income 

Net income 

% increase over prior year 


Per common share: 

Net income 

Cosh dividends declared 


AT DECEMBER 31- 

Working capital 


1977 

1976 

“1975 

1974 

1973 

. S 1.310.1 
830J! 
43.-I 

$1,005.0 

S05.3 

29.6 

SS44.9 

720.7 

32.0 

$625.7 

574.4 

18.6 

$453.3 

510.3 

17.3 

S2^05.7 

SI. 839.9 

$1,587.6 

Sl^lS.7 

S930.9 

- 19.9% 

16.0% 

303% 

24.2% 

16.7% 

- S1J230.9 

$1,071.3 

$950.2 

$742.6 

$612.4 

$540.0 

93.4 

<u> 

S3S2.7 

77.4 

(.2) 

$299.3 

63.7 

(1-8) 

S21S.0 

3S.0 

(-4) 

S134.9 

29.7 

(.8) 

$632.3 

S459.9 

3361.2 

$255.6 

$163.8 

.. 37.5% 

27J0& 

41.3% 

56.0% 

33.6% 

S16.1 

$15.1 

$24,0 . 

$21.5 

S15.9 

8248.0 

$167.6 

$125.4 

383.6 

S57.7 

S401.3 

$293.2 

S219J 

$147.6 

$92.4 

. 37.0% • 

33.7% 

4S.6% 

59.7% 

31.6% 

18J% 

15.9% 

13.8% 

12.1% 

9.4% 

■ 28.3% 

25.4% 

■ 25.9% 

23.4% 

37.2% 

S212.0 

$186.9 

S222.1 

. $162.6 

S114.6 

. S159.5 

S 130.3 

$99:1 

$74.1 

$62.2 

$4.68 

$0.95 

S3.41 

S0.60 

S2.'61 
' $0.43 

S1.79 

$0.34 

$1.13 
SO. 24 

. 85.8 

85.9 

SS.9 

82.6 

82.1 

$786.1 
’52,385.3 
• $1,549.9 

$625 Jl 
SI, 995.1 
$1,279.6 

34 56.6 
SL715:7 
S1.03S.1 ’ 

‘ 5309.1 
$1,327.6 
S69&2 

. $290.4 
$1,057.3 
S575.9 


Stockholders’ equity • 

•rtc-uris n/ Soxaama Elaine Componv been iwnjoi^rijuvi u-i(Ji Scfitunbcrpcr tMUSMuic Julu i: 


IKS. 


Cffrlnni ttt/onuutifm relating to directors' share dealings and group companies., required bu The 
Stock Exchange in London to be mode available, man be inspected during the next three iceefes 
during usual business hours at Kleiiucort. Benson Limited. 20 : Fenchurch Street, Lond/tm EC3P 3DB. 
from irhom copies of (be fall Annual Report may be obldtnecf. ' " * 


SUCCESSFUL restructuring 
efforts' and the selling-odt ’ of 
some autumn styles, have bene- 
fited trading operations at 
Warnaco, the cloth msmanufac- 
turer. Earnings for 1978' axe ex- 
pected to total '812ra. on sales' 
of 3400m: As a result Warnaco 
looks, forward to the possibility 
of reinstating a “modest” divi- 
dend on its common stock in 
early 1979. . according to Mr. 
James C. Walker, president and 
chief executive. 

For 1977. Warnaco earned 
$ilm. or 31.55 a share on sales 
of S383.6m. Earnings included 
32.5m. from a tax-loss -carry 

forward. 

The tax loss carry forward 
that will shelter domestic eafrh- 
ings for 1978 is likely to be used 
up this year. 

Mr. "Walker predicted that net 
income for the first quarter end- 
ing March 31 should be betweeh 
31m. and S1.5m. or 25 cents to 
35 cents a share compared with 
3503.000 or ZO cents a share 
earned a year earlier. Sales 


. . ‘ ‘ • •*, NEW YORK, March 21. 

should ctimb to ;S95m. from: streamlining undertaken last 
S91Bm. A tax loss carry forward year. “No division is budgeted 
to be used during the first qu?iv. for -a- loss this year, he said. 

ter is commensurate with one -.'Warnaco expects to boost after- 

employed during the same quar- -tax. margins on sales to -J per 
ter in 1977: Mr. Larrry L. Pflieger, item, this year from 1.6 per cent. 
Sen., seniqr vice-president, -tied- daring 1977.. The long, term goal 
surer and chief financial officer, is .a margin of 5 per cent, 
said - -Mr. Walker concedes that he 

Warnaco. which had bcenpar-^'ed j> f ° r 'J*"™?, 
acni^owtoj^pema fwm g®- »“' h . ^.houfa auij 

tne recess 1 uu, ^ summer business and 



on Its three preferred issues were "“"arinehts hetween 

subsequently deferred but hurt fil m a^ gamen^imwe^ 

Decomba r It announced' payouts Tearing “any 

on-theso issnes. during the second 

The Board will be able to con- quarter. On the other hand, 
sider a common share dividend Warnaeo is spending substantial 
by the end .of 1978 because, by s Hin g to build inventories jo! fall 
earning the projected 312m. the gdods that will be sent, to retail 
company becomes free of ’ dlyi- jtbres beginning in July.’ . 
dead restrictions contained in Based on the order hook for 
loan agreements.’ ‘ au tumn. Warnaco expects a 

Mr. Walker attributed thievery good third quarter” Mr. 
improved performance to con- Walker said, 
solidation moves and a corporate AP-DJ 


TRW cautious on first quarter 


TRW IS off to a strong start .in 
1978 and. : . expects sales of .earn- 
ings gains this year from all three 
major.-; business' sectors and for 
most products groups, says Mr: 
Ruben F. Mettler, the Chairman. 

The company has -realised, its 
objectives in improving the 
balance sheet and expects to have 
sufficient internally generated 
funds to meet 1978 needs, 'he 
added. 

First quarter results have 
been adversely affected by 
unusually' severe weather in the 
east and mid-west and by limited 
effect of the coal strike, Mr. 
Mettler said, but the company 
expects to show a sriles and eaxn- 
ings.gaih. However the earnings 


gaifl -is unlikely to match the 
20- per cent rise reported- for 
the fourth quarter ’of 1977; ' 

TRW. last year earped.3l5^An, 
dr 54.77 a share on sales OF 
S3.26bn. -Fully -diluted share 
earnings were 34.21. For the first 
quarter net was 53L7m. or 96 
cents a share -oh’ sales ' of 
3776.9ra. and the fully diluted 
share net was 86 cents. 

‘ Mr. Mettler said the previously 
reported . 20 percent, rise in 
fourth quarter net was partly 
produced by several non-operat- 
ing factors such as a gain on 
foreign currency translations in 
contrast "to a currency transla- 
tion loss -a -year earlier and- a 
gain on the sale of a subsidiary. 

Stripping, away all non-recur- 
ring and non-operating factors 


CLEVELAND. March 21. 

the company's estimate is that 
“underlying 7 operating profit 
for the. ' fourth, .quarter was 
between 13 per cent, and 14., per 
cent higher -than, a year earlier. 

For the full year such “ under- 
lying " -operating profit was up 
12J) per cent; from 1976. Net 
income reported for the year in- 
cluding the unusual elements 
Was up lffff.per cent, from 1976. 

On the other hand, in 1977 
the company took additional 
steps' “to improve the quality 
of our earnings." Mt. Mettler 
said. It made, another in a series 
of moves to fund .pension liabi- 
lity more conservatively. TRW 
also.' put another unit on LIFO 
accounting sacrificing " a couple 
of million " of profit, he added. 
AP-DJ ' 


WHEELABRATOU-FRYE HAS 
purchased 6 per cent, or 241,000 
of Neptune International Cor- 
poration's 3.9ui. sbuces. 

Wheelabrator says* the 'pur- 
chase is "just another invest- 
ment.” 

AP-DJ 

Optimism at Federal 

Federal Company, a diversified 
food concern, expects to report 
earnings of 33.6m. ur- 31.25 a 
share for the third ttuartpr 
ended February 2S compared 
with $1.5m. or 50 cents, a share 
in the year ago quarter Mr. R. 
Lee Tavlor. vice president, told 
AP-Dow Jones in Memphis. For 
the nine months, earn i ok* in- 
creased to S9.4n>. or S3H5 a share 
compared with 37.2m. or 32.49 a 
share in the year earlier nine 
months. . 

Phillips upturn 

Phiilips Tetrofeuni. said in Its 
annual report that 197S earnings 
“should he higher than the 
S516.9m, or 33.37 a share earned 
in- 1977,’’ reports Reuter from 
Bartlesville. 

Occidental down 

Occidental Petroleum corporation 
said results so far in 197S have 
been adversely-affected by coal 
operation lasses due to the U.S. 
cdal strike and siynificantly 
reduced profitability from Libyan 
erode oil ^operations,- reports 
Reuter'froxn ■ Los Angeles. 

Penn Central stock 

The Philadelphia Stock Exchange 
said trading in Penn Contra! 
resumed with “unusually heavy 
volume," with the shares ttp 37.5 
cents until trading was halted 
on news that the reorganisation 
plan had been approved. 

Citicorp payment 

Citicorp has -raised the quarterly 
dividend to 29 cents per share 
from "26* cents, payable May 1, 
reports Reuter from New York. 
The company has raised its divi- 
dend’ with the May payment in 
L every year since 1973. 


EUROBONDS 


Dollar sector picks up 


BY MARY CAMPBELL 

THE D-Mark sector sagged some- 
what yesterday, while the dollar 
bond market continued to pick 
up steam, dealers said. Australia's 
S300m. issue has been increased 
to 3350m. 

In the D-Mark sector, the main 
interest continued to centre on 
the primary market Prospects 
fdr a French state-guaranteed 
issue this month now look mucb 
dimmer than on Monday — and 
indeed there will certainly not be 
an issue this week for such a 
borrower. 

On the other hand, the 
calendar is hardly light. 

A further DM 150m. -worth of 
new issues emerged yesterday. A 
DM50ra. placement for the steel 
company Rautarukki under the 
guarantee of Finland has been 
launched via Commerzbank. The 
maturity is 10 years with an 
average life of eight, and the 
Indicated coupon 5? per cent 

Two. placements are currently 


under way for AkzO and Thai- 
land. Akzo is offering DM50m. for 
six years at'99i on a 6 per cent 
coupon via Deutsche Bank, and 
Thailand DM 50m. for five years 
on a 6} per cent coupon with 
Dresdner Bank as lead manager. 

Due for announcement to-day 
is a DM35nu public issue- for the 
Norwegian city of. Trondheim, 
also with Dresdner Bank as lead 
manager. 

In addition to a DMlOOm. 
placement for Mexico’s Nacional 
Financiers, a DM200m. offering 
for Spain is also due after Easter 
but before the end.o£ the month. 
CHiis would be launched via 
DresdneT Bank, not Deutsche 
Bank as Stated .on Monday.) 

Prices in the dollar sector will 
be watched carefully to-day. The 
European Coal' and Steel Com~( 
munity two-tranche issue is due 
to start trading — the 20-year 
tranche ,was priced at 99fc and the 
15-year tranche at l'Ofr , 


Y. J. LOVELL (HOLDINGS) LIMITED 

MAIN 'GROUP ACTIVITIES: Building, Residential and Commercial Developments, Plant Hire, 

Timber Importing and Merchanting 

A Year of Stead/ Growth 

SUMMARISED RESULTS 


i : ■! 

o-'iir. 


Group Turnover 
Profit before Taxation 
Profit after. Taxation* 

Ordinary Dividend IWp pe’r share (M74-3^8p) 

Earnings per Ordinary Share 1 

I'lo accwtiarcc wW EDlO proposal. 3 877 chiroe relates sofafy 4o ACT. 


1977 
£000 
54JT1 - 

1JD6 
1,56ft 
, -268: 
2l5p* 


1976. 
£000 
47337 
1,525, 
--1.380 
- 239, 

2!.9pC 


Comparative figures adiustMt 

Extracts from Address fa; Shareholders by the Chairman, Peter’ Trench ' 

“... Taking all things into consideration Lovell Is in pretty good shape. Traditional contracting^ ■ 
is still highly competitive but residential, commercial and Industrial, development has ’ taken an” ' ' 
up-turn in recent months and we- are- relying on this sector to help make up for any-decline in- 
pnofits- elsewhere this year. 

“ After a dull start we are hopefuL that timber -division trade .will pick up in the second 
half-year. 1 . ’■ • - • 

”... Work on our Nigerian projects Is progressing well: we have sec' 
up! a joint venture company in the USA- and hav e reached agreement 
to -establish a joint venture 'organisation Jn Saudi Arabia. 

f am very pleased at the way that things are shaping and the 
-continuing implementation of our corporate^ plan is producing a 
Group -of Companies soundly based and well managed.” 





A GROWTH OF CAPITAL TRUST 


31st Dec 31st Dec 
1977 1976 

Total Assets i £33-3m £31 -1m 

Net Assets £24.4m £22-1 m 

Equivalent per share to 122p 11 Op 

Earned per ordinary share 1 .58p 1 .1 8p 

Proposed Annual Dividend. l.lOp 0.90p 


POUCY& STRATEGY 

.Your Board believe that, over 
the tong term, growth of capital 
will best be achieved by • • 

. backing smaller companies 
whose managements are . 
personally committed to the . 

.success of their companies. 

The opportunities available in 
North America to find such . 
companies are relatively greater ! ' 
than elsewhere and the^eographical 
eiqjpsure of your Company reflects this. 


CANADA 
8.3%. of Total Assets 

u,s.a. 

55,0% of Total Assets 


Copies. of the Report are available from: 

Ivory & Sime Limited, Investment Managers, 
1 Charlotte Square, Edinburgh £H 2 4DZ. • ; 








.-nr 'V'?"'.' '»■' % ‘n. _T- - v v- 


FinanciaT Times Wednesday. March 22 1978 



^ ifty,, ®ERMAN NEWS 

■!},, !| 

i,: '• :i 


Sharp fall in Hoechs t earnings 


r 


U;i 

SV 


V. i 


BY GUY HAWTIN 


FRANKFURT, March 21. 


many? big three °4enri5l !»£ orcr&is^ark 0 ??^? hUS°v5?- * rwWh « German corporation tax reform, 

i-enis, has reported a heavy drop S5 Sfc ‘ A Action of the dividend 

HoeS^tK 1977 - Earnu ^ to while the £n£7 US. tad JEtBSKS?* is n0t ,^^ble However, the 

fv®pS -sss air “* « A ft£& ms ra ws 

e Aororrf^ 10 . Turnover had improved in the was only utilised to an average shweholders will enjoy an in- 

^According to to-day's report, final quarter of 1977 compared ofTOner SotfwWle thSTSSS in real ^ rQln Ss after off- 

no* world turnover dropped by with the previous months as a force dfeclined by Z2 ber cent. e ®TiP ora ^f on *** P**d on 

mi^^ CeD V? m D “».49bn. to result of increased sales overseas, below ^e|#e! of the pJe^us dlstJ ? butecl ear ° m 8a *««“* P«" 

£2* %n s £H£ F ? e *"? s rtoarily ia “ d ■■«*« ?«tr ^STtMs .SiSfT! SDDai “ come tases - 

J? 1 ^ by \S£Z 5£? L Eu ^°Pe- the final quarter o£ 1977 declined During the opening months of 

JJP5 1 _J 3M ® , ®® bn * DM9.4fibn. Increased demand from the even further: 3978, there has been no real 

^r,,„?. er ir nr3ee °* Report sales automobile market had Improved Pre-tax earn inns in the final change In Hoeehst’s situation. 
EftfEL turnover dropped from metallic paint sales, while the quarter, however were some- The “alarming" decline in the 
wrinhcTiLi* cenL printing plate business had also what better than indicated by value of the dollar has increased 

said tear .1977 was not shown ■ sales growth. Newly the 1977 returns, as a result of Die concern's difficulties in over- 
an eas> jear. Drastic changes m developed herbicides bad also the new corporation tax reform seas “erkets, and pressure on 
l , c foreign exchange rates had generated a new demand in the However, overall. Hoechst has prices in many product areas has 
hf-= e fnlf f£f c if d v V l rs ? as earn " 1112101 protection sector. not benefited from the reduced increased- 


mss and exports had also been Plastics and otSmucal cheml- t„ SgK&ffS m zmSSt 

Bertelsmann 
bid barred 


of 


See Lex 


Overseas boost for Holzmann 


BY JONATHAN CARR 


By Leslie Colitt 
WEST BERLIN, March 21. 


BONN, March 21. 


KnLIP HOLZMANN,. one of change ib' corporation tax' law) responsive markets so far. 

West Germany’s leading con- can expect a markedly higher The foreign order intake last 
THE WEST German cartel office stn i£f 0 , n concerns, increased yield than before. ■ • year totalled DMI-2bn. — 

has for the second time this year ? TOflts laE * year thanks to boom- in • 1976 Hntawi»wr» made net sharply down on the 1976 result 
prohibited a major West German m ® foreign business. There profits of DM12.Ua. ( almost when several particularly large 
publishing bouse from taking were also clear signs of an im- 525m:) and paid an unchanged individual orders were obtained, 
'■over a smaller publisher- provement in domestic demand 14 per cent, dividend (DM7 per But domestic orders rose by 20 

• n — albeit from a low level after share). per cent, to DMJL9bn. Orders in 

_„T°, the building recession of the last Last year total construction, hand at the end of the vear 
' Sis gSEES fe " »“** ‘ output, topped thepMSbu. mark totalled ■ OMSbo. 

m6dia MteroSr^S A v shareholders 1 >«? r after DM2JJbn v in 1976. While . At home there was a particu- 

preliminary results for 1977 noting that the increase was due larly strong increase in orders 


over th* n*»ntau»Ha 'VorbpJiT*. TTo*v r ^ » iwung uwi iw uiwg ms qw lariy strung rntrcaae in ora era 

?a" a iiiSmnSLri S sjeeffies neither the profits nor chiefly to its activity abroad, for housing and for road build- 

lishpr ttfl dividend. But it does note the company also noted some ing. But there still remains over- 

Usber of a transport industry that domestic shareholders slackening n£ demand in the capacity in the domestic cen- 

(those benefiting from the OPEC States — one of the most struction Industry as a whole- 

month the cartel . ■ 

Germany's largest Tax reform hits Bayerische Vereinsbaiik 

minm inA narin. : • _ * 


transport 

newspaper. 

Only lart month 
office ruled that 
Springer Verlag. 
some of West 
circulation newspapers and perio- 
dicals. could not take a matority 
50 per .cent interest in a Ham- 
burg newspaper. 


BY OUR OWN CORRESPONDENT 


BONN, March 2L 


BAYERISCHE VERisiNSBANK in common with its com- customers by 20.4 per cent, to 
sharply decreased its - business petitors. the bank, is slightly re- PM13.1bn. The banks continuing 


The cartel offices reasons for volume and operating profit in ducingrits dividend this year — 
its latest blocking movejs that 1977 — but saw net ‘profit cut. although domestic, shareholders 

largely because of the extra will actually be better off than 
burden resulting from the reform last year thanks , to receipt cf a 
of corporation tax. tax bonus coupon. Ordinary 


a merger would give Bertels- 
mann some dominating market 
•shares, notably 55 per cent, of 
advertising. 




GROUPE 
BRUXELLES 
LAMBERT SA. 

The non-consolidated balance 
sheet and profit and loss account 
of the GROUPE BRUXELLES 
LAMBERT SA. as at December 
31st. 1977 was approved at 
meeting of the Board of Direc- 
tors on March 9th. 1978. 

These accounts reveal the 
Group’s new structure. In 
August 1977. the company for- 
merly known as “The Compagme 
Bruxelles Lambert pour la 
Finance et ^Industrie” trans- 
ferred all its patrimony to two 
subsidiaries and at >the same 
time changed its activities to 
that of a 100% holding company 
under the new name “GROUPE 
BRUXELLES LAMBERT SA.’ 
Since then its operational acti 
, . titles are at a two-pole level 
• consisting of a banking pole 
jeder the name “BANQUE 
BRUXELLES LAMBERT," on 
he one hand, and a financial 
wle with the name “COM- 
>AGNIE BRUXELLES LAM- 
>ERT," on the other. 

The “GROUPE BRUXELLES 
.AMBERT SA." has thus 
- iecome the pivot for the general 
trategy and synergy between 
he two poles. 

As a result of this change in 
true! i ire and the different 
losing dates of the financial 
eriods of the Group's various 
ompanies, consolidated accounts 
s at December 31st, 1077 could 
• ot be -»reoarrd wnirt muld he 
.directly comparable wit a those 
reviously published. 

„ , - The non-consolidated profit 
% nd loss account essentially 
'fleets the business developed 
y the former “Compagnie 
ruxelles Lambert pour Ia 
inance et l’lndustrie" from 
inuary 1st to June 30th, 1977. 
ideed, it cannot even be com- 
-.red with the profit a"l loss 
?count for the premmu : ■‘nod 
t it only covers six months 
)e rational activities and as it 
■eludes no Income received 
ora either operational role. 

The non-consolidated profit as 
. December 31st, 1977 was 
.Ft. 234,037,018 and the dis- 
putable profit, taking into 
. .-count an amount of B.Fr. 
■5.199. &4 5 brought forward 
om the previous period stands 
B.Fr. 609.236.563. 

At an ordinary general meet- 
g of shareholders to he held on 
ay 10th, 1978. the board of 
rectors will propose the dlsti- 
ition of a net dividend erf 
Fr. 90 per share to the four 
pillion shares. For private 
t ^^M.yestors this represents a gross 
1 ^.^.*ical return of BJFr. 164^5 
. ? ir j^clusive of a tax credit of 
L jf Fr.-51.75 and a chargeable and 
fundable withholding tax of 
FT. -22.50. 

.The distribution of such diri- 
d Implies the partial use of 
munis set aside cut of sums 
ought forward tc provide for 
angos in structure. As a 
suit of this and the poor 
3nomic situation, the dividend 
opnsed is somewhat lower than 
it of the previous period' 

IF this dividend is approved at 
? 'Ordinary general meeting of 
beholders, the balance to . he 
Cried foward will be BJr. 
3.236.563. 

jProviding profit expectations 
vtcriaHsc and nothing unfore* 
*1 arises, the size of the 
idunt to be carried forward 
11 enable the same dividend 
be paid for the present finan- 
ijl period that • will excep- 
InaUy be of nine months. 

Iflie group’s consolidated 
.founts as at September 30th. 
1{7. including the banking 
lets and liabilities of the 
iiNQUE BRUXELLES LAM- 
,T. totalled B.Fr. 470 billion. 
p estimated value of the pet 
lets was B .Fr. 23^21 million, 
ter deduction of assets due to 
xd parties, the group’s share 
.-these assets amounted, to 
' ‘22.3S7 million. 

break value of ' the 
OWE BRUXELLES LAW- 
‘RT SA. vharowas at the end 
the financial year approxi- 
.itely B.Fr. 4,000. 


to expand its business well 
beyond Bavarian — and German — 
borders. . It now has close to 
9,500 employees In 381 branches. 

*44. 

D res dner Bank International is 
to raise its .capital by a quarter 
to L.FrsJL5bO- ( around $7Sm.). 
By the end of the current year 


tax nanus coupon. 

Profits from lending rose by shareholders will receive DM9 
11.7 per cent to DM592m. per DM50 share ' against DM10 
(S290m.) and from commissions last year, and preference shar e- 
by 6.4 per eent. to DM119m. But holders DM10-50 against DMlIfiO 

a heavily increased tax bill (up before. ... .... . - . 

to DMOO^m. against DM32.4m. in The hank's balance dieet total subsidiary of Dresdner Bank 
1976). forced back the net profit increased by 14.1 per cent, to A ^__f x S?SL 365613 10 totai 
figure to DM67 Jm. after DM37-Sbn.— against a rise of 1^5 armra* S6^bo 
DM72.8m. ip the previous year, per cent : in -‘15)76. Customer 
As in 1976, a total of DM15qui£ deposits were upby 8 l 8 per cent, 
being added to reserves. J. to DMl&Shn. and* advances to 


Dutch to 
take stakes 
in major 
companies 

By Char'is Batchdor 

AMSTERDAM, March 21. 
DUTCH GOVERNMENT plans 
to restructure the country’s 
shipbuilding and heavy 
engineering industries will in- 
volve direct stale participa- 
tions in three companies. 

The government will take a 
40 per cent, share in Holland’s 
largest shipbuilding group, 
Rijn Schelde Verobne <RSV). 
ft will also acquire 49 per ceuL 
in a new company to be formed 
by. tbe diesel division of the 
VMF-Stork engineering group 
and 48 per cenL In another new 
company formed from the 
dredging equipment division of 
sMptraDder IHC-Holland. 

The problems of the loss- 
making shipbuilding industry 
and the more recent difficulties 
at VMF-Stork have led to a 
change in government policy 
which was previously aimed at 
encouraging a re st ruct u ring by 
means of loans and guarantees. 

■ But its participation in tbe 
subsidiaries of VMF-Stork and 
IHC will still be kept Co a 
minority stake. The parent 
companies will also retain an 
equal- stake while the 
remainder will be held by an 
independent trust representing 
both partners. 

The two ministers respon- 
sible for the plan, Mr. GLjs Van 
Aardenne of Economic Affairs 
and Professor Willem Albeda 
of Social Affairs, described the 
plan as “the largest rescue 
operation since the war.” It 
will require an injection of 
about FIs. 900m. into VMF- 
Stork*. IHC Holland, RSV and 
the smaller yard Van der 
Glessen-De Noord. Nearly 
Fls.400m. will go to RSV while 
VMF-Stork will get FIs^35m-, 
ICH-Holland FlsJtOOm. and Ven 
der Giessen Fls^Om. 

Hie plan win affect around 
6,990 jobs out of the 46^000 in 
the heavy engineering and 
shipbuilding sectors but there 
is a difference of opinion over 
how many jobs will be lost. 


Lossmaking Swedish Balance 
companies now sheet nse 


planning to merge 


at Austrian 
bank 


BY WILLIAM DUUFORCE , _ _ , , . . 

By Paul Lendvai 

TWO Swedish companies, forest-based operations turned in ‘ VIENNA, March 21. , 

Billerud and Uddeholm. which a loss of KrJ>l9m. ou sales of I CREDITANSTALT, Bankvereia 
reported heavy 1977 losses last less than Kr.TOOm. The companv I (CA), Austria's number one 
I week, to-day announced that they received a Kr.&OOm. interest-free | bank reports a 14JS per cent, 
were planning to merge. The state loan last year. f rise in Us consolidated balance- 

whole of the Billerud pulp and Ruierud. too. nlimBed into the < sheet 10 an alJ - time P*** ot 
!»!>« T 0 " 1 * be fused ta lV rpSi Turfr ! Sch.l23bn.. around S8.3bn. - 

w!th Uddeholm s visional pre-tax \ 0S s of Kr.lSPm. j Taking the Creditimstalt gronp 

(826m.) on sales of Kr.l.46bn. j as a whole, which includes 


operations and its small 

sector ‘ (8318m.). The shares of both 

Earlier this month, Uddeholm companies are currently quoted 
opened talks with SKF. the at below their Kr.100 par value 
Swedish multinational roller bear- on the Stockholm stack exchange, 
ing group, and the Fagersta steel Billerud at Kr.SO and Uddeholm 
company, on the merging of their at Kr.45 per share, 
sp ecial s teel Interests. If both A communique from Billerud 
mergers go through, Uddeholm t0 _da y saW the mer g er talks 
would be left wfth its power wool,] start at once and would 
plants. 5 e completed quickly. The plan 

Uddeholm has accumulated had been agreed in principle b.v 
pre-tax losses of Kr.542m. the two concerns' worker 
(SllSm.) over tbe past two years, directors. Further details could 
including Kx.3S4m. on a Kr.2.6bn_ be expected at a Press confer- 
(8566m.) turnover last year. Its ence to-morrow. 


Higher loss for Boliden 


BY OUR NORDIC CORRESPONDENT 


STOCKHOLM. March 21. 

THE low copper and zinc prices firm up substantially. )□ 
prevailing last year pushed November, Boliden sold Sala 
Boliden into a pre-tax loss of International, its loss-making j 


Kr.114.7m. (§24.9m.) before 

extraordinary items, according to 
the preliminary report from the 
Swedish metals and chemicals 
gronp. This is some Kr.75m. 
more than the loss made in 1976, 
but Is Kr.l5m. better than that 


mining machinery subsidiary, to i 
Allis Chalmers and during tbe 
course of 1977 it closed down a 
copper foundry and a sulphuric 
acid plant, which had been con- 
tributing losses. j 

Last year’s devaluation of the 


forecast at tbe nine-month stage, krona should from now on re- 
S? *cs S^vby 13 per cent, to inforce the group's competitive 
Kr^Hbn. (S60Sm.). . position. The full devaluation 

Tbe met adjusted loss is loss of Kr .36.8m. on the foreign 
estimated to he Kr.4 a share com- borrowings has been included in ! 


three regional bunks as welh os 
Ava. the car hire purchase 
institute, the aggregate 
balance-sheet at the end of last 
year totalled Sch.l56bn., a rise 
of 13.6 per cent, over the 12- 
months uf 1977. Director- 
general Dr. Heinrich Treich! 
explained the growth was 
helped along by what he 
described as the '“unpleasant 
developments” with regard .So 
the dollar. 

Dr. Treicbl spelled out that CA 
accounted last year for 13.5 
per cent, of the aggregate 
assets of the Austrian banking 
sector, for 11.6 per cent, of the 
primary domestic deposits, and 
for over S per cent, of savings 
deposits. 

Crcditansl.iit reports an It per 
cent, rise in deposits to 
Schfilbn. CA bonds in cini- 
lation. including communal 
and mortgage issues rose by 
Srh.3.2bn. to Sch.lS^bn. 
Savings deposits were up by 
10.7 per cent, to Sch.l9.3bn. 

The director-general also drew 
attention to the success of tKc 
two issues of floating rate 
notes (worth S40m.). Ho 
rejected allegations lhat a lack 
of long-ler'm available finance 
was the reason for the down, 
turn in investments last year. 


pared with a loss of Kr.3 a share the 1977 account, boosting tbe net! ^ st vear - s r j Se ^ interest rotes 
In the previous year, and the financial loss for tbe year to 
Board proposes to pass the divi- Kr.113.7m. 
dend. The dividend had VTith reservations about the 
previously been successively cut development of raw material 

K?Tfi hf 1975 an^KrY hFfg 7 S CDStSy eschan ^ e rates and pro- 
Kr.10 m 1975 and Kr.7 in 1976. dncti0n levels. Boliden expects 

The Board expects to reverse to make an operating profit of 
the profit slide this year, although around Kr.lOOm. this year, and 
earnings will continue to be un- pre-tax earnings aFter extra- 
satisfactory, unless copper prices ordinary items of Kr25m. 


Credit Suisse complaint 


BY JOHN WICKS 

THE LATEST move in the legal 
wrangle between Credit- Suisse 
and the Swiss National Bank 
comes from tbe former in the 
shape of an administrative com- 
plaint against the National Bank, the money repayable to them to 

The cofnplaint Is .do coW 
tion with a "ddmatid; f-o? 

SwJFre. 81.7m- of- outstanding 
negative - interest commission- 


ZURICH, March 21. 
Texorr are not liable to negative- 
interest commission. This com 
mission wil be charged to the 
former Chiasso clients. Credit 
Suisse having retained part of 


autboritiesi 19 - 

Last- .week, the Swiss, Finance 
Ministry 'announced that it was 

The sum has been levied by the the 

National Bank on Swiss-Frane d 

balances created when funds en- Court. The mu Hstry, 

. . p . . j which has authorisation from the 

trusted to Credit Suisse s Chiasso g 0 y era i Il g_ Federal Council to 
branrii wmre improperly chan- bring this case, bases its calcu- 

5S! d fteS , n™JS22f 1,tio ” i “ a different syrtnn and 

pany Texan FananzanstaiL says that a total of SwJrs. 

Credit Suisse, whose complaint 293m. is due. This is considerably 
is made to the Federal Appeals more than the amount called for 
Court, contends that creditors of by the National Bank. 


Lower earaings from Banqiie Suez 

BY DAVID WHITE 

PARIS, March 21. 

BANQUE de VIndochine et de In 1976 overseas earnings made 
Suez, main banking arm of tbe for a small improvement in net 
Snez Finance, property and In- profit to Frs.7S.5nj. from 
dustrlal group, saw its profits Frs.76.lxn. and a 6.5 per cent. 
eroded slightly last year to a net increase in dividend. The pro- 
Frs.77.2m. (S16.4m.). posed dividend - for 1977 is un- 

The profit position has been changed, making a total payout 
stagnating for some time, owing of just over Frs.66m. 
to a .slowdown of business in . Tbe. Snez group holding com- 
France, compensated by tbe ex- pany, Cie Fmanciere de Suez, 
pansion of the bank’s overseas recently announced net 1977 
operations in tbe Middle East earmngs 'virtuaUy unchanged at 
and elsewhere. ' Frs.iTlm. 


Societe Generate to hold dividend 

. BRUSSELS, March 21. 

SOCIETE GENERALE de Bel- Eul results of the bolding com- 
gique, which earlier -this month paay-’s banking subsidiaries have 
reported a striking recovery in “imjroved^. .due . to rationalLsa- 
profits for 1977, expects to main- lion, 
tain its dividend for 197S at * • * • - * * 

FrsJ40 a share. ’ BRUSSELS based Banque Euro- 

Shareholders were told at to- peeune -de Credit expanded its 
day’s annual meeting that the balance sheet by S2.0bn. m 1977 
dividend forecast should be from $2.1 bn. in 1976. Net profit 
viewed against a background of increased by 28 per cent to 
“continuing depression" which S13Jm. from SlQ-2 m . and the 
will hit the results of tbe coin- Board recommends a 12 percent 
pany harder this year than was dividend on increased capitaL 
the case in 1977. In the 1977 new medium- and 

Last year the group managed ' longterm* Joans • were concluded 
to lift profits by more than half to tBe wtmwryalue’ of S567im. 
to BF v rs.l~18bn. (some 53700 bringing? thtf -total of these loans 
which, put Societe Genera le, the to -SLSbn. ^ Short-term, advances 
largest of tiie. holding companies increased to $323m. 
in Belgium, to within 9 per cent. The bonk -4s /.-directly or Sr^ 
of the 1975 peak earnines leveL directly -owned in dquaJ -shares 
The overall outlook is far from by the members of European 
bright, shareholders were told. Banks International, Agencies 


Aquis Securities Limited’ 

PROPERTY INVESTMENT* DEVELOPMENT 

Extracts from the Accounts and the Review of the year 
ended 3 fst December 1977 by the Chairmen, 

M.r. Harold Quitman . . .- 

(With comparative figures tor the year to . . 

3 1st December ! 9J&). • 

* Net profit bafore tax £418,7*9 (ISZfi.- f33^S20) 

3k After taxation £202,06^fr57ffi]f;5^555>. ■ . •, 

4: Proposed Final Dividend.tifO.d^Sl^owmper^hare ■ 
(including supplement) making*. total of 0.67591 Spence 
per share for the year. ( 1976 totatpjSpepce) 

dp Group retained profits carried forwanl £24 6.794 

{ 1976 : assess) 

$ Estimated net asset valiip per sfraru2S.09 pence 
{7376:l7jaSpince) ■ *v 

dp I am confident that 1978shoulcffWDve a profitable year 
-for the Aquis Group- ‘ . j ~Z ^ - • 


: - 1 — . 

' AnnifaftSerieraf Meeting pbaktf&i&ri&h * 

Friday. 14th April 13Z8 at 4§dfj*;0: 
Clarendon Court HoieS. (if ofc* ViiZt. Lamm W91AG. 


M-as “ not advantageous ** for 
the bonks. Gross cash flow 
before taxes showed a slight 
increase from Sch.fl7Stn. -to 
Sch.996m. Profit after tax 
improved by 4 per cent, to 
Sch.46Gm„ and an unchanged 
dividend of 10 per cenL is 
announced on the Sch.lHbm 
capital. 



IMPERIAL GROUP 



Extracts from the statement by Mr. John Pile, Chairman, at the 
Annual General Meeting held in London on 21st March 1978. 


Trading 

Jn essence, our accounts show that, largely owing to 
expected problems in the Tobacco Division, whicb were 
partly due to the changes which were about to take place in 
the duty structure but also because of reduced purchasing 
power, we made less money in real terms than in 1976. 
That, however, is tbe story of one year only. Like ray 
predecessors, I maintain that our primary duty is to look at 
Imperial in the longer terra. We are a great company with, 
management second to none and a record which shows that 
we are not easily overcome. The change in tobacco duty 
structure made king-size cigarettes relatively more attrac- 
tive, and that sector erf the UK market, which now accounts 
for nearly 50# of all cigarettes sold, has grown five-fold in 
the last two years. When I tell you that our reaction has 
been to increase our own share of this sector during that 
period from 10 to over 50%, which meant multiplying 
our sales more than twenty times, you will see what 2 mean 
by our ability to respond to a challenge.- 

Industry and Governments 

.For years there have been complaints about tbe into- 
lerable burdens placed on industry by frequent changes of 
political j?oIicy. The voices, h seemed, were crying in the 
wilderness. I wish to speak on this theme today with real ' 
hope lhat we may at Ia.«* be reaching the stage when there 
can be a national approach to industrial matters, bringing a 
stability on which we can build. 

"We have seen policy reversals of many kinds, not only 
when governments change bnt even within the span of u 
single administration. There have been governments which 
abjured intervention in industry and then felt the need to 
save “lame ducks". There have been attempts to bring 
industrial relations within a legal framework by both major 
parties, both failing for different reasons. The present gov- 
ernment, which rejected this policy, has now enacted more 
legislation affecting industrial relations than perhaps any 
other since before the First World War. Wc have seen 
incomes policies accepted and rejected, pay freezes, pay 
“norms”' and now a covert pay control by- means of sanc- 
tions cm employers who do not conform to the rules. And 
these rules, which were designed to allow for differential 
pay increases and were called ‘guidelines’, have now 
changed into a rigid strait-jacket There was an Act to 
outlaw restrictive practices, a reliance on market forces 
with monopolies legislation to prevent abuse, and then a 
series of counter- inflation laws which at every stage altered 
tbe rules under which applications Tor price increases could 
be justified; Add to these examples the effects of taxation 
changes — corporate, excise or personal, and taxes on 
spending — the effects or various incentives 10 support 
regional or other soda! policies, the many attempts to 
produce a workable and fair stale pension scheme, and one 
harstifl far from exhausted the list of government actions 
and cajoleries which have left industry in Britain bcwil- 
dered-Then there are the dark threats from the left wing of 
the Labour ftrty, such at fun her nationalisation, interfer- 
ence in company management by profcffiional. trades 
unionists, pension fends to be made to serve unspecified 
social ends, even a threat ofwtrhdrawal from the EEC with 
all that ihaiimpfiesfbr industrial policy. 

A more balanced approach 

With this unhappy history of The last decade or more 
you may wonder at my nah«ty in saying, as I' did earlier, 
that there is now; real hope thatacobesh’e approach can be 
achieved. I have three reasons for this belief. 

The fort 1 approach with some caution because it is a 


political matter. But it is already dear that the present 
government can no longer so easily obtain support for 
contentions or doctrinaire legislation because of its need to 
cany other parties with it. It seems increasingly likely that, 
with the advent of nationalist and perhaps other minor 
parties, future governments may be laced with the same 
difficulty. Furthermore, there is a greater readiness for 
■members of a party in disagreement with tbe leadership to 
vote against it 

It was with tins background in mind that many of us 
sympathised with the idea of election by proportional rep- 
resentation, but the strength of opposition in the House of 
Commons has made a move along this road seem unlikely 
in die short term. 

My second -reason is a more fundamental one. I 
believe that the disenchantment with arbitrary government 
among people of all persuasions is increasingly plain. Gov- 
ernment policies are seen as being all too often miscon- 
ceived. Over the fast few years we have seen at various, 
times a rush for growth which sucked in imports at an 
insupportable rate; price controls which have damaged 
companies whQe giving only marginal help to the house- 
wife: employment protection laws which hare tended to 
discourage employers from taking on more people. It often 
seems that legislation has the opposite effect to that 
intended. 

My third reason, for believing that the time is ripe for a 
more balanced approach to industry's future is that politi- 
cians are increasingly subject to outside forces. Not only 
trade unions but organisations and pressure groups of all 
kinds have shown that they* are no longer as willing as in the 
past to accept legislation whicb is inimical to the interests of' 
those they represent. 

This puts a new responsibility on those who seek to 
influence the government, and tbe voice of moderation will 
be heard more frequently when those who speak have to 
answer for the consequences of what they say. 

ANewForam 

All these developments point, however hesitantly, 
towards a more consensus approach to our problems. The 
best answer would undoubtedly be for Parliament itself to 
be more responsive- to tbe extensive advice that is available 
from people who hare practical understanding of the 
requirements of industry and the ways in which others 
depend on it: perhaps a reformed Upper House might fill 
the role. I hope we shall one day come to this, but there arc 
too many examples of over-government and mstani- 
govemmem at present for me to think lhatit wfll come soon 
enough. In the meantime, therefore. I ^believe that an 
attempt should be made to bring together the many dispa- 
rate interests which are affected by industrial legislation, to 
consider independently its content and scale before il goes 
through the Parliamentary process. 

I am thinking of abody representative of many groups 
concerned with our industrial success so that Ministers 
would receive a broader view than is available 10 them at 
present when their discussions are almost wholly with the 
CB1 and the TUC. In some way tbe voice should also be 
heard in this council of the self-employed, consumers, the 
providers of finance; local authorities, the professions, civil 
servants and, importantly, members ctf major political par- 
ties. even when out of office. 

The coundl could be invited to sendrepoesentatives to 
“Neddy* to provide a wider forum for the discussion of 
industrial issues with Ministers and through them with 
Rntiamen l It could report publicly on the issues of the day 
and thus be a further contribution to open government. It 
might well on occasion agree to differ but even in such a 



Mr. John Pile, Chairman, Imperial Group Limited 


case the debate in Parliament must surely benefit from a 
knowledge of the reasoned views reached, after long and 
careful thought, by die representatives of those most 
directly involved. 

Many difficulties in establishing this body will doubt- 
less be found; there are always such. I am not equipped to 
produce the perfect structure tor it. I only know that the 
wish for more unity is shared by many of us and that the 
right type of organisation could become a powerful mod- 
erating influence. The principle of the national approach — 
the joint approach — must surely he right. I believe it is the 
responstbflity of all of us to encourage it in even way we 
can; if successful it would prove to be the greatest single aid 
to Britain's long-term growth in wealth which we all so 
strongly desire. 

Prospects for the Current Year 

Trading results for the first three months were at a 
lower level than for the same period last year, as we had 
anticipated. With an immediate recovery in consumer- 
spending now improbable. I expect this trend to continue, 
m which case there may be an appreciable decline in our 
profit in the fin.t six months of the current year. It should be 
remembered, however, that these lower figures will be in 
comparison with the results of the first half of fast year 
which were better 1 hun those of the second lialf: 1 97$ could 
well show the opposite pattern. All our Divisions are much 
influenced, directly or indirectly, by the level of personal net 
incomes and if. as is greatly to be hoped, personal taxation 
is markedly reduced in the forthcoming Budget there will 
be two beneficial effects on us. First, the money left where it 
ought to be — in the consumer s pocket — will be used in 
part on oar products, all of which stand, high tn tie estima- 
tion of purchasers. Second, there will be a general 
improvement in the economy and the increased activity will 
generate a further advance in total consumer income. Ia 
the belief that the Budget will be favourable and because of 
my faith ia our managements to adjust to change and to 
seize opportunities, I believe that, unless there is some 
unexpected difficulty put in our path, the results for 1978- 
win prove to be at least as good as those for 1977. 


,4 * 


t 



so 


-•Financial Times Wednesday March 22 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


.r- C -. 3 


Malaysian 
Airline 
looks for 
sharp gain 

By Woitg Sulong 

; KUALA LUMPUR, March 2L 

. mAyaLSIAN AIRLINE System, 
the Malaysian flag carrier, ex- 
pects a sharp increase in profits 
for the financial year ending 
this month, following a 15-3 
per cent increase in revenue 
during the first 10 months of 
the year. 

The airline made a profit of only 
i.Im. ringgits ($US475,G00) in 
1976-77. 

MAS general manager. Mr. Saw 
ftuat Lye, said that revenue 
fluring the first 10 months was 
tinggits311m. (SUS135m.), 

compared with ringgits359m. 
for the whole oC the last finan- 
cial year. 

The numbers of passengers is 
expected to increase by 4 per 
rent, to 2.6m, while yields per 
passenger kilometre on the 
qorapetitive international 

routes increased by 0.2 cents 

Malaysian to 13.6 cents. 

The company’s profits are also 
expected to improve following 
pleasures taken to eliminate 
malpractices and reduction in 
qverheads. 

This .airline is still very much 
passenger-orientated, with pas- 
senger revenue forming 87 per 
debt of total revenue, com- 
pared with 13 per cent, from 
dalrgo services. 

The ■ airline achieved a 68 per 
cent, passenger load factor 
during the first 10 months, 
Against 64 per cent. In 1976-77. 
It -hopes to reach the 70 per 
ueht. target in the coming year. 

Sime Darby & 
fern as form 
hew company 

By Oar Own Correspondent 
KUALA LUMPUR. March 21. 

SIME DARBY Holdings and the 
Malaysian Government-spon- 
sored Pern as organisation, have 
formed a new holding company, 
Hernas-Sime Darby, to manage 
their joint ventures in Malaysia. 

The two companies started their 
first joint venture in 1972, and 
now have six subsidiaries 
djealing in distribution of con- 
sumer goods and agricultural 
machinery, shipping and pro- 
vision of technical services. 

The 'new holding company will 
have three directors each from 
Pern as and Sime Darby, and 
will be headed by a Pemas 
appointee. Senator Kamarul 
Arlffin, the chairman of Bank 
Bujniputra. 


KUALA LUMPUR-KEPONG 

Bold expansion policy pays off 

$Y WONG SULONC IN KUALA LUMPUR _ , 

KUALA LUMPUR-KEPONG, the when planted with the crop to vagaries of commodity -prices, has. /a ..chairman who is weU 
plantation Tompany which passed the State at cost. This.trans- But given stable prices, ffe.earn- tuned. Vr the rapidly changing 
into Malaysian control following action was completed in 1976. iogs potential seems excellent, Malaysian business and poetical 
selling by British investors after KLK emerged from the deal as as a large percentage of its scenes. 

the racial riots in Malaysia in one of the biggest plantation estates has not yet reached ■ Thp ^ 

1969, has since undergone rapid groups in Malaysia, with 24 maturity or maximum produe- * selling the 1 445 

expansion. estates covering 87.000 acres. tmty. Immature rubber covers ^ 

It is now one of the most highly Like most other plantation JJ.700 -J™- or 29 **£.“?£■.£( 
regarded reenters on the Kuala companies, KLK .is' steadily the rehher.aereage. winte J5.4M 
— - .. . )m rabbert0 oU paim acres, or 

» a better return. Some P*™ acr * 

- of its acreage is oqw It £ rec 

. paim'and 43 per cent 5m. ringgit palm pit mill -at its ?:**2ferr* ~ r»;_ 

dons. In the last financed year, under rubber, c o inpareS “vti'af I t Landak estate in Johore, and limS? 

KLK chalked up a record pre- per cent, and-63 per cent respect- with further expansion to another I” 51 

tax profit of 45.4m. ringgits ively In 1972. Last year, it pro- mill, the processing capacity in But the company would be w«i 
fSUS 19.3m.). With better duced 17.44m. kilograms of its four mills has expanded by , price (the deal is 

liquidity, it recently redeemed rubber and nearly 60,000 tonnes 30 per cent to 122 tonnes an still pending) as the land has 

9m. - of the 24m. high-interest of palm and kernel oil. . -Its -hour, to meet the rising- output been gazetted for a public park, 

debentures issued in' 1975. ' rubber fetched an average price from its estates. - - and the MCA is trying to get- is 

Good rubber and palm oil of 217 cents per kilo — 24 per - reconverted into a housi ng 

prices had helped to boost its cent higher than in 1976— and Tnv 0 «tim»nfc scheme 

profits, but. the results showed this more than made up for the utrcuuicma . 

that the company’s hold policy slight fail in output and higher KLK also has substantial in- ■“ tee P m « with Government 
of expansion was paying off. production costs. vestments in other plantations, policy, shareholders are being 

Palm oil performed extremely including 19 per cent in High- asked at the annual meeting to- 

weH. contributing 30.4m. ring- lands and Lowlands, and 26 per morrow to approve the issue of 

Pn/vc linnet Sits to the company’s, profits, cent in Yule Catto, both with 

races DOOSt Price of in palmoLl was US 14 good field potential. 15m - *■” *?. “* ft* 

In 1972, KLK through four ringgits per- tonne and Of its .f± owns three smafl. wheat and 

subsidiaries, embarked on an kernel oil 670 ringgits per sbe€33 faRmg uj Australia and the r ’SLSf??iL 0n 

ambitious scheme . in Johore. ton lie — increases of 41 per cent. rj?L which are reixrrfinp email c ^ aoge * 5 ^ e 

Under the deal, the Johore State and 62 per cent, respectively,- wiuch ar^repoctag smah are expend .to go- Into 

Government released 28,000 over 1976. S £?' ***<& of the mstitabow. 

acres to KLK for oil palm culti- Again tike other plantation peeled to This issue would bring KLJvs 

vatton. In return, the company companies. ELK’S future will reqnest ™ ese to ■ share capital to nearly 170m. 

agreed to sell 6JKX) acres back depend a great deal on the In Datuk Lee Loy Seng, KLK ringgits. 


HONG KONG COMPANIES 


Znng Fu and Anderson Asia 
turn in record results 


BY DANIEL NELSON 

OFFSHOOTS OF two of Hong ten -bonus, issue 


HONG KONG. March 2L 

to mark a year Anderson (Holdings) .and Aria 

Kongsmajor trading houses had of iwJtednet mofftof merger. The performance reflects 

good news for. their parents, an$ was tb^boomlng state of the ron- 

otuside shareholders May- _ ^U^-5.4m.) was fe the colony. 

Jardine '. Matheson's, Znng Fn together with pre- $HK23.22m. > 

reported* 24 per cent, profit rise of S8K467m. of A final dividend of w *f®g 

tq P jSHK2if)3£!, (8US4.6m.), . a f^^5wMd^t*«diary Asia vail be j» ,d f a Wtel .of 

20 per cent total dividend m- |JBi5i3S»t« an increase of 20 cents for “e garto 
crease to 6 cents and a bonus pg r ,^ nL 0 ver the combined December ZX, against 


one-for-flve issue. 


Nanyang Press makes progress! AECI pause in spending 


BY H. F. LEE 


SINGAPORE, March 21. 


THE LEADING Singapore necessary, approved the establish- to purchase 15.1 nuittion shares in 
Chinese language newspaper ment of a branch in Hong Kong. Apollo Tours and Travels which 
publishing company, Nanyang • The applicant banks are of a expired on March 18, has been ex- 
press Singapore (1975), has substantial size, that is to say for tended to May 18, reports AP-DJ 
reported a 33 per cent, increase this purpose total assets, net of from Singapore. 

J D J2?! T^ 1 „ a S ® L2nL contra items, should exceed the - The extension of the option will 

for tiie half-year to January. equivalent of $U.S.3bn. .. - _ enable Jack Chla to review the 

The gain was achieved on a I Some form of reciprocity is audited accounts of Apollo, which 
12-3 per cent, improvement in available to Hong Kong in the are expected by May, fee company 


turnover to $SS.75m. 

The company forecasts that the 
net profit for the year ending 


applicant’s country of incorpora- said. 
Don. 


Foreign banks that qualify Tn>Af nr c Malav«na 
Julv’“ will be somewhat Maher wiU be furtiier subject to the * ra#,iur ® iviaiaysia 
tiEi that of tiie previous TSr." condition that they may conduct TRACTORS Malaysia, the Sime 

business from one office in Hong Darby heavy equipment distri- 
Kong. bating subsidiary, has reported 

With the exception of UJL- a rise of 5.3 per cent In pre-tax 
^ _ in based Barclays Bank in 1972, no profits for the first half of the 

Hong Kong^are looking forward new hanking licences have been financial year, to $M2L06 ul 
tn a* “regulated expansion" of 18Sued in Hong Kong since 1965 Jsome $U-S.9m.). Wong Sn Long 
foreign banks in Hone Kong now 1116 ^nde development *counci. writes from Kuala Lumpur, 
that the local Government is lift- g? 1 ?.** out : Ron S now has Group net profit was SMlL14m^ 

its 12-year moratori um on _ucensed hamca . . ... a gai ns t SM10.56m. Sales rose 10 


Banking expansion 

ESTABLISHED BANKERS 


ing 


new bank licences, the Hong v ** a resalt, many foreign per cent to $M179.5m. 
Kong trade development council banks wanting to set up in Hong ($U.S.78m.), from $M162D7 eq. 
reported in London this week. Kon S *«ve. had to resort to a 
^ representative office or register * * 

Hong Kong’s financial secretary nnder the deposit-taking com- 
Philip Haddon-Cave, has told panles ordinance as a finance Consoliated plantations, the 
the Legislative Council that he is company. Last year. Hong Kong Si e Darby subs jdiary has re- 
opening up applications to aUow registered 102 representative norrpd __ unaudited consolidated 
foreign banks to estabUsh full offices of foreign banks and Sw Ss 

bnmehes if they foUow there about 201 Sepoeit-teldug corn- SJm.^fot ^e "'ii^utS To 
conditions : parnes of which some were December 31 , gainst SM2 1.95m. 

Q The applicant banks are incor- locally - based - . a year earlier. The interim divi- 
porated m countries whose nione- * * • • * dend is unchanged at 35 per 

tary authorities exercise effective cent., and a three-foixme bonus 

supervision and have, where JACK CHIA International’s option issue Is proposed. 


consolidated net proms oi in W76- 
The profit figure for the yepr ^ 

to December 31 is after tax and - ■ . - j 

S S»^^HUD is- ahead of target 

nine months, when profits were- . 

20 per cent np. The 1979 figure hovg KONG March 21.: .' 

Of SHK1 6.93m. W2S itself a record. BY. OUR OWN CORRESPONDENT HONG KO 

The final dividend is 3.5 cents. . * result of “rapid the ship repair 
The directors, say that the un- p™^** at Hong Kong United larly in vessels up io ^nanure 
audited figures for the first two Dockyards'^ new Tsing Yi com- size, would strengthen. ^ “J “ 
month ^oLlSTS^hpw a good m phase out acceleration of development 

begin^ng^) l|e| year, that te -riikno yard by the ^end of Plaas at ^ 

-trafliiig results should ' y jf w^s ^originally company meet that demand, 

those 'for. 1977 and feat fee divh -SSjJaL i 0 se the^rd in The new floating dock, capable 
dend will be maintained on the PgfS 0 ®® ■ of accommodating vessels np to 

capital as increased by the bonus iftnaain* 1 director David Hall 70.000 dwt for repair and 
issue. ■" said the earlier move to Tsing Yi conversion work, 

Hutchison Whampoa’s quarry- ^ ^hiehly desirable “as the com- tests this week, and the first 
ing subsidiary Anderson Aria pan, euf-then expand Into the ships have l^n booked forriock- 
( Holdings) announced a one for i^er ship market, utilising our ing- in Apnl- The dock win -be 
; TOW niatmg - dry' dock joined by HUtts erist.ns BOadnj 

‘Whampoa’.” . dock - ** Ta “ 00 ' ■“ 

He expressed confidence that December. 


BY RICHARD ROLFE 


JOHNNESBURG, March 21. 

imports 


of 


more 


IN HIS Chairman's statement for categories 
AECI, in which I Cl and De Beers expensive. 

“SfS coporetion hold just DARLIN * ^HODGSON, fee 
under 40 per cent. each. Mr. c j v jj engineering and construc- 
Harry Oppenheimer says that tion arm of Union Corporation, 
results for 1978 will depend on which holds 51 per cent of the 
the rate of improvement in the shares, says in its annual report 
South African economy, where that it plans to increase profits 
substantial spare capacity exists, again in 1978. 

But fee chairman. Mr. J. B. 

DhfnnL^t^APn' Hodgson, says feat there is tittle 
penditure is planned at AECI, evk £ nee of’^y recovery in the 

which manufactures explosives South econo mv and that 

and- chemicals, and is engaged in a,. . , , 

^ on fee contrary, indications are 

? e 2S2^_, p 2J? rt ’ of “a further deterioration, 

J u patte *? especially fn those areas most 

demand becomes dear and fee affecting our activities** unless 
major capital programme over public spending on Infrastructure 
the past five years has been tg raised, 
digested." Mr. Oppenheimer The order book is currently 
notes, however, that the fall of strong, but substantial work wfll 
the dollar, to which the rand is have to be Found If the grohpdig, 
pegged, has opened up export to enter-*1979' with an adequate! 
opportunities and also made some base. ‘ 


Food takeover lifts J. Gadsden 


SYDNEY. March 2L- 
mid-1977 through 



Allied Bank 
International 

116 East 55th Street, New' York, N. Y. 10022 


CONSOLIDATED STATEMENT OF CONDITION, December 31, 1977 

ASSETS Cash and due from banks — demand $134,870,131 

Due from banks — time . 55,998.434 

Investment securities at cost. 

which approximates market 570,484 

Total loans and discounts 671.097,462 

Less participations 242.217,270 

428.800,192 

Less reserve for possible loan losses 3,924,576 

Net loans and discounts 424,955,616 

Customers’ liability under acceptances 18,740,221 

Bank premises, lease hold improvements, and 

furniture and fixtures 1.90 4,040 

Accrued Interest receivable 6.591,886 

Other assets 2^51 J04 

5648.181,798 


\ 


LIABILITIES Demand deposi&in domestic offices $186,983,973 

AND Time deposits In domestic offices 529,879 

STOCKHOLDERS' Deposits in overseas offices 376,759.924 

EQWTY Total deposits 544,273,776 

Federal funds purchased 27,000,000 

Borrowed funds '. 3,000,000 

Acceptances outstanding 43.307.350 

Less held In portfolio 34.587,1 29 

18,740,221 

' Accrued Interest payable;: 4.143,744 

Accrued taxes and other liabilities. 4,660,145 

Stockholders’ equity: 

Capital stock, par value $750 per share 

Authorized 40,000 shares; issued 3&0OO shares 27.Ma.0K) 

PakHn surplus 9,535.540 

Retained earnings ....1...... 7.638372 

Total stockholders' equity 44,163^12 

S646.181.798 


BOARD OF DIRECTORS 

Chairman of the Board 
W. WRIGHT HARRISON 

Chairman and 

Chief EwscutJre Officer 
Virginia National Bank 
Norfolk, Virginia 

Vice Chairman of the Board 
d.W. McLEAN . . 

Chairman and 
Chief Executive Officer 
The Liberty 
National Bank and 
Trust Company 
of Oklahoma City 
Oklahoma Ciiy, Oklahoma 

Vice Chefrman of die Board 
JOHN D. HERSHN6R 

Chairman and 
Chief Executive Officer 
United Bank of Denver 
National Association 
panwer, Color ado 

President and 

Chief Executive Officer 

RICHARD A MELVILLE 

Allied Bank International 
New York. Near York 


FRANK E McKINNEY, JR, 

Chairman end 
Chief EmcuSw Officer 
American Flstonar 
National Bar* and 
Trust Company 
JmSanapcfc. tntflana 


CARLETON U. STEWART 

Chairman and 
Chief Executive Officer 

American Security Bank. N A. 

Washington, D.G. 

JOHN T. CATER 

President 
BankoftheSdiithwesr, NA. 

Houston, Tecas 

M.'A. CANCELLIERE 

Chairman 
EtpJ'bank N 4. 
PiUsburgh, Pennsylvania 

C. MALCOLM DAVIS 

Chairman and 
Chief Executive Officer 
RdaUty Union Trust Company 
Newark, New Jersey 

CHAHLE5TO. HOLLAND. JR. ' 

Vtoe President 
■ firs! Hawaiian Bank 
Honolulu. Hawaii 

PAUL W. MASON 

Chairman and 
Chief Executive Officer 
The First National Bank 
of Fort Worth 
Fort Worth, Texas 

CLARENCE C. BARKSDALE 

Chairman and 
Chief Executive Officer 
First National Bank 
In Si. Louia 
SL Louis, Mtaaouri 


Overseas Offices 
LONDON 
Branch Office 
6, Frederick's Place 
London EC2R8DH 
England 

NASSAU 

Branch Office 
Charlotte House 
Shirley Street 
Nassau N. P-. Bahamas 

HONG KONG 

Representative Office 
St George's Building 
2. Ice House Street 
Hong Kong, B.C.C. 

TOKYO 

Representative Office 
AsahHTokal Building 
6-1, 2-Ghcme 
Otemachi, Chlyoda-ku 
Tokyo, Japan 

Subsidiaries 

Allied Bank International 
{Guernsey) Limited 
St. Peter Port 
Guernsey, Channel Islands 

Allied Bank and Trust Company 
(Bahamas) Limited 
Charlotte House' 

Shirley Street « 

Nassau. N. P„ Bahamas 

Allied International MV. 
P.O.Box 814 

Curasao, Netherlands Antilles 


CLARENCE G FRAME: 

President and 
Chief Executive Officer 
Ttur First National Bank 
___ ofSarntPaul 
’ • 1 - -V <'St. Paul, Minnesota 

CULLEN K&fOE ' 

President 
First Tennessee Bank 
NA. Memphis 
Memphis, Tennessee 

ROBERT L NEWELL 

Chairman and 
Cffief Executive Officer 
Hartford National Bank 
a no Trust Company 
Hanfora, Connecticut 

EDWIN BARNES 

Chairman of !ha 
Executive Cam mine* 
Michigan National Bank 
Lansing, Michigan 

CHAMPNEY A. MCNAIR 

Director 
Trust Company Bank 
Atlanta, Georgia 

THOMABS. PRtDEAUX 

Vice Cfwirman 
United States National 
Bank of Oregon 
- Portland, Oregon 

GILBERT F. BRADLEY 

Chairman and 
Chief Brecutnre Otflsar 
VsHoy National Bank of Arizona 
Phoenix. Arizona 


BY JAMES FORTH 

BUOYED BY results from recent Foods in 
acquisitions, packaging group J. SA15.5m. take-over ’ bidT and“the 
Gadsden Australia increased pro- directors said. that- the purchase 
SAl.TSm. to SA4.1m. had proved most beneficial to the 
(SUS4,7m.) in the December half group. 

, yeaT. Reflecting lie take-over of The interim- dividend is fit- 
rConsohdated'Foods-^Melbourne's creased from 5 cents a. shard td 
largest milk distributor— sales S cents. The most pleasing -aspect 
p ? r cen . t - t0 of the half year,. according to the 
SAI20rn. (SUS137m.). Without Board", ’ Was the marked' slowing 
Consolidated Foods, turnover in the rise of costs, bo'fe in raw 
would have risen only 18 per materials and wages. They ex- 
“5*- . . . „ . perted that the result for the 

Gadsden acquired Consolidated full year would be satisfactory. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


5TRAIGKTS • 

Alcan AiutnUa 8ipc 1939 

AMEV Sue 1BS7 

Australia 9ipc 1992 

Australian M. A S. 91 pc ft 
Barclays Bank SJpc 1992... 

Buu-atcr 94pc 19R1 — 

Ctn. X. Railway Si pc 19S3 
Credit N alio Did 9ipc 1988 .. 

Do tun ark Si pc 19S4 

ECS »pc 1995 

ECS Slue 1997 

ETB Si PC 1993 — 

EOT Blpc 1989 

Ericsson SiPC 1989. 

Esso Spc 19S6 NOV. 

Gt. Lakes Paper Ripe 1984 

Hamcrsfey Bfpc 1993 

Hydro Quebec 9 pc 1993 

ICT 9lpc 1987 

ISE Canada 9H>c 1938 ... 

Macmillan Bloedel 9pc 1992 
Manor Fersssem 9Jpc *91 
MldKlin 9}pe 1968 
Midland uu. Fin. Slpc *92 
National Coal Bd. Spc 1287 
National Wst mo s u . Bee ‘98 
Newfoundland 9pc 1989 .. 
Norses Korn. Bk. Mpc 1992 

Norptpe Blue 1989 

Norsk Hydro 8*pc 1992 

•Oslo 9pc 1988 — 

Ports Amonomes 9pc 1991 
Prov. Quebec 9pc 1995 . 

Prov. Sasftatcb. 8ipc 1988 
Reed m: emotional 9pc 1987 

RHM 9 pc 1992 

Selection Tst. 8jpc 1989 ... 
Skand. Enskflda Spc 1991... 

SKF Spc 1987 

Sweden tR’datn) 8ipc 1987 
Utihed Biscuits Bpc 1989 ... 
Volvo spc 1987 March 

NOTES 

Austral!* 75PC 1984 

Bell Canada 7Snc 1887 

Br. Columbia Hyd. 7ipc -85 

Can. Pac. 8ipc 1984 

Dow chemical Spc 1986 ... 
ECS 7ipc 1982 
ECS SiPC 1939 


■id OITor 


984 
98i 
942 
984 
VTJ 
•98* • 
984 
97* 
109* 
99 
H2 
9S4 
98: 
19U 
984 
994 
1004 
964 
972 
10U 
964 
954 
1024 
984 
Ml , 
ins 

1004 

964 

97 

984 

1013 

99 

981 

1004 

92 

94 

904 

994 

934 

933 

994 

S3 


9© 
954 
954 
993 - 
07 
97 
951 


974 

!54 
994 
984 
99 -■ 
99 
984 
1014 
991 
984 
994 
99| 
102 
97 
190 
I0J 
974 

IMS 
974 
9M 
IO 
*34 
93k 
1024 
10U 
974 
971 
97 
1024 
993 
974 
i try 
9t • 
M3 
914 

ion 

u 

964 

ion 

931 


97 

964 

964 

I0OV 

971. 

973 

964 


- RW 

Creditanstalt I9S4 7Jpc ... 994 

Credit Lyonnais 1982 Spc... 994 
DG Bank 1982 7Ui6pc ... 994 

GZB 1981 8 Ik, pc 1004 ' 

Lloytir U38 7 3pfc ION 

tTCU T BSS^pC ' 994 

Mldlsnd 1982 Spc ]0O1 

Midland 1987 7 Umpc 981 

OKB 1983 73pc 100 

SNCF 1985 Sipc - 984 

Std. and-Cbird. •« 7 Dmpc 902 
Wins, and Glyns *84 81 is pc »; 

Source: White Weld Securities. 

CONVERTIBLES 

American Express 44 pc VT ss 

Ashland Spc lfiSS ST 

Babcock & WUoox 64 pc -97 93 

Beatrice Foods 4jpc 1992 m 
B eatrice Poods 4lpc 1992 106 

Beecbam 6|pc 1902 94] 

Bonlen Spc 1992 964 

Broadway Hale 4} pc 19*7 794 

Carnation toe 1987 m 

Chhyrori site ^888-. ' 7 1 


Olfw 

993 

100 

1004 

100 ] 

1064 

.1004 

100 

1013 

99* 

1004 

99 

1004 

lOOi 


96 

98 

108 

95* 

1011 

ns 

.76] 


CHARTERED 0Y THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. WASHINGTON, D-C, 


EEC 7’ pc 1963 _. 

97 

m 

EEC 7SPC JSS< 

98 

9K 

Euso Gvtzett Sipc 1984 ... 

97 

99 

Goiavericea 7tpc 1S82 

98 

983 

Kockmos Spc 1983 

984 

99 

Mlcbello 84pc . 1933 

198 

!Mt 

Montreal Urban 82pc 1981 

1014 

IS! 


974 

98* 

Nev. Bruns. E*rov. Sipc "S3 

1004 

161 1 

New Zealand 8ipc 1986 

SHI 

991 

Nordic Inv. Bk. 7ipc 1984 

R* 

98 

.Norsk Hydro 75 DC 19S2 ... 

974 

ey 

Norway- 7ipc 1982 

« 

98! 

Ontario Hydro Spc 18S7 ... 

86! 

«n 


inos 

lOli 

s.. of Scot. Elec. Bipc iBSi 

ion 

IO0> 

Sa-edcn UTdoml 7lpc 1»S2 

971 

985 

SwedUh Srate Co. 73r»c W 

974 

991 

T rimes 94 pc 1984 

991 

1W4 

Tenocco 71pc-1987 May ... 

941 

93! 

VoRswaje# TJpc 1*J7 

93 

953 

STERLING BONDS 

Allied Breweries Wipe !9G 

974 


Citicorp ISpc 1993 

97 

sx: 

Courtanlds 9?pc 1989 . .. 

M! 

961 

ECS 9Zpc 1989 - 

973 

S8i 

ElB S.’pc 19«8 

w; 

1601 

ErB »fpe 1992 

97! 

- 9M 

Finance For rod. b;pc ibs 7 

971 


Finance for lad, Ulpc 1W9 

971 

m 

F iso as IWpc 18S7 


Ml? 

PfA 10pc 1988 

w* 

973 

Rownfrce lfllpc IKS 

: 97 

97? 

Soars KWbc UBS 

V7 

97J 

Total Oil Sipc 1994 

96» 

973 

DH BONDS 

BFCE SbK less- 

198 

IBM 

BNDE 6J0C IPSfi 

9.) 

864 

CFE 8!pe 1988 . '. 

97J 

nsj 

DemnatJt 61 pc 19S4 

ion* 

101 

ECS 5ipe iwn 

IS 

9M 

PTB 3fPC 

97! 

984 

Eurotera aTpc 1987 

991 

1801 

Eurofima 5! pc 1988 

W 

1094 

Fipland 33pc 19S£ 

884 

99; 

Fonmarfcs 5?pc 1890 

994 

100 ■ 

N tff Zealand Hoe BSR ... 

9S{ 

l«l» 

Koran 52pc IP® 

100> 

1914 

Nnnray Csr 1983 

llfl 4 

182! 

Pf&lpptaes 61 DC 1963 

97 

973 


in : 

1024 

Taaenumtobshn 54 pc 19S3 

m 

180t 

TVO Powtn* Co. «tx: 1588... 

93} 

B94 

Venezuela epc 195S 

« 

991 

world Bank Upc I960 ..... 

9U 

IN 

FLOATING RATS NOTES 

ftsnk of Tokyo I9W 7J3fcpc 



B7CE UH Sipc - 

BS» 

99* 

BNP 1988 8l(8PC 

994 

100* 

CCF 1983 Ipe 

W 


COST ISM Hue 1..-— 

m 

tr 


Dart 43pc 1987 

781 

S0J 

Eastman Kodak 4*pc 1888 

81 

83 

Economic Labs. *ipc 1887 

T71 

794 

Firestone 5pc I9SS 

804 

- 82} 

Ford Spc 19BS 

844 

884 

General Electric 4|pe 1987 

81* 

834 

Cllletie 43 pc 1987 

77 

79 

Could Spc 1S87 :.. 

IN -> 

211 

GUV and Western 5PC 19S8 

824 ■ 

844 

Harris fine 1992 

148 

248 

Honenrell Spc 1988 

87 

«9 ■ 

ICI Blpc 1992 

87 

88- 

TNA 6pc 1997 

95 

wi 

Inches dp 6!oc 1M! 

108 

109 

■ITT 43 pc 1887 ... 

M 

884 

Jusco 6 pc 1993 

L05i 

1064 

Komatsu 7*pc 1990 

1144 

115V 

J. Ray McDermon 4!pc '87 

147 

149 

MaHosmts fl'.pc 1996 

1344 

1354 

Mitsui 71 pc 1989 

1114 

1124 

J. P. Mont an <inc 13S7 ... 

90 

92 

VablBCO ilpc 19«S 

93 

IN 

Owen* nilnois 4>pc 198J 

.111 

113 

J. C. Penney 4'bc 1887 

7#* 

7S4 

Revlon 47PC 1987 

1074 

109} 

Reynolds Meiala 5pc 1388 

82 

84 

Sandvfk Blpc 1988 ...J... 

• 110 . 

-US 

Sperry Rand 4»nc 1987 ■. ,i_.v 

. M 

88 

Ronlbb -Ope 1987 

78* 

H81 

Texaco 4jpc 1988 

774 

794 

Toshiba Bloc 1992 

11-1 

114 

Uoloo Carbide 43pc 1982 .. 

sa 

93 

Warner Lambert 44pc 1987 

81 

S3 

Warner Lambert 41 pc 1988 

7G 

7S 

Xerox Spc 1838 - 

77} 

794 


Source: Kidder. Peabody Securities. 



DE TOKYO 

4-8 Rue Sainte-Anne, 75001 Paris . 


Extracts from accounts at December 31,1977 - - 

(US$ 

sirAv*** ' '• ■ viy.v?- 'eqift^lent) 

r-<7 . *'-%fl0FF •- -TWaUSS 


to'ank - A., .. .rJ,' * r ^.406.-- 

Deposits 2J59.G38. — 

Shareholders' 

medium-term deposits 


Capital and Reserves 

^Pre-Tax Profit 

Net profit ‘after taxation 

-Jotal assets 

3 » ' j. - ■ -l- 


141.300.—. 

121552:— 

23.076.-r 

13.190.— 

3^89141.— 


444.460.— 
628^73. — 

30.000. — 
25.807.— 
4.899.— 
2.800.— 
69S331.— 


6- '•21 1 -■ 

Shareholders: . .. t .*.*• ' 

The Bank of Tokyo LtcL, Tokyo 1 

The Industrial Bank of Japan, limited, Tokyo 

Bank of Tokyo Holding S.A., Luxembourg 

The Long-Term Credit Bank of Japan, Limited, 
Tokyo 

Hie Nippon Credit Bank, Ltd.', Tokyo 
The Kyowa Bank Ltd., Tokyo 


The Saitama Bank Ltd., Urawa 
TherHokfcaido Takushoku Bank, Ltd., Sapporo 


US $20,000,000 

Floating Rate London-Dollar. Negotiable 
Certificates Of Deposit, due September, 1980 

The Sanwa Bams, 
Limited, 

London 



In accordance with the provisions of the Gertificafts, 
notice is hereby given that for the six months interest 
period from March 22nd. -1978 to September 22nd: 
1 978, the Certificates will carry an interest Bate -.of 
7-rf%.per annum. The relevant interest payrrient.date 
will Be September 22nd/1 978. 


‘ 1 . -<> .+■ 
;■ US 5» 


u- - 


B A N: k \ 


L 32ard B( 


Credit Suisse White Weld Limited 
J ‘ Agent Bank" ‘ - 


v-i j- .. 


WHATLHMGS 

CIVIL ENC3IMEERir\JGAraD BLflLDlIUG CONTRACTORS 


RESULTS FOR YEAR ENDED 
30flv September, 1977 




Turnover.^, 

Profit before Tax. 


Dividend per 25p share « 
Earnings per 25p share ... 


197.7 

20,537,000 

661,000 

2.568p 

7.77p 


1976 

20.611,000 
464,000 
2.3p 
7.49 p 


Increased profits following improved liquidity position. 

Substantial plant replacement programme undertaken. 

Volume of turnover should be maintained despite cuts in 
Government expenditure. 

Company in good position to benefit from improved 
demand at home' and -overseas, although profit level fpr 
the current year wiU be under pressure. ' 


- M 


GopfaaoffuB npot ftwnffw Sftwauy, North Cfsimnant.Str^-GhiigowQ37lf 









Ills 


■\sis 


lrf , 


vyui: 1 

HIT.I'W; 

TOKYfii 


^ n 


1 \ii • { 


$ 


m 






Finaaciair Times Wednesday - March 22 197 S 


‘i: T^4onouTCfln«ntBpp»»rsss t naner-clrtcordonfy. ; Atachtt?* 




in respect of the 


US$105,000,000 

Seven Year Term Loan 


:fi2 L 


Seven Year Term Loan 


us $25,000,000 v. 

Floating Bate Notes Due 1 985 




Managed by 

Ba n kAm e rica -international Group 
Citicorp International Group 
Chase Manhattan Limited 
'Chemical Bank 

First CitylMational Bank of Houston 
“National Westminster Bank Limited 
Toronto Dominion Bank 


Arab Finance Corporation SAL Bank of America International Limited 

Societe Generate VVestoeutsche Landesbank 

Girozentrale 

Banque Arabs et Internationale d'lnvestissement (8AI.I.) 

Banque de V U mon Eu ropeen ne 

’ KreaietbankSA Luxembourgeoisa 

Kuwait International Investment Co.'sia.k. - 

Union de Banques Arabes etfranqaises- U.B.A.F. 

FRAB Bank International 

. Union Bank of the Middle-East Ltd, Dubai 


Managed by 


BankAmerica International Group 
Banquedei'Union Eurbjj&nne 


Provided by 

Bank of America NT &SA 
Citibank, N A 

The Chase Manhattan Bank* MA. 
Chemical Bank 


Co> Managed by 


First City National Bank of Houston 
Internationa] Westminster Bank Limited 
Toronto Dominion Bank 


Chemical Bank 

Societe General© 


Amsierdam-Rotterdam Bank MV. 
iBank Mees & Hope NV - 
The Bank of Nova Scotia Trust Company 
* (United Kingdom) Limited 


Bank of Scotland . 

Manufacturers Hanover Trust Company 
Moscow Narodny Bank Limited 


Provided by 


Afin SpA- Rome 

•Afahll Bank of Kuwait (K-S.C.) 

AI Saudi Banqye. .. . .. ... 7. 

-As E. Am&fc-i Cbw-. . 

Ironed ’ Ti." : r 


Commercial Credit intemaiionaf 
Banking Corporation 
Shawmut Bank of Boston. NA 
The Sumitomo Trust and Banking 
Company, Limited 
Bank Bumiputra Malaysia Berhad 
(London Branch) ■ 

Credit Lyonnais. London Branch 

■lntemationai.EnerBy Bank Limited 

AI Saudi Banque 
The Bank of Tokyo, Ltd. 

Banque Internationale a Luxembourg 
Societe Anonym© 


Banque Nordeurope SA., Luxembourg 
Clydesdale Bank Limited 
.FRAB Bank international 
International Bank of Singapore Limited 
Iran Overseas Investment Bank Limited 
Lazard Brothers & Co.. Limited 
London & Continental Bankers Limited 
The National Bank of Australasia Limited 
-Natkwai-Betnk of Detroit - • - 

Nordic BartfrUrmted'-" *. 

' Northland Bank, Calgary. Alberta, Canada 
Sal. Oppenheim jr: and Cie. 

-Riggs National Bank of Washington. D.C. 
=UBAF Bank Limited 


Bank of America NT&SA ■; 

Soci6t6 G6n6rale 
Banque Nationale de Paris 
Credit Lyonnais 
Banque de [’Union Europeenne 
Chemical Bank . 

Banque de I'indochine et de Suez 
Banque Commerciale pourl’Europe du Nord 
(Eurobank) ... ' *T \ 

Societe’ CentraiadeBahque ^ . 

' BanqueFcancd AJiernarida.^ ' ' t 


Arab African Bank (Cairo); ‘ * •' ' 

The Arab & Morgan Grenfell Finance Company 
L.nMted 

Banca delGottardo 

Banco di Santo Spirito 

Bank Gutzwiiler, Kurz. Bungetter (Overseas) 

Limited 

Bank of Helsinki Limited 
Banque Bruxelles Lambert S.A. 

Banque Franqaise du Commerce Exteneur 
.Banque Libano-Francaise S.A.L. 

Banque Nationale de Paris , t - 


Bergen Bank ..... .... ... ... * ! - 

.Barli r war HandVJg^ I'nrf.Fra nV*V irtyV^ar, •/ . . 


Agent 

BANK of AMERICA 

INTERNATIONAL UMfTED 


BANKof AMERICA 

INTERNATIONAL LIMITED 


Compagme Monegasque de Barque 
Credit du Nord 
Den norske Creditbank 
The Development Bank of Singapore Limited. 
Euramenca-Fmanziana Irterr-azionale SpA 
European Arab Bank (Brussels! SA 
Euroseas Banking Company (Qatar; Lid. . 
First Boston f Europe). 

L-'TiIteS 

Genossenscriafriich* Z*r,tralbank A3 


Girorentraleurd Bank rfe- Cesterreichischen 
Sparkassen AJcr-«r. C ei 2 iisc^tt 
TheGulf-Sank KiS.lS.-Kq’Aait. ..... 

. !{lrirfefrratJon^l Finance Go.' (KIFCO)- 

. LazardBrothers &Co.. Limiled 
The National Bank of Kuwait S.A .K. 

Norddeutsche Landesbank 
Girozeflfrai* 

Oesterreichische Laenderbank 
Akitengeseilschai: 

Postipankki 

Privatbanken Aktieseiskab 
Sanwa Bank (Underwriters) Limited 
Skandinaviska Enskilda Banken 
Soci£t6 Banca i re Barclays (Suisse) S.A. 

Spaete Centrale de Banque. . 

.Societe GentSrale bie Banque S.A; • 

Scciete Seqoanaise de Barurue' 

Tqkai Kyowa Morgan Grenfell Limited ... j 

T rade Development Bank 

Lc.idon Brancn 

Tradition International S A. 

Union Bank of Finland Ltd. 

Union de Bar.cuesAradesetEurcpeerir.«s-U.B.A.E. 

S«t-e*e A-.rr.r.s 

Unione de Bancr.e Araoe ed Europee vltaliaj SpA 
United International 5ai.k Ltd. •. 

Vereins- u.nd West bark 

Aklienc65.r-^c.'«* - : 

; V7a reftey M-dd te E ast U mi fed 
\ ama icFii i n j wi national (Neaeriano; N.V. 


US $51 ,523,71 9 MediumTerm Loan 


US $22,875,370 MediumTerm Loan 


with tfca fijndiDg and payment susrantesof ' 

Export Credits Guarantee Department 

Arranged by. 

.Lazard Brothers & Co., Limited' 


V. .-I irafunoing and payment guara-Vf* if 


Export Credits Guarantee Department 


> ranged by 


Providedtry 

Lararti Brothers & Co, Limited 
Bank of America NT & SA 
Citibank, NA: . . 

Chemical Bank 

First City National Bank of Houston 
International Westminster Bank Limited 
Toronto Dominion Bank 
The Bank of Nova Scotia Trust Company 
(United Kingdom) Limited 
Manufacturers HanbverTrust Company 


Morgan Grenfell & Co. Limited 


Bank Bumiputra Malaysia Berhad {London Branch) 
Credit Lyonnais. London Branch 
International Energy Bank Limited 
The Bank of T okyo, Ltd. 

Banque Internationale 4 Luxembourg Socifite Anorryme 
Iran Overseas Investment Bank Limited . 

The National Bank of Australasia Limited 
National Bank of Detroit 
Nordic. Bank Limited 




Presided*/ 


Morgan Grenfell & Co I U4I tilted 
Bank of Scotland 

Atlantic International Bank Limited 
The Sumitomo Trust and Banking' Company, limited 
Lazard Brothers & Co.. Limited •• ' : 

Moscow Narodny Bank Limited r . 

Ai Saudi Banque . 


Banque' NordeurOptfSA.. Luxembourg 
C lydesdale Bank Limited 
FRAB Bank Internationa! 

International Bank of Singapore Limited 
• London & Contfhieh , £aF'Barik% f r's Limited 
-U£AF EankUrritted'; ■' : 


Lazard Brothers &Ca, Limited 


Morgan Grenfell & Co. Limited 


DflS 1 15,000,000 Medium Term Loan 


FF 250,900,000': Medium Term Loan- 


guaranteed by - . 

Nederlandsch© Credietverzekering Maatschappij N.V, : . 


Arranged end tirovfded by 

BanlcMees & HopaNV 

Nationals Bankvoor Middsliang Krediet N.V. 


fluawfeedfay •' - *' • . .'I.-* ■ y ' - " '' 

Compagnie Francaise d'Assurance pobr 1© Commerce Exteneur' 

Arranged by ' % ■ ' 

Banque de I’Union Europeenne Gocletd G©n©rale Banque Franca iie du Commerce Ext^rieur 

ProvWedby .•*■■... : . •••■ - 

Banque de I'Union Europeenne Credit Lyonnais Banque Commereiale pour i'Europe du Nord- 

Societe G6n*rale Chemical Bank (Eurobank) 

Banque Nationale de Paris Banque de I'indochine et deques .Banque-Francaise du Commerce ExteriSur' 


Agent ~ 

Bank Mees& Hope N V- 


Banque de I’Union Europeenne 


Total Project Financing Arranged by 


Arab Finance Corporation S.A. L. 

Bank Mees & Hope N V 

Banque de I’Union Europeenne . . 

7 Lazard Brothers &Co., Limited ;; 
- ;; ' Morgan Grenfell^ Co. Limited 









financial Wednesday March 32 1978 



FARMING AND RAW MATERIALS 



S. Africans 
expect big 
~maize crop 


By Our Own Correspondent 
JOHANNESBURG. March 21. 


Colombia steps up coffee 
price competition 


Tea trade 
thrown into 
confusion 


RUBBER SUBSTITUTE 


BY RICHARD MOONEY 


By .Our Commodities Staff 


Desert shrub set to 
stase a comeback 


exceeded even the most onli- «nnauon in«* MMomma naa »» "«■««* umrurt un *-«ie saw ram aurins ; larT to make hfe »rnn^ 

mistic expectations. Although ,tfi f£!w r iJi nc, 4 u e p<rilcy ' This sales ban is intended to the past three weehs brought nn. r«|' rtateaiem on whether he 

figures for the black farming boost world coffee prices to more flowering but mis was followed n” a id to 

areas are not yet available, the 1 i f 1,Tery • po . ff f* remunerative levels but dealers by strong winds which knocked ; j m pose a maximum retail price 

Department estimates that white by £36 to f 1.401^5 a tonne, mainly ; n London and New York have hw* flowers off the bushes. They! 

farmers will produce Win.!* 11 sjx^utauvp^ buying asamrt i} P( . n sceptical about the pm* said their mfnrinatron was based j T j, e x^andon tea auctions, 

tonnes of maize this year. That|f£nter fhnri rales. They sard pects of snc h an outcome on reports com mg in from the' H . bich postponed for two 

is roughly the same as last year's . ibo Coknrtman move bad been because or the apparent eager- «»ffee growing areas but added ; rf a vs in the hope that a state- 

crop and considerably higher I widely anacipated and was ness {Q seU displayed recently that it was not possible at thisi ra ent bv Mr. Hattmley would 

than lPTfi'ii 7Jra. tonnes. already discounted at current Brazil. stage to estimate the extern of c iea r the air' and enable U.K. 


*Y A COWESpdNDENT RECENTLY INTfiXAS w Heat* 

THE POSSIBILITY of a natural Attwre»-s desert soutb-wW- SS* ^rJ^E^pwratiiin 

rubber shortage has prompted a soft u Bernard £rS « 

panel of American experts, to t&Hkrjnl namel Mb "T™, bar. 


panel or American experts. to i\ncKeteuer a»u " . , ■ G alv 

recommend U.S. and Mexican helm invested S* 30 " 1 * l JJ Mh 8j ln j hp p . a !'„* S? bJ Street** 
Government support for cormper- Continental - Mexican vested, roots and All. p. . ■ 


than lffTG'fi 7.3ra. tonnes. 

In past years, black 

farmers have produced anj On Monday night, the coffee world's second biggest coffee pro HeS^lSued'hbfto’rSS 5 rjpm ! J? , J. go , al,e ? < L wnlayas pJuwd 
average of about .mono tonnes i industry in Bogota denied dueer. is also showing signs of a cS5e^Utibort«K hS ; 5 1 - * b Mt known yet whethcr 

a year, so the tnfal estimate of (reports that the country's export more aggressive sales poMcy the . JfLf ' b,efK,ers will cont/nae to stay 

the 1 ^ 7 le Crop wiU prohabIy be | pricing arrangement® had been likely impact of the “other UJjHEJ i away as have done for the 

around 9.8m. tonnes. altered. But by yesterday mom- mi-ids” ban can only decline. SlSik areiSS? *** 1 ,wo w ** ks - Tedndn * lhe 

Poor planting conditions in ins they had changed their ..n nrA ni. ‘ S!^J5 ?2S!SJ*?SH ! “Sj? 1 ?! *?. ^ 


r Brazil. stage to estimate the extern of 

■ tKa . p.u-i.;, ♦h» damage to the 1978*79 crop. 

iSX_22,«2252St.^ . 


clear the air' and enable U.K. 
blenders to start buying again, 
will go ahead to-day as planned. 


countries. But no damage reports auctions to a farce. 

| is,, ts..;* srs ^ £ r v p ‘ ' Km fn ™i 

heU’rii n" rtV, r^rt"' 5 Inrt ! 0 “ h " of s om"e C “f fte CenS 'will. forward peatwmsj £ '.Elsc^d'SfctoS 

believe that the crop would not abandoned/ effects vclv removing S!L E L^.*!S , an J Mx, ^° 2® ' n “ p, h 1 f* position was; period bad ended on the drart 
exceed about il^m. tonnes. lhe “floor" from the export !'H ch . . lhou8h i ; ? P 00 ^ tnnu 2!! i h e M T k significant j order setting a maximum retail 


‘ The Mai/e Bnsrd. anticipating marker. The maximum (tiscount 
•a lower crop, bad reduced its ex- was previously set at 10 U.S. 


PYTinrt ' * ^ ' «"V^UUV w ■« M .lixivia OJJ j vi «»-• nviui 

sold, is being called Into que* quantities of- Ivory Coast roffee i tea price. 


HUMJI iilulflll tuuumi iui tuiiuuci- vnuuuaiMl - - , . ... . , j r. m 

ciaJ production of rubber from Company, which was drawn diRgcr ■ . „ r 

a Uttle-known shrub unique to responsible for making Mexico transport to an rxfracn n h 
North America — the guaylue. a- rubber exporter However. b> cutting the bushes off about 3 
Petrnleum-hawd synthetics wiU 1212 reckless exploitation w»h b inc hes ahow* lhe ground mire 
continue to be only a second out replanting or cultivation had present advantages becausfiirm 
choice for many applications, completely devastated the wild roots, which contain onMmrdnf 
according to industry, so only a. gwayule. stands. Depletion of the plant's rubber, ' w “\ 
new source of natural robber gitayuie, coupled with the Mexi- an ^ mtn new pushes witch 
could filf the expected shortfall: can revolution, caused most ni faster than seedunBS,' 

And since fee ceo robber plants the yubher milk to dose. 

are grown in a limited area, •;& December 1M1 the Japanese TVif nfllfV 

which makes those supplies vnl- inrsnida nf South East Asia rut 1TAUU1IJ _ 

nerable to politics, economics off. 90 per cent, of Americas run- Extracting latex rubber fHUtt 
end even dHseaw. the main- her supplies and a crash snayule wbo j c sjuayule plants Is dona by. 

ten ance-free guayule could avert • programme was imiiated. The parboiling, milling, removal of 

a natural rubber crixis. first tyTe made entirely irnm rp ^ n an ^ optionally, a flaa! 

Here a rubber production has ffuayule ^er was prodneed in piirification stop I hat taken 

been increasing at a rate of 5.7 ^ *!S!hfJS ^vantage of d !S£> 


moved onto the market. These' The result of lhe consulta- 




■ port presramme in repent cents a pound, 
.months, hut lfi cargoes arp being ~ 

offered for May shipment, (he g " }°™l 

highest numhrr in throe months. rur *« aDubts - 
Traders are now confident thal 
the .Tune programme will reach 
I? nr 15* cargoes. ~HT^ J 

TTie Depa*dment estimates that H £m£aF 
the crop will he about half v«*|- JL 
.low maize and half w r hiie. The 
grain sorghum crop is estimated BY CHRISTO 


An encouragement to yesler- extra .supplies found few buyer? j t ions investigating (he current 


J" * ' day's price rise was provided by and the surplus pushed March 

The Colombian move raises a warning from El Salvador that coffee to £1.4117.5 a tonne, down 
further doubts about the chances the country’s crop may have' £ 15.5 on the day.' 


Feed business still shrinking 


BY CHRISTOPHER PARKES 


level or tea prices and the 

blenders disagreements with 

the Price Commission report, 
were still being studied. 

H appears the recent price 
reductions and \otnntary cuts 
by leading supermarkets might 
have brought price, close to 
the target sought by tbe depart- 
ment so there might he nn need 
to implement the order setting 
a maximum price level. 

Blenders say they cannot 
resume buying until they know 
whether they might be forced 
to sell at a loss by the retail 
price of the finished product 
being fixed at an artificially Ipw 
level. In the absence of any 
definite statement they might 


SoSR tithe World itatlk: -a-irfh* World War II, When the This* final ,sttp pfr 

Tbk i nr .r*~* in nrnrt..eHiMi ' war .was over, the war-funded mit , , he manuracttirer rhemic> 


This increase in production, war was over tne w-ar-runn™ m|fs , he manufacturer .hermc. 
which is due to recent break- ^^etic ruWier tnriuitn , was >Uy to nu ,d,r>- the rubber 


thrnughs that raise^the yield peir established^ and renewed ^ rd *„ s »" ‘specifications. . : 

™sed ha deman a d r ! y th« frS “a^ made Ruayule Like k«y* ..rubber, .am* 


rreased demand. However, toe " * - lhh .. « ., nnlvmer of 1 sod rone 

World Bank and the Malayan ^mget.tive. SfiSfi' ia TKS&SR 

Rubber Research and Pevelon- J««wo ij Sdd The nearly identical molecular 

merit Board dowM whether yields rnumry enoW gr K lw0 rubbers 


Oiliy 

mo n 


^ guajiie to make uncultivated geometry nf the iwo rubber* 

Thev sav that hv the early IPSOs riepibitation economically means that they have livft sa^o 
uiey say rnat i>y roe eany iw« ^ ^nnvii nhararicnstics. The mu- 


at 423.000 tonnes romnarpd f ™ impiemcnf rne oruer selling 

last vear's harvest of 374000 PRODUCTION OF animal feed in in 1B74 and 1975, reflecting the to the 7 J per cent recently! a maximum price level, 

tonnes ’ 010 U.K. feI1 nearly 5 per cent, depression in the livestock in- agreed by the Common Market! Blenders say they cannot 

last year and further contraction dustry. The surge in 1976 had Council of Ministers. I resume buying until they know 

. this year is inevitable, Mr. Syd- nothing to do with any surge in whether they might be forced 

n ney Robinson, vice-chairman of confidence among farmers. in. an assessment of the Com- to sen at a loss by the retail 

KrUrnnean lhe UJV Agricultural Supply „ tluM . 0 Knrf „„ j rniloh . mission s proposals for the price price of the finished product 

X^UI vyvau T ^i-.Tion, said last night, to dr^ uo ilJSes *EJT8K 2*!"^ ^ the , NFl1 n0,eS ^ « » artificially Ipw 

rtvifmv+ rtf There would be need for “fur- JJ-fgL fa P h ,rS l feed *££ -devaluation was level. In the absence of any 

OUtpUl OI ther rationalisation - in the in- “SIS h£m%b!!i llSn “* “ agreed J iT l Januar y il w definite statement they might 

r dustry. wou,d have fallen aga,a ' expected that the change would deride to continne taking a 

vjnp put He told Scottish feed makers “Recently published figures reduce to 20 per cent the morns- cautions view, although they 

AillAC. WUl. output la«t vear totalled 10 8m s ^ ow that writh exseption of taiy compensatory amount sub- are understood to be coming 

tonnes of" comoound feeds and fi heep and iambs, livestock nuui- sidies on U.K. food imports. close to tbe petal when stocks 
By Our Commodities Editor concentrates, compared with 5^ rs continued to decline in 1»7T. Now< it claims> n{ are falling to dangerously low 

ONE OF Europe’s leadinc *inc ! 1 l-35m. tonnes tn 1976. -During P 1 . 18 if less than good fo rour mc hange movements, the MCAs 

producers, Vielle ttlontaene s-aid! lbe same Period the index of industry and compound produc- ^,-j! be a f, 0 ut 24*' per cent., and f i. P,M> ^, e T a j d * 1 " ,h 

JStertiV/’it w^ cult in« n output Pound feed price® feU by 4.8 ^the^d^n^T^I ’‘ y “ ntraCt demands immediafe action tn ; & r Sffii^5tfUS5 

of zinc ingots by 2.500 tonnes a ! P" cenL further during 1978. reduce them to 20 per cent.. will he^ f L 

nAntk ....a L l i; „ • * I Mo cTrp^oH hnwrioer IOTA me A Tha M^hnnil Vannape TTnirtn Affnn.inl, IK- (-mn— .... »V.„ I prices "III IK* inrevn e\en 


close to tbe petal when stocks 
are falling to dangerously low 


ME OF Europe's leadinc zinc! Il -^m. tonnes tn 1976. -During P 1 .* 3 if less than good fo rour mc hange movements, the MCAs 

oducers, Vielle fllontaene «idi' tbe same Period the index of industry and compound produc- be a b 0 ut 24*' per cent., and ^. e 7 a j d * h ®?*T? er : 

'stenla^ 1 it ‘was cuUin^ou'pui ! coftipound feed prices fell by 4.8 fe, .TOftWl M ,e U on 


French moves boost U.K. sheep market! 


Br JOHN C HERRINGTON, AGRICULTURE CORRESPONDENT 


NEW CATALYST 
DEVELOPED 


jvairraay u was CUUiniC ouipui I— -K*"™ *»» , cu . Hrt ueiudiiu* umaeuidw acuun mi, --Jr- holding n(F to see whpthpr 

of zinc ingots h.v 2.500 tonnes a P" cenL JV ^ further during 1978. reduce them to 20 per cent. wXF be* tarred ovm 

month with Immediate effect I He stressed, however. 1976 was • The National Farmers Union Afterwards, thp fanners say. the ' 2f_. Vh. 

• The companv added, Reuter somelhing of an odd-year-out. has asked for a further devalua- MCAs should be progressively a .« y«L 
reported from Brussels, that the p eed production fell significantly tion of the “green pound "to add eliminated over three years. 5n ce rales renSn denre^eiL 

cut was based on a 1977 pro- V 

duction level of 17.000 tonnes 

French moves boost U.K. sheep market ™ catalyst 

. T *l e announcement helped Br JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT DEVULOFED 

steady the zinc market on the . 

London Metal Exchange in gener- CONTRARY TO general expecta- By contrast prices for heavy g4p a kilo a fortnight ago to 76p SAN FRANCISCO, March 2t. 
ally quiet trading conditions tions the raising of lhe French hoggets have shown a much this week. This has meant that STANDARD Oil of California 
ahead of the faster holiday. threshold price f or mutton and smaller increase and are run- exporters have been able fo in- said its Chevron Research Unit] 
Pre-holiday booksquaring lamb on March 6 and tbe con- ning at about 20p a kilo less than crease the price they pay British had developed a catalyst to make 

helped tin prices rise slightly sequent increase In the import those of the lighter grades. farmers for their supplies. lead-free petrols at substantially 

despite another sharp fall in the duty has not caused a slump in The French market has According to the Meat and lower costs. 

Penang market overnight. The market prices here. The reverse remained open to British sup- Live-stock Commission an ex- The company said the catalyst 

decline in Penang took the has been the case. Prices for plies because the average price porter has been able theoretically is made of a rhenium-platinum 
Stra jts tin price down SM29.625 standard and medium hoggets, there has risen since March 6 to increase the amount he pays substance which is claimed to 
to 3M1.504 a picul — only SM4 the likeliest grades for export, from 201p a kilo to 221p this for tbe grade of sheep required have more stability than similar 
above the ceiling price of the have risen lOp a kilo in the last week. This has caused a redue- from 126p a kilo to 147p in the bi-metallic catalysts in commer- 
lnternational Tin Agreement. fortnight. tion in the levy payable from past 'three weeks dal use. Reuter I 


n.-ot « rubh^ K3; 

J^tTvea?* while demand wll Jres manufactured from the uniform than in s>itiheac-p^-. 

bc^ncreasfnc bv e to ^ner c^L rubber produced are now being isoprcnes-ihe .synthetic rubber 
be increasing tn, b to per cent. ittted Bv nm ypar annU al pro- which most nearly resembles 

+ 1 . -dnetion is planned to reach natural rubbtT"-lherebv Sinn s 

. r Otential 30J>00 ton5. the rubber -far superior “hot 

ThP nihbeT-orodurinE Dotential Guayule is a plant breeder's tear strength. ’ which is ewaen- 
n£ T 4e™S^fe a dese^oriiS. ***ht Almost every plant is tial in radial and very large 
three-fOot-hfgh relative of the, a separaie strain. In native lorry tiTes. . 

sunflower, has long been known, guayule bushes, rubber cansti- industry pays, a prettnuth for 
Balls made oF eiiayule. rubber. about 10 per cep L or the synthetic poiyisoprenes because 
were used by the Aztecs of ^cy weighL but certain strains they can hc iriastfcatcti— softened 
Mexico. 1 - - contain as much as 26 per cent, before manufacture— more easily 

In this century, fortunes have robber. Because some types than hevea mbher. Guayule 
heen made .and Inst in guayule reproduce sexually 'through pol- rubber's ease of masticity lies 
rubber. In 1910 half of Ameri- Ihwtion and others reproduce between that of synthetic and 
ca s robber was extracted from without pollination, meaning hevea robber. With respect to 
uncultivated guayule plants, that the offspring is genetically building tack (the measnre of 
More than a dozen rubber extrao- identical to its parent, it is pos- how well layers nf raw rubber 
tion plants were in operation iri sible to cross plants to produce stick together before vulcanisa- 
Mexico and Texas and specula- hybrids with desirable charac- tion) guayule- .‘.shares . here* 
tors with visions of guayule Tor- teristies — such as high rubber rubber's advantage over syn» 
tunes created a land boom in content and resistance to cold — thetics. 


lb r 

>\|V! 


: \ilw-l-w: iS 


SAN FRANCISCO, March 21. 


CANADA could export a record 
amount, of wheat in the 1977-78 
crop year, surpassing tbe pre- 
vious high of 578m. bushels in 
1972-73, according to Mr. Esmond 
Jarvis. Canadian Wheat Board 
chief commissioner. 

Wheat Board officials expect, 
wheal exports this year to he' 
between 550m. and 600m. 
bushels. 

Up to the wek ended Mirth 


8. exports this crop year had 
reached 322.Sm. bushels, ahead 
of tast year’s pace. In the entire 
JL976-77 crop year, exports 
totalled 494m. bushels. 

Mr. Jarvis ajso estimated that 
the wheat stock carryover in 
Canada on . July 31 might fall 
300m. bushels from the 474in. at 
tbe start or the crop year. ' 

Mr. Harold BJatnason, the 
Boards senior . economist .said 


WINNIPEG, March 21.. 
later that the Board probably 
would not allow the wheat carry- 
over to drop, below 300m. bushels. 

The rise in .world "wheat stock* 
is not expected to enntinue in 
the next few years, Mr. B jama- 
son forecast - 


He said a series of uninter- 
rupted world bumper wheat 
crops to 1980 and beyond was 
unlikely. Reuter" - 


COMMODITY MARKET REPORTS AND PRICES 

RA<£f? HfFTAF^ 81 w - «■ n ‘ * n - T5 - «• Kwh! widened the conungn and in the aft< 

JiILIAAa) Standard, three months £3.773. SO. After- noon there was a slUhUy easier tm 


COPPER— Easier on the London Metal 
Exchange with rorward metal start) n« TIX 

at f*6a after the fall on Com ex over- . . L 
nigiit. AltlM'igh the wire wnt tn £SS7 niirh 
« came off later w fR&i on profiwataiui 
before stabittsins and adraneinz to a i mnn ‘ 

rlAM nn llu l-,n l-n-h IA!- ° 


ffl. W. 63. 70, sn. 73. 70. 6i. Kerb: widened the con tans*, and tn the after- 4Wnch £10.0 *. t-ob tT.n per 100 yards: remained cm the sidelines. Attention still Chilean: Anjou ?«. Packbam'* 7.30. pnc-. w 

Standard, three months £177* 80. After- noon there wa* a sllsttly easier nm« Asrfl 01fl.06 and £7.50. Maj-Jnlr ao.ll. centred on U.5. sti-les. F. w. Tattersall Plum— S. .Vfncan; Golden Ktng^Kelaey 

r . _ g*. _ _ — ■ T . rir Jeadln* to a dnse on the Kerb of £»1.S. 17. SS. " B " tnHIs £28^0. 08.12 and reports. per pound 0.«. Grapes— S. .Wean: .Ti! 

TI* rtmr-ui r— rlT Turnover 5J25 tonnes. £28.39 for the respective shmment periods. r-Jir A D Alphonse Lavallra 5.80. Waltham Cross 

Tiy [ Official 1 [Unofficial | — j. Yan» and doth. <niM. oUCtAK 5.M: ChDftan: Ribttr 6 90. Thomson Seed- 


PRICE CHANGES 




tonne unlPM otherwise ] 


dew nn the late Kerb nr £W7 fonowing bits ' ss! 

a -tronstr Cnraex. Turnover 18.075 2£J5 CJj I I ” 


m _ ,1 m t i*i r “ «-aa.w. vu _ __ _ 

rtmr-ui r— Turnover 5-325 tonnes. 128.39 for the respective shmment periods. drr AD Alphonse Lavallra 5.80. Waltham Cross 

_ U ' n ° al ! unofficial — ^ -L'tirj pm." or Yam* and dotbs uuM. OUfjAK S.0«: ChDftan: Hibier 6 90. Thomson Seed- 

LAIS .&1 GRAINS OSS ttt&EFS&fJg 

taj»769« !-«,.! »7»7.90lll4 M j J, U „ JS^TSffBJVrSftS' CRUfUr “• “ ™ X.U1. 

t A nvmtha I y.RH-fl .—A 2n< 372.3 i-Ji.Tfi until ennri P.a.h. Infpnwtf Iwfmiitt hfirlpr Si*atfc»n>fl colLsfJiMr nnioTg mnk nrum. _ ,w ' _' lwl, “^ r,ei inriini. u.4U> V.W1 MWI 


■ lhkT-Zl + nr Month 
I WTO • — < agn 


866 7 '-6.J9 1 <468 9 '+3 market opened 20-38 Outlier on oM crops fixed at £89.00 i £88-00). 
3 month*.. Z6U-S ,-s.fo' 272-3 ;-*h 6.26 with, good fj.b. interest he hung barler. Scattered seU-ai-best 


cntpER 

■' l 

n.iti. '*f,*c: 

i — 1 

im. 1 
CnnlBrinl | 

ffir 

Wireban 

il j £ . 

£ 

£ 

C*-b 

649. .5 -18: 

6sa 3 

-4.2B 

5nn<nib*., 

665.6-4 -IB 

6G7-.5 

—4 

Aetil’m’nt 

649.5 -18: 




Cathodes- i a W* start wnen mrwara metai itipvto r>TT in~l> immu 

tt-h*. B40.S I —if . «M : — 4 betweeo £300 and £30.1. inflnenerd by ths 3LL VJtlV 

.< mouth-., bio .3 —I7.fi'. 637-8 i-6 trend in copper. fimriuK from one a | _ . . 

ee»n m'm Ml -If - | quarter helped m stabHwe the market M nM 

r..o..Smt..- - • . .1 60 61.3 I which moved up n £*W.J before <.bpptnc SLSf 1 *HHL uTem 

Amalgamated Metal Trading reported "g* ^ '2 gnSL "" SSWa taS' Six’ 

M in the momma rash wirehare traded at aa1 ’ Turnover i.K-i tonnes. ^ 517c _ down ^Ac: three-mnnth 


Metals and 
cocoa fall: 
grains weak 


a lnw start when forward metal moved 


NEW TO ML AUzxh 59. 


TeeterlayrV + or lY«st«rf»y‘ 8 +o 
ij rtose | — j riot* — 


■at e v Pro!. Yesterday's, Prrnlou* ’ Busmen English produce: Petals Per 56 lbs Free 'Sl.B ■ D **“ 0,1 an T 1- 

~r~ T Comm. Clwe | Clow Done Whnes/Red* I.60-1X9. L«*«a-Per 12*s ,7TO **““ | ; ?7^ JgffSj— JW»if ln« rvmonrs nf 

;jr-8+<ir Conn. J I.40-I.M. B*etrwrt~Prr « lbs 9J9-1.M. 1 91-H-2.0 CogwcMwd tow nh 

— ... ...J 1 j — Sumas— Per pound 8 JW-B.W. Turnips— ; I : : hosidatimi ra sym- 


86.35 , + U.0fi. 74-55 


£ per unioe 


SpratBs— Par pound 0JS-B.M. Turnips— 
Per pound 0.B04XD. Carrots— Per bag 
O.m-OJn. Parsnip*— Per 39 lbs q.SM.M. 


irnip* — _ ■ I : : 

er bag Pts*famatm9r«K..l£lX.4.50j £ 106.6 

.St-1.60. Free Jfnckm;. 13 J -1.2X1BQ.1 


that In Hie mnrnina rath wlrebars traded 
«i £H5. three ninnihs £863. 63j. M. Ki 
8* «■ 64. 613. Cathodes cash ' £6W 5. 
th «e moniUs •tuj..Y Kerb Wrebar-. 
three months [W. sa. a~. «; 5. 


«.m. +«*r, p.m. •+ or AW-Hc. down I3.5c: six-month 538.8c, 

ffnriai ! — Utmnicml — dowo 12. 3c: and If-momh 338.6c. down j' n ' 


■ P r< f* < Ti mwal11 - "®U»r eased 
wrmnours denied hjt .the trade that 


(31tt-5nc) and closed at 275)-376iD (522i- 


Kcrb: 1 ' ,rBtar5 ' fl «« * uwiniha..j n03.a-* — l.a! 206 .6 —T6 


m-.'Whs £it 07.5. 


^etl'im'ut OOO ~lfl — 
!\>. Spur. .. 55 


TIN— Steadied affer npermc lower at I".>. Spur.] . .| 88 _ 1 .. .. 

£3.740 after .i weaker mar!:-'i m the Ea«i , tAP _ in _. " r .. h f«oa v "mi,, mnnrtM 
1 V-?: . V.*! «b. M. «.3. 04. Kerb Three months 


SILVER ! 

1 i 1 

Bn II lira 4 . ori L.M.B. t+ or 

per j 

| lixing . — • .-loss — 

I my r»i. 

pn-injt 1 | 


Business doc 
May 8T-3i-h7 
83 M 45 JE 8 . JaD 



83.W-82.7S. Sale*: IT! loti. 


sraimlaied bama. white sugar was £242.40 


«s= i: 5 .sisg“ srts.Br, 4 

| -[Uv 1JW6. Sept. 128-W.iav.Oo.^ 

US? E?3BS 

Sm« • uiSS £^i^: 

I el-w. Jan. 8 - MArch mja. | 

i ^T 0, Seor - W- 5 ®- Drr ~ H 

IW. Um mos s ““ : **> 5 

Ipso. I-UM4* aS-saitf .SSL m iS?t£A 

! . | I • W 63.1363^5. Jiales: 3S3.009 Iwlc^ 

-I™ 8 

j™?-. r« ^°° fe"A°SLSf%srjsrl 

j£BO !-i4fi!£88.Tfi S5 k W ^-^.'3 


lnoum helped in Mt rh<> ,>iark<-i. alihuiuli iii™m cash be' i 

l ^ ,rM m '" nlls Et ®‘ 1 - *■ *A 6. Kerb. Sjs.it.... .... 272.5p 276.3 1> 1-0.4 April Mar ITB. 73 trankthineni EaS tore prices U'^sT cents per pmmd fob and WliUllgJ^W 

Three munilK £38... 4. A. 2. j wroth*.. . g77.2i P -6.8S ■ Vfil.lfip -0.65 coast. U.S. H*ni winter ortinaiv mi- stowed Caribbean pom for March 20: Y 

tK‘ Kerb”at that once Tnrn.irrr^i UA *IKC- 4 »Wi«r over the day as forward Mnnnthe^ |aa.7» -6.B - quoted. Australian wheat unquoted. EEC Dally 7.47 ir.tti: Urday average 7 M TICll tT/HlP 

6 ‘ ,ha p Turnover 1.-7W DlcM] B . a , ^ a Bp*,, from early JZni.-nibs. Z9AJ9 p-B. 65. - J wftrot etwmite d. ifrflt. 1JLMI U AllC 

1 nn ' iradinc at £2S4-£2(iT to £273 on new* of . uc v Main: U.S./French March 100.30. April SEC IMPORT LEVIES— Effective to-day v - - 

Mm-ninn Siandird. ra»h £3 Tvn. 73. 76. the Virtue Monugne producuon cutback. nn „".^ 11 !^” 2E„ ,Bi r” 101.00 transhipment Earn Coast. South for denatured and non -denatured sugar, rnH II POfl 

three months fi.T40. jp. 9 . w.63.7n. Lending of nearby metal from one source S? 0 ”- . or ?y s rnrec .mmnns. .ij. African Yellow April £70.00 quoted. Katya tn units of account per 100 kilos ipro- 1 CUULLU 


IMPORTED — Wheat: CWRS No. 1 'samci a tonne for home trade and 
13} per cent. March 00.23 Tilbary. U.S. £139.00 i£157.Mi lor export. 


Dark Northern Spring No. 2 It per cent international Super. Agreement— Imfaca- 


Billingsgate 


Goconor trtflj..-.. SS79i 10.0 3505 

GrcnradnS. £68 1 I ... . ,£601 

Ua*ee4Orndaf0) n .SSlZ > ;*277 

. Palm Malayan. 9560s • 30.0 9546 


catches and soaring prices have Hariay xxc.. ! • [ * 

combined to slash the weight of , Homo Putn»*..?£74.so. .'<£70.8 


Close r “ “ 


f..740. ». 53. nn, To! Lending of nearby metal from one source * 7*0 7 r‘ ^f^can Yellow ApnJ £70.06 quoted. Kenya in amts of account per 100 kilos iprev leuuLeu 6ocvBbeu (U-G 

= aass - s j^ b ' AR^?"TO^>^.okte •»: C ^u TZnSZti™" 1 - l0b ' • Cr™" ^ 2r<0 ,5aine,: FROZEN FILLETS. lo^er Gndn - 

CLIVE INV ESTMENTS LIMITED Th^-l' p' ko 7 K *o^, : HGCA-lEx-farm root price* fbrM ^meb _, nA( nminrc catches and soarins .prices have JtariapOTC..' 

1 Roynl Exchange Are.. London EC3V 3LU. Tel.: 0]-2S3 1101. 3s. ' " ' ‘ 0 “g e- m lS a t WOOL FUTURES combined to stash the weight of Ham, rutnm..: 

Index Guide as at 2!st March, 1978 (Base 100 at 14.1.77.) rOfOA Glmiccsier sslbo. Ptwd bariw Humber- , lohdoh— P rice* were dull and feature- fish handled annually at Frern±"ico"3Am 

Chve Fixed Intcrp.*t Capital J35.42 LULUA *70.18. Gloneesier £75.a^- Jess, reports Bache. London S Billingsgate fish market WTiwk 

Hive Fixed Interest Income V>o 34 Pnco# remained locked in 1 uarrenr The L-R. moixnn cwmc leut f gr the *P«u» pwltaloj _ hy nearly 25,000 tons in the past .x«.l BedSprins.: 

me inieresi incomff i — M ranpf Un - nluhalR ^ ^ mth W ek from March 27 is espected to Auatraltan YMORla.v-f- or hosliww rpap i >o2 HaniWlntw 

L_f pin* «.e <in.p « a u « .» 

CORAL INDEX: C1 M , «W68 - ; WW^-.-Bjgr ^ Ij, L..J _ ‘SSrt" 1 SSSP Jn’5' 

IOC HA tiwu lf — : Droe all In units of account a tonoer Cutumon jjj, v 283 0-26 0 —8.9' — WOlCfl 18 tOppetl. tailed ana Coffee Potrane.... 

■ r -— - — ; — whe*t— M.73. 3 .ml 2 .on. 2 .oo jM-78. 3.62. j a re. ...... SllSiii , ■ _ pitted before it reaches Billinps- M«y.. 

INSURANCE BASE RATES jferT-BffiS TSSSKSi ^ : IHi j '- "i = f£gSik± 

rnoprtv flrnw-lh 71^ J “iv :♦ t«.0 1797.9-56.0 —*1.34. nil. nil. nd rname*; Oa»*-7B«. v^^T 1 !« » «'" "" I . Despite the reduction of about 'W M ,lco ps £4akilo». 

j ■ t arf Si« !:« \gi&S r:;! = _ » r «i 


CORAL INDEX: Close 4G3-4G8 


London's Biilingsgate fish market j-° a j® 1 - 00 ' 

by nearly 25,000 tons in the past No.i EM.Sprtajc. 1 £Bo.aH !— « 4 S-e 88 .Tfi 

ten years. Aoz uwimixteij j i j 

Part of the drop is due to the 3 “ ia w u -l“®S» 1 -i 4 ® 4 

5B3TI1 1SW 1 £8? 


r* 


k !J440w !— 8.0 S40S 

ej....l8300r I— 1.9 18844 




,no * 28J0 

N*w York prime steam W.« 
. Mnuel. r 


INSURANCE BASE RATES 


t Property Growth 7*% 

1 Van brush fill a ran teed 7 25% 

’ \ddrev. sBon-n under Insurance and Proper Bund Table. 


*UlT J 


2d.u-A2.il , .. 

A 1.046.0 : 
M.0-58.0 T ... 
56.H-40.0 [ ... 
5B.0-4SJ .... 
16.0-43.0 ! . 


putted before it reaches Billinps- ^ u*.v-....^....^ r — .ta 1401 .U 4 .S 6 .Dje 1 .Mi 
safe. The finished article weighs ■*. -JSL +a,B **•** 
about half the whole fish/ = abt ~J^.-.-~ =- A 


Despite ttic reduction of about ' [SbST 


£B6 - 3 ^ 


JtM*l»-Uatx3i 244* *MHL* May 26 
?£? Sept 25B-2* 

3204401. Starch nsj-M*- ••• • 

_ IPtaUmiB*— Apni 212 m. 3 rX. 4 b (321.6 


July 22 BJS . >S 3 s.m. Q&. mv 


March i)636Al-40.0 i + l/.B 1656.D-35.D 1 7.4.30. nil. nil. DIP: Bgcfmti«at-AB nil: 0 l *«nei loa of l^Wl kilos. Irt e D i,UUW J wn J I IK» a OBlw ? e . n cc ““L a po ?“- J? 1 

Muy 11676.0- 10. 1 '-13.5 1620.6 Millet— 7*. 47. nil. nil. nil (samel: Crate MET A T/rrcCrTA OI CC 19® and 1978- BlUingSpate S ?“Li 2 

sai*«: .3.048 .aw' " in.* of 10 wiST" T 1 AJ,Lt f of .the national fish trade Z* Sm»l 

InterfMihmal Cocos OrumMratlmi <Li^. ^ ffE 1 rw— |“‘T H fiSy 3 Wees m pence a BOun4i hap remained constant the City - 

cents per pound •— Dativ price March 20: *" l,n »*»»— 122.04 (U3.D41. -~*c«r. Scotch killed sMes ».o to j 3.0. of London Cornnration’s BilTInwc. 

14? k m < 132.79 1 . Indicator prices Marta 21: BTIRHED - titaer lUndtinanere 83.0 to 87.0. tore- WJBa oo t-orporauon uiuinxs- 1 . • 

Ia-da.r average 147.59 tU£.S 7 )l 22-dav KUlfllllK qnarters SSI to 40.0, Eiff hindquarters M(J Leadenhall markets I urea£ii*i*i ¥ 


L*™*?*'' 63 - 0<H ?' t ® nne5 NonUnaL - * OM1 

to . 41 ,000 tonnes a year between turn. « Ceuta a pound. wEMankL^ro- iiSiTSSSi 

IOBH -iv,.: IDTO Run. • ninril ?t&3B toat-HO), stay 


MFAT/VFfiPTARI K ^96S and 1978. Billingspate's " jB »- Sem. mjo. 

misAl / VJiljii I AJjL«ta ^bare of the national fish trade 'March mlbo. 


I.G. Index Limited 01-351 5465. Three month Gold 180.0482.0 
29 Lamonf Road, London, S1V10 OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futures market for the smaller investor 


average 141.1 1 1 139.98 1. 

COFFEE 

Ttofaustas staged a Ire rally afrer 


UNCHANGED opening on tbe London narchwiSSfClrf* iV 9 '"!* « comn ?» tt ec was told at a recent 


FiNAftCfAL Times 


ptaekal market. Fair mtereR thrwute- ^ Jt 1 ^ n^cTn 0 meeting, 

uni the day. dnauE slightly easier. Leins w 


m vretmEi fllAttuf 1 * 

nnro *.-a, 3CK lun., . win rhitcwe ? IB W _»■» 10 53 0. Imparted frozen: iVZ 




day. Dr«»I Burnham Lambert reports, Aw1ll ~ 
A limit advance m New Turk prmnpttel 


tn 44.0. YL‘s 44.0 46.3. 

Pork: Eusltsta. leas than ion lb o to 


Conti 


crornilsson hnow short rei-ennc nr Lmv y«. l Yertertay'*: Prevten* Bwdima 43.0. 100-138 lb 38.0 to 42.0. 120-168 a .36.0 


dng ami ar the diw nines vmv at the BJS.S. ; ckne 

in ito, up to £*q .uo nn the day- ; — 

YoMeMmy*: _ 


to 41.6. 

MeAT COKm 153 lOff— Average fatsiK* 
prices at representative markets TO- March 


Indian tea 

exports slip 


1C. ifjmoam 

323. as 200.00 
H 53r E U33S1N) “ 


■REUTER’S 


B FREQOCS METALS MTE 


By Our Own Correspondent 

CALCUTTA, March 21. 
INDIA'S TEA exports fell tn 


1404^ jl4OTJ.| 1388.3 | 176T.1‘ 
l^:-Se^e!5ster''18. uaSBto , 


DOW JONES 


IS AVAILABLE— WRFTE OR PHONE 


ContiComraodity Services Limited, World Trade Centre, 
London El SAA. 01488 3222. 


PART OF THE CONTINENTAL GRAIN COMPANY GROUP 


ART GALLERIES 


March 1460-1*70 -1B.8 11606-1460 C*t-Dec| 62.6Q-&2.6&! 62.6&-W.&* 58-IUL62.B3 awrare PriM 63.48p l+Ll.». Sh#ep up 146.4m. RllOS in the first eight 

May 1401 14OT \m ]i*os.wB9 Jau-MrJ M.oMi.toi i +4 - iu months of the 1977-7S marketing 

July 1306- IfilB 4«IJI 15M-I266 AprJn*, tt.56Jft.46; 65^56^ ttW W 4l W SL.iSfH. “5* W T! same Period of the orevinne v«r 

■iJiJfimhar I9fcl IKfi 'j.dh A i 1 VSA jlF-bOTW W.6^-Wb7Sf iff ffir — W-OD l L4l. SUtTilM — GBltfe OOVE 2 J* JWiUU Ut 1 PC y^dr, 

^A^nb*r.»iTS 2 &-i 2 fto j 121^1184 Oct- Dec. 67.86-Mum! mm* 7 M pr1ne S6 - 12p same period of teh previous year, 

Jwiuary: :iitt-iM 0 ,*43.6 ; iiao-Hrt > J H f&g ^ according to iigares available 

March ....... >1170-1160 ,+M.O >1166 Saifs; 480 >IG 2 > hna of 15 wnnw and average price 634 p t+ 0 . 4 ». ‘ from the Indian Tea Board. 

— 13 nL 4 .li a 't 5 j^ ws - , cpvEHT GARD6H ipnces tn sirriing a The decline of 4m. kilos in 

Sates: 2.R3S r?j22i lots of a umws. . Phnlcal dosing pHws fbnrert vrere: package unless staled. 1 — Imparted nraduce: chioments itn the It K From 

ICO Indicator prtcct for March 20 fl'.S Sim 48.2op (uraei; Jiarcfi 49.230 fsameli Oraupes— Spaua: Navels 3AW.60. Bloods tilTr+rf!^!? A^r ^ 

cams uer oomdl. Colombian MUd April *8Jo <same«. 3.80-3.00. Sahtsuanas XJS; Cyprus: Valeo* *“OS to 43m. between April and 

Arablcas 1«.«» il75.no>: unwashed CfIVABEAV 'ATCAT aaLates 13 kilos 3.4M.T9* Ovals 3 Jlfr. November accounts for most of 

OUl AOtiAiY JHLUAJb UR Jaffa; shamouw Ewprtan: the decrease In total shipments 

AraMeas 172.97 n74.04i: Rnbiatas 154 JW Valenda Lates 3.00; Moroccan: 3.60. 

(1^9.09). Dally »renu» 15174 <163.47::. lYrareid'y* J. nr BnMn«* Ortnitlques— Jamaican: Per box 6.06-6,30. ^ - ACCOTOlTlg TO indUSU'y SOUFCPS, 

LONDON ARAU1CAS foUmred thn CIom I — Done . Lamms— Italian: ion, ISO's 3 00-3.70; “E Government policy of re- 

Robum rally m thin conditions. Drexri — CrpruK 2.4M.2D; Soaula: 3.60-3.M. atrictine P.vnnrts durim* 


•Dow 

M«r. 

f Mar. 

f Mmitfaj Tear 

Jonw 

20 

[ » 7 

l »«« j ago - 

6pot.„ 

IB9.64 

K3M*U 

.jw.oejw.34 


.(Average 1924-25«=ta0r 


MOODY'S 


Mar. 

Moody’s 20 


Ll 902.4)87612 
1=1061 


na !?iS riiwma t-;i OSi 40 -, .h-fviwm inning Moartya 33 17 asu ago , r-tiff MO I70.W QK 

2.8M.06. Sataauanflfi ffJ»; Cyprus: Valeo* £ T I10S J?etwee 9 ^pnl and- 1 • ^ ^ July I 8 . 6 Q (70.00 bUl. OCL JSJ 0 bid. tiS 

aa_ Lmes a_ kilos. 3.494.79* oreis 3j0fi* November accounts for most of ctam commreifloo.e soa.ij 902.4 otsio but. K 

v J SL3t ffa i s - 6 ^ tS: SDnrtM: fie decrease in total shipments. nScSnKer 'fflTi @gi 5 ei Mta n wMtty SSS^tt fMi.W, /K 

Valenda Lates 3.H; Moroccan: 3.W1. tn iwliieh™ *w«=«iuur «, 5»LM Q40.G0 Wdi, Oct 23550 asMfl. nSE 

Orpintuue*— JamaJcao : Per box 6 . 0645 . 3 H. t0 ™ du *» Sources, . - j ■ . 2»L». nT,TO m ^ 

Lfanms-iuilan: lon.iM s 3 OM.-0; the Government policy of re- crimsky fitm-suppiv 'm*4eret«. ■^Tvmmt-RCWRS ia s t*r e*nr. 

re S E5£Ji a i -ji?»' S ^ n p ting exports during the cur- demand a**d. .itacn'i stone at ship's ^ Lawr&n-re 139.S4 

£n^tMjS w jSiT, , . s re h b.iL ,n afe4? > ear tn a maximum of 235m. ■ M * wwnwmMdt:; fflwif cod £3 .mmsj», auc q ws. twr jwuod 

?1 kS. 2.80-ajl), Jana. 35 kilos .106-3.73. »* 1 ^„ . ..I, Vl _ nMinn Suat: larca h a drtM4. tana, unlesa onmvtM (R*M. *VS' PH ■ taftr- 


VSIWvr— AIirco aiTJB {533. « 1 . AHdr 
31SJ9 fuU.60), '3liW fS2.M v Jury gflE 
Sept. 83? JO. Iter. MM'Jo. U» 
March ML60. Hay. snaQSniy KH) 
4tepL^*RJ0, -Pet. tOfeii.^Aan.' «®£g 
wrtdrments. Sates: 12,»n tms. HailK 

and Barman spot bunion 924.10 
Sarebeam— Marrir WM.W 7»|S> M«y 
N6 (7121). JMx.TWniK-ABfii TtO. S® 
eOL Rov. 822-621, March - 

USojpBbean. MaaK^CarA: 1S»9 « C«H-Sk 
M ay i8s.ro.jw bo tnosn. Job mABi 
K'M. Aag. '161^ J&fHM. Sept. UtiOK 

on. omhiWi Pf«L nufrinfiO.-MX 
irt.oe, Marcn .rr3m7XM.-.v‘ .- ,_S 

SeyalRan Oil— March £«■ fB'.BTl, Mjfit 
-3041MMB OMfl,- A® 

ttept. U4.8VJ. Qrt. 32-60. 
2200-3, U. , Jin. 3195f^Marcb 32.00. 

Susffl'-N «, urMarT».7.W iMMW 
July 7 AO IDM-B.g&i, Sw. A14. Ocl. R»& 
Jah.-SJWtTIl, Marcb S.88. May 9.32-sMj 
July B J0-4 . 15. Sates; 9.433. 

TTit— 303S0-5l4.ro - aMrtff (5X8.59 MkodNri 
**Wh«at-^M8rch SSH asked <2ftML Mg 
HUM .(301). July Z98-S9SL flept. Wi. Dtjg 
313*314. Man* 319. 

. VumrpBG, Marro so, ttiura-Mair 
UUffl Wfl (112.00 -tom. July 109.70 btff 
Illfljo MS), OCL 100.ro asked, Nov. 107^0 
WtL Dee. nil. - 

t*Qatt— May 7S80 bM (samel, Jnte 
70.40 <1636 Wd), OCt.13.S0 ft«Wd. D«« 
74W BW. 

Itaariey— f.tay rt.60 bW 1 79,30 DtgKs 
July 78.60 (79.00 bM). Ocl JSJ 0 bid, D& 
7680 but. R 

JjnuMrt-KO SSS^O (341.59), /fl i 
OTJ 0 4340 60 bid'. Oct. 235 JO ashtfi itm 
33t». Dee. 207,00 m - 


— 

W 



I '-V,. 




Runibam Lamtmt reports. Values were Cwrtonna i GraMfruM-Gyprus; IS kites 2.50-2.60; 3fl V ear tn -i ninvimiirn «r oneli" ^ utnnwMmlT- ffinlf rnri rinn^tn All «M8 p« AUUttd 

higher ro balance- - April ;lft.0(L2S.6_D.66 RUM-H.il kites 2-80-3 JO; Jaffa: kilos .Tro-3.iT 3 " iax !™ um Of 225m. unteirSi Btltrt wTX 

Price*, fm order borer, seller, .chans*. June 1 126.00.26.4 -O.B9127.00.S4.M Wllkluss-Spania: 2.40-4.00. Auples- compared with exports Of BjS D8 nMMnntt<»uSk. & «£?' *mca 5o 

Aurn lMJ5.l>9Jff+T23. ml; Aootk ; Iff&.Dtt-aB.S -O.W127.B9.M.M French: : G»jdfD Delldnus 20 lbs M's 2.50- 242m. kilOS during 1976*77 is E.M: pI^eaStaTO^nirfi™ «wTlW Ita-SopLflf 

■Iqtie +*.<a. (7 .HMJ.S. Aps. October . ..118 10-18.0 . . ) 130.00-18.60 2.S8, 72 s 3.80-3.10. 40 Tbs 5. 4fl.fi 00. Granny JjrMlj FesDonsible for rtecrsauj £t ■’0-ES.50 best snail ft nn n’m - lanw vlftns day. Prime Stein f o h* -uv butt' 

^ ■ Jif.w. I4.fi _o.sons.ff8. 14.50 Smith wnhtewck per proud fi.iA floMm respon stole for decreased SnSS <JSi Tro. aSSS' ft '*<* 

-.,.13. n: 1 . Dec l.«.2*s*.ro. 4_1TO_. PeHruurjr . I14.70-l7.B-l.lt - DeUeiMij jumbls pack «er pound Oil- Shipments. u tmiJ. ! warehouse r aatea wiahri tea.- ■ **? 


3LDANE STREET GALL£P*F.5. 15? 5le*ne f MAA3. VICTOUiAN raiqy PAINTINGS ^DfC * 1« Ofl 43 *!®* 

SI. w.l MM*™ Minima* (CHlPtiirei , Until £1*t March WMh|«V 9 10*s. s*ti. a m « -Tta-" [114.70-17.0— 1.16 — 

jn<j praonirs P» intcrosiina tnrcm«tion.;l *a» Cl|"ord St.. N**» Bond .“-SKi- ■ 131.IW.83.MI. —3 SO. 31.no, Apnl H4-N-IS.B. , ., 1 — 

nri jp*. Widn runce of *■.(»«. ruM.-Fri. St Wi. April I26.nfc51 W. -*- 1.30. ml. Sales. 21 f 131 - — — 

i o.uo-5.0 0 s<i *. i o.oo*i op. — lots of i7.:Jn kilos. sales. i« i23i) tors of iro toones. 

LUM«r.ca*ALC7. 24 B«Nu* St., w. 1 . S^.K RV 23a 11 aiM ,Uom Syatti'r I1TTF COTTON 1 

40 -J sosa. Tlssor — frit, technics, drv* ^nnon.^ aaa him. waner AJu WHUrt 

oe<, ’ , ' *"B meanpnu. Unjil 2l_ApnL p B (SVr. Un *,i pm' abni. DUNDEE— Qutet but Price e COTTON. Urerrunl— snnr and shimim' 


Sales. 164 <£33) tor: of 1 M tonnes. 

COTTON 


decreased hjmui. be« small f3jjo-£330; Ian* w* Prttpe awn i 1 «gr 

skinned dosfish £MB. medimi £gro! tat *J*n. x Onu p4r » » Wahri ^ 
n iv UnM '»TOOb «I>*S B9. medium. £7.80; fo* -' .***_ 

Pw Delhi Beds fi.sw2.4i; saittw ro-fiSD. ' ,or •* ««r maw «r w.s 

[inn is «r. ■ •'■"ii* wimv dninwd rrf.* itou 

*> G nan * . . ,rn 7 ounre Pi-w«r«Mno ; Jl Jfew ''SE 

W -*-& per -witraci m p: a shUR- tcgf mr hnft vSgk 

tn . J he PALM OIL. LBMtei. andP* March £J" ,l lg5 ■JW 


J?--— y. a . teegnnnu^ Unni 2 l_AgT!l Pefntw. UnM 9th apmi. DUNDEE— Quiet hM oteadv. Prt» e COTTON. Urem»i-5pot and Shipment Damsb- Spijren per pound liOM.Ul, sistil five-year plan, which startc nnm?m2i °ibvt t 5 ?mVo «P^?. ^htegEo. Tufedo. ^ „-i«,1s. jwd All 

rex 6Ai4.pT. EjnhbrtiM. « HIM. ~ - LLr „- _ and f. II K. ror AprH-Map shipment: BWC sates amounred to 46 manes, hrlnmw Afnran: Benito Hardy- Mu. next month * wna «B^h 5 s » 5SKr"* SS? SS " 6 * '* . W.^Wsel’ in' «> 

jE, ^i-no'VS^ * m 9 . 6 ElJr OvrtT sir*— i* A w^B 2 ?r L lMTi ,a;, THR.c 0 ,l c«STURre '5 r797 - ' flKD ^ To »»’ BT C BID the total hr lhe week m far to 946 5.3). WllUsim Bon Chrenro 640. iraUaru “ ~V ‘ r "' a «?*?■ an'Eni'an' oer 24 lb ••Wbtf.' tl'Crotii 

tSMon'^V,|?oi S .r34 7626. Week'. | or BHinsH rAiNTfNGS.'untii^fla^L ^ caJeoua wed. ««lrr ; OwMJhiw ranno- taw icmftnsuKs* **ng°™* 5ES”nHLlS^ !ZJ 4 pIaD Ao6s BOt sb P. uJafe a wm n^aBSSSKn^tfSiH 

dm 10*6. Srt. io-l. Mun,.Fri. o.jq.s.m. thu»u. until r. c. and t. b.K. tor March shipment: 10 -os m tb* raw cotton market as iplM«n Dutch; Conference oer pound a.tt: target, . ... •-• , ■ c.i^ Aa. .v?2 w !. ^ • aa.us- 34 s.ro. a g..lb brehcl. rxw ufAWW*. LWt-ba 


WgjpSSS ^The plan do& cot 5ti p „| a fe a g» * ******* 

per pound a.W: target, . .... - .-■ • 2 -*'. Wot. ? ..lb buahfl. LOtt-ba 








. .> 4.;' ■ . . 


Ib set t, 

n, ebaei 


iV^xcJi .' 22. 1Q7S, 


Wednesday. March 22 1978 



iiR 



Hi 



The number of consortium banks in London is diminishing while conditions in 
international banking markets have become tougher over recent months. New 
pressures on margins are creating a. situation not unlike the late 1973-74 period. 


room 



_By. Michael Blanden 

IN international 
Ranking. : maxkets have become 
aqcressngly difficult over the 
• past few months, and the pres- 
sures have . been dearly re- 
flected is the results produced 
by a number of the London- 
based consortium banks special- 
ising In this business- The high 
level of -liquidity, in the Euro- 
currency markets has led to a 
"renewed— squeeze on - margths 
which Mr. David ..Montagu, 


t l ■ r which Mr. David ..Montagu, 

si * S. t^r %balnq|^|#(- Oriop.Baifc* has, 


•‘Jifcen’tly-- described as -***rinJ 
niscent of. the heady days of 
1973-74.*” • 

The pressure on spreads is 
expected to continue for some 
time yet, and .will provide a 
severe test of the determination 
of international bankers to re- 
sist being drawn by tbe-eompeti- 
tion into undertaking loans at 
rates which could become less 
profitably, as their, costs- are 


pushed up by inflation.-. At the 
same -time, the sharp fall in the 
dollar in relation 1 to the pound 
during the past year has reduced 
the size of 1 profits when trans- 
lated . into sterling, while .the 
drop in interest /rates in the 
V-K. itself has cut -into earnings 
on domestic assets- . 

The general ' decline .in the 
dollar has also , brought in the 
-latter, part 1 of the -past year a 

• drop in' the lev^l af -activity in 
.the dollar section oF the market. 

only partly compensated by in- 
creased activity in other sectors 
such as Deutsche marks and 
Swiss francs. In these circum- 

* stances,. international banking 
and the consortium batiks in 
particular have experienced 
probably the mogt tiying-condi- 
tioris for three or four years. 

The difficulties in thf? market 
have come at a time, when the 
old debate about the long-term 
validity of the concept of con- 
sortium banking has. again 
started to come tinder close 
examination. The idea of "groups 
of banks coming together in this 
kind of joint venture firew up 
and’ developed in response to a 
real need. In many, cases, a 
■ jEonssirtium banfc? baietf tit; vhc 
^iiwjhr *■ mferiiatrbhal financial 
centre of London, was capable 
of -cann ing out kiqds of busi- 
ness- Which its parents -could 
not undertake. 

For many of the big.U.S. and 
European banks this approach 
offered a method- of gaining 
experience and spreading risks 
in the relatively new interna- 
tional Eurocurrency and: bank- 
ing markets and often nf bring- 


ing in .'expertise .. from ■„ .estab- 
lished merchant' banking opera- 
tions. For smaller banks from 
a number of countries, joint 
operations provided access to 
these markets On a scale which 
they would not have been able 
to undertake oh . the basks of 
their .own limited resources. 
And at the time -when the idea 
was - most - fashionable., all no 
doubt saw the prospect :of a 
Useful and profitable invest- 
ment. 


EUROPEAN BANKING CLUBS 


Profits 


Circumstances have changed, 
however. To begin -with, in 
many cases the investment .in 
-consortium .operations has not 
proved in the icing run-lo'be'all 
that profitable. Many of the 
shareholding banks; moreover, 
have now clearly outgrown the 
need for somebody to hold their 
hand in- building up inter- 
national business; they -have 
become capable of developing 
under their own steam the 
world-wide- representation 
needed to_sapjJprt full 'partici- 
pation in these activities. 

a- ^ 

, This deyoJdbtuent- : hBB mean! 
that shatehbrdjng -ibanks-.havc 
increasingly found themselves 
coming into direct competition 
with .their offshoots for lending 
and other types of business. 
And this trend has been 
enhanced by the 'move among 
the consortium banks, under 
the pressures -of the past few 
years; away 1 from the initial 
emphasis on building- up their 
medium-term Joan books- and 
towards a much greater reliance 


ABECOR (Associated Banks ot 
Europe 

Algemene Bank Nederland 
(Netherlands) 

Banca Nazionalo =del ' Lavqrc 
(itaiy).' . ; ; ;••• 

Banque Bruxelles -Lambert . 

. (Belgium) - - - 

Banque Nationals do Furis 
(France) 

Barclays Bank (UK.) 

Baycrische Ilypothckcn- und 
Wechscl-Bank (Germany) 
Dresdner Bank (Germany) 
Associated members:. " 

Banque Internationale a 
Luxembourg (Luxembourg) 
Osterrelefaischo Landcrbank- 
f Austria) 

EUR OPARTN E RS : 

Banco di Roma (Italy) 

Banco Hispano Americano 
(Spain) 

Commerzbank (Gennany) 

Credit Lyonnais- (France) 


EBIC (European Banks Inter- 
national Company) 
-Amsterdam-Rotlerdam Bank 
(Netherlands) 

Baoea Conimcrciale Italians 
(Italy) ... .. .. 

Creditanstalt-Ba nkverci n 
(Austria) 

Dcntsche Bank. (Germany) 
Midland Bank (U.K.) 

Sociele Generate de Banque 
(Belgium) 

Sotiflc Generate (France). 

INTER- ALPHA 
Banco Amhrosiann (Italy) 
-Berliner Handels- und Frank- 
-- :furtcr Bank (Germany) : 
Credit- Commercial de France 
(TVahce) 

Kredietbank (Belgium) 
Nederlanrische Mlddenstands- 
• bank (Netherlands) 
Privathankpn (Denmark) ' 
Williams & Glyn's Bank (ILK.) 


on developing specialised 
merchant banking, and ^tlyispry 
services'tn prdvidf them with a 
basis ol fee income. 

The general rheme of recent 
events has been that big hanks 
are. asking themselves why they 
should sharp the profits of inter- 
national banking with, others 
when they are able to do the 
whole job on their own. The 
movement has been most 
obvious among the American 
banks- Thsse has been a whole 
series of" shake-outs. [among The 
shareholdings ‘ -in * ' consortium 


\], r.V 

v I k .*u-» 


, •« I »I»«J 


1 if ^ 








Brussels: Avenue des Arts. 19H, Bte. 2. B-TQ4G Bruxells. Tel: 2194230 Telex: 26413 23884.-25762 
Fra nkfurt.-.Miinchener Strasse-1 ,'P.O. Box- 16.280. D-60G0 Frankfurt M. 

Tel: 232707 Telex; 416874/413030 

- - London 29 G.resham Street. London EC2V TBX. r Tel: 01-606 6099 -Telex:- 8812047. •. 

Bahrairi; JCarioo Bifilding, P.O. Box 5888. M^narha, 1 Bahrain. Tel: 50600' Telex: 8940 '8996 
Representative Offices : " 1 “ > - 

• ' Cairo: 26th July Street No. 15, Ga;ro, Egypt. Tel: 48698/52431. 52679 Telex: 92619 ; : ' 

Tokyo: Booro 427, Fuji Building, 3-2-3 MarSnouchi, Chiyoda-ku. Tokyo 

Tel: (03) 214-6058.; Telex : 2226287 


EUROPEAN 



BANK 


C : BP §F /Hi ■ -I -^ e hel R y W ' ■ n . ma n Y w ays. _ • 

PI a J BpS* Jp* f ar BJ a a. ■ Like providing yoir with unique intro- 

on wl B Qb HI a .ductions in the Arab, world arranging 

JKil BP investments there ; guaranteeing and providing 
ajP mom ST ■ -1 Til B w ^tinds'for world-wide financing ; encouraging 
BC-' a% H %jP fT and promoting trade between Arab countries; 

M with highly specialized . trading, tri. Arab 
and other negotiable currencies ; and 
putting you in touch. :with ■ some of the - 
leading banks of Europe* the Arab countrijes'and the Far East." 

We .offer you the best of two worlds. Remember du'r name; European-Arab Bank. In 
Brussels, Frankfurt, London and Bahrain. Representative offices : Cairo and Tokyo. 



Shareholders: 


. Arab International Bank, Cairo 
FRA& Holding Luxembourg. 
Abu Dhabi 

Abu Dhabi Fund for Arab. 
Economic Development 

Algeria *1 ~ 

Banque Natibnate'fi'Algirfe 
"Csrpt 

Natioral Bank pf Ecypt 
Kuwait 

• Niiiortif Bank of Kuwait 
Lebanon 

Banque Llbanaiie pour , .1* 

Commerce - - 
Banque Mhr^Llbari. .'. 

Credit Libanars 
Soelece Gentle Ubano- 
v turopeenne de Banque*" 


Libya/; . 

Naiibnal 'Commercial Bank 
Morocco. 

_ Banque. -Mqrocajne 4u ‘ . 

• Coptmerct Extfirieur 
.Oman.-: 

■_ - Sul.tanan».bf--Oinan ' . 

Saudi Arabia - 

" Th« National Commercial Bank 
Sudan. 

■ Bank, of Sudan . 

Syria. - 

Banque Central e de Syria 
Austria ■" 

C red kansult-B an lever ein. . 

Baigiun 

So ci fete Gioiraie de Banque 
- S-^k. .. - 


France 

Soriete G tamale S.A. 

Germany 

Deutsche Bank; AG . 

", drear Britain •. ... 

. Midland & International fidnfet 
Linked 

Midland Bank Limited 
Italy- 

. Sana .Commercial* I ta liana 

■iwan • . ‘ . 

Fuji Bank Limited 
' Industrial Bank of Japan 

Netherlands 

. Amfrerdam-Roucrdaon Bank.. 

; N = v ' ■ ' - 
Switzerland . • • _ 

" CrWic Suisse •• 


operaUmis. with ILS.' banks' 
eilher ,-drnpping mit or taking 
fnll cpstroi ih order to develop 
the offslmol - as a wholly-owned 
merchant banking subsidiao*- 
The most recent example of 
(he latter kind of development 
has . been Chemical Bank's 
decision to buy nut the other 
shareholders in London Multi- 
national Bank, now renamed as 
Chemical Bank International 
The other shareholders were 
Credit*: Suisse, which has 
rfeveJrffcied its- b'wn extensive 
iMerhatiohal'"husiness. .Baring 




Brothers and annthcr L'.S. bank. 
Northern Trust of Chicaari. • 

Two, U.S. banks also' pulled 
put »f ’Western American Bank 
.(Europe), one »>r the older and 
larger groups, in leave cunlrol 
with Bank nf Tokyn and 
National Bank of Detroit. Bank 
n f America has been taking 
vigorous action To unwind /Ks 
previous extensive involvements 
in joint operations in order to 
concentrate, on building-up its 
own ' subsidiaries. And o’lvr 
moves have included the lake- 
over by two French share- 
holders of Brown Harnman and 
International Banks. 

The ranks of the consortium 
banks in London have thus been 
noticeably thinned, and the 
signs are that it is not very 
likely that we shall see again 
the establishment of" the- old 
type of generalised joint opera- 
tion. There will no doubt 
continue to he, however, 
development in some of the 
specialised areas — including the 
arrival of Arab investors — 
which have formed one of the 
niiin fcal tires of recent yea fa. 


Diversity 


' 3i : 


What these events have done 
is to underline the diversity 
rather than the similarities of 
consortium banks. Though they 
have shared generally similar 
market conditions, for example, 
the profit figures which have 
appeared for last year have 
shown little conformity. Orion 
managed a modest increase in 
its pretax profits' from. £9'.7hi., 
to XlO.Srri. ; : . 

European Banking." Company, 


S. bank, in contrast. . saw a. drop, from lake on their own. Thc^e may 
an. ' £3.2m. to £l.Sm., as a -result of include s«mc with a regional 

pulled rhe various pressures on the bias; Italian International, t+ie 
in Bank market. . Some of the best two Scandinvian croup-* ajui 
ier and figures have appeared among the yvu London -based Japaney' 
t-unlrol the specialised groups. Nordic « nsurtia were at leaNt initially 
n and Bank, with an element of re- able to do business whu-h tbpir 
i. Bank covery from the previous year's parents cuulil nut handle. *- 
taking depressed results.- pushed- its An< , thl . r „ rillip indudP ^ 

,Ddls ^ las tu banks which" have special wed 

T en * S: ^ nd Lipra .Bank, bene- drlier a particular. industrial 
rder to fiting from the fact tnat wc i ((r> mvh „„ llie international 
.up its spreads in the Latin American ur in a 

^ area The Scandt- 

0 } akc - J e h ’ p *? ner than 5 Se v.navians. a^ain. cm-entrate 

share- here, reported a gam from miu . h n f 

aemilv on that 

ian and BJm. to £=.lra. area . wh „o llu-ro ls 11 . 4.1 

The diiTerences hi the experi- „ r banks with special cnnmv- 
soriiutn ence of those banks h : .>;h lights vviih LaUn Ainqriw— 

its been tin* varieLv in the character of besides Libra, thev. inctdde 
id the their business. The general European Bra/iiian. Eur..- 
it very definition of a consortium bank La tin a men can and Intcrngtinnal 
» again rests on the Tact that they are Mexican, 
he old owned by a number of other 
opera- banks, none nf which has a Ponifnl 
doubt majority: generally speaking . •. 

jwever. they were ala., set up chiefly tn KmaUv , hcR . „ a . r , m ‘,u 5 

ot the participate in the medmm-term ou tlf banks Wljh Arab par , 

the in ernational lending market. ^ £ n|s ^ as Sandl Imcp . 

stors — But the banks which route under ,1* „ . h ^.L- 

of the this heading may have very Httie i^i i , I h0 £± 

cars. m common with each ether. ***£ ^ep^vrful Saudi 
In the present list of names ^o b ,L a! J:-' f , n „ 

’ _ there are a few. nnrabiv Orion ^. lL 'h h as hall nf the capital. 

! : . " and Etiropeah Banking, which signs c,t ‘a r l> are • tlmt 

e done have reached a size and status ^P^t-ialisatifin will he an iiiipo^ 
versity which enable them to stand on ,anl ^ ealurc l,f the future deve- 
ties of their own: the fact that they lopment of consortium bankiflg; 
;h they have large banking shareholders »‘lh even those groups whtWt 
similar is irrelevant to their day-tu-day started out as general mcdiu.m- 
;ample. business, and they much prefer ’ ,4 rm lending nperatum?* lindVng 
t have to be regarded simply as inter- il necessary - lo build up their 
• have national merchant banks and '^n specialised areas nf expert- 
Orion d.slike the consortium label. ence and skills. It will he sirr- 
■asc in Others which have smaller prising, mine the! ess. if there 
£9 - .7ni._ shareholders may be able to pro- aW riot , more change.* iuul 
: ride a service which their shakeouts among the banks .in 

mpahy, shareholders could not under- the future. . ' . 


...big where it counts. The first major cohsurtiuhi 
bank: its members have aggregate assets ul‘ over 
133,000 million. 

...small where it matters. Your business will be 
Jiandlcd at senior level by experts who pride themselves 
on. providing a fast, efficient and. above all. personal 
sendee. 


% ■: && 


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-iK'Yu • 



IS... 


... wide ranging and flexible. Whatever your pailicular 
need. M AIBL will tailor a financial package to nieet it, ■ 
whether it be the provision of world ng capital, project 
i i nahein g. leasing or restructuring debt. 

. . . truly international. The scope of our services 
spreads tiiroughout the world, so that we can assist 
you wherever you need our help in brining your 
plans to successful fruition. 



.* Capital : F. Lux. 2 billion (approximately US560 'mill ion).. - 


, • MIDLAND AND INTERNATIONAL BANKS LIMITED 

: 26 Throgmorton Street London EC2N 2AH. 

Telephone: 01-588 0271 Telex: 885435. 

Kepresentarive Office in Melbourne, Australia. Subsidiary Company MMBL Bermuda I Far East! Limited. Hong Kotig. 

■ Member Sanki MkIMitJ E ar* LwncJ :1 he 1 urArrto-Dommipp riii-SlaiuJjidCliarieicd Btjnl."Limilcd.Ihf C-inm.-r. ial EVirini Au-ualti Limue-L 


t 




34 


Financial Times Wednesday March 22 WTS 


MULTI-BANK CONSORTIA II 




■P 



U.K. 



overseas 



THE GROWING importance of 
international operations to the 
U.Ty. clearing banks lias been 
heavily underlined by tlie recent 
round of profit figures for the 
pa*! year. At home, the banks 
have suffered. particularly 
during the second half of the 
year, from a continued low 
level of loan demand coupled 
with low Interest rates. None 
have Found it easy to do much 
moTe than hold the level ot 
i heir domestic branch banking 
profits compared with the pre- 
vious yeaT. though other UJ\. 
activities such as thetr instal- 
ment credit and leasing subsidi- 
aries gained from the drop in 
interest rates 

The real jam.- however, came 
from their imerruilionaJ opera- 
tions which were mainly res- 
ponsible for results which were 
generally rather better than 
ihr stock market analyst-, had 
expected. Including hoth whole- 


sale and retail business carried 
out abroad, and international 
activities in the. U.K., this sec- 
tion of the bunks' operations is 
acounling Tor a rapidly growing 
proportion of their total earn- 
ings and they are continuing 
to make determined efforts lo 
expand their international busi- 
ness. 


Attempt 


The recent news that National 
Westminster Bank is thinking 
oF buying a bank in the Im- 
probably in New York, has pro- 
vided a further indication of 
the trend. Nat West, which by 
and large tends to concentrate 
its international, operations, in 
the wholesale rather than the 
retail banking markets, is 
dearly looking ar the growing 
competition for business- as well 
as taking a view on the need 
for a base in the UiS. against" 
the day when the- rules there 


may hp relaxed lo permit wider 
operations within and between 
states. 

It may also be indicative of a 
growing trend for the big U.K. 
banks to extend their direct par- 
ticipation in activities abroad. 
There have in the past few 
years been marked differences 
of approach between them with 
some, like Midland Bank, rely- 
ing heavily on joint operations 
and relationships- with orh»?r 
banks and others, particularly 
Lloyds Bank. deliberately 
eschewing any such involve- 
ments and concentrating * on 
building up its own direct re- 
presentation. Even those .most 
committed to the co-operative 
concept, however, are showing 
signs of flexing their own 
muscles, with obvious implica- 
tions for the future of the con- 
sortium relationships they have 
established anti for other forms 
of wider co-operation. 



Your doorway to 
International Finance 

Established in 1 967 to provide medium-term finance 
throughout the world, I.C.B. has since then assisted 
borrowers in some 93 countries. 

Our services include loans at fixed or floating rates, the 
discounting of export paper, project financing and leasing. 

Please call us if you need our help. 

TOTAL ASSETS £487,753,054 
Shareholders 

The Hongkong and Shanghai Banking Corporation 
Commerzbank A. G. Irving Trust Company 

The First National Bank of Chicago Credit Lyonnais 

Banco di Roma International Holding S. A. 

International Commercial Bank Limited 

9-10 Angel Court, Throgmorton Street, London EC2R 7HP 
Telephone 01-606 7222 Telex 88 73 29 Cables lncombank London EC2 



Medium Term Finance 


... : • C&rameraatBarilfing ?: 


Sharehaidersi.iJhron cfe Basques Arab^sai f^afK^mes; . 

. Libyan Arab Foreign Bank: Midland Bank Limited.; ' 






V-.it* 


A number of factors have con- 
tributed to the changes in the 
climate of consortium banking. 
One has been the growth and 
development of the consortia 
them selvas, which have had par- 
ticular importance lor partici- 
pants among the London mer- 
chant hanking community. The 
expansion of the market meant 
thar in a number of cases the 
consortium operation reached a 
size where it began to over- 
shadow the smaller share- 
holders such as the merchant 
banks. 

At the same time, the past 
three or four years — dating 
back to the difficulties of the 
Herstatt crisis in 1974 — have 
seen a growing tendency for the 
consortium banks to diversify 
from strightforward medium- 
term loan business into fee- 
earning advisory activities. 

Tilts has brought them in- 
creasingly into direct competi- 
tion with the merchant banks 
and several banks which had 
come into consortium group-' 
initially to provide expertise 
have been selling off their in- 
terests. Hambros was among 
the first when it sold out of 
Western American Bank 
(Europe) — now further trans- 
formed under -Bank of 
Tokyo control— and Rothschild. 
Barings, Kleinwort Benson and 
Charterhouse -Japbet have 
moved out of . this type of 
operation. 

For the big commercial 
hanks in the UJC and elsewhere, 
the same considerations do not 
apply. But they have for 
rather different reasons also 
been showing signs of moving 
away from the idea of co-opera- 
tion in international business. 
The irend has been most 
obvious among the U.S. banks, 
many of which found advan- 
tages in having help from ex- 
perienced partners when they 
first started to move on lo the 
international scene in a big way 
but with growing experience 
and self-confidence are now re- 
luctant to share the profits with 
other banks and increasingly 
inclined to concentrate on their 
own -wholly-owned interna- 
tional merchant banking activi- 
ties. 

The British banks are in a 
rather different situation. They 
bad. long before the U.S. banks 
moved extensively into the 
international field, a long ex- 
perience of overseas banking, 
but predominantly in retail 
operations such as those of . 
Barclays in South Africa or 
Bank of London and ’ South 
America in Latin America. 
They lagged somewhat behind 
their U.S. rivals In developing 
into the major international 
markets but have in recent 
years built up extensive repre- 
sentation in the leading finan- 
cial centres of the world. 

The results of the changing 
patterns of international bank- 
ing are perhaps most dearly- 
seen in the development of the 
four big European banking 
cl libs. Associated Banks of 
Europe (Abecor). European 
Banks International (Ebic), 


Inter-Alpha and ‘ Euro partners. 
Three of the five London clear- 
ing banks are involved in these. 
Of the two others, Lloyds has 
avoided such relationships while 
National Westminster has taken 
a rather different line, with its 
main partnership in the multi- 
national Orion baoking group. 

The' European clubs have a 
character which is rather differ- 
ent from the normal one-off 
consortium grouping. They 
indude joint operations of this 
kind: but they also incorporate 
a wider form of co-operation 
among their members at various 
levels and a marked ideological 
content. Their origins go back 
to the hopes of rapid develop- 
ment towards monetary and 
economic union within the 
European Community, and ss 
well as providing the members 
with help in competing with 
the big U.S. banks they offered 
the possibility - eventually of 
closer integration perhaps lead- 
ing to- cross-frontier mergers to 
create genuinely European 
banks. 

Quite apart from the more 
general changes in the inter- 
national banking climate, the 
dubs have therefore suffered a 
special setback as a result of 
the failure of the EEC tu make 
any discernible progress to- 
wards monetary union. Their 
hopes of closer integration have 
faded, and though they continue 
to provide members with a plat- 
form for useful co-operation, the 
signs are that their impetus may 
be slackening. 


t Jtan most on correspondent re- 
lationships i. 1 . providing an in- 
ternational service.. Midland has 
until quite recently argued con.- 
sisicntiy that it should rely 
almost entirely on the Ebic con- 
nection for its international dfr 
velopment.- 

These, ideas have been 
reflected in The establishment 
of. a wide range nf* Joint opera- 
tions in I he U.S.— where ihe 
members own European Ameri- 
can, a majnr foreign-owned 


hank— on the Continent, in the 
Far '-East and in London with 
the joint, in ter oat irmal merchant 
bank.- European Banking .Com- 
pany. There has been a general 
understanding. Ino. that the 
.Ebic members should avoid 
trespassing mi each other s 
territory. But this self-denial 
has -been showing signs of 
cracking. Deutsche Bank 
.opened .up in it> own name in 
London, and was? followed by 
Amro; -and the Midland is nnw 


thinking of; openms «*- i 
. Europe in its own natty? w»Jt titei,: 
news recently, for example, Of a. 
its plans [or a subwdwy.. HVi 
Paris. . ■ - 

The pattern of cq^jrcratH* . 
development M«on? U»e U.K . 
banks, therefore, appears to bo 
in the proves* of A -NjWfEpt... 
which may end with les*.- 
rcliaiiL'c on joint , operation*... 
and more direct involvement.:^ 

By Michael Btafflfeh . y 


Situation 


For Williams and Glyn‘s 
Bank, which is the U.K. mem- 
ber of the Inter-Alpha group, 
the situation is perhaps rather 
different than for its substan- 
tially bigger U.K. rivals, since 
the relationship provides a 
vehicle for activities which it 
might not be able to manage 
on its own; though even j.t this 
case there are signs that the 
bank may want to develop more 
direct representation of its own. 

Barclays, which is part of the 
Abecor grouping, is itself a 
major international bank. 
Though it has participated in a 
number of joint ventures such 
as. for example, the Societe 
Financiere Europeenne — the 
Abecor group's main joint off- 
shoot — and the International 
Energy Bank- it has always 
made it dear that its approach 
to international banking would 
be pragmatic. It has built on 
its existing extensive represent- 
ation abroad to develop major 
operations in the U.S.. for 
example, and has shown a 
gen.eral inclination to prefer 
direct involvement in its own 
name and under its own control. 

Midland Bank, which is in 
Ebic, is perhaps the one which 
is most committed to the co- 
operative concept. Ebic itself 
is one of the earliest and most 
committed of the cooperative 
groups with members which, 
like Midland and Amsterdam- 
Rotterdam Bank, hare tended 
in ibe past to be more reliant 


U.S. policy 



OF ALL THE international it was taking over London Multi- 
banks the Americans are national Bank with the full 
probably the least enthusiastic agreement of the other share- 
inembers of the consortia bank- holders — Northern Trust, 
ing community. Over the last Baring Bros, and Credit Suisse, 
year a number of well-known 


banks have disentangled them- 


In October, the shareholders 


selves from consortia and a few of Western American, a bank 
more are undoubtedly looking Wllh a H h r °, r u ’ dn " 

for .way* of pulling out without "° u " c «L d ' h * X J* u ft l £ em “ 
embarrassment. Wells Fargo and Secunty Pacific 

, — were pulling out and Bank of 

This is shghlly surprumS Tokyo and National Bank of 
given that the American banks, oetroft were taking full control, 
and in particular the smaller Fjnallv Merril Lynch w hich had 
regional banks, were some of set up Merril Lynch Brown 
the earliest to sign on when Ship | ev a,,* in 1972 as a 50:50 
ihe consortia banking idea took ventur ^ announced that it was 
off towards the ^ndofthe J®SOs. - er ,aming the bank Merril Lynch 
Banks such as Rothschild Inter- Internationa | and it had raised 
continental. Western American . slake l0 95 percent, 
and London Multinational were 

among the first tu be estab- Altogether around a dozen 
lished and relied heavily nn U.S, banks have pulled out of 
U.S. support. It is symptomatic London-based consortia over the 
of the changing U.S. attitudes past three years. There art* a 
towards consortia that less than number of explanations for this 
ten years after they were exodus. Both the British and 
established the above names American authorities have been 
have disappeared from the taking a closer look at tile rela- 

scene. Rothschild Intercontinen- lionship between ' consortia 

tal was the first to go. In 1975 banks and their shareholders. 
Hs .. European and American and the Bank of England in par 
shareholders decided to pari ticular is keen that share- 
company and luckily found a holders give a full commitment 
hank. American Express, that to stand right behind their Lon- 
wanted to buy RIB, lock, stuck don offspring in good times and 
aud barrel. bad. For American banks, who 

In 1977 the pace accelerated, are more vulnerable to law' 
Brown Harriman and Inter- suits from their own share- 
national Banks, whose share- holders, this could present a 
holders had been chan g i ng problem at some future stage 
places with the regularity of when their commitment to a 
musical chairs since the bank London bank might conflict with 
was set up in 1988, had yet their responsibilities to their 
another reshuffle and two own shareholders. 

French banks. Credit Commcr- Some years ago when the 
rial do France and Banque United Bank of California ran 
Internationale pour l’Afrique into trouble with its Swiss affi- 
Occidentale took control. Pitts- hate, which had been speculat- 
burgh National Bank. First ing • in cocoa futures, the 
National Bank of Minneapolis Californian bank • became em- 
snd Brown Brothers Harriman broiled in shareholder suits. In 
along with a handful of other addition, the U.S. regulatory 
shareholders, including Britain's authorities have been adopting 
Prudential Assurance, decided a far tougher attitude (0 U.S. 
10 opt out. Shortly afterwards hank's participations in consor- 
Chemical Bank announced that tia operations. Just over two 
CONTINUED ON NEXT PAGE 



shareholders . BANQUE EUROPEENNE DE CREDIT 

A'UJitefdartt-'Rottwdgm Sc''?* N.Y 1 Gv.r; Br-3.&9“OOCOQO . 
v : '• SancaiC^mmefaeJeita’-ana'.; .. . • 

Credttai'STa . •• • 

Bar.k Aj3 - BANQUE EUROPEENNE OE CREDIT ... 

V , T-' , Mrili^a&en .U<J eoc-ev.-rooS^J 8- it7_> tLo.e;,-u •- 

'.Senate -■TeieotK^S 604933 ■ 

■Sc: ^iGe-araJeccca-.q^e. ^ e.\ ^46c^254‘ t 1 . • 


* ; * FINANCIAL HK3HUGHT$ {as eapre^ed ir. millions of US dollars) 

- ‘ •' . ' . V -. V "1977*** .1976* ’L • 1375* 

' .. v ' ; \ Ca^a^iriecv-.s . ' 

: : 130 . '20 •• •, IJ’j 

r t ••• • - .... v - 7^etc-cf*0 i.nsv2 i -»-- •. ' • . UT •• • 8 

s * 63S- ’ 1444, -1.29.3 ' 

“ s te-, -iurrv ?-■; c.r.Hirf;?'. creaXiC.'**: ■ ; < ,5 I ^ V ' r.2eS '■ 15o 




i-isir aa^r^-r,; 
7o':4 zi c :-s:c 


■ "79,^ 

y " 130 . !20.:/>.- ; x i(>3- 

'3S. : . ..••"IQ.;. 3 3. 

' .€33 ' 14-44. •1393 

1 .'591 l.2fss 
. - -3i37. ' 269' -.549 

323- ■ . ; 23C-'. 14,7 


■' J.O* 


•’ ^.1? r= . f 


, ' ' ed-ata'VaiebP i.- "*6E32 9.: - .Si ' 

> ’ .' ' - . , _ * ' ^ . _.. .. : 

^ ‘ •• .- : ■; 

& ^ V • . 


-'£7-35.t-2- IJSV- 


'8f 40.3S'*\US.i.; 


-.T. ... . 

• 



>-li 

yiyss :o 

■..»*. .I 1 -. 


: fi . 


Bank (International) 
Limited 


Providing a full range of 

Short, Medium and EongTerm Credits 
Eurocurrency Deposit and Foreign Exchange Dealing 
Underwriting and Distribution of Securities 

A J B is an international consortium bank of leading . v 

Japanese banks and investment banking house. 

Shareholders 

The Sanwa Bank Limited 

The Mitsui Bank Limited . 1 

The Dai-lchi Kangyo Bank Limited . 

The Nomura Securities Co., Ltd. 


29-30 Comhill. London EC3V 3QA 
Telephone: 01-623 5661 Telex: 883661 












U 


Specialists on the increase 


•YHiLE MANY bankers are 
«mmfcng increasingly sceptical 
'bout the usefulness of a stake 
n a general purpose consortia 
>ank. the' concept of the spedai- 
sed consortia bank is now 
liioly established. A glance 
IWHigh the accounts of virtu- 
Hy any major international 
ank will reveal that likely as 
ot the bank will be a part- 
: of one of the IS, or so, 

. penalised consortia banks 
■ ^ased jbt London. . 
r--., Th® growing iaaipertaiice i of 
specialised consortia inani- 
■li^^^sts itself in a number of ways. 

the group of socalled 


50^ 


v-tfwposB"; consortia 
- ^ sowiy declining as 

^v^^jgiarehtildjea's sell out, t-he n ^m. 

consortia Is 
Barclays: pgnte: 
1 ii:. - -rbas takra -over 
/ MgtmaR.^cf Edward Bates 

aSpg^j-^ith a'^ujnbertrf 
• : ^2 1 , 3 l ^ab^^wws : KaB,•. wjwr own the 

i i- ' ^ r# “ th B *®apes>- trahs- 

nnedriir.iixtQ the - Allied Arab 
~y-' pf.- Montreal and 

- ' <VS# ajjuf seturfers Hanover Trust 
-l./V Tv.'Vo: ijust^cwq other major banks 
’ - r y ; " •>.B^eh-;flave ’both taken ' stakes 
'.'" > >A recently formed specialised 

thanks. " 
stiU small in terms 
^^.^‘-baiao^e sbeOt.sjze, .some of: 
^-ii%spodi3lsed . consortia have 
'^nifcdyl^aric: a name for them- 
thd cut-tilroat inter- 


natnonai loan syndication 
market.- the comfrlsatkm of in. 
fluential shareholders and a 
small but higb^Yfcred manage- 
ment team has; given many of 
the -banks a competitive, edge 
and /or some ol them, fee and 
co mm ission income has become 
an important source Of profits. 
Indeed, judged solely in terms 
of profitability' the speeialisecl 
consortia banks haye traded to 
do fas- better than the general 
M run.of-4iie>miU^ consortia 
which were set -up- in the late 
1960s as a way into the Euro- 
Currency markets. Using after- 
tax profits as A percentage of 
average i*s$ets as acru^' mea- 
■ sure of profitability gome of the 
specialised' consortia stand out 
as highly profitable concerns. 
Banked ip. order of profitability, 
iseyen bf the' top ten consortia 
have a specialised brief and the 
top two' hi >fact both have a 
Latin America, bias* (Eulabank 
and Libra)..' As. tise- consortia 
.banks' business Increasingly 
overlain wiah that..'' of. their 
parents the Question of profit- 
ability will become more impor- 
tant. If a.shaieholder can pro- 
vide the. samO; service to custo- 
mers as. Us ibottstMti* 1 affiliate 
fl» noed ior natizttakiiAg ' ties 
with -the affiliate diminish. - 
However, if the consortia: can 
-produce above, "average profits 


it cin then justify its existence 
solely as a trade .investment 
and can fairly ask to be left 
alone and go its own way. It Is 
perhaps no coincidence that the 
consortia banks which have, dis- 
appeared have generally had ben 
low average profitability. 

At the moment there is a con- 
siderable range- between the 
most profitable and the least 
profitable bank. At one extreme 
is Eulabank where the level of 
profitability is pearly double 
that of a shareholder 'such as 
Barclays. At the other extreme 
there is Italian International 
Bank Which lost £&3m. in its 
last financial year. - Perform- 
ances fluctuate widely from year 
to year. ; Tfife. absence of - the 
fees from a lew lucrative lead 
managerships 0 means that a 
s parkfl ng ' p er £6 rmance one. yeatr 
can be: followed by -on -exceed- 
ingly dijilt. one. -the host 1 $HH? 
round. : - " • ; - 


Return 


k r ” ‘ r> • ’ . • " " " < "' 1 

- -4;|! : • US. BANK REPRESENTATION IN LONQON 


j&i £•’ 

■’ •v-. -'V , S: 


■ Mrttat- CMtttUa UU 

Sfu Br^KB tfimk MnW-NTMt • . Sptchlltt- 

»K • • : r ' . 


mm- 




tihank . 


Internes \ 
Enrebra* 

Iran Overseas 


Most consortia banks do. not 
look particularly profitable at 
present when . compared .with 
their parents! The- average after 
tax return on average assets for 
the established .ctfnsortia banks 
ra 0.48 pfer cent. By cbmpazlsdn 
Barclays, Citibank ana -Hill 
Samuel an earn around QJtSS 
per cent on^their assets and 
only seven out pf-the 26 con- 
sortia banks analysed can bet- 
ter that performance. 

Admittedly, some of the banks 
have turned in poor perform- 
ances recently because most <rf 
their assets and profits are de- 


noma nated in depredating .dol- 
lars while their operating costs 
are calculated in appreciating 
pounds. In 1ST 6 movements in 
exchange rates boosted their 
profits substantially, but this 
year it has depresesd them un- 
naturally. Nevertheless, it Is 
still clear that the banks with a 
specialist brief have been find- 
ing it easier to produce good 
results. 

However, the recent history 
of the specialist consortia banks 
-has not been totally trouble- 
free. The concept first started 
to appear in the early part of 
the decade. Initially bankers 
tended to set up banks with a 
specialised set, of shareholders 
drawn from one region. The 
idea was that if the shareholders 
clubbed together they could 
make an Impact in a market 
where they had . little .experience 
and In some cases were nor even 
allowed to operate. The original 
example was . the United Bank 
Of Kuwait — it was established 
in 1986 with the prime aim of 
channelling some of Kuwait's 
surplus oil revenues into the 
fast-growing Euromarkets. To 
some extent it is the forerunner 
of the Saudi International Bank 
which was set up in 1975 by 
the Saudi Arabian Monetary 
Agency and a group of inter- 
national banks led by Morgan 
Guaranty. 

Between 1969 and 1973 
another- six consortia banks 
backed bv specialised groups nf 
shareholders were formed. The 
Scandinavian banks, for ex- 
ample. were not allowed tu 
operate directly in the , Euro- 


markets in the 1960s so- -both 
Scandinavian Bank and Nordic 
Bank were set up originally as 
vehicles to; give their share- 
holders access to the Euro- 
markets. About this time the 
Japanese City banks were start* 
ingT.to move into international 
wholesale banking and the 
Japanese authorities decided to 
herd most of them into con- 
sortia banks to gain experience. 
The Banque Europeenne tie 
Tokyo . had already been estab- 
lished In Paris a couple of years 
earlier as an experiment, and 
the Associated Japanese Bank 
and Japanese International 
Bank were set up in much the 
Same fashion in London, the 
only difference being that the 
big Japanese securities houses 
were • invited to participate. 
Shortly afterwards, a group oC 
Italian banks ser up Italian 
International Bank and finally 
a group of Continental ct»-r>pera. 
five banks headed by Deutsche 
Genossenschaftsbank. formed 
London and Continental 
Bankers. 

While the initial rationale for 
these ventures made sense they 
were oat always terribly success- 
ful, One or two, such as Italian 
International Bank, were badly 
managed, arid wandered off into 
U.K. property lending with dis- 
astrous consequences. It also 
became clear that while a con- 
sortia bank offered economies 
of scale there were disadvant- 
ages to be had in establishing 
an international hank with the 
owners drawn from a- single 
country. If that country found 


it difficult to borrow, as Italy 
and .Japan did for a time in 
the early 1970s. then sure as 
not their consortia banks would 
find it even more difficult Con- 
sequently, when the Euro- 
markets were closed to Japan 
and Italian borrowers, the con- 
sortia banks from these coun- 
tries found themselves shunned. 
Tills period quickly passed but 
it demonstrated the inherent 
weakness nf these types of 
banks. The other weakness is 
that the shareholders have 
grown big enough to do much 
of the business which they had 
initially delegated to their 
affiliate. 

Participants 

Scandinavian banks can nnw 
operate in the Euromarkets 
from a Luxembourg base while 
individual Japanese banks have 
become important participants 
in their own right in the Euro- 
currency market. Some hanks 
such as Scandinavian Bank have 
built up enough business of 
their own so that they are no 
longer reliant on shareholders’ 
largesse and have a life of their 
own. But for snme nf the 
others there must he a question 
mark over their future unless 
their shareholders can find a 
good use for them. 

The second type of specialist 
consortia bank that has 
emerged over the pa<t few wars 
is the one with a particular 
regional bias in >ts business 
brief. But here too. it is hard 
to generalise — banks such as 


UBAF and Saudi International 
Bank have a different mandate 
from banks such as Eurobraz 
and Libra. The former tend to 
draw their shareholders from 

highly liquid countries in the 
Middle East and seek to top 
Europe’s expertise rather than 
its money. By contrast the 
Latin American consortia have 
been set up to tap the inter- 
national credit markets on 
behalf of countries such as 
Brazil . and Mexico which need 
to borrow substantial sums of 
money over the next decade. 

So far they seem to have 
been relatively successful. Inter- 
mex is a good case in point. 
Mexico has ambitious develop- 
ment plans which cannot be 
financed internally, but the 
Banco Naciona) de Mexico 
ilntermcx'b principal share- 
holder) could not hope to raise 
the money on its own in the 
international markets. Pur one 
thing it is nm bin enough and 
for another it is not experienced 
enough. However, by bringing 

in Union Bank nr Switzerland. 
Dai-Ithi Kangyn, Deutsche Bank 
and Bank of. America ds 
minority shareholders it has 
tied irsclf inln an enviable pool 
nf financial muscle *' and 
expertise. 

Inevitably there are dangers 
in a hank specialising to such 
a great extent. If Mexico ran 
into financial difficulties Inter; 
mex would be out of a job and 
the high margin loans that the 
Latin American consortia banks 
are taking on their honks imply 
a higher degree of risks. Giv$o 


the calibre nf their shareholders' 
there is little danger that such 
banks would ever go to the wall . 
—the worst that could happen 
would be that they would go., 
into mothballs and take on no ' 
more business. 

At present the bulk of the 

specialised consortia banks seem 
to be doing fairly well. The 
spate of new bank openings, has 
virtually come to a halt but that 
is sot through lack of enthu- 
siasm for the concept — rather.* 
it is that most international 
banks are now in the consortia 
bank of their choice. So far'- 
only one consortia bank has 
been established in London wrtii - 
a specialist industrial brief — 
the International Energy Bank.-' 
As its name implies it was set * 
up to finance the energy Indus- 
try hut as yet ha* found lew 
imitatnrs. This could be bccau-e " 
of the big U-S. banks which - 
specialise in this field, such a? 
Chase. Citibank and Morgan 
Guaranty, have all built up 
specialist departments of their 
own — ti is far easier to hire- 
specialist siaff than influential 
shareholders. The Germans and : 
the Scandinavians hare well 
established consortia banks ; 
specialising m shipping finamr, - 
in Vienna there are joint von- • 
lure banks for financing EaS’- * 
West trade and in Antwerp - 
there Is even a hank whti-li . 
specilises In diamond tinanems. ; 
But as yet tbe concept of the ’ 
specialised industrial consortia • 
bank instill in Hs infancy. 

• William Hall . 



CONTINUED FROM PRfYlOUS PAGE . .. 

Otaris ago .the Federal Reserve stake.. • 

Trued, a policy, statement on ■ In tbe cast of "Wells Fargo. 

banks' joint ventures wl)ich decided to P u U out of 
•%txad. The gist of .the state- "Western American, it already, 
.^rtivwas'rthat the Fed . wool i bad a ^ London .merchant tyti* 
i closer - loefc. •Jb btit ;lri ti«an1eti t6 widen .its 

, at XJjS- -'hanks’ - plains fo Spread : of - activities by opening 
_ Foreign consortia a full London branch. When 

? Ventures. In con- Western American ran Into dif- 

-£.V£v3erini! applications to take a Acuities' in the. early 1970s. 

- * se f fhe Fed now takes into Wells Fargo had to take , over 
□unt the possibility that the some of its loan porfolio which 
it venture might need addi- adversely affected its own per- 
al financial support and that formance and although Western 
' i support could be Jarger. American is now in a mueh 
n the banks original equity more profitable phase. Weils 
estmeni. The applicant’s Fargo obviously preferred to 
ity to meet any additional operate independently. In' 
lands' put upon II In the form future, if it makes a mistake.; 
•xtTa financial or managerial there will be no one to blame 
port also comes under scru- but itself. 

The Fed stated that its Nowadays there is little com-, 
cy statement was “not in- mercial sensei /or a big U.S. 
ied to prohibit or dis- bank owning a slice of a “run- 
rage” new foreign joint oMhe-mill” Consortia bank. A 
Lures. It wanted only to year ago seven of the fifteen 
uify for all parties <on- largest U.S. banki — all of which! 
i^f^he^jpaxAitiidn of the have assets ^sf ovfer $10bn. — had 
^s^Shvolved/* But U.S. banks stakes in medium-term Eurecur- 
ffle message and many of rency consortia banks. With the 
DEhare been re-evaluaiins disappearance of ' Western 
ifiprulness of their invest- American • and London Multi- 
:t£-in consortia. national the number has drop- 

la. case of Chemical Bank ped to four. Chase has a stake 
London Multinational Bank in Orion. First Chicago and 
s in' idea of the way U-S- Irving Trust own. part -of 
<eis are now thinking. Lon- International Commercial Bank. 
Multinational was a fairly and California’s Crocker Bank 
eijiful and conservatively owns 10 per cent, or United 
consortia bank but it had International Bank. 

. ttear lor some time that While, there is no real reason 
Chemical Bank and Credit why such banks should pull out 
;o? at least, it served little of the consortia as long as they 
jt:purpose and if anything arc aettfiog a reasonable return 
?OU*U a bit' of an obstacle on their investment,- and there 
•Ihemical Bank’s desire to is no: conflict" of imeresi. it 
f 'if: k-mio the international seems reasonably dear that if 
. - if'C- ham banking business. they were given the. choice, to 

;■ a * 1 A ,. . participate to-morrow on a slmf- 

! ‘i& lhe , in s °rt of consortium- hank they 

. i'- 1 rronf^ti would probibly not bother. 

, na^L- 0 8 The consortia banking concept 

ll0 l |l ;®efcfnt H rfha^ * 

tlearl> rclt at a d’s^dvan- terTD Eurocurrency consortia 
^nk of America, for ex- have out jj vet i their usefulness 
e. had bought out ^ big, money centre banks 

2 SSS -vhich have successfully 
hJnt u q developed 'their .own jn-hoUse 

? h l OftS? U ^frt ability .to syndicate aai parties 

» hate been beefing up te j n t ^ e Eurocurrency mar- 

’ ig? d0n 1 ^, rcI, * nt keti. For some of the smaller 

)ig that London Multi- bank obviously still has 

W w to plsykbut for the big- 

inif ?er bankS fte ^ interest Ues 

hjr end Chemjffll Bank - n ^ specialised consortia 

off, to take jt over as a Bank.bf America. Morgan 
made bank and c uara nty^ Manufacturers Han- 

feelf the hother of start- m , er> t0 name but a few. have 
ngn scratch. For Mem! stakes m assort m en t 0 /. 

ighe reasoning was much regional consortia banks.. - The 
a ff* , Ir wanted to control parents can provide the finan- 
uSn hank w'hich would be eja j muse j e w bij e consortia 

f a re ^ ie e , u 0r ”. arness *" !IJ banks can provide' the specialist 
tCnaimnal hanking amblf expertise 
apH sn hqueht out all hut ,«»«* • rf 

• Pfent. of Brown Shipley's VriUiaiH HaU 




Here’s to our 1214 banking partners 
all over the world. 


Recently we celebrated the 40th anniversary of 
f ' ■ Girozehtrale Vienna. 

We'kriow 40 years is nothing to be particulary 
■ proud of. Many fellow institutions were founded 
at least 100 years ago, Some even pride them- 
selves on being centuries old But despite our 
youth we. have become well established in the 
international banking community. We would like 
• • to declare how grateful we are to all 


operation have enabled us to become what we 
are today; a 100 billion Schilling bank. 

We know how reassuring it is to be able to rely 
on friends in London, New York and in : all the 
financial centres of the world 
This is why we think that we ought to tell you and 
all our banking partners all over tile world, there 
is a friend to rely on in Austria, 


Your friend in Austria. 


Girozenuale Vienna, A-1011 Vienna, Scbubertring 5, T61. 72 9 40 . 

pealfcjgiil Securities Jv-r,' VOMACKA, Tel. 72 94 670, Telex 1-3195 ■ Clean payments and checks: Mr. KONIG, TeL 72 94-240 TWex vunfi ■ 
i'p* C v?S?'? ns ' dQC : payments: Mr. GOTTLOB, Tel. 72 94 250. Telex 1-3006 - Foreign exchange dealers: Mr. RAMBERGER Tel 72 Q4 
Telex 1-2911 • lateraancnal financings: Mr. ANTON, Tel. 72.04 750. Telex 7-5445 - New Issues S^dicaiion Dep ■ Mr NOWAK TeL 7 % Q* 634’ 

Telex 1-3915 * Non-recourse financing: Mr. SCHUBERT, Tel. 72 94 329, Telex 745445 ' . 

aWXF.T.-Code: GIBA AT WVV 






Financial Times Wednesday March 22- 19TS 


MULTI-BANK CONSORTIA IV 


up 


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 


m 


■U 


Eurobraz 




•frit 




V?' 

1 0^1 


L'r-'J..:.- yS 

tea# 


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. 

Shareholders:— 

Banco do Brasil S-A. 

Bank of America Group 
The DaHdu Kangyo Bank, 
Limited 

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. 



IRANVEST 

Iran Ov erseas Investment Bank Limited 


Shareholders: 

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; 


Herstatt 
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 
loans. 

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 w.th 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 

CONTINUED ON NEXT PAGE 


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 
shareholding. 

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 
whole. 

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 


THE CONSORTIA BANKS SINCE HERSTATT" 



31 ay 

Nov. 

Nov. 

Nor. 

Nov. 

All VJL 

banks 

Nov. 


1974 

1974 

1973 

19715 

1977 

1977 

T»taf deposiu Sfin. 

12.4 

1H.3 

9.8 

11.7 

13LS 

225.4 

M**iiimn ii*rni luans Shn. 

4.3 

4.7 

4.3 

0.1 

3.7 

52.3 

>b-dium term lnan>: 
of lotiil loans 

33.11 

43.6 

44.4 

42.2 

41.3 

a? -» 

Orju.'iil rn-.fr fur 

medium ti-rm loaiK'i- 

14.7 

in 

3.7 

6.3 

6.15 

26.9 


of London ba*.-pd consortium bank*.. 


EULABANK 

• Extract from Audited Accounts 
for the Third Financial Year ended 30th September 


Share Capital and 
ftetainfari Pmfite 

1977 

£ 

_ 13,138,270 

1976 

r 

10,192.063 

Deposits 

_ 143,983,322 

. G0 S I34,C35 

Cash, citbanlcs, money at 
call and short notice, CD'S 

_ 36,780,316 

15:953,634 

Deposits with banks 

_ 8,601,784 

5.760,056 

Loans 

_ 110^90,052 

79,666,882 

Total Assets _ 

- 160,030,529 

103,668,849 

Profit before Taxation 

- 3,068,057 

1.750,314 

Profit after Taxation 

- 1,526,207 

719.105 


SHAREHOLDERS 


Europe 

AtonDsn* FsrkKaderlisd 'TV, 
AMSTERDAM. 

Eanca Naaanale d=l Lavoro, 

F.OME. 

Banco Genual SA, 

MADRID. 

Banque Bruxelles Lambert SA, 

BRUSSELS. 

Banque Nationals de Paris SA, 

PARE. 

Barclays Bank International Ltd, 

LONDON. 

Bayerischd Hvroibeken- uadlVecasel-Banli 
MUNICH. 

Deutich-Sidankarll'Anizcbe Bank AO, 
HAMBURG. 

Dreadner Bank AO. 

FRANKFURT 

O^teireichisc'ne Landert-ank AG, 

VENNA. 


Latin America . 

Eanca Ser&iSA. 

MEXICO D.F. 

Banco de Cclcnbis, 

. BOGOTA 

Banco del Estado de Chile, 

SANTIAGO. 

Banco de la Nadcn, - - 

LHulA- 

Banco de la Nadon Arg entina , 

BUENOS AIRES. 

Banco delaRepiibb'sa Crasnial del Uroguav, 
MONTEVIDEO. 

Banco del Rduacaa. 

QUITO. 

Banco do BraoilSA, 

BRASILIA. , 

Rarim Innufitf iaj gp V eaeaiflia 
CARACAS 

Banco MercantO de Sao Paulo SA, 

SAO PAULO. 


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?. 


Intemotionol 
Energy Bonk 
Limited 


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 
-1 

V - 


E i'.'“ S'r’-l'd i i*2r;?V.d.’-TJL ■ 


JiajSikfere 


-rii. F.jU.im. 


n i’ •v.c-.y Soi&.i J-; 




• A •* 




* 53 *. 


^Financiai 22 ■. i 97 g 

: MULTI-BANK CONSORTIA 




mast 


m 




Get in touch with NMB. 

The bank that knows the business 
inside out. 

NMB BALANCE SHEET TOTAL 
(in billions of Dutch guilders) 


As at 31-12-1977 
Balance Sheet Total 
Deposits 
Loans 

Risk- Bearing Capital 


(in millions of . 
Dutch guilders) 

27958 

25,740 

15,879 

1,039 








w 








wm 




-.- iX . *, -o; m v 


■ear*- 


v * ! »- t '.‘ 
os-s.*wc. ■ v- 

■■■ 

•"l t&i. ' '*-■ 


i-ia 


These people are attending the signing of fke $lbn loan for Nigeria 
- Landon,jm January 16 this '.year. 


in the Fishmonger’s Hall, City of 


AN! 


sssawSsasa: 

iportance to. ihe -consortium, net in - foreign currenp* the i- , * a ™ s l ”.. tx * on - Although it is not 

nks. The case involves the distinction is eS-Sy W not SSel assels. ■ soggeaed that all this would 

mdon subsidiary of the Marine tween: lqans providing teiupor- arise in one year the amount • 

idland Bank of New York, it- ary financial assistance ' and AI1 borrowers of foreign cur- equals the whole of the 

IF not a consortium bank, and loans which, in efFect. add -to Tenpy - a re . affected by these ta * cuts — immediate and 

is appealing against an Inland the capital" base of the business ru,cs “ consortium banks, mer- conditional — which Mr. Healey 

venue , tax assessment of But. as an Inland Revenue dis- cha ” t baaks - North Sea oil P r °po.sed in the same budget 
.25m. The assessment con- cussion paper issued in October coinpanies ' and ordinary mann- Nothing like this amount of tax 
eras -tax the Revenue is seek- 1976 explained, though the facturi ng businesses. The pres- relates to the banking sector as 
S in the notional profits principle is clear, the answer sure f° r a in the tax •* ' whole. Where does the big 

ising from an increase in the in any particular case turns" on Po^'t'oh built up in the latter difference come from? The 
?rling value of foreign invest- its own facts and in practice. P ar V- - flf 19 75. and during the answer «>noi£jaj, rely .clear but 
ents during recent years when the'borderline is' often difficult' ' ruB ’* ,p: ;‘ w 'the - 1976 budgqL- WO «x. accountants. are. sug- 
c pound has fallen sharply — to draw. '“Some of the chatac- R eeogmsing that there was lai *J®™8 the .North. Sea area -is • 
thout allowing any relief for teristics of borrowing on-'circu- problem, the Chancellor announ- J np P“ ce tnJookat. 

e corresponding notional loss lating capital account can be eed in his budget statement that ■ w nat the .Inland Revenue has 

ising on the translation of discerned from decided tax Revenu e would be m to access the consor- 

■eign currency borrowings cases . — loans for short and e*a™iiing the area j n consults- -f ,um banks on the appreciation, 

0 sterling. indefinite periods, loans taken ^ on w,tb those' most affected to Jh sterling terras, of the value 

Several consortium banks as. occasion requires and repaid see whether “some acceptable of their foreign currency circu- 
ce similar nroblems to those ■«' opportunity permit*. interest scheme for the extension of tax lating assets while ignoring— 
Marine MidlkJd Thlv have cateulatotfon a day to day basis.' ; relief *oukT-be devised." The refusing to give counterbalane- 
*™peratin° ^London partiv- Th « ** to which the money is outcome was -the discussion ing relief in respect of-the 

P“t is a factor to be taken into paper "referred to ear lier-on & equivalent loss the banks, have 

>ord ina ted fore%n currency consideration b-it it is not- to be Pubhshed- ^ ffeped °? JJeir subordinated 

tan . . by. Bn^.u, Venues. W-jKM *•«. A 

ir main shareholders. The -i_ -'V . “ ' ' -'Fafortunateiy.' a. >ear later.- h had 

iks then- -lent this dollar TpPailS^CtlOIl -.in .last . year’s- budget statemenr counsel oninitm^Sli^th^rff 

ney oiit 'in the same eu* ' "Mr. "Heaey ^bad' this to say: K' 0 «W tSwf® 

cy— thereby ensuring that “.As a. general rule, money “The arguments, for genera - t d I ^ 

alcver happened to sterling borrowed only to finance a par- relief for exchange Josses are. Jji d i . thp nni - im , 

ir borrowings and invest- ticular trading transact] on ^ch -finely balanced. There we SJ™ 

nts were matched. Unfortu- .as the purchase of stock is un- major areas where the balance ^ ^ M wevwnrrh 
ely the same is not the" case likely .to feature permanently In of ai^wment would be against Talbot * ’ * 

?n it comes to tax. the capital structure of a busi-, relief; in . these areas there are 

'here is a basic principle in ness; -, by contrast money real problems. in distinguishing • v 

tish tax law and practice borrowed on the security of. .or b^w® ea different cases and in LlHDliltlCS ‘ 

ch rays capital and revenue to finance the purchase of, fixed "orawiag lines between thein- - „ . .. ... 

ns are treated differently. xiapitaLassets is. likelj' to have although the recovery P n P e basis : of these, opinion's •.. 

1 in computing taxable fixed • capital - flavour. Tb e S e 1 .of i stori|^g.h as reduced poten- ™e banks affected haya not 
fits, that" is revenue,' the principles apply "to traders Tial Tosses, the . sums at stake even bothered to set up the di&- 
stian whether a Joss nn generally^ whether, to the bank «re coflsiderable. . I have had to : PUted liabilities in their 

change arising on a foreign which borrows foreign currency - conclude that since this year' acahznts, and such blue-blood .. 
rency loan is an "allowable to ' finance "its business there is an urgent need to con- ^“.^ors as Price 'Waterhouse, 
ucuon is determined by the operations in foreign currency centrate on income tax reliefs, "hmney Murray, Arthur Ahder- 
'ire of the loan and whether or to the manufacturer who I cannot at the same time pro- aen an ^ Thomson McLintock 
j to be properly regarded as does the same.” . i 30 ®** relief for exchange losses ” have not considered Ihe risk 

d or circulating capital. If In addition, under the exist- The scale of the tax which *£° q £ iall if y 

> fixed capital, the loss can- ing Britishltai code Capital would be involved if there was doin® hihvever^ls to 

• include fairly standardised ' 

v statements about the" problem 

/ J - - hi their accounts, some quantify- 

ing the amount of the disputed 

I . liability, others not. This note. 

*1 PrWI Vi I I ’. taken from the 1976 accounts of 

XViOUUt CONTINUED FROM PREVIOUS PAGE v. . UBAF Bank is typical: 

s. T .“The Inland Revenue, are 

- -- - ^ • contending that the increase 

ember 1977 figures, had re- to run off. but- once gone- they re^ajr afl their very short-term over the vear in the sterling 
red only to just over 6 per have, for whatever reason, con- depositors in the event of a run equivalent'on translation of the 

tinned- to be replaced by on -deposits. . A similar run foreign currency assets 'financed 
their specialist area of shorter term deposits. In May takin|:~plaee now would find by foreign currency subordina- 
ium term lending^ v the. 1974. the'. consortium -banks had-^then!i , '- 1 re the position of being ted. loans' is liable to be asses- 
.s’ share of busine^; has'abottt|S640m. '\yorth pf mediumTuaable^to repay 25 per cent, of sed- to tax- and ■ that nc* relief 
n from 18 per ceiit. blafore term 'deposits' oo their books;' "tKeirafiort term deposits. unless should be given for the corres- 
.lait to 11 per cent. now. by November 1975, -this figure they cdiild .attract new deposits pending increase in the sterling 
is despite the fact that, had fallen to $255m. As the to replace the ones being with- equivalent pn translation of the 
mm term lending has be- .table shows:, medium term loans drawn. - (These ratios assume liability in respect of the 
i more important to them remained at almost the- same certificates of deposit to be foreign currency subordinated 
it used to be: from 35 per. level. r - immediately realisable assets.) loans- : This contention will be 

of total loans in May 1974, vjhat '.'n +kj» s„ +w strongly resisted- and accord- 

um term loans reached a P^cifiATl the • I«ely ft has not been considered 

of 46 per. cent, in Have®- r OSlUOIJ - . - . - ■ ... ,? re necessary to include any amount 

1074 Riwi nnwr. medium -P°meW3«g_ .Sliort and lending th «. 'taxafftw, -harp® for the 


R2 


m r^v 

felrf tit 


75- 76 


We will place at your disposal our 
network of 450 branches established 
in ail commercigd centres of Holland. 

NMB Bank, your contact for gold, 
coin, foreign exchange & banknotes, 
.eurodeposits, eurocurrency loans, 

_ domestic_and in ternajional .securities 
operations and all international 
banking services. There are NMB 
representative offices in New York, 
Sao Paulo and Beirut. 

NMB Bank has a full branch office 
. and jointly owns a Trust Company 
and a Finance Contpany in Cura^, 
NetheriandsA^riltes;!^ 

(Schweiz) A.G. is at your service. 

As a member of the Inter-Alpha 
Group of Banks we have joint repre- 
sentative offices in Hong-Kong, Singa- 
pore, Tokyo, Sao Paulo and Teheran. 



BBANK 

NEDERLANDSCHE MIDDENSTANDSBANKN.V 
Eduard van Beimimsiraat 2, Amsterdam. 

For eurodeposits and foreign exchange: telephone: 020-5433184, telex: 14216 nmbanl. 
P° r foreign banknotes, gold and coin: telephone: 020-5433658, telex: 14034 nmbno nl. 
For securities transactions andissufisiidqshone: 020-5432985, telex: 12009 nmb s nl. 








lerstatt 


: ;y, * 


S'-* 




CONTINUED FROM PREVIOUS PAGE 










it used to be: from 35 per. level, 
of total loans in May 1974, 


um term loans reached a PnCltlATl the S' iflgly ft 6as DDt b “ n 1 

of 46 percent, in NQv E m-..-rOSlUOO- • . ... ,? re necessary to include any amount 

1074. Even now, medium The figures inthebottom line Tn«T»r S ''- lending j nrt he taxation charge for the 

lending accounts for over of the table are for -deposits and v!^-.^ -J hi ^T° bab lj year in respect.of any such tax 

er cent, of their lending loans which mature at- any time J? h s ! ory of liability. If the Inland Revenue 


less. W1 “ ***** Ser oxm^ooks^t ^ is , not nec «- were to succeed in establishing 

e effect of the Herstatt the position on the reaUyaong ^tW P: JL ^ffectivSv 2“ H abilitjr 

; on the maturity structure term business-deposits and are effectively additional tomUe for 

e banks* balance sheets was loans which mature after three y p year ended .-December 31, 

iq come through -but has years— the change- is even more it does mean, how- 1976 would be approximately 

!35>'a in the event of *570.000 (1973-«OOJOO). giv- 

» summarised in' the" 14 pircefi. of loais matiiniis . m “"7 marketer.^ mg- a to^habd.ty^faw.roii. 

m line of the table which three jeers nr more later were ^tor to-that associated w.th :mateij f970.000 to date.” 
s fhe extent to which thfr;jsorered by deposits ^whiefr feU banks wth stakes m So there the matter .rests, 

irtium banks attract depO" intb"the same category; by consortium banks may have to Manne-- Midland -has-been 
if over one year’s maturity November- 1974 this ratio had mwninnn a much larger scale oSenA. ^^financi^ assistance ^ by 
ver their loans.of over one fallen to . 11 . per. cenL. and. it. otti^bs^ to fipt thei^e^ 

s maturity. As 'the. table reaohed a low point of 1J. per- This increased risk. The degree 

s. this ratio is very much cent 5n late 397$ and early last oT pismatehiiig itself also raises Everytiung 

a : than it used to be, and year. Last November the ratio, questions about the profimbilily - - ppen ? ' he 

t by comparison with the stood at just over 3 per cent. • of the consortium banks. Given l “ May " 

banks as a while. A ooroflary of this extreme ;the guarantee, they^avT an 

tat the table does not show mtidnag of the matunbes advantage- of flexilrility in fund- Kf tiie d S 

.at the fall in this ratio « the long .end of their bun-. i ng thdr loans which is not open ilrf 
Ted- eiuiraly .as -a result of tiess is mismatong.tiie. omer-tolmanjP.ba^and.which should St. witt KstTiS 
ecline' in; mediinn term way. at the short end. In May *nablfe. them to= make a higher banSne Sd fauS.^ ^ 
sits not a rise in medium 1974 the consortium banjos- had thari" average return on assets SS? b ^ ness “ ni “ 

loans. It took some time enough short term assets to • h* ^ "« - , 

tefJpnast.wyo 11 deposMs. .en.abie^ them_i^..jKfies?iy.. to-i.-—- : — Macy-Campbell - Midbael Lafferfy 


guaranteed 


were to succeed in establishing 


parent the year ended .-December 31, 






Sw major European banks have 
joined forces and now form 
UNICO BANKING GROUP with an 
aggregate balance sheet total of some 
y' 1 J^^OObillion. 

The group with the wide-spread base. 

UNICO BANKING GROUP 

1 comprises some 36.000 offices and 
branches, the densest network of 
banking outlets in Western Europe. 

This web of offices nol only 
allows for speedy execution of 
: tvpes of banking activities but also 

. ' istiab les other extensive services 
-‘■ such as new business contacts and 
. ■ detailed information especially 
about local and regional business 
and investment opportunities. 

. In addition, business elsewhere 
- In the world is supported by branches; 

subsidiaries and affiliated banks in 
■ Eondon, Luxemburg. Zurich, 

New York, the Cayman Islands and 
- -.Hong-Kong. '— - 

The group with a wide variety of activities. 

/ ; Through its members, their sub- 
sidiaries and affiliated companies 
UNICO BANKING GROUP provides 
• for the possibilities to raise funds in 
various currencies and maturities fbr 
corporate finance, foreign trade 
- finance, prefect finance and inter- 
natipnal loan transactions among 
other services. . -* ■ • 


UNICO BANKING GROUP 

. . Partjdnatmg banks: 


Cawej^tK^^c^it^icole (France) ^ V • ■ , 

D® ^^^^^^^noGcnofisensdtaAsfosnlc (West Gennaiw) C > ' • J ¥ ; • - 

OKOBANK Qsvw^ankkien K^skuspankki Ov ( Finland) v*>; Y "*':v , 




* Feel free to get in touch with . 
UNICO BANKING G ROUP by simply 
contacting either one of the partner 
banks listed below or the Standing 
^.Secieteriat in Amsterdam, 

Mat 604 KeizersgrachL Telephone 
m* (20) 222252, telex 1541Z 





3S 


financial. Times .Wednesday , 


STOCK EXCHANGE REPORT 


•••■ , t 

\ 




Equity markets make useful progress on small buying 

Share index improves 7.7 to 466.3— Golds unsettled again 

Z' Account Dealing Dates coupon longs by g. Shorter maturt- I32}p, and tfarchwfef 4 to 25Sp. at ltffip and John Broun were 4 best of thotfaf . . Unilever led the and British Petroleum edged. Up 

v Option ties moved .narrowly throughout Press mention lifted Wiggins to the ”00d at 2Sfo> GK.\ also advance with' a rise of 12 to 496p, S more to 782p, Royal Dutch 

I: * First Declara- Last Account and regained marginal losses of Construction 3 to a new 1977-7S m ? to oo*. n .ihiteire whi1 ^ Beecbam ended with an advanced 1* further to £45} on 

DeaJJnes fionT Dealing Day V. in Lhe after-hours' trading, peak of 27p and J. Smart Ormed P u t 0 " 4 ^ d ( esp:te publicity improvement of u at 633p. Glaxo: dollar premium influences. North 

Mop if Mar in Mar ii Anrii Corporations turned reactionary a penny more to 46p for a similar ? ,ven fl ® coh:Er « adverse cireu- p uj . 0n g -to 533p and Rank Organ- Sea hopefuls encountered support 

Vt»p t Awn Aor id Anr« and a similar pattern was traced reason. Crouch Group rose 3 10 la /- Elsewhere., buying m front nation were 6 to the good at 254p. awaiting the announcement ofa 

by Southern Rhodesian bonds, 71p on news that Teape White to-days, preliminary figures Following the annual report, new series of offshore oil explore'' 
. Apr. A.pr.3! Apr. -a may iu ^jeh lost two points in places: Property! had acquired a stake in helped Mottos gain B to llOp and Turner and NewaD closed 5 dearer tion licences. Trlceotrol advanced 
'J • " Hew time " dealings may take place 2i per cent. 1965-79 Issue the cotnpany. Matthew Hail were raised 3 to at lS7p. Similar rises were seen 6 to 162p, whUe Ultramar were 

,jnm 9 jo a.m. twe hajmeu days carftor. c i osei j {hat much down at £58. - In Chemicals, TCT improved S 177p or details of latest contract in PiOdngton Sms. 470p, and similarly better at 232p and -GQ 


Z The underlying firmness of rw«;n 

m.rbdtc whirh upenm 


equity Stock markets, which had sJ£Kent current barker were cloEed's up at 120 p. after 121 p. response to higher annual earn- JnlornatiOhaJ failed to hold the overseas Traders had contrasf- 
.been apparent on Monday but SS owS^mSnTv to took* Leading Stores made progress mgs and Amalgamated Power, at day's peak,*- dosing 3 better at j„g in T &^Ser/To- 

-was unable to emerge dearly ;<ni f ™,^; y t ©ehnUsa 4 on hopes Uim any tax concessions 117 p, edged forward a penny on U 4 p; after Hap. ElMW'here, follow’- cb ^a per a i # 1077-78 lowof- 33 p 

|ng the a I tartn«_M‘lataL deat on the interim dividend omisshrt. 
mgs were . resumed in Thomas 


the to 358p. and Albright and Wilson award. Gartoxt added 4 to 87p in Reckitt and Gilman, 4l2p. Reed. Exploration 4 dearer at 2l6p. 


.-was unaoie to emerge cieany -vry 

because of the paucity of business. A 


only «IM « -M ttvttJfifltoSSS 
The distinct turn for the belter 

..was attributed to Budget ccnf . Yesterdav’s SE conver- 
I- optimism. while the lower pound factor „ Q &m (0.70071. 
drew attention to companies with ^ monfi . Foreign Bonds, Hungarian 
* frnrrfT 71 per cent. 1924 Assented rose 7 

2°““ Po* n « s to 152 on a small demand 

Felt ffSSS in lhc absen « ° f 

stree“cr r S7n S HK & Shanghai up again 

pleaders were es rend ed by a few still reflecting its proposed 
-pence or so in the late dealings, move to acquire a major stake in 
’The further improvement being Marine Midland, the 12th largest 
'helped by a favourable market jj.s. commercial bank, Hong Kong 
interpretation or the Govern- aDt | shanghai rose 8 more to 28ap. 
meat's White Paper on the future other foreign issues made 
use of revenues from North Sea p^^ss helped by investment 
nil and news of the «ase-fire in curre ncy influences. Deutsche 
the Middle East. Lp o.4 at 3 p.m., ga j ne d 24 .points to £113J and 
the FT .10-share ,n dex further Algemenc- put on 11 points to £119. 
improved to close at l be days co m pagnic Ban cal rc, again niir- 
besi with a rise of >.< at 446 J. rowing the strength of the Paris 


(230\ 


220 } — 


21 Ol — 


2001 — 


190 b— 


180 




F.T.- ACTUARIES 

ALL -SHARE IN 


1977 


1978 , 


JUL AUG SEP OCT ' NOV DEC JAN . . FEB MAR 


FINANCIAL TIMES STOCK INDICES 


Owwituani Skua—. . 


'jliir. 'Alar. - Afar 
31 ‘ . sa 'it 


Mar. •. Mat- „ &*• 


i* 


14 


1S» 




7B.S6 




75.57 75.bS: '-Wfif 

78.20- 78.85; 78J9, 

«58.6,' 457-a; 4MJ; ' *, . . ' ’ 

141. 9 ! 148.61 lB8.8;.;i81:t; :l«» 

3,B8i 5.81! .W 


yufldlnterpJ... 78.83 
fndurtrtol Ordinary^.! 454.5 
BuU Mind* — 

IT*- ^ 

: ^5 

■ —» m *» » i ml. ■ 

. 2 p m. 3 p.BL 

-• l^«l l«i« ca^A, »»■ \ V1| ; 'V/V: 

- Band an K *?**£"“ if'itt. fiWtf 

-- ’ im Uovu Secs. UMO-U*- rnvd IBt.-. iK a- _ . ■ - r.* ^ ***"*, 

MUlmfliS'K. SB AvtlsUy JuU-Drc. l 94 i. -- . — 1 * : -. 

HIGHS AND LOWS S-E.'ACn\at!ly 

' : ■ Cd cnjalathiB - 

' * _ 1 HlfibJ-W j H igh j - Lei* : 





Wudec-; t ] $s I ssm t 

„ . at arl 60.49 1 150.4 j eau dpewtuire*,- 

SW I at,— j 8L2T | eu^ jj <liWr J Tany.-c-g 1S0A f 


Cold Mines. 


557.6 j 649.8 ■ 49.4 




fW» 

174.5 

OBflO) 


offilSdawi^ i88J> ! 1! 



95.1 | 442.3 i 43.8 .\ Upeentatlw.; _ 

,\a J t2!a-75Uf2rtil0fn> : Total-.-..-.-: 2 ISA] ^144*,I 




v-ii , .. w , an dloss, and S. and W. BfrisTurt, 

7 ^ good- at 217p. reflecting 

^ 40 P' t ^ r o . 4 ^ 5 ’ JJJJ -1 *? ^ renewed invesment demand. .1 
thP susoensicn price of 3op. Apart from' First 'Guernsey ' 

Trebled first-half earning helped Securities. 5 higher at 23p lu res-. 

Talbex improve 14. to 244p. while j) 0Dae to net -asset value and scrip 
Cope Allraann ended a penny proposals, the gains in In* 
dearer at 56p. after 53p, in reply vestment Trusts were limited tb - 
tO the interim rwidT^ Thomas aTOUnd 3 as ^ Gty ^ Fordgu . 

Titfinp unproved 2 to l08p in front investment, at 5Sp- Overseas 
of to-day's annual figures. Aaron- j^es had Jardiue Securities 34-.‘. 
son added 4 at 61 p at did J. Biliiim harder at 96ip International 
lo «n and Janies IVarren finned pa cific Securities 4 higher a£l50j>- 

a Lo B7p. *. S. Pearson vare notably fina at „ . , . . Amcrican aavetoS 

■Motors and ‘ Distributors i92p. up e. ih otherwise Um^*lo*ses stiU predomlnattd. Among - ISaj 

aitraeied a better business than of. changed Financial v - v the heav^wtughts West Pnefonteln Unton Ob 

late and closed wfth widespread Shippings once again closed dropped more 

gains. Rolls-Royce, at 81p. with little alteration following 4. State Geduld and Western HoW- Fmanclate retuedm «»ar ? 
recouped the previous day’s loss light trade. -logs both receded i to £14J and m line with UA-^equxtw 

of 2 which followed vague talk of Textiles had occasionals firm £10 J respectively. Hartebeest were Tint^Ztoc. put on ^3_ to -Mfe 
an imminent rights issue, while spot. Tootal closed 1} up at 48pi 55 -off at B33p. Bear closing pro- Charter - to J-ip ana WW 

small buying In a thin market while Couriaulds, 115p, and- 'duced a recovery in the marginal a peony to lisp, 

raised Group- Lotus 6 to 47p. Sirdar, 55p, put on 3 apiece. In West Rand Consolidated, which - The substantia! fall in the 4Mb 

Lucas Indnstrics. which report Tobaccos, Imps dosed fractionally closed Si better at 87p. market platinum price prompted ... 

interim figures on March 30. rose cheaper at 79p after -the chair--' 0e Beers continued to attract losses in Platinums with Rttrten* 

S io 270p. Substantially increased man’s annual review. • mo st of the attention in South burg 3 off at S4p aiid T" ' 



small increase ^m^markings .Jo and Bank^of Scoltond « to and’Ciwsfai' A were”"6 higher at 63p' wii”the“new To' per "cent' 


.1^73 mainly 


demand brought an improvement the bid from TongaaL 


« ..v.v MW .„. __ „ _ 7 higher at 333p. 

2Slp. Hire Purchases moved ossn "while Marks and"" Spencer Preference "^Issued *hv ""wav” of of 5} to 103pin Heron, while Lex Loudon Sumatra returned to.-- Otherwise in South 

sr 4 JS^ , 8a"&SSS ssfir- 5-? 5M- ^^SiS’Ah.dS-a 4 SSSTToJSSg %ss£?£S?S%»& SStSShS’Sfi'SJSS® 


lians. atlhough turnover waxhtT 
Africans low level. - -Tjr- 


‘*t^ents in S°^rS were‘ n a Fina ’ nce « 97 P- Md'UDT. 41p. " ^el7. DebSha^T added' f~it “ wiil'lton'-M^rtbon highlighted ° r continued fiimly. rising estates and the profits forecast 

statements. »oue aiores were a ... « e_ui. * ,r. i;tn , — s - ^v: .V 9. mnn» to <53n on further eon- contained m the camoanvs fop. 


lively were seen 


Wagon better at I50p and 180 respec- iln-Lshinu at 103p. 


seen in Allied, Pip, and Scottish 


oarTTCularly sood sector on hopes Insurances improved with the 104p as did W. H. Smith A to 153p. Foods, jumping 19j lo °20Sp on 2 .;, mo ^ t0 

of a fillip ^roiu any possible tax general trend. Sun All ianee -rose Elsewhere, mail-order concerns newa 0 f th e . sharply increased sideration of the recent results. ** .gffL°cA ^ McLeod 

cuts in next month's Budget. The 10 to .VWp and Guardian Royal gamed ground with improvements earnings and capital proposals. Enthusiasm for selected North «ussei,aipei i»a diu. 

FT-Actuaries indeirfor the sector Exchange gained 6 to 230p. while of 4 seen in Empire. 143p. Free- other Food .Retailers moved Sea oil-orientated Newspapers (Jolds easier asaill 

rose 2.3 per cenL to 3S2^S. . Commercial Union added 4 at "“"t 1 28Sn , an , d Grat i? 11 ' higher in sympathy. Kn-ik Save waned on firet sight of the Gov- *. trtha _ 

Gold shares remained un- I55p. Among Brokers. C T. Wallis attracted support at oSp, Discount rose 3!' to 7Sp. while ernment’s White Paper and Tbe further rise in. the in\'«t-. 

settled still on fears of U-S. Bowrlng improved 4 to 120p in up 8. and James Walker revived Hillards finished 8 better at lflSp Thomson, up to 21 Op before the men t currency premium tended 

Treasurv bullion sales, but re- rrom of to-day’s preliminary p V,th cv. Rain w f 3 and Dairies 30 higher n * w fi c sett, ^ d . 1 s h i; h n r ? n 

fleeting investment currency pre- results, but C E. Heath declined firm Shoes W. and E. Tun,e J P”* at 238 p. J. Sains bury unproved 4 at 20fip. p ndy Mail A touched Golds hut tbe Gold KLnes index 

mium influences final quotations 5 to 265p on adverse comment. ? n 5 t0 , 34 P. !" reap° n se to | the j0 1B j p Elsewhere. Rowntree 2R°P j ,neH S_ f f ,er ^. r , e c !* ,sm " a °' S i 

were no -worse than mixed. The Breweries closed at the best ‘"creased dividend and huher ^jickhitosh responded to Press altered at 2«Sp. El*!e\vhere. Mills bringing the cumulative reaction 

Gold Mines index eased 0.6 more whlfread A huSeMd 2 to 87p P roSts - comment with a rise or 10 io 300p. and Allen were sought after once over the past five trading days to 

to 141.3. followin'’ Press commenL whHe United Scientific figured pro- while revived speculative interest more with fresh speculative sup- 2o.O. as the bullion price weakened 

Sins of ■ rimiS StSre were minently in Electricals, jumping lifted Robertson Foods 6 to 137p. P°rt pushing them up ro a fresh SZio mora to *177573 per ounce, 

gams or a simitar naturej^re ™ , n ° market on Bluebird Confectionery, however, t»ak or lOTp before closing 9 Influendng the continued weak- 

imminent eased 3 to 133p on further con- better on balance at 196p. ness of the metal price was the 

Wisrall at sideration or the interim stale- Watmouglis hardened 2 to 79p in strength of the dollar owing to 

tho nroiriniiB moot reply to me results but. higher, anticipations o£ another support 

a? &■ ssrjgssrr E s sw rc.s» 

Swn d Mr* #n pS *fer l North ¥ lri, *3V 1 J sh ^ 0 ea ™^ ^ j^du? tc^Sre m !ri07p P ^dbrote m mo t ved d up a 5 C to ^LMdmc 41P Propertios traded “cjld^h^were againmarked 

MMieSt e of C tlw WhUe^pIpef. rmSeL Macrilan Glenlhret rose hardened 2 further to S2p on lS4p. higher" A PC* nte *T to SST reflertbt? the °d£$ 

however, tended to lessen worries 23 to 300p. further consideration of the ... i pai J ™ 4!^. IMP and J^ind Securities were 3 both bullion and shares in over- 

of its expansionary aspect and Contracting and Construction interim report. .Among the 1U1M,. ittduerb DTIU dearer at 217p. while English Pro- night U.S. markets. As the metal 

late in the evening a harder ten- issues made a firm showing fol- leaders. Plessey bnisned J up at . Although the volume of business petty improved marginally to 39p. price opened above the closing 

denev was developing again, lowing the Department or the JWP; JjWle guns or 4 were seen ^jn j e ft much to be desired. Small gains were often seen in UJS. indications, however, “cheap” 

Business overall remained thin Environment’s report of a modest ,n GEu 250p. and Thorn biec- miscellaneous Industrial leaders secondary issues where Berkeley buying and bear closing- produced 

but the lower interest rate on upturn of new orders for the tricaL 352p. scored useful gains. Late pub- Hambro finned 3 to 102p. scattered gains but these - were 

this week's batch of Local industrv. Richard Costain. 258p, Tubes, 8 higher at 37Sp m front location -of the Government's Fresh sporadic demand pushed pared, in most cases, towards the 

Authority yearling bonds and Taylor Woodrow. 370p. of to-day’s annual results, stood White Paper on North Sea oil the Oil leaders to higher levels, close. 

encouraged a light buving interest improved S and 10 respectively, out among firm Engineering revenue prompted a late mark-up Helped by currency considera- In the after hoars trade modest 

which had raised selected high- while John Lain? A added Sj to leaders- Hawker ended G better which helped ’ prices close at the lions, SheH moved up 14 to 52flp U.S. support was reported but 


Funds still quiet .... lt f 

!SM?i.ss rt JS , 5 % s,‘L:; .e 

had been achieved gradually dur- U P ^ . made pro . ?■ . .. j^5 nn . ..4.i- 


NEW HIGHS AND LOWS FOR 1977/78 

m2? ^ - • 

ntoineci now HipM and Lovw for 1977-7*. Quick iH, *4.1 Western Motor. 

RevnoMa iW. * ' fA9Va - 

F erry Pfcfcerluo Mills & AIlw.- InlLj. . 
IPC oalWv a.Matfwr-r- , 

PROPERTY fl) 

^'""^Wii. . •' 

Turner (W. & 
carry 

Atlanta Salt I more . Seottuh A Cor* ml., 
citv a Foralan . su«w*u luroowD- 
Glendcvan rnv. W. Com 4 Texas • . 
GoxeM-Surooean Pnrtamil-Scouti 
tut. Paahr Secs. ‘ Sum Finance - 
OVERSEAS TltAOUS. <t> - 

Jacks iWm,l > • 

minus <4) 

Anaio-fndoocilan " KaaM Kcmhb 
H iohlands Plantation HoMlegs 


NEW HIGHS (77) 

FOREIGN BONDS tl) 
LHunsarian 7i-pc 1924 

AMERICANS 131 

Am. Medical Inti. Zapata Corn. 
Reliance CANADIANS Cl) 

BWC#n BANKS 15) ^ 

Alscmeoc Dcutrcite Bank 

Allied Insn Cto. Bancaire 

Commerzbank BEERS n, .- 
Young Co. Brew. A 

BUILDINGS 151 

Fed. Land Bido. Wblctingham iW.i 

Mevwood Williams Win in Constrain. 
Rovco 

CINEMAS IX) _ 

HTV N-V SctwUsh TV A 

STORES 151 - 

Ellis A Goldstein Ramar Textile* 

MFl Furniture Vernpn Fashion 

Pawson |W. L.t- - 

ELECTRICALS CD 

Pressac 

ENGINEERING (S) 

Alcan 9 pc Conn. M.L. Hold I nos 

Oiemring Tompkins iF. H.i 

Jonks & Cartel I United. EnolneeriBfl 

FOODS (1) 

Clifford's Dairies A 

INDUSTRIALS 091 


AG8 Research 
8111am iJ.) 

Canton Profile „• 
Christies intL 
Dawson < j.i 
First Castle 
G.R. iHoldmgsl 
Hewitt tJ.)- 
Hutch Wh*mp 
Lindsay a WUIIams 


M.Y. Dart . - 
. Mas hall Under A 
Peptas 
Sccurlcor 

DO. A N-V 
Security. Services 
Do. A N-V 
Satneby P. B. 
Talbox 


NEW XiOWS (1) 

OVERSEAS TRADERS O) 

Sanger U . E.^ t ... 

rises. And falls. 

YESTERDAY 


British Pends ...... .... 

Carpus., -Dam.. . 
Foreign . Roods 

ladnotrlats 

Financial and Pivp. 

OKs 

Ptantattam 

Mines ■ ■H>li l|ll iiMa«Mii 

Recent Issims 

Totals 


Up Down Sum* 

. 2 

10 

u 

9 

U 

as - 

sm 

u 

M 

2A 

23 

210 

It 

3 

u 

10 

-J 

a 

m 

a 

45 ‘ 

4 

1 

a 

921 

1* ua 


COMPANY NOTICES 


ELANDSRAND GOLD MINING COMPANY UMITED 

■ Incorporated in the Republic ol South Africa} 

' NOTICE OF GENERAL MEETING 

NOTICE IS HEREBY GIVEN that a general meeting ol members ol Elandsrand 
Go<d Mining company Limitei will be held ai 44 Main Street, Johannesburg- on 
Thursday. Aorll 27 197B. at 11h45 or immeolatelr following the termination Ot the 
-annual general meeting at the company convened lor Ut>25. whichever is the later. 

(nr -U m fonowmg^muruwct. ^ ht. to oass. with or without modlhcatlon. the 

following resolatlon a% a special resolution: .... 

■ That the authorised capital or the company be and it is hereby increased 
irr-n RiiOOOOUO, divided into 55 000 000 snares of 20 cents each, to 
R1 6 000 000. divided into 80 000 00D shares ol 20 cents each, by the 
cnt-tion gl 25 000 00C shares ol 20 cents card, which shares shall, upon 
issue, rank p-iri Aassn wli-i the existing shares o* the company.' 

X. To consider and. II deemer- ht. to pass, with or without modlhcatlon. the 
following resolution as an ordinary resolution; 

' That. su> i*,t to thn passing and registration ol the special resolution 
increasing the caoila ol rhe ':mnanv from Rf 1000 000 to RIG 000 000. 
lhc directors be and they are hcroby authorised 

(li To allot and issue all or any oortlo - ol the 29 677 175 ■ unissued 
shares ol a nominal value ol 20 cents each in the capital of the 
como-ny at such time or times, to Mich person or persons, company or 
com-unlri. and upon such terms- and conditions as they tnav detemloc. 
the aloresald autnoriiv to remain In lone until the nett annual genorar 
me-.lnp o' the .-am winy: 


N.V. ENGEL5CH-HOLLANOSCHE 
BELEGGINGS TRUST 
cEngiisit and Dnbch Investment Trust) 
established In Amsterdam 


5% FIRST CUMULATIVE PREFERENCE 
SHARES 

SECOND PREFERENCE SHARES 
ORDINARY SHARES 


NOTICE IS HEREBY- GIVEN ljur PAY 
MENT oi the lollowlng DIVIDENDS having 
been duly authorised, the relative coupons 
may be a resen led nt the Offices of Hollands* 
Kooomansbank N.V.. Sarohatistraat 14a 
Amsterdam, for PAYMENT on or alter 
April 3rd 197G 

5 oer cent. First Cumulative Pnjtcrence 
Shares' Coupon, No. 9fl due April 3rd 
1979 at the rate ot F1s-2S'. 

5 oer tent. Second Preference Shares 
Coupon No. 98 due April 3rd 1978 
_ at the rate ot FIs. 25. 

Ordinary Shares: 

Coupon No. 28 at the rate ol 
FtsJ4.Q0O 
25 1 :, Dutch Dividend Tax will be de- 


.. . ...... .... . .ducted. Residents of .the United Kingdom 

fli> to make arranjements on such terms' and conditions as they may deem ! and other countries with which t he Ne thor- 
bt tor the subscriMlon by underwriters of- I conc'udcda Tax agreemen t, ye 

'■»* anc shares ottered bv way ol rights issue but not taken up by the | l S l X\i5i£i!5£ 

persons entitled thereto; and - lrec w Barlhr fTCC 

■b> any shares resulting irom the consolidation at any fractional entitle- ! rnnann ^ Ih . imiw v;„». 

monrs m resnect Of any shares issued in pursuance of a rights issue. • 'H* 

pravlded that any rights (o such shares which can be sold m ml-paid . JJSicu- s--d > D^nasltaHMana IccmnuniMf ny 
form on tnc Johannesburg andior London stock exchanges during „V^SUirde^to?jilftin? 

WO period which they arc ouoted or such stock exchanges may bo [ “li™ the ragulailmi Id lora fiFSa 
sold by me unorrwnters and me net oioceogs of any safe ol such I Netherlands ™ n "" 

rights shall be paid to the company.' „ 

Th* reason lor proposing the above ^icciai resolution is given in the rcoort OT ' Jracr 

ol the direnars. and the effect ot the resolution Is apparent from the resolution. HDlLiurKF tnnauiMuiMr si 

A member entitled to atterd and vme at the meeting may aopofnl one or more I - KOOPMAN5BANK N.V. 

Proxies to attend, soeifc and. an a noil, *ora m ms sfead. a oroxv need not be ,«? ?*H8P¥£, 
a memner ct the .ampany. i AMSTERDAM. 

The head office and United Kingdom transfer register and registers ol members ; a'Si. iS7B. 

of the company will be rlosen from April 21 ra 27 1978. both days Inclusive. 

. _ _ ■ 8v Order of the Board 

ANGLO AMERICAN CORPORATION OF EOUTH AFRICA LIMITED 
, Secretaries 

__ P*r C. R. Bull. Divisional Secretary 

"M'HCr cd pfhce- • London Office: 

aa MjiK Slrcct. 40 Holbora Viaduct 

Johannesburg .'001, EC IP 1AJ. 

Postal Address: [ 

P.O. Box EISS7 i 

Marsnalltgwn 2107. March 21. 1978. 


N.V. CNfaEL5CH-HOLLAND5CHE 
w BEUGGING5 TRUST 
(English and Dutch Investment Trust) 
established in Amsterdam 


PARTICIPATION CERTIFICATES 
rissuod bv Roval Exchange Assurance) 


ANGLO AMERICAN CORPORATION GROUP 
TRANSVAAL GOLD MINING COMPANIES 
CLOSING OF TRANSFER REGISTERS 

NOTICE IS HEREBY GIVEN that the registers of the below mentioned 
comcanlK will be closed lor lhe purpose ol Annual General Meetinqs to be held 
a; aa. Main Slices. Johannesburg on Thursdiv. 27th Aonl, 1978. .during the 
Period 21st to 27th April, 1978 both days Inclusive. 


Name of Company 

(Each of which Is incorporated in the 
Republic gf Soutn Africa) 


Time oi 
Meeting 


5ouihvaai Holdings Limited 10.00 a.re. 

Vaaf Reels Exploration and Mining company Limited 10. 2S a.m. 

Western Deco Lciels Limited 10.50 a.m. 

Elandsrand Gold M,nlng Company Limited 11.25 a.m. 

East Dangafontcm Minn Limited 12.00 noon 

The South African Land and Exploration Company Limited 1Z.Z5 n.m. 


Holders oi Share warrants to bearer who are desirous or attending in 
person or bv proxy or ot voting at any general meeting must comply with the 
regulations ol the company under which share warrants to nearer are Issued. 

A member entitled to attend and vote at tie meeting may appoint a proxy 
10 attend sniuk and. on a ootl. vole In his stead A proxy need not be a 
member ol the company. 

By order ol the Beards 
ANGLO AMERICAN CORPORATION OF SOUTh" AFRICA UMITED 

London Secretaries 

London omce J - C ' Grccnsm.U, 

40 Hglbarn Viaduct. 

CCIP tAJ. 

22nd March. 1978. 


TATE A LYLE LIMITED 


NOTICE To HOLDERS OF BEARER 
SHARE WARRANTS 


NOTICE IS HEREBY GIVEN to holders Ol 


c • rnvF-X NATIONAL PACIFIC 
SECURITIES COMPANY LIMITED 


ANNOUNCEMENT 
SCRIP DIVIDEND 
International 


- h i9 T ' CE 'S HEREBY GIVEN that a gross 
• r,!' . ?. n :IM> . Participation Certificates ol 

. FIS.4.2S rtour Borins twenty- five cents! wHI 
i 5* A* rabfe in Sterling on or after 3rd 
Aorll .970 attains: presentation of coupon 
\ no. ZB. 

The dividend will be payable ai follows. 
; subject to t be provision of me appropriate 
; Netherlands Tax affidavit where necessary: 

to Certificate Holders who are subject 
; to United Kingdom Income Tax. less IS 
Per cent Netherlands Withholding Tax. 
| and United Kingdom Income Tax at 19 
oor cent, on the gross dividend, 
to residents ol other countries with 
i which the Netherlands have- concluded 
I tax aoreemenrs under deduction ol 15 
, per cent. Netherlands Withholding Tax. 
Lt residents at alt oilier countries, less 
25 oer cent. Netherlands Withholding 
Tax. 

; CertiBene Holders resident outside the 
United Kingdom will receive payment lest 
United Kingdom Income Tax at the rate ol 
. 3* Pffr ten*, pn ihe net amount unless lhc 
. ctwoon* are accomoanled bv a United 
i Kingdom Affidavit of non-resldenc*. The 
| aforementioned rates of ta* anpfv only in 
respect of cannons presented for Bavmeol 
- uo to and Including 30lb Sentmber 197B. 

ThnrexfW Netherlands Withho'dlno Tax 
I will he degocled at the.rate of 25 per cent 
land rtf* United Kingdom Income Tar whore 
! applicable, at the rate of SA per cent, from 
. the net Sterling amount. 

' For the oeried of 3rd April T97B to 
: 30iii seoremhor tg7B aw dividend win he 
I paid In Sterling at the rate of exchange 
. ruling on Hie day of presentation of thd 
causers. Cnuoons presented thereafter wfli 
' be- paid In Swllnq at -the rate of exchange 
: ruling on thr 2nd of Ottobr 197B. 

To obtain payment, coudopi no.' SB must 
. be pm voted bv Authorised Depositaries at 
i me o"ire fl f him Samuel and Co Llmhe*. 
4 5 Beech Street. London EC2.f 2LX 
> Couoons most be listed In duoucal* •* 
i numerical nrdor «n soaelil lormc obtam- 
(ahte tram Hill Samual & Co. limited, and 
most be left three clear davs tor examina- 
tion. 

Coupons will not be accented through the 

ROYAL EXCHANGE ASSURANCE 
Roval Err tun Be. 

London EC3. 


Paclffc Securities Com- 


Hear-r Warrants fqr ORDINARY 5TOCK , pany Limited atatco in Its letter lo ih are- 
al me Company that a hrui (i.vigend of i holder: dated 20ih February. T97B that 
a 00 p net in respect of the «ear ended ! the basis of allotment of now sham in 
30th September 1977 together with an respect of the scrip dividend would be 
interim dividend Ot 3-tOp wt on account [ announced on som March. 197B. 


RAN50ME5 SIMS & JEFFCRIE5. LIMITED 


NOTICE IS HEREBY GIVEN that the 
THAN5FER REGISTER tor tnc ordinary 

Ot“tne year”endino 3tnii , 'ScotoiTi’bcr l«S [ The !■«’ Mail nricc lor the [ i/arSh. >978 to April? 1978. both 

will be naid «n one amoum on or Ai^iW^W.Of «W Comwiiy gf tho Hong Kong ttfares inclusive, tar the orcoxrallon qf 
4th April 1970 to holders ol lw' tlwfive trading Idfvigend warrants. 

Warrants upon presentation or COUPON Barit up to and Including 17th March. T9?B ~ 

No az. was »9.30. 

Warrant Holders who arc employees jfi I tiwinprc n !I,'h^ C h, I !l. n £T. a JlK5J l *S? > -* h --FT 
Tate A Lyle Limited, or « «« «* ‘"iSl ldens Ji S W.ni^lw un to 
Associated Comaan.es .tfiwid loltow^ihc , gtieuixt^ 0 ,^ thefoUdrifegfemu^a: 

0-05 


. . , j., , . snooid follow the 

mswuctwns to n« displayed on Ih* Cam- 
pa pies' Notice Boards. 

Warrant Holders wno are not employ ed 


or pensioners Ol Tate A Luic Limited must 
.present thnlr coupons to lhc Comoanv at 
me address sho»n befe" thrguoh a» 
Authcrised Depositary 
Banker Solicitor or S'oeLbrokcr 
• after 4tfi April 1975 

J. E. wntGHT, sccrotary. 

Sugar Oiur, 

Lower Thame; 5f'WI, 

Lo-naon. ECS ft 6 DO. 

17Ui March, 1978. 


Bv Order ol the Boam 

L. W. BRYANT. 

Secretary. 

Naetcn works, 
loswkh. 


SPANISH 4»i EXTERNAL LOAN 
(1974 ISSUE) 


B J0 number ol shares held on 20th 
February. 1978. 

fraction of a new share wit! be 

gwan •" J □” ‘ thls BaW , holder ol 1 ooo slums i Thc ' tduoons due 1st April T97B can be 
. on or WHJ receive an allotment of S new IharS i Fw .”2?*?* !i JSlJS London 

payment of aooroxlmaiely it in . M Londres. S.A. 60. Loraon Wall. London 

*irwi tne !««BtfiwS*nIiSeMMnr EC2P =JB. hjtwc*n the hours ot ta.oo 

- - - a.m. ard 2-00 o m. 

BANCO ESPANOL EN LONDRES. . 

S-A. 


and 

represcntlivj . _ 

Bv Order ol the Board 
Jardlne, Mathew n and Co. Limited. 

Secretaries. ' 


Ham KonO. 

20th March. 1978, 


I 


Lanaan- 
22nd March. 


OPTIONS TRADED s 

1 DE/VLING DATES Engineering, Crelion. Anlt and 

First Last Last For Wibocg, Cons. Plantations 

Deal- Deal- Declara- Settle- Warrants, Vernon Fashion, Brit- 

ings ings Uon ment tania Arrow. William Whitting- 

Mar- 21 Apr. 10 Jun .22 July 5 ham, Blackman and Conrad. 

Apr. 11 Apr. 24 July 6 Jnly '19 Thorn Electrical, UBSL H. 

Apr. 25 May 9 July 20 Aug. 3 Wigfali, Staflex international. 

For rate indications see end of P. and O. Deferred, Energy Ser- 

Share Information Service vices, Newman Industries. 
Money was given for th© call Loralne, DubHier and Cosalt, 
of Royco, Burmah Oil, KCA while doubles were arranged in 
Drilling, Rio Tlnto-Zinc. United Royco, Cons. Plantations 
City Merchants. Intereuropehn Warrants, Brilannia'Arrow. P. and 
Property, Maurice James; Cons. 0. Deferred, Ladbroke Warrants 
Gold Fields, l CL, Town and City and- Rio 'ELato-Zinc; A short-dated 
Properties, British Land, RaJne put was taken out in H. WigfalL 


ACTIVE STOCKS 

No. 


Dennmina- 

of 

Closing 

Change 

1077-78 

1077-78 

4 

Stock 

tion 

marks price (pi 

on day 

high 

low 

5 

Shell Transport ... 

23p 

19 

520 

+ 14 . - 

635 

434 

6 

BP 

£1 

15 

7S2 

+ -S 

066 

720 


IC1 

£1 . 

12 

35S 

+ 9 

446 

325 


Reed Inti 

£1 

v’12 

. 114 

+ 3 

.333 

100 

11 

BATs Defd 

25p 

-11 

253 

— 

265 

202 

12 

Beecbam 

25p . 

10 

B33 

+'11 

683 

372 

13 

Barclays Bank ... 

£1 

9 

340 

' -r 3 

330 

228 - 

14 

Bunnah Oil 

£1 

n 

4S 

+ i- 

83 

41 


Boots 

25 p 

s 

211 

+ a 

. 244 

115 

21 

Marks & Spencer 

25 p 

s 

150 

+ 4 

173 

96 

23 

RTZ 

25p 

s 

182 

+ s 

247 

164 

23 

Unilever 

25p 

K 

496 

+ 12 

596 

410 

24 

EMI 

50p 

1 

148 

+ 3 

254 

141 

25 

GUS “A" 

2 jp 

< 

288 

+ 6 

347 

176 

26 

GKN - 

£1 

7 

282 

+ 4 

360 

260 

32 


RECENT ISSUES 


EQUITIES 


= - io?r> 

|w r 5 r r = s 


Sr z . ih* ' g j a a | . ■ - 




Ml 


FIXED INTEREST STOCKS 


|| ■ 5- 


Z*l5i ^1=1 


'III! 


isrgit. 


Slu.-b 


Huh i Ln" 


; si 

liij 




£100) F.P. 
ii ei : r.i*: 

- r.v. 

- K.P. 
£B8ig r.H. 

“ V.V. 

>• F.P. 

K10Q . t'.r. 
ciaa ■ f.h. 

«• :t:id 

** T.P. 

- ! t.H.' 

«« ; K.P. 

eoiijj 1 v.v ; _ 


20,2 
64. a I 

21 2 I 

ai3 

.21/4 

24/3! 

•88/7 j 

:aa.4 ! 


100 • I 100 .Auric. llo«t- Vat. L X* 100 

IMi I IpV AuiomsUhJ L'uv. Cum. Pref .‘i39 

lOBil- 100p UxiHry-of Yorkshire !OJ L'liitt. Pwf..~. 192(48 

IOHlj 99|1 CentrifWgv Ufct'um. Pn* «... IDJ^bi, . 

101 BOLi'lrtauipwu llcg. 102 ISC) : lOO)* 

lOJir-'-lOlpUtwHill Wliilley 8^ Pri — ....... 101p 

liliji-lOlUp Jeuk» \ i'ottell 10% Cum. Pref.- 103p 

106J»> 10U‘f|K«h.iBuiim * Ufelvw U^ENBT ',104 . 

lOiUi UU Le»<>Mer Vtrtehlc 19IC 100 


1314. U 
1« : 100 
S97 ’.'S96 


ESSLtlSO 
*• F.P. 
- F.P. 
£98 £25 


1 28.4 
144 
24 a 
: 8/6 


IOC,-;, 
61 U! 


4/l|! 


Jttl Suurex Haler 1% Kud. PH. ISiS • 12 

Puimid (6.) lOJzS Ft>'. C'ov. Ln. 199^W.„.;104 
HUell Inti. Fin. X.V. BiS Guxr. Nuts* S990- &96i4' 


B,5 ICBpI 97 mtlhex Uifi%L-nv. I'u*. Lu. 79-83 lOSp tl 


hkmcriiifc I jiuMi 16Si. .'ZOOIg- 

U... 10-JX Ked ■84-S - 6IU 


ltftoi, ilPp W, Bix.unrii.-li Spring 11 Prl I17i[. ... 

|(V.i i lOSp III.) 11% Cum. 1‘rel 10S|i ; — 


2612 . 20 U!Yor* Wdler 11^ Pet'. 10®*? 


251*. 


FRIGHTS” OFFERS 


• 5 — i IxUriU i • 
Ittue. = 3 j- UenuoL'. . , 
Price =3 | Due 
v: \ < S I • 


ann 


<T fHigfa I Lent 


trl'.’Ck 


iCIonuit- . 
i Pritja 
l K . 


70 

26 

1U 

21 

oSO 

60 

ea 


I F.P. I 13, 'A 1 4)41 W 78 1 vHeanmijutProperua.., 

nit 50,5 l 5 f*H 6pm 4pm C. B. ImJiuKrlala 

: F.L*. I i/A 31/jr 32 In Crj'vUlale... - 

P.P.i 2U/3' 5Uf4:‘-29 ! • .'SbtnetMNUn- tiiregeii-.. 

F;p. 21,2- '6li4r J66 1 A#? IMldlaurt Hank 

. P.P. 17/3 7/41 7S- ' tO -Jlilbiu^- ...... 

' ml • 8S/3 10/6! TSpff Upm TVatOiuugliB 


88 :-r 1 

. 4wn- 

2llg 

26 '-I 
352 >42 

70 . 

16 pm 4- 1 


KenuDcut)OD date usaalis last dajJ for dpaUng I roe or stamp duo. o Figures 
based on urospeefua esttotaie- 0 Assunwd dividend and Fluid- it Pproeast dindetw.- 
cover based on previous year's earnings, p Dividend and yield based on .prospectus 
or nifccr official «ii man* for 19H. o Gross, r Kifarres assumotL { Cover allows 
for converelon of share*.' hot now rerttana fw dividend nr renting only for resrirteteit 
diridomu. - S Placing prto to public, pr Peace unless amerwise imucated- 1 Issued 
by render, a Offered M holderg of Ordinary shares as a “ riahiu.- *r RlgMls 
by way of capiiolnartdn. tt-MitUmtmi tender once. 4> Rnmimdured.. M Ixsnwl 
in conoectiou with rcomairtsmioa menwr or rakoover. :1,1 Inirortnction. Q Issued 
lo former Pretcrence holders. ■Allotment lottors (or rullr-puldi: ■ Provisional 
or partly-paW alioimetu leuers. *WU& warrants. ’ 


Fr— ACTUARIES SHARE INDICES 

these indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUBJECTIONS 

Figures In par^)U)b»e» show .number of 
stocks per acction 


Tues^ March 21, .1978 


Index 

No. 


Huy* 

Change 


49 


51 


59 


CAPITAL GOODS tt70!..._ 

Building Materials (27) 

Contracting, Construction i26i_ 
Electricals 05)...;- 

Engineering Contractors I Mi— 

Mechanical Engineering iTI t 

Metals and Meta! Forming (17). 

CONSUMER GOODS 
(DURABLE] (aS 

Lt Electronics. Radio TV flat. 

Household Goods 1 12i — 

Motors sad Dfstributon(25i 

CONSUMER GOODS 

INON-OURABLEK176). 


Breweries r 14).. 

Wines and Spirits (6i 

Entertainment. Catering 1 17i. ._ 

Food Manatee luring C22i 

Food Retailing Uffi- 

Newspapers, FbbUshiog(13i — 

Packaging and Paper C15l 

Stares 1 391 

TexHLefi(2Si 


Tobaccos CD— 

To>sandQaraesi8)...J 

OTHEK GROUPS (OT) 

fbetnicaUflSi. 

Pharmaceutical Products f7> — 

Office EOuipment (6)... 

ShippingilO) 

MlfiCellaaeoustS5l-.. . .. ... . .. 


INDUSTRIAL GROUP (495). 


Oils (51. 


see SHARE INDEX. 


FINANCIAL GROUP 1180)0. 

Banka (®o; ...» 

Discount Houses (10) 

Hire Purchase i3) 


Insurance rC-lfejflOl 

Insurance (Composi tel (7). 

Insurance Brokers (ioj — 
Merchant Banks (141- 

Property (311. 


Miscellaneous (7). ... 


Investment Trusts (50) ... 

Mining Finance (4,i. 


Overseas Traders (19) J 


ALLSHARE INDEX (fl7»* 


20133 
181. 71 
3ita? 
43002 
28422 
15935 
16235 


185-04 

220.90 
16531 
114.75 

19453 

226.78 

250.90 
246 JA 
183.99 
189 38 
323.44 
126.70 
18238 


169.97 

23334 

10070 

185.75 

257.9$ 

242.79 
130 06 

43433 

192.42 


199.92 


454.17 


72.1.13 


167.08 

190.61 

20039 


154.70 

13933 

131.02 


340.88 

76.93 

23637 

107.16 


184.11 

'87;7B 

277.40 


205.25 


+L4" 

+0.7 

+Z2 

+15 

+13 

+L7 

+10 

+1.3 

+0A 

- 0.1 

+Z.4 

+L7. 

+2.4 

+L8 

+ 1.8 

+L6- 

+23 

+22 

+L2 

+23 

+13 

- 0.2 

.+A6 

+L6 

+ 22 . 

+16 

+2J 

+03 

+Ii2 


+L6 


+1.9 


+L6 


+ 1-2 

+03 

+4.1 

+L2 

+ 2.1 

+ 0.8 

+ 1.1 

+ 1.0 


:+L0 

+-L2 

+ 0.6 


+13 


Bst 

rarais^ 

rtoidff* 

Oorj» ' 
ItaSTii 


17.59 

16.80 

18.18 

15.47 

17.66 

19.08 

19.21 

1838 

16A2 

1729 

22.17 

16i4r, 
1439 
16.10 
15 88 
2138 


14.55 

1039 

21.03 

10.61 

23.78 

23.73 
20.06 

16.73 
18.45 
1139 
18.66. 
22.64 
16.47 


16.92 


16.60 


16.87 


2533 


12.02 


13,19 

283 

2438 


3.47 

17.76 

16.76 


Grow 

Div 

Yields 

«ACT 
« 34% V 


5.80 

5.75 

4.08 

4.12 

7.11 

6.43 

830 

5.10 

3.83 
7.40 
6.55 

5.96 

5.86 

5.73 
7.02 
5.92 

4.83 

3.87 
924 
435 
7i93 
833 
5.89 
5.95 
671 

4.11 
4.78 

6.74 
6.43 


5.86 


436 

5.63 


5.44 

5.64 

825 

527 

6.05 

6.43 

422 

6.21 

2.91 

7.41 


5.17 

6.67 

7.06 


5j63 


•EsL. 

P,‘K 

Ratio 

(N*Ll 

.-Carp. 

XttSSSi 


8.04 

8.49 

821 

923 

7.76 

7.45 

6.99 

7.90 

8.96 

8.04 

6.63 

8.42 
1033 

9.42 
9.14 
634 
9.92 

1430 

6.83 

13.86 

5.69 

'5.01 

6 . 66 . 

7.89 

-727 

10.92 

6-29 

523 

8.61 


8.16 


6.83 


7.92 


5.95 

1230 

lioi) 

67.68 

538 


28.83 

SB 

.7,43 


Jfoii. 

Mar.' 

20 . 


Index 

-Vo. 


198.50 

18031 

30926 

423.49 
28832 
156.64 
WL87 

182.70 

219.18 

165.46 

11206 

19121 

221.50 
24630 
24222 
181.03 
18437 
316.36 
12525 
17830 
16732 
233.63 
100.13 
182-80 


25235 

239JS 

127.45 

433.45 
19021 


196.78 


445.78 


21736 


165.25 

189.69 

20027: 

14837 

137.83 

12828 


33816 

76.08 

23432 

lffru 


18221 

8672 

275.75 


20221 


Fri. 
Mar. 
' J7 


Index 

XOL 


Thant 

Mar. 

18 


Index 

Tift 


Wed*. 

Man. 

15 


Index. 

No. 


Year 
ago: -TM 
(appedd- . . 


:HSS. T 

••• 


19833 

18028 

309.00 

423.89 
2S2J9 
156.44 
15U4 

182.95 

219.77 

165.71 

11196 

19020 

22038 

24320 

24169 

18038 

18S35 

308.92 

124.90 
.17812 
167.04 
23521 

99.99 

182.07 

250.42 

237.92 
12733 
43225 
19014 


196.42 


44113 


216.88 


16514 

18731 

20027 

34938 

13734 

128.40 

34627 

237.96 

10619 


18191 

87.66 

275.79 


20177 


19977 

178.74 

306.16 

437.97 

282.57 

15638 

160.79 

182.77 

219.41 
16513 
112.05 

19109 

21929 

242.85 

239.41 
380.92 
384.62 
-306.42 


12527 

17884 

166.63 

23920 

9935 

18188 

250.68 

23838 


22716 

4ftUS 

18931 


196.78 


43237 


21630 


16439. 

18633 


148.48 

33Z55 

12920 

34039 

76.46 

236.12 

10614 


18127 

8732 

27335 


20145 


19918 

278.66 

30533 

43S.93 

284.63 

155.85 

16023 

18187 

218.46 

16435 

11133. 


iwii 

218.77 

24108 

23921 

179.75 

18433 

30434 

126.53 

17636 

16716 

237.74 

99.44 

180.85 

249.88 

235.81 

12639 

43038 

18818 


14525 


43183 


21567 


164J4 

185.73 

19855 

149.66 

137.84 

12920 

33935 

7722 

23617: 


10653 


18135 

■87.fi 

273.48 


200.80 


ism., 

13742,- 

22934""' 

33H»v^ 

■msfc . 

1465f 
13729'- L ., v 

347.!#/’ 
187 Jfi eK . 

94.91 - 

.157 M' 



266.07'V 

166.44- 


45828. 


189.97 



176.50 


FIXED INTEREST PRICE i NO ICES 


British Government 

Tiie*. 

Mar. 

21 

Day's- 

changer 

xd adj. 
To-tia) - 

*d adj. 

1878 
to daic 

1 

Under 5 years ___ 

10905 

+0.01 ; 


MO 

*1 


12175 


, ' - 


3 

Over 15 yeans 

128.97 

' -0.02;- 


232. 

4 

Irredeemables—— 

143.30. 

_ ! 


-.178- 

5 

All stocks— , — . 

11933 

-0.00 


211 


Fixed interest 
. YIELDS • 

Br. Govt. Ay. Gross Red. 

■ Ttrea. 
"Maii, 
at J 

JtfOtL 
■Mar.- 
-. 20 

VMS 
98*i! - 
iappm . 

. 1 
2 
3 

.1 J ® , *■- . .. 3 yenrs.. 

Coupons 15 years.. i..^..:. 

. 25 years 

ST 

- 494 

10.46 

7.tt 
• 9.94 
10.45 

7Ji 

.10.76 * 
12.03 ■ 

4 

r» 

_6 

Medium ' • 5 year*..,, 

Coupons 15 years 

' 25 years. . 

973 

Uoi : ; 

UJ9 

- 9.72 
. Uffl. 
1L18 

9.77. ,; 
.11,63. 
1147 : 

7 

8 

'Ifigh. *' 5 years 

Coupons - .18 years^ J.. 

‘-ffi-JtanL; 

‘9.98 

1174 

12W: 

- IL77: 

T w-; 

"‘1319 ’ 

IP 

Irredeemable* 

10J0 

•10JO. 

[.323A- 


[Totaday, March ElfUunday 
March 
-20 r . 17 


lode* L .TieJd. 
Xo. • f • % 


Thurx, 

Wed. 

March 

March. 

-Ifr-- 

- ifi. ■ 


Ture. {'SWb, , 
Slanah 1 
to'.-h-i*-: 



15 Red; Deb. & Loans (-IS) 

16 [Investment Trust Prefs. (15) 

17 Gorhi. and. I-ndK Pref«i; - ( 20 ) j 


6l»d3Hta.l7 


.56.36 

7*A9 


13.53 

12.21 


'61.03 ; 60.98 
60.12 ! 56.17 
*74.53 1 74.62 


■6GJ^|'6DJ» 
78. K { . 7ELB3 1 75.^‘iM^xkDD: 


61.tX) l 6 1£K)! 
58.41 i 66.50 ; 


6 

56.0®' 


t Rodvmption yield, 


: 52.7i 
48.7 • 

'ai *’ 


isms. A u5 ld if US* yEHJ™ - e ? imn ' wt ctomato.ira pri»IWwd->i.s«tente ' 

sm Loxd^T ECffP wVTpriJTlSf by ^ lh ° tte Flnanclat" Tlrntik, . 











































(y* 


Financial Times 'Wednesday March 22 1978 


BONDS 


■“Jp* !j 5 CIl ^^ 8 C< Cfc 0HM89U1 0140-107 2 ?™'* Uni<ra Insanmee.Orwp 

®£?- ...::■ S3 H^= .SSSSr 1 !®. 

3gK*-}« '• wl 157.5 C02 — H*mbrB Life Assurance United f PniiwyFSnd .'M4 By.!* 38 _ 

12b. 1 +0J 


quite Fund ...135 3 
tjiuty At ^- „ .,._. 2&0 
it^WTrKd . . 3436 

wwsu-..a A 

Tiifjtlhlp FUfld USB 
'loan- Fund 1147 
"«■ 166 2 
■n* fipfwlrve - 79.0 
w. -Security : 102 

•nr )t&nnjicd i«5 

•i{VJ5«uliv • {42.4 

< on r J -<-r 4 123 5 

~M. Kd JV.T ■■! la 4 
•.njO Frt Ser 4 3L3 
ant. Frf .-icr 4 111 0 

-T.i-pM Fd Sor 4.. 106 2 


AUTHORISED UNIT TRUSTS 

salats jtene^Jtt §i:ga ss **"**<*-*> »■ 

•ssas . \ki -aS :sl ;« a :d ai ****** Vaii T - ^ «•“*«■> 


Gsrtmore Fuad Managers ¥ (siig) Perpetual Unit Trust MsgmLV ta) 


33.01 *0.1 
135 B *01 
113 « *0 1 


Fined Int Dep 

aas*.‘ : 

Mao used Cap 
Managed Aec 


- fflli Edsed 


-.■o* ai Hiitt-h SI \ aluauofl} normally- Tuw 

Ibany Life Assurance Co. lid. 

• llrt ilurlmcinn fq . W 1 01-437306; 

oqi"»r Fd. tvc I1M5 
■ivprl InL Act fU7.fi 

.|rt3Tnn««Fd ,4c 

.ilJ.rtan.Fd. Arm 

ri*i< Fd A fp 
-rpirlm- i(f 
aBttPca Fd.Ace 
>« l Pen Acc 
d Mim.Peii Ace 
l-nnPnF4AM 
3 P HcnArc [ill 4 

jJul.nt Pen A co 11395 

UEV lffe Assuiasce Udf 


03V* ^I**!*® ® w««. sSSSSkSSca: 


MaMgedSerircC 
Money Unite 

KSSTr 5 "-*— 

PBS. 

FU. Med. Ace. 
Pas.Ctd.Cap. 
Pn4.Ctd.Acfc 



£"£#«* „ 122J IJU .. _ Wealth At«.;. -r- . 

Pvn.Fl Dcp.Cjp l»fc 133 3 .. .. _ Kb>. ph. A«. 

Pen.FI.DeftAcc . MU 15*5 _ Eb'r P(i Eq E . . . 

Fen. Prop, tip - 208.2 210.8 . . — 

Pen Prop Ace .. 2553 7U8 . __ 

£? & ■ a! ■ S2-2 - **»?- Eqnifr * 

pen. Gill Edc. Cap uii 132J ' — 112Cnro!md Sire* 

tea^as M z 

Pen. BS. Act 1 . .1370 144J . . _ ^ F*. May . Bd Fd. 

Fen D.A.F. Cjp . . sjiaA _ 

Fen d a.F Ace. -J 1».7 - ft*** Growl 

Hearts of Oak Benefit Society Lo op Hgo sc.Ocyd) 

as.’5aE‘rsr c “ , a w t™ Sfe 

Aerie. FttndiAi__ 

HOI Samuel Life Amht. Ltd.¥ ISsSSJ-SS 0 ^ 
7V y- M- Cror- 01-086 4355 In^SlSSt Kitl' 
{P roper^ Units .->047,4 - 1544 -•• — Btcmunem Fd- tA) 

lg? -'•••” — Equity KnfluCi 

Mil — . — Money Fund „. 

WS . . — Money Fund iAi 


106 M — 

142.9) - 


FrepenyFund ...J1234 u?.i . . _ A?E2'2-? M ! J ,u 

Fixed l nc. Fund . .[158J 164.il -ljj _ 01 M 2851 « Mr* 

Ocptwil Fund . . .[UWS UO.K *2.4 — BatuKed Funds 

~ Nw Chit Mar 15—1 1«4 1 "SlS 

_ • Hrtllndf. Fund 

z Ph °««* Assorance Co. Ltd. Dev 

- 4-S. King William 6u EC4P4BB O14S60876 Allied Capital 

■— Wealth Mf.L -^.p»9 UIX) . 1 _ HsBibwFund.^.. 

_ H>>. pH. .\u. I MS ) 1 _ Hwhro.lce. Fd. 

_ Ebr PhEqE . . |70J 74l{. . | - Income Fond* 

Hl(h McM Fd .. 

Prop. Equity & Life Ass. CoM a.’^^C " ' 

118. Crawtord Sliea. WIH SAS. OHW08BT lateruUoBal Foadt 

R Silk Prop Bd. .._| 172.9 / . I — International 

Do EquityBd.. . ■ I 684 J — Sec* rf America. 

Do F*. May Bd FdJ 153 J J +0.7f — Pacific Fund _ 

Specialist Fuads - 

^reperty Growth Aasur. Co. Ud-¥ I HSr%h% ' 

Loon House. Croydon. CR> 1 LL' 01-8600(06 Recovery Sts. 

p “““ °— J 1 1752 . _ Met. Min! A fefty. _ 

• '273 9 — Omticbi Earntnca. 

7145 .... — ExpfcSurir Go's _4| 

JB9.5 . . •• . 

Jl 2 -* “ Anderson Unit 

Ut — 168 Foa church Si- E 

jg5 - *• — • Apderwo U.T— .) 

lO - Ansbacher thril 

llfS “ ] Noble St, ECSV 74 

Stu — Inc.5toottdj-Fbnd | 

' 126.4 *05 ’ — 

1264 +0J - ArtmthnoC seen 

i»j - *j.on«»iSLi4»a« 


Allied H«mbn> Group faittl* 
llsmbnu I|m- lluliun lirvniniuii. bin 
Ot.Wa 2691 nt Hrmlmwl >0377i 21 1*54 
Balanord Funds 


OlGSSMl 2. St Jlarv Am. EC3.4 8BP. 
— JW ttiAmcntanPrt-. -1243 

«8a ■ 5SS ■•Biiliril Tst.tAco.i _. 49 s 

*0JJ 4 5f CommodityS^arr . J30J 
•07| 3 9i mFUraastTrvH... 2B6 

ja«3terar 

uDLntt'W.lAcc.i. &72 


01C8S3331 48lIanSt.Hcnlcran'n>ainc.' 

*n3 B S PpetualGp GiK . -J363 38 7| | 374 

|| Piccadilly Unit T. Mg«. LW.q (alibi ,CI - 1 “JL K «Wi« 3*™> 

S-S Ward7-loHw.5RiLiir.dou Wall ECS tKaWOJ ^ ’I « RotM Si Holier. Joraey.iEkiqO 

S-i2 Frnlnnan. !Ul nu Jill on aP-TR.IJcrTtVI. |1W0 123 M * 2 01 »» Fun.vh-C IPriro 1MB 


OFFSHORE AND 
OVERSEAS FUNDS 


1405 *0.3 3» 

nOn *0 4 0.82 

54.fl +0.1 4.14 
7X2* *05 755 
1354 *0,14 389 

E4 7 *0e 5.91 
»J +0.5 U6 


Exits Income — 1304 


SM Gibbs (Antony) Unit Tbl Mgs, Ltd, 
5M sc Bloiaflald Sc_ EC3M7V1. 01-508411 

5J7 OIAG. rncwnc*_..|39.1 41 w I 13 

5.09 ‘aiAG.GiwUitf _.B5B 38.4*04! 49 

447 ib) AC. FsrEaB'. -C0.9 224 I 0 3M 

355 Dealing *T uer m«cd 

* H Gfjvetl (Johu>¥ 

BJ5 77. London WalL E.C5 01-5nsS3 


*D !4 389 Small Ctf&Fd - . UQ1 42 SiB *p’jj 326 

*v3 5” fipnalHwtf ..{50.7 54 £ -if. 316 

+0S 1J6 ln*-a™*A»«s.fc? «7 5 -id J.M, 

m.ai mo PrtiaVc Fund. 134 6 369d-05, 3M 

[CS. Ltd, Aevuinhr Fund... 6*9 61a •0 7! 4S2 

«. m Tcchoolosr Fund [HI 53 n *0iJ 546 

° , '? 8 2™ FarEswFd. fc3.7 25 | *o3 2» 

*04! S3 Amw i |:! * nFHB d. • P2.4 3 7(v0;| 2 80 

I 030 Praetical Invest. Co. X44.V lyMcl 

44. Blpbm^bun So- WC1 A SRA 0:-E3 BS8T. 

Pwfieal Mar IS .1134 5 142.71 . I 464 


y „ *®f ,7 2 , .V PO tone Si Holier. JcmoMEnq 01 
123 II <201 3fc5 Funwla-a IFrlAZZ J.44B 


-U? tsi is « >« ssssfeis 


|j *uh March » 

3 -Si Australian Selection Fund NV 

fl *0il 5tt .V' DP S2 U ?,' 1,P *- f" Irish' Voun* L 

5 4 bj| ,n iWihwailc lJ7. Kent Si. Sj-dnr 

ffl l ’SSI Shares. ,| 

1 Uk| “ N« i slur Marrh 10 


Jnpaii filh FUnd _ fS33 17 23: 

Kmeies Japan |C17X U.l 

Cmi Assets Cap... 1 03147 



iSwimSSJ^ Kr Rl i King & Shoxson Mgrs. 

Net 'avwt laiun Miwh ifl ’ * r h«nus Cw» St tidier. Jer«« 1 0534 r 73741 

.>m a-.+cr mi U r Marrh 10 tialhr H« St Fcir. fV^. Cmv- ««8nS«a* 

Bonk of America International S.A. i,Dionia» street, owe la*, in « '06S4>40S6 


HlfhMeMFd.. W.7 682d*0 41 855 «- «•»«» wwi. fciAS 01-56 

Hits Income .. .KJ.4 676oi *0.3 6.63 STiWr. Jao-. 1 • ._ .024 3 131.01 f 

AH.Eq.lnt _- B6S *0il 7 08 Dp. Actana.Dmt.-h48 7 1567] | 

laterutioul Funds r*®" 8™*! day April 

sSStiftSmm ' “fllo'S IS Gripves<01 ManagTO,ent O. Ltd 

pSdfi“^Sd_“ -Sf Sa34 2^ »C««tam5t.. EC2P2ps 01401 

SpccnlW Fuads flEKSKo BIH ^ “ 1 

SmdIerCn.'sPd.. ,BJ5 337] 1 33* B^HVlSmiV 

g ad 5m h- Co 1 Fd . 392 419d[ *02 537 (Arcum. enduu. 

Rectwriyffits. 135 89.U -HB 5 5 78 Endeao.3Ur.21 

Met. Min. A Cdty. - 965 39.3+0.4 561 (Accnin. Upitsi 

Overseas Earning*. S0.5 54 3 +0.7 5JB t~, roeiastrJUr J 

Expt-Sjrfr Co'S -9|»0 4 2309] +061 569 .AcrnitMKsJ 

Anderson Unit Trust Managers Ltd. rAc^mUa^n — 


Pwrieal U*r 15 -1134 5 142.71 . I 

01-588 3620 t'nlto-. -|l87 9 1994| . | 

( 258 Provincial Life lev. Co. UtLV 

I 239 3S!.Bifiliopsgaie.EC2 012 

'• Prolific Units [73 6 7901-1.31 

Ltd. High income 2042 


:i5 Boulevard Hotal. Luonnhourc C l> 


3=3 WMintcst Inromr Isi-onu UtHf 
l*nrrsai Maieh 10 Vest kuh day da 


S^-cso Rt>k - 01 U,da - * s ' Aw rlca Ud. 

1 9 to 4006 qurmVmsniSl Wt 01 mom J 
rAa 7n Alexander Fund |11 s n 1 | 

‘ NC« ■**!■* xsliie Mar 0 


. .... GlltFundili-rwj' linOB 

hours LD Ciili Trurtcl o M.i (114.7 

UtH( I 6U Gilt End. GurrnseyltlS.n 
day day March 23 lna Tft _ 


Pirrf Sterlms . - [17 64 1 7 9L-D.41I - 

.-. , Fimltul [5163 41 183 04) .ail — 


41*3 *0J 

89.11 +0.! 


Ltd. High income |2042 U16! effaj 779 »» 1 I 

010084433 PrudJ. Portfolio Mngrs. Ltd.qtaMbHO _ „ 

- 5* HolbomBors EC1N2NH 0l.4teB2« Baa< ! ae Bruxellei Lambert 

5s Prudential UlBB 12551 +1 H 452 " Rw *» HeRencc B 1000 Bsuswls 

■ Vn Quitter Management Co. Ltd.¥ ^ tn * 

-10 l'j6 The Silt. Exchange EfCV 1HP 01490041— Bjln? ' a y a L nicorn Int. (Ch. Is.) 

. .. 3B8 Quadrant Gen. Fd .nm 6 10491 . I 4 35 l.Chartu* Cixim.Su Heher. Jnv 0334 
.. . 3.08 Sfuadiam Iarotne -|U75 122.81 | 851 Overseas Income . 150.9 5951 I 


168 Fonchurrh SL EC3M 6AA — . nm _ „ ... - 

Apdexsoo L\T. - -W2 4M| 4 461 Rp^EadtanmECaPaDN ^ SS^SS gESSSF'Zfci.ffi 

Anshacher Unit JifcraL Co. UtL t>o)C«r*iUT«...|io.7 a«.7dl +091 4» sekfnrdrT.infc.._&8 

i Noble sl. Ecsv tja. DI4G3SS78. Henderson A dmi n 1 st ration (alia) Ridgefield Manage 

Inc. 3b»tUy Fund . (1545 1646MI . | 45 Pnader V.T. Adudn. RayleiBh Road. PO Box 418. Bank Hse- k 


jjq Reliance Unit Ugrs. Ud.9 


Rttsai Guardian Royal Ex. Unit Mgrs. Ltd. 


‘ ctwisJ Fuad- 

♦Retire Anaote 
♦Inuned. Annty 


Reliance Hb&. Tunbndge WclifcKi D88S£271 

naprJSsM %h°4 S3 

SekfordeT. Inc. [38 8 415t +C M 5.95 


Rente Fund LF . p,95« 2.818 *41 »» 

l4J — Barclays Unicorn Int. iCfa. fs.> Ltd. 

435 1. Che rlnfi Cross. SL Helier. Jnv 0334 73741 

851 OvWWM Income . 150.9 59^ 1 10 12 

Lnidollar Trust ..JMSllU UM 1 4 60- 

-Subjeet to f«* and unihholdinc taxes 


Kleinwort Benson Limited 
20. FnrhurrhSl.m Dl-aSSAM 

Enrlnt M Lui F [ 1.002 { I 9M 

Guernsey Inc... -K8 5 62.0] I 464 

Do Arcum. . . 1715 7551 1 4M 


■Kart burintM Lui F 

ure " , Guernsey Inc.— . 

DO Brussels Do Areum. - 

2.818 *41 838 KB Far East Fd _... 


> . . , j KBInlL Fund . 

!*.> Lid. kb japan Fund. 

0334 73741 K-B L S ilwth Fd 

1 10 12 Signet Bermuda . . 
-v.iTviond».r.»ssi._ 

* ’KB art as Land 


SCS956 1 ■ 

51,51050 X 

SI'S 78 M +062 B1 
no 24 - 

SUM 41 LI 

US 1950 01 

n pacific ac cats only 


Barclays Unicorn Int. 11. O. Man) Ltd. Lloyds Sk. tC.I.l U/T Mgrs. 


Ridgefield Management Ltd. 


5 95 I TbcnnuSt.pouglU. loM 
5.95 Unicorn Abxl En (O 9 

Do Abu UIb. (24 1 

Do Gnr. PariBe . |55 8 


SyTOW ure Antmaci 

L> bridge goad, W.J1 gj 

•- mous MgcL Fd—PlU 1ZL.0I . 
relays Lite Aanr. Cel' Ltd. 


^ w-iwuii 


Imperial Life Ass. Co. of Caqailn 
Imperial House. Guildford. 71205 

GOTWth Fd. Har. 17.I6U 7431 J — 


Romford RtL, E.7. OI-S343M4 “I 


-elo+boudir . 1176 12461 — 

alty — 106.4 112 ffl +0J _ 

tedgod mu ml +01 _ 

SWtty. ... . 162.0 107.4] .. — 

saged. M39 im.4 +03 — 

aw ' 97 6 18361 . ... — 

n Pro* Aceum. . 96.7 10LS -9.4 — 

initial 965 3x3! -06 — 

aase^E is£=g i z 

mss = 

*■<’ "Current unit value Mar. 15. 

life Amur. Co. Ltd.? 

tombturci St- EC3.' 01633131 

tV Horae Mar T.| 12757 I . . I - 


Lrtah Life Asniruce Co. Ltd, 

JL Finsbury Square. Ed. 014B882S3 

agflH ^ 

Pror>J4oi. rrfi.1 _1i675 5E1 J — 

Prop. Mod. GO. jSHj l«*3 ... i - 


King & SfcaxsftB Ltd. 

SS.ComhiU.BC3. 

Bond Fd. Exempt .1112.72 

GovL Sec. B0. !.(E&6 


Pension Pd. Uta. 

Cobh. Pans. FA—— 

Man. Penx.Ctm.Ui: 

Prop. Phis FiJ. 

FropjpaaaCap.Uu. 
Bdgfc Soc, Pen. PL 
Bdg.60c.Cap.UL .. 



Artrattuot Seenrifie* Ltd. (a)(c) 

». Queen $L London RC4R1BY 01-3365281 

Vi\.w 


Provincial Life Assurance Co. Ltd. 
— 222.Ruboiagate.ZX3. 01-369003 


:::i= gS?:SSS^ r ±:K S U:.~J m = SSBtarBi. 23 Hi £SSS 

GI Fund so W ' Arciiway Unit Tst. Mgs. Ltd.f iaRc) IwSSS 

Pmdenfinl Pennons Limited* 

? J0 ' ~ Holhom Sam. ECU* 2NB. 01-4096S22 PMcm at Mar IS. Next mbTday mm- aP - > Bte i ■ 

, Equ it. Fd. Mar 13_ (£22.98 23A9I [ — 

' Rsyp-ffi itzMSi IS :d = 




-- — MAecuoL L r nit«-._ 

••• — f Aecum. Units}— — 

. — — Capita] Fund.—. 

— ] - cSSodltyFimd.: 

— lAconn-Dalua— _ 

— — ' IMKlWtfnvIL,'.) 

— ■ — Fla^Jrop.Fd. 

— Gians* Fund 

■ — f Accrue. Cults) 

• ■ — Growth Fond... 

(Aecttm. Lnitf) : 

Smaller Co s FA — 
Co. Ltd. Bssiart! & Inll- Fd . 
01-3690033 l8N.Wdrwl.Uu.t ... 

I Foreign Fd — _ 

" ' | ~ N. Adder A InL Fd . 


BimtuMAftHM 


PO Box 419. Bank Use. Maadistr 061 23685=1 5° lull. Income . . f 


M75 

35 » 

f_31 

SS8 i 

' ‘«SS^r7 

9.97 0114 Nat — — 

597 IV. WU. Mar. 17 


57 jt +0.' 
uoal ... 


0277217338. JUdgefleld laL IT B60 92 Of [ 272 

268 Ridgefield Income. |9X0 990* . .| 954 

*05 394 Rothschild Asset Management (g> 

. *1.1 5.90 72-8P. Gatehouse RtL. Ayl ethuiy 02865841 

? 2'5 N. C. Equity Fund- US9 0 169 Of +201 119 

■*8-l S-if N C. EnfflT.Re*.T«. 96 7 111x3+2.3 2 06 

’*S-5 fS N.C Income Food.. 143 9 153.3 +-L2f 700 

+0.4 N.C. ML 7<L line.) 16.4 tVg +i.si| 192 

ii. J-S N C. IntL F± fAccJ 769 BXS +li| 192 

♦M . 121 N.C Smllr Coys Fd 1427 151? +0.« 466 


+0J| 321 iciCabot 

+j3 3.U fibotSSamlue 
+o.fl 3.11 -Per ti 


Per tax exempt funds only 


246 Rothsefaiid & Lowndes Mgnd. 121 

JJj SL SuriUitnk Lone. Lda. EC4 D 1-626 - 

5 ?5 NewvTL Exempt (£1150 122.0^ t i 

Price on March IS Next dealing April 


4201 I 2 72 Do I of Man T*. ..Ml 177J I 921 

I |jj Do HimxMuLual..ttl9 23 U| j 1M 

tgement (g> Bisbopsgate Commodity Ser. Ltd. 

its 02865841 P.O Bo* 43. Douglas. to. M 0024-381 

|8 ,19 I r 

i|:tl ^ C0, g».fc« , ^/S-«iL ,ja 

Jil ioa is Brid * e Management Ltd. 

PO. Bo* SOR Grand Cayman. Cayman Is 
Mgn». (21 N-badli Mar. J f VW644 | I - 


00244850 PO Box IS5.5t Kclier. Jcrje.v 053427561 

IN UoydiTrt O-was. 149 7 52JuJ I 249 

D7 2 jo [vptt dealing date April 17 

g'00 Lloyds Intern at ion a] MgmnL S.A. 
920 7 Rue du Rhone. P.O Box 1TB. 1211 Gentna 12 
IM Uoydi IittGth.FdiSFinn HR] I 171 

iu Lloyds tnl Income fsJTBa rA5tf | Ot 


Lloyds \nt Income |ST»» PAStf | 61 

sail MAG Croap 

Tnno Qua;* Tower Htn EC3R efK) 014B6 659 
jjj AllantirEfAUrU BIS*! 2ttJ j - 


Aust Ex. Mar IS _ 
GflldRxlurlh _ 
Mud 

■AccumL’tuUi. . 


r. Uln. EC4 01«64358 G.P.O Box 580. Hone Kong 

(£1150 222 Sd I J72 Nippon Fd Mar loSM 79 lS**( 

1 15 Nest dealine April 17 tx-Sroek Split 


Price on March 15. Neil dealing A 
Rowan Unit Trust Magt. Ltd. 


CorobanlSLECa.- w . 014031288 Lmtgham UTe Assnnmce CA Ud. 
tit Horae Mar: 127X7 I . .. 1 - Laogluttn Hs. Htimbrak BtNWL M-BBSai 

oada.ldle Assurance Ca \ ^1—4 - 

High SI- Fetters Har. Hteta. PHar 51222 s WU^t^Mi^Fd BS" 7^ Zj — 

b/M.Jtar.2.: 1 556 [ I — " -*i — 1 

•mt.rod.F-sh «._1 UM \ 4 — . Veffal n- Gtneml fHult Amur.) ISA 


a a 3M Hili Samuel Unit Tst Kent la) Rowan Unit Trust Mngt. Ltd. uniunma nuiRim. 

0 % in 43 Beech SLTSC2P2L.T 014280011 Clty-Gmo Hae, FinfburySq.. EC1 OieOdlOflB 30 Bath Sr. Si Heller. A-rsey 

. .1 X73 - r, ■ n.-f • .i, Tmrf noon . 1 , -1 . RennAix Mar 15 16X0 6351 112 Grtmlh Zniexi .. . 29.9 

\ iTi &£rr#i^'HMJ ^Xot 1 m m arii Sxs is4| +03 4 Jo ***' ™ ft* , 

1 ... (SluriTZW l*L9 *W+Dg 1W Rowan it. Mar 16 52.1 54« . 7 48 JeiwofEnerjivTai . 133 5 1 

»9lnil 479 'Accusl C aitsi 71 S 7S1| 748 J." ™ Pi'-™- ■■*■**« 

in Rwn.MnUUr.I3_. 68.5 72« .. 4 97 UnrfJ Sl/L Slg (CL87 

ZAW +03] 7 79 (Aceuas Units) 836 87 467 Xalue Match 17 Next dn 


ris -tuoxn l«£ [ — 

r!5 _ 5rs?Z7 ».3/d ..) - 

1X880 U49 1 +0 J 4JJ 

itai. . 1156 S 1605) -03 -J3J 

Samuel Montagu Ldn. Agta. 

114. Old Broad St . El'S 61-5885484 

ApulloFd Mar 13.tSF4570 4960] i 371 

Jaolext Star. 15. . ft; Jr 9 0 M1N+02M 125 

ll.Grr Mw.a. -itlxHM CM 214 

UTJerwMar 8 . IC4 57 4«? DM 

I I7J rsyi.i's Mar.i . 10613 UUl t - 


739! I 211 tgilartlT"**— 

m legaff"" 


317. High Holborn. WC7V7NL 0]. 831 8233. iDiSecuri; 

Archway Fuad _ — J7h.7 8X6j . ..J 6.B2 «WHl*h1i 

Men at Mar la. Next mb. day Mar 20 ' TntrLV . 


Reliance BCnthal _ 

‘WSfc"*’ aassar.- il 1 1*# ffllSlSS 

■ XT N^.PropD*e.ao_|iMj 2 7ia i 1 - °°-C raw th Acu- - »-4 +0.2 *67 Kleiimort Benson Unit ManagertV LiUr.Groxuh (617 bM +12] 

JBX3 ..Z\ - Next sob. dsy UarcbSl- •Do'wAmTiT iSS SJo SO. Fhediurch SL. EJTJ. 01-8228000 InercaaSng locame Fuad 

HHiH. Z iDmthtsL ttFlSZSjj?!*- 'El ....) 4-2 MiSH-TUM 1539 57 91 +0.71 

1777 _ Royal Insurance Group ttttI IH •* L ® 1 BaitFdAe— |97J utu} ... I 4.77 High Income Pandi 

720.1 +b"j — New HaD Place, Liverpool OH 227 4C2 Efc wxSSde Truife* 8 ^a'f^ 1^ LAC UortTrust Management Ltd.* ”' c ‘^®* lirn «xi[ +8 4J 

• mj 2 Royai Shield Fd. —J13Z3 139.9).+0.9f — BtiXlii-FdJnc— TSS l 6x3 +0.8) 4.94 The Stock Echange. BC2N I HP. 01-888 2800 !?- ” T' 1428 «X*4 +D 4( 

z Do. Accnm TO^+O.il 4.94 LACInc.Fd_ 027.4 132.4rf ■ ■■■( 7.85 

iml "--1 _. _ „ . LXCTntia GenFd .fs& 2 88 93 . .j 268 DK Eqclty — )4X9 4$.D( *0.7) 

FWlMU **?* * Prwper Group* Baring Brothers & Co. LttLq (aXx) g-c*. ^ WaMcJ £?2^ - 

— - . 4. GLSUWaa-s. Lndfc. _EC3P_3EP 01-H4 8800 88. I^denimll SL. KC3- 01-318=836 SSSS^ZZIZrRS 


*■ IM %% “J Royal Tst. Can. Fd. Mgrs. Ud. 

mees at Mar li Next mb. day Mar 26 IateLf {a3W cSpfcfflR!!!!!!!' % 4 66 M “ V J 

Barclays Unicom Ltd. Ca«gWe) SSfflSlHK “ nm S3TIS W-™ deSj J l f 

Unicom Ho. 2S2 Romford RAE7 0I-S34SSM J v**i +u^| mb 

Uni rorc Americanos J 32M +0^5? K*or Fund Managers Ltd. (*Mg> 

Do. AnaL Ace____p7A 62 S . ...j 22# 2fl. Milk R-SC2V BJE OI^DOTOTH. *• Gre#l ®t Helen*. London EC3P 3ETP 

nS'SSSki?*- 5 E-S Re7RumRTh1.Fd.-IWJ 736f+0 7) MB SKSHeS *?! 1 


. ... , ■NUUW.IW.l.l UDO 

^Oif •[■non Assurance Lid-V 


lyjQpic Wy, Wedthley HAfiONB 01-9038878 

• i.ro f inifa Inttt _ 4_nnil _ 


euac, StugawoML Tbdi 


ills- Doits 

peril' Units 

ilry Bond/Ecee. 

. p BomFExee . . 
Bd .Exec' Unit. 
-d?it Bond,. : 
iiiy Areum. .*...■ 
perty Accum...: 
!d Ac nun. _i_i. 
Equity 
Property 
MdOOged. 
Depoit 

Gilt-.. 

Eq. Pena-’Acc. 
Prp.JVniAcp. 
MgA Pens' A 
Dep-Fcna'Acr 
GuTPan&Acc. 
ESJ.F 
ESJJ 1 .- 


-0O3J - 

I-DB4 •- 
*081 — 
-S.OI — 
+0J - 

+081 - 


107.1 +DJ — 
990 -0.1 — 

10X4 +0J - 

981 -Oi - 
927 -07 _ 

1093 +0J - 

£5X3 +02 — 


04 Aeaum, . 
EqulQr Initial 
Do Aecum. _. 
Fixed taltiaL 

Do, Accum. 

Managed Initial— 
Do Accinu 
Property Intttsl 
Do Acetun. 


36(H*0.4( 2 23 
23 7 *0a 428 
66 J| *12| 2 BB 


id. Britannia Tst. Mngmt. (Cl) Ltd. u'.'Grr Mu. a. lixPM tw : 

Sf:;r fn S w „ 0531 T» IH.fe5&f--IS& M I ! 

+** jSSU&njp'bi-lws i“l| l” "“"At. Jahnatono iJm-. Adri^r. 

in Unlvsl Dir. Tst. .. S! <ajj SflTf - 183. Ilnpe M . Glaxgcm, C2 041-221: 

407 Unitf+J S1>L Stg .. (c.07 21H 100 -Hope Si Fd - . ( SU529 96 | I - 

407 Value March IT Next desllng March 28 -Murray Fund j 5t S9 60 J | - 

id. Butterfield Management Ca Ltd. ‘ XAV ** 15 

01^288252 R-O. Box 185. Hamilton, Bermuda. Neglt 8.A. 

I in BunnNx Equity -.[2 06 1H . 1198 10a Baulnard Royal. Luxembourg 

J 7.78 Buttress I aroma. . J2 00 X9J) J 746 NAVMar Il.+ . I 5LSU26 ». | - 

Met 21 Prices at Mar. 13 .Next suh. day April 10 

Capital International s.A_ Negit Ltd. 

»«k °f Bermuda RM«. Hamtllou. Rrm 

3EP 37 me Notre- Dame. Luxembouiz. MVUiwhi iraM I I 

NX Capital Ibl Fund- -I SliSl5.il | . ..) - Mareh3 IM< * ~ I • • I - 

! 73S1 Charterhouse Japhet PhoenU International 


Negit S.A. 

198 10a Bouli-iard Royal, laixeaibourg 

746 NAl'Mar IT— . I SLSU26 I | — 

Negit Ltd. 

Bank of Bermuda BMga, Hamilton. Bund*. 

__ NAV March 3 |{469 - |...| _ 

Phoenix International 




ila = 


Current value March 30. 

iKd Life AftanoccV 
tston House, Ompel Ash WTop 09O2SBS1X 
Invest Fd. — il 9628 I .. ..J — 

jmakcrlnvjcd. .( _ 10X89 j , . J — 

irteriioasfi Magna Gp-¥ 
awquerc S'q.'Uxbri dge UBS IKE S21B1 


Exempt Cash lull 
Do. Aecum. — 
Exempt Eqty.JniL 
Do. Accum. 

Exempt Fixed lal 

Do. Aecum — 

Exempt Mnjfd. Ini 

Do. Accum. 

Exempt. Prop. IntL . 
Do Acetun. 


Legal ft General Prop. Fd- Mgrt- Ltd 


m=d z 


Bal.tnu.Fd. B2X3 128.4) 

sagg :— bk -m 

Deposit FrfT 121 8 l£3 

CompJ'ens.Fd.t 1902 !M 

Equity Pen*. Fd 17X1 1MH 

PropJtaaJFd.* 289J 220.4 

cutiwTO-_zzSr9 

DepoaPaiiLFd.t.— |96.B UX9| 

Meat oe -March 14- 
fWookiy dmtilnga. 


Stratton Tsl 060.0 166. 

Do. Accum 098.4 206. 

Next sub. day March 


H-J 


Bixhopsgnte Pregreasive MgnA. Co.T tT&oi'aud'^iriiiaL 


8. BtshOPIgale E.CSL 01-9888280 

B gatePr.—Mar. 7 P*13 17X01 1 355 

Acc.Utl.-Mar. 7— 0*3 203.3 3J55 

B-gate tat Mar. W- 557.8 MM ... J X87 
(Accum.) Mar. 14. — 0741 MELM .... !j X87 

Nest mb. day -April M. -March JR 


4M The Stock Bchange. BCX\ IBTP. 01-SB8 2800 " *“ B 

4.94 LACInfcFtL- 027.4 131.4sd . ...( 7.85 

LdCrndAGMaFd.p2 88 9^ I X» UKEquit)— )4X9 

*L Laww»n Spcs. Ltd. W>Hc) ' 

tOGeoCgaSi-Edlnbureli EH22JG. 031-3283011 J»RM 9 

f-g XRaw. Materials.-.. 1346 36.81 ...I 7X0 U® l»J 

« Aecum. UqUsi. ...08.6 <ul .._ 730 Sector Funds 

-Growth Shod pBJ 59g ] 3.76 Commodity 1655 

"J. 65 J .. ..!] 326 Energy J6X6 

38H +0« 186 Financial Sees |674 




L Paternoster Row. EC4 . 0| - 2 * 

AtSropu. .. - .. -IDJOB* 3ZJM+OJ0 

313 A th verba DM48 H 5113+0 20 

430 Fondak DM3] SI KjS . 

2 OB Fnndii . . : - . DK2S2S ilM+O IB 

Emperor Fund — ICS258 2M 

b70 Hp.paao -.Ersatz 

CJUve Investments (Jersey) Ltd. 


nt-tuft-Maa WROS77. St Pdrr port. Guoroaey 

InVrr- Dollar Fund ISL’5231 238 .) - 


8.63 P O. Box 320. St Heller. Jersev 
860 CTrv-eGiltFdtC.I.i.nOH 1 


J3a 1 b.E Property Growth Overseas Ltd. 

.'O JbI 610 28 Irish Term. Gibraltar (Gib)SlM 

US. Dollar Fund _ 5CSM77 I . I _ 

I 1 97 Sterling Fund . . ] 61=880 I I- 

Ud. Rothschild Aswm Management ICJ.) 
0633 37301 p P. Box SR Si Julsaci CL Guernsey 048128331 


CTxve Gill Fd (C.I.i .110 00 10.811 . J 11 00 OCFuVrFrom. 
Chro Gilt Fd.cl3y1.POM lD.OlJ . . | 31.00 o C iS Fd Marl 




826 

. ...J 1066 

ar.-Fri M 


376 Energy 1616 

186 Financial Sees _._.(674 
fS? Hlah-Mliilmmn Fund* 

OM EV 

ilia betcctlnemne pu 


45.D) *0.7) 482 Corphill Ins. (Guernsey) Ltd. 
■aa *1 m + ik P.O. Box 157. st Peter Pori. Guernsey 

92J+I.I] 142 InuU.Uan.Fd.. P560 170 0| .] 

Llfl+ii} zm Delta Group 
I An* *0 71 * 77 P O. Box 30 li Nasuu. Bahamas 
kSailrt 2R1 Delia Inv. Mar 14. IKL34 141| | 

7X4J +oij 339 Deutscfaer In vestment- Trust 


O.C Eq.Kr. Feh=a 994 
O C Inc Fd Mar 1 14V 3 
VIC lntl. Fd HnrlSLVS 
O CSmCoFd Feb 281131 9 


O.C. Com mod i tv 

U.C. Dlr.CMsdiy i 
Price on Mar 


ity* .122 2 
ft> T...|i2S.15 
ilar 21Ke*l 


122 129 9af I 497 
25.15 26.75) 02fl| - 

Next den ling April 7 


70.4a +0 71 
66^d+lM 
7X4J +06j 


m rJ = 


28S11 ^ Schroder Life Gronpq 

_ .SSSfrm' 

Life Assnr. Ca of PemmylvanU EmliS m e - ui 
52m 30^Z New Bond 5L.W170RQ. ■ 81-408005 ‘ n V JS S JS 


LACOP Units ]1087 IB57] - 


fisttari=ii sir:.: - i >Acopunitt — uoo7 18571^4 - 

"£'^S5 edL aa Si - Unydi Bk. Unit Tst. Bfngn-ttd. 

Wald’s^ 124 6 - 71, lombard SL BCR 01-423 IMS l4 “ 

m Managed __ U3 6 4 - Exempt (966 10X6) . 4 796 z 

y of WMtmlnstrr Assnr. Co. Ltd. ... fSSSJfiftf'- 

X Lloyds Life Assurance Deposit Mar. 14._. . 


Bridge Fond MnagerofUKc) 

SaugWUUam SL,BC4RftAR . 01-82^4951 CAeenm. Units)- (678 

Bridge toe.*. — : .147.0 5XU *432 702 Next sub. d. 

Bridge Sp] JScfcl |i2 ^ DO Leonine Adn d n i str 


} Brjdig lna Acc.f_P5J 16. 
I Prices Marcb 14 t 15. Dealing 


•"“I Dad Di*L-™ 

dm 5r. A !“ r 


— ScSim Unfix) _”JE 

DeaL tMop. -Thea. tfSl'ed m'urs. -Fri.' Scotbits Securities LMLV 

Legal ft General Tyndall Fund? SeotMu Q7J 4RJU +06) 3.71 

lRCaqyuge BOad. Bristol . «TlMa41 £2^,^ go 5 |?3 JS 

Xdfc Mar. U 1546 57 ■ 1 UB — — — P* 7 56.BJ +06) 388 

“ttsftrxdt J 

Leonine AtfanUiistndioii Ltd. ^ "” k * 

XDukrSL,taHtoaWlM8JP. 01-4885091 ? CW * Si ”?* r J?? - *. ?“* rt ^ <a ^ t) 


Poctfoeh 2885 Biebexgame 6-10 0000 FranUun. aT.Int'LUtydFd.. 

| ” Coc centra (BUIW 2UN \ - Price* at March V 

7V> Int RMtenlDDda-.IDHUm n«|+0.1« - «5*v- g. Prt»«ro.r 

Dreyfoi IntoronUnental luv. FA lo rTOper 

ii± P.O Box N3712. Nassau. Bahamas. TIBroadSL.SL Hell 

Jg NAV Mar 14 ...IR-SQM VS. IWUr^mit 

230 Emson ft Dudley Tri.HgtJroy.Ud. Pj.™ n '*‘“ ar 15 j 


Scut- Oh *6 PW.9 mjut - j 230 Emson & Dndley Tri.MgtJroy.Ud. r'. r ™ n '"2r 15 


SMeadJ Route. 0 Whitehorse Road. 


alonCROBJA. 
t Proa Fund— 
aged Fund .. - 
ity Fund. - ... 
inland Fund. 
ev Fund -». . 
Fund — — ... 

^Mn^CapZ' 


01-0840864 30- Chiton SL. ECSA 4MX 


6081 .. — 

1 5.9 +03 Z 
72.7 .... — 

126.0 . - 

67.9 +0.1 - 


kULCth.Mar.10..... 
OpL5Prop.MnT.lS. 
OpL0Eqn.Kar.IB 
Opt- Hr- Mar. 16— 
Opt5Man.Mar.lS 
Ojx5 DepLMar 18 


12*356 
129 


Money 3 Mar 14.... 1160 U 
Deposit Mar. 14— . 122.4 ■ X 
Property Mar. 7^ _ UM X 
Property 3 Mar. 7._ 1474 u 

BSfti Cp,Mar.7.._ 11R7 
BSPn. Aec.Mar.7_ 127.9 
M5i.Fn.rp Mar. 7.. 189J V 
Mu Pn Acc Mar 7 223.3 Z 


Britannia Trust ManagcmeattaKg) 
3 London Wall Buildhtgs. Loudon Wan. 
London EC3M5QL 01408047^0 

Asaeta^ .164.2 H.Of +8.«( 5. 

Capital Acc. (46 9 504 4 

CommSlnd. ___J5X2 ».«+D6 4- 

Commodhy.. .___I672 72.3 5. 

Domestic. .p6.7 39.* +0 6 4. 


Extra Income 

Far Earn, 

Financial Sec*. 

Gold A General. __ 


ic ^ • ]»». POrtmry. Heediiig BK011 

imtsz® il+iJ- gw«i=H M • r 

... Eqoitr Aec. - 094 4ts +lJl - Fixed tmeraat 134 6 366) Ay-. 

, nurenlly ctowdfo item invastmenL / . 

; 1 ! W Lnita... -.1 1*8.3 | I - The. London ft- Manchester Aft GjMf 


. _ ■■ ■ Scottish Widows" Group Gold* General. 

Londoii Indemnity ft GnL In*. Co. Ltd. po Box bos. Ediuhurgh ehiosbu. 0310050000 

1 BSD. The Fartniry.Re*tttng 583511 Tnr.Ph-.Sert«l._^f9TJ 97.8| " 

SBMSErffi ^ r EtecS jlif. r ggQ ssci 

Hxed luMnat S«6 3k# BcUiTlMW-. ^ - Nm4n&Iu£. T. 


Of WerindsiMri* Assnr. Soc. Ltd. The L«*. Folkestone. Kent. 


phone 01-884 0664 

tgtozzXt ‘IN 


Cap Growth Fnnd_ 
AExompt FlexEtLI 


Rxompt Prop. Fd.1 
1 — OExpL luv. T*L Fd | 
Floxible Fond-- ... 
Inv. Tmt Fund — _ 
07-3837500 Property Pond— _ 


imereial Union Group 
elen a. 1. Underchafl. ECS. 07^83 7500 
_ J» Aet JLWar.Wl - 80.71. I . . I — 

anility UU.. -! 1692 I I — 

Federation Life Insurance Co. 
iancory lone. WCA UfE OI-M203BS 
Ity Fund . . . (141,9 1M.0J . -- 

aged Fund. 1740 18X7 . .. - 

<aal Pen. Fd__ 69J 72 7 - 

y I’m FUnd... 3W3 ... — 

I lot. Pen. Fd. 196.® ... *7 

gM Pen. Fd. . 1761 ... — . • 

ulrF«Fd., 1290 — 

ected In. rw. 3524 - 


•xibln Food ■ -I 
v. Trust Fund ^1 


bin Inronutco Co. Ltd. jKSi.Fd.m-': 

JFiin.ECA 014B8MU) japan Fd. Bd.-. — 

' il Feb. 16 — [1135 - I ... 4 - Price* « *M«r. I 

hr Feb. IS UfcS - J . .] - 

h-Fd- Feb S0 I1W 0 16731 . .| — Merchant Insw 


M ft G Group* 

Throe eaars. Tbwer H1U EC3H SBQ 01-8SB 4588 

Per*. Peuafon— - -got? — .[ — 

CHr.Dqnilt- 116.6 1 2 Z5) ■■ - — 

Equte Bond— 124.1 • 0Jt4( .... — 

BBr rfflf . = - 

- mSIwmw^ Ki il : 

a?^3d Fd Bd.* ~ g* 79I z 

Recovery W Bd*- 582 6X2 .... — 

American Fd. Bd-*. *7H .... - 

Japan Fd. Bd.- I7J M fl .... — 

Prices on -Mar. 13. -Mar. 10. — kfar. 17. 


030357333 Solar Life Assurance Limited 

- 107 Cbnpslde, EC2V 0DU. 01-00001 

• - _ Solar Managed & ... 3260 132. 

- ■ “ So ar Property S__. ' f a 115. 

— Solar Equity 5 150.9 15ILd +11 +- 

■ ■ - Solar PXd fiiLS — 119 7 126J +0 N - 

•••• - Solar ChahS 99 3 105M .....T _ 

• — Solar In U.S 96 . U2M +0M — 

Solar Managad P _ 125.7 13X4 - 


IntT Growth 

' ' ' . Invest TsLSiarci_ 

• " MinuralP- — 

— NHL High Inc 

— N'ewlmoe 

North American 

.j Professional 

. _ __ Property Siares 

01-0000471 Shield 

+0JJ — Statue Gbanga 

„~l _ UnlrEaergj 


M2 

69.1 

469 

50/ 

5X2 

55.1 

672 

72.1 

36.7 

39> 

96.4 

TK 1 

roi j 

art il— 

JIU 

172 

qj-Wi 

122a 

UI 

. 621 

1X7 

87.1 

MJ 

mg . . 

79.1 

a — fCJ 

fWA 

MB 

1 fXJ 

584 

40.0 

43.fi 


01-038 0478-0470 First iBsfotdX— 
H.0I +0.41 533 DalAcoinU- 


BB65=--Bf ' Of df H 

Lloyds Bk. Unit Tat. Hngrs. Ltd. V (a) Am. CiwthJI— __ «) 2 b' 

sssaagas-* i 


ED.LC.T. [U4J 12X.7| -04 - 

F. ft C. Mgml. Ltd. Inv. Advisers 


445 Second iCapj 

ill 

4.12 Do. 1 Accum.) . 

■BO Fourth LExincJ 
9 J3 Do. CAcctuaJ 

Lloyd's Life Unit Tst. Mngro. Ltd. g5ffig^E-'E3 

327 7»80.Get«hqu*eRd^Arlert»UiY. OSMSMt 

WJhMMjen.^ [MX6 1490J | 4.25 ^Next iub. 

2 J 7 M ft G’GroupV (ykeitt) J. Homy Schroder 


Exempt High Md.* 

J'V Income Dist 

Inc. 10-tWdrvrL 

lulnl Growth... _. 
fff Inv.TsL Units — .. 
?-J5 Kerbet Leaders. - 

SS 'Nil Yield - 

PreC & Gib Trust. _ 
'*• Property Shares. . 
d. Special Sit Tst: — 


205 *12 
26 9K +02 
261 +08 
25.4 +L4 
30J 

4Lfi +0.1 


■MM'IWHI I Pouotney Hid EC4R OBA 


Cent Fd Mar. 15 -I SLtS445 |*014f - 
*£* Fidelity MgmL ft Res. (Bdaj Ltd. 
ID 10 PO Box 070. Hamilton. Bermuda. 

980 Fidelity Am Ass.—! SUSZL16 [. I - 

_ Fidelity InL Fund .1 SUS18.67 . I - 

306 Fidelity Pa*. Fd „| SUS4X48 +od - 

4.93 Fidelity WrldFd.. SCS1Z47 +001 — 


+0.4 460 Fidelity Ster. Fda.. 

+01 fljK SenesAtlntnl.i-.. 

1159 Series. B (Paci/ic ■ 

-03 220 Series D iAhlAjj.i 


+043 - 
+001 - 


^_Equ^t>- Accnnt^- 11416 1490| i 4.25 . ’N«l rob. March 20 ^ 0flB4 4082. Ld„ AiUt P 

232 M ft G GroupV (yhclU) J. Horny Schroder Wagg ft Co? lid. ¥ 

IE T^*W.WrivHIttEm0BQOiaW45m RUMdeBCd-- - -0KM08434 S&\SaXm'mM 
J?? - BhO alfb Sfocl Exchange DeeUnsa. Capital March 31... (942^ 976f +L0| 248 „ _ e „ 

B3 451 


Royal Trust I Cl) Fd. Mgt. Ltd. 

P O. Box UH. Royal Tat Hro . Jmry. 0034 37441 
RT lnlXFtt „ ..ISUSaK 4M . ..1 X00 

H-T. Inf l ulsy.J Fd.. US n) I 32J 

Price* ai March lb Mem deriixdt April IX 

Save ft Prosper International 
Dealing in 

3t Broad SL. SL Hdior. Jersey 0534-20501 

CX DdlwdnaalHUf Fuadn 
nIrFzdlnt*‘Mar 15(944 10 031 . . J 698 

Internal Gr.-8.__. 16 31 68a ->8J _ 

Far Eaxlera*; . ..[3778 33.6«+Lsj ~ 

North American “t 13 47 3 751 +633 _ 

Sepro— 8 .P2.95 14 15) ...\\ — 

SurHudnmlaM Fuads 
Oumnel i."apilal6...pi5 1 
Channel DJaods4>.. [lC15 149 

Commodity Mar. 16. 110 4 124. 

SLFx&ItMarlO .Jl220 129 

Prices on -March 20. —March & 

{Weekly Dealing*. 

Scfalesinger International Mngt. Ltd. 
41. La Hottest. St. Heber. Jenej . 053473588 
SAIL . _. ..[76 81 895 

SAOL ...181 0.86 465 

Gill Fd M0 242 . .. 1X36 

lnll Fd JerseJ . . Ml 106 +1 3 47 

lnml-FdLxrabrg -|9B1 103lJ-DJl! 

Schroder life Group 

Enterprise House. Portsmouth. 0705 27730 


• Ti MOV JiUVI 

r/i American 

7^7 lAcoumLniui;.... 
fS£ Auxmlamas--. — . 

S'E tAecun. L'nftsi 

r-3 Cnnonodity,., 

(ArcuinTUtiIt*i_.... 
Z¥£ Compound Growth. 
*■'* Couverrion Growth 
. Craverttoo Inc _ _ 
il Dtviitend - 


.723 +0 


+0.4 2 M 
+03| L09 


XB* lAccum.> 

104 Income March 2].. 


S ccum tiniia) 
ueral 


lassssr 

Solar FuqntP 
Solar Cash P 
Solar IntL P 


+03| _ 
+6'.« - 


Sub Alliance Fund Hangari. Ud. 

Son Alliance House. Horsham 0*0304141 ... ... 

5(SSSS.:PaH-isl = 

Growth Acetun. — _ 

Sum Alliance UnJked Life Ins. Ud. — 1 

Sun Alliance Souac. HoTCham 0403 84141 I 

tsessdm w»= i s^zzzzzz l 


The British Life Office Ud.9 fa) Dividend 

Reliance H*e_ Tunbridge Well*, KLBBKrism tAccum. Unrtqi 

BLBriUah Ufe. W7.9 50.R +0 H 569 SUSKTrcr- " " 

BL Balanced* fe.7 • 46.2+0^ 5.40 

BLDIrictood* MX* 44.7[ +0j| 888 SSSirStT, - 

-Price* March 28 Next deafiof day March 20. Stor«i^I - ;'r 

Brown shipicy ft Co. uilv KS35£5lSu:::l 

Mngrc; Founders Ct. BC0 01-8000020 {Accum Unltw 

R«SS&%dB -Wri » BS«cd 


15 SBStttJ 

4J4 E a rope March 9 
405 (Accum I’nJta' 

388 "PtTCbv Karel 
9.44 -Spec! Sh. March 7 

Recovery M*r. 7 _ (1672 1723>dj 

■For lax exempt fundi only 


n.a+oa 6Da First Viking Commodity Trusts Schroder life Group 

v *r kB tt . u*. «— ~.»-«i+«— * 

V m riit M ^3 .»l1MalLL6ndohSW775JR- ■O1K81V01.7 InlertuUJmial Fundi* r ’ 

, m VO. u«LT F«. v,tCmTsi...||69 »0nl ..(810 £Equily_ _ I187.9 114 

- --0>«40M3t Ftt.VTr.DbLOp.TBt . W8.O0 -MBfl 12 - fgiuy 1140. .. 121 

n 6 +10 248 _ _. m * » 1 £hrccd InterML. . 1404 149. 

172+12 148 Fleming Japan Fund S A. 3Fixed InterML. .. 1B34 109 

St 37. nie Notrc-Dame. Lnaoartwiint . S2J55SS23 H22 

!qj 1 IS F*hng. Mar 21 _ — ( 5U643.60 |*0671 - SMmutged (1087 115. 


340 Free World Fond Ltd. 

U7 Bantflriii Bldg, Hamilton, Bermuda 
416 NAV Feb 38.. . .,( n.:S26665 t ( - 

5,8 G.T. Management Ltd. Ldn. Agts. 


J. Henry Schroder Wagg ft Co. Ltd. 
ISO. Cheapnde. E.C2. 0 V-580 4000 

ChtUrpSMar -0 1 10.64 _ 1+0061 272 

Trafalgar r'eti, 38- ] Si:S10752 I . . [ - 


72 1723a| . .1 5.48 im«miciiiw.i ua mu. Agm Awan Fd Mar.aO.-pl'SUH BW .1 X 

-For tax exempt fundi only £>?* Hs*-. IP Finsbury Circus. London EG. Darina Fnd. ~..]5AL73 im J 5L_ 

Scottish Equitable Fnd. Mgra. Ud.q SS “ g 1 - T l , _ Fd Mw * - fB3ajI ** ' 1 B U ‘ 

38SL Andrews Sq. Edinburgh 03 1-556 31 ul yun-xcerernt Iwleraatiomil 1^4. Sentry Asanrance International Ltd 

* Ig-S S3 *8 fl § efo Rfc 01 Bermuda Front Sl. Hamlui Benin. P O, Box 3» Hamilton 5. Bermuda 

^ SW AnchorB- Cbju. ...£}«« ■*(. . L9J Managed Fund ... ISCMM i*H| .1 - 

aLiig ooy Wedurulay. Anchor Int Fd &ISJB 41lj . 1 96 , 


Merchant Investors AnoranceV 


i la come „} 


fAceom. Uoitsi 454 

Fund 0 / Bit. TfU- .. 54 J 

01-8000920 {Aceam Unite! B5J 

J 4 64 General 15X2 

1 aS (Accum Units)-- _. 23213 

.... 4. High laconic 94.7 

-- fAccum. Unitai 1542 

♦0-3 4» Japan Income 133.9 

^2) 426 (Accum Unit*) 1342- 

tS'jl S‘35 Magnum — 1770 

tS-H K? CAccum Unite) — 220.7 

+0X1 901 Midland 151.9 


2520, -Oj 
lOd-Vf 


060 38SL Andrews Sq. Edinburgh O31^503lui staeaceiwut InfmaariMil ixd. Seutiy Asaurau 

*“ JSSSf uSl 1 ,* ” - IS-3 Sargfl se «* B^.Bcrm J3aF?^T Hamlin Bmda. PO. Birc 3=8 Ham 

Accum Uuhs.—.. 15*0 573] +0JJ SK Anchor B’ Units. ...gTSJi SBJ. . >-9J Man nged Fund ... 

Dealing nay Wednesday. Anchor Int Fd. — PVSXM *S| . | 1 96 ^ 

498 Sebag Unit Tst, Managers Ltd? (ai g-T. itenmtd* Ltd. Singer ft Fntd 

IcbagbircuncFd • SiSSI +0^'. 8X2 CT * Fd ' ^S64* I { 323 TokyoTsi Feb.ffl.J 

107 RttMiTitu Rfcl+cthn i tA ®-T- Mgt. (Asia) Ltd Strotutbold Man 


I *1-11 H? Security Selecttoa Ltd. 


it ft Cottnnercp Insurance Ci High Sue it, Croydon 
«TrnlSL- London B1H 3FK 01-097081 SS^RSLfjfa ■ jSi 

ingd-Fd _(mo ux»( ...1 - js; 

Oder Insurance Co. Ud ^ 

lai]Miw.Tov(-rPl..ECS. D1 -838 9031 Sip. TVn*. - 

:op Mar 7. . (67 7 7*4| \ .( - 

Equity Pens. .+—1 

■ Star lusurflWdiand Aw. Ccov Pmi Praia. — 

.adnwdleSL.ECl 01-M8UM Wa. MW. Peas.— 

Mid. Unite.. |49.7. 5X61 +0 9| 60* ^ 

ty ft Law Life Am. Soc. Ltd.* »««, court. dSu. 


Man. Pena — 

Equity Pens. — — 
Coov Dtp Toi— 
Mem BOit Pens. — 


ham Road. High Wycombe 0404 333T7 

W P2-S+L6I - 

tyKd. :...p2 6 107.5J - 

'ntrrcsiF — 111X1 H6.5I +0.41 — 

K** ,Ftf ".tefs m+o-3- 

■Rl Portfolio life In*. C. UdP 

hblemcvCt, Wulihooi CrtWfi WX31V71 
to Fund . ,( , 1293 J .. I - 
nrCmdtal^Kia 43R ( 

an Life Asa. Soc. Ud 


NEL Pensfon* Ltd 

UUton Court DortoK. Snrray. 


MW 33377 NeltsxEaCap.— 


5S11 

iil| Z 


Intern 


Sun Ufo of Canada (VJQ Ud 
X3. t CockaparSt.. SW1V5BH 814a 

Maple LtCrth—.l 106.4 j 

Maple Lt Mangd J 13Z.S f 

KapInLLCttr 1 U0J2 l 

PCTSnlPnFil 1 199.8 | 

Itogtt Life 'Assurance Co; Ud 


Index ■-..... - 
0*cr«c«« — 

Performance 

Recorm- _______ 

Exmpt Fob. J0__ 


(Accum Unite) — 

Midland 

3’/ CAccum. Unite! — . 

?3 assjaKr: 

“■g S+condGen. — 

Sfff (Accum. Unite) 

4 94 Soocia] 


iU +8.1 


i yi 10-10. Uneoln'slan Fields, 9C2 
4.23 UnriCUiTtt Aec._|23) -24.1 

735 UnriGthTrt tee —POJ 21i 
735 Munri T Tnlf tU W+..+. 


Fi*Iri* WT" n! »ni «rtftn Hulchiaon Hao. Him- on it Bd.. Hong Knnf 
Finite. KT2 01^31*380 g.T.AmhF — 12IK7U 7IS| .. ( ! 88 
^3 'Sl'bl+M JR CT Bira'IFund 5US11 20 1+O0l| 530 


axmpiFoo.iD — omi.... I 49* Special .-..T- Wi ISLWf +02| «:« - 

fAecunL Uniti» |XT9.4 190] -MJ 3. 446 Aecuci. l-nita - — iW.O tA.Hl 

Canada Life Unit Tst. Mngr*. Ltd-¥ Sprowuro M SKSTartaS cm Rwd ”” ' " 

S-8 High SL. Potters Bar. Herts. P.Bar5I122 Tnjaiee - 0333 140* +0 J( 6 07 Sdart lia.4 ' 13A « +00 

Cm. Cos DlaL 136.0 37.9f +0J1 456 (tom Units! 2550 2690 +o3 6 87 ^S^funi'S litilj 

Do. Gan- Aecum fcL7 46 0 +071 *56 Chari hood Mar. 14 . U67 . J 1035 Atrcum unji* |M40 ls6.9| 

Po Inc. DiaL B4J 3&li +0 4 7A Charlfd. Mar. 21 — 1370 139.7 -3.2! 814 Sun Alliance FUnd MngL Ltd 

lfofoa M .|82 S^^sa & SJS SmtAnimceKro-H™ W 

Mngt. UdV Manulife Management Ud nSo^MMlyFu"'.^ 1 ? 50 19 m| +14 

L%^ D te"'- S W3 U *' 50s M3 f 6 S l Si Tar « ct ^ ^ (»'«' 

Incttne .ME* TSuSl 1 833 Units. 1*3 HIM ...| 4.M 3] . Gresham SL. ECX 

Prlw* on Star. ft. Ned dealing April 5 Mayflower Management Ca Ud Target Commodity. 

m nt.,.. imbi.u .1 MUBCroahem SL, EC8V 7AU. 01-0000008 I“|2 

Carliol Unit Fd Mgro. Ud? (aKc) income Feb. 21 W70 id2.9>d ....J 842 tSIS&mJ 

Milburn Htxus. Noweaatle-upoc-Tyne 11185 General Feb. 2) — |su 6C_M ... .1 5.44 ISTaecUmts 

aSsrsssrg! S|” i i8 w->-n *u»i ui SagS 1 

Do. High Yield — i_p4LA 4x5 1 801 WL Greoham SL. ECSP2E3. 01-8004555 Growth 


6011 J 16 
64.3 ..1 - 

*951 • • • - 


Singer ft Fried Under Ldn. Agents 
20. Cannon St, EC(. 01-2400848 

nrinimds. . . .-IDUS83 26.«j*0UM 644 
TofcyoTtt. FW).28..| - SUS3X00 | ...7] 200 

Stronghold Management Limited 

P.O Box 315. SL Heller. Jcrser. 0534-71400 
Commodity Truat _ |87.81 92.43) I — 

Rurinvest (Jersey) Ltd (x) 

P.Q. Box 68. SL Keller. Jersey 05M 73013 

American Iad.TaL..{£7 44 7 591+0 1H 172 


(Accum Units) 

Chari bond Mar. 14. 


Stewart British Capital FUnd 

?E -Standard 1126.4 136« +02 

Jjg Accum Unite [144.8 1569| +2J 

0-14 Sun Alliance Fluid Mngt. Ud 


Sun Alliance Hre_ Hcrsham. 


NclnxEq. Aceum..P0U UM +01 ... 

Nelex5onryC4p-p0 fU ..... — Man. Pbod Att 

Nolrx Mon Acfcp4 4 67-3 . .. — Prop. Fd. Inc 

Nelnx Gib Inc Arc..}44.4 467) — Prop. Fd. Acc. , — „ 

Ntlex GUt Inc Cap.. HS3 4*01 .... - ^op. FU fav. _.._ 

Next ttib. day March ft D**"™ 04 ' ^ Jnc ' 

nr New Caort Property ace under Rafc Man As. nuT.' 
R athau MJ d Aaaet Mau a se maut RcCP Ua^ p jop— 

NF1 Pensions Management Ltd 
mGroeecburchSUECSPSHll. OlftSUZOO c1SpS^.“; 

Managed Fund (14X1' U7g -.4 - 

Pricea March 1 Noxt dunlins April 3. . . 


SfoT Walqa Rd- B'mmth. 020B 7BT850 Mac aged Fund .--MU 1*7^ 
df Pnml ..-L- IW4 KKL4I ...I — Priceu March 1 Noxt duolins 


df Fund ..u.. 954 1IHU 
fifty. Fund - 990 ’ MM; 

iFhnd ....£. 1154 ' - 121] 
XFond +- 495 . 104 m 

&-rugd N54 100.( 


ct Boom. Gatebouaa Rd_ Aylesbury. 
ul Ay leabury (O206i S04l! 


I 

W ^ Jap.odexw lt9.85 10^^ - 

444 iiniSSiiSuinlte "fe'6 vir, So J J 2 Snnnvest Trust Managers Ud fx) 

Stewart British Capital Fund wSrSjSWLlBa" ”, A'bol StroeL twuslM. lo.M 0024 =391- 


3 60 Gsrtmore Invest. Ud Ldn. Agts. 


124.M .... — 

119-3 . .. - 

1*5.7} - 

139.4 ....- ~ 


JfiUmni Haase. Nnweasile-upoa-' 

Carilql 1633 65. 

Do Accom. Units. -174.9 77/ 

Do.High Ylald+-i— B44 
Do. Accum Kbits -M7.9 50/ 

Next dealing date Apr 


Bjf.Eq.Ta Ux 8. 
fThe Family FU . 


•Do Arc. Units 
Target GUx Fluid 
. TarCM Growth- 

“4S» TUrcetJuU. 

4B Do. Ralnv. Unite 

4.93 Target Inv 

1 JB TarCH Pr. Mar 22. 


...m.I 101 Merc. Gen. Mar 22 IU8.9 




s-.ruod W4 100.41 j- 

Il ft Sec: Life Asp. Sec. Ud* 

wk.Rrv> on.-Rmwa. Berta. Tel 34384 TZZj 

bPIoance. .1- QJ^S |- - I — American W. ■ 

UkSeca... J *43 ( . - - Far Bart Fd. - 

J - Cm MW»Hi 


New Zealand In*. Co. (U-K-J Lid-V 

MaHlandHouaa. Southend 5S1 3JS 07020291 

WFM m~d Z 


Tranelnternatienal Ufo Ins. Co. Ud 
2 Brcajn Bldgs- BC41NV. 01-4O0O4OT 

m-riz- 

Trident Life Assurance Co. U d.f 
Repaladu Honpu. Ooncotter 04K3SS41 


BASE LENDING RATES 


LN. Bank 6j% 

led lrisb Banks Ltd. 61%, 
ertcan Express Bk.' 6}% 

ro Bank 6{% 

P Bank. Ltd. - 61% 

try- Ansbacher 6f% 

ico ; tie- Bilbao 8*% 

lk of Credii & Cnicc. 6 }% 

ik of Cyprus 61% 

ik“bf NSW ‘6!% 

14UE Be Ice Ltd. .61% 

rquo riii Rhone 7 % 

clays- Bank 65% 

nett Christie Lid.... 84% 
four HoldlnK* Ud. 7\% 
h-Bonk of Mid. East 6J% 

uti Shipley .: ... . 6 , -% 

oda Permanent AFI 64% 

11 u! C ft C Fla'.' Ltd. 9 % 

icr Ltd 7 % 

ar Holdings -: S % 

iterhouse Japhei... 6^% 

ularions 6i% 

E. Coates 74% 

hOlidaiecL Credits... 84% • 
«perativp Bank ...* 6J% 
■n thiau Sceurit ics. .- fl ^ % 

iiUjreimajs §i% 

Cyprus Tnpuiar Bk. 64% 

can Lawrie : -!I 64% 

il Trust 6J% 

lish Transconi S % 

rropdeiTSees.:..... 64%' 
l Nai. Fin. Corpn- 64% 
r 5!at- Secs- Ltd. ... S % 

jriy. (»ibhf 64% 

rbtKind Guaranty... 64% 


■ Hill Samuel I 64% 

C. Hoare & Co f 84% 

Julian S. Hodge ...... ' 74% 

Hongkong ft Shanghai .64% 
Industrial Bk. of Scot. 6|% 

Keyser Ullmann 64% 

Koowsley & Co. Ltd. --- 9 % 

Lloyds Bank ...' BJ% 

London ft European S % 

London Mercantile 81% 

Midland Bank ... 64% 

■ Samuel Montagu 64% 

■.Morgan Grenfell 65% 

National Westminster 84% 
Norwich General Trust 64% 
P. S. Refson & Co. ... 64% 
Rossmmster Accept’ra 64% 
Royal Bk. Canada Trust 6J% 
Schlesinfler Limited ... 61% 

E. S. Schwab 64% 

Security Trust Co. Ltd. 74% 

Stanley Trust 94% 

Standard Chaptered ... 64% 
Trade Dev. Bank ...... 64% 

Trustee Savings Bank B*% 
Twentieth Century Bk. 7J% 
United Bank of Kuwait 64% 
"Whiieaway L*Idlaw — - 7 % 
WilliamE ft Glyn's...... 64% 

Yorkshire Bank 6J% - 


WUSSzA l W5!!- = 

GtRldrftf . iwt mu — . 

Mcoqr ..... 120.9 - 127.4 - 

ImeiwBoailT— WJ ,97i . — 

FUfaJL Bs.I 1332 ^ - 

Growth Cap 128.7 134.J - 

Growth Arc — 1290 107J — 

Pro*. Unci Cap _ S3.B U9.7 .. - 

Pw*- Maid. Acc. „ 11X4 12JJ . — 

Ptox.SZ5op.Cap.. U10 ip.l - 

UX8 ua3 ! . ." — 

Tnft GJ Bflod — “ 10X4 -0j| — 

*C«*h Mine for U80 premium' 

TypttaU - AamnuDcefTnuionaV 
iaCanyofeBort.Bri«toL (818313(1, 

m| ~ j 

m = 

M = 

po Prop Marl .... U2 . J - 

Vanbrugh Life Assurance 
4M3MMdosSLUa.WlRSLA.- 01-4M4833 
|£0 7^9 *M - 

nxeaiatwfrroZIma? iTtaT^f 

aS¥KP l ~-cBi -W: - 

Vanbmgh Pen unis Limited 


Next dealing date April 5. Arc. uta Mar 22. 

_ Mare. laL liar. 22. 

Charterhouse JaphetV ^emUmifor^..gaA 

hsszs; ~§t ** “Tsr xssnssa®? ^5 ■ - 

Accum Units - — no jam ' ix MSdiand' Bank Groap 

Ci.taawm-^ »0 - AM JJg Uni* Tnitt Managers Ud-V (a) 

Chieftain Trust afanogers LULVtaXg) gSjjtSf"**' 

30.31 Qucsn St- EC4R IBB. 01-2482882 Be. Aecum H I 26.9 5S1 -Ma 

American baMAi ZLWI+ma 185 Tneome 470 5Xl| *«.« 

Hlch Incan* - MS. 4 43m +q3 10 Do. Accum Sa.4 5ul +0.4 

IzUrcnatloaal Tat— 34JB+03 3*5 Bua m aMiwial tti 40+0.9 

Sana Rrcrce. ‘fttBi ujtt „,J 4 as Do. Aecum. «U 4081+10 

^ HtehYlSd 99.7 -53+00 

Confederation Fund* Mgt LdLV fa) jS* 11 

SO Chancery Uoc. WC3A 1 HE 01-2420282 Dc. Accum. 9«J .(5^3 ZZ 

Growth Fund pfj 40(1 +00) 4.70 *Pr|«a at Feb. 2ft Next dawllnc Mar 


H2 XP- 

Tfc 


* . . butnmre Fuwd Magt Bar Erctl XML 

a. 040304141 15C3 Huictrewro Hir. 10 HarcouTt Hd. H K 

50 195401 .1 477 H R A Pac. V Ttt. . ftUSK UB J ! 

wTs) +1 4| 3 66 Japan PU... _ RslIM U^+Ji3 [ 

, „„ N. American Tst |1 3J7S U3M .. .71 2 

tu.q UKgl (nil. Bind Pund.„. fC.3Jia MRS] ... ) ( 

DeallnEX nSW-IMI GartBMrc tacAanl KagL Ui 

3X0) +0 Ji 4 30 P O Btvy 32. DcuglBX IpM 0824 ft 

52.® ^06 44$ IniernalMiial Tnc .1237 22 M I 1 

n 38a+0.8 ftOS Do. Growth.. - (53 7 57 3 . . | 5 

285a fcSfc Hamhro Pacific Fund Mgmt- UtL 
££- 2 l i ^'2? 2110. Connaught Centre. Ranp Kane 

Sf! PwEastMar ft - jrinail UM . I - 
wJriM 111 JspanFl,n ‘ , » ,,S4J1 J - 

+0.4 383 Bambros (Gucraaej) IAAJ 
^ iff Hambro Fund Mgrs. KJ.I.I UtL 


Wilt 1 ui American IuiTrt...|C7 X 7591+0181 1J2 

1ZU( .. | 165 CApprcTrurt. ElOX 1053-0.3 - 

! Lti Jap Index T» 119.05 lflS^ ... - 

M81-2G26R 

rtzia . 1 l 24 Scrinvest Trust Managers Ltd. fx) 

AS3Sfoj^iS.::©j" Isfrn “S «■ sjw*. *»«•*»»». ^ * ok* aow 

Gsrtnrore Invest. Ltd. Ldn. Agts. Rir*fac2uqdHrcdB7.'[jMJ mi.ll -l?| 10 u 

. I " ! - aB3Sai Si z 

1*5'. ^ Do Em.87.G2Bd- [l725 181 « .( 1X57 


126.i +0 ‘ 

28.93 +0: 


O-Pret 
me Growth Pd 


25J +D A 
27.7 +0 4 
298 +0.4 
158.3 +0.9j 
Mil +0J 
162 . 
191 +0J 


Target 1U. Mgrs. (Scotland) (o)(bl 
18. Athol Cresceat. Edlo. ft 031.22P882 


cr^^LHKouc ft.8~-W.1BBd. ITO5 1U6| ..(1X57 
17^+t’i! 783 Unil Tn * st (CJJ Ltd. 

uiw 1 i^o EagaXollo Ri, SL. Sai loiLr. Jersey 063473404 

... J 6.20 Jersey Fnnd M2 9 45^ -0JJ i2S 

.j GueitiMsy Fund — J4Z.9 4521 -0.3 *25 

0624 2351 1 T ‘ nt * s 00 *tw- O Sro sub. flay Mar 29 

go} I P7 Tokyo Pacific Holdings N.V. 

57« . . | >■*] fntimi* Managemm Ca N.V_ Cur&cao 
agmt. UtL NAV per share March 13 SVS47.31 

UM* 1 * I _ Tokyo Pacific HIdgs. (Seaboard) N.V. 
iS I • i Z Intimis ManafiemoRt Co. N.V. Curacao 
ZZ ' NAV per iHnrr March IX SUS34.40 

I ) Ud. Tyndall Group 

■ ruon -+tv>, p a *** I=» HanriJtou 5, Benauda. 5WCT09 
can Th Oiersona Vlor. J5 _ fil'SUl LS7] I 600 
syi.-.j 5“ lAeeum I'niu) ... ..|k'SUS ltd. J _ 


Z (COomepoIitan Fund Managers. 


'Price* at Feb. 2ft Nest dealing March 31. 

Minster Fond Manage r* Ltd. 


£7 +07 £8 Tr » d « i Union 

40.9 +0.6 328 100, Wood Street. EC2 

ffe iS TL:irrM "- 1 wa 

537 +D.4 6.46 Timugatlaafic 1 

S 5K i ssBartr 1 

Si 

S J 52 Buckm.34ar.10 

8X4 s.u 


1 PORMaftOuenificy ■ D*81-ftMl 

fl+07J A54 C.I Fund (p5J 1C4XJ . 46O , C iS2^* L ^u| 15 

«n Into I Bond IT'S 104 09 lOT'Sfl+O.r-B 850 iJEfti 1 Hi' Krou 

■d) (a)(bl InL Equity 5i'SlC.<n 10jaJ+DJ4 2- 1 ® 3-» «V In'- »■- 10..praS» 

031. 22& 8821+ In ‘ Sr S* "A" SCS x01 li« ... (L58 JNewBL-iO. BeUe* 

71 +OJI 1S1 ,nL S, 3S ' B ‘ 51:810] L04j+D8a 230 TOPSLItar. 10 . 

>}< +6 a 571 °n Mar 22 Ncxl deoliug Mar ft VsSSSmu ! *!??? 

•i +oj( 1035 aendemm Baring Fond Mgrs. Ltd. i.iccumsiiarroi 
lanagersq P O. Box N472X Nbo»u. Bahama* J«*e* Fd. Mq 15 


Suma, Head. Tatset Eagle (23B 25.71 +0JI 133 -B SXSI101 X04(+08a 23 

Tel: 07*270842 T*rff« Thistle ISl *2. ‘A +6 0 571 Pni-u* tm Mar ft Ncx3 deoliog Mar ft 

B rg-il MJ Extra income Fd ~ p78 6X1^ +0j} 1035 HenderttTO Baring Fund Mgrs. Ltt 

iO Xm Trades Union Unit Ttt. 8ZanagersV PO. Box NiTft. Naoroo. Bahama* 

+o:a 328 100, Wood Street. EdiL Oi-«ft80Il Japan Fi; (16.02 16.71) I - 

+0Aj 3M TULTMar, 1 (058 OBBuf .... ( 537 Price* on Mar It Next d+aUug date Mar : 


Wj ■ I ‘ 00 


6.46 Transatlauitlc and Gen. Sec*. Co.q HSIl-Saronel ft Co. (Guernsey) ltd. 
J * Sl-SBNxw Condon Rd OaeWoril (0*631851 5, L»PehiTO SI. Peter Port Guernsey. C.I > 


Jcj Barbican Mar 10 
tAcram Units i— 


530 Cu erases- T sl ... (105-0 159 4+1.81 3*6 

|j? HUI Bantuol Overseas Fund S.A. 


< Accum. Share*) 

TASilFMur.10. 
i.Vccom Sfiaresi 
Jcrut Fd. Mar. 15 
1 Nor. si Acc. I'tfci, 

G-lt Ftmrf Mar 15 

' Av-cunv. SBumv . 

Victory Heose. Douglas, laleef Maa. 00B4 8M»; 
MaimeedMor 10 .-P27.6 134 41 .( - 

l td. InlnL MngnuL (C.I.) Ltd. 

U. Mu (carter Street. St Heller. Jencj * 
f J.B Fund I SUbXOO | | 8 25.' 


ColonwoMar 17 
(Accum Unite) 


3a Poet Strctd, London SWUCOEJ. 01^2888325. uiZZZ-uZii 
|CotmopohuGthFi(16.9 IM 1 505 affffi BCg 


n&ncter Fond i*uuugen Ltd. UimJd Mar, is 

MtHrtrcBafc.ArttaarBx.XXA. 014ft 1030 cS^rSl ’ 


4.11 37. Rue Noire- Pom* Luxembourg L j.n Fund I 3US20O 'l 1 

IS -. Z <L 

.:::: 13 SSj^S M ! 4 S ^ 

3Til fe-S Equity Ttt.. ISl *5 X95J _ Not iuei firch aP 1 

5. G. Warburg A Cd„ Ltd. 


+-+t I Exempt F(B».a8_..„l»* . 8531... .1 630 sjiSSS^StSS 21 . 

Cr accent Unit Ttt. Mgn. Ltd. (a)(g> Unit Trust Mgenmt. Ltd. vET^ifc* 

4 Mdrfllc Crca- Edl ubtiTRh X 031-2804031 Did Queen Stroet, SW1HJUG. 01-0307333. (Accum. Unite) 

Crcacmt Growth 2IJ( +0 2[ *2J MLAUaite (S6J 37.9( +13| 448 VaoWJar^i 

9.07 Knhud Unit Tnitt Mau-gersV (aMg) uSSStaB Stef 

CKf-Reterroo (3M Ss| +O3I 431 IS Copthali Kva. EC2R7BU. 01.0084803 WtelrTMrc 10. 

llutunlScc Plus. M-0 <n q i lm i A ccum uoivj 

Pterecionary Unit Fund Managers SI 33 

««•« MJSttHiSteiSSj toil Tmddl Manat 


537 J-E-T. Managers ijerscji Ltd. 


S7I l8a 1 5 I f° Tn. )Lse> JorscyCKi* 27441 30. iireaham hi reel. EC2. 

«7ol _£'3 551 I JarijeyExUuLTtt.. n25.D .U5(H. .( — Car Ad -FVLAIarM 1S1'S8 S 

Next mb. day Mar 31 


11 $73 ** al *'"*> 28 «b. doy'siar 'si EnJ^MLMarft* ;K'as§ 4l3 I _ ! 

ftM Jardiae Fleming ft Ch. UtL Cr^Fi Feb. 2t.rs1.S6.51J - 

- fg . «d) Floor. Connaught Cenlre. Kong Kong *«vKur Fd.MarlSinsis w ujsI ...| _ 

' 550 foPfineBnn Trt. ..I SHK 21 D .69 (....] 340 Warburg Invest. Mngt Jrsy. Ltd. . 

- *-« jSS|!iSiKi rd *1 I " i-ff 1. Chartna Crow. Si IMw. J«. Cl 083473741- 

- !« j£S»wC^fi7« \VSaif (•■■■ 2M CMFLtd.Feh.ia .BCflUl .U I — 1 


Cr.tt.SPd. T 

M«r£ur Fd. 


Cra* Raterroo (3M 4X6^+031 432 15, CopthaU Av«_ EC2H7BU. 01-0084803 VUVtJur n. 

Mutual Sec. Plus- [48.0 5X9 .. .1 XW - 

Wscmlnmarr Unit Fond Managers gffiSSSHSarBa §| ^ IS S a™ 

a* “TIT afflas^t.® „ avm ud . v 

i National and Commercial ' lacanynge good. Bristol. 

$. F. Winchester Fund Mngt. UtL Sl.St Amfrow Square, Edhdwrch 031 500013] loeotncMar.15 — 196.8 USA 
Wd Jewry. BC3 0140BMB7 foeane tor 13 — M« lg.U . .1 652 «i 

«w*s« u-jnssg&dffi i : 

finnan ft Dadlgy Tst HBfmit Ltd. National Provident Inv. Mngra. Ud.0 

1 26. Arlington Su SLVf.l 48 Graeochwrch 8^ RC3P3HB 01-0234300 

Enwro DudUr TOm 160.7 65JI - J 5J0 XJXQh Uc.Ttt-^J gjl I 380 f*S®lS£l. 

(Accum. Collar „B3i . Stfl 330 ScoTcab ^5r 

Eqqitas Secs. LttLV(*Hg) jSSSMStf' -“ffi ^ SSimUttSL 

4JWrt.0IWtt9.BC3 01-5883831 dfiSL'U-LhMS ** >* *» 1 


Nert sub. March 31 

0373 332«] fiemp-Gee Management Jersey Ud- 

1 Z2 I. Charing Cnwa. SL HcUer, Jmey. 0334 73741 
iXJ Kemt+CeeCaptial.ICC.b 87 T +5X1 — 
IS 67.S+0.4I 858 


....i CHFLliFch.a .KliaUl UM - 

loriL- CMTUd. Prb. 23 ,[0X62 12W -_ 

;s83 - 36 MuU*Trt- Mario kj] 48 U 70 . _ 

TMT Mar. 8 - Kl flU 40 _ 

«ey Ltd. TMT Lid. Mar 0 — (£9 23 ^954. ■ - 

0334 73741 World Wide Growth Management* 

+0*1 r« 10a - Boulevard RrowL Luxembourg 
+V.4I BOO Worldwide GUt Fd| Sl'SUOO [+006) „ 


NOTES 


4J JUshOKttt*. BCS 01-5883831 rc Feb Mai+ hM «ne i 

PTOgnsrtro MJ fiM+O* SadSttfo?!^] 3 ?- totthm JMGroai. 

Equity ft Law Un. Tr. isji MfhKc) N»tiw#l Wostmlnsterffo). Do Atrun .. — 'ZZ 

Scnhara Rd, High W^amlrc. «*3 

Eaaitr*L*w — ,.M9 65 Ja* +69( 44Q SSS^I^lISI Plnaaeial PrTty 


Fromlingtop llnit Hgt. Ltd. (a) 

VI. Ireland Tard. EC4B3DH 91-240 S071 
Capital TiL- O02J 104-2x4 J 4.H 


U5rtl+0.91 440 

Ltd. (a) 


?*5'H ' I S'S .OlfTJ.^5 “Si 'Ml"!* •.Pnanium, esccpt where indiraied t. and arc in pence unJeu otharow 

JfSS ■ i“A '^J n Allow for all buying expcoMs. a Offered pricer 

I !H£ WWndealiflXMiiijft J % oncu c \*ldd osued on rff^r prff* d Climated, g TiHUy'y 

159.01 . I 90S opexune price, h DisLributloafrc* Of (Hi. laac.i p Periodic premium insurance plana * Single* 
yS Big", J OHwwI price include* all expenses except agent's nmnniuae 

79.0 +05j 627 J iSStai? jfl.Wrt* » MugM through maaacm r Previous day> price 

8ljj +0 « 627 ¥ ‘ Ve * ** ln °° nrrtlaed eaplUI gains unless Indicated Guernxey grata. # Suspeoded 

38g +0.S 1026 * 'tttd morn- Jersey lax t Ex- subdivision. 


8 o. Accum 
Igh Bw.p 




t^XHoinfc"Fd.r: |.| 

WrornlfdJdl — S25 


ilM.PrtoriB' 
naucmol 
lal Site 


+04 1026 
4.U 459 i 
+0JI *59 
+0.4 834 

*Mr 456 
+0.? 530 


mHz 

Gutractaad pn ‘t» Base JtouM* table 


l!5h Transronu..... S % 

™Ji dC p^ e Co'rp'n- S?1 ‘ gjgf if90si \* **• dew5lt * 

r Nai. Secs- Ltd. ... S 9T» ? 

inv nibhs 61*5 aod under W. np to .433.000 3£% 

Snd Rnirantr... 6iS 

dlgvg Bank * P& Urartu over G.OOfi s%. 

*£*•' film * Brawn* dmwofta IT*. 

ffl&ss. Mahon '5 na, « to stertioB 2nd. 

ib ms Bank B ageor --■•-• 


Welfare iuntusc Co- UtLV 
The Lro^TblXxttortt JfenL ‘03039033 Ift nnrtwCtenaECZJfTDD 0 

Ml 

! If ferate: ffi" its i 


DO- Accum. 1162 1022] , I 157 

Frieads" Pfovdt, Unit Tr. atgra-V 

PlKium End. Dortring. 03063069 

M - J 2S 

G.T. Unit Manager* Ltd-9 

1ft n Wfew arcus EC&V0D 01- 8ft 8131 

G-T-Cap Inc P84 .lUtU 888 


to lie Urnfon k\ 


5651 +X41 265 TSB Unit Tnitta (y| 

*27 NEL Trntt M iaOg e ra Ud.q (a)(g) 2L Cbantnr Wq. Andorer, Ham* IE#!®!© j 

157 WHtop Ctwrt, DorkinC. Sunwr. SSlj Deahflg* to 0304 63«^ 

I SttpUr-.. >.. . _.[5?J 6241+051 *76 +051 321 

5055 -SSI+ol M4 |gj %b£E£_. ” go IS 

450 Ltd. Ih) Pft Accum. S92 8.S +0tt 7 ll 

*S tw BtthsridW Attw* Maaqgcnwat tsb sconijij— w.4 ns 273 

NorwicJ. Union tamra** Group fb) ^ ™ 

PO. Boa «. Norwich. NJU 3.VC 00D32S0P UlttOT BanW (») 

Group Ttt- Pd - — WM WUNl+311 531 ®teitttSu««.BcUajn 033S35»1 

jto pear] Trott Monagora Ltd. (aXgife) '•^l^rter Growth - 9 n6j *05] 5,47 

■IM 232 HI Eh Ifolbonu WC1V7H5 Olttossui Vni * Tn,Bt ACCoout ft MgmL Lid. 

fs tMari Growth PtL-.g-J +02j 616 Hug ffUilam St EB*n BAB 01 804061 

" |«| il BS&aStW fe" jBj :l DJ 

“ bsj?ss.:-B? ft ifi hs . ”* J JS * 





- Z ML* a* Trust U) (g) 
— 8 Harlolgh ad- B r e uroe ed 

... - ^^.paj 


BsMLDINS SOCIETY INTEREST RATES 

Grccirwich (01-458 soft London cludbawk (01-995 gja> 

->1 .l>«M‘0wiJi Hitt) Road. i.« 17. CliisKick H«h Road 

Urivitvich BE10 6NL. - London Vt ?NC 


Di-pmit Rale 3.7S. Shan Amounts a.10. JSSJ 6 -ft- 

Sub'un. Stores 7.30. Term Share* 2 ’ yrl 875 1 yr ' *■«» ^ 


033225221 
W 61+051 5.47 


■lung nuiiatom £fc*n uak m.BMjpfi 

!ss&a&.w fe* isa i as 

Do Aecum pi J 334 .j IM 


Peljeoa UnKs Adsntn. Ltd. (gXx) 


102771327300 81 Fountain Si. Maochettar 
326) +053 *7> PekcaoUttte 47>J 


Meier Growth Fund 
king W1 Ilia oi Si EC4R9AR 


— Income Unite .. ..®7 

■24 *04) 524 -Accum Into -_- P21 


018234051 

ft i IS 


lilid' 1 owr Share Accounts. 

Momiipm ( 81-367 2971) 

Hearts or Onk and Enfleid iu-sk hmi !iS - K '■ In,sI, Twn Road. 

Wttfurrt House. 201. Hertford T'Z ?? I®!' 

En lie hi EM 5L0. ‘ R «*c Store Aewronw 628. 

DcpoMl Rale i.*3. Shan? Acroums SM. ""Sf*,'® ? er ™ ni *»‘ ««8 fil0671> 
Sub-pti. Shares ;.2£ Term Sham g.75 ;Vp»o *pf Kcwcasi,Sf -oi»n-Tmi 

5 ira.. 6.50 2 yre. i2J i B3Ir Shat , A 

* .V,h ,-0-e, from Apr, I Tffin ^ *& 


' ”*411 Lu 

Term Slums B se 


40 


Financial Times Wednesday March ^ 

HOTEIS— Con tinned 



1 Camomile Street 
London EC3A7HJ 


Stewart 

Wrightson 

Internationa! 
Insurance Brokers 

Telephone 01-623 751 1 

Telex 8811181 


- ISTT-TS 
High Loir 


♦♦BRITISH FUNDS 

I $ 1-1 


Stock 


Yield 
lot) Bed 


:St 

1Q7 

Sl\ 

■ >98% 

w 

-107 

1051. 

% 

98% 

U2.5 

108 


“Shorts " (Lives np to Five Years) 

97% Treasury 10 *hkT*7- 101 A 1035 

90*1 EmIl 5pc TB-TBtt 99‘jJd 5.02 

95A Treasury Uljpc'raS- 104% 1103 

wjt Treasury 3^-^ — «H-A 

85% Elecuie4%pe’74-79 — 97&J -1, 4.36 

92 TrewiiyHUTpcTKt- 103% -S MU 

84% Q«tric9,pc 76-70 96% ...- 313 

87% Treasury 9pc HBOS— 101S 883 

88% Treasury S-pc Wit — 10111 932 


-104 

.a 

* 

931* 

.VK 

ik% 

- 96» 
87? 
1141. 


lOH 

95% 

100 % 

877a 

- 94 

I 7*i» 
761. 
- 121'. 
947. 
122 
‘ 76% 
118 

- %’S 

113 : 


■316% 

.73 

12L. 

1291. 

1141* 

96 

.11 D% 

.W 

- 1337. 

124 

- 50 
122 % 

-jft 

Tt'. 

1361; 

97 

%u 

44J. 

82% 

59 

80% 


3ff» 

39*. 

28% 

9 


82% 

8ft 

« 


96% 

963. 

a3? e 

71% 

101 % 

W. 

93% 

93% 

96% 

81 

95% 


(Treasury 3*jpe "TT-W— 
Fundings, pc l&Wtt. 
Exchequer type 
Treasury ll%pc 198! it 
Treasury Sjpc 197ML 
Treasury !%ciSSl lt_ 
Exch. B% pc 1351 . 

ExcLPtfclSl. 


-Each. 3pe 1981 

Treai Variable HI ff._ 

Exch. I27.pt ISSIJi 

Trea i 8%pc'8)«!~ 

Treasury JpC82tt 

Treasury Hpe 

Trear VerahleTtl#.- 

Ireaiury 

Etch. 9%pc 1982 

Each. S-'.pc I‘JB3a 

Exchlpcta 


Treasury rpcl9KSt_ 


101 A 
9912*0 
104%, 

4 i m 

103% 
IMS 

w 

96,». 
1084. 

W 

■w 
w 

96V. 

109 A 
977. 

dt 4 

95m 
98 7g 

it 

109 


:¥ 


3.70 

5.46 
1195 
'10.89 

3.84 

9.60 

8.47 
9.45 
342 
652 

1X64 

868 

3.48 
1X23 

657 

8.60 
9.36 
9.06 
360 
11.01 


Five to Fifteen Years 


95% 

72% 

77% 

661. 

68% 

49% 

53% 

90 

67% 

B»V 

533. 

86% 

H* 

89% 


84% 

** 

99 

94% 

66% 

97% 


iTreasnrriU.pe ’fft 

FundincS.pc'BI-MiJ. 
[Treasury 8*: pc '8t-86^. 

FuidiusSrpc TS-STit- 

Treasury 7%pc ~8i>88%. 
Transport 3pc 7684 _ 
|T teasniy Spc "86-ffl . .. 
[treasury 13pc 

vTreasury 8%87 Btrtt 

Treasury 1 1 fapr 1991 

Funding ape *8781^- 
Treasury liiiipc 92# _ 
Treasury 10pc 1992 

e«±. u^c’aa 


99% 
87% 
• 95% 
85% 
871* 
65% 
69%*J 
112 
86% 
103% 
69%rt 
108% 
91 

104% 



944 


6 33 


909 


7 81 


9.02 


4 Ml 


713 


11 M 


977 


1164 



826 


1194 


1109 


1189 


Over Fifteen Years 


M uff 

Treasury 1-fcpe ’94# _ 

EidLlSspclflM 

Treasury 9pc.M3_ 

Treasury 12pc ‘95- 
Cas3pc '90 S5 


87 
66'. 

101 % 

89-’. 

31*. 

87% 

901. 

647, 

501. 

103% 

65% 

90% 

27% 

57i 2 

40% _ 

53% [Treasury 7%pc 'lS-iStj. 


treas’iiy i3%peU7tj_ 
Exchequer luijpc IP97 


Treasury 5%pc OS-lit. 

Tninuir’y.M. •!» IW 


107% 


[11-91 

663* 


9.00 

117*4 



1X19 

9ft 


1X31 

1L9<* 

87 


10.72 

103% 


11.79 

493* 


617 

904, 


1L43 

liir 


1196 

83% 


1083 

128% 

'-it 

1X42 

114% 


12.04 

47*«iffl 

112U 


635 

1X03 

92% 


1L49 

81 


1087 

69 


10.17 

12^dd 

87% 

-% 

1233 

1107 

93 


1151 

40*7 

’af 


8.78 


10.7S 



10.44 

73 


10.79 


5.85 

5.96 

686 

5X4 

594 

783 

5.32 

7.90 

8.49 

610 

7.18 
9X2 

9.19 
692 
9X5 
9.19 
9.30 
710 
734 
958 
916 
7.07 
9.68 
7«3 

944 

955 

965 

7.07 

9.68 


9.73 

839 

9.66 

926 
10.02 

803 

927 
1X48 
1054 
1X59 

9.97 

1X73 

1X42 

1175 


1179 

1037 

1192 

11.97 
1L8S 
1114 
1174 

891 

1164 

1184 

1121 

1231 

1189 

8.85 
1188 
1163 
1123 
13.91 
1208 
n rut 
1162 
10.03 

10.97 
20.70 
10.87 


Undated 


Consflls4pc_ 

_ . JWar Lear. 

26% tooi 3%pe '61 .111 

20% [Treasury 3pc 66 Aft 

17% 

17% 


Consols'S-pc— 
Treasury 2%pc_ 


35% 

36% 

37m 

25%m 

22%xd 

21%uJ 



1148 

ili#1 

991 


9.43 


11 60 


11X9 


1159 


♦♦INTERNATIONAL BANE 

88% | 75% [ape Sock 7782 | 85 | | 538 | 


9X1 


♦♦CORPORATION LOANS 


100 
•94% 
107 
112 ■ 
102 % 
94 
99% 
102 % 
.29% 

loo,; 

99% 

«7% 

92% 

9 

, 70 
27% 
93% 
100 
107% 


82 

9 

s 

76% 

90% 

79* z 

22% 

89 

75 

5?-* 

70% 

60% 

52Js 

51% 

20 

76% 

84% 

90% 


jBini , ham9%pc 7981_ 

tenrtol7%pcTMl 

feL.C.l2%pc-8S 


DaE%prIfl83 

[Glasgow 94 'SMI 

Berts. 5%pe 7880 

Uw rporJiV pc 76-78 _ 

Do.KipcOO* 

DoSVpcIrmi 


Lon. i.orp. P« 73-78 - 

1 Do 8%pc W83 

UC.C.8pc76T9 

Do3%pe 1.8I — 

PtiSspcTC-W 

Da5%pC8H7 

Do'H.rrcWW 

l» 3ne - 3B Aft 

Middx! 5%pc 1980 

Neura+I ic 9%rs: 7B-80_ 
iMannck 1980 


106% 

108% 


% 

94i 4 m 

8® 
. 82 
74% 

7Si t 

93%m 

99%*d 

10&2 


-% 


939 

835 

ZS. 

?:S 

5.81 

10.14 

12.4Z 

6.51 

9.79 

6.18 

6.13 

679 

7.53 

9.16 

12.01 

53 

1173 


9.76 

1038 

1053 

10.72 

9.90 

599 

7.60 

10.61 

693 

1030 

8.17 

897 

957 

10.05 

10.62 

586 

9.45 

9.63 


COMMONWEALTH & AFRICAN LOANS 


:o(r 3 

■ 96 
88% 
98% 

■96% 

89 

■ 95 
“0 

• 96 


66 

75% 

116 

“6 

100 


107% 

- 111 % 

lie 

F5% 

SM; 

09 

«% 

101 % 

71% 

84% 

E3% 


88-% 

791, 

69% 

86% 

81% 

66 

85 

31 

47 


’Aiat Sjpc 7378 

■Do Sjpc 77-80 

HtoiSlPBU 

”NZ4pc IET7B-7B 

>'Do.Cpc7880 

"Do.T'jwTMB 

Sill Vnca^jpc 7981. 
JSth. Rbod 3i;pc "65-70 _ 
Do 6pc7B8L 


LOANS 

Public Board and 2nd. 


99 0) 



555 

95% 

-% 

563 

94*4*1 

-% 

6.46 

98% 


4X1 

94% 

-% 

6.40 

87% 


8.74 

95 


10.40 

58 

-2 

— 

92 

-2 

— 


7.09 

900 

10.15 

7.92 

951 

70.08 

1252 


OJ 

Acn-: W I'pe aM9 . . 

62 


8X0 

MB, 

.Mean I0';pi GMH . . - 

90% 


12.06 

22 

■■SMWtr.lpr-R 

32% d 

+% 

93i 

101 

l ; 5M.t Ppc I98C - .„ 

113 

9.18 

77 

D-’ nith-iiitWaiani'!. 

94% 


9.83 

fl-; 

1 ItranurTpcTj-TS 

100 


7.23 


Financial 


94 

**FKI Ups W 

106% 

-% 

12.21 

<JR 

U« !i^.' TP 

110 


1349 

100% 

Do '.4er'2J..„ 

114*4 


12.64 

Mi 

{■'P.'.5l;pcDM.. SWL'. 

B3u/ 


6 63 


Du P.pcDb T-I-W -. . 

80% 

+% 

3 13 

«% 

Do !P%peT a- L it “ 8S. 

99 


10SS 

05 

Do 11 k l n.-Ln ES 

99 


1138 


Do IJJjr,- l us.Ln TO 

101*; 


ILE7 

5I*» 

Du TVjpcAl’i-b ®.$tl . 

70% 

+'% 

10 70 


D.-mp-ADb 51 « .. 

68*1 

+% 

10.66 


rm ■01 !U 

79%d 


11.32 

S‘% 

L-c i ini-LB Hl-67 

77 


1173 


11.13 

12.40 

1G.97 

630 

1X53 

12X3 


1030 

1120 

1138 

10.30 

1120 

1110 

1150 

1190 

12.C0 

1165 

1190 

12X0 


FOREIGN BONDS & RAILS 


" HTT-TS 
Eugh Low 

22% I 15 

■" ' 32 


CB 
3 7 iJ 
60 
58 
■ J4 
52 
77 
90% 
»1 
375 
. 57 
195 
75 
£99 
D.V35! 
94 


95 

1193 

46 

46 

3S 

32 

42 

691; 

t>5 

1228 

63 

150 

75 

IS94 

DM71 

62 


Suck 

Anre'aearcaMy . 
1V1 . r -pc IYi f . . 
i.'bitcan Mixed . . 
ilormaa luc 4I1PC 

jiJn!ok7j<.\;i 

PeCrcSHSMt' \ « 
Do4pf MliH .V-i 

iHunc 24 Ass. 

Iceland P;pc ‘8580 
Ireland T^pc "81-83 

IDoftpeVl-OB 

{Japan 4pc'!0 Am-. 

tKiBpe KW» 

IpcruArSipc 

■Siiie.-pc IS® 

TanaSwIKH 
Tuna 6 %pc ISM 

.ITau'Wxlirtjg 


Price 

£ 


orlDh. Oi 
— Grots 


19 


— 

33 


B- 

98 


3 

370 


4*: 

52 

+2 

3% 

49*1 

+ 1 

tf 

43 


4 

52 

+7 

4% 

70 



87% 


8fa9~ 

84* s m 


1161 

33$ 



86% 


_ 6 

150 


3 

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FT SHARE INFORMATION SERVICE 


AMERICANS— Continued BUILDING INDUSTRY— Cont. DRAPERY AND STORES— Cont 


1877-78 
High law 


SMk 


]+ vj kt. ru 
| - 1 Gras C*T GF* 


20% 

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25% 

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52 50 

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Conversion factor 0.6899 (0.7007) 


1J72-7B 
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BANKS AND HIRE PURCHASE 


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186 
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61.40. 

— 

lS*a 



— 

13% a) 

+% 

E3 

— 

34%xd 


64c 

— 

13% Hi 


ft.l 

— 

26*1 

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52.28 

— 

15%«d 


Li ll f l| 

— 

903pnl 

+24 

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— 

11% 

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■[53 

— 

47 

+1 

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35*4 

+1% 

S2.40 

— 

35*4 

+1% 

S250 

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36% 


$180 

— 

2Z%*1 

l?al 

■+% 

+% 


” 

894pm 

-U 

pjll|l| 


15 

+% 


— 

10*2 

+»4 

tiful 

— 

19% 


52 

— 

15% 

+% 


— 

34% td 

+ 1 

SX75 

— 

We 

+ % 

Si 32 

— 

22 

+*f 

51 4U 

— 

24%*l 


SI. 90 

— 

26%td 


5140 

— 

2fi*« 

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52 2b 

— 

21%«d 


SI 84 

— 

35 


S3 20 

— 

10% 

-% 

5110 


13% d 

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96c 

— 


Div. | |VM 
Gtoh [ClTlGra 

2.9 
f 

3.b 

3.0 

1.1 
1.6 
11 

3 

49 
3.6 

2.5 

35 
U 

3.8 
40 

2.8 
55 
3.1 
6.3 
4.0 
54 

5.8 

36 

2.9 
40 

3.6 
44 
30 
49 

4 9i 
5: 

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4.0 


» 
166 
236 
46 
152 
fa ■ 
112 

177 

160 

t>6 

152 

193 

23% 

ioa 

240 

198 

158 

100 

133 

320 

435 

65 

71% 

107 

104 

96*2 

201 

160 


57% 

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91 

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393 

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6.6 

16 

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39 

+1 

mOX5 

— 

1.0 

8b 

Bavriiar'gtnn .. 

158 

‘6 

484 

32 

4 / 

74 

Bell Arthur 50p. 

230 

■*■4 

M/a 

3.5 

32 

26 

Bcihr-cn Bre*«\ . 

43 


— 

— 

— 

P2 

Boddinctens . . 

152 


13.91 

XI 

39 

4h 

Border Brew; — 

74 


+319 

It 

6.5 

62 

Brown ituiihevi 

106 


3.92 

13 

56 

3D 

Bucklej’"><Brew- 

43 


+I.M 

11 

51 

97 

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150 


L'66 

It 

15 


Burton otxxi — .. 

142 


3-10 

5.1 

34 

39 

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60 

+1 

2.4 

16 

61 

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Clark ilTatlheHi. 

124*1 

.. . 

+9.21 

3.3 

64 

120 

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177 

+3 * 

6.54 

3.1 

5.6 

11 

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23* 7 


♦1-12 

— 

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12 

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20 



— 

— 

?4 

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46 


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44% 

Green all Wbitiey 

108& 

+1 

262 

32 

i.l 

152 

SreeucKing 

222 

+2 

+6X3 

21 

4.5 

174 

Suimrns 

173 

+.3 

70? 

26 

61 

52 

Hrghl'dKsi 2Dp 

143 

+2 

79 

23 

31 

34 

[niergonlnn- — 

87 

+1 

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3.(1 

3fa 

41 

Irish IhsUilCTs- 

127 

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3.55 

4X 

37 

115 

toullan.GkB- 

300 

+25 

462 

2J 

2.3 

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Msrlaadal — _ 

435 


12.45 

X6 

4.4 

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+3 

234 

06 

56 

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66 

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til 

XC 

Li 

43 

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100 

+2 

300 

0 

4b 

57 

Van 

103 

t2 

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24 

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59 

Whitbread A . .. 

87 

+2 

13 57 

26 

6Z 

111 

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189 

♦2 

5“- 

311 

46 

53 

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160 

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3.8| 

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12 5 

100 

13.7 

162 

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12X 

9.5 

8.2 

8.7 

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8.7 


12.3 
10.9 

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82 


lif 


95 


BUILDING INDUSTRY, TIRfBER 
AND ROADS 


95 

164 

17 

77 

294 

130 

277 

36 

15 

43 

52 

128 

59 

69 

77 

71 

87 

50 

51 
61% 
55 

183. 

1*0 

26 


46 

74 

71, 

37% 

153 

18 

104 

a 

7 

23 
28 

10 

29** 

27 

3E 

38 

39 
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24 

S ,! 

63 

133 

17 


Aberdeen Const. 
.LbcrtbaKCeci,. 
Afiieil PfaaHOp. 
Anm Lite Shat.. 
AP. Cement Q_ 
BCA 


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Ballet Ben l0p_ 
Bainbndge 10p._ 
Bamberg*. 
BamtlDer.lOp. 
Beecinnsid lOp^ 

BenloxSOp 

Bernard 1L 10p_ 
Brit Bros 3Ip — 
Bloc tie; VJOp — 
Blnndell Pern . 

Breedun LirD? 

Bnt Liredglng. . 
grown Jksn. 20p 
Brownlee . 

Bryant Hides. 

EornrfilH. _ 
Bur; Baulun£L. 
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120 


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25 

213 


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. 

233 14 

ll.i 

14 


dD55 It 

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♦+L69 37 

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47 


12.9 3.1 

94 

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18.Q6 25 

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24% 


183 XC 

11.3 

19 


tfl.75 - 

60 

55 


hi. 62 4i 

45 

67 


dl.7 5 A 

3fl 

70 

+2 

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289 34 

68 

62 


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59 


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51 


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61' 

153 


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180 


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68 

4.7 
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87 


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131 

300 

112 

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£54% 

246 

205 

29 

61 

49 

£94% 

004% 

£105 

73 

80 

77 

22 

60 

48 

80- 

397 

17* 2 

203 

553 

£144 

446 

51 

73 

130 

£44% 

B5 

175 
62 
92 

212 

151 

13 

21 

176 
148 


1600 

78 

[205 

52 

* 

S* 2 

91 

19 

29 
9 

30 
38 

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£89 
\£29 
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45 
12 
45 
9 

43 

33 

44 
1280 
6*2 
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1376 

on 

1325 

39*2 

42% 

84 

£22% 

42 

73 

34 
64 

150 

74 
5% 
lf% 

105 

80 


lAKZO 

Aibnght Wilson. 
[Alginate lads.— 
AbdaPark 10p._ 
[Ali'd Colloid lOp. 
lAncborCbem. _ 
Bayer AG. DM50. 
Blag den Noakes. 
Brent Cbems lOp 
Brit. Benzol lOp. 
HnVTarPrd lOp 
Burrell 5p_- 
Caries, Capel 10p J 
Catalin—- 
CibaCgy 7%SLu 
DoOSCntaiW 
|DoAVnrZ18B 
Coalite Chem — 

[Coates Bros 

DfcA’.W.. 
(CoryiHoracei5p. 
Crodalul 10p...„ 
fryatalateop — 
lEnalon Plastics.. 

Farm Feed 

Federated Ch... 

FtaoosU 

Halstead iJ.tlOp. 
Hksn. Welch 50p 
Here list DID.. _ 
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InUxChcmEl — 
DaMhPttl — 

Ini Paint , 

LipoithiisSOp..} 
Norsk. H.KrB0 — 

IPlysu lOp 

I Hansom Wm. IDp 

Restokil lOp 

Re, Cries; 

Scot.Ag.lndU. 
Sevan Plastics.. 
TtrersarEardei IDs. 
WatdleiBer i ife 
Wolstcnholnie — 
ToriaChems — 





CINEMAS, THEATRES AND TV 


90 

■139 

37 

65 

23 

1127 

126 

76% 

72 

59 

62 

31 


47% 

69% 

18 

33 

10% 

47 

80 

55 

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15 


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— 

127 

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8.1 

117 


6.19 ■ 

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8.3 

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604 

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283 

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57 

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24% 


165 

1.7 

M.7 


DRAPERY AND STORES 


,203 
41 
40 
40 
43 
24 
98 
31 
40 
13 
15 
53 
243 
36 
142 
130 
35 
45 
19b 

9.s| 


93 

13 

110 

1241 

23 

120 

60 

177 

20% 

-202 

18 

20‘ 

17 

48 

34 


10.9137 


91 

372 

35 


76% 

21 

20 

18 

27 
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44 
18 
12 

38 

138 

20 

50 

37 

17 

28 
57 
50 
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78% 

I 

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83 

6 

12 

8 

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Amber Day lOp 
iAqoascutBDup.. 

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LAudicrtronic lOp. 
Baker, Sirs lOp 
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Boardnan SO op 
[Bolton Text. ^i.. 
Bremnw. 


BnL HumeStm. 

[BroftTitNi20p 

Burton Grp. 50p. 

Do. -A' NV 9p_ 
Cfflwrs-.vaTp.. 

Casket iS.tlOp 

ChmCh 


Comb. Eng. 12*zp. 
Cope Soerts lOp- 
Cornell Drum ap. 

Courts '.V 

Cunya 


[CustomagitlOp. 
Debenbams — 

DewhirstlOp 

Dixons PbotolOp 
EUi3&Gold5o- 
Empiie Stores _ 

|E\ecuia 3)p. 

FairdaleTrtLSp 
Do ’A' 5p 
Ft ne An Dev i5p 
Ford 'Vr In i I0p_ 
Fonmnster Iflp_ 
Foster Bro.. ... .. . 
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[GeUcrLUjISp.. 


203 

34m 

33 

33 

32 
23a 
94 
29 
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11 
50 

180 

31 

110 

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32d 

43 

168 

75 

86 

10% 

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175 

18% 

104 

60 

143 

20% 

143 

17 

18 
17 
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123 

85 

268 

33 


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tdl.95 

138 

138 

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8255 

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15 

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196 

337 

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67 

65 

38 
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32 
31 

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298 
288 
464 
27 
26 
26 
155 
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107 
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115 

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55 

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315 

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158 

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70 

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ENGINEERING— Continued 

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186 
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ELECTRICAL AND RADIO 


142 

67 

40 

58 

137 

151 

54 

66 

87 

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129 

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25 
44 

162 

585 

560 

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92 

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Allied Insulators 
Audio FideOtylOp 
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Philips lAFLUk 
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SdmlefTffi) — 
ScmjCaTSO — - 
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Tdefarioute — 
Do/A'N’.vfe— 
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Whitworth EL 5p 
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96 


507 

79 

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66 

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42 

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69 


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4.9 

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329 

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116 

13 

7.7 

145 


rs.89 

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158 


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MACHINE TOOLS 


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286 
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124 

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136 

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298 
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39 

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67 

23 
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51 

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AmaL Power. 
Andsn.S'dyde— 

Anglo^wiM 

A m*£bct 

AasSri^U*#- 
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BskerPot 3?p, 
BaidordsSOp — 
BanroCous.2ffp_ 
Banrai6Sau*_ 
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Be’.'an PJ.l 3p_ 
Binatd Qvwloitf . 
BBm^ujLiCnt 

BTtamPalietlOp 
BlaeJcw'i! Bodge 

EoaserEng.20p_ 
BoulmWaWfL. 
BiahamMffllBo. 
Biaitlraaitefl „ 
Braswar lOp 
Whoo&DvUOp 
Brutal Channel- 
British Northrop 
BritStaimaOp-. 

Brwkbouse 

Brom’aCaaSpl- 
Erotn Eflf l£fp_ 

BrookeTool 

BrttbefdP.5lp_J 
BromiThm 
Brown John £1 

Ballon gh20p 

Burges PRia — 

BarisficfafKiy- 
CaMordEns.iOp_| 
Chpoer-NetB Up 
CamoEng. 
CjriTrightB.HpJ 
castwMiop— 
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Christy Bros., 
ClMtco SwOOp. 
CSfiorflCWEft. 
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CMkW.Skef.20pJ 
CocpertFC IDp— ; 

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Crtmj.House — , 
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Darlm' thiav.jp. 
DraAtot'A-lOp 

DmyinL.. 

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Delta total 

DfiasilJilOp- 
DertiecriSOp — 
Dewatwr—; — 
I«TBi«b»eJt^. 
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107 

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105 

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166 
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117 

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93 

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Eag Canlil«b_ 
Erolndutorts . 
Expat dedtouL 
Farmer S.W 1 — 
Fiswder Lire 500 
FirthlGM'lOp— 
Fhiidrive20p_ 
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fflyiroed 


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HaUtottbew 
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46 lUty'sFoumUes.i 

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80 RutorklOp 
40 SandraonKmterJ 
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FOOD, GROCERIES, ETC . 


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Aat Biscuit 20p_ 
Asa.BrtLFds.5p 
Ass. Dairies . 

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Avana Group 5p. 

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24 Brepr Walker an. 
70% CHTri«eI*20p_ 
82 De Vere Hotels- 
10 l£ ni cure Bp . 



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NOTES 


Unless otherwise indicated, prices and net Addenda are In 
pence and dencsnlnsUim are SSp. Estimated pricefearatsuw 
ratlas and com are baaed on latest annual reports and accounts 
and. whore possible, are updated an half-yearly Agues. F/Esare 
calculated on the basis of net dlatribiillan: bracketed flgnrra 
Indleaie 10 per cent, or more differ en ce If calculated an “ntT* 
dlriri button. Coreri are baaed on -maximum" datributlaa. 
Yields are baaed oa middle prices, ar# gross, adinsted la ACT of 
34 per col and allow 1 st value of declared distributions and 
rights. Securities with denominations other then sterling are 
quoted Inclusive of the Investment dollar p remiu m . 

A Sterling denominated securities which Include Investment 
dollar premium, 
o "Tap" Sock. ■ 

* Highs and Lowe marked Oms have been adjusted to allow 
' tor right* issue* for cash. 

t Interim since increased or returned, 
t Interim since reduced, passed or deferred. 

It Tax-free to non-residents on application. 

6 Figure* or report awaited, 
tt Unlisted security. 

* Price at rime of mi sponsion, 

5 Indicated dividend niter pending scrip and/or rights issue! 
cover relctes to previous dividend trr forecasl. 

Free c-r Stamp Duty. I 

* Merger bid or reoiganlsKion hi progress. 1 

t Not com parable. 

a Same interim, reduced final and/or reduced earn isgg 
Indicated. 

} Forecast dividend cover on earnings updated bp latest 
interim statement 

| Cover allou-g for conversion of fbarm not now ranking for 
dividends or ranking paly for restricted dividend. 

* Cm cr docs not allow for shares which may also rank fop 
dividend at a future dote. .No P'E ratio usually prodded. 

9 Excluding a final div idend declaration, 
t Regional price. 

II No par value 

a Tax free, b Figures baorri on ptrepeeiu* or other official 
estimate c Cenis A Dividend rate paid or payable oo part 
of capital, cover based on dividend on full capital, 
r Redemption yield I Flat yield g Assumed dividend and 
yield, b Assumed dividend and yield alter scrip issue, 
j Fej moot from capital source* k Kccva m Inienm higher 
Hum pteviouo. lotal. n Rights issue ponding q Earnings 
based oa preliminary figures, r Australian currency, 
s Dividend and yield exrlodo a special payment 1 Indicated 
dividend cover relates to previous dividend. F/E ratio t-ased 
on latest annual earn infs o Forecast dividend, cover based 
on previous earning.-) v Tax free up to 30p In the L 

w Yield allows for currency clause v Dividend and fluid 
based on mercer lerm*. < Dividend and yield Inrlude a 
special payment Cover docs not apply to special psyrcent. 
A Net dividend and vield B Dreierenee divkdond passed or 
deferred. C Canadian. D Co-.er and Pi E ratio exclude profits 
of U K aerospace suhudiaries. E Issue price F Dividend 
and yield bawd on pnupniiu or other official estimates [or 
1877-78. G Assumed dividend and yield after pending scrip 
and-ar rights issue. U Dividend and vivid based on. 
prospectus 6r other ofTirial e-iimau-s for 19T£ . . K Figures 
bused on prospectus or other official cstimid.es lor 1978. 
39 Div idend and yield based on prospectus Or other Official 
estimates for lflTSl N Dividend and » lehl baseit on |<rcivpceius 
or other official estimates lor 1879 P Div.dend and yield 
based on proapccios or other odicial estimates for U77. 

Q Cross T Figures assumed U No siEitificaut Corpora! irn 
Tax payable Z Dividend total to dale f4 Yield based On 
assumption Treasury Bill Rale stars unchcnged until maturity 
Of stock. 

355 Abbiwiai ions- dc\ dividend; « ex scrip issue: rex rights: a ex 
7 7 fll; rf ex capiial distribution. 

“Recent Issues” and “Rights'’ Page 38* 


This service is available to every Company dealt in oa 
Stock Exchanges throughout the I'nited Kingdom lor a 
fee of £400 per annum for each security 



-27*2 

17 
100 

DK)m.ririiirHp| 56xd 

18 
19 
26 
15 

G.Uidgi4.{ U7 


L 

+31.761 & 
+10 3. 


Slrmnines 


M 


frAniinv50e. 


OPTIONS 

3-month Call Bates 


« 1-3 


Industrials I.C.I. 23 Tube Invest.. 

A. Brew 6 1 - "Imps" — 7 Unilever 

AP. Cerewil - 18 1C.L 20 ltd. Drapery „ 

B5.R -9 lnverrsk 7 Vickers 

Babcock 10 KC.\._. - 5 Woolworths_ 

Harr lays Bank. 25 [jdbioke 17 

Bwrcham- 38 Legal* Gen... 14 Property 

Booth Drug 15 Lex Service _ 7 p H , t_«h 

I sr*- IS ? SeSaas 

ssssr.. a \%sz~ 7 i-ass= 

Burton A' J3 Lucaa lnds. — , 25 |gg“- 

Cadbyn s, S Lyons (J 1 . . _ — 13 PmcHpw 

Counaulds — M ■Mams"-. 7 s^icfpro^~ 

Debenhams— 30 Mrts.iSpncr 11 

DlsttUera 13 Midland Bank 25 

Dual op fU; N’Jtl. ..~ r . 20 Oils 

EuloSur 11 Na: R ost Bank.. 22 

EMI..-. 18 Do. Warrants 10 WT-PEbotaUB-J 

Gen Accident 17 PA O DM 10 BumahOil_ 

Gen. EJcciric.. 18 Plesscy — 9 CharterinU I 

Glaxo 40 RH_M — 5 jBjell — „,l 

Grand Met.... - 9 Rank Ore. \A’_ 18 ,atra>M » J 

tf.UA -A- 18 Heedlntl _ 3A ^ 

Guardian 18 Spii!crs,„— 4 BiUre* 

G.K.N. 22 Tosco . - 4 Charter Com l 1 

Hawker SI dd. 20 Thom- 22 cKii ]■ 

House of Frarer. 12 Trilsl HousesJ 35 R^T.ancZlJ ; 

A aricciiou ri Options traded is glam on th* 
Lxmdds buck Exchange Report page 




























































































































































































































42 



MlniTork- 
automatic throttling butterfly valve 



Wednesday March 22 197S 


Companies House Searches? 
Use 



extel siansrovL SEPViCSS UP 
37 45 °*UL STREET LGPiDON EC2A 4PB 
TELEPHONE: 01-253 3400 


! H & 


i 

'i 

■y 

x 

s 

M 

m 

M 

M 

M 


M 


Rhodesian Executive 

t meeting 




BY TONY HAWKINS 

THE THREE hlack nationalist 
leaders who signed the mterit.-d 
settlement agreement ‘.villi the 
Rhodesian Government on 
March 3 «er® to-day .-uorn in ;rs 
members or the' transitional 
Government s highest bod>. the 
Executive Cuuncil. 

The transitional Government, 
which is to last until December 
31. comprises the Executive 
Council and a Cuuncil of Mini- 
sters. The Executive Council 
members are Bishop Muzoreiiv, 
the Rev. Ndabaningi Sit bole and 
Chief Chirmi. officially sworn in 
this afternoon, and Mr. Ian Smith 
Rhodesian Prime Minister. 

After the first 100-minuie 
session of the Council to-day. Mr. 
Smith said tbat lots had been 
drawn for the post of chairman, 
which is to rotate on a four- 
weekly basis. Mr. Smith i? the 
first chairman, fnl lowed hy Chief 
Chirau, then Rev. Sitbolc. then 
Bishop Muzorcwa. 

Mr. Smith confirmed that the 
MinisterisJ Council. to he 
appointed by the Executive 
Council, would consist of an 
unspecified number of black and 
white .Ministers, with parity be- 
tween the races. He declined to 
say how many posts there would 
be. but confirmed that there 
would be two Ministers to each 
post. 

To-day's ceremony marks Ihe 
beginning of the end f or Mr. 
Smith. Legally he is sull Prime 
Minister. The use of the title 
will be discouraged and he, 
along with die three black 
Ministers, will be referred to 
simply as a member of the 
Executive. 


The .swearing-in ceremony 
tool, place at Air. Smith's official 
residence. At the request of the 
African leaders it was conducted 
nm by President John Wrathal] 
but Ij> the “neutral personality” 
of the African Suffragan Angli- 
can Bishop of JVIashcnaluaeL 

The ceremony, which marks 
the stan of the dismantling of 
» bite rule in Rhodesia, coin- 
tided with a news conference in 
Lusaka in which Mr. Joshua 
Nkoiun, en-leader of the Patriotic 
Front, which rejects the deal, 
claimed that Mr. Smith would 
retain real power in terms of 
tlic Salisbury pact. 

While the majority rule Gov- 
ernment that is due to take over 
on December 31 would leave the 
whiles v.ilbout reaJ political 
power, the white Government 
will certainly be able to influence 
— if not control — events during 
the next nine months of tran- 
sitional Government 

To-day. describing the meeting 
of the Eecutfve Council as "a 
mile-tone in our history.” Mr. 
Smith denied suggestions tbat 
there had been a change in the 
control of the war council — the 
government committee respon- 
sible Fur running the war here. 

However, it is understood that 
the membership of the war 
council has been reduced from 
ten to five and that it has been 
removed frm the political arena 
with Ministers no longer sitting 
on it. 

General Walls, commander of 
combined operations, will now 
preside over the council rather 
than the Prime Minister. This 
move is hardly a surprise, since 


SALISBURY. March 31. 

observers hen? expect decisions 
increasingly to be /eft in the 
hands of officials, answerable to 
Ministers and ultimately to the 
Executive Council. 

The first task of the Executive 
Council is to agree on the alloca- 
tion of Cabinet posts in the 
Ministerial Council. Thereafter 
the transitional administration's 
two most immediate tasks arc to 
try and secure a ceasefire in the 
war and obtain international 
recognition leading to the early 
lifting of sanctions. 

Guerillas 

In addition, however, tbe 
difficult issues it must tackle 
include removing racial dis- 
crimination, providing for the 
“ intergratioD ” of guerillas into 
the new National Army of 
Zimbabwe f the country’s new 
name), the registration of voters 
and the setting up of constitu- 
encies for tbe one-man-one-vote 
elections in November or 
December, tbe release of political 
detainees and prisoners and the 
drawing up of a detailed 
constitution. i 

While both Bishop Muzorcwa I 
and the Rev. Sitbole claim to be] 
in a position to defuse the war. 
by successfully appealing to! 
guerillas to lay down tbeir arms, i 
political observers are sceptical. ; 

The Rhodesian Government I 
estimates that there are ‘ 6.000 J 
guerillas nside the country, a 
considerable increase since the 
beginning of the year, although 
in view of these totals officials 
are puzzled by the apparently 
declining level of guerilla 
activity. 


No early start 
emptying 
i tanker 



Br MARK WEBSTER 

NO START can be made on 
cm plying (be crippled oii 
tanker Ain oca Cadiz before (he 
end of the week. Even that 
would depend on tine weal her. 
Admiral Jacques Coulandres, 
the senior French naval officer 
here, said to-day. 

The long-range weather fore- 
cast is predicting more gale 
force winds like those that last 
night whipped up 13 to 2« feet 
high waves around ihe tanker. 

After last night's battering, 
the ship is said to be leaking 
considerably more of Ha re- 
maining 100,000 tonnex of oil. 

The French authorities hate 
been assured by a representa- 
tive of the oii company's 
insurers, the Protection and 
indemnity Clah of London, 
that full compensation — up to 
a possible maximum of SoPm. — 
would be paid for the cost of 
cleaning up the many miles of 
the Brittany coastline that 
have been spoilt. 

Admiral Coulandres said that 
a second large oil hold may 
well have been punctured and 
that more severe weather 
iron Id provoke another major 
spillage. 

He also said that the ship 


BREST. March 21. 

eoubl well split in two if the 
had weather continued. 
Already, the stern could be 
seen moving. 

The French navy bad ruled 
out the possibility of bombing 
tbe ship, as was tried with the 
Torrey Canyon 11 years ago. 
because of the danger of 
explosion. 

A number or olber possi- 
bilities bad been considered, 
including burning the oil. That 
had been ruled out because it 
would take two to three 
months and the resulting 
smoke and fumes might cause 
severe damage to local agri- 
culture and livestock. 

The Admiral added tliat 
pumping the oi lfrom the 
tanker was considered to be 
the only possibility. As no sur- 
vey of the seabed in the area 
bad been undertaken since 
1027. sonar soundings will be 
necessary before a second 
tanker can he got alongside 
to off-load the oil. 

The navy had dropped the 
idea of pumping the oil to the 
land because the pumps were 
not powerful enough to Torcc it 
along two miles to the shore. 
Report from Port sail Page 2 

Men and Matters Page 22 


Silkin wants U.K. to control 

cost of EEC farms policy 


BY CHRISTOPHER PARKES 

BRITAIN WOULD greatly reduce 
the net cost of its Cviunwn 
Market membership if it '-vein 
control over the cost of operating 
the Common Agricultural Policy. 
Mr. John Silkin. Minister of 
Agriculture, told the Commons 
yesterday. 

Earlier, ho said that contrary to 
popular beliefs about "subsidies” 
paid by the Community on 
British food imports, the U.K.'s 
taxpayers had become “very 
largely the agricultural pay- 
masters of Europe.” 

Opening a debate on CAP 
prices. Mr. Silkin bused most of 
his comments oo a recent report 
from the Cambridge Economic 
Policy Group which estimated 
the present cost of EEC member- 
ship to the British exchequer at 
£Ibn. a year and forecast an 
increase of £200m. at 197S prices 
by 19S0. 

“Two-thirds of the cost to the 
U.K. arises from tbe money we 
pay to tbe Community budget," 
Mr. Silkin said. 


'* If we can get the cost of the 
CAP under control — and this 
means basically eliminating the 
structural .surpluses — we can 
make a big reduction in our own 
net payment.” 

His main aim. was lo avoid 
"unjustified" price increases at 
the forthcoming farm price 
review. It was natural that the 
British Minister fought hardest 
each year to hold down the price 
increases since “excessive price 
levels” damaged U.K. interests 
more than those of other EEC 
members. 

CAP prices affected the British 
economy in three important 
ways : 

0 They governed the price of 
most foods and thus influenced 
counter-inflation policy and 
living standards. 

9 They affected the running costs 
nf the farm policy to which the 
U.K. paid a major share through 
contributions to tbe Community 
budget. 

9 “And they affect the cost of 


many of our imports and this in 
turn affects the balance of pay- 
ments and our trading relations 
with other countries." 

“We cannot therefore afford 
to relax our determination In 
prevent unjustified increases.” 
Mr. Silkin concluded. 

He also stressed that he aimed 
to see the future of the British 
Milk Marketing Boards made 
secure. Mainstay- of the dairy- 
industry and the daily milk de- 
livery system, the Boards have 
been declared illegal monopolies 
within the meaning of EEC 
treaties. The Commission has 
proposed changes which would 
make them legal, but other agri- 
culture Ministers want to see 
them go. 

Mr. Silkin reeled off the evi- 
dence of “a calamitous drop” in 
liquid milk consumption over 
the past 12 years in countries 
without an effective distribution 
system: 36 per cent, jn Germany, 
almost 50 per cent, in Holland 
and 40 per cent, in Denmark. 


0 5 DaIaigtt death delays talks 


BY GILES MERRITT 

THE SUDDEN death of Mr. 
Cearbliall O'Dalaiqh, the former 
Irish President, yesterday forced 
a postponement of the meeting 
on Ulster due to take place^ in 
Dublin to-morrow between Sir. 
Boy Mason, tbe Northern Ireland 
Secretary, and Irish Cabinet 

Minister?. 

There is tn be a State funeral 
to-morrow for Mr. O’Dalaigh in 
Co. Kerry, where this morning 
the 67-year-old former head of 
State collapsed and died of a 
heart attack at his holiday borne. 
Mr. O'Dalaigh was Ireland's Sft’n 
President. He was inaugurated 
fn December 1974 but resigned 
less than two years later over a 
constitutional disagreement with 
the then Fine Gael-Labour 
coalition Government. 

The postponement of the 
Ministerial talks will give both 


the Irish and British Govern- 
ments breathing space. Until tbe 
news of Mr. O’Dalaigh’s death 
intervened it appeared th3t the 
Dublin meeting was to be the 
scene of a damaging clash 
between Mr. Mason and Ireland’s 
Foreign Minister, Mr. Michael 
O'Kennedy. 

Although the talks had been 
aimed at smoothing the open 
ron/lict between Dublin and tbe 
Northern Ireland office over 
cross-border security, diplomatic 
tensions over tbe venue aDd 
agenda for the meeting had 
threatened to turn it into a 
confrontation. 

Tbe Irish Government has 
insisted that Mr. Mason should 
extend the agenda to include 
political 3nd economic questions 
as well as security. However, 
British Government officials have 



‘threat 


to Weis 



BY ROY HODSON AND ROBIN REEVES 


POSTPONEMENT of the £$35m. 
investment plans for the Port 
Talbot steelworks will have far- 
reaching consequences on the 
economy of Wales, Sir Meivyn 
Rosser, chairman of the Welsh 
Council and a British Steel Cor- 
poration Board member. ,-rned 
yesterday. 

The Government statement on 
the future or the nationalised 
steel industry is to be made in 
the Commons to-day by .Mr. Eric 
Varley, Industry Secrets ry. The 
accompanying White Paper is 
believed to state that the Port 
Talbot scheme and other big new- 
steel investment schemes cannot 
be justified because of the world 
steel crisis. 

The Government is expected to 
support instead smaller invest- 
ment schemes for the modernisa- 
tion nf plant to improve the 
quality of steelraakina. 

Sir Melon's statement on Port 
Talbot emphasises that the 
British Steel Corporation Board 
is not united behind the Govern- 
ment's strategy to cut back both 
intestine - : and jo;> opportunities. 

Sir Charles Villiers. chairman, 
has discussed the development 
r»r jil.ii; witii his Board at every 
stage during the past six months 
as negotiation j for dealing with 
the steel crisis have gone on 
between the Government, British 
Steel, and the unions. 


Sir Melvyn's letter states, “In 
the (Welsh) council's view there 
must be a place for Port Talbot 
in British Steel's plans to main- 
tain competitive integrated steel 
plants. We would view with 
great concern any delay of invest- 
ment which has the effect of 
endangering Us future in that 
role." 

Sir Melvin adds that product 
quality at Port Talbot is not 
satisfactory and that “investment 
is needed now to ensure that 
Port Talbot products can compete 
on quality grounds with steel 
from elsewhere ” Otherwise, the 
investment already made at Port 
Talbot could be "rendered 
nugatory.” 

In 3 related development, the 
Clwyd county council has called 
on the Government and British 
Steel to maintain steelmaking at 
Shotton. North Wales, by invest- 
ing in three tandem furnaces to 
replace the existing 12 open 
hearth furnaces. 

At present Sir Charles is 
guaranteeing steelmaking at the 
plant only until 19S2. The new 
Government strategy is likely to 
make the future of Shotton even 
less certein. although Mr. Varley 
is not expected to include tbe 
plant in his statement. 

Feature. Pago 22 


false bid report 


emphasised that the primary aim j 
of the meeting that Mr. Mason 
requested is to tigh ten-up 
security operations against tbe 
Provisional IRA along the border. 


Continued from Page 1 j 



RAIN followed by showers, 
sunny intervals. 

London Area, SJE.. NX and 
E. England, E. Anglia 
Rain, then sunny intervals 
with showers. Max. 7-SC (.45- 
46F i. 

Gem. Southern, Gent. Northern 
and N.W. England. Midlands, 
Channel Is. 

Showers and sunny intervals. 


BUSINESS CENTRES 



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Showers, strong winds. Max. 
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Lake Disl.. S.W. and N.W. 
Scotland. Glasgow Area, Argyll 
Rain then showers. Strong 

winds. Max. 7C (45F), 

Borders. Edinburgh. Dundee and 
Aberdeen areas. Cent. Highlands, 
Moray Firth, N.E. Scotland, 
Orkney, Sheflands 
Rain then showers. Strong 
winds. Max. 5-7 C /41-4oFi. 

Oat look: Frequent showers. 
Rather cold. 


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for the National Enterprise 
Board especially aimed at help- 
ing small companies and a: 
creating employment, and an 
expansion of selective aid 
schemes for industry. 

In the Commons, Mr. Callaghan 
drew the broad lines of the 
political argument in prospect 
when he scornfully contrasted 
the Government's broad approach 
with Mrs. Margaret Thatcher's 
statement that the major part of 
the oil revenues should go in tax 
cuts. 

Mrs. Thatcher said: "We 
believe the lion's share should go 
in cuts in taxation so that the 
people will decide bow they will 
spend or save their money. That 
will contribute to greater profits 
for British companies . . . if we 
get the profit, ve will get the 
investment and if we get the in- 
vestment wo will get the jobs.” 

The Government's conclusions, 
outlined by Mr. Callaghan, were 
that benefits should be concen- 
trated in four broad areas: — 

9 Investment in industry by 
guaranteeing general investment 
incentives, expanding selective 
assistance. supporting toe 
National Enterprise Board and 
tackling the problems of Scot- 
land and tbe assisted areas. 

• Increasing funds for energy 
conservation and for new energy 
investment, ready for the time 
when the flow of oil diminished. 
9 Reductions ia the level of 
personal taxation to increase 
take-home pay and work 
iocentive5. 

m Improvements in essential 
services, including communica- 
tions. docks, and harbour*: 
rebuilding in inner cities, and 
the development of training and 
retraining. 


BY MARGARET REID 

THE STOCK Exchange has re- 
ported to the City of London 
Police Fraud Squad the second 
case within a few weeks of a "bid 
that never was." News of a take- 
over approach v.hi<-h afterwards 
came to nothing sent shares soar- 
ing before- falling back later. 

The reference follows an in- 
vestigation by tbe Exchange into 
dealings in the shares of Mar- 
shall's Universal. 3 Croydon. 
Surrey car distributor. , between 
January :i and February in. 
197?. inclusive, “arising out of 
the receipt i«y the company of a 
letter purporting to convey an 
offer from an n-^rseas source 
for a minority stake in tbe com- 
pany." 

On February Hi. the shares 01 
Marshall's, which sells Peugeot 
and Honda cars, •.-.ere suspended 
after a sharp rise lo l5Sp. hav- 
ing touched 152. following a par- 
tial bid approach. 

The directors, headed hy Mr. 
Roger Doughty, ‘■■a-.d at the time 
that they had ant y.-t established 
the authenticity of a bid letter 
which they had received, but that 
in tbe light of tbe volatility of 
the shares over the previous few 
days they had decided to seek the 
suspension. 

Five days iatcr. when quota- 
tion ••-.-ai resumed. Mr. Doughty 
vunfir.r.cd that rw had been in 
telephone contact with a Mr. 
David Malta, vnu claimed ,n be 
rnak:7!r an apr-n -jch on behalf 
of an American ‘.\uipany. 

Bur. -.Mti M.\ T.i'iuehty. “what- 
ever type •>: -•ff.'i- ?!r. Mail/, was 
pyrpyrtinz to make either on 
behalf of htiive'r or the eom- 

Continued from Page 1 

Immigr 

tivc :,nc responsible.” He said 
i: coniraraoq -all too sharply 
with ihe n;. it erica I and provoca- 
tive tone of recent Government 
prennuRceineni.; on the subject.” 

The differences between 
Labour and Conservative invr.i- 
btrs of i|i« committee surfaced 
at a Press ciicferencc yesterday, 
as tn-iividi.a! Mps quarrelled 
o'. er ibi. lm^lu.atjuns of v.hat 


pany called Atlantic Federal 
Investments. it cannot be 
regarded as in aDy way serious .” 

in reporting Its inquiry and 
tbat details of it had been passed 
to fh’ police, the Stock Exchange 
yesterday said that its Council 
wished to emphasise that the 
investigation disclosed no evi- 
dence of any incorrect conduct 
on the part of the company, its 
officer*, its advisers or any mem- 
ber uf the Exchange. 

Marshall’s shares stood at 138p, 
up 2p. at the close on January 3, 
the first day covered by the in- 
quirv. The 102p they touched 
on February 10. the last investi- 
gated, proved a peak for 1977-78. 
Last night, they were back to 
142p. up 4p on the day. 

In mid-February, the Exchange 
bad reported to the Fraud Squad 
the findings of its inquiry into a 

sequence of somewhat _ similar 
events at Senior Engineering 
Group. A fuller statement was 
made then by the Exchange, 
asserting that profits of about 
£S.000 had been made from share 
deals. . , . 

The Exchange then said that 
a Mr. Jsador Gabel had told 
Senior Engineering by telephone 
in July. 1977. tbat be was post- 
ing a letter with an offer for 
the company on behalf of an 

overseas company. He did not 
immediately divulge tbe client's 
name, though pressed to do so. 

The Exchange said that Mr. 
Gabel had, in spite of repeated 
requests from its special investi- 
gating i-oniiuitice. produced no 
tangible evidence of an offer or 
of his instructions. 


row 


were said to be agreed proposals. 

Tory MPs insisted that the 
quota system would lead to a 
reduction or immigration. But 
Mr. Sidney Bidweil, Labour SIP 
fur Southall, argued that the 
comm i lice's call for swift pro- 
c>->-sirtg of Ibc most deserving 
coses would mean a short-terra 
Increase in entrants fmm the 
sub - continent, particularly 
Bangladesh, 


THE LEX COLUMN 


f '-Jy .• \ C’\ 

•SO- y \0*\ 


*. - _ 






North Sea 

The market reacted favour- 
ably to tbe White Paper on 
North Sea oil in late trading- 
yesterday. though there is little 
to get a grip on. So far as can 
be seen, the Treasury is not 
significantly revising its fore- 
casts of revenue for the mid- 
1980s (when royalties and taxes 
should reach nearly £4bn. at 
1977 prices) although Wood 
Mackenzie, for instance, has 
been reducing its estimates for 
the more immediate future. 
For the City, one key point is 
the continued rejection on 
any relaxation of outward ex- 
change controls to offset upward 
pressure on sterling. Another 
is that the Government plans to- 
step up its activities in the pri- 
vate sector, justifying this with 
the claim that the capital mar- 
ket needs to be supplemented 
by selective intervention— 
“ where the risks are high and 
worth taking or where the pay- 
off is long term." But the White 
Paper also recognises the basic 
need to push up returns on in- 
vestment generally. 

Hoechst 

After Monday’s news that 
Montedison's losses had jumped 
from under £40ra. to well over 
£300m. in . 1977. yesterday’s 
results for Hoechst AG — -the 
parent of the world's biggest 
chemical company— look sur- 
prisingly good on the surface. 

Since the fourth quarter of 
1976 Hoechsfs profits have been 
declining, but in the final 
quarter of last year Hoechst 
AG’s profits rose by 17 per cent, 
with the result that fuU year 
profits only fell from DM786m. 
to DM691m.— just 12 per cent 
This compares with a 10.5 per 
cent drop in profits at ICI and 
an earnings decline of 8 per 
cent at Dow Chemical for 
calendar 1977. 

However. Hoechst's apparent 
improvement in the fourth 
quarter, is all due to extra- 
ordinary factors and there was 
little change in the disappoint- 


190i 


' per fmg puffes 


The gold price fell by another 

&JJ per oz. yesterday and now Index rose 7.7 to 4663 

stands 813 below its 1978 peak 

which it touched a fortnight ago. 

The defeat of the French Left 
in the recent general election 
and rumours that the V.S. 
authorities might start selling 
gold once again have unnerved 
the speculative element in the 
market 


London 
180H GoSd Price, 


170h- 


1601- 


150h 



Kota 


1973 


StP OCT MOV PeC JAM__Ftg_Mag_ 

rag underlying trend. Full 
figures fur the whole group are 
not yet available but the 1 per 
cent decline in world- turnover 
in 1977 compares with a 13 per 
cent, rise in 1976, and under- 
lines the depressed trading 
background. For the first lime 
for weil over a decade Hoechst's 
workforce has falien and a cut 
in last year's DM8 dividend is 
' u unavoidable.” 

The German chemical majors 
have been far harder hit by 
the decline in the dollar than 
ICL and the added problems 
of sluggish demand and weak 
European prices have played 
havoc with their profitability. 
As Hoechst is more dependent 
on exports and fibres than either 
BASF and Bayer its perform- 
ance may not be completely 
typical. But even so the outlook 
in the current year is hardly 
promising. There are signs that 
European chemical prices arc 
finally starting to harden but 
Hedderwick -Stirling, for ex- 
ample. still believe that German 
chemical company profits could 
be as much as a fifth lower in 
1978. 

Weir Group 

. The Weir Group has per- 
formed as expected with pre-tax 
profits for 1977 up 21 per cent 
at £9.1 m., against a half-year 
gain of 35 per cent to £4.5m. 
In the second six months growth 
was less than 10 per cent The 
outstanding feature of the 
figures is the 76 per cent jump 
in desalination plant sales, 
reflecting the impact of the 
first of Weir’s three Middle 
East contracts. The second 
should go through mainly in 
1978, and the third hy 1979. 
Bat although desalination sales 


now account for over a quarter 
of group sales contribution tn 
trading the profit is only 7} 
per cent So Weir appears to be 
pursuing' a very conservative 
accounting policy despite its 
claim to be following SSAP 9- 

In the other divisions. eng£ 
neering showed the best results 
with a one-third gain an profits 
despite a small decline in 
volume. On the other hand, 
foundries and engineering sup- 
plies suffered a 5 per cent, pro? 
fits decline due to further losses 
on the latter. 

In ihe balance sheet, -gearing! 
has apparently not altered, 
much. But if eli outstanding,* 
lease commrtm ents — say £5. 7m. 1 
— are Included net borrowings 
probably came but in excess of 
75 per cent, of shareholders’ 
funds. On a fully taxed p/e of 
5.4 and a yield of just over 6 
the shares are valued ahmit 
average for the sector. 

London Sumatra . </' 

McLeod-Sipof is likely to play, 
for time in the aftermath of 
yesterday’s fact-packed defence 
document from London 
Sumatra, so the offer will prob- 
ably he extended this morning 
although the HOp rash terms 
stand no chance of success. The 
crucial element in the document 
is, of course, the valuation 
placed on the Indonesian estates 
of a startling £30.flm. On this 
basis, the total net worth of LS 
is almost £43m., or 270p a share. 
But the defence has also dis- 
closed a substantial amount of 
new information in answer to 
McLeod's-Sipefs numerous 
specific questions: it turns out. 
for instance, that LS paid fee? 
of £337.000 to Harrisons and 
Cros field in 1977. Moreover the 
bidders have to assess London 
Sumatra's 1977 profits of 
£7.59m. pre-tax, of which 
£6.29ai. has arisen in Indonesia. 

The Indonesian valuations 
pose various theoretical ques- 
tions. A basis of seven times ex- 
pected average profits less a 
one-third disco’^tt gives a pre- 
cise result” (to a'ludicrous eight 
significant figures) but in reality 
there are no yardsticks, such 
as recent large land sales, to 
justify the estimate, while there 
are big obstacles to remitting 
funds from Indonesia. Mean- 
time LS has accepted that the 
relationship with H and C needs 
to be further considered, and 
the outcome could be the 
appointment of an independent 
director to the Board. 



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