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Thursday March 23 1978 ***is P 


-taking a constructive 
approach to every 
size of project 



> r % 



Barre Gold 

stays as Shares up 
French U; Gilts 
Premier mar ^ ti me 

• GOLD SHARES provided the , 
dr. Raymond Barre is to stay most buoyant aspect in equities, 
m as Prime Minister or F ranee with overnight demand on Wail 
4. least until nest month. It was Street and . recovery In the 
umooneed in Paris after the buUion price poshing the Gold 
hat Cabinet meeting since the rr s, — i 

Varley cuts £lbn. 
from British Steel 
investment plans 


I A £lbn. eht in the British Steel Corporation’s investment programme over the 
next two financial years is the central feature of the Governments new 
strategy for nationalised steelmaldng. 

tenoral Election on Sunday. 

In asking M. Barre to carry 
hi until the new National 
Assembly meets on April 3, Pre- 
■ideot Giscard d'Estaing chd not 
'eveal his long-term intentions. 

df. Barre appears <o stand a 
!wd chance of being re- 
■ ppointed, at any rate for a 
united period. 

The list of other possible 
candidates ' was reduced by 
A. Jacques Chaban - De Linas' 
in noun cement that he would run 
-‘or the presidency of the 
Vational Assembly. 

Mme Simone Veil, Health 
tfiniater. and M. Alain Peyre- 
iUe. Justice Minister, remain in 
he running. Back Page 

Callaghan in 
talks with Carter 

Mr. James Callaghan is toTneet 


Gold Min 


Mines index up 1LZ to 152i. 
Elsewhere trade was low and 
the FT ordinary index dosed 3.7 
down at 462.6. 

1 GILTS showed *. subdued 

President Carter for interest ahead of the holiday 
Washington to-day on . the prn^ recess and the Government 

dosed 0.09 np 

P»C JTiuie^Uinfsfer s only formal • STERLING rose 10 points to 
rI ?*i " 5L8980, but its tradewel^ited 

spp h»J > USS feU to 63^.(63^>. The 
Margaret, son-in-law, M?. Pete^ depreciatiojwidened to 

Jay* Ibo British ambassador, and pe r een *- 
their children. Economic View- — rnT ' n __ c _ Q , *_ 
point. Page 21 • G0LD roso 53 to . 

Plant investment is being cut 
by half. The emphasis will be 
on achieving better quality with- 
out raising, productive capacity 
until the world steel market takes 
an upturn. 

The biggest projects to he de- 
ferred indefinitely are the £835m. 
doubling of stee&naking capacity 
at Port Talbot. South -Wales, the 
£250m. plate mall for Teesside, 
and electric-arm furnaces which 
had been promised to modernise 
steelmaking at- Shelton, in the 
Midlands, and Hunters ton » and 
Ravens craiig in Scotland. 

The Government has deferred 
for the moment a capital recon- 
struction . of the corporation, 
which now has -a £4bn. debt in 
National Loan Fund and Public 
Dividend capital 

Outright grants to restore the 
financial position have been re- 
jected because of fears that the 
U.S. would apply counter-vailing 
duties to the corporation’s 
750,000 tonnes a year exports to 
that market on the grounds of 
subsidised production. 

It is not clear whether the 
temporary expedient being used 
— the subscription of new capital 
under Section 18(1) of the Iron 
and Steel Act 1975 — will satisfy, 
the U.S. 

The borrowing. - limit for 
British Steel is to be raised 

shortly by legislation. New 
capital provided from April 1 
will be renumerated by dividends 
after the capital reconstruction. 
New capital provided before 
April 1 will not pay dividends 
at any time. 

Mr. Eric Varley, Industry Sec- 
retary, outlined in the Commons 
yesterday the Government’s 
strategy to rescue the corpora- 

Detalls, Page 14 

Editorial comment. Page 20 

tioh, which wild lose just under 
£500m. in the current financial 
year. Simultaneously, a White 
Paper was published. 

The corporation's cadi limit for 
1978-79 would be £875m., Mr. 
Varley said. He would sbortly 
present to the Commons legisla- 
tion to raise British Steel’s 
borrowing limit It would be 
prematura to fix a minimum divi- 
dend requirement at this stage 
for payment after the capital 

He said it was very difficult to 
determine the precise size and 
nature of the reconstruction 
needed to produce a viable long- 
term capital structure. 

Mr. Varley refused to be'drawn 
in the Commons or at a later 

Press conference about figures 
relating to the future of the 

Sir Charles Viiliers, chairman 
of British Steel, said last night 
that the investment cutback 
would - amount to an abandoning 
of proposed British Steel invest- 
ments totalling £lbn. between 
1978 mid. 1980. Nevertheless. 
British Steel will need a further 
£lbn. capital in the period. 

Neither Mr. Varley nor Sir 
Charles would discuss an overall 
figure for the manpower reduc- 
tion- targets. But the Government 
has been using a working figure 
of a‘ reduction of 38,000 over five 
years,- from 16S.OOO actually 
engaged in iron and steelmaking 
down to 130,000. 

Deferment of the building of 
new steetoaking plants — which 
will certainly mean the abandon- 
ment of some of the schemes — 
wiil- have the effect of bolding 
British Steel’s steelmaking capa- 
bility aft about the present level 
of 26m. Hquid tonnes a year. 

New plant which is now being 
built and is “ past the point of 
no return " in the Government’s 
opinion will add another 53m. 
tonnes during the next two years. 

However, a corresponding 
amount of plant in tonnage terms 
will be taken out of production 
Continued on Back Page 

• GOLD rose $3 to 

• WALL STREET was down 

S amsh jail 3.12 at 759.70 just before the 

ief murdered d ?*- 

1? yoiiths machine-gunned to O BE BEERS is 
death in Madrid Sr, Jesus Haddad per cent surcharge ott^ rough- 
Blanco, 39, director-general -of diamonds .coming* to market at 
the Spanish jail system, in what "th* “next Central Selling Organi- 
uppeared to be a revenge killing sation sale this month as part 
for the recent death of an of moves to .make holding and 
anarchist prisoner. Page 3 speculating /In diamonds less 

financially attractive. Back Page. 

Teachers settle • PAY ^POLICY clauses to bei 

Unions and local education inserted/ in ppblic sector *con- 
aathorities last night agreed a tracts /are to he redrafted 
pay rise of almost exactly 10 per WUpvang a meeting between 
cent, on the £2J5bn. payroll for LBI • leaders and Treasury 
□early half a million teachers in rintiunvFR in Britain's 

Begin taken aback by 

r 1 

Rhodesia claim . 

Rhodesian nationalist - guerillas 
claimed to have killed more than 
ISO Rhodesian troops, including 
... ‘^'British and U.S. mercenaries 
.- r - .^between last October and Janu- 
;ary. The claim was ,/ftade in 
a Patriotic Front communique 
from Maputo, Mozambique, 
.i - Guerilla chiefs an dblnck African 
front line leaders plan to meet 
in Dar-cs-Salaara to decide their 
next - move. Central and East 
- //"African news. Page 4 


S t. railways have started 
ss: services on several new 
; between Moscow, and the 
,-but they take longer than 
ild' slow trains; a Moscow 
'■-'■‘^veekly newspaper reported. 

Briefly.. - 

. VJfhonsjmds of cans of suspect 
7 *;*3razfltiin corned beef are being 
~\.1*fth drawn on the orders of the 
Department of Health after out- 
.-. breaks of food poisoning in North 
'JA’ales and Sheffield. 

BSark Phillips is to spend 
last working day at the 
'Ministry of Defence to-day.. In 
TDctober he is to attend the Royal 
- - f ^..Agricultural College at Ciren- 
_ >V Ves ter. 

*•’ Vobel Prize winner - Andrei 
V^akhorov has been summoned to 
Appear to-day at the Moscow 
‘"*ub tic prosecutor's office. 

’^-onrt orders to seize more than 
“''450.000 held in foreign banks, 
ad belonging to throe ring* 
eaders of an LSD drugs con- 
piracy. were granted at Bristol 
, Irown Court. 

« triUsh Airoays was fined £9 in 
•oris for failing to print Die 
■Jriiage conditions on its tickets 
n French as well -as in English. 

• FARMERS have been promised 
£4ta. towards the cost of repairs 
after the winter's weather i 
damage. Farmers who lost live-, 
stock will be helped by a special 
NFIJ fund. Page 35 

• PRICES SECRETARY has said i 

he is satisfied with tea blendersS 
price cuts, and has dropped plans j 
to enforce further reductions. I 
Page 8 I 

• SHELL rural garages, are: 
expected to cut petrol prices by 
about 2p-a gallon over the Easter 
holiday, and outlets selling other | 
brands may follow suit soon. 
Page 8 

• BRITONS spent 20 per cent 
more on food, drink and tobacco 
last year according to Department 
of Industry figures. Page 8. 

pany is to be the object of a 
“co-ordinated blitz" by the fac- 
tory inspectorate over its safety 
standards* Rack Page. 

Birds Eye 
reprieves plant 

• BIRDS EYE has rescinded dis- 
missal notices to 1,260 workers 
at -its Kirkby, Liverpool plant 
and the factory is to reopen. 
Lucas Aerospace shop, stewards 
say they will resist by every 
means .'company, plans to close 
its Liverpool operation. Baek 

Bank is to' offer extended facili- 
ties to bureau tfe change cus- 
tomers at one branch in central 
London. The plan has the Mess- 
ing of banking unions. Page 9. 
At Uoyds Bank, a joint workmg 
party is being set up to consider 
a single negotiating body for all 
bank staff. Page 13 


THE 'SPECIAL relationship be- 
tween Israel and the U.S: is com- 
ing uniter unprecedented strain 
amid strong indications that 
President- Carter and Mr. 
Menahem\ Begin, the Israeli 
Prime Minister, have failed to 
I resolve thejr serious differences. 

They .were due to hold a 
second meeting to-night • 

The Whitt House . would not 
comment to-Say on -Mr.. Carter’s 
dinner last rijght for Mr. Begin, 
but the talk4 are said to have 
been “ frank \and tough." Mr. 
Begin is believed to have been 
unwilling, at le^st so far, tt> make 
further concessions on Israeli 
settlement poliejr in the occupied 
West Bank and Gaza Strip. 

He also ran into some of the 
toughest questioning, ever en- 
countered on Capitol Hill by 
I an Israeli leader. While he was 
talking to members of the House, 

( Congressman Jim Wright, deputy 
leader, broke in to say that 

members were not trying to be 
hostile but were asking ques- 
tions on the “ basis of continuing 
friendship with Israel." 

There were some indications 
this morning that Mr. Begin was 

Crisis in Lebanon, Page 4 and 20 
Men and Matters, Page 20 . 

taken aback by the tone of ques- 
tioning on CapitOl Hill. 

Senators - and Congressmen 
apparently took issue with 
Israeli settlement policy and also 
with the invasion of Lebanon. 

Senator James Abourezk des- 
cribed Mr. Begin as “ intransi- 
gent." He called oh the 
President to stop farther arms 
shipments to Israel until Israeli 
forces pulled out of Southern 

As if to underline Its current 
dissatisfaction with Israel, the 

WASHINGTON. March 22. 

Administration to-day. took the 
.unusual step of telling the 
House International Relations 
Committee that the Government 
remains determined to sell 
advanced fighter aircraft in a 
package deal to Egypt and Saudi 
Arabia, as well as to Israel. 

Our Foreign Staff writes: 
Iranian troops designated to the 
UN force, in the Lebanon moved 
into the south of the' country 
from Israel despite a defiant 
assertion earlier by the com- 
mander of the Christian militias 
on the border that they would 
not be allowed to enter. 

Two hundred French para- 
troopers, the vanguard of a 600- 
strong contingent, left Toulonse. 
The contingent, equipped with 
helicopter, and armoured cars, 
is expected to be established by 
the middle of next week. 

After initial misgivings, the 
Swedish Government has agreed 
to send soldiers to Lebanon. 

• . ’ .* 

Barrow Hepburn inquiry starts 


MORE THAN 25 per cent, was 
wiped off the market value of 
Barrow Hepburn, the leather 
group at the centre of a row over 
National Enterprise Board 
policies, after it announced Yes- 
terday that it had discovered 
“serious - irregularities which 
may involve fraud " in one of its 

The .subsilirfrv is the G’asqrw 
based - bide dealer Schrader 
Mitchell and W«-u 

The board ntfused to quantify 
the losses sow expected to 
emerge, but said they would be 
44 very- - substantially greater” 
than. The £945.000 provision made 
only iwa weeks ago. m. the pre- 
liminary accounts. 

A full investigation of fhe 
irregularities, - which were 
described yesterday as “ very 
sophisticated,’’ will be carried nut 
by - an independent firm of 
accountants, Whirney Hurray, 

It will take two to three months 
to complete. 

in tiie meantime the Board has 
decided to defer the promised 
final dividend of 2299p based 
on attributable earnings of £L4m. 
which did • riot - include consoti-. 
dated losses from Schrader. The 
effect was to wipe I2p off the 
share price, which closed at 34p. 

The irregularities at Schrader 
began to come to light only 
recently when Barrow decided to 
close the subsidiary following 
the controversial re-organisation 
of ks leather division. 

. After the formation of British 

Publisher's Notice 

will NOT be published 
to-morrow. Good Friday, or 
on Easter Monday. If will 
he published on Saturday. 
as usuaL 

Tanners Products, a company 
containing Barrow’s main tan- 
neries and jointly owned by the 
National Enterprise Board (a 
deal which -has stimulated legal 
- action against the NEB). British 
Tanners, acquired the 'three main 
leather-dealing companies owned 
by Barrow. - 

This left Schrader isolated in 
the new company structure, and 
closure was decided on. At that 
stage it was thought that the 
cost of that and trading losses 
would be covered by a £454,000 
transfer from reserves. 

The investigation into Schrader 
'is not likely to delay the annual 
report and accounts; They will 
be posted to shareholders in the 
□ext three weeks, which places 
the annual meeting some six 
weeks away.- 

By then the .'investigation will 
have been substantially com- 
pleted and a farther statement 
can be expected. 



Overseas news 4 Arts ^ 

World trade news 6 T«iipr 

Home news — general ... 8-10-12 

(.Prices in pence unless otherwise 

Ixcheq. SJpc 1M1.. ,07ft 
Ixcheq. 10jpc 1995... £91 
turora Holdings 91 ■ 
fritish Aluminium ... 445 

/luUough 142 

'*mbined Eng. Stores 78 

fall (M.) isa 

leron Motor -J10 

AVT a 124 

.ane (Percy) -w. 

Mmroue Ind. Hldgs. 88 
tolls-Roycc Motors ■- S4 
Sedgwick Forbes 385 
inn Alliance *.. 540 

rhurcar Bardex Hi 

United Biscuits MS 

flaJakoff + 

\ng\o American Crp. 284 

Conzinc Riotinto 
De .Beers Dfd. .... 
Doornfontein ... 
Durban Deep 



Northern Mining 

SA Land 


West Diiefontein 
West Rand Cons. 

Technical page . 



Inti. Companies — 



Arts nage' 


Wall Street 

... 34 

Leader page .... 

... 20 

Foreign Exchanges 

... 34 

UJC. Companies 

-Farming, raw materials 

... 35 

Mining — 

: 24 

UJC stock market 

... 37 


The chaos in Lebanon .20 Zambian Economy: A last 

hope for recovery 4 

Economic Viewpoint from 
. Washington: Stopping a 
. war 21 

Inside East Germany 2 

Changes imminent In 
Argentina’s junta 5 

Consumers of the future ... 16 

Doctors’ staff: The row over 

pensions ...... 18 

Belgian -electricity: A flurry 

or fund raising 28 

Offshore banking: The 
Hong Kong tax puzzle ... 29 


Barclays Bank ... 
Barrow Hepburn 
Bowring (C. T.) .... 

Glaxo r. 

Nat West ...... 

Sanger . (J. E.) ... 

Tube lav*. 

.. 330 - 30 
.. 34-10 
.. 116 - 4 
.. 527 - 3 
.. 270 - 8 
.. 31-4 
.. 368 - 10 

Apptiefnmts — 5-10 . 

Appointment Advts. 3031 

Boa&s 3? 

Ogftf. 32 

- Croscwvrd "M 

iEtvovoiic .ladlatan B 
Eatertalaamt Coble 39 

- FT'Acmriis IhHcbs 3* 

Letters 21 

Lex • 

. Lombard 
Ha ml Midas 

To-day's Events 

TV and. Radio 

Unit Trusts _____ 
WMtfcer — - 



CamiBcrclai no. Ass. ' 



‘Arilnr Ball Sens _ 


Deeflcraal. GoU 



Bryant KaftGag* ... 


p ■>«“*» BH8. 5 k. 


F. W. Theme 


S peace- aaric Metal 

3 M* 


Usds. - 




Thragnenea Tat. ... 



Bto-mM QnlcMt _ 


. Tube Imrans. 



C. T. Bawrtas 


TVwste Invests. ... 



. CariU lavect. Trot 


WraftsBe ft baa „ 






By Terry Dodsworth, Motor 

Industry Correspondent 

Mr. Michael Edwardes, British 
Leyland chairman, has won 
broad approval from the 
Government for his plan to re- 
structure the company's 
finances with an equity injec- 
tion Of up to £450m. 

This was made clear yester- 
day by Mr. Eric Varley, the 
Industry Secretary, in a 
Commons written answer In 
which he confirmed that the 
Government is to authorise the 
advance of a short-term loan of 
£275m. to Leyland. 

The loan was being made 
available to enable (he com- 
pany to repay temporary 
borrowings and to continue its 
capital expenditure programme 
until Parliament had been able 
to consider LeylamTs plans. 

Mr. Varley added that there 
would be a debate on the pro- 
posals early next month. 

Hie main issue still to be 
resolved by the Government is 
how the funds will be chan- 

World Trade News, Page 6 
Vauxhall £2.1m. loss, Back Page 

nelled Into Leyland. Mr. 
Edwardes is believed to be 
asking for a total of about 
£850 m. 

Mr. Varley could ask the 
National Enterprise Board, 
Leyland ’s main shareholder, 
and the vehicle being- used to 
advance the £275m_ loan, to 
accept responsibility for the 
whole package. Alternatively, 
the Department or Induslry 
could put up some of the 
finance under Section 8 of the 
Induslry AcL 

The £275m. will be absorbed 
within tiie overall refinancing 
scheme when It is put to 
Parliament. - Meanwhile, the 
company is anxious to continue 
its investment programmes and 
to repay some borrowings, 
although the £100m, facility it 
organised recently with the big 
banks is not being used. 

-John Elliott, Industrial 
Editor writes: The £27 5ia. 
loan will take the total amount 
of money which has passed 
through the NEB ante its 
creation, near lo the maximum 
of £700m. allowed nnder the 
1975 Industry Act. 

This means that Mr. Varley 
may decide soon after Easier 
to introduce an Order in the- 
Commons which, under the 
terms of the Act, will permit 
the limit to go up to flbn. 

Whether he needs to do this, 
however, wiU depend partly on 
how quickTy and what way the 
£275m. loao is cleared and 
eonld be taken out of the 
NEB’S finances. 

The problem arises because 
the NEB’s total funds will have 
reached some £400 jn. by the 
end of this financial year anil 
the addition of the £275m. will 
take it close to the £700 m. 



Guernsey Tji 

OIL SUCK * k, 

1 * 

A Jenny 


TEGS is the measure of the 
pollution disaster along more 
than 60 miles of Freneh 

The affected coastline in- 
cludes fishing ports and holi- 
day areas. Last night a 
“ breakaway** oil slick -was re- 
ported about 50 miles from 
the Channel Islands but a 
forecast of northerly winds 
suggests France will have the 
Amoco’s entire cargo drives 
on to ts shores. 

Worst ever 
oil pollution 


THE GROUNDING of the Amoco 
Cadiz is now tbe biggest pollu- 
tion disaster in tanker history. 
Oil is still leaking fast from the 
stricken ship and there is little 
hope of pumping out any of the 
remaining oil. 

Battered by gale-force winds, 
the last of the giant tanker’s 14 
storage tanks has ruptured and 
is leaking oil. 

The last shreds of metal hold- 
ing the two parts of the tanker 
together are coming under 
increasing strain. 

The French Government is ex- 
pected to announce new regula- 
tions governing the passage of 
tankers through the English 
Channel by July 1. President 
Giscard d’Estaing. to-day an- 
nounced a FrJ'rsJm. (£570.000) 
fund to help the victims of the 
pollution following a Cabinet 
meeting at which the disaster 
was discussed. 

Commandant Francois GiUot. 
French naval spokesman, said 
to-day that if tbe present stormy 
weather continued there would 
be no oil left in the tanker by 
the week-end. Only 50,000 tons 
of the original cargo of 220,000 
itons is left aboard, he said. 

More gales 

“At the moment it is practic- 
ally certain that all the tanks 
are in contact with the sea,- 
either directly or through the in- 

The fivv British bn*s sent out 
to help fight the pollution are 
preparing to combat a separate 
slick which has broken away 
from the main body of oil and 
is only 60 miles front the 
Channel Islands. 

More gales are expected- To- 
day winds reaching 40 knots 
(force S-9) were causing a 20-ft 
swell near the ship preventing 
any progress in emptying its 

The bulkheads of the 11 tanks 
inside the shio which were in- 
tact when itsollt just after mid- 
night last Friday have been 
battered by the continual action 
of thr waves. Three tanks rup- 
tured when the ship went 

“Everything depends on the 
weather. There is no hope of 
getting any of the remainiug oil 
out of the tanker while tbe winds 
are blowing like this." said Com- 
mandant Gil lot. 

BREST, March 23, 

The main slick now extends 
along more than 60 miles of the 
French coast over an area of 
600 square miles from the Pointe 
Sr. Marine u in the south to the 
Bay of Malaix iu the north 
although much of it baa been 
broken into smaller patches by 
the wind. 

A change in wind direction to 
the north is likely to push larger 
quantities of oil on to the 
beaches, said the • Commandant. 
At the Bay of Malaix a 14-mile- 
long rigid boom is being set in 
place to protect the harbour 
which is suffering from some of 
the worst pollution. 

Land operations are being 
governed by the Plan Polmar, a 
recently constituted co-ordinating 
agency for dealing with marine 
accidents. Operations are being 
directed by M. Francois Bourgin, 
the Prefet of Finistere. 

ST. Jean Marc Janaillac. of 
Polmar, said that 240 soldiers 
and 70 civil defence personnel 
were involved in pumping oil off 
the surface wherever conditions 

He said no start could be made 
on cleaning the beaches until 
all tbe oil had leaked from the 
tanker and bad either been 
treated, blown out to sea, or 
landed on the shore. 

“ When it comes to the clean- 
up we will need many more 
people and vast amounts of 
equipment but wc cannot tell 
yet when it will start,** he said. 

“People say that we were 
unprepared, that we didn’t have 
the right equipment But no oil 
slick is like any other one. You 
can never predict what sort of 
equipment you will need.” 

Amoco, the tanker owners, 
announced officially that their 
insurance liability under the 
Civil Liability Convention rati- 
fied by France in 1975, Was 
F r-Frs.77.364m . (£8Bm.) but 

further monev was avilable 
under CRISTAL (Contract 
Regarding an Interim Supple- 
ment to Tanker Liability for oil 
pollution), to a maximum S30m. 

Men and Matters, Page 20 

£ In New York 

Spot 1 SI .9000-1 ,90] 6 j 51.9040- .9050 


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Financial Times Thursday March 2? jWZ8, 

ANTHONY ROBINSON, recently in East Germany, reports on how that country’s citizens, see their regime 

Pride tempers desire for liberalisation 

& ' % 

frontiers of East Germany are 
thrown open twice a year to 
thousands of businessmen, 
bankers, and journalists, to take 
part in the Leipzig spring or 
autumn trade fair. This spring 
the fair itself was a rather 
unexciting affair. East 
Germany, like most of its 
partners in Comeeon, is short 
of foreign exchange, has an 
external payments deficit with 
'he West, which it wants to 
reduce, and is mainly interested 
in compensation type trade 
agreements into which many 
Western suppliers are reluctant 
to enter. 

AU this meant that most of 
the deals agreed at Leipzig last 
week were of a routine nature, 
although the fair served, as 
usual, to renew contacts and 
review the prospects for a few 
Tuture potential deals of a major 
kind. The most exciting of these 
longer term hopes concerns the 
East German interest in 
modernising the automobile 
industry and replacing its ageing 
ho me- produced Wartburg cars. 

Although what is billed as the 
most important East-West trade 
fair proved to be a rather low 
key occasion this spring, it pro- 
vided a welcome opportunity to 
visit what is in many ways one 
nf the most enigmatic of the 
Comeeon countries. On the sur- 
face. and in the official propa- 
ganda, the GDR portrays itself 
as a model of orthodoxy and 
loyalty to the Soviet line. The 
Prpss is tightly controlled. To 
judge by the main party paper. 
Neues Deutschland, the most 
newswnnhv events are the 

hellos and goodbyes said by tbe 
party chief and chief of state, 
Herr Erich Honeckrr, to visiting 
delegations. It is portrayed as a 
land in which smiling workers 
promise to overfulfil their pro- 
duction targets, and citizens 
everywhere spontaneously pro- 

* My students don’t 
want to know about 
politics. They’ll join 
the party if they want 
to get on, but they’e 
totally cynical about it/ 

claim their affection and loyalty 
to the Soviet Union and its 
armed forces. 

This subservience to the 
canons of Soviet iconography 
does nol do justice to the highly 
complex reality of! this most 
westerly country in the Eastern 
bloc. In recent weeks the 
regime has been shocked by 
reports in the West German 
magazine. Der Spiegel, of an 
organised faction within the rul- 
ing Socialist Unity Party (SED) 
calling for a less rigid and more 
democratic structure, closer to 
tbe sort of ideas put forward 
by the Euro-Communist parties. 
The death of Herr Werner 
Lamberz. the party's propa- 
ganda chief and Herr Hon- 
necker's heir apparent, in a 
Libyan helicopter accident has 
increased the malaise. 

At the same time the regime's 
main concession to demands for 
the easing up of the rigidities 
of the system, that is to say 
the opening of a network of 

“Intershops" where East Ger- 
mans can buy western goods 
at inflated prices, provided they 
pay in hard currency, has 
angered those without an aunt 
in Cologne or other means of 
access to hard currencies. 

Officially the party has de- 
nounced the Spiegel report as 
a fabrication. - If - the so-called 
Manifesto Group . does exist 
within the party, its members 
have not yet been identified. 
Whether the group as such 
exists or not however, it soon 
heroines quire clear talking to 
ordinary GDR citizens that 
there is a widespread desire for 
a less rigid system, especially 
among younger people. This 
ii, however, usually tempered 
firstly by a considerable sense 
of pride in what has been 
achieved in the extra-ordinari iy 
dlfflntt first 30 years" of East 
Germany's life land second'y by 
an acute sense of the geo-politi- 
cal realities on the frontiers of 
the Warsaw Pact and a special 
love-hate relationship with the 
Soviet Union. 

The following account of 
some of the conversations I 
had during my recent stay in 
Leipzig and travels to Dresden 
and Berlin gives some idea of 
what' East Germans are think- 
ing at this time. ....... 

★ * * 

“I'm a University Professor. 
I consider myself a Communist 
and an idealist You cannot 
imagine how difficult it has 
been to build what we have 
here. First the Russians carted 
away most of what little was 
left after the war. Then up to 
iPfi!. when fhe Berlin Wall was 

built, millions of mainly young 
and skilled people left for the 
West. Just look around at the 
disproportionate number of old 
people who are left Then we 
suffer because everybody com- 
pares us with West Germany. 

■*We even compare ourselves to 

* Bnt what can we do ? 

We have Russian troops 

all over onr country 

things can only change 
here if something 
changes in Moscow/ 

West Germany— and we are in 
a unique position to do so. 
Most people switch on to West 
German radio and TV every 
night. Just look at all the TV 
antennae on the rooftops— no 
. one would dream of buying a 
TV which- could only pick up 
our programmes. But in many 
ways it is unfair to compare 
us with West Germany; where, 
after all, does Britain stand, 
economically at least in com- 
parison, and yon have had 
many more advantages than we 

“ I studied in JJritain and. I 
liked the countty and the 
people. Especially the students; 
they were so lively and com- 
mitted. My students don’t want 
to know about politics. They'll 
join the party if they want to 
get on, but they’re totally 
cynical about it and have no 
intention of getting into trouble 
by trying to change it. I'm in- 
terested in what the Yugoslavs 
are doing and in Euro- 

communism, but all that is 
taboo here.” 

.* ★ . 

u rm a machine builder. I’m 
just coming home after several 
weeks installing a machine in 
Poland, m be glad to get a 
good meal again. There is not 
much to eat in Poland. I am a 
very hard worker. When I get 
back - 1 shall’ cany on building 
my house. It means I no longer 
have time to play' football with 
my mates.' Instead we have all 
clubbed together to build our- 
selves houses. You can. never 
get the material you need 

“All of us work in different 
trades and by swapping favours 
we manage to pick up bricks 
here, cement there.' window 
frames and so on. Everybody 
does it. We ail do several jobs 
if we can. But never for cash. 
That’s useless, unless you are 
saving up for a car like I am. 
We have to pay cash on the nail 
and then wait years, unless you 
pay in bard currency. Myself 
I’d like to have a chance to 
build the machines we export 
to the West Then I could bring 
back some real money and buy 
western goods at the Intershop. 
But oh no— where do they send 
me ? To Poland, where I can- 
not even get a good slice of 


“Both my son and I work In 
a machine tool factory. Most 
of our machines are exported. 
Those we sell to the West we 
spend ages painting, polishing 
and perfecting — and then they 
a re.. sold in Western Germany 


f . ; V'W-'-a 



' ; ¥ '»■ vr , : - 7 . 

‘ . . j: • . ' 

. ■ - - 

Getting the GDR off the 'ground was Walter Ulbricbt’s 
responsibility (right). Keeping It on the straight and narrow 
is the task of his successor, the present chief of state and 
party Erich Honnecker (left). 

at dumped prices. The other workers. But I slipped off. 
machines are -sold mainly to Their toilets have those little 
tbe Soviet Union. We don’t half stable doors we used to 
know where they go. All we have in the army and the in- 
know is that we never ever spec tors keep checking up to 
receive a complaint from them, make sure everyone is work- 

They buy our machines by mg. They work at a much 

weight, by the ton and we hear harder pace than we do, and 
no more about them. We ship we would not stand being 

them off more or less as they chivvied around like they are 
come off the production line, in the West Besides here 
Both ways that's dispiriting. 1 ' there is no unemployment. On 

* * * the other hand I’m a specialist, 

“I’m a party member, I live and I studied for years. But 
in Leipzig, my home is here, differentials are far too narrow; 
my friends are here. I’ve a now— it’s hardly worth putting 
good job as an engineer, a com- in all that effort” 
fort able home for which I pay * * * 

a very low rent, and every now «p d love t0 travel to the 
and again I go over to Western Just t0 see it and feel 

Germany to help set up the ab]e t0 nme and g0 i itee they 
machines «e selh .. . do in Hungary and Yugoslavia. 

Id the West German fac- ^ trouWe is that our govem- 
tory their management tried to t just doe j. n ot trust us. 
keep us away from their own f pel ^at lf t hey opened 

' the frontier about 30 per ceint. 

would leave. Maybe they would. 
With u.s it is not as in the other 
countries. When they leave they 
have to start again In a com- 
pletely new country. Wc could 
leave "and still live in our own 
country — that one behind the 
wall. But I personally would 
come back. We have bulk up 
something here under tremen- 
dously difficult circumstances. I 
should not like to see It des- 
troyed and the thought of a 
united Germany under the con- 
trol of the big monopolies ho/jfc' 
fies me. and many.-offt&rs'loo.” 

★ * 

“The GDR h/ many ways, is a 
nice place. fQfit basically its a- 
nice big pt^on. iJhave no com- 
plaint ab/xt the economic sys- 
tem. I tlfeik it is right that the 
capita] film accumulated labour 
should b» in the hands of the 
people. they are so narrow 

• minded. » 

tem. I thuik it is right that the 
capita] film accumulated labour 
should b» in the bands of the 
people. Ek they are so narrow 

^ ifSnedOTr Is infinitely better 
than' th^t fof?rferjng . knowrall 
Ulbricht. \But Hanecker is basic- 
ally a stooge. Neither he nor 
Stoph (the Prime Minister) and 
the other leaders hare any pre- 
sence, none erf them know how 
to make a good speech, and 
when I compare .the quality of 
our. leaders with the skill «* 
people like Schmidt .and the 
others I feel ashamed of. them. 

"But 'what can.^we do? We 
have Russian troops a|i; over 
our' counny. We are the front 
line. So although we German* 
fee!' .and know ourselves to be 
so much more sophisticated and 
advanced; than. the Russians we, 
of all East European countries, 
are the- most- closely tied to 
Russia. Things can only change 
here if something changes in 
Moscow." . 

Portuguese ‘ 
Government ^ f£\ 
under attack ^ 
over wages 

ty Jimmy Bums . . 

LISBON’, March S3' 

THE ComnwnUt 
General Workers" Coutedera.' 
lion imenimlical, which claims 
to control mure than 8ft per 
cent- «f Portuguese . labour, , 
has* publicly criticised for (he . 
first time the GoienuncmV 
inability to reach an agreement 
on wages and/or price control 

Since the new. Government 1 
— an alliance between Soria- ' 
lists and Christian Democrats; 

took office In January* three ‘ 

meetings with uuton leaders, 
held in an m tempt to reach a 

social pact o\rr the propqwd * 

a untcrity mca-iturs. have ended 
In deadlock. 

Although fhe general gulfr- - • 

lines d the Government's f , t 
economic plan for laTS. pub- 
lished last wee* with* the 

budget, include a proposal that . .. # 
there should be a wage celling 
of 2 D per cent, and that Infla- 
tion should be brought down 
Tram 2< to 20 per cent, the 
question of n minimum wag«r 
and the control of prices - 
remain nnresolved. 

The Portuguese worker has 
experienced a sharp drop in - 
real wages daring the past year 
(18 per cent. between 
December I97S and December 

Portugal has an estimated ' 
hill of STSftm. for food imports 
daring this year. Although the 
Government has promised to 
maintain auri possibly extend 
a “ shopping basket " of c»en- •».****_ 1 

Hal Items whose . prices an* IlH 
frozen for a year, and ;jIso ha* '' 

Just launched a 10 -day -cam- 
paign to crack down on food 
speculators, musl. obseners 
believe that prUvrs will inevit- 
ably rise in the .coming week*. 

Also in its gciierul ccnnoniic 
proposal, the Government has * 
promised that unemployment 
will not rise beyond its present . 
level which it e>iimalr& at 9 
per cent, but which unofficial 
sources put as high as lti per 

Labour, however, is appre- 
hensive Qbout the squeeze on : 
credit to Industrial Units Which 
. cannot justify their losses. By. 
the riSsframcirt’s own admit-' 

i09t justify 

the i^sernraent’s own admit- 
tance, ot small and 

medium-sized . ctfrapjnlcs will 
be forced to close m 'tfe coming 
^aonths. • 

\ . 

‘ Manchesteii 
■ Edinbui^*Bt^ 

I : 


Of your > 

In- kcU&iiiyrXailtfi Sal C*v'j 

TwcL. . , . • ■- ?- • 

■■ i 


r to 




r on 

i to 







■■ . v 

. • ••• 

- \. 


SNAM is about to bufld a 2,500 
ldlometres intercontinental gasline, from ' 
Africa to Europe through the Mediterranean Sea. 

This highly technological work 
represents an important step in the energy 
transportation field and a- new main- line in 
the European gasline network. 

The SNAM contract with Sonatrach . . 
(Algeria) will ensure an ‘annual importation . 
to Italy of 12 billion cubic metres of natural 
gas from Algeria, for a period of 25 years. ' 

The gasline will cross. Algeria, Tunisia, 
the Sicily Channel, Sicily, the Straits of 
Messina and continental Italy up to Minerbio 

A first gasline has been laid down ■ j . ’ 
through the Straits of Messina while deep 
water laying trials in the Sicily Channel have 
already been successfully concluded. . 

This project implies a large financia 
and technical effort and requires more laying, 
of long underwater stretches. 

The a^evement.pfthis project will 
actuate a strong economical exchange 
Algeria, with consequent advantages forTB - 
both Countries. -IK-- 

SNAM has already linked ltaly to Holland, 
and the USSR with two gaslines, and imports 
LNG from Libya. : ' 

SNAM is one ol the companies of the - v 

ENI Group, the Italian public holding 
operating in the following fields: hydrocarbons, 
chemicals, nuclear energy, enginee ring 
services and manufacturing. 

SNAM is presently working with other 
Europeaq natural gas companies to ensure 
new. precious and clean energy to towns 
and industries. 



iiLijl 1 ) iKtnU'Vll 

ff'TTji.l t iLw- ■ " T -V . f f. 


B M 

An ENI Group Company 


Financial Times Thursday March 23 .1978 


' M,i uc r .. 
' i *n« / ‘ 


for reorganising forces 


*NLY a month after ht took 
Wee, Herr Hans Ape!, the new 
lefence Minister, has drastically 
todifled plans to reorganise the 
tructure of the Bundeswebr— 
ie West German armed forces. 

In one move, Herr Ape! has 
ecided to block creation of a 
entral agency through which 
be present, separate, support 
peratjons for the army, navy 
nd air force would have been 
coordinated. He has come to the 
. onclusion that this would imply 
n unjustifiable upheaval. 

In another decision, he has 
lade clear that he will not ac* 
ept in their present form plans 
imed at making the brigade 
tructure mere flexible — princi- 
ally to cope better with enemy 
rmoured attack. While the Min- 

ister. approves of the . aim, be 
feels that the cost of the change 
— around DMlba.- — would be too 
high. -T- 

Some small elements of^hoth 
plans may yet be salvaged^. For 
example,. action is stiff -«cpect$d 
to centralise longdistance com- 
munications support, for which 
each of the services still has its 
own network. But the scheme for 
much wider centralisation of 
other support systems, against 
which many senior officers have 
long: had strong reservations, 
appears dead. 

The moves have inevitably 
been seen here as a case of a new 
and highly cost-conscious Defence 
Minister sweeping clean. ' Herr 
Apel was Finance Minister from 
1974 until. last month., They are 

Metal talks to resume 


BONN, March 22. 

-JNION AND employers repre- 
en ta lives in the West German 
jetalworking industry agreed to 
esume talks in. Stuttgart to- 
morrow to try to end a regional 
trike now more than a week old. 

At issue are higher wages and 
ob security measures. A pre- 
ious effort to reach a settlement 
oundered last week-end and only 
o-day was contact ~ renewed 
>etween the two. sides. 

Tbe strike is taking place In 
Jorth Wuerttemberg - North 

Baden, where more than 600,000 
metalworkers are employed. Some 
85,000 of these are actually strik- 
ing at key, selected plants, while 
another 146.000 have been locked 
out by employers. 

The impact has already- spread 
to other areas, and other indus- 
tries, dependent for components 
on the .strike-hit region. The 
employers have put the daily loss 
in turnover to the German metal- 
working industry at about 
DM150 m. • 

BONN, March 22. 

also being interpreted as an im- 
plied • criticism of the previous 

Defence Minister, Herr Georg 
Leber, in - whose period of office 
the .plans Were principally de- 
veloped. . 

Herr Leber,, stepped down fol- 
lowing revelations of bugging 
activity carried out by the mili- 
tary -counter-intelligence service 
(MAD). In another revision .of a 
decision taken by bis predecessor, 
it was revealed to-day that Herr 
Ape] has restored control of tbe 
MAD- to the military leadership 
within the Defence Ministry. 
Herr Leber had placed the MAD 
directly under his responsibility 
at tbe'end of. last year, on dis- 
covering that he had not' been 
kept- fully, informed of Its acti- 

Herr Apel's decisions on 
Bundeswehr structure have 
caught unawares even members 
of his own Social Democrat Party 
(SPD i. An SPD spokesman re- 
ferred to them as surprising, but 
correct The parliamentary oppo- 
sition has complained that the 
Bundestag defence committee 
was not sufficiently consulted. 

Further, opinion is divided on 
the wider significance of the de- 
cisions. Supporters of Herr Apel 
claim, that he has released funds 
which can be better spent 
strengthening the armed forces 
elsewhere.. Critics suggest tbe 
need for such action demon- 
strates that insufficient sums are 
being made available through the 
defence budget, 

Unions seek Giscard meeting 


T IS clear that appeasement of 
he French trade unions will be 
in early priority of the new 
■'reach Government. Two of the 
tig three unions have already 
-equested meetings with Presc- 
ient Giscard d'E stain g and the 
bird, tiie Communist-led CGT, 
tas demanded' early negotiations 
in a range of contentious issues. 

The first through the doors of 
be Elysee Palace will be the 
•xecutive of the moderate Force 
}uvriere. Its leader, the strongly 
inti-Communist M. Andre 
Jergeron has seen the .President 
— ieveral tidies already and was 
.-.-jrmuinent -in seeking some form 
yc modus vivendi with the Sarre 

The union is strong an :par? 
\ticular sectors— the industrial 
telt in the north, parts of the 
jfc -teel industry, the civil service; 
m *id the Paris regional transport 
iytfem— and HU ia the Govertf- 
i'i/ bent’s interest to conciliate 

M. Bergeron who stood aloof 
from much of last year's: joint 
union industrial action.; 

More significant, becaase it is 
novel, is the request from M. 
Edmond Maire, th e lea der of the 
Socialist-inclined CFDT to meet 
M. Giscard d’Estaing. M^ Maire, 
whose union is very ’decen- 
tralised and relatively keen on 
workers’ control, has stated- that 
with the defeat of the Left- the 
union movement must 'take the 
practical . course of coming to 
terras with the existing Tegim'e. 

. Since the Government is likely 
in any dase to relax its austerity 
programme,, and permit- an -in- 
crease in purchasing power, and 
improve benefits, it may-be able, 
to reach some form of tacit 
understanding with M. jMaire. 

The. CGT is a differed* case. 
M. George* Seguy, its lender 
openly- backed to® ComdumieT 
Party, of which ; he 
executive' member 
election . to.* . the . discontent pf. 

PARIS. March 22. 

some of his Socialist-leaning 
colleagues. He has demanded 
global negotiations with Govern- 
ment and industry on higher 
wages, restoration of 
differentials distorted by pay 
restraint, reduction of unem- 
ployment and better working 

The unions are afraid that with 
the elections out of tbe way. un- 
employment will accelerate. They 
suspect that Ip dust ry.. will shea 
some of toe young people they 
hired before the elections and 
that a series of redundancies in 
crisis-bit companies (like tbe 
Boussac textiles group) could 
L-ome once electoral inhibitions 
have been Temoved. 

The situation is delicate. 'While 
the Government may escape the 
so-called ‘‘third round” -of 
industrial action (toe:first two 
being tbe two-tier voting in the 
election), it- may well have to 
puke visible moves' towards 
satisfying some union demands 

* -Sr. Jesus Haddad 

Spain jail 
shot dead 


MADRID, March 22. 
youths gunned down Sr. Jesus 
Haddad Blanco,- the Director 
General of Spanish Prisons, in 
a residential area of Madrid 
early this morning. The 
assassination, which was im- 
mediately condemned by all toe 
main political parties, added a 
new seriousness to the problem' 
of political violence in Spain 

St. Haddad is the most 
senior Spanish official to be 
assassinated since the death . in 
1973 of Admiral Carrero 
Blanco, who was killed when a 
bomb exploded underneath his 
car in Madrid. So tar, no group 
has claimed responsibility for 
Sr. Haddad’s death. 

The attack on. Sr. Haddad 
occurred as he was getting into 
his official car outside his 
house. In the Salamanca district 
of Madrid. The attackers 
apparently fired from point 
blank range and left his ehaf- 
feur unharmed. Sr. Haddad 
died shortly afterwards in 

Sr. Haddad was appointed 
Director General of Prisons In 
December. Though a member 
of the ruling centrist party, 
tbe Union de Centro Demo- 
eratico. he was considered to 
..have ; a liberal, approach to- 
wards -prison reform, and was 
. chosen for the job because, of 

His death comes almost a 
week after an anarchist died in 
a Madrid prison allegedly as a 
result of maltreatment by 
prison warders. The anarchist’s 
death caused a major outcry, 
and only two days ago his 
funeral was attended by' some 
3JHN> people. The authorities 
have suspended H> prison 
oSfcials in connection with this 

Irish unions accept wages pact 


THE THREAT of a wages free- 
for-all that iVould jeopardise 
Ireland's economic boom was 
averted to-day when the Irish 
Congress of Trade Unions 
(ICTU) . vq-ted to accept the 
Republic's 197S National. Wage 

By a slim majority of- 25 
delegate votes, the ICTU ratified 
the new - pay pact restricting 
wage . increases to S per cent. 
Opponents - of the wages deal, 
among: the 400-plus delegates at 
the ICTU special conference, 
had befin expected to win tbe 
vote because oE growing trade 
union .’.presentment against a 
cooling-off clause contained in 
the pact. - - 

Tbe union’s acceptance of tbe 
national agreement new gives 
Mr. Jack Lynch's Fianna Fail 
Government a basis of guaran- 
teed wage restraint for its 
ambitious economic policies 
which this year aims at pushing 
GNP growth to 7 per cent and 
maintaining it at that annual 
level nntil the end of 1980. The 
Dublin - Government's strategy 
also envisages halving unemploy- 
ment to around six per cent 
during that period and stabilising 
the annual inflation rate at five 
per cent.- 

Until to-day's ICTU vote in 
Dublin that programme bad 
seemed to be endangered by 
growing trade union discontent 
over toe pay pact The possibility 
of its rejection. hardened- earlier 
this week when Ireland's largest 

trade union, the Irish Transport 
and General Workers’ Union 
which controlled B5 ICTU 
delegate votes, decided that its 
inclusion of a strike cooling-off 
period made the agreement un- 
acceptable. However, a surprise 
1 lto hour decision by tbe 
National Engineering and Elec- 
trical Trade Union to support the 
pay pact is understood to have 
influenced a number of un- 
committed .delegates. 

Although the 90 union strong 
ICTLTs endorsement or the 

National Wage agreement is 

already being welcomed by Gov- 
ment Ministers, Ireland never- 
theless faces a deteriorating 
industrial relations situation. 
There is growing concern inside 
the Government over the present 
level of strikes and tbe inade- 

DUBLI.W March 22. 

quacies of the procedures avail- 
able for settling them. 

The telephone and telex 
engineers strike that has been 
crippling Ireland's export indus- 
tries for almost two months is 
still unresolved, and for several 
weeks has been tbe subject of 
internal union balloting. There 
are no signs, cither, of an early 
end to the ten-day strike by Acr 
Lingus clerical staff that bus 
been disrupting the national air- 
lines operations and threatens it 
with major losses over the peak 
Easter period. It is considered no 
accident that both disruptions 
are in the public sector, for poor 
labour relations have become the 
hallmark of public and semi- 
state bodies and strikes now run 
at five times the level or that in 
private manufacturing industry. 

‘Foreign role’ in Moro kidnap Fall likely 

BY- DOMINICK. J. COYLE ROME, March 22. in Swedish 

BDEITAUAN police, reinforced the “wanted" men were already Italian army units have since • , . 

T new emergency anti-terrorist in prison. Similarly, a woman sue- been called out in support of tbe ITlV^AClTTl Atl| 
Mitun! s. are understood ‘to nected of this and other terrorist notice. while anti-terrorist lal " L/OllllvUL 


THE ITALIAN police, reinforced 
by new -emergency anti-terrorist 
measures, are understood to 
beileve -that the planning, and 
probably alsot he actual execu- 
tion, of last week’s kidnapping of 
Sig. Aldo -Moro, was led by a 

picture- assembled of tbe re- 
ported .-terrorist leader shows . a 
man of30-35 years with reddish 
hair and a moustache who is said 
to speak Italian with a halting 
accent: The police have suggested 
no nationality. 

Externa] involvement in the 
kidnapping has already been 
hinted at' repeatedly by spokes- 
men for the main political 
parties, including toe Christian 
Democrats. (DC> of whom Sig. 
Moro' is the president 

It is difficult to evaluate the 
accuracy Of this latest piece of 
reported police intelligence, how- 
ever as the police themselves and 
the Interior Ministry remain re- 
markably tight-lipped on the 
whole, affair. 

The evidence from photographs 
-issued .earlier of people toe 
police wished to interview is not 
too encouraging, since it was sub- 
sequently discovered that two of 

the “ wanted " men were already 
in prison.. Similarly, a woman sus- 
pected of this and other terrorist 
acts, and for whom the police are 
said to have been searching for 
almost three years, actually 
registered into an hotel under 
her own name in the north of 

The Czech Communist Party 
daily Rude Prevo yesterday 
denied allegations in some 
Western newspapers that 
Czechoslovakia had trained 
members of the extremist 
Italian red brigades, Reuter 
reports from Prague. It called 
the allegations an outright 
affront and a transparent but 
dangerous lie. 

Italy earlier this month. As is 
routine in Italy, notification uf 
her registration, and that of 
other hotel guests, was passed to 
the local police, but the informa- 
tion was not sent to Rome. 

The manhunt for Sig. Moro 
continues, although at a much 
lower level of obvious, activity 
than in the days immediately 
following the kidnapping. 

EEC competitiveness blunted 

RISING 'LABOUR costs blunted 
the European Economic Com- 
munity’s corjpetitive edge in 
industry last year, the EEC's 
Executive Commission said 

Its ■ -latest survey of tbe 
economic situation in the nine- 
natidn Common Marekt showed 
that : .industrial production 
improves* a little during the 
winter unfc; that no substantial 
recovery '-waa yet in sight j 

BRUSSELS, March 22. 

But -the Commission said the 
basic trend of unemployment 
and inflation was downwards, and 
the EEC could reach its 1978 
target of reducing its average in- 
flation rate to between 7 and 8 
per cent 

The survey said the EEC's 
Industrial competitiveness suf- 
fered significantly in 1977 due 
to faster increases in labour costs 
than in the previous year. \ 

ROME, March 22. in aweaisn 

Italian army units have since • . . 

been called out in support of the IF1 X7£fcC|TYl ATll" 
police, while anti-terrorist AAA ▼ V/ijlIlIV/Ul 
experts from both Britain and B 
West Germany are assisting the Sy w, " a ™ Dultfor « 
work of the various domestic STOCKHOLM. March 22. 

STlnter! S'SlSS?'' SWEDISH INDUSTRY experts 

£*■ lhis *' ear after a 17 per cent, 

ing to come ti» e . c5rt *®*P® decline in 1977, according to the 
left-wing Red Brigades terrorist i a t est company opinion survey 
movement are. it seems. RtiU by ^ Central Statistical Bureau, 
being treated with some official B y coni rest, the bureau reports 
caution, at least in the sense that favourable stock developments 
those responsible arc necessarily 3n( j the possibility of a surplus 
connected directly with those the foreign trade account. 

R nT? The ox l ,on companies forecast 

Action currently on trial in an increase in the volume of 

“P®- - _ . _ ■ . exports this year which, com- 

One of toe Turin accused on nioed with the anticipated cut 
Monday shouted. We have j n imports, would give a trade 
More." from the specially- sur plus of S.Kr.2.74bn. tI305m.> 
erected steel compound which is in lhe first six months. The trade 
serving as a court dock, but the balance in the first half of 1877 
authorities are inclined to bebeve showed a deficit of S.Kr.2.5bn. 
that this may have been more an The bureau points out. however, 
expression of their hope than that only slight changes can 
anything else. _ upset the figures. 

Meanwhile, toe emergency anti- Swedish companies believe they 
terrorist measures approved by can export S.Kr.M.lbn. worth of 
the DC Government last night goods in 1978. or about 10 per 
have, brought little criticism cen t. more than last year. Most 
from the other main parties, optimistic is the iron and steel 
althongh some left-wing factions industry, which hopes to boost 
have argued about the threatened sales by 21 per cent 
ersoion of individual liberties. During the last quarter of 

Clearly in the present national ig77f Swedish industry's stocks 
climate, none of the main parties declined by 3 per cent., compared 
wants to be seen as undermining W jtf, increases of 2 and 3 per 
the effectiveness of the police and j cent, respectively in the corre- 
the courts, or of failing to sup-; S p 0n ding periods oF 1975 and 
port the Andreotti Government i07fi. 

In its steps to reinforce tbe hand on the investment side, the 
of the authorities against ter- companies report spending 
rorism. This generally bipartisan S.Kr,14.4bn. at current prices in 
mood could, however, change, 1977. A decline of S per cent, 
and already some political voices | in value and 17 per cent, in 
are being raised privately sug- volume compared with the pre- 
gesting that the authorities are vious year. Investment plans for 
failing to act “with sufficient this year indicate total spending 
urgency and determination:” of S„Kr.l3.4hn. ____ 


when buying a lift truck. 


1 * 1 1. Will it really solve 
1 ", your problem? 

«£ 5 * /J Your own particularmateri^s-liandling 
i i problem is a unique combination of available 

* ! storage space, accessibility types of materials 

^ handled and so on. 

It‘s all these, added together that dictate 
themost suitableandecononuc^lift 
trucks for you. • 

33??? Obviously, the larger the range of lift 

rprfg,,--. trucks available, the better vour. - 

^ chances of obtaining exactly: the right 

ones. . ^ .• ..*• ^ 

% v - -Lansing ihake* the largest lift truck 

< . ■< range in Britain andEurope- small 
^ , - r to huge, standard and specialist, 

v electric and engine-powered. To suit 
- . •. your own particular needs 

2. What does that 

“good service” promise 
really mean? 

Ask some sharp questions. 

How many skilled setvice engineers^ 
does a potential' supplier have in Britain. 
- and how close is the nearest? (Lansing 
have the most - nearly 600 nationwide). 
What is their localparts availability 
like? (Lansing averages more than 

If you can, existing 
customer and .see if a supplier’s 
promises check out in practice; 
(80% of Lansing sales are to 
satisfied existing customers) 

3. Are you 
confusing price 
with cost? 

The thpught of saving the price of a 
holiday on a new track seems attractive. 
■But additional running and spares costs, 
and breakdowns, could eat up that saving 
quickly- and leave you losing. 

Cost-effe ctiveness is the only figure 
that means a thing. 

With Lansing, that means not only a 
first-class truck^at a fair price, but 
unbeatable product support,' easy main- 
tenance, thorough driver-training. 

It’s the only reliable way to save. 

We know. 

4.Tomorrow comes 
only too soon. 

As the years go by, a lift truck should 
reliably keep on working, keep on being 

Only a lift truck manufacturer with 
extensive experience both of his 
business, and of yours, really knows the 
toll that time and hard work can take of 
a lift truck -and can build trucks to 
fully meet that challenge. 

So take a look around you- anywhere 
in Britain. Again and again, you’ll find 
that the "old faithfuls” of all shapes and 
sizes bear our names. ■ % ’ 

Do you know any other lift truck 
manufacturer with better credentials 
than that? 

Those are just four things you might overlook when buying a lift truck. (And if 
you’d rather not buy-Lansing rent and lease, too.) Ring Lansing now and get the 

full, factual stoiy. It'll pay you, handsomely. 

‘ftiMMUt'TUHB Ttantar 

.. r ?* 

<)\ I RM AS N 

RS.'.-" 1 V'TOW'- ! 7-Ti , V 


' - ^ x 


Christians block spearhead of 
UN force from occupied area 



THE CEASEFIRE in son them 
Lebanon appeared to be holding 
to-day, but the spearhead of the 
UN . interim force in Lebanon 
(UNIFILI was prevented from 
entering the- area by. Christian 
villagers— Major Saad Hadad, 

- commander of - the Christian 
militia, said he had no faith In 
the ability of the UN to keep 

Palestinian guerillas out of the solved. A UN spokesman said it 
region. If the UN troops wanted was not certain the force would 
to reach the Litani River they enter Lebanon to-day 
should go through Beirut, he ^ ^ Wei2majlr ^ 

From Metullah. meanwhile, it £etence Minister, this morning 
was reported this afternoon that Coordinator of the 

rockets, apparently fired from J? 1 

jerip - in . Lebanon, had reached fee K iddle _ Eart, Lieutenant 
northern . . Israeli- territory. General Enao SU Usvpq , r that 
Military authorities here said Isr ? el . would, give UNIFIL every 
that there had been no casualties technical assistance necessary to. 
but declined to say how many it perform Its function. Mr: 
had failed qnfl from where they Welzmao was dne to report to a 
came. special Cabinet session this 

Earlier. Christian villagers had -e v «?feg on the latest military and 
stoned a UN car taking two Political developments, 
officers to relieve an observer The Defence Minister ex- 
post in the Lebanese village of plained in a radio interview that 
Khiyam. They and the 52 Iranian Israel had decided on a unilateral 
soldiers held op later were still ceasefire yesterday in order to en- 
waiting this afternoon in northern courage the Palestinians to stop 
Israel for the deadlock to be re- firing. 

/ TEL AVIV, March 22. 

Earlier r eports from South 
Lebanon this morning indicated 
that the firing virtually 
stopped, apart .from one or two 
Isolated Incidents. Israeli troops 
were told that they were only 
to fire if attacked or shelled. 

- Mr. W-eizman . said the Israeli 
invasion bad “destroyed Fatah 
bases, captured lots of arms, and 
killed Fatah." At the same time 
be admitted there were still 
Palestinian bases north of the 
Litani River, but said be hoped 
that they would now appreciate 
they will get nowhere bv attack- 
ing Israel. 

No timetable bas been set for 
the Israeli troop withdrawal 
.which win be ejected only after 
.Israel " is assigned that the 
Palestinian forces will be kept 
north- of the Litani.. . 

Th6 UN forces are expected to 
take up positions along the 
Litani River, and to take control 
of its three bridges. They will 
also man a . bridge on the 
Hatsbani River further to the 

As the force grows in strength, 
to about A000 the UN troops wfU 
take up positions in other parts 
of southern Lebanon 

PLO guerillas debate ceasefire 

Qana, Israeli-held Lebanon: 
A Lebanese woman hands 
coffee to Israeli tank troops. 
The fragile ceasefire, uni- 
laterally declared by IsraeL- 
is by and large holding. 


A FIERCE DEBATE developed 
to-day within the Palestine 
Liberation Organisation (PLO) 
over whether it should accept 
the ceasefire announced by Israel 
in southern Lebanon. Mr. Yasser 
Arafat, Chairman of the PLO, 
was reported to have travelled 
to Damascus For talks with 
President Hafez al Assad. 

Meanwhile at the headquarters 
of the military command of Al 
Fatah, the largest guerilla group, 
some units said they wished to 
continue the fighting, but added 
jthey would abide & command 
decision. ' 

However/ ap^rt from the very 
limited shelling, the ceasefire 
appeared largely to have been 

at least temporarily accepted by 
the Palestinians. According to 
a military spokesman, in the 
town of Sldon one-third of the 
Fatah guerillas are in Israeli- 
occupied territory which now 
stretches up to the River Litani 
with the exception of the narrow 
coastal belts that include the 
city of Tyre. 

He said that Tyre had been 
reinforced this morning, and that 
two United Nations observers 
bad been escorted through to the 
city. Elsewhere the first batch 
of UN men, forming part of the 
new peace-keeping force, are said 
to have begun studying the terri- 
tory around the two bridges over 
the Litani in the eastern sector. 

The Palestinians appear to be 
coming, under pressure to make 

BEIRUT, March 22. 

the ceasefire stick both far poli- 
tical reasons from the Syrians 
and the Saudi Arabians and for 
humanitarian reasons related to 
the plight of refugees. 

Ihsan Hijazi adds: Syria has 
collected comprehensive data on 
the arsenal which the Israelis 
used in their war with Palestinian 
guerillas in southern Lebanon. 

Syrian military monitors were 
particularly interested in the 
F-15 interceptor used by the 
Israelis in action daring seven 
days of air combat against the 
commandos, according to in- 
formed diplomatic sources here. 
President Assad earlier this week 
told Arab visitors in Damascus 
that an anlysiB of the data proved 
the Syrian air force can cope -with 
the F-15, the sources said. 

Nigeria tells 
to leave 

THE NIGERIAN Government 
has ordered withdrawal of 
public funds from Barclays 
Bank of Nigeria Ltd. and a 
redaction of its foreign staff 
in protest at the bank’s policy 
towards South Africa, Lagoa 
radio said yesterday. 

The radio, monitored in 
London, said public sector 
agencies had been told to 
withdraw their accounts from 
the bank and one-third of its 
expatriate staff had been told 
to leave Nigeria within one 

.A Barclays official in London 
said the bank had not yet been 
officially ' informed' of the 
Nigerian moves. ' 

Barclays of Nigeria had 
about SO or 90 branches 
throughout the country, the 
official said, and abont 30 
expatriate staff were employed 


Michael Blanden adds: 
Barclays Bank of Nigeria has 
been under the majority 
control of the Nigerian Govern- 
ment since September, 1976. 
Barclays then reduced its stake 
to 40' per cent, "with the 
Federal Government bolding 
51.67 per cent and the 
Nigerian public 8J33 per cent. 
Barclays continued, however, 
to provide technical and 
management assistance to the 

The Nigerian company had 
total deposits of just over lbn. 
naira at the end of last 
September, equivalent to 
around £900m. Its pre-tax 
profits for the year were 
N34.4m. or about £29-2m. 

Martin Dickson adds: The 
Lagos Government’s move 
appears to be the first major 
public step to Implement 
Nigeria’s new — and still 
tmelear — policy of' punitive 
action against companies deal- 
ing with South Africa. . 

The new policy was revealed 
in outline last August by Lt- 
Gen. Olnsegun Obasanjo, the 
Nigerian Head of State, 

out’ for 


RHODESIA'S largest bank’ the 
Standard Bank — to-day warn* in 
its quarterly economic ballettp 
that "time is running out-for tbh 
Rhodesian eeanomyir 

The hank says, lid a~£otfcbr6 
review of economic prosper 
that following a, seven or eight 
per cent- fall In real gross 
domestic product' last yeat.tha 
Rhodesian, economy is facing an- 
other "exceptionally trying year.” 
It predicts that economic 'and 
military pressures will mteosify 
this- year unless international 
recognition and ah end to the 
war is forthcoming . in. the .near 
future.. It is prudent' to antici- 
pate “another marked detetffl.rd- 

cipating that 'the 1978' dedi 
real output will be any teas 
that experienced last year/ . 

The Standard believes that the 
major stimulus to the economy 
this year will be in the form Of 
net Government current spends 
ing. There may also be a post 
live boost from agriculture-^ 
especially maize and* African 
subsistence output — but .-the 
abnormally heavy rains of recent 
weeks have more than 'offset tKe 
increased plantings of cottofrand 
tobacco. ; . :i ‘ 

The bank estimates that the 
fi&p&oxaicj&nd' shooting wars are. 
between .■them : costing 'the Rho- 
desian Government 5RJan- » day 
XSSao.OGG). It believes that the 
flfpf -fiscal year -could see this 
^4 -r.iring a further 2ft to 25 per 

: 'i An increasing number of bust*, 
-ness operations are facing severe 
e&sb flow .problems ana while 
"these', can be countered— at least 
Temporarily-- by - the .banks and 
.tea Government there Is a diear 
.Unit hr the capacity of the eco- 
nomy- -to- do this. More than 
aver before,- time Is ru nni ng out 
for- \£be» economy -.and- in ■ the 
-absence' of a. breakthrough to 
international recognition, U ■ is 
with the spectre -of 
isures-Cand' redundancies on a 
hificast scale, says -1110 Slan- 

. -*The^ baok says that .following 
.'die. -severe 20 per •cent, import 
quota cutbacks. in: January there 
have been further import alloca- 
tion reductions of a similar mag- 
nitude for 'the April quarter, 
'industrial output -will fall again 
«ils year it says and mining is 
unlikely to attain even the 3 per 
cent expansion enjoyed last year. 
The hank .points out that the 
-’Jit • both - mining rand 
agriculture last year should be 
seen in proper, perspective — 

SALISBURY, March 22. 

requiring stockpiling and heavy 
government financial support. 

It predicts a continuing high, 
level of white net emigration 
from Rhodesia this year, sot 
draws attention to the eccopcoic' 
problems that fare ' tile . new 
transitional government It will 
have to decide haw ttreope : with 
the growing budget deficit what 
to do about the pay pause which 
is due to expire in mid-year and 
how to deal with the problems of' 
agricultural prices which are 
placing an, enormously, heavy 
burden on the Exchequer in the. 
form of massive subsidies to. fite 
beef industry, as well, .as to 
tobacco, wheat' and- milk 

Looking to the longer tern • 
position, the Standard -.-.Bank . 
draws attention to the fact that - 
by the end of this year per capita 
income (in real terms) will have 
fallen some 27 per cent from its 
1974 peak. It warns that even 
assuming a return to positive 
growth in 1979— which is by no 
means assured— It will take until 
1984, even on favourable assump- 
tions, to regain the living 
standards of 1974. It says also .. 
that in the past four year? a back* 
log- of at least 250.000 ia. the 
number of unemployed black , 
men has been built up, . . V 

i = * a * 

- v > | 

- : 4. I 


London to 


Arrive • 

of flights 






















The timetable for business travellers. 

You won’t have to keep unearthly 
hours to make it to Heathrow in time for 
our flights. 

Yet we land you across the Atlantic 
at a civilised hour, too. 

It gives you a chance to reach a meet- 
ing, connect with an onward flight, or 
simply check in to your hotel while you’re 
still awake. 

Food, glorious food. 

On Ran Am (and only on Pan Am) you 
have an exclusive First Class dining room. 

Your steak, or rack of lamb, is cooked 
fresh on the plane. 

But if you’re travelling Economy, you 
aren't treated as second class. 

All our food is prepared in our owtiv: ;h 
kitchens. And we offer you 3 main courses " 
to choose from. 

we show are prereleases.) But^ just in case, 
we offer you a choice of 2.SP1us 8 stereo 
channels. (Due to international regulations, 
we have to. make a small charge for these.) 
When you land at JFK New \ork, you 
arrive at'our own Pan Am terminal. Its the 
most modern terminal there. Designed 
specifically for 747’s, as weonly fly you 
there in 747’s. j 

And from here you can take a connect- 

ing flight to another U.S. destination. 

»?.. . 

Not just a movie.The movies. 

We do our best to show you films, that 
you haven’t seen before. (Many of the ones 

Therealreason to 

We at Ran Am have b^Sying all 
over the world since 1927* 

That’s over 50 years. . : 

’ So it’s no small wondet our people 
have built up a reputation for giving you 
the yery best In service, efficiency, care 
iandcomfort. y j' 

..And that, after alljs tbe least you . 
should expect from the world’s most 
experienced airline. ( 

Pari Airis Beople-lheir experience makes the difletence. 

RHODESIAN guerilla duels 
and the leaders of the black 
African “ front-line ” States 
plan a summit conference to ’ 
decide their next move, follow- " 
ing the Salisbury deal to settle » 
the Rhodesia issue. 

They reject the Salisbury. 
agreement, between Mr. Ian * 

Smith and three black leaders ; 
who are. based inside Rhodesia, v. 
which resulted yesterday in the ' 
swearing-in of a transitional 
multi-racial government, ex- 
cluding the . Patriotic Front 
Alliance. - 

The guerillas will meet in .. ’ 

Daz Es Salaam at the week-end .7^* 
with leaders of the “fnmt-.’i ,«r»- Andrew Vonng, U.S. 
line” states— Angola, Botswana, * - - Ambassador to- the UN : an 
Mozambique. Tanzania- and i T - - a trip to Africa. ... 
Zambia —r and UJS. ' envoy|.-.-._. ' ■ . . 

Andrew Young. » - . .. ... 

In Lusaka. Mr. Young said i;gi$sence «*. Mozambique and 
to-day the Salisbury settle- t, Zambia . have to be 

meat of the Rhodesia issue l dgptored If tt^lncreascd' blood- 
conld expect “very little, i 11 the Rhodesia fighting, 

any, support from the United 1 *■* ' was snr » «at H would 
States.” ■ • do that : 

He told a news co nf erence:': . Renter "■ 

“ This is something less' than ' -'..The. Rev. Ndabanlngl Slthole, 
genuine majority rale. It does f 1 who . yesterday Jaeeanie .. a 
not represent . all the parties ./.Minister, without Portfolio In 
concerned, will not put an end.{ .Jbe.;flhpfiesiau ‘ Government — 
to the fighting” t.- f me fitic -iKniig givea to the 

Mr. Young also said a Cuban - three- blade 'members, of the 

DAB ES SALAAM, March 22. 
four-man executive conncll— 
to-day ruled out farther Inter- 
national meetings to discuss 
the Rhodesian Issue. At a 
news conference in Salisbury, 
to-day Mr, Slthole said, “ the 
Idea of going to New. York, 
Pretoria, or London-io start an- 
other discussion Is out of . 

Mr. Stthole’s remarks mean 
that all the four parties to the 
internal settlement have, 
expressed opposition to the 
proposed Anglo-American con- 
ference on -Rhodesia. Mr. 
Slthole told newsmen, that the 
externally based’ guerilla 
leaders— Mr. Josh an Nkomo 
and Mr.' Robert Mugabe— were 
welcome to return to ihe 
country to : participate in the ■ 
elections planned for the end 
of - this year. 

Our Foreign Staff adds: Dr. 

. Slteke Mwalc, the Zambian 
Foreign Minister, on Wednes- 
day urged t&e British and 
American - Governments to 
stick by their proposals for 
a Rhodesian settlement and 
warned that unless there was 
a “positive move” to resolve 
the situation there could be, 
■“an East-Wedt -confrontation 
In that part of the world.” 

i.t. .-.■a. 


A last hope for 

wm a s n 

; jionufi. 

v > IL-L i £ ^ 


' • v • • , . . .. 

THE warning from the Zambian ‘state-owned copper companies. Import costs. Meanwhile, Zambia, 
Finance Minister. ' Mr. John Roan Consolidated Mines fRCM) together with Peru and Zaire, is 
Mwanakatwe, was stark: this is and v Ncb&nga Consolidated Cop- committed to a 15 per cent, cut 
'the last hope for the economic per Mines (NCGM) , have been of production— reason in itself 
recovery of our country” he - forced ;.hy the- slump in prices for lay-offs, it is argued, 
said last Friday, announcing an into 478niJ£wacha short-term bor- The other key sector is 
International Monetary Fund rowin&fsom the Bank of Zambia, agriculture. One of the IMF 
(IMF) two-year aid programme, helping, to posh internal govern- conditions is government's pledge 
Officials hope it will be accom- men^ borrowing as a percentage \ Q “improve rural project 
panied by increased bilateral aid of revenue to over 30 per cent, identification and implementa* 
from western and other conn- (now to be reduced to about 20 tion” — a polite way of admitting 
tries. percent) that agricultural performance 

The steady decline of the . 'Overseas suppliers, some of i n the past has been disappoint: 
Zambian economy, following the whom .have - been waiting over iQ S- Yet a shortage of skilled 
post-74 slump in copper prices, 12 -iminths for. payment, have adrisers, an inadequate infra- 
has been an qrdeal for the nation, been^ threatening to end sblp- structure, and poor marketing 
and the initial reaction from the imehtiraikl. manufacturers stocks 311 ^ administration are . serious 
business community was a sigh „ Js i.i i- • obstacles to the goal of self* 

of relief, not entirely without ^ ' "" sufficiency in food and Increased 

worry though. Part of the credit Tfte package wHI hope- agricultural exports. - 

will go towards reducing the faity. the steady , decile of A host of other questions will 
massive arrears on import pay- the: Zambian -economy. The be raised in the months ahead, 
meats and allow an increased international credits are the state-owned companies. 
Issue of import licences, which urgentiy needed to meet over- n 2. w . expected to operate more 
have been severely cut-over the seas deMA' efficiently, have sufficient num- 

years. Bat relief is tempered by bers in their management 

the realisation that if the TTTTT " : 7 capable of carrying out the 

government is to implement tbe have reached criticaUy low levels. r efqrms? 

IMF terms, it has to overcome Tndeeti ^earlier this* month Mr. ^ an the government, maintain 
three major challenges. Mwanakdlwe himself - Warned 3 wage freeze In the ‘ face of 

It must convince a battered B3rlj£meat< that without inter- inflation of over 20, per cent and 
electorate, due to go to the polls natiqnfd.: the country faced complaints from trade unions? 
later this year, that the need for economic collapse. Can the mining companies stem 

austerity measures is far from -Over -ftepast ’few month*; there ^ QUt d°w of the 4,000 expatriate 
over; It must maintain a tighter have been increasing signs of workers, already.- at least 500 
control over the economy than ucoaoiixic -malaise, including be ^P w establishment,- in the face 
it has displayed hitherto; and it sfaertagq6 of various commodities of shortages, increased crime on 
most resolve policy disputes factories on short time working *h e copperbelt and now, as a 
within tbe administration be- and 'workers . layed off. ’ result of devaluation, a 10 per 

tween supporters of a mixed - ta, January the toughest budget ccnt ' drep of the value of their 
economy and so-called “ doc- ^toeq-tedependence in 1964- was m0Q tbly remittances? 
trinaire socialists." iptro$uee4. Cpts to recurrent and A .further- complication is 

In return for a 10 per cent icapSal expenditure, reductions whether the critical congestion 
devaluation of the kwacha, re- ‘oLfaq^suhsidies, -increased taxes Zambian imports at the 
duced internal government Wj beer and mother items,- T &uza nia n port of Dar es Salaam, 
borrowing, a further reduction ’an^T^lreeze of the. level or which now handles 9ft per cent, 
of the budget deficit in 1979, government employment all un- °f Zambia’s trade, can • be 
cuts in government subsidies, doabtedly paved the way to IMP ^^jred. 
and a prices and incomes policy, aid; v/t,:. -Finally, the Government must 

the IMF wEi provide 3390m. Ho.wwer,-, the IMF expects retire infernal differences. In 
credit and reschedule an earlier more to begone. The full terms what is seen as one of the most 
$46.6m. IMF facility. are .qpt' available,., but the mini- Important contributians in recent 

Repayment is over three years rieris -q n , tlin e ■ is sufficient to years to the economic debate, a 
after two years' grace, at interest cause. ; riusj£vings. In business parliamentary select committer 
pates between A2 and 4.7 per circles. ' ; - —chaired by Mr. Mwanakatwe 

cent, with provision for re- Most observers believe that the and Including the Ministers of 
scheduling — an acknowledge- budget - deficit— KBOm. this year. Agriculture and Industry — pro- 
ment of Zambia’s vulnerability . .only., be posed a series of far-reaching 

to fluctuations in the price of jg nmTtary ■ mending is economic reformat una nim ously 

copper, which provides 95 per *■' *.-. * ■ . adopted _by Parliament 

cent, of foreign exchange earn- 1 A 3 , SPeariiAg on- the -social They -included pruning of the 

jngs. ■senjG8Sjris^f ailing behind the top-heavy party and Government 

The task of monitoring the Medk afisttog- .facHitira -and structure, described as "a serious 
country’s economic performance -.w- krep up- wtth the- constraint to efficiency." direct 
under the programme will he Thus- In contributions by users to eosts of 

perfonned by a committee led ■S“ ue ? i tiOp-?|a bottleneck betweea health and edneation, and hints 
by the Bank of Zambia governor, - 5 ftS? :3r ^ I ^ nmar7 aei “ ols that defence spending should- be 
Mr. Luke Mwaaansbiku. Although J 6000 ?**? reduced. Other recommenda- 

Speeial Drawing Rights 99^. 'WSBg’SSSS^SS' S 0 ” 8 * ^ M cuttin B 
will be immediately available have since been adopted, 

once the agreement has been ^ -Prudent Kauhda has 

raMed by the IMF board, the TSata^fiOOsee^wori^ * sIwrp attack- M the 


3- -« » derate., S^S^th^snhgSSi- 4 #^“^ 

■ Ptah - “ 

HhriJ. nl fc sr „ around — - 

SSfSiPvSK^ PnMWwS lUriir.-KBSM! Sub- ' 
£? BUBCrtpUPtt. SSBO.UO 

83 “ -°0 VtoUV nr aftnum. 
seetot aw posujs mu at New Vorfc. w.v. . 

financial Times Thursday March' 23 1978 - 


subsidies for 


HE SENATE last night passed 
n emergency Farm Aid. Bill 
aut would appear to have signi- 
cant inflationary consequences 
jr the economy. 

. The Carter Administration is 
n P ,n K Ibal the measure will be 
ppveciablv diiuted in the House 
f Representatives in the weeks 
head. But the intense poli- 
‘C'sztio* of the issue may make 
difficult for the Government 
5 tt’itke an effective case. - 
The Bill passed last night 
■quid increase subsidies and 
rice . support loans on grains 
nd cotton. It would cost the 
onsnmer. according to widely 
iffering estimates, anything be- 
*Wn S2-fibn. over the coining 
cur in higher food prices. 

- The two key amendments in- 
orporated into the Bill were 
•roposed by Senator Talmadge, 
he Democrat from Georgia, and 
enator Dole, the Kansas Repub- 
ican. Under the former, the 
■ loveramenl would pay farmers 
75 an acre for land they do not 
ultivate. in addition to the 
set-aside " acreage laid down 
n earlier Administration direc- 


-The Dole amendment, would, 
introduce what .the 'Senator .des- 
cribed as “ flexible jJarty”' under 
a formula that would ".raise 
Government price supports in 
proportion .to the land a farmer 
takes out of cultivation. 

Another amendment,' pro-- 
posed, by Senator 1 George Mc- 
Govern, would appear -to work 
at cross-purpose® with- Senator 
Talraadge's idea since if would 
raise price supports in' cases 
where farmers produee more: 
But its effect would appear to 
be equally inflationary. - 

Senator Muskie, ; the:- Maine 
Democrat and opponent of the 
measure, quoted staitistfes - pro- 
vided by the Congressional 
Budget Office that demonstrated 
the three amendments, if all 
passed into law, would-’ add 1 
percentage point, to -the con- 
sumer price index, which- is 
going up by about 7 percent, a 
year already. 

The politics .surrounding the 
issue -have been labyrinthine 
Yesterday's debate^ took place 
under the eye of public- galleries 

Coalminers may approve 
s to mi'PtV, new contract proposals 





■AMPLES OF coalfield opinion 
ndicate the U.S. miners may 
: ’ote by only a slender majority 
■ n favour of ending their three- 
. -nd-a-half month strike on 

Moreover; "the signs are that a 
; -eturn to work will - be a result 
. nore of strike weariness than of 
< welcoming embrace of the third 
:et of contract proposals to be 
tegotiated since earlv February. 
.0 essence, a vote for this last 
contract package wiH be because 
..t contains fewer clauses which 
ire disliked by the miners 

The tentative contract was 
. mdorsed by the United Mine- 
vorkers rank-and-file Bargaining 
Council last week, but only with 
i- slim 22-17 majority. 

' - Local leaders are clearly exer- 
cising caution but most have 
f ound that the new terms have 
run into less criticism at coalfield 
ueetines over the past few days 
lhan the previous proposals. 
Despite a 30.7 per cent wage 
increase spread over three years, 
miners in the militant areas of 
Kentucky and West Virginia have 
generally been expressing dis- 
illusion that their union 
negotiators have failed to make 
advances .on the 1974 „ contract 
and have' instead made certain 
concessions which chip away at 
Jealously . . % protected " basic 
.'rights.': . . 

’ NEW YORK; jfarc& 22.. . 
If this contract is accepted 
miners will have to- pay the first 
$200 of their medical . costs. This 
is $500 less than in the. proposals 
previously rejected Mrris.nonR- 
theless a breach of -the -principle 
of free health and...we|fore for 
miners. In -addition, It, $50 
month increase In 
payments to min ers. wbff- retire d 
before 1975 falls .siort-bf the 
rank-and-file demand^ for -equal 
pavments” for - all- penstBSers. -i 
However, this coritriusf- b^s a 
much greater chance- o£ accept- 
ance than its priedeotLsSbiPs 
because the Bituminous Coal 
Operators - Association^,-.- which 
represents - 130 -coal daffipame^ 
bowed to the inevitable and 
finally dropped . tiieir"fientimds 
for disciplinary procedures 
against unofficial -striker*- The 
coal companies are deeply un- 
happy at their failure- to ^seeure 
any provision, to curb the rising 
tide of unofficial strikeshat their 
dem and for ' penalty m \. clause s 
against strike leade^yta? seen 
as a strike at thh very.$eiil--oF 
miners’ solidarity: - - ' 1 

Friday’s . vote 1 1$ a.: 
to retain the current .system of 
national bargaining since^ rejec- 
tion of the current paposals 
would Inevitably lead’ ab" *aa 
attempt to secure ji comp^og^ 
company solution. ,'J_ X v 

WASHINGTON, March 22. 

packed with farmers who have 
been on strike recently to sup- 
port their, argument for higher 
farm prices. . * 

Senator Dole, President Ford's 
running mate in 1876, is 
generally thought to be’ in- 
terested . in the Republican 
Parly's nomination for' the 19S0 
Presidential election and was 
clearly seeking to. consolidate his 
farm-belt constituency. 

But the Administration has 
hardly . been apolitical in its 
approach to the emergency Farm 
Aid BilL Last week, it pointedly 
refused to take -a public position 
on the Talmsdge amendment at 
a time- when it desperately 
needed his vote on the Panama 
Canal Treaty!.' Sen ator Talmadge 
in the. end obliged by casting 
his lot -for. ratification. • 

In the background remains the 
threat of a Presidential veto, but 
there is a clear unwillingness to 
do this as .far as. the Talmadge 
proposal is concerned while the 
outcome remains in doubt over 
the Second Canal Treaty. 

Food costs have been a signi- 
ficant element in the recent in- 
flationary 'surge. At least one 
senior Administration official, 
Mr. Barry Boswortb, " of -“the 
Council .on Wage and Price 
Stability, - - ■ has semi-publicly 
spoken of the need to bold the 
line — against political pressure — 
on farm prices. But with mid- 
term elections looming, that may 
be no easy task. 

in Illinois 
polls low 

By John Leech 

CHICAGO. March 22. 
TURNOUT in the Illinois party 
primary elections yesterday 
was the lowest for any election 
In the stale in the last 50 years. 

The stale's primaries are 
among the first in a non- 
presidential election 'year, and 
with the key position of 
Chicago mayor not in contest 
because of changes in the 
mayoral term of office following 
the death of Mr. Richard Daley, 
voter Interest never got off -the 

The two major offices which 
are up for election in Novem- 
ber are Republican Mr.' Charles 
Percy’s Senate seat, and the 
Governorship, held . by Mr. 
James Thompson, also a 
Republican. . 

Both won their party’s 
approval with ease. Governor 
Thompson was unopposed and 
can also expect an easy victory 
in the election in November. 
Mr. Thompson Is known to have 
presidential aspirations. 

Senator Percy took 84 per 
cent, of the Republican votes 
in the primary and in Novem- 
ber~he-wiil face a downstate 
lawyer,. .Mr. Alex Seith, the 
official : Democrat candidate, 
against whom be is expected 
to have no difficulty . 

In a total turnout of less 
than 29 per cent., three to four 
times as many Democrats as 
Republicans went to the polls. 

Tougher U.K. line on Falklands 


BRITAIN is taking an increas- 
ingly firm line on the claim of 
the Argentine military junta to 
sovereignty over the Falkland 
Islands and its dependencies in 
the South-West Atlantic in the 
light of the lack of progress in 
bilateral, exchanges 

It is not expected that there 
will be any more meetings of 
officials before another round of 
talks at ministerial level takes 
place in the next three months. 
Meetings of officials in Lima, the 
capital of Peru, last month are 
understood to have been of very 
limited - usefulness and no sub- 
stantial progress was achieved. 

At -the same time there is 
increasing appreciation in White- 

hall and Westminster of the 
potential of the Islands. The 
British side continues to favour 
the signature of economic co- 
operation - agreements under 

which both countries, setting 
aside for the interim the question 
of sovereignty, contribute towards 
the exploitation of the resources 
of the Territories and their sur- 
rounding waters. In this context 
a recent agreement between 
Argentina and West Germany on 
joint exploitation of the fisheries 
in Argentine waters is seen in 
London as the sort of arrange- 
ment which could be worked out 
between London and Buenos 

The exploitation of the poten- 

tially huge oil reserves under the 
waters between the Falklands and 
Argentine Patagonia could, it is 
argued in Government circles, be 
extremely profitable for Argen- 
tina and Britain, perhaps in the 
context of an agreement between 
the British National Oil Cor- 
poration and YPF. the Argentine 
state oil concern. 

Failing any arrangement of 
this sort there is a growing 
realisation, particularly in the 
Energy Ministry, that Britain 
need not give up the archipe- 
lago at a time when the 
discovery of oil. its strategic 
importance in the South Atlantic 
and its usefulness as a gateway 
to the - exploitation of the 

Antarctic make the territory in- 
creasingly important. 

"Headlines in the popular 
Press about a British sell-out 
of the Islands could not be wider 
of the mark.' 1 one Whitehall 
commentator said this week. The 
political effect in Britain of any 
Argentine take-over of the 2,000 
inhabitants of the Islands is 
also being weighed by Ministers. - 
“Any evacuation of the Falk- 
landers Tram homes their 
families have been occupying 
foe a century and a half would 
go down badly with British pub- 
lic opinion." one leading mem- 
ber of the Labour Party 
remarked. This view is widely 
shared on Conservative benches. 

Kennedy likely to chair Congressional panel 


the venerable Mississippi Demo- 
crat, announced this morning 
that he will retire from Congress 
when his term expires at the 
end of this year. 

This would clear the : way for 
the elevation to the influential 
chairmanship of the Senate 
Judiciary Committee of Senator 
Edward .^Kennedy, the Massa- 
chussgtts-Pemocrat. whose politt 
cal '? philosophy is far more 
liberal than that of the arch- 
conservative Mr. Eastland. 

At the same time, in another 
development that could 
influence the composition of 
Congress next year, an . all-out 

attempt by the so-called “new 
right” to exercise its political 
muscle was rebuffed when Con- 
gressman John Anderson, the 
third ranking Republican in the 
House and a prominent 
moderate, comfortably won a 
primary election in Illinois 
against a right-wing opponent. 

Senator Eastland is one of the 
last of the 1 great southern com- 
mittee chairmen. His departure 
mould leave only Senators -Long 
of Finance arid !S tennis of Artned 
Services '(from, Louisiana -and 
Mississippi respectively) ruling 
their Congressional fiefdoms as 
in times past — though the latter 
is nothing like as effective as he 

Mr. Eastland was facing what 
was considered his hardest re- 
election battle in 24 years, 
though it was thought that he 
would emerge triumphant in the 
end. His reputation stood most 
on his determined opposition to 
civil rights legislation in the 
1950s and 1960s and be was 
generally recognised as one Of 
the last great bastions of 
southern conservatism, (though, 
in fairness, he both*: made his 
peace with, and campaigned for. 
that symbol of the progressive 
“ New South." Jimmv Carter in 

Senator Kennedy, his almost 
certain successor as Judiciary 
Committee chairman, is cut from 

WASHINGTON, March 22. 

an entirely different cloth. The 
traditionally conservative com- 
mittee has invariably been pro- 
tective of business interests, but 
Senator Kennedy is known to 
favour aggressive pursuit of the 
anti-trust laws. 

Any number of the once-young 
breed or Senate liberals who 
made their mark a decade ago 
are now rising to the lop of the 
Senate hierarchy. The retire- 
ment of Senator John Sparkman 
from Alabama will presumably 
put Senator Frank Church in 
place as next chairman of 
Foreign Relations— with Senator 
George McGovern, the failed 
Presidential candidate of 1972, 
ranking just below him. 


i Changes imminent 


CHANGES ARE imminent in the Gen. Videla ’is tines tobecoitfe 
\rgentine power structure on ther** fourth man," a post whose 
the eve of the anniversary of the cceationhas been so much lxx- 
.Gup d'etat which easily and slated upon by Admiral Massera 
(Imosi bloodlessly toppled the - — his logic beinfe. that one man 
rorrupt and floundering Govern- cannot adequately discharge 
nent of President Isabelita the duties of .both the army 
*eron, widow of “ El Lider " Juan Commander-In-Chief and • the 
Peron on March 24, 1976. The President, as Gen. 1 Videla has 
inued forces are still firmly in been trying to It is defined 
sower and are likely to remain significant that Gen. Viqelfc.will 
o for the foreseeable future. But not leave the Junta until -after 
before the year is out, the two Admiral Massera ' leaves '.the 
must important of the three Junta and goes on to the Jretirea 
uemhers of the military Junta list. The AdmiraC'rin his oriti- 
i-jll he replaced. cism of. the astringent policies 

The number two- man in the of Sr. Jose Alfredo 
funta. Admiral Emilio Massera, Hoe. Gen. Vitiela's; hand-picked 
;omniander-in-Chief of the navy, Economy Minister, has been a 
■ijnGrmed reports of his own perturbing '.element .'in. tlje 
leparturc when he spoke early three-man Junta..'.. # • ... 

his month at the ceremony There was something ,of'\a 
narking the 121st anniversary of showdown between Gen. Videi'a 
he death of Admiral Guillermo and Admiral Massera as the.-re- 
Srown, the Irish-born founder of of a declaration-' .o.a 

he Argentine navy. “To-day February 22 by the Admiral ;pn 
. . T am here for the last time Argentina s Beagle Channel 
is Commander-in-Chief of our , dispute . with Cfflde. 

taw to commemorate the death Admiral Massera- said: ■ lne 
•f ‘Brown." said the Admiral, hme for words. is running out. 
vhr/se dark good looks and tin- ®?tiy two days before, _ Gen. 
tispulcd charisma make him the H. ai \ S1 ® n ,$ d 

nlv glamorous figure in the with Ctolean President Augusto 
urita. It is reliably reported Pinochet a joint document 
hat Admiral Massera. who has which- could havtf defustf .the 
•pen navy Commander-in-Ghief potentially explosive -Beagle 
or four years and three months. Channel dispute. Gen. Viddla 
vili in fact leave the Junta and “j other ariny .gfenerels 
onn co on the retired list, in “ dut J that the 

vujiust or September. 

Admiral's declaration,- - "and 

The next, m leave the Junta others in a simitar vein ware 
nd co on lhe retired list will be Jeopardising ithe future negotia- 
irutonnnt-General Jorge Rafael tions with Chile and should he 
■'idol a. army Commander-in- stopped. J. V 

:bief and rresidpnt of the , *™y ' appes rs to be the 

Ippublic. Gen. Vidcla’s apparent J*”*™ 1 ?“ jjj®. -SETJlSS? 

aim ness despite pressure from 
uman rights activists at home 

nd abroad, rrom Argentines ^rrecomten^ wouW be o^ 

vcling the crunchofthccostof 

ivitig, and. not least of all. from v-uj—j ujarrai 

idniTral Massera. has made it S^^S^Sder 

^’General OrlSd^Agoxti^ 
^ semblance of a common front roraman( ier-in-chief -and . tbe 

3P lwo > c “? . n ?h ' IVn othcr membe F of 1 the Junta, is 

Cason study that Gen. Videla inclined to. support the Army., 
•ill not lose his place at the top Another ' consideration ■ two 
f the power structure but will y ears after the military -takeover 
lay. on as President, probably ^ that neither of- the -two xnajbr 
j he replaced in the Junta as pQjjtieal parties— the. FerbhlstS 
nny Commander-in-Chief _ by gr^j ihe Radicals— is clamonrinb 
lajor-Genoral Roberto \iola, elections... There seems?' tij 
nnsidered in be a faithful Videla be a tacit agreement that -the 
votege. Gen. Viola is now army var against the guerillas; now. 
:hief of Staff. , . almost totally dedmated, fwaa 

A week aco the army com- too recent and top bloody "fopi 
•and said in a communique return to constitutional ^fiovsnn^l 
mt. “it is risky to antirioate ment. “The amy/Vvaa^ ^vashrt^l 
nes and designations which observer of the. eceBe;'ftero' ( saSidf F ' 
re the province of the military “is - the only 'political :party-h£ 
jnta.” The day before, the Argentina torday-".: Snu JSTeUda, 
uenos Aires daily La Opinion. Demarco, “delpgater’ 

.'ported that Gen, Videla would Isabelita Feron — under- arrest, op, 
■avi* the- Junta to remain as eharges of fraud" and eorruptioii; 
resident only on October 1. in a naval arsenal in the-cmtjre 
he army command's qualified of .Buenos Aires province^— ' 
enial of the report notwitb- reports that this former cabaret- 
anding. the Financial Times dancer who is the nominal- hea$ 
as learned that the Junta will of the Peron'iat ’movement is : 
plcii” Gen. Videla President writing poetry at the - chalet 
-and give him the right to . be where she has been lodged-rfnce 
levied -acain— for a four-year October 1976. laabelitafs poems 
mn. probably in October but are dedicated to'- her late' bus- 
mainly before the cod of this band and. to. the birds which, 
ear. . . visit the grounds of, the efoal cty. 

*v < 


* : • , -t-, 


\i * 



■ ; : l978iMoms Marina: £3077.10 

our sense ctf values* 

You still have until March 31st to jpin the Morris Centennial Celebration at your local Morris showroom. 

Call in arid you’ll discover 3 very rewarding facts. 

1. Morris means value. 

In 1913, the first production Morris (above) cost just £175. The 1978 equivalent of that £175 is now £3022? 

Yet the 1978 13-car range of Morris Marina saloons, coupes and estates starts at only £2537.73. 

Plainly, the Morris tradition of offering economical, reliable, uncomplicated, successful cars at very affordable 
prices is very much alive. • 

A fact worth celebrating. . . 

2. WinyoiirnewMktrina for just £175. 

Every week from now until March 31st in this Centennial Year, a new Marina buyer can win Kisnew car at the 
1913 Bullnose price pf £175, plus a handsome pair of hand-engraved Nuffield Centenary glass goblets. 

A new Marina, every week, for £L75. 

If you’re thinking of ordering your new Marina, call-at your Morris showroom before March 31st: your dealer 
’will give you an entry form for our simple Morris Centennial Competition. 

3. Win a vintage Morris or £3022 cash. - 

Not everyone is about^buya rie^f Marina. But even if you’re not, call at your Morris showroom before March 
3 1st and pickup an entry form- Y^ifcan enter the Competition; but for a different prize. 

You could win areal, roadworthy vintage Morris car or the current price equivalent of a 1913 Bullnose — 
£3022 in cash. . 

There are over 2000 Morris showrooms throughout the country. 1 

Call atyour nearest before March31st It’s the onlyplace in town which will be improving on the Morris sense 
of value. . 


''Mid-September 19/1 equivalent of £175, calculated {tcuti various scries oiretuii price indices. 

- - Marina prices'from £253 7.73. Prices include car tax, VAT and front seat belts. Numberplates and delivery extra. 

..Financial Times Thursday March 23 1973 


Ministry guidance 
to curb yen value 
of Japan’s exports 


TOKYO. March 22. 

THE MINISTRY of International Some members oF the Japanese 
Trade and Industry will use Government hove supported 

EEC talks 
on surplus 

Russia plans talks on U.K. car deals | 

PROSPECTS for future British- raw involved in working out the British companies like Shell and Soviet cooperation | 

Soviet trade appear to have next five year plan in wbreb BP have long demonstrated' an field and was interested 

m ■ 

administrative guidance " to statutory controls in thfe' past! without agreement 

TOKYO. March 22. 
TRADE TALKS betweu Japan 
and the EEC were extended 
night after what had 
scheduled as a “filial" meeting 
between the two leaders of 'tbe*, h(1> 
delegations ended this afternoon f 

Improved considerably follow-ins development or the automobile interest and Mr. Gvishiani said further 1 -, cooperation ;u 
talks which Mr. Jermen Gvisbiam. Industry and oil, gas and other that " the moment has now conte conventional energy s ^ L,r ^ J 
Deputy Chairman Of the State natural resources in Siberia to start negotiating this in The Soviet side at “test iaiK> 
Committee for Science and Tech- would play a major role. specific terms." dearly spent considerable iimt i 

nolocy. described as '"-\erv mi 1 f.i'i^hixni « irf that siaain. hi» made it dear in exolaininn away what it » *i 

France V 
arms safe 
up by 

The meeting, between Mr. 

ensure that the yen value of few days but Mlt7 maintains that 
Japan's exports in fiscal year Informal guidance r which can be 
197S ( starting on April !) does backed by sanctions) will bo 
not exceed that uf fiscal 1977. a enough. 

MITT official told the Financial MITT s willingness to make a 
Times to-day. public commitment on export 

MITI. however, lakes • no re- restraint is a ftlgi of the extreme i complete a joint communique on 
sponsibililv for regulating the anxiety felt In the Government! bilateral trade relations, 
dollar value of -Japan's exports about the new upsurge in the yen j Japan and the EEC. however, 
in the coming v oar. That depends change rate and the appar-| seem to havtf retained wide 
on the rate :H which the yen ‘*ntly uncontrollable growth of ; enees on basic issues throughout 

present 700.000 
At a press conference ac the f somewhat higher than 
Russian Embassy Mr. Gvishiani, planned 660.000 capacity) 

cars annually by 1990 the Tyumen .oil fields In gonsatibo 

By David White 'y^ 

PARIS. M feK&gg 
FRENCH arms vSPotfcJKlfo 
the Mi raye jet BgRtipiln- 
creased hy ulnuM oalitotsar 
tu FrajiVbn. «*!»»« 
aceonlins to liftiin.% itftt-Wli- 
liMhed. That equates 
cost of Franco!* tilt iMti jBflfe 

Military aircraft, hetlWCWri 
and ntlsj-Mle-* account fof-fthout 

Rplaiinn-I had heen Intended to ;«»v«n uuwn. was now looking for planning a replacement for the problem* attached to such devel- appropriate. . ] jw-o-thlrds of th? 

J fur * er • W* te «* ^vitch wnge of cars andto ***** “g" Jjg iLagmnemf like i -■ 

Wilhelm Haferkump. EEC Com- 1 *!" IJ* si Aft 1 ® “i^S} 

misdioner for External Relations,! e,«Lt nw m ,Ji d nJ nM !? r \ T1 ' J 

and Mr. Nobuhiko Ushiba, Jajan's * ¥S£ ep !3ti M ifc , . 9 ! er «h i I "r'ui 

'Sovief Union lde ' ^ th 

the Siberia would be 
to 400m. tons - annually. 


producing . Gvishiani made it clear that the , 
Soviet- Union did not - expect, 
back : 

lm. The additional Major- new developments in the straight product buy 

would produce a new Berents Sea and extensive off* arrangements as 

shore developments were, also condition of sales to uxe 
the Soviet Union is also planned. The sheer size and Union. except where these wtrc ( 

mobile and oil ‘and gas explore- this connection plans 

and of priorities hut he indicated that co-production agreements, the i 

on me rate :u wmen me yen "“‘J uiiuuiinvimuit: m 

continues to appreciate against trade and -.ourrcni account 

the dollar. 

The ministn. says that in the 
first II months of the current 
fiscal year, up to February, 
Japan's exports grew 5.7 per cent, 
in terms of yen whereas the 
growth in terms of dollars was 
19.6 per cent 

The administrative guidance 
referred to by sfJTE consists 

at lati vi-ar’s levels i, 

i the talks. 

The EEC has been, demanding 


The Government seems loJaave 
been confident Wait it could hold. _ ... _ 

the yen rate at 240 to the dollar; Community (estimated at $6.2bn. 
during the firsf quarter of 1978 [in 1977) by. the' second quarter 
but has had to watch it rise [or Japan’s new fiscal year (be- 
ta as high m 230 to the dollar tween July and September .1073). 
on the Tokyo foreign exchange jit also wants Japan to speed up 
market. i iariff*cutting timetables it has 

. .„. rt - . . . The current account surplus j proposed ar the GATT talks in 

for fisca! 10,1 fwhich c,Dses this [Geneva and is asking for a com- 
more-or-Ies* informal directives m0 nthi is now certain to exceed I raitment that Japan will buy a 

rS.ti-s *■ '/;? ^ l n S13t,n - — S3 bn. more than the j -substantial number" of Euro- 

«* *" ® x P ur J s ® °~ a - i 0r l n latest official estimate. Japan j pean aircraft, 
individual markets. Guidance io ^ committed itself (in the* Japan has shown deep reluc- 

Jj? fn i!Si r! ^ S iVk' 5h.,KI d i«l Strauss-U?hifaa cominuniqud pub-[tancc to! meet .the demands in 
shipments to the L .K. aunn fc 19iS fished last January) to reducing' anything .-like the fornr nut by 

one the current account surplus to; the EEC-: : ft = has' offered-- other 

! new opportuni ti e* "through par- talks, be added. • These talks also vznsed over lte^S^production o f cars which; 

taa 1 ii« P ^dFtfir!?iM? a Srs d rhl!i Uci P ation ln v «*lw* forms of Co-operation In the explofta- wjdpp aspects -ok; the energy oouW increase work l " 

its trade surplus with compensation agreements non of Soviet oil Land gas is question- and Mr^GiMSbianl- said 1 car ..plants while helping devclop- 

Tbe Soviet Union, he said, was another . major . field, which ha. . -'was. sdlisflefi |*.whlr_ [British; .SMnt of the Soviet lndunnr- 

exaraple. Other instances ifovcr ^bn, ; n the fiscal year starting 

E" n, K,* n . d lh . c next month, but on recent per- 
l Ol ted es. colour T\ exports formance thal has appeared 

n° nln* L '■ “j-l f 3 - completely unattainable. During 

concessions includibe tariff !cuts 
on con feci ionory and. in- regard 
to its foreign aid. 

Concessions like these are far 

. mr '“ t * i J , S Britain, and ^ fl rsl { w ^ months of 19TS the [from worthless if confirmed 
bloba! exporli of ships. surplus was • running at more {when the tal Its. end. They would 

a year, scasOnaily 

MITI says guidance is being than £20bn. 
pfven to industries that account ad i listed, 
for two fifths of Japanese exports. The Economic Plannjn 

Tt experts their continual Agency, responsible for drawing! balance, for which the EEC was 
guidance will freere the yen up- the Government's economic i hoping. 

fall far short,- however, of the 
far-reaching commitment to 
reduce or remove the trade im- 

The EEC plus has been thal 
a joint communique incorporat- 
ing Japanese promises should be 
referred " to the meeting of 
nine 'heads of government in 

value or exports during the com- projections, says the surplus has 
trig >ear. exceeded expectations early in 

MITT supports 5U Ida nee as an 1878. 
alternative io statutory controls The two main industries arc 
on exports which arc legally cited as rhcrnieals and artificial 

possible m Japan bur which it fibres (both of which have been' Copenhagen on" April 7. If there 
strongly ■•opuses. MITI has the racing even larger losses m the] Is no communique it will be up 
power to invoke an export Japanese home market than [to the heads of government to 
con’.rol ordinance compelling abroad ». Thp EPA also says the 
private industry to hold back yen's extra ten-point rise against 
shipments. the dollar during the first three 

. It used its powers in 1972 when months of 1978- Has produced a 
Japan was attempting to prevent short-term increase in dollar 
a second yen revaluation after inflow fihat is, a given amount 
the Smithsonian settlement of of yen exports has earned pro- 
December 1871. portionately more in dollars). 

$65m. contract won bv Sweden 


ASEA. the Swedish heavy elec- rhe Iran Power Generation and 
tf-Teal engineering group, has Transmission Company, 
been awarded a contract for the , V 1 * contract rovers , the com- 
curmiv r>r thro.. Aim kv «uh P ,cte turnkey delivery of the 
2K5, IrZ Th fl V.H.. 5 400 kV substations and the civil 

thl I?"*’, works. .These substations will en- ( ucwwu o^u« 3U uusmeas anu cem. m vame tu juj.o; 

? e .,™ n rs,c ' ,tale “ t0 be about able the power generated at thei Saudi Government and INI saldL(£2.6bn.) compared with 
hr.-tOUni. (.sham.). Bushebr nuclear power plant to| a large number of Spanish elec-| period last year.! 

decide what, if any. unilateral 
action should he taken by 
Europe to adjust the trade 

EEC officials io Tokyo have 
been hinting that such measures 
might be tough. Japan, how- 
ever. may be counting on the 
well-known lack of unity within 
the EEC on external trade 

$40m k Saudi deal 

Heading Hie :;rm!« eajiwtm 
is the Dii.vmuli-Brtjguur aircraft 

lull in military urdera at 
the beginning or the yea^St*'* 
wav ln the summer to CJt&taf 
of big aircraft rii-als Isawfeilt- 

Breguot landed an dfwt for 
::ti Mirage FIs for Hip IrMT.alr 
farce, then from Di-naiktr fur 
IS Mirage r Is then from Sudan 
for 14 Ml ragr nis 
DassauItT sales also included 
the Alpha Jet, made 

_ _ . . . , ... operation with West German 

MOSCOW, March 22. the Soviet Union on the teehni- mates. Gothenburg, which forms part) pompanie*. 

THE SOVIET .. Union and cal feasibility of a multi-billion .As envisaged, the project would of the state shipbuilding com-j The prospect is for a further 

Pakistan have agreed^ increase dollar co-operat ire effort to: ex- involve the use of U.S. and pany, Svenska Vary, has won- i, lrrf . aS e in Middie East orders 
the volume- of theirV $4 lateral -olaii.. ''the South' -Tqkutia natural Japanese technology in the ex- an order from the Soviet Union | a f{ Pr the signing last weV-of a 
trade hy.fio per ceht&thls 'year..gaf( i ,'Mserv&s fn^Ewtera Siberia, plottfttion - of south Yakutia tor - the largest floating dock: c|W)prpitlon anri Brms *profluc- 
compared. ’ jvIQi 197T^asa5prdrng to U.S. ’ sources said7 tfiat !'OccJ- natural gas, the construction cl built.' • tion pact between France: anil 

u trade protocol aod'ddcuments dental Engineering, and' the a 2,000-mile gas pipeline from The order, worth KrJ250-300m. I t j| e Arab InduMries^Vrnuisa- 
signed this week io Moscow, the Tokyo Gas Company are now the gas fields t a the settlement of (sss^sm.), will provide S00 men | fj Dn . which 'groups' Ekj-pi, 
Soviet news agency Taas reports, convinced that the south Yakutia Olga on the Pacific coast near the wor j c f 0r a year and should: Saudi Arabia, the United' Arab 
The Soviet Union will export reserves total at least l.OOObn. port of Nakhodka and construe- seem^ employment at the hard-> Emirates amt tjarar. 

s. although only 70 tion of a 3“® liquefication plant, Bres3et I wn j until Autumn. 1979.; The Freer! 

Pakistan accord Deal near Oil Siberia gas Gothenburg 

signed BY DAYID SATTER MOSCOW, March 22. dock order 

By Oiir Moscow CorresDondent A U.S--JAPANESE consortium go on to the next phase which 1.9 . -STOCKHOLSL March 22. , 

is moving toward agreement with working out definitive cost esti- THE AREN DAL shipyard m 

‘ which forms 

Estimates have placed the cost 
of the project atoverSlObfl. with T “ e aocK< 

scheduled for de-i with 

rh art- competing 
Britain for a »rait«*r- 

0 thJ TI? .nil iJSm liwry to summer. 1979. will be; ground aitack aircraft deal 

t'J* parent to the UA and Jsi^n 330“ -metres long. SS metres; with the organlMlioii. u-Ulrh 
.'ill ™ r ir *£J2St broad and 30 metres hi 3 h, It; made a similar asreemeut with 

machinery, equipment fertilisers, cubic metres 
television sets and other item.-; to ip SO per cent, of this has been 
Pakistan and will ' ■' i mp ort cotton confirmed. 

fabrics, garments, carpets, foot- Final . confirmation of the rize 
wear, and medical- Instruments, of the gas reserves, which 

Trade between- ";lhe two Soviets have estimated may total cubic metres a year for 25 years. A^iiftinc'caDwtiv of 

countries totalled Roubles 5S.6m. 1.2e0bn_cdbic: metres must await Because of the size and cbm- j rake 

i£43m.) in -1976 wttii a balance further ’eiplbration with seismic plexiiy of the project, negotiat- bmom tonnes 

of Roubles 27.4m. tfahtf.) In thcr equipment purchased from the ing progress has been slow. 1 ^ Lf 

Soviet Union's favour. * uls.and Japan • ' In all. the project has been g “ bc towed t0 T 10rthern 

Mr. Muhtar MaSoud. the secre- But after five days or concen- under consideration For five years «ussia. ..... 

tary of Pakistan's Ministry *»f i rated discussions with Soviet and it is unlikely that the first It Includes several novel lies in 

Commerce, stressed the im- officials Fast week m Moscow, the purchases will take place before construction. It will be setr-sup- 

portance of deliveries or Soviet rompanies involved are now said 1981 with -the project not ex- porting and capable or operating _,_ 1 . l . nil ;„„ lflllll :^ 1 .: litnf |. < , 1 . lir 

farm machincrj' for the Pakisum io he sufficiently conffdent of the pected to go into operation without land connections for! elcctromc tiiuip.m u. ro..tnc air 

Britain laic lust year*.... -The 
contest Is bclur* ii the Alpha ■ 
Jet and the Brliisli Hawlu - 
Els on here. Franrr lvijfNuin 
of Important orders. : . The 
Thomson -CSF gruujcr lias 
clinched a deal wurlh 
Krs-l.2bu. to supply radar ami 


project's technical feasibility to before 1985. 

long: periods. 

India looks likely to avoid deficit for the second year 


• ' A. 

NEW DELHI. March 22. 

forces of Saudi Arabia and 
other Arab countries. Tim deal, 
which invoh r> a toiisortimn o I 
French com panic*, includes 
air-tracking and tclpcoinfmini- 

cations equipment 

France has also 
sales of pround^o-air fliissiies 
to Arab countries. • • •> < 

INDIA SEEMS well placed to also published to-day. that that vegetables and cement to give", exports.*’ has also continued. The | 

avoid for the BecobS suCcesBive figure -will appear, bigger after priortty to domestic needs. • .v rise over the first nine months: atUp priCC SUIpUSfl 

•*»**«!*> SS t fi| **• *m**J«* 

THE Spanish Stale hoidina com-! ri-fl-j. “ n Zi ^ ^11 particularly for petroleum pro- risen or suen ueuis as tea. conce, u«e penuu io»t /cm, uul »“» f |.apri«rc >niri tiv irii-snn 

pany INt said It had Signed a ^ J*"?* ducts. But a recurrence of the spices, cashew kernel, carpets . target of R«6.5bn. is unlikely to! f£- fiSi v-.? i!I 

'm. contract with Saudi Arabia | re '^f se ^ lCHla y by _ Ute Mimsiry deficits Q f Rs.j.2bn. In. 1974-75 and precious and semi-prtckms be met. Exports of iron and! * or Kr-A**®- (oi.«.»nt4*o inc 

of Commerce show that between and. 1975-76 is not apparently atones, all of which have shown steel declined by about 27 peri 

fdr the construction of electrical 

installations In eight Saudi I April and December' 1977. the 
Arabian towns. It was the firs! ! first. nine months Of the current 
major contract to. be signed j financial year. expo«s rose S.7 
between Spanish business and per cent, in value, to Ks.39.5hn. 


The substations are to he in- bc fed Into and diatrihuted byltricaf manufacturers' 
stalled in the Bu^hehr nuclear Iran's 400 kV t and 230 kV traps- j benefit from it. 
power transmission project by mission systems. ' 'Reuter - 


ipated. _ . 

regarded as a turning point in 40 per cent, over tbe first- nine' On imports, where improved; 
India’s foreign trade. months of the year. jiomestic production last year off 

If final figures bear that out. According to the annual report- food grains, fertilisers and iron.j 
part of the explanation will- lie the massive increase in exports' and steel helped to offaetj 
■with government policy regular- of engineering goods io 1970-77; /increases in edible oil and. cot- 1 

would; - Imports were 4 >per rent: ing the export. of such essential part .of >he Sovertjnertt's, drived hjn and synthetic fibre imports. 
■ higher at Rs.39 r 2bh‘; TJfte i^hls- mass consumption items aitsugar. , to. shift .the country’s export ^ 'mix' ^ 3R®*txerui has persisted -into. - the 

uy warns in. .Its aimuat; repafrt, rice..' oil/oilseeds. fresh.; towards 'what it calls •' dymam\<: ; [;ffrslibair ;-ofr trcte year. 

south Swedish port of Maimo 
>-cstcrday. oar Sti'iic4titoIm 
correspondent, writes. '.They 
cost around Kr.ffitm. fSIfi^m.) 
each when delivered by 

Japanesw yards last year.- The 
prices were higher than antici- 
pated In shipbrofcing cirele^ 
Where the auctionir^had 

r attracted. NpeetaUtiferest 





Gfaeme Ceilings, Philips Data Systems Engineer. You WonY meet . . 
Graeme very often, as a matter of fact; v/irh Over 70,000 installations to ctate£ 
we've had plenty of time to make our systems foolproof and failsafe. Graeme^ ; 
like all our Engineers, is a fully-cjUallfied expert; he’s proud to work for Europe's 
largest electronics company, and proud of the fact that Philips 1 Engineers are Yin 
the spot, whenever you need them - and that includes the Shetiands, as well a &, 
the big cities. His job is to help you^by taking care of the technical side of things. 

. . Lindsey Williams, Philips Data Systems Installer. You’ll meet Undse^Sp 
one of her colleagues, when your system actually arrives (and it could be an;! 
Accounting System, an Office Computer, a Small Business Computer, or a J 
Terminal System). She stays a feyrdciys to ensure a smooth changeover, trains ' 
your.staff in the live running ofyoutsysfem (they've already been on one of our 
free training courses) and irons put any problems. Lindsey is proud of her skills/ 
she can operate all our range blindfold, and there isrft much she doesn't know 
about business systems. Her fob is tp help you, when you start out in computing. 

Dorothy Cram, Philips Data Systems Software Specialist. You won't 
meet Dorothy at all, unfortunately; she makes her contribution at one of our 
Regional Software Centres, where the programs for your system are 
developed. She spends a lot of her time producing Library Programs to save 
your money; we now offer special “off-the-peg” software for most accounting 
fobs in most industries. Dorothy’s ingenuity and talent make your system work 
quickly and efficiently. Her fob Is to help you, by providing the human factor in 
your computer system. ... ; v : 

Bill Gascoigne, Philips Data Systems Sales Team. Bill could be the frrsf 
person you'll meet from our company, and you're likely to see a lot of-.him from 
then on. He’s responsible for analysing your requirements in the first place, and 
for producing your Systems Recommendation (but not alone; each Salesman is 
backed up by six technical peopie)rFrom the day you see the Recommendation, 
it need only take four weeks before your system is Iii and working. Bill's job is to 
help you, by demonstrating how Philips can solve your accounting problems with 
systems from £7,000 to £70,000. . v 

If you're thinking of up-dating your accounting methods, start by talking to the people at Philips. 
Just ring 0206 5115* or-drop a line to our Head Office: Elekfra House, Colchester, Essex C04 5 BE. 


talk your 

' ■***'.*« 


-S' 1 , • 

: >V-; 

r ' • f : f '■ 
;<•> ' •• : 




• - » . 


«nandal' , nmes Thirreday Man*' 23" 1W 

f : 



The BritishSteel Corporation asyou 
wdl know has a problem. . 

For many companies thatproblem 
could beagolden opportunity 

The size of the problem. 

Our strategic modernisation 
programme affects many thousands of steel 
workers without other jobsto go to. 

What we’re doing about it. 

We’ve set up a dynamic little company 
It’s called BSC (Industry) Ltd. 

Its objective is to attractnew industry 
into our steel closure areas. 

Here’s the good news for you. 

Our brief is ‘ be highly flexible 
when negotiatingfinanrial inducements with 
companies interested in relocating ’ ■ 

In other words, we’re goingto bend . 

over backwards. . . 

There’s a powerM mixture of people 
interested in our success. 

The UK Central Government 
The European Coal andSteel 
community. : 

The various regonal authorities. 

And finally the full weight of the British 
Steel Corporation itself. 

Here’s just a small sample of what you 
could get out of it- 

A skilled workforce, specially trained in 
advance foryour industry • 

Fully serviced industrial-sites. Most of 
them, greenfield. 

- Ptirpose-builtfectories. 

And financial incentives which are very 
unusual tosay the least. 

It’s been described as the most sophist- 

icated industrial package ever assembled. 

We’re prepared to take you by the hand 
all the way making sure you don’t trip over 
any red tape. 

We’ll make sure you squeeze the 
maximum benefits avai lable, and sometimes 

Our problem will be an opportunity for 
those companies that get in first. 

Telephone us now (01-235 1212 
Ext 200) or dip the coupon for more facts. 

' '.a 

H EO. Box 403, 

j§' 33,Grosvenor Place, London SW!X7|G 










; v; 



, , tussw 1 **'" 

C, ' 

Lu> juuc taa rcKCvertisng 




Financial Times Thursday March 23 


Plan for 
to boost 

Food sector capital 
spending up 20% 



By John Elliott, Industrial Editor 

A STATE-FUNDED agency lo 

| by more than 20 per cent. in. 
real terms lass year in the food, 
f drink and tobacco and non- 
ferrous metals sectors. 

This is shown by the revised 
! estimates for capital expendi- 
| ture and stock levels during 1977 
puhlished yesterday by the 
! Department uf Industry, 
i These estimates confirm the 

(Cm., seasonally adjusted at 1970 prices) . ~ 

Fixed Capital ... Change* in physical 





Unit trust industry 
upset by curb 


Burton . 







boost development of worker eo- ! general fj ZB n irhnw^fh alread ' 
operatives in industry ,* to b e a ?™«nced. although there arc 

set up by the autumn if legisla- 1 af , J? Bta J L Revis !° n * 

tion introduced this week into! 1 ® lhe 

Parliament is enacted in lime. of ^investment by 

...... . 1 manufacturing companies is now 

The organisation in be called ' projected to have risen by S per 
the Co-operative Development . cen t. • last year compared with 
Agency, will receive from t be ; 1976. to £l.76bn. at: 1970 prices. 
' lOyernment up to El .5m. over 3 compared with the 6 per cent. 









5 . 



1976 1st 









- 131 


- 45 




28 - 


' 16 





73 • 


1977 1st 










164 •' 

- 5 




- 70 


- 44 




- 68 

. 40 

- 36 

Source: Department of Industry. 

publishers of the Sun and the 
News or the World, is planning 
to spend ** tens of millions ' 
pounds on new premises 
London, according to Mr. 
Rupert Murdoch, chairman. 

in Bouverie 

: RELATIONS between the unit because the tndustrj is st.II *o j 
.trust industry and the Depart- cumboreff* with small . 
jruent of Trade took on an icy whb at* extremely expensive to, 
quality yesterday after the service, very few trusts m^<-j 
i Department's reEusal to sanction money out of ihe annual cnarj.i. ; 

• increases in management charges: as- it stands a l the moment. * 

The Unit Trust Association’ ijv^fiS^rincbinE new°funds!! 

“Id: “The Departments flat ^^l^jua^manaBcmenil 

rejection of what llie association 1 ]*S n = rheir uwn ' -A-:. 1 ; 

considered to be an exceptionally «*"p- °r * oaHni ’ ,n (neir ° . . fcTriwl . v 

strong case will inevitably have u p.i , mountain chair-™*' BLR. ON ,rnup 15 

an unfortunate effeci on the Jdgaf another big cut itr mauufacbmisf: 

oporaliuna In' 1 

the two bodies." ' iha^iTmenabers^ of' The a^ocia- j 

The Department ttself 'was mam • mnnev out of 


ig an umonunaie eneci un uw - -ztr~ T(nil Tni!;1 anuria* . anuiner mg 

Jr ; excellent relaUonship which has S .Sterdav rhat the ’ with lhe closnre of »** 

l„ existed for many jears belwwn , u think : Jactaon intlnrinx opt 

lr , : ttie two bodies. * that i b, ronbm of the assoelp , ht . B «tl«a.t. - 

1 The Department itself ■ was ,i M • a,„| d ,„ako money out of iwo people „ 

group's present building : obviously taken aback by the such dealings, they did j}Ot need; closure of its 

jverie Street, off Fleet i strength or this reaction. A increases in charges. This was^neMW ^ t 

is too cramped. The spokesman said yesterday that unsatfsfactorv for unit-holders. ! office* and lust ruiwinm, racraiy 

1.. - 1 1 Uf a,. llko .euwitiinit'c ci.Krtl iutslnil ‘ fnf ' V_‘ r‘_ ,u. .nonnis.iRMIIt ! In C un is nil its tva rkjhfRrj- 

rerind ftf three nr more years to i 
cover administrative expenses. II 

will not have any funds of its war k ant j 

compared witn uie b per 
increase originally estimated. 

rise— about a tenth un many Bui the drop in the second 
on new building forecasts — is generally projected half of the year^was insufficient 

. , n„,„ gnu on plant and for 1978. Bui spending is likely to off?**! the earlier partly in- 

nwp with which tp back co-opera- J machinery each increased by 7 to be mainly of a replacement voluntary slockbulldinz and’ dur-j 

m ’* s - . per cent, in real terms and type and still will leave total ins the year as a whole indua- [ 

, Purpose, in addition vehicles by 22 per cent capital investment well below try's stocks rose by £33Sm. 

nfmmSinn® Ann -/' ' There were wi(Je different in the 1970 peak in real terms. The revised that 

onerTlive will "JL £l the performance of individual Investment by the distributive The level or physical stocks held I 

p.ra e mn mem. win ne to , sectors. Apart from the increases and service industries is esli- by manufacturers fell by £40m .! 

a ”T'in investment of more lhan 20 mated to have increased by a i 1970 prices, in the fourth 

oirccu is ioo era rape a. xne ■ '■■•*■ unsatisfactory r '- ir — — . , . .. 

company has bought 24 new i th e association's submission for as ‘ 3 j f or iho management i j n Sunderlatiu and its warenows- 
printing presses 'to cope with an increase in charges had be^n conmatfes. he said. . ^ng aL .• .Felling, . withi^ lqp. 

planned expansion of the Sun's made in private, '[anrfr that tne- j ^EbW&ver. . it beJi^vcri- fhai . rei ]uridancics dtul to COiim^fllR) 
circulation, but as yet can find discussions -which have bceij Department of Trade ^3isn : pffpcl irom August or September- 

uicu ^ w . a i<ti> After this date. Jackson cffec- 

He said the department had pav^th^eommissions that thev j tivcly will be merged. Into 
rnmd but 'there : dcc ^ded lhat there was not n0 W offer to financial inter- ! Burton croup although if 

urc'-' 1 

avf as a clearing hnn«;e 

for worker co- 

ndvicc bureau 

Tt will advise cn-onpratrves on 
the riahHity of prnincted de 
vMnnmenis and will asses. 1 
schones for Government depart 

It i« ipion'tort that the aeenrv 
will ho henri°ri liv a nart-t f mp 
r'l.Ti'ni'sn and a full. time chief 

no space for them. : in progress for about IS months thg vievv (hat if manage- 

Mr. Larrv Lamb, editorial • “? r ad wnUiiued in private mem companies ran afford m* 
rfiPAPinr nu ifcov -L-j __ . He said the department had <ho commits. . ....... 

difinli/'sltf ii nimd bS? rhere i dcc ided ( lhat there Joow offw to financial inter- 1 Burton S rm.p although jl will, 

were several possibilities. He : sufficient justification for the methanes for new business — I* ; remaln a name on aunte ahopti 
«Fd they had almost reached ^eldS CS association was per^xent plus. In Others are being transferred tn 

XTp'lSt,”" ' S' ">»»=»•. >ba rt", ?“ D. S ’ wp^ndlntt Btrton 

p 118 p ment of an authorised unit n eofi of additional income including its new Top Man optr- 

trust may not charge its unit- • i^g association is to continue f a t ion. or dosed down. - - -o”. 

1 " being 



' stall 1 - 
Gyrll . 

?'• * ■» 

New piloting capacity would 

)P" UI 

iiiSk’i' j 

a*-' ” 

— «■> ■■“**- •••■■«:» l>.» CWWIII.. » uc expaniOQIM Uiooa Ol me • l*t >“ **» iraue. It inigin “C ucw»« , ;.|a|n.«i.v i >. o-.-- r. — 

in contrast, mere was adecl me for wholesalers rose by about 6 which suseests that companies’ Sun is matched, bv ihat of the [management expenses, must he said, to wait until a new /said that im-pite nr strenuous 

of 25 per cent, in the real volume percent. were meeting the initial pick-up 1 proprietor of Express News- ‘cover the fees of the 

, .. , , .. .. ^ — — - trustees Government came into power. ! efforts it had become apparent 

«* v ecin”*» who v-»M hr>vr about 1 ° r spending last year in the iron Revised figures for the level in consumer demand towards the ; papers, Mr Victor Matthews. '■ 3nd auditors. , f 0 the meantime, he con- {that there was no possibility of 

^n staff, probably based in : ? nd industry -and. exetud- of physical stocks held by manu- end of last year, from smrk«: ne Is also considering the ! Thc association has been ask- sidered that the Department's to- i (he business becoming profil- 

Loudnn. I ,n C this sector, manufacturing faeturers. and distributors indi- rather than by boosting - out pu t. : possibility of a new London . ing that the management charge- jectfbn' of the association’s case: able with its presold, hlructure. 

Prr>nn«ais for the noericy were ! investment in 1977 was 14 per cates a decline of £6Sm.. at 1970 However, this process could [ evening paper. It would aim ' *> e fi-'fed at 5 per cent., hut that might prejudice the position of! 
ront-iinprt i n H white Paner ! higher lhan in 1976. prees- in the fourth quarter, have finished now and a more- i 0 fill the gap left when the th ? permitted annual charse be investors^ particularly small In..- . . . . • : . 

nnHiishPd b\- thr> rimartmen* of 1 The recovery gathered monien- This is larger lhan provisionally encouraaing sign fOr I97S is a Associated Newspapers' Even- • raised to a maximum of l per vestors. as managers tried to pro- FewCf SUltS . [.. r ; 

TnHiiftn- Inst Ocmher. Th»v ' {um during the course of the estimated, and of about the same rise in work in progress of £54m. j i n g News moved uo-mtrket 'rent., and that, in addition, tect themselves by raising mini-, . .... .11... 

ar an H a flirthpr Kllhfitantia! oita he in fha Ikirrl miqpfAP j ^ Foil rth Q1I2Tt6r - - -« . . .. > • _• ‘ ItiietAopi <ini) »n rl<fn»p' /aao oVimild t..w Iamp ah lui^Aihiikfl S THl 1 ISlCST 

iinmeHiatelv rece"' n d niThlicj7 car and a further substantial size as in the third quarter, 
wiring from .Mr. James I 

CalJachan. the Prime Minister. 

’* hr> promised to trv to find time , 

for lecislalion. 

Th»’ Co-opprative Devplonnient I 
Asenev Pin was introduced into! 
the Common* earlier this jwcekf 
and is expected in receive aH" 
second reading soon after the S 
Easter recess. 

Latinchins the Bill yesterday. I 
Mr. Alan Williams. ih«? Depart-' 
ment of Inriustrv Minister of! 

S»2|e responsible for >he project, j 

indicated that t'no Government • , 

hope* that Bill will complete its > BNPORT ORDERS in the engi- 

Engineering exports still dull 
after December recovery 


11S . . However. the - department previous three, mouths -on 

Parliamentary stages during* the neenn S industry made a sharp stresses that- too much should seasonally adjusted. Msis. 
summer. Appointments wiij i hen ; r® eover - v ,a:?t December, accord- not be read into the improve- At home, orders-on-hand in-; 
he made so that i* can siari |,n §. 10 Department of Industry nicnl. “The increase in the creased by 05 per cetfL season- - 
work in autumn. statistics published to-day. How- trend may be transient' and allv adjusted between the third ; 

Mr. Williams said ‘hat ho;® v? r- overall sales and order somewhat over-optimistic.*'. • and fourth quarters, ak the in i 
hoped the agency would heir to 1 " 00 ** 5 remained at a depressed Overall, sales and ordbrs for !ake of orders exceed^ sales.! 
focus the growing interest in the ! levcL the induatrv presented a fairly but they remained at **ery- low 

rievelopnieni of worker co- ; The December increase was the stagnant picture The declining level - 1118 - department com- 
operatives and would help to | major factor underlying ;a 6 per trend in siles continued, with m e°ts: “No sustained improve- 
rnrrnct some of the bad publicity .'cent, improvement in new export 0 nlv a slight improvement over ment in sales can be- expected I 
which the conprrtflvQ movement orders between the third and ihe‘ low November figure leaving until order books have! 
had received from the failure of fourth quarters. seasonally , he fourth q UaPlpr ' 3 per ---f recovered.'’ 
home recent reniui e-s. -adjusted. lower than the almost unchanged Export order books, after 

level in the preceding three- remaining almost unctetfiged for 


Mr. Matthews's main, advant- 
age over Hr. -Murdoch, is that 
the. Express plant has excess 
capacity. He also has an estab- 
lished evening newspaper dis- 
tribution - chain •' for ' the 

A crucial point for both pro- 
prietors w T * be the attitnde of 
print nnlons.---A new London 
evening paper would hot. he 
likely to be economically 
liable, unless agreement. could 
be reached on manning levels. 

! the funds invested in unit mists profitable” investor, .which Mr. 
1 — now about £3.24hn. — has not Palamountam defined as the per- 
j risen in line with inflation over son with a holding of much less 
i the past ten years, and partly than £1,000. 

Fourth Brittany ship 


Low level 





several months, showed a slight J 
improvement- because* of: the, 

‘high December intake of orders! 
and were 1.5 per cent, up in'- the I 
final -quarter on the previous! 

The increase in export orders three months. ] ' 

in December was reinforced by OveralL th-? inflow of nrderp in • 
a similar improvement in the fourth quarter was « little- L 5 5 al i 

domestic orders. However, this greater than the volume of sales.] Chrysler produced fewer cars in; 

a total of more than 2,000 jobs 
lost, together with 90 shops. 1 

Jackson also Jias . been In- 
volved in cuts which reduced 
labour bv about 1.2GQ With the 
closure of another Sunderland 
factory and two tiatesbead 
units, . 

The Burton an»r Mackstm 
closures have resulted from the 
j rapid move* away, troth rhadedo- 

> njslcr 4 

+ jrsilil 1 ! 1 

■Jt JU> anu -w p«.-< mm. iiciiiiiu , , pi ot K} n „ ■ A n .adfdtio- 

Li me. The objective, the company 

.500-ton says, is to achieve a 50*50 balance.-j \ l ^ aB S nm AR1 ? Brf i 

has a -Thft company says passertaeT d 

n .1 in 1 ... M »n 1S "‘ when im. st 



plan to double cargo volume. ™“- — **-- 1 adfdtiotial 

The Norwegian-built 5 
Brittany Prince, which 

capacity of 32 trailers, will serve bookings are 50 per cent, up on L ' :” - r." 

on the Portsmouth-St. Malo the same period last year.’ lihas!™ 

route. not so .faV noticed any fall dff^ e#r out ot-U.UM market of 

The company expects to move in business or spate of cancelb- 
a total of 24.000 trailer or lions duo to the Amoco Cadiz 

8ni. suits. 

Burton's, strategy has been In 

accompanied vehicle units this oil spill, although its ' Roseoff | swtteh shops trading under the 

fC GAD l«n* ..nnOnl . in . n lrt.. n Vrmn fUnnittaVl 4 Dll fiomn Illr/ke . (A 1 U* niLVfuha 

year, compared with IS.500 last vessel: is- ploughing through ^HjBuron name uyer<.to‘.a: mixture 
.. ... ... • j ts . bt>ntillKrtmt&:> of. .roady-made.^ilA.iiftd; other 

By Terry Dodsworth 

year and S.000 in its first full On 

year ofo peril dan: - its trailer * A clatnr for hull damage -from -’garments with, raade-ttHneasurc 
capacity wilt have been ,alnin«t Brittany Ferric^ will be- one of 1 playing, a much smaller- roTe. It 
doubled behi'een January. -1977, hundreds Whch \ Amoco can ’had been hoping its fit! Jacksnn 
and June. 1978. expect when the fipa) cost pf the shops could hold tiff to a si/e- 

Having started out as a freight- accident is counted. .. - ’able made-to-measure marker. 


was insufficient tn prevent total leaving the order book 1 ■per'.f a, i| aa i P’ than iiL^* 5 

• - - j last year, according to the latest 

orders in the final quarter falling cent higher, than in the previous j L^ lf ^ ar v i f“ on * , 1 "f *. e "I [ 

1 per cent, below the level of the quarter. * J*”** f ^ m f° c,ety ° H f ! 

; Motor Manufacturers and- 

.* - -i • Traders. 

F :.--n 

Hattersley satisfied with- 
cuts in tea prices 



THE PRICES Secretary is satis- price of 21$p to 22 Jp a quarter 

Shell fires first shot in Easter 

■The' Leyland figures, ja .wr-'kly^ 
average output of T4.9J-3' cars:i 
plus 2.460 small vans, indicate 

that. the cars company still had.} 
, to equal its ; 




some' way 4o go, 

production early last year. The . 

figures enmnare with a foul out* ! PETROL prices will be cut by their garages are in direct com- immediately to make sure dur 

put of 18.899 units in the samelup to 2p a gallon over Eastet petition. stations remain competitive.* 1 

period last year. _ j at many of Britain's 3Q.Q0Q filling Esso. Shell’s closest competitor. The Institute of' Petroleum 

' Reports from the company ] sxations v ' of' 5 ays average pTicc of 

.rince January suggest that pro- Shell surprised if* competitors -J* “* h „ J h «£°HS S^ tar P^P^l in January was 

dnetinn is still nicking un and is ' by announcing that. From to-day, con,peti ng against 73.6p a gallon. Current prices 


. ... ... . • . ■ - - . - ... ,/ i J1W neanng n,uuu <l »CCA, !«■ I >cMat«aa nvu>u 'A cuai Uiiwibiai « ... — - - —— ■B“*. iu U111B 1 1.TCII <i 

h^ 5 t ! ,pn ^ • neec,,? 10 * , ‘** ai n • such ~n i help to reduce pump prices at • . e Mn'nU-rtiHinanriw uou P le Pence bul.the cost uf 1— 

implemented by -blenders and- grocers. In Independent retailer* , „ raR 4l a e „*,ci. n ri«i *»,«.,sclves to . penny-for-penny nptm s- «riii 

11 nicking un and is by announcing that. From to-day, ' 

19.000 a week. ' Ley- 1 retailers would be given financial !w. p "„ n 

are thought to have risen a 

implemented by -blenders and- grocers. In Independent rctailert 
has dropped plans to bring the price range was 22p^41p 
forward a statutory order Iri although in some cases higher 
Parliament to enforce still prices were' operating. j "■ 
further reductions... But he adds : "Our beliflf IsJ 

Mr. Roy- Hattersley said in a that where higher prices -p re vjdr] 
written answer last night that he ihe shops are working off stpeks; 
nad been told by Mr. Charles purchased before thc-declinp in 
Williams, chairman of the Price blenders' selling prices, ana. wg 1 
Commission, that the latest cuts are inciinded to believe fthat 


figiire to pnt itself info a profit a substantial number -of 
eaTi'cv position. I company's 6.400 sites. 

.Ford's output rirnnned from) When VAT is included . _ jd 
7 846 iin'ts a week in January ; reduction at the pump will be 2p m ' 

pe,ro1 sti]l down on the 


3 rSS 2 i^^. 5 !^ JS! !«w - a callon ln Jun, 

.British T>Petroleum and 


V^^-wllon Shell hows^ that the com 5 month's edition of magazine. 

. i _* 0 ^_ 5:3 T t bf abo“ Petroleum ~ 

last year. 

The Institute 

says in this 

oring the cost of medium quality average prices may well drop 
tea " down lo levels consistent further over the next few v^eeks 

Ohlv Chrvcier. wbi»>h is now 
nchioving hotter production at 
its Lin wood plant' iri Scotland. 

production, with its 
weekly avrragp no r rom 3.47S 
cn rc last vear tn 3.79S. 

The npt result for the month 
was a drop in the weekly 
nyereee nntpnl- front. 30 047 cees 

down lo levels consistent further over the next few 
with those recommended by the as these stocks, are worked ioff.” 
commission in its report.” The commission claims j evi- 
(ifficials are anticipating further donee to show that private -label 

fait in the retail, price. ■ -- - hienihs.' for .instance. SainsUiry^fhi Janiiant,*»r (K.27.W3- 
Mr. Witlrams 'said itiyincrar. Rpd.Xabel st 19tp. were selliiVP in suite of-the erov-th ij\ spies 
lo the Prices Secretary, that the. well and improving their jnatlin t ha. month.- retyirdpd orndne. 
most ..pndular - -brands - were ket share.., 
retailing tasl^week al an average Pa rtigpicat. Page ~J4 

have about 5.300 r eiroieuni Review, that prlres, 

sites between them,' are expected - ! n rea ^ £ / K1 hardly go any 

to’ -decide- On their action to-day. ‘ _ ® r - Dir companies complain 

and market -shares^ 

' * S^heiY^a i d ^th " prices "micbl to ^decide-"oa their action to-day. ^bwer. 

not alter a? shes whcJf dSerl‘' Obviously we will take such nf squeezed margins In the oil 
alreadv receive JEEZi&aE aclton as ^ e consider appropriate P^Jucts sector. 

rounlMiabilv In urban areas’ to sllow , wr dealers t0 remaiB ne ^ % ? ve V. f P ™- c utting 

wlmre^om petition haf foreed competitive” said BP Oil. w-as described as .unfortunate ** 

dowjn r somethn el w areJnd Texaco. _ with around 2.200 by the Motor Agents. Association 

TOP ^ IS IS fbuStS'KSb « a -t'0ns. saiffUt would review the which warned that motorists 
TrraSv’vimuve -Sttfends P orice ^cpmpetitivenesfrqf its sites on an would suffer in the long run a* 

cut t ing i n loSraraiwneas ’ P dividual basis, ‘ a «*ult Of closed garages. 

cuinng inwPTurai areas T(Jtal (95 ^ s i[€s) will take More than 1.000 U.K. 


eir tbej.ffmnth,- recorded ornduc- ( Mosu other-^major. nil. mm- . T°^ 1 f^'stt^' Will tahe ft ore tn«i i l.«on U.h. sites 

--1 » W'gsfx- tq lli.449. units- panies arc likefy to fellow Shell's. ? ,rai5ar . actum although most of stopped selling, petrol last - year 

T4 f £3>fum -laaialr T- “IKS “at ‘iBSS ? a STSKi ,was - a i nd i. the ^Stitute has predicted » 





Mobil (about 1^00 sites) com* similar number of closures this 
men ted: ‘.“'We are - moving year. . 


Diamond brooch pendant 
-fettles £ 32,000 

s * 


With over 50 Ro-ro ships and Ihe highest number of daily 
sailings, that all adds up to Sealink the number 1 lerry opetator 
• in Europe. 

Booking and documeniation is very simple with our . ' 
computerised centre tor ail Continental routes, enabling us to 
swiftly confirm availability. With Sealink you can pfart.transport 
schedules with confidence even for the complex mbvenients* 
involving two crossings, such as Ireland through to the 

Sealink is also first choice with drivers. They know a 
good thing when they see it and enjoy the many purpose - 
designed shipboard facilities, like duty- free shops, reserved 

restaurant space, sleeping accommodation, showers, even 
discos for the energetic! 

Ashore it's the same slory. with drivers enjoying more .. 
sp^al^ivilegesi-furnishedlounges. rest rooms wtfh.toitels: 
and showers are al! typical driver comforts lobe fouhd at 
moa ports;-. ■■■ 1 

' Anb as befits No t. mos£.roiites saif from ports owned by 
Sealink, which means ihat back-up services are geared to 
getting drivers swiftly on their way with the minimum of 

Sealink . No 1 across the waters. 

Sealink Ro-ro 

Sivhri. n. the brand fw tlfttDnwwig IM> of 

B-’trJ 1 Bjil. »c> Fitwicli Rj'tftjys. !_«??] &4gi-tfi U-rrtmw TrahsfKiit Authorit/. Dutch Z^Lnd Co. 


Freight Sales Department, Eversholt House. Eversh-al! Slreel. London NWlVEGTeteph^ne 01 -3B7 12S4 UKMQOI 

’A“‘BftOOCT pendant composed 
of : . a large cushion-shaped 

|'CU«n6nd \teigbing' 21^6 carats, 
[.realised £32,000 yesterday In a 
side of -fine jewels at Christie’S. 
It. was bought anonynrously in a 
'.Sale which totalled £183,335.. 

Mrs. Anoe Bloom, the Gros- 
venor StreeLdealer. bought three 
lots, the ’most expensive being a 
diamond pendant cross, with 
diamond sjwo-stone loop, at 
[tDL400. The, other two lots were 
a diamondJjjnd black enamel art 
deco broewfc at £1,700 and an 
.antique gota-mounted blue and 
“white enainel marquise panel 
brooch at 3220. 

The sale's second most expen*, 
sive item, at £27,000, was paid 
anonymously for a brilliant cut 
dainond , 'single-stone rinc 
mounted in platinum, the 
diamond weighing 4.18 carats. • ' 

J:.. A pair ^ Regency sllver-gilf 
"replicas of. the Warwick vase by 
Paul Storr ; : 1812, realised £SJ500 
in a sale of English and foreign 
silver at Christie's. Fomied as 
Wine coolers, they had been - con- 
signed to the saleroom by the 
Earl of Stair. They were bought 
by Ingles. 'London dealer, in. a: 
[sale which ^pulled £174.170. 

Four Gebirge III two-handled 
canipana-shaped wine coolers. 10 
inrhes. high. Hy T. and J. Guest 
and J. Craddock,. 1S09, realised 

£6^200. They were bought by* 
Mnntonaro- ' Twelve' Georire II 
dinner-plates engraved with the 
.Royal arms . by John Hvigp. l^ 
Sage. 1742, weni to Partridce 
Fine Art at I3.S00. 

A pair of George II Mlwr-pilt 
plain circular sideboard . dishes 
by Paul C respin, 173&, 'weigh*-' 



ing' "211' ounces, went to Kuon* 
man at £4.500. -They were the - 
property, of the -late Lord 
Cohen of Birkenhead. 

■' At Sotheby’s Belgravia, pboto-’i 
graphs totalled £43.793. A Cqpv 
* Landscape on Lhe' 

coiuS k ---?F #a< ** was SQld -fur 
£9.500 and a book with -129 
Photographs or the Arctic -taken 
in 1873^. ant j an a jb um of l^ii4 . 
wuh 12 photographs- of Niw 
urteans. were sold.’ for n.900 

" ?S2l? b - v > also sow k aridutc 
SitSh^Sh? m » .^■^PhnesC' . prints 
riR- °-A b J ts e»ttraatc .at « 

A ' Tokyo dealer paid 

waUress° r * ^ tran,ao P flQl °4 a s* 

Financial Times Thursday March 23 1978 - 



NatWest extends hours 
for London tourists 



ATIONAL Westminster Bank is ing hours, from 950 to 350. ibe to cash cheques drawn on banks 

V|) b .JESS 'if Q P°" m S hours for bureau de change will be open abroad under th 
m.™- ch r ang f business at one from 5 to 9.30 on weekdays, and scheme. It will 
I ? a,n Lo^on offices. from 350 to 950 p.ui. oh Satur- be possible to 

.The hours, will which include 
iturday opening, have been 
Teed with joint staff represen* 

The National Union, of Bank 
nployees last week rejected a 

an by Barclays Bank for more the banks. 


The development follows tbe 
rapid growth of the number oF 
bureaux de change in London to 
meet tourist requirements. 
Many of them operate outside 

Hibile opening hours and said 
at it would not agree to extend- 
g the services of bureaux de 

The NatWest branch con- 
rned is at 25 Shaftesbury 
renue. in a popular tourist 
ea. As well as normal bank- 


NatWest said: 
as an extension 
of services for ., tourists 
visitors to London.** 

During . the extra 'opening 
hours, it will be possible to 
exchange currencies, to casb and 
purchase travellers* cheques and 

the Eurocheque 
not, however, 
cash sterling 
cheques against a sterling 
guarantee card. 

The move follows the exten- 
sion of hours last August at Nat- 
West’s Victoria station branch. 
This bureau de change is open 
from 8 am-9 pm every day of tbe 
M We see this year except Christmas and Box- 
of.our range ing day. 

NatWest also intends to con* 
sider extended opening of a 
further branch in. due course to 
cater for the exchange and cur- 
rency needs of tourists and 
visitors to Londoa 



7% up 

By James McDonald 

Foreign countries boost Mint output 

IE ROYAL MINT received 1 a record total in 1972-73 by 14 per 
rge increase - in orders from cent. 

'erseas .countries for ctrcula- During the, a total of 
in coins in the year to March, 1.67 bn. coins for normal circula- 
rs, exceeding tbe previous tion were struck, including coins 

Datastream and NMW 

to offer joint service 


ATASTREAM, the. computer 
ireau providing financial in/or- 
ation, is to co-operate with 
1IW, a bureau providing a 
edal service to stockbrokers. 
Tbe agreement announced 
■sterdsy will allow Datastream 
ers to have their portfolios 
>dated from NMW’s accounting 
rvice. NMW clients will be 
■le to use Datastream’s valua- 
in service. - 

By 19S0-81 it is expected that 
lents using both services will 
■ed only one set of terminal 
.uipmenL Until then, shared 
tents .will probably obtain 

better service through the link- 
ing of the two systems. 

NMW currently has about 100 
customers and handles some 30 
per cent, of stock exchange deals. 
It provides an accounting service 
and a limited portfolio valuation 

Under the agreement, 1 the 
portfolio valuations will be con- 
ducted entirely by Datastream 
from the -end of this : year. 
Datastream provides - research 
facilities and' the NMW system 
can communicate directly, with 
the Stock Exchange 
handling transactions. 

for 57 overseas countries. Within 
this total, 8595in. were for the 
U.K.. with the 50p piece the 
smallest mint at 41.6m. For 
overseas countries, ,813m.' coins 
were produced, with a further 
535m. struck for overseas cus- 
tomers by sub-contractors. 

There -was an increase in the 
output of proof -coins specially 
struck for the collectors' market 
For the U.K, 20,778 decimal sets 
for the years 1971-75 were struck 
and for overseas countries. 
404517 proof coins were struck. 
During tber year, about 60.000 
medals and medallions were 
struck. • - 

DELIVERIES by the footwear 
industry in the final quarter of 
last' year, on a seasonally 
adjusted basis, were 7 per cent, 
higher than - in the previous 


According to the journal 
Trade and industry, the indus- 
try's net new orders during tbe 
three months were 8 per cent 
higher than in the third quarter 
but. at the end of December 
orders on band were 5 per cent, 
lower than at end-September. 
1977. . . : 

The industry's output index 
during the quarter was 9 per 
cent, above the level in July- 
Sentember last year. The jour- 
nal adds that rising prices are 
likely to have reduced the rela- 
tive accuracy of the estimates. 

New Defence 

costs survey 

Financial Times Reporter 

THE GOVERNMENT will under- 
take a further survey of "military 
training activities - to see if 
savings in costs of all three 
Armed Services can be achieved 
by rationalisation or other 

This is revealed in the Govern- 
ment's comments in a White 
Paper on a recent report from 
the Commons Expenditure Com- 
mittee on services’ training. 

Shortage of skilled 
workers threat to 

pump, valve makers 


BRITISH PUMP and valve 
companies, with an annual out-' 
put of £480m. in 1976. must 
develop higher vaiue products 
and take priority action to pre- 
vent a 'severe shortage of skilled 
manpower by 1980. 

Only' in this way will they be 
able to meet the 5 per cenL 
annual growth target in the 
government’s industrial strategy, 
says a National Economic 
Development Council sector 
working' party report to-day. 

Such a growth would imply a 
rise in real output of 28 per cent, 
between 1976 and 19S0. Real 
output could rise by 15 per cent, 
from 1975 -levels with no in- 
crease in manpower from the 
54.000 figure of 1976. 

Beyond this, a 5 per cent, 
annual growth would have to 
be accompanied by a “ major 
increase in shop floor efficiency." 
reflecting a major rise in output 
per employee. 

But -even before 1980, short- 
ages of technical and craft 
labour will become a "serious 
constraint on output" when 
demand .for pumps and valves 
picks ■ up.' 

This gloomy forecast was first 
highlighted last January when 
a sub^foup of the sector work- 
ing party did detailed work on 
this ** very serious problem," 
says the report. 

It recommends (hat the pump 
and valve industries should be 
given priority by the Employ- 

ment' Services Agency in filling 
skilled vacancies. 



on way 

by james McDonald 

There, must also be action on 
in-company training, on differen- 
tials. on conditions of work and 
on shop floor automation as a 
way of reducing the shortage of 
skilled labour. 

PROPOSALS for regulations 
] aimed at conserving fuel and 
: power, to govern heating instal- 
lation controls in non-residcntial 
buildings, have been published 
by Mr. Peter Shore. Secretary 

for the Environment. 

In a statement which goes to 
tbe heart of many ol Britain's 
engineering industry problems, 
the report says “security of em- 
ployment and career prospects 
in tbe industry should be com- 
parable with the service sector." 
This has been taken up by many 
former engineering employers 
who. are disgruntled with pay and 

I The proposals have been cir- 
culated for comment by the end 
j of May to representative bodies 
i of the interests concerned — 
thermal engineering and building 
associations and local authorities. 

There should be a rapid move 
towards common conditions nf 
work for manual and non- 
manual workers. 

This could all help to reduce 
the wastage in skilled labour. 

Action should be taken to im- 
prove the understanding in 
schools of the needs and oppor- 
tunities in mechanical engineer- 
ing. including the pump and 
valve sector. Companies could 
help by increasing their contact 
with schools. 

Many of these problems are 
likely to occur in the next two 
years. Meanwhile. 60 per cenL 
of the 300 British companies 
making pumps and valves are 
working below capacity. The 
continued depression in ship- 
building is cited as one factor. 

The proposals rover: the con- 
trol of output from space-heating 
installations — hot-water radiators, 
air healers and so on — by use of 
thermostats inside or outside the 
building; automatic control or 
shut-down, re-start, or modula- 
tion of heat generation plant — 
heat generators, pumps, and the 
like — in buildings which are 
intermittently occupied: controls, 
where there is more than one 
heat generator, capable of select- 
ing the most thermally-eflicicnt 
number in meet the heat demand: 
and control nf water-storage 
temperature in hot-water supply 

A system of certification is also 
proposed under which local 
authorities would be able to 
accept from members of the 
Chartered Institution of Building 
Services, for example, an initial 
certificate that an installation’s 
design is in accordance with the 
proposed regulations. 




This is v our first stepin 
expanding your business — in 
joining the industries al ready 
thriving in the Highland 

The new technologies of 
atomic energy ana oil 
exploration are mi ogling 
with the more traditional 
industries using local skills 
and natural resourcesio 
produce a dynamic 
environment for further 

The development 
depa rtment is a total service 
to industrialists. We provide 
the most up to date regional 
information — in fact, all the 
help and knowledge you need 
for an expansion decision. 
Our service is 
comprehensive— and. of 
course, completely free. 
Make the 
now by 
Gwyn Davies, 

Director of 
a (the address 

Regional Buildings, 
Glenurquhart Road. Inverness. 

Tel: Inverness 10463)34121. 

Telex 75313 

Wp Region 
^ Development 

Coaster skipper fined 
for safety breach 

IE MASTER of a small British 
aster that cut the wrong way 
ross shipping safety lanes in 
e Straits of Dover last Novem- 
•r.was fined £75 by a court in 
jemsey yesterday. It was the 
-st case of its kind to be beard 
. the island. 




Capt. Peter Brian Robbins, of 
ruro, Cornwall, who -pleaded 
lilty. was said by Jurat R. A. 
nnersfy, fhe acting magistrate, 
have “ endangered other ships 
: a couple of hours or more." 
s added : “There Is no excuse 
* his flagrant disregard of these 
nilations which are highly 

\t the time, Capt Robbins, a 
i-going man for 23 years, was 
ister of the 450-ton MV Eddy- 

The ship, owned by 3. M. C. 
rrison. of Melon House, 
ndon, but registered in 
emsey, was carrying 540 tons 
beans from Boston. Lines, to 
?porL near Dieppe. 

The court heard that radar 
lervers at Sl Margaret’s Bay 
I Dun sen ess monitored the 
dystone as it cut obliquely — 
tead of as near to a right 
»le at possible — across the 
ely lanes laid down by the 
er - governmental Maritime 
isii Itative Organisation and 
ognised by 57 countries. Later 
ship was visually identified 

by a spotter plane. 

In a -statement read tti the 
court by his lawyer, --Opt 
Robbins claimed that visibility 
had been good and he, had 
checked tv radar and visually 
that there was no danger topther 
vessels. He said that there 'was a 
risk of his cargo acting 
liquid ” and shifting. Crew _ 
the Channel at the tail end ftf;a 
south-westerly gate. - he had:, de- 
cided on the oblique course foe 
the safety of his ship and crew. 

Free parcel 
post for 
charity sale 

A FREE postage service is being 
offered-' by the Post Office for 
donocs to a national charity 
effort being run by the Save the 
ChHdren Fund. 

Parcels of gifts for the fund’s 
Jumbly 78 campaign, said to be 
the world's biggest jumble sale 
will be accepted free of charge 
at all main post office counters 
in England, Scotland and Wales, 
for the two weeks from March 
28 to April S. 

Jumbly '78 is being held at the 
Empire Hall. Olympia, London, 
in April. 


The right to manage 


Many managers and supervisors are worried 
today about the nature of their authority in 
managing people in our hew legal and social 
environment- In partknilar bow do they deal 
with such problems asmiscondad, poor '■ 
individual performance, bad timekeeping, 
insub or dinati on and the like? 


Too'frequently recently they have fdt the only 
answer was tocall in the "‘expert” versed in ail 
the legislature minutiae. : ; ... 

The resuh-a break in that direct relationship 
without which true lmemanagenwnt cannot 

This course, on employment legislation, js for 
managers and will show them there is no need to 
abdicate their managerial role. 

It starts from tbe actual everyday situations of 
managaheDtaodthenconridOTJhelegal . 
implications in dealing with them. It is.tolally 
practical. ■ -. 

Thecourseislugbly partjcipaijvuaiid forthis 
reason attendancewill bestriedyiimited. 

i W 

-It w31 be held at our London Conference Suite, 
84-86 Baker Street, London W1 M 1 DL, 09.30- , 
1730 on the two days, 12th and 13th April 197S. 

The cost, inclusive ofiunch and. all materials; is 
£12Qperperson phis VAT. 

addressed to:* 

Charles Stewart B jSc^Eng). MXRM; 



Management & Selection Consultants. 

Telephone: 01-4875761 <24 hr Ansneriog Service). 
Tdc?e 263526. 


in Europe 

’We fly id moreinternationialdestina- 
tions in Europe from our home base than any 
otherEuropean airline flies from theirs: ■ v 

And with good reason. • 

- Over the years, the initiative of the 
British businessman has taken him to markets 

thatmany ofnis European competitors have 
been slow to expIoiL 

So as British trade has grown so has 
our route map. 

Today, flying to more than just the 
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* 
having flown directly to your destination. ' 
When you travel to Europe, fly the 
flag and feel at home. 

British Airways 58 European destinations from Heathrow. 

Air France 48 European destinations from Paris. 

KLM 46 European destinations from Amsterdam. 

SAS 45 European destinations from Copenhagen. 

v — • «•■ ■_ i-.'-' V 'i,. 

Lufthansa 38 European destinations from Frankfurt 

Sabena 31 Europeandestinadons from Brussels. 

Alitalia 27 European destinations from Rome. 

{ ~ .• .. : ' Iberia 23 European destinations from .Madrid 

. Fipirti nxr. rfcp&I wrah ac>f mining nmnafetet. 


We’ll take more care of you 



Financial Times Thursday March ?3v t978 


Extra £1.4m. 
for Scots 



THE SCOTTISH Dovelopment the one-year old proper. had 

due soon 

By Our Scottish Correspondent 

expected to give its decision soon 
on the planning application -by 
She II- Esso and Essu Chemicals to 

Further warning 
on house prices 
for Goverment 



THE KVC OR PUR AT ED Society a temporary stabilising effect 
□f Valuers and. Auctioneers joins that will lead to another big 
the chorus of property bodies price explosion when Ibe 
to-day to -warn that Government restraints are iified. 

4 n encv has invested an ' addi corned out a feasibi'li v -tudv ■ 1 1 buiId a fias se P arat,on P Janl - and [ curbs on mortgage lending may A national survey of the 
tionaP £l 4n, in StSnefSd Ur.Vaf last ycar! ' * * | ^os^rranf Fife! 1 * 116 CraCker 5,1 i !- a 2-?-°__ an . eventual ’' ex P losion " society’s member a 3 end« shows 

Vehicles, the Ayrshire cross- This confirmed a sound corn- 
country iricck manufacturer, mercial future for the four-wheel 

A local inquiry was held last 

in house prices.. that there has been a 54 per cent 

Tn the latest edition of its drnp in the number of houses for 

a i..' ... SsilC "«II1 M Lief Yrtvamhar* 

which is '{o'be 2 m“‘S^K,o drive family of trucks and their i year, and Mr. Bruce Mitlan. the j quarterly' review of the housing XLJS™ 0 ,,. J?? „„:!° 4 vei 
shortly. design concept. j Scottish Secretary, fold Parlia- i market, the society notes an l he society. 

The asenev said vesterdav that A number of prototypes have! ment he would announce his j “acute shortage of properties in Ji* Iffi 1 i£K*" f ^ es 

it had thus increased its share- already been produced at Stone 
holding from 4fl per coot, to 76 field's Cumnock factory, owned 
per cent, by suhscirbtng for hy the agency and formerly 
£1.4m. £1 voting preferred shares occupied by Scottish Aviation. 

It has also converted a . 

£545.000 unsecured loan inio a High-Speed 
Him. secured loan, and retains 

derision around Christmas, hut 
little has been heard since then. 

The separation ' plant is i 
intended to handle gas from ihet 

for some 

i I n original £490.000 £1 Ordinary e ‘ tnt3 *j‘ nR 

shares " wHI built up over the next 

Mr. Bernard Jackman, former 15 40(1 

managing director of British Production will rise to -.000 
Ley land's Rover-Triumph divi- wl, - ,c,cs a > ear -'^s re ™ i ° r ™ 

Mr. Jim McKelvic. the project's 
originator. Mr. Donald 

malic gearhoxes and a carryinc 

STiS^rjSS cenorai ftS&'WXSS. 

manager, has been appointed a 
non-exeentive director. 

Mr. McKelvie’s family, which 
originally held 510.000 £1 

ordinary shares and had suh 

purpose, high-speed transport 
over rough terrain. 

\Tr. Jackman. who was involved 
with lhe launch of the original 

scribed a £255.000 unsecured Land-Rover 30 years ago and 
loan, have reduced their interest subsequently the Range Rover, 
bv £165.000 bin retain a 24 per sa,cI ,hc .Stonefield desisn had 
cent, stake and a scat on the alri,a,1v altrai-tcd interest From 
Board. abroad, particularly the Middle 

Mr. Lewis RoHerisnn. ihr 3n ^ Africa, 
development auency’s chief Some pre-production vehicles 
executive, said the new invest- have already been sold. The 1 
ment became necessary after Mr. price of early trucks with a ; 
.VeKdvie's death. Thr acenej. pickup body and eah would be ; 
left with the task of managing ahout £11.500. 

IBM creates 400 f 
at two U.K. factories 



IBM IS in create 400 new jobs the 3270 for Europe, the Middle 
at its two U.K. plants at East and Africa, and 100.000 have 
Hreenock. Rcnfrewihirc. and been sold. 

Havant, Hants., over the next few The new jobs, mostly in 
months. engineering, 

ali sectors" of the residential ne ?. r crisis .evels 
market This shortage, the smaller agents, 
society believes. •• ha* led 10 the Houses ™ lup d up to £12.500 
recent prices escalation.” increased ray an average of S.5 

T . r , .... percent, in the last three months. 

i ?. e . SQ 5 ,e i . Worns U 1 :** ’l 15 and similar rises are reported in 

i m™* , ♦■ken-off in a more expensive properties in the 

' manncr dtsturbingly reminiscent £20.000 to £35.000 range, and for 
1 or , 1 - properties costing more than 

It feels -that Cnvemment £35.000 The sharpest increasu 
pressure to slfiw the price spiral 10 5 .per cent. — was recurded in 
by reducing the volume of build- tumsinq priced between £12,500 
mg society lending can have only and £20,000. 

Freight carrier starts 
employee share scheme 


IAS Cargo Airlines, the inde- of the-net worth of the companv 
pendent all - freight operator then 10 per cent, of that excess 
'founded by Mr. 'Alan Stocks, is will be added to the allocation. 

Air. Bruce Allilan . . 
complicated task. 

Brent Field, brought by landline 
from SL Fergus, near Peterhead. 
The timing of an announcement 
could he crucial to Shell-Esso. 
who have a contract to export 
propane and butane to the ILS. 

Esso Chemicals, has already 
said it will not take a final deci- 
' sion on whether to go ahead with 
its part of the project until the 

to introduce a profit-linked share 
plan for its employees from starts the scheme with 

April 1. It is the first such pood financia! results with e.sti- 
j scheme to be introduced by a ma1ea P™ i,00 -°00 on a 
I British airline. turnover of E27m. for the year 

The plan will give IAS per- ending March 31. I97S.- Of this, 
snnnel who have served ninre a J*° u ' will he available for 

than 18 months an opportunity s f. a ™ I Purchase for the first 150 
to participate in profit sharing. e,ll?,D,e 51 a «- 
and to become shareholders in A Board of trustees will ad 
IAS. Total staff is 340 in Lhe minister the plan and notify staff 
U.K. and overseas. of their share allocation each 

Annually. IAS will allocate five year. After a further four years 
per cent of Its pre-tax profits to of unbroken service with IAS the 
eligible employees, tn be used shares, which wifi have been held 
to subscribe for unissued shares by the trustees, will autom atta- 
in their names. Additionally, if ally become the property of the 
the profit exceeds '20 per cent, employees. 

At Havant, the smaller of the ing. will increase the (Irecnock ! ent ^ *^ c year - 
two factories 150 staff arc to he workforce by 13 per cent. They 
recruited to cope with demand will include 30 school-leavers and 
for electronic files and central 30 graduates, 
processing units, one of the Greenock is IBM's oldest U.K j Wales, he is lhe Minister respon- 
largest of the IBM systems. plant 'and expanded progressively! si ble. for both the planning and 
At Greenock, recruitment has to 2.000 jobs up until 1970 when|thq industrial aspects of the pro- 
started to fin 250 new jobs, tn the recession depressed demand ; posai. The length of time he has 
meet demand for the recently Numbers have heen steady since taken could indicate that he -is 
modified IBM 3270 information then and the new recruitment j working on stringent environ- 
tlisplav system. The Greenock represen is the first major in-' mental and safely conditions, to 
factory; is the sole producer of crease for eight years. (attach to the planning consent. 

Laker-top communicator 

Mr. Mil Ian's position is com- 1 ONE of the pioneers of cheap w?s organised by the British 
plicated by the fact that, unlike I transatlantic air travel was Association of Industrial Editors, 
his counterparts in England and j named Communicator of the The judges, chaired by Lord 

Year yesterday -by Britain's Richie-Calder, said that in bring- 
industrial editors, . mg about a revolution in air 

The award, presented by Lord travel. Mr. Laker had “shown a 
Shinweil, was accepted by Lord mastery or the. art of natural 
Beswick, chairman of British communication, using the spoken 
Aerospace, on behalf of Mr. and written word in a wav, that 
Freddie Laker whq was unable is a notable example to British 
tn attend because he is ill. It industry and commerce." 

Rolls-Royce executives 
Arab British Engine 

Following agreement between.. Carrington YiycJia. « now senior his J* i*"®* 

ic Arab Organisation for Indus- vice-chairman of the I'cderatmn. In. 

the Arab Organisation for Indus- vice-chairman . - 

trialisation and Rolls-Royce to Mr. David Buck cuntmucs a* ^ 

establish the ARAB BRITISH honorary treasurer. Lurdorr, 

ENGINE COMPANY. Rolls-Royce + „ „ iltrettor of 

has made appointments to the Mr. J. Burnham, Mr. P. Haw- beconuv •* dffft-Torv McLean rf-:: 

Board of the new company; kins and Mr. P. G. Ryhjr haw 

Mr. F. T. Salt becomes vice- been made directors of DAVbN- and A^ocwt^ and w«r be 

chairman and Jilr. R. II. H. Nelllst* port ENGINEERING- M t. P. spnnsihli* to Mr. KHt Will 
a director, retaining their Rolls- Rinlev becomes a director of divisional . riiau-auwi anu 
Rovce positions. Mr. A. H. Harvey. Davenport Metal Fabrications executive, for thfr dW-lo-dwj 
Bailey is managing director of from April 1. inanageniriH t»f tl»o Sfr,; 

the new concern and will be based * Tony Collins has m*n-'-nwde • a- 

in Egypt. While holding that -•-» y e tcr Wflks. general mana- director tn Jwni— nttftatp awtj 
post, he win be seconded from « Dr projects. BOG. has Associales. ■ ’ 

RollvRoyce and will relinquish -| oclef j chairman of the . 

all hts present company respon- .■utelding MANtFACTCRERS Mr. DavM Tltrh* u *d join, th* r' -! 

sibilhics On Mr. Harvey-Batley’s ASSOCI ATION’ and a member of Board of RELIANCE KNITWEAR i t 

appointment. Mr. E. J- E. Smith, CoU ‘ nc ij 0 f the British Electri- GROUP and ahgt’ becdmeS, raanw fes-i 
regional repre>!entative. Middle Cfl - an{ j Allied Manufacturers ing director pf Drewcy-. . amj ” 
F.a*t. will take over rontrol pLthe Ajotnriatinn Edwards, a stthsjdhiry. Oi : AprH 1 

Rolls-Royce office in Cairo. * * . 

* John T. W. Pike has berP Mr t - i : G*ri« n if: iwn 

IMPERIAL METAL INDIW- appointed nunaant: of „ - direftor ' ”of-. the 

TRIES has appoimod Mr. C.. <L TL HERCGI-ES HYDRAI LIL. Hr wax K . I'xDERWRFTTVfT 

Foster to the newly-ostablfsfiei previously with Bonscr fcngmucr- .fjENCY t 

post °f assistant managing dinw> }ng. * * . 

tor of nit Rolled Metals. Bin-.' * „ w 

mincham. from April 1 with -Sir. Christopher McLaren has ' TM^p -fcgnjp. 

special responsibility for plan-, been appointed to. the Board i nf d ^r/ .»r f 

rung. On September 1 he wHl he the WESTPOOL LWESTJIENT wmens i unit of ^ f BOY4L 

S-5S ^director!" R««, TRUST - * 

Metals Dr P J. Agios, director «f re- Mr. John Sargent, who reaira on 

* ' search, ESSO PETROLEUM COM- March At.. . ■ . ....; 

Mr. Denis J. Groom has been P.\N\’. retires at the end or ' 

appointed finance director of March. . BtitrioJ 

trapalciar HOUSE Since Mr . * riveted rit-nrman tn BRiTInU 

EricParkCT wasappo imedW : Mr. Derek Montand. Mr. Brian VITA COMPANY in 'sumsjan to 
Sing director in July 1977. -Tie Tate. Mr. John Masdinc. Mr. Alan the 1 Cigtawhaw. 

has continued to act as finance Wilkinson and Dr. Keith Hopkins Mr. Robert AieGee and Mr. Tiers 
director. He will relinquish that hove joined the Board of LRODA hert Hough ton. have Ijren-ehtatvd 
reSDonsibilitv to Mr. Groom who RENDERING, a subsidiary of deputy chnlrmem Mr. Gwtrp 
will join the Trafalgar Bbsrtl Croda International. Clunt. who continue* a« nrahahing 

when he takes up h!3 appontxnght " * director of the groups inter- r 

in July .hi. yeur. . ' G. ^ und Mr J. , %%% 

th™^U*^rt'nB G *h™« “in 15 ^ C ° F ‘ ■ TAY1 f% WORDINGS) a itofu^Li 1 " 

-■sssr^3r rt M* sa MS flspz 

‘"STff JfSUt Chuinuun 5Ir - ,,0bb3 huidlus compuny .fife Brt,.,,, 




• s 

managing iS of iSjeriS « T' Vita GW. ' 

"ssvsssssff ww Ex ST £ 

" ,mpa -^ded a "S — h«i>-:« v-ib.h, I-O — 

has been 

ing director by Mr. A. M. W SSSGrtCn of*The“Boart and 1975 Mr - a 

who. -as previously announced.^ resi?naIion of Mr .* c M. 

non-exocutivc director in 1971. 

has been appointed a member 

Mallet t. Mr. M. Hulme, company 

of the Board of Imperial Group Mcrptar y has joined the Board Sir Dermsti Chvtetnpfcmon ha* r 
from the same date. - 0 f the newly formed Encelmann been appointed a member of the • 

Sir Ale* Alexander, chairman ^ Buck ham (Holdings). ROYAL FINE;ART COMMISSION ^ 

and manaaing director or ■ Im- * fo fill a vac ancy created by the 

penal Foods, relinquishes -his. t^rmaC has reoreahised its retlremefir- .dftMf; 'JWih Piper ««n 

posjuun as n ) a |] a ®^_^' r ^ tor ^f properties diviwon and Mr. Ron the expiry of -life term of office. 
that company on March 21. He joined the. Board of the Sir Dennan - has been vice-elum- k. ... 

has been succeeded as managing dix'isional parent company. Tar- ceUor'.’arid warden of Durham 

director by Mr. A. M. Divfek 
Mr. Garrett and Sir Alex, re- 
tire after the annual meeting 
in March next year when they 
will cease to be chairmen of tbclr 
respective companies and will 
leave the group Board. 


Mr. Thomas Edge, joint manag- 
ing director. L J. DewhLrst. has 
been elected chairman of the 
RATION. Mr. Monty Goldman, 
managing director, shins division. 

mac Properties, in addition to University . .«dnce I960. 

Mrs Castle's new state pension scheme goes so 
far, but is that far enough? 

For most directors and higher paid employees 
the answer is no. 

Because the state scheme does not currently 
provide tax-free cash in hand at retirement, 
nor lull security for your family if you should 
die before retirement-important points when 
you look at the escalating cost of living. 

The solution to your problems could be 
MGM's ‘Design for Retirement! 

MGM's plan enables you to build on the 
foundations of the state scheme-or your own 
private schcmc-and create a tax-efficient package 
of fringe benefits for you and your employees. 

‘Design for Retirement’ is simple to run- 

For further information contactyour financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at.oiir expense. 


Established 1852 ' ■ . • 

Marine and General Mutual Life Assurance Society 

To: MGM Assurance, Freepost, Worthing, West Sussex, BI^U 3BR. 
(No stamp is needed) 

Please s&hi me further details ijfytmr Vesign for Retirement 'Pension Finn. 


because MGM does all the paperwork-and-is so 
flexible it can be tailored to suit your own sjjeGific 
circumstances. i - 

Why not find out more -you’ll be glad you did. 


Company Name. 

Company Address. 



No. 00889 OT 1PTO. . . 

Chancery Dlriafon Companb** Crum. In 
the Mutter of R. T. B AWARD & 
In die Mancr of Ihn Comoanlra Act. 1048 

PeUtt-m for lhe Wlndlnc up of th" abavr- 
named Company by the Hhth COKrr or 
Justice, was on the 15th day Of Karri) 
1B78, presented m the said Conn bv 
whose Regdmred Office Is bHubtf ai 
Riverside wdfcks, Nomrtrti. Norfolh. Plant 
Hire Contractors, and that the said Peti- 
tion Is directed to he heard before the 
Court stains « the Royal Conns of 
Justice. Strand. 'London. WC2A 3LI. on 
the 17tb day of, April U>78, and any 

of the Pedttod . trill be fnmlabrd hr ni 
imdenisned. Hi soy crrtHmr or eont^tm. 
tocy it the said Codwany rcuulrimr «u>-h 
ropy on payment of the mralated eftarae 
for the .same. 


2-3 Hied Court, 

Fleet Streer. 

London. EU 

Ref.: -K/TTH. Tel * .W4«««I. 
-Sodonors for tbe Petittoncr 
NOTE.— Any. prtann who iniep.w *i* 
appear on the ttearins of the said Fetitvw 
mnn serve on. or send by post i«. ih' 
above-named notto -in wntuhi ««f h * 
inlemton so rp do. The nonev mn-i state 
fhe name and address of the person, or if 
a finh the name find addivv. of the firm 
and must he signed by the peroin or firm. 



« n,rf i>W , Y or the said Cora- j or m, or , u Jn y. and musf 

panr desJrooa to apppon or oppose (hr 
tnaWn* of an Order on iht said Peuflon 

may appear at the aline of heartna. in 
person or by Ala coon 

. . isef. for that bup- 

pose: and a copy o I Vie Petlnan wUI b*> 
fonrtsbed by the urideralftiKd to airv 
creditor or contributory of the said Com- 
pany remuriwi anch copy on parmcot of 
the revolated charge for the same. 


2J Rind Court, « 

Fleet Street. ^ 

- London- K.C.4. 

Ref.: F/BH/LB. Tel.? 01M3 5511. 

Solicitors for the Petitioner. 

NOTE-— Any person who Intends to 
appear on the bearing of the said Petition 
mast seme on. or send by post in. the 
above-named notice tn writing of bis 
Intention so to do. The notice most at ate 
the name and address of the prison, or. 
if a firm the name and address of the 
firm and most he signed hr the. person 
or firm, or Bid or thstr solicitor fif any) 
and must be served, or. if posted, must 
be sent by post hi sufficient time to reach 
the above-named not later than four 
o'clock (n the afternoon of the t«h dar 
of . April un. 

No. MSM or 1978 

Chancery Division Companies Conn. In 
the Maner of E. C. CLAR K t PLUMBING 
ft HEATING) LIMITED and in the 
M*tiar of The Companies Act tMa. 

Petition for the Winding up of the above- 
named Company by the Rich Conn of 
justice was on the- 16th day of March 
1973. .presented to the said Coon by URM 
CAD EL LIMITED whose Registered Office 
Is OKuate at Stanley Worta. Osborne Road. 
Thortaon . Heath. Surrey. Plumbers Met^ 
chants, and Oat the said Petition Is 
directed to be heard before the Court 
sitting at UK Royal Coons of Justice. 
Strand. London. WC2A 2LL on the ITth 
day. of April 1878. and any creditor or 

be'PMved. or. if posted, xnm b>* ieoi hv 
ptwt in awfiklenl tune to reaefi Hie ahov— 
named not later than four n'ettek m rhn 
afternoon of the Mtb day of Annl IK* 

contribnory of the said Company desirous u 

ro support or oppose the milting of an i be^sent-by -pod Tir "mURcicoT time "V 

No. 0dS47 of 107H 

Chancery Division Companies Court In 
and in the Waiter of The Companies Ad. 


Petition for the Wlndlna up of the abov.'- 
named Company by- the Rich Courr of 
Jnstice was on thu tilth day of Mwvh 
l!tiS« . pre».-nted to the said Court by 
SMAK.-LlMrTED whose reginen-d office 
w ai a) PaddtnRtoa Street. London. W.l. 
Mahufaclim-rs of faRhlon cloth lug. and 
thati uw said Petition Is directed to be 
heard before th*? Court yniins at the 
Royal Cnnru of Justice. Strand. Unidon. 
WC2A ILL- oo the ITth das «l April 
I87S. and any creditor or contributory of 
the said Company . desirous to wobon 
or oppose, the making of an Order on ihr 
saVI Petition mas .appear at the tune of 
hearing. In per ■.on or by his counsel- (or 
That purpose: -amLa copy or the Petidon 
wtit be funilBhod ,:by the uudiTsIcned rn 
•RV uredRor- or vontefbutovy at t!w said 
Camoany requkrias Such copy on paiTnem 
of the regulated eharce tor the nine. 

-. 5 .Sttsumrd Place. . 

. LoswSqa. WIN flDE. 

Hef. : 2S/CB/4WUI. 

. Trt.: M-«W tUftl. 

SoUcRon. for (ho Petitioner. 

NOTE.— Any person who Intends fn 
appear on^he bearing of tile raid Pntitlnh 
must Berve ou. or send b> - post, to, the 
abore-nanted notice Jo teritinst of hi' 
intention so to do ‘ The notice must Pj\' 
the name and address of the person, or. 
tf a firm Hie name and address of me 
firm and must In' signed by the pnaou 
or firm, or his- or their solldtor i!f «nyi 
and mu« be "wrved. or. if posied. must 


Order on the Mid Petition may appear I reach rlw above-named not later titan 
a tne ttirie or tKarlng in person or Hv, fWR- o'etoefc- In the aitenwoiy or Hie Mih 
his counsel, for that purpose: and a oonv-day nf AuriT f67a. - 

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<T« Lj 


HOMF \ 1 W 




Fire Year Floating Rate Loan 

jointly and severally, nncoraffiioaany and irrevocably gmprrfi -nf by 




. . managed by .. 



prodded by 

Bank for Credit and Foreign Commerce (Overseas) 
Banqne Contmentale du Luxembourg SJL ' 

•• BfG Luxemburg 
BHF-BANK International 

Hamburgisdie Landesbank 
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Internationale Genoss enschaflshank AG 

Ihrestitions- und Handefe-Bank AG 
London Branch. 

landesbank Rheinland-PEalz mid Saar International SJL - 
Zentralspaikasse der Gemeinde Wkn 

Building trade safety defects 
‘could cause 2,000 deaths’ 

r§le CO 

r ■■■.; ^ i o 

for price 


financial times reporter - - v - j JT 

THE FAILURE of the construe- applied to an ever-wider range " simply not acceptable as an managers and men, do not ! j fc 

non industry to make any real of building and construction excuse for the serious toll of -always believe that nsk ; oi- 1I/QT/*|I|||||i 
improvement in its safety activities, the causes of fatal injuries and deaths." ;• i . Jp jp q from a 'hazard justifies j y 

stimoards - could' lead to 2.000 and serious accidents have gener- One example given -in -ihe-, ’the ^precautions and organisa-i • . 

building workers being killed ally remained the same for the report i^of men who were found tlonal effort needed to prevent, gy MICHAEL WAN&Stt. v . 
OTer the next ten years with a past 60 or 70 yean: falls of to be working: in «munsnpportedthe;arcident. ' j OTir(r rnTCTRriLS mav 

further 400,000 suffering senous persons,, particularly -from trench. The foreman insjsteffthe' - : “ lane managers oficn Mine PJJGB 

injuw, according to a report by ladders, roofs and scaffolds; excavation was safe but a ProbL "that tbe situation cannot be eon-j peak, n j* Sen# rtfaff 

Ae Health and Safety Executive falls of materials; collapse of bitten Notice was issued: amfcttolled by the kind of J ’ 

which was published yesterday, excavations and misuse or failure timbering-installed. Some time which it is within their p0 ^ r ; . "Loni CocUIpUI 1 ’ 

The report the first the execu- ot lifting machinery and later a further section of the -to take. Senior manager. chnirtuan^ of- tb£?riw 

aw tas devoteaeEHrely to vehides." the report a*. urn* trend, was opened up and tttilinp » number • « SiLw 

health and safety in the construe- It adds that although , a am- again no timber supports were hippy to leave the hazards tor, Lommissiu ■ . ... 
tion industry, show? Sat ti»e streetteu worker hah only a put in. the, safely and the nte Towards (he 

number of reported accidents "^Tightly higher chance of suffer- This time the trench collapsed visors to sort out between them. { of crativ«s. hojCTvr. tigTHfect 
rose from 34J.B1 in 1975 to 34.611 bag a reportable accident thaw and it was the foreman himself -'.The report says accidents- was numnwi 
in 1976. someone in manufacturing Indus- who was seriously injured. ' "ShpuW be better publicised by :and 'eucc ri . ne 

The number nf t.n«i in ^ry.^e accident is more likely’ “It is a fairly simple task ttnstniptian companies to a : and «he> 

r ft ^ jhatj ahtthshed". . - ^ 

over the seme period. But the ^ v 

reoort ■ stresses" twit although * report - snys - • many* sites an 

ovS £SE£. wil accidents in the industry eould obvious 

be fatal. safety to visit most constructioiL.talS: ;is. particularly rmporram: wnnns in 

says-: many sites and point out a numbefb?- because. ‘of. the fact that DMftU-the Three ’..Batina -vS-PflJab 

idustry eould obvious hazards not remedied;!^, accidents do not taler place at . I i shed by ilir National anni 

large number of weU-taown and 

well-documented problems." - — e workIn S systems. 

the efforts of line management" the frontiers of technology " but l niercinl Banking - finmpriHrjgtei 
and which, for the most part, arise from commonplace hazards. ; a case for the Ppc* Gomm tgstop 
involve a breach of the four?: -It "also says that incentive jin its present f orm 
codes of construction regulations: schemes should be designed to -a new role ana, poiaB ^ fw-a 
All of these hazards could cause -inhibit men from taking chances. ; merger with the- - »m»pp|ies 

Yet often the reasons advanced potentially serious accidents. "Health and Safety: Construe- 1 Commission. 

Whereas legislation has for accidents occurring were “People in the industry both ifcn 1976; HUSO; £1.25 



January 1978 



«- : • cue iiLiici Uiiii wt ii ««iia^ 

Chrysler Do-it-yourself car ^Shipbuilding to^give* a guarantbi? 41 

' - ■ w. . ~. :t ,-s- r_, people accepted less. lbati;4hey 

prices up mnoire knnin ^lbsidies 

Ftnanaal Times Reporter rCD2^ 1FS fltlfllTi .. ' - lm reflected in.. a lower level of 

OWYSLER UJC U to inere** UUUU1 LfoOpr 1F1 pncBftan would 


at the same time as it inttodimes THE SIZE of the do-it-yourself . the “after-market” over the C!/woT)#llT10f710 were required. Lord Ucckfleld 

Unprovemeuts to standard speci- c^r repair market in Britain has next few years. *• ’ ' uCallUlIldVla JS. ^ 

ficauons on. the Alpine. risen extremely rapidly during It says this can he expected . But They must not be 'regarded 

bunoeam prices are to go up the last six . years to reach an to continue at a higher - propor- -Tinandal Times Reporter as solutions. Thev provide only 

srs-25: aBm - worth bs,tain ^ ™. .i 

SiC _Areording ,to a new ^rv^_S7 roads, which i Ir estimated at S be put right. 

The real justification fa* the 
price control, he sayi.Wi* « 
the other half of a pay aOdCptfcfes " 

- It was essentially an attfinpt 
to give a Kuarantwr -if 
people accepted lias, ibatudhoy 
could get in .1 free marked ihen- 
wbat they bad given, up %ould 
In: reflected in . a lower." level of 
prices than would othcrWise-fcftfr 
prevailed. . . 

The cnnlrol5 may be necessary 
at times when drastic measures 
were required. Lord . Codcfield 
says. - - l ' 

But They must not be -regarded 
as solutions. -They provide only 

cost of an Alpine will rise by per cent, of motorists purchased between 2 and 3 per cent a yea* big subsidies in . the world, yeti 
just under 5 per cent., the first some parts, or accessaries for over the next decade^ many arc less generous than I 

for nearly nine months. 

their car last year. 

The report also suggests that I those offered 

“The tragedy of the past Tew 
years," he comments, •‘Vs the 

of'fs’uSiam 1 wiR^s^'fmS ^fST" With m ad- .certain Srts wUmTSw oc^OTjMtons^krNOMay^^'a're^lspa^ 
^“SaVSLSS '$£ SS2. a L£L*t «J*£S port L the .hipbroking ann [ sufficiontlr vigoroi^l . V 

efforts bavc helped «£? *53^38? IS 

xa wtosra's ss£2gttsz t *& s yj asu 

line with a competitor like the lJistrihutors. concludes that K 88 standard eqttifc' eK jer bonks for over a decade. inefficiency. 

Once you fill in our Coupon 

line with a competitor like the Distributors, concludes that menL ^ ^ order bonks for oyer a decade. I re S-Si-«»*ta^2i w,H h, larther growth la olbcr 6and . *, ^ SS 

gestation is expected to increase for^Jou in Briton for and lqi«er_apd.“ one ends up 

°Thf main ti,- and from West Germany 

ttSStinn *?hn SSS SLfiB £5Sm -’ ^ difference rcpre-If^ 1 ™ 1 whiph achieves .leas and 
r ®P° r * . •* , £S0*b, Seatin g Government- subsidies ,v , . .* . •- . l- < ... 

be in the cost of motoring— up “TT-'v, • i This, he says,. is what happened 

M m “®^"P er centi in the past- five : rm.. renort from Khiohrnkers 1 *Ber August -1976. anil “at that 

m mwrm*a \ I years— consumer resistance to r rtRrnrhn^^h,nn?nr^ I sta S e it wonld have heen far 

II B V . t - 1 111 I ■■ II I garage charges, and the steep t w '* er ln have abolished ti” 

MA . VwM|#VfAA . nse in the price of new cars, ^ ircont S 1 «#*«#. however, lie , fees a 

which has led motorists to hang S 7™! *”S'j strong case Tor “ a "permanent 

— _ . on to their existing models.- . .JJtJ A°H tQ P rolect the roromunitv 

■ .. V' The bulk of cash spent by DIY; : a -i If 1 ' “S- ! at large in the- field nr pricing. 1- ' 

S A. I motorists is on replacement parts suffer in this oiuntry from 

VIM .V |V V • Last year, these motorists spenrfo^L i “ market doihlnpitioo.;- price 

YIB I' Tl"!! Ilf . on parts. acamntingfo3.f-P_ e [ n 5L^?^^^rt?I!l lGadere - b * p ‘ Pwail«t pricing, the 

cent o? the total WY - ] 2 S ^rHSi° r B th ! ^ Hick of cffccll^ cmapetitioc, un- 

95 per cen t , ui me total uii ,i p.r i..n, ■ » : jwj i i«*t n u» um,ii<6 i<r-ti<.uu™, —- 
aftermarket. .Some 82 - per coot.- SnS.&iSi ^.conditions, for} wHlingncss to compete np imee 
of all motorists bought electrical *P}P^ r liai, V- - anf l a ‘cost plus’ mentality 

parts, while 45 per cent, pur- n? ° ffer plunder which the instinctive rcac j 



chased at least one brake and SS™ 6 ?^ aftS’ °!f p r rp ^ 5 1 T [ on t0 eo ? t increases js tn pass 

suspension part. SL 415 a ^'- ..renL interest | them on in prices rather than 

The .report sa* there are signs absorb them in greater 
A farther £76m. was' spent on that action mayihave to betaken efficiency." - - 

«fS teX ^5 < ?io^ nd repair b y -Norway to entire that the use Price “control of- JIw kind 

meat, ana tldlm. on accessories of resources to ipreserve ship- Britain bad from 1973 to 1977 
with car care equipment account- building does not harm the coun- is not the right weapon to deal 
mg for the rest of the market try’s shipping industries. .. with these problems." - 

■r • ■■ •». : • .1 -“p- 




i . 

V ’T • * 

: : .* ' 


Which will probably be a considerable improvement on 

where you are just now. 


If yon are a company director, or senior executive, 
we'd like to present you with asample of onr 
free twin pack offer. Two for the price of none, 
if you like. 

Can one contains a vei? special ‘Consomme of 
Pheasant*, cooked in the traditional manner, 
flavoured with sherry and delicate spices. A small 
and symbolic sample of Scotland’s prosperous life 
style. Which you may enjoy, whilst yon reflect upon 
the contents of tin two. 

The second can contains a very tempting Hestune 
of Cumbernauld’, to excite the palate and sharpen 

the appetite. It providesfood for thought- 
Thoughts, for example, about one of the country’s - 
most successful new towns, established for . 

21 years. A town new In name and new in spirit, hot 
old in experience. A town based right in Scotland's ' 
heartland, within 40 minutes of Edmbnrgh and 

Glasgow airports and litUemore from PrestwicL 

Midway between two major ocean ports, and right 
at the centre of the Scottish motorway network. 
Thoughts about financial advantages in the form of 
generous grants, attractive loans — the best on 
olferin Britain. 

Dear Brigadier Cowan, . . 

I’m hungry for opportunities. Send me your Consommd 
and Resume to give me food for thought. 


Chief Executive, BrigadierCofinCowan, 

Cumbernauld Development Corporation, - 
Cumbernauld House, 


Scotland GS73JH 

Thoughts abtmtavailable and willing skilled labour 
withoneof thebestindnstrialrdatibnsrecdrds . 
in Britain. S ! , ■" 

urinates betweenyour idealbome and yourideal 
office. Mountains, lochs and rivers a short drive 
away. Just about every facility for sport and 
recreation within easy reach. 

So be warned. Our free offer coHld give you a taste 
for a whole new Dfe style. But what amrau. 

Position _ 
Company . 
Address _ 
Tel. No. ^ 


(o cgh 


III V i . H S i 



Ffoarefar Tfmes Ttimfay Ifarcfi 23 tars 

labour news 

Civil servants study 
91% pay rise offer 


SSL yesterday Both the association and the 

nwde its expected offer of 8$ per Society of Civil and Public 
nwumr p 5? wosohdat ion of pay Servants were originally pn£ 

SitlS colia? 6 ?^ 15, t0 f 00 ' 00 ? S" 0 ® c,aims ■well bsyond the 
coU * r . c,v 9 , servants and Governments- - guidelines, but 
was rewarded with an initially earlier this month the assoria- 
lavouraoie response. lion decided against pressing a 

. "* r - "fj 1 McCaU, general secre- demand for 14-20 per cent 
tary of the Institution of Profes- increases. 
k °i? a il Civil Servants, said on The executive ofthe society — 
ocnalf of the six Civil Service from which any resistance to the 
unions presenting a common offer would be most likely to 
front on pay. that the main come — will -meet to consider it 
elements of the offer met the n ext week, 
claim of the consortium in fall. Consolidation , of -Phase One 
Although the consortium wants and Two supplements would take 
further negotiations on some a P the outstanding 0& per cent 
details, this means, in effect, that 0Q Xop °* 94 per sent direct 

the offer has. been accepted by offer » and some improvements in 
unions representing about half allowances are also proposed, 
the 500,000 civil servants o • ' • • 

The six unions are; the institu- oUrpnse 
tion, the Civil Service Union, the ■ The Civil Service Department 
federation, said that- the offer JS^Shin 
5 Sa i ^ ssoa - at i on ’ Pay guidelines and the Govern- 

? 1S0 P Officers Association ment bad indicated to the unions 
and the Association of Govern- that it “believes It is 'a- fair one 
ment Supervisors and. Radio in line with the increases being 
^ pad to other groups of -Staff.” 

tuc Civil and Public Services Unions representin g 420.000 
Association, the biggest Civil nurses and midwives-. have had 
Service union, said that the offer their employers’ ' agreement ;n 
■^edta ’be the maximum principle to a claim for compen- 
unaer the Government's guide* sation in lieu of productivity pay 
j n . wou,Id 536 examined in sation in lieu of productivity pay- 
detail and there would be full ments inthe present wage round, 
consultation of members before The unions have decided not 
any settlement was reached. ; to claim for productrvity^for pro- 

Lloyds bank groups 
to consider merger 

fessional and ethical reasons, but 
have dearly been taken by sur- 
prise by the early agreement of 
the employers side of the nurses’ 
Whitley Council to . back their 

Gaining the employers’ sym- 
pathy was seen as the most ira 
portant hurdle towards persuad- 
ing the Department of Employ- 
ment . and .Ministers . that . the 
nurses bad a special case. 

Once the details of the .com- 
pensation. demand have been 
worked out it is hoped that joint 
representations, will be made to 
claim under She pay guidelines. 

The Confederation of Health 
Service . Employees, which js 
among eight unions representing 
the nurses, said yesterday that 
an. offer of a 10 per cent, increase 
on basic rates with full consoli- 
dation of the Phase 11 supple- 
ment was being considered in 
response 'to a 12-point claim. 

Proposals for* some consolida- 
tion of Phase 1 were still -being 
worked out before the offer was 
put out to- branches. 

• Pay talks -between rail union 
leaders and the British- Railways 
Board yesterday centred on a 
productivity offer linking passen- 
ger and freight figures to the 
number of* hours worked by 
individual railmen. 

This is estimated to amount to 
an extra £&50 a ‘week in addition 
to a 10 per cent, pay offer. The 
proposals are conditional on 
unions agreeing to co-operate in 
further manning cuts and 
changes in- work prctices. 





A STRIKE - by ferrymen 
employed ' by Townsend 
Thoresen may cause difficulties 
-for Easter holiday-makers. The 
company is advising passengers 
hoping to cross from Felix- 
stowe to Zeebrugge or Rotter- 
dam of alternative routes. 

Yesterday no ferries were 
running from Felixstowe after 
-crew members of the Gaelic 
Ferry occupied the ship as a 
• protest against their sacking by 
the company. The dismissals 
followed an ultimatum from 
the company to end an un- 
official stoppage which ~ has 
been going on since last Friday. 

Refused " 

The -port committee of the 
National Union of Seamen 
refused to call it off. It is to 
take legal advice about the 
sackings and the dismissal last 
year of a steward after a drugs 

Mr. George Cartwright, port 
committee.chaxngan, called for 
support from-- colleagues on 
Townsend Thoresen’s Scottish 
and Irish routes. Sailings on 
those routes are still operating 
normally, according to a com- 
pany spokesman. 

Mr. Jim Slater, general secre- 
tary of the onion, said that the 
steward’s dismissal was folly 
justified and that the Felix- 
stowe men should go back to 


A union view of the future 



THE National Union of Bank 
Employees and the Lloyds Bank 
group staff association have 
agreed to explore a plan for 
merging, their interests. The 
move could signal a break- 
through towards solving the 
problem of long-standing feuds 
-between union and staff associa- 
tions in the British clearing 
banks. . 

The -two sides yesterday 
announced the setting up of a 
joint working party to look at 
the possibility of creating a 
single negotiating body in 
Lloyds. These would represent 
about 22.000 staff association 
members and about 14.500 mem- 
bers of NUBE. 

The new body would be known 
as the Lloyds Bank Group Staff 
Union and would be affiliated 
to NUBE, giving it a say in 
general clearing bank and other 
national bank matters. 

■ Mr. Leif Mills, general -secre- 
tary of NUBE, described the 
agreement to explore the plan 

as “a major break in .the log 
jamming that has afflicted 
British banks for years.**' He 
hoped that the move would set 
an example to other banks such 
as Barclays and National West- 

The proposed arrangement 
could also change the union 
attitude towards clearing banks 
proposals for more- flexible 
opening hours, be added. 

: The working party, consisting 
of five staff association mem- 
bers in Lloyds and five' from 
the union — with Mr. Mills also 
taking part — is expected to 
report by July. 

If the merger goes ahead, the 
new Lloyd’s union would have 
its own constitution and rules 
which would be decided Jiy. -the 
members, although a d 
advance would have to.b 
on which rules would ta 
cedence over those of 

The union believes, the bank 
employers will welcome * tidier 
negotiating structure. 

Proposal to change TUC 
election rules rejected 



PROPOSAL to change the way. 
TtJG -^general council -is 
lected; 'to. .give proportional re- 
resen tation, was. rejected by the 
ouncil yesterday. ; 

The TUC’s finance and .general 
es committee had- decided 
Monday to recommend -that 
ions with 150.000 .mothers 
ouia automatically have .4 seat; 
gger . Unions would have from 
o to - five dependlng./on . size, 
alter. ones would poll on some 

d of constituency basis. 

ue of the main objections, Mr. 

Murray, TUC -general sec- 
arjfcsald afterv^ards, had been 
,t a -Change ixv the- system — at 
sent;', a IF - members have to 
nd-fbr. election by Congress as 
hole' — might endanger the 
cti's “ cohesiveness.’’ 
ne -union leader * said ' last 
ht: the reform, which was 

voted nut by -about 20-15... had 
heen: opposed mainly, by Left- 
-Wingers and by council members 
' from- small unions. 

Protagonists of the idea argued 
that the big unions’ represents 
tives would still be responsible 
toVfhe Congress as a- whole even 
though nominated rather than 
‘elected. . 

The question whether the 
women's 'section, should -be 
.abolished, expanded, or left 
alone is still being considered. 
The-abolitiooists argue that with- 
out a special section, unions with 
large numbers of women mem- 
bers would ' be compelled to 
nominate women. 

This, and - the question , of % 
expanding the TUC’s industrial: 
committees, will be part ot the 
now-truncated plans to be put- tOj 
this year's Congress for approval 

EC workers end strike 


L .EIGHT- WEEK strike by 
storekeepers at G£C : -Tele- 
" i cations in Coventry was 
ed/off yesterday. They will 
rtrrto work to-day to allow 
re talks'-. to -he held on a pay 

eir strike caused over 2,000 
ployees to be made idle, but 
t of these workers arc 
to be asked to go back, 
til after -the Easter break. 

The storekeepers have been 
claiming, as .well as a 10 percent., 
.rise, an extra £3. a week to bring 

them into line with other workers. 

But the management said the 
company would lose vital Post 
Office orders if it infringed Gov- 
ernment pay. policy by giving the 
increase... . ’ ' - 

The storekeepers have staged 
an -occupation of part of the 
factory three times to press their 

4nti-car policies attacked 


.1LURE to recognise the 
Jortance of road-based trans- 
•t was producing policies -and 

itudes which were “had news” 

everyone .working in the 
tor industry, Mr. Terry Duffy, 
talgamated Union of Engineer- 

JJVhfltBatbn United 
t? Dowry Square, Bristol BS84SL 
Td. Bristol 291295 

ing Workers presidential candi- 
date. said in Birmingham last 
night - . ' 

The Labour Party home policy 
committee, be' said; had spoken 
“misguidedly’* of removing 
cans and lorries from the road, 
« It spells out a strategy includ- 
ing increased costs, restriction 
of use and contrived congestion 

to disenchant the road user and 

thereby achieve their stated 
end.” ■ 

If such measures- were applied, 

the cars to disappear would be 

those of working people wh<> 
“obviously would fee those. whp 
are. unable to - pay the price of 
privilege/' / • '»' ' - - 

The time .had come, said Mr. 

Duffy, to redress the balance' of 

the argument against .the motor 

vehicle. - 

“ We must all be aware that 
we have sufficient commercial 
enemies abroad- without being 
asked to face, ■ those enemies 
while fettered by. autwiehide 
policies at home. The British 
vehicle industry can spearhead 
the economic regeneration of 
this nation, but it seems we must 

first fight for the right so to- do” 

THE DECISION by Lucas shop 
stewards to block the movement 
of equipment and information 
from the one plant to another 
to fight the loss of nearly 1,700 
jobs on Merseyside seems at 
first sight another Liverpool 
attempt to shut the stable door 
when; the horse has long. gone. 

But -behind ibe move is some- 
| thing other than what manage- 
ments have sometimes seen as 
Merseyside bloody-mindedness. 
[The reaction of the Lucas 
stewards is based on the belief 
that, there is a complete, con- 
structive, alternative strategy 
for ..'the Lucas Aerospace, in 1 
dustry. .' 

,The..-Gorporate Plan drawn up 
by, 0ie Lucas Aerospace Com- 
bine -shop stewards committee' 
was . presented to Lucas in 
Jantiary, 1976. It was seen by 
both, management and unions 
as a fundamental political chal- 
lenge to -the way industry was 
operating, and was rejected by 
the company in April 1376. 

But with the cuts proposed 
last week, the stewards' com- 
bine sees the predictions of the 
plan fulfilled and at tbe same 
time feels that more than ever, 
the plan is vital for the future 
not just df the Lucas workforce 
but for the whole Merseyside 

A deputation of Labour MPs 
is to ask the Government and 
Lucas to re-consider the com- 
bine's plan when it meets Mr. 
Albert Booth, Employment Sec- 
retary,. to protest about the 
threatened redundancies and a 
Commons motion mentioning the 
plan has been tabled. 

The extensive and highly tech- 

nical plan was originally drawn 
up by the stewards' combine 
after consultations with trade 
unions, universities and other 
Interested bodies and after a 
range of specific product 
suggestions came in from the 
Lucas workforce in response to 
a questionnaire. 

Connections were built up with 
the Open University. Queen 
Mary College. London and espe- 
cially the North East London 

union support for it is only 
‘‘ growing.” but it does claim 
that shop stewards’ committees 
in Chrysler, Vickers, Rolls-Royce 
and elsewhere are discussing 
corporate plans based on the 
Lucas model. 

The basis of the plan is an 
attempt by shop stewards to re- 
direct Lucas production into 
“socially useful " markets, away 
from the manufacture of military 
equipment, which is the chiet 

Hie Lucas shop stewards’ plan is au attempt to 
redirect production into * socially useful’ 
markets and away from the manufacture of 
military equipment. 

Polytechnic. Support for the 
plan came from sources as far 
ranging as Left-wing Labour 
MPs, the Fabian Society, the In- 
stitute of Workers' Control and 
the Dominican Fathers. 

The questionnaire produced a 
range of 150 products, of which 
12 were proposed in detail in 
the plan itself. Bui in part, the 
strong academic and political 
links, coupled with the avowedly 
Left-wing position of some of 
the combine’s senior officials 
solidly trade union-centred Lucas 
distanced tbe ideas from the 

The TUC made two television 
programmes on the plan, and the 
Transport and General Workers’ 
Union issued a pamphlet outlin- 
ing its aims. 

Ibe combine, even now — two 
years after the plan was first 
produced — says that trade 

product range of the Aerospace 
division, and into cheap heating, 
cheaper, safer transport and 
medical equipment 

Lucas rejected the plan, basing 
its reply on a reaffirmation of its 
established business strategy. 
The company said it intended to 
continue concentrating on tradi- 
tional business for aerospace and 

Tbe combine now says that the 
job cuts show that Lucas was 
wrong in maintaining its estab- 
lished strategy, but that it is not 
too late for the changes proposed 
by the plan. 

Mr. Michael Cooney, combine 
chairman, believes the Liverpool 
plant could be profitably used to 
build the hybrid engine for one 
of the plan’s suggestions, a 
revolutionary road and rail car 
which has already been success- 
fully tested. 

Perhaps more idealistically. 
Mr. Cooney says that the doomed 
British Leylaod plant at Speke 
could be turned over to the pro* 
duction of the car to save jobs 
is tbe Liverpool area. 

Lucas, which no longer recog- 
nises the combine, believes that 
the plan’s ideas are not market- 
able. and there is some union 
belief that the combine over- 
stretched itself in suggesting the 
production of complete items tn 
a company whose history has 
been bound up in components. 
Lucas says many of its 
products are already “socially 
useful,” and that further diversi- 
fication in terms of tbe plan is 

The combine is obviously pre- 
pared for a fight, but the very 
existence of the plan, based on 
industrial democracy on the shop- 
floor rather than In the Board- 
room, shows that not every 
redundancy battle is either a 
machine-breaking fight to the 
death or a bargaining strategy to 
increase severance pay-ofls. 

Gas workers’ 
strike called 

MORE THAN 1.550 white-collar 
Scottish Gas employees in Edin- 
burgh are being told by their 
union to strike from to-morrow 
in support of 14 dismissed wages 
and salaries clerks. 

Tbe action, authorised yester- 
day by tire National and Local 
Government Officers Association, 
will affect administration, main- 
tenance, showroom and account- 
ing services. 

ifs a Bedford you need. 

Whether you need a light- 
weight no-HGV truck, a 42 tonne 
double-drive six wheel tractor, or 
anything in between, there’s a 
Bedford to fill your need. Whatever 
the job to be done. 

And you can be confident 
that behind every Bedford is our 
reputation for reliable and econ- 
omical commercial transport.' 

But Bedford is also people- our 
dealer transport specialists and 
service personnel are ready and 
able to advise and to help you 
whenever and wherever you 
require it. 

Bedford. When you really 
get down to it, its the truck you 
need for any tough 
job, anywhere. 


For all the jobs that need doing 


Shore argues for prompt start Labour rejects 

building Windsrale 

election pact 
with Communists 


THE BUILDING of the £600ni. in? *it h the programme imme- meats r>n BXFL the Government *"!•— Tt ^ the fear of what might TRANSPORT HOUSE has curtly baye complicated still fui 

nuclear fuel reprocessing planl diately. he dismissed suggestions would be able to do this and „ f8-«5£- happen. But these fears arc rejected overtures from Britain s the 'efforts of the national 

at Wmdscale hj British Nuclear that it should be defaced until those requirements would have . quite unpruvua. and ibe evidence tiny Communist Party tbat it- ecu M vp committee to wort: 

Fuels should start without the outcome is known.* in about to be complied wtih if the repro- r. i f/W is extremely slender." and Labour should go into the. guidelines to govern reta 

further delaj Hr. Peter Shore, two year*’ time, of the Inter- cessing plant were 10 operate al ** VfSI Mr. Kin" said that Lord Justice Qexl genera! election on a par* with the European Cora mi 

Environment Secretary, told the national fuel Cycle Evaluation, all. h : : ' • . VwS ftSffi Parker's report was valuable, and l >al common platform — covering parties, both East and Wes 

Commons last night “ t do m»t believe it is realistic •» I j in satisfied that the level Ji - the Conservatives supported his raee - disaroiament and the Meanwhile. Mr. Andy B< 

He also urged that the plane lO hope that ir we dela> con- fl f ^sk 3 nd the control* at our recommendations. "We recog- reversal of public expenditure j^. . s National Youth Of 

should he built to ihe full size struction the need for the o»;w disposal arc not such as to re- -MoKr/''', * ^ Dl ? e that this marks a very culs • rt ,« n wed Trotskyist, is a 

proposed by BXFL. plant might meanwhile d»s- quire me to refuse planning per- - * s A .« Thesirbieet was dealt with and avowed iroisKjisi. is a 

Opening the dehate on the a PP e3r - k e declared. Without mission." 

report of the Windscale inquiry. c ‘ Je P ,an ” '* nu l d lb*® all On the question of the size nr 

Mr. Shore pave a tony and p r?;£* cl Japanese repro- p , anU Mr Shore pp i n , e d 0 m 

detailed endorsement of the find- cc-.»in„ contract and also con- (D anv cvenl _ we would 

ings of Mr. Justice Parker as to tra ® fs other countries, such neod [C1 rP * prow>s , fuel from 
why the project should yo ahead. J our own advanced gas-cooled 

He intends m bring before the . J ® ars h . av ® passed rPa ,. trirs Even with a mininiuin 

House as soon as possible since negotiations with overseas nuclear orOTammc wc were 

the opod.1 development .irder countries oesan. and I. is ntm- Sely to nerf «ith I 

which will have to be approved two years since the Government throughput of SOO tonnes a 
by MPs. Their endorsement is Save approval in principle to the V ear 

necessary if work on the plant overseas contracts. It will be ‘ h ,, ' no 

is to start another nine to ten years before , °. el,c \ e . we . a " M '™ "° 

The Secretarv of State gave the plant will begin to operate." ? ens * undermining but arc .n- 
no time scale on this but. in fact. On environmental risk. Mr. t "^ndert'-Iun^^ihe^re" 

the order is expected to he laid Shore added a note or caution, ‘.“..■i.,, U ^ e S?ii U 1 , rj?' n^n 

in the House about two weeks If be considered that reprocess- _ ,n * If nU /V - — . .. , „ n ___ jum rne re n;iiu.-*ui.n™ 1 i«u 

after the Easter recess, it will ing involved any serious radio- if 1 \i n l Mr Peter Shore w ' e were becoming the “nuclear Communists, of which 30.00) “ e r g^oSi Studeots> 

include a liat of safeguard con- logical danger to the public or dustbin of the world/ copies have be ® n . dlst ”^ ute ^ advocates pupil councils, gui 

ditions which were stipulated in workers, there would be no proposes '■ * l ° " Mr Tom Kin**. shadow Energy Although fears had been un- * 8 ? sch^r leaver 

the report by Mr. Justice Parker, dueston of giving outline plan- J* p ' Secretary said- "This is not a necessarily aroused, it was im- trade un ? n ‘ hnnJ^hrnl-PVPr? 5 ^ 8 ' higher education spending. 

These are intended to ensure ning permission to the BNFL Howeier if there was any ea!hu*u- portant that aJL public doubts ^ote fa ope. hovveverim- d relis j 0 ns teaching 

that the local planning authority proposals. question of undcrimmng our ^!nd reservations should be ex- Tirobahle oF some kind of elec- * punishment, 

will have full powers to exercise He agreed with Mr. Justice interest In making the non ' oSitv 0 r "incere Plor^d In public debate toral deal. . rpo 

detailed control over the dere- Parker^? e.vpression Q f satisfsc- pro ifcration treaty effective, we There are pleng w - -hat the Alternative energy sources J h *. r . easor1 ' ls h n “L°" ly *2-. 
iopment. • tion over the safe tv factor. But cou,d nnl - nd should not pro- people wno believe .nzt me overwhelming hostility of X-y 

In his speech. Mr. Shore gave he went on: “We. do not live in ce « d w [* thc P lant .- environ menial solution" * eSt would be left when oil. and later Lah °ur— aDd "?* “"Jj nn JJJ Sill OH DrflX 

his backing 10 the favourable a static situation. if new tin Ihe economic <ude. he environmental solution. social democratic wing— to any . 

' Financial Times Thursday March 23 1978 

Labour HQ | 
cash call I 

to unions | 

• Our Labour Editor - 
TRADE UNIONS are to be asked £ 

by the TUC chairman. Mr. David ^ 
BasnetT. of the General and » 

Mr. Peter Shore 


Tt is the fear of what might TRANSPORT HOUSE has curtly have complicated still further Labour Party needs to hold and 

happen. But these fears arc rejected overtures from Britain's the efforts o f the national e^-sur^eytheyieforits -newheari- 

quite unproven, and ibe evidence tiny Communist Party that it- ecu rive committee to work out ' jn ivalworth Road 

is extremely slender.” and Labour should go into the. guidelines to govern relations q nr ,rfrtn 

Mr Kin" said that Lord Tustice Qexl genera! election on a par- with the European Communist aouia i^onaun. 

Parker's repoii was va?Jabl? a^d tial common platform— covering parties, both East and West Those who have not yet given 

the Conservatives supported his race - disarmament and the Meanwbile . Mr. Andy Bevan. money will be asked for contri- 
reconnnendations. "We rec.og- reversal- of public expenditure T National Youth Officer, fautions by the end of the month, 
pise that this marks, a very cuts, and avowed Trotskyist, is again according to the size of their 

dZSl SS <JP s ™ r r^ very** s^S. “ I. tYOUbJe with, the party-this party-affiUatad htemherahip. 

ing a major P projcct of this kind, session, of the policy-making tune for sponsoring a leaflet cam- Leaders of most of the major 

. p . . .. , . „ national executive committee paign aimed at stirring up unrest un i 0ns attended a meeting at 

nppf^Pf re n 0 Sn «^- Ih r«nPM - S .v^ which una him oasly - empowered- in Britain’s classrooms. Congress House yesterday when 

jSsHcp ■Parker ^raws P a^enUon “ r ' RoQ 1 Xbe ^ prime Minister, who last th dec isioa was taken. They 

implicit in it. but. on. balance, ^fu^i ' hS indicated to M? Hayward mirtee to work out a scheme 

it IS a major success. “The Labour Party." it says, ^ d ?spjeasure' at the leaflet, under which the unions would 

Mr. Arthur Palmer '(Lab- Bris- “has no desire to have any Already 100.000 of them have own. perhaps as a co-operative, 
tol NE). chairman of the Select discussion or contacts wtaatso- apparently been run off. but ih e new building and iehse it to 
Committee on Science and Tech- ever, with your party. \\ e regard yegterdav the national executive tji e party 

oology, said that much opposition it and will continue To regard it committee blocked a further _ . ' fnr *hi» 

to the fast breeder reactor and as we du our orher political print which had been * 5 ?™ a. 

reprocessing seemed to have fol- opnonents." planned. devel °P ina lbe Sltc was 

lowed newspaper reports about The decision is in answer to _ rhtldren tn ® A * wn * 

the Japanese contract which said an open letter last week from the . 1 recently-formed ^National Unions are being asked by the 

we were becoming the “nuclear Communists, of which 30.000 F scHqqi students. This to swell the political fund 

dustbin of the world." copies have heeo distrihuterL Umon ^ S^ooi student^ inis {nm abDUt £ 500,000 

. and sent to everv Labour MP and PM 1 SiS ? \ tor the general elec Uon. 

Although fears had been un 

With iL perishes *« d i° bs for. school leavers, a 
)pe howe?e? im : W Sher education spending, and 
an end to religious teaching and 

ill have ru 11 powers 10 exercise He agreed with Mr. Justice interest .in making the non - ,n “ r “ e D ,“Vv 0 T "in’-ere Pl»w<* fn public detate. toral deal. . 

stalled control over the deve- Parker^? expression Q f satisfac- pro ifcration treaty effective, we There P SS v .. h 'L Alternative energy sources J h *. r . easor1 ' ls h n “L°" ly *2*. 

ipment. * tion over the safety factor. But could not and should not pro- PfOPj® believe Jut the fill ft/ nan that o t e rw »ie«mmg hostility of 

In his speech. Mr. Shore gave he went on: “We. do not live in ce « d w [* thc P lant .- environmental solution ” ^ would be left when oil. and later Lah °ur— aDd "?* ®." l J nn JJJ 

his backing to the favourable a static situatfnn ir now On the economic side, he environmental solution. . social democratic wing — to any. 


0 see coal, ran out. 

links with the British Com- 
munists. but also an awareness 
that even the smallest gesture 

Bill on Drax 

for die general election. 

Labour ‘more 
confident’ at 

LABOUR'S candidate in 

that even the smallest gesture . . . _ - „ LABOUR 0 candidate in the 

miOCtl ITOVyGJLI in that direction would afford A BILL authorising Government Glasgow Garscadden .by-election 

not undermine our commitment “Should it prove necesiarv in payments." gravest irresponsibility 10 ahan- wre|e an arlicle headed « Focus for the Conservatives, who are stage work un me izraxgeiua-i. now “much more confident 

to the non-proliferation treaty, the light of fresh scientific evi- Mr. Shore said that he would don the option .of nuclear power nR Enoch Powe ||- s constiluencv.” already set to feature the “red log station had a foiroar first bolding the seat than it 

Arguing the case for proceed- dence. to impose tighter require- shortly announce the app'unt- now - It stated that Mr Powell had P eril " argument prominently readme id Die uommans jesier- had been earlier. It was finding 

mem of the radioactive waste Commercial arguments had no been threatened with expulsion Id tll eir election campaign. . day. a “very solid and good response" 

_ — ^ management advisory com- relevance unless the project wu> f rom th e Unionist ranks at Tbes exchaneges coincide The Nuclear Safeguards and from La hour, voters. 

[a ffl mittee. originally announced last basically safe. But there could Westminster. We have made w,t h the secret release felt in Electricity (Finance) Bill, pre- Mr. Donald Dewar said: 

W| ^ Si /] 1 1 Vl May. which would secure the be no “absolute safety.” only further inquiries and are satis- many areas of the Labour Party sen ted by the Energy Secretary “People are asking me about 

-LyjX-flL u LMUi|r VU vu vll mocf expert advice available to relative safety. The record of fied that no such threat has at that the Left-wing alliance of (Mr. Ben n), also introduces inter- independence and are saying 

the Government an the manage- the nuclear industry was remark- any time arisen and that Mr. Socialists and Communists was nation all-agreed safeguards on they don’t like it They are ask- 
J • • A M merit of radioactive waste ably good. Powell has at all times been in defeated in last weekend's the non-proliferation of nuclear ing me about devolution — and 

i ilCIP On the international scene, he “The problem of nuclear good standing with his parly in French elections. weapons. No date was fixed for the vast majority tell me they 

XjLH/OV/ said that over 200 reactors were power is not what has happened. Westminster. A Left-wing victory would the second reading. .. do like it, as I do.” 

now under construction and a . , ... 


Gallery critic joms assault on Yarley 

iroceeding with un- fbergy objectives while pre\ent- pursuit of new ^nurcfs of enerev 

»tc by Mr. Leo Abse “2 3 spread of nuclear weapons, supply, substantial further de. BY PHILIP RAWSTORNE 

pooh, who has led he said, 'lay the ^nger^of™ Ihe° P main 0 /n«hISrh!' countries Tf * E GOVERNMENT'S cuts step" rationalisation offered culture, then stecL I warn situation in an area where angrily 

y campaign urging plutonium economy which an( j jn lhe newh -i ndusiri a I ised in ,he sfeeI * ndus,r >' roi, ^‘ d a the only hope of maintaining the House unless ...” the unemployment rate was Thro* 

further 150 olanned in some 27 
countries. This was more than 

BRITISH Nuclear Fuels and th, tion of safeguards which would Si' p^nd"™’’" W. "" O'il.JLICi Y 
nuclear energy lobby were ehable nadons to achieve their ,. Even with ^ mns , PnHrsPfic ™»*-*'** J *~ J 

accused of proceeding with un- ® n ergy objectives while prevent- pursuit of new snurefs of enerev 

necessan haste hv Mr. Leo Abse “2 a spread of nuclear weapons, supply, ssubsranii.'>l further de. BY PHILIP RAWSTORNE 

,Lah. Pontypooi i. who haa lad >||. velopman. of nucloar = r In TrfE GOVERNMENT'S rula 

Parliamentary campaicn urging plutonium economy which h . npil-ri-IndusirialKed in che ste * } industry roused a 

a more cautious approach by the threatened lives and liberty, countries too seems unavoid- hitter attack Trom Labour MPs 

Gnvernment. The key question which British ahle r, cIe3 ' lh '.. t we ha .. p col and prowls from the public 

He complained that MPs were Nuclear Fuels had so far railed , n j, ax> a nue'ear component gallery in the Commons yes* 

ln r ans "' er 2' as how MuJd f de,a - v if we arc to maintain our Indus- *r/iay. 

*2 U P tha iJl"S 1 ll ! T f u -? t0 ^ re , sult ,n a trial base and an acceptable Mr. Eric Variey, Industry 

be resjrded as embarking on a lernfjins energy gap? standard nf life." Secretary, outlining the pro- 

fni l »^nuA hlC i^k^ hv Sab pre?fden^ m Mr ' Abse COI J tende S ^ H 15 Mr Shore endorsed Mr. posals, ns interrupted ' by 

r^o ir. ai ? ar fi? ent used hy he justice Parker's conclusions on cries or “shame" from the 

Carter «o secure a pause nucleaj- lobby was that delay n r ir u i.k.... h..i. 



Mr. Eric Variey, Industry 
Secretary, outlining the pro- 
posals, wa.s interrupted ' by 

was not possible to awai t the spent nuclear fuel. ® a pom* a ^nmis poration nor the country 

omcome of the International Britain, in effect was being verification selSTtiie most pro f° d *5°? .‘5* ra0,wUn8 
Fuel Cycle Evaluation, which asked to become a nuclear dust- m 3n“apS r oac“in Lt? cfrcSm- lo 5? of ,he indu " ,r j- 
would be known in about two bin. While the monetary Slnces m nuclear waste dU Tbo ^rporation bad a steel- 
years time. attractions were undoubtedly Sal ” he commented “ making capacity of 25m. 26m. 

This interval would allow the seductive, they should not be K u e cou]d „ iV p _ ' a bs 0 i u te lons bul could sell no more 
time needed to develop safer allowed to obscure the dangers of cuaran t ee that attacks from ter than l ‘ ra - ,on! '- bo said . Even 
technologies, better institutional the posisbiy appalling malignant n^ts would not take pl rce on lhc mosl optimistic awump- 
arrangements and the inlroduc- side-effects. alon? the ljneii some peop| ^ Hon. (he iiidusiry’> present 

feared. But the Government was development plan was no 
. . * __ _ -w-r-w'y- taking all possible security pre- longer realistic. 

The corporation bad a steel- 
making capacity of 25m.«26m. 
tuns but could sell no more 

Tories call for U.K. 
mission in Rhodesia 

cautions against this risk. 

The Government's “step-by- 

step ** rationalisation offered 
the only hope of maintaining 
a viable industry, Mr. Variey 

Investment would be 
directed to improved produc- 
tivity and quality; io retaining 
a flexibility that would enable 
the industry to meet a stiir 
uncertain future demand. 

Workers made redundant 
would he generously treated 
and everything possible done 
to provide alternative employ- 

In the Commons gallery, Mr. 
Gwilym ap Robert. Plaid 
Cvmni candidate at Ebbw 
V ale in October 1974, shouted 
*' Where is the alternative em- 
ployment promised us. There 
has been 25 per cent, unem- 

As three attendants removed 
him. Mr. Robert added: "First 
of all it was coal, then agri- 

culture. then stecL I warn 
the House unless ...” 

Sir Keith Joseph, Tory Indus- 
try spokesman, also warned- 
the Government that In start- 
ing to grapple with the indus- 
try's problems,' it was still only 
tackling half the country's 
economic problems. 

“ When will the Government' 
begin to tacqle the other half 
—■the need to encourage the 
growth of new Jobs, new Arms 
and the expansion or existing 
firms by tax cuts?’ he de- 

Labour MPs jeered Sir 
Keith's intervention, hat some 
then turned ferociously on Mr. 

Mr. David Lambie (Lab., 
Central Ayrshire) said the 
plans would he greeted with 
” bitterness and anger.” Defer- 
ment of Investment plans in 
Scotland would exacerbate a 

situation in an area where 
the unemployment rate was 
already 35 per cent/* How can 
he justify that from a Labour 
Government?” he demanded. • 

Mr. Robert Cant (Lab.. 
Stoke Central) denounced the 
proposals as- “an act ot 
betrayal"; . .and Mr. Jack. 
Ashley .- (Lab-, Stoke S.) 
accused Mr. 'Variey' of aban-: 
dotting commitment and 
promises. • 

There were heated exchanges 
between Mr. Nefl Klnnock 
(Lab., Bedwellly), a member 
of the Select Committee that 
recently investigated the steel 
industry, and Mr. Dennis 
Skinner (Lab., Bolsover). 

"It is the height of hypocrisy 
for members of the committee 
who voted for closures to come 
here now in synthetic Indigna- 
tion," Mr. Skinner said. Mr. 
Kinnoek left bis seat to argue 

angrily with him. 

Through it all, Mr. Variey 
grimly repeated that it gave 
him' no pleasure to have lo 
announce the cuts. Investment 
in the industry would: continue 
to be substantial but he warned 
that further rationalisation 
would still be needed after 
297849; - - 

Mr. Variey admitted bis 
mistakes— as Mr. Peter .Walker 
reminded Mm, he had called 
for doable the 
programme when It started in 
1973. - - 

He recognised the anger and 
disappointment in the steel 
constituencies. But Mr.. Varle 
said as Mr. Michael Marshall 
(fc, Arundel) charge cf him 
with font years of- prevarica- 
tion and delay, he wonld not 
be lectured by Conservatives 
on the handling of the steel 
industry. - 



THE NEED fnr the British was able to control whether 1 ^ W ■ W ■ H f BffHI II HI H H I W f-J 1 V Pfl Hil l VII IIW 

Government to setup a mission people stayed in Rhodesia or not. K-J JL 1/ T fikJL V wJLJl BXI. IVIl JL 1/ ▼ 

in Rhodesia was “absolutely "There “ight be conditions Jfl. CP A •/ 

„ _ _ .. - . t.„_. _ they might wish to apply which 

paramount. Mr. John Davies, j mi«»ht not wish to accept.” Dr 

shadow Foreign Secretary, said Owen added H p,ans for Pa P er - steiT1 from a decade of result from unchanged policies city to move more Into line with technology to improve product West. Wales and at Ebbw Vale. 

in the Commons vewerdar. He reiected a call from Mr j tee Corporation low and sometimes misdirected would be more costly than either demand. quality and customer service. TVjfh the deferment of the new 

Describing Die' establishment Malcolm' Wind (C.. Pentlandsil Sb Si f - ve5terda - v ,n a investment in steel prior to the the corporation or the country The White Paper says that # Cost reduction schemes and Teesside plate mill, the corpora- 

of thc four-man Executive f 0r the Government to accept the W . Pp ,. . r . White Paper or february W73. can afford Accordingly the everything possible will be done pro jects with a rapid pay-back tion will keep under close review 

Council in Rhodesia as “a major new executive council as the de . As J ex £ 5C J ted ' the Government “During the course of 1977 it corporation haa proposed and the to provide alternative employ- p er j 0 d. - the requirements and prospects 

step." Mr. Davies argued that a facto administration. has decided to defer proposed became clear that thc imbalance Government has agreed: ment int he areas affected by . moo . of its plate business. Meanwhile, 

mission could keep the Govern- ■■ We consider this new ex ecu- e*P» n »°n of the corporations between world steel demand and O The modernisation and expan- steelmaking closures. In some *^ 0 ^ on s^l schema i r will continue to invest in small 

ment properly informed of tive council to be illegal as was pl3 . n ! I s at ^ b ?l“n- Huotemon. . VO rid steelmakin" capacity was sion projects already approaching cases, measures to improve Infra- H“ d er Cm. at the tmannum pos- schemes in steelmaking and mills 

developments within Rhodesia the previous regime." But thc *" d n ^ VlV ' ely t0 Persist." and that (on completion must be completed. h * Jn?.* S v romS^ative ^nd t 0 _i mp ™ ve b[ale quallt y and 

and the activities or the council. Government had to take account i f I ,e " l ri ,!f n _ co ril j5 H d | recced tow:Ifd! unchanged policies* financial •There must be continuing ppnii^^^^rnverifmpnt 3 ^^ auteklvexecuted 6 service to customers. 

Dr. David Owen, Foreign that it existed as it had done J losses being mad? by the corpor- substantial investment to Q 7 , a FINANCE: It is clear that the 

Secretarv. replied that the with Mr. Smith's regime. ,T^e NVhite Paper puts forward ation would remain unacceptably ""prove product quality and so L * **“ Government Is prepared corporation wia need a 6 ubstan- 

settins up of a mission was not Dr. Owen declared: “When it wh f l > s desenbed as "remedial high. The cr. rpo rat inn put for'- ensure competitiveness in the ire to . ."W™® .programme tial capital reconstruction 

a decision for the U.K. Govern- i s appropriate, officials from my w”®" 10 P“t ,h f cornoration ward proposals for dealing with 1BSOs - S • V 7 JLIS, . subject to annual review It wtil although this would . not, of 

ment alone. When Tory back- Department or myself, will be ba . c .^. t 01 ?. th £ ro ? d to financial this and also entered into urgent ® There is no case at present for . effect of parucuiar cut- require capital expenditure of course^ affect the - corporation's 
benchers cried “Why not?" he prepared to discuss matters with viability. But it makes clear discussions with the TUC Steel new starts on steelmaking backs are spelt out Dy the White ^500 jnillion at outturn prices in . e xis ting, overseas borrowings 
explained that the illegal regime the illegal regime.” that the prime [duty for achieving Committee. For ;h<tir pan. ibe capacity. raper: ,1? Lill ” 1 a suniiar amoux,t which will be serviced and repaid 

in tin? Coniaums yesterday. He reiected a call from Mr or . , , * corporation low and sometimes misdirected would be more costiy than eitiier demand. 

Describin" Lhe' establishment Malcolm J R?fkind fC Pentlandsi* ° utIlned i't^terday in a investment in steel prior to the the corporation or the country The White Paper says 

of t^ Fou^ian Executive rof tSc G?vSnmen^ ro aS:e“ the Wblte Pabe , r ' #h f . , White Paper of February 1973. can afford Accordingly, the everything possible will be 

Council in Rhodesia as “a major new executive council as the de . As . ex .P?® led * the Government “During the course of. 1977 it corporation has proposed and the to provide alternative era 

Owen frowns on ‘eye 

v and the contribution they can 

r» m j 1 • make to this. But it is essential 

tor an eye doctrine ** 

and support thc remedies. 

DR. DAVID OWEN Foreign wants to occupy the territory of “This would help achieve our 
Secretarv. asked in the Commons th® Lebanon. The speed of *he comrn0 n objective or an efficient 

yesterday ahnut the Israeli raid competitive. and profitable 

_ . ...... U-J prcpu bj the effectiveness And Rnti^h steel industrv in Lh^ 

intn Lebanon said that he had strength of the UN rorces." iggOs', a b| e lo take adi-antacc or 

never believed in ihe doctrine The RAF base in Cyprus would ^ cxp ected upturn ia world 

of an eye for an eye or a tooth provide a safe and secure sup- economic activity.” 
for a tooth. _ port base and contribute to the Government's aim. therc- 

" I do not believe international stability of the UN forces, ne j S [ 0 ** create an- industry 

peace is helped by retaliatory added. . able to supply thc steel needed 

action. But it would be idle to Mr. Bruce Grocott iLan. Lien- the country's manufacturing 
pretend that the Israeli Govern- field and Tamworth) said that the industries at the right price and 
ment and people were not very Government should make clear tn right quality, to satisfy 
cruelly provoked.” he declared, to the Israelis that it was neither export demand, to provide a 
Mr. Frank Hoofey /Lab, a very moral nor pnident policy secure livelihood for those cm- 
Hcelcy). *aid that the “merciless to deal with terrorist attacks by ployed in it and to gam a proper 
slaughter” or civilians in an all-out war against a neigh- return on the money invested by 
southern Lebanon by the Israeli bouring State. the taxpayer. The lest will be 

forces and thc creation of Mr. Eric Heffer fLab. Walton 1 the service given to ihe customer 
another tnn .000 Arab refugees said that many Labour MPs, who at home and abroad." 
did not indicate that the Israeli had been staunch supporters of nj e white Paper puls forward 

and workforce. in depth oF rhc ' niedmm and expansion at Port Tafbot and the Development Area Hartlepool is -Products: . The Government corporation's financial reqiiire- 

“The Government acknowledge longer term poainon in order to construction of electric arc plants ®tigible for the full range of shares ihe corporation's concern 'ments:for the tiine being, will be 
e importance of their own role at Shelton, Hunterston and regional assistance at the highest about the maintain aeon-- n,e t by subscription-' of .capital 

id the contribution they can — — Ravenscraig should be deferred rale available in Britain. The nauibg improvement in product section 18(1). oE tiuTTron 

ake to this. But it is essential 20 rM.Hk>YiT<*,n** until demand forecasts improve corporation intends to reelami a quality so as to ensure tbe cor- Steel Act' 1975. " 

at the country a s a whole steel a ' ’ sufficiently to justify their f.l"S bank for redevelopment as a poration's abitity to compete in The immediate prospectfc -for 

ouid understand the problem 19 - KtwWES j\ l 120 constmction. bsbt mdustnal estate. The tie market place in the JSSOsJ- profits are pooh and ho dividend 

id support thc remedies. ' •=“■ *S\ \ The Government and the Department of tile Environment However, the corporation fullv ® Q the new^capital is expected 

“ Thi ? w ° u i d , he, ^ achie ';°_ ojr 18 r / \ ‘ t1Q . C S r J ll i? n ,w l ?! l, ,^ e ’L' A Y°-i d ,]?f .fn^Ahe De^yetS .th®_ need te upgrade before the ro^nsmietiom. -. All 

20 r NI.HioY' Tonn** 


: .L-M -v-T 

, 5 jf nouSTituLpnoDirCTioK ' ^ 

14 klK. Steel Deliveries & « 
13 ! Industrial Production M 

over a period of years, of the department will also discuss with 
kind set out in thc Ten Year corporation a possible scheme 000 
Development Strategy of Febru- which would attract a 30 per 
ary 1973. Both the Government cent, grant from the European 
and the corporation favour a Regional Development Fund S£ _ 
step-by-step approach which will towards the cost of providing 
retain flexibility to adapt to infrastructure, 
unexpected changes in the EAST MOORS: The loss of 
situation. more than 3.000 jobs at the 400 

As part of this approach, the works will have an adverse effect 

at~home and' abroad." lh« Ihe corporatlo'ii'ViMuM^fNk SSStiS 1 £3 £& SS72SS1 ” ^ K " i| «" «>e Mriona! ioioooi. 

capacity was either completed or prnce.din*. t h#*: arc a practical the Clyde Iron Works, the Ha rile- FRR „ v «f- to secure a renewed commitment 8 m anpower 

under way in Europe. Japan and demonstration of the- corpora- pool Steel Works and East Moors ha v? n^Fhh^ v a l f k”? of the workforce to operate the Srith UC «hI? y «* compare ‘ badly 

the developing world before The- nons policy of seeking partner- steel Works, it will be for BSC t h if«,f a,e r works at international manning ■ ° ? «.' ;<¥ther deveJo P«d 

Middle Euai war in Octooer. 1&7S v r Tkforcc. Terms to besinf re*h negotiations at th rvPiT\i l levels and to commission the pr£ rt.a E Tr'? P rt asr ‘^ ll >‘ as 

aDd the steep rise in energy 5 4d & ~i ,, ' r cn a =r^cd in their discretion. Nn action will JecI inwaedJdtely on completion 0ver ^ the last 

Tory immigration plans 

BY RUPERT CORNWELL prices that followed it- _ 

THE LONG-AWAITED Conserva- elusions are seen as vindicating Second, tiie srowth or ^rld of 

five, proposal tn curb immigra- t!J^T STSxd^ 

lw " Rr ' tam , „ be "SkT b'1n-i!rtv cdS«. Ulcted before 1974. All Y-.jch Hs 

announced on April . Iiv Mr. th{J Consen -atives are expected forecasung is subject to a *ide M. 

■ W • ~ • • • • tb-.hq : remunerated by dwiddQds 

- i l : a [ tdr a reconstniction. ffas-iaken 

piMiMiiHipriui. place. - Legislation will /SfaMtlv 

- . ■ E57HUTE0 - ; .he-.jirosezited to Parliament- to 

PBotwcnmi potektul^ ...• raise the" current borrowing limiL 
soq - - . CASH LIMITS: It is the inten- 

tion of the Government to 
.-•y \ - continue settling the cash limit 

_ yS/. on .a year-by-year basis. In doing 

400 “ '/ -so the Government will take 

• jy\. account of the corporation’s pro- 

" uwREKT BWSomnMS iiress to wards -improved operating 

inrt ■ and financial performance. 

/ e* f "1 PRODUCTiyrrY: The- funds 

steel mine required by the. corporation will 
Non-Communist World inevitably place a heavy burden 
200 L on the national revenue. ' This 

V .i. » i ;i j-— a -i- x i i i ir application -hf. resources to the 
^—7 ' f J 2 5 corporation can only be justified 

easting facilities. The financial f nd ?'. ork ' 

evalution of this has still to be fSSBt^nS^mnlrtrtSi'r* 
completed and the Government £?al, 3tlveiiess 
supports the corporation's wish 

&>WROa cW'SoayTwji 

Steel in the 
Non-Communist World 

opiember i«T for thb closure be tkken without "KS"*™ 1 In t the llRht of £*j STtuTS SSSSR 

f the G.yde Iron Works. This tion with the TUC Steel the niarket forecast), and its finan- has every intention of proceeding d “®? d ® bout 100 tonnes of liquid 

HJHSO price 35p. 


| ::s .' f 



L ..- 


! ^ij 

: kd-- yi 

|o rA^ ,| | 

Financial Times. Thursday Inarch .23 1978 

Investment Trust Limited 

>Jb i ij** 

in v 

• 1J3 


Tfe-Zfoi-AW General Afeefinc’ zenZZ be field on 

-4pri£ -195S. 2%e /offoioing Is an, abbreviated statement 
by the Ckairmait, Mr. D. A. Pease;-* 

The improvement in sfcerHng and falling interest 
rates, combined with the increasing flow of North 
Sea Oil and a more realistic wages policy, .have 
reduced the UK rate of inflation. ‘ 

The policy of holding a substantial proportion of 
assets in overseas securities, which ha s served well 
in the past, has this year adversely affected capital 

rose by 19.6% whereas the US . DoW . Jones 
Industrial Index after allowing for tie investment 
currency movements was .down 29%. In this situ- 
ation the net asset value of the ordinary shares at 
the year-end had increased by 4Vz%.‘ 

Gross income of the Company at £941,000 
reached a record level and the- total ordinary 
dividend has been increased by 16.7%frdm'3.30p 
to 3.85p. A second interim dividend of 2^5p.will , be 
paid on 31 March 1978. The animal distribution is 
now more than twice that of five years ago. . 

I find it difficult to view the 'British economic 
scene with a great deal of optimisnj. America offer s 
attractive investment opportunities at the present 
time especially following the abolition of the 25% 
surrender of premium dollars ^ arising on £slesof 
securities, ana -I believe that well chosen equities 
which sell at historically low -price/earnifigs 
multiples and which should consistently increase 
earnings and dividends in the-y ears ahead* provide 
the best investment m edium available.* 


3LL78 ."v 3i.i.77. 

Total Net Assets £17,894, 178 £17,307,100 

Net Asset Value pec "> rf ‘ 

Ordinary Share 143p ■ * 137p 

Net Revenue £442,181 £370,015 

Per Ordinary Share • 

Earnings 4*21p - .•_-3:63p'- 

Dividend ‘3-85p 3.30p 






542 FLATS 

20,000 ices, 17 first class shop units, underground car park, swimming pool, squash courts 

21 Soho Square 
London W1V 6 AX 

■ Datafifi tram sola agents 


Tel: 01-437 6977 
Telex: 267 397 


The 71st Annual General Meeting will be held on 
21 April 1978. The following is anabonmatidst^jment 
by the Chairman, Mr. R, TLDickin&on:— ' \ >:> ^5 

Over the past year the sterling/dollar exchange 
rate has improved from 51.715 to $1.95 to the £1, 
UK inflation has fallen from- 16.6%. to 9,9%* and 
minimum lending rate from 12Y*% to -6te%jSH fis 
apparent transformation in the economic position 
has resulted from, the disciplines imposed by the 
IMP coupled with the benefits to the'balahce pf 
payments fromNorth Sea Oil. 

Reflecting these factors; the FT Industrial'Shdre j 
Index rose by 19.6% over the year. C©riverse3yifc‘ 
the US, the Dow Jones Index declined by the . 
equivalent of 29% after allowing for tEfe falljm. the 
Investment premium and currency ^depredation. 
Against this background the net asset valueof the 
company’s ordinary shares increased by 4K%. 

Gross earnings increased by 14%- after last 
year's rise of 23% and the Board have declared, a 
second interim dividend of 2 .Sop per share, making 
a total of 3.85p, compared witii 3.30p per share last 
year. Both earnings and dividend per share have 
more than doubled in the past five years. 

In the United Kingdom industrial production 
remains at a low level; and unemployment high; 
The outlook for the UK economy must depend to a 
great extent on the level of world trade. We believe 
the US government will take steps to correct its 
balance of payments deficit and that this will be 
reflected later in the year by an improvement in 

plan to increase the proportion of our investments 
hdd in (he US during the coming year. 




Total Net Assets £10,227,717 : ( £9,872,053 
Net Asset Value per . 

Ordinary Share \$7p .* 13 lp 

Net Revenue £268,069 £223,026 

Per Ordinary Share ■ 

Earnings 4.08p . . ■ 3.49p . 

Dividends' 3.85p 3;30p- 



■ RING ANYTIME (0424) 428306 

Ask for BILL COBB (Hastings Borough Council} 


‘ 5*4% BONDS OF 1964 

S. G. WARBURG & CO. LTD- announce 
that the ninth Instalment of Bond* (or 
a nominal value of U.S-S 66 B .000 < First 
Series! and U.S.F3SS.0Q0 (Second Series) 
have Hen purchased (or redemption on 
1st May. 1B7B. 

UJ.-M.oo 6^)00 nominal (First Series] 
and 000 nominal (Second 
aeries] will remain outstanding after 1st 

M JO.-Xrcsham Street. 

London ECZP 2EB. 

23rd March. 197S. 

Illilll ^ 

The.faas speak for themselves! 
Since 1933, nearly 3Qt) companies 
relocated in Swindon, firms like British -Le yjand , Bnn&ahrOil, . . 
Hunbro life and W. H. Smith. _ : ‘ ' ' 

With a hundred and one promLsLQg-altefnatives, why Swandoni 
Simply because no other area can match us foriocatidn^ 
communications, facilities and human resources - unique assets 
which can offeryou a speedier, mote suhstanririrec^ oh yoiil'- ' ; * 

Factory space, office space and development sites are 
immediately available.. 

OXJJ.s arc not required and you'll get L©.G.-snpp<»t: Ta]kto - 
our developmcnrtearo now- With over 25 years! experience behind 
ty m, they'll move mountains to. make your. move, a smoothone. 

For the brochure which is your Passport to Profit, corrtaep 
The industrial Adviser, Thamesdoum Borough Council, Swindon 
SN1 2fH. Tel: 0793 26161 Telex: 44833. • : • 

i ; r ;•*: „•! 1 1 ( <Tl( t /, - 1 1 1 1 ~ 1 1 ' ( L* 


Mouvement Populaire de la Revolution 
Republique du Zaire 

(Office National des Transports) 



Solicitation of international tenders 

N° 8F/1200 

ONATRA issues a so Ifcitation of international tenders 
for the supply of the following equipments: 

— . LOT N‘ 1 : 4 (four), 6 (six), 8 (eight), 

10 (ten) or 12 (twelve) DRY CARGO 
BARGES 1000 T-, DWT. 

— LOT N° 2 : 1 (one) WORK SHOP BOAT. 


Suppliers of any country member of the World Bank 
■ plus Switzerland are admitted. 

Tenderers may receive a complete documentation, 
against payment of 50 Z. f by applying either to.: 

• Secretariat de la Direction des Approvisionnements 

Building ONATRA — ler etage 
Boulevard 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 

■President de la Commission des Adjudications 
Cabinet du Deiegue General 
Office National des Transports 

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 
which is to take place in the general manager's confe- 
rence room. Building ONATRA, . 7th floor on nionday 
July 3rd.: 1978 at 3 P.ML (local time) . 

— ONATRA — ‘ 

La D6ldgue Gdndral 

Sparekassen SDS 
U& dollars 25 million 
8% pet capital notes 

Holders of the above 
notes are advised that 
the annual report and 
accounts for the year 
ended 31st December, 
1977 of Sparekassen SDS 
are available at the 
offices of Manufacturers 
Hanover Limited, 8 Prin- 
cesStreet, London, 
EC2P2EN and at the 
offices of the other pay- 
ing agents set out on 
the note certificate. 



We herewith infqrpf that warrant number 347236. issued on 
June 28th 1977 by-Pakhoed Waalhaven B.V. at Rotterdam, 
as legal predecessor of Multi-Terminals Waalhaven B.V. at 
Rotterdam, covering: 

2.500 bags of raw coffee 

Weighing gross 150.903 kg. 

has got lost. 

In this connection we have been requested to consider above 
warrant number as null and void, mason why we request the 
parties concerned to refrain from buying upon presentation 
of this document and not to put the said warrant in pledge. 

• In case of presentation, please apply immediately to: 

Multi-Terminals Waalhaven B.V. 
P.O. Box 5242 



undermentioned companies will be CLOSED tor the purpose ol the Annual 
General Meetlnos as follow*: — 

Name of Company 

(Each Incorporated in the Republic Register* ol Members closed 

of South Africa) (both days inclusive) 

East Orlefonteln Gold Mining 

Company Limited 6 April IQ 13 April, 1978 

Vlsktontein Gold. Minina 

- Company Limited 6 April to 13 April. 1978 

By Order ol the Boards. 

C. E. WENNER. London Secretary. 

London Offices 
49. Moo rye to. 

London ~E82R SBQ. 

22. MaricfC 1978.’. 


33rd Ordinary General Meeting ol the 
shareholders 01 the Company will be hold 
on THursuay. March 30th. 197S at 10.U0 
a.m„ in the auditorium on the 5:h floor 
ol the head Office of the Company, at 
34-tS J ingum ae 2-chome. ShiOuva-ku. 
Tokyo lor the lollowlng business- 

To consider and. If deemed (it. to pass 
with or without modlfccSIon the follow- 
ing resolutions: 

. PROPOSAL.' 1 NO. 1 

Approval ol the business report, 
balance sheet. Income statement and 
proposal lor appropriation ol retained 
earnings lor the 33in Business Term 
(from January 1st. 1977 through Decem- 
ber 31st. 1 9771. 


Partial amendment ol the Articles ok 
Incorporation. ' 

The lollowlng two articles are to be 
newly incorporated: 

Article 29 (Tima ol conversion ol Con- 
vertible Debentures). 

With moect to the first distribution 
ol dividends on shares issued upon 
conversion of Convertible Debentures 
Issued bv the Company, the conversion 
snail be deemed to have been made 
at the beo 1 mtlng ol the business term 
during which the . reouest lor con- 
version was made. 

Suoolemnntarv Provision 
Article 30 (Transfer Agent lor Deben- 
ture* in Registered Form) 

The Company may have a Transfer Ageni 
with resoect to Its Debentures in Regis' 
toned Form. 

Election of two directors. 

Holders ot E.D.R.S. are nelcrred , to 
Condition IT of the Depositary Receipt, 
and are accordingly requested to lonuirt 
their Instructions with regard to voting 
to to* Depositary., 

NOTE— The following Notke appears 
In accordance with the listing agreement 
10(0 of the Company; 

" There Is not any service contract 
granted the Company, or any subsidiary ol 
the Company to any director or proposed 
director of the Company not expiring or 
determinable within tea years bv the 
employing Company without payment of 
compensation "other than statutory com- 
pensation.'' / .• 

Robert Fleming A Co. Limited. 



23rd March. 1978. 


Floating rate subordinated notes 
due 1984 

In accordance with the terms and con- 
ditions of the floating rate sub- 
ordinated notes due I9B4, dated 24th 
March 1477, the rate of interest for. 
ehe interest period from 28th March 
I978 - to 28th September 1978 has 
been fixed at 7!*, per annum. 

Agent Bank: 


Transfer .Boots ot the Unsecured 

Loan Stock -2004109. the 7.5% 
Unsecured Loon. Stoek -2004109. _ the 
fi% Convertible Unsecured Loan Suck 
1985190 and the 10.5% Unsecured Loan 
Stock 1990I9B of Imperial Group 
Limited will be dosed !®r otic day only 
on 5th Aoril. 1970. for the preoaratlon 
ol Intarest warrant*. 


Notice Is hereby given that the 
annual general meeting 01 shareholders 
ol Klcinwan Benson international Fund 
N.V. will be hi-U at the a Bice or the 
company. Handclskaoc 8, Curacao 
(Netherlands Antilles), on Tuesday, 11th 
April. 197B, at 10.00 hours l local time; 
for the purpose ol: 

1. Approving the company's statement 
□I assets and liabilities as at Decem- 
ber 31st. T977. and Its statement or 

- Income and expenses tor the year 
_ ended 31st December. 1977. 

2. Approving the declaration ol a divi- 
dend payment or 22° n equal to 
US vo. 22 per share. 

3. Approving the transfer ol USSI.1S2.020 
to capital reserve. 

4. Approving the appointment of Mr. John 

F T. Traci as a member of the Super- 
visory Board. 

5. To ratify the appointment at Messrs. 
Coopcis and Lv brand 5 A.. Geneva, as 
the auditors ol the company lor the 
year erding 31st December. 1378. 

6. To transact such othc: business as may 
properly come before the meeting. 
Holders of bearer shares wishing to 

exercise their rlnhcs at the meeting 
should deposit their shares with Klein- 
wO't. Denson (Geneva) 5.A-. place du 
RUnc 2. 1211 Genotrf 11 (Switzerland), 
or at any other bant which is acceptable 
10 1 leinwort. Benson (Geneva) S.A.. not 
later than 17 00 hours (local time) on 
6th April. 197B. against receipt thereat, 
which receipt will entitle sold shareholder 
to oKercoc such rights. 

Holders ol bearer shares may rote by 
oraxv bv malhrg a lorn, of proxy and 
eirtlficate, ol deposit for their shares 
obtained f r om Kfcinvvort. Benson (Geneva) 
5 A., or any other bank that is accept- 
able to the aforesaid bank, to K loir wort. 
Benson (Geneva) S. A., olsce du RhOne 
2. 1211 Geneva 11 (Switzerland). Holders 
of registered shares may also vole by 
proxy by means of a form or proxy, 
obtained and hied in the manner described 
,n Praeedlno sentence. Proxies andlor 
rertlficaies of deposit must be received 
hv Kleinwort Benson (Geneva) 5 -A. not 
later thnn 17 no hours (local time) on 
6th April. 1978, in order to be used 
at the meeting. 


By Order. 

P. M. DAVIES. Group Secretary. . 

22nd March, tore. 



Transfer Register wui be closed tram lain 

NOTICE IS hIrIby~"given that the “- VMP,A SSS™ 

Transfer Resistor win be closed tram lain notice IS HEREBY GIVEN that tha 
April to 29Ul Aoril 1978. both dates In- Ordinary Traits ler Rea liters e? the caiS! 
elusive. , pair will he CLOSED from 7th AprtL 

THE ROYAL BANK OP SCOTlW'lIdI »£ ^ ^ ^ ^ » 
WWUSTB SSI*- B, order or the Board 

London. EC2N idl. Comnanv Secretary. ■ 

Surety the best sndusirial 
! and conshucfon site compressors 

Tecknical News 


Ffeancial Times Thursday March 23 ijgft 



clean-up of 

| Heddteh Ta:RsricRch25522r 


CfiAA/l COMPUTERISED . ' unit-linked 

uUtvll B liU XCll life insurance- implemented for 

Mr : MT the TSB Trust Company- is to be 

AAmftlAV marketed by CMG (City of 

LUIHUlcX London), as a bureau service or 

Mr for installation, on clients.' own 

rl^cioilC! equipment 

UCdl&lli) Developed by. CMG - City’s 

RACAL-REDAC has launched a 5?™, 1 

sssawjsa a. KSSSS* 

“ d 653 SmpSer 

The new service utilises the Iater year ‘ 

Redac 1C design system with its The service will interest 
software for cell-based layout and organisations offering unit-linked 
the expertise of the Racal-Redac life iosurance schemes, 
design team. especially where business is 

Typically, given a 200 gate expanding. It has been 
customer's logic diagram, elec- designed to reduce the overall 
trical specification and function administrative and accounting 
test pattern, Redac will provide work-load while re tain ing 
the results of logic simulation accurate audit trials. This 
within two weeks, with com pie- enables companies to keep to a 
tioo of the design achieved minimum the _ number of 
within a further four weeks, additional clerical 'staff necessary 
Prototype samples are then to handle new business while 
manufactured and delivered to maintaining a high- standard of 
the customer. client service.' - v ' . . 

More data from Racal-Redac, The system takes edited details 
N ewrt own .Tewkesbury, Glouces- f rom standard proposal forms 
tersbire G-L20 SHE. and includes facilities to validate 

rurnnv premiums against sums insured 

0 tNbKuT and carry out automatic under- 

_ writing, provided the proposal 

f flfl III finS conforms to . p re-determined 

rules. For example, if the sura 
_ __ J insured is below the re-insurance 

51 nfl 1151 rlC limit. the proposed life has 

cleared the health questions, and 

■ vl _is within the height/weight 

WITH -limits, the policy witr be aiito- 

vv vuov matically underwritten by the 

USERS of natural gas. who must computer and policy number 
ensure uninterrupted production, issued. 

need to have an alternative to Sub-standard and high- 
gas as a fuel. Distillate oils insurance cover cases are 
. offer the best alternative for reported and held on a computer 
augmentation of energy sources file for approval or manual 
during periods of natural gas underwriting as required, 
curtailment. Oil-gas systems . 

permit industrial operations to 0 INSTRUMENTS 

utilise natural gas when avail- ^ 
able, while supplying energy 

from oil on a stand-by basis r^UlPl TOPFPT 
during peak demand, high gas * “Idd. 

cost or temporary curtailment. a ->• 

However, for all of its advant- |CJ filfTlTCfel 
ages over native energy sources Ul&llul . 

— propane and coal— distillate. 

oil, when used as a liquid has AN ALTERNATIVE to the ana- 
disadvantages. logue panel meter is a 3fdi^t. 

Vaporised fuel oil svstems, flat-padc digital meter by the in- 
developed by KTI in the Nether- struments and controls division 
lands, give the benefits of using Fairchild Camera and Instru- 
distillate oil while overcoming ment Corporation, 
the drawbacks of standard liquid Model 30 panel meter operates 
fuel oil conversion systems, from 5v dc input voltage with 
Additionally, the VFO-fuel typvcal power consumption of 

system offers substantial savings.- 0.75 W. With the display blanked, 
both in installation and operat- power consumption can be 
ing costs. reduced to 0.5W typical. 

The external, free standing The 31-d‘SU display is 0.5 
VFO fuel system equipment inches high with automatic 
uses thermal means to vaporise minus sign. Decimal points are 
fuel piLaud deliver- it to -existing -^xternaWy • pcograimnabhr and 
pas' burners. This vaporised oil display blanking is standard for 
1-urns with the same charac- power-saving apniications. It fits 
teristics and with the same NEMA and DIN standard panel 
thermal efficiency as a natural cuts with a height of 1.44 inches 
gas flame. For all practical and a width of 3.59 inches, 
purposes it is a natural gas Model 30 DPM utilises a bond- 
flame. ing method similar to that used 

Because ol its flame charac- on digital watches and clocks, 
teristics, the VFO fuel system The integrated circuits are 

E erraits one set of existing gas welded directly to the circuit 
urners to operate on 100 per board with protective covers 
cent fuel oil or any varying placed over them. A moisture- 
ratio of gas to oil. Fuel change- protective coating is then 
over is instantaneous without applied, covering the entire 
thermal shock. _ hoard including the few discrete 

Oil can be- used, as needed, to components. The process en« 
maintain operations or when it ables overall size to be reduced 
is more cost effective than by eliminating the integrated 
natural gas. And because the circuit packages. In addition, 
flame is similar to a natural gas reliability is improved. The 
flame there are no coking or model actually meets or sur- 
burner plugging problems and passes the specifications of. 
no contaminants in the furnace, higher-priced or larger instru- 
No major modifications to ments. 

furnace structures are required. Fairchild Systems Division, 
KT Services. Bredewater 26, John Scott House, Market Street, 
2700 AB Zoetermeer, Holland. Bracknell. Berks. (0344) 21101. 

! electrical wire&cable? ! 

Policy service set waste gas 

' A NEW concept in gas 

* ■ -a is being launched by PI 

up hi London ■ sksnssw 

MT .. comrany . PD : 

tersbire GL20 SHE. 


Oil to gas 
and back 
with ease 

Emphasis is placed on com- 
prehensive management and con- 
trol reports ranging from detail 
sheets for each type of policy on 
each proposal and daily 
summaries, to policy . registers 
and annual unit allocation state- 
ments. - 

A dally summary containing 
full ajudit trails 'is produced 
giving the total number of 
policies held for queries and 
manual underwriting. Proposals 
are broken down by numbers 
outstanding for three, five, seven 
and nine weeks. 

The- policy register shows all 
proposals accepted during the 
computer run in policy number 
order. Each policy having a sum 
insured greater than the reinsur- 
ance limit Is highlighted, as are 
all manually underwritten poli- 

Unit allocation statements are 
automatically produced for each 
policy holder on the anniversary 
of joinmg, detailing premiums 
paid, units allocated over the past 
year; the brought forward value, 
the carried forward value and 
the current bid price and value. 

The system also reports on 
premiums paid, amount invested 
and units allocated to date, 
together with the Dumber of 
premiums overdue, the invest- 
ment fund, the status of the 
policy and the date that the 
policy is paid up to. 

Other reports cover outstand- 
ing proposals, listings of policies 
manually underwritten, accepted 
payments, cheques reconciliation, 
payment errors, new policy state- 
ments and even overdue premium 

CMG (City of London). 73, 
Leman Street. London, E.C.l. 
01-481 3887. 

A NEW concept in gas cleaning charge fro 
is being launched by PD Process a positive 
Engineering, of High -Wycombe, the counts 
division of the Powell Duffryn situated 2 
Group company. PD Pollution venturi. 
Control. The latter’s interests As the 
include industrial waste disposal, through, t 
the design and construction of 
process plants for water, effluent tl ^ r ™ \ 
and sewage treatment and mdus- electrostat 
trial cleaning and maintenance particular! 
services. in 3 mist * * 

The concept is based on a carry-c 
method of combining electro- highly buc 
static precipitation and venturi ^Energy 
scrubbing without the inherent ED* •“its 
disadvantages of either system, cause effit 
The new combined units require tiou takes 
less energy input and less space modest pn 
than conventional equipment 2-4 inches 
PD Process Engineering has the sarura 
the capability to design and con- venturi. ] 
struct such EDV systems to suit is achieve 
the specific needs oF any process induced d: 
plant Capital costs are competi- wet gas at 
tive with alternative methods, correspond 
while emission levels are within The idea 
current legislative requirements, tical use i 
The electro-dynamic veuluri PD P 
scrubber works through the con- undertake! 
densation of water on dust design an 
particles, accompanied by ionisa- by an ex 
tiou In an electric field with piine proji 
subsequent collection by impac- Powell I 


Quieter chainsaw 

tion and electrostatic attraction. 

Particulate-laden gas is 
saturated with water vapour, in 
a chamber prior to entry into 
the venturi section where ex- 
pansion of the gas produces 
condensation of water on to the 
dust particles. The wetted dust 
is then ionised with a negative 
charge from an electrode, while 
a positive charge is induced in 
the counter-current water spray 
situated at the exit from the 

As the dust-laden gas passes 
through, the spray water, the 
charged dust particles are cap- 
tured by impaction and through 
electrostatic attraction. This is 
particularly effective in remov- 
ing mist, eliminating water drop- 
let carry-over and results in a 
highly buoyant plume. 

Energy consumption of the 
EDV units is relatively low be- 
cause efficient water condensa- 
tion takes place with only a 
modest pressure drop (typically 
2-4 inches water gauge) between 
the saturation chamber and the 
venturi. Further energy saving 
is achieved, by the use of an 
induced draught fan displacing 
wet gas at low temperatures and 
correspondingly lower volumes. 

The idea was first put to prac- 
tical use in France. 

FD Process Engineering 
undertakes complete system 
design and installation backed 
by an experienced multi-disci- 
pline project organisation. 

Powell Duffryn on 0606 76S00. 

ham has gone into production 
with the Hydrasaw — a chainsaw 
in which the integral internal 
combustion engine is replaced by 
a hydraulic motor which can be 
coupled by up to 30 ft of hose 
to a suitable tractor or other 
hydraulic power unit 
Main result is a much quieter 
working environment, with no 
fumes and no starting problems. 
Response is also quicker a pull 
on the trigger produces maxi- 
mum power almost immediately 
and its release gives an instant 

stop. There is no danger of 

Models are available with IS 
and 22 inch cutting bars, 
although other sizes can he 
supplied to order. The units 
operate on three to four gallons 
per minute at about 2000 psL 
Weight is 8 kg (17 lb). 

The company claims that 
with few moving parts there is 
little to go wrong or maintain: 
the oil that powers the unit 
also lubricates it 

More from Priory Works, 
Mansfield Woodhouse, Notting- 
ham NG19 9LN (0632 27157). 

Eden Vale changes gear 

IN WHAT IT calls a dramatic by 144 per cenL since 1973- ti5jt 30 tte° n adwnS^“S h j^ 
change of emphasis. Eden Vale, m wimpy INTERNATIONAL, ‘“ ofce _ Th 0 campaign ends oa 

the U.K/a largest mamifacturer w hich claims to be Britain s ^ and there will be a 

of short-life dairy products and biues t hamburger chain. Is fu Jw burst In the autumn, .- " . 
one of the largest producer in about to launch a £500.000 cam- ^ -.OTowiiwr 

the world, is switching its Eden lts 625 branches. • MfeMg * *--££52 

Vale brand advertising from TV by Geers Gross, the impart of . owneStw 

to the Press. Instead of em- ^mny trill ran on TV and British makes are isUU wneflhy 
p hashing individual products 1 Smd. in some areas, the four out of fiv® UK. iMtottste. 
will go for a corporate-style sell einemtu The intention is- to according to the NOP 
promoting the whole range. "re-establish the importance of Data Book which eompriraslw 
It is not spending a great deal th?hSbu?her" tables *r data and coverejWUS* 

by to-day’s standards— £250,000— - pnOriOCT area* hQ,d penetration, typ-e. 

but it will b e spent purely In • MAJOR PRODUCT ar moWristi car details, new ear 
magazines to catch 96 per «*L,mdutaB daiO' P™a»cta and ownerSi company car man. 
oF all housewives and is the frozen food covered m the rfvate ^ owners It wHl be 
culmination of what Eden Vale Research Surveys of Great J vat j ab j e from SOP Maritet 
says has been a carefully Britain study of Research from March 31 at £95. 

planned strategic approach to market amount to xaOunL . WINNER in the Salas 

s sassRMr - a aShss aft 

Says the company: “ Eden Vale spenTiS^ cn tea^ Sd Osrara (GEO Cash Box and Koy 

is switching its emphasis at a speD ! he : ^ period promotion aimed « bustaess 

tune when total grocery market ««« Stcriim* establishments buyers and devised: by Cato- 
sales are down 5 per cent, but wmierateni^ ^siao f ^ Jenson GLH. 

££ 3 € xsssssrJB 

Wt-s- Asra m ScSr is ED » g r e 

in cottage cheesed per cent in -Cookabiiity Road Show" inthe son 

salads and 17 per cent, in latest TV senes for gas cookers. Renault and Richardson Merreu 
desserts. The market has grown By Ogilvy Benson and Mather, in the past 1- tnontna. 

Food makers still rule 


FEW COMMENTATORS on at constant prices increased five- we know it is changing radically? 
advertising matters are able to fold ' during the period (from changes ther® certainly hfl ye 
blend pungency with pertinence £8m. to £30ra.) whereas advertifi- been, but they are nanny- 
in quite the manner achieved by ing. by food retailers little more revolutionary. 

Harry Henrv, whose latest con- than doubled. From £5m. to film. That is not to discount any 
tribution to "an understanding oE (For ‘food retailers,’ Prof, relationship between the _ be- . 
the art has been to tackle the Henry is using MEAL'S ‘ chain, haviour and demands of the food . 
misconception that the baton of grocery and co-op' category, retailers and the ability— or 
food advertising is rapidly ... ; .. . 

passing from the food manu- ; 
facturer to the food retailer. 

Panel meter 
is digital 


Food Food 

manufacturers retailers 

J-71 + 14 -0.1 

Writing in the current issue 

of Admup. Prof. Henry agrees ' . . Food Food 

that since 1970 there has been manufacturers retailers 

a very rapid increase in total-. iom.71 j_ iz — Ol 

retail advertising— from £22 m. Ty7P ~ 71 1 !z 

at current prices in 1970, accord- 1971-72 + 7A — LA 

ing to MEAL, to £130m. last year - — : ~TT 

— against a much more modest 1972-73 *1*11.1 

increase in advertising by food ~ 1071.7a ZTrvT ^ jhdo 

manufacturers — from £66m. in — - — — — — 

1970 to £I43m. in 1977. 1974-75 — 3J) +0.9 

But the notion that the func- i ^7^7 " _ - , n 1 

tion of food advertising has ___ 1975-76 Z 1,0 — Z!ZL ..... ... .. 

been wrested from the food 1976-77 +2.4 ' +23 

manufacturer by the food re- . - MCJ .. 

taiier says Prof. Henry, would 5oa ^ ce - MtAI - -" . 

be tenable only if food retail — ■ . ■■■ ■ .... ■ ■■ ■ ... . 

advertising which includes a fair amount of inability— of the manufacturers 

been behaving in the“^am e way ?<m-food advertising, though this to maintain their advertising 
M _ r s , , ® ^ is .approximately counter- spend, says Prof. Henry: — 

in ract, even in 1970 food balanced by the fact that - for “The hypothesis that, over the 
retail advertising was only 23 per -'non-food retailers ’.he is employ- past few years in particular, the 
cent of all retail advertising, and iag MEAL’S ‘department and giant grocery chains have used 
°If r j Dext sl ? ye A rs 130 at retail stores’ category, which their buying muscle -to wring 
J 1 * 0 ? an j per “PV includes the important food busi* from the food manufacturers 
lt ness of multiples like Debeu- and - suppliers still further 

t0 i, 2 L per “aT** J* 1 ®* hams. Lewis’s and Wool worth.) margins, discounts and allow- 

7-®..^ The lack of any relationship ances may well be true (though 
between food manufacturers’ difficult to document) and it is 

«e„d .0 be more itSftaffSS 

Thousands of types and sizes instock for jrrertediate delivery 
LONDON 01-5618118 ABERDEEN{0224}32355/2 

24Hr. EMERGENCY NUMBER 01 6373567 Ext.409 

Bartoline, of Beverley, Torksu, 
bas installed this automatic 
filling machine, pictured 
above, which was made by 
Neumo, of Newhaven, East 
Sussex, and Is one of the 
latter’s latest designs of this 
type of equipmenL The 
machine Is being used for 
products ranging from turpen- 
tine to lubricating oils and 
It is claimed that containers 
with capacities ranging from 
1 litre to 25 litres can be filled 
to an accuracy of plus or 
minus 25 per cent, by volume. 


Safeguards for systems 






lamp rover replacement parts 







PHONE: 0222 868416-7 TELEX: 497580 

OFFERING a service in com- stackable end-to-end. 

puter security and the effective Monsanto, 10 Victoria Street, 

management of risk to computer London SW1H 0NQ. 01-222 5878. 

installations and their users is a 

consultancy, called Haiiet Home * 1 1 ■ 

and Company. \J1JICK fllSkP 

It is concerned not so much tLUtJV' 

with the question of data priy- e • • 

acy or the misuse of private Tni* ITIITIKS 
data — although these form part il illllJ 

TWCE the capacity and data 
company s financial vulnerability traosFer rate of the company’s 
to the risks associated with previous comparable system is 
computer use. offered by Data General in the 

A typical case quoted is ’bat 20 Megabyte model 6070 carr- 
ot a company that has invested ridge/disc ubsystem. 
in a system and where, after a . Each drive employ's a single 
few years, all the people ongdh- spindle with one fixed 19 Mega- 
ally versed m its design have byte platter and one removable 10 
5°u e< ? x» on ' Frequently, says Megabyte disc cartridge. This 
Hauet Home, only the value of basic system can be extended 
tiie hardware is insured— a sum from 20 to 80 Megabytes on a 
which, in the event of a fire single controller by adding up 
would not cover reinstatement. t o three 6070A disc drives. 

Haiiet Home will systemati- Data transfer rate is 625k 
calJy analyse a system’s vuluer- bytes/sec and there is also a 
ability lo risks that include larger controller data buffer, 
fraud, vandalism and unauthor- Seek times are 10 milliseconds 
ised use. It will tabulate each .track-to-track, 38 ms average and 
activity, assess its exposure to 70 ms maximum. Rotational 
risk, and indicate probability and speed is 2.400 rpm. reached from 
extent of loss, quoting a worst stationary In 35 seconds. - 
case situation for insurance pur- More an 01-578 9231. 

More from I, Healhfield Gate, 

Midhurst, Sussex (0730S1 4522). lVJ.OrG JJOV^Gf 

Low power to Motorola 

conferences, so that their com/ cmgtm cxpctu.- auvernang curaugu mere are 

plaints about the brutalitv of the tiire at constant 1970 prices (se« alternative hypotheses which 
reSflers ^itb iSvM table): between W72 and 1875 may ultimately prove more 
have tended to colour the whole nianufacturers \ advertising robust). 

of a much wider field.” dropped by almost £22m. while “What Is dear is that despite 

In reality, the*very substantial retailer advertising; increased by what may be thought to be 
increases in MEAL retail adver- less 111311 f2m - ' recent upheavals, the task of 

tising between 1970 and 1977 “In the light of these figures advertising food above the line 
were attributable mainly to it would be really*' somewhat is still essentially in the hands 
expenditure by non-food absurd to suggest that the whole of the food manufacturers, not 
retailers, says the author, which pattern of food advertising as those of the retailers.** 


The first CAM residential course concerned specifically with 
business and industrial media will be held in Eastbourne, 
May 21-24, 1978. _ . 

Chairman of the course will be W. Paterson, Public 
Relations Director of Tube Investments Ltd. 

Based on the same successful formula as the annual CAM 
Media Business course, the new Industry Media Course 
is designed primarily for media representatives, advertising" 
.agency buyers, and the staff of advertisers concerned - 
with media selection. _ • 

The main themes of the 3-day event will be 'Selling the 
Product'; 'Selling the Organisation'; and Research. 
Delegates will work in syndicates on a real-life problem, 
as well as attending lectures and presentation on particular 
aspects of industrial media and campaign planning.. 



A NEW 8-character alphanumeric 
display for use in the computer 
terminal industry, designated 
MAN 2S15 consists of eight 
3.43 mm, red characters. Each 
character is a 14-segment display- 
capable of presenting all 
alphabetical and numeric 
symbols, as well as 26 additional 
characters that would be of use 
in the presentation of intelligent 

The new unit features very low 
power consumption, as low as 0.5 
milliamp forward current, or 1.0 
milliwatt per segment This l° w 
power makes the unit easily con)* 
patible with microprocessors and 
related circuitry. The average 
luminous intensity per segment 
is 100 ralcrocandelas, typical, and 
60 microcandelas, minimum, at a 
forward current of 2.5 mA. 

Physically, the unit measures 
35,3 mm end-to-end, with a 
character spacing of 4,45 mm- 
This allows as many as 32 
characters in a 142. 2 mm panel 
space since the modules are 

LONG-TERM arrangements have 
been made between AMI Micro- 
systems and Motorola, for tech- 
nical interchange and patent 
crosslicensing for the latter’s 
6800 microprocessor family. This 
is an extension of a relationshiD 
between the two companies which 
began with the signing of the 
first agreement on the 6800 in 

Under the new agreement, AMI 
will second-source the 6802 micro- 
processor and the 6846 memory 
input-output device which, to- 
gether, constitute the 2-chip 
version of the 6800 family- Also. 
AMI will second-source the .6854 
and 684SS, along with other 
peripheral circuits, with produc- 
tion of all these products planned 
to begin late in the first quarter 
of 1978. AMI additionally plans tn 
second source the GS01 and 6809 
microprocessors scheduled for 
introduction by Motorola iff 1P7S 

AMI Microsystems. 108 A, Com- 
mercial Road. Swindon, Wilts. 
0793 31345. 

21-24 MAY 


I Please send me an explanatory leaflet with time table and 
| application form. 

I i 

.J Name(Mr./Mrs./Miss) -•'•l . . ' 

| Company, 

! Address 

J — T elephone ' 


, Abford House, 1 5 Wilton Road. London- SW1 V 1 N J 



l ip- 3 \ 

r £ 5*- * 


• rt 

s *ill rul e ! 


HE YODTH of Europe is alive 
. nd well and not very radical, 
"bis reassuring information was 
eyealed - by McCann-Erickson 
his. week at an IPA Society 
eminar on The Consumer of the 
*uture. McCanns had researched 
sample of pan-European 10-25 
ear olds’ attitudes to their home 
• .fe.. morals, and aspirations — 
imultaneously noting their ex- 
penditure 'patterns and owner- 
hip oF goods and chattels, 
ue results, analysed country-by- 
ountry, painted " a . surprisingly 
oraogenous statistical portrait 
otably at variance with that 
sually depicted in title media. 
For a start, the great majority 
ve at home-more than 90 per 
enL of 15-19s. and over 60 per 
ent. of 20-25s in most countries. 

. ioreover, about SO per cent like 
t that way. For example, just 23 
er cent of young Germans say 
-bey "want to leave home as soon 
s possible,” and in the last 
. ecade this figirrehas increased 
' y only 4 .per cent, from 19 per 
ent; which is less than astoirod- 

k ng given that 87 per cent of the 
ierman sample agreed with the 
tatement that “ Our home is very 

Maybe they’re so contented 
lecause of the r rowing number 
•f consumer durables they now 
■ . nra. Across Europe, 86 per 
*nt owned a watch. 48 per cent 
i camera, 47 per cent, a radio, 37 
-■er cent a cassette recorder, 22 
•er cent owned hi-fi equipment 
10 per cent a car and so on; and 
'he German back data established 
bat many of these percentages 
tad trebled or quadrupled since 

siw SJOTj- 

. To feed their electrical, noise- - 
asking gadgetry they of course 
-■ ieed voluminous supplies of 
eprodnetive software, and 55 per 
^ent of U.K. 15-25 year-olds had 
■lought an album, single or 
rassette in the previous month. 

• . Apart from - sounds galore, 

what else do they spend their 
youthful shekels On? They're 
keen on eating out and on take- 
away food, and the majority of 
them enjoy a regular noggin’ 
Hke their mums end dads — 57 
per cent, of the UJL sample, for 
Instance, had drank alcohol 
within the last month. (The 
alcohol consumption figure 
seemed puzzllngly low in France, 
at only about 30 per cent, until 
the McCann's researchers dis- 
covered that the French don't 
consider wine to be alcohol and 
had answered the question 
accordingly!) As 'everyone 
knows, they go to the cinema 
a lot; but it’s less well known 
that they also : spend highly on 
books and magazines — the con- 
tent and quality of which the 
research left unspecified. 

The final revelation an the ex- 
penditure sectio nof the .survey 
was that an encouragingly high 
proportion are enthusiastic 
savers, especially those who go 
to work. The young British 
tend to save a bit more than 
the rest, and females tend to 
save more than males, but the 
great majority try to save some- 
thing and an astonishing 45 per 
cent, of UJC, girls in the 15-25 
age group claim to save filO per 
week or more. Despite which 
a fair proportion of the respon- 
dents. in . each country : agreed 
with the statement “ It’s a prob- 
lem being broke all the time ” — 
another sentiment which it is 
fairly safe to guess They share 
with their elders. 

Money, then,' is a subject of 
as paramount interest to today's 
youngsters as it is to. to-day's 
.old esters; and so is work. Jobs 
are the main thing they worry 
about. They want to ‘be well 
trained and are anxious to do 
well. Above aU, they are con- 
cerned that their work should be 
interesting, as well as well paid; 
and even in their teens approxi- 

mately one-third are already 

worrying about, long-term job 

security-^whereas “not having 
. to work too hard ” is rated ex- 
tremely poorly. - - 

Moreover. 75 per cent plus in 
every country believe “ It * is 
wrong for people to stay away 
from work 'if 'they are not 'ill” 
(though a good few admit to 
doing so occasionally); and the 
great majority, over 80 per cent., 
take a hardline with the un- 
employed. believing that “they 
could find work if they tried.” 
The puritan work ethic still runs 
deep and strong, a sharp con- 
trast to the idle layabout stereo- 
type generally reflected in tele- 
vision and the Press; it is a 
generation of workaholics in the 

Turning to the arena-of morals 
and* ethics, it came -as no shock 
to learn that only a small 
minority, of 15-25’s think it 
wrong to sleep with or live with 
their boyfriend /girlfriend. Even 
in the traditionally strong 
religious countries like Italy and 
Greece, the -proportion opposed 
to premarital cohabitation did 
not exceed 40 per cent. 

Nevertheless, more than SO 
per cent of those as yet un- 
married expect to get spliced 
one day. even if nearly half 
accept divorce -as being neither 
wrong nor unlikely. All of 
which seems realistic, if un- 

Between tnrcHthirds and. 95 per 
cent, of them, depending on the 
country, believe smoking mari- 
juana to be wrong; and in no 
country would more than 25 per 
cent, .even consider trying it. 
However, alcohol, as we have 
already seen, generally escapes 
their moral censure — though 
approximately 50 per cent, think 
it wrong actually to “get- drunk 
at parties,” and 70 per cent.-plus 
state they would not drive after 
drinking. In both instances, 

however, the young British seem 

markedly less temperate than 
their Continental cousins, with 
only 56 per cent, in the U.K. 
saying they would never drink 
and drive. (Which is of course 
not at all the same as saying 
they would drive when drunk). 

On political issues, European 
youth is broadly in favour of 
worker participation, against 
nationalisation, in favour of 
greater protection of the environ- 
ment and of governmental con- 
trol of products; but aggressively 
against terrorism and violence, 
93 per cent, or more believing 
that their State -should act 
strongly against terrorists. - So 
much for the widespread popu- 
lar young rebellion claimed by 
Baader-Meinhof and the Brig ate 

Their support for Governments 
does not however go as far as 
enthusiasm for paying taxes: 
around one-third freely admit 
they would dodge paying taxes 
if they could. Only about a 
quarter believe there to be a 
likelihood of a nuclear war in 
their lifetime, and ouly a small 
minority foresee the end of 
capitalism; chough communism, 
they think, is on the increase, 
tut not in their country. 

Finally, when asked what 
things were important for happi- 
ness. they overwhelmingly 
answered good health, intelli- 
gence, and sense of humour — the 
hist being particularly favoured 
by the youiu? British, if less 
popular with the French and 
Germans (surprise, as they say.; 
surprise). So far as being happy 
goes, it is not, they opine, much 
help to be rich,' beautiful, 
modern or slim. I couldn't dis- 
agree more; but then, miserably/ 
I’m no longer aged 10-25. 

Fins ton Fletcher is managing 
director of Fletcher Shelton 

Fa, vxj' "■? 

'• ' KvAj*;.' ■ 

Me-too products in decline 

{ ^ r 
\ - 


&5 RALPH KANER. marketing available on all the otter major the main reasons given by 
^Jirector of Rowntree Mackintosh, grocery companies, but only on grocery buyers for refusing to 
•aid at the last Marketing 'reqbest by the company con- stock new products were as 
■ Society conference, if a company eerned, as it is not always flatter- follows: no product advantage, 
is serious- about new products it ingi 76 per cent; no shelf space, 53 

must reflect this in its organisa- One of the points to .emerge per cent; poor product quality, 
lion and over a long period of from the survey is the import- 47 per cent; little advertising 
time. It is no good being serious ance of. launching products which support 46 per cent; a declining 
for only a year; the right kind are not just exactly the same as market 44 per cent; no introduc- 
ed effort may well take six to those on the shelves but promise tory bonus. 23 per cent; product 
seven years before the real the grocery buyer that his over- coming from a small company, 
benefits of an intensive pro- all business will expand. " Good 10 per cent 
gramme are reaped. 

Ralph : Kaner's point is , . - 

reflected in KAE’s study. New- _• '.r i.j-l, ' n ,nm, r 


..fifth- in." tte* series/ wbfch has '• (OUT OF^ COMPANIES) ; : 

•arrived at a time when cbm-- • " - :* ' ; : v • ' • . 

Janies axe reviving the scope oT ' ivrn 1071 . 

±eir development programmes. a ^ -V ” 7 ° 1 , ^ 

Seseareh among grocery buyers Pedigree Petfoods 4 Z . 6 4 1 

Nearly shows how a small United Biscuits 9 4 \ 2 I 2 

lumber of companies are rated Birds Eye 3 3. \ 3 6 3 

±e most successful each time in Lever Bros. 5 7.9 2 4 

erms of new products: each one . ■ « n « \ * , c 

is obviously serious about them J™ - _ . . , , * . J f 

tnd has been for years.' Procter & Gamble 1 - I A 5 A 

• Pedigree Petfoods, though not Source.- KAE. . ' 

iroducing. many new products*. - . ... - .... 

-£jras ranked -first this year; as the 1 - .... - .. . . 

^Tade obviously respects its pro- 
fessionalism and success in the new lines are still given adequate By far the most important 
ictfood market- United Bicuits distribution. Analysis of 13 sue-, reason for refusing a new pro- 
i&s moved up steadily and has eessful grocery lines listed By'duct' was lack of product advant- 
lither been first or second in the buyers in the previous KAE sur-. age. It is interesting that when 
ast three surveys, following the vey shows the following average we asked the same question in 
uccessful marketing of a sterling distribution levels: Large 1970. lack of product advantage 
lumber of important -new multiples, 72 per cent.; small was only .third among tile same 
. liscuits, while Birds ■ Eye ^ has multiples, 75 per cent.; symbol seven listed reasons. 

\ wcorae equally well known for independents, 59 per cent; non- The sarnie theme is reflected 
j ts new product record in frozen symbol independents. 45 per yet again in the grocery trade's 
oods and Lever Brothers in non- cent.; Co-ops, 72 per cent ' views on the most successful 
00(15 ■ It is interesting, however, that launches of 1977: Cheesecake 

Heinz did little of note in this the large multiples have been a (any brand), 27 per cent; 
rea in the 1960s, but its effortB little less reluctant to . provide Green's Cheesecake, 11 per cent; 
n the early 1970s brought it 'first distribution than the small ones. Lyon’s Cheesecake, 6 per cent; 

- dace in- 1974, though it has lost As the importance of the large Cheesecake — general or other 
l little ground since then, multiples continues tD grow, brands, 10 per cent; St. 'Ivel 5 
broeter and Gamble was the com- manufacturers will need to take Pints, 26 per cent.; Yorkie, 19 
■any most respected by the trade .care that. their new products are per cent; Hovis Crackers, 17 per 
n 1970 and 1971; in the last in line with what the trade cent; Dynamo, 10 per cent 
bree surveys, however, it has wants as well as with consumer - The two most successful new 
radually but consistently lost needs, so the reasons for refusing products of 1977 were un- 
round in line with its relatively to stock new products are rele- doubtediy cheesecake and St Ivel 
Lisappointiog UJC performance vant. ' 5 Pints, followed by Rowntree's 

• ecently. Similar information is According to the KAE survey, Yorkie chocolate bar. All three 


.. 1970 


V- 1974 

. W 6 


Pedigree Petfoods ' 



i * 



United Biscuits 



\ 2 


2 ' 

Birds Bye.'..* 



\ 3 



Lever Bros. 


7 ' 

\ 9 

2 . 








Procter & Gamble 



A ■ 



Source.- KAE. 

products unquestionably had 
important product advantages at 
the time and must have helped 
increase turnover in the. store 
rather than merely substitute far 
other products. It almost goes 
without saying that all three 
seem to have had strong con- 
sumer propositions. Analysis of 
the IS top brands quoted by the 
buyers in 1971, 1974 and 1976 
also shows that in at least 15 
cases, they were very distinctive 
at the time of launch. 

Perhaps the need -for distinc- 
tive new : products .is nothing 
new: certainly it has been men- 
tioned constantly bribe past 15 
years. Manufacturers, however, 
while paying lip service to it* 
have tended to launch me-too 
products. -Let us hope that this 
trend is now. over, as the trade 
has obviously hardened - its 

The survey covers a large 
number of areas such as grocery 
buyers' views of future , oppor- 
tunities in-29 different markets, 
their attitudes, to hew products 
in general,' their acceptance of 
test market products, how they 
monitor -them, grocery distribu- 
tion and analysis of past suc- 
cesses, manufacturers’ current 
organisation of NPD, use of 
outside services, new product 
research budgets, views of 
advertising agencies’ contribu- 
tions, views of different new 
product research approaches. 

There are clear indications 
that both new product experi- 
ence of the past ten years and 
attitudes have changed drastic- 
ally. Is it too much to hope 
that the 19SOs will see more' 
important, better thought out, 
more successful and possibly 
fewer new products? The failure 
rate could well decline, particu- 
larly if the lesson on the me-too 
front is finally taken to heart - 
Neto Products in Grocers, 1978; 
Kraushar Andrews and Eassie, 
32. Fitzroy Square, London, W.I; 

Yes it's an officeThafs the 
revolution VickersAutomated 
Retrieval Systems have achieved. 

They produce thegoodsexactiy 
when they're needed.They save 
time.Space. Energy. Increase 
accuracy and secur'rty.There is no 
needforthe storeman to go climbing 
all overthefactory lookingfor 
parts-Thats him up there pushing 
buttons. Yes, it really is that simple. 

OrVickers Conserv-a-trieve- can 
be computer-controlledito 
provide an even more .impressive, 
range of facilities; 

Vickers Obedient Bins take the 
manual labour outof order 

picking Cost effectwely.That's why 
companies like IBM, and B0C use 
them in Britain. Your need may be 
not as large as theirs but it 
could well be just as great 
WhereverVickers Obedient Bins go, 
there's a better job done. Faster. 

There’s lots moretotell 
aboutthe revolution in parts 
storage and retrieval. Write or call: 
Miss J. Pryor, Vickers Automated 
Systems Division, RO. Box 44, 
Swindon, Wilts.SN3.4RA. 

Tel: Stratton St Margaret 555L 


1® MMfSMNS automated 


The microwave breakthrough 


rave ovens in the U.K. doubled 
rom 10.000 to around 20,000 
inits between 1976 arid ‘1977 and 
re expected to reach 50,000 to 

0. 000 units this year, according 
.o estimates by Foote Cone and 
lading. In other words, by 
akiug a very rough middle retail 
rice of £350 per unit, the 
larket this year ought to grow 
3to an important £20 m .-plus 
ector. At present, retail prices 
ange from a Toshiba model at 
199 to the Litton 70/91 CD at 

As FCB observes: “The 
omestic microwave oven has not 
et made a great impact in the 

1. K.. but there is currently a 
troog feeling that it is on the 
erge of a breakthrough. No 
bjective data is available but 
'ade estimates predict a tremcn- 
ous increase, levelling . off to. 
leady growth from 1979." 

. At present there are 16 brands 
,/vailahle. Toshiba claims 60 per 
ant of the market but forecasts 

slight drop in share this year 
s tiie market expands, Toshiba 
sent just over £74,000 on direct 

The Hotisseric 
A'ormands offers you 
that extra personal 
touch., Just photic 
Joseph lanser. cur 
restaurant manager, 
and ask him to said a 
copy of his nwm 
to your homeor office. 
Thi&my you’ll be 
familiar mth our 
dishes -when you arrive 
firdmner. The 
Specialises in La . 
Nouvdle Cuisine, the 
totally natural style of 
sweeping “France. 
Yihiist lhe dishes are 
new and exciting, the 
atmosphere is gem old? 
fashioned caridldight 
Move an evening to 
rnnaaberjzt London's 
Jltso open Sundays! 

Why the finest hotel in town 
seems a long way out of it. 

Knightsbridge may be the chic, colourful heart of all 
that’s exciting in I^mdoiL But there’s one place in Knightsbridge 
where peace and quiet prevail. 

Behind the doors of Sheraton Park TbweL 

Here eveiyflringis quiet elegance and luxuiy. Here all 
the bustle of city life gives way to relaxation. 

You’ll find every facility for comfort. Delightful spacious 
rooms and suites look out across parkland or vistas of London. 

And in bars, restaurants, lounges, private riming 
rooms, you’ll enjoy the kind of excellent 
service you thought no longer.existgcL 

. Give us a call on 01-235 8050: 

And we’ll give you the best 
of everything. 

advertising In the firct nine 
months of last year, mainly on 
its Unfreezer, but total adver- 
tising in tins sector is expected 
to show* dotahJe growth. 

Merrycbef, an independent 
British company, claims to be 
the biggest domestic and catering 
manufacturer in the EEC, says 
FCB, and to offer the largest 
range of . microwave models -in., 
the UJC. 

One manufacturer predict 
that about 16 per cent of house- 
holds Will be. using microwave 
ovens within ten years. The man- 
ager of the Microwave Centre 
(a branch of Thames of Hendon- 
which has a retail electrical busi- 
ness) says that although micro- 
wave ovens would seem to be ujfc 
market, buying is not confined 
to this category nor to the young. 

Several Interested parties are 
in. the process of establishing a 
body called the Microwave 
Cooker Council, and there is an 
information office in Manchester 
set up by Sharps* a manufac- 
turer, called the Microwave- Ad- 
visory Bureau. 

In the U.S., ranges are now 

available incorporating tradi- 
tional cooking facilities and the 
ovens are being marketed as 
capable of performing about 80 
percent of normal cooking tasks. 
Penetration is expected to reach 
10 per cent of households any 
day now with sales this year put 
at an estimated 3m. units com- 
pared with 40,000 in 1970. 

/ A .penetration level of 10 per 
tent,' says FCB, is agreed to be 
the breakthrough point at which 

a serious marie et exists large 
enough to affect food manufac- 
turers and retailers and other 
related industries and trades. 
U.S. penetration is expected to 
double, approximately, between 
now and 1980. 

ITie U.S. industry claims that 
a _ mass-market base already 
exists with those earning under 
815,000 a counting for 40 per 
cent of buyers: 30 per cent of 
purchasers are under 35. 

Ifyoifre buying or selling 
top advertising talent 

nrari^^^^a^t^^desjgn.pra&jc&n.tra^^^m^w, PR, 

• contact Peter Hoknes or ««eufivosasettBtesaraJRte“ 
Linnefie Boniface on 493 6456, 71 New Bond Street, London Wl. 


.. - Staff Gonsuftants^ : - ..v: ; , ~"' 

Wembley Conference Centre, London 
6th-8th June 1978 





aff: the pensions 

Financial Times Thursday March' 23 197S 

ms row 


BRITAIN’S 23,000 farni]v doe- trarv. nearer to total collapse private schemes in operation on that the profession had origin- level of heaaBtt SSSS^i'fSZ vide Soffit employees* en 
tors are . still seething over Hie than ever before in its 30-year April 1_ 1B78. ally agreed that no new ^hen^ those who retire wjuun a ^ scheme basis . 

Government's decision to Lighten history, the lots of doctors good- la rebroarf 19iS: Final would be included in the agree- years wtU t adfii- Tt j that doctors, 

up on a pensions loooholc which will could be critical, , agreement was reached between rnent. than present bemflUk to adrn It , s arguable tnat doctors 

might have left the Department On the Department's side the DHSS and doctors and cir- Thus the crucial question **"*• 5*"®" 25? features as SjSJ nLitoi lector* em- 

, (joveriunem s decision to tig n ton msioiy me lots m doctors swj- ** r?i humj u e T adai- T * s.. rinetors. 

up on a pensions loooholc which wUl could be critical. agreement was reached between rnent. th*« present bemflUk to aflm It , s arguable tnat doctors 

BY ANTHONY HARRIS might have left the Department On the Department's side the DHSS and demon ; and cir- Thus the crucial question 2? C h features as JgJrt pension level for an- 

of Health and Social Security there H aUo a feelm? that, cuJirs were sent out However, on when the word _ p ”\i 0 JL . ents on death iu*r uke anv other era- 

m-jr uvirrsT .l, . . . . footing an annual bill for several perhaps, the medical profession reports of the agreement in the “reasonable” was introduced *®L® £ * ftP -«■ retire- PJ oyee ^ . fpftm 

™ r K pjrl ° f , th . e r decisions millions o£ pounds. and insurance industry had nor medical Press led to a number iQIO the negotiations. In the whiie stUl at work or al retire- p i oyer and recoup 1 gom 

c ear ng .'links charge o. unfair s ,.. r industry haw Thor havn wrieen tn tlr h.»n m i ->.'-il in the of insunnra nomnanies Rciiins vua'. .imiii.r *« flnpinrs dated itself- the consumer. that is -he DHSS. 

competition againrt the building joac suffered from the growing 
societies is, of course, the fact integration of its production pro- 
that the hanks don't really seem ceSiI - s0 tbat a handful of key 
to be trying where it matters — in workers can now stop thousands 

ordinary customer ic the street, tracks. Every industry which of pension contributions for 

Banks close on Suturdavs hj* become more capital- doctors’ staff, such as rccep- 

beenuse the emple:. •>!>.•' union intensive faces a higher cost tioni<ts 

likes free week-end.- "for its mc;n- from disputes, whether small or The Department had ongi- 

hers. The- close .it s.M n.m large groups are involved. Indus- „, ° e .ITS* * 

likes free week-end.- ‘•nr it* mein- from disputes, whether small or T he Department had origi- 
ns. They close 3.80 p.m. targe groups are involved. Indus- t* remiburi Thf * di: 

f..r reasons which seem to date tr> as a whole has in fact become j| a . / n[u, dale- ove 

back to the da;..> when the hooks vulnerable all over toe dm. tors fully for coni dilutions , 

had tu be made up bv clerks world- Even in relativelv weaklv to private pension schemes for - 

with quill pens. And the p a v unionised countries like the U.S.. staff who would nut qualify v _ a -' y □ 

no interest on current accounts." -“trikes bj small key groups are under the new State scheme General : 

oung an annual Dili iur several pernaps. me lueuicai in me fl*nniicuwii u«. -- reaSOQaOie was _ t wnr V or at retire- mmun the. from 

iltions of pounds. and insurance industry had nor medical Press led to a number into the negotiations. In the wiui ® +w° ier ,,=?™I? C< thpt ii *h*> T>HSS 

They have written tn Hr. been completely ethical in the o£ insurance companies selling BMA's circular to doctors dated merit itself. the ^nsumer utat b -ii 

i\id Ennals. the Health Secrc- speed with which insurance lucrative pensiou plans for March 2 it was made qu He clear It is to fill these gaps u^i But it is not as Sm.pie a* ■ 
ry. . demanding why the policies were negotiated once it doctors’ staff. that the Government would still pension consultants^ nave Dee 

ivemment should go back nn was believed the Government By Febnxar\- 2S tlie scale of fully reimburse payments to any actively marketinff pen^ra , rA jn 

s word to help to meet tiie cn.-t would foot the bilL tiie potential liability for the schemes in force by March 6. schemes tivat wiiiT.op-up mow AlgUl 1CIAA ... 

pension contributions for Government — H could have “There is no change in the provided by the state, t or large 

ictors’ staff, such as rccep- TTnii r Hq^PC been at least £5m. — prompted asreemem to reimburse 100 per companies, the employer can Nevertheless, Ta*K of 

mists. x sJlii l-ddCo urgent discussions with the cent, of contributions to the new opt out of the State scheme con- brokers selling high- 

The Department had ongi- ... hin 0 p= four doctors' leaders. State superannuation scheme pletely and P™vide benefits level benefit scfcerqes is some- 

Achilles’ Hi 

sin uj suiau Key groups are unaer me new oiaie s*.*nenie ' . ' , , ... quaiuymg Tor renuDurseinem; ^ , r Lpni« to those waraie uicu ouw uie 

becoming more common as their which comes into force next mittee c; the Bnti?h from April j to March 6 Eut . A ^ _ But as basisr-at least this has been the whatever the rights and 

power increases. raomh . Eut after the medical Assoeiaimu and the DHSj "•« doctors were still notified in a ^thoay Keable-Elliort advice ° £ leading P«^ ons wronss of the doctors dispute 

To suae extent this develop- insurance industry spotted the the problem ol s^e pen i n circular that the contributions Airman of the GMSC points to smaI1 companies. And the DHSS there, are two 

ment is natural and even wel- loophole — and sold a substantial schemes once the new b.ate wou id be reimbursed in fuIL malo'ritv n f doctors, as employers, do not ci ear issues involved. One Is 

ment is natural and even wel- loophole — and sold a substantial schemes once the new b.ate wou id be reimbursed in fuIL . \arse majority 0 f dOf:t0irs ' 85 enipioyerS ' do not clear issues involved. One ^s 

1 recently had the opportunity il'.^^hen^misrter^ad D. uinher nf . n ® w P ,dici ® s “ * h J scheme was intxoduceu. March 1«|* 1978: A letter from schemes have already been given employ large numbers of staff- apj>aran t miscaiculation by 

to tease the chief general man- nriwe^of^ ^life and death Dp P. arDnen . t , has back-pedalled Atp.ejent «° per the DHSS told the doctors that prior approval by the Inland The mam use of toiwip DHSS cj vn servants about the 

Sf/iVS* of S'sK 5 /*?!* ? SI staff 6 of° outworkers ^^nd on »ts ongma! agreement ^ 30 *S« Z “ reasonable ” schemes Kevenue and should therefore schemes is to provide better ^* §dm However well 

there «Js nn nxcui’for these cpuld and dld balf-siar\e them. „ h -. n-hfn - h ^ ^hetvr^pii directlv reimbursed bv »hn Gov- negotiated between February 16 be accepted as reasonable." benefits for older employees. j nte ntianed the Department 

ncin vent.n"es m?n a 4 of coui- H >s mu only i D industry th:.t strained relationship.- between directU rrtmbui^d b> -»»- -> u an d March 6 would be honoured. tiiose who wiU not be able to ^ in agreeing to fund the 

p»te?5 Th" ! n..l- ? could h, nuldl technical advance actually the Department and doctors ernment The ™ l " , . n 5.^ 0 52 Although the Department is _ pay tlie full 20 years’ contri- sch S gmes \ ^ an obvious 

up at the speed of light, and a reduces the power of the big with bitter ■« cll3! ? £l ®"f SSl'renre and superanruation being coy about the exact defini- LoiHD SllUlS butions. The older an employee, looph ole. existed and this we s 

cash ecr.ii-e on Saturdays battalion*. In mihtary terms, from both ^des. In private, the In^ranre jnri super^ tlon , lf - reasonable." ir is the more is necessajy fpom the ^ ^ iMurancc in . 

sssLtts: z & z ^ 2 »*“,??. *'!*“*• - sw ■ b r?K‘ l,lJ Tn '«’■ f .'?' 1 sl V l * the mazier of unthinkable power, tious isSue of doctors' pav still peases element in doctors' fees J”'' r j"£ h * he contribution ib not j s . designed to provide reason- Doctors have been providing Tbe otlier issue, however, is 

JSliut;; 1 Whih-aS? very vulnerable to small t ah e reeved next month, the and allowance. ‘ S lWe V*™ 1 ™ - at ^ement^ pensions tot***** formany tte Way whic h fo.DHSS fcffi 

po^ih)i> in prmide ever;- kin.' 'if 7r *"'C* ° f % way ln Government’s handling of ihe As the age and remsinmg ^ * ] round 13 ^ 3 r based on earnings. But em- years, using £? attempted to rectify Hs-rnistnlie* 

service ->ne cun in devise: hm the -“fieii pensions question may sour sendee of sonic of these fiaff ceriL oE e-ming.. ployees wiH only qaali^yforthe sriiemes—i deal for ^ small em- ^iid this could cause autre loc5- 

cDir.pni(>r was at-o ih c niana«c- ^ p P rh!lnt r fh «T b Jf^' future negotiations nrer pav and would prevent them from retir- The DHSS said that this had full pension provided they con- ployers. TTie Mediral Insurance term j 0 the deEciafce r& 

ment’s Achilles' Heel. Thanks *10 SW' Enthusiasm 5 fir® s£S “"diunn*. ‘ ins under the new State been agreed wi th the doct ors' tribute for 20 years startins. in Agency, tiie most . active brotang lalionAitJ thvGtmr*. 

ing under the new State been agreed with the doctors' tribute for 20 years starting. , in Agency, the most active brolpng , between the 'Govern- 

r .... : 1 ! _ - .. » ii n M MK..H nn e n * mn ic>itinn rfoalinc* with rtor- oetweeu HI® Vjoyern- 

iii" icc A-i .i r-.'-ull. u " Nr* " from 
?,Ir. T ic: .-.lill- and his bank **m- 
r!o;. C's 'ias ir-.-uieti a* rinsin’: 
whclf.vr subject had been 

The result sounds snmeibing 
like a reiun of terror. The 

at l a rue. 

Two approaches 

Nevertheless, the thought that 

5 s A 


the doors open a bit later on W:ir wouia mean design mg 
ordinary bankine days. The systems tn minimise vulnerability 
hank? in fact suspeci that manv :iud manning tbem with some 
of their staff are anxious to offer kind nf highly-paid Praetorian 
a better service, and that an Guard. It is not a future one 
adequate minority wuuld be bkes to contemplate. Peace 
very glad of titc- opportunity to means a lot oF dull work on 
earn substantial extra moner on things like social contracts and 



tlndlcates programme 

bought by his ri-icr io the competitive Oteley Hunters’ in black and white 

strengthen a strong tetm which Chase at Ludlow. our 1 t 

could still prevent Mr. George In the belief that he may well BJoL A 

Sloan taking tbe amateur r:der< have come on a few pounds jijq a .nu Mr. Benn. 9.45 
title won by Greenall a year since that Doncaster run— only Roobarb. 9.50 Jackanory. 1005 

ago. came good at Doncaster two his third of the campaign— I Boss Cat. lfl-25 The Boy From 

weeks ago when outclassing take It’s A Chance, who will Lapland. 10.50 Uppy Lion. 1X80 

four ‘ opponents in the - -mile relish the additional half-mile, United Act of Witness from St 

Auckland Hill Hunters' Chase, to defy top weight of 12 st 7 lbs. Mary's Church, Caernarfon, 

in imnre;sive stvlc Gwynedd. 12.05 p.m. Kasfat&nka 

.After several mistakes ;it in ^mpressive siyie. i Russian film i. 12.55 News. L05 

early fences, the inexporien-.-ed The Osmonds. H.40 “Random 

It's A Chance began to Imp i:’*.* SELECTIONS Harvest,’’ starring Ronald Colman 

down to his task at haifw.-.y and WORCESTER and Greer G arson. X45 Play 

from that point the result was 2 00 Swinriu* Safari School. 4J0 Crackerjack. 4-50 


, - - , . . . _ , . , . . - , . 2.00 — Swinging Safari 

Saturdays However, such is the participation and reform oi the anf j V imv Ridse — hoth nart- never in doubt. .-*t tne r:ne. f= s 2.30— Royal Cacador 

power of the unspoken compurer- kind President Giscard d'Estamc nert!d bv * Tomntv Stack— can A Chance, a 6-5 favour ho ufier : j.oo vimv Ridre’'' 

based deterrent rha; they dare discusses. It is a great pity that Sl . ore ff1r him . ; v |iilc It’s A opening at ouds-nn, had s:s 3.30— Icebreaker 

not even poll ineir staff to find the monetarist fashion in Chance ihe mnunt of his owner lengths to spare ever <;-.* 4.00— Croftamic 

out what would r><> ac<:ept:i"ie. oconoinios distracts attention ^ Ir p e t e r Grcenail, lias an Sandal. \n whom he cun- 4J30— Woburn 

So much for the right io from these human and technical obvious chan re of following ceding three lbs. SOUTHWELL 

manage. factors which are pushing all of stablemate Abercrombie's vie- Although it is difl’.esi!t to ‘in Rnmanv li-ht 

Of course, hanks sre not the us in directions which look torv of a year aao in Southwell s evaluate the true worth of that e Satt 

only industry which have become corporati^t and theoretically j3mes Seel >' Memorial Hunters form, it seems more thtr. likely I rhanc e--* 

increasingly vulnerable to the unrtdv T he wonimv ran « it Chase - u was of J reasonal 1 :' high 4ii—Virikun* 

tnrear oi a stoppage, and com- un,d -- The pcono™. ra ■ as 11 The best bet from this trio ;? order, for the runner-u^ had 4.4o— \idkun 

outers are nnt the only technical "’ ere - 30 monetarist \ Chance, a lisbtly raced previously gone down iy just TAUNTON 

advance which have in fact computer mignc prove fatally brown son of Menelek. This lengths under J1 at. 7 ib*. ?e 2.15 — Pensive Prince 

undermined the power of vulnerable. promising 6 year old, who was Conchita II and M our '.olive in 3.15 — Tullow Laine 

.. ■■■■ ■■■«■■ acBnPBwne aBw wMMBM — w — w—g anBaaBagaBMMBaaaawaBMaMaaMaaMgMBMMM—— 


5.83 John Craven's N'ewsround. 4.45-5.5 Tren Sgrech. 5.55-6 JO 4NG» i \ kaorts Arena. Ifi.^-1L05 a.m. Alexander Guinness 

3 h&tym 5.10 Blue Peter. 5.35 Ludwig. Wales To-day. 6.45-7.10 Heddiu. ,jo ..m. i . 1 ,.tr- ,riim: -TH- Ti.o- w c « ^”'1^ Genera' 12M t w ' 

'&A i&tf tSf l 3.4t» News. 11.45 News and Weather for Wales. Bacndal • y. Jr nus s.’tu. UJ0 v::an.i; VSTwi*rSS .. - N . eWS ' 

3.55 Nationw ide (London and Scotland— 5.55-&20 p.m. Report- wku v.i»i . 1.2s p.m. Ansim r,v.«-s 2.a> < I]IW . sjs-ojs snon uv^t. -' JI Regmns as 

in South East only ». in; Scotland. 7.40-S.IO Current " "5“?'^^. J’.',’ crnTTICH the following t 

6.20 Nationwide. Account. 11.45 News and Weather r ^ Wal«-9JM, 

hlack and while. 6.45 To-morrow's World. for Scotland. 7.00 Th- sis miUior Doii.r inn. &?.'<>. Tri/vi.- uby U "u^ sliow- 5 - o5 ' 3 - 2u P- m - ] 

RE4C ! 7.10 Top of the Pops. Northern Ireland — 3.53-3.55 p.m. Fnu: <n ih. 11.00 tv -.tone: "D^t u<3 ft Wjr . 1^3 p.m. n. ws and Nei»Tdd. / 

9.45 a.m. Roobarb. 9.5« Ja- ka- « * ^ ^ ^ ili^oaS" K ^a. 

ffnn f 9J15 Cannon. 'Weather for Northern Ireland. us w.m. \bov« is- Hanzen, loos ExnmardalJ'Firai. 7J0 Charlies Ansels. News. 12.35 

unn. ll.TO tor Svnoo N C..OUege>. lO.iy Breakaway Girls. En-Iand— 3 35-6JN) n m Look J;,,rn,nw -Ewast Ui .tipir." lojo Linlidoy Hnnaar'-lsb St. Glair and Weather for SCI 

I2A5 p.m. Un The Move. 12.4 .t 11 05 To-ni- ht tn, , ana---j. v.vo-:u p.m. udok « ;jrrlni . Tcrt-a Wn;:n and Canttroa ih- Pc-sv O'Kwfc Qaan-L iu» Laic Northern Ireli 

v !£ 11 A 3 New,. Weiier.^Nel^S" ■ J^SSS Sf"i SS5? - * ^ " 1 ' CV ™’ »««-» 

JST> "SsSKf"^ ror AW- « BBC 1 «cep t at tS & SSS SOUTHERN Irlland* 1 " 1 

England (except London). 3.55 the following times. joints ,\ei,x. ibristoi), south v „ n , .in 15.30 Pouc- womia. U30 933 a.m. s;aU<marr Arft. uo.w "Nurse England— 5.05 

Play School. 4.28 Wuwime Witch. Wales— 1.45-2.110 p.m. Barnaby. 1 ®, , r t > i ' p Ul ’ ht An "' l,,lS To "’ ,J '- w^U”. siamw Julia U30 New a 

US Jackano^. Sf.oby Dao. 4.411 Crystal Tipps and Alistair. »«" " Kt tPljmouth,. BORDER £K“ Sm wSSSi “ 

■ 1 RRr iso am nu.-ii-'ir.T i- — Th„ nmidin- 4.25 LitUe House on iLc Prairie-. 

F.T. CROSSWORD PUZZLE No. 3.625 * T ^ p l ’ ** Cro,,roatfb - 0ay br D "' ^ 

7^0 Were You There?: ; BORDER ' \'f 

8J!5 William Wyler; Azherjcan qjo *jn. ci™ etc* vus cirioon. 

Film Institute Salute. xojsr Cavern Deep- li-35 In Scarril Ot 

SJ5 Pot Black 78. Atlantis. 130 lun. The Nature o( ram«5. 

n ,= Hpiric anH Tales 2JM C 31 ^ 003 - ^ MatHwe: “Boy mi 

neaas ana laics. a nni phii, - sumna Alan -Ladd amf 

10.00 Horizon: The problems of Sophia tlorm. SJS Tbe -practla?. Uj»5 

seven million people living Andy wmiaras. - - - 

on or below the bread- GRAMPIAN.. - 

line. 9JB aum. Firsi ThinR. U.2S Can we 

10JJ0 Portrait: Robert Morley Time, ms cavern Deco. 130 p.m. 

Da in ted by David .Poole. Grampian News Rradlmcs. L4B Siam on 

jSJ* «n 3* Good FndaT . a-M-- Bov an a r-oipbin.'* 

11^0 Lareixewson Z. Starrms Alan Ladd, SopJila Lur-.'O .imJ 

If JL» .Simple Faitn7 Clfftta Wefcti. 6-fla-GraHjoiM T.'Iay 7JP 

Gwynedd. 12.05 p.m. Kasbtanka : . ^ 5 „„ <? Good endar 2.1D ■■ Bov on a roipbm- 

(Russian film!. 12.55 News. L05 vLitwr *' starring Alan Ladd, SopJila Lwwn and 

The Osmonds tL40 "Random Simple cal til/ ciffaa Wei*. 6-Vb Grammas Today 73P 

^starrin^RMald Caiman tU.40 ’ The Little Foscs." stat^ The Jim AlaeLeod Stow. . TUS UaScc- 

ring Bette Davis. .. and .ikwa. U3a srara on __ : • 


. 430 in. liisurr AnatreJ Tin. .0.(5 
Look a; Life. UL2S Can aon rime. 1033 
Tie Terrariums. 5JO pan. Tftis fs Vncr 

5.03 John Craven's Ncw^round. 4.45-5.5 Tren .Speech. 5.55-6 JO 4NG» l K f-wns Ar«na. IS.3-1L05 a.m. Alexander 

3.10 Blue Peter. 3JJ5 Ludwig. Wales Tu-dny. 6.45-7.10 Heddiw. 9 J0 a.m. i - unr- Him*: -TH- Tn,.' <-.f n htv * w c «_ TII tv Genera* ^c= 

3.40 News. 11.45 Newt and cat her for \\ ales. Lacnda-J 1 Marring ?,.tu. HJ0 V.'ian.i; ?a?Gi^BinTVS>n WeiT HmS 

3.55 Nationwide (London and Scotland— 5.35-6JO p.m. Report- Jvuii v.ifln. L25 p.m. Anain 2 .m - 60S^35 Srwn uvm. 

South East only i. in; Scotland. 7.40-8.10 Current ,™' r ; crnTTlCH 

S.20 Nationwide. Account 11.45 News and Weather Cm.i&i In „. M ^PIBo^os Bold a s 

b.4a To-morrow- « World. for .Scotland. i.oo Th' Mitimn nan. w.r-o Er.<». aaas t.-ii .iu- why 17 show- 

7.10 Top of the Pops. Northern Ireland— 0.53-5.55 p.m. •« n.oo n - "Dwr ...... u ss owjr. 1^5 p.m. ::. ws and 

7.40 The Good Life. Northern Ireland News. 5.55-6.20 ?■-' T/li- 1230 a,m ' K ljd H " Por iW wom-.n emy. «c 

8.10 Wings. Scene Around SLv 11.05 The A RcJ(!u,a lor Ho '' r^or and Fr.ends d^ L.iUe ilouw on 

9.00 News. Hong Kona Beat. LI. 35 News and ATV iSd twU. So Garae^' JS LM 

South East onlyi. 
S.20 Nationwide. 

6.45 To-morrow-' c World. 
7.10 Top of the Pops. 
7.40 The Good Life. 

8.T0 Wings. 

9.00 News. 

nd u cat her for Wales. Lacndad ’ vurnug S..tu. UJ0 V.’ian.i; . sc , nl . pm. R.-^ri W 

5.33-6J20 p.m Report- Jvuh v.i»i. L2S p.m. An ;iia Nv.cs 2.M i lliw . 6J4-6JS Sport UV^. 

H T in 111 rmront woitii'R !'■ i!«. 3.29 no.uUtt— !ie D- ^ , A , 

?- x -‘: 40 ,.-V‘ f. S VSohOn... 5 JS EiRAV-nb!? SCOTTISH 

and Greer GaFson. 3.45 Play ' "nVAXAhA > 

School. 4J0 Crackerjack. 4L50 Herbert Marshall. . . GRANADA ■ 

, j, ,. v /v«TT\/vli.T . . - V.AJ a_m. uisukt Anaiicl Tin. IO 

Ludwig. LONDON Look a; Life UL25 CanoonttaM. 1033 

4.<»a News and Sport. _ The Tcrranuats. 5M> pan. this is Your 

5.05 Tom and Jerry (London 9.35 a.m. Dynomutt. 10-00 Song Right. 535 crassraada. 630 Kick oj. 

and South-East only). Boob. 10-10 Pipkins. 1025 Beany u.«s Dan aukusl 
S2Q Ask the Family. and Cecil Cartoons. HM3 Tlie HTV 

5.45' The Man Who Talks to Brady Bunch. 11.03 Dnve-ln. 1L30 mjs uii. Canoonumc. . is 35 

Animals. Look Who's Talking: Dukes and Deep, sjs pja.^TUe Uod^rs^a Adun- 

®B0 “Storm Boy." starring l«e. 12.00 Disnw Iftnm JOctny 

Greg Rowe. Mouse to Snow White). lJIO News. HTV cvmru.Tifato-As utv G.:ncrai 

7 A3 The Goodies. 1-05 p.m. tout Peace— A Good service . ex«w: . ujwjs mb. Kcdtaj. 

833 Going Straight. Friday Meditation. L30 “ The mpajii Y pymr hwbiiw . ; 

8.53 Showtime Special. FaU of the Roman Empire.- star- SCOTTISH 

9AS News ring: Sophia Loren, Stephen hls aun, 3tr. sfacoo- uus Tbr Btomc 

9J35 The Late nim: “The Boyd. Alee Guinness jand James Wona* » p-%- » '»«* a orwra. 

Forbin Project,’ atarring Jtason. .AM [Sagtonl* Dta^ie SH2® 

Eric Braeden. Special. 5 JS- Brnmeraaie- rarm. udd imi somua Loraa. sjs pi«i hq.-; 

11.30 Parkinson: Michael Pariah-- 5.43 News. .. . ■ ' -/reM: '‘“S tSfffl* 34 . 

son talks to Sir Alec 6.90 Stars on Good Friday. Wa f- « 

Guinness. 955 Crossroads. XL " U “. PWlw 

12.40 a.m. Wea th er.-T egi onal 7.00 Mind Your Language. CrUTTITFRN 

News. 7 JO Mixed Blessings. «v 8lnh .a 

.\1I Regions as BBC-1 except at 8.00 Survival SpeeiaL us S 

toe following times: 9.00 When Eight Bells Toll weekend sjo crossroads. 630 out cf 

Wales — 9J0-9.45 ajn. Tredwt ("Part One I starring Tcwn. jms Bansta- 

O ~'. 'i * « oi.-ara.i. TiC ■ rum: " twjr on a uoipum. szarrws .\|a^ 

Special. oua- Bnuneraaio . rarm. Ladd haa sootiia' Lorca, sjs piwi uq.-: 

11.30 Parkinson: Michael Pariah-- 5.43 News. .. . ■ ' :■ rrfcnda '.utaniMrii- ':•* L^anaad. 

son talks to sir Alec 6.90 Stars on Good Friday. JJa- « umS 

Guinness. 955 Crossroads. wriJMim. ujo Late CaiL UJ5 miw 

12.40 a.m. Weather.-Tegional 7.00 Mind Your Language. CniTTWFPN 

News. 7 JO Mixed Blessings. ■■ SJSiiSEtfM ri 

.\1I Regions as BBC-1 except at 8.00 Survival SpeciaL S 

toe following times: 9.00 When Eight Bells Toll weekmd: sjo crossroads. 630 om cf 

Wales — 9 JO-9.43 ajn. Tredwt ("Part One) starring Town. OAs Bansta- 

5.05-5^0 p.m. Wales Today. 6.30 Anthony Hopkins, Nathalie TYNE TEES 

Newydd. 635 A r Glavrr. 7.05-7^5 Delon, Jack Hawkmfi and sjs aan. -rt» Good Word, we taxHes 

With a Little Help. 1255 a.m. Robert Morley. Beauty, m Canoctmme aax Cnee 

v« w . anf i Wpathpr fnr Wales 10.90 News.' Deep. 5JS pjh. Mr. and Mrs. ^ HAT 

Scotland — 5.05-520 pjn. Scottish Z0.IS “When Eight Bells Toll" Chari,e * Epflogn ?- 

News. 12.35 a.m. News and (Part Two). 

for Scolllird. UJK> Mjry OJn rtlh ^ 

Northern Ireland — 5.05-0.20 p.m. - Sleep ana Anthony Doweu. ^0,^ zos. Friday Mattace: "The Pnd» 
Northern Ireland News. 12^5 1L45 How to Stay Alive. and the Passion." starrioR Cary Grant. 

News and Weather for Northern 12.15 a-ra. Stars on Ice. Frank Stoaira and jophia Loren. 4.3 

irahnii 13 40 riuoiflxlnn 7S • .Ulster Lews Headlines. SJ5 Stars a>n‘. 

a -n-e«A w- in ivi * l™lta « Gowl Friday. 630 Ulster Toleriawn 

England— a.05-520 P-m. Re- AH ***A Regions as London ex- u$ crossroads. 6J0 Reports. 

* •jjiT‘ D m“so a ,h^ sri° na l News and Weather tall cept at the following times: tj» police six. iu«5 The Man for others, 

BORDER li“ !iS£ a,’ ,n, ii“KS "e5i»n> eicept London and AMRfTA “ 

<».« a.m. D.i-tin-n-j- —The Buiidin’ F<1 ’ 11 LllUf Hon:w on ,ll,r pr ^n<-'. South East). AINIjIJA W t STI W ARD . *- 

•>t :h- ToK -.-r r: " Loi' Jor.” m .05 told 5 r° Crossroads. 4.00 DaybyOxr. npr, a iSS* Cartoon TTm? 935 a.m. StationB of the CnKS. 9JB- 

Eri-s. 1035 Ttil >le V.hrr XL29 Shov- Lmwnlw thallenw. .30 Enunurdale 8>Bl 2 West CoimUY Job . Finder. 9.38 SWupy; 

...4 un .h.. I--..-., rami. 7J0 Hawaii Fin-o. 10J0 Bless _ . , 5J3 p.m. Happy Days. u.« Ttw greets 1B>2S Gtta -Honeybun’s Birthdays. UJ9 

11.00 a.m. Play School. Of San Francisco. 114B mn. Easier 05 ,^^,,, ibjs Cavern Deep. 1237 jwn. 

4.53 “ The Tales Of Hoffmann,'' WBW>i Westward News Headlines. 6.30 Cartoon. ' 

starring Moira Shearer and ATV S"**- 10 -® Westward Late News, has, 

Robert HeJpn.ann 1J5 „ u P^l. s, ‘ ti0 “ iS,K?HTDF 

640 The Big Word Machine: Party. 1S3> Westway. IU5 Woody Wood- * UKlVarll Kt 

film about the Oxford pecker Show. 5J5 pjn. The Squirrels. 9 40 ajn. HerttaJW. WAS The Undersea 

Ilnitfprsit* 9 00 Tbe Friday Night Film: "Tony Advcntorea of Captain Nemo. 10.33 

"9ft ■TunoHUnoo Rome." starring Frank Sinatra. 1030 Cyrano de Bergerac. 505,: p.m. Djno-- 

i.Z0 News on 2 Headlines. *' Tony Rome” icontlnned). 11-15 Mary mnn. 6J8 Cartoon time. It® T&* 

7.23 Indoors, Outdoors. O'Hara. Protectors. 




















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11.00 a.m. Play School. ErdW. U35 Tri: iu'v.h;-? 11.20 Shov- Cmrcrsltr Challciice. 7J0 Enirn«rda1e 

7.90 pun. News on 2 Headlines. n-^s 0..,^ art the- c™ 

7 05 Your -Move Wo-dero*. O p.m. Edm.r 5.15 J. flls Hnu4 v- U.oa Southspon SLzon^iT 

i*"* C- J n I 4.00 Luoka’KSftt Tii-jrsdai- 7J)0 Prcicsjioual Souosh Tonrnamcm from 

,^50 Newsday. En-m Mah ^r- fjC r 3 i ’-n7 Ca^heswr. lLtt SouUuro News Extra. 

8.05 Gardeners' World. axo w.33 l«3c wn" i The Papon Sav 

8.30 Living in the Past. Talfcvw 13.u tvomao. 1ZOO T\TNE TEES 

9.00 Table Tennis: Norwich Tl2 - 30 a - in - News 9.25 B .m7 The Good Word follow'd by 

Union Trophj. Nona East News HeadUn^s. 930 Valley 

79^0 Screen 2: “The Good ■•( the Dicosaurs. lflD5 Bold As Brass. 

Fnirv “ viarHno \Iar-aror , n „ „ V i . WJS SViDSV- H-3) SdOwcasc 11.® Oscar 

9.30 a.m. Adventures in Rain 
bow Country. ■ fl.55 Aninutei 


lO.UO a.m. : Tin ,• ID.BS Te'J Mv 10.® a.m. Lo'.d .vs Brass. IIjSS Tell 
•'ay. 11.23 Stu— 11. as fi«ar ar.,j war. U3B Shewtin.-. u.® Oscar. 


1 The last thin-Jt to be taken 

4 Sailor party people have to 
stomach (Tj 

6-75 Crossroad ■(. 

7.90 The E ionic Homan. Robin's Nost. 

8- TO Armchair Thriller. 

9.90 Gen rye and Mildred. 

9- 70 This Wvek. 

Ift.OO New*. 

IftJto .Mavi*. 

10.05 a.m. £.-. 
u.:o s- 

me last tmu-j- to oe wsec Y oun* arrival out of the W est 'Ian-, 

interoaily or worn externally 6 arrival out or uw vs .si „ M Drive . ln 

. ^ 111ft Th.. \n,l 

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4-0 •„ -,h. - of [i,V Apes, swa .Wv t -i,ur.-j uf Capuin Nemo 1030 and a classtflcd .check at 5.00.; Rexona) News. 7.0# News. 730 Today. aSdfo 3 RKort. _ 

4 4> Vj .i-i ~rr. ■ ;.jo Crui-rci-b. r .Vjiii 01 J.'onfc Cnst-J. 11.00 The 'j}. ol ' 3r Crvbnn ' 0 30 . ijSO. £ The John 7 35 O p U Ihfi Foot fcooti meed). 732 T nnflny, Pmsitivictinir ■ 

t.50 y. I.vr: '.v i.u i^cocrt Walej. r..-achconib.-rs. 11 30 Wcsrway. 1 JO p.m. TransuUaoiic Trophy; Britain v. tVHFi Regional News. OjOO News. BJ* CitHiaOU Broadcasting ■ 

S.iS : • fh ir'« Cst.-.ry. Cjlr:idar News. 4 JB Lis?;-?. 4.a5 ' f»l:-.*d S«aio« coramentarr and rwoorts. Today indodlnE news headlines, weather. ... - 261 m and 97J3 VHF^ 

.* Snow. H.E5 — r: f; : .. ; c Turai.i!“ :.<it>o*iys Rouse. 5.15 6JJ0 L’t2*' B l Faton Rally In East .urlca. papers, sport 8. «5 Yesterday In Parila- 5.00 ajn. MornlnR Music. 6.00 A.M • " 

1? A nin 1 247m Overture (S>. S4B News. B.0S Monring News. 3.65 Afternoon Theatre 1S>. 436 

1 ... .. h . ln . rtrn . Concert fSl. M0 News.. 4-05 This Week's News. 43S Who Were Yon With Last 

,«» Ster eophonic Wra« Composer: Tcftaftpvsky (Si. lflJH Hod- Night: : The story of Mark Sheridan i a 

10 Quadrophonic broadcast day Special IS). -10J0 Bach's- St John reassessment!. 435 Story Time. 5-00 pm 

6.00 a.m. As Radio - 73* Noe! pa^ion. pan 1 (Si. 1035 Interval Read- Reports. 5w40 Enqolre Within. t5Jfi 

Edmonds, sm Ed siewart wiUi Junior u.05 SL John Passion, nart 2. Weather, programme news (Vhf - . 

Choice i si. U.00 Panl Burnett. US p^m. 1230 p.»' Dreams and Destinations: Regional 1 Km 6.00 News. 630 Goifis 
Siay.n Alive: A kid J'^jsen holiday reading by the lata C. Day ^rerts. 130 Haora 7J» News. 7JJ5 The /utter?. - 
sikcial. 230 Tony Blackhuro. 4.31 Dave News. UB Playhm. 130 ' Schnbetf.' jriano ' 7 JO Pick of the Week Trom BBC Radio-- 
L.-.- Trans 730 Uiff Richard <S and Ot recital, part 1 cS». 200 In Short -(Talk), and Television (Si. 830 The Splnnenr 

J? 3dl ° n 10 ^ 2 - Jatul Peel ,s> - 2.2B Schubert, part 3 (S). 330 Royal IS*. 830 Any QneBUdns? 935 Letter troesi ‘ 

“iSSTe -“ilL 'V* .i , _... Repertoire: Music by Prokofiev <S). 430 America.... 930 Kaleidoscope. 9J59.. 

n R "nS? Debussy and Prokofiev, vWIn and piano. Weather. M.00 Tt» World Torunht. 

Sirtm - ta-hLiM 0 ! w 1* V L r recltal ,Sl - y® The' Youns Idea fS). W«t -EnHia*. ... 1035 My DeURhfl 
« . d 545 Interpretations on Record (Si. 135 with H. R. F. Keating. U-OO A Book at 

, I? 1 -- , ,lfL Durham Mirdc Festival 1077. piano redial Bedtime: ** Esther Water." part 10. UJS " 

i-ranv“r M.OO Btainun of '0e Crws. 10. (S R-gh" -. 10 JQ *lih RaOlo i. 12 . 00 - , Sli tjb BBC Symphony Orchestra, part An Untenanted Cross: ; Meditation m.. 

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“ ‘ 'Heir ShfHn-a*.... n.« Mw-ar and lit-.- Great o irtlQ 2 l^Hhn and VHF Reslstance-a New View lUJk by Losds BBC Radio London 

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., _■ 1jI PaTHn> Birtadays. 1.30 Wmnraro N«vm Ksad- , «o' Read It with the Ears: The poetry 206m and 04f) VHF 

' ! ncj. 6 JM U’.jiwiM Diar>\ 7.CB Th« p.*!? J? vSSSS ** Ccrart Manley Hopkins. 20.00 Jana- «J» a-m. As Radio 2. 8.00 News. B.05 

IT—.- SiN Million Dollar .Man. 1033 V -^^nl 6.“ '^Ufiht.^ Terry Womii ^ ^ rocords. 1035 Drama Now (S). David Kramer with Bank Holiday Scene.' - 

til * Ljttf T.Vjt,. 10-0 '.Vi-stward Keren. 11.D3 ' s ' wclitdiiijr “ ™« WTJairtL UJJ3 So What’s Good About Friday- 

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— ijo i_c_ f.ZO a.m. ll.nuti. 10J5 The Vader- ^£7"- , Sport on 2: Fool ball League 6JB ajn. Up tn the Hear. S32 (VHF! gjp Black Londoners lsxs Track RecnrrL'"' 

:h. rf' .-r - of t u- Apes, sea -Wve'i.ur.-s uf Captain Ncnin 1030 3Ar and a classtflcd .check at 5 00.; Regional News. 706 News. 730 Today. it.0(WTow:^ H^lrv 2 RKort. _ 

■ £.30 i7ro«n>ito. m. LVaut oi .’..'onto Cnst-3. 1 L 00 The ^°'_ or Cyclin'*- *»». ^ 93a> The Joho 735 Dp to the Four fcpotinoedl 732 T 'uSmcHb*' ' 

7 Decorations ipake an oriental j.VjjJJ \vh; lt A T|n. ^P.-ipers' sav. 
overweight (a» 12.1s n.m. rin,-ifivi„r» r.s ' 

3 Suggests m as i Slum effort and overweight (3) 
promises work in the field s Ycs j tcn d to be found in 
_ . Northunihv-rlitnd (3) 

9 Recantation by a friend in u Smart enough to be found io 

JJW. , Lite jono f JS i/j raioe «our rcoouimeo;. TJX TnnJnri • 

Trophy: Britain v. (VHP Regional News. 8JJ0 News. BJt LAmaOU rSlOadCaSling • 
rotary and remirts. Today In dating news headlines, weather. 291m and 97J3 

'rHS* ** Mortilnn Music. 6.00 AM.: ' 

verse (Si a lecture (4» 

10 Film protection (61 15 Crate it in a way that's com- 

12 The island is after some pl« I9> 

measure «5> 17 Highwayman _ in the tra 

13 Their top secrets are re- business? (4-5 » 

vealed at Easter i9i Meat Adam bad to 

M shooTTe. 1 ' Wh ” rParfy l ° 20^Think? There's little poin 

16 Dealt with the coir.muchft „ 1 oa time-do you gel 
chap 1 1 ) j 

19 Cornish town has living nj Tho kidnapper's song 16) 
places to the west hi 24 A dog makes noise and 

a lecture (4} I RADIO I 247ni 12.1S a.m ’..c -ir. , • 

15 Crate it in a way that 5 com- jsi stereophonic broadcast jiuJ— i..-r, . -" 5 * ■« ci 

pi eX |9> 6 00 a-m. .V Wu-l-o ^ 7.02 j.;; 

17 Highwayman _ in the travel ^ S /- I - ? 

business? (4-5 1 2jn p. m . r,.?.v v-s-irr. oil D170 l-.> .... i.i s' .. . , . r 

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p,. p ,5 ■?, rnuairy Mub <s, ■m-!.? Kad.-j -■ n.a: ... s - - s ■■ ■ -,-■ 

20 Think? There s little point to R 2 . Jin _■ e 3 • • . T -. 

it ( 4 1 VHF Radios 1 and 2 : t.DO a.m. W:ti r. n ',0 

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(() Wilh Hddfr, 1 . ,:n-c Sr--* *-• 

22 Tho kidnapper's song 16 ) raDIO 2 l.SMm and VHF r±\; •••'' -';y 

24 A dog niakes noise and has 6 . u P . v CiV ' J.._ '• . 

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25 The mother of the future « r. ?au^> lor Tbxubi. 7.S2 T-rr- ninjo , 

must he with it (3) 4^..:^ 

Solution to Puzzle No. 3,624 ^ am 1 ”?'™ TiV 

UH-lu-lici! 1(3 Soo—< D- m 230 Da- • .’ ®J5 ■**• !•- -r. i.i 

21 HL-jrlless man has i>ong fnr 
maid iSi 

2 S Fish one famous loch — it will 
put colour in your cheeks i£D 

25 Series gets in after tea (3i 

26 Rushed round and uproar 
ensues i6t 

27 A list of passengers— that is 
obvious (Si 

28 Is the dealer comparatively 
penniless? (G) 

29 Communist to leave In the 
lurch in Worcester iSi 


1 Can a little boy he 3 pick- 
pocket? iG) 

2 How :hc* sfines of ifidss -A-cre 
fastened? (4-51 

o Secret .soviet i*?-. — lu.iw do they 
fctob jouV (5; 

HWO uraiiwi (bi. ■* KrtoF fSl. 1 U^ Kcfws IMS A Mmrtcal Evenlror fanitnl. DsiKa ■ 

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,. — '.T-r - ; — ' 7 i'T 7 ' 1B ,i v..™ ssn Pra*n af ^''^V M - 02 TTebto Chance. 1030 Lei's (S,. 1200 News. 1202 P 4 n. Von ard 194 m and 95.8 VHF' 

L - : , i=' J 7 0 S Vi i 7 05 Tfc" Areii"re ^ ' a:, r, ""“"S HMJthurei Satin Ymuc. 1237 Uy Music fSl. 0235 630 aan. Kerry Jobs' s Breaktisrt SW 

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• 2 .CS . fcicial •>■. ..20 Cl1 ''.^ ^ ,n -JL .. J " 43 . h '. ,p B k' sour j sho1 :. «»*«*«* “OO News. ZM- London and SE 1 Resdonal News.. 109 Cuncan Johnson (Si. 7 JW“ S^JoWiL ' 

• - ‘ 1 s “ z.t>= a-m. Sumraarr. Tbe One. 130 The Arcbere. IMn" M kr db MO <& r -. 

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Financial Times Thursday March 23:1973- 


by B; A. YOUNG 

runeftil music, reasonably 
Brate lyrics, gaudy costumes 
d colourful scenery, lively 
nee routines and some Ameri- 
a principals— these are the 
alities I ask for in a musical, 
d ffiis production of Kismet, 
ported from California, has 
..*m all. I won’t say that it has 
;m all at the highest level, but 
art from Oliver! it is far 
arer tD my ideal than any other 
. isical in town. 

The music, as even those too 
itUB to remember the produc- 
ts at the Stoll will- know, is 
•jacted from the music of 
rodin, and includes some un- 
encbable hits — “Baubles, 
ogles and beads,** “ Stranger in 
radise." “ This is my beloved,” 
e songs are sung with enough 
-le to enable us. to forget the 
■ i nous loudspeakers on either 
'■e of the stage. John Reardon's 
tor voice is as handsome as 
« face (even if the character 
Hajj, whom be plays, is a 
&tty second-class, citizen); 
rna Dallas matches him as his 
toe eat daughter Marsinah. 
ifton Todd gives -a resonant 

Caliph; and then there is Joan 
Diener. * 

Miss Diener was said to have 
bad- ’flu last night, but she sang 
like a nightingale. She also 
wore some elegant costumes that 
contrived to leave much of her 
torso cunningly undraped and so 
emphasised the lines of her 
delicious figure. But it is not 
only, her singing and her lines 
that, fascinate me; she Has a 
notable intelligence that sparkles 
in her voice and in her hollow- 
cheeked face. .In a number like 
“Not since Nineveh” she is 
bewitching. Hard to believe she 
was also here the last time. 

Oliver Smith's designs for the 
many lavish scenes are as pretty 
as pictures, even if they are 
about as much like Baghdad as 
Titipu is like Tokyo- (Things 
may have changed since' March 
21, 1085, the alleged date of these 
adventures.) If there is some- 
times a cardboardy look about 
them, no matter, for the play is 
no more than a myth, an Arabian 
Night, and we need 'uo 'more 
believe in the scenery than iu 
the plot.' Goodness, If we - had to 

believe in that, how could we 
fare the sight of the hero drown- 
ing' the Wazir (plump Christo- 
pher Hewettl in the Caliph’s 
swimming pool, before our very 

The production, directed by 
Albert Marre, has a satisfyingly 
finished feel about it. There is 
a. 21-piece orchestra in the pit, 
with some splendid orchestra- 
tions to- play — there is raorg in 
Messrs. Wright and Forrest’s 
songs than some borrowed, 
melodies- from Borodin. The 
dances and the big production, 
routines are skilful, and the big I 
company Jeavps no holes in the 
scenes. Wit is perhaps in short 

supply, but T liked the dances for 
the three Princesses of Ababu, 
who would have been happier 
with Tamburlaine than with this 
gentle Caliph. 

It is no doubt silly to quarrel 
with the book, by Charles 
Lederer ahd laither Davis: but if 
it Is impossible for the Caliph 
to marry Mars in ah after he has 
seen her in the Whir's harem, 
why is he still pressed to marry 
the Ababu Sisters, whom he saw 
there on the same occasion? 


Faust II 

v • v :. 

Ml- i ' . 

.'if 1 - 1. :• 

-r ■ r\h* i-v- s m 

Picasso’s original design for the drop curtain for Le Train Blue/ a Diaghilev ballet performed at the 
Coliseum in 1914. It was lent for last Tuesday’s performance -by the Theatre Museum . 




M. > i 

'■ ' W'i - -v ' i 

% AX*': ' f 

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> a a 



The English. National Opera's 
gala on Tuesday night was, 
naturally enough, thirteen-four- 
teenths operatic. It lies outside 
my brief to comment upon the 
singing; 1 note, though, for the 
record that Rita Hunter' aod 
Katherine Bring were indisposed 
and that their places were taken 
by Lucia Pojip (magnificent in 
Russalka's Song to the Moon) 
and Cathy Eerberian who. des- 
pite a broken foot and a wheel- 
chair, made Surabaya Johnny 

The evening’* nod towards 
dance — because the Coliseum is 

a fine ballet bouse — came with 
a new' .Ashton solo for Anthony 
Dowell. This is set to the Dance 
of the Blessed Spirits from 
Gluck’s Orpheus, with whose 
brief flute melody Ashton has 
managed , to draw a telling por- 
trait of Orpheus. Dowell, wear- 
ing , white tights, appears centre- 
stage is if breasting a hill, to 
stand, on -a rostrum and 'survey 
the ' realm of the blessed. 
Generous, outward - stretching 
arm movements — almost Dun- 
can esque— -prelude his descent 
onto the stage, and as the music 
impels him, he moves into a solo 
that jnakes superb use of his 

arms, and then of his speed, 
lightness and eloquent line. 

There comes a moment of 
agitation, with Orpheus sinking 
to the ground, before a final pose 
of supplication and ' an ending 
which leaves him as If waiting an 
answer. The piece is of extreme 
simplicity, luminous, and it sug- 
gests— as do accounts of Duncan 
dances — how much an artist may 
achieve by the greatest economy 
of means. Dowell's dancing has 
a quality of complete purity; so 
does Ashton's choreography. The 
dance seems to ring with a single, 
dear, note, echoing in the mind 
long after it is over. 

Logan flail, Bedford Way 

: Never before have so many 
productions of Goethe's Faust 
appeared on major stages of 
both the Federal Republik of 
Germany and the German Demo- 
cratic Republic at relatively the 
same time. The reason may well 
be the 200th anniversary of the 
initial creation uf UrJausU 
written in 1775 when the poet 
was 26 (later discovered and 
published in J8S7 by one of the 
ladies of the Weimar court, some 
80 years after Faust J appeared 
in print in ISOS). But another 
might be Goethe’s decision in 
1775 to live and work in Weimar 
at the invitation of the young 
Duke Charles Augustus, thus 
beginning the most fruitful 
period of his brilliant career. To 
commemorate that occasion, an 
East German production of the 
two parts of Fauxt was presented 
by Fr.itz Bennewitz in Weimar, 
two other productions appearing 
at the same time in Dresden and 

Ir was left to Hansgflntber 
Hex me, however, to pay fitting 
honour to this play of genius. 
Two seasons ago. in the autumn 
of 1B75, he produced Urjauat in 
Cologne on the bare stage of the 
Scfaauspieihaus as if to measure 
the breath and weight of the 
poetic drama. Now he has done 
pretty- much the same to the 
twice-as-long Faust fl in two 
eyenings, one of those rare 
occasions in which nearly every 
line is barkened to. The pro- 
duction has proved, once again, 
ah enormous success, although 
the monumental undertaking 
costs the theatre an extra 
DM10.000 for the double per- 
formance due to the surplus act- 
ing talent for the chorus. 

Other productions of Faurt 
pale in comparison to the 
Cologne experiment. Gustav 
Manker's two-parts-in-one-evening 
at the Vienna Volksthealer 
clothed everything in the garb 
of naive Biedermeier, a' rather 
bad joke on a play that took 
some 60 years to finish. Klaus 
Michael Gtiber presented Faust 
in Paris in the Salp6tri$re 
Chapel as a dream-like medita- 
tion on the play's, esoteric, 
symbolic, prophetic dimensions. 
Friedrich Beyer’s complete Faust 
in Heidelberg took three even- 
ings, became a Mecca for 

students and lovers of German 
literature, and was unfortu- 
nately ignored by the jury of the 
annua! Theatertreffen in Berlin. 
That honour felt to Claus Pe.v- 
mann's two-evening production 
of Fausf ! and II. delivered up 
lo the cultural elite as a 

medieval comedy with modern 
twists taken from the circus. All 
these served as complementary 
overtures to the Hey me Faust, 
at least in so far as the difficult, 
almost insurmountable Part If 
is concerned. 

Without bothering to go into 
lengthy details on the produc- 
tion. it is sufficient to credit 
Heyme's study of classical plays 
of Goethe. Schiller, and Hehbci 
throughout this decade (begin- 
ning in Wiesbaden, but primarily 
in Cologne). His ensemble has 
grown into the habit of reverenc- 
in'; each Important word or 
phrase — maturing, in other 
words, with each new production. 
(Among those covered in pre- 
vious FT reviews. Goethe’s 
Egmont and Urjawit. Hebbcl's 
Maria Magdalena and iV'tollM- 
gen. should be noted.) 

Another factor is Heyme's in- 
tense interest in Goethe's own 
time. The lale eighteenth 
century fascinates hiiu as the 
beginning of the age of tech- 
nology: ihat can be noted in 
every detail of the <tai.o set. 
Faust is not a creature of the 
Middle Ages— he is obsessed, as 
Western Man was at the dawn of 
the nineteenth :-emury, with in- 
ventions and constructions, with 
unceasing activity and an un- 
quenchable thirst for the new, 
with a passion for experience. 
Faust is Goethe dressed in cos- 
tumes and manner of ihe Weimar 
rourt. The frame for Faust II 
is. in fact the c'ass'Ml Weimar 
.Mage, the “ Weimar style." in 
which delivery uf verse matches 
with a setting .*0 ordered as to 
form a pictorial whole. 

Heyme’s teacher Is Erwin 
Piscator. He uses every means 
possible, together with de- 
signer Bert Kistner, to give the 
stage an eruptive quality to con- 
vert scenic action into contagious 
unrest. Faust and Mephist© 
romp through a world of steel 
construction pipes and mechan- 
ised contraptions heralding the 
dawn of thn modern ate. 



Museums united 

Leonard Bun 

John Reardon, Christopher Hewett and Joan Diener 

foung Vic Studio 


A large Star of David occupies 
, e acting : area-. and the -first of 
-any slides proclaims the. 
miner of 1932. With Hitler’s 
icialist Party rising to power 
- the background, a Jewish 
King starpre pares for the fray, 
e will be banned from -the 1936 
yropics, will rejoice at Jessie 
wens’ triple-medal triumph by 
.wireless in a Berlin cafe, and 
ill later .turn up in the East. 
3d of London blocking the 
reels against Mosley's black- 
irts before, returning to Ger> 
any in search of his family and 
iding up in a gaseous “ summer 


That this powerful and im~ 
etentiously relevant- show 
ould be the product of our 
latively unheralded Theatre-in- 
lu cation circuit is in itself a 
use for rejoicing. For, witb- 
t ever patronising or under* 
timating a predominantly teen-' 
e audience, the play deals with, 
e issue of racism. in a manner 

lizabeth Hall 

fit to shame our leading pol&jaJ : 
speech writers. The matter^' 
if you like, “ humanised.” Sy 
setting the emotive, claptrap'- of 
Hitler - and Mosley against a 
bustling, tightly -written tale of 
(he Berlin Jewish boxer and his 
East End pugilistic *' soul-mate 
who take up arms against a sea 
of troubles aid by opposing not 
exactly end them, but at least 
denounce ' the contaminating 
evil. y 

The MB Theatre. Company is a 
label, -forwhat was once the 
Bolton 1 Octagon Theatre-in- 
Education Company and, while 
its heart is undeniably " in . the 
right place, what is even more 
impressive is the clarity and 
directness with which the points - 
are made. There is a real 
theatrical power, for instance, in 
paralleling the derisive German 
election with -a classroom debate 
between a recruit to the Hitler 
Youth and the. - , boxer counter- 
punching against the lie that un- 
employment stems from “ the 

Jewish problem" And the final 
extraordinary .scene brings us 
face to face with a Polish Ausch- 
witz. survivor preparing her 
devastating evidence for the 
Nuremberg trials for the benefit 
of a prosecuting lawyer while the 
East End boxer flicks hopelessly 
through the records for a note 
of his friend's name. 

There is kn ominous contem- 
porary ring tp the request pf the 
Hitler Youth tx» stand firmi 
against. the aliens in our midst! 
Rivers of blood, etc. -By discuss-! 
ing the realities and dangers of i 
this kind of thinking in so vivid 
and accessible a way, the M6 
Company provides not only good 
theatre, but also an invaluable 
community -service. The show 
was ' devised by the Company, 
scripted by David Holman and 
is beautifully performed by a 
versatile and talented quintet: 
Mike Kay., Terry John, Sue 
Johnston, Will Tacev and Nick 
Maloney. They deserve much 
credit and full houses. 

C.C.— Thue ttioatres accpi certain credit 
cards by toieiXione or. at the. box office. 


COLISEUM. Credit cards 01-240 5258. 
Reservations U1-o3€ 1161 
Tonight & iues. next 7 Jo Don Giovanni: 
Sat.' 6 Wed. 7.00 Force of Destiny. Good 
Friday: Tneatre dosed. 104 balcony seats 
always avai'sbie day of performance. 

i A "t 
i i- : t* 

t » r 


it- .A 

London Sinfonietta 


The programme of Mozart, commissioned the concerto, was enereetic, economical of gesture, 
2 ssiaen and a new viola con- the soloist; firm and eloquent m nicely controlled. The Sln- 
rto by Simon Balnbridge which his delivery, strident in his fmtfetta s Dumbarton pafes ran 
e London Sinfonietta have been second -and sevenths, ardent in '. alon g under his direction with 
aying around' the country for th© wanner, darker colours—of. gratifi-lng -.precision : specially 
"Arts Council's Contemporary the second of the two movements good to hear a work often so 
LleNMSSSrtwlInSuSZ especially as the music moves cruelly shredded in the concert 
,S TupKiv nicht but wtth its Into -lower registers., and softer, hall for once with all its notes, 
> JSeS%vertu^ rfplSed by brtHWe permutations. Just be- infill its rhythms intact.. The 

fore the end there is a cadenza, concert ended with Messiaens 
nervous solo fibrillation, that Trait petite titurpies de la 
davs gathers impetus, and around it- Presence Divine : garden of end- 
ivin.lSf T^and the $ elf the orchestra, before bound- less sweetness, invigorated by 

ZttrSmi confirmed in & to a sncMen, triumphant the splendid solo piano playing 

of Paul Crossley, tinted naughty 

tsc good impressions, a young cQ n d uc t or was 'Michael pihk by- the carolling of Jeanne 

'lr T 2°S“ rSuI» «S4 Tilsoa Thomas, bright- and Loriqd’spndes marten ot 
t to the instrument — molagenic . ■. W - i 

o™ginSt The City of London Festival 

t strongly made, sustained *. . . 

th plenty of quick and imagin- A major effort is being made many, of the Citys institutions 
ve detail. The writing is by the City Arts Trust to broaden aod business houses. Two signifi- 
lourful: Bainbridge Uses his the appeal of the 197S City of cant events will be the re-presen- 
amber orchestra with precision London Festival- (July 17-29) by ration for a four-week season of 

a wit and exuberantly, with including a wide range of popu- Gilbert and Sullivan’s Yeomen 

ear for interesting combina- lar events to supplement the rf the Gwrd which will be per- 
ns and vivid contrast. The established arts programme. .formed in the Moat or the Tower 
ila is protagonist: but as often . Financial support for the London as part of tbe 900tb 

.o lvrical accompanist weaving val has come in the fora of a Anniversary celebrations of the 
s line round a plaintive hymn, substantial grant from the Ciiy White Tower, andthe flrel major 
««3dn-brw to action. Corporation, the Arts Conncn International Exhibition of 

SSSVS5S. ^0 ?“ spo nS O re h.pjT™ .g-L 

- 11 1 ! ■ • _ ’Hie Arts, programme will also 

inici.iide" concerts -and perfor- 

ilNGOLNSHIRE AND HUMBERSIDE ARTS mances, in St. Paul’s Cathedral 

other City churches as well 

™ ^ i ic? i/- as -in Guildhall- and a number 

ARTS OFFICER — MUSIC of Xivery Halls, by the. London 

Symphony Orchestra, the Royal 
. . . Philharmonic Orchestra., the 

required for this Regkwil Arts Association. A person wrtn a wioe Monteverdi Choir and Orchestra. 

knowledge of raueic (indudmr op«) ,nd_ proven PoSh 

tive ability to organise and’ develop a regional programme or - cn3ambe - r Orchestra, the London 
promotions and financial support. Area Assistant responsibilities for Smfmiietta,. the Richard Hickox 
Sooth Lincolnshire. £WOft»'.' tndddlng, suppiemenb (pl« 

anticipated national inav»MT* Detdr/s 'and. forms from: Of. Ihe' Academy Of SL-Martin- 

... in-.the-FieWs, the Wren Orches* 

tub NBcrrAft -: • ' ^ tra,^an'd .IBumphrey Lyttelton’s 

THE MRctivFR, ' ' Band. There -will be productions 

LINCOLNSHIRE AND HUMBERSIDE ARTS', by. the. English Music Theatre* 

KCAiiMfTMT iTddge Kent Opera and the Royal Shake- 

lEWHUNi wwis. spearer Company and recitals by 

BEAUMONT ■■■-■:, Yehudi Menuhin, Julian Bream. 

LINCOLN LN14UN. Miriam Fried and Garrick Obis- 

' son;. The City Music Society -will 

. • : . Closing date.- 21qt April - "" presenting i series of l.dnch- 

.... • time concerts *» the Bxsbopseate 

• - - - Halil' •- - 

Tuesday’s Strauss evening of love and hate soon to be ex- 
showed both the Camden Festi- piored in Salome and Eleletr a. 
.val and the Chelsea Opera Group Dlemut; who with her pretended 
in splendid fettle. The works scorn has a touch of Shake- 
were something unfamiliar but speared Beatrice, is forcefully 
worth doing, and were excel- characterised. In Kunrad, Strauss 
lently done by young artists, created -his best baritone role till 

V*™ for musIc , ’I 1 Barak in Die Frau ohne 
Central London was revealed. Schatten. 

The Logan Hall in Bedford Way, ‘ ; ^ 

buried about three floors down Ojemut and Kunrad were most 
(since they had to dig so deep, cxcitin^y taken by two prornis- 
wby not go deeper ..and make . Ypung singers—Eilene 
the roof higher?), is comfortable, Mlcbael Le ^ 18 .- She 

and. fair fSr sound, to judge by tw * ^ to warm up. but soon 
these helpings of maxi-Strauss; 5 * 1 !?* ss : 

but as so often happens with statftefi at strength- but had 
new arts buildings,. designed with ® D0U iK“ 10 t 0T “is b, 8 

a stage or platform, immediately The numerous small 

shown as too small. 

The opening work was the 
Three Halderlin Hymns of 1921, 
for which the soprano soloist.- 
Alison Hargan. was placed 
almost in the stalls, with the 
large orchestra- immediately 
behind her, bombarding tbe 
audience with lashings of sound. 

Miss- Hargan sang, nevertheless, 
with commendable security and 
charged many of her phrases 
with the genuine Straussian thrill 
— she can hardly be blamed 
under the circumstances for 
varying the dynamics so little. 

Strauss wrote no -more songs 
with orchestra until the Four 
Last Songs' of IMS — the lack 
of development in the musical 
language and the ability to con- 
tinue writing fruitfully in it are 
equally remarkable. 

Feuersnot, tbe main business 
of tbe evening, was Strauss’s 

Book Reviews are on 
Page 33 

second opera, written at the 
beginning of the century arter 
the unsuccessful Guntram, and 
after the most successful orches- 
tral works up to and including 
Fin Heldenleben. Strauss and 
bis librettist; the satirical writer 

Ernst von Wolzogen, who both ^beky. cc. as* 3878 . ctmhx card bfca« 
bad reason to feel piqued by tbe su 1071 'cxcm stu. ■ Mon- tw. 
Bavarian capital. concocted Sa'wowsano 'tImes welcome is 
F exu?rsiio£ as one in the eye (or M1l!Ar , ,, 

anywhere else you prefer) for mi* a cui.ous musical, fm. thim*. 
Munich, transfemng thither to: 

action of a bawdy Flemish folk- able to see it again.- d«»v Mirror 
tale, contriving to identify young “°iJai^' rates'* SFECtAL 

Richard tbe Second with the old . ■ ~ — - ; r~ — _ „ '7'"' 

magician Wagner who had in *^£ 3 ™: shakk^are r comp1ny 
his time been more nr less no ports, umh * 

drummed out of the city. Tbe nw London two# of Slufcesmare's 

references, by means or musical JgBISrt. v BS , oSS l 53en , Y lm™S 

SS^SSSS ^ASmco 0 ™ Sffl-Rr- Jft© Fri ss&-, ^ 

the names Of tfifi two composers ware HO use. Tietow at The Donmar 
and the librettist, are expUrit 

The long one-acter takes eegw. ■ - ■ 

place on Midsummer Eve. when InttAssADoru. cc. - ass nn 

parts (townsmen who inevitably 
recall Die Meistersinger and 
three friends of Diemut who are 
half-way between the Rhine- 
maiden s and the Nymphs of 
Ariadne ) were competently 
taken. The conductor was 
Nicholas Braithwaite; who had 
equally sure grip on the opera 
and the stylistically less varied 
but sumptuous orchestral fabric 
of the Hfikierltn Hymns. The 
Chelsea Opera Group Orchestra 
and" Chorus and the Finchley 
Children's Music Group were 
valiant. There was a large, 
enthusiastic andience and a sad 
shortage of programmes. 

The independent museums of 
the U.K., which number 
approaching 500, have come 
together to form an Association 
of Independent Museums with 
the main aims of exchanging 
information and protecting their 
interests. Although they often 
receive aid from local, authorities 
and even the Government the 
independent museums tend to be 
privately run. To date just oyer 
a hundred museums have paid 
the modest £5 joining fee. 

The last few years have seen 
a remarkable - growth in new 
museums, and their success can 
be judged by the fact that for 

the five years of its existence Jhe 
Museum of the Year Award ha5 
always gone to an independent 
museum. The newly formed 
AIM is publishing a quarterly 
bulletin, and should act as a 
pressure group. 

Its members include: Maryle- 
bone Cricket Club. Lords; the 
Brighton and Hove Engineerium; 
National Museum of Labour 
History; Wookey Hole Caves: 
Gainsborough’s House; and 
Norton Priory Museum, which 
grew out of an archaeological 
investigation of an Augustinian 
Abbey Priory on Merseyside, 
plus "many more. • ; : A.T. 



FORTUNE. 036 2230. Ev*S- 0. Thun. 3. 
Set. 5 00 «oid 0.00. 

Muriel Pivlow' as MISS' MARBLE In 
Third Gnat Y ear 

DUKE OF YORK'S. 01-036 5122. 

Ev«. & oo. Mat. Wed. and Sat. at 3.00. 
in Julian MircheU's 

" Brilliantly witty . . . rto one should 
miss H " Harold Hobson (Drama). Instant 
credit card- re s erv ati ons. Dinner and too 
once seat E7.DQ, ■ 

GARRICK THEATRE. 01-838 4601. 

Evil s- 8.0. Wed. Mat. 3.0, Sot. 5.15. 8.30. 
In the . 


" GO TWICE." S- MorksY. Punch. 
"GO THREE TIMES." C. Barnes. NYT. 


PICCADILLY. 457 4506. Credit card bkos. 
836 1071. Evgs. 8. Sacs, a.45 and 8.15. 
Wed. Mat. 3.00. 

Evg. standard Award and SWET Award 
Royal Shakespeare Company In 
by Peter Mtltols 
CNdt sultflOln tar Children) 

PALACE Credit CardL. 01-437 6834. 

Mon. -Thin-. 8-00. Fff., Sat. 6.00 and 8.40. 

GOOD FRIDAY 2 PertS- 6.00 and 8.40. 


WHITEHALL. 01-930 6692-7765. 

Eras. 0.30, Sat. 6.45 and 9-0. 

Paul Raymond Present-, the Sensational 
Sex Revue oi the Century 

Due to overwhelming public demand 
season extended. Plus extra peris, on 
Frl. 6-45 and 9.00 from March H. 

Twke Nluhlly 8.00 and 10.00 
OPEN SUNDAYS 6.00 and 8.00. 
PAUL RAYMOND presents 


'• Takes, lo unprecedented ilmln what la 
permissible on ow stages." Erg- News. 
You mar drink and smoke In tbo 

YOUNG VIC inear Old Vic) 928 6363, 
Now book me tor Roral Shakespeare Com- 
Production of 
MACBETH opening April 4. All seats 
LZ.OO (heavily booked until May 15). 

Walter Trampler, who also and generous sponsorship 


Ij required for this ReglOfl&l Arts Association. A person with a wide 
® knowledge of music (indwfmgr opera) and ■ proven administra- 
tive ability to organise and’ develop a regional programme of 
promotions and financial support. Area Assistant responsibilities for 
- South Lincolnshire. £3A7O.£4,S0O' Including. .supplements (plus 
; ** anticipated national increase). Detdris 'and. forms from; 

children are gathering firewood Toni a « Rwi. gr*v*. Ev». o.o. mjb 
for bonfires by means of baskets T “* - 3 ®’ Vtoct &ro* 29 7 ' 0, 

let down, from upper floors. In LirT Th?^omTO > sSS < - ’ 

one house lives Diemut, the Good Friaxv »i a pan. 

Burgomaster’s daughter. In oms/ iml e.b*. b.oo 

another lurks Kunrad. a strange imq. Th jSji. Ag- s and a. 
young man whose solitariness has . ia«o?4i th? vur ITstaj 

aroused suspicion. He falls for shut S Y ou5 B Evra and 

Diemut, but she refuses him think of bngland 

abruptly, presumably over-eom- rw < &d E ?rSr/WKVi™ #s * 

pensating for her real feelings. \ 

To punish him she allows him ARU tmea tom stopparj?!:'* 56 2,32 
to come up in the basket nearly D,R IL L L N -WL m -»« T .*« 

but not quite to her balcony — Monday » ThdiwE 8j0. to Friday 1 ami 
tHan awimniu rha npinhl%r.iiK. 1. Saturday MTJIO and S.IS. 

APOLLO. 01-437.2663. Evgs. 8.1 
[ Mats. Thui> J.O. _ Sai. 5 and 8. 
(Actor of Tha Year. E. StdJ 

- is Superb/- n.o.w. 

Good Frl. 1 Port, u a.D. 

to come up in the basket nearly D,R IL L L N -WL. H -- M 

but not quite to her balcony — Monday » Thuixday BSi 

than ennimnnt rha nPiHhhAiirc tr , !. Saturday at 7.00 and S.IS. 

then summons the neighbours to 
mock al him. - 


Kunrad's forthright powerful gj StSEU&jSTRZ 
rebuke about tbe dignity and Fr w* v * nd s “ tB gy,.6-°o n-^s- 

power of love are followed by Inston Credit Card RcLrvatkuis. Eat in 
an act of revenge for, which he g£ r r SfiST? JSpW 

summoas the magic aid hifi old besTm^ical 
master — all the lights and fires. even ing .standard award. 

THE DIRECTOR, - .; a v- 




Closing date: 21%t April / . 

in the town are extinguished. Cambridge, cc. oi-bsg boss. MoiiTig 
Rather promptly for credibility, Tnur«i»v B 
Diemut sees her error and admits “ pulsating MCKi^L.- ErertoB hows. 
Kunrad to. her room. The people seat prices u.oo inao.oo 
changing, their minds with equal cSSSUl^ s 1 as 1 So. ‘mS«. 
swiftness, approve, and the fires ot 6 poa. 

blaze up again (“Dearth of flire” c 9 m Sf- a „ , oi-pso 

is a possible translation for the E w ’ mo i ka 'umi^oi^iRnTbM 30, 
opera’s title). Hie. approval was MarB ¥BI < K it ^comedy ™Siu.2r^ sh 
not .shared by all of Strauss's murder among friends 
contemporaries. Dresden' took dl^l 

Feuersnot in 1MI, but it took . JLMJ.- IreHS 
time to reach Munich: ; carrERi^ ' 01 ^ 32 , 6 

The opera* which is full- of twmng* s. *.». »jS 1 "tSS»? s.ol 
dialect and folk or folk.iype Time, 

material (one can imagine Orff .. HILA r IO u S l N . w «^d. 
setting such a subject, .in an drury lane, cc, oi-ssg si Do. crery 
entirely different style), begins NWit *«• s-oo- 

nllu .1 111 , ITmmI iwl ... ... * “S™*. UNE 

GREENWICH THEATRE. 01-058 7755. 
Evening, 7.50. Mat. Sals. 2.30. DON 
JUAN. A Comedy bv Moheve. " I recom- 
wtnj it warmly.” F. Twnet.' 

HAYMARKtT. 01-930 9832. Evgt. B.OO. 
Mot. Weds. 2.30. Sacs. 4_so and B.oo. 
Easter Pens. Good Frl.. Easter Mon. 8.00. 

"■ Ingrid Bergman makes *he suae 
radiate — - unassailable charisma.*' D Mail. 
" Wendy Hiller Is svnerii." S. Mirror. 

Men. to Thur. 9.0 Fn.. Sat 7,30. 9.30. 

LONDON PALLADIUM. 01-437 7373. Till 
April 1. Evgs. 9.0. Wed.. Sat. G.50, fl. 
end Special Geest Star 


“ Ginger Rogers sweeps the audience 
at the Palladium oB Its feet . . It's 
one heck- at an act. ■ ■ Daily Mali. 

LONDON PALLADIUM. CC. 01-437 7373. 

01-437 2055, , 

LYRIC THEATRE. CC. 01-437 3685. Evs. 
8. Mats. Thurj. 3. sets, 5.0* and 8-30 
by Eduardo Filippo . 

'' TOTAL TRIUMPH.” E. News. 

HUNOREO YEARS." Sunday Times. 

MAY FAIR. CC 629 3036. 

Mon. W Frl. 8.O.- Sot. 5.30 and BAS. 
GORDON CHATER ■■ Brilliant." E.N. In 

, by Slew ). Snears 

■ A compassionate, funny, aercety doauetit 
RNV-, Cf"- E.Std. ‘Wickedly 

amusing. E. News. " Spellbinding.-' Obs. 

At 7 p.m.. 9 P.m.. 11 p.m. lOnen Suns. I 
PAUL RAYMOND presents 

Fully Ak Conditioned. You may 
drin k and smoko In the auditorium. 

round HOUSE. 267 2554 Eves. B. 
No peris. Tomorrow. 

present me London - nremMjre dI 

ROYAL COURT Theatre. Tel 01-730 174S 
Steps, notes and soueak* 

From March 29. Eveninw B p.m. Mats- 
TTrnr. and Sat. 5.0. Until April 1. 

ROYAL COURT. 730 1745. 

EySs/BOO. Sol 5,00 and B.30 
■ends. Sal-* 

A BED or ROSES _ _ 

“ Mode me loci oUd to be alive.” D.Exp 

See abo Theatre Upualrs. 

ROYALTY- Credit Car*. 01-405 B004 
Menday-Thursdav Erenlnu B.OO. Friday 
6.30 and B.45. Saturdays 3.0 and 8-0. 
London's critics vote 
Best Mnslral □> 1977 
Bookings accented. Malor- credit cards. 
^Easter Peris. Good Friday 8 4S. 

Bank Holiday Monday. B.OO. 

SAVOY. 01-836 98BB. 

. Nightly at 8.00. MaL Wed. 2.30- 
Sal. 5.00 and 8.M. 



The World-lamous Thriller 

~ seeing the play aoaln Is In fact an 
utter and total loy,” Punch. . 

“ It will run and run again.” S. TeL 
" Blend of comedy, pamesmantbip and 
gifguise.” Times. 

Evgs. £1 lo £4. - Mate. £i to £3.1 

Good Friday and Easter Monday 8 o-m. 

Ergs, .at ft.o. 

856 S5 9 S- 
Mats, Thun. 5 flt. 3.0. 

rather, like grown-up Hansel and •• a rare, tfovastabw. ioycm£ eswafehing 
Gretel hut soon passes to bigger stunner.” sunaov naa. 
things. There are one or two 83 |r^ 24 i_ s?S’ IS* "QUit 

orchestral passages that bring ..T. T ° 

one' in sight of . the wilder shores 7,50 y eSi.^ Tb '- 

14 ERMA ID. 248 76SB. Rest. 248 283S. 

THE NEW S|4^ y Hrt A^.MEO BY 
M5.JFK, Add Sat, S.15 <Ng >erf. 
Comal ned -Dinnet-Tbeatre.- Ticket £6.50. 

^A7«>NAL THEATRE. 028 22*2 

QUVIER IMM stage): Today 2.45 t«d- 
PT. 'gWj A 7J0. Sot. 2A3 ft 7.30 THE 
CWWTRY VWB by William Wychenw. 
LYTTELTON t proscenium stage); TonT 
mmUtiSSb ™ E ramr from 

Mortiwi? Iw . .w*** bv John 

COTT^OE (ptail auditgrtnni)i. Tan't .ft 
LARK RISE, written bV K«l£h 
pvwjwat. tran Flora book 

I prom. otnw> 

LMnyexc^lent cheep seats all's theatres 
day ot t»fri. car park. Restaurant 928' 
3033. Credit card bfcgs, 928 305?. 

M.D VIC, 928 7614. 

Prospect *t The, OM vie 

aLl FoMvtW S K r, M , . 
SAINT JOAN Frl. 7,30 Sat. 2^0 7.30 

Sunday March 26 or 7 Jo • 

with Barbara Jefford ft John Turner 
»«N SPACE. 01-387 SB&g. ftygo, 0.0. 
Triple. Actions. ORFHEtn, 

John Reardon and Joan Diener In 
That legendary musical 
COLOUR.” E. News 

STRAND. 01 -BIB 2660. Evenings B.OO. 
MaL Thurs^S.M^ &»turdgy* 5 JO ft ft JO. 

flood Frldayi 1 part, at 8 00. 

ST. MARTIN'S. CC. 8X6 1443. Evs. B.OO. 
Mat. Tuts. 24ft Sat. ft flood Frl. S A 0. 

. ■ _ 26th YEAR 

TALK. Of THE TOWN; CC. 734 3051. 
SUM). DJnlntf. Dancing 9.30 Saner Rerun. 
razzle Dazzle 
. and at 11 pjp. 


THEATRE UP S AIW. B(|eMV 730 2554. 

. . By Nfgei willtaitwj r • 

YAUDcvuZeTbsB 9MB. CC, Evgs. at B. 
MaL Tuts. 2.4S. £usT? and 8. 

_ . 'by AGATHA CHRlSlE 
” Re-nnter AMtha wltn another whO- 
dunflH. hit., AflaUia ' Christie Is scalklnq 
the Wee* JEnd vet again, -with another 
of her ;• fintdMily ingenious murder 
my st eries.” Falbt Rarlter, Ey, Newt- 

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>DEON KAYMARKET. 1930 2738-2771) 
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Financial Times Thursday March 23 


Telegrams: Ftnutlmo, London PSA Teles: 886341/3, 883897 
Telephone: 61-248 8000 

Thursday March 23 1978 

Facing up to 

BY ROGER MATTHEWS • Beirut, March 22 


YESTERDAY'S statement and 
White Paper from Mr. Eric 
Varley, Secretary for Industry, 
marks a very important change 
in the Government’s policy to- 
wards the steel industry. With 
one major exception — the deci' 
sion to defer a capital recon- 
struction — the Government has 
faced up to reality and approved 
a rigorous cost-saving pro- 
gramme which may, after a 
further period of losses, restore 
British Steel to financial 

First the so-called Beswick 
plan, which had reprieved a 
number of high-cost plants till 
1980 or beyond, is buried. The 
BSC management is free to pro- 
ceed with closure negotiations 
at those plants whose iron and 
steel-making facilities are no 
longer required. This' presum- 
ably includes not merely Shel* 
ton (where the plan for a new 
electric arc furnace, though 
officially "deferred,” is unlikely 
ever to be revived), but also 
Shotton in North Wales, which 
has been the subject of endless 
haggling between management 
unions and Government. 

Back door 

Second, and perhaps even 
more important the concept of 
“tripartism” is dead. If the 
Government sticks to the prin- 
ciples set out in the White 
Paper, neither trade union 
leaders nor local action groups 
will be able to use Ministers as 
a convenient back door through 
which decisions of management 
can be overturned. “The Govern- 
ment," says the White Paper, 
“will give full, sustained and 
public support to the BSC in 
their efforts, including the steps 
needed to achieve improved pro- 
ductivity.” The document points 
out that over the last three years 
BSC produced about 100 tonnes 
of liquid steel per man year, 
compared with 1976 figures of 
150 tonnes in Germany and 120 
tonnes in France. 

It has taken a long time for 
the Government to reach this 
position. The instinctive desire 
for job preservation which 
underlay the Beswick plan has 
at last been abandoned in the 
face of losses which, in the 
absence of remedial action, 
could have totalled as much as 
£2bn. over the next three or 
four years. No doubt the 
Government was also influenced 
by the fact that local employees, 
seeing the writing on the wall 
more clearly than their national 
leaders, were prepared to 
accept redundancy if the terms 

were right The cost-cutting 
measures outlined in the White 
Paper are virtually identical 
with the plan worked out in- 
ternally by the BSC's top 
management last September. 

The one issue on which the 
Government has played for 
time is finance. Instead of the 
capital reconstruction that 
had been expected, the BSC is 
to be kept going by subscrip- 
tions of capital under Section 
18 (1) of the Iron and Steel 
Act 1975; this will require legis- 
lation to increase BSC’s borrow- 
ing limits and “more detailed 
information about financing BSC 
will be made available at that 
time.” The argument is that the 
uncertainties of the steel mar- 
ket make it difficult to deter- 
mine what a viable long-term 
capital structure should be. 

Whether the Government is 
right not to grasp this nettle is! 
very much open to question. The 
Prime Minister was naturally 
anxious to avoid the opprobrium 
of large-scale capital write-offs 
in the months leading up to an 
election. (Despite the White 
Paper's crude attempt to blame 
the BSC's weakness oh the 
Tories, the public is well 
aware of the present Gov-i 
emment’s Contribution, or ; 
lack of it, since 1974.) 1 
But there is a real danger that 
the apparently open-ended injec- 
tion of public funds will give 
rise to retaliation in the U.S. 
(possibly through the imposi- 
tion of counter vailing duties) as 
well as unease in Brussels. The 
only defence is that it is a tem- 
porary expedient which will 
soon be replaced. 

False dawns 

But what matters most of all 
is that management should use 
the opportunity created by the 
Government's statement, and 
by the agreement signed with 
the principal unions in Febru- 
ary, to -secure a dramatic im- 
provement in productivity and 
performance, especially on 
quality and delivery. There are 
signs that the introduction of 
productivity schemes in some of 
the more modem plants, such 
as Port Talbot are having an 
effect. Lower manning in 
these works is at least as urgent 
as the closure o£ old facilities; 
so, too, is a reduction in losses 
due to disputes. There have 
been false dawns in. the B$C 
before: the Corporation still 
faces immense difficulties, both 
internally and in the market 
But at least some of the 
obstacles imposed by Govern- 
ment have been removed. 

Profit outlook 

T he suffering . of 

Lebanon, like the cix- 
cuitious illogicalities of 
of Middle East politics, appears 
to know no end. Physically 
battered by 18 months of some- 
times barbarous civil war, 
threatened by partition, poli- 
tically embittered and 
economically half-ruined, 
Lebanon has in the past week 
been subjected to the awesome 
weight of the Israeli military 
machine. Many civilians, among 
them women and children; have 
been killed and maimed by 
some of the world’s most sophis- 
ticated conventional weapons. 

Another 170.000 people, per- 
haps, have been forced to flee 
their homes and their liveli- 
hoods. Homes, shops, roads and 
bridges have been blasted or 

All of that can but add to the 
sum' of human misery, one of 
the best breeding grounds for 
extremism, intolerance, and poli- 
tical nihilism. It is difficult to 
see who has benefited, and all 
too easy to predict that more 
strife ties ahead. Lebanon did 
not have an effective Govern- 
ment before the Israelis invaded. 
It still does not. and no one pre- 
dicts that it will have one in the 
foreseeable future. 

Israel says it did not have 
secure and defensible borders 
before it occupied a slice of 
Lebanon, and still does not It 
is arguable that only peace with 
its neighbours can achieve that 
The Palestinian problem has not 
been solved by the Israelis. The 
M evil arm of the Palestine 
Liberation Organisation,” as the 
Israeli Prime Minster, Mr. 
Menahem Begin, put it, has not 
been amputated. It has been 
hurt but it shows eveiy sign of 
being politically active, and 
back in the forefront of Arab 

In the meantime President 
Sadat’s peace initiative has 
suffered another blow but not 
a fatal one; Arab divisions and 
posturings have been embar- 
rassingly revealed; those who 
argued that the Israelis only 
understand force can claim that 
they have been right all along; 
and Lebanon Is left with the 
prospect of a second peace- 
keeping force and, at least tem- 
porarily, a more difficult 
domestic situation. . 

Whichever way the problem 
is approached it always seems to 
revert to the central issue of 
the Palestinians. Each of the 
Arab states argues from time 
to time that there can never be 
peace in the region without 
their participation. The . PLQ 
has made the same point, very 
forcibly In the past 12 days, and 
the temptation must be to agree . 
with all the parties. Certainly:' 
the Lebanese find it extremely 
difficult to contemplate a peace- 
ful future that does not include 
settling the Palestinian issue.' 

As the Israelis.again appear 
to have proved that guerilla or 
terrorist activity in support of 
Palestinian demands cannot be 

eradicated by miti^ty means, 
the only and perhaps forlorn 
hope for the Middle East in 
general and Lebanon in particu- 
lar is that more determined 
efforts should be made in the 
political arepa ‘That opportunity 
has not been improved in 
Lebanon during the past week, 
but perhaps -it has been better 
recognised by 'the major world 
powers. The jtermsrof reference 
f of. the United 'Nations peace- 
keeping force: id southern 
Lebanon, now betog assembled* 
precisely highlight the start of 
the rircmtous argument 
United Nations Resolution 425 
which calls for the withdrawal 
of Israeli troops from southern 
Lebanon states that the purpose 
of the peace keeping force 
among other’ tilings will be to 
ensure the return of effective 
authority in the area to the 
Government of Lebanon. If 
achieved, this could .be seen as 
real progress because previously 
the Lebanese Government had 
no authority • in southern 
Lebanon. But neither has it 
enjoyed authority in the rest of 
the country since the Syrians, 
later to assume the mantle of an 
Arab peace-keeping force, 
moved in during 1976 to put a 
halt to the civil war. Southern 
Lebanon in fact' became the 
bailiwick of the Palestinians, in 
part because the Israelis made 
it clear to the Sy rians that they 
should not move closer to the 
bonier than the litani River. 
The Israelis, having flushed 
most Palestinian guerillas out of 
the area south of the river, now 
insist that they should never be 
allowed to return. The only 
force in Lebanon -that could 
guarantee such an arrangement 
is the Syrians— or, of course, the 
Israelis — should the difficult 
process of gettingnand sustaining 
the United Nations force in 
place prove impossible 
But it seems unlikely that the 
Israelis are going to withdraw 
quickly. Every day that passes 
puts more pressure on the 
country's social fabric and on 
the Lebanon Government. The 
current constitution dates from 
294S, two years after General de 
Gaulle's Free French declared 
the country’s independence. It 
is a careful althongh now hope- 
lessly outdated attempt to main- 
tain a balance between different 
confessional elements. The 
original aim, which was 
achieved, was to ensure domina- 
tion by the Maronite Christian 
community, whose links with 
Europe date bade many cen- 
turies. Thus- the Parlfetaent is 
divided between 55 Christians 
pod 44 Moslems. . The president 
has always to be a Maronite, the 
Speaker of the House a Shiite 
Moslem, and the Prime Minister 
a Sunnite Moslem. - As the 
arrangement reflects population 
weights as they were more than 
four decades ago when the 
Christians were numerically 
dominant, it is scarcely -Surpris- 
ing that the Arabs have become 
ever more restless. Every year 






1 Min 

10 _ 20 Miles 

it became more obvious that 
immigration and differing birth- 
rates were altering the balance. 
Significantly, no new census has 
ever been carried out 

During the 1960s and for 
the first half of the 1970s 
this racially and . confes- 
sionaliy inter -mixed 1 state 
survived its crises, flourished 
economically, and provided a 
unique blend of western and 
Arab cultures. The tom and 
battered Beirut of to-day still 
has one or two good French 
restaurants, some elegant 
boutiques — and the poverty 
which together with massive 
corruption helped to . sow 
the seeds of the approach- 
ing chaos. Link to this the fact 
that even before the civil war 
some factions maintained 
private armies, that the 
Lebanese army was kept at 
token strength only to avoid 
being drawn into Arah-Israeli 
conflicts, then add in a grow- 
ing number of rootless but 
militant Palestinians, and the 
mix becomes explosive. 

Homeland of 
their own 

Having been bloodily thrown 
out of Jordan by King Hussein 
in 1979 and 1971, armed Pales- 
tinian guerillas arrived in 
Lebanon In increasing numbers 
to add to those Palestinians 
made homeless by the creation 
of the State of Israel and by 
the 1967 Middle East War. The 
Lebanese Government did not 
have the forth to control them, 
and it is, perhaps belatedly, 
becoming more generally 
accepted that they will not 
just fade away and stop demand- 
ing a homeland of their own. 

The militant 'right-wing 
Christians in Beirut are adamant 
that the guerillas and their 

A civilian refugee Sees on his motor-cycle from the advancing IsroeRs. 

camps must be removed from Therefore wherever the hard- tween Jerusalem and 
the face of Lebanon. They have core Palestinians are, there will ton; and they * 

co-operated with the Israelis in be tensions with the more reminded once J® 01 * JjJ* 
an effort to achieve this. Al-’estriljlished population — ul this value ttatcin be ]gce^ tm 
though delighted that the case the area between Sidon and Arab protestations or_ opRy. - 
Israelis moved into southern the River Litani wiridi, some JJV 0 ? *55 

Lebanon for a while, they are people think, will become a new they stay in Lebano^Bct- 
less happy about the arrival in * Fatahland.” %££?£*£ ■ 

Beirut of tens of thousands of. ; Amid these dangers, which absorb the . m 
Modems, some of whom are: are ideal for any faction wishing blow. Jf-jjje &“•£***. 

left-wing allies of the Pales- to provoke a more general con- 

tinians, together with an increas- flagration, President Elias wL 

ing number of A1 Fatah Sarkis of the Lebanon has the EjJSJSiSS iwiriflto whSt : 
guerillas who form the fighting unenviable and perhaps impos-.tmn. Quite *ow- and Ita what , 

backbone oF the PLO. Some stole task of putting together ■ 

Christian leaders reportedly are an army that could take con- &Ctl?na : .- 

furious about the intention to tool of his country, that Would seems torraow — . ; :• 

bring in United Nations troops, lift the threat of further put ^ ^ ' ' 
who, they claim, will be provid- live Israeli incursions; and that SaSlJ 

ing “free protection" tor the would fulfill the requirement of 
Palestinians. ■ ‘ Resolution 425, leading to an 

The Palestinian refugees and eventual withdrawal of the UN ???/ ^ “tSTSfdttf 

guerillas from the south, who force- How do you form a th ® 

hare no homes to return to, muti-confessional army without East* th*£robfir- : 

meanwhile look like being the main contributors agreeing “ore drown (than «**«*£; 
squeezed increasingly into the .politically? And how do you * 11 _ f 
area north of the River Litani get political agreement when does not mean toat houndarie 
running up toward the port of. the country teeters endlessly on wlJ l not be redrawn m tin 
Sidon, at which point they come the brink of further armed cpn- coming months oryears. »r- 
into Syrian-controlled territory, flict ? The mere idea of build- _ The one g l i mm er of hope, am -■ 
It is not yet dear what attitude'. ing another army in a country it is no more than that, is tha 
Syria will take, but as it intends bristling with weapons over the Lebanon has now beer. -: 
to fight Israel only when full which there is only limited eon- ’internationalised.” A solutior-’ \ 
preparations have been made, it trol is enough to frighten some to the Middle East crisis mon.' ;i 
as presumably prepared to exer- war-weary Lebanese. - acutely matters to this ! r 

rise its influence on the Pales- President Sadat’s visit to' than it may have done a coupl*; ^ 
tinian fighters and to prevent Jerusalem .was supported by of weeks ago. To illustrate how. 
them lobbing shells or rockets much -of the Christian and elusive. hope can bo in Lebanon,^, 
into IsraeL That is still feasible Moslem communities precisely it is even suggested that any : 
from north of the river. for that reasoti, and because it change is almost better than the*’ 

There is, of course, nothing offered the hope that a new "start dangerous stalemate - that has '- 
to stop Palestinian seaborne was being made 'in tackling the existed. . 
attacks on Israel such as that Palestinian .issue,' Oh the other Like an angry child which?* 
which led to the killing of more hand the PLO was initially cannot make the pieces of a jig- -; 
than 30 civilians and which pro- divided by President Sadat’s saw puzzle fit one might be ; 
vided the pretext for the Israeli move, its position In the Arab tempted to throw the lot into the 1 " - - 
invasion. The Palestinians know world tended to worsen, and it air and pray that it comes down^ 
very well that they are hated by feared, that it was again to be in a more potentially solvable^' 
the Christian population and by-passed; • form. For some, people close to,-, 

strongly disliked, if not loathed. Following. Mr. Begin’s deci- the Sarkis Government that. ; 
by an important proportion of sion to invade, the Palestinians could be the effect of the Israeli,: 
Moslems, too. But in their daily have lost some guerrillas who invasion. But -for the ordinary- i. 
straggle for survival this will can be -replaced, are back in Lebanese- the struggle Is for 
not stop them doing what they the front line of the Arab cause; survival - to-day and maybe to- .’. 
see as necessary to achieve are delighted with having taken morrow morning. Who it is'tbft!*- 
their, at times, apparently hope- on the Israeli military for at brings peace is much less rele* -! 
less goal of an independent least seven days; have seen a vant that the need for peace "• 
State, deepening confrontation be- itself. " £ 


THE ESTIMATE of gross 
domestic product for 1977 pub- 
lished by the Central Statistical 
Office earlier this week makes 
the profit outlook for the pre- 
sent year marc uncertain than 
ever. In 1976, gross trading pro- 
fits net of stock appreciation 
rose very little even in money 
terms. During the first half of 
1977, however, they were no 
less than 30 per cent, up on the 
same period of the previous 
year. This was very largely due 
to increasing output of North 
Sea oil, profits from which had 
by that time grown to about 15 
per cent of the totaL 

Profits from other activities, 
however, were also helped by 
the relatively slow growth of 
labour costs and the slackening 
rate of increase of raw material 
prices; they were up, half-year 
on half-year, by some 10 per 
cent The Bank of England sug- 
gested in December that, with 
costs still rising relatively 
slowly and some revival in 
demand, profits should continue 
to recover until at least the 
early part of this year. But it 
pointed out, too. that the re- 
covery between 1976 and 1977 
had still left the share of pro- 
fits in national income little 
more than half of what it was 
at the beginning of the decade. 

Low return 

By March, the Bank had re- 
vised its picture a little. Pro- 
fits were continuing to rise 
strongly. During the first three- 
quarters of 1977 they were about 
45 per cent, up on the same 
period of 1976. The rise in profit 
on activities unconnected with 
the North Sea was about 30 per 
cent, again because of the 
slower growth of labour and raw 
material costs. But the reduction 
in involuntary stocks which the 
corporate sector succeeded in 
making during the third quarter 
had helped to bring it out of 
large financial deficit into 
moderate surplus. Whether this 
situation continued into 1978, 
the Bank considered, would 
depend to a considerable extent 

on the size of the increase in 
capital spending. . 

And about the size of the 
likely increase, the Bank was 
clearly sceptical. It underlined 
again the fact that profits, 
though higher, were low by past 
standards: on non-North Sea 
activities, it reckoned, the real 
rate of return on capital was 
about 3} per cent., compared 
with 9-13 per cent, during the 
nineteen-sixties. The latest offi- 
cial investment intentions sur- 
vey suggested a fairly sharp in- 
crease for both 1978 and 1979. 
This, the Bank considered, did 
not seem "altogether consistent” 
with reports from the CBI and 
its own contacts about the small 
upturn in 'business confidence 
and little hope of anything other 
than a low rate of return on 

Levels out 

The fourth quarter figures 
published by the GSO earlier 
this week seem to justify the 
Bank’s scepticism. Profits in that 
quarter were indeed nearly 40 
per cent higher titan in the 
same quarter of 1976, bringing 
the total increase for the year 
to 49 per cent But the sharp 
recovery which began in the 
second half of 1976 had — after 
taking account of stock appre- 
ciation— all but petered out by 
the end of 1977: the increase 
between the third and fourth 
quarters was only from £24)6lbn. 
to £2.968bn. 

Since North Sea- oil has 
played such a major part in the 
recent rise, in profits, it may be 
that various delays and checks 
to production were partly res- 
ponsible for this levelling-out 
But although the outlook plainly 
differs from one company to an- 
other— those heavily reliant on 
exports or subject to import 
competition face a more uncer- 
tain future than those, well 
placed to benefit from the 7 ex- 
pected increase in consumer 
spending — it would be rash to 
look for another sharp increase 
in profits or place too much re- 
liance on the survey of invest- 
ment intentions. 


move in again 

The Palestinians may have 
been driven from Southern 
Lebanon, but here in London 
they have started a new occupa- 
tion — of the offices of the Arab 
League. As a result the usual 
bustle in Green Street has now 
been replaced by the ordered 
fervour of the General Union 
of Palestinian Students (GUPS). 

The visitor is greeted by the 
Palestinian flag from GUPS’s 
Middlesbrough branch — “No 
unmarked flag was available,” 
I was told — and by fresh Arabic 
signs on the walls saying “Neat- 
ness and hygiene are revolu- 
tionary goals.” 

Security is tough: the stu- 
dents want identity cards from 
visitors, but refuse to give their 
names. One young spokesman 
told me they had had visits from 
“too many journalists, especi- 
ally from, so-called leftist 

The occupation had- been a 
civilised, almost rehearsed 
affair. GUPS moved in at tea- 
time and stayed when the Arab 
League packed up for the night 
Last year they had run a pre- 
vious occupation to protest 
against Sadat's treating with 
Begin. Now, I was told, the for- 
get was not the Israelis but was 
the Arab regimes' failure to 
react to the "Zionist invasion.” 

On Monday 40 followers of 
GUPS started an “indefinite”; 
Banger strike in support - of the 
Palestinians and Lebanese and 
those arrested in Amman and 
“the Zionist entity”— as they 
call Israel— after demonstra- 
tions this weekend. GUPS had 
spared the downstairs offices of 
the PLO because its followers 
are fighting. But for the young 
men and women of GUPS, the 
PIjO’s leadership, too, is' rotten. 
After all, it had accepted that 
“imperialist UN resolution, 
number 242.? 



“ It’s an odd feeling, Fm 
stepping exactly fn my 
father’s footsteps !" 

Lordly view 

Down at the Lords, members 
have been looking at one an- 
other with a wild surmise since 
Lord Some’s Tory train proposed 
on Tuesday that the . heredity 
principle should be abolished. 
Would any peer be bold enough 
to stand up and make a last- 
ditch defence of the principle? 

One who-dares is Lord Sudeley, 
seventh of his line, who lists his 
recreations as “anrastor. wflrSiip 
and .cultivating his sensibility" 
He believes be is fair from being 
alone in the Lords in wanting to 
save hereditary rights.. “What . Is 
more," he says, “it is not proved 
that the principle is unaccept- 
able to the public at largfc"' "Al- 
though Sudeley admits to ‘befog 
a “Conservative backwoodsman,” 
and is an Old Etonian, nobody 
could him an old dodderer. 
A mere 39, he plays an active 
part in the Lords and only this 
week he introduced a Bill— but 
quickly- withdrew n— contesting 
the right of bishops to alter pro- 

cedure in the Church of England. 

I asked Sudeley whether he 
thought that the hereditary 
principle— described as coipri* 
cious by the fourteenth Lord 
Home — did not reduce the range 
of members. “Certainly not," he 
said. “ Lord Teviot was a bus 
conductor and he can tell us a 
lot about transport problems.” 
He added that since the fall of 
the Roman Empire the heredi- 
tary method had proved more 
long-lasting than the democratic 
one. I asked Sudeley what he 
thought of life peers. “Not a 
good idea,” he said sternly. 

When the Lords' in- their 
leisured way get around to 
debating their uncertain future, 
we may thus see as heated ex- 
changes between. Sudeley and 
the Tory front bench as between 
him and Lord Milford— another 
product of Eton, but -a com- 
munist who Is a 76-year-old 
veteran of the International 
Brigade and has long wanted 
the whole Lords- abolished forth- 

plete the caricature of a. Breton. 
But he turns out to be the en- 
vironmentalist of Amoco— so 
his “disguise” is perhaps wise. 

But among the free-lance pol- 
lution controllers pushing their 
magic prototype machines there 
is one to whom I wish success. 
He has some bacteria which 
not only eat oil but are con- 
sidered a delicacy by the fish 
who gobble them up. Sad that 
the bacteria are both in short 
supply and 1 even more expensive 
than the threatened Brittany 

Side show 

About the only light relief in 
Brest— with the Amoco' Cadiz 
close by— is the ati-star cast of 
what the locals are looking on 
as the “travelling disaster 
circus." This has its jugglers 
(insurance assessors), its acro- 
bats (pollution control experts) 
and its downs (public relations 
men and tire “wild Beasts” from 
the newspapers of the world). 

Our reporter, Mark Webster, 
says they have packed every 
hotel In what. the locals fear may 
be their last tourist boom ever. 

There is one 'American in 
port from Clean Water Ltd. Who 
says he is “In a looking-at-the- 
poliution situation at this 
present moment in time.” 
There is another, with a 
blue beret and large droop- 
ing moustache who lades 
only a string of onions in com- 

In the pink 

A revelation that should help 
to stabilise tbe cost of Christmas 
dinners (not to mention in- 
crease the sales of this news- 
paper to poultzy fanners) has 
come to. me from New Zealand. 
As any turkey breeder will 
know, the chicks are notoriously 
reluctant eaters, and a usual 
tactic is- to scatter feed 
enticingly on pieces of news- 
paper. An English emigre, 
turkey-fanner, Roger Hill, 
chanced to scatter seed on pages 
from the Saturday edition of 
the FT— which he gets regu- 
larly to keep in touch with the 
old country. His chicks showed 
immediate enthusiasm and their 
mortality rate has dropped 

£011 is sure they prefer to eat 
off pink paper, althongh some of 
his friends think the chicks just 
like reading the stock exchange 
prices. Suspecting that turkeys colour-blind (and the 
whole tihing . a canard, as yon 
might say), I checked with the 
Natural' History Museum: it 
seems that diurnal birds can dis- 
tinguish colours just as well as 
humans. So those turkey chicks 
do genuinely know a good thing 
thing when they see it . . . 

CfUj Qflwe m M foj ttfrwfi 


'When one has known a certain way of life, afld rising 
costs look like taking It all away, -who is there for people - - 
likens to turn to? . 

There is the Distressed Gentlefolks Aid Association. 

The DGAA is lun by people who twdsrsta&L They 
know that we want to stay in our own homes, surrounded ' 
by our possession, and close to the friends of a lifetime; 

So. they help ~us with, allowances and xririi clir qhity g twwhi, . . 
Only when we can no longer cope do the DGAAseeif 
they can offer us a place in one of their 15 Residential and 
Nursing Homes. 

The more you am help the pGAA, the inbte ' ' 
DGAA can do to help others. Donations , arc needed * 

- urgently! And please, do remember tibe DGAA wfujtt ' *: 
making out your WUL 



K, i, 

.“Help them grow 





•Flnandai Times Thursday March 23 1978 


Trying to stop a world economic war 

I* IS in many ways a pity that 
if Ca rter-Callaghan summit, 
w taking place here in Wash- 
igton should have come at a 
- me of acute concern about the 
>.j]lar. International currency 
resorts are indeed a key item 
t the agenda, but the purpose- 
Mthe meeting is much broader, 
erases from a concern on the 
art of the' two leaders 
ifir, advisers about the fragile 
5. ^ V ate of the world and the need 
\ ' ? vert : a series of aggressive 

■j- ;' k .* itionalist measures and re- 
^ -• risals which -would shatter 
remains of the post-war 
t; •• V. ; ^orld economic order. 
; V ' i ' : u r '^! K ?^The underlying issue of 
: . - ' ^v^'v'wrse .is thp disappointing re- 
, ^^' wery of the world economy 
the 1974-75 recession, and 
J'C persistence of historically 
figh unemployment rates in the 
stages - of an upturn. 

‘ '-^r ^ tverSgft " unemployment levels 
^Jt rthe. industrial countries of 
' ^te-O'ECD-have remained stuck 
5} per cent, for over 
. np years. . 
vTTbjste is much disagreement 
, dd uncertainty both about the 
V- ■ iture. and the severity of the 
■ and the appropriate 
^^hedies. The differences, more- 
•vriffr,' cut across both national 
od party lines. This may make 
iscnssion more amicahle, but 
olutions more difficult 
. The problem is often des- 
cribed as a -worsened trade-off 
. etween unemployment and 
' j iflation. But this is to under- 
tate it The point is that the 
nemployment rate consistent 
ith any non-accelerating, non- 
xplosive • rote of inflation 
> .so much higher than we all 
upposed in the heyday of post- 
war full employment policies, 
ndeed, a demand boost which 
aises the inflation rate benefits 
mployment very much less than. 
■ t used to. do, even in the short 
un. And the end result is on 
alance destructive of jobs. 

In both the U.S. and Britain 
the unemployment rate is about 
6 per cent. But because the 
U.S. census method of assess- 
ment produces higher figures 
than the British count, for a 
true comparison at least 1§ per- 
centage points have fo be added 
to the British figure. (Inter- 
national comparisons, on a 
standardised basis sue given on 
page 42 of the National In- 
stitute of Economic and Social 
Research February review.) 

The British inflation rate Is 
well below 10 per cent and 
has been falling. The U.S. in- 
flation rate is above 6 per cent 
and .rising. In the. industrial 
world as a whole flew- IMF 
figures show that the inflation 
rate fell from a 1974 high of 
over 15 per cent to the-7 to 
7.5 per cent range 7 in the 
second half of 1976, and after 
a temporary relapse last year 
is now back in this lower range. 

Price increases' are being 
dampened down in Britain by 
the effect of North Sea oil and 
the return of confidence, on the 
sterling rate. The U:SL inflation 
rate, on the other band.- Is being 
aggravated by attempts of over- 
seas dollar holders to unload 
their holdings, and sdso by 
some special cost increases 
arising from agricultural, social 
security ‘ and employment 
policies. Administration econo- 
mists devoutly hope that. these 
are once and for aQ forces and 
they hope to persuade the 
President and - Congress to 
rescind some of them. 

What is the best tijat a 
sensible optimist might -hope? 
It is that the U.S. will adopt 
monetary and fiscal 'policies 
consistent with maintaining the 
unemployment rate about its 
present levels, but not attempt- 
ing to drive it down further by 
demand boosts from Washing- 
ton; and that this will, in time 

Prime Minister James Callaghan and President Jimmy Carter^— they are meeting in Washington to-day. 

stabilise the inflation rate and 
eveotuaily allow it to decline 
gradually. The rest of the world 
will have to be content with at 
best a very gentle fall in pre- 
sent unemployment rates stop- 
ping well short of the targets 
that political leaders proclaim. 
This would allow some improve- 
ment on the world growth rate 
achieved since 1977, but nothing 
to shout about 

Two things could upset this 
process: one would be if elec- 
torates were unwilling to tole- 
rate the prospective unemploy- 
ment rates. In fact U.K. labour 
ministers concerned with econo-’ 
mic policy have been astonished 
by the lack of interest in the : 
unemployment issue in their 
own constituency parties. And 
in the U.S. opinion polls show 
a clear majority of people more 
concerned with inflation than 

unemployment — Overwh elming ly 

so when asked what matters 
most to themselves personally. 

Professor Robin Marris — no Re- 
publican, but an ex-Cambridge 
social democrat, now at Mary- 
land — argues that better 
arrangements for social security 
inevitably increase reported un- 
employment Even in the longer 
run he believes that employment 
opportunities are growing as fast 
as total popnlation if not quite 
at the speed experienced in the 
1960s. His critical analysis of 
the .theories of economic do o ra- 
sters is outlined in the Devries 
lectures soon to be published by 
the North Holland Press. 

And yet the nagging . doubt 
remains. Quite possibly unions, 
farmers’ groups, professional 
associations and other producer 
groups have not yet made full 
use of their market power or 
political leverage .to price people 
out of jobs. There are plenty of 
signs of this in the U.S. from 
the expensive proposed miners’ 
settlement the Farm Support 
Bill passed by the Senate, and 

Letters to the Editor 



- rim the Deputy Chairman. . 

.K. Atomic Energy Authority. 
Sir,— -I have only recently re- 
, lined from America so this is 
le first opportunity I have had 
a comment on David Fishlock’s 
.■tide of February. 24 concerning 
ty. /Graham .Young Memorial - 
• ecture. On essential points it . 
'•■as accurate as usual, but neces- 
it was' not complete and so 
ir. Nigel Forman, in his letter 
F March 2. was drawn into some 
acorrect comments. 

The sense of the proposals I 
ave made is that fast reactors 
icinerate plutonium; they can 
Iso be used to produce plu- 
>nium but the quantity produced 
; optional. The balance between 
itineration and production can 
e ■ chosen although in no cir- 
umstances could the net produc- 
tth rate match the high values of 
ur existing thermal reactors. It 
till remains true that, once 
lunched, the only feed to the 
tst reactor fuel cycle is Uranium 
38. which is plentiful. It still 
’mains true therefore that the 
ist reactor overcomes uranium 
onstraints. Indeed it is . worth 
? mem be ring that the uranium 
lready imported into the U-K. is 
n energy resource which dwarfs' 
' / ur total coal production over 
am e centuries — provided we use 
rat uranium in fast reactors: 
he balance we choose between 
i cine ration and breeding in the. 
ist reactor does .not affect -the 
jtal size of that energy resource. 

' only affects the rate at which 
e can convert it to electricity. 
The second point I wish to 
lake is that the new-Civex plant 

■(.ink TW nk....... C*a« and T . 

save in oases of serious injury. 

It remains to be seen whether 
tile vast sums of money required 
to implement the Pearson recom- 
mendations can be . found; 
whether its estimate of cost is 
realistic and whether we can or 
ought to sustain a further and 
considerable increase in the 
number of bureaucrats involved 
in tbe administration of the foil 
scheme as recommended. Britain.; 
is not New Zealand and ^cora pari- 
sons with that country m ^terras 
of cost and the Incidence, of 
claims are not realistic. 

S. P. Best 
29, Church Road, 

Royal Tunbridge Wells, Kent. 

Deadline for 

From Mr. K. Forrest 

Sir,— -A report on page five of 
March 20 stated: “Employers 
waiting till deadline to quit 
state pension scheme.*’ What 
other choice was there? The 
National Insurance contribution 
rates for the 1978/1979 tax year, 
including the all-important 
lower earnings limit and upper 
earnings limit, were not an- 
nounced by the Government 
until December 1. 1977. Only 
then could employers communi- 
cate this to contracted - out 

The Occupational Pensions 
Board requires sight of virtually 
all communications made to 
employees as part of the vetting 
process leading to Issue of a 
contracting -out certificate and 
the board impose a three months’ 
delay period so that employees 
and unions can object to tbe 
company’s application to contract 

managers form only a tiny pro- 
portion of the total membership, 
which is affiliated to the TUC 
and is politically committed, and 
a certified independent union 
devoted entirely to managers in 
one industry which is not 
affiliated to the TUC and is 
politically independent. This is 
entirely .a matter of personal 
choice. ... 

.To meet the. need to speak col- 
lectively to government, which 
is largely responsible for the 
financial problems of- all 
managers, many .of the Indepen- 
dent managerial and professional 
unions have formed a Manage- 
ment, Professional and Staff 
Liaison Group - which can speak 
collectively -, for about 500,000 
managerial and professional 
workers and which can be con- 
sulted by the government on 
their behalf. 

Maurice B. Green, 

(North Region Office). 

175; Station Road. 

Suririton, Manchester. 

' ave proposed is applicable only 
^ ar fast reactor reprocessing 

’*-• ’hen plutonium fuel is fabri- 
. a ted from material Itself pro- 
- .ns need In the fast reactor. The 
I borp plant at Windscale will 
’ ■■■ audle plutonium produced la 

r lermal reactors and therefore 

V ?rves a different purpose. The 
' nportant point to remember is 
\ aat reprocessing plants of the 
/ T horp type are an essential pre- 
u aquisite to launch fast reactors. 
f. \ ■. eprocessing plants to maintain 
* * iera in the distant Future will 
r SL -?rve a different purpose and give 
V7 s different technical oppor- 
' ' unities. 

v ^'<y**.pr.) W. Marshall, C3E., Fits. 

£ aiaries u street ^ swj - 
^ . - 

/Actions for 

* , ’rom the Chairman. 

- ‘ ‘ritish Lepol Association. 

?=* " Sir, — The Pearson Commis- 
ioa- (March 17) on M no-fault 

• ompensatioff” appears at first 
lush to rebuff those who may 
ten to make the injured person 
ntire-ly dependent upon, tbe 
tate for compensation. Happily 
ae right of action in the courts 
3 claim damages from the 
Tong-doer 4s retained. The Gov- 
Foment should resist the attacks 
port solicitors and barristers 
iiich some will engage in, in 
efeult of reasoned argument; 
'hen considering whether or not 
a implement any of the Com* 
mission’s recommendations. 

The British Legal Association 
•reposed that “ no-fault compen- 
ation” should be Knotted to 
hose grievously injured in mind 
•r -body but unable to succeed 
,‘Q an 'action for damages because 
, the absence of negligence* or 
.-! f :*if the proof thereof. I still -be- 

S ll » ifeve that ubis would be the best 
‘ ilttmse to adopt Apart from 
; greeting help where, it is most 

ill 1 rneded, it avoids the careful 
■ . dtizen baring to subsidise the 
l ' rimlaal or wantoaiy - xec^aess 

the employers for the inordinate 
time that this . whole ludicrous 
business is taking. 

We see often enough statistics 
on- how many applications have 
still to be received. That is in 
no way surprising, and It would 
be -far more interesting to learn 
bow much use has been made of 
the three, months’ delay period. 
Would the OPB care to say how 
many . objections have been 
received to company applications 
to contract out? 

K R. Forrest 

Hayden House, Gloucester Road, 
Staoertoh, Cheltenham, Gibe 

unions . 

From the President 
Association of Professional . 
Scientists and Technologists* ' 

Sir, — In ids letter last Satur- 
day Mr. J. ‘ Appleyard rightly 
pointed out that the British 
Ins titute of Management can in 
no circumstances ever be a col- 
lective representational or nego- 
tiating body for individual 
managers. * * Managers, he con- 
cludes, should join a trade 
union, but he names only one, 
tbe Association of Scientific, 
Technical and Managerial Staffs, 
as a possible option. . . ". 

If managers find the pOhcifiS 
and actions of this union accept- 
able then it is an effective 
option, bnt it should be clearly 
stated that there are others. 
For example, a manager In the 
p ri v ate sector of science or tech- 
nology-based industry can join 
the Association of Professional 
Scientists and Technologists 
which has exclusive -bargaining- 
rights, for. instance, for the 9fiW 
managerial and professional staff 
in Imperial. Chemical Industries 
and representational rights for 
members in senior management 
grades in that- company. In 
other industries there -are 
similar unions. - - . 

The choice for the maheger is 
between: AST9SS, -in which 

Control of 

From the Chairman. 

Kent County Council, 

Education Committee. 

Sir,— Mr. Roland Freeman 
(March 16) makes particular 
reference to the education service 
in connection with his Bow Group 
pamphlet “ Tbe rates riddle.” Un- 
fortunately be reveals major mis- 
understandings about the service 
and Its relationship with- local 

The first misunderstanding is 
that he thinks that education is 

au LlgULAJ vvuubi 

government that it would make 
no difference if it were paid, for 
by 100 per cent grant from the 
Government. Anyone who serves 
on an. education committee of a 
local authority will know only too 
well that this is not the real 
situation. Of course there is a 
considerable degree of central 
control in a limited number of 
areas but there are also very 
wide areas of policy making in 
which the authority has a free 
hand Pan any one really doubt 
that this situation would soon dis- 
appear 'if-Mr. Freeman’s sugges- 
tion of 100 per cent central 
government funding were;. to be 
adopted? Indeed for those of us 
in local government who have tbe 
interests of the education service 
at heart a major issue is how to 
extend, the area of local freedom 
and we base this view on some of 
the . appalling results of. cen- 
tralism in action that we have 
seen in recent years. To us there- 
fore Mr. Freeman’s proposal is 
something to be resisted in every 
possible way and with all the 
strength we can muster. 

Mr; Freeman’s second mis- 
understanding concerns his 
suggestion that education powera 
be given to district councils. This 
part of Mr. Freeman’s proposal 
reallv of course depends on his 
100 'per * cent grant proposal 
because it is abundantly clear 
that the education service is a 
financial burden that the districts 
would simply be unable to take 
aboard no# .and at the same time 
run it to currently acceptable 
standards. Mr. Freeman’s re- 
ference to existing metropolitan 
districts being education authori- 
ties ’Is of Course highly mislead- 
ing as only a handful of district 
councils outside tbe metropolitan 
counties are of a. sire and have 
the resources of the present 
metropolitan district councils. 
Many of us would agree that all 
the present metropolitan districts 
are. really. strong enough to _be 
folly effective education authori- 
ties in present times. What is 
accepted for the sake of stability 
would not necessarily be accept- 
able now from choice. 

Mr. Freeman should not only 
study the evidence on this matter 
(for example that submitted by 
the Department of Education and 
Science before tbe last re- 
organisation) but should also 
take account of the huge increase 
in the educational bureaucracy 
that his proposals would involve. 
The increase in administrative 
costs would be very large and, 
while under Mr. Freeman’s pro- 
posal the cost would be met from 
taxes and not from rates, it would 
still be paid for by the public. 

It is a great pity that Mr. Free- 
man moves into these areas of 
which he clearly knows so little 
because bis grave errors here 
tend to vitiate his whole proposal, 
of which some part may be worth 
further examination. . • 
John Barnes. 

Springfield, Maidstone. Kent. 



From the Chairman . 

Community Service Volunteers. 

Sir. — In commenting on the 
Department of Education and 
Science discussion paper “Higher 
education into the 1990s” (March 
38), Lord Robbins wrote that 
“one of the best solutions to tbe 
problems posed in this admirable 
paper would be some intro- 
duction of a period of deferment 
of entry to higher education after 
leaving school.” 

That Lord Robbins should put 
his considerable educational in- 
fluence behind such a proposal 
is worth bringing to the atten- 
tion of your readers again.' The 
decisions on our future invest- 
ment in higher education will 

new managers of the 1980s and 

When, in 1962, Dr. Alec 
Dickson the founder of Com- 
munity Service Volunteers and 
Voluntary . Service Overseas 
suggested that 15-18 year olds 
could both contribute and bene- 
fit from a period of community 
service before going into employ- 
ment or higher education he was 
a lone voice. Sixteen years later, 
CSV is now placing over 2JKK) 
volunteers a year, and is the 
largest voluntary agency in this 
field in the U.K. It has provided 
the model for similar organisa- 
tions in the UB. and in other 
countries. Despite the fact that 
its benefits of broadening and 
maturing the individuals and pro- 
viding a much better foundation 
for further study and selecting 
a career, the numbers involved 
are almost insignificant com- 
pared to the total number of 
school leavers and university 
entrants. That is why I welcome 
Lord Robbins’ comments. 

A letter does not allow 
sufficient space for discussion of 
all the issues involved, in what 
is sometimes called “a year, 
between,” should it be compul- 1 
sory national community service 
(rejected by Lord Robbins) what 
provision should be made for 
those who will not go into higher 
education, how should it relate 
to the various Manpower Ser- 
vices Commission schemes^ do 
we need more civil servants to 
administer or can the job be done 
by existing voluntary agencies 
such as CSV? 

I fear that the vast majority 
of employers, that is the cor- 
porate consumers of our edu- 
cation system, have not- even 
begun to think about these issues 
.and the other problems discussed 
in the paper and will not con- 
tribute to the discussion. If so 
they can hardly complain when 
the educational products are not 
what they want or tbe provirion 
for their own children is 


John' Polford. 

237,- Pentoamfle Road, NX 

tbe ■ long-term escalation of 
medical costs. In the UK tbe 
respite gained by pay and price 
controls- is deceptive and tem- 
porary: If these pessimistic fore- 
bodings are right the sustain- 
able unemployment rate' would 
be much higher than 5 or 6 per 
cent- Moreover, even if 
ministers are not under pressure 
about unemployment in general, 
they are very exposed to the 
sufferings of particular indus- 
tries under pressure from 
imports or other structural 
change. Another pessimistic 
argument is that the investment 
prospect will remain clouded so 
long as: proprietors are un- 
certain as to how much of the 
return on new capital they will 
be allowed to retain. The basic 
problem is that in Europe and 
even North America the mean- 
ing of property rights to-day is 
unclear, disputed and unpredict- 

A debate is scheduled at the 
Wilson Centre next Tuesday 


Prime Minister in Washington 
for talks with President Carter on 
world economy. 

Negotiating conference for new 
International Wheat Agreement 
due to end in Geneva. 

Hie : Queen distributes Royal 
Maundy; Carlisle Cathedral 

London Chamber of Commerce 
trade '-.mission to Yemen de- 
briefing meeting, 69, Cannon 
Street, E.C.4. 11 am. 

Inquiry into recent crowd dis- 
turbance at Millwall Football 
Chib. _ 


Ho nsc^of. Commons: After ques- 
tions land adjournment debates, 
the House rises for the Easter Re- 
cess, until Monday, April 3. 

between the British Ambas- 
sador, Mr. Peter Jay, and Pro- 
fessor Paul McCracken on 
whether the Western political 
economy is stable. If 1 could 
stay in Washington for it, T 
should side with the “don’t 
knows” and the path ahead is at 
best along a tightrope. 

Basic measures to improve 
upon, or live with, the sustain- 
able unemployment rate will 
have to be .primarily domestic. 
The task of summit meetings is 
to tackle avoidable threats to 
the precarious stability we still 

The most important and 
urgent of these threats is the 
pressure for more protection. 
UB. negotiators make it clear 
that they regard the British as 
almost as mercantilist and as 
bloody-minded as the French in 
the multilateral trade negotia- 
tions going on in Geneva. There 
is some hope that Mr. Callaghan 
might move in the free trade 
direction, but only as part of a 

more general deal to which the 
UB., West Germany, Japan and 
France would also contribute. 
Such a deal would he sealed at 

the forthcoming five-power 
summit this summer. 

The exact nature of the U.S, 
contribution is a matter of 
debate. The one consensus point 
is that the domestic U.S. oil 
price is now held down way 
below world levels and must 
rise— whether hy the domestic 
energy surcharge now stuck in 
Congress, price decontrols, or 
an oil import levy — at present 
the hot favourite. Even someone 
who is sceptical about the much 
forecast explosion of the real 
oil price 'in the mid-1980s, would 
have to agree that harm is done 
«y keeping U.S. energy prices 
•selow world levels. 

The main contribution from 
France wouid probably be in the 
trade field, too. Japan would be 
expected to go farther in open- 
ing Its home market to imports, 
and also to free overseas invest- 
ment still tightly controlled in 
spite of the many years uf pay- 
ment surplus. 

This leaves the most difficult 
problem of all — the Gerraan- 
American argument over the 
dollar, growth et at. The Ger- 
mans complain (hat dollar de- 
preciation is hampering their 
own recovery by undermining 
their competitiveness. But they 
are reluctant either to buy dol- 
lars to stabilise the exchange 
rate or to expand domestic de- 
mand to take up the slack of 
which they complain. 

Some U.S. policymakers can. 
however, see a possible way 
through this impasse. Because 
of the over-development of the 
German export sector, the Ger- 
man authorities desire a rise in 
world demand for their goods, 
even though they would regard 
a domestic stimulus as infla- 
tionary. Why not then en- 
courage exports of capital to the 

To-day’s Events 

House of Lords: Consolidated 
Fund Bill, all stages. Employ- 
ment Subsidies Bill, third read- 
ing. Motions To approve Weights 
and Measures Act 1963 (Weighed 
Out Foodstuffs) (Restrictions on 
Imperial Units) Order 197S; and 
Weights and Measures Act 1963 
(Hardware Textiles and Floor 
Coverings) Order 1978. State 
Immunity Bill, report stage. 
Motion to approve Social 
Security (Contributions) Conse- 
quential Amendment Regulations. 
Debate on export of live farm 
animals. Tbe House then adjourns 
for the Easter Recess until 
Tuesday, April 4. • 

New vehicle registrations (Feb- 
ruary). Finished steel consump- 
tion and stock changes (fourth 
quarter, final). 

Philips’ Lamps (full year). 

Armour Trust. 37. Upper 
Grosvenor Street, S.W., 11.45. 

Allied Insulators. Stoke on Trent, 
11.30. Cornercroft, Coventry, 12. 
Deundi, 1-2. Laurence Pountney 
Hill. E.C. 12. Pride and Clarke, 
Winchester House, E.C.. 3. Rom- 
ney Trust. 21, Moornelds, E.C., 

developing world from surpduc 
countries such as Saudi Arabia, 
as well as Germany and Japan? 
A major proportion of such 
financial flows would come back 
in export orders and thus boost 

The surplus countries — and 
in particular Saudi Arabia — are 
reluctant to bear the default 
risks themselves. But an 
organised pooling of risks would 
make the venture more attrac- 
tive. The argument is that in 
the present state of the world 
economy, the social return from 
such an investment in a third 
world country wnu)d be larger 
than tbe private one. thus justi- 
fying the governmental guaran- 

The total stimulus tn world 
demand which some U.S. ad- 
ministration members expect 
from these and other summit 
measures is $lObn., or about a 
quarter of a per cent, of the 
OECD aggregate national pro- 
ducts before allowing for mul- 
tiplier effects. This is hardly 
excessive in the present world 
conjuncture, provided that it is 
not the harbinger of many other 
such steps. 

In any case it is difficult to 
quarrel with the basic U.S. 
argument that so long as there 
is such uncertainty and confu-t 
sion about the economic direc- 
tion of all the main industrial 
countries, there is no basis on 
which the foreign exchange 
markets can value different cur- 
rencies. Once the underlying 
direction of policy in different 
countries is clearer, it may be 
sensible to talk about plans to 
limit currency movements in 
crawling peg fashion. To which 
I should reply that if this happy 
event materialises, there would 
be no need for such plans be- 
cause unimpeded floating would 
work perfectly well. 

Samuel Brittan 

2.45. Scottish Agricultural In- 
dustries. Edinburgh, 12. Spencer 
Clark. .Sheffield, 12. 


Royal Opera production of T1 
Trovatore. Covcnt Garden, W.C.2, 
7.30 p.m. 

English National Opera 'per- 
form Don Giovanni, Coliseum 
Theatre. W.C.2, 730 p.m. 


St. Olave Singers in programme 
for Maundy Thursday. St. Olave, 
Hart Street, E.C3, 1.05 pun. 

Catherine Mackintosh (violin), 
Anthony Pleeth (cello), Colin 
TUney (harpsichord) and 
Richard Webb (cello) in pro- 
gramme of sonatas and solos by 
Telemann, Bach, and Gemeniani, 
Purcell Room. S.E.I. 730 pjn. 

financial Times Thursday WareK 23;i9?&. 


Tilling climbs £12m. to record £53.9m. 


AFTER INCREASING £4m. to 111 " 1 

£33 w. at halfway Thomas Tilling ■•mm miiwi 
lifted pre-tax profit 28.5 per cent U|lzKI| II il l V 
from £41. 9m. to a record £53. 9m. llltlllLIUII l«J 
in 1977. 

Turnover grew from £871. 3m. COMPANY 
to £8 12 .2m. and directors say that Banro Consolidated 
all sectors of the group, with the 
exception . of engineering and' _ "... . , ■ * 

furniture, contributed to the pro* BoUdmgtons 
fit increase. . . .Bowring (C T.). 

After tax of £17.4m. (£13.1zn.) .Bryant Holdings . ' 
net profit emerges at £3 6. 5m. Chersonese Estates 
against £2S.&n. The tax charge r ___ r . Uni _„ 
has been relieved by £10. 6m. Cornmd. unron 
(£S.7ra.), mainly in respect of Drake* Scull 
stock relief and accelerated Gillett Discount 

capital allowances. Hanger Invs. 

Earnings per share on capital m 
increased hy a one-for*four rights 

Jones -ft Shipman 
Liverpool Daily Post- 
Mo fins 
Tilling (Thos.) 

Trade Indemnity 
Tube Invs. 

Yauxhall Motors * 

• Current 
■ payment 

ffc-. V Btmro Consolidated 2.02 . 

n BeJaro int-0.7 . 

Boddingtons Brew. L91 

' C T. JBowrbis 2.04 

these figures contribute to making inL S 9 * 

the first hstl results look slossish. SSy g LiSgL 

profits -are still 85 per cent. nni K 'V«V- vtf 

higher than m theflret six months nL 4 ft' 

of 1973/76. and there is still con* ?05t rr HT 

siderable growth potential lefL if ‘‘.i' mt f* 44 

After all an|ya ; week ago Bird's- Trrfand ■■■.—•■■. ; 

Eye projected freezers in 50 per 

cent of households .by the early £5* 

1880 s— currently the figure te' S25SS2 Gr ° p £2* ' 

about 37 per cent. Meanwhile the *r?2®*I* ; ?■*[ 

company’s profit forecast of less SiiJPSKf L"'"”; £'5S 

than last year's record £4.Sm. Sw 

looks to be a Ilflje overcautious. 

January and February freezer y; "**“ 1^, ' 

sales are SO per cent higher than ™* e -J^*™!** — ** 

a year ago and there is another ^4*^7 

35,000 square feet of selling space western Motor Hldgs. 


May 31 

Alky 17 

• April 28 
April 5 
May 11. 
May 24 

_May ; i8 
. May a • 
May IS 

May 24 

Carre- Total 
spondlng for 

1.7S* "2.6 
0.63* — 

7 S Rolls-Royce improve^ 

3.91 &52 • . : ' . 

3.95 ' 2.67 • _-v 7 • j ■ M 

a w conversion terms 

nh T2 * . * * - 

If® rf’S'. "KoHs-Rovce Motors in a tidying- cnUrc pro^^ or^^uO, WWa .1 


ss-.m «®ME£: 2S**«ss ; 

: Stock dated 1997/3002. 

■UT.'-ihe propo^d imprevvmont ia 

m ortinary’ shares &r ^J dUure ^ conttm*, *t tJto 

i« Mth C< "SKl!^ ISSLt e 5FS ft--*' »*■ *>'- <*• **. «*> 

’y B^iPa: S' s*S 5 5 SSS* 

of- Convertible jirocfc , compaEea ,~,t R fovthajuret . t*?o 

Earnings per share on capital ^ ■ — to «me> bringb^tte total to **tat 1.54* July 3 - .US 2.2 2 

Increased hy a one-for*four rights almost 500 JWO square feet So, Dividends shown pence per share net except where otherwise Stated 

issue are shown ahead from I6.4p wirt , a s„ n i n r nmmn . haro a t least 2am. looks a more likely •Equivalent after allowing for scrip -Issue, f On capital 

to 18.8p. a 501,1 f °- 483 ^P- °i lt S me wh,ch ^ the sh *res. increased by rights and/or aquisition issues, t Payment date corrected., 

Tilling has matched its rights The directors now say that <® Profits jo be had in the financial at 60p. on a prospective p/e of 
issue forecast** by deiariSfa trading in the current year has - MJe 47 while the yield is 4 per cent — ■ ■ . . ... ■ ■ , „ . , 

dSd P end? wJS 2 tS« Sh ;K' S5i . “tasatlsfamory ^ J) 1 , 

= gvgsrzgn ™aSs£s Peak £4. 2m. Pa P er and packaging loss. 
sf^=?M““ aa-wsrsns atLiverD00 , leaves MoIins£2.2m. off ' 

.* WITH A £3.lm. downturn on yet of a sustained improvement 

T^d-vo4. paper and packaging machinery in the volume of orders for the 

JL Ool operations to a £Ira. loss,, tax- divisions’ products. 

net borrowings decreased from ^ ^ 

£S2ra. to some £56ra. During the VAnV*n/«Al<c< 
year £2Sm. was invested In addi- JL 8H 1 
tional fixed assets and £13m. in 

“S^d reserves stand at UD £1.3 HI. 
£15flAn. against £S7.fim. in the “ ™^*^k*i* 

1978 accounts. Deferred tax of i. ^ & 

£44m. was written back, less other 111 I,-*V ^ITI 
items' of £300,000, giving a re- ' 111 

stated 1976 balance of £131Jm. CONSOLIDATED attributable 
profit of £2a.7m.. a profit of Schrodcvs for 1977 rose 
£400.000 exchange deficn oo fixed from £22lra. to £3^m. _ Thls coin- 
assets overseas and a £200.000 prised the profit of hangi n g and 
sundry items added insurance subsidiaries of £4.4*1. 
, * r ^' stated amrnrnL against £3.6m^ after tax and trans- 

..riJimgs activities include fers to inner reserves; net profit of 
builders merchanting, construe- Schroders and the non-baoking 
twn materials and services, elec- subsidiaries- of £0.76m. compared 
tncal wholesaling, engineering, with 10.65m: last time, and the 
HTSurapce, textiles and vehicle share of the loss of associated 

OLStntlUtlon. mmnanip<: flf f . O StTm fVl Mm 1 

account for nearly half Schroders 
assets, and adverse currency move- 
ments obviously helped depress 
their profitability. In the current 
year Schroders should start to 
benefit from Che $44 m. capital in- 
jection Into Schroders Inc. but' 
until the benefits of this invest- 

BEING ahead at halfway from £UUm. to £&3m. at least to break even in 1978. ; current capital expenditure plans A current cost-atfcounttoratafii* 

vWii i q 6 (f 01 ? 1 «B7m. to f2.03m. Liverpool At halfway substantially lower although the volume of orders, & the. group believes t£at the equi& ment mduded with" '.Accounts 
awp wnere xney yieio per Dally Post and Echo turned m profits were forecast for the year still not adequate to . ensure a- base needs to be broadened— to ghQWS Rolls’ pre-tBX mioSt of 

wlU- favohlfl nrMltc im.k*r‘<;0 nnt*. oont . h c*a» *.« - j * — r« -i — — ----- a. r..ri " -• 4-u^ poHr n F hfirrmimps tft 1 . A - s — • — * j»—_ t * 

rwxme 5^ • - — . wh -ws HJi mm • « ^ curMOt finmttBa 

Trade Indemnity — 5^3 — 4.77. 8.4 7^9. Ordinary shares for ea di of ^osLw 

Tube Investments - lLI2f May 16 9.96 20.95. 18.91 Mock. The proposal k subjed tro byfbeSS 

Western Motor HMgs. - ■ ‘ . shareholders- and stockholder, 

Zndlnt 1^4* July 3 . 1.65 22. 2 Approval at meetags on April 20. T*'.™,;" 

Dividends shown pence per share net except where otherwise staled -sjj AU*WeS' 1 res5SSt 7 ear JoWBad 

•Equivalent after allowing for scrip -Issue, fOn capiW J i U nin miM>n *S.9m- after frertain:pre*fail)Bi« 

increased by rights. and/or aquisition issues, f Payment date corrected., S?swh(s ve d a2f-4 proposing to were delayed, and anxwn^ ebbw 

•••• . .. ‘ . • . , ” " by 20 •" “ “ 

Paper and packaging loss; 

leaves Molins £2.2m. ofl SSStrm S ctESSE- 

'WITH A £3.lm. downturn on yet of a sustained improvement .spent substantial -sums on build- of motorcars. - ' . •- •' 

paper and packaging machinery in the volume of orders for tbo ,mgs, plant and equipment in preparations are arfso-^mderisey 
operations to a £Im. losa^. tax- divisions’ products. v recent years and although it has far a successor tc^ : --tl»-S#rer 

able profit of Molins fell in 1977 gut division is expected adequate resources to meet shadow car. IV 

taxable profits' up by '5 2 pet-cenL after an interim drop from £ 4.1 m. return to full profitability. keep the ratio of borrowings to Qj^gni. (£9.lni.) " redBkwi ' to 

for -1977 from £4mi to^ a record ' to f2^m. Aftertax of £4.1m. (£5Jbh.) net shareholders fimds at an accept- (£4.77ra) aftefacostof 

“ i nirnover -of £46.72in. Directors say there was an im- profit comes out at £4 2m. againfi jW*. IeTei - sales adjustment '".at- £lm. 

against £39.65m. -. - proving trend, in the lever of £5.3 m/ Earnings per share are facilitate a "y. Ewrr ®^ *«nfis (£ 4: _7g I n i ) i a ddita>hjJ deprectatipn 

Earnings per SOp share are profit earned in the second half shown at 14 p compared with 17^v *■“£“ may of £0.7Sm. (£0£2m4 and * wiring 

stated as up from l7Ep to 18.8p compared with the closing six based on the number of shares Krou P «nat Con wert ime of £i.36m. mJlm,). 

and the dividend is raised to months of 1976 and the first half on issue at year end. On the |K>ck was issued at the ttme of aojusunew £ ^ 

7263P (6.566P) with a final of of 1977. basis of an average namber of Rolls* financial crisis, and the ^ 

*L56op net For 1978 the overall outlook Is shares on issue during the year - • 

fall at 

*L56op net For 1978 the overall outlook Is shares on issue during the year] 

An analysis of pre-tax profits brighter and barring unforeseen the 1976 figure is 19. 7p. I 

and percentage amount thereof of events the Board anticipates both - J 

share of the loss of associated the principal trading activities sales and profits will be higher 

companies of £0.S7m^ (£l_23m ). ac FDPPWAiWFn ; n *>,0 ?«<■ snows: newspapers published in than in 1977., - • 

which reflected the .he the U.K. £1 .«bl <£tnU: and 38 per r n Ueht offtp 

• comment 

Mofins’ plans to improve the 

Bullough’s £1.22m.rights 

PraBt before lax 

Tax ... 

Nci uroBi. !!.’! ...! 

To mioortdes 

ET^tra ordinary debits . 


Prer. dividends 

Ord.. dividends 

To reserves 

See Lex 

oxli finance, insurance and investment ' j- „ ■„. 

mi holdine comnahv Current trading is satisfactory. 0 comment , _ _ r 

■3M - but the directors state ^hat it is J . f £Q2 UJ^ sales. tobacco sidfe which has continued earlier this year. Newman Granger made a uie fill 

^ •comment^ _ ^ Jar fl SU«^ ul Lr^ gggAw %, JTSMS5 JS'IK ££SS C0nWb “ , '° 0 tn 

fJEESPZJL IS *5*1 »®t be prudent to expect bufldlngs. plant and machinery. Hm. loss, as LangatonV_prffitir {*^*22 £. .. 

S ut **“ ^^ aa s Granger the car jack and ftgrt- men t in margin&-in thV first four 

T r rP e L.?ff lt " l 80 per cent) of total been duU by comparison witii ^e cultural equipment company for months of the year. -.In' addition 

UJ\- sales. tnbncrn iridA. which has coittiTuinri n r*c m thk. m>ir %r -..j. « 

B = p^ does not match SSS pifim SntSTUe sSTS ? P« «*■ M^er. thanks mainly Vide Sed up ***** for nim medium term group says that prosper* 

« SS.^SUL r^^Thelr. the ^tirectore > TOy ) tha^UX^iw^ SSSSJ^-JA S?5S 

ihurgar Friediander. part of.C.T. Bowring, With, the plentiful supply of iocai economy ooosmu me volume MTASinfifiSr" — ** — — ' which were aggrarated in Lang- nawll 5' sireicneo wiro n« aeora ^ furniture side look bright . 

n j which reported yesterday in- cheaper home grown vegetables of advertising ancTthere was ateo stop’s case by failure to of £3 - 3m - after the Newman 

KarilPY creased its contribution by only 22 in the shops Bejam's results were the benefit of an-overall rates rise Tlj e saoaai^ bad a good ^ technological develonments acquisition compared with share- nr , j nrn\r :• 

±SUl UCA per cent. However, over a quarter not expected to match the pre- of around 14 per cent In North year and the Brazilian operation ^ te ifdtonvaJ mSSS h^ders funds oi £10^m. -More DEALINGS BEGIN •; 

After writing off an additional of the improvement reflects a vious comparable period which America, however, the decline in *L “l e Problenw associated m.. labour force haa important to shareholders is the --r 

SaO.OOO m respect of “ know how." £0.36m. reduction in losses of had the benefit of the drought- the value of the US. and Canadian Ration rad the infrodue- bee cut by a aiiarter and there forecast of total dividends or- |T\( SAGA. 

Thurgar Bandex, maker of plastic associates— mainly Property Hold- inspired boom for frozen foods, dollars bad a big impact It took bon of new products. The Indian ^ 0 f imnrovement 6-163p net. on the increased • . r - -r 

products, more than .doubled lax-. -ings International — and In- the event, -first -half -profits the edge- off an otherwise solid company had a better second halt ^ BIST broke even over the capital, for the year ending Dealings - in San Holidays’ 

f1 ? 5 ' 833 , t0 Schroders non-banking interests show a 12 per cent shortfall. Ex- performance by Canadian news- The new range of machines was first quarter of the current year. October 31. I97S. shares began for . the first time 

£307, 99a for the a3 weeks to the chipped in another Ifl.lm. Profits eluding new shops, food volume papers considering the economic well received by customers and Meanwhile, prospects on the - This lifts the historic yield of yesterday— following the first offer 

December iaTY Sales on the banking side rose by 22 per sales contracted by about 2 per difficulties there; and cheaper 1978 promises to be a better year, tobacco. side, Sheris profits were 6A per cent, to 8.6 per cent, at for shares in a ’’now" company 

cuptied £M9m. to HJtaj-' dent., against a rise : of 24 per cent, while the freezer division (a American imports grabbed market with.. trading profit increasing on g per cent up last year look an ex-rights price of IW»P. ‘ " ' since last Scntember The shares 
.SfSffK'S H 77 'vere- rent the' f ^syifar. Given that tenth dt total turiioyer) sold 22 .share from theD-fC^erm^ng higher sales, .--7 . br& with tobalSoSSteSh The- feoup^offering. subject Sk wS it SS 

by p f r - '““Jt f, J er wh “h «: “W At l25p^e-.- shares With paper and packaging 60 per Cent/ higher than a year to““ a/T EGir on April, two new opened a t l 1 8p^ cUmbed to* 12Dp 

“ESSJJ? ^SSS-J 0 percent the performance does plams the drop m jMrgms of yield 9.1 per cent^while toe p/e machinery, the border posuhon Is ago. The shares at U2p yield VU Ordinary 20p shares at 50p for before settling back to dose at 
a maximum permitted 0.68375p not look particularly spectacular more than a point But while is 6.5. ■ /■ still causing concern, with no sign percent The p/e Is 7.6. every 'fire field. Dealings in the 119p.. 

forma nee. last week but it is coin- normal b>veL 
■fortably' better tfiaii :the recent 
experience of othear merchant m rnmmpnt 
hanks. For example. Singer and T COmmeni 
Friediander. part of.C.T. Bowring, With, the plentiful supply 

eir -UJC. newspaper earnings, which ^jmrectorsray that U-K-opera- ^ i^cWUes. In addition the group Kr^rnedithat it WtfVdM- 

now account ior-ffl. per cent of g- vWjKi n««tttag JS^SSSaS. » to double its capitelspending Sit year tor iSi eararen interests 

total, compared with a quarter fast JgJ .“'ff of^nrofiteShEJLiS sidiaries operated in tow m the current year to £2m. following overstocking bytotailers 

: time. A limited revival in the a deoressed todinn condiffi^ ’ However, the balance sheet is last year. However, prwniects for 

of 'local economy boosted the volume i^miinS!^ operations w SSEh^Sm SS^red^r^f I hardly stretched with net debts th e fSShireslde^loSf’bricM. . 

the furniture aide look bright 


Dealings - in Saga Holidays’ 
shares began for . the first time 

^JJtated earning* for. 1977 were rent the' previous y$ar. Given that tenth of; total turiioyer) sold 22 share from the D.fC'ri^ientiakiii? higher sales. . 
amp 1 0-&>p) per 10p share nad Schroders 1 advices increased by. per cent fewer uni^. which ex- company. At- 125^-the-.- shares Wth papei 

cent The p/e Is 7.6. 

I every fire field. Dealings in the 119p. 




i Lmcvi 
Profit bi 

Prc:;? ,ni 

i“ - ■ 



> T u , 

G r< 

* r* 

--The continuing contribution by Bowring to 
the British economy reached newpeaks in1977. 

Already one of the largest single contri butors 
to this country's vital invisible earnings. 
Bowring this'. year surpassed its own export 
record in premium turnover in overseas 
currencies, "-i 

Bowring success comes from worldwide 
activities which include insurance arid reinsur- 
ance broking, insurance underwriting, credit 
finance and leasing, merchant banking, 
shipping, trading and engineering. 

These results are evidence of Bowring's con- 

tinued endeavours towards the well-being, of 

Add to this the other 1977 records in-Group 
turnover and Group profit and a clear-cut 
picture is presented of the kind of positive 
productivity that most organisations aim for 
butfew achieve. ; • ” 1_ • 

C. T. Bowring & Co. Limited . -'iiaiwitnwiM' 

Th e B owring Bu ndjng. Tower Place. London EC3P 3Bg 

Telephone: 01^2833100 - Tetec ^191: .. . 

IS F5.-.. 

Financial Times Thursday March 23 1978 

-^-CU solvency margin 
%■ reaches 54% . 


VtljiiS^S^od^iss^T^ BOARD MEETINGS 

’ll end of 1877, compared with £41 Om. ne tuionaz cosvanles lore hoium 
at the beginning. Much Of this Oaus’of Board mectfcBss to tot Stock 
increase came from the acqittsi* E«aanw. sac k meet mgs am uuuy 
tion of Estates House Investment 5^ ,or a>e - varpase of eonstderms 
Trust — £4 5m. and the autumn 

materia] contribution -to the trad 
ing profit Thera 

loss up 
to £2m. 


a substantial development surplus 

wrn seaiifta trading profit for the third suece* 
tune of £9.68m., against 

aa« ■— > ^ vKsm 

. t . rwfn ^ rtTi - fn, m £L74m. to £2.08 m. in 1977. 

for tte uaipusB of co&sMerine ferecaat, the reduction in the ^ been blamed on a 

fljvweTtfs.. official imucatwos are not company's. fauikbng and cml en- 

.... - ------- — — — available whether dtvtdcnds ooocented gineering contracting turnover Prolonged worK stoppage m tne 

rights issue which raised £74m. are interims or Basis and the sub- wiH be greater hr the second-half, “ial t l uarter - 
after -expenses. The percentage of dnwn belo w. based manly though, due to setUerng vi* of out- He loss came after interest and 

shareholders' funds to’ non-life “ *?* «“"■ thnetaWG - 
premioms (the solvency margin) 

«««“*«? to 5* per cent at the 

end of the year against 36 per GSenUypr. nnued- Oty Merchants. 

*COt; at the beginning. Finals: Brown and Jackson, Qtarles 

-The. annual report and accounts Sff caSTmfmS?. £“yemment. i 

fpr 1977 show that retained Chocolates, bob* Madras-. pmu«- Lamps, poutt^utit ^s 



Glaxo - Apr. 1ft 

Highland DloiBatM Apr. Z 

Wanlde CtrfHery .......... Mar. 31 


' profits rose to £L87m. from £162m. 
' aba unrealised gains on invest- 
-ihents after tax climbed ro £i32m. 
from -£49m. Total life funds at 
■the end of the year stood at 

but ' the directors 
too early to fore- 
cast the eventual profitability. 

Statement Page 28 ■ 

with £L87hn. BriUs b SW&aJr Spamem — Mar. 38 



£lr.97bn. compared 
at the beginning. 

’."Group . investments, excluding 
life, ' totalled £2.02bn. against 
£j^Sbn. at the end of the pro- nona 

-nous 'year. Government holdings qbMe < a. and J.) 

TDse to £888m. from £673m^ hut Ready Mixed Concrete 

Ordinary share holdings rose only ******* Burs. 

marginally to £3 59m. from £S47m. St" 3 *- 5 *”* 
Debenture holdings declined 

Apr. is 
Mar. 79 
Mar. 3 > 

Dufay Blnssafitlc « — 

HanUdgb Apr. 10 

liMMlwi and P mmlu rial Poster 
North British Canadian invest. . 

TUbory CootncHn* 

Apr. 13 
Mar. 31 
Mar. 2 # 
Apr. is 
Mar. 30 
Apr. s 

standing claims, profitability, may other financing charges totalling 
not be adversely affected. £7Jm. i£9.1m.), and a £4.32m. loss 

Progress continues to improve (£33,000 gain) on currency re- 
on the military range being con- alignments Tax- on a subsidiary 
strutted for the Saudi Arabian takes £150,000 (£122,000). 

Turnover for the year was 
£&27.55m. (£513. 74m.') and the 

General Motors subsidiary in- 
creased unit volumes from 230204 
to 234,166 vehicles. 

At half-way there was a £2.03m. 
f£1.86m.) pre-tax profit. Vaux- 
hall’s last full year pre-tax profit 
was £1.1 2m. in 1971. 

Mr. W. K. Price, chairman and 
managing director, ' says that 
throughout the year demand, for 
the company’s products exceeded 
its ability to supply — a situation 
that was aggravated by a pro- 
longed woHv^toppage in the last 

40% jump 
to £0.9m. 
at Banro 

ON TURNOVER 27 per ..'cent. 

. , _ -- in witaKH-Brewten — Apr. ll higher- from &J3BrtL ~tri£l2.temL - ’ - 

value from 0.61m. to £147m. and Wotaenhoime Brane Paw***- -Mar. a taxable profir of Banro Cojnsdfc in . 

dated Industries jumped failure to buiW 3,000 vehicles with 

a consequent loss of turnover 

property values to £2I8m. from 
£24 lm. Mortgages and loans were 
Slightly higher at £3S7m. against 
£271 ra. 

■ Investments in the CU life funds 
showed, substantial rises in gilts 
. to £15fim. from £H3m. and equities 
to £162m. from £tS8m^ while 
'debenture . holdings declined in 
vdue'to £81m. from £87 m. 

. The general investment policy 
'..of the group last year was to con- 

so far 

cent, from £65LS35 to £911,502 in 
the December 31, 1977, year. 

A one-for-five s c ri p issue Is 
proposed along with an increase 
in authorised capital* from fii2m_ 

to £l.B2n>. 

subscribed to the result, -which 
he says was achieved through its 
— , - - • - policy of increasing and dirersi- 

.tume, to limit equity investment TRADING PROFIT advanced from fyine its product range. 

■ various non-life funds to n.03m. to flLSm. at Bryant Hold- Profits to : date for . 1978 are 

pn amount consistent with an mgs for the half-year to Novem- ahead of last year and' in di cations 
acceptable level of nsks of fluctua- ^ 30. 1977, bid after a dare of are that the six months figures 
na 5*. value. The fixed-interest associate losses this time, the pre- yvill exceed last yeart £343,600. 
portfolios in non-life funds are tax figure came out at £JL17m. ... 

concentrated in relatively short- aminst £1.08m. Turnover dropped 
dated maturities to cover the by Elm. to £32m. 

1 i shorter term nature of the .From an increase in. hading 
“-I*. i nabilities. There was a relatively profit due to property- 'safes, and 
higher level of fixed-interest in- the contribution from ithe invest - 
vestment by the life funds. 

exceeding £60m. an dso prevented 
the company from ending the year 
with a net profit." be said. 

** Despite the shortage of pro- 

Mr. Edward Rose, the chairman, S52V^! f? UJC customers 
says each subsidiary in the group t'ir.? 3 ^ and 

c 1 r hovri>»u4 to the result, which commercial vehittes. were 

iu uic ‘“““i higher tb a mn 1976. For both 


Product lines the rate of sales in- 
creased .at a higher level than the 
rate of. Increase in total vehicle 
sales in the UJC 
" Significant improvements were 
made in vehicle exports to Europe 
“(h^b^^^T^hy « “^rcial 

Mr. Price says expectations for 
1978 are that total demand in the 

and have been strengthened -by 
the receipt of additional contracts 

for the supply and processing of T 7‘° «““' n « 

additional cmnpdnents for^the wU ag3in *>• ^gher than- 

a * d wa, it, p„ durt line, ,e,l 

meat of the proceeds of the sale vehicle industries. 1 therefore , J t - — 

- Sir Franco. Sand dan ds, in his of the company’s interest in Con- forward to the future with accep * £d customers, and its 
chairman’s- review, points out that crete, the directors antiripate a considerable confidence " he savs. ? ctiv «- dealer force, the company 
overwhelming evidence to the similar overall result tb 1976-77, After tax of fiMiw (£35 2,9 16) 18 wW Pkced to improve its rales 
Wilson Committee was that the when a £2.66m. taxable profit was npt nro « t «_ f4QS 073 ( *298.4251 results for the third year in a 
low levelof investment in British achieved. . ^ Snfjpersh are S™ adds Mr. Price. The only 

manufacturing industry in recent In the longer term, by the im- ^ 9 oq camnared with 72n last Pre-requisite for- better business 
years was due to lack of demand proved outlook for home and pro- _ %fter adjustment far the r esuJts in 197S is sustained pro- 
not lack of availability of finance, perty development and the br^sSSi^ duction at reasonable levels of 

The life assurance industry had benefit of additioml . cmxttact A fi l HivWend^f 2 Q218n net efficiency, 
a ready demonstrated Its ability work already obtained, they view * 



Distributors and Retailers of Cars, Commercial Vehicles, 
Petroleum Products and Tyres. Concessionaires for John 
Buff Tyres. Specialists in Service and Pat is. Long Tam 
Contract Hire, Car and Van Hire. Bodybuffders. 

Manufacturers of Electric Vehicles. Hoad Tank Vehicles and 
Remoulded Tyres. Operators of Motorway Service Areas. 
Insurance Brokers. 

heed for industry to obtain funds share. The net interim dividend 
on reasonable terms. But Sir is stepped up to 0-&5S8p (a£671p>, -r-i w ' npi _ 

Francis states that from, the absorbing £0.19m. (£ 647 ) 00 .') — the X\ , . VV « ’ I HOrBfB 

mvaK 1 it .4. nmrinne wpnr*e fliwl line 1 M9Cn .A. 

turns in 

savers’ View it is not reasonable previous year’s final was 14@28p. 
■ftat his savings should produce a Th e ^ directors report that 
negative rate of return. although the net inflow of .savings 

— Oh - the green paper, "The to t be building societies showed 
Future of Company Reports," Sir considerable improvement’ the 
Francis says be regards some of company has only just experi- 


On turnover up from £L33m. to 

outlook at 
Y. J. Lovell 

The current year was unlikely 
to be an exciting period from the 
profit point of view at Y. J. Loved 
(Holdings). Much depended ou 
the second half, which was ta- 

ils proposals as sound. But he enced an increase m the selling w .1 variably better than the first, Mr. 

attacks as unrealistic some sug- Pnce of rts homes. However, g^ber £. 1977 oreTaxmofits Petpr the chairman, told 

gestions that companies should despite the societies^ annouMe- ^mber 3L 1977 pre rax pronis ^ mectil ^ 

disclose information to groups ™ent of lending restrictions dim « w. T^rpe hghu^ eqi^ Hoosebufidtag for sale had 
who themselves have no connec- to Government pressure, the^out- Sia^SndSTpSPfertS * hovn * nir ^ d during 

tkm with or Interest in the com- J»k is now as good as has been ^81 ^ to C70.^. for tlm ^ * few montbs 

pany. Even present levels of dis- for some time and t hero mpany whoje of tbe!976-77 year was a 
closure are costly and place a has demonstrated ^ optimum by recori £487,992. 
considerable burden on Boards further selective land buying. . The interim net dhndend 

and senior management Property lettings continued To increased from 0.6p to 0.66p per 

amt senior management improve and the sale of room- 10p share-last year's .final was 

Chairman's Statement 

The year under review showed an Increase in Pre-tax profiteof 48-38*6 on 
the prewous financial year. This, in turn, was 31% up on the formerrecord 
yea , of1975- 

These figures reflect a sharp increase in profits of all the major activities of 
your Group. 

Sinc&.iheyaar end. a successful rights issue has been made with the object 
of developing Kenning Tyre Services. expanding Contract Hire, maintaining 
the Car and Van Hire fleet and devoting some resources to new franchises. 
Kenning Tyre Services had another record year for both sates and profit 

These results were achieved in very competitive-circumstancesin the truck 
market Further progress was made in the earth movar market and car and 
tra c to r trading showed an improved position in a no growth market 
John Bull suffered fiom supply shortages during the year but nevertheless, 
radial car tyre sales improved and prospects forincressedsuppliesara good. 
Chr tyre remould sales were down due to the effects of cheap imports. How- 
ever, truck tyre remould sales were well maintained. 

Contract Hire and Car Hire both’ had record results and together ranked 
second to Kenning Tyre Services in their contribution to the year's results. 
During tiie summer they operated a fleet of approximately 12,000 vehicles. 

Profits from motor depots and trade centres produced a marked increase 
but our policy of extending other facets of our business has resulted in their 
contribution representing 22%of the total figures. Leylandsshareamounied 
to just under T9%. 

As is well known, Leyland is rationalising Its franchise structure and this will 
further reduce our proportion of their sales. We feel that it is preferable to 
acqoirebther franchises where wa are faced with a situation of giving up the 
Leyiandfranchisa Accordingly, we have already concluded agreements with 
Chrysler, Peugeot, Hat Volkswagen/Audi, Lada and Renault Negotiations 
with Leyland are not yetfulty completed but these changes have been effec- 
ted with thei r consent and relations remain good. 

Despite' a lengthy strike earlier in the year our Parts Centres r ec o v ered 
sufficient ground to increase their profits 

Service produced better results. 

Unfortunately, Kennings SA produced a loss due to increases In overheads 
and to an insufficient supply of vehicles to cover the extra costs. The first 
quarter of the currant year has shown a modest improvement but clearly, 
this year. is crucial and as yet we are unaware of Leyland’s plans for France. 

Kenning Fuel Supplies showed a modest improvement in profitability- but 
the future is difficult to predict This is due to a change in methods of re- 

During the year the price wsron the petrol forecourt continued with ferocity 
Despite this, our sales increased 'in excess of the national average to a 
gallonageof 35-5 million, and our overall profit was maintained. Substantial 
progress has been made in the retailing of lubricating oils. The coming year 
will bea difficult one. 

Motorway Service Areas produced lower profits than last year due mainly 
to increased com petition cm sates of motor fuel end a reduction in the number 
of travellers Trading conditions Will remain difficult in the current year 

During the year w« have continued to make efforts to improve our Health 
and Safety standards. Further! mprovements have been made to the Pension 

Although results for tee first quarter were not materially different from those’ 
of last year, I feel teat tee profits for tee half veer will be down. Motor depots . 
will show further improvement in line with tee current trend. Contract Hire 
and Car Hire should produce comparable results. I am. however, concerned . 
about Kenning Tyre Services whose profits have seriously been eroded. . 

Since tee end of the year, competition from cheap imported tyres has 
intensified further and. although sales have increased, the market has been 
seriously disrupted and margins have decreased. Consequently, the result 
of tyre trading for the first half of the present year will be down. Remoulds 
will be especially affected and. therefore, tee tyre factories. It is impossible- 
to forecast the resuftforthefulf year as much depends on whetherthe spate 
of low priced imports can be contained. 

This year marks our centenary and. naturally, wa are anxious to produce tha 
best poesibleresulte. Unfortunately, it is too early to predict what these wi u- 
be but. hopefully, it may be possible to retrieve lost ground in the second , 
half of the financial year. 

I have to report that Mr. T. J. German retired in November. He completed. 
49 years of excellent service, culminating in a long period as Chief Account- ' 
ant and ultimately as a Director. The Board wish to thank Mr. German for all' 
that he has done during a distinguished career. 1 am happy that he has - 
consented to remain as Chairman of the Pension Fund. 

Again, I must thank all our employees for the efforts they have made to 
produce such excellent results. I am sure that they will continue to do their 
best during the current year. 

Year Ended 



30th September, 1977 




1 92.786 


Group Trading Profit 



Group Net Profit before Taxation 



Dividends Distributed 

Cost to Company 



Shareholders Funds 
(issued Capital & Reserves) 



| Capital Employed (Shareholders Funds, 

Debentures, loans. Deferred Taxation 
and Minority Interests) 



Fixed Assets 



Net Current Assets 







Number of Shareholders 6300 
Value of Groups Properties 

Number of Employees .excluding 
Rhodesia) 7.267 
Number of Apprentices 460 

Copies of the 1977 Report and 
Accounts may be obtained from 
the Secretary, Manor Offices, 
Old Road, Chesterfield. 


Statement Page 25 

pitted development , made - a 08flp. 


'Si ’ 


Results of C. T. Bowring & Co. Ltd. 
for the year 1977,subject to audit 


. • a .=- «■ 


Profit before taxation 


Profit after taxation 

Profit before extraordinary items 

Extraordinary items 

Profit after extraordinary items 
-Preference dividend 

Available for Ordinary 

Earnings per share before 
extraordinary items 



1 , 088,091 










• 526 





: 11 

• 11 


. 16,173 

l & 4 p 

' 11-70 


* • 

Highlights from Preliminary Announcement 
Tbmover exceeds £1,000 mHllcm . 

^ Premium turnover in overseas currencies up 
from £447 million in 1976to £538 milUpn 

^ Group profit up by £7 million 
Earnings per share up by 32% 

C. T- Bowring (insurance) Holdings wins 
Queen’s Award for Export Achievement 
Insurance profits up from £20.2 million to 
£23.6 million 

Sfc Bowmaker profits up from £6.9 million to - 
£9.2 million 

Directors recommend final dividend of 2>039334p 
makings total of 2,946834p for the year. A higher 
dividend would have been recommended ... 

. if permitted. ....“ . 

1 C. T. Bowring & Co. Ltd 

The Bowring Building, Tower Piabe, LoridoriEC3P 3BE 
‘ Tel: 01-283 3100 Telex; 882191 -- 

to accelerate at Birmid Qualcast. 

1977 results ‘not without merit’ 
against a difficult trading background. 

Salient pointsfrom 
the Report and Accounts - 
for the 52 weeks ended 
29th October 1 977, and 
from the statement to 
shareholders by tee 
Chairman, Mr. J. F. Insch, 
C.B.E.C.A.:- . 

I am pleased to report 
results which are not 
without considerable merit 
beatingln mind the 
difficult trading background against which they vypre 
achieved. ’ . , 

Industrial disruption, principally at plants or customers 
or other component^uppBara'dfeappointingly re-emerged to 
reverse the improving- vend which we had seen in 1976. • 
Seemingly against the odds th s weather was, for the third 
year running, poor forspass growrngfr the early pfet of the 
main lawn mower setting season, aritfsfacKness .- 

in consumer spending and in the construction 
industry had a continued depressing effect on 
parts of the group. Wrought and Engineering 
Products Division achieveda substantial and 
creditable improvement in profitabifityforthe 
second year in succession with irrigation 
products making a commendable contribution. 

Indirect exports it is estimated that over 40% of 
group turnover, around £80 millions, reflects the group s 
total contribution to the U.fC national export efforts. 


Foundries : This Division continues to provide a secure 
supply base for many types of casting, well spread across a 
number of customers, and increasing success is being 
achieved in export markets. The Division is in the main 
inextricably finked with the automotive industry which, as 
experienced again this year, is not without its problems. 
Whilst positive steps have been taken to minimise over- 
dependence on any one particular sector of the industry, 
when large scale industrial disruption occurs its effects cannot 
be escaped. A broader view must, however, be taken which 
sees tee industry embracing manufacture of cars, commercial 
vehicles and tractors, as an important element of the national ’ 
economy, and over the years ahead foundry businesswtll 
continue to be a vita) part of the group. ? 


The group's investment-programme has 
continued to accelerate and a record £7.4 
mflRons was spent .on new buildings, plant and 
equipment. Judicious modernisation wfll 
continue into the 1 980's as will investment 
concerned with exploitation of new 


Much work, and indeed, part of capital 
spending isgeared towards improving the group 
export performance where considerable growth 
prospectsare foreseen. Taking into account 




Turnover ... ... 

Trading Profit 

Profit before Taxation 

Net profit attributable to shareholders 

Capital Expemfrtirre 

Dividend for period (gross) 




85 vmrics 

£ millions 

£ millions 













Heating : This Division is now making a small profit at a 
tow level of demand, a situation which would not have been 
remotely attainable without the benefit of the actions taken 
since acquisition of Potterton in 1 973. Comprehensive plans, 
involving considerable non-recurring costs, haw been laid 
for further improvement and major rationalisation of 
manufacturing facilities will be undertaken in the 
forthcoming year to improve operational efficiency and cost 
structure of the Division. 

Home and Garden Equipment: The results from 
lawn mower busi ness are always heavily influenced by 
cfimatta'cbndiiions,and the elements have been distinctly 
unkind for the past three years. Improvements have been ’ 
made in products, manufacturing facilitiesand methods, 
and a recently introduced range of petrol powered > U 

cultivators has received an enthusiastic response. Initial 
orders received for the coming season are well in advance ‘£-~ 
of the levels prevailing in the'past three years. 

- Wrought and Engineering Products: 

• • Considerable changes have been made in this 

Division in the past two years, benefit from J' 

which has' already been shown. The coming 
year will see continuing improvement and 
consolidation of facilities at a time when trading 
conditions ere unlikely to improve substantially, 
and when the irrigation products market may 
fall short of last year’s buoyant levels. 


Foundry products 

Heatinfl products 

Home and garden equipment 
Wrought and engineering products 





















Demand for industrial products is still in a 
recessive phase, and at the momenta positive 
sustained improvement in the level of output in 
1 978 is not foreseen. In this dimate it would be 
unrealistic to expect a significant advance in. 
profitsforthegroupasa whole intha new 
financial year. Nevertheless, action which has 
already been taken should enable the groupto 
take advantage of any upsurge which arises. 

The group's overall strategy is to actively 
develop existing strengths and, at the same 
time, continue to look tar suitable opportunities 
to widen its base. 


GROUP PRODUCTS INCLUDE: Iron and tight alloy castings; Lawn 
Mowers (Qualcast Atco and Suffolk); Greenhouses; Cultivators; 

Ladders; Kitchen furniture; Potterton centra! heating 
boilers; Wrought aluminium and magnesium alloys; Precision 
plastic products; Irrigation equipment; Precision engineering. 

Copies of the Report end Accounts are available from the Secretary. BIRMID QUALCAST LIMITED, SMETHWICK, WARLEY, WEST MIDLANDS, B66 1BW- 

5 5*1 


C. T. Bowring tops £33m. 
despite shipping loss 

Ftoncial Tfines Thursday ^ 


5% to record £3.1m. 

movements and shipping division 
losses, pre-tax profit of C. T. Bow- 
ling and Co. rose by 28 per cent, 
from £25.85m. to a record £33.0im. 
in 1977 on turnover up from 
£&45.03m. to Il.OSbn. 

Earnings per 25p share before 
extraordinary items are shown to 
have risen by 32 per cent from 
ll.?p to 15.4p and the dividend 
total is lifted from 2.66584p to 
2.946834p net with a final of 

The result is in line with the 
directors’ forecast at halfway, 
when pre-tax profit was up from 
£l£54m. to £14£5xn. 

TJhe directors say the full year 
result was achieved despite diffi- 
cult conditions in some areas and 
th<* rise in sterling which 
affected profits from insurance 
broking, particularly in the 
secpnd half. 

The shipping loss of £197,000 
(profit £322,000) is after a profit 
of 12.5m. on the sale of two- ships. 
Th? trading sector made a re- 
duced profit due to the recession 
in -Canada. 

Qowmaker had a good year with 
a 33 per cent increase in profits 
despite a reduced contribution 
from the engineering subsidiary 
Bowmaker (Plant) caused by the 
low level of activity in the con- 
struction industry. 

The property sector improved 
as -a result of profits from sales, 
the directors add. 

In the absence of unforeseen 
circumstances continued pro- 
gress Is expected in 1978. members 
are told. 

1977 ura 

HMD £000 

Turnover UB8.091 945.030 

Pro* btforr tax . — 3M07 2SJ07 

Tax *...- Ifc£98 1X120 

Net Orufir 1S.7B9 12.727 

TO minorities 3S7 52B 

Extra -ord. credits — 3.983 

MaMns - 1X32S 16,184 

Prer. dividend 11 U 

Avallatahj OnL wni 16.173 

An analysis of pre-tax profits 
shows (XOOOs omitted): Insurance 
broking £20.002 (£17,124).- in- 

surance underwriting £3.585 
(£3402), Bowtnaker £9284 
i £6.933), Singer and Friedtander 
£1241 (£1.514), trading £893 

(£974), shipping loss £197 (£322 
profit), property £881 (£911 loss). 
Central costs, absorbed £572 
-(£840) and interest on convertible 
unsecured loan stocks £2.660 

Statements Pages 22 and 23 
See Lex 

£1.35m. at 



Indemnity Company rose from 
£14.79 m. to £18 .58iii. for 1977 and 
net profit emerged at £l.35m. 
against £1 j05xel Tax relief in 
respect of 1974 expenditure on 
new leasehold premises last year 
came to £115,000 . and . the balance 
came out at £2, 6m. compared with 
£226m. with a transfer of £0-5 m. 
(same) from 1376 (1975) under- 
writing account and the balance 
brought forward from 1976 (1975) 
Of £0.74ro. (£0-6m.). 

The dividend is stepped up to 
829848p (7.59266p) net per 25p 
share, with a final of 522693p. 

Appropriations include transfer 
to 1976 underwriting account - 
£02m.; transfer to underwriting 
contingency reserve £02m. (nil); 
transfer to general reserve £0.75 m. 
(same); additional dividend. on 
reduction of. ACT £2,641 (nil); in- 
terim. dividend £110,576 (£99,000); 
proposed final £191,769 (£171,685) 
and balance carried forward 
£L04m.- (£0-74m.). 

Scottish Life 
invests £23.5m. 

The Scottish life Assurance 
Company had a record amount of 
new money for investment last 
year- totalling £23.5nx, states. Mr. 
R. -K. -Watson- In his chairman's 
statement for 1977. The company 
put 58 per cent of this into fixed- . 

interest securities, 23 per. cent 
into equities, 10 per cent in pro- 
perty. and used the balance to 
repay the 8 per cent.. unsecured 
U.S. dollar notes. 

Mr. Watson reports that the 
company believes that good invest- 
ment opportunities exist in the 
U.S. To fadUtete investment in 
that country, the company has 
repaid its notes and arranged a 
currency .exchange, . purchasing 
SUSam. for the sterling equivalent 
of £2 .Sul The company intends 
to continue Investment in UiL 
equities this year when the oppor- 
tunity arises, although its bread 
and butter investment will still 
be in the U4L gilt sector. 

PRE-TAX profits of Boddingtons* for some time to came,’' 

Breweries rose by over- 5 per cent. Chaitttffla says. *“"•*»*“* i™ 1 ES Swn"capiial re»TfW>U«.4&f 

m W77 -to ^.record -Demand hi 1978, the- company's ***** ^^>iid8ted b*Unte,^i«rVJt S3 

£3. 07m. oh turnover ahead by bicentenary year, has continued furthw mtenm dmtri&utum of 5Qp manufacturer, now been decided to eftndhitie ihlf 

nearly £3 ul to -Szaihi At half- to show an upward trend, be adds. P®* Otdlnary share. - tanOfla pjafits aMan. ^ $ accordingly, it has been 

the certain of the tax ItebOMes of DESPI TE A secondAiM gw**- haxflheen ihoS^aTl^dSS 
Mattm Investment Trust the tqm of'fllm. to £SS9m. Rocfcwxre SSumoital and reaorfW-UH : 

jiouij- Mill, w Ml amra «ui upnoiu u«iu,w - _ * ” _ . *■„». IOTA Item ana, Kwrawsiftii 

way, with, profits- un from £l-28m. But production was recently In- PBjnMM will .be made on Anil compared with ram as «i*stra«5Umwy ttftmi 

to ftStou, the directors said that terra pted by an industrial dilute 4 and the liquidator hopes to be. Turaover was ahead by ^ p^t loss account 

present indications were that full which lasted two weeks. The in a position to complete the toJE89JB2m. - , . 

year results would show a further Board, however, is confident that liquidation within the next two . The directors expiftm mat uw * comment 

improvement on 1976 figures. jpip* jn volume will show an in- months and estimates that the exceptional teaute in .tne S -a i. m innilb ' 

DSU ^ “ third and final distribution wffl be dtriaonof the first haltyear were The second haH fa 

uriHiin riia nnm fif «u) 7 n n» in thQ SBCODd hsllT ItttckVIKk ' SuWljJwt 




IN HIS annual statement, Mr. 
David Whitby, the chairman of 
Gfllett Brothers Discount Com- 
pany says that the directors do 
not expect as prosperous a year in 
1978-79 as in 1977-78 but they 
look -to the future with confi- 

As reported on February 23 
profits more than doubled from 
£0.47m. to fl.Olm. in the year to 
January 31 and the dividend total 
is 15.L8p net (X3p) per £1 share 
on capital increased by the June 
one- for- three rights issue. 

The directors consider It desir- 
able to have available further 
capital to take immediate advan- 
tage of any opportunities requir- 
ing the issue of new shares and 
are proposing that the authorised 
share capital should be increased 
from £3 in. to £4m. by the creation 
of lm. Ordinary shares. There is 
no present intention of issuing 
any shares. 

As at February 2, Britannic 
Assurance Company held 20.8 per 
cent of the equity. 

Meeting, 65, CornhiH, E.C, on 
April 12 at 12.30 pjn. 

Sales of afl beers of the com- create over 1977. 2SE Lra J£S in S3 ffi 

pany advanced by 10.0 per cent, • OrSSSthaS * 1P ?P 5 

during the “year, while the com- £ comment ununaiy share. 

»1m rote^UfipS'ce^ Fra* B^dtas^ has imed ite volume 

s? StAza a se . Chersonese 

3 AM 2 D ton’s loially-brewed begs (volume pWof/lC 

3£)0Kp (3JB3lp) net per 25p np 13-6 ^ cent.) reflating the lJal dlUa 
share with a final of L9092p as increased popularity of “tradi- 
forecast. Also proposed is a one- tional ales." However a competi- 

for- two scrip issue. tive pricing .policy and increased TQ]|S X I ITIe ' 

Mr. Ewart A.- Boddington, the overheads, associated with the TV 

chairman, comments • that the expansion programme, has left qn TURNOVER of £2^$4,W& cu 

trend continnes to be encouraging, its mark on margins which at the « 7so 128 nre-t 

with further expansion in the free pre-tax level fell almost 2J points :~XT "V ^ 

■trade and buoyant demand for the to 17.1 per cent Last, year the EjjJJ +« 

company’s local befers, during a brewing capacity was Increased ^ nunSniS 

period when beer sales nationally by 35 per tent and, with a further °* *L14(wS6 m 1877. 

were showing a gmaii decline. £L8m. due to be spent on capital -The major * areas of pro 
He says that the' company. has expanrion . in the current year, aSinfem 

had to contend ifg tossing SSSS J'JFSZHi SSS 

within the range of lp and 7p per mi Treated in the second half; - Rodnrarfe** 

tops £lm. 

trade and buoyant demand for the to 17.1 per cent Last, year the jd^bHal disputes was high. mer. 

company's local Defers, during a brewing capacity was increased Sl4Q^in 1977 15 to f the doorto imports from occur. ■«»* 

period when beer sdte nationally by 35 per tent and, with a further °* *L14(wS6 m 1877. ^ -Kmrope, they add. Productivity disputes disrupted PToammOtt 

were showing a sma ll decline , £L8m. due to be spent on capital -The . major ' arras of profit fiSgaimne, with the co-operation and knocked an festJttjateff iaft, ; 

He says that tKe'comnanv has expansion in the current year, growth were.' oQjwlms. oT tijo unions, is maJdj^: sabstan- off the yeart profits. Thlh ga.are 

had torontSid- wift > toSasin Q ’ 03 is expected to have contribmion; Sfted from £245^,^ progressTaiKi the wide-moutb, now hack to normal, the. gr«m 

eorta. doubled, by the end of 197a This ■« ,,£425.708; coconuts, where 2£dep^tbeer bottle is finding « operating Its plant atl®, 

S^TaSe from deS should help the group’s sales to profits increas^ ataost JtaWdrBKSn e«*Pten«. capadty and after test ***%& 

looment free-trade outlets (including fTOm £33 ^35 to a61.436_and &&coa. produced adnriraWe per cent price increases anot^r, 

nroeramme worktn S men’s and social dubs, wbrae ^ profits rose £108,612 to profits, they report; and the application has been made to the , 
whfeh ^STSraS tii e P ^^^s «]«!■) which-despite increasing £273^42. ; new ^ subgdtary. Stalcon ptice Commission^ Criral ;«tea. 

Parity aSS^ wST^St « P?r cent last year-have had The feud dividend of 2p (Lfip)' ^ Ftostics, is making a significant makers have appHed for price 
SrfiKc^on schedule and to heca 1256 .<* ■ takes the total to 2.73p (2p) net :cSxlbntion. - .. . Increases estimated at. 6-T^Pte 

wm he fflmntetoi capacity shortage. The group has. per lOp share. A one-fowme Emp. In engineering Burwell Reed cent. However. Jn the short term: 

wm be completed by nud-1978. around 300 tied bouses which issue « proposed. and Ktolhom^nd its subsidiary thc real interest lies in «W Wono^ 

| *S ~ teve-had pnority for beer sup- After tax of £858398 (£446AS) Produced record turnover and polies Commission report ' on 

Turn freer 17 ^bu x«Si tte 3x ? atf ^ oet profit is £4«L^(£^lM)r' jxttjfits.- The new subsidiary. Rock-- Roekwaro’s bid for M«»: 

S W pr«TtV2S?;":«! .S. appeara to be * L_ ^ fOngspeed. white not coni- National Glass, -This ta exPOtiteff- 

iBvwiment income ik es m the free trade areas. Pnceui- . f - tjfflSutiiffintowoflt in the first nine ’ to be sent- to ■ g» Secret ar y ffrfr- 

— ,S S m j the ^current spar may Toroowr — -■ — ; zjsbu» ussjai wSuflis since acquisition, has a Prices towards the end of near 

P^t before tax ~~ V* 3,066 am margins. However first half Pmetn. “ -strong order book and the month and will probably be pub- - 

Ta* — ZZ Z iSS lUa V attn&A by a 1 S®-SSrs are confident of signiff- jished in late May. At nQp the 

Ton) freer — 

Tradina profit 

Investment income 
Vfnancr -ctarsea 


Profit beta re txx _ 


Net profit 

Bxtraonl. crodir „ 





»M . 

— ~~Zr.Z,r, J.130 . 

l® IK 


-- ■- - 13 

^ 3J» 

— : 1,394 

: — 1,-m 





t Detail. . 

wet profit ““ ...Z ; 1,472 1^50 two week dispute, but long-term «“~ 

KmanL credit ...... 30 tu prospects look good. This Is re- SzJSr™ 

nS r W3 03 81 !S2p yielding just under 4 per Sate of land 

. t Detail.” cent The p/e IS 15A on warning* Sundrr estate rmma 

This will be foHowed by a further 9 ' Sp ‘ Z 

phase, with capital expenditure of Pra^ax pnflt * 

£783,000 to Improve the company’s ».* Tfklvr fu-an 

cellar and storage facilities. MALTON EVV. Net profl t ^—.^ — ■ 

“Your Board believes that this TUITCT P A VOTIT fckU dMatend ~ , r 

development will enable-the com- rAIUtil Batataed ... 

pany ' to keep pace' with demand Following tiie agreement of t inrauia act. 

S3S.M2 M5JM There has been a further strong 
oofls assn aontrihution in profit terms, tram 
JWjV.'Ae international side, 
rtua nw , Baemfings per 25p share are 
Mjst shown as 33.0&P on capital in- 

umojh. viuas creased from a rights issue. com- 
SfSS ^^ parea -with an -adjusted -3L64p, 
-W3th Treasury approval the div> 
224JRQ1 rawas ’dend is lifted to 5.28p as forecast, 
iT3jjoo 7SJ87 against S.484P with a final of 

shares yield Just over 7 per, cent 

Sharp rise by 
J. & J. Makin 
at six months 



Against a background of continuing world recess- 
f ion,. TI maintained its rate of profit through the secpnd 
'half of 1977, achieving £55^2 million profit before tax 
for the year, 11% up on 1976. 

In announcing the preliminary figures/Mr. Brian 
Kellett, Chairman of TI, said that this performance in 
difficult economic conditions was helped by the diversity 
of the Group’s product range and markets, and by the 
constructive b u siness strategies which TI has been 

Cycle Division has been seriously affected by a 
prolonged strike. Steel Tube Division suffered particu- 
larly from the depressed general economic conditions. 
In Overseas Division there was deepening recession in 
Australia and Canada. However, these adverse factors 
were more than offset by the improvement in the profits 
contributed by the remaining Divisions and the BA 

TFs continuing business strategy includes selling 
more to overseas customers, backed by the Group’s 
technical expertise — export ’ sales were up by 18% to 
£148 million in 1977. Capital expenditure aimed pri- 
marily at productivity and cost improvement was up by 
25% to £27.4 million in 1977, and continues to rise. The 
policy of moving towards more sophisticated and higher 
added-value products is being actively pursued. 

PRixiivro ' 

Consolidated profit and loss account for the year 

ended' 3 ist December 1977 




Tlxternal sales 



of which, overseas 



/ Trading profit 


5Z 7 

Proportion of profits of associated companies 



Proportion of profits of BA Group 



L . 

. ' K 

Interest on overdrafts and other " . \ 

68 ^ 


short term borrowings, net 

6 ^ 


Profit before ban interest payable 



Loan interest payable 



Profit before taxation 




11 ^ 


Proportion ofprofit after taxation . 



. attributable tominority shareholders 

2 J 8 


Earnings for the year 



Extraordinary items 


( 1 . 0 ). 

Profit after extraordinary items 






" -Amount added to retained, earnings 



Earnings per share 

Nates TTie Tg76fign«imabqeit seriated to xncnrpacatcUiacfibctfarBiexenKd 





7f Group Exports 



• . j, * % ^7 ...fji'’'' ( <, 


Cost improvem&& ^ 
productivity L : ./;* 

- £50m ^Expansion j : 

^Ncw activities 12%>^ 

I Divisional Sales and Profit 


Before Loan Interest 


Profit I 





Steel Tube 





Cycle ■ 





: Domestic Appliances 




1.0 - 

. Engineering ’ 







- 41.9 



Industrial Electrical 





Consumer Finance • 










Parent and other companies 

. — 




Almmninm: . 

Proportion riFBA Group 
profit before tax 





attributable to TI 

00 rH 



I \ i -ill: . & -.1 £Qm 

1972 1973 1974 1975 1976T 1977 

Statutory & welfare 
Other ' 


' >•- TERTFL v'; 


PAD WT ITi T W VT? A Tl nnmY. n li' - . . . " 

Iroup Turnover— - 
excluding inte^Jonipany - sales 

Scotcb Whisky- Division ^ 

Glass Container Division 
Transport Division 

Group Trading Profit 

Less: Depredation ;. 

Add: Investment Income - ij' 

Less: Interest on loans 

Group Profit before Taxation 

Scotch Whidcy Division ..:i 

Glass Container Division ... 

Transport Division 

Taxation— See Note 

Group Profit after Taxation ...... 

Earnings T»er share 

.ended . 

XOOO’S .. 




• 86jt29 : 

Half-year - 
- -ended - 

.1976 . 



9 *?S? 

M '- ‘ 7,515 


- : .■ 528 

8 , 782 ^ 

. / - A987 

•• --..’■4 


8 ,788 

. 6.992 

. 1,744 


: 8 

6,971 1 

; jA842 

. , 832 

- :"502 




•: ; 5548 


: ■■ •: 648 


: ‘4,600 




The Directors have declared an Interim- Dividend - for tin* 
year to : 30th June, 1978, on the -Ordinary Share Capital' en* 
teed by fte recent Scnp Issue of 242Sp per OrdlSry' ShS 


for. this payment due to tile, change in the Gomnaavte veae 
SS S^rDetemher to Jggi June. - The Interim Wvi^ 
will be paid oa .lst June,' 197&. to - O rd^ arv — 

toe . tW - cktfe Of btcrisiass ^on*5ik aay, 


SrSt at. Six- months period but tto 
adytrided to £4m. (£2A2m.) but the case last year. 
raTbSk te toT tetter hif^o for the fttU 
he fast ahead from £7m. to £7Am. cent, up on 1J78 but - 

.■ '?SaS Sles ended the year only 'guised a p per o«fcJ 
mk^Llly ahead as titevoy high first half 
saiesof the first half were decline in the second jUX-mnntiw. 
SStertalanccd hf low denmnd ta the early parVof^Jete. 
-in the second halt Customers had <»les volwne cwt^era. 

hottt no stocks to cater tor a was running some 20 -pro --ffiafc 
tarther lone hot summer that, in -higher which compares ^ yito ^8 -- 
SSehtTdid not materialise, normal annual iaeneqBofi BwoJ 

addition with the Industry 34 per cent Jt; s eeaa .th at, 
binw ornnnRr the first internreters customers, such w brewwwt 

i against S.4S4p with a final of For the half 3>nar to September - 
' &284Sp net. Itie company has 30, 1977. pretax profit of J. and £■ 

- adopted the ED19 tax basis. -with Maldn Paper Mills was more than 
: figures for 1976 bring: restated doubled from £334,455 to £319,937, 
accordingly. • .. on sales of £8 -25m.. against £4A2m. 

' Adirifflonatianflgsfcof turnover -Trading: condmies to be satis- 
shows: gtass fsctoryTverall, say -the directors. 

although some branches a re stil l 

3jg» raraprthlT * 



Turnover of engineering is before was ^14TB8p fromtaxaWe profit of ., 
deducting inter-company sales of £508^00. 

£2A6m. (£L52 hl).. .V : First half profit includes ft:: 

•" While in previous ymus the ex* £44290 (£36,123) share from asso- 
cess cost of shares in subsidiaries dates and other.income of £15^40 > 
over the value of their net tangible (£26^44), -. -t 

51 companies wound-up 

■ r Orders for the compulsory shoarne, Ivybrbok, Merton Fixing 
winding up of 51 companies were Service and -lAomftr Interaatkmal 
made by Mr. Justice Oliver in the Transport Company. 

High Court on .Monday, They*- Apoffo Adveitishog. Great Alteri 

were: . native Stores, Flatbridge. Hayward ,-. 

. Barton Press. NeHcrest, Hayu Civil Engineering, Quaimead and / 
more Restaurants, Vifiirac Steal, -Gransonian. . • • • . 

Bearden (Car Hire) and Terstow.’" Housing and General Develop* 

Cbirana Dental Supply. Hay* J?*® 1 ®' ^]S! DI 5 r SL "***• ' 

ward . • (Chepstow), Top Jmx (Soft Drinks), Doontede. . 

Partners (Plattering). W^t, a *S D ®P’' nr *5: « « , 

Netlson and'companF(Engineera) r *SSiSi3Sf^?!tf»SS£ 
and, Mayfair Gowris (Newbury). - SS? J , 

WOton Property Investment f > 

SSSIrt ?£■- ^hSSTRert.™* 

* w * tm “ 4 - 

GroundwoAora and S.\W . Newton. ^ compulsory order made on 
Tr!ang3e Decor, Serri^ortFteet MirchXH against ' Sobtaui^ 

®“**««* (London) was 

Pureare and FOTford. . rescinded,' and toe petition dis*' --' 

Mawcrest Properties, • Bari- missed. 


U ?r<*l 

The Annual Report will Bo posted to Shareholders on so- April, igyS. Further copies will be asmUtblefrom. The Se&stay, TI House, Fine Ways, Birmingham. Bi6 8SQ^ 

. ■*. 




Financia l Tftgtes Thursday March 23 W& 


bullion price 


FURTHER OFFICIAL sates of gold 
from central banks- And the Inter- 
na tioMl Monetary Fund, including 
sales from the U.S. Treasury, are 
not likely to disrupt the market. 
Hus view is . expressed to-day In 
tfte annual statement of Mr. J. 
Ogilvie Thompson, chairman of 
Anglo American Gold Investment 

It is not clear, however, 
whether this its a clear reflection, 
of Mr. .Thompson's own assess- 
ment of the market, as he Is sum- 
marising the appraisals of 
‘ reputable commentators,” whose 
1 sanguine views on the medium- 
to long-term outlook are of great 
satisfaction to' the industry.” 

The possibility of UJ3. Treasury 
sates has been loudly mooted in 
recent days as a component of a 
carter .Administration ' 'financial 
package' aimed ax strengthening 
the dollar. ■' 

The louder the suggestions have 
been, the greater has been the 
instability of the market where 

- the price dosed yesterday at 
$180,375 an ounce, or $9.25 be- 
neath its highest closing price for 
the' year, on March S. 

- in his statement Air. Thompson 
ran cedes, the existence of short- 
: eon influences, which could have 

- a bearing on price- movements. 
He lists these as the phases in 
demand for jewellery, the greater 
element; of speculation on toe 
market --and, the unpredictability 
b£ official sellers. 

- “However these reservations do 
tot -detract from the encouraging 
fundamental position which points 

1 - .0 a further improvement in the 
V’old price in the future," Mr. 

> r Thompson says. 

•. His analysis of the fundamental 
oosilion tends to play down the 

r-./ole of currency movements in 
letting gold- prices. "During 1B77. 
;old rose in price in both strong 
and weak currencies, and in real 
".erms gold began to recover what 
it lost in the two preceding years." 

This v makes the supply and 
iemand. equation of more 
importance and he argues that 
he accelerating demand for both 
■'abrication arid investment could 
oot have been met without 
supplies — from official sales and 
he Communist bloc— to supple- 
ment free-world production. 

.On the. basis of such arguments 
itr is possible to see the recent 
ntfves on the gold market as a 
mere hiccough: a price fall, is, 
not the equivalent of market dis- 

There 4s at this stage, on the 
?ridence of price movements so 
Tar this year, a realistic hope that 
dividends from Amgold’s spread 

of mining, investments will in- 
crease and that the group will 
be able to make a "higher total 
distribution than the. 165 cents 
paid for 1977. 

Changes in the. dividend, dates 
for the . individual ' mines' ' is 
causing' Am gold to "change Us 
year end to February, -so that the 
current financial year. -wifi run 14 
months to February 28, 1879. 

Jri London yesterday the shares 
were £16i. . _ 

Low ore prices 
hits LKAB 

LKAB, the Swedish state iron 
mining company, was able to sell 
only 39Jizcu tonnes ot on 1 &st 
year. TTHs is tlte lowest level 
since 1963 and represents'* Safi of. 
almost Sm. tonnes from' 1976, 
.when the company slumped into A 
heavy financial deficit, reports 
William Dnliforce In Stockholm. 

Production was 2LSm.- tonnes, 
of which 5.4m.- was in the form of 
pellets. Stocks of tmsrid ore at 
the end of the year were 15m. 
tonnes, of which LSixb were held 
on the Continent. 

A communique on the final 1877 
account released yesterday under- 
lines the lower nil deKvjscies sod 
a 13 per cent drop in the average 
ore price as responsible for. a 1 . 1677 
pre-tax Joss of Kr.643nL (£7L4m;). 

This figure is struck after 
planned . depreciation^ If.. cost- 
calculated depreciation is applied 
as in previous accounts, 'the pre- 
tax loss would cozne out at 
KrjJaom. 7 , 

Sales tumbled by KrjWBmL- to 
KrJ_65bn. (£18Sw.), while produc- 
tion, transport and administrative 
costs went ahead by ErfiSm. to 
KrJLS5bn.- Hie growth in overall 
costs was not halted by’ produc- 
tion cuts, efforts to curb invest- 
ments, early pensions for. workers : 
born before 1920 and a stop to 
recruitment of hew employees. 

Capital investments -totalled 
JCrfiMmL in 1977. Coupled with 
the growth in - stocks and . the 
operating loss they necessitated 
an increase in borrowing . of 
KrJffiZnL, adding up to « rise -of - 
over KrjLfibn. in the - company's 
indebtedness over the past two . 
years. . • ,L- 7ei ••**. .= - 

The - management Jbtfccasta ! 
“serious losses’’ again this: -year, 
despite the steps it is taking to . 
cut costs and make both. nroduc- 
■tion and marketing more effotive. 

It anticipates further 'cuts In ore 
prices, and a . difficult market lor 
iron ore, especially pellets- 

Deelkraal to make a 
R 50 m. rights issue 

HARD on the heels of yesterday's take up their entitlements in tite 
lews that the Anglo American proposed rights • iss ue wt ucb 
. kirporation -group'-s new-RBOOnt esnected.-to pte unftriWUiMfn . £?_■ ^ 
Etendsrand gold mine is. GFSA. ' • - r* ' ' " 

ho’rtly to' make a rights issue, the . 3te^ aoal«p reviqds righg JMu* 
nval Consolidated Gold Fields in 1976 raised RoOm. otv the baste 
-roup’s new Deelkraal gold mine of 125 shares at 345 waits (equal 
Jihounces plans for a R5Qm. tc> IQQp at that t ime ) 
ighis Ivsue.' It will apply to Deel- 180 held. The; shares -were 94|p 
-raal shareholders registered on in London yesterday, 
ipril 21— when the terms of the . 
fTer will be announced — and will Kossmgnow 

Most of the RIOOJnj- already pAniino' 
a-ised by Deelkraal has been . COlUlllg : ngul 
xpended and- -the estimated total 50ME six months, have passed “ 
o< of the mine to its production 5*^ the Bio Tinto-Zlnc group’s ' 
nil self-linoncing stage has been 4M y..p Cr ceriL-owned Rossttig 
ansed from R125m. to RI3wu» out ujaaiuna"- brine" in Namibia (South — 
- jflie litter figure is expected to be West Africa ) embarked on a major 
snreased by inflation to Kioum. reorganisation of its trouble-torn 
It is thought probabletbat toe plant. The stage has now been 
: '.line wiH reach production about reached- whereby - things- - are •' 
alf a rear ahead of schedule, coining right and it is understood 
rial milling is expected to com- ^ by ^ ^ o£ ^ is year Ross- 
ictK-f towards the end or i»i9 will be making a profit after 
nd during 3980 ore production charges including interest and , 
=ill be expanded from 60,000 to depreciation. 

20.000 tons milled per month by Hopes are that the big operation 
ae end of the year.. EHndsrand, -will reach design capacity next 
-hich has made particularly rapid year. xhe , total cost of Rossing 
regress, expects to reach pro- ^ now put at nearly S30flm., of 
urlion in nwd-1979. . which. some $75m. will have gone ■ 

Mr. R. A. Plumb ridge, chairman .to overcoming the earlier > 
f Deelkraal. says in the annual problems. 1 

epori that a final decision on the Progress is also being made in 

eport that a final decision on the Progress is also being made in 
sponsion of operations beyond labour - relations, -notably in 
us level wiH only be taken after getting white employees used to 
ic results of initial development the fact that Rossing is operated 
nd sloping become available, without racial discrimination and 
he now Far West Rand mine Is on a meritocracy basis: there is “a pro Si able medium a. single wage structure. - 
rade gold producer." Rossing is possibly the world's 

Its major shareholders are Gold biggest uranium .mine at .present, 
ields of South Africa with 50.1 It has a ' major contract with 
er cent., Consolidated Gold British Nuclear Fuels, but it also 
idd> 2^4 per. cent: and Fermain supplies uranium to virtually all 
•uminees 5.4, per cenL The GFSA the Western World countries 
nd Gold Fields groups intend to which have nuclear reactors. 


Building Society 

:The ninety-seventh Annual General Meeting oF_ 
: lih?_Socieiy' was held at '40, Portman - Square, 
London, on 22nd March, 1978. The Chairman, 
.Sir Tom Hood, KBE. CB, DL, FCA, presided and- 
. drew, attend on -to the following details in the 
Directors' Report for the year ended 33st 
December. 1977: — 

Total Assets: £159,772, 879—an increase of 
21.4% in the year. 

Shares and Record new investments! of 
Deposits: £67.591,251 — 48% greater than the 

.amount received in 1976. 

Mortgages: £33,579,397 advanced — 23% more 

than in any previous year. 1 
Reserves: - General Reserve increased: by •: - 

2UU.S2* to £&2S0.52^-nfiw. . . 

: _ ' . .equivalent to 5.16% of Total Assets. 

Liquid Funds: f33.BS9.213 or 2L2% of 4 •* 

Total Assets. 

Membership: Over 100,000 Mortgage and - 

Investment Accounts. ~ 

A copy of the Report and Accounts -for 1977 will 
be T supplied on request to:— - 

Chief- GfBee— 40 Portman Square, 

' London WIH 8FH. - - "• - 

Site Portman 

Building Society 


Liquid Funds: 

Extracts from the Review by the Chairman 9 .Sir Francis Sandilands C.B.E., 
and from the Directors 9 Report for the year ended 31st December 1977. 

. The Board axuiotmces audited profits for 1977 of 
£99*$m before tax. After provision for taxation arid 
minorities, profits attributable to shareholders 
amount to £67*6m representing earnings per share 

A final dividend of6*081p per ordinary shar e is 
recommended to be paid on 17 May 1978 which _ 
together with the interim dividend of 2*564p paid in 
November last gives a total for theyear of 7-M5p 
(Jl -583p including the imputed tax credit of 3*988p). 

_ The total cost of dividends for 1077 including 
--.preference dividends will amount to £29*dm leaving 
: £37-7rnt6 be transferred to reserves. 

The following are extracts from the Chairman's 
Review and Directors' Report which was posted to 
shareholders yesterday, Wednesday, 22 March, 1978 


m • Our main objectives during 1977 
were to' increase profitability. 

Stren gthen the capital base and . ■■ 

reduce borrowings .These - - 

objectives were largely achievedv ' Insurance bt 
and a steady improvement in our 
results was made throughout 1977. ' ' £ million 

. • The underwriting loss was United Kingdom 

reduced from £59*Sm in 1976 to nited. States 

£20'9m in 1977. Most major Canada^ 

territories contributed to this Western Europe 

improvementj-paiticularly the Remainder 

United States/but the results in 
Western Europe deteriorated due 
to increased losses inthe . • 

Netherlands. - London market r 

• Both fire and accident business produced better 
results i inl977, notably in the United States. Marine 
and aviation business in the London market made a 
loss of £l*9m (1976 loss £3’0iri), while other parts of 
the world have together produced a profit. 

• Worldwide non-life premium income in sterling 
terms showed a reduction of 7 %. If the rates of 
exchange prevailing at 31 December 1977 had 
applied in 1976, the premium income in that year 
would have been reduced by £92m. After allowing - 
for this reduction and the effect of the saie of our 
Austrian and German companies during 1977. the 
growth in premium income was approximately 6%. 

• life profits amounted to £14-2rn compared with 
£7 a 9m in 1976 and this increase is mainly attributable 
to the UK and the Netherlands. 

• Investment income increased by 3 % to £12 7* 7m. 
(1976£I23-9m) having been augmented by the 

Insurance business^ Short term 

Premium, income 

Underwriting result 

£ million 

Other . 






Motor accident 



' Total 

United Kingdom 


■. 52-9 





0 -7) 


United States 













3 ‘2 




(4- 7) 










Western Europe 











: 24-1 






- (4-4) 









T/mAm rna rkat marin e and aviation aadrmniammcflflTB jnpJndad nndflrRfliriflinriw- 


United Kingdom 

The results dealt with here concern oflly fire, accident and. 
life business in the UK. The results for Republic of Ireland, 
London marine and aviation, and reinsuzance are dealt with. 
unriwr ' the h anding RorrtHinrip.r - 

Fire business has remained profitab] e but has not returned 
to the levels of profit achi uvetf prior to 1976 . Claims for 
subsidence damage persisted during 19 < / although reducing 
both in number and severity as the year progressed. 

Accident business improved butremainedrunprofitaWe 
during 1977. 

Life profits in the UK increased to £5rf>m.(1976 £3- 5m) 
reflecting the triennial valuation at the end of 1076 of the 
closed Northern Non-Participation life Fund.' 

United States 

diiriagl977 arid we'oiir^^b^^ted inciwuxinglyduringthe 
year foom the effect of the corrective, action taken since the 
latter part of 1975, whena substantial portfolio of unprofitable-: 

recovery is primarily due to an insistence on higher 
underwriting standards and success in achieving urgently ' 
nebded rate increases, especially for motor business which has 
become profitable. Workers’ compensation experience is 
improving slowly but is still unprofi table and further rate 
increases are required. Inability results are much improved, 
despite continuing large court awards for damages. There were 
no major hurricanes in 1977, but losses arising from the severe 
winter adversely affected the results intheiirst part of the 
year. ■' .' ' v ' * 

Australia -. 

We now have a better portfolio ofbusiness both by class and 
source. However, the Australian insurance market is - - 

profitab lebusiaess hard to achieve. There is increased political 
stsdjility and some reduction in inflation but the.economic _ _' . 
environment is still uncertain and problems remain, including 
adverse legislation in certain states. 


Both thenrotor and fire classes were profitable but EaMIity 
business continued to make a loss. Provision has been mad e for 
. the estiraatedrefimd of 'excess revenue’ to policyholders 
. req m'w>H under tha retaliations of the Anti-in flati on Board. - - - 

Western Europe 

TTie poor result for Western Europe was largely due to 
underwriting losses in the Netherlands. All classes wan 
unprofitable and in the main this was due to the inability to 
obtain adequate rate increases and to an indisciplined market. 
About half of the total loss was in the motor class. Significant 
rate increastsTorldTS have, however, been approved for a 
number of major classes including motor and homeowners and, 
in the light of deteri orating results, market discipline appears 
to have improved. .Nevertheless, results for 1978 are un l ike ly to 
show a rapid improvement. 

Life profits from Delta-Lloyd increased to £r0mn$7G — ■ ... ; 
£ 3 :Qm ) , reflecting improved profits from pensi on busi ness and ^ 
a ebntinued reduction in expenses. - 


The underwriting loss of £3-lm (1976 loss £4^n) showii in 
the table above is made up as follows: 

3977 .* 




Other overseas 

■ 2*0 - 


Republic of Ireland - 

- - - (*9) - 


London marina 

- ilV -* - 



- <2-33 : •; 


' ■. • 

" cs-i) . " 


__ : 1 * 


Increases of capital •- 

By 1974 the effects of inflation and a general fall in 
investment' values rediicedlhe Group's solvency margin (that 
is, sharehokters’ funds txpre^ed As Uierceotog^of npn-Kfe 
premiums) to a low level in comparison with recent years. 

In 1975. while there was a marked appreciation in security 
values, there was un aftcr-tsec loss attributable to shareholders ; 
anil the dividend was- paid from retained profits and reserves. - 
following which the solvency margin at the end of the year was 
about3o° u ton the busis of accounting now used). While this 
was adequate in-«selFafKl-the solvency margins of our individual 
operating comparuesaround the world were each substantially • 
in excess critical legatreijuirements. there w - as littletriom to 
accommodate any marked foil in investmeut values.- 

. In4976 grtwrthrin-prenMum volnme^ was restricted-to-about 
(excluding the effect of charges in rates of exchange).. 
Dedpite t-hi -s and a substantial increase in security values in tber 
US durins 1978. the solvency margin at the end orQfotyear 
was only a little higher than at thoend ofl97o- 

Jt was dear, t hprefore; that the solvehcy margin was still • 
vulnerable to a maj or foU iit investment values. Consequently, 
i n planning our-aclivitiesfbr 1 97.7; it wostfeetded to cflntmuMo 
control premium growth arid, if tho opportunity arose, to add to 
shareholders' funds to improve the solvency margin. 

IaI077 premium growth was only about 2% (excluding the 
effect Of changes in rates of exchange) largely due to selling our 
AndkrMm and G erman s ub si diaries. 

Early in 3 977 we were approached bj- the board of Eetates 
House Investm ent Trust Limited who. as was 

known, had determined to unitise, sell or liquidate the trust oh 
completion of their reorganisation and rationalisation. This 
-approach was attractive to us because of the possibility of ah 
agreed bid and because the assets of the trust, which were in 
themain a mixture of short term gilts and equities, were suited 
to our needs. We therefore negotiated an agreed bid, which was 
accepted byJiHIT shareholders and resulted in the issue of 
40;4 qullion shares which added some £4om to uur 
.sh&*holders' funds. ' 

Welcome as this was, it did not.take our shareholders' funds 
to the level which we thought to be desirable. With the firm 
. continuation of the trend ot improvement in our underwriting 
Tesults, it was decided to make a 1 for 6 rights issue in 
November at the time of the publication of our 9 mouths results. 

The size and timing of this issue, which increased 
shareholders’ funds by approximately £7-Jm after expenses, 

- understtandablycausod comment in the press and in the 
market. Our present solvency margin is 54% and whilst this is 

- app^eefobty-above the margin wehavehndinrecentyears,jtis 
probably around the mid point of the range of marginsof our . * 
principal competitors. More important, however, in the view of 
your Board, the solvency margin now safely allows for prudent 

- -growth and particularly for growth which comes from rate 

increases and from inflation, without such expansion being 
und uiy inhibited by the possibility of decreases in investment 
values. • ... 


We have repaid a number of bank and other borrowings 
during the year amounting to a net reduction in borrowings of 
£17-7m.This, together with a decrease of £25-lm attributable 

- tochangesln rates of exchange, has reduced the o v erall level of ' 
Group debt to £235 -&n f 1976 £278-lmj . 

- Board : - .... 

• Shareholders wilt recall that Mr XGE Dunlop resigned as 
Chief General Manager and as a director of the Company on 
31 May 1977.;- 

On 1 June 1977, Mr JF GErams, who has been a director 
since 1972 and was Chief Investment Managerlmtii his 
appointment as an executive director in 1974. was appointed 
Chief General Manager. We wish him every success in. his 

Our two longest serving directors, Mr A D Morris and Lord 
Plow den, havereached retiring age and will be leaving us after 
the Annual General Meeting. We shall miss these old friends 
ami col leagues greatly and we thank them most warmly for all 
they have done for the Company over a long period. 


The Wilson Committee 

The insurance companies submitted 'first stage' evidence 
to Sir Harold Wilson’* Committee in 1977. Now that the 
Committee's Progress Report has been published, it is clear 
that the overwhelming weight of evidence supports the 
i nsurance companies' view that the low level ofiiivcsUnent in . 

- . man ufacturittg industry in the UK in recent years has not been 
■ dueTO liudraf availability of finance bu truth c*r lack of demand. 
--There appearato be general agreement that the main reason' 
for this lack of demand has been the virtual impossibility in the 
uncertain economic and political climate of recent years for 
industrial companies to make long term investment decisions. 
As one of the insurance companies with substantial life and 
pension funds to invest for the long term, we are anxious to 
support any sensible initiative to encourage profitable long 
term investment in British industry . 

This can, however, only be achieved if vre have a lower rate 
of inflation, the prospect of stability in the future and a 
recognition of the need for companies and savers to earn a real 
rate of return on tbeir investments. In recent years, as a result 
ofiri flati d ti ; real r a te s of return have in many cases been 
negative. The extent of the problem is seen by the favourable 
reception giveri by small savers to the issues by HM 
Government of Index Linked Savings Plans - the real rate of 
return on these being nil (apart from the very small bonus that 
can be earned in certain circumstances). If there is to bemore - 
investment by British industry , then the life assurance 
companies have demonstrated their ability to act as a channel 

for individual long term saving. There has been much 

discussion, on the need for industry to obtain funds on 
’reasonable’ terms from the institutions but saving and 
investment depend upon both saver and borrower being 
satisfied that the terras are reasonable. It is surely not 
reasonable from the saver's point of view that his savings 
should produce a negative rate of return. 

- There i$ one other factor i hat would undoubtedly be of- 
value, namely the increase of incentives at all levels which 
would result frura further reduction in pursonal taxation. The 
problems caused by the present rates of taxation on higher 
incomes havie been widely acknowledged, buttho problem is 
just as great at lowerincame levels, where the present tax rates 
encourage the overtime ban ne a form of industrial action und 

the disincentive caused by the poverty trap is widely 

* recC^riised. Whatever HM Government does to reduce tax 
levejs m this year's budget-, there will inevitably remain-more 
to be done in the future if the disincentive effect of our taxation 
levels is to be removed. 

Company reports 

The Department of Trade has recently published a Green . 
Paper on "The Future of Company Reports'. Some of its 
-proposals are sound and could well be added to The Stock 
Exchange listing requirements. There has been a general move 
in recent years for companies to be required to disclose more 

acquisition of Estates House Investment Trust 
Limited, but reduced by the sale of our Austrian 
'and German companies and changes in rates of 
exchange. Without these factors investment 
income would have shown an increase of 13 % . 

• The overall profit of the Group for 3 977 after all 
charges (including loan interest, taxation und 
minorities) was £67*6m compared with £34*lm for 
1976. Earnings per share have risen to 19*40p from 
IQ’SJp in 1976. 

v Shareholders' funds at 31 December 1977 
amounted to £5S4m ( 1976 £410m). This substantial 
increase includes the effect of the acquisition of 
Estates House Investment Trust Limited, which 
increased net assets by approximately £43m. and the . 
rights issue which raised approximately £74 m after 
expenses. The percentage of shareholders' funds to 
non-life premiums (referred to later as the- 'solvency 
margin 7 ) was 54 % 1976 (36%) at the end of 1977. 

• As previously announced, the 
Group has revised its treatment of 
deferred taxation in conformity 
with, the proposed statement of 
standard accounting practice 
(ED19) issued by the Accounting 
Standards Committee. This brings 
our practice closer to that of most 
other companies intlic insurance 
industry and lias had the effect of 
increasing the 1977 profit 
attributable to shareholders by 
£6’Im and the shareholders’ funds 

information. We have generally supported such moves when 
they were within the general context of existing company law - 
that is, when, the disclosure assists those to whom the company 
has obligations under company few - its 'shareholders and 
creditors. We also agrcv with the need for staff to be kept 

informed of a company’s affairs. ■ 

There ore some suggestions in the Green Paper which are 
based on a philosophy that we believe is unrealistic. It is 
suggested that tho contents of a company's reports should 
reflect the wider responsibilities of Cumijanie* that have been 
acknowledged inrecent years. We as a company have always 
accepted that a company's responsibilities in societv go 
beyond those prescribed by law. However, to extend that 
principle torequire companies to disclose extensive information 
to groups who themselves have no connection with or interest 
in the company is unrealistic. Even present levels of 
disclosure, justifiable though they ms ly be, are costiv and place 
a considerable burden on boards and senior managers. We. have 
reached u poirtt where the majority oi the requests we receive a&a 
company are for simplification of disclosure. Unfortunately in 
most cases legal obligations prevent our being able t-i tiier to 
simplify or reduce the volume of information. Any further 

mninr rpmiiruniHnUi'itn r,nlvj:r>m> furliuun 

their customers and to attract the willing co-operation uftheir 
employees throughout the world. 

Nonexecutive directors 

It has been suggested that the encouragement, of companies 
to appoint more non-executive directors wou Id be valuable. 
Non-executive directors may well have a more independent and 
detached approach to a company's affairs than executive 
directors and have experienco in other areas, although they 
cannot be expected to be os familiar with the more detailed 
aspects of the company's business as the executive directors. 
Under company law, all direct ors, whether excculi ve or 
non-executivo, have equal responsibility and this is, a valuable 
and important principle that we believe -should nut fo- eroded. 
We have always had u number of non-executive directors und 
the combination of their wider hut less detailed knowledge with 
the detailed professional knowledge of executive directors 
does, in our view and experience, ndil to thecapueUy of tin- 
board as a whole to play its port in monitoring and developing 
the business of the company. 

A specific suggestion has been mode by the Coniedcrationof 
British Industry that companies, including financial 
institutions, should allow their senior executives to accept, 
say, one appointment as a non-executive director of another 
company, we support such an initiative and hope that it will 
receive general acceptance, especially os this will help to 
ensure that non-exccutive a irectare of sufficient quality, and in 
sufficient numbers, are-avail able and ean play a full part in 
- influencing a company’sactivities. 

Conclusion . 

.At tiie beginning of this review I referred to our main 
.objectivee for 1977 . which were largely achieved, and' to the 
steady and continuing improvement in our results throughout 
the year. Shareholders will, I believe, feel it is satisfactory that 
we have been able to double our profits (both before and after 
tax j, to pay an increased and amply covered dividend on the 
enlarged capital and to add £:icim toreserves. . . 

This substantial progress is due to the unremitting ofibrls of 
-our Chief General Manager, Mr Emms, and his management ' 
team bot hia the UK and overseas. We are indeed grateful to 
■ them and to our staff throughout the world, all of whom have 
made their contribution to the further improvement in our 

Again I extend my very warm thanks to my collea gues on. the 
Board for their continued support and advice. They wish to 
join me in extending our thanks also to the boards of our 
overseas companies, to our local boards, and to our agents and 
brokers ail over the world. We are most grateful for their 
valuable support. 





Aaaml Gejierel Meeting The Annual Genrral Meeting will he h'ld 
on Monday. 17 April, 1978ot ijnuon. in the Queen h Hoorn t 
-Baltic Exchange, St. Mary Axe. London. ECSA SBC. 


Financial .Times 

Woodhonse & Rizson 
Holdings) Limited 

Manufacturers of steel forgings, rolled steel rings, 
flanges, trailers and springs 

Points from the statement by the 
Chairman, Mr. G. S. Baker 

Portway: New piant installed which will 
begin contributing to output and .profit . . . 
we expect to have a satisfactory year. . 

Cocker Bros: We look to a good year 
from this company.- 

Isaiah Oldbury: We are doubling 
ca pacity in our. move to a new works, 
enabling increased profrt.contribution to 
the Group. - ~ 

Open Die Forgings: Over the next few 
years we see a reasonable opportunity for 
us to continue trading in this market at 
fair profit levels. 

La Bride Beige: Without doubt the most 
important decision taken during the year 
was to stop manufacturing in Belgium, 
and dispose of ail our assets there. ■’*’ : . 

Outlook: We continue with a 'policy Of 
acquisition, but more effort is going into, 
the development of existing processes 
and new products. 

A copy of the Annual Report is available on request 
from' the Company Secretary, 
Woodhouse & Hixson [Holdings) Limited , : 
Bessemer R dad. Sheffield SS Sxk ' " ‘ ' 

«bMt: - tafiSK 


Extracts from the circulated statement- 6} the Chairman, 
Mr. M. Elderfield. F.C.A.. ... . . 


Your directors rertuin committed to the pobcy of invest- 
ing in small companies, concentrating the selection- into those, 
investments which combine the attraction , of. -an immediate 
and above average rate of return with the firm expectation 
of a growing stream of earnings, .and therefore of dividends.' 

The very wide gap in the valuation between easily. market-' 
able securities and that of small companies has narrowed 
considerably and is reflected in the very satisfactory increase 
in the value of your fund. - 


The net asset value attributable to one ordinary share, 
allowing for full conversion of the Si per cent convertible 
unsecured loan stock but taking the prior charges at par 
increased by 81 per cent from 44.4p to SO.Sp, compared with 
a rise for the Financial Times 30 Share Index of 61.6 per cent.. 


Your directors recommend a total dividend of‘4.375p per 
share for the year (4.00p per share last year). . ; 


internationally, much concern is I it' in g.' expressed about' 

the prospects for world trade. ‘ Hopes of twelve months ago 
have failed to materialise: at home the prospects of private 
consumption appear to be improving. Expectation for a 
revival of UK industrial output exists bot the - performance 
over the last twelve months, was undeniably disappointing. In 
the short term your board recognises some need for caution. 
Copies o/ the Report 'mail be obtained from the Secretary, 

Agreed counter-bid 

for W. J. Reynolds 

Oakstone, a private company The agreement is subject to only an undertaking that share- 
owned by Mr. T. J. Clemence, has Exchange Control and other holders will be .allowed to keep 

stepped in -with an agreed bid appropriate - permissions being the final . . dividend, alr ead y 

ofv45 P cash per share for W. j. obtained from the relevant author- announced, and that this <16 

Reynolds, the Ford Main Dealers., ities. Until completion the division “merely allowing 'you to. keep 

The bid. worth £L75zn has i been will continue to operate as at what is routs! ‘anyway by rights." 
agreed with the Board of present and Glynwed has received . 

Reynolds.- who have’ pledged their assurances that the Interests of . jvrtAxnrv errte 
.holdings of 24.46- per. gem. of the the employees -will be safeguarded .WtyVfcY.. JSEfcLa 
e^ty, . . . . - . thereafter. The sheet steel division 

Together with Oaks* ones east- losi about ■ £lm in 1977 and 
mg 25./< per cent, holding, the employs nearly 300 people, 
offer is already assured of suc- 

cess, thus effectively shutting out 
the earlier offer by Manchester 
Garages. The- wives oF Reynolds 
directors, who are estimated to 
hbld around 4 per cent of the 
equity, will raise the total irrevoc- 


- Newer Group has sold Thomas 
Cork (service merchandisers), a 
wholly - owned subsidiary, for 
£I47^8L -cash- ; . . - • 

The principal activity of . Cork 
Is . the sale of petcare products 
and serving and haircare products 
sales - racks in super- 


_ Acceptances of Comet Radio- tnrougn 

able commitment to toe Oakstone vision’s contested take-over bid' • - j:' . 

offer to around 55 per cent. for Henry Wlgfall. which officially ^nrum toe 
A cash offer of 73p per share closed yesterday, were still .being §St5?f.r 
will: be . made to holders of the counted last flight by merchant 

100.000 5J ;per cent .Preference, bankers Kleinwort Benson, QiSpoKai. of. Cors 

tmviacis Ml Lumeu it uau . WU feaiwfUjLm 

Oakstone has undertaken to announced tart ter in- the day that miditiSS 

protect and safeguard the Comet had. received acceptances 

interests of Ihc present employees from holders, of 1.067,000 shares ?'new 


. compares ine for its baircart and ^ sewing 

.. 'J. 0 P er ? ei 5- that the Wigfall products.. The. consideration' 

CUFFORDS DAIRIES Board.- tojurfher with associates, received for the sale of Cork wfll 
ACQUISITION ™* can muster m oppo- be used in the reduction of bank 

«■>.»■* «f the bill k J,orro ' l ' ta * ! - 


ttbttian Noi« jnUjjjjj' Jg. °?t Tta^b^Lt ofBOcW 

Comet will extend the closing date national remains com- 

*- t£H3tA.\ and £ (£SJm 

AGAINST A more daaadt.tjftdb* tog for factor to* respectively, : -• 

background, second hairptSSTof Ah additional «}<»£» “JvL™ the- hsm 

Tube .Inveatmearts dropped from wards ^0 «ad f 1 *££*$£ ps* 27 An. .to leave the.pre- the eflfeetjrf ■*J£*igSgJ! ulk SSsted accounts. dm? iwS* 


compared .. . 
bin external sales ahead ,105 
cent. to 791 Bm. r 

Tax took £lJ-2ta. i 
adjusted. In .accordance 
ED19, and- after mi aafi ti ifc 
tags for tbeyear' advanced. 

£33fira. to £41 2aL 

* Stated S2.4P (W)'.^-A-BiSn?Vme 

share. ' A^ forecast At the toon, ft saios of props, profit 

the August rights issue, ti)6'het Tbrtjra ***** ■ — : 
dividend total, is lifted 

l&fthSp to S0^58p on incEbcuted AKociaces ..~~~ 
capital, .'with a lioMp ftuafc interest mid 


i iD domfcstic appliances, machine A dlVtaion%jW«Moi?BL ot- 
') tools and in certain ' engineering wmt } aalba 
tit' companies. * “ T 

External nlet. 

Sates in totaf to ororteaif j«t&- ^ mten ^ — 

fra.), SW«? j fflSL.*.- 
and fl7A . 
(£307.9) and^» CWIL ®BM at 
a.1 appliance . 

*1 ttl). engin eorittg JOS: (&3\ « 

« ,w jsrtt®s^sa5- 

?* (7J) and edwMflMf linama £- 
(13.4V and i» - 

12.1 The pareQt eo»taw>f «xi o^' 
comimnlMrMrtieit l»®B Of- 33 ■ ' 

s£b C^-3ai. Baft V-: 

: w Capital espeaditm# . team " 
Xi frtm 'JBIAft-Si tt-‘- 

mainly devoted m •- 

tomere at S&Zs. ’ Wdns^'oniy 

shghtly- higher than- in. ft&tarip- nm profit — — -- 

moor year, r6flectirig • the uuema 

many overseas- tetritortetf^ Bad Attributable 
.parity -aue to the retetivt ehtteos' nwwend* 
ta'sear end escha^e^f^^ *?SSU«i 
the- two: years. ' Htnmdtt r n 
exports from flie U.K- ifr 









a a 









■ OS 



















32- L 

parridulariy ’ for. the .... 
division, and the seasonal 
in demand for consumer 
the second half was 

iac umromia. .. ■ ivnuigj,*! .j™™-™. . u,-. 

oe Full year profit intruded sub- taj 10 * l ■ 

Hs stantialiy improved’ contributions per ceig.-ctf 

fir from RA. Group, and. ftrpUp- Swte ^?V^* ** jj t *h1 S * * 

associates, amounting to £13 .8m* 

See Lex 

Appro^ltd Gedong Investments 


Ordinary chan>« ind 't ^nn non “■ » w «“eiy expeciwr iaac lire management OI mn- mre;r- chfireo 

" A ^ CUfford^ Comet will extend the dosing date natioital remains intent .on 

wiU SEf^jSSS m ""MApriM- It has already said blning BOC and the U^. industrial 

SSielTS hlcreaaine toe Sf c EZSS&Si* 

out details. lerras or ils offer. “mutual baielrt for the future, flowing an. appr^ch.i 

On completion it is intended S r ,ead ‘ to in offer * ' 

that a number of the present IvLEENET’F BUYS toW “* are "2 at yeBter ' Gedong" Investments’ * 

County Dairies directors will join CO YSON n r nor»s vestment is JJ14^33 -v 

the Clifford’s Dairies Board, and ViT. Vr . . Outlining the story of BQC^ Consolidated Plantations 

- - ' Kleeneze Bofdnigs has agreed troubled attempt to : raise - its .'tag itself- been a 


that- the name of the company will w|S*5Hk J!5, S 

be chanaed to Clifford’s and JcoiirVrt^^S^ 11 “ d Sons 
County Dairies. -~ 

capital of the company 

RR.TTTCH nTA ' ' ^Ordinary shares 

Dlulijil VII A Consideration is iu ue biiimea acquisiuoa oi an hui idiu. mn nf H Tr k SB net 

BOARD CHANGES by ^5 issue ° r 53547 25p Ordin- shares in Airco — a deal that took j,- Sixne-Dwby Hdl 
The directors of British Vita ?!? -rally- paid in Kleeneae, BOO'S stake np to 49 per cent - nie Gedong stake 

have restructured the Board ““£® shares to rank pan passu ” ” ’ — ” “ " 

following the death oo March 16 V 1 ™.. “ e existing issued shares 

to. Meanwhile. Sime Derby's stake Hr view of that -procedent t 
d- in Gedong has also, risen, from potemial bidder (3 It irnot Sir 1 

■ a . (JIM JI B ***—-*-- SOvK. WSV . 

„ . erf ._ 

at 41.7 per cent in 1976 to 44.6 per Darby itsdtflT- w§l keen to ^ 

... Sime Darby 
of : the Board - 

ay cent Other significant holdings, the .apprinfal 
appearing in the latest annual wll as that 
report are an S.fi3-per cent:.«ak» Sedan*, 
in- owned bv LETT investments and Shne Darby 1 * experience of the - 
•• ■m 6 .S3 per cent beiohhing to Lloyds bids has not been nltegther hapt . 
sfirieh Bank City Office- Nominees.',, It- Not only did Betu Malang go <m , 
Seng is this latter stake which is the side the Erou£L but. there was sot 
.buy- latest to appear; ' • ' criticism af SD’s use of the Preft : 

t ‘-companies ericfr storit to block the- bid f 
group have Assam Frontier, which now atan 
years. Pstaftf at more than JEZ 'per share bek> 
__ tghtih-'Bal 1 : the the offer price/: .. 
group through CohsoUdated Plan- And as for Patanl Para, certa 

« - j u- . /has tations, Bata Mating went but 4 mtnoritar «Mrobbbtere kicked un 

i He added that BOCs New York j^n -to the current fev62~«niy side the group after, a hid auction, fuas about jUIeged " oppress! 

i. IflWWffl wera canfident AS to the «wwmt VnAvitKc ThA - M hMhma« aniI InM inmh- Clma nav^d' fanilftn anHwi w - q j al TH t t Me C 

Robert McGee and Mr. Herbert for the year to September might make a rival bid for Airep)_ 

Houghton have been elected r --■! ^ A * showed net book assets was unlikely. 

of £52,933 and a pre-tax profit for 

denuty chairmen. .. - 

Mr. George Blunt, who con- ^ ,Bar of £10,404. 
tinnes: ■aff-marraRing director of 
the group’s international opera- 
tions has stood down as a deputy 

As --a consequence of their 

Last week it emexgulthat Airco 
Martin Marietta, as 


FA fR BAIRN LAWSON possible a!ternative 10 Boa 

Clablr Europe, a wholly-owned ‘ 

anpointhionT "as executors and subsidiary of Oabir Corporation PROVIDENT 
trustees or the estate of the late of Connecticut, bas sold its 25.4 Details of friends’ .Provident 
chairman, trustee holdinss of the per cent, ■'-shareholding in Fair- Life Office's agreement to provide 
following directors have been bairn Lawson. The 2^07.013 Fair- long term mortgage finance lo 
increased as follows: bairn Lawson shares were placed Regional Properties were posted 

Mr. F. A Parker — trustee hold- by .stockbrokers Laing and Cruick- to the propertv croup's share- 
ing 3.766.354. previously 1.966AH8. shank among a number of insti- holders last night. 

Total' hnldine including beneficial tutions at a price believed to be An ECM at the Mayfair "Hotel 
■825.838 shares: Mr. .!. H.. Ogden in the region of 32p a share, on April 12, will, consider pro 
-trustee holding 4A17.3J8. previ- which compares with Ciabir’s posais for an £Sm. issue o£8J per. 

- T « ta l „ holding ongma I investment roughly two wnL Convertible Mortgage Deben- 
4.047 , 5tG including beneficial. years ago at 26p a share and a hire Stock 1S87/90 to toe life . 

■Mr. C. Connelly n also an price in the market last night of office, which already holds 20B 
p vecu tor and trustee of the ^slate. 5oip, up lip.- per cent of Regional 1 * .^i 

po.. holrimg 2. 0.Tf1,fi7S-; ore- ■{ -. Orrtinafv. <?hflre«r. -and . 5.7 nef eentn 

His trilStPe. 

Ajouslv ' 25V.TB2. .To: 
2.133:634 Shdres.' 

.Total holding 

Ordinary, shares, 'and. 5.7 per cent' 

cowrenim: fiat 

. DEALERSHIP King has undertaken to sell addi- 

OL i NWtD . ; T. Cowie has acquired the whale tional stock to the insurer if the 

Terms nave' been agreed in of the issued share capital of Debenture proposals are passed by 
principle for Glynwed to sell the Pollard and Critchloy which shareholders. This additional sale 
sheet steel division of Cashmores operates as a Fiat dealer under wit} take Friends Providenfs 
to Finsider International, part of the name Leighton Motors at stake in the 
Italsider State Participation Steel HeswaJI. Wirral.- 30 per cent. 

Holding IRI/Flnsfder. The basis The price of £133.796 has been OnN fuK convention of 


per cent 

, . ~ RegiDntd' 

New shares will not- rank for the " 

Hoidjng tni/pinsiner. The basis rue price of £133.796 has been On\ fuK • com 
of the sale is net asset value apd satisfied by the . issue, of 360^00 Debemjire, -Frit 
will amount to between- £4-£5rtf. New Ordinary shares of 5p each would .have 83 
" : ' ‘ v ■ h* Gowie and £296 in cash. The Regional’s voting 


Special Steels Exotic Metals Superalloys Stockholding Rolling Forging 
Machining Fabricating Presswork 

Results for year ended 30th September 1977 

Turnover - £4,707,133 Dhridendsforyear - £99.238 

Profit beforeTax - £ ; 303,739 * v Earnings per share - 4.47p 

Trading activity was less than planned due to lack of regrowth in business. Nevertheless 
capital expenditure and internal reorganisation continued, and should show long 
term benefit 

Former Rotherham Forge and Rolling Mills plant acquired on 14th November 1 977, 
increasing the range of product sales and giving opportunity for rationalisation and 
concentration of manufacturing. 

Present indications shqwimprovedlevelofbusiness noted towards eridof 76177, . 
is being at least maintained..-." . 


voting shares. 

audited balance sheet of PIC converted holding (exdudsu 
valued net assets at £171,000. compensation for the loss of vot 
P 4 C also owns leasehold pro- ing rights) to 363 per cent 
Percy in Liverpool . consisting of Regional reports that the 

Mitr. 22 


Of deportta 



■ &H»l 



Lorn. AtiUr. 

■ booth.. : 




- OTeraight.—. 

d*yt. notice- 
■ /day* or -. 

7 day, oaticse.. 

One month 

'*' Tvo tnontti,... 
Three month*. 
<1* month*.... 
Jftae month i.. 

Two jwn™ 

744-7 1« 

W* ’ 

. a 63* 




6^-7l a 


''6b5**. : 


. ■ 

• . ..7 - -. 

' 3I|S’ . : ’ 

• •"-'S'. - 


• 6sa-64« 


7Vb-5I B 



'■■IS ■ 

. 7*4 

; - 7 W- — v* ^.U-IMIIU UQJ (nuiiuou a. ,** 

Cowie and a muiti-9torey car park. year toah af "£7 ita- “which will 

replace the group's Citibank loah 


Contracts have been exchanged 
for the purchase by Scanex 
Sakerhetsglas AB, a .wholly-owned 
subsidiary * of Pflktagton. of 
Sveaskt Bilglas and Noretious and 
Thonweii, both p_ri vat el y- owned 
Swedish windscreen, -distributors. 

Svenskt Biiglas, an old estab- 
lished company, has depots at 
four major centres, while Norelius 
and Tborssell is also .involved in 
replacement windscreen distribu- 
tion and is a major glass dis- 
tributor to the building trade. 

that, is due Tor repayment on 
March 3L A. professional valua- 
tion of group properties is pro- 
posed this year, And the directors 

anticipate that tola will show 
modest sifrpius over present book 


The official document containing 
details of the acquisition by 
Somercel. a company jointly 
owned by British Vita and L add 
J. Hyman, for Hairlok has been 
sent out td shareholders. Holders 

The consideration to be paid Ti Q0 0 . „„ 

r »hn t«i<A nnmnnniA^ rohyoronto 89-96 P®F C6Ht- Ol XTRirlOK fl&VC 

for the two companies represents a i„ B j 
less than 1 per cent, of the assets 
of the Pilkington Group. 

irrevocably agreed . to 
accept the terms of tbe cash bid: 


Shareholders in .-.ifames- Ship-; 
stone. the Nottingham-based 
brewers, h3ve been warned by 
their ohanrman. "not to be stam- 
peded into accepting Northern 


Formica International has com- 
pleted negotiations with- Thermo 
Acoustic Products for toe transfer 
of the ceffing tHe business carried 
on under the Danmn trademark 

which « 

Foods* offer 

The chairman says that tbe 
revised rerm< offered amount to 

wholly by its UJK. subsidiary Formica 
with effect from March 22. 

This tnuuum-emeiu appears as a Hinder of record only 


US 111,000,000 


Guaranteed by . 


Managed bv 


and provided by 

■ Chemical Bank International'Limited 
Merrill Lynch International Bank Limited 
The Riggs National Bank of Washington, DC 
The Sanwa Bank. Limited 
The Toyo Trust and Banking Co.. Ltd 
United Internationa! Bank Limited 
Unitcd'States Trust Company of New York 

Agent Bank' - 



MeLcod Sipef has now received, 
acceptances from -about 4 £■ per 
cent, of the uncommitted . share 
holders of Loudon- Sumatra.' As 
expected the II Op per share, cash 
offer is being extended tints 
April 4 \vhile McLeod Sipef. con- 
siders the information -in London 
Sumatra's document issued yester- 
day. ' .. . 

McLeod Sipef has. now more 
than doubled the acceptances of 

just under 2 per _cent. -deceived 

by the first closing date. But 
the increased total at the second 
closing date is. still well' short :of 
success since McLePd - Stpefs asso- 
ciates only -started off with 23.7 
per -cent, of London Sumatra. 

The proposed acquisition- by 
Lloyds and. Scottish -of a 50 per 
cent, interest in Jlnleigh Industries 
(Gradual Payments) wiTl not be 
referred , lo the - Monopolies 


RJS.T. Ttttfles: -ELK.T. Invest- 
meats, a subsidiary, has acquired 
a further interest- - in 20,000 
Ordinary- shares. 

Peninsular and Oriental Steam 
Navigation Co~- John James Group 
bas acquired £170,000 Preferred 

. Trans-Oeea&ie Trust Co. ■ has 
received, notification from Pearl 
Assurance Co. that although- its' 
holding of 3,1/3,000 Ordinary 
shares remains unchanged; as a 
result of the recent -partial con-, 
version o! their 44., -per cent 
convertible unsecured loan Stock 
1088/03 their interest In the 
Ordinary shares capital is reduced' 
lo 28.7 per cent. 


tSironu n 


Bank of England 
Lending Bate oF 6| perocht. 
(since January. 6, 1978) 

be threatened at the. moment. around- 5}, per cent. Earlier raft ■ 

Under these citeiimstaiices the were in tod region of 6-G) per cen 
. . ^ Bank of England was happy to in the interbank market ovef- 

Underlying, factors sn^gested lend, a moderate amount over^ night rates touched per cent 
that, money, should have been in night - to four or five .discount land were steady at 61-64 per ecu:, 
good supply ip tbe Londtjtf money houses, .at MLR of- Bi per cent for most-of to* day, before closltt 
market-yesterday; but this jvas not This -was the first titne that the at 2-3 . pec cent ' 
tbe case, and the authorities were authorities had . lent Junds. since Banks carried over substanta 
called- ppon to give, a moderate the end of January, - hut since- it. surplus balances, and the marks 
amount of., assistance/ to -■ -the.shonld .tfot have required' Was also helped hy a slight excep.: 
market-* . .On market factors, banks arc 'es- Of Government disbursement- 1 

Any downward trend |n interest pepted ’ to' bring forward, very over revenue payments to. the Ea 
rates will probably ,be neutralised heavy sutplus halances. - - chequer. On the other hand then - 
by the large munber.Of Treaainy Interest rates remained fairly was a fairly large net take-op t» 
bills On offer .thhr week, and the firin .torottehout,_as - far. as The Treastnr bills to finance, and th-, 
recent stability m Mmimnm Lend- houses were concerned,, howevet, authorities held maturing- loc» 
ing Rate is therefore unlikely to With dosing balances taken at authority bills. 


Cdmf&ny : ‘^Dirtvet 

Uepaaltj.j riopiwu 

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Blli» 4> 

Kliflihic 1 

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ntmiiuaHy tbrec . yeitra- l(v-i0i|s ver cant.; -ftWr m« - W-KH per cent.': Ore fieira ISWiH^^renc!' ^BanltMnraiS’te^h: 1 ^ ’’ - 
buyi ng raror f or prime paper. Buyrtg wfcfi fin- - four-mown bank bifl* « per eem.: f«*mowh : ■- 
• Ap w o tln ate seUlrtr rates for iumuhiIi Ttmuotv miib h-SUm-hv ^ 5™*=. - 'J 


_ ■ rr - W-uu; -ritusuw: runava nsaoupUDfi) T“BCT CPfU. fpOtTJ 1 lfljf Clmart 

wnr - ****** 

Vto a*®».- , 

Thu advemsenKDtappears m aautter of record oolji 

beooiadsKa Oor*a 

US $17,500^000 


• ‘hbiuigedbf 


Security PacificBanR: 

provided by 

Bankof Tok>ro and Detroit (International) Limited 
Grindlays Bank Limited 
Manufactiu^rsHanoverTrusi; Cfimoany 

Seturity Pacific Bank 

-UBAFAta)} AmerkanBank 
UBAFJBank Lhaitcd 


Tokvo ! 

Tokyo I 

The As 

iS j 


Financial Times Thursday March 23 1978 



Sherwin-Williams chairman resigns 

5 ’n: U 


• financial performance mounting 
Shenwia-Winiams, the largest 
paint and varnish producer In 
the U.S., to-day disclosed that its 
-chairman and chief exectuive 
Mr.'. Walter O. Spencer was 
..quitting the company. 

. The latest move in what 
promises to be a major shake 
up at the company, follows pro- 
posals drafted by outside direc- 
tors for far-reaching reforms of 
the board of directors. 

The proposals, which have 
been sent to shareholders, 
•envisage a reform of the hoard 
.-structure to include only two 
■ management representatives in- 
stead of the six management 
members on the 14-man hoard 

Sherwin-Williams is only one 
of a' number of troubled US. 

Reduction in 
; Chrysler 
debt rating 

^ ^ CSlllJp Ou r Own Correspondent 

C new YORK, March 22. 

STANDARD and Poors,- one of 
the two front rank debt rating 
agencies in the U.S. to-day 
. 'announced a reduction in the 
‘ datings on senior long-term debt 
of the U.S. motor manufacturer 
Chrysler, and its Chrysler Finan- 
cial Corporation subsidiary. 

- On the senior debt Standard 
and Poors reduced the rating 

. .from BBB to BB-minus, and oh 
•-the subsidiary's subordinated 
“-long-term debt from BB to BB- 

; Commenting on the decision, 
which reflects the rating's view of some weaken- 
ing in the company's- financial 

- position. Chrysler said that while 
'the change was a reflection of its 
current short-term situation, it is 
.still an investment grade rating 
and confirmation of the strength 

— - — • of the company. 

corporations which are in the 
process of reforming their board 
structures to give outside direc- 
tors a better chance of provid- 
ing a counter-weight to manage- 

At Sherwin-Williams, the move 
stems from a dismal profits 
record in the past three years 
and from suggestions that 'finan- 
cial controls wi thin the company 
leave something to . be desired. 
There Is also concern that unless 
the company’s earnings record 
can be improved quickly it could 
face a takeover attempt which 
would see shareholders bought 
out on the cheap. 

The latest upheavals at the 
company follow the disclosure of 
a heavy loss in the final quarter 
of 1977. On sales revenues of 
Slbn., the company reponed a 
net loss last year of Sefcri.. com- 
pared With a profit tn 1976 of just 

over $ISm. and in 1971 of S23m. 

The heavy fourth quarter loss, 
the company declared, meant 
that instead, of breaking even 

for 1977 as it had predicted in 
November of last year, Sberwin 
Williams was in the red. The 
timing of ‘ events raised ques- 
tion about the adequacy of the 
company’s financial controls. 

Another, concern has been 
rising long-term uebL In the 
past four years the company’s 
share price has been under 
steady pressure, dropping from 
a peak in 1974 of $40 to around 
S23 currently. 

Analysis of the company's per- 
formance point out that, while 
paint is a slow growth business, 
its rivals have been reporting 
good -profits. Sherwin-Williams 
itself has -been losing market 
share' '.and recently,- to - try . to 

NEW YORK. March 22.- 

counter this trend, increased 
advertising and cut prices. 
Although volume Increased, the 
tactic has apparently had an 
adverse impact on profits. 

The company, which has 
skipped its latest quarterly divi 
dend, has indicated that it does 
not expect to report strong- first 
quarter earnings in the current 
financial year. 

Commenting on his resignation. 
Mr. . Spencer said to-day that, 
“with the tremendous problems 
in totally instructing the com- 
pany, the pressure has been 
terrific." He added that “the 
job is no longer any fun. My 
advice to people who feel this 
way about their jobs is that they 
should leave." 

Mr. Spencer has been chief 
executive of Sherwin-Williams 
since 1971. He is 51 years old. 

Lykes warns on merger need 


LYKES Corporation may -only 
be able to survive as a. going 
concern if its proposed merger 
with LTV. which would create 
the nation's fourth largest steel 
company, goes through. 

This is the warning contained 
i a letter which the company is 
sending. to shareholders with its 
annual report 

The company’s accountants 
have qualified the report saying 
that Lykes might not be able to 
continue in business because of 
cash shortages associated with 
theb eavy losses at its . Young- 
stown Sheet and Tube steel 
making subsidiary. 

Lykes 'said, however, that - it 

does have sufficient cash 
reserves to- survive if the pro- 
posed merged with LTV goes 

The planned . merger is cur- 
rently being examined by Justice 
Department officials because, of 
the unit-trust implications of the 
deal. It is seen as something of 
a test case for whether the U.S. 
anti-trust agencies wUl relax 
their rules to allow, mergers be- 
tween ailing steel makers. 

Lykes says that If the pro- 
posed merger does not go 
through, it will probably have 
to sell substantial assets to 
cover cash flow requirements. 

Last year Lykes announced 

NEW YORK, March 22. 

closures of key facilities in 
Youngstown, Ohio in an effort 
to stem losses that totalled 

Separately the auditors of 
Hecla Mining waned that un- 
less the company restructures 
its credit arrangements and 
obtains money from other 
sources, it will not be able .to 
make its regular payments to 
banks on July 1 or finance the 
re-opening of its Lakeshore cop- 
per mine. 

Hecla, which reported sales 
revenues of close to S50m. last 
year, but a net loss of S13-6m„ 
has been suffering from, the de- 
pression in the mining industry. 

Firestone Swiss closure 

. X rAL-; 

| >trong rise m 
*]oan demand 

By John Leech 

CHICAGO. March 22. 
MAJOR Chicago banks report a 
.'strong increase in business-loan 
'demand in the first 10 weeks of 
1978. Commercial and industrial 
loans by six hanks which report 
. Jo the Chicago Federal Reserve 
' Bank show a rise of S725m. from 
•the end of 1977. 

This compares with the net 
-decline of S232m. in the same 
^fceriod last year. The strongest 
'levels of Increase are reflected 
in the metals, wholesale, retail, 
and service industries. In all 
these fields, gains of between 
8100m. and S200m. were reported. 

Mr. Donald Miller, vice- 
chairman of Continental Illinois 
Bank, said good demand for 
•loans was being seen for the 
first time in several years. It 
was a sign that many businesses 
expected present economic ex- 
pansion to continue, despite a 
possible fall in the first quarter, 
-he added. 

FIRESTONE Tire and Rubber 
confirmed yesterday, via its Swiss 
subsidiary Firestone . {Sehwelz) 
AG. that it is closing down its 
plant here because of the high 
cost of manufacturing ip Switzer- 

■ The announcement "followed 
disclosure in New Yorkiftat Fire- 
stone will charge S 110 m- pre-tax 
against second quarter earnings 
to cover the estimated . costs, of 
closing bias passenger tyre pro- 
duction facilities. 

The statement from the Swiss 
subsidiary said that the high 
value of the Swiss franc means 
that tyres can be imported more 
cheaply than they can he manu- 
factured in Switzerland, • while 
Swiss tyres for the same reason 
are not competitive on !export 
markets. _ , .*/„ , 

The closure,' reported . earRer 
by local trade unions, is planned 
from the end of July and will 
effect over 600 .workers. ' 

Last month,' Firestone reported 
first quarter earnings down 
from S23.Su!. to $7.4m or from 
41 cents a share to just 13 cents 

PRATTELN, March 22. 

after a foreign ■ exenange loss of 

In announcing the proposed 
closures in New York, the 
parent company disclosed that its 
Canadian sutau$*ry was ending 
passenger fyr* 'manufacture at 
nne plant,, but .had -refused to 
name the European subsidiary 
also involved. 

The company plans, additional 
reduction in bias passenger tyre 
capacity at a later date as market 
demand for such tyres continues 
the expected decline in line .with 
the steadily increasing usage of 

The charge includes S50m. of 
payments to employees affected 
by the shutdowns, 543m. for 
losses on disposition of fixed 
assets and S17m. of other costs 
associated with phasing out of 
operations Including operating 
losses durihg the . phaseout 

While the charges aTe being 
taken in the current quarter for 
earnings purposes, the effect on 
the company’s cash position will 
be spread out over several years. 
Agencies. '• 

Ultramar Quebec cracker 

May Stores 

May Department Stores, based 
in Sr. Louis, reports fourth 
quarter net profit per share of 
better trend during the earlier 
parts of the year. The company 
earned S1.79 per share in the 
same period in 1976, reports 


GOLDEN Edgle Canada, a sub- 
sidiary of the Ultramar group 
based in the UJX. is seeking 
federal and provincial financial 
support for plans to. instil a 
cracker unit at its SL Romuald 
refinery near Quebec city. 

It has applied for a federal 
regional expansion grant of 
SCI0m M and has had talks, with 
the provincial government to 
see whether any provincial aid 
programmes will apply. Refinery 
expansions do not normally come 
under- regional expansion, aid 

Weekly net asset value 
on March 20th, 1 978 
Tokyo Pacific Holdings N.y. 

U.S. $48.01 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $35.00 

Listed on the Amsterdam Stock Exchange 

Information: PI arson. He Wring & Pierson N.V.. Hermgracii! Z14. Amsterdam 

MONTREAL, Match 22. 

from Ottawa, hut it is understood 
that the Federal Government Is 
likely to make an exception. 

The company sees steady ex- 
pansion in the market for lighter 
products. The refinery is rated 
at nearly 100,000 barrels daily, 
operating on Mid-East crude 
mainly. It started up in 1971 
at capital cost of $C80m. The 
company has stated the refinery 
has never made an “acceptable 
return,” and installation of a 
cracker 1 unit with the resulting 
higher value products would help 
profitability. However, a final 
decision to go ahead with the 
project has not been made. 

Pillsbury turns 
in higher profit 

Pillsbury Company, the majoi 
Minneapolis-based food concern 
reports third quarter operating 
income of 81 cents a share, up 
from the 73 cents for the same 
. 1977 period. Net profit from 
continuing operations rose t( 
814.1m. from S 12 ,7m. on a 12 pei 
cent advance In sales to S399m 
reports AP-DJ from Minneapolis 
The 3978 period was aided by 
gain on disposition of discon 
tinued business of 8L2m^ m 
7 cents, a share, making a fina 
net of 815.3m. For the nin* 
months this brings the company 
which anticipates an “ excellent 
fourth quarter, to 854.6m. oe‘ 
(83.14 a share) against S50m. >n 
82.88 a share for the same 1977 
period on sales ahead 8 per cent 
overall at $L21bn. 


Gamble-Skograo ended the year 
to January 29 on a strong note 
Fourth quarter earnings jumped 
from 88.2m. to S10.4m.. equal to 
$2.30 a share, against SL87 pre 
viously, reports AP-DJ from 
Minneapolis. This was in spite of 
a drop in sales during the three 
months from S463m. to 8437m 
Annual riet earnings moved up 
from S9jSmre or S2.05 a share, to 
S18$nu, or S3.S7 a share, from 
sales of SL5bUre against SL6bn 

GPU still ahead 

In. spite of a drop in profits In 
the fina! two months. General 
Public Utilities ended the year 
to February 2R with net earning^ 
up from S125J5nj., or 82.28 a 
share to 8140.2m.. or $2.42. report 
AP-DJ. on revenues increased 
from Sl.lbn. to S15bn. Earning? 
for the final two month = 
were 826.3m. (828.8m.), equal 
to 44 cents a share (52 cents) 
in revenues of $228.3n> 


Investor opinion divided 

PRICE INDEX 21.3.7# 

DM Bonds 108.42 

HFl Bonds A Notti 104.59 
U.S. S Sirs. Bond) 100.32 
Cin.-Do4lar Bondi 99.42 


21.3.7# 7.3.7# AVERAGE YIELD 11.3.78 

108.42 108.61 DM Bonds 6.289 

I 104.59 104.49 HFL Bondi 8 Notts 7.457 

100.32 99.96 U-S. S Sen. Bonds fl.640 

99.42 99.71 Csn.-Dollar Bonds 9.389 


FIRST-DAY trading experience, 
of the hew European Coal and 
Steel Community issue, tends to 
confirm a dichotomy - in in- 
vestors’ views of long and short 
term investments in doflar-de- 
nominated paper. One tranche 
of the issue matures in 15 years’ 
time and one in 20 years: both 
traded down to the limit of the 
selling group concession. If not 
below. The 3125m. five year 

• ^' '' ' 

■":.i -‘v 

The Ashdown Investment Trust Limited 

Managed by J. Henry Schroder Wagg & Co. Limited 

The Annual General Meeting was held on Tuesday 21 March 
at 120 Cheapside, London EC2 ; 

The following is a summary of the Report by the Directors 
for the year ended 30 November 1 977. 




,*. . ‘ Total Revenue 

£820,988 ' 



' Revenue after taxation and expenses 


£41 4.739 


.. ? ; 4 Earnings par Ordinary Share • 

> ‘ ’ .. n * Ordinary dividends for the year, net per-share 



: A28p 



* ■? Net asset value per 25p Ordinary Share, 

i. assuming full conversion of the Loan Stock 




Copies of the Report and Accounts are availablefrom the Secretaries, 
j. Henry Schroder Wagg & Co. Limited, 48 St Martin’s Lane, London WC2N4EJ. 

for Norway had opened much 
more strongly earlier this week 
The strength of the dollar sec- 
tor will be further tested to-day 
when Australia's 8350m. four 
year issue, which was yesterday 

S riced at par, and Macmillan 
loedel's 15-year issue, which 
was priced at 99}, both start 

Tn the yen foreign bond sec- 
tor. the opening up of under- 
writing-opportunities to foreign 
institutions has now been' con- 
firmed: the first example will he 
Deutsche Rank as an under- 
writer of the yen issue for 
Argentina, scheduled via 
Yamaichi for April. 

Both D-Mark and dollar sec- 
tors were quiet yesterday in 
advance of the holiday. Tn the 

D-Mark sector, a DMJ35m 
offering for the Norwegian City 
of Trondheim was announced 
via Dresdner Bank. Terms In- 
elude a 10-yesr maturity with 
an average life of nine years 
and an Indlrated coupon of 5$ 
per cent, on a par pricing. 

Meanwhile, the Eletrobraz 
issue has been priced at par. 
The secondary market response 
has not been enthusiastic: it 
was trading yesterday at a dis- 
count of a preaching. two points 
from the issue price. 

Thailand’s DM.50m. place- 
ment has been priced at 99} to 
yield 6-48 pec cenL: on its five 
year maturity. 

Agreement on a Kuwaiti 
dinar issue for the Algerian 
state energy company Sons- 
trach was signed yesterday. The 
issue has a final maturity of 12 
years (with a bondholders’ 
option to redeem after seven), 
and has been increased from 
KD.lOm. to KD.12m. Priced at 
par on an S} per cent, .coupon. 
It was managed by Kuwait 
International Investment Com- 
pany and Financial Group of 

Anglo American Gold 
Investment Company Limited 

(Incorporated In the Republic of Soptfr Africa) 

Extracts from the review by the Chairman Mr. J. OgHvie Thompson 


The ‘firmer trend in ths gold market during 1977 raised the average- 
gold price received by the industry for the year to US 5146.1 which 
was 21 per cent higher than the USS120.4 received in the previous 
yearbut still lower than the 1 975 average of US$1 55.1. The industry’s 
working revenue bom gold, at R2 809 million, wad 1 3 per cent above 
that forthe previous year. 

South African gold production fell by two par cent to 697 tons as a 
result of a similar decrease in the tonnage milled to 74,54 million tons, 
while the average grade of ore mined was fractionally higher at 
9J2 grams a ton (1 976: 9.21 grams a ton). 

Despite lower rates of wholesale price increases and the voluntary 
wage restraints, industry working costs per ton milled increased more 
rapidly last year at 21 per cent: This sharp increase limited the rise in 
working-profits, which- rose by only 18 per cent to R1 054 million. 
Uranium profits. State assistance and sundry revenue amounted to 
R21Q million, bringing the industry’s total profits before tax to 
R1 264 million or 1 9 per cent more than the 1 976 profits of R1 056 
million. Taxation and the State's share of profit rose by a similar 
percentage to R477 million. 

Increased capital expenditure for 1977 (R430 million on producing 
mines as compared with R375 million in 1976) and the anticipation 
of considerable capital expenditure in thB near future placed a 
restraint on dividend declarations by the industry. At R338 million 
dividend declarations for 1977- were only four per cent higher than in 

Amgolcfs investment income moved against this trend, dropping by 
fourper cent from R46 930 000 to R45 189 000 in 1977. Pre-tax 
profit was accordingly lower at R41 606 000 (1976: R45 400 000), 
and with a provision of R1 01 000 (1 976: R34 000} for taxation, after- 
■ tax profit of R41 507 000 was nine per cent lower than ths 
R45 366 000 earned in 1 976, 

Interim and final dividends of 80 and 85 cents a share respectively 
were declared. The total distribution of 1 65 cents a share was 1 5 cents 
lower than in 1976 and absorbed R36 221 000 so- that R5 286 000 
was retained forthe year. 

Net acquisition of listed investments, principally in East Rand Gold 
and Uranium Company, and Elandsrand Gold Mining Company 
increased the book value by R37150 000 to R184731 000. The 
market value of these listed investments, following the firm®- trend on 
The "Johannesburg Stock Exchange, rose by 24 per cent to 
R760811 000. The directors' valuation of unlisted investments 
increased by 19 per cent to R5 289 000 as a result of tire higher 
market values of the underlying listed investments. 

The net asset value of each Amgold share at 31 st December 1977 was 
3 415 cents compared with 2 882 cents at the end of 1976. By 
3rd March it had risen to 3 51 8 cents a share, as a result of a further 
increase of R22 690 000 in the market: value of the group's invest- 


if one takes the year as a whole, the average increase in the gold price 
as compared with the average for 1 976 was confined by ho means to 
a gain in dollar terms alone. The 18.4 per cent appreciation in dollar 
terms was certainly the highest, but the rise in the average price in 
deutschemarks was almost nine per cent in yen seven per cent and in 
Swiss francs over 1 3 per cent. 

It is evident, therefore, that during 1977 gold rose in pries in both 
strong and weak currencies, and that in real terms gold began to 
recover what it had lost in the two preceding years. Jewellery, which 
accounts on average for 75 per cent of the total industrial demand 
almost doubled in 1976 and preliminary indications are that last year 
it was still higher, possibly exceeding free world output However, the 
percentage rate of increase has been reduced, and a greater pro- 
portion of the demand has come from the developed countries in 
Europe and the United States rather than from the traditional markets 
for iewelleiy in the Middle and Far East 

With this wave of interest in gold for jewellery (and, to a lesser 
degree, for other uses in industry) came a gradually responding 
investment demand for bullion. This became manifest especially in the 
latter part of 1 976 and increased in 1 977 with a growing awareness of 
the underlying statistical position, coupled with a heightened interest 
in gold as a hedge medium when the dollar weakened and the 
, attractions of equity investment declined. Indeed, while the market in 
the United States has remained of major importance for industrial 
demand, its growing significance for investment and hedging is 
reflected in the remarkable expansion of activity in gold futures 
trading on the New York and Chicago commodity exchanges. The 
nature of these futures markets is such that they can experience 
considerable volatility in price and, in the short run, conditions in these 
markets can differ widely from those in the markets for physical 
delivery in Zurich and London^uttlmately, however, the two types of 
markets cannot be divorced from each other. Technical events over 
the pasf year have demonstrated this, and large visible stocks have 
been built up in the United States to meet the gradual absorption of 
physical gold for long-term investment purposes. Although the 
market for official coins h4s remained virtually static in the past two 
years, the Krugerrand has enjoyed notable success: export sales 
increased by 1 1 .3 per cent accounting for almost 1 5 per cent of South 
African gold production, as compared with 13 per cent in 1975. and 
the approximats 3.2 million coins sold abroad represented over 61 per 
cent of world official coin sales, a proportion only slightly lower than 
that attained in the record year of 1 975. Of more sign rficance. how- 
ever, Is the fact that Krugerrand sales in the second half of the year 
were substantially higher than those in the first six months and that 
current monthly sales are equivalent to over 30 per cent of the total 
new South African gold production. This testifies to the extent of 
investment interest and the success of this particular medium for 
attracting a new class of investor, particulariyin the United States. 

The accelerating demand for gold- for fabrication and investment 
could not have been satisfied unless adequate supplies had been 
forthcoming to supplement free world production. It is not surprising 
that the sales from Communist sources and official sales from the IM F 
and certain central banks have been absorbed so readily and, on 
balance, at rising prices. In appraising the strength and potential of 
the market reputable commentators, particularly in the United States, 
are taking a soberly optimistic view; over the next decade they see the 
price moving ahead not merely to keep pace with inflation, but in real 
terms as well. This opinion is based on realistic projections of future 
output trends and careful assessments of the likely policy of official 
sellers in the Communist bloc as well as in the West The conclusion 
is that official sales, including possible further auctions of US 
Treasury gold, are not likely to disrupt the market The recent ending 
of the Group of Ten agreement to freeze official stocks and the singular 
imbalance in gold holdings between the deficit developed countries 
on the one Hand and Opec and the other major surplus countries like " 
Japan on the other must also be taken into account. The beneficial 
implications of market- related valuations of official stocks once the 
ratification of the amendments to the IMF Articles is completed .point 
to greater appreciation of the advantages of gold in international 
settlement and in some remobilization of central bank gold holdings 
for this purpose. 

These sanguine views on the medium- to long-term outlook from 
independent observers are of great satisfaction to the industry. Never- 
theless, one must, not ignore the short-term influences- which may 
also have a bearing on price movements. The demand for jewellery 
can move in phases, and it is generally recognised that the heightened 
investment buying, and. in particular, the influence of trading in 
futures, have imparted a greater element of speculation to the market. 
Furthermore, despite the present weak position of the US balance of 
paymenis, international political as well as economic events must be 
considered in assessing the longer-term outlook for the dollar. As in 
the past, the actions of official sellers are not predictable, and they 
could at limes also magnify movements in the market price. However 
these reservations do not detract from the encouraging fundamental 
position which points to a further improvement in the gold price in the 

The Industry 

Since 1972 working costa per ton milled have risen at an annnal 
average rate of 22 per cent taking the average cost per ton from 
R8.69 to R23.87 for 1977. Cost increases in the construction of 
mining plant, sinking of shafts and the development of infrastructure 
have been almost as dramatic. Indices prepared by Anglo American 
Corporation of South Africa Limited reflect that escalation of capital 
costs on the mines within the Group approached 1 6 per cent a year 
during the three years 1974 to 1977. The effect of this has been 

The- factors contributing to this problem are numerous and must be 
internationally familiar. The 1973 energy crisis, which led to the 

monetary crises and the subsequent inadequate fiscal and monetary 
policies of major western powers, played a pan. The mines import a 
significant portion of their capital goods requirements and control of 
this aspect is beyond them. However, it is the area of locally generated 
costs, together with the high levels of domestic inflation, which gives 
ground for even greater concern. Despite restraints which limited 
wage increases for blacks to six per cent and for whites to five per 
cent the average cost per ton milled for the industry rose by 20.5 per 
cant in 1 977 compared with 1 5.3 par cent in 1 976-a most disappoint- 
ing result. By contrast the average cost per ton milled for Anglo 
American Corporation Group mines, which had been rising faster 
than the industry average in previous years, rose by only 1 4.6 per cent 
last year, somewhat higher than the wholesale price index increase of 
12J9 per cent. The major cause of the 1977 increase on the Group 
mines was not the cost of consumable stores which rose by only 
11.2 per cent but the increases in other elements. Notable amongst 
these was the increase in (sower costs. In the Orange Free State area 
the cost of power to ths mines has risen by over 80 per cent in the last 
two years so that power now accounts for up to 1 0 per cent of the 
total working costs of a typical mine. These increases by E scorn have 
fundamentally altered the economics of many current and potential 
projects in South Africa. 

However, price increases have not been the only cause of cost 
increases. The rapid rise in the gold price has enabled the industry 
both to implement expansion programmes and to correct employment 
and other inequalities of the past. This has. of course, involved extra 
costs, but it is important to understand that in many respects they 
represent investments necessary and normal to the establishment of a 
revitalised industry. The major expenditures on research and develop- 
ment; the efforts to move towards a unified wage scale, the upgrading 
of amenities, the improvements in employment conditions and the 
extension of service and other non-mining functions are each part of 
thB approach. New industrial relations programmes, spearheaded by 
the Anglo American Corporation Group, are catering for the develop- 
ing black worker consciousness, while the more difficult operating 
conditions have been met in the Group with comprehensive 
information systems and more effective management control tech- 
niques better suited to the current requirements. In the development 
of new technologies early efforts by the industry have refined boring 
and tunnelling techniques to the point where raise boring is now an 
established practice providing higher rates of advance more econ- 
omically. Further benefits in the form of mechanisation and integrated 
sloping systems will, I am sure, come in due course. Collectively they 
have created a firmer base from which the industry can handle the 
new opportunities presented by the enhanced gold price. 

The new era calls fora different approach to gold mine management 
In response to its greater complexities. In the past, mines had always 
been subject to a fixed gold price which had simplified the mins 
planning process. Consistently low rates of inflation made the 
determination of payable ore uncomplicated so that detailed mining 
plans could be developed with some confidence well in advance. 
Furthermore, the available technology was constant and stable while 
resources were freely and cheaply available. Optimisation of mining 
plans was a comparatively easy task. Recent developments have 
demanded new approaches. Forecasting and anticipation are now 
vital skills, second only to the need for a greater sensitivity in labour 
relations. Daily changes in the gold price, more rapid changes in 
technology, the growing importance of uranium and fluctuating 
inflation rates have alt contributed to the demand for a more 
sophisticated approach to mine management, it is no longer possible 
to work with fixed mining plans; flexible plans which can cater for new 
developments are essential for effective management Furthermore, 
the introduction of new and more complex technology underground 
has called for greater skills in the labour force and a foreseeable need 
for even more in the near future. 


Uranium remains a significant feature of the new era and the dramatic 
improvement in prices following the 1 973 energy crisis has given 
added impetus to the future viability of the gold mining industry and 
has been a further spurto new developments. 

The Anglo American Corporation Group gold mines produced 1 543 
metric tons of uranium as a by-product during 1977, an increase of 
33.8 per cent over the previous year. This was largely due to the 
inclusion for the first time of production from the Group’s Joint 
Metallurgical Scheme complex in the Orange Free State which began 
commissioning in the second q uarter of 1 977. 

The detailed feasibility study and pilot plant test work for the 
Afrikander Lease project were successfully completed during 1977 
and negotiations with prospective customers for the purchase of a 
large part of expected production on a long-term basis are now in 
progress. If. these negotiations result in extended sales contracts 
which will ensure an adequate return to shareholders, this company, 
too, will have to raise further funds to open its mine. 

The industry as a whole increased uranium production during 1 977 by 
24.5 per cent to 3 874 metric tons and profits of R 75.92 million were 
realised on the year's sales after adjustments for sales from, and 
additions to, stockpiles. 

The outlook for the uranium industry remains satisfactory with 
customers still willing to enter into long-term supply contracts 
involving consumer finance. However, should substantial tonnages 
from Australia and Canada be made available simultaneously, a 
temporary over-supply situation might result with a consequent fall in 
price. I believe that an upturn in the rate of world growth will absorb 
this over-supply in the longer term and that local producers will 
continue to participate profitably in a stable and growing uranium 

Exploration and Development- 

Drilling continues on the farms Erfdeel. Dankbaarheid and Homestead 
to the North of the Free State Saaiplaas lease area. Two boreholes 
were completed during the year and two more boreholes, DNK 4 and 
HS 5, are nearing completion and the results are included in the 
directors’ report. All results ere now being reviewed. 

Drilling also continues on the ground held under option south of the 
OFS goldfields as well as on the ground south of the Vaal River. In 
general these results have been somewhat disappointing, mainly 
because of complex structural problems. Work is continuing but it 
will be some time before a clear picture of the potential of these areas 
is obtained. Drilling is also in progress on ground held under option 
west of The Afrikander Lease Limited's Rietkuil section to test the 
potential of the Dominion Reef and to provide additional structural 


Higher gold prices during 1977 relieved, in part, the pressure which 
the combination of low prices and escalating working costs had 
formerly placed upon the industry's profitability, it is nevertheless 
disturbing that, during a year of strict wage restraint and smaller 
wholesale price increases, industry working costs should have risen 
at an even faster rate than in the previous year. The higher levels of 
these costs, together with larger profit retentions to finance capital 
expenditure, negated almost entirely the benefit of the higherrevenues 
earned by the Industry. 

While the control of working cost escalation must continue to be the 
paramount objective of management so that the need for continued 
wage restraint remains extremely important, considerably more time 
and skill is necessarily being devoted to the field of industrial relations 
as welt as to meeting the complexities of mine planning during a 
period of fluctuating gold prices. Although management’s tasks in this 
regard are considerable and time will be required to achieve these 
objectives, the industry's response to its new operating environment 
has been imaginative and provides grounds for long-term confidence. 
Current indications for gold continue to be favourable in that, despite 
higher prices, fabrication demand has been maintained and invest- 
ment demand remains firm. The rising gold price, a weakened 
United States dollar and uncertainty in the international monetary 
markets have unfortunately introduced a speculative element into the 
the gold market. This is reflected in the buoyant futures market. 
However, apart from this comparatively recent speculative pressure it 
appears that the gold market is soundly based in relation to fabrication 
and investment requirements. So far this year the improvement in the 
gold price has been more than sufficient to cover anticipated increases 
In working costs. 

Our company has a wide spread of holdings in good quality gold 
mines. We are therefore well-placed to participate in the profitable 
future which, subject to political stability, the industry seems set to 

The annual report and Chairman's review may be obtained from the London office at 40 Holbom Viaduct, EC1 P 1AJ 
or from the transfer secretaries. Charter Consolidated Limited, P.O. Box 102, Charter House, Park Street, Ashford, 
Kent, TN24SEQ.Theannual general meeting.ofmemberswiil be held at44 Main Street, Johannesburg on 14th April 1978, 

<%. . •- V • 


;■ Financial ^ ^ Times. Thursday Marcb^-#^f 





By Charles Batchelor 

- AMSTERDAM, March 22. 
NEDERLANDSE Credietbank 
(NCB) to-day reported a 16 
per cent rise in 1377 net profits 
on a balance sheet total 19 per 
cent, higher. Loan business 
last year rose by a quarter. 

Net profit increased to 
Fls^&Am. (some $75m.) from 
X r is r 29.6m. The balance sheet 
total rose to Fls&Olbn. from 
Fls.6.74bn^ while outstanding: 
credits rose to Fls.*L59bn. from 

The bank saw a shift in its 
credit mix last year towards 
the- less profitable private 
sector — mortgage and personal 
loans'— away from business 
lending. Nevertheless the 
results are described as M satis- 

NCB proposes to increase Its 
dividend to FlsA20 per share 
from Fls.4 the year before. It 
has reached agreement with Its 
four major shareholders to 
create Fls£&2m. of new capital 
In July taking total capital np 
to FIs 54m. 

This will lead to an increase 
In the share in the bank held 
by industrial holding group 
Thyssen-Bornemisza to 275 
per cent, from 23 per cent, and 
of the Amev Insurance Group 
to 10 per cent Chase Man- 
hattan Overseas Banking Corp. 
will retain 3L5 per cent 

The Board expects to meet 
their forecast of long-term 
growth of 1620 per cent in 
its “basic business'' in 1978. 
They do not expect to follow 
other Dutch banks In expand- 
ing branch networks abroad. 

Outside Holland NCB works 
largely through Chase Man- 
hattan. Foreign lending grew 
strongly in 1977 and accounted 
for about 7 per cent of all 

Billerud issue will effect merger 


STOCKHOLM. March 22. 

losses at 

By Pan! Betts 

ROME, March 22. 
MONTEFIBRE, the perennially 
loss-making synthetic fibres sub- 
sidiary' of file giant mixed State/ 
private Milan ch e micals congfo- 

both and large minority holdings in although the exact figure could j mersite - Montedison, has reported 
win 1 take over* mi companies supported the the. new forest industry and not Be estimated until the re- losses of.LUl.7bn. (SWOra.) last 
ri-ht— understand «!»ai E n ^r mer S er at a joint Press confer- special steel companies. Mr. structuring analysis had been ! year compared to LS9-9&U. m 
Krihn fS2l7m encie 10 -day «* the best way of Wessman said. It was too early completed. The new company's j r Ttus is despite the sale of 

hnimV forest i’ndnctw mT securing employment in the to . say whether Uddeholm product range and targets! someL52bn. of flxedassets dus- 

SS2 to co^Md Stte value Vaermland. would be reorganised as a hold- would be determined by the 1 — ' 1077 

WJSSMS.M! UiTdehoIm is not including its- !ng 'company.. market 

assets transferred P° w * r P lanls in merger, its The new Billenid-Uddeholm The merger was justified be- 

mmnanv from TirfHohAi™ managing director, Mr. Gunn ax company would own in Sweden cause it' won kf be easier for the 

pan* uuaenoim. Wessman, said. They contri- 15m. acres of forest and fac- two companies to solve -the 
f*T- Gunner Hindemark, buted pre-tax earnings of toxies with current capacities of severe problems of their. forest 
Billernds managing director, Kr55m- last year, when the 770,000 tonnes of paper and industries together rather than 
wfjl r 5 ta JS,aT e , p06t in ^ Uddeholm would be left with a cardboard, 360,000 tonnes of to fare them alone, Mr. Hinder- 
Billerua - Uaaeholm ■ company, turned in -a loss of Rr584m. market pulp and 25,000 tonnes mark said. 

THE MERGER . between the Uddeholm with its 30 per cent. (Billerud made a pre-tax loss of of paper sacks a year. BUlerud’s 
Riiremd Company and' Udde- bolding will be far the largest KrJLSOm. in 1977). foreign subsidiaries, ' notably 

holm's forest industry opera- shareholder. - If both the ' merger with the' Eucalyptus Pulp Mill in 

tions. announced yesterday will Full details of the merger Billerud '. and the parallel Portugal, will be part of. the 
be effected by a new share issue will be negotiated — -with union merger of Uddebolm's steel new company, which at present 
from Billerud, which will give representatives taking part — operations with those of SKF employs some 9500 people. 
Uddeholm 30 per cent, of the during April in time to be sub-' and Fagersta went through, Mr. Hindemark underlined, 
capital 4n the new company to mitted to the company's annual Uddeholm would be ueft with a however, that cuts in the labour 
be named BiUerud-Uddeholm. general meetings in May. profitable power- plant operation force would . be inevitable. 

At the same time Billerud 

Worker directors from 

Spain seeks 
bond rating 

By Our Own Corr espo ndent 
MADRID, March 22. 

THE SPANISH Government has 
agreed to let First Boston sound 
out the New York bond market 
with a view to a 570m. to 580m. 
Kingdom of Spain issue. 

This is the. first time that Spain 
has considered, borrowing in the 
U.S. bond market and represents 
a broadenng of Spain's approach 
to international borrowing. Tbe 
size of the issue is small, and the 
main significance of the move is 
an effort by -Spain to obtain a 
triple “A” rating. Indeed offi- 
cial here say that the issue is 
unlikely to go ahead unless Spain 
is assured of obtaining such a 

The decision to go to the New 
York market was made about 
two months ago and Spanish 
officials have apparently been 
encouraged by the response from 
American financial institutions to 
handle tbe issue. It is on this 
basis thta First Boston has been 

Part-approval for Seat cutback 


MADRID. March 22. 

THE LABOUR Ministry has estimated that it will sell some Jems are largely of its own 
approved a request by Seat, the 247,000 units ibis year In Spain, making — producing unexciting 

country's largest saloon car Thus tbe current level of stocks models which are having a 

manufacturer, to put Its work- already represents a significant decreasing public appeal, 
force on short time. However, the proportion of this. Seat argued In this respect the short time 
Ministry has not conceded the that only by losing 24 days pro- is only likely to be a palliative 

full extent of the cuts sought by duction in the first • quarter to Seat's problems and no cure 

Seat would it be possible to, face up 46 

Seat requested that 27,438 the rest of the year with 
members of its workforce in- equanimity. It also felt that this, 
plants -at Barcelona, Marta reU would help to reduce the high 
and Pamplona be put on short cost of financing such an exten- 
titne from January 16 to April siVe stock of unsold cars. 

16 to cut back the high level of However, the rmirm s and some 
stocks that were accumulating, politicians complained that such 
Seat sought to cut in this period a reduction would have adverse 
24 working days. The ministry effects on 
reduced this to 16 days after con- manv as 250,000 families are 
siderable pressure from trade reckoned to be 
unions involved. 

Eurobond new 
issue growth 


New bn* 

This advertisement appears as a matter of record only 

March 22, 1878 

By Mary. Campbell 

c „„. ■ A _ EUROBOND- new issue activity 

&& i Sg6C- are W P £ igher the 6x31 Quarter 
of thi* year than in the last 
dependent quarter of 1977, despite the ner- 

The wwtwrA h<r thw Mtnintrv upon Seat s* 51 ® 01 weakness of the dollar. 

b iL f °™ llv ®J u,ood ‘ ... . . According to the latest quarterly 

5SS2L. ^ b c.,t P 2S unions had Bought to avoid figures produced by Kredietbank 

motivated because Seat now has short time and at one stage Lusembouraeoise. new issues in 

stock 1 WProachmg seriously proposed that Seat {£? finTmiartS- of thSTyeS 

8*000 afiain ^l£ orm, iJ ^ ould reduce ^ stocks by sell- jutted to$36bn Tnf from 

of between 30.000 and mg off the cars at cut rate prices, gg 4brL Jn last 0 f 

December stocks stood This produced strong protests Sfyem and klfon. ff the flit 
at 65,000. from the other- car manufacturers Quarter of last wear 

Seat . management has here who feel that Seat’s prob- ^ major ^ence between 

last year and this is the jump 
in the importance of the D-mark 
and the fall in the importance of 
the UB. dollar. According to 
Kredietbank, the dollar accounted 
for 64 per cent and the D-mark 
for 27} per cent of new issue 
activity in 1977 as a whole, with 
the figures for the last quarter 
being 51 and 39 per cent, 
respectively. At 45.2 per cent 
of all issues, the D-mark has so 
far this year beaten the dollar, 
with 44.9 per cent 
The analysis also shows that 
the importance of less developed 
countries as borrowers in the 
Eurobond market has continued 
to Increase: borrowers from 
North Africa, Asia (excluding 
Japan) and central and South 
America have .raised over aj 
quarter of the Eurobond -issues 
so far this year, up from 14 per 
cent in the whole of last year 
and. 17 per cent in the last 



DM 100000000 
6%% Bearer Bonds 1978/1985 

— Stock Index No. 482333 — 

Offering price: 99Va% 















Af LAil (U.r430Sfi*» 






























S. a WARBURG ft CO. LT D. 

























£F. HUTTON ft CO. NY. 








B. METZLEn sea. SOHN & co. 








soaere gsierale alsacienneoe sanque 











A. E. AMES & CO. 






































(UlTB) ■ 






UHmo * . 


Japanese loan rates 
at record low 

The average business loan 
interest rate charged by . the 
Japanese 13 city banks dropped 
to a new record low of 6-269 per 
cent, down 0.028 point from 
January, according to tbe Bank 
of Japan. 

The short-term interest rate 
also fell to a new record low, 
at 5.386 per cent in the month, 
down 0.032 point from the pre- 
vious month. 

In January, the average loan 
interest rate dropped by 0.041 
point from December, and the 
short-term rate fell by 0.048 

ins the course of 1377. 

The announcement, of Monte- 
'fibre's continuing losses comes 
only 24 hours after its parent 
company, Montedison, reported 
losses in excess of L500bn. last 
year and proposals to be sub- 
mitted at its annual meeting 
next month for a capital recon- 
struction which Is regarded here 
as a financial virtuoso perform- 

This involves a massive capital 
writedown . - from L435bn. 1 to 
H52bn^ and a subsequent capital 
increase to L355ba through a 
rights issue underwritten by a 
consortium of Italian banks led 
by the medium-term . credit 
agency. Mediobanca. The state- 
controlled Credit Institute will 
simultaneously launch a LITSbu. 
bond Issue directly guaranteed 
by the chemical -group's fixed 

Tbe operation is chiefly aimed 
at preserving' tbe apparent 
“private* character of the Mont- 
edison group at a time when its 
mam private shareholders are 
clearly in no position to sub- 
scribe to their share of the new 
capital increase. 

But while maintaining Monte- 
dison’s current position in the 
private sector, the operation is 
seen here as a financial balanc- 
ing act postponing yet again the 
crucial question of an overall 
reconstruction programme for 
the Italian chemicals and fibres 

The Montedison operation has 
the stamp of Sig. Enrico Cuccia. 
Mediobanca managing director, 
who has been linked with some 
of Italy's major corporate deals 
including the celebrated Fiat- 
Libya deal, last year's Pirelli 
capital increase and the Diinlop- 
Pirelli union. 

There are tentative plans to 
set up a national fibreB agency 
which would absorb, among 
other companies, Montefibre, so 
easing the financial and struc- 
tural problems of Montedisdn, 
one or the country's biggest 
employers with more than 
140.000 people and a turnover 
last year of L5,472bn. 

* * * 

State electricity utility ENEL 
is likely to raise to L800bn. 
($ 70 hl) the amount of the first 
tranche af its seven-year bond, 
issue now on the market Up to 
now its was thought that the 12 
per -'cent issue would raise 

The move follows strong 
demand for the new bonds. These 
are priced at 95.75 to yield 13.46 
per cent A further tranche of 
L200bn. will be issued In the 
next few months, to bring the 
total to LSOObn. 







ssslxu : jst aa^g&ja; 

Two of the ‘'big throe" com^ 0,0 ru,e * — ■ — 

new investment 

from ■ <tepre>, 
equity; j and' 


combined capital up tw : mowh : Pat SL.j22£ 


tricity Industry rose from B-Frs. 

22bn. to B.Frs-25bn-, -of which . • _ 

three-quarters went into nuclear fpnri raising ; 

. - Construction of nuclear plants, Jg alm ost entirely geared 

which last year produced a quar- . . . .. . . 

ter of all Bel^an electncfity. is to the electneity SCCtOT 5 
.still going ahead, despite some .Uk- 

recent bad pitiJHeity. TOere was nuelear programme. E _ 
a brief public 'ware' In January ~ 

when some workers at an . Inter- • -. • 

com plant at Tihaage were ex- . _ 

posed* 5 accidentally, to a. level of are- in progro« the^^tate 
radiation, which proved in the with the private companies to 
ewent to be harmless. participate in the area of 

- Bur the incident has reinforced uranium buying, reprocessing 
the doubts about nuclear safety. and waste disposal^ - 

which were a factor in "the Bel- The pubUc tariff regulatory 
Igian Government deciding - last committee generally -ensures, 
year to impose a three-year that the companies get a decent 
moratorium on new nuclear con- return. ‘Recently the companies 
struction decisions. were obliged to make a small 

•- Nevertheless, construction re- rebate to their customers to 
jatSng to plans approved before take account of the. lower pro- 
1977 continues, and ironically duction costs of more nuclear 
the companies have found the generated electricity and, 
political delay imposed on them during 1977. high voltage tariffs 
not •unwelcome, in terms of to industry rose only 5 per cent, 

spreading out the burden of and low voltage tanfffi <to> real- 

financing hew nuclear invest- dents and services}- only 2 per 
merrt cent. 

. Both intercom and ERES are But the indostigr will be push- 
keen to take advantage of their ing hard this year for higher 
relativelv buoyant share prices tariff increases. In particular, 
to redress the imbalance between the companies complain that ! be = 
their equity bases and long-term Government- is forcing them 
debt which built up in the years use more, expensive Belgian^ 
before 1976. In 1976 Intercom coal than they want to. ; Their 
had BtFrs.32.2bn. of long-term estimate is that had they used 
debt against an equity, base of imported coal in 1977, they 
B-Frs.22.6bn., while EBES had could have saved B-Frs 1.2 bn. 
B-Frs.26.9bn. in long-term debt. This Is one of the reasons why 
and only B-Frs.17.4bn. of equity, electricity prices, both industrial 

True. EBES did issue B.Frs. and residential, are higher in 
I-5bn. in bonds last yean But, Belgium than in say, France,, 
overall, with the 1977 and the West Germany, Holland and the 
prospective 1978 rights issues U.K. 

behind them, the companies . ^ 

should be in « much healthier 

Unerg. -formed in 1978 out of 
_ number of small companies 
with little- -’debt- ‘and with rela- 
tively little nuclear involvement 
has not- been ' under the same 

Some analysts here argue 
that the- power companies can. 
given the relatively secure 
nature of their business, afford a 
debt ratio that , would be 

Cheung Kong move " 

CHEUNG KONG Holdings, which' 
last year undertook a major prt^ 
perty- buying programme, is to* 
develop the 150,000 square foot 
Tiger Baton Gardens, bought 
from Haw Par ■ (Private), of 
Singapore, for-SHK25m., into a 
SHK200m. residential complex; 
writes Daniel Ne rsm from Hong 
Koog, ■' ■ 

Van Gelder Papier 

troubled Dutch paper manufac- 
turer, managed to reduce its loss 
in 1977 but it is still substantially 
in the red, writes Charles 
Batchelor from Amsterdam. It 
proposes to omitting its divi- 
dend for the third year running 
after last paying Fls.6 a share in 

The pre-tax loss was reduced 
to FliSLBm. ($14.4m.) from 
Fls.59.Sm. while the net figure 
showed an improvement to a 
FIsJ57.7m. loss from Fls.37.7m. 
the year before. Sales fell 4 per 
cent, to Fls£46m. from FIs -878m. 

Although the losses are still 
considerable the company's cash 
position has again improved, it 
said in a statement. It is carry- 
ing but further cost-cutting 
measures and otherwise 
strengthening its operations. . 

Among these measures is a 
joint study being carried out 
with Royal Nederlandse Papier- 
fabrieken (KNP) of Maastricht 
into a possible merger of the two 
firms’ flexible packaging sales 

Tbe two companies, the- largest 
paper makers in Holland, have 
factories producing flexible pack-' 
aging materials in at least four 
scattered locations in Holland. 
The study is expected to take 
some months. ' Crown ZeUerbaCh 
of the U.S. has a 50 per cent, 
stake in Van Gelder, 

Eorofima pays 4% 

AS IN the past 20 years, the 
Basle based Eurofima is to pay 
the statutory maximum dividend 
of 4 per cent, for 1977, while a 
sum of SwJFrsBm. will- be trans- 
ferred to special guarantee 
reserves, writes John Wicks from 

Eurofima, a joint venture of 
European railway. - administra- 
tions for hte financing of rolling 
stock, has . a. capital of 
Sw.FnL500m. and • assets of 
Sw^rs4B5bn, ’ 

Vereinsbank . 

Ah ONE point in yesterday's 
report on the 1977 results from 
Bayexische Vereinsbank it was 
stated that .operating- profits had 
decreased. This, as the main 
body-hf 1 the report sbow&l, should 
have read increased. • 


Interim Report 

" (Unaudited).. _ 





Operating Profit 

Share of (Losses) Profits 
of Associate Compa nies . 

Group Profit before Taxation : j 

Group Profit afterTaxation . . 
Development Surplus ' _ 

half year to . 
30th Nov. 

• £ r 000 

half year to 
30th Nov. 



yearto ■ 
31st May \ 

■ rooo 

65,000 . 


: 1,025 



50 - 

1,170 - 







- 438 



4s Groupprofrtbeforetaxforthefirsthalfofourfinancialyearendfng .... 

3Tst May 1 978 amounted to £1 ,1 70,000 compared with £1 ,075,000 for tha 
corresponding period last yeari. . . " : . 

* The Directors have today declared.a net interim dividend of ,9538p per- 
ordinary share in respect of the financial year ending 31 st May 1 978 payable 
on 31 st May to theordinary-shareholders registered on 5th May 1 978. This 
represents an increase of 10% compared with .8671 p per share paid fastyeht 

^Though the netinflow of savihgs.ttrthe building societiesshowecf " 

considerable improvement wehave onlyjust experienced an increase in the 
selling price of our homes. However, despite the societies announcement of 

lending restrictions due to government pressure, the outlook is now as good ' 
as it has been for some timeend we have demonstrated our optimism bv ■ : ' 

further selective land buying. ' ■ ” -- . 

^ Property lettings have continued to improve a nd the sale of a completed - 
development has mad&a material contribution to the trading profit There 

will again be a substantial development surplus in the full yearis accounts 

^ As forecast, .the reduction inouc building and civil engineering contractiha 
turnover wjII be greater inthesecond half yearthough, due to settleSentof * ■ 
outstanding claims, our profitability ma.y not be advers^y affected Haooihi-- - 
we are now having success in;obtaining new work forthe future "* - - 

31 St ct Ma Zi 1 & V' p /°9 resscont [ r )‘j es to improve on the military range'we are ; • 

* ! ncrease in Trading profit due to property sales, and the contribution 
from the investment of the proceeds of the sa'le'of our interest in Concrete"^ - 
Limited, we anticipate a similar overall result to last year. In the lonanVfewm' 

- by the improved outlook for homes and property de^am^ntand 9 ^ 1 ^^ - ■ 

SnfideTCe 0 " 3 ' contract alreadl ' ob «a in ^. we^fw thetrtSa ‘ f , : 

22nd March ! 97^‘'V" 

Bryant Holdings LFmVtad, SolihuU, Wen Midlands 

panles, Intercom and EBES have cJatio j li - Dew _ . 

this month announced plans to ln equal proportions, 

raise at least BJrs.7bn. (®20m.) xo restore . tb« bahwee. / 

tte Proportlonaliy lower 'Odebt, 

3!gf££2? ^fttSfunerg. woulTalso PW tten 

have ?eTtg rule out the possi- bargaining Position wtihjjw 
MMfw their company faking Belgian 1 State, Thore hi alr ead y 
““£ n f r SSefir rente. public control of tariffs charaed 

SIPS ay* 


f ‘ ■ 

ii , # »• i • * 5/ 
rUI i si 




Financial Times Thursday March 23 1978 

international financial and company news 

P & O Australia results 

r a j si boosted by Bovis Homes 


SYDNEY, Man* 22. 

9 which ml/ from Bovis Homes Australia, liner and cruising operations in 

lined the Stock Exchange lists, which was. acquired . from the the region are handled by the 

«i l t pay K** ** 0oXS ***'- W i?' Parent to “San com 

end ot s cents a share after out the Bovis contribution the pany acting only in an agency 

owting profit 67 per cent from Australian company's profit function.' 

A3.4/jn. ($US6.7m.). would have risen : 40 ; per_ cent The Australian company also 

Sappi chief cautious 
on current outlook 



SAFFX, the leading' South 
African producer of pulp, 
printing and packaging papers 
and board, and which is con-, 
trolled by Union Corporation, 
which holds 51 per cent of the 
shares, says in. its annual 
report that while the current 

r The U.K parent floated a 25 TCe' directors said that, while owns, and operates a major cold! year may see some revival In 

»r Mnt intarwt » e <ic« . 1 ..^.' thWiw wa» >*,11 cnma Store in Queensland anri Mrri« ' 

t its Australian offshoot last aspects of economic conditions in out general insurance underwrit- 
[ecember. . In the prospectus the Australia, they expected the com. ^ activities through its subsidi- 
irectors said they expected divi- pany’s " general trend . would ar Y Blshopsgate Insurance Aus- 
ends would be paid in May and continue. tratia. It also has investments in 

’uvember at an initial rate of 16 The result represented earning* islands on the Greater 

nnts a: sh«r^l Q 197». The 9 ccinte 0 f 23.5lents hdisS <re£par& *** * ? ne - ttird 

nal for 1977 Indicates that this with 13.9 cents Inl976. ' a lmge travel agency. 

.irget may be exceeded in the „ , ” V ^ - World Travel Headquarters. 

orrent year. P & O Australia had interests The shares, which were issued ■ 

.In stevedoring, wharf owning, at -SA1.80 each, closed on the’ 
.Group profit was boosted by a cargo and materials handling and Sydney Stock Exchange to-day at 
fifty, .contribution of $Al.02m. tugs and salvage. —Passenger 3A2.26 

Solid gain at Pioneer Concrete 


SYDNEY, March 22. 

little, reason to suppose that 
anything other than a very 
modest growth rate will 
eventuate.” - 

No profit forecast accom- 
panies the latest report of the 
group, which paid a 20 cents 
dividend for the fourth con- 
secutive year. 

The statement by the chair- 
man, Mr. Ted Pavitt, casts 
little additional light on the' 
breakdown oF the lengthy 
merger negotiations with Reed 
International and C. G. Smith 
on the sale to Sappi of Si anger 
Pulp and Paper, owned 50:50 
by Reed and C. G. Smith, and 
of Reed's stake in Its locally 
quoted subsidiary, Reed 

Sappi's own turnover rose 
from R177m. to R197m. 
f$226nu) last year and pre-tax 

profit, reflecting higher interest 
charges, fell from R24.5m. to 
R22.Tm. (S26J.m.>. The group 
is midway through- major 
expansion -via a R35m. pulping 
and bleaching scheme and has 
. started on further develop- 
ment of its Tugela plant for 
R30m. But despite this work, 
large In relation to Sappi's 
market 'capitalisation of R47m_ 
with the shares at 165 cents the 
balance sheet shows little sign 
of- strain, and borrowings have 
fallen from 2X4 to 20.8 per 
cent, of shareholders' hinds. 


Hong Kong tax puzzle 



The relative ease with which 
the. capital spending has been 
financed reflects Sappi's strong 
cash flow, nearly R1 6m. last 
year, or HI 9m. including 
deferred taxation. 


“ After long and complex 
negotiations in ' which all 
aspects of the companies to be 
acquired .were thoroughly 
j examined, it was not possible 
to stru c t ure terms acceptable 
to all parties concerned.** 

. Vl , TOJJEER Concrete Service* areas, such as housing, ‘actually number of concrete and gravel i vlZak. Usavs ttrnt dnrinz 
.international concrete and weakening further. . plants in operation. ‘ S 

uarrymg group, posted a solid There were signs of renewed The mosl noteworthy result i receiveci an 

•-’■tft in earnings for the December interest in medium density hous- was f. i srae! W here profitability f f ° C ‘ G ' S fa 

...... ^f-y,ap. after a surge in its in E and some raaustrisl gevelop- ™ mSe' k'TSS 1 sod Rred. 

verseas operations. ments. hut if could . be some dollar term5i dcapite a 50 per 

Net profit rose 37.3 per cent., months before this was trans- cenL devaluation at the end of 
‘ ,; rom SAT.lm. to SA9.7m. 'ated into actual- proauGtieoand October and lower production 
^SUSUm.) on a lift, in gross any ^ improvement m ■ output because of Government policies, 
gvemie .of. ..13.9 per cent, to would require a higher- level of Results from ^ SDanish 
A183m. (SUSaoSm.j. tto " ha.T been evident gr011p disapSinttng s nd 

■The result places the gronp ^ RiBniflpan > imhravement minor losses were in- 

mll on the way towards the mAradtoKSSS of 5. urred - ^ ,oss rate in 

ecord SA 17.5m. for the full year, So^^5| s hSSiehTed - b^eem Germany was reduced but there 
xedicted by the chairman. Sir *???„ ^DroferStin^Drofit- ? as no raa terial improvement in 
Yistan Antico, at the last annua l otTthe Hong. Kong ^nd Ita,y trading losses were 

leeting. In- 1976-77 earnings UJC operations iemank in expected to c^timie for the 
ose almost .46 per cent to H ong Kong was most- buoyant E, re i enL 1 Both - Sou ^ 1 Afric » 

A 14.6m r . Sid inSed ^qu^and^ ^| al v coaQnued to - trade 

’•The directors said the most crete plant, caparity . -.enibled pronia01y ‘ ' 

.;lgniflcant share of the. improve- production levels to beiocseased The directors said they had 
lent in -the December half came significantly. Market conditions Been looking at several new 
rum overseas activities. There were not buoyant in the U-K_ overseas markets for the past 
raa no significant- change in but profitability .was improved ^j 0 or Giree years. As a first 
iemand in Australia, with some because thebe were * ^greater P J *°t investment a small group 
• engaged in pre-mixed concrete 

-The shares fell sharply by 
35 cents to 160 cents early this 
week on relisting after their 
long suspension because of the 
negotiations with Reed and 
C. G- Smith, bat recovered 
ahead or the report. Reed 
Nampak fell initially 40 cents 
to 275 cents before staging a 
modest- recovery. Apart from 
di&ppolntxneiit over the nega- 
tive-outcome of the talks, the 
share price falls reflected a. 
general decline in (he local 
industrial market 

INTERNATIONAL banks share of loan syndication has received on funds borrowed .is 
! operating in Singapore have been gone to the British colony. Hong Kong but invested over- 
‘ left guessing by Hong Kong's All this might now change, seas, and also from “ offshore 
announcement at its March -1 and the international banks— business or lending to non-resi* ■ 
Budget that it intends -taxing which reserve the right to choose dents hy borrowings of foreman' 

I offshore banking profits at the where loans shall be domiciled currencies from abroad.' 

-Tate of 17 per cent, instead of at for tax purposes— cr.uld transfer’ Bankers here are still seel! 
a zero rate. The move is causing a large part of their existing loan mg clarification' of these nnfnfs 
.some of the leading foreign portfolios, as well as new busi- before deciding upon am- nrftti- 
; banks here — particularly the ness, to Singapore and elsewhere. pj t atc action. If the new thr 1 
| American — to rethink ..their off- One U.S. banker was explicit affects only “active " business 
, shore strategy in South-East Asia, on this point. He said: “If this negotiated bv Uony Kong-bused 

' Up to now the strategy has 0 im !!?, £ nd J n; i ° mc ' ers - il Wll ‘ not lie 

ten involved booking Asia dollar * e could 1,ft our v, ' ho,e loaD of h, 3h ounce in to iho banks. 

particularly as many of the 
bigger ones say that" thev carr 
relocate ihcir lending uflicers 
elsewhere in South-east Asia- 

One theory anions bankers 
here is that Hong Kong hud an- 
nounced more stringent tax' 
measures on offshore oarniugs-ia-. 
anticipation nf its plans ..Ip 
liberalise official pulic> on now 
branch opening hy foreign baaka- 
ihere. This theory was gnen cred- 
ence by the inid-Mari-h annminge- 
.. . . , men! hv Mr. Haddnn-i'aee that 

is earned out there by the banks, portfolio out of Hong Kong and he did, indeed, intend such a ; 

It is a useful device, however, incorporate it here in couple liberalisation. The thought now 

often involved booking 
loans through the banks’ repre- 
sentative offices in Hong Kong— 
which has applied a 12-year 
moratorium on the opening of 
[full branches by foreign banks 
there — while funding the loans 
in the Asiadollar market in 

Booking such loans to Hong 
Kong often takes place even 
though the money involved is 
raised outside Hong Kong and 
lent offshore, while a minimum 
amount of administration work 

Hong Kong’s intention to tax 
offshore hanking profits, 
announced at the beginning 
of the month. Is causing 
International banks to re- 
think their strategy in South- 
east Asia. Bnt the shape to 
he taken hy the taxation 
remains unclear. 

Nippon Steel to pay less 

_ TOKYO, March 22. 

which enables foreign banks to of days, because ^the loans are is that Hong Kong will end fts- 
avoid paying tax on the interest on *y book entries. _ effective tax-haven sums but'Id" 

earned on such loans, thus in- How “bad” Hong Kong's return offer llie foreign huqks 
creasing profits to offset against- measures will lie in effect was partin paliun in the enlnnv’s fast- 
heavy taxes payable elsewhere unclear from Financial Secretary, expanding domestic loan market, 
(Japan and Germany, for Philip Haddon Cave's budget through full branches. ' 

examptel which -.cannot , he fully speech. Subsequent publication Mr. Haddon-Cavc said that his" 
offset against, say. U.S. taxes. of enabling legislation did tittle Government would consider' 

, u „ i«v«„ lo clarify the issue and some applications for full huhkitff*’ 

A ^ ^servers are suggesting that licences from foreign bank? 

ont lladins US ban? here Hong Kong is being deliberately provided that: The applicant -is- 

one teaumg y t«nit nere, obscure 1D or ,i cr l0 preserve meorponited in a countrv *haf 

made on behalf^r The tank' maximum flexibility over irnple- exercises “effective supeKisirin** 

Handmre office to a loral m ®? tlD 1 5 lhe n * w *»*■ „ on hanks; that it has tola! 

Hamburg omce to a local 0n the one ^and, Mr. Haddon- exceeding H.K.s3bn. and that ;it 

exempt the is incorporated in a country 

office to a local 

customer with funds raised in r j. nn ^. ir „H m 
} Singapore and credited to the -PP^ared to 

A NIPPON STEEL Corporation betweefi Y2^20bn. an a Y2.330bn.i Hamburg ^ borrower's^ dollar Ascribed abote'^hiclThas ' only nfe"®" 8 . 

Patrick trustee supported 

supply in the American state of 
Alabama had been acquired. 

The interim dividend is main- 
tained at 5 cents a share, an 
effective increase of 12.5 per cent 
on capital boosted last year by 


."HE TRUSTEE of the failed motion of no confidence, and » one-for^ight rights issue. 
hareholding firm. Patrick Part- approved the payments -to: Mr. 

(Crs, has -survived attempts, by Jamison, which required <mly a 
■Mie creditors to remove him majority of creditors’ votes by 
tom his position. A meeting of value. However, under the hank 
nbre than 100 creditors .of the ; raptcy Act, legal .firms who do 
Irm -rejected a motion of bo con- work in a winding-up need the 
tdence in the trustee, Mr. Jim support of a majority by number 
lamison. by a margin of more aad TO per cent by value. • 

Jvan three-tb-one. Sly mid Russell had the support 

.Mr! Jamison had called the of 88 per cent, of creditors by 
meeting 16 authorise payments of value but . 104. by number voted 
5A249.665, as his fees for -the against the payment, and only- 92 
period. from March 19, 1976, to- for. A partner of the legal firm 
January tiiis year and payments said later that Sly and Russell 
of SA145J72 to the legal firm of would . have to consider what it 
Sly and Russell. would do following the rejection 

. Mr. Jamison -also decided to of the payment of its- fees*., >: 
leek .. the . , ; meeting's vigw on.- 
.tjbefher'Be should resign because 

dividend cut for fiscal 1977, end- l^MbnA.'or 8 per cent, less than [ ^ m ° woSc a tenuous with Hong This insistence on rccinrocily7 

to! this month, is unsttidsblo, ■ SSSfb. cSoH?” Hong Kong whoo he said that tohotion may secure for Hong Kong hanS 

! SSSSS -S « SSsSHffE £S S£®* - 

Vice-president Taiso Imai said substantial first half deficits have P 0 ^ 8 - ’ . .Kong obtains icithcm l tJie sub- Another Ihcnrv advanced here 

that the dividend may have to grown larger in the second half.: The loan could just easily be ftantial intervention of uhj i is that Hong Kong could hav'a ? 
be reduced to 6 per cent., or Y3 These deficits, expected to total [booked to Singapore — although branch elsewhere." come under some political pres-' 

per snare, from 10 per cent., or about Y60bn. for the whole year. ! since even the concessional On the other hand, he sure to end its liberal regime .oil 

Y5 the previous year. are, however, more than offset by [ ra te of 10 per cent, at which appeared to bring justabout all taxing offshore hank earn in-par 8 

The net profit for the year is income from sales of securities ; banks’ offshore earnings are offshore profits inio 'the tax net now that 'Washington, for one, is 

expected to fall 41 per cent, to and foreign exchange profits due ; taxable here__has been unfavour- when he. added, that -the 17. per. seeking a harder line towards 

about Y17hn. (874m.), from to the yen's steep appreciation, [able in comparison with* tire nil cent - imposed r — wbtrffl'— affect "overseas taxation on the corpor- 
Y28.77bn., on sales estimated at Reuter. rate in Hong Kong, the lion's profits derived from income ale sector. 

: ^creditors' committee had sought 
lis resignation. The committee 
Yslt that Mr. Jamison was in a 
..resit ion of- conflict of interests 
. recausc the .accounting firm in 
vhicb .he is. a partner. Coopers 

, .. .. 4**.* i?«‘. fi 'itij. 

Olympic difficulties', • 

OLYMPIC consolidated, tyre, 
plastics and cables group, over- 
came difficult trading -conditions 
in the December half year to 
record an 18 per . cent gain in 

md Ly brand, was the former earnings, : from - SAU2m. to 
Cuditor of Patrick Partners. . SA1.4m. (JUSl^m.). 

At the, meeting, a group, of ‘ Mark^ hadrbeen depressed, 
^reditors-moved a= motion uf no local ^umfacturers bad been 
ronfidence in Mr. Jamison for his with ** severe competition ” 

il'ndling of the winding up of the from imports ^ind the group had 
iier sharebroking firm. A to overcome the effects of tiie 
ey chartered accountant, Mr. yittorian power strike late last 

uJM -u ^ EiStfZS ** * h ' ia 81 

thx* jibs „tn- 

k Mr. Jamison, and pointed out economic activity. 
hat his resignation Would in- expect a moderate lmprov^ 
olve greater expenses in the ment” up to June, with better 
Ending up of the firm. growth in the first half of urre- 

■ The creditors rejected the 1979. 

^elected eurodollar bond prices 








jfan Ana rails Sloe 19» 

NEV 8 pc 1837 ... 

osiralta 8|pc 1993 

,u* trail an M. & 5. «pc *93 
^relays Bank Sipc 1992. „ 

lowaicr 9* pc 1992 

an. N. Railway HlK IMS «H 
tmil National SIpc IBM... 
Kimuric Blue 1BS4 ........ 

XS 9w 1MJ 

g RlDC 1997 

Hipc 1992 9S4 

II 9iPC 1989 M* 

Upc 1959 Ml 

9 PC 1986 NOV. 1911 

rn# -Offer 

■M Offer 



















Lakes Paper Sloe 19S4 994 _ 1MB. . TnemaottSialm. 54sc 

■Hmersler Mpr 199: 1094 

■jdjti Quebec 9pe 1993 — ?T 





BFCE aw MM 3 Si 

BNUE «pc MM >9 

era «BC M88 a™. J2 

Denmark 54 nc MM - ’SL 

bib ape MW »'* .S 

Enratom Spie 1987 - 9M IBOI 

Euroflma Sipc 1983 MS JWJ 

Finland -itpc 19g6_ K4 M* 

Forsmuits 5Jpc 1990. 9M 

New Zealand Sloe IMS ... Ml 

Noram Mpc 1989 JMi 

Norway Line 1983 IM* 

PtilUpptnea «pc 1985 

Siroden 8pc 1BS9 ... 3M* 

Tanemaniobahn. 51bc 1993 W4 

TVO Power Co. foe 1938... 9« 

Venezuela «oe M3S £f 

World Bank Kpc 19M 











IE Canada 9}pc 1988 

la cm Ilian Blocdel Spc 1992 
[«Mey Frrcuson 9{pc *91 

Dcbelin 9JPC 1988 

(kdland 1m. Fin. 8(pc VS 
'« liona I Coal Bd. Spr 1997 
:^tHuui Wstnmstr. 9 pc *8 S 
'owfoundland Spc 1989 ... 
Drees Korn. Bk. S}pc 1992 

orplpc Sloe 1389 

Drsk Hydro S4PC 1992 ... 

nets Anionomes 9 pc 1991 . __ 

Nr Ouebec 9pc IMS 9« 

ro*. Saskaicii. Sipc 1988 
acd lmernatloaal Spc 1887 


Qedlon Tat. 81 PC 1889 ... 
kand. EnsktMa 9pc 1991.. 

KF Sue 1997 .. 

weden (K'donti Sipc 1937 
nhed Blscufta 8 pc 1399 ... 
dlvo 8 pc 1987 March 


tanralla 7}pc 1984 
eH Canada 7 Sdc 1987 ..... 
r Colombia Hjd. 7!oc *SS 









« Chemical fipc 1988 a. 

VS 7ipc 1«M 

CS 81 pc 19S8 

71 W 1992 

EC ripC 1B« 

WO Gotten Sipc 1884- „ 

otaverfccn 7Jpc 1982 

ocfcums Snc 1933 

Uchelln 8}pc 1983 

lomreal Urban Sipc USX 
ew Brunswick Spc IBM ... 

»w Brans. Pro*, sspe to- tOM 
W Zealand Kdc 19S8 9S4 

ordlc tnv. Bk. ?tpc 1988 
nrak Hydro Tine 1B8S ... 

onvay 7iec 1982 

nlario Hydro 8 PC 1987 ... 

MB* Sipc l»l 
of S»t>r. Hec- SiDC 1K1 
K-.wtt-ii iK’domi rioc 1982 
vediah siaie Co. ripe in 

ntmi'S 9! DC 19*4 

ennero 73pc 19S7 May — 
oBcsiraFcn Ttpc 1987 








Bank of Tokyo 19S4 7L5«pc 



BFCK 1081 »vc 



BNP 1683 SlitPC 



CCK 1983 BSC 



CCMP WM 7|pe - 



CreniunsuU 19S4 7tpc ... 



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DG Bank 19R 7U]6Pc ... 


97 . 

GB- 1991 61 is pc 



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92 . 


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UKB 1983 73 pc 

BOJ . 


SNCF 1983 S4DC - 



Std. and ChtnL-’U 7n»pc 



Wms. and tUyns *94 8l»pr 



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American Eficpreas 4* pc "S7 

Aibland Spc 1958 «... 













Babcodf A wiico* 6* pc .vf 

Beatrice Foods dje IMS 

Beatrice Foods 4«pc 1993 
Beeduun Sipc 1962 

Borden Spc 1992 ^... .. 

Broadway - Bite- 4lpc 1987 
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>»rs. »»}d.- IW* 

'Mai Oil StK 1984 


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hart 4tpc 1537 ' 

Eastman Kodak 4}pc 1988 
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Finstone 5pc 1988 

Fort Spc 2883 

General Eledrtc 4ipc 19S7 

nnwte tlfic 1887 - 

Could Spc 1987 '. 

Coif Western Spc- 19M 

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MaLwhlra fifpo 1999 

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Kablaeo 54 pc 190* . - 
-owcos lapiaio- 4 *dc 3K7 _. 
Ml - J. C. Penney r’Oc 1997 .... 
97* .Rerton 4Jw 1957 

M . 
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Sqinva: Kidder, pealn^ly aecurMM. r ; . LH :: > 



Tenneco Sets Records Again: 

As Revenues Pass $74 Billion 


... 1977 



(Millions Except Per Share Amounts) 

Integrated Oil 



Natural Gas Pipelines ; — ; 



Construction and Farm Equipment 

• . 1,506. . - 



; • 657 


Chemicals.... 1 

480- -- 


Shipbuilding...... ...... * 

785 ' 

688 ' ‘ " 


. 482 . . 


Agriculture, Land Management 






Intergroup Sales 

- (225). . 

— 068) 


• $7,440 


NET INCOME. ...... . J; JVv 

$ 427 - 

$ 389' ' : r - . 





S 407 • 

’ $ 365 


Average Shares Outstanding 

S 4.38 

$ 4.15 
$ 3.78 

• Fully Diluted — ^ 

$ 4.1 1 . . 





- : S_ 714 

1 $ 620 





- 16.3% - ' 

:: 15.1% 


• $ 2.00 

$ 1.88 

WHile continuing to emphasize energy activities, 
Tenneco’s diversified, multi-market operations again 
produced record revenues, -income and earnings per 
share in 1977. Five of the : company's eight major divi- 
sions scored increased profits while all eight increased 

Highlights of 1977 achievements include: 

• Operating revenues reached $7.4 billion, the 
highest ever. Revenues have increased every year in the 
company T s 34 year history. 

• Net income exceeded $400 million for. the first 
time, rising 10% over 1 976 to $427 million. 

. . • Fully diluted earnings per share rose to $4.11 , up 
from $3.78 in l976 r with primary earnings per share of 
$4.38 as compared with.$4.15; • 

• The annual common stock dividend rate was 

raised to $2.00 per share, the sixth consecutive increase. 

The reasons forTenneco's growth are as diverse as 
.. the company itself: More efficient use of resources, evi- 
. denced by a rise in return on n’etj assets. employed to 
, 16.3%. A long-term capital e^enditure program which 
totaled $714 million iri 1977, with more than half going for 
a major national need— development of. energy re- 
sources and facilities. Internally generated funds in- 
creasing to $890 million in 1977. Carefully planned inter- 
nal growth plus selective acquisitions to round out 
product lines. 

1978 promises to be even better, with increases in 
earnings from our expanded energy activities. ’ 

For further-information, write TEN N ECO ANNUAL 
- REPORT, Section X-1/P.O. Box 2511, Houston,, TX 


. 1 . 





Accountancy Appointments 

Salaries US $20/25,000 free of tax 
phis borne, accommodation and car. 

The Gulf 

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

Chief AC(OUfki<inf > ‘lnternationol Division masem 

A qualified accountant with, inter- initial responsibility will be to review the 
national banking experience to control the fiTianrial accounting arid administrative 
total accounting function of the division controls and systems. 
and a multi-national s taff The main 

Assistant" Investment and Corporate Finance tMtna 
Department Syndicated loans Section 

Aged 30/35 with a sound background of aspects of international trade financing 
experience in putting together syndicated together with a detailed knowledge of 
loans, performance guarantees and all dnmmprdatHrm 

Eurobond Dealer* Investment and 

Corporate Finance Department DMein 

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

All these positions offer excellent sco i 
Benefits include free medical fajciUUe 

are for two years. 

leudopment and capital accumulation, 
holiday each year. Renewable contracts 

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

Mervyn Hughes Group 

Management Recruitment Consultants . 


Finding v new fob offers ■ refrwhinjr 
opportunity for brttt' thing, If jrow 
mvt tht ability and txptntnct age it 
no obstacle and rsgardtns of salary 
nalmmm or sataS level there are 
f*w problems if you follow our guide- 
lines. We arc Consultants — helpers 
— oat an Agency. We charge a tar 
but years have proved our effectiveness. 
Ring " Arthur Core w 01-839 2271 tor 
m affuiutmnt. No oUigotlon — or 
wrfte P ercy Cautts £ Co.. EiutlliM 
rVQB. 140 Croud BaiUlnp, Trafalgar 
Sooore. London WC 2 . Quota Financial 


reaorre umon to the Mutupng 
.Director, Responsibility will include 
developing and putting into effect a 
programme of expansion and 

Phone or trWfc the M.D.. 

j. F. MAWE 


01-607 BJ44 

Director of Sales 


Our Client, a major subsidiary of a large Public Group, is 
seeking to appoint an experienced Head of Sales to be 
responsible to the Managing Director for the creation, 
development and execution of sales policy. 

The Company designs and manufactures a range of 
engineered equipment both as standard products and to 
customer specification in the industrial and consumer 
durable fields. . . 

.The person appointed must be able to inspire people 
within a demanding situation and instil a sense of purpose 
in an environment where personal success will lead to very 
high rewards. 

A starting salary in the region of £10,000 is envisaged 
together with car, contributory pension, life assurance and 
the opportunity to achieve excellent performance recognition. 
Applicants must have a record of success in consumer 
durable products and International Sales Management. 

Applicants of either sex should apply in confidence. 
Ref. 628. 


Hales Sc Hindmarsh Associates Ltd. 

Century House, Jewry Street, 
Winchester, Hampshire 
® (0962) 62255 

Recruitment and Selection Consultants 






A vacancy exists in the Investment Research 
department for an analyst to specialise in the 
Electronics/Light Electricals sector. Research 
expertise in* this area, gained at a stockbroker or 
institution, would be advantageous. Investment 
analysts currently working in other sectors, who 
wish to broaden their investment experience, are 
also invited to apply. 

Salary is negotiable and will be fully competitive. 

Applications, which will be treated in strict con- 
fidence, should be addressed to: 

The Secretariat 
Atlas House 
1 King Street 
London EC2V 8DU . 


We are a leading Fortune 100 company with an outstanding record 
of sustained growth and profitability. As a result of the reorganisation 
of the audit department we have an immediate opening for an 
experienced auditor to undertake operational and financial audits at 
major operating units in Europe. The position will be based in West 
London with considerable travel to the Continent. Candidates should 
have a sound knowledge of the French language, and a knowledge of 
German would also be an advantage. 

The ideal candidates should be qualified accountants or possess an 
MBA and have at least five years' experience in public accounting and 
private industry. 

This is an excellent position for creative, self-starting individuals 
who are interested in personal growth in a sophisticated .financial 
environment while enjoying excellent compensation and a com- 
prehensive benefit package. 

Please apply in complete confidence with full career curriculum vitae 
and details of present income to Box A.6300, Financial Times, 10, 
Cannon Street, EC4P 4BY. 

Financial Director 

c £12,500 p^L plus car W. 

c £12,500 p^L plus car W. London 

Our client, a paint manu&riurei; disfcri- who enjoy a challenge and possess the 
butes a large proportion of its products Hair required to re-organise two inade- 
through over 200 wholly owned retail quate, incompatible systems. Experience 
outlets. Backed by an. international coni- of a fast moving consumer retail trade 
pany it has recently made a substantial would be an advantage. The ability to 
acquisition and t u rn o v e r has increased to devise, install and develop computerised 
£1 5m per annum, lb meet the demands of financial, costing and management 
rapid expansion and future acquisitions information systems is essential, 
the ccanpany requires a Finance Director Appointment to the Board within 18 
This exciting opportunity will interest months is envisaged. Ben efi ts are the 
qualified a«mmtemtK aged around 35, usual in amgjor company. 

Applications quoting ref: 6219 to B. G. Luxton, Mervyn Hughes 
Group, 2/3 Cursitor Street, London EC4A 1NE- Tel: 01-404 58QL 

Mervyn Hughes Group 

MaxiaggM^i^RecruitinBnt Consultants 

Securities Administration 

Wir sind die deutsche Spezialbank fur die 
Verwaltung auslSndischer Wertpapiere undsuchen 
zur Erg arming unseres Teams eineu 


Er soil hauptsachlich Aufgaben im englisch- 
sprachigen Bereich ubernehmen. Gelegentlich wird 
er auch fJbersetzuhgen vom Deutschen ins Euglische 
anfertigen. Deshalb sollte Englisch seine Mutter- 
sprache sein, wahrend deutsche Grundkenntnisse 

Unser Biiro liegt im Zentmm von Frankfurt am 

Bitte rufen Sie uns unter (611) 1302250 

(Dr. Kessler) an oder senden Sie I lire Bewerbung 
mit Darstellung des Berufswegs , Angabe Hirer 
Gehaltsvorstellungen und Lichtbild vertraulich an 


Deutscher Auslaadskassenverein AG 
Boirsenplatz 7-El 
D 6000 Frankfurt a.M. 1 
.West Germany 

Adcock-Sfipfey Textron one of Western Europe’s 
• vacancy: 


TheDeputy Chief Accountant wiD share 
administration of the group accounting function and 
assist with special and confidential projects. 

Candidates forth® senior position shoirid be 
over 28 years of age and possess post qualification 
■ experience ina management position, preferably in 
a manufacturing aiviranment - 

Excellent salary; conditions of employment and 
opportunities for advancement 
Applications shoutibe in 
J.F. Bobs, RCA Financial Director, 

A dcock-SWpley Division of Textron Ltd, 

P.O. Box 22, Forest Road. Leicester, LE5 0FJ. 
This position is open to male or female candidates. 


Financial Times Thursday March 

A majorBritislL company id a process , 

turnover of £ibom from its lnlemationd - . 

and an impressive record of success is see ™J?= 1 l * t -f or • 
Executive. The post will cany full responsib 
the general operation of the company and its cot, 
tinued profitability. 

Candidates, aged 35 to 48 , must possess a 
equivalent in chemistry or chemical eWPCOT ^ 
havearecord ofsuccessftil general managemffltttiBL 

petrochemical dr plastics fi5ds in an international - 

text. Internal candidates are also under considerauo • - 
Non-contributory pension. Car. , - 
provided. ~ ■ 

Please send z^evant details — in confidence t to 
P. Hook ref. 6 ^ 6392 . 

This appointment is open to men and women. 

Management Consultants 

Management Selection Limited 
1 7 Stratton Strebi London W1 X 6DB 

i> Yl 

I # BiT * 



Ivory Coast up to £18,000 + housing *j~ car 

A very well known multinational with Headquarters in London is 
currently in- the process of launching a new service and 
marketing company in Abidjan, capital of Ivory Coast This ’ 
country is one of the most economically successful in Africa. - 
where facilities are rapidly approaching European standards. 
Substantial benefits and low taxation provide the opportunity *1? 
for a significant accumulation of capitaf. 

The Chief Accountant will report to the General Manager and bo 
responsible for setting up a department to provide a 
comprehensive financial planning and accounting service to • ; . 
assist local management and to meet international reporting 
standards. In a’ new and developing environment he will also bo 
encouraged to contribute on a broad basis to the successful 
establishment of the Company. This appointment is seen as a 2/3 . 
year assignment leading to career opportunities in the UXor. if 
a ppropri ate. else where withi n the G roup's i ntemation a! organisation.. 
The essential requirement is for a qualified accountant who Is >. *■■■■ 
fluent’in French which istha national language. Preferred age— ’ • - 
around 3CL REF: 753/FT. Apply to R. A PHILLIPS ACIS, FOIL 
3 De Walden Court 85 New Cavendish Street London W1 M7RA. 
Tel:- 01 -636 0761. ■ 

Selection Consultants 



Senior Taxation 



.■ 0ucsa:r 

British Shipbuilders is the new 
nationalised corporation which will take 
central responsibility for neartv all ‘ 
shipbuilding and marine engine building 
operations in the UK and will a!so.have a 
major interest, in ship repairing. The 
corporation has a challenging job to doin 
winning orders in a fiercely competitive 
international market. • 

Located in their new headquarters in 
Newcastle there is a small team of 
qualified accountants employed by the 
corporation to deal with all aspects of 
company and personal taxation. 

A SeniorTaxation Accountant is now 
required to join this department. He or 
she must be able to act on his or Her own 
initiative using a sound knowledge of 
corporation and personal taxation which 
has been acquired in a professional. - 
off ice, industry or as an inspector of 

An attractive remuneration package is 
offered which includes relocation 
assistance where necessary. • 

To a pply please write, quoting reference 
BS/44/FT to:— 

i AN 

...1 25*30 


J. S. Lindsay, British Shipbuilders, Benton House, 
SandyfordRoad, Newcastle-upon-Tyne NE21QE. 

Taxation Specialist 

neg. from £6500 

The Confederation of British Industry® looking fora specialist to workin its 
Taxation Department, offering an unusual opportunitytolookatUK taxes and 
the lax system from the overall policy viewpoint as well as to give detailed 

The successful candidate.wiH have the opportunity to acquire knowledge of 
Candidates should be qualified in accountancy or law (or possibly Ann.Sonie 

Salary will be negotiable from£6500 depending on 
qualifications and fixperia ngQ . ■ 

Please phone for application forms to-‘ •. 

Jane Hopkinson,CBI. 21 Tbthill Street London; -1 
SWlH 9LB (Telephone 01-930 6711). .-A- • 

1^ - ' 1 

■* 1 - 

Financial Times Thursday ‘Merck 23 1978 

£8,000 + Benefits 

A broad Banking background 


A leading incernaiioiMl Bank seeks to appoint a, weH-qualified Banker to the above position 

. etilmmatmfi in extenstve exposure to all aspects of the administration of Eurocurrency Joans, both corporate, 
a syndicated. Responsibility for the supervision . of 20 staff means that personal qualities of leadership and the ability 
to -co-ordinate are or paramount importance. Age range 30-35. pu».'»u n i.m.' r«» 


Please telephone Brian Durham 

c £6,500 + Benefits 

^ , I! e ih^^ OWri ^ V * P5MS requires an ambitious Banker with experience in the preparation of lending propositions, 

to FwW* a support role to the General Management. Specific area oF Credit include Eurocurrency- corporate. -syndicated 
and shipping loans, and the successful- Candidate.-will aiso have an appreciation of Foreign Exchange and Documentary 
Credits procedures. Age range 28-35. ' ' Please telephone Brian Durham 

CREOIT ANALYST - £7,000 + Bonus 

Active, and expanding Consortium Bank . needs Banker with 
minimum 2 years' -ex peri fence-' of Corporate Analysis. Good 
standard of education -essential . and A.I.B. -preferred. Out- 
standing prospects. ' Age ‘ range- 26-32. ' ... 

.. .... pitas* telephone Mark Stevens 



Excellent opportunity for ambitious Banker with Loans 
Administration experience and some exposure to Analysis, ro 
join thriving American Bank in;City. Age range 23-27. 

Please telephone Mark Stevens 



European Bank requires Banker with minimum 4 years’ general 
experience and at least -1 year’s Audit, to join, small team. 
Prospects for appointment to Officer status are good. Age 
range 25-28. 

Please telephone Rod Jordan 



Young and dynamic U.S. Bank seeks experienced person w : th 
minimum 2 years Loans background. Personal qualities of 
drive and ambition are essential in competitive atmosphere. 
Age range 22-25. 

Please telephone Richard Cooper 


41/42 London Wall ’London EC2' Telephone: D1-5S8 078 1 

Recruitment Consultants 




Oty-b»«d . International Investment 
gink ieeks amstince <n developing ns 
syndicated bank loin buimwijn Iren.J, 
Applicants should hivo at . Teasi- rwo 
years! experience In developing Iranian 
loan transactions lor the international 
mark**. They mould alio be educated 
to M.B.A- (Qndird and be fluent in 
Farti. Generous salary negotiable and 
fringe benefits _ com meniu rare with 
these of a large international organita- 
oon. Plane oeplv in confidence- by 
March 28th. tor 

The Personnel Officer- — _ 

16 Finsbury Circus, London JEG2- 



Required' for London- Office 
established Group of Overseas 
newspapers with representation 
on Continent. ' Experience in 
Financial Advertising csserui_al» 
interesting appointment. Write- 
Box A. 6307. Financial Times, 10. 
Cannon Street. EC4 4BY.- . - 


Chief Executive Designate 

c.£15,000pLa. Central London 

Our clients, a well known major group of .companies, wish to' appoint a Cine! Executive Desagnate 
to head a newly formed sudsidaiy which will be involved with the deveiopinenl and rruar keting of 
-computer services^. 

" The new company will be Termed by merging info one profft centre tl re Ions established 

computer £^ryice_dii/ision , ■which prDvid es a wide range of bureau service?.' with the group's 

internal management services division which is responsible for the development arid provision of 
in-house compute; services. 

The initial task will be to plan, coordinate and control the merger and nubsepuentiy 10 develop 
and implement a new corporate plan appropriate to the structure and resouices of the new 
orgamsation.FuIl profit responsibility will be assumed for meeting growth arid profit targets for 
this substantial operation. 

This demanding job requires a man or woman with proven-management ability and 
entrepreneurial flair. Sound technical ability in business det^opment and financial planning will be 
essential and candidates should ideally have relevant experience with profit responsibility m 
computer service organisations. : . 

The remuneration package will be commensurate withlhe position and includes a car. pension 
and life assurance scheme. • : V- •• - - • • 

Please wnteigiving details Of age, experience and qualifieatisnsto M.Rodrijues.' ’ 

All core espoiidencev/ill betreated in the utmostuintidence.'- ; : ■ ; • 

Mann Judd 

Consultants ..... 

. New OxfooiStreet, 

'• London WMAiBlf .....' . 





Treasury Accountant 

- - ' c. £12,000 + qar +: benefits 

A- billion-pound UK controlled but decentralised international group 
with diverse interests. Head office is in London, Where there is a 
. small, high-calibre, management team and an excellent working 
\ ' enWrdniqent. - - . _ • - 

' Monitoring, forecasting group cash resources, appraisal of current 
banking facilities, requirements and collateral. Providing advice on 
group funding requirements and maintaining close links with banks. 

Preferably qualified, aged 30/35 and personable with drive and 
commercial acumen. Previous experience gained with either a large 
international' group or bank is desirable although not mandatory. 
Applications in strict confidence to R. J. Welsh 

Reginald Welsb GT Partners Limited. 

Accountancy & Executive Recruitment Consuitantt 
123/4 Newgate ^Street, London EC1A 7AA Tel: OISOQ S3S7 



‘ Vi/b are a young progressive international company 
with ah outstanding record of sales growth and 
’innovation in technically sophisticated markets. 

Our UK. operation is the centre for three major 
' European Divisions and the person we seek will be 
responsible for ' 

• Co-ordinating Profit Planning 

• Analysing U.K. company Budgets' - " 

• Treasury and Credit Control functions 

• Providing Taxation Expertise lor the U.K. 

• Liaison with European Finance HQ in Brussels and 
all other operating groups worldwide. 

Accountancy or Business qualrfica^oris are essential 
and the package we are' offering includes a non- 
contributory pension scheme, relocation expenses 
and interestfree bridgingtoan; and asalary which will 
reflect the high calibre of man or woman we need. 

Please send a detailed CV to: 

Mike Evans. Personnel Manager, 
fiaycnem Limited. Faraday Road, . / 
SoothOorcan, Swindon. WittshireSN3 5HH- ' ' 
: :Tel.'£Windon (0793128171 : - - 


25*30 up to £10,000 

Our efient;. a major firm .of stockbrokers, will shortly appoint a senior analyst. His main 
responsibilities will Include: 

. - ft Analysing companies in the insurance industry 

fv Discussing with, clients .his/her investment, views based on his/her own detailed 
research. - 

ft Visiting companies in- the industry and liaising with management at a senior level. 

The ideal, candidate, either an actuary, a member of the Chartered insurance Institute or 
possibly an ACA, now working in the insurance industry probably on the underwriting 
side, should be articulate with .the intellectual ability to produce, investment research 
material to the high! standard expected by our cHent.' . Thvposition ^offers a first class 
career opportunity with -a'firin whidi fs'a leading name iq the'inve'sirrient world. 

__ Please apply:— 

Courts, -. -’’ V ..:! --.: / 

7. Win# Office Court, .. - 

1.185B' -V : 

.-' . ' ‘ -i JL. : umttus 

1 : Pensnnel -Consultants 



The Post Office Staff Superannuation Fund is the 
fastest-growing Pension Fund in the United King- 
dom. It makes investments, in a wide range of 
quoted and unquoted securities and in property. 
The fixed interest assets are valued at more than 
£400 million. As well as gilt-edged securities, the 
Fund, holds fixed interest stocks and invests in . 
unquote.d fixed interest securities. A new recruit 
is required to specialise in these areas, anit to 
provide back-up assistance - W -help 1 manage the 
existing portfolios. . 

Applications are invited from individuals with at 
least two years’ experience of the market in loan 
stocks and debentures. Experience also of gilts, 
money markets, Eurobonds or convertibles would 
be an advantage. Applicants should hold a Univer- 
sity degree and/or a professional qualification. The 
salary paid to the successful applicant is expected , 
to be in the jange of £6,0'.0p to £3,000 ^pTa.. . . . 

Applications should be submitted with a ^ 
... current curriculum, vitae .to: . 

T. Grimes Esq., Assistant! nvestnienf Manager 
Post Office Staff Superannuation Fund 
47-51 Kin jet William Street 
London EC4R 9DD : 


Jonathan Wren - Banking Appointments 

The personnel ci*n**u It- in” r\ciii*i\tK vi ith the haaking 

l.CREDIT/LOANS c. C6.000 

A number of vacancies exist within the lending area of a well-known 
international bank. Applicants should be aged in their miri-tweniies to earlv 
thirties, and have Eurocurrency Loans experience includinn both credit 
analysis and administration. The emphasis will ,be on consortium loans, but 
direct corporate loans are also involved and the department undertakes some 
specialist work in shipping. Excellent prospects exist for the successful 
candidates, who will be regarded as part of the hank's main management 
development stream. Contact: Kenneth VV. Anderson (Director ) 

MONEY BROKERS ■ . £ Negotiable 

1. A prominent' firm of Money Brokers wishes to recruit an experienced 
' Forward Exchange Deposit Broker. Candidates should have a knowledge 

of French and/or German, and preferably overseas contacts. Excellent 
bonuses are payable, in addition to a high basic salary negotiable in the 
region of £10.000. 

2. A leading firm of money brokers requires experienced interbank Sterling 

Brokers. Excellent terms negotiable. Contact: Mike Pope 


This vacancy is as Assistant to the Accountant of an overseas bank. The bank 
seeks a person with at least five years' bank accounting experience including 
Bank of England and management returns. V.A.T. and the, preparation of 
accounts to trial balance. Contact : Norma Given (Director > 


An American bank requires an experienced Internal Auditor trained in U.S. 
banking procedures. Age 23-29. Contact : Norma Given { Director ) 

170 Bishopsgate London EC2M 4LX 01- 623 1266 / 7 IS 19 

Credit Analyst 

The London Office of the Royal Trust Company - Canada's leading Trust 
Company which currently Has assets under administration in excess of 
$19,000 million - has an opportunity for experienced Credit Analyst 
in its Commercial Credit Department: S - 

The. selected candidate (M/F) will be aged between 25-30 and must 
have had some formal training, possibly with a North American insti- 
tution in this field, plus 2 years experience. In addition, a formal banking 
or accounting qualification would be an advantage. 

The job will involve the credit analysis of banks and commercial 
companies and the assessment of new loan proposals. There will be 
scope in the future for the person selected to develop the loan portfolio 
and deal directly with clients. 

In additiorTto an attractive salary, there is a comprehensive package 
of benefits. If you are interested please send a c.v. explaining how you 
meetthe requirements statedaboveorphoneforanappiicationform to:- 


The Personnel Manager 
Royal Trust House, 54 Jermyn Street, 
London SW1Y 6NQ 
Telephone: 01-629 8252 


for a small group of successful light-engineering companies, -with 
a sound, name for the quality of. its products and for technical 

The Managing Director will assume full responsibility within a 
six month period for the general management of the group. The 
■= job holder will stimulate profitable growth by the expansion of 
the existing business and the extension of the product range. 

„ The requirement is for a professionally qualified engineer with a 
record of - profitable achievement at Board level. A marketing 
outlook, together with engineering design and development 
experience woijld be advantageous. . .■ 

Terms which will match experience and achievement are around 
£15.000 p.a. as a salary’ indicator + the normal fringe benefits. 
Age, preferably late 30s to early 40s. South Herts location. 

Write to: 

Ashlegh Executive Selection 
Welch Street , Stoke-on-Trent Teh _ (_07 82) 413962; - 

Quote RcG AES/2171 -* * — 




amUb)« to qualified- studelit antf- -■* 
experienced accounting personnel 
Contact Alec Moore on 01-628 2691 


MaEkitlmg OflScer ; 

p^icat'imii arc lBvIted f orihef postiion of 

Marketing Officer 

Office of the Anstral tan Trade-Commissioner 
London * ■. .’ : - '• ' 

Applicants- should '-’be aged' under '40 'and have some 
knowledge of United Kingdom- industry and , commercial 
practice. -The ability ta undertake conun odlty and market 
reporting, is also . a .requirement, of the. position- . 

He or she will possess appropriate academic: 
qualifications. : ^ 

Salary wijl he ^5, WO; plus allowooces. : . - • 

Applications givtpg details of career to date' In envelope 
marked "Marketing Officer" should be sent in strict 
: confidence to: 

- ■ The Trade Commissioner 
Australian High CommUsion . -y 

Australia. House 

i ... . Swand, .LonabH' ..." 

\by7th Appl.MT?.' _ . . . ..' 

Jonathan Wren * Banking Appointments 


TO £6,000 

. .pur client,.! leading international investment bank 
' ’ with » substantial operation in London, wishes to 
-make an appointment within its Administration- and - 
Accounting Department. The requirement is. for a 
person aged 25-35. who has gained experience .of 
accounting and the settlement of Eurobonds in a 
-merchant bank or similar environment. The success- 
ful candidate, wifi be involved in varied duties 
' cOvenhg most aspects of the administration of an 
- - 'investment banking operation. - - 

■ We have arranged to forward applications directly 
’. to our. client Please, therefore, include with your 
application a covering letter naming any companies 
you 'do not wish us to approach. 

~ Please write to, or tc/ephonc;' 

• --KENNETH W. ANDEftSOM f Director.) 

TTOBi^iiupspitc Lyndus EC 2 M 4 tdX. • OJ- 623 12 f >6 ?" 8:9 

l : 4 11 




Major Stockbrokers have a; vacancy in their .Far 
Eastern department in London -for a yuung 
executive (aged 25-351 both to. analyse and sell 
Far East stocks. He or she should ideally have 
had previous ‘experience in the analysis of Far 
Eastern, commodity and other securities. The 
successful; applicant, subject to proven 'ability 
in Lundon, is likely in due course to be offered 
an appointment with the Company in Hong Kong. 
Remuneration by negotiation.. 

Applications, which will be treated in strict - 
confidence; should be sent to Box A. 6302, 
Financial Times, 10, Cannon Street, EC4P 4BY_ 




Up to £10,000 

Our clienr a major firm oF Stockbrokers will shortly be appointing 
an Oil Analyst. His/her main responsibilities will be; — 

ft Analysing companies in the oil industry, the oil service 
industry and developments in che North Sea. 
ft Discussing with Clients his/her investment views based on his 
/her own detailed research. 

★ Visiting companies in the industry, and liaising with' manage- 
ment at a senior level. 

The ideal candidate would be an Accountant working in- the ori 
industry or . possibly, an Accountant who could acquire the 
necessary training in our Client's established research depart- 
ment and sophisticated Analytical Department. He/she should 
be articulate with the intellectual ability to produce research 
material to thp high standard expected by our Client. The posi- 
tion offers a first class career opportunity with a firm which is a 
leading name in the investment world 

Please apply: 

J. R. V. Coutts, 

7 Wine Office Court, 

London EC4A 3BY. 

01-353 1858. 

. t'MIte 




Major U.S international Bank is seeking a Crcdu/Financiaf Analyst 
to manage the expanding Credit Department of their Tokyo Bra net 
Proven fluency in Japanese a .necessity. Applicants should havg 
previous international banking experience. Excellent conditions? 

Reply with detailed CV to Box F.6K_ Financial Times, y 
10. Cannon Street. EC4P 4BY. ’ **- 


*> * 

Ir.Icrr.allooafSecriji tmeai-Sppbalistytonho Commodity Market 


nify J 



wiilt international contacts and minimum 
live »car*‘ experience trading toy* com. 
plex (oils, beaiu. meal/. USA demesne 
experience .essential. Sa'ary necotiablc in 
. a rsnje fl2.000-£! 5. OOP. 


.. r • ;u'r arc v/i 

Gold Fields Group 


( Incorporated Jn the Republic of South Africa) 


I am pleased to report that registration of the 
Oedkreal reining tease, end the cession thereof 
into The name of your company, were off acted 
during the year under review. It is also pleasing to 
report that the sinking of the two surface shafts 
has been ctmurieted and that progress in generjd 
on die establish mem of your company's mine 
continues to be satisfactorily maintained accord- 
ing to the schedule which had previously beep 
accelerated to alleviate as far as possible the 
adverse effect the continuing high rate of 
inflation has had on costs. The reports of the 
technical advisers, which are included in the 
annual report and the enclosed circular, and to 
which members' attention is directed, describe in 
detail the progress made during the past year. 
This review will, therefore, deal with the salient 
features of those reports. 

No. 1 Shaft, which will convey men and material 
and through which all rock hoisting to surface will 
take place, was sunk to its final depth of 2 037 
metres below collar on 7 February 1978, with 
stations having been excavated, together with 
ancillary development, at two-level intervals 
between 3 end 1 1 Levels. By the end of December 
1977. 1 606 metres of haulage development had 
been completed as welt as the reef passes between 
all levels and waste passes between 3 and 5 Levels 
and between 9 and 11 Levels. Equipping of the 
shaft will sewn be started and should be com- 
pleted eady in the second half of this year, by 
which time most of the construction work on the 
stations should also have been completed so that 
development to reef can commence. Sinking of 
No. 2 Shaft, which is primarily for ventilation but 
will also have facilities for conveying men arid 
material, was com plated in January 1977 to its 
final depth of 1 778 metres below collar. Stations 
on 3 and 5 Levels, together with ancillary 
development; were also completed. After the 
headgear portion of the amaller-diameter No. 1 
Sub-Vertical Shaft which is an extension of No. 2 
Shaft had beBn completed, sinking of the sub- 
vertical shaft was started and to date has reached a 
depth of 184 metres below its collar, with the 
excavation and support of 7. 9. 11 and 13 Level 
stations, and ancillary haulage development 
having been completed. The sub-vertical shaft is 
expected to be sunk and fully equipped to its 
presently planned final depth to the loading 
station below 21 Level by the end of1979 when 
development to reef can be started. 

The Ventersdorp Contact Reef was inteisected in 
No. 1 Shaft at a depth of 1 857 metres below 
collar but not unexpectedly, disclosed negligible 
values. An average value of 1 323 centimetre- 
grams per ton was. however, disclosed in a band 
of Elsburg Reef lying g metres below the Venters- 
dorp Contact Reef. This result is encouraging and 
it is the intention that the potential of the Elsburg 
Reefs will be investigated at an earlier stage than 
had been planned. As members are aware, the 
feasibility of turning the mining lease area to 
account was based solely on the mining of the 
Ventersdorp Contact Reef although it was 
considered probable that substantial additional 
tonnages, albert at a lower value, might become 
available from the Elsburg Reefs. A reef, identified 
as a merged Ventersdorp Contact Reef and 
Elsburg Reef, was also intersected in the headgear 
portion of No. 1 Sub-Vertical Shaft. 1 867 metres 
below the collar of No. 2 Shaft, which averaged 
265 centimetre-grams per ton. These isolated 
results should not be regarded as indicative of the 
tenor of ore likely to be opened up by development 
beyond the shaft pillar. 

Most of the surface buildings and installations 
have been completed and are in use, and work is 
now being concentrated on the construction of 
the reduction plant, the initial phase of which 
should be completed by the end of this year, end 
on the refrigeration plant which is expected to be 
commissioned in time for the start of the 
underground development programme. 

The initial portion of the mine village. comprising 
276 houses with services and amenities, was 
completed during the year. No additional houses 
will be built until after the mine is in production. 
At the hostel complex, four residential blocks have 
been completed and are in use, as are the 
administration block, kitchen, brewery, dining 
room and sports fields. Work on the remaining five 
hostel blocks is expected to be completed by the 
end of this year. 

It was previously forecast that stoping would start 
in 1 980. and that milling would build upto a rats of 
60 000 tons per month by the' end of that' year. 
However, development. from No. 1 Shaft is now 
expected jro reach the reef horizon early in 1979 
and, provided sufficient payable raises have been 
established, sloping is expected to start half a year 
earlier than previously forecast with trial milling 
commencing towards the .end of 1979 and 
production in 1980 building up from a rate of 
60 000 tons per month to a/atd of 120 000 tons 
per month by the end of that year, at which level 
production should be maintained as ore becomes 
available from No. 1 Sub-Vertical Shaft. A final 
decision on the expansion of operations beyond 
this level will only be takenafter the results of the 
initial development and sloping become available. 

In the technical 'advisers' report, which was 
included in the annual report for the year ended 
31 December 1976, and in my review dated 
25 February 1977. it was stated that, taking into 
account expenditure already incurred, and on the 
basis of costs prevailing at the beginning of 1977, 
the estimated total cost to bring the mine to 
production was R125 million, no account having 
been taken of probable further cost increases 
during the remaining period to . 1980. Capital 
expenditure during 1977 was R29.3 million, 
compared with the estimate of R27.6 million 
made at the beginning of that year, the increase 
being mainly attributable to the effeca of inflation. 
The technical advisers have made a new fore ca st . 
on the basis of costs prevailing at the beginning 
of 1 978. of total capital expenditure to be incurred 
up to the stage when the mine is expected to 
become self-financing. This. amounts to R134 
million. After allowing for cost escalation until the 
mine becomes seif-finenefng and sundry pre- 
production expenditure, they have recommended 
that an amount of R50 million be raised as soon 
as possible. 

Members have already subscribed R100.7 
million as capital in the company, of which R91,1 
million had been expended to 31 December 1977., 
At the present rate of progress on the mine, the 
balance of these funds will soon be exhausted. 
The directors have accepted the recommendation 
of the technical advisers and accordingly they 
recommend that approximately R50 million be 
raised by means of an offer of shares to members 
for the purpose of implementing the proposals 
detailed in the technical advisers' report which is 
contained in the enclosed circular giving par- 
ticulars of a proposed rights issue of shares to 
members registered in the books of the company 
on 21 April 1978. It b expected that the offer of 
the new shares will be made on 28. April and will 
close on 19 May 1978. subject to members 
agreeing to an increase in the authorised capital 
ol the company at the annual general meeting to 
be held on 13 April 1978. 

Once again l have much pleasure irr ex press ing, on 
behalf of the board. oUr appreciation of the 
services rendered during the year by Mr. J. D. 
Poirard. the consulting engineer, by Mr. D. A. 
Blair Hook, the mine manager, who was trans- 
ferred to another position in the Gold Fields 
Group at the end of the year, and by the staff at 
the mine and at head office. 

6 March 1978 

R. A. Plumbridge 


Proposed increase of capita f and offer of shares to members 

A report dated 9 February 1978 has been received from Gold Fields of South Africa Limited, the technical 
advisers to the company, recommending that an amount of R50 million be raised to finance the expenditure 
necessary to bring the company's mine to the stage when it b expected to become self-financing. 

Your directors have accepted the recommendation of the technical advisers and propose to raise approxi- 
mately R50 million by means of an offer of shares to members. 

Gold Fields of South Africa Limited and Consolidated Gold Fields Limited and their respective subsidiaries 
intend to subscribe for their entitlements in terms of the proposed offer. 

At the annual general meeting to be held on 1 3 April 1 378, consideration wHt be given to a special resolution 
increasing the authorised capital of the company to R20 million by the creation of 30 million new shares, 
and an ordinary resolution authorising the directors to issue the shares created by the special resolution and 
the existing 7 000 000 unissued shares and to make the necessary arrangements with regard to underwriting. 

Subject to the special resolution being passed and registered end id the-ordinary resolution being passed, 
it is proposed to make an offer to members on terms to be determined by the directors, of shares, ranking 
pari pasau with the existing issued shares of the company, to raise approximately 850 miHion. 

The proposed offer will be made to members, registered in the boafcs.o( the company at the close of business 
on Friday 21 Apnl 1978. 

It is expected that: . _ 

(a) Derails of the offer including the ratio and price will be advertised on 21 April 1978.. 

(b) A circular giving full derails of the offer together with Renounceable Letters of Allocation will be 
posted from (he Johannesburg Office of the company and from the office of the company's United 
Kingdom Registrar, as appropriate, on 28 April 1978, to members in respect of their holdings on the 

■ record date. 

(c) The offer win close on Friday 1 9 May 1 978. 

(d) Forward dealings in the rights, prior to the issue of Renounceable Letters of Allocation, wilt commence 
on both the Johannesburg and London stock exchanges' on 24 April 1978. In Johannesburg and 
London such dealings will be for special settlement on 2 and 3 May 1 978, respectively. 

Negotiations are in progress with Gold Reids of South Africa Limited regarding the underwriting of the 
proposed offer. 

Applications will be made to The Johannesburg Stock Exchange for a primary listing of .the Renounceable 
Letters o( Allocation and of the shares to be offered and to lire Council o( The Stock Exchange, London, 
for the said shares (initially represented by Letters of Allocation) to be admitted to the Official List. 

A circular m connection with the proposed offer of stares to members, was posted to memberson 22 Mirth 
1 978. together with the annual report which incorporated a notice of thq annual general meeting to be held 
on 13 April 1978. 

In connection with the annual general meeting the register of members will be closed from 6 to 1.3 April 
1978, inclusive. 

Registered and Head Office 

Gold Fields Building 
75 Fox Street 
Johannesburg 2001 

London Office 
49 Moorgate 
London EC2R 6BQ 

By order of the Board 



per D. J. White 

..22 March 1978 


reMrera MM >mire>EXC££DINGLYRAS£& SELECT ' — 


The Bank of England Note? andTreasnryNores offered for sale in this 
■ announcement arc of significanr interest to the serious colfcctor or investor 

BANKNOTES ft |1ir.tiffdicK!akii«iiiii*OJCwrrdrxfl*ropf«i 

LOTI £1000 note, toeetber with £500 - ka/fiezareign. ITiih (kc coming pflVar, ik* Twatry&x&hr . 

wboiSSiSl^SboihmanHb ■ ■ 

c on d iti on. Chief Cashier's signature; ' M r? raa Thefint Trcasurrmtessiznalby the Secretary ta the Trsemn i 

C. P. Mahon' TbePairRA^Vl/v -JobiBrailt*n: aid uAuqiuKtuina of Treasury notes amd 

{To the. bast of curknF-J-ledcr, not marc, ihan four. Fitter arc novTare.-pemcuMy ^ intaperb 

u.r, 7 j ■■ ' 
lot 2 £S0O acre - rare Liverpool issue- l™ - - - 

dated 1936 excellent condition, Chiet ^ 

Cashier’s signature: K. O. Peppiart .superb condmon. Green & broom on 

2^jfS^e-iSeindy rare -dated 1835 LOTirfoan Bradbury £1 note - 3rd Issue 

- excellent condition. Chief Cashier’s --esceedii^y rarctEraipiece, 

agnatnreiTho.Rippon - £°75 considerably larger than the standard -j 

iOr^flOOnoredawd 191$- superb men ■ hbtojOnly Llraown -*• 1 

condition- Chief Cashier's signature; Harvcr £650 LOT w John Bradbury £ I note - l sr. Issue - 

LOTS £50 noredated 1919 -superb ™ n rare 5 senal numbers ref: T4 superb .£245 

condition. Chief Cashier's signature; Harvev jfcODU oonamon — - ■— ■; 

LOTtiXSO note dated 1932 -excellent .. /U3T-V John Bradburyfl note- i sc Issue- 

condition- Chief Cashier’s signature; t~*cn 6 semi numbers rcf:T3 - superb r|7t; 

B. G. Cattems - £3aU condition -- — X xta 

LOT 7£50 note dared 1930- superb .ior«JobnBradbutf £lnote-lstlssue- . . . 

condition - scarce Manchester issue- noK 6 semi numbers ref: T7 - superb rj 

Cashier’s signature: B. G. Cattcrns condition — — : “ . 

L07$ £50 note dated 1927 - superb lot 2/ J^^radbi^ M -imtc- 1st Issue ri g* 

condition- Cashier’s signature; C. P. Mahon £325. - red on white (2 -each 

Lor 9 £20 note dated 1 937 - superb . ior.v John Bradbury 10/- note- _nd flirt 

condition, Chitf Cashier’s signarure; . n - n Issue -red on white -V£'--* A * W 

K.O Peppiart 1 , |l4U ao r « Rare Jolm Bradbury 10/ -note with. - . 

unTio £10 note dated 1 928 - very scarce Arabic Overprint, for use by the Bnush 



LO TJ 0 £10 note dated 1 928 - very scarce 
Birmingham- Issue. Superb condition. nn 

Chief Cashier’s signature; c. P. Maboa ±L4U 

LOT u £10 note dated 1924 -superb rinfl 

condition. Chief Cashier'? signature: Harvey 
LO T 12 £3 note dated 1 9 1 5 - very scarce- 
excellent condition. Chief Cashier’s riQA 

signature; J. G; Nairne — 36*™ 

LOT is £5 note dated 1920 -superb - • 
condition - Chief Cashier's signature; Harvey 
loth £5 notes (5 available') - all dated 
192 1 -superb condition -Cashier’s n-n 

signature; E. M. Harvey each 

£,or /j£S notes (2 available} both dated 
1928 -snperb condition -'Cashier’s 

signature; CP, Mahon - —each*"'# 

LOT id £5notes.(10 available) all dared 

1944 -superb condition -Cashier’s «jp 

signature; K. O. Peppiart — each 

Inter acted partus should coraact: 

LOT 23 John Bradbury 10 /- note - 1st Issue r1 * 

- red on white (2 available) Ref: T9 -.each 

iorjv John Bradbury 10/- note- 2nd riifi: 

Issue -red on white 

i,orwRare]ohnBradburylO/-notewnh. - . 
Arabic Overprint, for use by the British 
Expeditionary Forces, during the 
Dardanelles Campaign -now extremely r*i r 7t\ 

scarce — i. 

LOr.’tf Warren Fisher £1 note -3rd Issue, . .eoc 

green & brown on white - -«*' 

£07* Warren Fisher flnotc-3rd Issue, £Atl 

green & brown on white. - — — — -S™ 

LO T 2S Warren Fisher £1 note -4th Issue- ' -.-««! 

green purple and brown on white - — 

lot 29 Bank of England Special •, • 

presentation set in parchment pack, 

inscribed; “Bank ofEngland 22nd 

November 1928" which contains one 10,'- 

rtote and one £1 note. Cashier’s signature 

CP. Mahon. Both notes bear the same serial - 

nnmber - only 100 sets of this special 

presentation pack were issued -extremely j*7Cfl 

rare and in superb condition *13“ 

‘ Id r i. 
-7 1 ■ -'1 r 

T iy 

.. e.. -v.1 

Sandhill (Bullion) Ltd. f ^dsLS 2 TO^E^^.d^ Piac^ 

Telephone: 053240571 Telex: 557853 Answer bach: Saadis G 

’ *TTe are also interested inbuyi^ rare Bank of England Banknotes & Treasury Notes* 

~ LReg.No. llT9332 i ■ m i —V. A-T. No. 171-6507-67 

Ifvou are aslwixdwlder in an etaWW*J apj ^ ^ 

growing company and you. or your corapfmv ^ 

require between *50,000 and *!(*»•«» !«**- - ' ' % 
jmose, ring David Wife. OMterhonre Devetapmajt; . 5 
Investing in medium size companies -is. . , . ... 

minority shareholders has been oumduMve /V/- v. 
business for ovxt forrv years. We jw prepared ta • ' .- ■* 

invest in both quoted :ind unquoted uumpim? .. « - 

cunfintlr milking over ^?iUKX) per jinnuni ^ 

pretax profits. ' . . . r ^ ^ 


ChartcrhooseDeveiopnicnt.T Paterno^twRcw. St. Pauls, 

London i:GiM 7DH. Te lephone ul-Jtf .W. . , 1 -ri 


<j.K. company with European principals having technle*L and' ^ . 
world-wide marketing expertise, wishes to. associate and arrange . 

partiripation in . a small to medium-size company, . who.:- ;i * 
manufacture or offer engineering services lo high fechnology 
industries. Electronics or mstru merits would he of particular ^ 

Contact first in strictest confidence: Mr. H. T. J. Anscll. ■ ^ 
Russell Limebeer, Chartered Accountants. Liverpool Victoria 
House. 91-99 New London Road. Chelmsford CM2 OQA. _ 


wishes to become the agency of a foreign company which wants: 

To penetrate the French 
consumer market 


Write to: PIERRE LICHAU S.A.- Ref. 6165 
/ Boitc Postale 220 -75063 -PARIS CEDEX 02- 
FRANCE - who will forward. 


Substantial private -company engaged In wholesale distribution of 
quality products’ to industry. Operating mainly in North West and 
Midlands. Excellent profit record and sound financial position. 
Present Directors founded the business and' now. wish to retire, 
but will stay on to assist smooth changeover.- Considerable scope 
for continued development and expansion. Enquiries invited from 
principals only— anticipated investment required £500.000 /£750. 000. 
payable in cash or shares or a mixture to -be negotiated. Might 
interest national company seeking growth in this area. Write Box 
G.I657, Financial Times. 10. Cannon Street. EC4P 4BY, 


Cash or Equity Available 

for purchase of companies operating in the fields of 
construction and associated activities 

Ideally, profits "before tax should be in excess of £250.000 per 
annum with on-going management capable nf operating 
autonomously within divisions of a public company. 

Reply in strictest confidence to: 

Box G1661. Financial Times 
10 Cannon Street, ljondon EC4P 4B7 • 


Company with agreed substantial Capital Losses required, 
preferably in investment, publishing, printing 
or bookselling field. 

Sox G.1616. Financial Times. 10. Cannon Street. EC4P 467. 


Manufacturing tools, jigs.. special 
purpose machinery, precision 
components, etc., for aviation 
and automotive industries. 
Excellent goodwill and' connec- 
tions. ■ ' 

Valuable Plant. . .. ; 
T/O £62.000 pi. ' 
Principals only write Box G.1668. 
Financial Times, 10. . Cannon 
Street. EC4P 4BY. 


Approximately 200 beds 
Asking price U.S.$2.4 million 

PrtfKfpofj end retained agents wanting 
farther Information please write to flex 
G.1625. Financial times. 10. Cannon 
Street. EC4P 4 St. or telephone Aten 


Small, expanding golf club manu- 
facturing company • needing 
further development capital. 

Principals only apply Box No. 
G.I650. Financial Times, 10, . 
Cannon Street. EC4P 4BY. • 

—8 lit only when you want it 

Experiences tnd qualified expertne co 
help re*oi*c probleou of finance, 
reanatemei’c. adminisimie*i and per. 
aonnel. We offer regular contact with 
the day-to-day progress of pour bun- 
nets «, ensure our most effective 
application of any services our con- 
cern far your company's fucure- 
Tefr 01-40* 5737 
or write to: 

Csveodish Commercial Associate* 
t. Ca*snditft Place. London, w I 


your Swiss confidential adviser 
for your problems, concerning 
currencies and valuables.. 
Tour forwarding agent with rears, of 
experience and worldwide, connections. 

CH-JMM*. Zurich, . 

Phene 81 S4 04 ifr or 81 54 8 5 08 


with ovVr £308,000 worth of agreed 
Tax Loam. North East location. 
Write Box G1667, Floonei al Times 
10 Co anon Street, EC4P 48T ■ 



jersey accountant requires 
mortgage of £120.00(1 to .be? 
secured as a first charge on U.K. ; r 
property valued at £180.000;/ 
Jnterst of 10^ per annum pay- 
able in Jersey, net of Jersey tax.,. . 
Please reply' -to Box G.I669, 
Financial Times. 10. Cannon 
Street. EC4P 4BY. - , - ■ 

of Hurt*:,! par- V ' • ■ 


Brazilian export house now offering to interested agents 
distributorships for Brazilian products as follows: Soya OIL 
Garments, Hosiery, Leather goods. Footwear, Cotton Yarn, 
Wines and Spirits. Instant Coffee. Prospective agents must be 
able to prove triple-A credit rating, supported by first dass 
bankers references, and be able to guarantee acceptable turn- 
over figures in each product line for minimum one year 
exclusive contracts. Terms of payment will be confirmed and 
irrevocable letter of credit at sight. Dealerships will be 
licensed immediately satisfactory documents received. 

Vrw Rm n ion. KiMiKlal Times. 10. Cannon S'nvr. EU4P iBV. 



Fo - Nashua ^Prui Ricoh niKhiivei, 
including Delta pars. All para n»w in 
original packing cases. Original »*'o« 
ov»r £300.000. Inventory meUidn 
2.500 lamps. 1.000 Platen covers. 500 
motors, etc- For complete details co dir 
T. R. O'NEIL 4 CO. INC.. 
Manchester. Mess.. USA. 

617 . 526 7J0I 


based nor Oselteafasai, Ghu. 
considering telling new industrial, 
premises currently under 'construction, 
with a view to- a possible leaseback 

Write Bor C.1621. Financial Times, 
10 Conroe. Street. EC4P 487. 


(Est. 19191 

Now offer their services in tho 

Valuers, Sales bv Auction, 
Private Treaty & Tender. 
Specialists in Wood & Metal- 
working Machinery. For full 
details of our comprehensive 
service contact :• 

- (UK? LTD 

71 A Salisbury Sc HuR HU 5 3 DU 
Tel (04821 492872 Tetex 527562 
(24 hr answering service] 


A public company which is a maior 
farce in the toy field n seeking to 
e*p a id bjr acquiring a Toy Manulse- 
tunng Company or by the pwrcluea 
of aura relating to ths mantifictwni 
of existing praduta. 

All replies In confidence to: 

The Chairman, 

SHARSA ,V*ȣ MKi 1 LTD.. 
Lumb Mil). Droylcdon. 
Manchester Mt5 TID 


Factory reconditioned and guiranteed 
bv IBM- Buy. tave up to .40 P-C. 

3 't 0 *n from £1.70 weekly. 

Rent from £2e per month. 

Phone: 01-641 2365 ( 

OVtk 40.000 SCHOOLS ANO fcOuLA-1 
reached ov mad. The tducaiiensi • 
AdorejUno and Mailing Senate. D erov ( 
Haute Rrdtiill. Surrav. flH ] SOM ■ 
Mmslh^in 2723 

CITY Of LONDON. rr«uiu" aridresa | 

E ho«mt. «eie*— looetner unoar 16 i*. 

ram £.1 uourarelv. 01 -6U ' 



Manufacturer seeks projects of 
worthwhile scope -to expand 
produce range.' and utilize 

Write Box G.I633. Financial 
Times, 10, Cannon Street. 
EC4P 4BY. 


Are you oouirUng the Oast price for 
your tow-mileage prestige motor-car? 
We urganriy require Rolli-Rorca. 
Mercedes. Daimler. Jaguar. Vanden 
Pi», BMW. Porsche. Ferrari. Maserae, 
LamhocrghJni lenten Convertible, 
Rove- Triumph and Vo«v© Cars. 
Open 7 days a week. 
Collection artvwhere in U.K. Cash or 
Bonkers* draft evaOaMe. Telephone us 
for a firm price or oar borer will call. 
Brook wood (D4S67J 45*7 




EXPRc- (J REGKtram n» LTD. 
30. Cur Road. E.C » 

Of -628 S4 34/5/7361. 0936. 


Manufacturing own range of 
machine cool accesories and 
inspection equipment. 

_ Excellent- goodwill and 
• ■ - . -connections. 

Well equipped freehold factory. 
Improving sales currently 
£170.000. . Full order book. 
■Principals only write 
.Box G16I4. Financial Times, 
10. Cannon Street. EC4P 4BY. 



Companies lectinfc oatmeu (or their 
products in the U.A.E. are welcome 
la open ncgotiihant immediately. Send 
your product literature, for preliminary 
discussion to: 

Consult Survey (Canterbury l Ltd.. 
P.O. Bex ». 

Canterbury, Kent- 
or Te'e* oAtn-a f lB Fx g 

Arab Businessman wi'fi csraDl.snea 
busmoss m Viaai Arabia or U a t 
Partab'C water Purincalion unit, m- 
q-iinH 0«r" A Jx^wi. St. Raonaeis 
Wav. Neasden. '.and on NWIO. or on one i 
evenings to 01-433 S272. Ot-esi 08JQ ' 
SOUTH AFRICA — Executive trenHnna »■ 

n*«n u K and S.A erepireiS tp under- 
take neon aim >imxn auienmenlL- 
PO Boa 6S661. Beitmore 201 D R6A. 

your fort Escorts. Cordnas and 
.Granadas (op go 2 years oltfi. Imme- 
diatc delivery. From £B5 deposit. 
Applicable to companies, professional 
and self employed. If you have been 
refused lor any reason — ring us 
now and we guarantee (a be hetotn! 

NORTHAMPTON (0604) 714855 
9.00 ojtl --5 pjn. 

require additional hire purchase 
facilities to enable them to 
expand their motor trade con- 
nections m the East Midlands. 

Write 8ox 6.1659. FinoncJoJ Times. 

10. Cannon Street, EC4P 407. 


Anglo European Property 
Company (Development & 
Marketing) require 
Admin. Director 

Good, buttons background preferred to 
specialised knowledge. Very high 
remuneration with all usual benefits. 
Equity .participation for CIS.QW fully 
secured. Please tend hiH C.V. ro the 

. Boar' G.1665, Financial Times, 

10. Cannon Street. EC4P 4BT. 


copywrlting.Transiation and 
Typesetting for Advertisements, 
Point of sale, Brochures, 
and-Exhlbitlon Material, 
contact: David Mealing . 
Pan-Arab Pub Ucatfons Limited 
* T4»PPon«0l-5812171 


Expaodina wivare company. nUww 
area— 1 axpe 9bey|.wbrt Lltho onminc. 
ProJeclnJ turnover for curren: finan- 
cial year CfidJl-BDO. ’Customers include 
lap quliry iuiuruI accounts, 
write Bn* G.iwr, ptsaBdai Times. 
10. Cannon Street. EC4P 4BY. 


OM established lighting buundsT 
trading under th* oama of Hurt*:) rri- 
Atkin* . ( Lighting > with turiwvtfr . - .■ s 
averaging £61,700 per month with' 
order book of £176.000. • - . - 

Applications to: - : - f 



U.S. MFGo co. 

’ ■ MANUFACTURER • •• - v : 




A fast growing' manufacturer at : 
high quality truchinary used in r - 
processing timber wishes to ex- ’. 
plore a possible partfcipatioii _ . V ; 
with a British company export-' ‘if"'- 
irtg related products (chipper*. . p .... 
debarkers. sawmills. togging. -.>j j , 
equipment) to America..) The-, f'-. 

U5. firm is a- leader in. design, -'.i- !”'* 
and t engineering; its products '•] 1 1 
enjoy a well' earned reputation ' , ' 
for excellent service, and it has i : V 
developed an : - outstanding ; ', J .“ 
.marketing and; distribution net“ < ‘ J 
work. Representative will be in J ., 
London mid-April. hi-^L *‘ l 

Writa Box F612. : -U' 

Financial Times. ' • ir-i S'. . 

10 Cannott Street, EC4P 4 BY. . -u ’ 


Jua a Londeni bxaad curtain manutacoif. 
Ing bumnui forjaic-at a going coacarn. 

Company Iim good coneaca and eon- 
men with bt»pi tai*, public authorities, 
notei*, *e. Present managtniwit pra- 
Pa~d to ramain. Wfrfee flojr. G.I664. 
BSS - f.w T,, HA ,0 *- Coiuwn Street. 

C Aw+r tflr, 


requires . orders ; financed .. for; 
customers ia Sudan, 

.' Bank.-Guaranteq-' available. 

Mr. W. Tyradc 

01-360-4867 .. 

»'<(.4 FlOOR ii a liquid piattie dut 
qureklr form* a hard hygienic furijce 
that v»iH Mke the toughen treat, 
none. It’i also unafiaetrd by oil and 
most chemical*. 

Send .for dal alls to: 

Cleveland Roof, Wa'-vrlsnnpCon 
WV1 UU - Phone: 53215 


An opportunity Mists for a nuim- 
distrlbuior . to - psrttopate In leisure/ - 
umping/boatlRs fold. Mass market 
appeal requires aggressive sarhuuns 

Wrim Box G.I656. FI rumial Times, 
to. Cannon Street. ECap 4BY. 


la J ’now Sell Ca«»r»*>g Holitov 
kugiMw at Wmiw« Ho! 

North Devon . . 

Management contract available , A 
9000 mitrn, with no nerionai involve- 
nteni.- Nm L enure Co inn In auopoR. 
Ing -develoomcnt. Buy now— Lett, u 
income- thi» HoUdav coasea. 

Send l»r atHoeCUis CO — KinOSMv 
Leuore lm. Coin Links Rm. west* 

roVkaw'vsw?" ° ,;yn "' . 

6t_A WfgK rgr' EC2 eoctrUi' or phone 

a& w jipafc i fig£a£ 



Over 400 sots In noqk. t.‘ 

I tkVA-7MkVA ■: " J.'* 

I ** w wtf Mi m w : — 

I with hid aftor^slot lervlot. 


! 01 - 48 S 7581/0019 ; .= ■ 

• , Telex 8 W 784 '; - : 

j FtlRK UFY 'T|tuOCS^~LJMd ModJu U- < 

• mikS i2° 

" mawafMmreFv cow on 

. SB sssms 

*™ noon *nauint)..«MM*a.. unit 
iNutiion on bulk BwrtS5^3Ew,vw5t 

qb ,” ^ * “- TORs a-snSo^KVA rw am.'u^a. 
Inwccfiareiv avaita«je xm cBmpai.rWi 

_ •» j 


Mcancial Ti m es Thursday March 23 1078 

religious feeling, 
is. of course, quite a 

"i- .aw: m-vm vn . w Miu> amuil v*,* & SS;r B * J ’“ sible “ 

k , Music by Peter de Vries, leave him. 



r*—. b7 «g«& "SBariSW'fi rsfffiffllSras 

CoUtns. £450. «« • by an y° ne susceptible to certain than th p f.m. 

o« — susceptible to certain than tbe faJthT 

sKsdL>5n««S® •SSS!SSOKr m -- 

came in 

Rind: Thr United ® n ? ta £ es as . a sla ” in ? point the and French satellites?- Yet as 

italn and Ui C War l',? 1 '!' -beginning age of the war progressed and America's 

against Japan 194M5 bv ^SS!!^ 0 r d °P ,,nan " *" Asia, the supremacy over Britain became 

Christopher Thornu. Hamish f/ r iJ a K of Vasco d 5 *i anla .* then sleadi >y clearer. Washington was 

Hamilton. £15.00. 77-j pages l! sei ' . for . ced 1°. choose what it 

Allies of a 
States, Britain 
against Japan 

A,;; :?v.V,-;T- 

r -v'-v- vV; . -;c - i \-:. 

• lv-. - * V'V- • ••. A 



T I, Mr. David Cook* audience that a mijor Uoik "?e!erV , 

•vel. It is original. brim- For that reason, and ataiS I « d « V ?*h,Si!S,5 d u any - 

i harrowing. He is a real ,bat £, eaa ° n ooly; one hopes that hiehk fn*»us h ^ <,r “ t ’ *1*,,“ 

Literary ingenuity, even SRPjpJJ** creative imagination dextrous iSthEfS 1, ^ w £f I § r 
talent, is comparatively somewhere else to go. It C ated in’tha an ?*v >p ^5? U " 

. Rea! writer-rare very ?® u . ,d be unpertiaent to offer any “ork-Loninn Xa ^?,° a of ,, tb * New 

ne test was defined long A? such a talent. In fact, though, that fashion iSOf* >ire * ® a0as Adams jacket drawing for 

icn you read a teal * dwce a re »l writer, except on si u“to m?Sh ' ' “Walter** . 

you have to feel "that j CTy mmor points, nearly always is a ii satisfaction. It 

thus, and not other. d °?lSSah h hT“ tainmenf ^ndutfr^VJe^TV arrivcd al asainst bis real judg- 

To my knowledge, no -iiJSf ^“olatmg story comedians having’ no nZ m . e “ l - MoFt of "hook is firm 

appeanng on the scene ^ ones nerves material or JrafaSof Wlth Arst-hand observation, and 

assB FHI ■^js’jsaua ss 

> *» th* new booi-ls' SSSja, S h« ‘of %L°S? 0 Sm y “JmSwwuSi ta"5S 

V’.i wtunL in a,rt«yjFSS? 

*1 i 

is about as harrowing .’as by accident that” I* referred^ 10 016 nQvel under "reviewT”'^'' wh^TnJiv 8 « XUal E ick ' up ? eve ^ 

i ? 

<L » 

w sees - — -on 

He learns to talk only 

understood Cook's book. 

Walter, poor devil, is good. This after 

His hero actually thinks, who Is beautifully realised. He 
various psychological loves the boy. 

\ v.\jl <~tt^&ias« as* ot* g se sss s •Js^tssists 

iMiusasar si i&rz “t’bIsvS® Sr 

h; H,S m K other "* enfalised h is attempts "at good writer gives us a serious, not done feelini. i^nSflrahi^ £ 
IliirMm wtLn^h b 9P®^ characters though not In bis tosay solemn, psychiatric explan- .fake'hardhcSiednc£^ 

W0I *‘ Cook, lucid, deep- ^tlon of this singular cSum- .SiSSSS 

it understand what has feeling, never does. Walter com* Stance. 

-: himself aS'be ha, always T The' jiutiior n,^ca It cTear cJSS» Sft 'JSSSS^ cSls. 


for sal! 



at large 


whack by Tom Sharpe, cn^? ° the ^ worldI y sweetness makes phrases abound, too good to miss 
r and Warburg, £4.50. 235 pj^ masc * ue bit Uk ° Afourieur 

As in the other novels, appall-. Of course there 

every word, .punctuation mark, 
are some pause or hurry, gap or emphasis. 

Jules Feiffer.. >ng *strucUon . Is wreaked on; good things, and a lot more to has- its point aKiost^SSw 
pages hisfoefc by the heroin possrble-the action and characters than made, yet ^n^Twry TfghtlJ 

- aSeS ‘. - Sand^t^Cre^at'hom^ofn^at undwd^arSfd wifh foing^h^^ea^^s^o 0 ^ 

Sharpe, scourge - of spinsters ,and retired colonels^ Jethal custard-pies* nee±s new iiniaSJj?? 1 U i S t0 do ' 

-■"lifcstylesrscademic tren- quite suddenly becomes a disa* treatment or total rethinkiha € f P f** | l? n °S £ 

i phoney and the creepy ter area, mined, swamped, pol-' : Jhles Fefffer is miles from" all t s '” s ^ lar f ta{ ^ re ^ t ; which 

.-heavily disguised, has to»Wg. ff « B btog r a^/toMJ«|ng and undermining « ffimSt^uSd f?iS"f J£ 

pages — 6BQSC oespue rneir eventual should do with Us own new 

The guns are only faintly surrender in 1945. the Japanese power in Asia. It decided to 

heard in Christopher Thorne’s “d already won their war.- Us future cost— that “if thi» 
study of the relationship between Against this backdrop of American wav of life is m nrlC 
Britain and the United States A * ,a “ c Peoples moving towards -vail in the world it must prevaS 
during tha second world war He seiPdeterraination the book in Asia - 
lakes the reader deep into pre- analyses in exhaustive detail tbe vk«. . TU 

viously . unopened archives and changing relationship between „? IC, !^ or J h°njc is not 

there, with a dauntin'; metieu- Britain and America. Churchill f*V , r , J y , . l ”f simplificatiuns 
Imisne&s. shows him ihe diplo- constantly refused to face up td *vil.!L n V? ^ . a summar ?’. He 

matlc manoeuvring that lav bo- the end of colonialism: indeed b*® :£ p ® 6 j r J a ? 

hind the military alliance * his arcatest strengfb was his fh ,r Vfu y .2 B thread. Indeed, 

Allies of a Kind is a title steadfast faith in Britain's unlen- Vj* , ? l ". ou £ t '? a * must have pone 

that puts Professor Thorne’s ahle position. In contrast, iCl 0 /, j 1S U 50 ob y ,a us that 
theme Into a nutshell. On the Roosevelt took a more far-sighted ;r e s , re ® d ? r 6 ®™ e “ n, ? s ^ e l s duty 
one hand the book tells how. view.. He told Churchill: — ]? 11 ralher tha o pleasure from 

particularly in tbe Asian theatre “ Vou have 400 years or • 

war. the two allies were deeply acquisitive instinct in ynur The scholarship is made palaf- 

bjood and you Just don't under- a We .by the author's impressive 
stand how a country might not English and hy the acerbic way 
want to acquire land some- * n which he deals with each of 
where if it can gel it- A new his cast of thousands. The book 
period has opened in the ls anything but bland. It is also 
world's history and you will a n ’inc of excerpts from memos, 
have to adjust to it." diplomatic reports, diariec and 

It is the - privilege of the He pinned hopeless faith on briefings, many of which are 

historian to show how tumultuous China as ihe emerging leader of brought to light for the first time. „ 

events have symbolised ralher a new democratic Asia. There is saiisraciion In rpa.lin-. fopfler t Thornc: origin* of 

than caused inexorable trends. All through the war it was a perceptive, or hopelessly ioi£ fiiobal war 

Christopher Thome tells of recurrent theme in the American guided, analyses with the wisdom 

voices m Japan in 1925 predict- Press that the country- was not of hindsight. Allies of u Kind lo do with this Lncl mri -inri ihi« 

* Tn ar ’ be * we * n to preserve colonialism: contains its own essence in a Empire prescmil when 

Sfnlnrrnn K } h,ch th ® Why. should ^American boys die prescient question prised bv the economic forces u'nmlstakiblv 

America ^fTwWd-hi 3 ^ 0 1 r k P “i 0 "?? 1 - CI ^ p, "2 Anierif, a n Ambassador in London put the lpadnrslup ..f the i-jce 

America. Iudegd. -he s.iys. if of the British and their Dutch in 1913: “ What is America -min" into *« r ' ' 

suspicious ’ of ■ each other's 
motives. On -the other, it shows 
them united.- in their Angle- 
Saxon-ness. determined nr»i in 
allow "white men’s cuuntnos **' 
lo be uvenvbdmed by a "yellow 


***»r hrinds'.’" 

trumpet voluntaries 


Margaret Thatcher by Patrick 1 "“SJf r . Tb f. re 't for exani P 1 ?- *n- among ihe Iim of essay 1st* that 

Cosgrave. Hutchinson. £5.50. Haim in can terps1,ne but to me disturbing make up the volume, notably 

224 pages, .^™„?.V e ^f de ?if , ! , S 0rel0 a ? count . of development or cx-GLC Labour councillor D:-. 

- ■ Jbewounting pile of Thatcherana her views on the Soviet Stephen llaseler. ranged along- 

In Defence of Freedom. Edited pan his own view of the Iron Union — disturbing because side the hard core members rTf 
by Dr. K:-W: Watkins. Cassell. as a Very Wonderful they apparently derive From the NAF. who include on! nre- 

£2.50. 180 pages. Person. Having been a speech- Solzhenitsyn and Robert vtous biographer of Mrs. 

. . writer and associate of Mrs. Conquest, two brilliant men who - Thatcher, Russell Lewis if ih<» 

• ■£^J cber '' h® taiowfi her personal have written Ihe Great Suviet book says nothing fundiimcntflllv 

nortef?or S.* h5 ha blts, and in that Purges of the 1930 and 1940s into new. iris at least right that the 

porters of Mr?, Thatcher might brings the reader nearer the consciousness of the West, views of a croup that has made 

argj Sn" wha Ft 1 *: • s . stiu enigraa0c ' leai,er - k wh ° are ^ t - ^ ss-thiS?. 

Thlinho! 1, n wi«™Li h S not sufllcient witnesses for even if it has run out of cash 

Thatcher political philosophy. I forming a contemporary view. in the process, should he set out 

Perhaps the mistake of between hard covers for public 

this time once too often; all uninhabitable. 

imered too bard on the- Can they guess that the" phyS°(^ fU mole bU nn h the K leve| el of with e< » S !r<. MDl>r ' - S 3 » e u- writer 
>ot. with the same wea- innocent— indeed gonniess-took- th/ psv C he- ellintical ruminan/ anSh^r hls ov £ t ' 

Once again h® has tised hr* owner is merely' getting SI Ironv so clSiimusT io be s ? r,s who 

w once called a “strong rid of his rent-controlled tenants,, almost dreamllk? as vou micht sufiablti SS P »h ed fn0t *5° J ,n ' 
which in his case means otherwise everlastingly sitting S^Ict from his iAmSJ £ ' T? E Y! ,yn 

ir energetic action: physl- on the gold-mine he can’t -reach? ea^rorider of soacl for ?okS nore& nnl S f i°v, Dta J ns thxee 
ion involving feats of The fact that we are asked to Sthe? SVn jokes direct iokSf III i.M!!!. ,nUie P £??' aes ' 
— gfciJk '.topplingly sytnjathise with him and hix ^ueate of laughter raJhel From noo e P dSvS?gI?a^iS 


'.Mir irTiriTV_i.« M . h. 1* 13“ V? s . Wn , up . on Bkin of suugly you ihuglrie him -a Ufe.' 

■MIC ACTIVITY. — Indices of industrial production,* mano- 
»g output, engineering orders, retail sales volume f 1970= 
etail sales value (1971=1001; registered uaempTojTnjmt 
mg schoo) leavers) and unfilled vacancies 4000s.). All 
lly adjusted. t .. 

Retail Retail Unem- 

Indl. . . Mfg- 
prod.- 'output 



• T— By market sector consumer goods, investment goods, 
/diale goods (materials and fuels); engineering output, 
manufacture, textiles, leather and clothing' (1970=100); 
starts (000s, monthly average). . 

Metal Textile _ 



meaning. No bombed sewers or long hihajbitah^ofUs^pSces arS 
marauding rdis in Arfmrud. feelings. ■ ■ 

none ,°l_ S,, ^ rpe " 5 , I,eavy The title story Is the 

or electronic gadgets;* a round-, rtraightest. creepiest and best- 


Jte ^^ ni S a e r ^ y "m Ms n nr1 r , wiU * r ®,? dIn « bfc Bible. ponl&caS 
na ate . qye . .diaiy; and his clients ing. till a stranger called Mrs 

J63 '''bo over the years become Fox. red-headed and vixenish!- 
151 friends, lovett,.hanger!! on. older,, alters his aged way's, if uni his 
157 falter, diminished, heightened, heart, just a little; 

155 eyerjastingly amenable to othere’ . The Japanese story is in quite 

156 JJJJf • - oj ’ fj?®? 1, Psyclucally another vein of deadpan humour, 

!63 ®!f l l tl ®: H .y , ® rlds 'y’lbm . worlds a wilder flight of fanev involving 
if!n' m wlthJn (or Jatwoese life seen by an English 

B rrii. ■‘“a^tty. teacher and itinerant do° - thp 

.*»• i th2 he iiK 1, Jf d B“SpW of a ** Persian, almost elegiac, is full of 
J96 |thi^ even at its obscurest is sad lyricism: A mind '■Sd style 
aeft; quotable to enjoy, a name to watch. 



105 3 

- III. 


21 6 A 


















- , 









• 2342 






103.1 . 

236 J 





. 106-9 


M?$ . 




f ’• 



. 1(419 


• 10R5 

1,400 • 



am not sure: 'have never been 
sure: and am not much 
enlightened, by Patrick Cos- 
grave’s meditative but meander-' 
ing hagiography. 

Whereas .the manifesto from 
John Gouriet's National Associa- 
tion for Freedom at least has the 
merit of being an unambiguous • 
challenge to agree or disagree 
with their anti-socialist, anti- 
trade union and anti-egalitarian 
activist line. \ i ».. • 

It may he, course, that I. 
rith about ' 

along with about half the voting 
population, would nn| recognise 
a Tory philosophy if 1 saw one. 

The left wlng^has for several 
genera Hons how defined not 
merely the content nr political 
argument, but also the form in 
which it takes place. A Tory 
philosophy is expected to have 
the form, hut not the content, 
of a social fer.'tfie: whereas in 
reality, a Tory philosophy may 
perhaps- be a :set : Of predisposi- Margaret Thatcher: way to the top 



Cosgrave's book it that it tries inspection, 
to do loo much, and therefore The vnlium* also prompts the 
does it thinly. It alterants td question — again hardlv a novel 
outline Mrs. Thatcher’s one— what do the NAF and Mrs. 
biography: discuss the histnrv Thatcher have in common? 
and present stale of the Con-. Where does (he so-called Radical 
servativc Party: analyse the Risbt, to which Mrs. Thatcher 
leadership contest that brought belongs or appeals, begin and 
Mrs. Thatcher to the top: and enrt - The rhetoric is often much 
explain her political outlook. The sain<? - and as aulhnr of some 
part that reads hest is perhaps ° f the rhetoric. Cosgrave might 
the. part that the Tories will hav ® suggested an answer. In 
thank Cosgrave least for-resur- ,c “ rms of personal style, perhaps 
reefing the quite nasty goings On hp docs: his is a kindly, almost 
durine the leadership struggle oialriarchal Mrs. Thatcher: But 
with Heath, which he chronicles Monarchy is nuf. ai least in our 
with no small degree of relish t,me - a political philosophy, 
and inside knowledge. But in 
the end. it must be admitted, a 
btngranhy of Mrs. Thatcher bv 
Patrick Cosgrave must he | 
required (if sometimes • dull) 
reading For the Party faithful 
and students nf politics. 

As to the Gourtet manifesto, 
there are one or two oddities 


out in space 


- marvellously 


- goods 





'• ■ Eng. 

Metal Textile 
mnfg. etc. 


99.5 • 




1044 ; 













'. 11 5-9 




































with Simon 


*AL TRADE — Indices of export and Import -volume 
DO): visible balance; current balance; oil baiabce; terms 
(1975=100); exchange reserves. - -t 
E xport Iptpocl Visible Current . Oil : ' Terms Resv. 
volume volume - balance - balance balance 

344 In a Summer Garment: the ^ | s ^CTjflcant that the. Deparf- 
-20.6 experience of. an autistic child !? en ' of E « l,t 'alipn and Science 

28JS by Ahn -Xovell. Seeker and " ot r f Ba *L d auUsm as a 

247 . Warbatg,:£3J0:- J45 paeei- • ^?,^ ate ha "dJcap and the 

2L2 . children are grouped with olher 

la J9 ® on *t u Mothers I Know: living mentally handicapped children, 
with Handicapped Children by ConsequenUy the special schools 
lom Wakefield. Routledgc and for their education have been 
Regan Paid, £3.95. 93 pages set up on tbe initiative or 

. '■ — ^ parents themselves through the 

Ann Lovell 'has written a per-' National Soeietj-' for -Autistic 

Galway by Frederik PohL jEJiSf ^. e novel - ^ Ibis case it is im- 

G unanez, £3.95, 313 pages. JJFjJwi ^ read6r , ls . Ieft peccable. But do we really have 

2 1 is oneofthose veterans All too often th/rSiltto sheer' O/AsKell 11 !? order to^mder- 

p&T&FJETLli “ sstsur ^ 

xmes. Over the yean hls un- Heat by Arthur Herzos Heine- 

hAf^ Jn ^«.»f trean ^ i° L , ^ ea * bas mapn. £4.50. 251 pages' ' ^ ,be Stars are Gods by Gregory 

been accompanied by a power- P*?** Benford and Gordon Ewfind 

ful narrative style that is all too This is the latest in the current Collancz, £3.95. 214 pages 

rare in this field. . spate or disaster novels from the ” * , 

TJatewny is a giant asteroid United States. It follows the well- A 8,m P lwwc Tale of man’s con 

whidi is found to contain tried formula but is none the ?“?!? ° r . 8 P 3 ^ Mars and 

hundreds of spaceships left worse lor that Jupiter to the discovery of : 

behind by an alien race. The This time the world climate is Grange new life form on Titan 

anag is that the technology is so ihe villain. Once again we find auth ° r ? have obvlojisly been 
advanced as lo be incomprehen- the hero-scientist prophesying ^ e ° ced b >' Arthur C. Clarke's 
sible. Men can set out in the disaster only to have his warn- but completely ] a( * his 

C0ID - weight. 

and philosophical 



lllal? , 

• 109.1 









-745 ' 

100 ^ 



+ 54 



101 JO 









+ 55 





101 ^ 

+ 53 






+ 68 

+ 176 





— 76 

+ 26 


103.1 - 


i 144- 



•%fc3fr T ’- 

v io ftt *. 



+ .84 ■ 

+ 184 

j.+202 : 





r TALr^-MUhey Siippiy 







'• % 





HP ' 




-t- gi ' 

« —1.857 

•■492.’ ■ 

•i'^08 - 






1,049 ■ 








: 7 


- 14.1 

:8a.- • 



1,184 • 



-.5 149 

20J . 






' 17.0 


• 336 




— IW 






■t w 

■: 83 , 

)■* 107 

421 ' 


. 7 







. ?L8, 

4^0 _ 




■ °l v««infis ■ (Jim. 1976=100), basic 

A sod; fuels, wholesAlp Jjriceg of manufactured products 
>*00); retail .prices ..and food prices (1974=100); FT 
My mdex (July IBS2= M0) ; trade weighted value of 

-s’ /non 10T1-— inn\ 

(Dec. 1971=100). 
■4 Earn- "Basic 

sonal-.and deeply moving, -atoty Children, which was formed in 
rrcshn* a ^ out Simon, the first of hbr' 
crag a three fliildreiu from his birth Ann Lovell invites iis to join 

in 1883; uniU the present day. A Simon’s jouniey through cbiia- 
10^ fourth . -'diUd,- David, of mixed hood into adolescence as a loved 
149 race, wis -.adopted. Simon,, a 5 nd - ^ving member of the 
13.4 much-wanted and beautiful baby, fxmily. Her pain is evident, but 
20.39 was a source of joy to his parents SD 100 * s the joy Simon brought 
17*17 and in the.; early months of his and , tbe family pride in his 
life hia - progress appeared "'“leal and artistic gifts and his 
normal.- stem at borse-riding. The story 

So ' compeliingly does . Ann without self-pity, even 

l^vell wiftp, that we share her th°“Rh she had to ,bear. the 

” i_ - - - alone after the break- 

her marriage. 

... Summer Garment will 

crawl and, ^rnnre significapr, 11 pip laymen*' and “profession aTs 

» ,■ . ■ . alike to understand 'something 

of the nature of autism and tbe 

_ *r better educational and 

unusual quality in a baby. But «! a 3nostic services. The appen- 
the staff at: the Infant Welfare “, ,JC Dr. Lorna Wing gives a 
Clinic were reassuring — just a 1 5 Jld helpful description ot 
slow developer, was the view. toe abnormal behaviour charac- 
■ As Simoirgrew into the toddler t enst ics which may lead to a 
age.*, the . unevenness of hie “^piosis of early childhood 

development became . more au j„ , .. „ . 

raaTked., . .He used a few key w \* MoOters J hnou>. Tom 

nouns and at the age of two „ . v e d , , introduces. four 
could sing-- : ■ French nursery rao i ll .l rs ° r handicapped children 
rhjines' ahd. showed a great Jove an ® thro “Sh their tape-recorded 
of 'muMi V But he wav also versa tlons re veals their atti- 
developing irrational • fears, ex- the effect v OTI 

pressed id^vere tantroms: His gj? ?„15 ressures 
level of comprehension was low £. ce .®“ d n ^ e “^ cc f. orovided 
and;, communication vlrtukliy ory * ulho, n^es. May 

f-imposslhre. - - - Hudson S son has epilepsy; Babs 

The signs of childhood autism Jure md CU !3?' 

were there, but so little is .known 5?™ ST S eward s 

by the. professions, much less. the StejrtfdSreric^ ^j,5 f l rBal 5 Bt 
public, that the aonronriate S?iKf, d , a ?^ , ?? r,s . s «* no PhreniC. 

ships but cannot navigate them, ings brushed aside bv a 
1 «. 11 becomes a deadly piacent establishment. 

^ttery. Choose -the right ship Energj- consumption has risen » f tll rr~T — ^ 

and yon- -could- discover vast at such a pace that a runawiv « thr L, Shi by George 
wealth. Pick the wrpng nne and greenhouse effect i* sparked off ?-- R ' Marlin - ^ollancz. £4.95. 
?.?-__®2 uld h’V'uerated in a by industrial pollution. Gnlv 

co!S: The & ;Salid S a nd e Je^reJ'STd^-'oO? SfinK? JStlF* novel by an author 
.cramped conditions .on his space York hureicanes do^ th e"pre^ ^If in lb^ges S? Analog h !he 

up to the danger, leading U.S. science fiction 

ships are more like 18th dent 

century sailing vessels than the Herzog’s cnmpwhat in,n«Xj,'r» nemm 

ssssi? SssSu ^ 

ferlSeT ^ jU8t as he IO «Sr fic and S 3 r ZnZno£r?T£ 

grediem of aVgooT'dSLScore SF ,S?.t4 Wtte ,han ^ ard 


mails. » mpfg* RPi* 

- -• fet: ; 

Fopijs* comdty. Strjg. 


114 j 


U7.9 : 


. 341JS 
347:7 ' 



323 JJ 




585W • 

. 371.9 
2 TtA 
27 9A . 





.186 J 

. .187.4 



: iaa.i 
: 1943 

- Wot nuofialiy -adjusted. 

. 198.1 

24L6 . 
238 m: 

’22486 - 

63. Si 


publitv that the auDronriate , ®. s ™ R °P“enie. 

diagnosis was not made until Ju^wel^helw 

Simon ,wa -roirt Vears old and Q elps them to. unlock 

then .only because his highly 

articulate ; mother demanded an 4^?,^' re Si2.*hhS^fe h S£ r 
estimated ^-4 ^ 

,b «; r — 

Capricorn Games 1 by Robert 

Silverberg. Gollancz. - £425 

180 pages -‘ ' 

A typical selection from this 
prolific and quirky writer. The 
stories are exotic, almost sur- 
realistic, with on undercurrent 
of menace never far. below the 

• “ Breckenridge and. the r.on 
tinuum ’’ is one of the most 
impressive offerings, in the pre 
sent collerliun. A prosaic New 
York stockbroker -finds Jimself 
caught up in the eddies or 
mysterious tinuvstorm. - .One 
moment he is discussing the 
Dow Jones average and the next 
he finds himself wandering -with 
strange companions under an 
alien sky. As usual, Silverberg 
does not tie up the' ends. He 
leaves tbe reader to- ponder the 
enigma for himself. . . 

. Other pieces hardly, qualify as 
science fiction. In fact, one is 
a thinly disguised essay on the 
nature of the genre. ' Bui he is 
never dull. His description of 
science fiction, as “dynamic 
schizophrenia” seems as good 
as any coined so far. 





WHO 1978 

is now available 

lAdam & Charles Black 



Last Orders by Brian 
Cape, £3.85. 223 pages 


fooiina • *>,«» >1 , v v uir owrase. ana. d^ter 

«rel!h£ • t «fLi- U, . erB 'j Wm,W j* bR ■Winatlon of the .four mothers 
and tnii>rJ!w IC Kr ?. ndmc tt 'bn all 'scorn in possess a kind 

heha!w if n?L nf jannt -V- bumour funless tfte 

JSS^' r “ s *>nly the children- i s attributable to Tom Wat*, 
handicapped mstcad of field's stvlel and 

•“ ! ™ r^ ° B, 

The most successful stories are 
set on the Zodiacal Planets, that 
weird Aldiss region where dream 
and reality intermingle. Predic- 
tion has becbgie fln'ixact science 
and religion is based on the 
belief that the afterlife begins at 
the moment of birth. 

A whacky vein of humour runs 
Ui rough most .pieces. One In- 
trepid character is engaged in 
producing a musical from Witt- 
genstein's Trnciams Lom'co- 

But tradiiirmaJlsls will shakp 
their heads al the plotless pieces 
which reflect AldissV obsession 
w'th ihe so-called “m*w wave” 
iof science fiction. Disjointed! 

JT. . 

■raj* a 

a.- , -■ 


TttQ€S Thursday 




Down on fears of wage-price curbs 


NEW YORK, March 22. 

STOCK PRICES continued jester- two points to $45?. Mww was ag^nst the trawL in restricted activity, affected hjr Relnteghaus a«4 TreBiactoec- 

day’s stide in light trading amid down 9} at $40*. wfaDe Pan-Am CSW “A” fell SC2f to SC5| and Wall Street’s* weakness and the MAORIS— The general indea 
trader concern about new talk of picked up to $0*. HIM rose GSW " B " $C2$ to $C5*. The approaching Easter holiday. rose A55 -to close the week's trad- 

wage and price controls. $H to $240*. . ; Honeywell 1* to shares were trading ex-dividend. Both Swissair stocks eased on ingratS&ol. Banesto and Popular 

By 3 p.rn.. however, there were and Du Porn $i to $102*. . -- PARIS — Easier in trading profit-taking alter their recent gained 5 and 6 points to 212 and 

signs of a revival, as earlier, losses Chemical eased $4 to which, while quite active, was less strong advance. ■ 203 respectively, 

were cut back slightly. but Gulf Oil gained $* to so than - in the last few days. ^ ... generally ras !5 r c. . «? MILAN— Irregularly loiver in 

The Dow - Jones Industrial S 2 -^- . . This easier tone may have been JJ”USnisse advanced S a Jrs.lj very quiet trading. 

Average was down 3.03 at 11 a jn^ " Sears, delayed on the Big Board, due to investor hesitancy ahead -■ *«££._• r ^*6 U P L10 to 2B00. L„ u . 

but by 1 p.m. this loss had been » indicated at S21i to 822* 0 f President Giscard <TEstaingV Olivetti and Pirelli Spa made rare 

— t$Z2} previously). The company televised speech last night or ”2™? £**5° 'SaSJL.®, gains in lower Industrials. Medto- 

reported a drop in Its fourth fears about the cost of election ^3? n.HS w**’ 3 ? 

ouartpp l>9mlni't nrnmlwc KSBlSlerfO. 

Closing prices and market 
reports were not available 
for this edition.' 


quarter earnings yesterday. 

R. JL Burns dropped $11 
STS . 

Price s we™ ran the 

AMERICAN SE. The index was 


Stores. Oily and Chemicals were 

■GERMANY— Mainly 




cut to one of 2.51 at 760.31. The 

iy\'SE All Common index w^s off 0 ff at L27^ by * p.u«. Volume trading. Asturienoe. 
' cents at $49-98 after being 10 V3S 1.45m, shares f 1.62m.)., Solvay. Tessenderloo 

cents lower at 11 sun. Lehigh Press jumped 515 to rose, while EBES. 









Sean Roebuck ... 

. 570.900 



RCA Corp 




Teleprompter Corp. 5M.700 


+ k 

UKficr Stores Inc. 190.300 



Santa F> lmL Corp. 190.000 


+ ! 

Minnesota Mrs. Mf. UOJSQ 



Atlantic Richfield - 

. 153.900 



Chris. Craft Inds. .. 

, 182,980 



Citicorp . 

. 131.909 

19] ' 


Exxon Corp. 

. 1 83.200 



Carrier Corn. . 

, HBJW) 


+ 1 

General Pub. Uhls. 153.260 


+ * 

As^icurazioni Generali lost ground 
slight m insurances. 

. t -firmer, follow^ initial New Yorlc 

juiet with a gain of DM130 to DM80. interest and higher bullion mdi- 

Leading stocks to lose ground . • ... _ 

and CEB included Deutsche Bank, which Trading was quiet, with selected 
Electro bcL fe n DM2.40 to DM305 VW. off shares easing slightly towards the 
DM150 at DM21250, and Met- close . - - . 

cedes, down DM1. J*. gamed 3 cents 

COPENHAGEN— Stocks ended *JJg R0.10 earlier ahead of divi- 

the week wath a generally higher TftWn_<if<rht]ir hkrw hJ 
trend. Debugs were moderate. TOKYO— Slightly higher. Jed b7 

Banks- were mixed. In™rances shares and; 

trading, led by Hoogovens. off unchanged • and Commodities, specula tnre issues. ■ 

50 cents at FIs.24.10, and Akzn, industrials. Shippings and Com- Camera^Care and Electricals 
down 30 cents to FI&22L3Q. in municatwiw higher. " ?i l r , ecOTered **t® r a P?4we in the 

Dutch Internationals. OSLO— BadSs and Industrials J® n S'®bf r ^®p on m Toft y°- 

Among big losers elsewhere. cu»iet. Insurances and Shipping Petroleums eased, 
on Canadian stock markets yester- KLM lost FLO JOT to F2s.l2650 easier. ®tj Ibe first market 

day. By noon the Toronto stock and Heineken Fls.1.20 to Fls.10050 VIENNA — Generally slightly 2j0m. snares, with 

Volume totalled 114A2m. shares, sgj ft busy trading, while Qabecq and Acre all fell, 
compared wtii 17.34m. shares at Shenandoah Ofl, also active, rose UCB dropped B.Frs.26 to 

1 number . one *«“**■ ^ but Arbrt "* u " chi ^ <i « 

active on the Big Board, dropped 



Petro final fell B.Prs.45 to 3,850. 

AMSTERDAM — Lower in thin 

Prices declined In early trading 

exchange index was off 2.6 at while KNSOT. Ned Uoyd and VMF- higher, with -buying interest highly % ?i rtpac 1115 decUn ' 

1.042.9 and the Montreal Com- Stork also feQ. selective. Veftscher Magnesft met ,ns ones 342 t0 slOL 

porite 0J.7 lower at 178.77. A3CETV. Pakhued and BUenhorf strong demand Hosing 7 points- HONG KONG— Firmer across 

ponte 037 lower at I7S./<. AMiSV. Fakboed and JBIJenRorf strong demand Hosing 7 points- 

GoWs put on. 35.6 to 1J189.0. M-ere among shares which higher at Bchj4fl. Other firm the board in very active trading. 

Utilities, up 0.1S at 163.73. were adva nced ag ainst the trend. spots included Union Baumaleri- after absorbing some profit- 

thc orriy other sector to gain SWITZERLAND — Slightly lower alien. Steyr— up Sch3 at 184— taking around mid-day. 

Volume totalled 8HK6953 
















!T moW [,.!*• 



BS.Mj 8BJS 1 

1977-7B rtiface oom pi hit* a 

51 «r. Uar. 

17 ie 

iSaa U,EJ| 60J&1 *3.67* 



33 I 


Eirtk'aiiii'i'alla “ : 

. JUkr. 3t >- Uv. S3 lUr. L7 



67.07 ! *9 JIT 
1(4/1/77,. (6/3/78) 

‘Blub | Low Btflb 1 La* 

I «sum trwhvL— _ 

ItlHM I 

Pali*. I 


We* Bt 

Ho* Uiw».„ ! 

















771.86 768.71* 7B2J2 7B1 J0, 762.58: 698.75 742.1! ! MS I.7W 41.29 



69.72 88.75 S8.B0 1 69.67, 95.67 
\ tin , 

288-re 207J2B| 206.54 206^0 205.10' 246.64 

! (S/L77) ,(28(4873) | (11/1/73/1 12/7(32) 


38/1(101 ! 


108-06: 106.60 106.191 116-46 166:691 106.19 TI8.87 i 102.64 

i llfi.t-l '(9(3(78) 

rnrilde roil 







24.4 IQj 28.680' 28,47o| 2S.4W 25.S4Q' 24.SM 1 , — 


IB77-7B | 


20 1 17 | IB. 


- L/rw 



1+1J14: 172.11! 171.201 170-BS 1 - 1M.47 ft7>. 

178-84 1+9^ iraj)7| 178.5^ 10+JB (lfl?l/77i 

158.02 rS>- 10 ) 

165-60 125» 10) 

lOKONTO ivimpu>iie| 

RMfl.8 10(6.61 1044.0 

UBKAQBrn ■■■ 

'. 061.0- (SKriOl 



Irvi art rial* 

107 i 

135.1 1 mj 20J.T 
196.8 | 1B7J1 107.0 

219.7- ( 1-2,7?] 
27*14 il/I/Tfii . 

1S9.4 i24-5) 
160.1 (32.4) 

1 Hud, ns itvi« cf»tb(M rmm amcncr » 

lnd. dir. yield % 

1 Mar. 17 [ Mar. 19 t. Mnr. 3 \ Tear ago (approx, i 

i 6.06 




Mar^l Pre». -1977-73 1BT7-7S 
22 ieus filch ■ i/vw 

Mar. I Pr»- '1977- 751977-78 
S2 • I timia Hl^ta ; Low 


AnstraliafT) <46^8 . 4*6.72 479.43 • 
• I |3/l/78)ri(i/2/n 
Baigium U) 93.77 : 83.94 90.12 1 90.43 






Mnr. I Mar. 1 
20 I 17 | 

! Mnr. j Uar. 
L6 I lb j 

Mar. 1 . 

j 14 1 High . Loo- ■ H«b ; Lour 

I (ntostrisih, 


flfl.93< 99-26 
SO-82J 90-20 

j 98.40 87.98 

99.5ft 118-92 i BS.52 ' 154.64 1 6.S2 

1 i/1/77 1 1 (6/3,78) 1(11/1/73). (3Cv6ijS) 

(Uarapoaite j 

89. ra! 


1 89 All 89.12 

89-35. (107.00 ! Kfl-bO ; 125.15 ' 4.40 
■ I3ilr77i ! (6/3; rS/ 1 (11(1/75) (\(6(3Cj 

France H-H 

MsrcU Hr | 

Mar. 8 . 

j Mar. 1 . 

|7ear ago /ap/irex.l 

ind. rtl+. yleM % 

5.47 j 




Int. P/fa Katio 

8.43 j 

• 8.46 




Lint tnHri. imim vrefar | 

! 8.16 I 





(Denmark**. 9&.30! 04^9 - IVLgi • g*M '• 

1 '■ ; . : 10, 6i 1(6/9/78) 

69.3 6U. KIJ3 i 4 iJS 

(23(3/78 (10(6) 

GermaayliiV 194.0 ■ 7953 aU3 '• 712.5 
' 1 (17/lI)(10)3/77 

Holland IIP 1 77.7 - 77^, 93.2 75.6 

. r*/6> . <aw> 

Hong Kong 436^7 434^7 *35.£7 333. a* 

(*v> 22/6; 760 (IA1.70 

Italy 05/ hi. 31 KM» fo..71 tA&> 

(5,1.77, (SZdSi 

Japan Ml 39E.45 397.68 399 M 350.48 
( 16(3,78 i24/lli 
Singapore 1 282 JO ' 2 &t 2 l 2FG_30 24828 
(6) i , (22/3/76 (5/51 

W. 88^1 j ET.9t> ! /0OA» bi3« 

: I , i50(i2, \ 

(o' 361^2 | SC-25 : 416^d 286.69 
: (22(3.. -&HH) 
283.1 1 296.0 1 325.7 : ZEOjS 

imUcwt ana tut dales, «ali case v«Joes 
140 except . NYSE All CorDiaon — 50 
Sundards and Poors — in and 'Toronto 
.<uu i-UiM. the bun named hasul on 1975). 
tExdudlos booda. 1400 industrials. 
5 400 1 1 ids.. 40 Utilities, to Pin-. nee and 
20 Transport. «ii. Sydney AD OnL 
t il Belgxan SC Si/U'Ct <'*> c«weattaeea 
SE U1/T3. tttjParit Bourse 190L 
is, Conunerzttailk D^c.. 19SU iiJ> Amster- 
dam. Industrial' »70 Uafls Sens 

Ra MS 31 <7/44 «S1J) Milan 2<l.-73. imTOfeyo 
Nev SE 4/1^8. . .(bt Straits Times IMS. 
t« Clew. <j, Madrid hE 3e-i;-77— Hum 
and Innr for 1979 only ,ei Smckhobn 
Irtdosina) 1<r/SB. fj, Swiss Bank Corn, 
cats Unavailable. 


AUSTRALIA — Urau lam stocks 
received 3 minor boost. ' Pan con- 
tinental closing €0 cents up at 
SA9.50 and Queensland Mines 10 
cents bisher at SA1.70. 

BHP eased 4 cents to &A5.S0 
during early -tradin?. bat 
recovered to dose unchanged at 

Finance groups were mainly 
steady and Banks improved, the 
Wales moving up 2 cents to 

In .Mines, Utah rose a cent to 
$A3.Q€ and HamersLcy 2 cents to 
SAI.94, but Western Mining lost 
a cent to $AU2D. 

dent Sadat of Egypt hit the dollar national morRei. 
In late tradms however, and 

4z; ( 

1- DEUTSCHE -|| 

although the rummir was quickly 
proved to be false. the US:. cur- 
rency never quite reco.vered-.from 
thts^ 'setback. 

. The dollar touched, a: besj level 
or Sw^psABSSO lu the-;eariy 
afternoon; but fell to '^SwJrL 
14150, before closing at Sar.Frs. 

X9173. compared with - ;SW t Fr$. 
i^SSTi on Tuesday. Mwementa 
a^afnst'-tbe D-mark and Jopan'esc 
yen -were narrower, with -the 

dcdldr” finishing at DM2.0420. com- 
pared With DM2J>4<3 (prerioady, 
and at V230^0, compared" with 
Yssuo.- - 

The dollar's tradoAcdghtcd 
index: on Hie basis of the.AVash- 
IngXojn Currency Agremeirt of 
December 1971, as calculated by 
tire' Bank of England, fett io S9.9 
JErona 90, 

■ European centeri -banfeK'mav 

huve-imm-ened on a ,MtoH soaie CUREIENCY RATES 
io helD -ihe: dollar, .f 

Sterling*# trade-weighted index, SwwuU i JWrop^ 0 

oa .Bank qf Enqiand' figures; fell ! Brtwiai 

to 63B from 63.9, after -standing 
at 63.8 at noon and in early 


>nl Sit 'ran 

iilwi twnvu • • t 

.Vwsa^'nin '-"¥48-81. -• J 
; ;i£M*50) -i*. 

ilM !4'VT‘KnaA9T%.aVH - <f 

->'<j HiurV- j.-SBfSW 



"l -Valak 

Mat. I? W*.: DWAr 

• % t- Uy iw a . tsij 

Njrw Yurit 


Unu oi 

JUrcii 21 

Mnr li -I 







NOTES : Overseas prices shown below 
exclude S premium- Belgian dirldeutla 
are after urnhboktms tax. 

♦ DU 38 denum. unless otherwise stated. 

V PtaaaM denouL unless otherwise staled. 

* Kr.ioe denotn. unless otherwise stated. 

Prsjm denotn. and Bearer shares 
unless otherwise stated, rven 59 denotn. 

in--'-- otherwise stated. £ Price at tune 
of suspension, a Morins, b Schillings, 
c Caras. . d Dividend after pending rights 

and/or scrip Issue, e Per share. 1 Prunes. 

o Grass. dJv. %. A Assumed dividend after 

sens and 'or rights issue, k After local 
taxes, m % rax free, n Francs; tndudtng 

Utniac dlv. n Kom. d Share suite. 3 Dlv 

and yield exdwie suectai payment, t Indi- 

cated dlv, u Unofficial tcadia/t. » Minority 
holders only.- ir Merger pendns. * AaxetL 

r-BnL $ Traded. : Seller, r Assumed, 
xr Ex rights. xd Ex dividend. xc Ex 
scrip issue, xa Ex afl. a interim since 

The pound opened at 81.8975- u^^iar 
1^985 in terms of the doflar, and Canadian 

feti to a low point of il.8960- Auairia «h - 

1.8970. In the afternoon .it KEEtaSw — * 

touched a high, point of SL9000- ueucMbem'ric ' 2.51431 
ID010 on the weakness of - the Uu«-h guilder i 2,68074 
dollar, but dedtned . again- -to Fren-.u irwu'.i 

SL8975-IA9S5, a rise of 10-points 

ehn rin- Japone**.v*«- 

®71 “6 Clay- ■ . >nrmv krone- 

Gold rose $3 to 8180-180?; show- {■pain pmctn..; 
mg a steady improvement- -from t^«s,i(»h tmnr 
opening levels. The krugerroqd’s Sw, * > innw.-.;. 










1 8.3929 







288. IDS 





MuiitrMt....'-* ’ 

kse; riaS83fiB 

SEtsral ' urlSS^ 

SSS-d ? -d»3EiffiS 


d«to » .lAKi-NutA- 

Stn-liMnU: 8 . 

Tut !■>-. > 3«t • 


.1 J 

? Rales given are fur 
Financial franc 6966 . - 1 

OTHlg K/HDinS. 


Mar. 22 iFcmntmrt i\«ir Votki 


Euiifli Cma :AmM. d'(ti , Zunru 

Frauifurt ' — j £0443-60- 45jefca5 : 6.422 432 o-Stf-KW I 94.W-M 
.\ewtork *! WJK-9& , - - . ;*LS<J44 i.l4&SJU ; 1.«W0-W1K *Ww-/0 



Paris .*5864-9.14 4J5T0i-o82^ 

UnuMhi FkhZhT I 3t.T7 82 

lyin-lnn. .... 3^71-881 [ L8tf76-S5 
.Vnuw-' dam. : I06.wn-7.00 AlWJ-’/i 
Zurich . . .-W.L32-2&8. 1.&23.827 

• • NfllMfeNj 
Argeatina.i 1AW-1J6F Ar^atmuk- W 
A nMrtlU „ t-CSS*. 1.678 W n«rta a 

Rnir.ll ) W.«3t* M 

KlulaDit .... 7J4TO-/.8nnWniinJ J M 

r.rcMw .. . ^3.154 -htSmattarim...;^ 
Hnnc Iviuicit/ft* AUtOl^ DetiroarK. x Hi 
Iran IH-IB6 Fran^r _ SJ1 

Kuwait . ASM 0A» YMmogn^- S5 
LtiwmtOrie 6B.£i-«fl.46 iQrMcp.. k 
M alavutt ..4.46i?-4.W7,I6Ur-.. JIM 

— ; 14.AjO T23 ; PJ 662EH2 i 2U.7-4JJ 242^3-C 3 SL Zealand l J64T7-I.MU Japan... . 46 

■ av ,o • U O i, U 1; Ht u 1. . .. . ^ an . ... 

fi.7fl.S2 : -- , 60^642 1 14Js2ai - 

Kra-fcri 1 60.3p.49 1 -- ( 4.14^-1M ! 3.631-B4* 

rtiLto-SQ (fljWflh 8743 4. l*o6-1 60S 1 -— • ' U3.«i-*1 

11031-841 OaflT 5 ^919- fijgjT 959 8012- 

•' L'jS. 9 in Toronto Cj5. fi = ili'.'i0-F3 Canadian 
Canadian S In K’ew Yortr=dfi.7i-TO .vui--* I’.v. 8 in Milan 863.50 695.60. 
SWriinff in Milan U25.3S-ljSB4.33. Kales tor March 81 only. 

Saudi Arslt ti.-a5-fi.62 ;VTfmrr,i|<l: *1| 
Sinaaiaca .' 4.66-4.48 'N«w»> ... . 1C. 
S. Afrire-: 1.B672 I^eMP.-rtugiu..-' -73 

I'.S. Spain. Mf/ 

Canada.. '•** Its’ land At! 

131 HA V l-t! 

C.». tri!fS-‘ 68.r3 aa.£2 . yugufi* 81*^36- 


.RaU-Sltue for Argrnfin* l* a frw> 


Mar. 22 1 Steriing Dollar 

tSbort term . . 

7 dara notiroi 


Throe mnniha.l 
Six nymtha....' 
One year. ... ■ : 



69a 7 

7i a -75s 



87 t T 
67».7 . 
7 la-Ti, 

ELS. Dollar 

. Gnlldna 

Hit as 

1 mart 


64.-7 i 4.41, 
6i"i-7(» • 4^1, 

7»4-7>c ; 49*^:, 
71^-748 ! 45s-47 a 
7S8-7 sB j 4a#^?a 
7aa-7*B 1 4; a Al a 



ij-sa - 
s *-7a 

3i s -3w 
3i2-3 s, 

, One ranuth "" - Thm< 



’0.16423 c,. 1 

. Euro-French deposit: rates: twd-dar SJ-S) per ccnr.: sevea-day ^-9) per «sti.: 
one-month s»-W per cent.: three-month 9‘-9i pr-r crnl.; sbt-tutnuh 13-lOi.pcr crm.: 
one-year 10M0I per cent. ■ 

Loiw-lerm- Earo-dollar deposlls;' two years 7''is-Sl{, per cent.: 

„ Three years SkSt C»»fa ....... >7 ore iil» 

per coot.: four rears S)-S6 per cent.: five year*. fiaK-Sfo ucr cent. Parw.f. .:l)2-9>2 

The rollawlus nominal rates were Quoted for London dollar cmificates nf dct»wt: strklh.'iiu.3-h ou-di- 
one- month fi.BO-r.OCr crac.: — thres-iaoiith 7.04-r.u per ccdl; stx-uonth T.U-7^8 « tenna... lur-iO^uMit, 

per cent.; one-year 7.55-7.63 per'cenL 
* Rates arc nominal caHhig rates. . 
short-term rates are call . for- aterUns, U S. dollar* and Ca n adian dollars, 
days’ notice for s adders and Sylg3 francs . • . • 

Ne^r Yurk.|0.064. ItdM 

Muntreel .4.10-0.50 v. die 

AVirtMara I iu |,D>-n*r i2i,-l>4 Uf | 

HniiwH*- - 5 iv pm-5 e. ilia B0-U)>-. pn 
f.Vt>*ntiftn .'S' 7 irfeiui- 16 18 w J 
Fwnkturr 'Ui-U ft. pm- 414-014 «7. 
Lut>i)n.-~ I7O-180-1-. iltt 37i600r. 
Madrid ... ,50-130 r. die 206 290 *'. 

Milan . 9-16 Una ilia 26-34 lire , 


6; 8r ura.ii 

. . . .. 

Ziinidt .. y ZtvtU ,vj.u» _ 8.14 59 ,V 

-Skf-nionih forward rto/Dr ti.u-ff.Mr 
IS-monih sg c pm 



Ihf. 9 Prem. at S2.60 to £— 9SJ% (9&j%) 
Effective rate at (1.898&) U\% (44i%) 





39 l B 

Abbbtd ] 


Air P.txIuetM 1 

Airco...— 1 


Ahjr* — — - r 

Aiiecbeny Ludl * 18 
AiiegUeov IVnroi 184* 
Allied CbemKmi.J 

Allied ciKim 1 

\ ilia Chat man..,! 


Amends BoM.^.j 
Amor. Airline.—. 

Amor. Bnnda _ 

Am«r. firoadcsst 

Amor. Csn — ' 

Amer. Uysasmidi 
Amer. Elec. Pow.f 
Auer. Expcesi^., 

Amer. Bora ePmii 
Amer. Medics' —1 
-Amer. Motors 

Amer. Ad. Cn* J 


Amer. thsndsni.. 

Amer. Stores j 

Ainer. Tel. * Tei.l 

Ameteb j 

A11F I 


' A inpex ...... 

Anchor Hn-hiag.l 
Anheuser Bosch.. 

Armm steei •. 

■UA — ..... 

Anmm Oil 



Amuvii I 

AalilaDd OH 

Ati.lIk-liiteJl . — 

A, do Dais Hm — . 

AVt! • 

Alt® .........| 

Aron Product*..... 
tiwiGno Kiev-u.. ■ 

Bunn Amorim.... 
hatiken« fr .X.Y.! 

Harter OH 


Beatrice Ft»»l 1 

BesAen Dbraeaspu . 

Kell X llowen 

Bead ix - 

hernpiM Cans '8.' 
UetDiuhem meet. 
hisuLA Ueekci..., 

hoeiuK ! 

b-.'ise L'iuiaiir_,..| 


fiiirc WsruFT.....' 

lira 11I IT iu< 

kranno M'. - 

UniiiM M.ven, ' 

Brit. KW. AUK...; 

Jj»un*»iek \ 

fiuuvrtis trie 1 

Hudd - • 

Jtunia W»idi....' 
fiurUncT'-fl Mbu- 


lempreii ffiwp.. 
Canadian rtciHnJ 
t'ansi Uandoipb..' 

Larrtsllun : 

i.sritr Unwlcy..._ 

i nf, ! 

tsisnewCi^pn- • 

L. ennui jl ». W. 


Le~«na Aiimlt_| 

ChaneMudnuan J 
cneaiua.iUli.SYi 38 

cue-eticuri fiend ,| 22 U 

1 rmu-le »yMtem„; 
Chmiie Urlrtge-.! 
CliroimUo.r... M . H i 


i.mersma — t 

cin-i Muscrcm... 1 

Ciliveqi -J 

1 itiuk 3erTk.-e._.J 

city investing^a 
C< *31 Cow. 

C01 111- Adonsu..; 

C ouimbta fi*s— ' 
CrUmuhia Hut—.; 

Com. I m-Co^rf Am| 
Combustmi Eng.] 324* 
Combintlcn 154, 

i;’m’j»’th Kdwon 
LfMVthUil Itei. 
Lvionv Satellite.: 
(.-I'liiiui-r- -JetH-e 

C-mnl. Life ln>~. 

L-'iir* - 

Chii. Eumhi N'.Y 

L'yllW fi.Xl* 

Nu. f»a* . 

Cxiitlnrutai Urj,. 

1 ■•nlinfUta, I'll.., 
l ■■ruinriin'i ine^ 

• •t-uirni Oat*.... 

Wiper lnuua. 


194* i 

81U I 

10'., I 

18 1 

291* : 

875, 1 

224* : 
461, ■ 
881* , 
364* 1 


365, ' 
835, i 

375, i 
343, ; 

«5‘ a 




15^ [ 

26s» 1 

305, , 
144* ; 

145, 1 
18U 1 

32. , . 

G>2 ; 
37 j 
607, I 
324* : 
134, , 
10 | 
264* j 
164* 1 
471, ; 
48; a •. 

MU ; 

105, ! 

aflz 1 

33 U | 
£94, 1 

201 * 
41 x, 

• *1 



3 >a 
161 * 









CPU UtViicma I 

Una Iter Ssi__... : 
Uuit-Wnght | 

465* • 

251, > 
36U 1 
181* i 








Dart Indurate? J 

Dei Moote. 


Dentepiy Inter— 
Detroit Edison... 

Uigtati Equip—, 
r (Walt)— I 

Disney . 

Dorar Corpm 

Dow Chemical— 



Du font— | 

EagM Hcber , 

Best Airlines.— | 
Baet m an Kodak. 

205, ■ 
37m 1 
345, | 
23 U I 
71, ; 
17sa > 
16 . 
23J* ; 
1340 I 

33 ! 

39 | 

8340 ; 
28 1 

155# . 

71, , 
4270 1 
344 1 



















- 7l » 



H. O. * li 1 

Kl fkw Nat. Ga»| 

Ultra | 

Hmwsou Electncl 
Umny Airfr’la W 1 




Esmsrk.>_ I 


bjixon .............. . 

Kalu-Jllhl Camera 
Vat. Uepi.4mre»! 
Kireslune Tii e. .. 
Nil. Iiqnsi.) 

Fiesl Van.. ....j 

KUntlHXe ! 

Flora la Power — -j 
rtisw i 

211 , 






344, I 

211 , 















211 * 



UJ ! Urtiy Oil |160 

F.M.C. ' 

Fnnl MoUji 1 

Foremost Mok... i 


r'nukuu Mint..- ' 
Freeport Miners ■ 

Knajlauf ; 

Fuqua luds...~.— 1 
Qjl.F. f 

lianoeti...^ j 

Ueu. Amer. ini..., 


lieu. Caine. -' 

Ueu. Uiectrma— -J 
Uenerm rr*jds^... 
lienenu Hills.... [ 
lien era. 1 Manor* ..< 
ueu. Pub. liili... ' 
lien. ■■jlRUn 
Ueul Tei. bled-- 1 

(im.'l)R 1 


I Ueuiyla Puclfii-.. | 









211 , 



39 •* 










John* Man rifle...- 
JolmsMi Juhuscm; 
Jufau-un Conin.. J 

n.Man Cnrv 

Kai*er liHiu-ine- 
iuu»ei Sieei ...„ 

Kav...> • 


n.«r McGee 1 

Alible Waiter ...... 

ivimheriy Ufaufc..! 

Hopper. 1 

Unit • 

tui«er Co. • 

ten a'trsus* : 

Libby CHr.Pooii...; 








287, l 
264* I 







20 7, 

Liggett Group — ; 

Lilly (Siil ; 

Litton ludust r 

Inoeaw iud*_..i 
Long isisnl Mil 
Louisian* land— 


Lucky tiUTfeu...-. 


Macy K. H 

Mtrs Banrwer^... 


Muutoa 0».„.J 
Marine Midland.. 
Marshall Field .. 









US, • 

311" ! 
341, ; 
444, 1 
131, j 
204* ! 























itoyiujKla MeEals.[ 

Mevnoids H. J I 

Utdi'sras Merrell.i 
Knuuw^u inter.; 
HofamARsas i 


287 3 

















Kitye. Duicti | 

HTK..._ • 

Uns» Logs... .1 

ityner draiem....; 
-wtewsy otnres...! 

6L. Joe MineniK.' _ . 
fit. Hegi* ftiper...! 261, 
Jisnta Fe.lmtB..; 34J, 

5eu. tnseou. 

fiSXOQ I tuts • urewins.i 

SUM/. [ 

Soon Paper, J 

Ouoi-ll Mrg— ' 

ficuflr’ Uuor. Vest! 









1 51, 

. 161, 

I 137, 
I 214a 
I 65, 

May Dept-Mn'ret 



MnDomiiM Dou* 

MvGran Hit. 


Merrill |.via,-b... 
IUmb RefriH«nn. 


Mi unll ■ auk Utii- 
Uuhii Cotv— 

Moasnnto. . 

MlifUSD J. P. 


Murphy Uil,,.„.. 


Nalco Chemical.. 
AailouaJ Cso 








14i 3 












26 1* 



4a I, 
41 39 
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fie* Containers— j 


aesrie iG.U.) | 

beam Koetmct — 1 


shell mi — ' 


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fimitn Kline. 


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24 ia- 
















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Ai’» bngtrtullcl 

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Niaiysra bhnre 
N. L. Iniliirtrlee .■ 
NvmnlkkWM era . 
•Vuttb Nsl.lib... 
Nthu aiiia F*i, 
NrbwcM. Airline* 

.\ lh"Btt DaDuorp 
Nu« on cimui .... 
Ujunlenia. Petnu-, 
CHttls.T Alsifam-^. 
Clhlp Kdi**in....„ 

unu- : 





14 .’e 













43 >a 
3d 'a 


j'w’l Han*hare».. 

a)*frrv Hutch 

apeirv Hum.. ■ 


hsimspi Ursn.iV 
dm- till 41.11*11*. . 

■Mil. Oil Ohio. 

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U-S.Trwi*4s lm* 1944 












AUinbt Paper.^.J 
Agiiloo kauie—.j 
A lean Alum] niumj 

A imms aieei ' 

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daniior Mootree.i 
dank Nora -cotta! 
daaio Kewnrees.. 

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«bye Valley 

UP Canada 1-151, 

Hras.-an I la 7, 

HrlDiv^. J t3-2a 

La.narj hjww^j. J7 
■JsniHp 31 Ui«- .™j 131* 
-sin*, la Oinenu.l Hfr, 
Lana. la AWLanr-j- 1L^* 
Lui ImpuuhCom 267 , 
irtiiaia tiwusi .1 19 

Can. Pbl-Hu- J-.' lr*j 

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334, . 


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IV l, 
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! Hewlett Htriuu.i 

• lioiutsv Inns. • 

I Homestake- 

; Huuev»eli , 

j Homier 

' HctpCorp Amer. : 
HutwU'U Nat- Dai 


Huttoa (t.F.) 

l.O. Industries... 
INA,^~....... ..... 

Ingezsui Maui....: 

inland 5teet_— 
tmillco—— — 

641, • 
161, > 
334* f 
45S, j 

LZ.'fl j 
341, ' 
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2*4 : 

61J, 1 

2“ I 















cirere&tsShlp.... j 


Dweiw HiliLina ' 

; PucUta Im ... 

: Huatic Lighting. .. 
j Pau. Pnr.A Lt... ' 
1 PanAniWrvftf Air' 
I **4rVer Usuiiihn. 

1 Peabody Ini 

| IVu.Pw.ALi 

I PennvJ.U. 

j Pemuod 

, Pisri-Ue, Urug 

! People* Us*. 

! Pepsico.. 

60 1#. 






* Ha 

60 3* 

29 iz 
35.5 b 



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194 i 
357, 1 
224 ; 
144, 1 

184* I 








1.IS.M J 

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LDP L.< 


Iuihiiw ,\v ; 

t.iib.iii Haiiciirp.. 1 
Uutnn CartiiiU-....] 
Union Uodinjeree; 











22 4 
221 , 
201 * 

I Win | 

• uiaufll Nnl.LiHk.^ 
lua'pr'.t Pi|*UnSj 
h.n*rr ttiomuiuA.J 
l iauirui't MllCOtjJ 
' Uifawiw Cniu. -H.'f 
Ale' 1111 . i’ii i.Hjeiti.[ 

.UiitMrp terguran 


ALuore Cc'i pii I 

iVuemla II Hies.. J 
.'■iria-ll tvInrTKV ~.l 

v ihii. lews Ha.,.. I 
Aullliti' Ul. X U9>| 

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3.60 ; 
IV >8 1 
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221, j 
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231? - 
loi* ' 
271* • 
214i , 
4.96 1 
1.95 ! 






1?» 4 


22 1, 



» 7 J 







■ rtn.un Pri'm* — » 

i P"tiu 17 

j Pftnrtr- Dej'l. a.^ 4D0 
1 r’wve U V *»i'i„- U.06 
I Pbicm ■ ' £0l, 

[ Puisne nrisimi'm H 









Mar. 22 

"Price* ■;+ or -6tv. yid. 
1)6. - I S * 





Daimler Hens. 1 



Deutsche HanU.^. 
OresCner Uaua.._ 
Dvckerhoff Zemt.; 
Bspag LnnrtL.^...; 
Hrapencr. : 


fiosdi.. -i 

Horten......,™ ’ 

nail und Haix^..! 

■vaulboi 1 

(Dock ner Dm WO-i 
2EU ...-. 


Linde .1 

18 j 3.0 


i*m - : - 

Aidant V'erwcfa— 4B4 (— 3 *18 L0 

BMW 1 224.6 20 4.4 

BASF : 139.6 -0.1 17 ' 6.1 

Bayer. 139.4 -0.4 16 - 

falser Hypcv. 282.0 20 3.6 

Bayer VmetnsWsi. 314^,-06 20 J-3A 

UlbalnuNed-wKs 181 .—4 1 

230 -1 1 
76J2-0.7 *. 

3065 ( 



308 —2.4 
248*— 1.9 

144.5 +33 
198 —2 

111 ' ; 


1303 — 0.2 I 

46 —0.4! 

120.5 — 0.6 

144.5— 2.5 

300.6— 1.5 

208 | 

04 J-OA 
176 i+l 
V7.V — :J 
833.6p — 1_5 


107.1-0.4 I 
187 -2 
.167J5:-1 . 

214 ,+Z ! IO 

51b ' : 18 

113.7 —0.3 j — 

109 —0.8 


Mar. 22. 

r-Pruwii 1+ oir'DtrJrkL 

leo i — % 

12 • 6.4 
*9 ’ 1 3 St 
16 ; - 
4 I 4.3 
10 ' 4.2 


Dmreubnui 100 — ‘ 




•VeokenBun — . 
Hkumk DM itu. 

scherln/r- ... 


Sim Zuc*er. - 

ipywen A.G 







1 12 

i E 


283 :-0j5 : 
249.5 +3.3'; 
126^-0.2 , 

177 1 

107.1 -0.1 

306 ■ 



3 3 


4 3 
2 3 


SI si 23 



+ ur pie. -flu 

.KUpid iPl.OJi. 

Aigem BubtK'.lOu 
A.U6V (d.U)»_v 
AirmriMub (FI.&Vi, 


xikaVt'esL'intP .10. 
cur fare 1 rencTwir 

Knn la N.V. nearer - 
hiimtloM Tst Mir 
ciuti. Urcuuies< PL 
He»nek«i/F .asi.j 
dun rer D.{F>. 10c- . .l'AH.-i 
ml Mu:ier(L4)).-. 

N Harden 1K-.UI.1... 
.Sul. Veil Ins.f Pl.lK 
.\eiit. rertUbiFUeL’ 1 
>e»t MkJ BtiFiJSt-i 

Oi-e (KlJiOi ..... • 

Van Umiueitn.. 

(Fijiii., : 

pinup. . K,.lvJ» ” 

Ki«.eu«PijCi ; 

KidlncotFrj®-... ' 

Uuyai Untch 1 P 1 J&r 

a iw veil burn 

ilevmUrpiF ^0n 

UnUewmFCSCh... 1 , 
IV'eutian’iiu. Baa hi 

«21 . 3.0 

Asahi Gbu»_™..i 322 

Canon i. 474 

Uwle 1 S7B 

Dhiflon.... -j 376 

Uai Kfppon Pnutl 684 

Photo ' 537 

Hitachi 220 

Honda Motors — J 557 
House FoM...^—.' 1.230 

u-uotu. saa 

lto-lofcado L230 

Jaocs^ ; 668 

J^;L. 2,790 

Kanm Kiect. (V. 1.130 
Kcmalau — ^ 316 







2 Star. 22 

l+ ur 

ausl a !• — 

; 14 ; 2.2 . 

I ia,- 1.2 ' ACSUL (Bbeeot* 

25 1 2.2 I Acrow -Australia 1 

20 2.6| Ailed Mnn-TidB. (ndurSl' 
.18 I 1.7 J Am pm Kxplet»tioa_.™^. 
15 1 UiAmpm Petroleum... 



•—20 - 









Kubota^.....— 282 
ivyoupCemralu ..1(3,760 

Uatausbrta lnd„.. 
Alitaublntn Heavy; 
Mttuibisbi Loro . -1 

Mitsui A Co. 


Mippoo Denso..... L240 
Mppon Shinpan.H 677 
DuwoUoCoriL..' 788 

Pioneer — ; ,1.350 

fiauyu JBlrrtrfe ..';. 215 
fiekiml Fr»ai».„ lr 042 










— 1 | 18 : 2.6 
;*B0 I 35 { 0.4 

:-10 t 20 1.6 

— 1 ; io ; i.e 
;-6 ' 12 

i-l - : 13 

..! 2 
>4 10 1 15 

Bony. (1,700 

■Caisfao Marine. < 883 

Canada Chemical!/ 336 l-r 
CDK ?;1.780 .+ 

t — 9 

+ 40 

1 + 1 


1—30 i 20 
j+10 , 40 







! DumopKnbbcriSl] . tl,35. 

J-J K600& H tl.06 




Cwjra ».! 117 

rokm Marine.-— j 509 
toUq Meet PowY- 1.190 
l'«KToeutyo....J 314 
rotni shlfcaura—) 


frirots Motor...:.. I 










13 1 2.2 
30 1 03 
10 | 4.3 

11 ! 1.1 

8 ! 33 
12 , 1.9 
10 I 3.7 
10 ! 4.0 

20 I 1.1 


f-Jooes (David). 

Smuce Nlkfco Securittes. Tokyo, 

Mar. 28 

i ( ! Ore,' 

1 Trice I +or • Fra. Tld,. 
1 . Fra. J — \« % 

Arbeit ,2-200 

«t- Or*. Ulob— .'1.420 

oekm-B 11 1.780 

U.B.IL (.eraam....l .252 
Cocken-.— _' 350 

K tcimtei .......... 6.050 


,j.O. liituvUm..... l.865 

■irwen 1.244 


22.2- 3 , — 

345.5,-0.5 A23.ti 0.6 
00.3 +QJ5 AriWfa.5 
. 4 . 5 — U.4 
80:0"- O.j 23,5.8 

104.1—4.9 /M ■ b.V 

- to3-8- -r 0.3 2a /.4 f rfirboiMPii '2.190 

272.0 -7.5 lul 16 imereom j^L860 

la .® / 4*.,; I'm alien -auk 6.580 

®£-i +*?, -« BSijre.jS.510 

iiin'* * Vn' ( I i ,4 " u HimllltB —2.400 

100 J —1.2 it ! 3.5 ret rx m ns 3.850 

24.1-0.5 l M' -. 5 ! sue tteu 2.940 

+ 12 

60 1 4.2 
112 ! 63 
: 90 I 7.1 

12 6.6 


1*6.5 —1.5 - 1 - 

a >.8 +0.6' IB ; t).6 

54.5 lil «s_m 

107.9 -0.1.WJ, 4.3 
54.7 —^.3 1 «JU : +.a 

lea.a.-O^a . a 8 

lo2.7 — .8 \M 4.5 
lal.B-Hl.S. Io 6.1 
46.3+1.2' 31 H .6 
Ur* 4 — x 21 ' * 5 
72J2— l.o ; 16 -, - 
lc4-3 — 0.7 7.8 

-L30£ +0.7 
la 1.0 -0.8 
247.0, +0.5 
137.0 + 1.8 

101 . 0 ' 

119 3 -0.7 

a-.ben lle>cN|ui,1^70 

nrtlna .......3. 145 

hi rav .....2.575 

i'racTHm 2.535 

LLr- — ... 910 

Ln Minlil. lui 706 

* leli-p Muuiecnr 1,324 

-25 177 | 7.5 
— 50 430 7.1 
,+ 15. 170-7.1 
;+ 10 .130 J 6-9 
;+6 : 80 ; 6.8 
!..r ... 170 : 7.8 
-80 1 142 1-7.8 

265 | 3.8 

1-10 :303 j 53 

£2-25' 3.4 

!—*5 174" 4.5 
'—IQ 1204 . 6.9 
I— S 1140 1 7.1 

215 ;.6.8 

+ 35 .AZOV. 8.4 
—6 ,163 6^4 
\—26 ; - 
i—4 1 M 8J 

! 4- .100 : 7.6 

37.8-0.2! 20 
419-S -0.5, 32 

14 5.4 
Aoo 7.7 
ls4 ..7 
30 ■ O.i 
Asia 1 7.0 



i nxifl U|. Cam... 

* nkni Pscifac. ; 

lntreeont l&wnjy Bu 

IBM : 239 

(ntt. Flaroum 

loti, Msraarter... 
. Inti.MbtA Wwm 
Inti. SJulMIrewl,.. 

; Ikcum-.— 

! Inti. Paper. 

; iPU.u 

■ Int Rei.7 liter 

I ini. Frl. A M. .. 

I Im-rnl.Mi- 

luire H+f r 

[!.. iiiii-iiMti..nal. 
4vm Walter- 1 






29 >2 

1 113 
B?j e 

■ 64 

1 940*4 



3bi a 



58i 3 


101 + 




Perirtn Bime*.-.. 



Phei|M Dodee — 
Philadelphia Lie. 

r- tulip Morns. 

Philips Pi4r» ‘n> 


Pttisrno........— . 

Pisncy Ltd ADK> 

d41 a 
20 >2 

I8r a 

18 fag 

38 la 
2318 . 


tVitHiuu: Kteu—. j 
) PPU rif.iii4.rres..; 
j pnMer GatnWe.. 
I I'uu.'we Weti..; 

I Puiimin 

J «7ire* 

; Wusimh ijsn 

i K+|a 1 Airreri-en. • 

j lif.rtlMMu 

KOA... - ...'.. 

I Uepufalk: 5 lMi ..4 











32 »r 
25 -9 
36 >a 

l Lniroyai.. ‘ 

- United Bmnii,^..! 

I W6 risiKon.. — : 

I US-Grpsum .... 

j Lo.abue... 

1 UtLStWl. ....-.; 

i L. lertmniiviM- 
; tv imiubtriev— ., 

V :rpimn KhH-u... 1 


tVuee-Man'mefti j 
We*t«rn Bnnire) ' 
i wpneni N.Ame* 

! Wmeru Unmii-. 
"V*t in* hw Klet'i 

&01 S 

50 1, 

ljiiel*n.- siurveniJ 

1.25 f 


Kart AslMt.-Cv— 

4ZAr< r 12 


4b la 


ibumer ui. .7| 

iiws-i arigiv 

KB1# i 
h, 4 

09 '4 

H . 

‘■'w. it.wegener ■■■■ 

■ 38 —2 * 13 

33519+11*; 12 



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kur. Paptr_. 

am-!* 1 d 


„ 6ra 


Koi-aiRL . ih (an J 


28 s * 


j.S’ih n'B^KriO)' 

l27l,*a -12 

2ft 1 3 


Kota Iruai J 171, | 


239 - + 2 12 



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■&grani9.„ 4 

Bl, 1 


Aotd Kapel 

Oiteiabrik..:.. .... 

£53i: +213) 12 
841; +2 ! - 




251* ! 



1511**: U 




In:/ Lauaila .1 

155s 1 



L30igUS 11 



20! a 

rlrermi (i.Mine>[ 

4^5 ' 


aupfa. rieromleen.. 

8695* — 1* 12 [ 3,2 

J2' 4 - 1 


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fiuperioa ^ 

101 : ; in- 


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4AJ > 






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slwp lbk-h Iruu.i' 

rial* > 
2.47. 1 







31 18 

ipmcu Can*, us ,' 

Lnmilo Uuin-Ub.' 

1 uuisCiin Pipe Lp: 

Lreu* Ifni, 111 U* si 

405* i 

15 ■ 1 










n 'everlmeuwl .... 


"'ime Cvn.Ind.. • 


W iaomsin fllecl . 



221 ? 




22 Tg 

2 1 1 1 



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■ nura (in. ' 40 Ij 

llil.&lwfax- MlUM' ! 
tta-km Hitera,„. 52>a 
"eul '.»«»« Ira 4*1, 
u i+ic-fi ii«v. l6i» 




52 la 
3* u 

r Bid : asrsd i Traded. 
U New wot*. 


Mar. 22. 

Price + ur 
ffinner , — 

DW. ;t5i 

Aitiwrabaaken— .. 
uniiu’etr W # *(*.. 

I4t) • ' 





Mar. 82- 

Pri+e 1 J- m 
Pra . — ■ 

Id v. vTd. 

Aluminium.... 1 230. ■ — 20 

BBC 'A* I06O j — S3 

Ciba&eljmKr.HXhl 810 20 

lAi. Id. Ufrt-„ 895 ,—50 

Du. ties 665 '—6 

I'redlt nl**. 2 345 :+15 

Biwtrouert ;.J 650 - 10 

Pl-chw (Dewsw.. ' 6 o 0 1 — 30 ' j 
Hutlnmn Pti^erx 79.7S0- — IlsO- iju 

8 1.6 
lu' a.O 
tZ 1.8 
az 1 x 4. 
+2 a 3 

Aswo Mlnensl^^ fc ^.-.u .: 1 
'AraiC.Puip thpgrgl_. u ....i 
Jl^rto-Cfoit Industries. -..-I 
Ma t. Vooitfsttam Ineest—.j 

A n d i « n cu!l.'HL.'..'.r^ir — -1 

AostwOir k 

Hlue J4wnijnfl_„. • 

Brngslnr Die Copper. 
Broken Mill Prapnerary--! 
8H«Joutb ;3. : 

Usrttoa United Uroranr— i 

tLJ.Coies.. ; 

.umuMk ! 

Coos. Goldfield An*..... — 
Gootsiner(St)— .' 




Ucnxtoc KJotlnto j 

Uestnfti AiatrnU*. 4 

71-10 ■ 

tO ^4 
+ 1.85 
+2.16- 1+Q.6I 


— 0.01 
+ 0.01 



- 0.01 





iLZfc iodintriau 

Gml. Property Trust—.. 


ags lndiutries — J 


Leonard OiL.. .) 

MetiOslCrptomlrai— ...— ..1 

SSafiSCr 1 - 1 

py™ urn pun uni—. — 1 


Mcliqlju IntersnuoraO. — j 
Sorth Broken B'ding, 0 WH 


Direr Kxptorotlon l 

Pioneer Cuoerer«.._ ; 

KeeUnA Lmnwii.. 

B. U.annMi ; 

faouthtand Mintnc — .‘.i 

Uwifa tbl 1 j-, : 


.B’esianf Minin/r iSlrenls..' 
Wredsmrths.... : 

+ 1.33 
tlJO 5 
tO .08 
tO. 17 
* 1.20 







Mar. 22 

1 Pros '!*•+■ ur DiiTf 
i Kroner. .— . 

BencWMsnlc ( 90 *971 

wreesssrd- I. 55.0 +QA! 4 + 

DrMirtsure 1 lO05»ft+l.o! M-L 

• 1 272.50— A 76 .20 1 


• r »« ;• 

Arediur**eH 104 
<*M>b H«trofcr>t • - 180 


180 "-fcl I .lift i'll — - - - 

86J5 +0.25TTnf „ 



Crux •• :.m»f 

l < 

,v>i«iii« .: ^ 

Bencudu Bruit...; 

■+(»...« I Util ■ A 

•reign Miaeiiw Ul 
Loijsi Amer.OP^, 
PWrobrus PP„....i 


Sons* Crux OP.... 

Unip.PK : 

V'sle ttln l>»n PI-' 

aw ,-oj«o;ibJ 

1.28 ;+0.s7. 

l.BB —0.02 :j*. 
3-28 r—OjiT;, .. .m.-: 
3.3T c% 

2-58 -0.1® .10} 

4.29 —0.0* .tfi 
b.«2 —0.04 .»'”t 

1.66 k-Q' 

Vo), cr. SflAlai. Shews winj. 
auurep; Bin' de Janeiro SE: 


l+o JB 



MINB5 : 

March — 

Anna American Corpo. ... 

Chancr Consolidated 

East Drieftnneln 




Hustcnhurg jputlDUDt ..... 

3 l Heldu 

Swnh Vasl ~.'7 " " 

Gold Fields KA. “ 

Union Corporation ..." 

Dc Bc+rs Deterred 

, Elyruortuizlrtt • 

! East -Rand Pty.. 

f^oe -Stale Geduid 

President Brand . 

Presdi'nr Stei’n .... 
SiHJonteur ... . •. •{ ' 

Wetkom " 

Wesi Oricrmueln ” 

Western Holdings 

Western Deep 







Mar. 22 

Fra. ■ 

+ or Dir.'Yld. 
j — .Fre.i-“ 

tteobr 7KWJ. + 14.5 41 ,' 0.6 

AirimieOn-Wi'-*. 360 — 3 'St, 16 5.0 . . 

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Barlow Rand . . 

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CniTia' Flnuw 

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Edgars CowolMareir Inv . , ’ 
Edgars Stores ... fMOft. 


nan +«1 

+I»,u. — - 

Aiiululne..... J 364 5 I 24 "! 6i7 j Drueti-nnsaw Sioren. 

diu..;.. ....j 428 • 12. +5 9 .B J Guardian Asanrance 

tJouaun. .....— ...j 677 + 2 ' 8 I. 6 S. ' 6.8 ! tftdcrts . _ 

d-S.A- Gerraia-..j 405 !— 24 5TJB, ^9.3 ' 1 .... 

wnreeirair .: : 1^2a . 1—44 ■ 75 * 9 l hlcCardi/ Rod way 

C-U; 6 L.. ; 331 15 , 27.0 8.2 J ' ...... , 

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Lie rani-Mirv. 327 —9 > 12 , 3 0 l Premier MIUUuc ....... 

Uiutr. Manlier 410D — 14J U.26‘ a.Tl l * riSlom Ponwni 

Dri+tH Wrai Fi‘ *. J23 —2 * 12 ' g gl Protra -tfoldlag, . . 

y'reiisrt Inlre...... ' 81.5 —6.4 1 12 ^7 ! Ram * PriBwrtMe 

“'“W.'. - . 565' .—32 J 7.5 ' 1-3 Rembrandl Group . 

fr. I «+njIes„ J 115.J - 0.5 ;|4.I012.3 ' 

lam, LArotentMe' 187.0—2.0:, 8.26. 4 3 1 ®a*e Holdiitos 

wieui — t — : 60.5 — 5.5 - ' SAPPt 

dutioe Borer.;... - 97.6 

tniantt. 138.8 

LUrmi 610 

tiritr»nii^„ —’1.330 

MaLou* Phttnix.. 1.027 :«.,fl.u. «... a * 

MBjwm 1.371 —59 3S.S0 2.5 Securities Sand 5US.0.79 S ■ - • 

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181 -4 1 19.38 Till 1 ' — — — ‘ 


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InirriCMt o 3,475 

lelmtns iFr.l jJi... 1 65 
XestieiFr. i Vh.. ■S.WO 

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uenmon rijPjs.-i3.iaO 
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tnibliM+t-'r.SbQi.M 5 TOO 
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vblibiierCtn r -u | 300 
ji|irerGl»<F.liVi ! . 354 
fawtmau rFj-aii. • 812 
9tri«, Bunk fF. 100 365 
firvisa (l(e.F^ 3 (l )..'4 500 
Union rianlr...— _;1.H0 

1 5 



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3.i- J rtmirid.Krainl;.;.: 

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135 ,-21 
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9 12 . 8 ! Banco Ccniral 

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A i'SO' 6, Ari 

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^J-Unum E)»c. l.::.-..!-* 



Financial Trmes Thursday March 23 197S.. ; 

farming and raw materials 






:oo late 
for sales 

•Y Our Commodities Editor 

STATEMENT by Mr. -Roy 
Uerslcy. Prices Secretary, that 
bad dropped plans to impose 
liaximuni retail price for tea 
njp. ju*t too . late to “saTe” 
London tea auctioos yestet* 

n>e auctions, which- bad. been 
-.tlponetS from the normal Mon- 
i- date in-;: hope? that Mr. 
ttfersley would make a 5t ^te- 
nt in time, were again boy- 
fed. hv U.K. Tjlendnrs and no 
'Ties were issued bprause of 
u'fficient buying interest, 
ttc'ause nf the Easter hnlidav 
,-iiekt Lnrttfoti tea auction will 
•delayed until April 3. 
f.K. blenders have refused to 


pay for winter 


promised £4m.- towards the cost 
of patching up the damage 
suffered by British fanners 
during the winter. Bui the aid 
will not cover losses of livestock. 
MoBT will go on rebuilding 
fences, roads, buildings, river 
banks and. Seld drains.- • 

Farmers who lost animals will 
be helped from a fund to be set 
up by the National Farmers' 
Unions and paid for by contribu- 
tions from the farming industry. 

Mr. John Silkin. Minister of 
Agriculture, said -some of *be 
Elm. assistance already offered 
by the EEC Commission would 

•-at the. auctions faVihrw ' b * 

*5 in succession areuing.they ; a 111 ™ 815 *** 

id not affqrd. to take, in new) anow ° r ?® ofl 
»ks when they dirt not knnwj- Aecordin^- 

tK, in succession areuin-.. they (8QOW pr 

. . .... -to • provisional 

i'hat nrice they would- be able J figures released by the Ministry 
«ell the finished product. I of : Agriculture. 37.000 breeding 
Jour the hfenders are h op- ful | sheep. 400 "pigs' apd almost S00 
t retail ere will start huying; cattle are known to have died 

in and that there will he a 
jrn to mere normal trad'nc 
ditions. However, it is felt 
t the rlisruption to the trade. 
I the horm done tn the ima-e 
The London aUrtinns. will 
£ some time to rtrtlfy. 

■he Department of Prices 
mM that a- statutory order 
fedttce tea prices was no 
zor necessary since retail 
t*s had come down 1 tn the 
•et' level of around' 2?n a 
rter pound in simermarkets 
multiple hhops. It is 
eeted prices Will he further 
imfl when retailers have 
\ up stocks bought at higher 
res previously. 

ocoa price 

r Our Commodities Staff 

' S WF.fK'S- recovery in cocoa 
ires values rnntinned y ester- 
Lrlipo. the May position on 
London market closed £51.5 
ler at fl.RRS a tonne. Earlier 
• rocoa climbed to £).S70 a 
ve in response to reports of 
■Nigerian shipment problems, 
ftn rise was also encouraeert 

■this winter. Officials of the 
Scottish National Farmers'. Union 
admitted that losses did sot 
appear to be as serious aS was 
believed earlier. ... i • 
"Worst hit areas were the South 
West where more than -20^)00 
animal deaths have ...been 
reported, and Scotland, where 
lfi.flflO sheep have died. . w - 
There appear, to be no -plans 
to compensate, farmers who. were 
forced to pour away milk when 
snowdrifts hampered the Milk. 

• Mr. John Stlkia 

Marketing Boards' daily collec- 
tion services. 

After assessing -losses at a 
meeting this week, the MMB 
decided to adhere to its usual 
practice of not paying for milk 
lost as a direct result of natural 
of natural calamities. 

Although Parliamentary bless- 
ing has yet to be given to the 
proposed £4m. hand-outs, Mr.. 
Silkin .said yesterday fanners 
could rest assured that the money 
would come and that they could 
start rebuilding as soon as they 

chose. But, he stressed that tbd 
special aid would be paid only 
for rebuilding or reconditioning 
buildings 'seriously damaged by 
the winter. 

To ensure , that there were no 
misunderstandings, about' 'the 
amount of assistance farmers 
might expect. ' tbe Minister 
warned them to start work only 
after consulting the Ministry 
ADAS advisory services. 

“We are not .giving a Rolls 
Boyce where the farmer had a 
Mini before* Mr. Silkin' said. 

. The . Government baa already 
paid the bill for delivering animal 
feed by helicopter to farms cut 
off by . snow and guaranteed to 
pay half the coat of restoring 
land in the South' East damaged 
. by -seawater floods. . .* - 
- Tbe extra -£4m. will he paid \ 
■ouf similarly.' Special grants will i 
cover 60 per cent, of the cost of) 
replacing or “reconditioning” [ 
buildings and glasshouses com- 
pared with 2040 per cent, paid 
under normal grant schemes. 

■ Grants of 50 per cent, in the 
lowlands and 70 per cent in the 
hills will help rebuild fences, 
roads and river banks compared 
with 20-50 per cent at present 
In Scotland .grants towards 
arterial drainage work*, will run 
up to 85 . per cent . of the total 
compared with a maximum of 70 
per cent under normal condi- 


EEC sheepmeat plan unveiled 


THE EUROPEAN Commission The proposals, also provide for 
tn-day unveiled the main ele- a safeguard clause allowing the 
ments of its long-awaited .pro- EEC to impose import restric- 
posals for a common sheepmeat tinns in- the event of actual or 
policy. It would involve the threatened disruption of the 
setting of an EEC -base price- — market This is- a standard fea- 
lrkely to be significantly higher ture of EEC. agricultural poll- 
, than 'current prices - on- the. cies. and It is likely to cause 
(British market— and a system of concern to New Zealand, which 

[selective deficiency payments.. exported more than 220.000 

i It is also envisaged that a tonnes of sheeorreat tn the Corn- 

limit should be placed on spend- munity in 1978, the great bulk of 

ihg on the policy. Though the it to the U.K. . 
proposed amount has not yer 
been disclosed, it should he rtlft- 
tiveiy modest by EEC staadanls c ^ ia " ,,srTea 
pews of an unexpcctedlv | because the Commission does No specific level has been pro- 
cp 13.9 per rent rise in U.S. I not- plan to extend the contrt- posed fot the base price, which 
nary confectionery salesl venial system of monetary .tdiiiT would be fixed by the Council of 
Inst the, same month in lB?6.lpensatory amounts , to trade is Ministers- in the light of price 

tV.r upward pressure was I mutton and Iamb. movements once free intra<om- 

ritfod by a rut in arrivals of! On the external side: -the trade in sheep meat was 

rilian Bahia ^ P oa i a si week. Commission proposes replacing established. B« die Commission 

the currebf ad vaT&rcm tariff ^ ha f «h« 'U eould be 

a variable levy which would not at aboitf th e s*™* level as 
exceed the present 20 per 3Fera S e community market 

tariff rate. But it suggests that pnce : 
tributes to. a new wave, or; there would be -no point in mak-' Last year this was jurt over 
eulalive covering against ing the change until world; two units of account a kilo. The 

sheepmeat prices recovered to‘ it market prices were 1.43 ua a 
least 00 per cent. o£-the pianne4 ivilo in Britain. 2.69 ua in France 
EEC base price. ■■■ ■■■■ • • and 1.56' us in Ireland. - 

... L I ; . .. , ...t .?-• .%.£ - . : f-* " > 

.total jvas 22.745 bags corn- 
’d with 3R.SQ9 bags in the 
rious week. ' .* ■ ' 

farters said all these factors 

lier "short" sales but that 
market was trimmer! back 
n the" highs by profit-taking. 

BRUSSELS. March 22. 

As for other products in which 
the EEC is some way from self- 
sufficiency. no community inter-; 
vention mechanism is envisaged 
for sheep meat, though' private 
storage premiums would he 
made available if market prices 
fell below 90 per cent, of the 
base price. 

The commission proposes that 
income subsidies, effectively defi- 
ciency payments, shoold be 
made Available on a limited 
basis to producers who suffer 
losses as a direct result of the 
introduotion of tbe new' policy. 

This would probably mean 
that most of the payments would 
go to producers in France, where 
prices conld be expected to fall, 
rather than in' .Britain and 
Ireland, where the new policy 
should produce ah increase in 
market price levels. 

The size of the payments has 
yet to be decided. It Is under- 
stood that the Commission plana 
to submit 'several - alternative 
mechanisms to the Council of 
Ministers, including a proposal 
that the payments should he 
made on a regional basis. 

m copper 

By John Edwards 

GOFFER prices advanced 
strongly on the London Metal 
Exchange yesterday, bolstered 
by a variety 6f banish rnmoursi 

including the alleged assassina- 
tion of President Sadat. Cash 
wire bars climbed £13.5 to close 
at £666 a tonne in very active 
trading conditions. 

Increased buying Interest, 
from one InfiuemiaJ deafer In 
particular, was attributed to 
rumours that Zambia would 
soon announce a cut In deli- 
veries under Us supply con- 
tracts because or transport 
problems. It Is thought April 
shipments might have lo be 
cal by as much as 25 per cent. 

Also boosting the market was 
the news that the U.S. Senate 
armed services sab-committee 
would start voting to-day on 
proposals for *a stockpile re- 
lease programme which would 
involve buying copper from 
funds generated by sales of 
surplus tin. 

■ Tin prices were held steady 
by a rise in the Penang market 
overnight and the • general 
upward trend in other metals. 
Cash tin closed only £5 np, 
-however, ir £5.782^ a tonne. 

Lead autd. zinc prices fol- 
lowed - -The ' upward move In 
copper. A further boost to 
zinc was the announcement by 
another major European zinc 
producer, Royale Asfurienne, 
that it is planning to cut out- 
put by 50,000 tonnes a year at 
tis Auby plant in northern 
Franc*. -On Tuesday Ylelle 
Montague announced a cut- 
back of 30,000 tonnes. 

tin output 

| By Wong Sulong 

KUALA LUMPUR. March 22. 
MALAYSIA’S tin production for 
January 'rose substantially com- 
{ pared with December last year. 
Mining ' Department statistics 
show output of tin concentrates 
wasi 7.330 tonnes compared with 
6.047 fonhOs for December, 1976. 

Malaysian tin production fell 
9.5 per cint for the whole of 
last year to a 15-year low of 
57.3RO tonnes. 

Malaysia officials confirmed 
that tin -producing countries 
wou'd meet early next month 
in.Britahrto discuss the pro- 
posed release of 45.000 tonnes of 
tin from ..the • U.S. stockpile. 
Malaysia has said II hopes such 
releases will be made after con- 
sultation vfith the International 
Tirt Coundh Bolivia has pro- 
tertert strongly against . the 


in the 

Italian style 


AS AN alternative to the Paris 
Shew this year 1 spent a couple 
of days last week tn Italy visit- 
ing the main Italian agricultural 
show at Verona and farms in the 

The show, or Feria as it is 
called, is machinery apart, quite 
unlike those to be seen In' 
Britain nr France. There are 
no competitive classes for the 
livestock. Those on exhibition 
were' largely commercial store 
cattle imported from several 
neighbouring countries, shown 
with very few of thp finer points 
of presentation. Most of them 
had not even been cleaned or 

I only found one small bunch 
of the Chiannina native breed; 
the others were variants of ih e 
Brown SuisfiC. found in all 't «? 
Alpine resigns of central 
Europe, and the Simmental. 

Italian dairy fnrmins is 
largely made up of a multi- 
plicity of small farms with the 
averaee herd size about 5.4 head 
Yet there are some very big 
herds, and the percentag of cows 
in herds _pf..mnre. than .50 head 
at per cent, is tbe highrst 
in Europe a Dart from tbe 
Netherlands and the U.K. 

■ The dairy herd has been 
heavily influenced by the 
Friesian, originally from Hol- 
land but now more and more 
dependent on Canadian and 
American Holstein blood. The 
Holstein which, of course, de- 
rived from the Friesian, has been 
bred in North America to pro- 
duce milk on Jarce quantities nf 
high quality fodder and grain, 
and depends very fltlfe on grass 
for production. 

This characteristic suits the 
land and climate of Italy, par- 
ticularly in the north. With 
irrigation heavy crops can be 
grown there and either pre- 
served as silage or hay and 

carted to the cattle which never 
leave the yards and buildings. 
Just as in the U.S.. 

On previous visits lo this 
region I had invariably been 
taken to Farms belonging to 
counts or princes. On this occa- 
sion Die dairy farm visited 
belonged to a gentleman In the 
chemical industry wbn was vague 
as to how profitable it was. 

The herd was based on 
impurialipn from - Gann da:. - the 
animals looked well and 1 were 
housed in modern buildings. The 
annual yield was claimed to be 
about 1,350 gallons, a head and 
the milk price at the time, of my 
visit worked out at 67p a gallon. 

When 1 suggested' that British 
diirv fanner 1 ? would be very 
happy at such prices the owners 
said that things were often diffi- 
cult. Last year he said milk from 
Germany was flooding the mar- 
ket. turning the Rrenner Pass 
into a river of milk. .. .. 

This flood had been turned off 
by the weakness of the lire tffitf 
the strength of the German mark. 
Costs, he implied were very heavy 
and he bad to “ give away “ his 
calves at £100 apiece iT they were 
bulls. His heifers when sold 
calving, surplus to requirements, 
made about £000. Both about 
double British prices. 

A beef enterprise visited 
seemed to he, at any rate, much 
more practical. It was based on 
the importation of calves from 
centra) France and rearing, them 
for final sale on a very’ highly 
concent rated diet. It had been 
set up by 13 local farmers on a 
co-operative basis. 

The caltlc. 2.000 of them, all 
hulls, were housed nn a central 
site and each co-operator guaran- 
teed to provide a certain quantity 
of silage and other feed. The 

capital was raised on the security 
of each of the members land. 

Some of the money had been 
borrowed at I per cent, interest 
over L'O or 30 years, but the latest 
buildings had cost the borrowers 
between 4 and 4J per eent. over 
the same period. These rates are 
subsidised by the Italian Govern- 
ment: then* is also a 20 per cem. 
EEC subsidy. 

This beef farm is a member 
or a wry large co-operative 
which is involved with the pur- 
chase of ihe calves and in some 
cases with the sale of . falstoek. 
The cunsuhani veterinary sur- 
geon in charge nf the animal's 
health said that in all he was 
responsible fur 75.0QQ cattle If 
what 1 was shown wa> any guide, 
the Mandurd uf stnckmanstaip is 
of a high order. 1 do not think 
1 have ji*en so many good cattle 
together for 3 lone time. 

It is a high-cost enterprise. The 
bcM calves for the purpose are 
Charolais. then Charolais crossed 
with Simmental and other beef 
breed*. They are expensive, 
.costing about L400.000 (£240) a 
; head delivered at about three 
weeks old. 

After weaning off imlk tbey 
are fed on a very high concen- 
trated ration until thev are 
adjudged fit to market, at about 
15 months weighing 700 to 800 
kilOR alive and makins at the 
momenl £700 tn £900 a piece 
with the Charolais at tbe upper 

Production of ibeae cattle— 
bulls — is peculiar to Italy and 
can only he kept going by the 
importation of up to a million 
young cattle and calves from the 
rest of Western Europe. It is 
some sort nf a commentary on 
the Italian order of priorities 
that in spile of allegedly being 
the poorest country in the Com- 
munity it produces and consumes 
tbe most expensive beef. 

Wheat pact likely to be extended 


A SPECIAL meeting of the 
Internationa) Wheat Council 
here to-morrow is expected to 
extend the present agreement 
as a temporary measure. The 
UNCTAD conference negotiating 
a new wheat agreement will 
probably be reconvened in the 
autumn according lo delegates 
at the talks. 

Although the conference, 
which has lasted for six weeks, 
has not produced a new agree- 
ment, many delegates feel it 

has been useful in clearing up 
a number of issues. 

But the U.S. is still said to 
be opposed to maximum and 
minimum prices and supply 
commitments. The EEC and 
others maintain that a commit- 
ment by exporters not to charge 
more than the maximum, and 
importers not to pay less than 
the minimum can reduce the 
size of the necessary buffer stock, 
and keep down the cost. 

GENEVA, March 22. 

The size of the nationally 
held. internationally co- 
ordinated stocks is a further area 
of disagreement, with figures 
between 10m. tons and 35m. 
tons having been suggested. 

Renter reports from Winnipeg 
that Canada is considering a 
plan to sell whe3t internationally 
on a higher protein-guaranteed 
basis to compete more effectively 
with the U.S. and other producing 
countries for overseas markets. 




.PPBR— Very in actfre rradlnc 

i? I.nndun Mnal Excitant Forward 
ro.-.p from' an oponma f«e on rtir 

which also influenced Uje *har» n». In 
the luc vnier-uffloc vnufinn forward meiai 
moved further ahead and die price was 
quoted annind £fiS7, Turnover ~X3 


~ or- n-m. ,V+or 
omeial 1 — ,'Cnothrla) • — Ar*P«»l 

lorAct n> 9 liiah or £BS3 in jht Rinp% 
■In* ■'Irons b living ihrougbtwl Ihe 
toy oiip ‘tnftncnMal source, vafjoiu 
irs indutfias -Talk nf producer price 
■ltd some pood European demand 

5850 i+75 . - 

h Grade £ , £ 

Ufli.- 5845-50 +7B 

Amalgamated 'MMal Trading reported i months^ 3835- SO +70 
that ID Ihe moraJus three months wire- heuiem't., — 

bars Traded at SfiTl. Tti. 72. 72-5. tl. •StamUnL 

*3 5. 74, 74.5. Cathodes, cash M51. three Caih. 3845-50" + 75 5780-5 ,4 5 

.. months 085. 05. Kerb: WIrahurs, three 5 month* 5830-5 r +BS* 57BO-3 :4> 

wmwJnirlDR r»Tty nn belftw 'Ihe months. £674. *4.5. •£,. 7V5. 76. TB^s. 6*U lens' t.i 5350 ^-75 — | • 

arompted . flurry »r rfiDri-corerlnh Afternoon: Vklrebara. thr« months M*3 r -Si rate* E.. :S13141j +1D* ...... 

. . _ 3a &. to-5. . 7. 8. 9. 9-a. ID. SD-o- fverb: York — 1 r ' ' — - -i ' 

-vm. +'«; _ v-m- • t+v Wire bars, thrte rodnttw ,«8l. 2. 2.3. 2. , -• -. ■ "" 

Oftlrial 1 — : tn. Olcial — 1.3, 2. J.S, S. • Morplac: Standard, aab rim 49. 5ft 

TIK-eardy chained: Tb»rlee in tl» suSdarT''d^ef^,LtS ^ Ktr ^r 

Vra«M price, the flmaow of copper and s^' 

IMP m-Mor ntaiaar nAvKiul tomrineKs AoaTioon. Standara. three -months 0510. 

TSftfll- . fin.N»; nmraahM 
16US nte-Mi; . othbr mtM 
Arabic** 1 7SM HIZJTr. trohowaa ' IM J9 
tU4.Hi. Dally avenue 190* UM.74). . 


t. \ e 

52SS- 5 +5 ■ LONDOH AKA8ICAS w «♦ qnieily firm 
5775.85,4-1.5 wuh-lniereK centred On the two oeaAy 

pomioas. Dread Burnham Lambed it- Anril 
porn. Values 11 the dose- were S3 M on ' 

the day. 

j7»t*rtya+~ or 
I UoN . — I 



.riertonne I 
■ I2B-7D-2S.9 — O.B 124 59-22,58 
I24.B0.K.6 —0.8 1S4.7C *2.78 

• Prim th» mfar-tanw »Uar- H l.n.** U< -O^ 12S.09-22.M 

• aJ2i «lSS*C2a r i»^«£: ,llftai.l«-OA Iil.lto-1T.S4 

195.05. Jane KZ. 75-171 Jo. -t-S.Sv, I72J#- FWK»,,«rw n« m 0 *n a • 
m.Mi AM. uMtuMfc +8 - 75 - law A^r^ZZlliSlriioi. 

! € 



660-.3 4.11 , 

lh».. 67<1.Q-8 >11 ■ 
■n'nt 580.5 -ril j 

a**.- 1 , 1 

.. .. 650.5-1.5 + 1W 
! h»„ 665-3 4 10 
n'nt 631.5 -+19.B 

W- — ' 

hear qoverinc aldwt pBrnaJ hnsineKs 

transacted the orerltro day took forwards " "■ Kern. Staaflard. 

665.5-6.4[-<-15-S ennsactefl the previous day took rerwaros 
680-1 ■ U« » rtan&rfl meul UP ffom 23.T7B W £5A« ***« ««*» »•*«• 

— on -the pro-market. However, these levels - -- 

I met resistance and pront-ukliui lowered 
656-7 U 15 • The 10 O.SM In the aftftrwien. 

670.6.1.5,415.6 Towards the clore the price wenkeded 
—77 I ...... further MM) was Anally - a.Wfl on the 

6Q.61.6 ...... late kertv. Turaevor 1.485 tonnes. ' 

index United 01-351 MG6. Throe month Silver 383.5385. 
uuirnl Road. London. STV10 OHS. 
i Taa-irec trading on commodity futures 
5. The commoiltiy future*: market for the smaller investor 


■' can make monaf In eommodlriei. That h one 
;jn why investors ol 3 1 different countries .subscribe 
Mr weekly commodities, metals and currencies service, 
jr reasent could be the detailed charts, or the 
ing indie ators Of the specific int»rpr*mK»ne— -juic 
e ol the reasons why our service pays for itsol* 
over and over again.. 

Send for o single Issue. IS: eight-week trial. {jOc-one-y ewr lubicrfptlon, £110 
194^00 BtshopsKuie. London EC2M 4« 


leinocralle and PODular Republic of Algeria 

Ministry for industry and Energy 


Marketing Division 

De parte men t Realisation Infrastructure 
International Invitation- to Tender He. 3/7? 

SONATRACN is launching an international -InVftarion to 
tender for the Engineering Study, the supply of equipment, 
the construction end starting into operation in HA5SI-? 
MESSAOUD, of a residential complex in semi-traditional 
or p re Fabricated indosrrial building which will include: 

— Administrative offices 
— Sociocultural installations 
— installations for sporting activities 
« A unit of 200 Individual rooms for supervisory 
personnel ' 

— A unit of 1.200 Individual rooms for other sraff^ 
■— Associated installations. . 

Intepested .companies may obtain the tender documents 
as ffom the. publication' date of the present announcement, 
against a payment of Dinars 200 (two hundred dinars) 

SONATRACN *■— Division Commerritfisation 

Direction Realisation Infrastructure 

Route do Dun e s B a se ALCIP— 

CMERAG (Algiers) Algeria 


Telex: 52JK — 5L292 — 52^93 — 

52.9W— ^2J7V. 

Tenders, together with rh« relevant usual references, 
should be sent by registered mail in double sealed 
envelopes to Ensreprise N* donate SCJNATRACH, at the 
above-mentioned address,' the inside, envelope dearly 

addressed as follows: 

“A NE PAS OUVRIR — SOUMIS5ION — AJO.l. no. 3/77" 
not later than 31st May. 107B. 

Tenderera remain bound by their quotations for a period 
of 120 days. 

Tenders which will not respect the. above-mentioned 
indications will not be taken into consideration. . .- • . 


oct. u&D*u*.oft +5JJ7. amrafled: Dec. 
1S5.HMJ7J0. +5JS. un traded; Fefl. 133-toO- 
137.73. +3.3S. imrradefl; Apni I%.P0-U7.76> 
+4^. Umnfled. Sales: 24 tSU. . 


L.VAD — Firmer, mainly reflccunc tbe As tbe epecnlatlre Iknadaties HfliaMed 
nrenaih of copper. Forwarfl metal ""“L W - J°«222 aHta0 * * t *^ y - 
ODetica around £202-1304 wfl twivod reptora GUI and Suffas- 
ahead Quickly, influenced by. trade tons- 1 1 v-.7-1-^orT' giiinm - 

tas wtuta UftM U» price to 7397 on COCOA Cldao^ — ! Deo* 

tb« morwnfc kerb. In. the aftwaoea the , TZT- . 

price strengxlmned efreeb. rislne m a Xo. 6 Cnr't • t 

Sfi " *£?, 10 *«■ MTfl>2fl2S +74J Rn6.B-T97I 

aaee at ou an me late kerp. tssT.o-tm +st.5 tiieA-ttM 

I aju. i-f- or I p*m« or ' 1iB8*P* 1STI •4*47.01110^.1771 

Stloi: 172 <m* 2*11 <rf 100 lOOMfl. 


•p*lirimir ftflftftm: Oreson: Xewmrna 
“.SB - - Hungarian: Hed Lebanua 5.69-ftM: 
S. African: Oran's 7J0. Jonatban 7^MUW: 
Danish: Span hot per pound 0.89-0.19. 
Veais— S. African- B^urre Hardy S.?ti. 
Williams Bon Chretien B^o: Italian: 
Passacrawane Tray* 15ri4-1b I. HU .70: 
Dutch: Conference ner ptrnnd 0.14: 
Chilean: Anjou 7.49. PaeWiam’s '7.50. 
Ptmns— d. African: Golden Kinc.'Xelsey 
orr pound 9.4WU®. Grapes— S. African: 
Alphonse Lavallne 5^0. B'ahhstn cress 
4^*: Chtieau Wtolcr s.eo. Thomson 
Srtdless 5 JO. Bananas— Jamaican: Per 
pound ft IS. Malaita— Seneml: Yellme ?.»: 
Chilean: White 4.90. Creen 



M e t al s 

Aluminium )£6S0 L £580 

Free market tmV5S&0-80 (SflSOiBO 

Coppen*fcbW.aar»iC666 |4 13^X689 
wu .«v ,.rv w— ,1 D !».,»- dft do. |Cb80J +12.75£64Z. 

Colombian-. White ZM-. S. African: White ,+1S -° lit ’ 19 ' 3 

3.99. Straw toe ri- lu— Israeli: 0.4D: Cali- r . . 


^ 0»1ob»— D utch: Large 1.4ft Capslcom*- 

■ *» s g aasausr'KiJsssriSE 

4.0B: Epwiain 3JB. OraWowera- 
French: 24s 350: Jersey: 24s S.fifl. 

Cucumber*— Dpu*: HriS* t.wajj; 

Canary: 2.W-2JM: Romanian: 3 40-S.B0. 

kerb levels but prices soon _ recovered, 
reports C. CeareJkow. Higher New York 
prices snnmlaied scattered shortccrverink 
later and final price* were around the 

filzha Of the day. - - 



5 tnontiit-' 

:Offletal — I UoafBcisi; — 

. . £ . .-I e 

ML7M +» 
209^-10 +& 
. 305 J+ B 

Sept. — , -r 44.3 1779.0-1741 

»«*'. -I71$.0*17M +4ft26 17Sl>1S»S 

Mercfa 19UA-1686 , + 42.3 1H0.fl.16Sl 

Sinter I 

. jYe*tenur 





'•f Prenmu 

.£ i A* , 

308 .5 ! + B3m 3*»v- iBJS.HBM +45 


EiteUsh predace: Potatoes— Per 

3 raunth* du. do. (£871 I+15.5X632.S6 
— _ --Troy otJs 180476!+ 3.0, SW.1!B 

4ft Wnt teedCaah r?Ja084»+B.fbJa80 

omontba £312.76 +64 '£285.76 

Sk kei | ; 

Free Market (cfr]...iSL.B 

' J -3.04! *9141-2.1 

Platinum tree ot..!£HA.50! Ifil06.5 

Free Market [£115.7 ! +2.5£JI9.0 

Quh-kallrer <78lb.)lsi30/35l Iild5-a0 

Sfrft. S J |T ««' troy w- la?6.65p]+4.S&a&8.B&> 



881.4B|J+4.8 1263 r 
l£5.782.S +5.0 £6.170 
£5,782.6' +92 kS.W-6 


Sales: 2,661 tftMSi lots of il tonnes. 
Interaatfeoal Cecea Orgairiflatfeir ttT.S. 

MorqlM: . Cash £394.5. 04.73- K. three 
won tbs £308, 07.5. 99. 064. W. 094. 1ft 
Kerb; .Cash £3954. live** months £310. 
104. Afternoon: Cash 009. three months 
£110.- JSOftft II. i£ 12.5. 12. 13. 12.S. 
Kerb:: Three moatfis £30. 12.5, 12, 11. 
12 . 113: 

cents per pound*— Daily price March 31: tv?; w 

14941 IK744*. Indicator finces March 22: ft-.' 1 _, r .... . ... , ... , 

,UT -*' 5 UwdbJi 17.4a. I7>S117JI.B.1| iifljftnTi 


average 14246 (141.11*. iUy._.ll2fl.bfl.|1.00:i20.0ft«S3i " 

fiKirV*? AHR..-.IK2.76-34JS, B5JK45.75: — 

Un/U114 Saleg.- j.SSl fi4851 'loti V St tonnes. 

LONDON FUTURES <GA?TA.v— The Tate and Lyle BS-refinerv Price lor 
.. market opened 6-10 toitfter bat found mod gramiUtM baata: white sugar wag £21*40 
ZINC -Mov e d Ahead lo line with other profit-tala as and ireeb short sollias. Par- (samel a tonne for boas trade and 
S.5 s '„ a,et £L s ' Forward metal oporad at tlctUarly m Kay ttaitey. Vetoes tar as n&i.M <046.661 for erpon. 

C7i-fi'gW cose To tbe day’s hteh of much as S3 pomw at m* stage. SeXHng Inwrnazleaal sosar Agreement— Indlca- 
»7«. I p th e morning rinp. Tte after- m me bwor vu nm oftiom by tbe tore prices «U3. cents ph* oound fob and 
t»ob\toosineas was sobdned. however. Musical market. howeveT, and good Mowed Caribbean pbrt> for March 21: 

r££. c ?- e i* ,, !5 ? .fTa odw to end gooncry burins forced vetoes bat* 20 Dally .7.58 f7.«7>; IB-dsy average 7.7? C!k" 

UK day £577.5 on lbs late kerb. Turn- pemtia abbongh barley dfised barely 17J31, u,il r or starch stnpnwm. 

over 7475 tonnes. ,«*dr 4ft- potoxa iowtsr. Old crop wbem. 

jj-.or after sustateisg loses of 40 points on 
I — Hale BtnddaUoo. cdosed Arm on .a lack 
of offers 16-39 higher, with t&e snot option 
psrtteuJ&rty- finn. ■ Jtew crops dos« 
slightly easier la. quiet conditions. Aclf 

Whites 'Reds 1 SO-! ,9ft Lettuce— Per 12s iwonthe 

1.40-l.fg. Beclreet— Per 28-lb 0 80-1.00. Usph 

Sprain*— Per pomuf O.QM.OS Turntpc— o months , . __ 

Per pound OM-OSO. Carrots— Per bag Wolfrem2Z.WJh.cifl4147.S3l— 2.0 .-5140-46 

n.TO-0 SO. Parsni ps Per 28.1b O HM* W. «uJi LUEV4.5 -H-.6.0 XU56.79 

Onions— Per 56-Ib 1.00*1.39. Swedes— Per 3 month* £878.25 +6.7B4.‘Z38.fb 

PruliH+re iSbfiO L.^....|s550 


Lvttaiut [PbU* 


Urn+etl Crudelr}.- 
Palm Malayan 

£ per tonne 

1B046 109-4: flt.4o-6140 195.B04I4S ® « " Rheber^-Por pound Indoor 

Iu4 46- »4.Be; U*5.754*3.90 1*6.8+ IOi.6 •"2""' 01S - Cncumbarg— Per tray 

1(l746-»fl.M;i07.4M74«|4a.*6.U6.7 L 3 ^- 3 S =B ' 3 . W -, H««breome-Per * pound 
111.65 ll.Tfl 111.1B- 11 481124 Jlft7 Appk^— Per pound Erarelcy’s 

ranee Pippins «.l2-ngl. 

Laxteiu Pears— Per roond Con- 
ference 9.11-0.10. TSmatoes— Per pound 
English 0 S&-6.35. • 





it 20.0 £601 

L S277 

\ 5560 




Cents nos 
WWBlWfli doe# 



1 + ori fHifi- 
P— (tinpOclal 


(Fence per Kfloi 

£ : i 

|271.flLLS6 4-5A: 
■275.5-5 ,+7.251 

272^5 Us. a! 





29 i 

po&od. tOn prevlom 
MM ter Diem 



Yettgntor’a + or TwterfayV +or 
M Mbi clow • — - • otow - ■ * 

Morning, cash CIS- three months CJfl. JJTTi 
S, 4. .S. 54. Kerb: Three months £274. ?*“- . . 
7. 74. ft AftenoM: Tbffio raonlfis £576.5. 
ft' 64. ft Kerb; Three month* £2rt. 7*. | 








s + 2-“t- 

V 0.161 










Aasmnaa iTwtenky 
GrtsavTfooil Qote 

+ or 

Burin cm 
D ope 





25 1.045.0 



— ^ 






!£ 6.0-42.0 



fopre Philip. a42SHj 

Soyabean (L'.S.) — I8B94* 
DUNDEE— Onlet. prices c and f TMC. I 

ror AprfJ-May sbnmem: BWC S597. BWD Graina 

rogsa: BTC ex. BTD SSS6. Cal- Uarloy BBC. | t 

QmaaOtms c and f Hotne Future* 

U.K. Tor March sbonnent: IS os 40 Inch Melae 

5S «- 7 “_ l £ 78 P** - - w yards: April French .Vo. 3 Am 
9W.08 and £7.71: May July £18.15. £1.71. Wheel. 

“* rirtBs £28.78. £38.» and £29.28 far No. I 

me respecrive shipment periods. Yams 
U4 cloths <WaK- 

t 16.054 10 
6.0 .8848 

Rert Spring. 
XdZ Herd IVInter, 
E&gtSah Million..] 

Futore May XI 464 

uedfee Future.. 

CRIMSBY PISH— Supply moderate w) 

■amaM aaad. ipners a Mone a» ship’s 
side unprocessed): Shelf cud D OT 
csdhnse r,4ft£4.W. larse haddock 
£6.40, medium haddock o PO-C, 

haddock £3.00-£S4ft large plaice £4 JO. Wool tops 64s kilo... 
medium plaice 5448. besr kb»S plaice 
XD.8D-E4.1D. sUmied duu&ab (medium* 
ill 40, sal the SA0-C240. 

£1004 j-0 J5 f 100 
£90.0 j— ft85[£86.75 

! + 6l.5ffil: 

+524i£ 1.604.5 
+0461 b<o.7Sc 
— 0,7b' 46.pp 
—1.0 (£107 
... ®71p 


__ J-0.18 

, silver was .Used 449p an mince higher Busmen done: . Wheef— March g648- 
fte spot dcUvety -to. 1M uodofi bullion MM. JtW S745-I74S. Sew^ Jg.Aflgl4ft 
marial ygsterday, at 278.650. U-S- esat Nov. 6S.3Dfa.3a, Jan. 874DK748. Sales; 

euufvalems 8f the fixing level* .art re: spot 5£ «ueo »•«:- «i. B ia oa u, uisrer 

®>7t ffl 7i7c; t&nHnaitS) 534c, Up 7,4c: ^.SftTftC, ftffi _J7jlWy49.- Kgv. B94D Undturltit 8S.0 b 67.0, foreauertfere 
six-month 544c, up T.4c; and U-momb M.30. J«u. K.»jKJS. S al es : & tots. jgj M jgg g irp MUdmiifters HI ia 
MS.S* UP- 74c. The metal opened jit M4. iSreSurters 38.0ta^i“ 

Salas: ml (samel lots of iisoa "klios, * 

MEAT/VEGETABLES ®maa^.°A4Ml l, ^9DM.M! 0 M2r 

SMITHPIELD (peace per pwmdj-Batf: iNHIfES 

Scotch kJDed side* 50.8 10 53.0, Ulster 

B&.O to fonffin-ribra 290,00-S30.M, l>«c. 23£L0M3O.0O. Sale*. Mil. 

Nominal. I Unquoted. Seller's quota 
bon- c Cents a p ou n d, a Ex-tank London 
HulL a April t March- April, ujane 
»• AprlWuoe. tr March-Mu'. V Aonl' 
May. r May. iPer ton. 

27ftM734p iSSdt-Sat! 978.l-27t.lO 
SWu. . 


• ;■ P* 

t* fly®.- 





UK.|L U-<* 

eJora J — 



| S78.fi5p r +'4.» K/o-oot, .+=.» Rr 
6 mtmlbft.! ZBteASp ‘+4.2 2B3.7p '+245 . 

smbBtlw.. >^66.75u '+4.05 - t ' i 

‘SttWfifts.l •a9Sji.+ft« — 'J ~ 




ZA 17. Kerb: Three months 263 J, 3, 34. 

|B *- •“J®”; ^ .lamb: English small 50.0 tn 64.0. 

honfieia sprisg m. - M per rent. ABrfl nlriHum 38, D to 38.0, heave mo to as.0. 

My • JMM . jnuhltamu Earn 3aHth medium SO.O to»j). heavy to.O to 
Coest. 04. Bard Whaer ortunscy un- uspaned fnttfih: XK PL 410 ta 

quoted. AlutraiUa wheat anquond. EEC 4flj. pjf 44.0 10 <5.0, PH tgj) to 44.0. 
wheat UMaoied. Perit: Entflrii less than 109 On. 3ft0 ta 

Naha: U4..-'Freud» March 100,50, April agg, 160-ISO lbs. 3&0 w 41.9. lio-isg (be. 

101 -W traashipmeoi East Coast. South 36.3 l0 41,0, . . . 

- - MEAT commission— A venge fVtoiock A FATTERN . of lower man- 

B-Hct.UhCUotei 5g®“ « «!»..«?«■ ®? r *** ? wr 

rcca — E x- terra spot prices for March r+i-fl'i 
21 Peed wheat: Hertford *6U0. Fred («, — n 

SL36 a tonne unit 

ore cheaper 


a it rcprcicuisave-- maowts Oh 6“““^ rui uus> year 

S 23 iu£jS£m ^ *; is developing, with trade reports 

Ftaff A 5S: °L5-3 e *U in oA West GerOTan ^ 


. tt£ per cem.. average price f+Ui. 

and another at 
. reports Reuter. 

This business follows recent 

swtiawl— C*ni» ua lftf pc r t»m_ aw- modest purchases by the British 

ut finer H.cep * +bmi. sheep up 57 .i e te _j Corooration from mainr 

AtOMiag wore steady but s*Jbng at tba pbygtahl maritec rlnfla dwelt ttrcflgb- firt cent- average uric* 148.90 (-14L ,, a 2r or ^ 

Mri»s ^revested aoy u&wsrfi fimkBttCUgb. rtrt she day. closing on 0 wggK note. ao AUiSft average price 644p P™dUCers at around SL3B. 

Urexel ■Surubam Lamben .report*. Aft LevU it*d Feat . report that t hi Nilaygta t-9^- _ _ ' 

Initial Bmft advance in New Torts took BOdfiws price vu 305 (3H1 canty * Me HLD— Fflreeaa rate* uf ti.K. monetary 

LsdAw off' the tom and at the, mnee (buyer. Afirill. 


.EASIER npeeing 

fid tbe IreMoa 

Vabjdfl wetfi at the highs. KV1M higher 
nn Ute day. .Deaton arid s&o particular 
atre&ga is - tbs dtetepc pcglttotm might 
reflect a return of come roaster foreran) 
baring in ter est. 


COFFBB l Clnre ; + or I 

itey— 425-1 4SS 

September... ,'1285.1898 
November i..:«7ft.ti36 

Janrar>'. ta „. -1856-1255 ._ . ._ 

raVui 1S3E:J2EA V.+67.S MJSMfM 

Negotiations continue with 
wfafiwaftwry aiowma lor weei from Other consumers but trade 
March 37 vpTfrtfios tn breckeoc Fresh -sources believe . no business has 

yet heen concluded in the U.S, 
covemt garden i prices in sterling Japan or elsewhere In Europe, 
a package urjess mated*— Imparted are- for this year’s supplies. . 
diiec: Ormw re* S pante: Kaveis sio-2.50. _ . , 

il—.. <7^6 '41.21 4f.B0-(ftS6 49.8S-47.80 Btobda JJ0-3.M. Sataatiailha 3.N-. Cyprus: Buyers are resisting prices 

TSo.1 Trariou* 

iS-S. : ii«# . «tow 

Butt uaw 


Mw. zl liter. '80 lAIootb BRI 

1 287.15 

252.92 12 55.9S \ 8 24^4 

(Base: July t, 1K2=1M> 


M»r. 23j"SST SI Mtmth aj^ tear ago 

1401.7 \I W3 j 1389.9 ] 1743.1 
(BaiC: September 18. 1931=1001 



Ti 1ST 


2 1 



rgtura»a42.51i341.30i820;i a j(ii3;io 

Uimnse tS24.3US3.U8} 


; Alar. 1 Mar. 

Hsody’s 81 



aflo ago 

Spto Comm Ijl897.6 900.6l a08.7!B7aIl 
(December XL. ireisjlMi 


4D- tej6-48.«,.' Vricoda. Lira is Wo* r Mftftjo.' ov»is being asked by the nTain sup- ^ »H*h™ 

ia »a 11 ... a... Tti Jaffa: Shaaoni . ,.*T amoomec to tonnes. bringinK 

.ID &l. 53^1.40 61.4M9J6 KaypUon: Valencia Late* IMr Moroccan: P* 1 ? 1 * °^_ tnanganese ore, which ttoiwtl-ftiir so far m i.^ip 

4S6J 1 1244-1720 

Wifldn*» — SPMU*: 2.4K.B0. Apple. 

French. Gotten Delletou 20-lb 84s >J(>- 

Consequentiy dealers indicate 

t lift at $ tonnes. 

Sale*: ftfefl (lOSi JOK uf S ifimtes 

.iCt Uadic*tor -pHsaa-fpg-3flprra-ai: ( ... 

rtota per sduiHb, Cotomtoaa HiM Afinl 49JSfi 1493). 

11 Granny ft narrower pnec range 01*l.a5 HIDES— Londn. GcnuraHy poAr 

/ && & to SL45 per tonne unit cif for g». o* M* 

. 'Physical cksJas priras were: Goidsn Defteeus. lnmblp W:^ stand ^ lD ™ c mn « r Ior “'7 »L„ h .' 

: Sppi -Wjp March aftDg (48X5K “ Jl-ftlri ftaUin: Tlomr toiuty. per wind 48 P* r cent - ferro grade, ore. v 2?2. ?S.v. 3 JD- 2M ’’ 


aw, CoUca OciicanaB SaJ-e. 12 ; K.rHvd against $L35 to $1.50 previously! BPStTuip. 3 ®*^ cau'offwrf. ’*' ltMr4Wn 

UvS: Markets 

coffee up 

NEW YORK, March *1, 
PRECIOUS metals closed slightly steadier 
in jinxed short-covena* following Mop* 
S2t tS ’ cfl,ve ' Soyabeans and meal 

m^ C f_l P °ni >lre * k ,C,0e a * wl » COW 
rnTnaal stiUng attracted Commissi no 
Uooce UmUdatiDn. Coffee dosed limit- 
ap ob mixed baying on rumours of cold 
^ Ceiural America. Cocoa 
Brushed higher on llgbt manufacture 


U«-ch IS9.45 il5SJ5», May Ifll.Tfl 

■ 144-M, Sept. 142.70. Dec, 

137.00, March 134.80. May 132.20, July 

teOaft. Sa>s: W5 lots. 

..Ef?** - :' c " Comract: March 191.00 
M«- 155. 76' bid (151,78*, Jnly 

U8.90 bid,..scpi. 133.60 bid, Dec. 122JD 

Warch 119.75 hM. May 1IS.7B bid, 
Ji^r Xl«.ro.- Sain: 405 toll. ^ 

,_r®FPor— March* i57.«», A uni 57.70 
taa.fiOi, Slav a8^o. July 5PJ6. Sept, 60 '0. 

flj-7ft Jan- 62.20. March 93^0, ifiy 
^8. J«lV OJ.2Q. Sew. 64.20. D«. 67, TO 
Jan. 6Sm. Sales: s.soo Jots. 

Couan-No. 2: May 58.2M8.30 158401. 
July aBaO-^.m (59.951, Oct. 6O.QO-6I.M. 
Jl e 5: ••■jMl.fll. March 62.4ftea.60. May 
L.Dfil.10, July 63.1J-43.30. Sales; 393.0M 

"Cj^Marab 177.00 1 173.60 1, April 

4 (ITftOfl'. May 17S.40, June 170.70. 
Ore. 184-80. Dec. i£m. put 

JSi?' ; iP riJ IS'®" Junc *>6.0ft. Aug. 

189.00. Oct. 202.0ft Dec. 203.M, Foft 
unqurtted. sales: 14. She low. 

tL*rd— Chicago loose 27.00 (2ftfi07. 

New York prime Ream 28.50 aMted <50.00 

242*.2«J «««»>. Mv 
.467-247 (24641. July I«Sy.’45J. Scot. 24H, 
Dec 2495-2481. March 237J. '' 

(PtoiKwtn— Anrtt ZM.t»-216 90>, 
n-^-n J?!; 70 - 219 - 50 - on- 222 JW. Jan. 
— April 231^0-3X1,70, July 

33a.aO-fi3a.7D. Sales: 2,013 lots. 

rsilver— March 518.90 <3i:.soi. April 
£!*'“ M«' “=-^. July 530 .ro, 

^ SaO.TO. Jan. 634 70, 
March aStJO. May 571. 20. July 379 Ja 
Sent. 55 1.90 Dec. fiWJ.40, Jan, GM.ttft 

*»■ J ,jndjr a w» Harman 
spot bullion 523.10 (S24.10i. 

Soyabeans— March H94 May 193- 

697 tnOi'. Jub' 703-704, Aug. 69749S, 
«4frM7, Nov. 61B-61W, Jio, 8HH-52:4. 
March CO. 

(Soyabean Meal— March 182 OB-183. M 
110.50), May 18L5ftlS5.W HSO.SOl. JuS 
lR7.Bftl87.50, Aim. 188-20. Kept. 17(30, Oct. 
1^50-lH.OD Dct 168.5ft 169.00. Jaa. 
171.08. March 173.80. 

Soyabean Oil— March 27. W 127.05). May 

'S?- 97 ' 1 J0JS MAM4.9S. AUB. 
24.45-24 55. Sepl. 23. BB, Da. 22.28-'*' 40 
Dec. 21 .90-21.85. Jan. 21.70. March :i'kv 

Swor— Nn. 11: May 17.61). July 

I*. ’ 1 f? '• . , Se ^: 5 ,s - °«- fi-SftSJI, 
Jan. SJaJt.70. March 9 08-9.05. May 9»». 

" 3ft Jnly 3 36-9 55. Sales: 5.834 lots. 

Tin— 505.QO.510 00 , naked (SOa-QOsSM 00 

~W»n— March tsm-sss ijfflih May' 
2W«-»2- (2954). July 2S2*-2S3, SfifiL’Mft 
Dee. 3Q6. March 3u 
WINNIPEG. March 21. ttKyo— Mg* 

111.00 bid <1U JO bid). July UdTo a^cd 
• 100.70 bid). Oct 109.00 asked. K*v. 
IKM no tn- Dtt. )B550 uOm. 

rt Oils— May 78. SO Md (Sfto bid), jute 

76.00 ached f76.4D). Oct. 75.00 buL Dee. 
*4iB asked. 

. £ B £ 1 £'” jray Nd (7S60 bjdt. 

July 78.30 uxed (78.60 ■. Oct TftM'ukefl, 
Dbc. 78 SO nnm. 

tlFlawecd— May 234.00 bid 
July 333.50 i230.501. Oct. 230 00 bid. NOT. 
233.06 uked. See. 431.50 asked. 

rr whaa» — scivBS u.a per cnr., protein 
content cif Si. Lawrence 136.81 1 139.34 
All ct-nth per pwmvl es-warehoo« 
unless otherwise staled • S.i prr eruy 
oanrrs— lOo ounce lots t Chicago loose 
•a per 1M Ihs— JJrpi 01 A*, pnees prr- 
rious day. Prime Steam fob. NY bulk 
■anfc ears. 7 Cent a per 56 lb bushel n- 
wrarennuw. ftoao buthvl lota ate per 
•to*' ounce for 50 ounce units of ofl.fl per 
rent. Purity delivered VY. c Cents p«r 
+01- ounce ex-v are house. 11 Xv» B ■* 
L-DDiract in h a short ion for bulk lou 
nf l uo short tons delivered -Lop cars 
Oiit'iuto, Toledo. St. Louii ami Aitnn 
“Ccnis per 89 Ih bushel id R 0 re 
^ ,h per 

Ih bushel M-warehoure « Cents per 
u, lb bushel i-x-h aralKKuc, 1,000 bushel 
lute. , r . SC per uuac. 


Financial Times Thursday Mardh 


Equity leaders drift lower but good rally in Golds 

Share index down 3.7 at 452 . 6 — Saga Holidays debnt 

Account Dealing Pates were often substantial and the wise record annual profits per- on Budget optimism, ran out cf better at 148p: Be jam dosed 21 tered offerings took prices slightly 

Option Gold Mines index recovered 112 forpiance. C. T. Bowring lost 4 to steam and closed with modest falls harder at' 60p cm interim figures lower. British Petroleum sided 4 

•First Declare- Last Account to 1322. llBp. Sedgwick Forbes, reflecting in places. Gussies A relinquished slightly better- than -market ex- cheaper at 77Sp, -while Shell 

Dealings Hops Dealings Day . . recent Press comment, rose 13 to 4 to 284p and Mothereare softened pectations, while continuing finished slmDariy cheaper at 522p. 

Mar. 13 Mar. 30 Mar. 31 Apr. 11 Oil IS quietly firm 385p. while Alexander Bowden 2 to 156p. while Marks ' and speculative interest took Robert- Among North Sea issues, Tri- 

Apr. 3 Apr. 13 Apr. 14 Apr. 25 A more detailed appraisal of wer * 5 io the good at 178p. Spencer eased the turn to 149p. son Foods- up-2 -further to I3ftp. eeutrol drifted bade 4 : to 158p and 

Apr. 17 Apr. 27 Apr. 28 Stay 10 the Government’s intended use Breweries held dose to the Combined End*, however..helped FMC -hardened 2 to '70p as did 03 Exploration were a 
•“new time " deaJiau may take place of North Sea oil revenues restored ^ernight levels.. Allied finished Dy rress mention, firmed 3 to 75p j. Lyons, to jjflpL GQfferd'g. Dairies, amount down at 212p. 

from 9J0 ml tw» burfuss days carl ter- Quotations for British Funds to unchanged 
The absence of any follow the levels obtaining before ne ** 

through to the previous day’s release of the - White Paper ~ — mar%t , >». . 

support which, although small, the previous evening. Despite ^{P- . * Gro ^ :busin * sw ‘ " -- 

had produced marked firmness in a Sagging Interest ahead of Buildings improved as .Interest on a penny more at aap. - . . j .. 

equi Sr mSket^ aflowed priS to the bolide/ recess, the shorter *sain directed towards Con* The Eledriral leaders tarod BaiTOW HfepfolilK Sitimp 
drift lower vesterdav Thouehts maturities met with a moderate trading and Construction issues, dull late on. sporadic selling. GECi ' T T . j T 1 - T . 

™ .« 52 demand hut were Drone Riehanl Costain rose 4 more -to recently upset by an analyst’s Miscellaneous ' Industrial . lfeade _ 

Easter rec^bufthe Vbut^f to . reactionary tendencie? at 262p and March wiel 5 to 263p, downgrading of profit projections, 

to the 


Interim dlvi- 
J. E 

Sanger eased afresh to a 1377-78 
low of 2Sp before- dosing : 4 
on balance at 31p for a 
loss of 14. 

Investment Trusts edged 
in light trading. " Anglo* 
Asset recorded an 

= dy white U.p, -and X ,o« 3 ^7p“ „H„o S 

ie market in six months, p ™£- *5®: /■— „ > . ' . v ’ tion® Vere,.ltnis theday? towest, small buying in a thin market, 

ed a considerable trade and 450.. Pence — - . wito -GlS SeSKfc surrendering Caledonia Investments, 

tiAn lo noer-dated stocks was even more I II ™ inrwT 

- -ft 

longer-dated stocks was even more 
subdued but -the higher-coupon 
issues retained the opening 
rises of J, although these bad 

application *• aJUJOUgn iijrw 

initially been considered opti- 
mistic by the several operators 




A i i 

111 ® 



with -Glaxo -a£ S2?p . surrendering Caledonia Investments, 

Tuesday's rise of 8 and Bfeecham ' 228p. 30(1 Carltol Investment. 100p, 
reading 's tp. fi27p. Tanter and 2* s «”«*• Awaiting bid 
Newril shed 4 to did developments. London Australia 
Rank Organisation to 250p. tavestineitrs rose 4 to I26p. C*jtf- 
Secondary issues Were -featured tal- issues niade progress/ AMbmd 
by marked weakness fo Barrew ^ Duafvest both rising- 4 to 
Heptenr.whlS^^iatoSS. M7 p. and 188 respectively. Flnan- 
af ter ai 3377-78 low of 31p,- on the “a 1 * had contrasting movements 

aroused a considerable trade and 

. the price eventually attained 120p. 

- a premium of 15 on the offer for 
sale price of I05p, which was 

.. oversubscribed on 


There was little sellin g pre s sur e takjn( , a negatiTe , iew of ^ 

- °u F e leaders but occasional raar fcet's short-term prospects in 

?h l f^T V tn!i^ n rl 0 i^T the a PP«>ach to both thTEaster 
back and the FT 30 -share index holiday and next month's Budget. 

. closed at the days lowMt viith a corporations adhered closely to 
fall of 3.< at 482.6. Oveml&ht t f, e main funds and established a 
dullness on Wall Street contrl- smattering of gains, often of 1, 

- touted towards the subdued tone, w hiie Southern Rhodesian bonds 
while the annual results from generally marked time awaiting 
Tubes, down 10 at 368 p because developments in the constitutional 

- the profits were only around the situation, 
lower end of market expectations, A routine morning bosiness in 
also left its mark on sentiment investment currency gave way to 
Otherwise, company trading state- increased activity from midday 

- ments generated selected good onwards and the premium re- 

gains and a fair amount of gained a small early loss to trade 
interest briskly on well matched orders. 

Among the individual sectors. As a result, the closing rate of — - „ 1ortin _ 

Banks were unsettled by news 98} ner cent was little changed Howtem, I26p, moved up 2 and 3 included EMI, 14Sp, and Plessey, better at S4p. .after . S5jfc- .huymg pa^s tormai rejOTion 

that the Nigerian Government on the overnight level. Yesrer- respectively. Crouch Group firmed 98p. B1CC eased 

had ordered the withdrawal of all daris SE eonvi 
public funds from Barclays Bank 0.6912 (0.6899 }. 


' 'aj »" r }*Via: 

(jovonuoenl 55Wn— 
Fucd lflWl W .»ii-, - » 
tndintml Onlinwy^ 

OoU Mine*.....™-*- 
Ont Dtv. 7 wM— .— 

KmwliieUPt)— - 
Uart:nc»iiDuli*<i-»,.-.- - 

K(|unv rumovor £ai_ 
yqntrv f»r^adr> Urfi*K. 

Uk. ' liar. 
«w - - 2i 







73,44: 75.35 7S.37- 75.b5: 
7BJ4’ 78.B5; 73.20/ 78.28: 
462.6; 46fl.3‘ A 53.6; 437.2- 

a. is 


141.3- 14tfr 
S.79f SJlfl : 





6^73' 4,09a 56M>. 

17, iS 

7aii5 , »5A^ .6lW 1 . 

48BUsi 45JL4; .4gZ4 
155^-161.1'' 156,8 
0.80, '6.98j : 8JS 
17 jp 17 62T It, 34 
«*; 8.00? .8.66 
6.6N? ,ea» 

58H1- 7Uffl| »Ui 

_ [ 1B3S9. 14.076- 12.98» 14.488T 14.«ai ISjHg 

10 am. cai. U a.m. 4&Ll." Nmw I 

- Z PA). 461.4, 3 iwn- in- 8 - 

Latest lata TOb „ • - ■ -. .-•< 

TH.-iM-d na g pi\- cm. cwparaiwii ».»s . t su-rit-a- • 

Pasts 180 CuVr. Sue. la.Tfc-26. FiawJ IBL ^ *nd- pr* . . D^g. 

XliBCi 12-‘9'-i5- SE Aliivuv Juls-Do:. 1W-. . com?cu?i. T *^, 

s.e. 'AC itviiHr 



I WJ.Vtt ! 

‘Sime OwiplhliM 

i "i 

! • . • ’ 1 

Hitfb . 

Uiv ] 

High ! Ivw 

t'ixe .1 InW 


GuM timet. | 

■{ 5 Wl ■ 

549 . 3 ., 

( 14 /flJ 

174.6 I 

iia.-ip) 1 




557.6 ; 
B 6.1 ( 
il.lh i 

127.4 ■ 49 . 1 a 7 j 
j tftt'SS) | ti'WOi | 
i 160.4 j W.M J 
( 28 / 11/471 

049.2 49.4 


4 * 2.5 1 45.3 
kEasj/ijv/^.io.ju t 

i -Lteii.v - 
1 liilbKIxW,..' 
i 1 tn 1 li ■' tries ._. f 

T/itan-.i. : 

.'-lar .‘ivTsjje 
.Imhi-trte+t .w 

M«r‘* .Msf, 

2S'.; .2) 

ISA f UA4 . 

M.0 ; 67.8 

i 198.2 

. -.-.t.iaa.a- 

48 . 6 / 484 J 


disclosure tbyt serious irregulari- ”» Haw Par, 3J up at29p, and „„ ined 35 t0 . j22p. Groqlvlel London registered Riuuicla 
ties have come to light, regarding Suez Finance, two points easier IT" , ^ higher at 103p and showod Gold Fields 5 firmer i 
tts . receutW«Kwa m Glaswegian at £«/ Marie vale 10 better at 79p. - 176p refleL-ting the rally InGoM 

gibsfi^ ^. Schrtder MhqbeD mtd Among the heavyweights West while . Rio Tlnto-Ziuc . added?' 

Wefr Which could involve possible 3ta Kp on Driefonteiu were outstanding with more to lS4p in a market she: 

losses of -nearly JElm. and fraud the results, uhlle Imps eas«i if iainrovement to £18} and of stock. . - - 

S^g,. -JSiSS?™ «- ** ta »“-* I B-iin at "^Narthern Mining, wtliuh doubfc 

recent - ■ specutattve- - favourite, profits warning. ■ • •. . 

cheapened- a fraction' to 9 0 after South African Industrials, were “3?.' 

interim result. Jnit TTiomas stable only for a 1 rise 1 of :« ^to jjjjfjj Goldi&.^eivs^tSt^De Australians; heavy buying inow 

HSilr «°e 'snas r& 

Sf” ? tfbiS ?a re n?w”ed S^!d«. 


had ordered the withdrawal of all da Vs SE conversion factor was 2 more to 73p on further con- Among secondary issues. H. Wig- ^ropo^ls wire RSin'hSt American Co^ooraUw^dvaneed Uraniums- also ' enjoyed a roc 

lie funds from Barclays Bank 0.6912 (0.6899 >. sideration of the stake acquired by fall shaded Tto 214p pending SZS'cS? wSSfi < Sta> « HViS ®oS«Sfu S? SSWKmSSw 50 & 

in Nigeria. The FT Actuaries _ Teape. White Property and WiUiam £r«h bid development ^ S mL ikBS& £ »SS? ^aSSSSSSAT ? 

Having already surreoaerea the 20 points higher at £98. after £105. suspended yesterday at l25p at £U<- at 480p. 

sideration of the stake acquired by fail shaded 3- to 214p pending 
in mig,t:i~aa. me r i aulu<ui» _ _ Teape White Property and William fresh bid . developments, 

index for the subsection fell 23 Barclays Q0W11 WhKtingham attracted small ~ 

per cent to 186.32. this comparing The Nigerian Government’s .speculative business to close 2 
with a loss c 
203.00 in the 

general level of trade remained Bank of Nigeria and a reduction 0* iraua allegations involving preliminary profits. Rt^L^sI^duste^lvhidi' report Hnldc rflllv sfrnnrfv 

-low. official markings of 5.S26 in the- number of foreign motorway contracts. which came at the lower end of "SritaSSSSf Ttareh aoTfHl U 01,15 * 

again being swollen by sizeable emolnvees upset Barclays which In Chemicals, lu moved between market estimates, before settling a +0 267o Garages dosed with ' ’ J ^ 

. hoH anil hnnH»ct tnnMctinn, [eU 10 -to 330p. Remaining 357p and 360p before closing un- j — *«-_ j — — «»- - — - — *> 


bed and breakfast transactions. 

Overnight demand on 
Street and a recovery 
bullion price, prompted a strong Lloyds. 270o. and 'Midland, 348p, the 
rally in Gold 

The following ucuritm Quoted In the , TAX TILES Ml 

After losing ground for the. five '>.”&£*& S?L« 1?*"* " * pi«- 

seKMons South 

attained new Highs and Lows for 1977-78. Dixon (Dj . 

SEW mCRS (62) 

, _ — . - . . . _ - 10 down -on the day ad: SSSp. -widespread gahis Press previous trading 

n Wan cl carers eased in symnaJhy and altered at 3a8p, while Tnurgax other. Engineering majors fared comment Heron were again note- African Gokls staged a Wrong 

in the NatWest shBd 8 to 270p, while Bardex rose 2 to 14^p reflecting indifferently. GKN were 5 off at worthy, improving 7 to HOp on recovery in the wake .of the Canadians m 

. _ i strong Lloyds. 270 d. and Midland, 348p, the increased dividends and 377^ but Hawker closed 4 to the continuing m vestment demand, bullion price, which rallied *3 to Trans, can. p "~_ . MKS ia . 

in Gold shares after the were respectively 5 and 4 easier, profits good at 2O0p. Secondary issues After having inade a -: fresh 8180575 per ounce. Aiacmene □roocte Bank 

recent setback on fears of U.S. Dlsannointed by the -shlpoing The Kore majors, which had turnea ^ ^ firm performance. 1977-78 peak of 200p. Mflfe and A good performance in over- , ‘=> . Co arw- a 

-Treasury sales of gold. Gains which tarnished an other- pushed forward the previous day Brttish Alnrhlntmu. aimnct ^ntlrriy Allen Intern a ti on al turned easier nisht transatlantic markets; saw G BuujMNMTit C 

“owned by Tubes? jumped 45 to on light .profffrtakhK to finish a jobbers onen shore prices. sharply C HtMizS!uk t Kt' am ‘ W- ’ 

445p in reply to the nearly nenny off at Mop. Elsewhere in higher and they moved further TMirgar a»e£c M 

doubled annual profits and Paper/PrlyrtijirtR. ' on^. ttie ahead as ^»g_ord8ra ftwn- -»o*t- A n,-d rou^i^ l.s 

Bullough gained 10 to I42p in 

Smjil a rwitui - 


The rol towing table shows the percentage changast which have taken place since December 3L 1978. In the principal 
equity sections of the FT Actuaries Share Indian. It aba enables the Cold Mines Index. 

Contra cling and Construction — +92JQ 

Hire Purchase . . +9Za7 

Office Equipment +13JB 

Electronics. Radio and TV +72-03 . 

Engbweruig Contractors — +71.93 

Property +70A2 

Build log Materials - +65.66 

Stores +4SJ0 

Electricals +6L02 

Newspapers and PsUishlng - +6UI3 

Consumer Goods (Durable) Group +M0B 

Wines and Spirits +59.74 

Breweries +52J1 

Capital Goods Group - +5153 

Motors and Distributors +04.43 

Metal and Metal Fermlng +47.02 

Food Retailing ...... +07.31 

Irsnrancc (U(e} +45J3 

Insurance (Composite) +44A1 

Finanaal Group +43.90 

Consumer Gnc4* 'Non-dorahlej Group +03 49 

Entertainment aod Catering +0LS9 

Industrial Group +42^7 

Textiles +41JB 

Packaging and Paper +4IL56 

Insurance Brokers +39-79 

H oust ! hull! Goods — +37A6 

500 Share Indes +35J2 

Toys ard Games +34.97 

Merchant Banks - — — +38 J2 

All-Share Index +33JB9 

Banks - +38.71 

Overseas Traders _.... +30J0 

Mecanltal Enginoering — +29JB 

O'her Groans — — ... +29J0 

Dbconat Hones - — +294* 

Chemicals +26.38 

Prod Manu fact uring — +2J J9 

Gold Mines F.T. +17.95 

Investment Trusts — - +1TJ2 

Tobaccos +M07 

Shipping - - — +lkM 

Oils - - + 4-95 

Mining Finance - - ■■ + _*_-9f 

* Perce mage changes based on Tuesday. March 21. 1S!8 


(Manufacturers of ‘ Thorlux 1 quality lighting equipment) 

INTEREVl REPORT (Unaudited) 

Half Year to 31st December 
1977 1976 

Interim Dividend (Nett) 0.660p per share 0.600p per share 

Turnover £1,812,731 £1,330,109 

Profit before Tax £ 270,455 £ 181,598 

Payment date 18th May, 1978 


Floating Rate London-Dollar Negotiable ' 
Certificates of Deposit, due March 26th, 1981 

The Sanwa 


fn accordance .with the provisions of the Certificates, notice 
is hereby given .that for the initial six months interest 
period from March 23rd, 1978 to September 25th, 1978, the 
Certificates will carry an Interest Rate of lt% per annum. The 
relevant interest payment date will be September 25th, 1 978. 

Credit Suisse White Weld Limited 
Agent Bank 




BBtcr of 

_ _ the 

Ordinary Sharp Transfer Register of Un 
Company win be dosed from 15th April. 
7978. tn 25th April. 1978. both dales 

By Order of the Board- 

h. r. BUGGY. PiCiIJ. 




PARKIN GALLERY, 11, MnUomb St.. 
London. S.W.1. 235 8144. Walter 

Bayes 1BG9-1956. A Camden Town 
pointer, until 9th April. 

AGNE1Y GALLERIES, 43. Old Bond St.. 
W.l. 629 6176. THREE CENTURIES 
Mon.-Frl. 9.30-5.30. Thun, until 7- 

FOX GALLERY. Exhibition of tho Mtat- 
tnos by British and Enropaan Artists 
tram 1700-1965. 5-8. Cork Street. 

London W.l. Tel. 01-734 2629. Week- 
days 10-6. Sat. 10.1. 

or Alf^n Menu. ^Threc SpKUdilv 
Stows 10.45, 12.45 and US and. 
: of Johnny Hawkes worth A Friend#. 

GARGOYLE. 69 Doan Street. London. W.l. 


S iow^at Midnight and 1 a.m. • 
ri. Closed Saturdays. 01-+37 6455. 

OMELL GALLERIES. Finn British and 
40. Albemarle Street. Piccadilly. W.l. 

ASH BARN. Now open. Soring exhibi- 
tion o! tunning, and sculnture 1300 works 
Includin'! oujnoor sculpture!- Oocnmg- 
Oalfv 10-6. Sundays 2-6. One" Easter 
Sunday amt Monday 2-6. Winchester 
Petersfield, KanuMlrc. 

Tela 0730 3662. 



£350.000 BUIS Ottered 16.3-70 toe 
payment 20^.78 dHC_ 19.6-78 « gTu. 


Application totalled f.7 45m. 
Bills outstanding. 



SuMtaotial twiHi principal wfsMng 
to lira and estaNM financial has* in 
G-B. depru to purchtse small chain 
of shop, trading in bo use bold goods 
e.g. _ radio and glectronic equipment, 
furniarc. Initially dw could consist of 
up to (our such shops, preferably in 
London and/or 5. E England. 

A U repffei (Principals etrfyj la 
cmA/mw to: 

I- Baker, 


59 Qoacn Arne Sffaat, 

London WlM DHQ. 

second-balf downturn 'left Bern- quarters coupled with hear clos- Ladies Pride ~ vemon Fashion 
response to - the prosed 5?*® downat 62p but J.and J. kw wme toto the mutet- ■ . Automated sS^wSdStoSiH. 

(livid end- boodi op riohfc is«a^ Makm. moved forward 2 to 72p News that Nigeria had ordered engineering isi • 

Ami! addS^to sip ^fofiowixig Jnro^nse to the donWed interim the withdrawal of all public fluids rKX^e 

on „w. „ j profits. from Barclays Bank in Nigeria as m,. m i r™n™ , s mi 

" Leading Property issues' passed a reprisal for the bank’s attitude 

“ d i»^ 11 H iur2ert.n5 a c r Qiet session and. closed little to South Africa caused a brief 

altered. Renewed speculative reaction tn share prices but they 
5 fJ° l82p> ? fter demand took Bellway up. 4 more resumed their uoward path In the 
K»L.°T earnings, to 67p, while Property- and Rever- after-houra trade as U.S. interest 

Holms hardened 2 to 112p sfnnary “A” also made headway, was again reported, 

assisted by the Board's optimistic adding 5 to 305p. Midfaurst White 
remarks about • — " 

Cbaonol IsfaiMTS la C. MonUgw; Bnt Wtf 
lot. PJC. Sac*. W. Coasi & Teas 

Lomf. A use. I nr. Amour Tnnt 

M. G. 2nd Dual Ik. . Common Mti. Trust 
MINES rtl 

Chcr.aiwM Mimt River 

Mxlokoff PmiunioA Hldus. 


Suuramc Caro. 



Barrow Hwburn 


Sanger fj. Ej 
SI Irer m Inn 

MINES (31 

Soufli CroRv 

The Gold ldines index recouped 


Pork Forms 

Grand MM. 1 0OC Ld. 



First Castle Pritchard Service* 

Hutch Whimp Samum P-. B. •' 

James fjobn) V inter Grout* • 

Nash i j. F.) Wood A Sans 


about- current year rose 3S^p-on the. betas that nearlv-half thn lowpt of tht^w- Ruo*-Rayc« Motors Mata*-' 

BWto f w mj um Ate m ffhii SloX fiSSML. a ”“ * 4 J -> 

<ane, which gained 7 to the company--.- . • - n«gp wsal .. paper «i 

in Percy Lane, 

5ffp and Pegjer Hattersley, up 6 

Bear riosia? was mo* evident C iay ir.i FAPE o«iS Printing . 
hi the margin&is. Durban Deep lo«i. ptovi. poster sutchi a sookm 
. _ . . and East Rand Prop, both jumped Ml "* * ^'^pworeRTY isi 

Among Foods, United Biscuit Oil shares held. relatively steady 45 to 21Sp and 28ftp respectively, s«a. Midbunt white 

attracted interest and dosed 4 until the late dealings when scat- while West Rand Consolidated * ' 

at 162p_ 

Oils ease, late 



British Funds :. — .. — 53 1 21 

Corpns^ ■ Dam. Bad 
Foreign Bonds .... — . 7 3 

Industrials 3S9 2» 

Flnanciar and Prop, ... 171 70 

Oils 3 13 - a 

Plan tattoo* 4 6 » 

Minos 73 9 « 

Recent IssuaB — — 5 13 


Beucr (C. H.1 
Corn Exchange. 

WamfortJ Invi. 

Totals - 

W m Utt 


First Last Last For 
Deal- -Deal- Declare- Settle- 
tags tags tlon ment 
Mar. 21 Apr. 10 Jnn.22 Inly 5 
Apr. 11 Apr. 24 Jnly 6 July 19 
Apr. 25 May 9 Jnly-20 Aug: 3 
For rate indication* nee end of 
Share Information ^Service 
Stocks favoured for the call 
included Bunnah (Ml, United 
City Merchants, Premier Con- 
solidated Oil, Queens -Moat 
Houses, Blackman and Conrad, 
London Sumatra, French ner, 
Staflex International, ' Swan 

Hunter, 'Duple International, 
Maurice -James, -Cons. .Gold 
Fields, British .'Land, Bridgend 
Processes, Lister, Bellway, Cocks- 
edge, amis and Alien Inter- 
national. and; Charterbail. Puis 
Were taken : out in H. P. Bnlmer 
and Cons. Planfations Warrants, 
wfatie doubles .were amrnged in 
Electronic Machine, Bunnah Oil, 
Town andr Oty Properties, Bio 
Tinte-ZSnc, English "Property, 
lnterenropean Property, Talbex, 
H. P. Bolmerand SL WlgfiOL - A 
short-dated" " call- was ■' transacted 
in H. WigtalL . . 







3377r78. 1977-78 



marks price (p) 

. cat day . 

. .high - 

. lota 





j-i— •+’- •• 

968 . 

720 . 

Barclays Bank 

a ■ 




350 -; 



50p ■ 



193 .- 






1 ■ : i. 

f 446 . 


Reed Inti. :... 




— 1- * 

-233 -. 


Bunnah Oil 

£1 . 

. 9 


i-“-l ■ 


41 v 




627 . 

-' — 

. 693 


Cons. Gold Fields 



17ft . 

. 224- • 


GEC * 



- 294 > 

Grand Met -. 






Rolls-Royce Mtrs. 



84 .- 

+'ft ■ 

35 ■ 


Shell Transput ... 

2 Sp 

• 8 


635' • 

- 454 • 

BAT tads. 




308 - - 

235- . 





—8 - 

- 300 •• 

205 \ 

Rank Org 

25p . 


250- - 



i ne aooue use oj acaue sivcks is oasca on zne-nu * - ?r Of-ot 
recorded yesterday in the Official List and voder Bide 163(1)~( 
reproduced today in Stock Exchange dealings: ‘ 



11 = 









P l 












3? ® 







9 - 



187V* - 

Hurb Low 


£98!*! P.K 









. F-P. 

£98 £25 

1 - 1 





84/SI lO&ao! 

■ mute 




28 A 


61 te 







100 14 100 lAgrtc. Mart. Vxr. Mfa. 

l«to 158. jAnuxmMd Stow 8*Cnv;Citi&:-I« -J* 

106/ lOOpjBaSJejw of YoritWitre Cam. Pi#.-. ^ 3 

IO0| ^^CenttOTBy HjgG(im.Pt«f, ”* 

101 mtek^nuApSLB Bex. 109 1085- 
lQ5p lOlp Brwaftl! Whitley SSPrf.^ 
lOSpOOLtepM'enkB & CatUUUK Cam. Post 




100 te h'gaalngtxm A Cheteto 

JUJU Utoe«t«r V»r1/a>loige3„.„.. 

12 3Cid-Su*MS Vug T%SMi Ftf..lS85 

>00 Pennwn (S.l IQljZ Pty. Cnv. IxuUKSm, 
{Shell laU.-Fla.lfLv. SIX GEmt. U ijta* lMdj 

104pl ”M TWbex 1U*S Cnv. rita. I* 
lOOAj 99tepinwwte VartebfejacL^ 


117ilJ 116pW.BnwiwichSpriijglLS*pfL; 

— - WhrtehOBbO f“ “ ' 

Port Water: 

hriutetxm* (G.) UZOobl Prof,. 
US Deb. 1986 


3 £ 

4- nr 













896» 4 

























Ugh une. 

«• t ' 





- 21.2 







1877/B ■ 

RlriJl l4W 





78 | JBeeamone] 

4pmjC. H. In 

25 MandMiMcrUtrMnu: 
330 MLItonri R-tiir 
70 [Mllbmy, 







hi- or 

Renniiaatun date uMlh taw nap for Dealing- fme of «E*mu dtop. a Kt gitte * 
baaed on Drospectua esdnuUa. a Awnaiad dlvutend and TtoVL n PDrecaw divUend; 
ccrer baaed on prerions «■£*» aarnuw*. rDtvuhmd-and «Mkf ,basad OB BNObeetus 
or other official eatmaiea for 19!9 oCrosx. r l^ntrw aumned. t Cover allows 
tor conreraioa of shares nor now naXtes tor dlvUhkKT or raiddas only for restrict od 
flirhfcoaa. f Hadmc prtae On oo««, PdP BBot anlofv othnnNH B xWc sWd .-. I ttsuerf 

by lender. B Offered to bolder* of Ordinary share* as a “right*.-- “■ Risbte 
by way of esoltalmdon. ft Bflahnuw tender prloj- B Reumv)n«d. f| Eatoad 
in connection with reontaahatloB wrg»r w take-over, m rntrodDCtiou . rj uxaod! 
to former Preference bolder*. B AH apne nr i grar e <« (sUr-uliU. • PzOviSHaaJ 
or pudj-ptid tftoment Itfttfii jfr Wtts wriJinn* . - 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries^ 

and the Faculty of Actuaries 


Igore* in parenthege* show number a 
•locks per section 

Wed., March 22, 1978 





















Til 52% 



at 34%) 











No. . 






. 1 















Kiiil/Kif Hdwl.l<i17l. 






















Mechanical Engineering 171) 

lfetala and Metal Forming (17) 







/nnRARTjg (S2I 







LL Electronics, Radio TV (15) 












— 03 

15 96 






Wines and Spirits (6) — , 




Entertainment, Catering il7) 


Food Manufacturing (22)- • • 












Newspapers, Pa Wishing (13) - 







Pacfafringaird Paper (151 .. . 

































, -Oft 
' +0.4 




Phaanaceutica! Products m 

















Wise ellan ecus (551 






Oils (5) 






















Disconnt House* fim. 







Hire Purchase© = 






















76 93 




24 54 










28 86 

277 40 

■ ■ 




205 25 








219 J 8 



















445 J8 


234 32 














190 88 


250 42 


















178 74 
282 87 



242 85 

184 62 

125 87 



































16882 - 
197179 ; 
158 » •’ 


233flS ? 
47124 , 



192 43. 


15550 j 
11957 1 
112.0 : 
17450 : 








Year ; 


Br, Govt. Av. Gross Rod. 

Mar; - 


-.21. ■ 


British Government 








xd adj. 

to date 


5 years 

li years 

23 years 




.. m 

■ ■ 9.94 
' 10.46 

7D ■ 
1065 ; 









5-15 years.. . . 












Orer 15 years 


U9 9A 

■ — 








\ : 




• .. 

■ 211 










Wed^.siardi .ffl 




Hunch [piuch 



29-yr. Red. Deb. & Loans ( 15 ) 
Investment Trust Prers. ( 15 ) 
Coml. and Indl, Prefs. (20) 



■ 17 

. 18 


,T Vpd ; j Tltd*. jMoRi 
alan'h* [ Uxrrti J Mar 

•lb I V14 "1% 4 

61 jOS 



«Q-9 b! 61.00 

61.00 i 

56'! 27 




5 «-17 56.41 

. ■ ! 

66.50 j 





74.68 J 75.3S 

73.83 I 

Financial Times Thursday March 23 1978 




^[S^^5 1 c f Xtha,,EC Norwich Union Insurance Group 

Mrdz BSSaSSk. w^^JSSf.arw.JS— 

J'tyPund »J 

hiv a«* a 0 

•»H.*rty Pd „ 143.4 

•mivAcc. 1494 

ccii^e Fund 836 

A ■ -ruble Fund- 12S 8 

one* Fund 119.7 

i lVoport* 14a 2 

■> Sefarlite 790 

if. Si*cuniy . xjjj 

!<•• Manoced 149 5 

w t™U> - - 142.4 

vp. rd. wr. 4 . 1235 

an F.i Btr 4 1284 

41111} Frt Si*r 4 JL3 
>r.» . F«j. Sor 4 . . 111.0 
opcv Fd. $rr 4 . 158 2 

H.J _ 

i5ia .„. — 
1575 _ 

iffi z 

in.i r; z 

02 _ 

140J _ 

17*5 _ 

149 9 — 

130.0 _ 

1352 _ 

33 0 _ 

US* ...... _ 

113! _... 

*" at March 21 . Valuations nnn^Usr Tues. ££ 

Haznhro Life Assurance Limited 

• Old Put Lane. London. W] 01-488 

Fixed Inx Dep. 

• Equity ... 


Managed Cap 
Managed Aec 
Gih Meed 

re n. rTOp. Cap 

Pen. Prop. Act 
Pcs. Man. cap. 

Phoenix Assurance Co. Ltd. 
4.\KiCCH'iUw*Sx_EC4F4HR. QieSSeKX 

VPeobhA» M72 ■ iUfll +14| - | 

Kfcr.FfcAjw I U3 ...- — j 

Kh‘r Ptutq£ 1705 74.1| j — . 

bany Life Assurance Co: Ltd. 

Old Barlmrion SC. W L 01-43" 

piilv Fd.Acc . .{1M5 178 

«rd lot. Act. ... 137.6 
il Man^ Fd Ac.. 1130 
i llllim Fd-Xem. 98* 

SjpFd Are 1M4 

'fl|« Ini. Ace i$A2 

iitvren.FJAcc. 1985 

cd I PhuAcc 172A 

] Mon. Pen Ace.. 1266 
,.Mn.PnFaAec_ 1D4 4 

J lPcoAix 119* 

e Inv Poo Ace.. 1895 199 

.14 ■ Fm.fiiltEde.cip.. 

Liu- Pea.StitEdK.Acc.. 

01-437 9082 £m. BJi Cap. 

. | Pern. B.S. Ace 

•••;; I _ Pen. D A. F. Cap. 

■'..I Fen.DAJf. Aec 

Prop. -Equity' & Life Ass. Co.y. 

1 19. Crawford Street, WJJI2AS. 01 -4860837 

5 Silk'Prop.Bd | 1729 ' I ' t — 

DoLEquiiyBd 1 6*4 I ... 1. — ..' 

Ho. Pi. Mny. fcd.FdJ _ 153.I J ,_...| — - 

Property Growth Assur. Co. Lld-f 
l-con Houhj. Croydon. CRB I XU 01-090 0606 


Artrathnct Securities (C.L) United Keyselex Mngt Jersey Lid. 

£ S’? ^f 4 ' **■ HcJ iT.« JerMT 05S4T2I77 PO 3rx 30. SL Heller. JonMf. OJ.0D6 7ITT 

C » nL fi!S , Eil5!ML 1 MS Fnnvl.n -- I-V.JJ22 ' ’4» ..ZT 3 M 

nni'^^Kai 11 - 1 9*1 **0 wlcv lal'l _ ICS S2 6 5? .... * 

Ea*3 ftlMl.TM >> KI1WJ 11801 3.41 Kr'xelei Europe— C3M 4.0} .. * 

Next Mih. March *1. Japan fit b Fund— .112217 23 »S - 

£“*■“« »*««»» *>»* nv ££&&&= FW*!'® - 

Market fipportunitw*. e:o lri'h Yount fc 1 

"■frolic, 1ST. Krm k ..Sidney King & Shaxsou .Mgrs. 

1 31 ‘ awi rata* March ifi ’ “ 1 nwrlwxTnt* fir. Heller. Joreev. ■MSirTT; 

Net asset value March 16. 1 alley H-*. Sl Parr Port. Cme. uMai 1 24 

Bank of America International SJL iC Vi! 

35 Bouleeord Royal. I-uxembonn; q.p. GiltriUlil (Till Hll*? U76H L °) 1: 

vlev Inl't 1-5 82 6 531 .... I 4 St 

KrM;i h'urop*'_l!3 62 4 .Oil .1 4 39 

Japan Gib Fund...{S2217 23 84 j _ 

Key-.«.Je\ .<apjn |i9 71 1C 6^ ... — 

i cni..v.,i+M'.ip._. ! £13150 1- 

King & Shaft sou Mgrs. 

1 nuiingCin>« R. llrllrr.Jiwr.'3!Sl;22t! 
t alley H«. SL Poor Pnrt. Git 5! - . UMdl ■ 2470R 

'\t .(MM'4K.-4 

35 Bouleraid Royal. I-uxembonn; U.D. i|iiifriuil?u! "Ifflif 1176H _ °'’*i H 

WJdjBvest Income .BT-SW It 354 nf ... I 666 Uili Fnd ourro w|ao 05 201^-51: 11 M 
Prices at March 18. Ne-.tsuh. Any day March 22. | Ml rj#vt f To 

Bnk. of Lndn. & S. ^tmrrica lid. Pirk sf«iin B ii? 04 . 17.911 ._...! - 

■IMS, Queen Victoria St_ EC4. . oJ-SOP 2333 b 1 rM InM ISl8J.41 183.8? | — 

Alexander TRod.— BI-S615 ^ - I | — KJeinwort Benson limited 

Net asset value Mar. Z2 s». Kenchurch Si- EO OI«S snm 

^ ert 53w h!e*ilts 62 8 _:. 3 i l S 

i Bur Dc la Rcgeuec B 1000 Bruwell lie. Xr.-um 713 755 ..... 4.M 

Renta Fund LF )1,9» 2.015} *2| Bit KR Far Km Pd. SUS956 146 

. , ... KRIhtl I und 51 S1050 190 

Barclays Lai com lot. iCh. Ik.) Lid. w. jjran hmd susssm • •• 054 

l.CbonocCroNsSLtlelier.Jn*. QKM73741 K ® 1 ^'■“ih.Kd. 51024 .... — 

Overxew Incrxmr ...156 4 53 SI . I JO 12 ?, ,Kr ‘S. S4 -% — “ 5C J IS 

l'nldolIflrTni*t 151.0521 t«’iJ I iu. "UuMiAviflM* 18 25 1920 . . 115 

^3Sm>B ri? «id wilhhddVnE t»« “ London paying sgeeta enl* 

Barclays Unicorn In I, (I. O. Man) Lid. Llo>ds Bk. id.) U/T 3Igr*. 

1 Thomas SU Peuglax. 1 o.M. <XEM4Ki8 *' ri - Bov 183. Sl Holier. Jerncv. 055427581 

I Ml. GM. Pec*. Tit. 

Pi rt Sterling i27 g4 l7.91i I — 

First lull U1SJ.41 Z83.S4 | — 

KJeinnrort Benson limited 

Hearts of Oak Benefit Society ■ ^nHout*. Croydon, nut Li 

^Srl'^x wcu, % “T™ . Is! 

„ Acne. KuDd(A) 7D4 3 

Hill Sump) life A«tir 1 JAM Afibej- Nai. Bund - 1504 

>le inv rcu Ace..|1895 1995} — r >u* t wt.. Addl 

IEV Life Assurance Ltd.9 ^ropSySeSS 

« H». Alma Rd. Relgata. Ratata40WI. 1 - ,nito 

EV Managed 125.6 132.4 _ 

EVMgtL-B- 94 9 1W2 ~ . _ 

EV Money Fd._ 103 8 109.2 - 

EV Equity FA.. 96 B 102.0 IT — 

E\ FivadlnL— 96.5 103 7 Fno.lUd.CaD 

EV Prop Fd — 958 10B.C — Pnt Med Ar+J 

El>I«d Pen Pd. 98.4 RJ3.7 IT — 

Hill Samuel life Assnr. LtdLV g’ ^ ghnrf - 
NLATwr..AcldiacoimbeR«Ucmr. 01-8884355 int^aj^Fuo^. 

955 +0.7 — 
1255 + 03 — 


row life Assurance " 

tjv bridge Road: W 12. (M 

JSk Fd Cp I'nt .17* 6 »Jf 

■MltFd SI.L‘nL...|95 7 99H .. . 

xU0D*Mgd.Pd..tu64 320.4) -1 

relays life Assur. Co. Ltd. 
Romford Rd. H7 Oi 

■vUyboodi* (U85 124.81+0, 

Jlt>’ - 107-5 1135 +L 

1 -edged. 113 0 119. C .. 

periv 102-1 1075 *0. 

oaeetl 1045 1MJ .... 

oey 97.6 1021 .... 

n.PCm'-Acctjm. _ 977 ■ 1029 +0. 

Initial 965 10X4 ._. 

-Edg Pens Ace. _ 97 7 182! .... 

ISfial 461 1QX! 

aey Frm&Acc.... 98.6 183.1 .... 

Initial. ... .._.|%.9 liwi^ 

'Current unit value MarJA* 

Imperial Life Ass. Co. of Canada 
mrauaiii Duperial BonadGaOdJord. ■ 71 

”7= &r u ~l - 

IVa _ „ . PnD Lraked Portfolio . 

^ — Managed Ftond — MS B . iflftiB .1 - 

A FbcrfWt.Fd Ml IDOj] 1 - 

■ Secure Cap Fi (952 iaff3 1...J - 

01-5845544 EquftyFund— H52 10021 j - 

a . ... m 

-Irish life Assurance Co. lid. ' . 

JX Finsbury Square. EC2. 01-8288253 

Blue C^Fofa. Zj 4-65 

Pro p. MKLffli 3 TI (ml m3 Til Z . 

,Sa^S-rEM: ’St 

— investment Fd. 1A1 • - 655 

— Equllv Fund 1638 

= %% 

— Money FoodyAj X37 B 

— Actuarial Fund 110J 

— <iil I -edged Fund-.. 1264 

— ‘Tlh-E«/BDdFdri*l_ . 3204 

— 0 Retjre Annuity 1746 

— . Olmmed. Aon'tp— I? 8 ® 

Prop. Growth Peaeimu * .In 
~ All WUierAC. t2A{12S.9 ' 13 


— . £V>v Pas. Can. I’L 130J 

— SUn.PenaFd.. _ 1413 

Man Pena. Tap ft 13X7 

— Prop. Pens. F<£._.. 1*22 

— Prop Pans. Cap Utx 1310 

— Bdet Soc f-en 11 mi 

— Bd* 5oc.Cap.UL - 118* 


2D. Kenchurch Si- EC3 

Fnrinivr-L I41*. K. I 

‘luemscv Ine KS. 

Iki. iri’iim (71. 

2015} B28 KR Far Pan Pd. — 

„ . KRIiiil fund 

iCh. IS.I Lid. K>: Japan Ft.nU - - 


XOCS -3 349 

85 63 0 4 64 

13 755 -... 464 

51*5956 146 

51 S1050 1 90 

“BBT ••• ““ 

5X.443S -SCI 1 A1 
*25 1920j . . a *5 

>n paying agents on I* 

A Ananlflirf Ud. . 

§ - m3 .^..i — 

W* 3 — 

1272 L...: — 

1421 — 


1413 ■ - 

1317 , — 

1422 .... — 

m = e 

( ms Provincial Life Assurance Co. Ltd. 
TZI — 2S.BiabopacMciE.C2 013470933 

— Frov Managed Fd.11105 116 JJ — 

— . PwCohPd 0039 109« ... j — 

Gill Fund 2D 024.9 13x3-0.3) — 

I nlrorn AuslExx. 41.9 

no. AwL Min 24.1 

Uo. unr. Pacific 56.4 

Do. I nil. Income — 379 

Do. L nf Mao Ttd. 445 

Do. Manx Mutual— 22 2 

45.3 21 

its - - 

«Bdt +0: 
ZiM +£L 

200 LIoydsTM.n-iirax.149 7 52 Jet -I 249 

25D Nisi dealing date Apn> 17. 

Hi shops gate Commodity Ser. Ltd. Uoydiint. Inroiuc 
F.aBovC. DoucIbs. I.n JL 0824-23911 M&G Grotxp 

*50 Lioyds International Mg mat. S.L 
9-20 7 Rur dii Rhode. F n. Bov 170. 121 1 Genera 1 1 
170 Lloyds Inl lilh Fd [«FXJ5(I J3M(-Jai 170 
Uoydi Ini. Inrume . |SFm 90 KUtM MJ 630 

ARMAPMarfl In-gM) 776^-053 — 

3" I'AWHHO'-'Har. 8 ..Kl (H>5 ■ 1 OfS ...TJ - 
2JS cot NT-Mar 8 .. IC2J98 SJUj...] 215 
Originally tx’uod at *510 ami "SJ 06. 

Three Qua* \ Tonor Hill FC3S SHQ ni-JW 4MI 
AllantiiMv MorSI «'.«« 27U I — 

AU*LF.V.Mjir 2Z... KS1.72 199+aCV — 

l.nldEx.Mar .‘JJ. — SL-8sl 4i84-0b« - . 108 9 115 S + 1 C 3 79 

l.trcum t nitrl 15? 1 161 91 • l •); 13 79 

isiae^dsi m -i z . »«* & sh*«at. u ± 

ney Pona Aec. ... MB.6 lt?B TIT — 32. Conduit BC3- 0X035433 

Inittal- -196.9 1020} — Bond Fd. Exempt- IU257 U4.4B-ftlfl — 

- Current unit value MorJS Next deaHng date April A . 

ehlve life Assur. Co. lid.¥ <^Sec.Bd._ — IxLboWixl - 

Lombard St-ECa. 01-6331380 . Langham Life Assnranee Co. Ltd 127J7 ■ | — i — LaB8haMHa.Htdmbroi*Di;NWA DM0352U 
nada life Assurance Cot otv^g^S' ptM ~feL B n - — J — 

hFd Kas ^'T Bar 5 5 0 elU ' ^ ''Sp'OTMiTwlTM 77 j! TTj - 

jnLFed.Frt.6"! 38U I ZE.j — Legal & Geuer 
nn on Assurance Ltd.9 

0X035433 Prudential Pensions ZizBlbri^: 
“ Hoi born Bare. EC1N2NH. ‘ . 01A 

San __ Eqoit.FdMar.l5- £2298 • 23*4| I 

. Fxd. InXMar. 15_ .K1444 MJOj ..._J 

. Prop. P. Mar. la, £2459 2SJ5} -_J 

Reliance afatoaJ 

Tunbridge Wen* Kent ' 080232571 

Rel Prop. Bds. | MU - I | — 

Bridge Management Ud. J^n* 1 •. _ Jiff *J Pi 

PO. Bov 30R Grand Unr-roan. Cajiuan la. ' ' w “ nl 1 ‘ “ ' U * 1 1*191 -14; . 

1 VMM* I I — Samuel Montagu Ldn. Agts. 

N'ippocFitMar22.°!sS4 pf 1 * 15571-0111 080 lH.j'Hd Broad S* . I *7? Dl WPWt 

^ Splil ' ' Apollo F.1 Mar. IS. FF45 70 49<ffl . . f 3 T* 

. , ^ T ' Jartn* Mjr !.-• . S.1K4U ’.01 b .... I 125 

Britannia Tst. Mngmt. tCll Ltd. itTiiip-WuK - t'.Ct : .1 Jit 

»3, iFjSSl&i-SMi u”j-5n* ow 

j?r " Hi 1; iSff3 — i2n Murray. Johnstone ilnv. Adviser 
Vnli-fcl^r SI MM — ,63 . Rone SI .Glaogott. i~2 041-221 

Univzl $Tbi Slg. -|£207 2 ig 100 ■Hope M Pi | Si;«9*6 I I 

Value March 17 Next rfealjng March 28. ‘Sam* Fund — I SI.S9 60 1 j . 

Butterfield Management Co. Ltd. * XAV 15 ‘ 

PO Bo< 3B5. Hanullou. Bermuda. . - , Negit S. V. 

Bintmt Equity- . — 1206 1 991 I LOS 10a Bnuln-ard Re+aL Txveiuhaur* 

Bn Ureas loemae {200 1.9JI I 7.46 KAV Mar 17 I SI' 51026 I I , 

•Hopesi n I Ji.’<T906 

•Marr»> Fund —I SI.S960 
-NAV Mjrch 35. 

Neglt S. A. 

■ — "N.'lynipic Wy> Wembley HAS0NB 01-902 8876 SS7Z.K) 
. riu-fniu Kx&oe _ 1+frJH _ 

■ • ■ ftsra = SSm 

l^gal & General (Unit AssnrJ Ltd. MlH . hi1ll »•««,«« 
npnrood Houm. Xlnsairood. TWhrortb, 

KT3O0EU- Rn™b Bralh 5SA8 St- SuiUbuis Lane. Loudon. EM 

*p Bond'Exec - 0X87 13J 

■ . Bd/Exec Dnit. 02.76 13.5 

XirtlErmd 1M.9 116 

illy Accam 164 _ 

perry Acuna 02.13 — 

gd-Accum. 0537 - 

I Equity — ttI3 92 

I Property 1012 1*7 

. I Managed 94.6 100 

IDepoat.... 950 101 

IGih .... 93.2 9& 

I Eq. Pens- .\cc. . £8.4 93 

- IPrp Pras Acd... 1033 109 

I Med. PenvAcc 963 101 

I DepPena Act 96.6 102 

l Gdi Pens. Act 9X2 9* 

ES.LF. — 3*5 39. 

. ESXF.l 26.0 a 

Equity Initial 
Do. Arcum.... 
Fixed tnlliaX 
Do. Arcnm. „. 
Managed lniUaL 

Do. Aecum... 

Property Initial. 

Do. Aecufn- 

legal A General 

Exempt Cub lnlt 

%$$$ Z 

1^5 tad — 

ijn. 9 U 0 . 4 i — 

Current value March 
pita) life Assn ranee* 

2*ffUoj| — 

Da Acnnn. 
Exaupt Mcgri. In) 

Do. Actum. 

Exempt Proa laiL 
Do. Atom. 

■I =3 = 

fix SuiUbins Lane. London. EC4. 01-6084358 

N.C. Prop. Dec SO^IUAI 12X4} j _ 

Nett sub. day March 31 

Royal Insurance Group 

New Hall Hare. LiverpooL ' 053 227X422 

Royal Shield Fd._p3Z3 159.91 J — 

Saxe & Pros pe r Gronp¥ 

4. GLSUlelen's. Lndn__EC3P SEP 01854 8888 
BaL Jnv. rd. PT 1 1 12aj}>0.4( — 

Property Fd.* 1486 1573 ... J — 

GIUFA 122.6 1293 -ril^ — 

Depo^llFtft 12X8 1283 ...Z 

Comp PeniFd r.._. 1980 2887 .....j — 

EqulrtPent Fd 1710 18X4 +0J9 — 

Prop Pen* Fd.' 198* 2093 +0S — 

Gin Pen*. Fd. 95.0 lOfl.8 +oij _ 

Depot Pens. FA t.._ 96.8 10L9 ....Ej — 

Legal it General Prop. Fd. «^n.1id 

d.' (1 98 6 209 Jll 

1 Sio mm3 

FA t... 196.8 10 LSI 

Prieet on 'March 14 



Bn ureas Income {200 1.9JI I 7.46 KAV Mar 17 

Prices ai M*r. 13. Next sub. dny April 10 . 

Capital International SLA. ‘Xt/SLu. 

37 rue Noire- Dame. Luxembourg. . * 5 av sm^ict d 

Capual [ax Pund-.-l SUS1S.91 { | — Manila..... 

Charterhouse Japhet Phoenix lute 

3. Paternoster Row. EC4. 01SW3880 T£„j ,‘ “J 

Adiropx, mm 36 33 9flf— 0.1DI 5 64 Ddei-Dol lari uni 

Adi verb a MM85D SBeS-oiS 509 fipo , 

Fondak LUO150 3320 TT1 6C Oro 

Fondis IDR2018 21201— RAM 615 28 Irish Town. iiil 

Emperor Fund — Bi szj# zm| I _ r* HnllarFuml 


7.46 NAV Mar 17 J 51' 51026 J | — I 

' Neglt Lid. 

Bank of Bermuda Mricx. Hamilton. Brmda. 
_ NAV Mar.’li .X (1469 - J { — 

Phoenix International j 

. PO Bov 77. Sl. Prter Port, (•■pmsev. 1 

Tm lnlei.DolIarKund.1Sl Mil 2391 . ..| — ’ 

^ Properly Growth Overseas Ltd. 

615 SSInsbTtiwn.iiiiinillar - iGib-0106 

— VJi Dollar Fun.}.... I 5rS8827 i 1 - 

Rt^pano prsBB Ciy -| X97 Sieritnn Wm»l .1 £125 80 1 ‘ - 

CUve Investments (Jersey! Ltd. Rothschild Asset Management iC.I.t 

PO. Box 320. Sl Heller. Jertey 0554 37381, y O.Bux Si Jnllon.*n.GUcrn'e» 048130.71 
ClweGillFd-iCl l.lU.OQ 10011-.,... { 1100 nr EnFr Frb2B {494 5351 I *>5a 

Cliru Gill F4.UV.LpO 00 lO0l| _.] 1XB0 « ClS.Fd Mir 1 .fi493 IMS TT 6J9 

•■iHfi JSC — IS55 DC.Eq.Fr Frbl» .{494 S3 51 1 2.5a 

r.i.|10 00 1001J ^_.| 1X00 II cine.Fd. Marl .p493 15821 689 l Till Oi’JdUFd MarirJeSS 90 N j _ 

(Guernsey) Ltd. . u.C-fimCoPd Frbdsfui 9 140 S . 3» 

Paler Pori. Gucrnaey 

_ (256.0 1700| | — O r’.Connnodil.c* (1222 129 9rf| ..... | 4.97 

OF DlrVomdij T..152S15 26 75} .... | — - 

Prim rm Mar **! \>vF Wp.ihnr A m I 

Cornhiil Ins. (Guernsey! lid. 

PO. Box 157. Sl. Paler port. Guernsey 

fg lntnl. Man. Fd. (256.0 17O0| | — 

2.91 Bella Group 

P 0. Box 3012. Nasun. Babamax. 

Delta bir.Mar. 34.. |S2 34 Xfl| | — 

Deutscber Investment-Trust 

i^ton Hou&c. Chapel Ash wiou 0BQ228SU Schroder Life Gnrap¥ 

.-Invest Fid. . I 9628 I I — LAGPrp_F(L Mar. 1.AI15 XatlJ —.-J — EMerpnacHougaPurtamoalb. 

__v»Mkerlnv.Pd 1 10188 | - Next suh day Apnl L -. . . { -214.6 

arierheuse Magna Gp.P 
rtieqiien fiq . Uxbridge liBfl 1 ME 
rthsuTJjeryy— -p32 35.01 .„ 

rthsc Money _. 29.2 30 J ... 

rihw. UaiXJeod- 361 . 381 

niue. Equliy 322 132 ... 

tnj B W?Sec._-. 1246 

cna Managed 153.6 _ 

Life Assur. Co. of Pennsylvanfa 
52181 30-43 Nev Bond SL.W170RQ. 01-4838885 

— LACOPUaitt. {1007. 10571 —J . - 

z U°y«ls Bt Volt Tit. Mhgm..Ud. 

— 71. Lombard St. EC3. 01-8231388 

— Exempc.^.— ,_f96A 10Lfl ^— { -7.96 

Equity iMar 2i__„ 
Equin 3JCar 21 — 
Fixed Inl Mar. 21 _ 
Fixed lnL3Mar.21 
InLlTMar 21 .... 
K ft S Gilt Mar. 21 
JEASSc Mar. 21.. _ 
Mncd. Fix Mar. 21 

ly of Westminster Assur. Co. Ltd. 
lfidead Rouse, 8 Wbltehoree Road. 

•vydon CROLIA. OX-884 8604. 

st Prop. Fund [5L8 Htj ’ — 

■Uged Fund 164 9 17LS — . 

a nr Fund 583 ■ 593 +0J —• 

rnuand Fund o91 72.7! ._.. — 

mcyFumf. 129.7 3280} — 

It Fund 64.6 67.9} — 

10L6J /r* BS^lSrgfzz 

r *T~ x ‘*“* Ltoyds Lite Assurance • Pep-S ? war 2?- ,'_T [uzs U85j *0 

H af l- „ 5QxClb.Har.l6._L L24356 

» lTlMZrl— Ovt5Pnp.XarK.p3Z7 

■ z ■ 

r 12801 ZJ — Opxs ManJIar J6 

67fJ J „ Opt5Dcpx3lar.l6 

J a«~J ~--j — _ . _ . . Z'l J. Scottish Widows' Group 

f H»S ~“i ” ‘ laadon MufHl t 9 fcGuL jW.C8lft -pn BmUfg gduihaigb nunnr. mi 

48fi(ZZrZ 18-30, Tlie FUrbiny. Ruadhig 96351L InrJJjr^enea 1 Wl 97.j| _ 

S3;-d z fisra^rzzgf .. satsjf =.. sfearfeit ilz 
, m lwS»- fc» ' M = 

U83 | — . Hie London A Manchester Ass. Gou¥ . . 

199 1 26 
52 4 IS 
Z8B 135 

D6.1 111 

t .— I 

377 *11 — I 

1188 +1 C — I 

147.1 -0.2 — s 

1587 -02 — a 

1262 +12 — ■ f 

IS . 6 -li 1 


ucuucaer imwniem-iTU» RT Im’l Fd. _»l - a 

PustfachSSBSBiehcrgasac 6-100000 PnuUut. R.T Infl’ iJh-J Fd~ |S5 

J25 Coocentra I0UI9U 285M J — Price* ai March la. N 

7AT toLRenCentends^lMMfl 71*flj | _ Prouner In 

Dreyfus Intereonttnenlal lay. Fd. ' n..i n r to . ^ 

v’S po ®“ J® 012 - Bahamas.' - . . 31 Ditok) SL- SL Hdicr. 3 

NAV Mar. 14 |*S2iO U«| | - I S. DaUar-deDomlaaird 

Emson A Dudley TsXMgUrsj-Ltd. ^ 

P.D. Box 73, SxDelier. Jersey . 05B120SB1 FarEanem't . .. 3771 

ED1.CT. (1143 121.7] ...... | — North Amerirant. 347 

F. & C. Hgmt. Ltd. Inv. Advisers 

Price on Mar. 21. Next dealing April 7. 
Royal Trust tCl) Fd. Mgt Ltd. 

PO. Box UH. Royal Tu Jersey. 05343441 

RT.Infl.Fd.. ttl'SIfl Iffl I 300 

RT Infl U«-.iFd..|te 89) ... | 33 

Price* at March la. Next dealing April 14- 

Save Sc Prosper International 
Dealmc to: 

37 Broad Sl-Sl Hclirr. Jersey 0534-20581 
18 Dallar-deiwini aaird Fund* 

incy Fumr__-» 
ItPUnd— ___ 



Property 3 Mar 7... 
BSPiv CpL Jlar. 7 ... 
BS Pn Aec. Mar 7.. 
Mo. Pn. Cp. Mur. 7._ 
31n.Pu.Acc Jlar. 7. 

■ ‘ — dHZj'Z 78=0. the Fort uw. Raiding 56J51X ' Iwr^jr^nea L_W I ri.j 

it&Sm frWz naej] .. sfl:» z .SKarfcw m- 

F- - ^[lorm Unii3_.| 1883 I -~rl — . Hr London £ Manchester Ass. Gp.(f • 

ty of Westminster Amir. Soe. lid. Tbe Leas. Falkeaiooe, Ke nt . 0303878*8 Solar Life Assurance L imited 

epfcune 0Ij684 9904 

ipertj- UnlU 1533 

a? I = 

Cap Growth Fond. 
pExcanpt. ^Icx-Fri. 
>» Exempt Prop, rd. 
iEsptlnc. TsX Fd. 
FlexihlaFnnd . — . 
Inv. Trust Fund 

mmerclal Union Group " fi^Sit^dTZ 

ft^lens, .L UndtT5hnft.EC3.__. 01-2837900 Property F ond- ... 

aS^£w""^ 1 S.« .1 T"i Z M & G Groin* 

n federation Life Insurance Co. ’ 
t’hmcriyLane.WCrAlHE. ' 01-2420282 

l«V>FiUUl-.~ ML9 149.01 

uagod Fund. _ 1740 182.7 — 

sonal pen. Fd_ WJ 72.7 — 

illy Pen Fund . 2083 — 

Cd lilt Pen. Fd. 196.0 — - 

laced Pen. Fd. _ 1781 — 

periy Pen. Fd 129.0 — 

olecied la. PoL 352.4 — 

nihil! Insurance Co. LtrL 

MAG GronpP 

Threa* Qu*rv.To«er BUI BCSR 6BQ 01026 4968 
Far*. PmatoB"^ 


1 — 107 Cheapslde. EC2V 8DU. 

" -■ — ~ Solar Man aged S — 11263 - 

1 — — — SoIrrPropaWt liMJ 

E “ Solar Equity 

' — • — SoJarFiilnLS — 

* -- — Solar CashS 

u — Solar IntXS 

fiolar Managed P 
Solar Property 

i 8BQ 01-826 4968 

i§&xp p 

c m i | 


^rw , '.v|," l ^ 



1 LXaurowePounlney Hill. EC4ROBA. 
(01-623 4680 

C«iLFd.M«r.l5_| SXS4.45 | ......| — 

M® Fidelity Mgmt. & Re*. (Bda.) Ltd. 
Inin PO. Box 070. HsibUiou. Bermuda. 

977 Fidelity Am. As«..._ I SVSZ17* I+0A8 - 
PSdelitylnxFtaod.. SUS1867 JTT-I — 

Firfeiitywrfd Fd_ 
Fidelity Ser. Fda._ 
Series A On tali — 

Seri ecB 1 Pacific) 

Series D lAnAui 




First Viking Commodity Trusts 

0«V Co, Ud, ^erpri«Hcn^r«tm 

S3, tall Mall. London SW175JBL 01-0307657 imernaUauxl Fund* 
Fst.mCmTst—».9 3884 | Z10 B?5! 

Fleming Japan Fund SA. SFixed Interest— 

37, rue Nntre-Dame. Irrxrnjboarg e5fe£5£{' 

FTrug.Mar.21 1 5US43.6B | | _ sataaaged. 

Free World Fund Ltd. J- H *™y Schroder 1 

BuJlerflcJd Bldg, Hamfltim. Bermuda. J3 lC1, Kf ri, t Eff r 1 

1 KWMfcM-l — I - SSayWad 5.1 

G.T. Management Ltd. Ldn. Agta. Fd M-r .a,. m-sui 

Park Hse^. 16 Finsfam y Cav na Loudon Ed DarlincFnd. Ka17 

Tel: 01-628 8131. TLX 880100 Japan Fd. Mar. 8_.BV«2 

GT Pacific FB-_..| STS1226 | 1 - 

Sterllng^IrnaDiJiulrd Funds 

Channel Capita)*, C17.B 229.3] * - 1 7* 

Channel lslands4...h«.4 149W +B.« 4 97 

Commodity Mar 10 R18 4 134.M 1 - 

SLFxdlLMarIB [1228 129fl . | 10.70 

Prices on 'Mareh 20. ■•March 8. •"March 9. 
itVeeUy DealiOiri. 

Schlesinger International Mngt. Ltd. 

4 L La Moae llelicr . Jersey. 053473588. 

&AJL— 176 81] 895 

S.A.O.1 Bn 0-86 4 65 

fllltfR [24 0 24 2 _.... 1136 

InU. Fd. Jerenr— . 1M 105 -1 330 

In tai.FdJjunbrg._i9 76 lDzS-Oi} - • 

Schroder Life Group 

Enterprise Bouse. Portsmouth. 070527738 

cm Bond"- 
Managed B d~*__ 


Sun Alliance Fuad MsngmL Ltd. 
.guuAlGaacaHmue. Harehadt 1. 040344141 

.-'(irnhilL E C.X 
ital Feb. J3. . . I 
ipec Kch. 15 ..,K 
Uh-Fd. Feb. 20.1 

01-0283410 J 


¥ ~ I n::: I - 

1.0 ’ 3673} | — 

g.J:0 = 

-Otar. 1& -~Mar. 17. 

■dit & Commerce Insurance l2h Bigh street. Ch 

Regent St . London WJB 5FE. ' 01-4307081 bvi — 1 

?Mn£d.Fd .(1223 13LW .( - 

trader Insurance Co. Ltd. 

culo HniM. Tower PL, Ed 01-0268081 Prop. Pens. 

Prop Mar. 7..._]67.7 74.fl : Man.Pmxa.- 

EqtjJTJ' - 

(le Stiff lnsur/BSdland Ass. Con>.ERp Pent, 
m-adnoedfe fit, EC2. -01-588 12X2 MocLMkXpleo* — J 

tciMid. Vnitx....|493 5L7] +0JJ 6J2 

Jity & Law Life Am. Soc. lid# MlKon CoorLDoridi 

Merchant Investors AssurueeV 
ITS, High Screirt. Croydon. 01-A 

Coav.Dep.Fd J 127.4 I I 

Money Mitx6U_.l 144.8 I. — I 

_ ExpFlUnX Mar. B_io54 M 164 401 1 — 9 

_ lot Ba. March 21 ... j £X2J8 J _....[ — g 

+10 — ' -A 

ilo Z Sun Affiance Linked life His. lid. % 

*0-7 — Sun All lance House. Henham 040304141 LI 

-Mar. rt. Equity Phud (1027 • 1082 +0 _ U 

FixedtetereatFd.... IMS JXM+X2 — » 

3Ce¥ Property Fond 1820 W4 — Pi 

■ JnlcrnatumalFd.— 96.4 lliif.-OJ — B. 

01-ffl08171 D^poritFood 95-5 IDOjj „ , _ S 

— Managed Fund 10X6 573*0.7 — 

- Sun life of Canada (UJK.) Ltd. - 

2.3, 4.GockSpur SX, SW1V 3BH 01-0805406 

Maple LX Grth 1 186 A . — 

Maple LCManfld... 1328 . __J — 

Maple IX Eqis 1202 -| — 

FrnnXPUl&-_(.- 3993 . J J — 

- Target' life Assurance Co- Ltd. 


£Flxed lnteresx— 
SFixed Interest — _ 

S Managed. 

U5.1 *03 — 
121-5 +0-3 — 
149 8 +0.5 - 

109* -0.1 — 
133.0 +0.4 

Maumemrnt Iatmattaia! Ltd. 

e.’o Bk. of Bermuda FYonl SX, Hamltn. Bmd 

Ancbor B 1 Vaita., Kf5**# OJBI | X‘ 

.MicborlnLFB. —BlSUI i3| | 11 

G.T. Becmada Ltd. 

Bt of Bermuda. Front SL. Hamlin.. Bmda 

BenjrPacF. STTMOJisl I .1 II 

CT.SFd. | SUS6.48 j j U 

G.T. MgL (Asia) Ud. 

Huichlsoo H*c-, HarCourl Rd.. Hoag Kong 

J- H«uy Schroder Wagg & (S. Ltd. 
udL I20.Cheapride.ECi 01-588 4800 

I _ CheapS Jlar 20 _.( 1064 ( .1 273 

1 Trafalgar FVb. 28_ | 5VS10732 1 | - 

A* 4 *- Asian FdSfar.aO.-pTSUM lUli I 349 

«don Ed narlmcFnd. BAl.71 3 83 } S20 

Japan Fd. Mar. 9 ,fSL 55S2 fczjj | 036 

" — Sentry Assurance International LUL 

Itn. Bmda. T.O Bov 32S. Hamilton 5. Bermuda 
I X93 Managed Fund (U3.9B 1(75) | 

Singer & Fried lajider Ldn. Agent$ 
x. Bmda 20. Cannon St. EC4. ni-MBMMI 

•] im Dekamoa' — .(men 76«| . j tu 

1 X2S Tokyo Tst. Feb. 28.. I SUfiSlOO | . ... | 200 

Stronghold Management Limited ■ 
ng Kobb P.ii. Box 315. SL HHier Jew 0534-71^60 

S5te F rtSff=f H 88tt» , - , 1-«ri S® Commodity Trort_fH7.fl 9243{ ( _ 

| G.T. Management (Jersey) Ltd 

Surinvest (Jersey) Ud. ix) 

Royal To, )!»«.. CoJonaberi^Sx Heller. Jersey 7 

CT..^*Wcrtiug..{CU.42 12IU .....{ 165 cS^5Trori dT . T U03» ' lolS'oSI ”* 
B ^ a f M r ,Cvrm f7l n .Ltd., . , _ n .Jap. Index TstV [UOUO M20|+0l5l - ■ 

31-33. Le Pollex Guernsey. 0481-28268 

“ T', ™ neL Pensions Ltd. "Target Life Assurance Co. Ltd. 

nty & Law Life ASS. Soc. li d# MIKan CoorXDorbliifi.Sarrer. 5011 Tarset Bouse. Gstebotise Rd. Aylesbon’.- 

irKbam Road. High Wy combe . 09H 33877 NelexEq. Cap-_.p22 75.91 . A — ■ Bucks. - Aylesbury (0398' SOU 

ttyvd (ML* 1X2«+0H — Nelex Eij. .Votuw. .. 106.8 J12J +L7 — -MauFUndlne J94.1 .9931.™ — ^ 

son* Fd 11026 107*..... — Nriex Money CapL_ 6X6 64J ...... — Mau-PtodAcc 11X5 128-0 - C 

!d Interest F [U2 0 126 O -0J — Nelex MOo. Act 14.4 67.7 . — . Prop. Fd. fat 1072 UU — 

OenMii Fd. 198 0 lA3j] — Nclex«h IncAee.. 44.4' ' 46.7 . — — Prop. Ki Act 132J — 

cdFd -.{106.4 llX^ +0-2 — Nel«tGUHneCap..fS3 464 ...Tl — Pro^FUnv... .. — 103.0 — 

ieral Portfolio Life Ins. C Ltd? NeXl *“ b ' _ . _ De».Fd.Acc.fae^: 975 .103 S --T. — 

X^Td“' CL ( W,i, ^M Cro T T 1971 R*SS , AS ,, S£4^f cr Si tt z . 

MUo Fund- — l 1293 J .J — ReXPfanMulMc.- 121.9 129.0 — — 

-MboCaritn , .-l«L6 «.7| .-...1 - j^pj Management lid. ^2 loi Z C 

sham Life Ass. Soc. Ud. 48.Gn£aebuiebSx,EC3P3BH- 014B34200 GUjpta-Cnii. 13x2 is*J|— 09) — . h 

Hnee or Wales Rd- B'mnath. OEXC 707tB5 Managed Fund p4Xl If7*( ■. -. •( — • . ' fe 

aSiSs-K. JSI-uj = — «■ j- *>“ ^ » ; t™**™*^ UI. Ira. Co. Ud. g 

gui Ft,Vd— 'jUf7 lgj] — Mew Zealand Ins. Go. (ILK.) Ltd* • 2BreoiaBMgs,EC4iN\'. (u-tosevt XS 

pSL I «S&T'-Kb^ — Maitland Hoitte. Southend SSI 27S 07B262B55 Ta3ipliiv®< Fy--_Q31.8 138-R^—j ^ i Cz 

Pia>. EkixitL. (95S l»3|ri»3t ~ MuHBKlnr PUa.M4.6 UJM - IM****™— K*6 UlS..:. JU 

* SM. ut. AM. soc. Ud* = ,SS:8EHfer l ““ “ A “ 

Berw Pw strip. —ISXQ 242-321 . J la* Surinvest Trust Managers Lid. «x» 

A^cbS In j£‘tS'"& 30 ] M 7 a 4Q 'T l 3?7 4e - AU10I Stmt. Dourias. LoM 0024 25814 
AncdoriuJyi is -(230 M.6| . . . I 3.17 The Kil.-er Trust - 0054 107 71*0*1 - 

Gartmere Invest. Ltd. Ldn. Agts. Richmond HwidBi.nwi aw.a .. 7i lOJl 

2 SL Moiy Ane.lamdon. EC3._ - 01.0833331 '..fc 1^3 toS Z 

Garaaerr Fund Mngt (Far East I Ud. 

1503 Hutch Lion Hs e. 10 Harcunn Rd. H.Kou, 
HK4PatU.TsX-..HBSZB5 27» . 29< 

Japan Fd_.. iHSliM I2»a .J Da 

N American Ti4 — ptTITK 1X« . . 241 
In LL Bond Fuad SUBS I 63 

UyVd J»fc* 132.49 +01 — 

xffiyFd — (1026 107 « ..... — 

^ Interea F._ |UX0 11681 -01 ■ — 


ieral Portfolio Life Ina. C Ltdp 
aitholoiae* CL. Waltham Croon. WX31971 

Milo Fund i , 1293 1 — 4 — 

JphpCapitn! |dL6 43.7) . 

Sham life Ass. Soc. Ltd. 

inre or Wafas Rd- B'mouth. OOK 707088 

Cash Fhud... _ (95 4 10A4| . ...| — 

fintatHw m-H = 

n oilman Investment Mngx Ud. 

P a Box32. DoafilanloM. - ’ 0624 =»H 

\nl*TTliUOtiBlIUC.-pl.l 2251 *tl« 1L4 
DobGrimth (537 57l| . ..T| 5.41 

Hambro Pacific Fund Mgm{ jud. 
2110. ConnnBgbt Centre, Hong Konc 

MSSfcizBM 2Sl*. # :?1z, 

Hambros (Guernsey) lidj 
Hambro Fund Mgn. IC.L) Ltd. 

5^- uv™, Do. Era. 97 CCBd — (172 5 18X6) . i 1X57 

id. H.Krrar 

■ l TSB Unit Trust Managers (Cl.) Ltd. 
— [ 2® Bagatelle Rd- Si. Smtoui, Jersey. 0S34734IH 

:.;:J 620 -Jersey Fund [429 45^ | 4J5 

. Guernsey Fund — .M2 9 45 q ... | 42S 

rrieen M Mar. 2z Nert rob. day Mar. 28. 

620 Jersey Fund |429 452( | 425 

. Guernsey Fund — .M2 9 45 ... I 42S 

.jjjm Prieen tw Mar. 2z Next rob. day Mar. 28. 
1X4 Tokyo Pacific Holdings N.V. 

5-41 Inlimi:. Mnnocemcnt Co N.V, Curacao. ■ 
d. N.W per ahare March 20. 5l'S4&01 - 

_ Tokyo Pacific HIdgs. (Seaboard) N:V. 

Intimis Maaagemeat Ca N.V- Caracao. 

* NAV per share March 2D. SL’S3S*0 ' 

Tyndall Group 

P.O. Box I2S6 Hamilton 2 Bernmdx 3-278* 

Managed FUad.—p4LZ . M73| ..-■■( — 
Prices Match X Next dealing Apnl 2 - 

Gilt ri,hd— — [114.7 120-71 -D-8( — 

fnU Fund (10X2 106H +LS _ 

P|4y. Fundi; — 1955 10C .5) +01J — 

Wth A See. life Ass. Soc. Ltd.f 


OWl-aSKl tjierseasMar 15 . — II 

^ - HfcrftetaT Haa. 

■wth & See. life Ass. Soc. Ltd.* smanoj^FU- — 

r Bank. Bray -on-rtunnes. Bark*. TeL 34284 

-able Finance.. I 5^,06? I I — American Fd 

ibunLSers. — 55-0 I [ — Far East FA . .. - .. 

JbrokSc* ACC.11A2 U9.31 ... .1 — Gilt Edged Fd. -_i_ 

N. Super Fit | £7.9693 | 1 — Con. .Deposit Fd- — 


•Hfir ^ 

3 - 


A.BX.;Bank 6i% 

Allied Irish Banka Ll(L 
American Express Bk. 6(% 

Auird Bank 

A P Bank Ltd 6i% 

Henry Ansbacher 6i% 

Banco de Bilbao 

Bank of Credit &Cmce. 6§% 
Bank of Cyprus 6 i% 

Bank or N.S.W 8i% 

Banque Beige Ltd 6i5o 

Banque (iu Rhone 7 % 

Barclays Bank 

Barnett Christie Ltd.... SJ% 
Bremar Holdings Ltd. 74% 
Brit._Bank of Mid. East 64j$ 

Brown Shipley 

Canada Permanent AFI 61% 
Capitol C & C Fin. Ltd. Sl% 

Cayzer Lid. - 7^% 

Cedar Holdings 8 % 

Charterhouse Japhet... 64% 

Chonlarrons ■ 64%' 

C. E. Coates 74% 

Consolidated Credits ... 64% 

Co-operative Bank .■* 64% 

Corinthian Securities.., 64% 

Credit Lyonnais .• 64% 

The Cyprus Popular Bk. 64% 

Duncan Lawiie 4 6*% 

Basil Trust 6j% 

English Transeont. S % 

First London 'Secs 6J% 

PiTSt NaL Fin. CorpiL 84% 

6i% ■ Hill Samuel.. 84%: 

64% C. Hoare & Co ....-t 61% ■ 

64% : Julian .s. Hodge 74 %. 

61% Hongkong & Shanghai 64%- 
65% Industrial Bk. of Scot 64% 

64% Keyser Ullmann - 61% 

6J% - Knowsley & Co. Ltd. ... 8 % 

64% Lloyds Bank 64% 

64% London & European ... 8 % = 

84% London Mercantile 64% 

64% Midland Bank 6j%. 

7 % » Samuel Montagu 64% 

63% ■ Morgan Grenfell 64% 

National Westminster 64% 
‘4% Norwich General Trust 6J% 
6}% P. S. ReKon & Co. ... 64%-- 
Rossminster Accepfcs 6i% 
pir? Royal Bk. Canada Trust 64% - 
Si% Schlesinger Limited ... 64% 

l 5 E. S. Schwab 8i% 

».% Security Trust Co. Ltd. 7i% 

64% Shenley Trust 94% 

64%' Standard Chartered ... 64% 

71% . Trade Dev. Bank 64% 

84% Trustee Savings Bank 64 % 

’ -Twentieth Centviy Bk 74% 
64% United Bank of Kuwait 61% 
64% • Whiteaway Laidlaw ... 7 % 

64% 'Williatns & Glyn's. 64% 

6J% • Yorkshire Bank 64%. 

g'tf ■ Members of the Accepting Bau&i 
0,3 • Committee. _ 

civ * 7 -dar'6«FO0ftf 3V I-mcflth deposits 

Trident Life Assurance Co. Ltd.V 

Renstatfe Hnuac-GlonreKer 045238541 

JfanawrtX. .-.019.7 ■ lZAJ -4Ui — 

WAMpt 15SS 159.7^ -0.7 — 

S^SmericLZ.' 724 85 I +0.9 — 

U K -gmi i tv I W1 , iaa a 108.1 . . — 

WjrbvCwiZ^.: i«J +0.4 - 

gfiEdged 1251 1323 -0^ — 

Mon^*- - 121,1. 127A *02 ** 

WtcnultloiliJ— «9 ’ J*/ *0.9 — - 

Flscaij. —i*-—. 1255 1325 -OJ — . 

Growth Cap:. C. 12fc5 : 1339 ~0J > 

GWitlB IStkJZZl 129.*... 137.0 >d5 > 

?sgasa^:iw ::-isi'± s - 

Prta.Fpu.c5p..- uxa n&A — , 

Pea*; P&^lce. 1153 1220 .:... — . 

Tnfi. Bcod__ 35 7 37.7 . — 

TrtU.GrBoed...r BW ,-«3J — . 
■Cash value for £100 premium. 

Tyndall Assurauee/PmsidnsV 
lA.ChuyiuwRoad.nnSD]. ®BSRI 

3-way Mar 16 12X2 _ 

jaSBWrz SJ ::z =:. 

&gaS££z iao ::::: = 

3**yP«.Mar.l0- VO* . — — 

CTaeox inv. Mar. la- H6 — — 

MaPaJj-WStar 1.. 361 « - 

Po E«4LvMar.i*. 2352— j 

lta.gpdilar.l-. 3770 ..... - • 

Van iron gh Life Assurance 

■W-OMsdAirStwidu W1R9LA 01-4894223 

sfep mm 

§Sfcii mi i 

Vaabrugh Pensions Limited 

4^93M*ldox'SX.Llfa-WlBBXA 01-MB483 

Managad.^-— .-^1953 -■ IMM+tUi- a- 

■ . r •'****■ 'fi 


'1 ' ,r ’sH 


2-S lAmim L 1111*1- — KVSXJ5 
||g .3-Way lux Mar. J8...|llS3n 
a 30 2 Now fit- Sx Bolkr, 

230 TOFSL Mar 10. 

2 s ■ Acmim.Shar*3 

' TASOFHarlO.. 

An. lArrum Sbarr>i 
Jrr*o Fil Mar 15 
i.Non-J.Acr Uln *_ . 

.ill Fund Mar 15. I112A 
•locum. Sharc'i (14X4 

P.O.BoxSB.Guenuey 0481-36521 Mj^rtRi-xini tS 

inii^^d— iLisSlira IS SS25S3EVSSK.. 1 * '-zBU| i0 

iffiySu luter 1 S^- "1 S» •’ , ‘ V4 'A v fat- Mar. JG...pLS2jn m . ... 

lux Trw. *A* suskof- loa : : 8-50 yf£S, S b St -S, elkr ' 

iul sre* '8' su 9 xoj iu . . \ zso tof SLifar is. 

IYIc« on liar. fiKaat dtaUng Mar S». VvSofMw 10 
Hendmoa Baring Fund Mgrs. Ltd. lArcum Sham-) 

P.O. Box N4723, Nassau, Bahamas F' 1 M.W 15 

Japan Fd. 0602 16.71J . .. | — 

Pnrrt nu. Mar. IS. Next dealing dale Mar 22. 

HiU^amnel Ss Co. (Guernsey) lid. victory Hmuc. dcuiIu. isle of Man. oet 
8 LeFebirre Sl, Peter Port Guernsey, C I Manic od Mar. 16—U27.6 13« 41 .. , 

GuenaeyTat 1U»2 15*4| +0 4| 3.49 fItrf 1-f „. - .. 

win n-—-.--- y. „ . „ , I 1 *- latnL MngmaL (C.I.) Ltd. 

Hlu Samnel Overseas Fnid SA. «. Muicastcr siren, w Heiier, .iwo 

37. Rue Notre-pame, XaxemhcHin; 1MB. Fund I Sl’SlM I. 

IMjn 17.481-0131 — fi-UaJ S1-Ira Tn iml a Awr r 

0534 37331. -3 

1 | 6.90 

— | 6-00 

201 a _.... 7j00 

.27b*{ 7.69 

1126 114 M... . 10j47 

34X4 144 8( — 1 10(97 

Victory Haur. Douglas. Isle of Man. 0034 SKS 
Managed Mar. 16... 1127.6 1344} | Z 

wuo.auvenos eonc n. MulcMcr Sirert. M Heiier, Jersey. 

37. Rue Now-Dame, Xuaemboun: 1M B. Fund | Sl’SlOO (......I JL2J 

, r V 1 vL 16 ^ 1745-0X31 - United ^ 4 lBll J v ^ 

international Pacific lav. MrrL Ltd. M . R|IP AIdnfIceP . imxcmbounL 

PO Box R237. 50. Pro St, Sydney. AusX fJS, Tsx Inv. Fnd |Sl S5 73 *9 03] I 0.97 

Javelin Equity TsL.fSXB5 1.95} } — Net asset March 20 ' 

J-E.T. Managers (Jersey) LUL S. G. Warburg & Co. Ltd. 

PO Box l«. Roj-al T«r Hse, JerseyOSH 27441 30. Gnxham Slrort. VCS. 

Jen *? ^ t SL T &-R 2S B , A33-H .......I — i 'nr.Bd FdJlarCl -[$1*9 

As at Feb. ffl. Next aub day Mar. 31. Knrnr. Inl, Mar. 2t.. layi5 

JardJne ncDiii£ Ss Co IM first 5Fd. Feb 3 [ s 

t§ j«T¥,«r. Konc «rr rFU5, ; r 

Tnf t CtfFWA/H I I 4 10 WUT^nHT ImMkCf R 5HK210^ ■ Wartmrg Invest Mngt J fiy. Zldl 

IS l-XWinpCroM.SLHeher.Jss C\ 0534737 

jSto SFKiSL SuS« r- ' «SEW ®JS I “ 

Jardlne Flem.lnLX| SHKB-99 
NAV Mar. 15. 'BaunaJem S' 
Next rob. March 31. 

lltTLldFeb 23 klZ62 

5ba)*Tsl Mar. 16 0138 

TMTMar 8 - - 
TlTTJgd Marti-.. . K92B 

1295 ..... — 

11 76 s 

9«3 — 

£952 -1 

j _ 


y * Iff .hP 

KemifaGee Management Jersey Ltd. TUT Ltd Marti-.. . in a £953 "■.■."l -i 
X Charing Cross, Sx Heiier. Jersey. 0534 7374 1 World Wide Growth Management* 

!SS^£££:IS) M=1 F» SKSTSTS,, _ 






istnloc. Growth. 


541 | 

Ugh lne. Priority 



5 JO 

fticcs do not fac-ludo S premium, except *rh err indicated i. end - are in nonce unless otherwise 
indicated, ilelds ishcnro in UU eolumn* anosr /or all buying expense*, a Offered nrjco* 
include all expetwes. b Tty day's pri rev f Yield basrd on o ff er p rice, d Hsiunaicd. e Tovar's 
.90 dpenuig price b DIMrlhuilu free '4 U.K. faxes, p Periodic premium Insurance pImul ■ Sinclo 
prraium 'qjairaacr. x 1 Offered price include* all c* preset excopi acent'i comnuasioa. 
M £ ‘“lerea price mehidex all expenses it bought ihroogb managere. x Precious day's price. 
jt 0 Not of tax on rcaiiud capital earns an lew iudicaled by ♦ 9 Gsenuxj: gross. * Suapemicd. 

9 Yield S3we jar»*jr tax. T Ex *ubdiHMPn. ^ 


- Soa r an toad . 

a r 4» 

f in*. Rasa R ales' tabla. 

First Nat. Secs. Ltd. ... S % t T-oty deposits on sum* of 

Antony Gibbs 6J% , S STs& ^ *** 

Greyhound Guaranty... |1% t caa dupoato oxer moos ss. 

Crindbys Bank -t St% # deposits 4 ®. 

Guinness Mahon ... 64% j Rat^ also nvsa to stiufiug fpd 
Hambros Bank. 6i%... W . 

•ffetegT himimw ^ Ud# ~ — “ ■ 

Tht-Imaa, golkrqmr; Km* 0303 57333 'JJU 

• - laanebester Group. • g| 

Windsor life Assur, Co. LLL « 

XHighgtmat, Wlndaor. - W5od»r0874« 

it a w i 

1 Royal Exchange Ave„ London EC3V 3LU. Tel.: 01-2S2 1101. 
Index Guide as at 21st March. 1978 (Base 100 At 14.1.77.) 

Clive Fixed Interest' Capital 135.42 

Clive Fixed Interest Income ; 122.34 

CORAL INDEX: Close 460465 


t Property Growth 1 7J% 

t Vanbrugh Guaranteed 6.87% 

• Address shown und<-r inviranre and PropcTt? Ennd Table. 


Modernising the Midlands 

i or ml; tninnr-i'.irio-i'iul.wt: 

R. C ..Tilmnnfh' B.Sc. Dip. ~L¥ 

A.R.I.C.S.. L l‘i<r<i lA-w.Oopnu'nt t-Prpor.n •■.*n 
Pno' , i< «•! f.iT T Ih T.I. S.’lop T1 ’. y NT. 

Financial Times. Thursdai* March 23 1979 ^Li'- 
HOTOLS^ontincped ■ 


WT-7* | 

High Low; 

* . -j+ ari K* L. ITU 1 

{ Prirr ] - f V* IcfljKr 1 , 

ucs ;-z }*S • 

I ibs -i 

90 uJ .. toMrJ* 

\ iaj -i i> 7-5 
j 16 t); fl.OT 

Ztftfi — K6-6 

I 42 . W. 

. 3S ' . efl.9 


lm I stock | £ M^WSinJFiLl Stock | Priwl^'i Srt ]cti|Grs[p,’E| -Stock. \ Frit* !*-"[ 5£ ictr|crt|lW| ■* ** I I «ce I -*j ? 


I I 1 r «rl YirW 251 171 LBJLCorp.3S 

.1 a* I * l-1“i« 

‘Shorts ” (Lives up to Five YearsJ a? p LM 

1977-7! I [ 1+ od Dif. I jrH irT-78 - ! 1+ «rj nit 

HUtfi U* | Stock { £ I - I Cm |Ctt|Ci'* ffi(h law 1 Slock I Price | - j Nrt 

35 ?0% FlnOrCorp ft 251!+% SL20 — 2.6 28 16 Io;-wr.«3r. JOp. . 22 t!2 

41% 26% Ford. Motor S2. 33% -% 33.20 _ S3 «B 16 % Cm John- . 44 +2 hd0‘ 

2®% 16% GAT X 1W -i* S2_5G — 78 64 00 Cima. 45 JbJ 

47% 29% Gen. HectM% 35%-% S220 — 3.5 132 54 Ceiwr.l Boad^rar 131 494 

25% 15% 20%nl -% SL50 — 42 38 13 28 1X4 

45% 28 Honeywell 5L50 — 34%sf -% SJL90 - 32 334 132 O.uinft 262 44 li* 

935p 750p Hutton EJ. 915p -15 50.68 — «2 « 9 Countryside ap_ 37 +1 ril.l 

251 m LjLH.Corp.S5 182*1 -1 S2L52 — 3.1 70 43 CiwiLe>BI<te_ 62 419 

66% 34 IfljferwU-RS 39* -% S3.00 — 4.4 99 22 Crouch iD aip_ SSxd 3.94 

ENGINEERING— Continued | | | Jj-S 

•■a i 1 Ij. orl rtw 1 IS Ml Hus'iniiwcn 1 i 2*4 ! 't 

[290 JlOfl 

23% 630p lm.S-4WwtC0B.Sl 16% +% 25c — 0.9 73 23 Crourb Group .. 

U% 7D5p LlUntenaiiotalll 875p +10 90c — 5.8 105 35 DouqlasRotn 'A 

33% 18 Kaiser ALP, 2?%al -% S160 - 3.9 250 103 Dunum G.H.50R 

68119 7% Helene Loo life. 

10.41170 106 Ita. !2peCai W 

16 ..... 0.62 5.9 1* as 56 22 

55 12^11.7 11.71 - g? z SfflfiKSs 

S J4 03 0.|| ; 71 j 
75 _2 3 52 27| 6. 80 


20 Haul Han.VSS750 

3%d -% 51.60 - 3-11250 103 D<rouu!G.H.50p 205* .... 

Z4W-% 5L92 - 4.51 80 25 EccnaWp. 56 +1 

?££*»- as** js a i saaassg?.- = i s § 

IBs- 11 II is * siaaei sag « - n « 

HB3. Twanuv-afn^flM .._. I0l]| 932 8.49 RictonJWLSl% .17% -% 90c — 2.8 32 

}% Treasun ffiPc'flOft 

f% Treasury 3i3)cTi®._ 
l.I Pnn/iin^a.TwTBJ»f+ 

-% 15c — - 23 9% Feb Inti 10p._ . 

-% SLOO - 2.6 23 11 Do. A10p.. _ 

+% 80c - 3.6 47 13 Fed. Land t- Fid. 

-% 90c - 2.8 32 12 FiEUs<John.-10p_ 

92? 1^+^ 10$ 3S S a 5 I^Sisoso: 2SS i sSl - li S ISnlteSC^: 5^«d +i" lif 2a| 63 iw 

Sgg JS ”■ ts g Ik S & 51, ‘r..7. VwrU- « n £ 11 is f.l 10 d “ IS 

SaSl— 3 s ti s,&Ksaac s $ sssul s a-s? s 

::.:::us tJs ls te-stfs-a? 

18% LshenOilSl.. 

24 -% hSLfeO — 38 47 28 Fraro&iG 8' 10{ . 
14% -% 60c — 24 36 13 French Kjer 

97f SacuSSS lDoillV M ^ 505p r«Kt»PLCSSa ifi2,_ 

K SS?bT~ sa “ l:S 1:3 $ “j K?.” 3 -— 

96% Treas. Variable -81»_ 96% +,*. 651 752 

96% EsdL!2%pclS81S 109% +,% 1163 9.56 ^! p JMK® 1- 

B2% Trea^ffihWsSZI 47K +£ «-» 914 /f, ^ 

H% rroasniySpeTQS 86$ ..... 3.40 707 

% Treasure UpcTKt..- 1M}« +A 12^7 9.66 S 5^? 

I. TnulUu.«l «»». fcR7 7 d3 lOOl UOrjJ. « 

'4 Treas. V enable tBff— 

1 93% Treasoiy ff»pc ‘82 

93% Esch. IP4PC lgffi 

96>a Exch.8%pclS83* 

81 Bich3pc'83 

.. 95>a (Treasury I2pe 188Spt_ 

95‘* 6 57 7 43 I jaenr* corp. »i . 

o? 1 ‘ ", -m q'+s 13% 385p Xon!CSlDC.l[)c I <wupi-zui />ic I — 1 D.71 /3 I CD iHeya-u » vbi aup_ 

n l * +% 9.34 12% 1 758p|ZanBlarorp.Sc— | L2%«d|-% | s30c | - | 13 % 35 Hig^AHill 

23 +%' 52.00 — 4.9 54 19‘ Gleewa.RJ llhC 44 -1 LM 3.5 6.4 6.B 315 102* McnjW'J.- 315 U2& 5.6 U T32 

135%-% 1096 - 17.5 57 34 GJossopW.&J.. . 54 T349 2.4 9.8 6.4 11 6 U ..... - - - - ” W HXtT K 

684p -5» — _ — 84 37 Ggh Cooper 20p. » +1 5.28 L4 10.0 U.O 90 70 Mid. EdneaJ. 3Jp. 88 «24 2 5 7.3 8.3 28 16 H^teltocto-_ 

20>4xh -% 52 - 5.6 44% 26% HAT.GipIOp- 35 tL95 31 R4 46 54 35 MiwisBUkey- 42 417 1015.1 9.9 “f. 

2Vgd-% 5130 - 15 '66 17 Han-JonJ. 10p_ 57 ._.. 4t2W 4.8 67 4J 210 lOPj S«hercxe lOp. 156 -2 th266 3.6 2.6 163 ^ 24% HmtMth 43 

lS%-% 80c — 41 30 20 Helical Bar 23 *103 12 i 9.9 117 48 XSSSmsOp.- 108 +1 2.12 51 30 98 1™' “ 

27%td -% 52.00 — 41 66 47 Henffsn.-A I0p_ 59 t3 96 33108 48 86 44 ChtenOrai TO — t26 3.9 57 7.(1 « 27 31 

19%rt -% SLM - 45 142 88 Bendasra U « . . 140 7.54 23 8.2 8.1 28i ? 16 Paradise 1B1 Up. 20 ...... ±LB7 — t - ™ 38 59 

Mm...:. 5140 _ 5.6 60 18 HewdenSt IGp,. 53% . ~ gL29 4.0 3710.0 3? U EfeM0B(KL. : - 3? - lg-. ^ t£> 

3 2*-% 52.00 _ 3.5 £230 £80 Dn7pcC«T._ £22tf ..... Q7% 2404 13.2 - 43 18 PeteroStffeslOp 39 dl.00 13 3.4 30.0 °£z g 

460 p -20 7%c - 0.9 75 26 Bond Win 50pu 75 - - - - 11% 3 Pon> Peck life--. 9 -% — — P " fa 

12ad !!!!’-' Mliotf 30 ,?■! ,52 35 M A 4 Scrawis IJW.. 32 - 

+5 1.8 10 110 132 r»i, *1. ircInF Fe^ 1 Wn. 11% *% 7053' lit 7.41. 79 

DO +«" +3.72 «2 2-5 ?05‘ 74 A-.on Bunhcfit. 1« -rl 9J7 || j|» 

■ Toil +% 9% 9.62 Sj. U(t Premium 44%% (bated on SU5L8OT2 per £» JJJ 

m v 3 fill 7 07 64 ?U Dt) Res. 1 tg. — 

Wa +% no® 9.65 Conversion factor 0.6912 (0.6899) ill 75 iKcao^. 10 !! 

Five to Fifteen Years 

99% +% 9.43 9.71 

88 +% 632 836 

95% . .. 9.06 9.59 

857g +% 7.80 924 

87i 4 +% 9.01 10.00 1177- 71 

66 -% 459 8.01 KfkLsw 

69%)d *% 7J2 9.25 . 

112% + % 1183 1144 J3 JgA 


ri j i, ^% 11 83 1L44 ‘13 10A {BLHmitreal SZ 

86% +% 9J6 M32 17* Bk.lto«Sc«tM*I- 

103>2 +% 1161 1156 «% 30% Ml£*nada25c— 

69%«d +% 8J5 9.95 ?fe 1» Bwlialleafl 

109% +% 1191 1170 m ®5p Brneanll-.- 

91% +% 1106 1138 22Ji IS CanimpBLE 

104% *% UB2 1172 15 940p CanJtoctfic SS 

1 39% 26% Do. to Deb. OOO. 

Vm - 22% 16% GulfffilCanJI 

64 28 DoRes.Vts.__ 62 ..... 

33 19 Howard Shut 10? 26 ..... 

117 75 LD.C 20p_ 115 

164 73 LbsUckJohnsen- 144 +2 

139 66 tnL Timber 114 +1 

69 27 JR.Boldmes5p_ 54 +1 

45 . 22 J.CJE.G 25 +1 

197- 96 lanuiJi 173 hI ..... 

114 70 Jennings SA0.50 . 100 +4 

115 36 Johnson -Richards. -115 +1. i 

17 8 Jones Ed«d ltlp 14% 

45 21 SentrtLP.i lOp - 45 +1 : 

£30% £18% LafargeSAJTOO £25% -%', 

1+ «i Dtr | rid 7J5 36 Johnsen-Ricbarts. -115 +1 Ml 63 61 211X5 28 10% 

£ M&m Cw Grt I 7 8 Jones EdwdlOp 14% 0.92 LB 9.7 8.9 11 3 

I | bran l-»r|br« ^ n 45 +i z.()6 18..W12J2 1» 67 

12% +A SL06 — I 3.9 £30% £18% LafargeSAJTOO £25% -% Q157H. 3.5 7.7 3A 140 -65 

13 -i 92c — I 34 171 69 Lai ngi John »“A" 127 ... .7 t2*> 4.6 14 9:6 146 33 

36>mtd +% $42 — 5.4 135 84 LaLbam iJ.I£l 113 th672 26 9.0 6.5 16 9 

17%-% 10c — 03 108 53 Lawrence iW.i_ 98 +1 65 21101 73 3 12 

fAXL5p_] 113 Jtd5 3 

ft... Pitt 10% Guuuiiunii 1SH + 

Over Fifteen Years 4 Mp 3i5 P Haw»erSidcanji_ 415 p -; 

107ij l+% [1L88 I 1L76 26 16% UoUm*erS5 20% ... 

66*1+% 8.99 1035 13A 935p Hudson's Bay I 12% + 

IWH T»t H.7T 7WII QUUiWiaM»B-«, 

1171? +% 12.17 11.89 33% a% HniROO G. S2%— 28% 

118% +% 1229 1X94 18% 11% Imperial OD||— _ 13 

105% +% 1X92 1X82 28% 945p Into 11% 

87% +% 10.71 1X12 875 p 585p Ini N*t Gas SI — . 715p 

103%+% 1176 1X72 1834 610b UaueyFerftJ 680 p 

49% ... 617 891 27% 20% Pad tie Pet SI 26% 

91 +% 11.40 1X61 70p 32p Place Gas SI 56p 

111% +% 1X94 1X82 24 15 BioAttom 38% 

83% +% 1082 1X19 22 14 JL Royal BtCan. SX_ 19% 

128% +% 12.40 12.09 19% 13% Seagram Co CS1-. 37% 

114%+% 12.02 1186 16% 955prSatom.Bfc.Sl__ U\( 

47%d 636 8.85 995p 8-1C } r&aia Can. Rpe 33^ 995p 

'ffiSlSS ix$ SX. H4 Premlurb 44%% (b««I 
81% +% 18.86 1X21 

69% +% 10X5 1089 

12% +% 

U% -% 
715p +5 
680 p _.... 
26% +% 


38% +% 
19% +% 
37% -A 

u\i +a 

in> 45 ]+% 
0- % +2 

125%sj +% 1231 1206 
87% +% 1X06 1X26 

Treasury 7%pc'12-15tJ. [ 


26% IConsolsApc 

25% War Loan 3iipctt 

26% Coer 3Ujje ’flAft 

20% Treasury 3pc 88 AB i 

17% ComalsSjijc 2 

24 27^1 TreasunH^zpc 2 

87% +% 11.06 1X26 

93% +% 1X49 1X59 _J . _ ,. wm , ___ 

g,!!; 18:?? 188 „^| ** LMI 

270 1186 IAN2JA1 1 220 I ItbQlr 

. . 305 180 [AlexandenD.a 1 245 +10 14J 



36% . ... 

9 91 









— Sr^lS AtoegenefllW Olga +% KOA 25 4.9 E.4 RJO 40 BowGnion lOp* 82 tdXLD 39 41 42 25 13 CratElirotielOp - 25 4tl-33 23 80 7.2 

— Agen. Garvey £1. 47Dxd ...... jo.72 — 9.9 — 39 14 Rqyco Group..—. 39 +% ±L01 — 1 — 44 15 CreHUmlOP 23 ... U 51 3 0 *f3R an 

169 8^4 Affiedbldi—— 168 -1 tQ10R — 6.0 — 41 17 Ra herald 33 +1 £fl7 16 95103 J42 t£i 2 D^H«Ulb _ 133 S.72 41 3.1 13.4 « 

1W 105 Arballnu* L □_ 160 +3 «L25 — 8.8 — 91 46 RucbjP. Cement 78 ... t3.17 25 61 9.3 5^ 3!* Irecca 415nl . . tl0 7 3.1 19 125 im 

20 16% Senior Srg'glOp 22% . 
20 42% Serck 85 - 

tL£3 J 160 +3 

120 42% 

40 25 

37 25 

100 55 

" ’ ci 17 711 7"c in *7 36 l 1 aitftPtW 1 

li. Bi Him ?» iPKHKSf 

S 1 * S nk ^? ia, j^y BS ' Si -S| — H ~ 155 6^2 SG8Gnmp__— 143 +l‘ 5.25 5 3 56 J 83 560 223 Po ’A' 403al ^4 tl07 3J 4 0Z2Xn«n in 

( 363„ MS KLlrd»d£l_ 343 flag - 5.9 - 37% 27 Sabah Timber lflp_ 32% ...... L48 65 kin m % [gitoK— 17% Z. tOtt Ml 5.7 76 ^ 

065 £100 DalOpcC^v— £156 +1 Q10% — 16.4 — 50 23 Sharpe A Fisher 41 237 6 9.2| ♦ 151, \ Dewhnrtt'Allto 13h .... 0.83 12 9J 13.2 n 5 ? 

1-27 15 Bk-Loudlg-. 17 016% — 3.1 — 48 21% SmaniJrlOp — 48 +2. dhljl 4 6 5.7| 5.7 24* 15% Dowding6M5p. 3 1 1.08 2.0 7X106 173 i,n 

Stas'S?” iS TS” ZJL L5 H** 1L 1 * J SondiOTCwLap 7* 2 ...._ MB 9.9 1 10.0 5fl ^ SmSSiCP- 39 .. .. t2_3 XI 9.0 10.9 Hi 4? 

SST5T S - 11 ?T ? FYb ir 1W 57 Cnrllun imb ■ 152 J49B 36 5.ffi| 

_freJ.5p_ 35 ... 1.9Z J 06 f ,t, co i’w im k .. 125 *1 t3.42 39 4.2 9 

Fiueifnp- 29 . 2.40 t-Jl?-? 5| 37 11% iVI^stunlnd 5p 31% +% 44065 S7 31 6 

aa»— jj s a n tt 8 « iSiSiWw v ?? $-i i 

86% +% 462 43 8.1 31 

52 t49B 36 5.0 62 

25 *1 13.42 39 4.2 9? 

31% +% «4965 S 7 31 66 

67 +2% (12.68 50 61 36- 

45 ... t2X4 2.6 7 2 7t 

06 +1 fl099 4.5 81 4 2- 

, 210 1£0 BLLfnnri (UK)£1 17D 7.36 1.5 6.6 15.2 nu 6 Southern Con_ 71? .. iQ'EE 99 * 300 ui 77" nwimhiHl ifin 

■ "INTERNATIONAL BANK ■ » * KaiSfi' S t\ g? e « 5:1 iiS 1 JJ iStty- xl 5J li H & | 

«. 1 7**™ — I h i-i i m i m Mu m>, gf. ;S | ^ - H s g* «J Beige 3 *5. 515, il a H ^ 

m XL5 tamattten- a» ...... m - w - mo 76 KajSS i« T. tx« 7.2 3.7 57 S SS 

360 225 Cater Ryder O- 302 +14 fl7,S7 — 8.1 — 287 139 TunwtBSOp 238 -1 t99 2.8 5.9 8.5 iVj it 

**UORPORATIftN T/)AXS 95 50% CliveMtotaOp- 75 ...._ *4.77 — 9.6 — 79 34 UBM Group—. 68% 4.26 LI 9.4 W: li. at SiSIfm, 

LUiirUiUiliU^ *238 167 C«£1 Aiis.(53l 1971 -1 &16c 26 5.0 7.7 29 19 VeetisSlouelS. O* X« 2J 86 7.0 3ft ft SSSZSt**- 

■*» I'3 K \J& S i =aaa T? -? ZT Z Z 

261 162 

100 | 82 Birm'ham _ 

81% Bristol itipe 7881 

93 G LC. 12%pc 82 

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93 3.4 .if! 53 Fnedtod Dct.. . 93 +284 51 4.8 65v> 

53 &l ion WUH*»30p- 430 1899 55 67 41 

69 64 *12 ^ — 170 * l 395 7.7 35 4.6 • 

7.4 14.5 'Sn J!?, Gibbons Dudlpv 671*+% 253 *' 58 * 

7.614.5 *S 5, 12 CibbwMiSi 180 42 2.7 135 . 

48 M3JJ3 12 9.6 7.1 ,35 22 

20 *0.75 32 5.7 flX 117 « 

16 aU 3 2X12:6 5.6 M ^ 

144 +1 29 

1103 3 .« J.: 

3:ffla5 31 115 IWesNsrdTVlflp-1 24l 2 | |l.65 ) X7I107| 82 44 21% 

127 355 42 3.7 8.6 

300 4.62 13 13 2X6 

435 12.45 2.6 4.4 13.2 

63 234 0.6 5.6 49.0 

66 13.1 2® 7.1 105, 

102 +2 3.00 * 45 * ! 

103 .... 4.02 2.4 5.9 10.6! 

88% +1% 13J57 26 6.1 951 


178 67 

37 23 

90 51 

63*2 44 

162 +2 tt.89 3.8) 17 

18% 13 ASA 16% +% 

62% 58 AMFWiConi.'flT . 60% .. 

49% 22 AmaxSI 27% -% 

30% 21% American Etpresa 25% -% 

15% 901p Amer.Medir.Im_. 15% 

13% 873p .ksarcolnc 13% U) -% 

45 28% Biker LntnL Coro SI. 337»*d -% 

16% 117 a Barnes Grp. SFj... 13W . ... 

38% 22 BeadisCorp S5.„ 26% nl -% 

34% 13 Beto. Seel SS . .. 15%jd . .. . 

925p 620p Brown's Fer.cIPi. 884 prd -19 

16% +% 80c — 2.8 

60% .. 5"» - f . 

27% -% SX75 - 3.6 
25% -% SL« -31] 

Soil® 6 204 76% Allied Reun I lOp 203 dt7.92 2.91 5.9j 9.0 40 24 

Allas 41 21 Amber Day 10p_ 34af 3.0 8.7 47 40 30 

4!3ll 1 40 M Aquascummjp- 33 1 38 3.7 6.4 6J 2B II 

277150 40 18 Do'A'Sp 33 ... 138 37 b.fl 6.3 131 45 

,,u 43 27 Auchotroaic top. 33 r-1 +3.3 12 1 82 100 74 

24 10% BakeFsStrs lOp. 24xc +1 hd057 6.7 3.5 6.4 297 9S 

98 44 BrntCD'A'.. , 94 hZIO 4 2 3.4 lfl.5 142 65 

31 18 BeomUslOp 29 1 03 12 5.6 12X 38 22 

“JetVVa 115' _.... th6.03 4.4 80 25 S 5? Gi«eiUnm'|C!! 95 ^ 14.47- A« 7x1 S3. 

M0dl3B)Sp_ 89 3.92 6.5 6.7 25 2® 2> GillSpurlO^ 5H a +% 1264 2« 73 52 . 

dsiUiCBa_ 12 ...... — — ,71 36 >>iaa<6Xaali9p.. 70 +2 303 47) 65( 49 - 

tandrJ.^5 35 1X29 7X 5.6 3.7 “2 «1 GlaxoSOp...^ 527 -8 1827 S3 XOjlO.6 

^ , T -— TO +2 116.0 24 1 3.4 S. ?5 Gnjme Ptwto lOp 40 254 X9* 9.3 81 - 

9% 864 L410il0.4 f 4 ^ % Wddman i» 10p. 21 . . 057 -J 4.3 - » 

h Loren 2)p. 67 -L 44.05 1.6 9X 3®5 ?5 SMimeHldi. ..83 -1 3.02- IHXit'X.I- 

sfilwerSPy 24 ...r^ X23_ 89 7.8 66 ,SS Cnunplaa Hd^ . 55 3.99 HfrlJ 7-7 V 

— aL33 2X126 5.6 W Wr 9% 0.64 LfllOilB.4 Jg Goldman 1H1 10p. 21 . . 057 — 4.1 — . 

61%-% 1.46 X6XL0 89 74 HlcbLoreHajp. 67 -L «.05 1.6 92105 “ « GsnmeHIdi. . 83 -1 3.02 15 5.5M.9- 

68 +f 4.42 0.4 95 16.6 26 }3 - Oa«filwer3p 24 ...^ XZ3 29 7.8 ® 46 Grampian Hd^ . 55 3.99 11 1X3 7 7V 

88 5.6 XI 9.613.9 51 2B GoMmfiwcard. 45 1c!243 26 7.7 75 ^?9 2® GraabdaX. -98+2 l«4 4.7 38147' 

80 +2 1286 « 5:4 80 68 Ma Hntew'iTsPjap. 65 _1 g3.05 - 7.1 12X 5? Grtppenrefa IO p 45 23* 34 8,0 57 

52 1tX98 X9 5.4 13.9 69 SS5£?£ SOp ~ 57 «.06 2810.8 51 |i 14 GrorcbeUCpfp 18 DO L5 6U28 

23 L44 * 95 * 300 W EtoiiOp 197 +2 4.41 6.0 3.4 52 ' Ha!laaSlflgiil(ip 22 4X 18 fcl- 

1?% 137 19 10.8 (£0) 1W 39 Hillto (A ) top _ 70 12.62 4.1 5.7 6.6 % “ Halnalfc 62- . 1X25 44 ailOJ!'!. 

36 1hL45 3 5 61 5X KraRS150 _ £34%-% tQJ2X2 13 3.81X4 Haailbnroctr^ . 48 168 * 54 ♦ 

133 -2 Th357 9J 4.4 27 13|% tt% KwikSareJOp 80 +2 h2Zl 3.0 42121 ??? HtmimnCp^? 100 *1 4J 10 

n ...... MS2 m 25 6.7 Jg ,27 Um»«&.lOp. 30 dt u 2 . 0 7.610.1 J™ Haasui Trust .. 137 2^-70 6-7. 

3f„ t|i6 23 9.7 6.9 202 1W U^oodHldgs._ 145 hB.53.22 8.9 16.I) £ ?} “ 7 Do^pc Cm Sf-E £80 ' OUy* M3 ffl'3 ^ • 

# :::::: •“«“«« S tSSnS,— “ “ I" 8 31 Has®- H * W % ||ir 

M67 X9 9X 88 132 74 te«rWnL)20p_ 100 55 26 8.3 53 >«2 HArriskSfleuS'. 47. +1 297 * .'fffl * 1 

X68 *, 5$ * w 

... taiA 883 Bfl t; 

lOJl 7.5 164% 88 
63 5-4 9? §2 

164% 88 HatthewsiB) 142 f838 S'l 341 H% 5 ilittinSp I ou 1 

m §2 tot-ftadeSup. 78 +l" iffi 26 iSm3 I? I.S % .NoScm'lSJ 39* 

21 8.2 -8.6:- 
25 89 67 
* 9.0 • : 
ZS .84 47 
— , — ■ 2@.® 
2i 7.4 7.8 

40 12 BBsm&Cin.SSp. 1 £i 2 

14% $27p Brunswick CnrpuJt 10 7 s -% 7W — 3.6 794 «i‘ 

77% 41% BurrousfisCorp J5 46% -% SLOO — 1.2 130 ig 

51% 30% C3SSM0, 34% -% £240 - 3.9 277 104 

44% 28% C.P.C.SN 35i? +% S250 - 4.0 3* jl 

49% 32% Caterpillar!! 35% -% SL80 - 2.8 15 7 

28% 17% ChtoejmtnillS... 22%«d -% S220 - 5.6 43 33 

22% 13% ChcsebrouShSl — lft^ - % 94c — 3.1 52 28 

10 765p Chiy*lerS6%_.~- 865prd -29 SLOO — 6.5 128 5<a, 

29% 13% CIDcorpSi 15 .. .. SL06 - 4.0 271. jp 

13% 733p City to SI 25 J0% .. . . SLOO - 3.4 10 

?2h 14% Ito.Cm Prf BS1 _ 19 - 1 * S2 - 60 59 24% 

23J* 12% Co!»aie-P SI 15%-% S1.00 - 36 69 27 

49% 29 Coll Inds. SI 34 %bJ . .. . S27S — 29 77 38 

25»« 15)3 Com. Illinois SM_. 3B% +% 51.32 — 4.0 71 3g 

?1% 17 Coal Oil Si 21% -% 51.40 — 3.6 87 39 

58i* 20% Crown ZeU.SS. .... 23%al -% 0.90 - 4.S M 16 

19)j Culler- Hammer S5 26%xd -% 0-40 — 35 51 24 

22 Eaton Crp50S0._ 26 -% S255 - 4.9 61% 371, 

17% Esmark 21%jd -% O.B4 - 4.9 55 " 13 fc 

2B>* Eaxonl »% “% S3-20 — 5J 183 63 

943p nreMoaBTirell... 10% -% SXM — 59 luo 130 

19% 1 11% FtoChiajo 1X%W +% 96c - 4.0 26 17 

= H AND ROADS ' « * * 

86 14.18 3.6 74 5 7 36 20 Brown ( hi) 3)p _ 31 

354 16X4 3.7 6.0 6.8 M2 50 Burton Grp ®P- lift 

15 .... th0.7 6J 7.1 4.7 130 37 Da'.VNVSOp. 105 

6Z% +% 4X6 X2 3B3 1HJ1 35 17 Canton 'A' 20p.. 32* 

243 + 3 18.49 14 5X110 45 28 CasketiSHOp _ 43 

122 +2 11126 12 18 24.9 196 57 Churrh__ ... 168 

40c - 1.7 

- II 

- 3 7 95 46 

“ 44 1£4 74 

“ 17 7% 

“ 77 37% 

“ 294 153 

“ 130 18 

“ e.’ 277 10 4 

- 4, 0 36 21 

15 7 

6%xd -% 2.40 - 3D 51 2 4 

26 -% 52.25 - 4.9 61% in, 

l%Ml -% O.B4 — 4.9 55* 13' 

34%-% S3D0 - 5Jin 63 

10% -% 5X10 — 59 lno 130 
3%*!+% 96c - 4.0 26 17 

, __ 7.1 4.7 130 37 Do. 'A' NY SOp . 105 -1 1.5 - 

4X6 t L2jlB3iHJi 35 17 Canton 'A' 20p.. 32*1 .. 1204 XI 
1849] 24| 5X110 45 28 CasketiSHOp. 43 .. JL% | 4J 
112261 121 28 24.9 196 57 Church __ . .. 168 

108 2.2 5 b 123 38 22 

104 04 9.6 36.2 70 29 

098 3112.1 X9 *65 38 

0 62 'Ll 8615.6 89 35% 

r386 13119 9.9 68 35 

+5 71 21 4.8 152 64 30% 

dL55 15 12.4 8.4 28 17 

1 5 - 2.1 - 47 30 

1.5 - 12 — 48 28 

f2 04 15 9.6l87i 82 42 

L% 4X 6.9 5X 95 76 

} 37 * 3.1 » 175 140 

66 +2 12.13 28 4.^1X4 430 B24 Pork Fare* l»p. 439 +2 tdft49 53 301 92 M 4 M HirsMiHunahj 3? ft ?e S-SSn'.. 

s.- r? : 13 wmI ?1 n B&HUfc I ±!Kmi9JulS 51 g hi! tfirsS- 


217 +4 16.93 43 4.8U.8II01 » Crab. Eng. 12%p 78 +3 119* 43 5.716.4 115 64 

bbeniA)2Dp — 1 162 

32 2X3 14 1X11 98 93 30% CepeSport* I® 86 .. .. de0.<8 7.0 0 9 287 49 341 

14 dOS5 X8 jJl4X 13 6% CtffnellDressup. 10% ... - — — 18.5 34 17 

43 «XjW 3.7 6.S 6.9 UQ 71 Courts.' A 88d . 13.18 43 55 57 21% . 7 

<7 ._... 12.9 3X 9.4 53 241 78% Currjn 177 +2 4.12 4.8 3 5 9.1 18% 9% 

108 tB 06 2X1X6 4.7 23 7% Cosomagic top. 19 +u M.46 - t - .57 34 

24% X83 10 11X 7.0 120 66% Debenhams .... 105 +f rt.22 2.4 7.5 i7.0i 43 25 

dg0.48 7.0 0 9 28.7 44 34% 

_ - - 18.5 34 17 

. 13.18 43 55 57 21% . 7 

24% 1X83 lOfUXl 7.0 120 

Debenhams 105 f 5'.22 2.4 7.ai7.0i| 43 25 

19 10.75 — 6.0 — AO 26% Dewbirrt U)p_.. 60 jdl.74 3.7 4.4 9.4 53% 32% 

35 hX62 4.4 4.5 7.7 177 61 Ditons Photo top 146 +3 -t218 6-7 2X 7.0 £148 £83 

67 dX7 5.4 18 7.3 20\ 14% Ellis A Gold 5p._ 20% tL73 0-912-612 7 81 37 

70 13.46 3X 7.5 6.7 ’202 S3 EmjnreStores-. 144 +1 $4.82 26 5.1 114 19 8 

64 -% 289 3.4 6.8 62 M 6 Esreula 30p__ 17 - - - MO 34 10 

82 M.45 L9 8.2 9.8 20 12 FnirdaleTen 5p 18 X06 2 9 8.9 5-8 298 146 

27 10X — ± — 17 8 Do, 'A' 5p 17 1.06 29 9-4 SJ 26 16 

39 Wn 53 t — 48 19% Fine Art DmAp 43 +% $1.81 24 '6410.0 81% 45 

51 $103 28 6.0 8.7 M 21 Fmd(tfHnUOp. 33*1 153 * 11.6 * 39 28 

52 12X6 2X 6H8.7 137 45 Fonninster top. 123 id3.78 6.2 «.6 SX 160 105 

153 td26 -9.9 2.6 5.9 91 39 F<mwBhu 85 2.59 3.0 4 6110 138 63 

180 ... dl0X5 3J 8.5 5.1 322 126 FroemanMlaKn. 268 t&.4 4J 3X135 34 25 

22 -1 L52 13 10 J M 35 24% Getter lAJjafc- 33 tX57 X9 1X8 6.8 154 103 

S +i tdL55 29 « S 52 3% TtoS&Zl'Z « gg to 56 89 ™ * iST **** 54?“ ^ W iw 12 _ZV ' 

9t,n!..... 1X0 3.0 7.8 6J 57% « Uuigto. au SJ* 2j II 7 1 448 30B )umV«uteri V 

18 .... e0.9 4.6 7.4 15 177 131 United Bim.iK im. a Li" 530 (CD tl 9? 24 18 Imvil iSL uL' 3 « * It? 1 

56 1.19 1.4 8.6118 70 36 WMtoPUalfc CT ^2 1C T? H In ” 44 S 

gu S& H 1 ?!^ ,23B,11B w,MUhe/ - ™ -i t/1 13 “ 7.0 ^ ^ $?<»;_ ‘k :• ag ».J « >; 

rn 2 -r g%% ? li - , 12% 1 s. m m ,|| M ;*$’ 

48% h3.03 L9 9.5 8.6 

C91 -i Q3%% - 4X - 

72 2.13 6lS 4.5 3.4 

10p 57 -2 
— 128 -2 

181; tO S li 6.6 9.1 

31 1.32 * 6.4 * 

212 19.9 18 7.1 7X 

22 dlXl 0.6 10 J i&X) 

69% 4J6 27 9.9 71 

37 +1 182 121X6 6.0 

155 $9.02 2.8 88 61 

132 tto.08 3D 5.8 6.9 

32 Ill 19 10D 8X 

U£ «... tSDS 3.8 b.7 6D 


it i’% Jeufiuttt- . 25 ‘ lu *4 

ex 77 }°bnvnn Jt narne* liji, ...f " 

m wn -.86 31 

lfi.1 10-7' vi . 

1 86 +1 T4JS' ' 2D 7.7 71 " 


"Financial Times Thursday March 23 1378 
INDUSXlUAI^-€ontiniied INSURANCE^Continued - 

' 2 * IwMBIrJSS* JRLI ^ |«.MS WSBwijhL 
.$■ Kffcl jffHfiiS fS tKjfl tfGJflz k ft 

i^.^TTTS'-l .5? ]2^i §.» 7.? 4 4 895 593 TsiffaoUar. EDB S3fl l.c I «nifia_l I nil 11 u 

PROPERTY— Continued 

* i Stack ■ i Wee | + -*j S |m| 

INV. TRUSTS— Continued 

, , ow i ivwi wt--a , 

Frtee j - } Xit ffljfc Lnr| 

320 |?6.54 67- 46 

106 ftfa.O Oi 5.7 i»l> 130 S3 

60 +L59 ZD 16 ZLS 480 235 

305 *5 CM.69 15 2J 43.5 56 40- 

137 *1 1-1J88 - 2X - 3m. 176 

4* ..... - - - - 325 69 

12 - 58 43 

,11 -v- W 2.9 9.7 14.1> 

lflRbIntf.Sp_. 15% -1 u3.fe3 2.2 3.4 2QD 

.60 L«rjn>r»r lOp 206. th4.03 VZ2 5.812.1 

% Lep Group Hfa... 243 t31 8.9 19 61 

s6 61 td2.64 46 6.6 4 8 

79 Lc F 6 **' i0p - - 127 +z 72-83 4.7 3.7 7.5l 

9 Lidfo Ufa 23 _ __ _ _ l 

15 3* 
93 39 

77- 2% 


+ art Oil rM IST7-T8 

Price I - ] Vt Or Gfj 8 E 8 i« Ln 

6IBT.1 320 l|634 [ lJLli 

106 W o3 5.7 

68 — +L59 2 JH 3,6 

FINANCE, LAND— Continued 

FZUl a«k |pteM£|cjyfl*i 

tffjlTE j High Le* ] Stock 
651224} 61 1 221? Ulaialielnn » 

Odsrfav 59 25 U| 651224 61 2B. 

Qta1l5.ioc.El. 130 +1 Q125 18 9.6 4 78 50 

Da Cap 465 - - - - £12* 920 

Charter Tmsl_ 48 215 10 7.0 20.9 IB 13 

CIVS A Core. Jnt._ 26** ..... 182 6 10.4 A 260 2® 

DftCipiili — 93 +2 — — — — 341? 5l> 

Mijfdie lni« Ufa. 61 0.63 2.2 1.7 41 8 . 

ManiR.BV.iSp 62 -1 5«» 1.114.6 94 

ftirire £11 QUJ6 - 6.6 - 

X 13-p 151? 13 07 1? 7 16.6 

NipptraFd SiS-HJp 260 — — — — 

PanucbeiOp — 13 — — — — 

Park Place lm„ 29* tlO 3 6 52 6.4 

fa 66 36 
.7 89 52 

"9 LdSl^rr. 73 :: r ± f « Motors and Cyces «* & 

17 lintUyfeAms.. 41 +1.01 2.1 i 8 19 4 .?5 17 totlKiradSCp 22 _ *29 75 _. 

58 LuiduHi+CS 135 449.0 2.8101 4 5 365 18a Gfn.Mt5.l'Brts.- 225 18 17 7 0 85 !m 

:« [fflJAMfciUim., 25 ...... £0 2412.1 51 57 16 uxmCar Hfa-_ 49 +2 _ Z _ _ f 78 If* 

17 uatHmMFIQp 35 144 5.6 L2 32 7 Jj * RdifaniSBrap— 7 — _ _ 128 ^ 5P, 

30 London Tram— 54 -1 td3.46 3.7 99 3D » 54 RoiifrMjW Jm&J 84 +3 tS.16 6 95 6 5 5?* 

j9 . 75 4.63 23 9.4 5.4 Q91 » 7W WiKSfc-J £11 +* Q12V Q.6 6.^252 $ 2 { 

118 Lmrfe BonarSOp 170 10.89 4 l&l * i® ,2 

'• if 3 f 5 — tu 4 j so 4.9 Commercial Vehicles S i<L 

71 VOt^-HLa ^ 7 90 I;® 41 * 66 'fad JR I 24 |CttfleFftrtMp| 99 ( U+2.18I 19} 33(23.9 290 182 

43 MadartmGif.; 3 .7“ +349 17 84 10 J «6. ^ iSf , 7 4 

13? MeBndeRbl JOn 350 -5 t4.46 79 1 9 in n I (F«teas | 5tW~j 57 |+1 93.25 Sn 8.11(23) 292 172 

11B 58 ScaLMerntp.20p 110 +1 eL94 

43J? 2fl2pecondOulOp_ «H» —Jp.73 

83 +1 21 l 0.9| 3.SU3.7 12 

k r'r vim 

45 MadartaneGp... 63 t3.49 27 84103 «• To 

10b 3 ?° “ 5 1446 79 2910.0 i| J ? 

10 ll.-Crert I. A . — 10 025 — 3i — it .7, 

ttaes&lOp 11 OS 2i« 7.5} 7^1 » I? 4 

s* asscsS; m ^-ssn gtiiM s IffBatari s HSfflsiSB s 1 $ 

S SSS3R6 ?? ~ a* 1US li ■ Compoaeats 

I 1 t m ill H S s® 

«i? fi-73 

116 4-h r226 . 

055 „.... Ql0%|l29t f L5J — - [209 [151 
234 +2 hZ.0 ] 2M 1448.9 U5 BO 

m +2 3.95 -1 3J) - 141 101 

45 -1 OI?* li 5,4)l2i] 83 47 

61 -i-l 3,82 UA 24&20 30 13 

70 53>? 

69 51 

SiASocJ 190 -2 6.19 3.71 a # 821 

4J< - - — - 325 69 DaCtp(£1l — 93+2 — — — — W 2 5>? PanucbelOp 13 - - - _ 

12 - 58 43 C! 57i? -i? - - — * 32 10 ParkHarelm._ 2W tJO 3 6 5 2 6.4 

85 JU li.LWBalM 71 • C5tS&tasra tT_ 87 4.07 10 7.1208 207 120 PEzrsnnSilS«_ 190 -2 6.19 3.7 a 9 02 

671. +U |LQ IS 2^38 fa 66 36 City rf Word— 621? r3.05 0.9 7.4 22.0 £58^ £41 Prrjh'J-S F«50* £58 ~h Q*.a‘± - 5.1 - 

106 +f fZa U 3.7 14.7 89 52 dewriaaseSOp. 771? — 3-8 10 7.4 20 J 12 7 St CemwlOp— IN? tfl 44 0.9 k 3 27.7 

83 +1 2.1 0.9 1843,7 12 4 OiSoateBlOp^ 8 ...._ - - - - 131 471? Scot A Mere. A'. 98 3.02 17 4.7 1M 

310 +1 g_L94 13 Z7 50J 70 5*? Ciydftsdalr Lar_ 6^ -i? t!67 10 4.0 39i £51 £40 S££«.peAiin^ £51 Q4 25 - 8.3 - 

GOU fl.73 19 6.5123 69 51 Da“B"_ 62 -i* — — — — 61 37 Smith Bras. 56 t4.9l 23133 5.9 

116 r 2^6 li 3.0 36,7 245 175 Mraal&aDfd .217 — 8J 12 5.7 232 13 7L. SUblAc HK5fr 7h -]* - -. - 3.6 

fiw Ql09i 119 16.6 — 209 151 CatmeallAlnd 168 t5.84 11 53 26.7 £45 £Z7U SaecFffl-XFlOO. £43 -2 Q»? — 66 — 

234 +2 bZO 2.4 13 48.9 U5 BO CntucuTDem. 97 72.89 13 43 263 £10* 900 Irass fflatsLlp. 925 $302 16 4 8 4 

200 +2 3.95 - 23 - 141 Ml CrsWapaaOp- 138 - - - 23M 28 22 KsO. Select 20n 25 2.1 131^7103 

45 -1 OWzC li 5.4123 83 47 Crwsttao 69x1 fl32 10 7.3201 46 22 WototEnglaod. +1} 8 37 47 87 

U +1 0.82 12 23 616 30 13 ftna*»ta — 25 0.B 10 43 319 87 33 lluleCano 10pu_ B2rf 139 * Zb} * 

133? -*■* 0.01 ' — — — #4 25*. DiflaeODC-lCOpj 37K TZ87 11 U,0 133 

88 +2 t365 14 6.416.6 4* 2 Do.tCap.tWp_ 4 - _ _ _ 

22*+* — - — - 89 62 MwrtnreCoip. 79 32 11 6J 223 ArT - 

267 +3 5J7 12 2.9 443 215 133 DertjULintQ 215 13.43 0.9 95183 OILS 

133 ...... 2.66 15 3.0 33.7 170 88 Do.Cip.50p 146 

292m) +4 14.86 L 6 23 37^ 192 143* DoreWaAGea. 172 -1 6.35 11 63 23.6 128 46 AttOCkTOp-—- 72 — ■' — — “ ~ 

IS bd0.48 2i 4J12J134 lflO DwtonGom'cL. 113 „... 4i 13 6.0 223 187 130 Brtt Borneo lftp. X« ...... t6.13 li 63 15.1 

18* +1 — — _ — 146 ‘ 134 Do.Com. 128 4.7 11 5.6 243 966 720 MuPWrorreil 778 -4 2230 4.4 83 

34 116 13 53 223 31* 73h DoPhrEaitenj 28*+* 0.9 11 4.828.3 79 60 Da8SPtfl_ 73* ...... 5.b% B4B d5J — 

195 42 DO. Prank* — 164 6.7 13 63 228 83 41 Bartrebn—^ *7 -1 - - — — 

ai+* +138 3.7] 4 7l 8.7 1 
ad 139 U Ubt * I 

&m\ oils 

63 23.6 128 |« lAtt«kap-__j .72 J - I - 

On Land and On Sea 

Hitachi Zosen 


WtsdilShlpbuiliiiisiSi EngmemiitgContpaffyLirrated) 
‘M4,EdobofiWome,Ntitii'ku Osaka 550; Japan 

MINES— Continued 

2 SkS 


a tup., oa tr BE 1512.0 83 £161, £11* DanaCpra^-l. £15* od» 

246 SgjEffF““ 0 « 07 17| 176 iP ^rfcZI 171 2 +2 Vu 

Z46 UeUlBoxEl - ■ 306 +2 +1351 32 6.7 6 8 *124 78 Pootop5to_" 81 -2 «j 

M S“* nMurei - ® t? ifl, M J. 123 34 FjjMmSsIm. Ill ... .. 259 

171 +2 t421 3.7 3.7111:0] 

U Ihtil 



65+1 - j J— 168 

134 686 18 7.8U3 230 

172 4.65 * 42 * 213 

265 4.61 53 2i 81 7Z* 



' 77 

Do.C&pitaUl_ 188 +4 — - 

DnodMALCB.- 56 23 X0 

EiakuttAnlM. 94 13 6 

afis.4Da*iee> 168 +335 13 

9 RborfoCorp. IBijji. 

52 Road Cans M 

15 TancanjikaSOp 

70 Da Pra 80p _ — . 

fcWtonGoo'cL. 113 45 13 6.0 223 187 130 M2 ...... t6.13 li 15.1 High l*" I »*» 

Da CPU 128 4.7 11 5.6 243 966 720 BriLFWn>rsi~a 778 -4 2230 q!4 4.4 82 

SftrEreteni ffl* ¥ * 0.9 U 4J 283 79 60 Daffj.Ff.a~ g* ....... 5.6% S« dM - ^ 7 “ ffiSSSSfiJT 

Da Premier 164 6-7 13 62 228 83 41 BsnubEL — — 47-1 — — — — .t? 

ggISiS* li rr ^ i-oio- 4 ”- 6 gL »8gMg£k IS ZZ**- Z f - r 164 115 
ta^eeAL(*i.Z *56 — 23 30 62 23.6 66 ^ 44 OntuiylOp — T 54 . .Z +243 3.8 6 8 4.3 ® 70 

aaburtkAffl-lD. 94 13 * L£ * 34 18 Qartfriuliip- 23i? +* — — — 60.4 42 27 

STfeWee. 168 Z! *335 11 32 453 £l9tj 02* CSefr PttreiMB^ 08* ->i QWlfr. 19 9.6 81 271 -’ 10 pam.Cpr3BW-4- 

jdtn.IaT.DCEL. 196m -1 675 * 52 * 550 TOO ttClutf LHJtl — 425 — — — — 

jSmlnv.TsU « 4J7 U 68 20.9 170 m MOrdePri^tn 134+2 — _ _ 62 AUST1 

fcttfcGsi 63 +1 cL4S 12 35 39.6 12 Ead«ranr50e_ 12 - - - - , AUOII 

buLAIdmatL 77 355 18 7 D 283 45 24 RCA 30* -* Z03 — 05 — 20 } 10 

StAX Y.TnuL. 65 26 6 6.1 6 1?5 334 USMO....—- 156, - - - - l- 7 57 

|«r I Dti. I rw 
Price j - i Vi Jcv | Or' i 

190 | [Q5Ce 1 131242 

19 057 43l 4 5 

190 Q5Ge 1S242 

19 057 43l 4S 

65 - - f - 

126 Q11.0 U S7 

80 Q9°® 16.4j. 9 0 

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. ASreLinr.l 64 245 

86 M.Cn.e&l» UB +f +4.79 M 67 B3 Tl W R? U28- 4- 

24 Moral] i \£eli — 42m +2- 242 3.4 8.7 45 126*} 48 ffoodheadd li_| 96 1+1? (+h3 4l( 5 1 

E gSSaS: IS B L M b 1 «fidn3 BSSSiKrlMS Pj l W , )l! 

45 re + 3 " HI 4 2.410552 Garages. an d Distributors 

25 NilimfB.iO.t_. 48 . — 3 05 2.4 9.6 6 5 95 41 lAdffldi Gibbon- .69 +1 435 30 

•35 Xai Crb nsg lOp 48 132 0.8 4 2 47.6 22* 41 , AJemtdeoSp- .22*-* - - 

E45 N.CA4%B3ffl_ £61 -* Q4% 11.9 +6.7 - 96 49 Applfrard Grp._ 83xd +f k» « 

35 NeprtU* Zambia 77 +2 330 2.6 65 75 *124 66 ArfWw Kfltnr. US +3 17.75 Z* 

22 NeOASp-iwerlOp 81m +3 200 6.7 3.7 53 43 17* BSGlnLlOp 38* +* +t2J 2! 

tf, Xcr£4up.]0pf_ 13rf 0.98 * 114 $ 44* 16* Braid Gnmp5o_ 38 +* L38 4.1 

38 Newer tjfonpEL 47 — _ _ __ 44* 29 Brit Car AuZftto 44* 1.98 2 ! 

0.11 to an 

5.4j 52 57* 30* 
5.7 9.9 172 126 

268 )., — 1 18 42 I 4.: 
140 -5.81 - 

a ? 3 1 z H z HI \S 

127 Z'-'.. fhl.38 61 1.7 123 42 28* ff. ACZoretrus. « .._.. 0.85 IS 3. 11392 03 !3 £14* Rmg gfKL.- - £19 -* — I — [ - - ?£: 1« 

S ifsl Si sl a(.i LS . 7 ^ =i In | u lUi S* ♦ I » * 1 

31® ZZ: iff 3.1 16^(171 j 1 ^ 1*29 |Fv22t1r 02S!. 44 * ZIL +C#*c Uj 7j|lo 8 «5 5 S 4 L |ifjii a{ * dn ft 

27 +4.46 5.4 5jf 53] 39 25 fftarfreW IM. . 38 2.40 20 9.6 15.6 69*? 54 iDoT^Pf, £ J --- 64 4.9 .•11XW11 81 — 150 87 

127 +4.4. 

220 5.10 

9 -6< M 179 122 

95 1 46 1 Mill ortl Docks EL I 67 ...... 2.72 

Groap£]_l 47 {._ 

- \¥h » 

Group 5p_ 

- 38 +* 138 
Ip ??* 1.98 

135 +2 
97 ..... 

100 — 

38 _... 

101 +1 

7.7flS6 116 
6 280 173 

103 63 ESuO’ C onst Q_ 94 +5.W II 9.614.9 «8 260 L\SKO-pj» Mp. 326 - — - - 325 119 

108 62 }^&8fd5te_ 105 +1 3 96 1.2 5.7 218 W 1| "V" , 0 , - ,"5 Z, ,r 

TtatSlfe- 174 +1 858 12 7 5 16.9 326 75 SJEsphlftf-- 212 -4 192 3.3 14344 U2 77 

fDBlies£l_ 265 +7.61 12 4.4 295 23 ,8 Parmer CwH- Sw 14* -* » W 

LEorouruk 42 0.85 13 3.1 39.2 CZ3JJ £14* Ranker £19 -* — — — - ?42 125 

kGd — j 136*1—* [3.77 1.1 

36 .1 712 U12 

:Rpf- — I 550 

> 265} 73 43 I Do. Cap 

M ZZ rz \=\=r=r .350 IBS 

7.44 3.71 8S 3.61 M 60 

AComffl'eL. 124 +4.92 

CoosoidUl. 76 3.75 

■raJFnndf^ 132 +2 4.7 

. 350 B 8 H5i*bi»‘l'jLi£! 246 . — - - - - =5 20 

9 £66 £55 Texaco 4*S On. £59»? -* Q4*S - 18 0 - £13 575 

1 204 1M rncmtroi 158 -4 127 45 0.8 205 1« 8 

3 266 116 URrwnar— 232 ...... •— — — 7.8 555 345 

J 157 85 Da7pcCw. 134 7% 13.0 75 - 164 64 

- 110 50 Weeks NaLlOcls. 104 -1 — — 75 35 

85 +1* 4.02 16j 72! 63! 26 14 CjGSBLKp ZL +1 142 17ilfl^ 83 

5J 139 92 Gen. A Cumm'cL . 124 +4.92 U 6 0 24.1 204 1M T^cretroi 158 -4 127 45 0.8 2 01 

3.6 84 60 GmuCOnsoldbL _ 76 3.75 11 75193 266 116 Uhranar.. 232 ...... ■- — - 7i 

4.85 150 99 General Fluid*-. 132 +2 4.7 1C 5.4 273 157 & Da^cQiit-- 134 — 7% 13.0 75 - 

IF 116 77 Dq.Cqq 7 lto 100 _■* 110 50 Weete NaL lOct*. IM —1 — • ■— — — 

02 106 74 (StoeicoZ 91 Z- 3.45 0.7 55 36.1 IM 50 noR±(WWe_ 104 -1 Q15*c - 8.7 - 

5.9 83* 65* GenScottidi — 75 -* +105 bU 6.2 15i *99 4% [WoodafleASOc.. 66+2 — — — — 

103 72* Gen. SCbUot. G*) 100 17 LO 2X 1017 

102 76 Gtaa»SrUdrs_ 87*-* 2.4 11 42 325 

83 NonhejnEng 96 ...... b5.6 — 8.B — 111 70 

42 NntmAWrLllp. 183 +d3.8 2.9 3.2165 45 24 

14 NorrfcSecj. lOp. 24 2 2 * 145 6 B7i? 28 

17 Nta^«ifl5p 157 ♦ 106 * 75* 39 

SO Oce Finance Cv_ £« -1 qH — f9.4 — *50 26 

56 OffioeAHeel — » g?.08 Si '65 M 56 22 

59 ObwaDp 106 +1 +3_Z1 3.0 4.6110 38 14 

20 0renstonel2*c_ 24* Q8e 25195 Z1 32 8 

25 PJ£A.lHuMiiigy-. 41 — — — 243 111 42 

n>£50p 98 +4 554 

eiTjSp - 41* +1* dl70 

jGodfrer— 81 +1* +333 

da-; 74 +* 4.19 

on FcnbB*- 48 +2 #2.76 

9.0 8.0 e 

6 2 3.7 . 2 

5.7 4,9 » i -in 
§ I 35 

raFcnhw- 48 +f 42.76 2.6 87 6.7 S 

iJF. tt_ 53* +* 143 4.8 4J 8.0 ff 

field Larr.. 33 +1 125 15 5,7 17.4 52 fi, 



erEaoU'A'. 108al +2 +324 65 451 511 90 142 lBrnttaQs.: 
S A While*— I 123 #4.22 3.4 85 144* 79* WoOreJOp 

51 90 42 gKW*tls., 

InvaJJ^ » +1 dD.46 
oftQ- IK +d3.72 

83 +2 3.98 3.0 73( 71 

r , '4 * 36 12* 

t. H f* 72 37 

3J 55 7 3 ft) 26 

... Teni+sSOp- — 120* -* 659 

21 PeefBfelOp 34 1 4.1 6.6 5.7 HO 33 HenjaMttGm- HO +/ +3^3 

6 Penriand iflpZZ 21 +0.61 35 4.4 72 £158 £62 Do.lOpcto— £150 Q10%i 

42 PesunlOp 83 -1 4.29 A 6.1 9 95 52 Hum (Charles)- 82 +2 dS.45] 

77 Do la'.Ct.UBB £130 Q15% A f _ 42 16 JeawpelOp— -38* 155 

58 Pdrorou 12*p 67 T4.39 19 9.9 7.8 *84 49 Ketuura Mtr- — 69 *2 4.15 

fa Phillips Paeott. 15 B— — — 353 B 4 35 LeiSemceGip.. 72* xd +* 3.4? 

20 PhoUxiLcmi— 45 td2.48 3.0 8 J fa.l 59 26 Lookers 58«2Xf +* 2.46 

28 Rioto-XeSOp... 300 3.96 6.4 2.0 9.2 87 23 ljoofcLran— 80 460 

20 [PhotattLcmi— 45 
128 Hioto-XeSOp... 300 

iSoriceGip..|721iJ(d +* 13.47 

31 85 55 
31 4.410.9 50 22! 

Oi 16.8 - S ti 

35101 U» a 

4.4 61 5.7 g ft, 

17 91 45 fc 45. 

.ktnsicnBr.O.1 470 I +105fa 4.8} 3 .« 89 1*30 14* 

■45 RtnVBomsLn- £60 Q5*% 5.6 95 - 34 3* Nelson DmJd 

19* PlisdfConsLlOp.. 4l*c ...- hdlDB 24 7.7 8.1 6 2* Pennlnelftr.] 

31 Flensuraaaap- 721, +27} 2.02 5.1 42 7.0 173 61 Perry rtUito 

30 Pdyroai*10p~ 47 t2.48 26 8.0 66 54D 101 PrideAQnt 

15 MUMS m 
. -47 4> 7.2 * 34 in® 

tVija Bit# B & S 

l ^“*2 * i‘ ^ 

Z Mi >l . fflS 35 3 . 314 : 2 

103 72* GtaSChk 

102 76 Q«»S 

87* 6 «, Gksdm 

84 57 Do.-'B*. 

681, 51 Gletumre 

11201 66 48* Da ' 8*0 

10.7 32 122 * 71 ■ Gkbeto 

9.7 6.6 64* 42* GonetS 

7.0 44 75 49 SrnngeT 

.Seottisfa — 75 -* +3.05 bit 
SCUtea>a>J 100 17 10 

Ute_ 87*-* 2.4 U 
lint — 781, -* +166 1 ! 

iylur.: g +1 17 10 

61 M3 .89 14 9.7 6.6 64* 42* 

97 t45 63 7.0 44 75 49 

32* g!25 45 5.8 65 110 74* 

71 442 18 9.4 8.8 83 61* 

47 227 3.7 75 45 65 24 

48 2.91 25 HO 54 55 38 

2.91 25 HO 54 55 38 &«pta 

_ _ -* 250 3.0 9.7 5.1 35 56 ftanfin . _ 

47 >3 187 • 60 4> 95 61 Hambna 80 +f +35 10 6224.0 92 

60 -1 2.77 4 72 9 31 12* BaeriHlK.IOp. 27 *14058 11 32 452 428 

34- +h!92 14 85 115 196 122 ffiniPhiHpi 145 7.01 10 6 4 23.4 25 

6 M +424 2410.7 6.0 78 41 Hume Eds. “A". 73 +3.71 15 7.715.7 g 

44* 156 25 55 124 76 35 Dk'B" 71 ...... - - — - *86 

34 174 » 60 * S 8 S» 8 JcotadlS) SB* Q20c — 15 - 49 

70 +1 *2.7 55 5.8 4.9 775 600 Do(Q 600 Q9.49 -16-275 

25 Gl 24 6.0 7.4 53J, 36* IndutriiiAGen. 45* +145 U 4.9 29.4 103 

tat 98* -* n4J 

64* ...... 18 

eTnut — 67 21 

rth'nlnv— 92 — J, 3.87 
friar lur — 49 -1 145 

reil&r 61 gl « 

bmaiors. 49 tLT 

■ bv.TkU 71 +* 259 

rot 80 +1 +35 

wtar.IOp. 27 AthOi 

+1 17 10 42 374 

— — — — — 305 

-* q 4J na 63195 108 

18 15 42 244 225 

22 11 4.8 26.4 % 

— l, 3.87 10 64 235 31 * 

-1 145 12 32 384 319 


-1 145 12 32384 319' 

£42 20 4.5 168 240 

...... fin 110 55 292 £66 

+* 259 10 52 294 425 

+1 +35 10 62 24.0 » 


152 Portals 216 L.... e742| 2.7 55 H4 53* 19* QuiekCH.AJ.l5p 531? +1>J #1 62 } 45^ 4 fl 75 157 1 on 

,120 Powell Duff 50p. 167 Q0.0 2.4 9.1 7.0 45* 6 jBe^ddsWJ.Sp 44* -1 14«0.62[ 4 S OIM Kn [ 3 % 

12- Prea(Wmj5p.- 21Pj <044 4.4 62 54 6?. 2* [RjsiOUvenSp— 6 +* _ _ -1185 

108 Prestige Gmip_ 157 -1 ?58 3.0 5.4 92 63 16* tatteofLaeds— 63 .... 043 6 IS t 37 i? 

18* Pntcbajd5ia.5p 34* +1 +155 29 60 8.7 40* 19$ |w«lhaBar.Mpi 40* +* 122 29 8.21110 -nTr, « 

31? Hnv.Lauhdi 5p. 11* 9056 05 4.8 682 80 2C (Western Mtr 80 +5 220 0 4.!} 64 nn * 95 

53 Pullman RAJ. 5> 83 +5.45 1.9 10.0 (62t • ' m 87 

■30* RFD.GrroplOp 55 +143 7.6 4.0 SO ■ , «5 288 

53 Pullman R4J up 83 +5.45 1.9 10.0 (62> 

■30* RFD.GrroplOp 55 +143 7.6 4.0 5.0 

12 HTDGrtmp&p.. 17* +2 tQ10 92 i 2.9 

>20 RadjaniwTlz*)- 30 ...... t!76 33 8.9 4.9 

152 80 AberasuROJO— 86 

550 390 An^o Am. lx.SU 460 

113 19 An£ mini 50c 92 

37 17 EdvorkslOc 31x1 ...J 

1177? 41 Gold Fids. P.2*e 70 -2 

230 95 GrtJmtf'A'aOc— 100 +3 

130 87 HuletfsCpaRL 115 ; 

sh os 70 22* 

18fl7.'rt 4.7 78 50 l“*ck(A:ftCi 

29 Randall JllOp.. 58 153 42 4.0 9.0 rtJE. 

r 35 Randal* 73 M4.7 25 92 61 

128 RankOrean 250 -4 8.04 34 4.9 6.4 J 97 “g 

332 ReckmC5L50jl. 417 +5 +9.65 3 A 3.5 94 “ 

■77 Retffemrn Glass.- 283 +3 ♦F15« 4.7 85 41 “ 26 

15 ReedZaec.dp — 44 +2 hl.66 26 5.8 94 7 g ^ 

MO RcedlatLfl — 113 -1 1320 1.1 17.7 4.7 78 “ 

36 Rdyan PBWS— 76 thX73 21 7.4 9.7 “ 

145 Rmowa lac. V50. 145 Q15 4 0.8 A 97 

17 Bemrick Group.- 42 -2 - - - 25.0 ^ 97 

13 Resnnor 119 ...... +4.84 54 62 4 4 ^ ^ 

fSS ® r |.=®^ ? ! | 

■24* RopnerHUse— 37 ...... +1.94 4.0 7.9 44 ig 55 


li n a 197 1120 

li 3.5 94 W « 

4.7 85 41 50 126 

455 268 
116 35 

Z24 150 
71 TOi, 

04 * l 05 97 

_ 25 0 185 97 

m fK 347 208 

a " 3 3 

24 Da ‘A*. 
22 Rotaprii 
12 * BnwraS 
43 BoynlWi 

34 +1 I tL?4 1 4.0 8.61 44 

135 92 

ssar. s = iffsasi s 2 

J Wares 108 +1 t541 24 82 80 “f 104 

eU(A.)iqp_ 57 .-... +204 44 5.4 64 “ 

ihteFtLflQ- £23* -1* g5») U 7.410.9 « 

Riser 210 -2 1024 6 74 * 

hunt Market- Z7ri -1 +0.85 3.0 4.8 10.4 ^2 

ten Grp 75 589 22 11.9 54 "J, ^ 

Grp 75 

- 91 K5.44 26 9J 6J ^ 

n £50*-* tQSllfl 5.7 02 265 47 I 18 

— 72 +294 34 62 65 

38* +124 61 4.9 52 

142 +523 4.1 541 6.6 5 |® 

193 +3.66 6.4 29 8.4 M* 

47 2.87 2 A 9.3 S3 ' 

56 +2 13 29 54 9.1 

70 ...... 4.46 26 9.6 94 

1-12 +54 22 74 67 

306 iffi 

8&d +9 m 
160 <32 


62 Q 1 I 

152 97 ha.Pac.Sr.HES4_ 152 +2 Q18c 13 14 54.0 240 

76 52 Intense] hv. — 67U 3.97 4 90 6 235 

160 107 bthr.TiJsril. 160 Q4 0 22 2.5185 57 

122 88 tar.taSsrtess.- Hire 290 4 4.0 6 Vt* 

75 59* lured on Cap— 68 +11, L65 U 3.7 375 126 

1 +129 205 161 teretml Tofipi- 178J, +* +6.0 1.0 5.1269 362 

gi 5.0 133 103 lirdiae Japan— 116 ... .. 0.71 12 0 9 - 50* 

13.5 19 125J, 70* UntmeSre KKS5. 96* „.... tQ47c 1J 5.8 165 £ o 2 4 
7.7 64 143 103 JeneyEn.Pf lp 125 +2 - - - - 53 

68117 262 185 I«S<rGen £i— 231 +Q115 L2 5.0 17J || 

4 71 49 2S* roc Holdings— 43a! t* th205 10 72 202 

±0 51* 28 face Dir. Inc JOp 47 #3.4 10110143 

4 + 46 6 2 Do.Cap.2p 6 - - - - 

±255 140 43 KCMooetaaOp- 43 -82 60 1121.2 64 

10J 2.4 51* 31 KiMSidelm- 48 245 1.0 7.1 2L2 

95 QBc 1.4 54 

168 +6 ‘ QIQe 33 

60 - — •— 

93 145 41 2.4 

10* - - - 

150 QOc 17 17 

17 - - - 

91 +i" 15 -M 

11 - - - 

148 tQllc 19 4.6 

34 *1 - - — 

825 +50 — — — 

16 -* — — — 

480 +5 015c 4.0 19 

105 Q6c 14 3.S 

50 — — — 


25 +1 +2 51 161152 

27ore : awi^ o s i 

53 +1 3.75 23 10.7 

222 ...... SjllOc * ; 

115sc 18.05 3.4 235 

8 * — - — 

22S -5 15.0 0.9101 

147 -3 - — ~- 

83 -2 75 0 13.T 

83 —2 

69 ZQ255c 0.7 4.8 

450 0125 « 275 

2SOd +U9Sc OJ 73 

50 1^2.5 0.5 5.0 

50 -3 65 13 19.7 

173 mOlT-c 10.9 lb 

50 Rl9$ 45 60 

48 -2 W12 15 10.4 

145 tQTISc 14115 

245 KiUIJc 11125 

154 +1 - - - ■ 

68 +4 ZQLOc - 32 

43 4 5 0 7.3 

95. 1 45 |Toagkah Hrbr. Ml I 85 ... 5=4 ST. 16,14.4 

203 9J TroooOSlO. 175a) +3 ZCJoBc 9 105 

30Od 4.4 « 22 9 

217 FS 4.7 51 45 

68 62 1213.9 <9.4) 

29 ...... 152 12 81 (US) 

285 g654 7.0 35 52 

210 +1 ban 32 63 6 9 

£60 012% 13 10 8.4 

367 112.72 18 52 82 

72 +3 426 11 9.0 65 

382 +2 05.0 12 60 S3 

24 -1 Z0.66 — — 101 
15* -* - — — - 

72 +2 655 2113.8140) 

43* 3.4 L8 H9 5.8 

253 13.2 * 82 * 

80 h!29 3 5 4.3 67 

200 7.D 79 55 36 

195 7.0 7.9 5.4 35 

3 l ~ 4 a! 3 i J J Z03 l 9J ITradoOlUL ( 175ul[+3 |ZQB8c[ 9 [10J 

126 +l" +035 33 2.8 15.1 

358 ... .1112.5 4 4 5.3 53 TOPPER 

aa +1 3(>o. 7 ct LVr A Hill 

£87rf -2 f9.2 102 (9^2 — 198 1 70 |MeJSinaW)5B 1 74 | |$Q3Dc| 19| t 

53 h0.75 110 21 65 

53 ...... f3.4 312 D.6 — T A XTl?rVI TO 


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4 0 4 44 24 

* 10^ * 101 69 

^ oi* a u* 

42 26^ 

;e Vie*- far 79 ...„. 1113 10 4.13S.7 

tr.iUafa-r- 40 18 4 6E t JSrTl, 

r Debenture- 90d +* 45 11 7.6 188 ^ 


[Cons.Murch. 10c- 

_i SHIte fa- £11* 27 , , , , „ 

42 l 26 te*hlnr.lnc20p 36 277 10 117 125 77 

B 2 ^* jZ 4203 1 lJlSI I ^ 

— — 95 34 

117125 % 5 

112 +55 

128 4.68 

128 4.68 

278 +1161 



^Textile 1 140 ‘ 1+2 Id649| 

72 ZZ 13.63 4.4 U 5J> « £ 

88 #264 4J 45 7.9 ” 

63 t3W 8 5 6 4 30 16 

'If H 

+66 27 

55* 13.96 L810J U «» 

264 +2 +8J2 45 4.7 72 1® 

178 +2 5.44 4.4 45 7.4 « » 

41 M2ZL 25 62 64 j8 29 

167 1* 3.9 13117 « 12 

144)91 355 6 35 * 77 « 

210 +4 hi 97 19 14 623 S 12 

326 *4 +3271 29 5.9 69 « ££ 

31 -* £122 29 6010.8 ^2 .» 
41* -* tire 14 4.7 61 .3? [“* 

17 4 58 28 Atkins Bra — 54 

5 J> 67 33 Beale* iJJ20p — 53 

74 74 48 Bectaau A. 10p_ *65 

83 6 9 30 16 Blackwood Kart. 23 

62 71 35* 18 Band SL fhb. 10 p 34 

8.0 69 « I 7 * 34 

g & a sasz if 

74 43 24 Brit Mohair 38 

64 48 29 BofaarL'teXp- 42 

1L7 42 12 CriidfDnndeet- M 

354 2 

+262 5J 
64.49 2 
052 1 

26 2' 
246 X 

ana j 1 

5 2 75 X9 « « 

20 IDS 72 g 
U 5.7 013) 73 57 

29115 45 £ g 
X7 110 62 ,2? .45 

4’ jAugJo-ImJDoes'n. _ 
3 BenamCoju. Ufa— 

8 B1 nil Africa): 

8 BradnUlOp 

2 OsUefieMlOn 

l+cr 1 Dir. j YTJ 78 Sabuulndr «51_ 
Price I - Net Cre Grt 750 TaraEWn.Sl - 
.... . 55 39 Tenjib Minerals lOp 
























Wgffe: ^ JIF U1U * 381, 18 EradxalllO 

t AMb PfeSp od 239 ■“ ■” ~ 2fl!l B2 CSdlrf ipW 3 

as £67 11 72 24.7 ^ g KS 

12W+4 m* * 51 *.128 75 Cons. Plante 

6Gsn.50p. 55 t05 10 0.9 1064 55 70 r.ri.v 

381, bL27 10 5.0 

177 e28 18 24 

57 275 * 7.6 

. lAHoKtoxL- 99 +325 10 5.0 30.7 ^ ^ 

te*Lenaot-. 63 -1 t245 15 5.9 23 J 250 U? 

ria^U^lOp- U +0.42 14 3.6 30.6 yf 49 

Wfclroixnid- 62* +1 24 11 5£ 24.7 ^ 

teAXontrase. 161 +525 10 5-0 29.9 to 3L 

teAPTOt 95 t3.05 ID 4.930.7 

in. Pro dm dal. 66* +1 1244 10 5.6 276 $ fo 

am.AS'drde— 37* +* tL38 10 5.7 26.9 gs 311, 

rial*. PfcL__ 177 18.0 32 6.8 219 |? W 

jowfandlnv 49 21* 11 65 20.9 

lAGDulbe-lOp 187 +1 1135 10 9.2164 m to? 

„ ot Heritable- 38* +124 61 4.9 52 

■54 Scot Alfa, lnvo- 98 -....+4.92 17 76121 

33 Sens Hides. 63 +1*234 18 5615 0 

.’46 SeenricorGa 84 -3 125 IDS 23 52 

40 Da'A'N-V_ 83 -1 125 10.8 23 51 

48 Security 5errieei- 92 -3 20 6.4 3.3 53 

: 40 IJaWSMT 92 200 6.4 3.3 5.1 57 \ TSt 

ama Ware 20p 73 +1 +217 7.1 4.5 3.9 £io6*L£57 


Assoc. Paper..— I 47*}+* 1289 i 4.4} 92} 51 HD 

135 89. Omrtaa 

£65, £60* Da 7% 
45 28 Crowtbf 

119 49 Dawns 
118 48* Da 'A' 

S - 24 Dinna 
15 &riy<C 
33 18 Foslert 

faint ECu- 40 -* ±559 06 

jtnVjyeffi: 38* +* 25 33 8 

nr fad 28 £242 24 14 

Patau 70 -1* 12% 3J 6 

1 32ri-* 185 + 8 

aaM* HA -1 1653 24 9 

Z — Z- 3J 1B1 139 

- - Z - 115 83 

M 26 Si 55 ^ J 

8 ? Si I 

56 136 80 
« *1 54 

Plante Ufa — 122 -3 125 

lB2lay.uJp_ 48 I...:.. 0.71 

1 Central 1^3- ■ 10 055 


othricll ■ - 


Ighlands M50c 



48 0.71 2.1 — L'nlm aUwrwiw tedatd, price* and net BbUtadi are la 

M 055 ♦ 63 peace and den e nri aa t tana are Ste Ernim a t ad pricefemlai* 

■■■■■■ +8 6.6 ratfa* aad eoeers are band m laleamanalrcperis and acceaow 

7“ -* 3.05 — 6.4 nA, where pMclblc.maptead an taU-reufa agate*. PtEi are 

883, -3 t012*c — 3.0 calcnlaicd an (be bast* *1 net AstribndM: bracketed Agues 

52* -1 Ql2*C * 52 Indicate 14 per cesL or use difference Jf calculated on -nil'* 

43 QU5c XI 5.9 dlJLri button. Overt arc based on 'TwasUftnm'' dfatifbatfap. 

Sumatra 10p_j 123 -2 #t4.0 16} 5.41 ’Oeld* air bvedon I middle Prices. »IM.>4rtitU ACT^ of 


r facer l(fa v 

I IK. 10p 1B7 +1 H35 ID 9.4 IM 731, 331, [PllnWiM fflte Wc 

'Zi, >s :i u ȣ 

4p 19 +4 - - - 

2 Sf£ TtUPHfl' I « 

M. — . 104 

303 1+1 1+358 1 6' 

25 11 Xfa.Caji.4p 19 +< - - - - 

22* 13 ibs.AIritt.5Bp- 20 0.98 15 75 133 

46 . 25 Bdffnun to. 40 185 10 7.0 206 

39 21* Menaotflelnc— +* 125 53 * 

72* 55 ItorianteW- 63* 26 * 6.4 * 

ifDarid) 67 +4 t238 

(CJ kit ]|f 32 180 

r (faint) 27 164 

aiilJUfa— 107 +1 h067 

%£k S *±IJf 

3A\ SO W4 
10 6 58* TO 

35 +5 «Uc 17 U Mm ccaL and alia* /or value of declared distribution! and 

31* . . +115 64 55 ri * hlB - Seeu+dea with denomUiatJeiu oilier than atcdlnc aa» 

36* +1 ' h0.43 3.1 IB 4“** 4 l*i*lnrfce at Uae Inrenuenl dallar prendinn. 

+7 £ if A Steriing draominaled securities which Include investment 

2 — ’■ **" “ dollar pre mi um. 

• "Tap" stock- •.. 

■ Highs and Lows marked thua bare been adjusted to allow 

5 for rights Issues far cash. 

♦ Interim since increased nr resumed. 

SSL 43 2 ZZ tl42 f of 5^2951 . Vs 

64106 Mfe TO 
85 62 34* 16 

93 93 » 24 

ID 60 M fJ 

115 9J 97 jO 

10* — . VI “P. 

.. .. LBorttmlDp 54* 0-88 fa 25 A 

47 KSfctaZZ S :z:: +357 u Zo 2« H 

60 UoonideTtvtt- 84 44 75 10 8.6 17.4 gS 

00 VegitSASUSI. 775 Qllc - 0 .8 - 252 M 

11* S<?w Throe. fae- 19* FISA 1.0122125 88 

: 9 aiv'rtliqnielOii.. 19 dl 2 26 9.W 6.0 

34 Suopsooi&j'A'- 80 ...» 351 3.51 6-3 5.0 

55 Stachfar 93 +* +126 X* 5^123 _ 

391, Snntb*N«fah.Ufa 64 +f 243 <j2.J 5.9^ 72] 43 19 

120 Soilhafafa.50p 164 +1 7.25 3.W 6.71 7.4j 25 7* 

41 Salic. LwafaL 51 +3.B6 1^115105* 

19 Souue 32* 236 2^110 65 

156 SotfrefcyPJJ. 2Z7 +2 b825 4M 5.W 9.6 

46 SpamnriGW.afip. IBS th!9« M 25 4.6 

100 SeardVX 230 gl88 I6.3 lJ 6.9 

66 SktePaas- 137td +355 U 3M 6.2 

£115 Doftsflttin. £zto 

11 SUflttfat ,13* -* +3 24 j 0-2 4.4 

28 Sfs* Furniture.. 108 (4.8 431 7.3J 5.4 

110 66 68 35 

5.6 9.6 62 . 33- 

2i 4b a 13 

12 6.9 22 12 

W 6.2 141 87 

0.7 - 52 35 

seals bp.. — 42 +1 +174 3.3 6.4 72 M- 26- lagnm'B.) 10p_ 34 

sfan iSit JJ— 15 - - . - 3.7 52 31* Jerume»HW»i- 52 

-jnuoSaLSDp- 80 ...... 3.98 22 .75 91 42 23 Leeds Dvcs 42 

»i- (Richard).-, 68 +1 3.16 * 73 fa 18 ‘ 10 LdghMllij 16 

riiD-MolOp 57 . — +297 4.1 7.9 4.7 18* 7 LeierSp 35 

(er Guard — 20 101 3.8 81 52 TO 22 Lister 44 

20 * arptarthitafa 

IT Da’A'SOp — — 
2S lagrarn'ElIOp- 

6 j TP, 71* XlfaLAmerirao- 87 285 10 5.0 29J - - - 

1+1 hl5i 51 53 4.7 702 66 Nortl) era Sera — 97 ...... +3.05 1.4 AB22.7 SO LanK2 dividend j( a inn 

# £« « “ Si 3 S S 3 H UBS 185 1 » » — r « 1 m w ; sssp^- 

+l' 0.1 -04— U7* 87* Pemlaadfar 103 +1 *05 1.W 6.0 25.1 |i No par value 

..I. 4 5 22114 62 7 * 63 ProtScs.tar.jOp 71 -1 254 1.1 5.4 26.1 AtHCa * fW free b Fifiit 

<33 30 12 114 114 29* 16 ProvinrialCiaet ^ +135 11 8.715.7 43a 1190 (Blantirptl [ ■ 430 1 123351 20] B.2 a? ‘“mtal* w£r 

.1 hi IS U « IS SSSfez H M SIS 165 “» S-»— — i 145 1 |l5J1 1 * lm SsFrasS- 

rfTTTi a a ^ lal “Ktaa ror casn. 

1 Pifla t Interim since increased or resumed. 

__ , , , t Interim since reduced, passed or deferred. 

Tnflia and BandSuCSh - « Thi-trw to non-residents on application. ' 

- O Figures or report awaited. . <• . ; e 

200 49.51 ' 5 9f 7 3 +7 Unbared security. 

9nf> u.i w - jq A n t Price at time of aaweoahm. 

coo 7/1 3 7 ini 9 Indicated dividend after pending scrip and/or rights iaiMc 

eu .V an ft erner relates u previous dividend or (orecaat- " 

-S tty? 8 7 1 - Free 0/ Stamp Duly. 

-c+o ...... J£u » / J « Mercer bid or reorganisation in progress. 

250 10 0 6.8 61 4 Xnf comparable. 

3?8 1D.D 27 7.6 + Same interim: reduced final an dor reduced earn tags 

410 15,08 4.9 5.6 indicated . • 

23 4F1.72 3J2 11 8 # Foreea« dindend: coier on earnings updated by latest 

195 P13.Q 3.6 10 J interim statement. 

355 +1 90 4788* Carer allows for conversion ol shan snot now nmUag for 

dividends or ranking only for resinned dnidend. 

C»n t * Cover doca no) allow far shares which may also rank far 

oil l<d nH d dividend at a /mure dale. No P E ratio usual*' provided, 

mtnti I' iKnii 'I (t i ui ti + Excluding a final dmdend declaration. 

[>e-f>u aOp . — _ — 19 ...... .— — — ■ 70.0 74 33 

ORG. 121 -1 +6J7 23 8.0 SJ 49 ’ 23 

□15 DottSCnsln. £Z70 ..... Qw*. lHi B.7 — S2 35 EaHlmo-Ppr.. SO -...33 fa 18.4 fa 37* 11 

H State, tat ,M*-* |3 24 0-| ± 4.4 7 8 42 Eucaimus. 64 — 5D8 4.1120 22 65 36 

28 Stag Furniture- 100 . .. t43 43 7.3 5.4 73 3] Fmy Pick l(fa_. 73 6256 3.1 53 92 TO 22 

33 Stwriev-.--. lTtel +8 651 fa SJ * 115 32 FtatafiHoKttneL 107 67.7 15 10.9 7.4 60 35 

28 SetajJ&rf HKil 33 Q54e tl 13.8 6.7 48* 36* Geers Gross Kfa.. 44 — K3.0 2110.3 72 U4 60 

10* ftolumlnditStf.. 25* +117 1.6 6.4 13.4 ^ 33 aamsonASons. 61 ?.BZ 08 95(2Ui 43 6* 

«les(S.i20p — 60 ..... 

lacUnnon SnUf- 37* .... 
[artu(A)20p— 81 ■ +1 

Oiler IF.) llfa — 39 ... . 

[ontfon 51 -3 

totU-SIanfs — HI +1 

-3 3.49 
+1 3.24 

*7 261, 15 Rights fates. Cap 26 QJ2 — - — 

* 176* 108 Riverfa Merc.-, 153 813 U 8.0 M 

59 145 88 River Plata Def... 126 6 25 1.1 

rj 7 J 8 6.5 13.4 72 33 HamsonfaSons. 61 3K 08 95<2JJi 43 6* Biavi Jersey 20p. 25 105 7.13 38 tl ^5* ^ * 5.5 fa 

>1 f 0,4J 5.0 £22* 053, [PG10CU £2Z* -* KjSiaO U OSb 65 SO 25 p*sr Head ‘.V 61 1d28B t9 72 38 652 467 Do SutLShsFb 5TO +5 ^56^ fa 5.5 * 

J H^cS'I* 83 48 bvenskap^i. 7ire 486 *10.4 * 152, U* PicUesfW.lfaCa 14 tfl.67 2A 72 8.7 JTO* £3fi, £»* s- - - - 

3-9 6.5 44 213 94 LfaPPOSterSOp 213 +3 +881 1.7 63145 10* 7 Da'.V.W10p_ 8* +057 53ll.8 5J ^ 325 Do Snb.a*FB- 405 +3 - - - 

"* ****** *■- " “ 1 — • ■’* - -'’D b 4.0 881, 69 Rcmmey Trust 81 +2 2 65 11 5.0 28.0 

22 Stocktake 70d 257 4.0 43 5.0 £22* 05* ffGUKls. £2Z* -* rtjjliO 3. 

604t SfonebillHldp.. 87 ...... rf-D 1.7 10.4 8.7 «g3 46 [nxereskGniSto - 71al 486 * 

6* SJUnuenFl.. 16* -* hOJl 3.9 6.5 44 213 94 LfcPPOSterSOp 213 +3 +881 1. 

15* SiriiehJSen.lOp. 28* H04 35 55 &2 248 137 MrCPnjowtaJcn.. 232 14.24 2. 

2b Siitdifiebpeal.. SO ... *2.18 2.9 6.6 7.9 78 50 Melody Wills. 75 2.9- 4. 

837 S\cHiihlUUbK58 £14 +1* Q10% fa 42 fa 200. 25 MUIsAAflatSfa 195. -1 #2.0 10. 

70 Scire Pacific 80c 102 ...... «30c 14 3.4 213 95* 25 MureCTFerr.Hfa 93 -1. 6309 1 

L9\ 6.6j 7.4 78 50 pelodyWill*..— ] ■ 75 ...... 2.4 4| 5.4 62 “ 19 R^l^FasJikM 51 Ha3.94 33 42 g Rwrtraoadtoe. .. .. 438 fa 11 8 * |S5 IZ9 gtaDmU .. 

♦J42 • 200. 25 taSsAAUenafa 195. -1 #2.0 108 L6 8.9 81 35 ReedOhnJ 81 14.08 M 7M tl g » vf? ri9 

14 3.4] 2131 95 25 iSareffFert.IOp 93 -1- 12 50252 41 13t, Reriace KMafa. 40 +1 289 2.911.1 3.61 ^ MsciiMiJiMp.. 163 -* 5 58 12 \ 52 24.7 g* 3 * “ 9 g®?S2!i 1 ™ E 


J-S10 « 4.0 



70 Swire PacifieOOc 102 tQ30c 14 3.4 213 95 * 25 MoreCrFen.IOp 

1 fer::=: &±tt DBA WBSttfc 
3 SSSiTiS :::: u 5 | 

5 Th.TinwVfl.te 9 +d039 3.0 b.i 8.0 im 27 Smlta (Diii>20n. 

iDarbanDeepRl 213 1+451 — 

East Rand Prp.R!. 289 +45 ±Q5c 

3L2 5.0 252 41 IS, RetiaiwKwiafa. 40 +1 289 

X7 2.4 HI 25 13 Richarfs lOp — a . — 133 

fa 1Z2 fa 63 12 SEEJ.afaL _ 51 fdlb; 

10p...— 12 — - — — 59 9 QrlerPrinlGip- 59 +2 12.47 - 6.411.4 44* 18 Sa«aobcrtswi_ 39 -1 +1.06 3.5 

rSnd- 114 .--.I t7f 2.1 52 sattcblUfa 109 +1 433 3-4 5.8 7.6 25 12 Seta* tat Ufa- 25 +L12 V> 

«Vflte) 9 J..„..)»dOJ9 3.0 6.4 8.0 jw 27 SnritlllDvi<li20p. SO .». t2A2 51 4 6 6.4 28 14* Show Carpet! Ufa J 22 JO 28 - 

641, TUlingT.SOp — U0 +2 4.32 fa 6.J fa 210 79* Smuiflt UeHni.i- 1S9 K&625 22 4. 

}2 rwUullEW 45 — - — “ *81 " 48>* Transpareul Ppr. 66 §4.93 3.0 Hi 

15 Ttoe « - v - d0.82 2-0 2.8 27.6 M 35 Todanl Group- g 334 24 7. 

9] Trafalgar H.2fa. 143.-2 516 3.1 55 72 5s ax fiber Walker Ufa . 52 +2.97 3.4 8. 

£21* rrtmslTLySJL. £27* QH92 - 4.0 - 42 i6 WawGroipJOp- 34 !— L42 3 3 6. 

48 Transport D*t - . 68*4 339 qU 71 45 *260 111* WaddinOOniJ U 232.' +4 FH0 4.41 7 1 

isperenIPpr. 66 g4.93 3.0 110 

ant Group— 65 I — 1334 2.4^ 7.8 

4.416.4 104 62 SJdtawtad$3)p. 86 +1 

33 9.5 Wl 78 « I 

92 4.9 23 Jg • g 

3.2 7.2 66 g » 

17 63132 « 35^a| 

— + _ 181 90 

1510.2 98 18 l I 

ife+uanttad _ M +36 XI 8.4173' 

. AmfrewT*... 106 -I, 4.15 10 62 243 

el Amta-Sfa- 78* 25 1.0 4 3 30 3 

CtSCaaLTa*.. 65 +* 12 1J 2.8 5X2 

157* +4 8.0 Xl) 7.0)17.7 

I. East lav — 1 2W +1 4.05 

^ i{ ateas^iBfaea mi 

5.4 59 30 Sirdar 57. +2 d232 33 7.5 4.1 « » 

6 6 31* 20 SnjallATidnas- 31 *h} +2* 2-0 fa 9.9 fa -ffc « 

52 119 271, SflVmosaUan- 52* -1 — — - - 13gr 91* 

73 85 19* DaPm-.Lia»_ 3d, — — - - ,147* 111 

U Sfq 

Xli 63 26.41 


rannood Gp 5p 

- hrJ ttAtA** 35V 

130 Itowr 6,\4*.£L 183 -4 1010 23^ 8 6 5.4 14 | 9 

(A. Turner Con. op 10 0.72 23^n.O (45> * 

143 USOhriL. 255 +8.12 22 7.1 81 

.65 UBlronladKU-, 92 +1 t4 93 82 65 

29 UniDex lop 40 _.... d2.79 3^10.6 -A2 

410 Cnitew. 494 -2 1250 fa | 3.9 fa 

£20* tn'vN.VFUl- £25 Q 1 Z 8 %) fa I 52 fa 59 28 

35 Dhl. Carrion Ufa 57 +1 +21 | 4.41 5.6 62 230 127 

W* VnilcdGaslTuis 56 -1 fX63 XI 9.E 75 10* 5 

4* U. Guarantee Sp. 16 0.18 125) 2.7 75 75 43 

7 ifaochrome 12 d0.48 3.4 6.3 6.9 242 113 

18 Valor 37 *2 tX91 1 3.0 7.0 (4.91 19 U 

21 Vieira 10p 27 -1 2.14 lfll2J 72 76 43 

16), VinltnGrp 3)p- 96 +3 t354 5W 2.4 H7 31 lb 

9 IWyaaV&wjSpJ 11 |._...| - 28 10 

fesddiDgloniJu 212.M+4 mo 4.4l 7 9^ 7.9 49 22 Spencer iGeoju. 47 223 fa 75 fa 1W 70 

Wnuwtte 80 +1 3.85 * | 7.^ fa 35 14 Stoddard ‘A’ — 28 +132 4.0 7.2 53 ^ HW 

WymFdr^tSpj 12 |_.J — — _ | — 28 10 3m«dRlfarDr d- 26 . — +1.01 75 5.9 3.0 87 l?2 

1 - ■ . 4 30 10 reneOmsolate.- 23 ' +0.63 6.4 42 3.9 §8 71* 

' . 29 U Teem Jr*. Ufa. Sxd KXD 0.9 63 27.9 ,§4* 65 

««Anrm-«T 62 32 ToBiUnswis 5D . — 3.75 B.9 11.4 149 3 % 143 

PROPERTY - ■ 51* 31 TKrtal 48 +2-48 2 6 7.8 75 79 M 

, , ■■■ 42 291, TQ73T-VM 41 Q3D% XB 27 37.6 ,78 57 

lAD'd tendon Ufa I 54 f+2 iX85 ) 241 5^121 45 13 rra&ndCaipea 30 t256 LB 10.4 80 J|g* W3 

ADnanUmdon . 1 208- J. — I d3.86 f 2l| 2012 SA 59 24 Trieerillellfa— 52 183 55 55 45+50 300 

.tMUmOTSStats H1. +* — _ _ 49 2 f> vug-TaSte «Z 325 22 H7 60 137 87 


Grp Ufa.. 96 +3 t334 5.0 2+117 3 t lb 

ibNmilOp 74 1133 3.1 65 52 *95 51 

■Prttr 10p_ 32 L29 3-7 62 6.7 58 30 

erHrarte. Wj-b <J0-9 29 95 4.1 67 23 

ID IWalkerHmr te. M>, <J0.9 2' 

38 fWajTCDijB+.'fi-! 67 fa— _ — 

XI 9.8 75 10* 5 JantausnJShWS JO: +4* — — — — 49 26 Wltt-Ta20p 42 \ 1325 2^H7 60 BY 

[25 1.7 75 75 43 Anston Hides— 74 . fa?.42 8.9 55 341 39 24 hfartt Fn*lf.2Gp 37 +3 1.67 52 6^43,8. 47 

3.4 6.3 69 242 113 Apex. Props. Ufa 225. +2 35 X 6 24 39.9 80 36 37 1Q8.76 05^ fl S3 JJf: 76 

3.0 7.8(49) 19 U a5oS.Siw.5p-. 19ta +1 0,60 L2 5,4 23.0 ■ ” 267 lH 

16 120 72 76 43 AttwtaClseaip 68 +1 15 L 8 3J 25.7 77* « 

5.0 2.4117 3i lb Bant* CwalOp- 2* ..L. - - - - a - HI M 

3.9 65 52 *95 Sl Beoaawi Props. » +1 M3.81 13 6 6195 TOBACCOS 17 5 

3.7 62 6.7 58 30 BeuenCUHOp- 58 +1 ttM.Q 14 10.9 9.7 95 67 

29 95 4.1 67 23 BeIhrvSW»-. +4 261 _ 5.9 - 308 |S5 jEATlmta 1295 | 1 13.01 1*3.4| 6.7| 55 -S* ,§? 

— — — 128 57 Berfcete'Hamhre- 103 +1 265 07 3.9 57J 265 b02 LftiDtfd. 255 - _J _ 45 793 121 

dX82 33 75 4.1 « » SdAEnropean- 36 -* FX5 11 65 26.4 li *2 

ZD fa 9.9 fa «* 75 Scottish lav 89* . . 256 1.0 4433.6-” 9 

_ 1 _ 1 118* 91* Set*. Mott AT*. 1001,+* 305 12 4.6 295 & 

— - _ _ 147* 111 Scot. VatJanal — 126*+* 3.45 11 4.2 331 gf Jg 

223 fa 75 fa }<» 70 Sect Northern— 91 +* 284 11 4.7 305 ”! 205 

+132 4.0 7.1 55 331 104 ScobGlMStiC — 1 19*+* 14.0 10 51 325 ii 

+J.D1 75 55 30 87 7?, Scot. IM Inr— +* 2 M 10 3.8 39.8 ^ +g 

t0. 63 6.4 42 3.9 « 7\* Scot 81* +* 220 0.9 4 1 39.4 K 

glO 0.9 62 27.9 84* 65 Sent Westa. *ff— 7b* — — Tm wn 

3.75 0.9 11 A 149 ”2 193 SetAJUasee^- 167* -2* +5.67 10 5122.6 ”9 

+248 26 7.8 75 79 61 Sec. Grat Sthn. . 70* +P +1.79 XI 3.8 367 63 » 

QU>% IB 27 37.6 78 57 Da'B" 66 — — — — 

+206 18 10.4 ao 1 £J* 1+2 Sec iniriesT.Sc . 162* +* t5.+8 10 51 28.8 

183 55 5 J 48 950 300 Sricrtttsktav tt'SJ 375 -25 Q25c - 42 - 

327 +14 N25C 
103 +15 Q19c 

354 +18 +«34c 
41 +3* +Q3c 
79 +10 QTOc 
45* +71, *021^! 
« 2 >a +* CaT 
704 +iy +Q86C 
421, +* _ 

, 40 137 87 Shires lnv.SOp- 121 8.TO fa 105) fa 

ttFioe*»p 37 +3 1.67 52^ 6.9^43 47 Slro»-fclUC)p 66 i 2 _* 15 ±2 3^g.9 

«“ — I 37 I— Iw»Im gffiSsz U 2 ‘ 8 :S U }Kf 

77* 43 SPLIT Cap HfaZ 60+2 _ _ -T- 

128 77 Stem hope Gen— 122 t+278 14 3.5^311 

TOBACCOS X31 STerllnETat 149 +1 53 10 5.326.7 

lUDtt**Ua 95 6+ SiccttOiiUmiiT— 81 2.05 1.0 3.9} 40.4 

rinds — 295 13.01 0.4) 67 53 69 Techwfagy 85 .. 258 10 41 361 

j.Defd. - 255 — _ _ 4.4 19 , 3 *?1 TraptaBar- — 169ffl +1 95 11 15^166 

shill ..VI Ufa- 335 +7.92 65 35 65 .26* W* Ihrot Grwtk_ g +* 188 0.911313.0 

aerUI — . 7fi, -1* 5.66 20 HI 5.6 IM 60 DO Cap Q 95 - — —I — 

moans ISIjPl. 4?i, +* g204 9.4 62 26 .3, 42* Thro gBm toa— ; 66 438 1010315.0 

sKreHa-Up- 59 1275 32 71 90 6U2 £70 DafcSL«u|.- £110 Q8*% 20.8 f8 0 — 

=rt ^ '4 7B 46 Tor lartSLlne.. 72 +1 ++.« IZlD.dU.? 

130 77 Da (ip. — . — , 103 0.49 — oJ - 

167 126 Tran*.Occ*iuc„ Z44ta 5 0 11 55^273 

167 111 SPLIT I 
77* 43 SPLIT C 
128 77 Stem hoi 

21 feawritrrdSp— A3 I. — Q130J faj 4.+1 * lBh 1X30 BDuaiPw*— XM ... .. 1553 14^ ai 202 +60 Eo 

24 Kl-aWuars ...... 215 +X62 3$ 2W17.0 234 hl7 BradfocdPrPP _ Z» +3 (+610 41 9.7 86 64 

I 34 WauwfUi Wpt_ 50 

-i? ? S $•§ 2- 8 l«a 

(169 hfedemrid. — W H6W 3* 5Jl 5.4 48 

I 34 Westa Board Ufa 60 j.—.|td3.^ 22 8.5{ 85(145 

i 10 IFsmiii.fiCtyP _« _ . — 

[28* inoctSOUCSl 36 -1 tQ15c 1.8 5.0132 53 10 Cap. ACganPea. » +* Q.0 — 2.9 - 

Q75 ffhannuR'.Ugel . 220 1405 8.6 2 8 5.9 2A \ DaTFmrente - X ...... - — - - 

: 15 Whiter iGlli- .. 34 ♦- - — - 17 .7% CardiiwGnwSP- IS* +* 2035 33 3.4146 

142 While Child A B 74 d«.4 • 27 5.9 55 100 45 CurinfitoBhK.sBp J2‘. ...i. 207 • 16- 3.4 233) 

126 Wbltterofl3fa- IM - ..._. gl3.2 241X1 4.7 91 26 CfamwindaiaUp ® +2 . . — . — — — 

r IB nttfetSAW... 46 051 45 17195 90 24 DaCba20|> — ». ■ +1: . — ■ — ' — — 

iM Wilkotl) 54 -1 375 * 10.9 fa 320 141 Clestafield— 305 ....» 353 .19 18 455 

- — - - 116 f 62 iBmton Estate ~| ?? | J gl91 


LiriBda — [295 | 1 13.01 1».4| 6.7( 55 6f Tect^w. 

DaDefd. -1 255 - -I-MW HI T™ pie Bar. 

- 20 miUnsMUdielL 41 1+1 I +d01 ( -J 0.4) - [I4* O 

■129 WifaURiUl. 168 +837 22 75 7.9 270 147 

£79 DalBpeCn* £90 -i, Q10% 132 1116 — 64. 37. 

25 WiilaraOl 40 (2.75 35 10.4 52 93 30 

-26 WiDifCeorpy- 56 +1 1iH41 bfej 3.8 U 291, 13 

i 36 miKBWaUttlWp- 69 -1 +323 2.7 71 8.0 173 114 

21 WiMtadatefa- 41* +254 20 95 82 28 17 

28* Wfae-ntamiasi. 39 314 \3 122 92 91 35 

11* Wood ft Soot te_ 32* +1* t0.6 65-25 5.9 88 32 

13 WtwdiArtlmri^p 29 0.81 55 4.3 6.6 15* 8 

63 flood Rail 87 +1 4 84 2X 8,4 55 61 27* 

ilndataip ffi. +2 . .■ — . — — — ■ ' _ 

*iL iu* *** in hi 

Secs- 12* +*• — — .HI I 67 

TRUSTS, FINANCE, LAND ‘8 % ESSSESt 15 S g‘„ U u!5 

Investment Trusts IS 72 T^rumrofiz *92 — ti84 lz 5.7265 

law- 52 . — +Z08 1.1 6JJ23.9 139 94 rruite«Ccii>_ 121 +4.06 11 5.1283 

Tout- 120 1 1457 U 5.9123.4 130 90 3>nesi(le 96nl 3 65 fa 6.1 * 

— 101 1+2 f+4.12 11 62(2 3D 60 29 IpdOWUlfly 57 175 fa 4.6 fa , 

nr 82 +1 249 10 OW33.0 128 96 IMBriLSeeft- 109* -* h4.D3 1.0 55 275 

rQlScI 51^ 33 
Q78e L7\ 7.0 

a Tag free b Figures hared on prespcrlur or other official 

I , _ - ratlmaio c Cent* d Dnidend rnlc pud or payable- on part 

of capital; cover based on dividend im full cansal 
fa |135 c Redemption yield, f Flat yield, g Assumed dividend a^d 
yield h Assumed dmdond and yield after renp issue, 
j Payment from capital sources, k Kcn>a m Interim hiRtor 
than prc+ioiir- total n Kighlc issue pending 9 Earniaga 
based on prclmnnary ligures. r Australian currency, 
a Dividend ond yield esclude a special payment, t Indicated 
diYideort - cover relates to previous dividend. P E ratio based 
on latest annual earnings u Forecast dmdend; carer bJitid 
on previous year's earning-, v Ta» free up to 30p In the £. 
W VicJd allrms fur currency clause y Dividend and ;iWd 

I — l — baaed an merger terms r Dividend and yield Include a 
16.41 f l ‘P ftclal popnent; Cover docs not apply to special payment. 
3 el A 3 A Net dividend and j lelcL B Preference dividend passed or 
*16 4 deferred- C Canadian. D Cover and PE ratio exclude profit* 

1 of V.K aerospace subsidianc*. E li&uc pnee. F Dividend 
and yield based on prospectus or other official estimates for 
2977-78 G Assumed dividrnd and vicld after peadlng scrip 
. and or rights issue. H Dividend and yield based «m 
pflhperuis or other official estimates for 1976-77 K Figurre 
n baaed on prospectus or other oil trial estimates for 1078. 
15 17.9 M Dividend and yield bated on pruspccius or other official 
— — estimate* tor 1978 N OwidenA andytoid bused on prespoc+M. 

— 4.6 or Other official estimates for lflHi P Dlndecd and yield 
18 HO based on prospectus or other official estimates for 1377. 
18 5.9 Q Gross T Figures assumed. V No .-tuyufirant Cwparouon 
12 4 7 T*v payable Z Dividend Iota! lo date. J# Yield based tn 
1.0 345 assumption Treasury' Bill Rate stays unchanged until maturity 
107 i °* rtoek. 

1 ’? 7 2 Abbreviations: faet dividend, c ei scrip ifisn« »"ex righlr. a hx 
+r 1.9 all; u ex capital distribution. V». 

** Recent Issaes - and “ Bights ” Page 36 • 

TOs service is available to erery Company dealt In on, 
2JJ 8.2 Stock Exchanges throughout the I'nited Kingdom for a' 

fee of £400 per annum for each security 

? cSncMrt+W- 245* t4^ \ 171 26134.6 94 } 67 Etaaswtav 82 +1 2.49 1C 4.6 33.0 128 96 lid Bril. Sees— 109), h4.03 XI 

17 SyOBIcSZ-Z 56* ZZ 172 | fa fa |?Z4 hb6 UlItaneeTriiA- J98 -1 710, * 5.6 fa M 13 ltd Capita __ IB -* +0.91 0, 



J ?-? The foUowing is a selection of London quotations of share) 
J J b nrcrlourly lined onlv in regional markets Prices of IrfsL 
* 5.5 Issues, most ol which arc not olficiall.v listed in London. 

73 14 are as quoted on the Irish exchange. 

t 11 ®K! 1 zz JBUSSi S |r:| 

*0 72 SBS. & xi 2 S zz *— o I I 

. SSS&u ™ ::::: ™is R 

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122 92 91 35 

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4.3 6.6 15* 8 

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61. 27* D®riagU»Wp- ^ ^ ** 7.512.7 52 33 AngHMat-Dn 

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DH £73 DfttwTcm— £« +2 06)^ 13.1 77.1 - 44*. 31 

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63 38 EsilftAeentf.- 42, 0.42 • 20 15510 « If DaCSuMp 

20* 11* SsU.ftGra.20P- 1* 0« 8.9 6.8 25.9 121 93 Attol»'.0W 

90 35* Bus. Prop. Inv — 90 ' +J.B1 3.4 L7 249 Ifl « Mdjroalm. 

LOO 32 Emu Leeds..-.- ®- +1 lkdl36 2.4 2130.9 57 » AttanraBatt.: 

109. 28 Friiwatolfip- W6 +1 +5.68 24 7.7 f5* 90* 40^, AUaataAtce 

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735 +25 

s5p 1 45>,J 

M tt . Z ?2 


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93 035) 136 86 Da Asset Sb&_ 123+8 — - — - 83); 61 Dfl-B“._. 

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831, 61 Da-H'._, 69 +1 0.06 — - - 

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41 iBrwauilM.lOp J .42 

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28 1« bnTPropertT-- 308- _ bl6 10 -M 1922 S95 584 a«U1g.QSU SUfl — 0X2 10 4.7 20.9 371, 13 

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« . ^ ^ ^ London Stock ^change Report page J 


I Trust Houses ] 15 moT.g?«ZZ{ UJ 




;taft for the job -&m~ 23m 

Cmm. Isle of W&n. T tb Owe* 6631 Trtue 85468. 

.Thursday March 23 1978 




Rough diamond price 
to go up by 40% 


to- the market at tbe next sale 
will cost 40 per cent more than 
the list price posted last Decern* 
her, De Beers, the world’s 
largest diamond producer, said 

The sale will be as one of ten 
sales held annually in London, 
it will be run by the Gentral 
Selling Organisation which eon- 
' trols the flow of some 90 per 
cent, of the world’s rough dia- 
mond production on to the 
international market. 

The surcharge is being im- 
posed in the wake of warnincs 
by both De Beers and the CSO 
that the market ha? become 
'.overheated. It is believed In 
'some quarters of the industry 
that the CSO will also sharply 
increase the volume of diamonds 
for purchase at the next sale. 

The aim of a twin movement 
on prices and volume would be 
to make the holding and specu- 
lative trading of diamonds in 
such cutting centres as Antwerp, 
Tel Aviv, Bombay, New York 
and London less financially 

CSO clients have only a 
limited amount of room to 
manoeuvre. At each of the sales 
they are offered a package of 

stones, which they either accept 
or rject In normal tinies they 
funnel th estones into the cut- 
ting centres for polishing and 
processing into jewellery. 

De Beers said yesterday that 
the CSO was moving Its prices 
up, at least far this particular 
sale, to meet those being charged 
on the open market in the 
cutting centres. 

He emphasised that the sur- 
charge would not really affect 
the consumer — the buyer of 
diamond jewellery, in the shops. 

The measure was -directed at 
trading within the industry. 

In recent months merchants in 
the cutting centres, especially 
Tel Aviv, have been holding on 
to rough stones as - a hedge 
against currency uncertainties 
and political instability. 

The result has been that the 
-stones have been changing bands 
frequently at a premium of be- 
tween 40 and 50 per cent above 
the CSO prices, and in isolated 
cases at a premium of 100 per 

The smoth flow of diamonds 
from the mines, through the pro- 
cessing centres, and out to the 
shops has been interrupted. The 
build-up of stocks in an unco- 
ordinated way in the', cutting 
-centres threatens the stability of 
the -industry, which has been 
based for 40 years on the selling 
policies of De Beers and the CSO 

A fortnight ago De Beers 
wanted that speculative trading 
in the eating centres had -carried 
rough diamond prices to levels 
which could not be sustained 
when related to prices at con- 
sumer level. Last week the CSO 
announced the surcharge policy 
which it said would be reviewed 
before each sale. 

Barre continues as Premier 
of France for the time being 


PRESIDENT G is card d'Estaing 
to-day asked M. Raymond Barre 
to stay' on as French Prime 
Minister at least until the new 
National Assembly meets on 
April 3. but he did not im- 
mediately reveal his longer-term 

At the first Cabinet meeting 
after Sunday s comfortable elec- 
tion victory of the governing 
Centre-Right coalition, M. Barre 
formally offered to resign, but 
without going as far as actually 
submitting his resignation. 

“If you consider that a new 
Government should be formed, I 
am ready, at any time you deem 
opportune, to submit n*y resigna- 
tion and that of my Government 
in accordance with the Consti- 
tution, ’’ M. Barre told the 

M. Giscard replied that he 
would make his decision known 
at “ the appropriate time." 

This somewhat hyz'antine ex- 
change appears io indicate that 
the President would like to give 
himself a little more time before 
taking a final decision on nis new 
Prime Minister. 

. Many French observers be- 
lieve. however, that M. Barre 
stands a good chance of being 
re-appointed, at least for a 
limited period. 

If he is asked to contnue. this 
would seem to indicate that the 

economic stabilisation policy of 
the last Government would be 
pursued during the first few 
months of the new administra- 

The list of other possible can- 
didates for M. Bar re's job was 
reduced to-day by the announce- 
ment by Mr. Jacquse Chaban- 
D elm as, a former Gaullist Prime 
Minister, that he would run for 
the presidency of the national 

His decision caused a fluttering 
in the Gaullist dovecotes because 
the present incumbent, M. Edgar 
Faure, also announced that he 
would stand again. 

In the running 

M. Faure, who previously 
maintained loose ties with the 
Gaullists but now has become 
a full member of the party, 
appears to have the backing of 
M. Jacques Chirac, the Gaullist 

The old rivalry between M. 
Chaban-Delmas and fiL Chirac — 
which dates back to the last 
Presidential election when M. 
Chirac backed M. Giscard against 
M. Chaban-Delmas — -thus seems 
likely to be revived. 

All the indications are that 
M. Chaban-Delmas has made his 
bid for the National Assembly- 
presidency with the support of 
AL Giscard. The relations be- - 

PARIS, March 22. 

tween the' two men appear to 
have unproved greatly over the 
past fw weeks after several 
visits by M. Chaban-Delmas to 
the Elys ee Palace. 

The other two candidates still 
in the running for the Prime 
Minister's job are Mme. Simone 
Veil, the popular Health Mini- 
ster, and M. Alain Peyrefitte, the 
Justice Minister. M. Peyrefitte 
was asked by the President to 
stay behind for half an hour 
after to-day’s Cabinet meeting, 
and this was considered to be a 
significant sign by some 

On the Opposition side, the 
biggest development has been 
the announcement by M. 
Robert Fabre, the Left-wing 
Radical leader, that he intends 
to resign. 

The precipitate statement by 
M. Farbre last Sunday that, 
given the outcome of the election, 
the Radicals were no longer 
bound by the common pro- 
gramme of- the Left, has pro- 
duced a split in the party which 
will not be easily healed. 

This development may give M. 
Giscard the opportunity to form 
a more broadly-based Govern- 
ment, including at least one or 
two of Former. supporters of the 
Union of the Left. 

Unions want to see Giscard 
Page 3 

Government keen to press 
on with Windscale plans 


wishes to press ahead without 
further delay on the building oF 
the British Nuclear Fuels atomic 
waste reprocessing plant at Wind- 
scale, Mr. Peter Shore, the 
Environment Secretary, told the 
Commons last night. 

He will shortly be introducing 
the Special Development Order, 
which must be approved by 
MPs before final planning per- 
mission for the plant is given. 

Mr. Shore did not give a date 
for introducing tbe order, but 
iris expected to be laid before 
the House about two weeks after 
the Easter recess. 

' He made his remarks while 

opening the Commons debate on 
the report of the Windscale 
inquiry, carried out' by Mr. 
Justice Parker, which recom- 
mended that the British Nuclear 
Fuels' proposals should be 

The order will recommend that 
the plant should be built to the 
full. scale proposed by the com- 
pany^ This would mean a 
capacity of 1.200 tons a year 
and tbe handling of waste from 
Britain's own nuclear plants and 
from foreign customers, notably 

The order will also include the 
list of safeguards laid down by 
Mr. Justic Parker. These are 

SUNNY intervals or showers. 
Cold and windy. 

London Area, S.E. England, E. 
Anglia, Cent. S. England, E. Mid- 
lands. E. England. Channel Is. 

Showers, sunny intervals. Max. 
7C- (45F). 

W. Midlands. S.W. England, 


Showers, local gales. Max. 7C 

NJE. England, Borders, Edin- 
burgh, Aberdeen and Dundee 
areas. N.E. Scotland, Moray 














B. Aires 












H. Rons 




Showers, bright intervals. 
Max. 5C HIF). 

N.W. England, Lake Dist, Isle 
of Man. Cent. Northern England, 
S.W. Scotland, Glasgow Area, 

Showers, local gales. Max. 60 

Cent. Highlands, Argyll, N.W. 

Showers, coastal gales. Max. 
5C I41F1. 


Showers, local gales. Max. 5C 




S 13 33 





a F 

C 3 37 
5 1G 61 


Showers. Max. 4C <39F). 
OUTLOOK: Warmer, occasional 

























V’day i 































. 14 









Now York 








Las PInuL 





43 : 

















































34 Boulogne 














& casabiOKL s 









Rio de J'O 



36 Cape Town S 























































Smsbouro C. 







































2 Q 




Tel Aviv 













” 4 
















oT 1 




r. at Man 







« . 







ua unhid 






ai i 







5— Sunny. 



r— cloudy. 

It— Raj n. | 








bn— snow. 

mainly aimed at ensuring that 
the local authority has full 
powers to retain detailed plan- 
ing control over the development 

Mr. Shore gave bis whole- 
hearted backing to Mr. Justice 
Parker's findings in favour of the 
company. - He also made it clear 
that he did not believe that the 
reprocessing would undermine 
the effectiveness of Britain's 
commitment to the. nuclear non- 
proliferation treaty. 

Dismissing suggestions that 
work on the plant should be 
delayed for two years until the 
outcome of the international fuel 
cycle evaluation, he said : M I do Is realistic to hope 
that, if we delay construction, 
the need for the new plant -might 
meanwhile disappear.” 

Parliament, Page 14 

Continued from Page 1 


as hte closure continues of the 
high-cost works contained in the 
schedule prepared by Lord Bes- 
wiek when he was Minister of 
State at the Department of 

■ Mr. Varley did promise yester- 
day, that a start might be made 
during the coming financial year 
on new continuous casting plant 
at the Port Talbot works. 

A nationwide campaign to 
create -jobs in areas affected by 
the British Steel rationalisation 
programme was launched last 
night A subsidiary company. 
British Steel (Industry) is to 
spearhead the drive. 

' Mr Varley ‘came’ under bitter 
attack from Labour MPs repre- 
senting steel constituencies 
affected by the cuts. He was 
angrily accused of betraying 
promises and commitments to 
the industry and causing further 
unemployment In areas already 
badly bit 

•' Scottish trade unions said 
they would not accept the fur- 
ther rundown of labour and of 
the steel product range that was 
"implicit in the Government 
plans." . 

Birds Eye will 
re-open its 
Kirkby factory 


BIRDS EYE has withdrawn dis- 
missal ootives given two weeks 
ago to 1,200 Workers at its plant 
at Kirkby, Liverpool, and is to 
re-open the. factory. But 457 jobs 
will be lost 

On another Merseyside em- 
ployment trouble spot, Lucas 
Aerospace shop stewards pledged 
total opposition to company re- 
organisation plans which involve 
dosing Its Liverpool plant which 
employs 1.450 workers. 

A phased re-opening of the 
Birds Eye factory, which has suf- 
fered a 15-week strike before tbe 
dismissal notices were issued, 
will start from Monday. -April 
3, the company anounced yes- 
terday. A committee of inquiry, 
of national union officials and 
management representatives will 
examine the - background of in- 
dustrial relations at Kirkby. 

Tbe derision was made at a 
board meeting this week which 
discussed representations made 
by national union officials last 
week and the recommendation to . 
re-open from Mr.; George Tickle, 
plant manager. 

The conditions for re-opening 
covered productivity, co-opera- 
tion, tbe loss of 424 process and 
32 engineering jobs the settle- 
ment of the engineers* wage 
claim which caused the strike. ^ 
Workers who will lose their 
jobs will receive redundancy pay 
after alt tile company said. 
Settlement of the-pay claim is on 
terms offered originally by the 
company before the strike and is 
said to be within Government 

Birds Eye Said, there mist be 

a new and different Kirkby, 
bat the bitterness caused by 
the strike and the dismissal 
nqtiees was apparent in a state- 
ment from the engineering 
stewards ' at Kirkby, which 
attacked Mr. Brian Spencer, the 
factoiy’s personnel manager. 

On the Lucas closures, the 
combined committee of shop 
stewards voted unanimously in 
Birmingham to urge members 
at the 17 factories to resist tbe 
company’s proposals “by every 
means." The stewards said 
there should be no movement 
on equipment or information 
between plants, and no accept- 
ance of transferred labour. 

Mr. Ernie Scarborow. secretary 
of the combined committee, said 
“We anticipate full support for 
this action. The company has got 
a fight on its handls. The next 
move is theirs.” 

Mr. James Blyih, general 
manager, dismissed the shop 
stewards’ claim that the com- 
pany’s aim was to trim the 
labour force from 12.000 to 8,000. 
The . plahs would - make Lucas 
economic until the 1990s at least 
He rejected . the shop stewards’ 
alternative corporate plan for 
diversification into “ socially 
desirable" products. 

The shop stewards' combined 
committee, an unofficial body 
underlined its differences with 
union leadership by deploring 
the fact that tbe executive of the 
Confederation of Shipbuilding 
and Engineering Unions had met 
the company in the absence of 
shop-floor representatives. 

News analysis. Page 13 

£100,000 handshake 
for insurance chief 


SHAREHOLDERS al Commercial 
Union Assurance axe to be asked 
at tbe annual meeting on April 
17 to approve a £100.000 payment 
to Mr. Gordon Dunlop. 49, who 
resigned as chief executive on 
May 31 last year because of 
policy differences with the Board. 

The proposed payment is rather 
smaller than might have been 
expected. Mr. Dunlop was paid 
£53,398 in tbe last full year of 
his five as chief executive. 

However, Sir Francis Sandi- 
lands, the chairman, explains in 
his annual review accompanying 
the accounts that Mr. Dunlop has 
worked for the company as a 
consultant since his resignation 
from the top executive office. 

Mr. Dunlop's employment is to 
end on April 16, his 50th birth- 
day, and the day before the 
annual meeting. The amount of 
his salary in his advisory role 
since last May has not been dis- 
closed. Whatever it Is will be 

relevant to the fixing of his 

Sir Francis explains that Mr. 
Dunlop, who had been with the 
company for 12 years, had no 
formal service contract. It is 
the unanimous recommenda- 
tion of the directors that the 
proposed “ex gratia” payment 
of fl 00.000 sbould be made. 

Mr. Dunlop's five years as 
chief executive were a period 
of rapid and sometimes contro- 
versial expansion for the group; 
the time also embraced an ex- 
ceptionally difficult phase for 
the industry — in 1975, Commer- 
cial Union suffered a net loss of 
£3.5m. ... 

The proposed 000,000 would 
not be a record for a golden 
handshake to a departing chief 
executive of a large company. 
Mr; Graham Dowson, who left 
Rank Organisation in the 
autumn of 1975 after a board- 
room rift received £150,000 and 
six months' paid leave. 

^raftsmen’s strike blamed 
for Vauxhall’s £2m. loss 


THE GRADUAL financial re- 
covery 1 of Vauxhall Motors, the 
General Motors subsidiary in 
Britain, suffered a severe set- 
back last year because of the 
November craftsmen's strike and 
losses on currency reAIlRnments. 

Pre-tax losses amounted 'to. 
£2m.. rising to £2.2m. j after tax 
against a loss of £1.9m. after tax 
in 1976. 

Mr. Bob Price, chairman and 
managing director, blamed these 
losses squarely on tbe month- 
long craftsmen's .dilute, which, 
he said, d re vented the production 
of 23,000 vehicles. 

The consequent loss of turn- 
over exceeded £60m_ and so pre- 
vented the company from erdine 
the year with a -net profit.” . 

Because of the strike^ vehicle 
sales rose only slightly from 
230,204 units to 234,166. leading 

to a turnover of £63 Om^ against 
£510m. last year. 

The situation was made worse 
by losses an currency realign- 
ments which converted a £33.000 
gain in 1976 into a deficit of 
£4 3 m. 

.But the company showed a 
considerable improvement in its 
overall financing by reducing its 
interest and other charges from 
£9m. to £7.3m. This meant that 
it was able to report the third 
annual increase in operating 
profits, which rose from £7.3m- 
to £9. 6m. 

It is known that Vauxball has 
plans to introduce a British 
versiou oF the Opel Rekord later 
this year, and this may mean a 
further increase in. the workforce 
again, which .went up last year, 
from 28.600 men to 31.700. 

Company report Page 23 


Ups and downs 
at Tubes 

In th® end. Tubs Inv esteems’ 
achievement of £5 5.2m. pre-tax r_Ja» foil 'X r 7 fn 462.6 
for 1977 against lnclex Q 

reasonably satisfactory outcome, 
given the- unfavourable treads 





irissa Sfsratfim— , 
Steel Hite 

O *“ i 3 i 2 i 5 » s“ 

19TO 1975 1975 1977 

in the engineering sector. Bat 
the pattern, over the year— pro- 
fits rose 48 per cent, in the first 
half but fell a tenth in Jufy- 
Decemher — is depress ingly fami- 
liar, and £65m- was widely ex- 
pected at. the time of the rights 
issue last August 
Conspicuously, the group’s., 
previously most profitable divi- 
sions have all come under pres- 
sure. Steel tube contributed only 
£17.4m. against £26. 6m. at the 
pre-loan, interest level, -and 
volume appears to have been'-po 
more than maintained for, the 
year as a whole. The collapse; in 
margins from 11.5 to 6.6 per £53Jhnj— a figure close to the 
cent partly reflects poor . de- top of analysts' expectations, 
maud and the damaging strike at Group turnover, which is 21 per 
T. L Weldless, but also the ah- cent higher at £8Um, reflects 
sence of the stock profits on higher levels of activity in 
which the group has leaned almost all areas, 
heavily during recent years of These figures do not include 
surging steel prices. Elsewhere the results of any of the recent 
cycle profits, also strike-affected,- U.S. acquisitions, with the ex- 
dipped a sixth and the overseas ception of Intermedco which 
contribution suffered from poor: contributed around 3 per cent 
markets and weak currencies in of the pre-tax figure. -Two sec- 
Australia and Canada. tors showing less than average 

To counter these trouble growth are engineering and 
spots Tubes has fortunately furniture. In the latter Best 
been able to take in a sharply Assured had to contend with 
higher share of profits at tougher trading conditions, and 
British Aluminium — up £5Jjm. furniture profits must be com- 
to £lL8m. — and has. been pared with those of 1976, a 
receiving the . pay-off ‘ from particularly ' good year for the 
recent reorganisation efforts in trade. 

a number of smaller divisions. " On the other hand, both the 
Thus domestic appliances and electrical wholesaling and Co ra- 
the. engineering and industrial hill ' Insurance business per- 
electrical divisions have formed particularly well with 
doubled their combined contri- Comhill benefiting from better 
bution to £17.4ra. * investment and 1 underwriting 

But the poor quality . . of profits. On the balance sheet 
Tubes’ profits is underlined by s ide. Tilling has nothing to 
the deep inroads made by the worry about with net borrowings 
Hyde guidelines— cutting pre- down from £82m. to £5Bm, and 
tax profits by two-thirds to just net tangible assets of .over 
£19J2m. — ■ while ' the group £2i5m. The shares are fairly 
remained. m alight- cash dtffcit valued on a fully taxed P/E of 
over the year. So for., the aroutld 8 and a yield of ap- 

”°S * per cent 

3t ■Wop is probably more rele- 

vant than a p/e of 4.3 (on a p - T 
20 per cent tax charge); The - - 
outlook for 1978 is uncertain, 
but although BA’s profits . look 
little vulnerable there are 
hopes that the tube and domes- 
tic appliance divisions could 
strengthen, at any rate later in 
the year. 


Thomas Tilling 

Accelerated growth in the 
second half has pushed Thomas fu3] year performances, baring 
Tilling’s pre-tax profits -up in mind that both these bore 
29 per cent for the year to the additional expenses of office 

C. T. Bowring’s 28 per cent, 
advance in pre-tax profits to 
£33m. was a little better in over- 
all terms than, many analysts 
had been expecting, hut there 
was less enthusiasm about the 
relatively pedestrian advance in 
insurance broking profits of 
only 17 per cent to £20m. This 
compares unfavourably with 
Howden’s and Willis Faber's 

moves. ?■ 

Although Bowring had toqopf 
with some internal reorganlsa 
tion, not involving * xqdv$<*V 
head offices, which paftedruj 
the expense ratio the ctwts wen 
nothing like those of WilUs a 
Howden. Some of the; loss o 
momentum may be attributtUi 
to a lower rate of growth- o 
interest income bn Bowriig , ::. vJ ; i 
deposited money, as well s 

unfavourable' currency, move* 1 .. 
merits. : -«* 9 

What did surprise in thr.s* s ; % 
latest figures was the evee-tav '* ' 
the operating losses of * 

£2.7m. being sustained an flu-,; , ; * * 
group's shipping Interests. Be&w> ... 
pile the ..dJsmaU state of fh», - : 
freight market Bowring intend; « ' 
to remain . active In shipping 
although its fleet was redtitef-' V 
from seven vessels to five durinj ~ 

1977. • - 

Meanwhile the group’s finanei . 
and banking interests liavE- 
accounted for nearly a half o;' . 
last year's improvement due : tel* 
the favourable movement .o: - * 

interest rates. But this 1 . 

lively : rapid growth of S<* - r V : C 

group's' lower quality carnitfcp*’ 
contributors' is hot helping the 
shares at llfip (down 4p), anc - 
on a yield of JLftper cent, tiypj . . . 
are likely- to- underperform the- 
sector. - s ... 

Rolls-Royce Motors -7; 

The fact- that RnUs-Rqycc 
Motors’ went out of its way. L rc.‘ r . . 
he .optimistic in its recent pre"' 
liminary statement suggested!' op's 
that something . special, was hit j - » 
the offing. And .sure cnougllF^ 3l *'' ,,l • ‘ 
yesterday- the company — which - 
has had two rights issues since 
it' went public . in 1973--- " 
announced improved conversion ■ 
terms for its £6m. Convertible - 
Loan Stock. On the existing 
basis this stock, originally 
issued by the receiver, would ! . 
not have become attractive, for , . 

conversion until 1981, when tite 
income from the converted storiigustta HO* nt: 
—assuming 10 per cent annual.* -**..», * 
dividend growth — would have 7 ’ 3 ' J u '• 
exceeded the loan interest. 

But Rolls-Royce Motors’ gear- 
ing has been getting closer tah 
the 50 per cent, of shareholders’ ., 
funds limit which its banker*? , 
consider appropriate— it is cur*. ' . 
rently about 4r per cent. H< .\ce _ 
this attractive conversion park- - 
age, with tiie promise ofJa_20- . 
per cent dividend increase, - 
which will knock the ratio barii, 
to. less than 30 per. cent ThewWaSi ci on- 
cost lo shareholders is-an exjra^* wn 
equity dilution of almost 3 per w wc t n 
cent '■*■■■ 

Construction company 
faces safety ‘blitz’ 


THE FACTORY inspectorate is 
4 " launch a “co-ordinated blitz” 
one of the U.K.’s biggest con- 
struction companies o*er its 
safety standards, Mr. Jim 
Hammer, chief Inspector of Fac- 
tories,. .said yesterday. He 
refused to name the ' company, 
but it is thought to be a plant- 
hire concern. 

The investigation comes in the 
wake of a Health and~Safety 
Executive report oo the con- 
struction industry which fore* 
casts that 2,000 people will be 
killed and ‘a further -,400,000 
seriously Injured over the next 
ten years unless there is . a 
radical Improvement in 'the in- 
dustry’s safety measures. 

The inspectorate would con- 
centrate. on one national, coin-, 
pany, which on statistical evi- 
dence had more than its share of 
accidents in the industry, Mr. 
Hammer said In London yester- 

day. The company concerned 
had been told of the inspec 
torate’s plans, which had “prob- 
ably caused some disquiet at 
board level.” 

Inspectors from each of the 
21 Factory Inspectorate areas 
would visit the sites of the com- 
pany under investigation, and 
also look at safety standards 
within the construction industry 
as a whole. 'Riey would time 
their visits to arrive when things 
were most likely to be going 
wrong, Mr. Hammer said. 

Tbe British Safety Council seat 
a telegram to the Health and 
Safety Executive last, night pro- 
testing over its refusal to name 
the company it was 'investigat- 
ing. arguing that.-- the .name' 
should be revealed for the sake 
of the workers. . who ought to 
know about their employer's 
safety standards. 

A few words 

about Tokai Banks expanding 
international operations. 

As you might knout 
Tokai ESank is one of the 
leading, banks in the timid 
with over 15.000 erflpfoj/ees 
- and 200 offices established 
in Japan Itself. 

It probably doesn't surprise 
you uie’re modem, 
progression and one of 
the first banks in the world 
. to utilize on-fine. 

• .- comput&izaOon in our 
banking operations. / 

What may 
surprise you . V 
is our commitment 
to intenrHxUoppT; ^ 
banking.. : r 

At present we have over 
20 offices and affiliates 
around the world and 
we opened m Toronto. 

Currently we're sewing 
the world through loans. 
And also lending 

something as valuable 
as money finanaa/ 
advice gained through 
over 100 years 

of banking 

experience: s** 


So don't fust 
think of us as - 
a Japanese Bank 
Think of us as q 
bank thetf serues 
Japan and : 
the uorfd. 

, w *nuk tester 



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